Core Viewpoint - The insurance industry is recommended for investment, with current A-share insurance companies at low historical levels and limited downside risk. The investment side is expected to improve gradually due to stabilizing stock markets and recovering interest rates, while the liability side benefits from recovering sales of savings insurance and increased demand for high-end medical insurance [1][3]. Group 1: Investment Outlook - The insurance sector is expected to see a gradual improvement in investment returns due to stabilizing stock markets and recovering interest rates [1]. - The sales of savings insurance are rebounding, and the demand for high-end medical insurance is being catalyzed by medical reforms, which will enhance the new business value margin (NBVM) and support steady growth in new business value (NBV) [1][3]. Group 2: Regulatory Changes - The maximum preset interest rate for life insurance products may be lowered by 50 basis points to 2.0% by the end of August, following regulatory guidelines that require adjustments when preset rates exceed certain thresholds [2]. - The insurance industry is expected to see a reduction in the cost of new policy funds due to the adjustment of preset interest rates, which will alleviate risks associated with interest rate spreads [3]. Group 3: Market Dynamics - The insurance sector is entering a phase of improved premium growth as it approaches a seasonal period of product suspension, with ongoing adjustments in product structure expected to optimize costs further [3]. - The combination of regulatory changes and market dynamics is likely to lead to a significant improvement in the industry's fundamentals, with a continued positive trend anticipated [1][3].

Group 1 - The core viewpoint is that deep-sea technology has been recognized as a strategic emerging industry in China's 2025 government work report, alongside commercial aerospace and low-altitude economy, highlighting its potential for economic growth and resource security [1][3] - The deep-sea area covers 65% of the ocean and 49% of the Earth's surface, containing abundant energy and resources, making it crucial for China's economic strategy and international standing [2][3] - The deep-sea technology sector is expected to experience rapid development, with a market potential in the trillion-level range, driven by government policies and financing opportunities [3] Group 2 - The construction of underwater defense systems is accelerating, with military-civilian integration expected to drive growth in the deep-sea industry, enhancing the application and commercialization of deep-sea equipment [4] - The upstream sector, including sonar and titanium alloy production, is anticipated to see early growth, while midstream and downstream applications are expanding into various deep-sea scenarios [5] - Key companies in the upstream sector include China Marine Defense, West Materials, and Xiangdian Co., while midstream and downstream players include China Shipbuilding, CNOOC, and China Petroleum [5]

梦网云科技集团股份有限公司（以下简称"公司"）拟发行股份及支付现金购买杭 州碧橙数字技术股份有限公司全部股份并募集配套资金（以下简称"本次交易"）。方 正证券承销保荐有限责任公司（以下简称"本独立财务顾问"）作为本次交易的独立财 务顾问，对公司本次交易前 12 个月内购买、出售资产的情况进行了核查，具体内容 如下： 根据《上市公司重大资产重组管理办法》第十四条第（四）项的规定： "上市公司 在十二个月内连续对同一或者相关资产进行购买、出售的，以其累计数分别计算相应 数额。已按照本办法的规定编制并披露重大资产重组报告书的资产交易行为，无须纳 入累计计算的范围。中国证监会对本办法第十三条第一款规定的重大资产重组的累计 期限和范围另有规定的，从其规定。交易标的资产属于同一交易方所有或者控制，或 者属于相同或者相近的业务范围，或者中国证监会认定的其他情形下，可以认定为同 一或者相关资产。" 方正证券承销保荐有限责任公司 经核查，本独立财务顾问认为：在本次交易前 12 个月内，公司未发生与本次交 易相关的购买、出售资产的交易行为，不存在需要纳入累计计算范围的情形。 关于本次交易前 12 个月内购买、出售资产情况的核查意 ...

