首批21家机构入选网下专业机构投资者 "白名单" 智通财经7月25日电，中证协发布2024年网下专业机构投资者 "白名单"，共有首批21家网下专业机构投 资者纳入"白名单"。包括博时基金、大成基金、富国基金、广发基金、国泰基金、华安基金、华泰资 管、汇添富基金、交银施罗德基金、景顺长城基金、南方基金、平安资管、睿远基金、东方证券资管、 泰康资管、银华基金、招商基金、中金公司、人寿养老保险、中欧基金、中信证券。中证协将对纳 入"白名单"网下投资者采取激励措施，例如开通网下投资者注册绿色通道，供相关监管部门、自律组织 等在分类监管、自律管理等工作中参考使用。（智通财经记者 林坚） | | 2024年网下专业机构投资者"白名单" | | --- | --- | | 序号 | 网下投资者名称 | | 1 | 博时喜美最插掉限公司 | | 2 | 大成基金管理有限公司 | | 3 | 富国墓会管理有限公司 | | 4 | 广发基金管理有限公司 | | 5 | 国泰基金管理有限公司 | | 6 | 华安基金管理有限公司 | | 7 | 华泰资产管理有限公司 | | 8 | 汇添富基金管理股份有限公司 | | 9 | 交银 ...

日前，中证协发布了2025年上半年度证券公司债券（含企业债券）承销业务专项统计。数据显示，上半年 参与科创债主承销的券商达到了68家，同比增加23家；上半年科创债承销金额3813.91亿元，同比增超 50%。 新增的证券公司包括信达证券、江海证券、华创证券、五矿证券等。从承销规模排序来看，位居前列的以头部 券商为主，包括中信证券、中信建投、国泰海通等。业内人士认为，券商发力科创债，或与今年的科创债新政 有关。 科创债承销规模最大 据悉，中证协专项统计范围包括证券公司在上交所、深交所和北交所承销绿色债券（含管理资产证券化产 品）、低碳转型债券、科技创新债券、乡村振兴债券（含管理资产证券化产品）、"一带一路"债券、中小微企 业支持债券、民营企业债券（含管理资产证券化产品）和中标地方政府债券的有关情况。 具体而言，从科创债的承销家数来看，今年上半年排名前五的券商依次是中信证券（46.73家）、中信建投 （38.63家）、国泰海通（34.67家）、中金公司（24.09家）、华泰联合（21.69家）。 从承销金额来看，排名前五的券商分别是中信证券（711.01亿元）、中信建投（631.7亿元）、国泰海通 （484.35 ...

摘要今日周五（7月25日)亚盘时段，现货黄金目前交投于3364.89美元附近，截至发稿，现货黄金暂报 3368.46美元/盎司，涨幅0.02%，最高上探3373.25美元/盎司，最低触及3364.89美元/盎司。目前来看， 现货黄金短线偏向震荡走势。 今日周五（7月25日)亚盘时段，现货黄金目前交投于3364.89美元附近，截至发稿，现货黄金暂报 3368.46美元/盎司，涨幅0.02%，最高上探3373.25美元/盎司，最低触及3364.89美元/盎司。目前来看， 现货黄金短线偏向震荡走势。 聚焦美国与主要经济体之间的关税谈判进展，目前呈现出分化格局：日美经贸谈判取得了阶段性成果； 但欧美以及加拿大与美国之间的经贸协议尚未最终确定。尤为引人关注的是，欧盟近期释放出信号，若 贸易谈判破裂，将对美国采取关税反制措施。 【最新现货黄金行情解析】 在第三次冲击3435美元失败后，金价开始回调。今日多头在3350美元附近展现支撑力——该水平曾是前 期阻力位，目前金价在3375美元这一另一关键前期阻力区附近反弹。 若继续上行，多头需先攻克3400美元，之后3435美元才会再度进入视野。从下行角度看，自上周反弹以 来，看 ...

