Core Viewpoint - The announcement from Zhongyin International Securities indicates the termination and liquidation of the Zhongyin Securities Huize Jinqu 3-Month Holding Mixed Fund of Funds (FOF) due to its net asset value falling below 200 million yuan, as stipulated in the fund contract [1][2]. Fund Termination Details - The fund contract became effective on July 7, 2022, and the termination clause is triggered if the net asset value is below 200 million yuan three years after the contract's effective date [1]. - As of July 7, 2025, the fund's net asset value was reported to be below 200 million yuan, leading to the initiation of liquidation procedures without the need for a shareholder meeting [2]. Fund Performance - The cumulative net asset values for the fund's classes A and C were reported as 0.7958 yuan and 0.7863 yuan, respectively, with cumulative returns of -20.42% and -21.37% [2]. - The fund was managed by Qi Haining and Chen Letian for a period of 2 years and 80 days, achieving a return of -16.81% during their tenure [2][3]. Fund Manager Background - Qi Haining joined Zhongyin International Securities in October 2014 and has held various roles, including product manager and researcher [5]. - Chen Letian has extensive experience in financial analysis and has held positions at several financial institutions before joining Zhongyin International Securities in May 2022 [5]. Other Managed Funds - Qi Haining and Chen Letian also manage two other funds: Zhongyin Securities Huize Stable 3-Month Holding Mixed FOF and Zhongyin Securities Huize Balanced 3-Month Holding Mixed FOF, both of which have underperformed compared to their peers over the past two years [6].

Group 1 - The second "Golden Unicorn Best Investment Advisor" selection is underway, focusing on identifying outstanding investment advisors in wealth management [1] - The weekly ranking data from July 14 to July 20 shows that Wang Weilong from Bank of China Securities achieved the highest weekly return of 20.22% in stock simulation trading [1][2] - In the ETF simulation trading group, Sun Baoyan from Xinda Securities topped the list with a weekly return of 10.81% [2][3] Group 2 - In the public fund simulation configuration group, Sun Baoyan also led with a weekly return of 10.91%, followed by He Weidong from Dongxing Securities with 5.88% [3][5] - The social service evaluation highlights top advisors based on their IP homepage and simulated portfolio heat values, with Mei Xingxia from Dongfang Securities leading in IP homepage heat value [11]

Market Overview - The A-share market showed a positive trend with the Shanghai Composite Index surpassing the 3600-point mark, rising by 0.30% [2] - The financial sector, including insurance, brokerage, and banking, experienced significant gains, while sectors like coal mining and daily chemicals faced corrections [4] Financial Sector Performance - The insurance sector rose by 4.03%, with notable performances from companies like New China Life Insurance, which increased by over 4% and reached a market capitalization of 187.4 billion [5][7] - Brokerage firms also saw substantial increases, with Zhongyin Securities rising by over 8% [10] Insurance Industry Insights - The China Insurance Industry Association lowered the standard interest rate for ordinary life insurance products by 14 basis points to 1.99%, with expectations that the upper limit may drop to 2.0% [10][11] - Huatai Securities indicated that this adjustment could enhance new business profitability and sales enthusiasm, alleviating concerns over cost-revenue mismatches in the life insurance sector [11] Aerospace and Defense Sector - The aerospace and defense sector showed strong performance, with companies like Guangdian Co., Construction Industry, and Boyun New Materials hitting their daily price limits [12] - Analysts from Dongfang Securities expressed optimism about the aerospace sector, highlighting the importance of upstream components and key materials in weaponry development and production [13]

Core Viewpoint - The brokerage ETF (512000) has seen a significant increase in market performance, reaching a near 2% rise and currently up 1.7%, with real-time transaction volume approaching 600 million yuan [1]. Group 1: Market Sentiment and Fund Positioning - Huachuang Securities indicates that the recovery in market sentiment and policies related to virtual assets have led to a marginal increase in public fund holdings in the brokerage sector in Q2, although most of the additional funds are directed towards leading brokerages, leaving the sector underweighted overall [3]. - Multiple listed brokerages have disclosed interim performance forecasts that exceed expectations, suggesting a positive outlook for the sector [3]. Group 2: Investment Recommendations - Minsheng Securities recommends focusing on three main investment opportunities within the brokerage sector: selecting leading brokerages with strong comprehensive capabilities, investing in mid-small brokerages with higher elasticity, and paying attention to financial technology and stablecoin concepts [3]. - The brokerage ETF (512000) and its linked funds track the CSI All Share Securities Company Index, encompassing 50 listed brokerage stocks, with nearly 60% of the portfolio concentrated in the top ten leading brokerages, while the remaining 40% includes mid-small brokerages that exhibit high performance elasticity [3].

