Core Viewpoint - China General Nuclear Power Corporation (CGN Power) is the sole operating platform for nuclear power generation under China General Nuclear Group, showing stable profit growth in recent years [1] Group 1: Financial Performance - The company's installed capacity has been steadily increasing, leading to a gradual rise in overall power generation, which in turn drives revenue and profit expansion [1] - From 2019 to 2024, the company's revenue is expected to grow at a CAGR of 7.4%, while the net profit attributable to shareholders is projected to grow at a CAGR of 2.7% [1] Group 2: Valuation and Market Position - Compared to A-share nuclear power listed companies, CGN Power's H-share valuation has significant upside potential [1] - The estimated dividend yield for the company based on the 2024 per-share dividend is 3.50% [1] - With the improvement in liquidity in the Hong Kong stock market, it is anticipated that the A/H premium will decrease, with a conservative estimate giving the company a 16x PE for 2025 EPS, resulting in a reasonable market value of HKD 186.6 billion, corresponding to a 25.2% upside [1] - The company is initiating coverage with a "Buy" rating [1]

Core Viewpoint - Shenwan Hongyuan Group Co., Ltd. has received approval from the China Securities Regulatory Commission to publicly issue bonds totaling up to 40 billion yuan, which will enhance its capital strength and liquidity management capabilities [1] Group 1: Bond Issuance Details - Shenwan Hongyuan Securities Co., Ltd., a wholly-owned subsidiary, is authorized to issue two types of bonds: corporate bonds with a total face value of no more than 20 billion yuan and subordinated bonds with a total face value of no more than 20 billion yuan [1] - The approval is effective from July 25, 2025, and is valid for 24 months, allowing the company to issue bonds based on market conditions and funding needs [1] Group 2: Market Implications - The large-scale bond issuance approval will further enhance Shenwan Hongyuan Securities' capital strength and market competitiveness [1] - Analysts suggest that major brokerages can lower financing costs through bond financing, providing more room for business innovation and risk mitigation in the current financial environment [1] - Investors are advised to pay attention to Shenwan Hongyuan Securities' specific issuance plans and the allocation of funds [1]

Core Viewpoint - In the first seven months of 2025, A-shares saw 59 companies listed, a year-on-year increase of 18.00%, with a total fundraising net amount of 544.21 billion yuan, up 63.83% from the previous year [2] Group 1: Listing and Fundraising - A total of 59 new companies were listed, comprising 14 on the Shanghai Main Board, 8 on the Sci-Tech Innovation Board, 8 on the Shenzhen Main Board, 22 on the Growth Enterprise Market, and 7 on the Beijing Stock Exchange [2] - The net fundraising amount of these companies reached 544.21 billion yuan, compared to 332.18 billion yuan in the same period last year [2] Group 2: Fees Charged by Intermediaries - The total fees charged by IPO intermediaries for these 59 companies amounted to 43.90 billion yuan, with underwriting and sponsorship fees at 30.22 billion yuan, legal fees at 4.48 billion yuan, and audit fees at 9.20 billion yuan [2] - The ranking of underwriting and sponsorship fees by board is as follows: Growth Enterprise Market, Shanghai Main Board, Sci-Tech Innovation Board, Shenzhen Main Board, and Beijing Stock Exchange [3] Group 3: Average Fees by Board - The average underwriting and sponsorship fee is highest in the Sci-Tech Innovation Board at 68.96 million yuan, while the lowest is in the Beijing Stock Exchange at 22.63 million yuan [6] - The average legal fee is highest in the Sci-Tech Innovation Board at 8.30 million yuan, and the lowest in the Beijing Stock Exchange at 3.63 million yuan [6] - The average audit fee is highest in the Shanghai Main Board at 21.17 million yuan, and the lowest in the Beijing Stock Exchange at 5.29 million yuan [6] Group 4: Top Intermediaries - CITIC Securities ranked first in total underwriting and sponsorship fees at 3.28 billion yuan, followed by Guotai Junan and CITIC Jianzhong at 3.28 billion yuan and 3.17 billion yuan respectively [8] - The top three law firms by total fees are Shanghai Jintiancheng, Beijing Zhonglun, and Zhejiang Tiance, with total fees of 66.14 million yuan, 46.18 million yuan, and 35.24 million yuan respectively [11] - The top three accounting firms by total fees are Rongcheng, Tianjian, and Ernst & Young Huaming, with total fees of 1.77 billion yuan, 1.53 billion yuan, and 1.33 billion yuan respectively [14]