Investment Rating - The report indicates a positive investment outlook for Chinese consumer brands expanding overseas, particularly in Southeast Asia, with a focus on Singapore as a strategic market entry point [1][13]. Core Insights - China's cultural soft power has significantly improved, ranking second globally from 2020 to 2025, surpassing Japan, the UK, and Germany, creating favorable conditions for Chinese brands to expand internationally [1][3]. - The tourism industry is a key driver for cultural exchange, with a projected 96% year-on-year increase in inbound tourists to China in 2024, enhancing the international visibility of Chinese brands [1][3]. - Successful overseas expansion requires brands to adapt to local market demands, as demonstrated by Haidilao's localized menu offerings in Singapore [1][2][4]. - Strong supply chain management is crucial for maintaining competitive pricing and product quality, as seen with brands like Mixue Ice City and Luckin Coffee [1][5]. - Singapore's favorable business environment, including tax incentives and a high percentage of Chinese residents, positions it as a gateway to Southeast Asia and beyond [1][13]. Summary by Sections Cultural Influence - The rise of China's cultural soft power is a significant factor in the successful internationalization of consumer brands, with food and entertainment serving as effective cultural ambassadors [3][17]. - The increase in inbound tourism to China is expected to bolster the recognition and acceptance of Chinese brands abroad [3]. Market Entry Strategies - Brands must prioritize location selection and adapt their strategies based on local market analysis, including understanding transportation networks to identify key commercial areas [1][14]. - Localized product offerings and strong supply chain capabilities are essential for success in foreign markets [5][11]. Case Studies - Haidilao's success in Singapore, with 22 outlets and monthly sales exceeding 2.5 million SGD at peak times, exemplifies effective localization and service excellence [2]. - Mixue Ice City has expanded to 31 stores in Singapore, leveraging its supply chain and appealing to young consumers [2]. - Luckin Coffee's unique positioning by blending tea and coffee cultures has resonated well with the younger demographic in Singapore [2]. Strategic Considerations - Brands should view international expansion as a long-term strategy, focusing on building a global supply chain and cultivating a team with international perspectives [18]. - The potential for overseas markets to serve as blue oceans for brand growth and risk diversification is significant, as evidenced by successful cases in various sectors [17].

Core Insights - The number of securities firms participating in the underwriting of technology innovation bonds (科创债) has increased to 68 in the first half of 2025, up by 23 firms year-on-year, with a total underwriting amount of 381.39 billion yuan, representing a growth of over 50% compared to the previous year [1][4]. Group 1: Underwriting Statistics - In the first half of 2025, 68 securities firms acted as lead underwriters for 380 technology innovation bonds, totaling 381.39 billion yuan [3]. - The top five firms in terms of underwriting amount for technology innovation bonds were CITIC Securities (71.10 billion yuan), CITIC Jianzhong (63.17 billion yuan), Guotai Junan (48.43 billion yuan), CICC (29.92 billion yuan), and Huatai United (22.08 billion yuan) [4]. - The underwriting amount for technology innovation bonds has increased by 56.48% compared to the same period last year, where 45 firms underwrote 208 bonds totaling 243.73 billion yuan [4]. Group 2: Types of Bonds and Market Participation - The statistics from the China Securities Association cover various types of bonds, including green bonds, low-carbon transition bonds, and rural revitalization bonds, among others [2]. - In the first half of 2025, 40 firms underwrote 71 green bonds totaling 59.44 billion yuan, while 17 firms underwrote 14 low-carbon transition bonds totaling 8.35 billion yuan [3]. - The participation of 68 firms in local government bond issuance resulted in a total winning bid amount of 140.46 billion yuan across 28 regions [3]. Group 3: Policy Impact - The surge in participation and underwriting amounts for technology innovation bonds is attributed to new policies introduced in May 2025 by the central bank and the securities regulatory commission, which established a special underwriting evaluation system and market-making mechanism for these bonds [4]. - The new regulations have increased the weight of underwriting and market-making in the evaluation system for underwriters and market makers [4].

