Core Viewpoint - The release of policy dividends is accelerating the high-quality development of the metrology industry, leading to demand upgrades and supply optimization [1]. Group 1: Demand Side - The research indicates that the R&D, verification, and mass production stages of ten key industries will generate significant new demand for high-end calibration and system-level verification [1][2]. Group 2: Supply Side - The new production capacity has high entry barriers, requiring substantial capital and advanced technology, which may significantly benefit leading companies, enhancing their market share and profitability [1][3]. Group 3: Policy Developments - On June 7, 2025, the Ministry of Industry and Information Technology issued the first policy document on metrology in the manufacturing sector, aiming to improve metrology capabilities and support the construction of a modern industrial system [2][3]. - On July 9, 2025, the State Administration for Market Regulation and the Ministry of Industry and Information Technology jointly released an action plan for metrology to support the development of new production capacity from 2025 to 2030, emphasizing the foundational role of metrology in high-quality industrial development [2][3].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Observing the duration of bond funds helps investors assess their risks. By calculating the duration, one can estimate the risk - return characteristics of the fund, including the annualized return and net - value changes during interest - rate fluctuations. In a volatile interest - rate market, bond funds with longer durations face greater price - fluctuation risks, while those with shorter durations are relatively more stable [2]. - Over the past three years, the overall duration of funds has been on an upward trend, which is an active choice of institutions to optimize risk - return in a low - interest - rate environment. There is an obvious negative correlation between duration changes and the yield of the ten - year Treasury bond. In an interest - rate downward cycle, extending the duration becomes the core strategy to increase returns [4]. 3. Summaries According to Relevant Catalogs 3.1 Duration Essence Re - understanding - Duration is an approximate indicator to measure the sensitivity of bond value to interest - rate changes. It is the approximate percentage of value change when the interest rate changes by 100 basis points, determining the interest - rate risk exposure. It can also be regarded as a time measure, reflecting the elasticity of bond prices relative to interest - rate changes. Longer duration means higher sensitivity to interest - rate changes [1][13]. - Modified duration is a form of duration used by industry insiders. It is the approximate percentage of bond - price change when the yield changes by 100 basis points under the assumption that the expected cash flow of the bond remains unchanged [1][13]. 3.2 Bond Fund Duration Calculation Methods - The mainstream bond - fund duration calculation methods in the market include the top - holding weighted method, the interest - rate sensitivity method, and the asset - portfolio method. In high - frequency calculation scenarios, the asset - portfolio method is the most mainstream and has the best comprehensive performance, combining data frequency (daily/weekly) and dynamic adjustment ability [2][16][17]. 3.3 Bond Fund Duration Estimation Steps 3.3.1 Sample Selection - Focus on pure - bond funds. Select medium - long - term and short - term pure - bond funds respectively, excluding funds with less than one - year data, funds using the amortized - cost valuation method, and non - original funds. The observation time is set from the beginning of 2017 to the present [18][19][20]. 3.3.2 Duration Calculation - Based on top - holding bonds: Calculate the weighted - average portfolio duration using the top five heavy - holding bonds disclosed in the fund's regular reports. However, this method may lead to large deviations [22][23]. - Based on interest - rate sensitivity: Derive the fund's duration from the interest - rate risk sensitivity analysis in the fund's regular reports. But the data update frequency is low [24]. - Using the asset - portfolio method: Introduce a method based on factor - return regression estimation. Take the average daily return of pure - bond public funds as the explained variable and the daily returns of different bond indices as explanatory variables. After regression analysis, the fund's portfolio duration can be reasonably estimated [28]. 3.4 Model Selection - After comparing the advantages and disadvantages of OLS, Lasso regression, Ridge regression, Stepwise Regression, and LAD, LAD is selected as the core regression method for estimating the daily duration of bond funds to ensure the robustness and interpretability of the model output in complex market environments [33][39]. 3.5 Factor Processing - Select a factor system covering interest - rate bond index factors and credit - bond index factors. Use the Variance Inflation Factor (VIF) analysis method to screen variables, removing variables with high VIF values to ensure the stability of model parameters [40][42]. 3.6 Bond Fund Duration Calculation and Tracking 3.6.1 Pure - Bond Fund Duration Calculation - The calculated duration and the reported duration of pure - bond funds generally have the same trend and small differences. From 2017 to 2025, the average and median durations of pure - bond funds were relatively stable, while the maximum duration continued to rise, and the minimum duration was basically below 1 year. There is a negative correlation between the median duration of pure - bond funds and the yield of the ten - year Treasury bond [45][48][50]. 3.6.2 Medium - Long - Term Bond Fund vs. Short - Term Bond Fund Duration Calculation - The duration of medium - long - term and short - term pure - bond funds is on an upward trend. The duration of medium - long - term pure - bond funds fluctuates more widely, and the distribution is more stratified. The duration of short - term pure - bond funds is more concentrated, and the risk - preference differentiation is limited. There is a negative correlation between the duration of both types of funds and the yield of the ten - year Treasury bond [57][59][66]. 3.6.3 Interest - Rate Bond Fund vs. Credit - Bond Fund Duration Calculation - The durations of both credit - bond funds and interest - rate bond funds show an upward trend, with the latter having a larger increase. The duration adjustment of credit - bond funds is relatively stable, while that of interest - rate bond funds is more volatile. There is a negative correlation between the duration of both types of funds and the yield of the ten - year Treasury bond, and the interest - rate bond funds respond more directly to interest - rate changes [79][81][93]. 3.6.4 Single - Fund Duration Calculation - Taking "Huatai Baoxing Anyue A" as an example, the regression result is basically consistent with the reported data. The fund's duration remained stable below 2.5 years from 2020 to June 2023 and then increased sharply [100].