Core Viewpoint - The securities sector is experiencing positive momentum, with significant increases in stock prices and trading volumes, indicating strong investor interest and potential growth opportunities in the market [1][3][6]. Group 1: Market Performance - The CSI All Share Securities Company Index rose by 0.38% as of August 5, 2025, with notable increases in individual stocks such as Xinda Securities (up 5.59%) and Dongxing Securities (up 2.60%) [1]. - The securities ETF managed by Harvest (562870) also saw a rise of 0.40%, reflecting overall positive sentiment in the sector [1]. Group 2: Trading Activity - The securities ETF by Harvest recorded a turnover rate of 1.55% and a transaction volume of 5.3764 million yuan, with an average daily trading volume of 38.984 million yuan over the past year [3]. - In the past week, the ETF's scale increased by 83.6478 million yuan, marking the highest growth among comparable funds, and its shares grew by 94 million [3]. Group 3: Fund Inflows - Over the last five trading days, the Harvest securities ETF experienced net inflows on four occasions, totaling 111 million yuan, indicating strong investor confidence [3]. Group 4: Sector Composition - As of July 31, 2025, the top ten weighted stocks in the CSI All Share Securities Company Index accounted for 60.37% of the index, with companies like Dongfang Wealth and CITIC Securities leading the list [3][4]. Group 5: Earnings Forecast - As of August 1, 2025, 27 listed securities firms had released their semi-annual earnings forecasts, with 24 firms expected to be profitable, including 23 firms projecting earnings growth [6]. - The brokerage and margin trading businesses are benefiting from favorable policies, leading to increased market transactions, while the investment banking sector is seeing a recovery in IPOs and refinancing activities [6][7]. Group 6: Investment Opportunities - The positive earnings forecasts, combined with ongoing capital market reforms and expectations of liquidity easing, suggest that there are significant investment opportunities in the brokerage sector for the second half of the year [7].

Group 1 - Chinese brokerage stocks experienced a general rise, with notable increases in shares such as GF Securities (up 2.46% to HKD 17.93), Dongfang Securities (up 2.42% to HKD 17.28), and CITIC Securities (up 1.52% to HKD 12.7) [1] - As of August 1, 27 listed brokerages have released their semi-annual performance forecasts, with 24 reporting profits, 23 showing profit increases, and 1 turning from loss to profit [1] - The brokerage sector is expected to see significant investment opportunities in the second half of the year, driven by strong semi-annual performance forecasts, deepening capital market reforms, and expectations of increased market liquidity [1] Group 2 - Guotai Junan predicts that the performance of listed brokerages in the first half of 2025 will exceed expectations, with a projected year-on-year increase in net profit attributable to shareholders of 61.23% [2] - Investment business is expected to contribute the most to revenue growth, accounting for 60.51% of the adjusted operating income increase, primarily due to improved returns in the equity market compared to the first half of 2024 [2] - The brokerage business is anticipated to contribute 32.40% to the adjusted revenue increase, driven by a significant year-on-year rise in market trading volume in the first half of 2025 [2]