中国国际金融股份有限公司 关于东方财富信息股份有限公司 股东向特定机构投资者询价转让股份的核查报告 中国国际金融股份有限公司（以下简称"中金公司""组织券商"）受东方财富 信息股份有限公司（以下简称"东方财富""公司""上市公司"）股东沈友根（以 下称"出让方"）委托，组织实施本次东方财富股东向特定机构投资者询价转让（以 下简称"本次询价转让"）。 经核查，中金公司就本次询价转让的出让方、受让方是否符合《深圳证券交易所 上市公司自律监管指引第 16 号——创业板上市公司股东询价和配售方式转让股份 （2025 年修订）》（以下简称"《指引第 16 号》"）要求，本次询价转让的询价、转 让过程与结果是否公平、公正，是否符合《指引第 16 号》的规定作出如下报告说明。 一、本次询价转让概述 （一）本次询价转让出让方 截至2025年7月18日，出让方所持公司股份的数量、比例情况如下： 出让方名称 截至2025年7月18日收盘持股数量（股） 持股比例 沈友根 189,606,534 1.20% 注：东方财富股份总股本为15,804,037,675股。 （二）本次询价转让数量 本次拟询价转让股数上限为 158,800,0 ...

Core Insights - The bond underwriting business of securities firms in China has shown significant growth in the first half of 2025, with a total of 68 firms underwriting 380 bonds amounting to 381.39 billion yuan, representing a year-on-year increase of 56.48% [1][3] - The underwriting amount for private enterprise bonds has also increased, reaching 239.39 billion yuan, a year-on-year growth of 30.32% [3] - New statistics have been introduced for "support bonds for small and micro enterprises," indicating a focus on enhancing service quality and meeting specific financing needs [4] Group 1: Industry Performance - The top securities firm, CITIC Securities, led the industry by securing first place in seven key indicators related to bond underwriting [2] - The competition landscape shows a trend where leading firms strengthen their advantages while smaller firms focus on niche markets [2] - The total amount of green bonds underwritten reached 59.44 billion yuan, with CITIC Jiantou leading at 12.996 billion yuan [5] Group 2: Specific Market Segments - The number of bonds underwritten for small and micro enterprises reached 30, with a total amount of 11.82 billion yuan [4] - The underwriting of rural revitalization bonds has surged, with 37 bonds underwritten, totaling 26.62 billion yuan, marking a year-on-year increase of 134.32% [5] - The "Belt and Road" initiative saw 10 bonds underwritten, amounting to 7.9 billion yuan, while local government bonds totaled 140.46 billion yuan [6]

Core Viewpoint - The issuance of the Sci-Tech Innovation Bond ETF has renewed market interest in sci-tech bonds, with expectations for continued growth in market size due to the potential for passive management in domestic bond funds and possible fee reductions [1][6]. Group 1: Market Dynamics - The recent adjustment in the bond market has seen credit bonds perform relatively well, supported by demand despite fluctuations in interest rates [2]. - From July 14 to July 18, net purchases of non-financial credit bonds reached 13.2 billion, a week-on-week increase of 3.9 billion; fund net purchases totaled 34 billion, and insurance companies net bought approximately 9.1 billion [2]. - The total growth of credit bond ETFs reached 70.8 billion, with the Sci-Tech Innovation Bond ETF contributing 66.9 billion, indicating strong market interest [2]. Group 2: ETF Performance and Structure - The first batch of 10 Sci-Tech Innovation Bond ETFs was launched on July 17, 2025, with a total fund size reaching 76.5 billion and a trading volume exceeding 80 billion, showcasing high turnover rates [4]. - The top ten holdings of the Sci-Tech Innovation Bond ETFs show a diverse range of institutional investors, with some products having over 60% of their holdings concentrated among the top ten [3]. Group 3: Future Growth Potential - The market for credit bond ETFs is expected to grow, with passive index products currently representing only 15% of the total bond fund market, indicating significant room for expansion [6]. - The domestic bond fund market is projected to continue its growth trajectory, driven by lower fees and the advantages of ETF structures, which allow for efficient credit bond allocation [5][6]. - The issuance of sci-tech bonds has significantly increased, with 424 bonds announced by July 3, 2025, totaling 632.7 billion, reflecting strong institutional demand [4][7]. Group 4: Investment Opportunities - The current market environment suggests that demand will be a key factor influencing the performance of sci-tech bonds, with expectations of continued compression in yield spreads [6][7]. - There are currently 25 bonds within the Sci-Tech Innovation Bond ETF with excess spreads above 5 basis points, totaling 26.2 billion, indicating potential investment opportunities [7].