Core Insights - The National Equities Exchange and Quotations (NEEQ) has released the market maker evaluation results for Q2 2025, highlighting the performance of various securities firms in the market-making business [1][2] Group 1: Market Maker Evaluation Results - In Q2 2025, three firms, Northeast Securities, Kaiyuan Securities, and Shanghai Securities, ranked in the top 5% and received a 100% fee exemption [1][2] - Six firms, including Haitong Securities and Shenwan Hongyuan, ranked between the top 10% and 20%, receiving a 50% fee exemption [2] - Notable changes in rankings include Guangfa Securities moving from the top 10% to the top 5% and Shenwan Hongyuan entering the top 10% to 20% for the first time [2] Group 2: Industry Trends and Insights - The competition among market makers appears to be less intense, with rankings showing relative stability and some fluctuations due to short-term business variations [3] - Smaller securities firms are gaining an advantage in the NEEQ market-making space, as larger firms focus on other areas [3] - Companies like Guoyuan Securities and Guosen Securities are actively enhancing their market-making capabilities to provide liquidity for small and medium enterprises [3][4] Group 3: Evaluation Criteria and Importance - The evaluation criteria for market makers include trading scale, liquidity provision, and quote quality, with a total score of 100 points [6] - The NEEQ emphasizes the significance of the market maker system in improving market liquidity and facilitating price discovery [6] - Continuous assessment and optimization of the evaluation mechanism are planned to promote the healthy development of the market maker system [6]

