Group 1: Policy Signals and Market Reactions - The recent signals regarding the orderly exit of backward production capacity emerged before the July 1 meeting of the Central Financial Committee, with some product prices stabilizing in June[3] - The Central Financial Committee emphasized the need to promote the orderly exit of backward production capacity, marking a shift from industry self-discipline to top-level policy[3] - Despite the policy signals, related industry stock performances remained subdued until the July 1 meeting, indicating a delayed market reaction[21] Group 2: Market Characteristics and Trends - The current market is expected to exhibit "pulse-like" trends due to unclear demand-side signals, contrasting with the 2016 supply-side reform that saw simultaneous demand boosts[22] - The segmentation of industries will likely show significant differentiation between "old industries" (e.g., steel, coal, cement) and "new industries" (e.g., new energy vehicles, lithium batteries)[22] - Focus should be on new industries with external demand, which may offer higher profit elasticity under similar supply-side adjustments[22] Group 3: Economic Implications and Risks - The stabilization of related industries will significantly aid macroeconomic structural adjustments and improve price factors, contributing to the overall elevation of the A-share market[23] - Risks include the potential underperformance of the orderly exit of backward production capacity, unexpected macroeconomic fluctuations, and unforeseen tariff disputes[28]

Core Insights - The article highlights the strong performance of top investment advisors in the A-share market, with significant excess returns compared to the market average, showcasing their capabilities in a volatile market environment [1][3]. Performance Overview - The average return of the top 300 advisors in the stock trading group reached 27.19%, while the top 10 advisors achieved an impressive average return of 47.41% [2][3]. - In June, the three major indices in the A-share market all showed positive performance, with the Shanghai Composite Index rising by 2.9%, the Shenzhen Component Index by 4.23%, and the ChiNext Index by 8.02% [3]. ETF Group Performance - The average return for the top 200 advisors in the ETF group was 17.34%, with the top 10 achieving an average return of 30.93% [10][11]. - Compared to the benchmark indices, the top advisors significantly outperformed, with the Shanghai Composite Index rising by 5.04% and the Shenzhen Component Index by 5.71% during the same period [11]. Advisor Strategies - Advisors from leading firms like Guangfa Securities and CITIC Securities shared their strategies, focusing on growth stocks and utilizing models like "5+30" to identify high-potential sectors [13][14]. - Risk management strategies were emphasized, including controlling drawdowns and diversifying portfolios to mitigate risks during market fluctuations [15][20]. Institutional Strength - Guangfa Securities, CITIC Securities, and China Galaxy Securities led the rankings in terms of the number of advisors participating in the evaluation, indicating their strong institutional capabilities [23][28]. - The competition among institutions reflects a shift towards a client-centric approach in wealth management, emphasizing the importance of professional capabilities [39]. Future Outlook - Advisors are focusing on sectors with high growth potential, such as innovative pharmaceuticals and aerospace, while also considering macroeconomic factors like Federal Reserve policies [17][22]. - The article suggests that as market volatility becomes the norm, the ability of professional advisors to create value will be crucial for their competitive edge [39].

策略研究 | 证券研究报告 — 点评报告 2025 年 7 月 3 日 资产配置及A股风格半月报 风险资产有望延续优势 风险资产有望延续优势，盈利因子有望修复。 相关研究报告 《风格制胜 3：风格因子体系的构建及应用》 20250606 中银国际证券股份有限公司 具备证券投资咨询业务资格 策略研究 证券分析师：王君 (8610)66229061 jun.wang@bocichina.com 证券投资咨询业务证书编号：S1300519060003 证券分析师：郭晓希 (8610)66229019 xiaoxi.guo@bocichina.com 证券投资咨询业务证书编号：S1300521110001 ◼ 大类资产配置：风险资产有望延续相对优势。我们的大类资产配置模型是 基于周期嵌套理论改良版 BL 模型。模型基于不同周期定位下的大类资产 的表现，将市场均衡观点进行贝叶斯修正，输出满足既定条件的最优资产 组合，模型输出可显著提升组合夏普比率。我们输入的观点基于库存周期 理论，未来一个季度，我们认为内外弱补库有望延续。基于上述主观假设 及限制条件的 BL 模型输出结果为：国内资产方面，2025 年三季度股票 配置比 ...