Group 1 - Xinjiang Shenhong Huichuang Phase I Innovation Industry Investment Fund Partnership (Limited Partnership) has been established with a total investment of 501 million RMB [1] - The fund's managing partner is Hongyuan Huifu Venture Capital Co., Ltd., and its business scope includes venture capital, private equity investment, investment management, and asset management [1] - The fund is co-invested by Shenwan Hongyuan and its subsidiary Shenwan Hongyuan Industry Investment Management Co., Ltd., along with Hongyuan Huifu Venture Capital Co., Ltd. [1]

| 물름 | | | 合伙人名称 | 出资比例 ⇒ | 认缴出资额(万元 | | --- | --- | --- | --- | --- | --- | | 1 | + | E | 申万宏源集团股份有限公司 央企子公司 申万宏源 (000166.SZ) | 59.8802% | 30000 | | | | | 申万宏源（06806.HK） ك | | | | 2 | + | 0 | 申万宏源产业投资管理有限责任公司 | 39.9202% | 20000 | | | | | 国有企业 | | | | 3 | + | 左泥 | 宏源汇富创业投资有限公司 | 0.1996% | 100 | | | | BL = | 国有企业 执行事务合伙人 | | | | | | | 私募基金管理人 | | | | | 全国企业信用查询 | 新疆申宏汇创一期创新产业投资基金合伙企业（ ▽ | 查一下 | | --- | --- | --- | --- | | 基本信息 8 | 法律诉讼 | 经营风险 | 经营信息 | | 执行事务合伙人 | 宏源汇富创业投资有限公司 | 登记状态 | 存续（在营、开业、 | | | | 出资额 | ...

Group 1 - E Fund Management Co., Ltd. increased its stake in Shenwan Hongyuan (06806.HK) by acquiring 11.95 million shares at an average price of HKD 3.4336 per share, totaling approximately HKD 41.04 million [1] - Following the acquisition, E Fund's total shareholding in Shenwan Hongyuan rose to 157,610,400 shares, increasing its ownership percentage from 5.82% to 6.29% [1] Group 2 - Shenwan Hongyuan has received approval from the China Securities Regulatory Commission for the registration of corporate bonds and subordinated bonds [2]

Core Viewpoint - The management company has decided to extend the duration of the Shenwan Hongyuan Tian Tian Li Money Market Collective Asset Management Plan until November 30, 2025, following discussions with the custodian and in accordance with relevant regulations [1][4]. Group 1: Duration Extension - The duration of the collective plan has been changed from three years to a new end date of November 30, 2025, starting from the effective date of the asset management contract, which is August 8, 2022 [1][4]. - If the plan does not meet legal or regulatory requirements after November 30, 2025, it may be terminated without convening a meeting of the plan's shareholders [1][4]. Group 2: Contract and Prospectus Modifications - The asset management contract and the prospectus for the collective plan have been modified, with details available in the attached comparison table [2][6]. - The modifications comply with relevant laws and regulations, and the management company has followed the required procedures [2][4]. Group 3: Important Notifications - The updated asset management contract and prospectus will be available on the management company's website for investor review [4]. - The changes regarding the extension of the plan's duration and the modifications to the contract and prospectus will take effect from the date of the announcement [4].

新京报贝壳财经讯（记者胡萌）券商营业部频繁进行"加减法"，今年以来，已有超20家券商撤销60余家 分支机构。而这一行业调整被不法分子所利用，成为他们进行诈骗的新噱头。 近期，申万宏源发布风险提示称，公司发现有不法分子冒充营业部员工联系客户，以"原客户经理变 更""营业部重新分配客户""营业部搬迁、地址变更"等为理由，声称不能再为投资者提供服务，现由其 对接提供投资者服务，并要求添加客户微信，套取客户佣金收取情况、进行非法股票推荐等活动。相关 活动已涉嫌诈骗。 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！ 转自：贝壳财经 编辑 杨娟娟 校对 刘军 对此，申万宏源提醒投资者，不要添加陌生人的QQ号，不要加入来路不明的QQ群、微信群，不听信他 人宣传通过扫码或点击链接随意下载来路不明App或交易软件，切勿在来路不明的App和交易软件里进 行注册操作，在未确定对方身份的情况下，不轻易涉及资金来往。 ...