Core Viewpoint - The announcement details the partnership between Hai Futong Fund Management Co., Ltd. and Guosen Securities Co., Ltd. for the sale of open-end mutual funds, effective from July 22, 2025, including a promotional fee rate activity for investors [1][2]. Group 1: Applicable Funds - The announcement specifies that certain funds managed by Hai Futong will be available for purchase through Guosen Securities starting from July 22, 2025 [1]. Group 2: Business Opening Time - Investors can open accounts, subscribe, and redeem the specified open-end funds at Guosen Securities from July 22, 2025, with procedures subject to Guosen Securities' regulations [2]. Group 3: Fee Rate Promotion - From July 22, 2025, investors who subscribe to the specified open-end funds through Guosen Securities will benefit from a fee rate promotion, with no discount limits on subscription fees, except for fixed fee subscriptions [3][4]. Group 4: Promotion Duration - The duration of the fee rate promotion will be determined by the announcements on Guosen Securities' official website [5]. Group 5: Important Notes - The fee rate promotion applies only to the front-end charging model of the funds during their normal subscription period at Guosen Securities [7]. - The promotion does not cover redemption fees or other service fees related to the funds [7]. - Investors are encouraged to read the fund contracts and prospectuses for detailed information [6]. Group 6: Contact Information - Investors can consult Guosen Securities or Hai Futong Fund Management for further details through their respective websites and customer service numbers [9][10].

Core Viewpoint - The company plans to utilize part of its idle raised funds for cash management to enhance fund efficiency and ensure shareholder interests are protected [1][2][6]. Fundraising Basic Situation - The company raised a total of RMB 615 million by issuing 6,150,000 convertible bonds, with a net amount of RMB 607.16 million after deducting issuance costs of RMB 7.84 million [1][2]. Investment Project Situation - Due to the actual net amount raised being lower than the initially disclosed amount, the company adjusted the investment amounts for its projects, specifically reducing the semiconductor and high-precision flat panel display mask expansion project from RMB 71.69 million to RMB 60.72 million [2][3]. Cash Management Basic Situation - The purpose of cash management is to improve the efficiency of the raised funds while ensuring normal operations and planned usage of the funds [3][4]. - The maximum amount for cash management is set at RMB 120 million within the next 12 months, focusing on high-security, liquid cash management products with a maturity of no more than 12 months [3][4][6]. Implementation and Disclosure - The board of directors has authorized the management to make investment decisions within the approved limits, and the company will adhere to relevant regulations for information disclosure [4][5][6]. Impact on Daily Operations - The planned cash management will not affect the normal operation of the company or its main business, and it aims to enhance fund efficiency and increase investment returns for shareholders [4][5][7]. Review Procedures - The board and supervisory board approved the cash management plan, ensuring compliance with relevant regulations and safeguarding shareholder interests [6][7][8].

Group 1 - The bond issued by Guosen Securities Co., Ltd. (referred to as "the Company") is named "21 Guosen 06" with a bond code of 149558, and it will pay interest on July 21, 2025 [1] - The bond has a credit rating of AAA with a stable outlook, and it will be repaid in full at maturity along with the final interest payment [1][2] - The coupon rate for the bond is set at 3.48%, resulting in a pre-tax interest payment of 34.80 yuan for every 10 bonds held [2] Group 2 - Individual and investment fund bondholders are subject to a 20% personal income tax on the interest earned, leading to a net payment of 27.84 yuan for every 10 bonds after tax [2] - Non-resident enterprises, including QFII and RQFII, will receive the full pre-tax interest amount of 34.80 yuan for every 10 bonds [2] - The interest payment will be made to all registered holders of the bond as of the close of trading on July 18, 2025, and those who sell the bonds before this date will not receive the interest [2][3] Group 3 - The Company will entrust China Securities Depository and Clearing Corporation Limited Shenzhen Branch to handle the interest payment process [2] - The interest will be transferred to the designated bank account of the clearing company two trading days prior to the payment date, and the funds will then be distributed to the respective payment outlets [2] - Personal income tax on bond interest will be withheld and paid by the payment outlets at the time of interest distribution [3]

本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 特别提示： | 证券代码：002736 | 证券简称：国信证券 | 编号：2025-056 | | --- | --- | --- | | 债券代码：149558 | 债券简称：21 国信 06 | 编号： -【】 | 国信证券股份有限公司 2021 年面向专业投资者公开发行公司债券 （第三期）（品种二）2025 年付息公告 3、债券简称及债券代码：21 国信 06，149558 1 本期债券的债券简称为 21 国信 06，债券代码为 149558，本年度计息期间、 债权登记日及付息日等如下： 1、本年度计息期间：2024 年 7 月 21 日至 2025 年 7 月 20 日 2、债权登记日：2025 年 7 月 18 日 3、债券付息日：2025 年 7 月 21 日 2025 年 7 月 18 日（含）前买入本期债券的投资者，享有本次派发的利息； 2025 年 7 月 18 日（含）前卖出本期债券的投资者，不享有本次派发的利息。 国信证券股份有限公司（以下简称"发行人""公司"或"本公司"）发行的 国信证券 ...