Group 1 - The brokerage sector opened flat on July 28, followed by a sharp rise, with the leading A-share brokerage ETF (512000) increasing by over 1% and a real-time trading volume of nearly 400 million yuan, indicating active trading [1] - Major stocks in the brokerage sector showed strong performance, with Zhongyin Securities leading with a rise of over 6%, while Guotai Junan and Shouchuang Securities increased by more than 2% [2][3] - The announcement of Shouchuang Securities planning to list in Hong Kong could make it the 14th brokerage to achieve "A+H" listing status, joining 13 others already listed [3] Group 2 - According to Zhongtai Securities, the A-share market has shifted from a stock market to an incremental market since June, suggesting that investors should focus on relative return opportunities in the non-bank sector [4] - From April 7 to July 22, H-shares of A+H listed brokerages rose by 73.9%, while A-shares only increased by 22.0%, indicating a significant gap of 51.9% and potential for A-share brokerages to catch up [4] - The brokerage ETF (512000) passively tracks the CSI All Share Securities Company Index, which includes 49 listed brokerage stocks, with nearly 60% of its holdings concentrated in the top ten leading brokerages [4]

Market Performance - The three major stock indices in A-shares collectively rose during the week from July 21 to July 25, with the Shanghai Composite Index increasing by 1.67% to close at 3593.66 points, the Shenzhen Component Index rising by 2.33% to 11168.14 points, and the ChiNext Index up by 2.76% to 2340.06 points [2][3] - Approximately 71% of stocks experienced gains during the week, with 176 stocks rising over 15% and 10 stocks declining over 15% [2] Sector Performance - The sectors that saw the highest gains included small metals, cement, energy metals, infrastructure, and general steel, while the sectors that experienced declines included banking, chemical pharmaceuticals, telecommunications, components, and diversified finance [2] International Market Overview - In the U.S. market, the three major indices also saw increases on July 25, with the Dow Jones Industrial Average rising by 0.47% to 44901.92 points, the S&P 500 increasing by 0.40% to 6388.64 points, and the Nasdaq Composite up by 0.24% to 21108.32 points [4][5] - European markets showed mixed results, with the UK FTSE 100 down by 0.20%, the French CAC 40 up by 0.21%, and the German DAX down by 0.32% [4] Commodity Prices - International oil prices fell on July 25, with light crude oil futures for September delivery down by 1.32% to $65.16 per barrel and Brent crude oil futures down by 1.07% to $68.44 per barrel [4] Key Announcements - The Chinese government announced initiatives to gradually implement free preschool education, emphasizing the importance of this measure for long-term development and the welfare of families [6] - Shanghai issued new licenses for intelligent connected vehicle demonstration operations, aiming to establish a leading autonomous driving area by 2027 [7] - The State Council's Food Safety Office emphasized increased regulatory efforts for infant food and disaster relief food to ensure public safety [8] - China proposed the establishment of a World Artificial Intelligence Cooperation Organization, with a potential headquarters in Shanghai [9] Financial Sector Insights - Recent market inflows have been primarily driven by institutional investments, with retail investors expected to increase participation as market performance improves [13] - The steel sector, characterized by a high proportion of state-owned enterprises, is anticipated to benefit from potential policy support aimed at reducing overcapacity [14] Corporate Performance - ST Suwu's stock may face mandatory delisting due to significant legal violations, while companies like Zhejiang Dingli reported a 27.49% increase in net profit for the first half of the year [15] - Major individual stocks with significant net inflows included Cambrian Biologics and CITIC Securities, while China Power Construction and China Energy Engineering faced substantial outflows [17]

金融工程| 证券研究报告 —周报 2025 年 7 月 27 日 中银量化大类资产跟踪 融资余额持续上行，小盘成长风格占优行情延 续 股票市场概览 ◼ 本周 A 股上涨，港股上涨，美股上涨，其他海外权益市场走势分化。 A 股风格与拥挤度 成长 vs 红利：成长风格拥挤度及超额净值持续处于历史低位；红利 风格拥挤度近期处于历史较低位置。 小盘 vs 大盘：大盘、小盘风格超额净值及拥挤度均处于历史低位。 微盘股 vs 基金重仓：近期微盘股拥挤度上升至历史较高位置；基金 重仓拥挤度及超额累计净值持续处于历史低位。 A 股行情及成交热度 汇率市场 ◼ 近一周在岸人民币较美元升值，离岸人民币较美元升值。 商品市场 ◼ 本周中国商品市场整体上涨，美国商品市场整体上涨。 ◼ 本周领涨的行业为煤炭、钢铁、有色金属；领跌的行业为银行、综合 金融、通信。本周成交热度最高的行业为建筑、钢铁、轻工制造；成 交热度最低的行业为电子、食品饮料、传媒。 A 股估值与股债性价比 A 股资金面 机构调研活跃度 ◼ 当前机构调研活跃度历史分位居前的行业为房地产、商贸零售、通 信，居后的行业为银行、医药、电子。 利率市场 ◼ 本周中国国债利率上涨 ...