Group 1 - The company, DreamNet Cloud Technology Group Co., Ltd., plans to issue shares and pay cash to acquire all shares of Hangzhou Bicheng Digital Technology Co., Ltd., along with raising supporting funds for this transaction [1][2] - The independent financial advisor, Founder Securities, conducted a review and found no direct or indirect paid hiring of third-party institutions or individuals in this transaction [1][2] - The company has legally and compliantly hired necessary securities service institutions for this transaction, including Founder Securities as the independent financial advisor, Beijing Guofeng Law Firm as the legal advisor, Zhongxi CPA as the auditing firm, Shanghai Zhonghua Asset Appraisal Co., Ltd. for valuation, and Hong Kong Yu Peiheng Law Firm for special legal opinions regarding the Hong Kong subsidiary [1][2] Group 2 - The independent financial advisor confirmed that the hiring of the mentioned securities service institutions is in accordance with the regulations outlined in the CSRC's notice on strengthening risk prevention in investment banking [2]

Core Viewpoint - From June 26, 2025, certain funds managed by Nuon Fund Management Co., Ltd. will be available for purchase and redemption through Founder Securities Co., Ltd. as a sales institution [1][2]. Group 1: Fund Sales and Services - Investors can handle subscription, redemption, and related inquiries for the specified funds through Founder Securities starting June 26, 2025 [1]. - The company will also enable regular investment and conversion services for these funds at Founder Securities, along with participation in fee discount activities [1][2]. Group 2: Fund Investment Options - Starting June 26, 2025, investors can perform regular investment operations for the specified funds through Founder Securities, with the subscription fee rate being the same as the normal subscription fee rate [1][3]. - Fund conversion services will also be available for the specified funds and other convertible funds managed by the company, with rules and fees detailed in the latest prospectus [2][3]. Group 3: Fee Rate Discounts - Investors will enjoy subscription fee discounts for both subscription and regular investment operations through Founder Securities, subject to the institution's regulations [3]. - The specific standards for fund fees can be found in the latest prospectus and related legal documents published by the company [3]. Group 4: Minimum Investment Requirements - The minimum subscription amount for money market funds through Founder Securities is set at 0.01 yuan (including subscription fees), while for non-money market funds, it is set at 1 yuan (including subscription fees) [4]. - Different share classes of the same fund cannot be converted into each other [5].

Group 1 - The core viewpoint is that the innovative drug market is still optimistic, with ongoing revaluation of innovative drug assets and a focus on the second-generation IO and ASCO data releases, as well as the valuation reshaping of pharma companies [1][2] - The pharmaceutical index increased by 1.40% during the week of June 9-14, 2025, outperforming the CSI 300 index, which decreased by 0.25%, resulting in a relative outperformance of 1.66% [1] - The current PE (TTM) for the pharmaceutical and biological industry is 28.41 times, compared to 12.04 times for the CSI 300 index, indicating a valuation premium of 135.95% for the pharmaceutical sector, which remains at a historical low [1] Group 2 - The current innovative drug market reflects a recognition of the business model of innovative drugs, driven by leading companies like BeiGene, Innovent Biologics, and Hengrui Medicine, which are expected to turn profitable through business development or globalization in 2024 or Q1 2025 [2] - The collective rise of leading innovative drug stocks indicates a systematic revaluation of their long-term R&D investment value, with the overall valuation center of the innovative drug sector moving upward due to long-term expectations of industry upgrades [2] - The current innovative drug market is characterized by data asset pricing rather than business development pricing, where high-quality and globally leading R&D asset data will attract reasonable market valuations regardless of short-term fluctuations in business development [2]

方正证券发布研报称，刚果(金)作为全球钴供应主产国（2024年产量占比75.9%），其暂停钴出口4个月 的政策将显著打破市场供给过剩预期，政策出台后钴价已上涨14.5%至18.2万元/吨。基于对钴金属价格 的乐观预期，该行建议关注华友钴业（603799）、腾远钴业（301219）、寒锐钴业（300618）、洛阳钼 业（603993）等。 钴价处于历史底部位置，刚果(金)政府稳价意愿强烈 2月24日中国钴金属价格为15.9万元/吨，为2007年以来的底部位置。在刚果(金)禁止出口政策出台后， 截至2月27日，钴金属价格上涨14.5%至18.2万元/吨。考虑到刚果(金)政府声明将在3个月后对政策效果 进行评估，该行认为刚果(金)政府稳价、挺价意愿强烈。 出口禁令有望重塑钴金属过剩格局 该行认为2022年以来钴金属价格的持续下跌，一方面是三元正极材料的市占率下滑，特别是低镍高钴产 品的占有率下降导致需求增速不及预期。另一方面是由于铜价高企，刚果(金)铜产量快速提升，导致伴 生钴产量大幅增长。该行认为随着三元占比下滑趋势的减弱以及消费电子国补下需求复苏，将会使钴金 属需求恢复平稳增长。而出口禁令将显著减少钴金属流入量 ...