随着上半年交易收官，券商金股组合上半年投资"成绩单"也随之出炉。 每市APP数据显示，近九成的券商金股组合在上半年取得正收益，其中东北证券以45.45%的组合收益率稳居第 一。 从新鲜出炉的7月金股名单来看，电子、医药生物、机械设备行业的股票数量最多，电力设备、非银金融也有 不低的占比。 展望7月，大盘指数能否再次向上突破成为券商关注焦点。有券商认为，市场依旧具备尝试突破的潜力，配置 上，泛科技、券商等方向受到机构重点推荐。 6月最牛金股大涨63% 回顾6月金股表现，每市APP数据显示，申万宏源、国元证券共同推荐的巨人网络（002558.SZ）以63.09%的月 涨幅当选6月最牛金股，主要由于该公司推出的新游《超自然行动组》数据走强。由东北证券推荐的胜宏科技 （300476.SZ）以55.39%的月涨幅排名第二，该公司是英伟达在国内算力板领域的核心供应商。 排名第三的是由天风证券推荐的内蒙一机（600967.SH），当月涨幅为54.80%，该股属于国防军工板块。此 外，由中泰证券推荐的源杰科技（688498.SH）、由开源证券推荐的新易盛（300502.SZ）月涨幅也超40%。 数据显示，随着A股半年度收官， ...

Group 1 - Two financial institutions, Zhongyin International Securities and Huabao Fund, announced executive changes on June 28, raising industry concerns about personnel shifts [2][4] - Zhao Qingwei, the Asset Management Director of Zhongyin International Securities, resigned for personal reasons, effective immediately upon board receipt of his resignation [4][5] - The company expressed gratitude for Zhao's contributions during his tenure, despite the ongoing decline in the asset management business he oversaw [4][5] Group 2 - The departure of Zhao Qingwei follows the resignation of Chairman Ning Min just four days earlier, indicating a significant leadership transition at Zhongyin International Securities [4][5] - Under Ning Min's leadership, the company's total assets grew from 37.11 billion to 74.91 billion, and net assets doubled from 7.99 billion to 17.99 billion from 2014 to 2024 [5] - In contrast, the asset management business, which Zhao led, saw a decline in revenue from 766 million in 2022 to 530 million in 2023, and further to 507 million in 2024, with a revenue share dropping from 25.9% to 17.58% [5][6] Group 3 - Huabao Fund also announced the resignation of Deputy General Manager Lü Xiaoran on the same day, citing work relocation as the reason for his departure [7][9] - Lü Xiaoran's tenure was notably short, lasting only 5 months and 19 days, which is rare in the history of Huabao Fund's executive positions [11][12] - The fund's asset management scale has remained stagnant between 300 billion and 370 billion, with a drop in industry ranking from 23rd to 31st as of the first quarter of 2025 [13][16] Group 4 - The simultaneous executive changes at both companies reflect broader challenges in the financial industry, including tightening regulations, restructuring of business models, and intensified market competition [16] - These shifts are indicative of the industry's search for new directions and high-quality development amidst significant transformation [16]

证券代码：601696 证券简称：中银证券 公告编号：2025-021 中银国际证券股份有限公司 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： ? 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东大会召开的时间：2025 年 6 月 27 日 (二)股东大会召开的地点：上海市浦东新区松林路 357 号上海尊茂酒店四楼 VIP3 会议室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： 份总数的比例（%） 51.4477 (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次会议由公司董事会召集，采取现场投票表决与网络投票表决相结合的方式进 行。本次会议由公司代职董事长周冰先生主持，会议的召集、召开及表决方式符 合《公司法》等法律、法规及《公司章程》相关规定。 (五)公司董事、监事和董事会秘书的出席情况 二、 议案审议情况 (一)非累积投票议案 审议结果：通过 表决情况： | | 同意 | | 反对 | | | 弃权 | | | --- | --- | ...

