Core Viewpoint - The announcement from Founder Securities indicates that China Cinda Asset Management Co., Ltd. did not execute its planned share reduction within the specified timeframe, maintaining its current stake in the company [1] Group 1: Share Reduction Plan - On April 7, the company disclosed a share reduction plan by China Cinda, which aimed to reduce up to 82.321 million shares, representing approximately 1% of the total share capital [1] - The planned reduction period was set from April 29 to July 28 [1] - As of July 28, the reduction plan's deadline expired without any shares being sold by China Cinda [1] Group 2: Current Shareholding Status - China Cinda continues to hold 593 million shares, which accounts for 7.2% of the company's total shares [1]

方正证券（SH 601901，收盘价：8.38元）7月29日晚间发布公告称，公司于2025年4月7日披露了《关于 股东集中竞价减持股份计划的公告》，中国信达拟于2025年4月29日至2025年7月28日期间，以集中竞价 方式减持公司股份不超过82,321,014股，约占公司总股本的1.00%。截至2025年7月28日，本次减持计划 实施期限届满，中国信达未减持公司股份。 （文章来源：每日经济新闻） ...

重要内容提示： 股东持股的基本情况 证券代码：601901 证券简称：方正证券 公告编号：2025-030 方正证券股份有限公司 关于股东集中竞价减持计划实施期限届满 暨实施结果公告 本公司董事会、全体董事及相关股东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。 本次减持计划实施前，中国信达资产管理股份有限公司（简称"中国信达"） 持有公司股份 593,050,000 股，占公司总股本的 7.20%，股份来源为协议转让取 得。 减持计划的实施结果情况 1 公司于 2025 年 4 月 7 日披露了《关于股东集中竞价减持股份计划的公告》， 中国信达拟于 2025 年 4 月 29 日至 2025 年 7 月 28 日期间，以集中竞价方式减持 公司股份不超过 82,321,014 股，约占公司总股本的 1.00%。截至 2025 年 7 月 28 日，本次减持计划实施期限届满，中国信达未减持公司股份。 上述减持主体无一致行动人。 股东名称 中国信达 股东身份 控股股东、实控人及一致行动人 □是 √否 直接持股 5%以上股东 √是 □否 董事、监事和高级 ...

Group 1: ETF Market Overview - As of the end of June, the total number of ETFs in the Shanghai Stock Exchange reached 701 with a total market value exceeding 3.14 trillion yuan, while the Shenzhen Stock Exchange had 495 ETFs with a total market value over 1.15 trillion yuan, bringing the combined total to over 4.3 trillion yuan, showing a steady increase from the previous month [1] - The first batch of 10 science and technology innovation bond ETFs was launched on July 17, attracting significant market attention and reshaping the bond ETF market landscape, indicating a promising future for this segment [1] Group 2: Brokerage Business Insights - In June, the top five brokerages by trading volume for Shanghai ETFs were Huatai Securities, CITIC Securities, Guotai Junan, Dongfang Securities, and China Galaxy, with market shares of 11.75%, 11.04%, 6.55%, 5.30%, and 4.71% respectively [2] - The leading brokerages by ETF holdings in Shanghai as of the end of June were China Galaxy, Shenwan Hongyuan, CITIC Securities, Guotai Junan, and招商证券, with market shares of 24.03%, 17.61%, 6.26%, 4.78%, and 4.63% respectively [2] Group 3: Growth of Bond ETFs - The domestic ETF market expanded by nearly 580 billion yuan in the first half of the year, with bond ETFs and Hong Kong stock ETFs being the main contributors, highlighting a growing interest in these products [3] - The number of bond ETFs increased from 21 to 29, while the total market size of bond ETFs reached 218.1 billion yuan by the end of the first quarter of 2025, indicating a rising acceptance of index-based bond products among investors [4]

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]

Core Viewpoint - The brokerage sector in A-shares is experiencing significant growth, with the brokerage index rising over 25% since April 8, and many brokerages reporting substantial increases in net profit for the first half of the year, driven by a recovering capital market and favorable policies [1][2][3][8]. Performance Summary - At least 28 listed brokerages have released performance forecasts for the first half of the year, with most reporting a year-on-year net profit growth exceeding 50%, and some large brokerages, such as Shenwan Hongyuan and Guotai Junan, expecting over 100% growth [2][5][6]. - The overall increase in brokerage performance is attributed to the active trading environment in the capital market, which has significantly boosted self-operated investment income and brokerage fee income [8][9]. Factors Supporting Growth - **Fundamental Support**: The active trading environment is expected to continue benefiting brokerage performance, with most brokerages forecasting net profit growth of over 50% for the second half of the year [3][13]. - **Capital Support**: The allocation of equity funds to non-bank financials has increased slightly, indicating potential for further investment in brokerages [14]. - **Policy Support**: Recent policy changes encourage brokerages to focus on improving return on equity (ROE), which may enhance their performance [15]. - **Valuation Levels**: Most brokerages have a price-to-book ratio just above 1, with only about 10 listed brokerages exceeding a ratio of 2, suggesting room for valuation growth [16]. Dividend Yield and Valuation - Several brokerages offer dividend yields above 2%, which is higher than the yield on 10-year government bonds, making them attractive for income-focused investors [1][16][18].