Core Viewpoint - The report highlights the potential of Feiliwa (300395) in transforming its technological advantages into a first-mover advantage in the quartz fabric market, supported by a stock incentive plan that reflects the company's confidence in its future growth [1][2]. Group 1: Market Opportunity - Feiliwa is entering the blue ocean market of electronic fabrics by leveraging its full industry chain advantages in quartz fibers, particularly in aerospace and semiconductor applications [2][4]. - The global PCB market in the server/data storage sector is projected to grow from $10.9 billion to $18.9 billion from 2024 to 2029, with a CAGR of 12%, indicating a significant demand for quartz fabric due to its excellent dielectric properties [3]. Group 2: Technological Edge - Feiliwa has a 60-year history in quartz technology, making it one of the few manufacturers capable of mass-producing quartz fibers, which are critical for high-precision applications [4]. - The company has developed a second-generation ultra-low loss quartz electronic fabric, directly competing with international giants like Shin-Etsu Chemical [4]. Group 3: Stock Incentive Plan - The stock incentive plan aims to motivate 255 core technical and sales personnel by granting 1.6881 million shares at a price significantly below the market price, with performance targets tied to net profit growth [5]. - The plan is designed to enhance employee engagement and operational efficiency, reflecting the company's commitment to its core talent [5]. Group 4: Financial Projections - Feiliwa's projected EPS for 2025, 2026, and 2027 are 1.16, 1.65, and 2.45 yuan, respectively, with a total market capitalization of approximately 39.7 billion yuan as of July 25, 2025 [6]. - The corresponding PE ratios for these years are expected to be 65.4, 46.0, and 31.1 times, indicating a strong growth outlook [6].

Group 1: Bond Underwriting - In the first half of 2025, 40 securities firms acted as main underwriters for green bonds, managing 71 bonds/products with a total amount of 59.444 billion yuan [2] - A total of 68 securities firms served as main underwriters for technology innovation bonds, underwriting 380 bonds with a total amount of 381.391 billion yuan [2] Group 2: Public Fund Management - As of the end of Q2 2025, the top three securities asset management firms by public fund management scale are Dongfanghong Asset Management, Huatai Securities Asset Management, and Bank of China Securities, each managing over 100 billion yuan [3] - Three equity fund managers from securities asset management firms have public fund management scales exceeding 10 billion yuan, specifically from Dongfanghong and Zhongtai Asset Management [3] Group 3: Public Fund Market Data - The total scale of public funds reached a record high of 34.39 trillion yuan by the end of June 2025, surpassing the 34 trillion yuan mark [6] - Compared to the end of May, the public fund scale increased by over 650 billion yuan, reflecting a month-on-month growth of 1.93% [7] Group 4: Shenzhen Financial Data - As of the end of June 2025, the balance of various deposits in Shenzhen reached 14.16 trillion yuan, an increase of nearly 600 billion yuan since the beginning of the year [8] - The balance of loans in Shenzhen reached 9.85 trillion yuan, with an increase of over 350 billion yuan since the beginning of the year [8] Group 5: Gold Consumption - In the first half of 2025, China's gold consumption was 505.205 tons, a year-on-year decrease of 3.54%, with gold jewelry consumption down by 26% [10] - Gold bars and coins consumption increased by 23.69% year-on-year, totaling 264.242 tons [10] Group 6: Hong Kong Stock Market - In the first half of 2025, Hong Kong led the world in new stock financing, with a significant increase in equity financing driven by improved investor sentiment [11] - Public funds have significantly increased their holdings in Hong Kong stocks, focusing on sectors such as pharmaceuticals, banking, media, and technology [14] Group 7: Private Equity Insights - A prominent private equity figure highlighted a "dumbbell" market opportunity structure, focusing on both value dividend assets and emerging growth assets [16] - Looking ahead, three structural opportunities are identified: revaluation of quality Chinese assets, globalization of advantageous Chinese industries, and technological self-sufficiency [17]

Group 1 - The core viewpoint of the article highlights that the securities sector is experiencing a bullish trend, with multiple brokerage stocks, including Jinlong Co., hitting the daily limit up, and others like Guosen Securities, Bank of China Securities, and Dongfang Securities also seeing gains [1] - The securities sector has seen a continuous rise for six consecutive days, indicating a strong upward momentum [1] - Industry insiders believe that the securities sector is in a phase of multiple favorable factors, including sustained policy support, active trading sentiment in the A-share market, increasing interest in the Hong Kong stock market, and the recovery of brokerage firms' performance, which collectively enhance the sector's outlook [1]