证券代码：601696 证券简称：中银证券 公告编号：2025-022 中银国际证券股份有限公司 关于高级管理人员离任的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 中银国际证券股份有限公司（以下简称"公司"）董事会近日收到赵青伟先 生递交的辞呈。赵青伟先生因个人原因申请辞去公司资管总监职务，辞任后将不 在公司担任任何职务。 | 一、提前离任的基本情况 | | --- | | 姓名 | 离任职务 | 离任时间 | | 原定任期 到期日 | 离任原因 | 是否继续在上 市公司及其控 | 是否存在 未履行完 毕的公开 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | 股子公司任职 | | | | | | | | | | 承诺 | | 赵青伟 | 资管总监 | 年 2025 6 | | 第二届董事 | 个人原因 | 否 | 否 | | | | 月 27 | 日 | 会届满之日 | | | | 二、离任对公司的影响 赵青伟先生将按照公司相关规定做 ...

北京市中伦（上海）律师事务所 关于中银国际证券股份有限公司 2024 年年度股东大会的 法律意见书 致：中银国际证券股份有限公司 北京市中伦（上海）律师事务所（以下简称"本所"）作为中银国际证券股 份有限公司（以下简称"公司"）的常年法律顾问，受公司委托，指派律师出席 公司 2024 年年度股东大会（以下简称"本次股东大会"）。本所律师根据《中华 人民共和国公司法》（以下简称《公司法》）等相关法律、法规、规范性文件及《中 银国际证券股份有限公司章程》（以下简称《公司章程》）、《中银国际证券股份有 限公司股东大会议事规则》（以下简称《股东大会规则》）的规定，通过现场方式 对本次股东大会进行见证并出具法律意见。 本所及经办律师依据《证券法》《律师事务所从事证券法律业务管理办法》 和《律师事务所证券法律业务执业规则》等规定及本法律意见书出具日以前已经 发生或者存在的事实，严格履行了法定职责，遵循了勤勉尽责和诚实信用原则， 进行了充分的核查验证，保证本法律意见所认定的事实真实、准确、完整，所发 表的结论性意见合法、准确，不存在虚假记载、误导性陈述或者重大遗漏，并承 担相应法律责任。 为出具本法律意见书，本所律师审查了 ...

证券代码：601696 证券简称：中银证券 公告编号：2025-021 中银国际证券股份有限公司 2024年年度股东大会决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 本次会议是否有否决议案：无 本次会议由公司董事会召集，采取现场投票表决与网络投票表决相结合的方式进 行。本次会议由公司代职董事长周冰先生主持，会议的召集、召开及表决方式符 合《公司法》等法律、法规及《公司章程》相关规定。 (五)公司董事、监事和董事会秘书的出席情况 1、公司在任董事12人，出席12人； 二、 议案审议情况 一、 会议召开和出席情况 (一)股东大会召开的时间：2025 年 6 月 27 日 (二)股东大会召开的地点：上海市浦东新区松林路 357 号上海尊茂酒店四楼 VIP3 会议室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 421 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 1,429,217,772 | | 3 ...

Group 1 - The frequency of executive changes in the securities industry has significantly increased, with three listed brokerages announcing high-level management changes on June 23 [1] - Xinyang Securities announced the resignation of Chairman Yang Huahui due to age, with Su Junliang, former Chairman of Huafu Securities, appointed as the new chairman [2] - Su Junliang has extensive financial experience, having led Huafu Securities to achieve total assets of 91.5 billion and a net profit of 715 million, with year-on-year growth of 50% and 56% respectively [2] Group 2 - Bank of China Securities also announced a chairman change, with Ning Min resigning for work relocation, and Zhou Bing acting as interim chairman [3] - During Ning Min's tenure, he successfully promoted the company's listing and strengthened its long-term strategic development, with core financial indicators outperforming the industry [3] - Guoxin Securities appointed Lu Wei as vice president, who has a strong background in investment banking, potentially bringing new opportunities to the firm's investment banking business [3] Group 3 - The recent executive changes in the securities industry are driven by factors such as mandatory retirement, work adjustments, and the need to adapt to intensified competition and regulatory environments [4] - New management teams may introduce fresh management philosophies and strategic directions, enhancing the company's adaptability and competitiveness [4] - The new executives exhibit a combination of external recruitment and internal promotion, emphasizing professional expertise [4][5] Group 4 - Internal promotions can lead to quicker adaptation to new roles and boost employee morale, while external hires can provide new perspectives and innovative management ideas [5][6] - External executives often bring extensive industry experience and networks, aiding in business expansion and market influence [6]