Core Viewpoint - The report from Founder Securities indicates that the recent fluctuations in the Hong Kong dollar (HKD) are primarily due to the Hong Kong Monetary Authority's (HKMA) large-scale liquidity injections rather than passive depreciation caused by a strengthening US dollar [1][2]. Currency Fluctuations - Since May, the HKD has experienced increased volatility, touching the weak side of the peg. As of June 23, the USD/HKD exchange rate was 7.85, a depreciation of 1.3% from the 7.75 high in early May [2]. - The HKMA typically maintains the USD/HKD exchange rate within the 7.75-7.85 range, intervening by injecting or absorbing liquidity as needed. The recent fluctuations were not due to a strengthening USD but rather the HKMA's proactive liquidity measures [2][3]. Market Concerns - Current market concerns include whether the HKMA will tighten liquidity again after the HKD touches the weak side of the peg, which historically has had a limited impact on the market [3]. - Another concern is whether low HIBOR rates will lead to significant capital outflows from the Hong Kong stock market. However, foreign capital has not been the main source of incremental funds for the market in recent years, and southbound capital continues to flow into Hong Kong stocks [3][4]. Market Outlook - The report suggests that the current uptrend in the Hong Kong stock market is likely to continue, driven by strong economic fundamentals and a series of favorable policies. The market's risk appetite has significantly improved [4]. - Southbound capital is increasingly flowing into core assets in the Hong Kong market, particularly in sectors like artificial intelligence and new consumption, which are aligned with emerging industry trends and have a degree of scarcity [4].

事件：6月20日，财政部公布1-5月财政收支情况。1-5月，全国一般公共预算收入96623亿元，同比下降 0.3%；一般公共预算支出112953亿元，同比增长4.2%。 报告摘要 风险提示：宏观经济不及预期、海外市场大幅波动、历史经验不代表未来。 赤字方面，5月广义赤字幅度保持增长。今年1-5月，实际赤字累计达16330亿元，赤字规模为近五年最 高，去年同期仅为11447亿元，同比增长4883亿元。而考虑政府性基金后，今年1-5月的广义赤字规模为 32972亿元，去年同期29380亿元，同比增长3592亿元。 考虑财政收支预算节奏，今年1-5月财政收支节奏整体平稳。1-5月，公共财政收入完成全年预算 43.9%，较去年增长0.6个百分点。公共财政支出完成38.0%，与去年持平，财政收支节奏整体平稳。 摘要：5月财政收支两端增速均有回落，但整体维持正增长。1-5月，全国一般公共预算收入96623亿 元，同比下降0.3%，降幅较上个月继续收窄；一般公共预算支出112953亿元，同比增长4.2%，增幅略 有回落。单月看，5月公共财政收入当月同比增长0.13%；公共财政支出当月同比增长2.63%，增速均有 一定回落。 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 一纸没有感谢词的离职公告，结束了袁玉平在方正证券的投行掌舵生涯。 作为分管投行业务的副总裁，袁玉平的离任与方正投行面临的严峻挑战密不可分。2024年，方正证券公 司业务明显分化：财富管理业务和投资与交易业务成为主要增长引擎，2024年收入分别达56.64亿元和 24.96亿元，同比分别增加12.84%和127.88%。而投资银行业务出现亏损，营收较上年同期下滑 270.06%，成为公司主要业务板块中唯一亏损的部门。今年一季报数据同样不容乐观，投行业务手续费 净收入2484.30万元，较去年同期的3790.91万元，下降34.47%。人员流动方面，方正证券承销保荐有限 责任公司2024年底从业人员277名，2025年中报降至222名，减员比例高达19.86%。 | | | | 原定任期 | | 是否继续在上 | | 是否存在未 | | --- | --- | --- | --- | --- | --- | --- | --- | | 姓名 | 离任职务 | 高任时间 | 到期日 | 离任原因 | 市公司及其控 | 具体职务 | 展行完毕的 ...