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【广发金工】均线情绪持续修复
广发证券首席金工分析师 安宁宁 SAC: S0260512020003 anningning@gf.com.cn 广发证券资深金工分析师 张钰东 SAC: S0260522070006 zhangyudong@gf.com.cn 广发金工安宁宁陈原文团队 摘要 使用卷积神经网络对图表化的价量数据与未来价格进行建模,并将学习的特征映射到行业主题板块中。最新配置主题为银行、人工智能等。 资金交易层面,最近5个交易日,ETF资金流出13亿元,融资盘5个交易日增加约170亿元,两市日均成交14528亿元。 最近5个交易日,科创50指数涨3.17%,创业板指涨5.69%,大盘价值涨1.52%,大盘成长涨2.61%,上证50涨1.27%,国证2000代表的小盘涨4.94%,计算 机、国防军工表现靠前,石油石化、食品饮料表现靠后。 风险溢价,中证全指静态PE的倒数EP减去十年期国债收益率,权益与债券资产隐含收益率对比,历史数次极端底部该数据均处在均值上两倍标准差区 域,比如2012/2018/2020年(疫情突发),2022/04/26达到4.17%,2022/10/28风险溢价再次上升到4.08%,市场迅速反弹,2024 ...
非银金融行业周报:券商业务边界拓展至虚拟资产服务,中报业绩预期向好-20250629
Investment Rating - The report maintains a positive outlook on the non-bank financial sector, specifically recommending the brokerage segment as "Overweight" [3][6]. Core Insights - The brokerage sector is expanding into virtual asset services, with notable developments such as Guotai Junan International receiving approval to upgrade its securities trading business to include virtual asset trading [3][6]. - The market environment for Q2 2025 is expected to show significant improvement year-on-year, with brokerages maintaining a high double-digit growth in mid-year performance [3][6]. - The insurance sector is facing valuation challenges, with the average P/EV ratio for listed insurance companies dropping below 1.0x, reflecting concerns over interest rate risks and asset quality [3][6]. Summary by Sections Market Review - The Shanghai Composite Index closed at 3,921.76, with a weekly change of +1.95%, while the non-bank index rose by +6.66% [6][10]. - The brokerage, insurance, and diversified financial sectors reported gains of +7.62%, +3.88%, and +10.19% respectively [6][10]. Non-Bank Financial Insights - The brokerage sector's average daily trading volume for A-shares reached 1.26 trillion yuan, a year-on-year increase of +52% [3][10]. - The total margin trading balance as of June 26, 2025, was 1.84 trillion yuan, reflecting a slight increase of +1% compared to the end of 2024 [3][10]. Individual Stock Highlights - In the insurance sector, notable A-share performances included China Life (+2.39%) and Ping An (+4.06%), while H-shares like AIA (+5.53%) also showed strong gains [8][10]. - The top-performing brokerage stocks included Guosheng Securities (+36.02%) and Tianfeng Securities (+28.75%) [8][10]. Investment Analysis Recommendations - The report recommends focusing on three main investment lines within the brokerage sector: leading firms benefiting from competitive landscape optimization, firms with significant earnings elasticity, and those with strong international business capabilities [3][10]. - In the insurance sector, the report suggests that the combination of fundamental and capital market catalysts makes companies like New China Life and China Life Insurance attractive [3][10].
大利好!明起实施
Zhong Guo Ji Jin Bao· 2025-06-29 08:50
【导读】打破上下限,港股交易大调整!多家券商已通知 香港交易所自2025年6月30日(周一)起实施新的股票交收费结构,彻底打破原有的最低2港元、最高100港元的限制。 截至目前,包括中信证券等多家内地券商均发布了香港市场股份交收费调整的客户通知。中国银河证券的一名投顾告诉记者,此次调整让小额交易成本骤 降,成交金额小于4.76万港元在新规下的费率是优惠的。例如,1万港元的交易额,原费用为2港元,新规后的费用为0.42港元。但是,如果成交金额大于 4.76万港元的话,费用会增加,因为新规取消了100港元/笔的最高限制。也就是说,单笔交易额越大,收费越多。 港股收费大调整 多家券商已发通知 今年2月,香港交易所就宣布将优化证券市场的股份交收费结构,以提高市场效率及确保有关收费与交易金额更紧密挂钩。 具体来看,香港市场的股份交收费由此前的按成交金额的0.002%收取,调整为按成交金额的0.0042%收取,并取消最低2港元和最高100港元的收费限额。 此外,为交易所买卖产品(ETP)所提供的合资格庄家交易的股份交收费率亦会调整为0.20基点(0.0020%),并取消最低及最高费用。调整后的收费与 ETP庄家活动过去的 ...