Core Viewpoint - The capital market has been recovering since September 2024, leading to increased trading activity and a significant rise in the brokerage sector, supported by improved liquidity from interest rate cuts and favorable financial policies [1][8]. Group 1: Industry Performance Recovery - The total assets of 42 listed brokerages reached 13.11 trillion yuan, with net assets of 2.72 trillion yuan. The combined operating income was 125.93 billion yuan, a year-on-year increase of 25%, and net profit attributable to shareholders was 52.18 billion yuan, up 83.5% year-on-year [2]. - Over 80% of brokerages reported year-on-year net profit growth, with an average ROE of 1.6%, an increase of 0.6 percentage points year-on-year [2]. - Proprietary trading and brokerage services have become the main growth drivers, with proprietary business revenue increasing from 32.74% to 40.53% of total revenue, and brokerage revenue rising from 21.61% to 26.00% [2][3]. Group 2: Growth Drivers - The recovery in proprietary and brokerage businesses is attributed to increased retail investor participation and a rise in the issuance of equity funds, leading to higher daily trading volumes [4]. - The average daily trading volume of equity funds increased by 71% year-on-year, significantly boosting brokerage income [3][4]. Group 3: Internationalization Trends - The internationalization of Chinese brokerages has accelerated, driven by policy incentives and market demand, with a focus on expanding licenses and capital investments [6]. - In 2024, the contribution of international revenue to CICC reached 47%, with significant involvement in cross-border mergers and global IPOs, ranking first in the market [6][7]. - CICC has established an international network covering major financial centers, enhancing its cross-border service capabilities [7]. Group 4: Future Outlook - The brokerage sector is expected to maintain a positive growth trajectory in 2025, with 29 listed brokerages forecasting profit increases, and CICC projecting a net profit growth of 55% to 78% year-on-year [8][9]. - The ongoing recovery in the capital market, combined with supportive policies, is anticipated to enhance the profitability and valuation of the brokerage sector, entering a new upward cycle [9].

排名第二的是中信证券，目前参与了99家企业的首发承销；排名第三的是中金公司，目前参与了70家企 业的首发承销。其次分别是中信建投证券64家，华泰证券56家、国联民生证券37家、招商证券21家。 在上述7家券商之外，第二梯队的券商主要参与了10-20家企业的首发承销。其中，国信证券参与19家企 业首发承销，国投证券参与19家企业首发承销，申万宏源证券参与14家企业首发承销。 从IPO承销金额来看，新浪证券梳理发现，国泰海通以2137.77亿元的IPO承销金额排名第一，排名第二 和第三的分别是中信证券、中金公司，承销金额分别为160.69亿元、1302.54亿元。中信建投证券、华泰 证券承销保荐分别以880.15亿元、622.88亿元的承销金额排名第四、第五。第六至第十分别是国联民 生、招商证券、东方证券、申万宏源证券以及国信证券。 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！ 2019年7月22日，定位"硬科技"的科创板正式开市，也标着着注册制试点落地。截至2025年7月22日，科 创板累计有591家公司上市（含已退市两家），IPO募集资金合计9271.56亿元，总市值超过7万亿元。 ...