Investment Rating - The report maintains a positive outlook on the non-bank financial sector, indicating an "Overweight" investment rating for the industry [1][2]. Core Insights - The non-bank financial sector has shown strong performance, with the Shenwan Non-Bank Index rising by 3.52% during the week, outperforming the CSI 300 Index, which increased by 1.69% [5]. - Public funds have significantly increased their allocation to the non-bank sector, with the active equity fund heavy positions in the sector rising by 99 basis points quarter-on-quarter to 2.16% in Q2 2025 [2]. - The report highlights a positive trend in brokerage firms' earnings, with 27 traditional brokerages reporting year-on-year profit increases for Q2 2025, indicating a robust recovery in the sector [2]. - The insurance sector is also expected to benefit from a decrease in the cost of new liabilities and an increase in the value of participating insurance options, leading to a favorable outlook for the insurance industry [2]. Summary by Sections Market Review - The CSI 300 Index closed at 4,127.16, with a weekly change of +1.69%, while the non-bank index closed at 1,989.03, reflecting a weekly increase of +3.52% [5]. - The brokerage sector saw a significant increase of 4.82%, while the insurance sector rose by 1.83% [5]. Non-Bank Industry News and Key Announcements - The report notes that the China Insurance Association has indicated that the current research value for the predetermined interest rate of ordinary life insurance products is 1.99%, which is expected to trigger a reduction in the maximum predetermined interest rate for new products [18]. - The report mentions that the market sentiment has improved significantly, with daily trading volumes exceeding 1.7 trillion yuan, indicating a high level of trading activity [2][15]. - The report also highlights that the brokerage firm Shouhua Securities plans to issue H-shares and list on the Hong Kong Stock Exchange, marking a significant move in the competitive landscape of the brokerage industry [2][23].

Core Viewpoint - The forum highlighted the growth and innovation in the public fund ecosystem, emphasizing the importance of collaboration among various stakeholders to enhance wealth management services and product offerings [2][5][10]. Group 1: Forum Overview - The first public fund ecosystem summit organized by Founder Securities took place in Shanghai, attended by over 150 representatives from 61 public fund companies [1][2]. - Founder Securities' president, Jiang Zhijun, welcomed attendees and shared the company's achievements, including a research coverage of 31 industries and a financial product scale exceeding 100 billion, with ETF scale surpassing 24 billion, both reaching historical highs [4][5]. Group 2: Key Discussions - Taiwan Fubon Securities' chairman, Huang Zhaotang, discussed the rapid growth of actively managed ETFs globally, driven by the relaxation of semi-transparent investment portfolio disclosure [7]. - A roundtable discussion featured leaders from various financial institutions analyzing the development trends in wealth management and asset allocation in a low-interest-rate environment [10]. Group 3: Strategic Insights - Founder Securities' chief economist, Yan Xiang, summarized the characteristics of the U.S. public fund market, noting the increasing dominance of passive products and the declining importance of star funds and managers, suggesting opportunities for domestic public funds in broad-based and sector-specific products [14]. - The company aims to build a first-class public fund service system and has established a PMO organization to enhance collaboration and service quality [16][18]. Group 4: Service Offerings - Founder Securities' wealth and product service system was presented, highlighting the growth in public equity distribution and the company's commitment to providing comprehensive services across fund issuance, ETF ecosystems, and institutional wealth management [18][19].

Core Viewpoint - The ownership of Credit Suisse Securities (China) Co., Ltd. has transitioned from a foreign-controlled joint venture to a state-owned brokerage following the completion of a share transfer to Beijing State-owned Assets Management Co., Ltd. [1][2] Group 1: Share Transfer Details - On July 23, 2024, the share transfer was finalized, with Credit Suisse Securities being renamed Beijing Securities Co., Ltd. [1] - The transfer involved Beijing State-owned Assets Management Co., Ltd. acquiring 85.01% of Credit Suisse Securities, including 36.01% from UBS Group and 49% from Founder Securities, for a total consideration of approximately $19.35 million (about 1.455 billion RMB) [2] - The transfer process took over a year, with regulatory approval from the China Securities Regulatory Commission received on March 12, 2024 [2] Group 2: Financial Performance - Credit Suisse Securities reported a significant decline in performance, with 2024 revenue of 56.85 million RMB, down approximately 63.81% year-on-year [3] - The net loss for the company in 2024 was 162 million RMB, indicating ongoing financial struggles [3] - The revenue breakdown included net income from investment banking of 15.41 million RMB (down 61.91%), brokerage fees of 2.36 million RMB (down 25.62%), and net interest income of 19.72 million RMB [3] Group 3: Strategic Implications - The acquisition aligns with national and municipal policies aimed at enhancing financial services for the real economy [3] - Following the establishment of Beijing Securities, the Beijing state-owned capital system now includes at least five brokerages, raising questions about potential consolidation in the industry [3]

Core Points - The announcement from Founder Securities on July 23 confirmed the completion of the sale of a 49% stake in Credit Suisse Securities, which has now been renamed Beijing Securities Co., Ltd, marking the return of the "Beijing Securities" brand after nearly 20 years [1][2] - The stake transfer is part of a three-party agreement involving UBS Group, Founder Securities, and Beijing State-owned Assets Management Co., which was necessitated by regulatory requirements [2][3] - The transaction involved UBS selling a 36.01% stake for $91.35 million (approximately 650.5 million RMB) and Founder Securities selling a 49% stake for $124 million (approximately 885 million RMB), totaling an 85.01% stake transfer [2][3] Company History - Beijing Securities was originally established in 1993 and underwent several transformations, including a merger in 1997 and a restructuring with UBS in 2005, which led to the establishment of UBS Securities [2][3] - The return of the Beijing Securities brand signifies a shift in the ownership structure back to local state control, reflecting the evolving landscape of China's capital markets and the development of domestic financial power [3] - With the re-establishment of Beijing Securities, the number of state-owned securities firms in Beijing has increased to five, including other firms like Founder Securities and CITIC Securities [3]