特朗普:美国立即终止与加拿大所有贸易谈判;纳指、标普创新高;证监会首次对配合造假方追责;沪深交易所:主板ST股涨跌幅拟调为10%丨每经早参
Mei Ri Jing Ji Xin Wen· 2025-06-27 22:59
每经编辑|陈鹏程 王晓波 1 李强主持召开国务院常务会议 国务院总理李强6月27日主持召开国务院常务会议,听取关于贯彻落实全国科技大会精神加快建设科技强国情况的汇报,部署健全"高效办成一件事"重点事 项常态化推进机制,审议通过《农村公路条例(草案)》。(新华社) 2 隔夜市场 美股三大指数集体收涨,道指涨1%,本周累涨3.82%;标普500指数涨0.52%,本周累涨3.44%;纳指涨0.52%,本周累涨4.25%,其中,标普500指数、纳 指均创历史新高;大型科技股多数上涨,谷歌、亚马逊涨超2%,英伟达、Meta涨超1%,苹果、英特尔小幅上涨;特斯拉、微软小幅下跌;耐克涨超15%, 创四年来最大单日涨幅。中概股涨跌不一,纳斯达克中国金龙指数涨0.22%,本周累涨3.49%;小马智行跌超6%,理想汽车、富途控股跌超1%,百度、京东 小幅下跌;传奇生物、瑞幸咖啡涨超3%,哔哩哔哩、腾讯音乐、唯品会涨逾2%,蔚来、联电涨超1%,霸王茶姬、阿里巴巴小幅上涨。 国际金价走低,现货黄金跌1.63%,报3273.34美元/盎司;COMEX黄金期货跌1.85%,报3286.10美元/盎司;COMEX白银期货跌2.06%,报3 ...
广发证券(000776) - 广发证券股份有限公司公开发行次级债券受托管理事务报告(2024年度)
2025-06-27 10:00
| 债券简称:22 | 广发 | C1 | 债券代码:148085 | | --- | --- | --- | --- | | 债券简称:22 | 广发 | C2 | 债券代码:148086 | | 债券简称:22 | 广发 | C3 | 债券代码:148121 | | 债券简称:22 | 广发 | C4 | 债券代码:148122 | | 债券简称:23 | 广发 | C1 | 债券代码:148441 | | 债券简称:24 | 广发 | C1 | 债券代码:148567 | 广发证券股份有限公司 (广东省广州市黄埔区中新广州知识城腾飞一街 2 号 618 室) 债券受托管理人 平安证券股份有限公司 广发证券股份有限公司 公开发行次级债券受托管理事务报告 (2024 年度) 发行人 (深圳市福田区福田街道益田路 5023 号平安金融中心 B 座第 22-25 层) 二〇二五年六月 声明 平安证券股份有限公司(以下简称"平安证券")编制本报告的内容及信息 均来源于发行人对外公布的《广发证券股份有限公司二〇二四年度报告》等相关 公开信息披露文件、广发证券股份有限公司(以下简称"发行人"、"广发证券" 或"公司" ...
广发证券(000776) - 广发证券股份有限公司公司债券受托管理事务报告(2024年度)
2025-06-27 10:00
债券简称:21 广发 03 债券代码:149499 债券简称:21 广发 04 债券代码:149500 债券简称:21 广发 05 债券代码:149562 债券简称:21 广发 06 债券代码:149563 债券简称:21 广发 07 债券代码:149564 债券简称:21 广发 10 债券代码:149633 债券简称:21 广发 11 债券代码:149634 债券简称:21 广发 12 债券代码:149635 债券简称:21 广发 13 债券代码:149658 债券简称:21 广发 17 债券代码:149687 债券简称:21 广发 19 债券代码:149702 债券简称:21 广发 20 债券代码:149703 债券简称:21 广发 21 债券代码:149704 广发证券股份有限公司 公司债券受托管理事务报告 (2024 年度) 发行人 广发证券股份有限公司 (广东省广州市黄埔区中新广州知识城腾飞一街 2 号 618 室) 债券受托管理人:招商证券股份有限公司 (广东省深圳市福田区福田街道福华一路 111 号) 如无特别说明,本报告中相关用语具有与《募集说明书》中相同的含义。 2 | | | | | | ...
广发证券(000776) - 广发证券股份有限公司公开发行永续次级债券和公开发行公司债券2024年年度受托管理事务报告
2025-06-27 10:00
| 债券简称:22 | 广发 | Y1 | 债券代码:149967 | 债券简称:23 | 广发 | 05 | 债券代码:148271 | | --- | --- | --- | --- | --- | --- | --- | --- | | 债券简称:22 | 广发 | Y2 | 债券代码:148004 | 债券简称:23 | 广发 | Y3 | 债券代码:148286 | | 债券简称:22 | 广发 | Y3 | 债券代码:148016 | 债券简称:23 | 广发 | Y4 | 债券代码:148309 | | 债券简称:22 | 广发 | 01 | 债券代码:149989 | 债券简称:23 | 广发 | 06 | 债券代码:148376 | | 债券简称:22 | 广发 | 02 | 债券代码:149990 | 债券简称:23 | 广发 | 09 | 债券代码:148484 | | 债券简称:22 | 广发 | 03 | 债券代码:149991 | 债券简称:24 | 广发 | 01 | 债券代码:148583 | | 债券简称:22 | 广发 | 04 | 债券代码:148009 | 债券简称:2 ...
广发证券香港推出每日计息代币化证券“GF Token”
智通财经网· 2025-06-27 07:32
Core Viewpoint - HashKey Chain has announced that GF Securities (01776) has fully integrated with HashKey Chain to issue the first daily redeemable tokenized security, "GF Token" [1][2] Group 1: Product Details - "GF Token" is a tokenized security issued by GF Securities (Hong Kong) based on its credit support, available in USD, HKD, and offshore RMB, with daily interest accrual [1] - The USD tokenized security's yield is anchored to the US Overnight Secured Financing Rate (SOFR), providing a fair, transparent, and low-volatility cash management tool for users [1] Group 2: Market Position and Strategy - GF Securities (Hong Kong) was the first Chinese brokerage to successfully issue a tokenized security under Hong Kong law, marking a significant milestone in the exploration of on-chain financial products [2] - The launch of "GF Token" is seen as a continuation of the company's efforts to enhance its series of on-chain financial products, reinforcing its first-mover advantage in the emerging digital finance sector [2] - HashKey Group emphasizes the need for true integration between financial institutions and blockchain technology platforms for the on-chainization of real-world assets (RWA), with "GF Token" exemplifying this concept [2] - HashKey Chain aims to expand collaborations with traditional financial institutions, including brokerages and banks, to further develop compliant asset issuance and circulation mechanisms on-chain [2]
广发证券股份有限公司主体等级获“AAA”评级
Jin Rong Jie· 2025-06-27 07:15
中诚信国际肯定了广发证券股份有限公司(以下简称"广发证券"或"公司")竞争实力较强、综合金融服 务能力持续提升、拥有业内领先的科技金融模式以及财富管理转型成效显著等正面因素对公司整体经营 及信用水平的支撑作用;同时,中诚信国际关注到,行业竞争日趋激烈、经营稳定性存在一定压力、业 务发展对风险管理提出更高要求以及监管措施对公司投行业务产生影响等因素对公司经营及信用状况形 成的影响。 2023年4月28日,中诚信国际公布评级报告,广发证券股份有限公司主体等级获"AAA"评级。 本文源自:金融界 作者:债券君 资料显示,广发证券股份有限公司前身是1991年成立的广东发展银行(现称"广发银行")证券交易营业 部。2010年2月,公司在完成反向收购延边公路建设股份有限公司后,成为在深交所上市的公司。公司 于2015年4月在香港联合交易所有限公司(简称"香港联交所")上市,完成H股发行17.02亿股,成功募 集资金320.79亿港币,截至2022年末,公司注册资本为76.21亿元人民币,无控股股东和实际控制人。截 至2022年末,公司共有普通股股东207,970户,其中吉林敖东药业集团股份有限公司(以下简称"吉林敖 东" ...
广发证券(香港)推出首个代币化证券 为香港首家发行券商
news flash· 2025-06-27 06:11
Core Insights - HashKey Chain announces that GF Securities (000776) (Hong Kong) is the first broker in Hong Kong to issue tokenized securities, fully integrating with HashKey Chain as the core on-chain issuance network [1] - The first daily redeemable tokenized security, "GF Token," has been issued, allowing participation from high-net-worth individual professional investors and institutional professional investors [1] - This issuance marks a significant step in the Hong Kong fintech ecosystem towards Real World Asset (RWA) pathways, laying a solid foundation for future on-chain issuance and collaboration of tokenized assets by financial institutions [1]