Core Viewpoint - The evaluation results for market makers in the second quarter of 2025 have been released by the National Equities Exchange and Quotations (NEEQ), highlighting the performance and fee exemptions of various securities firms [1][4]. Group 1: Market Maker Rankings and Fee Exemptions - Northeast Securities, Kaiyuan Securities, and Shanghai Securities ranked in the top 5%, receiving a 100% exemption on transaction fees [2][4]. - In the top 20%, firms like GF Securities and Shenwan Hongyuan saw improvements in their rankings compared to the first quarter of this year [2][5]. - A total of 12 market makers qualified for transaction fee exemptions, with 6 firms in the 10%-20% ranking receiving a 50% exemption [4][5]. Group 2: Market Dynamics and Competitive Landscape - The rankings of market makers show limited volatility over several quarters, indicating a stable competitive landscape, although individual rankings may fluctuate due to short-term business variations [6]. - The list of ranked firms primarily includes smaller securities companies, suggesting a differentiation in competitive strategies, as larger firms tend to dominate in other areas and invest less in the New Third Board market-making business [7]. Group 3: Business Strategies and Market Positioning - Guoyuan Securities emphasized a return to core business principles in its market-making activities, aiming to enhance trading capabilities [8]. - First Capital Securities is adjusting its portfolio based on market conditions to provide liquidity for quality New Third Board companies [8]. - Caida Securities reported a modest involvement in market-making, with a small proportion of its trading assets allocated to this business [8]. Group 4: Evaluation System and Future Directions - The NEEQ's market maker evaluation system, revised multiple times, assesses firms based on various criteria, including market-making scale, liquidity provision, and quote quality [9]. - The NEEQ aims to continuously evaluate the effectiveness of this system to enhance market liquidity and promote a healthy market-making environment [9].

Core Insights - The brokerage industry has reported strong performance in the first half of the year, benefiting from an improved equity market, with significant year-on-year growth in trading volume and investment banking financing [2][3] - Among the 28 brokerages that disclosed earnings forecasts, all reported an increase in net profit, with notable growth from Guotai Junan and Huaxi Securities, which saw net profit growth exceeding tenfold [2][3] - The trend of "the strong getting stronger" is deepening, with leading firms like Guotai Junan expected to achieve a net profit of 152.83 billion to 159.57 billion yuan, surpassing the total profit of the bottom ten brokerages [2][3] Industry Performance - The A-share market has seen multiple surges in the brokerage sector, with the Wind brokerage index rising by 2.47% on July 11, indicating a strong market performance [8][9] - The average daily trading volume in the A-share market increased by 62% year-on-year to 13,891 billion yuan, while the Hong Kong market saw a 118% increase in average daily trading volume to 2,401 billion HKD [8][9] Earnings Forecasts - A total of 28 brokerages have reported positive earnings forecasts, with 26 expecting growth and 2 turning losses into profits [3][4] - Guotai Junan is leading with an estimated net profit growth of 205% to 218%, driven by significant increases in wealth management and institutional trading revenues [6][7] - Notably, Guolian Minsheng and Huaxi Securities are projected to have net profit growth rates of 1,183% and 1,353.9%, respectively, due to low comparative bases from the previous year [5][7] Business Segments - The core growth drivers for brokerages include wealth management, investment trading, and investment banking, with substantial contributions from these segments to overall performance [8][9] - The investment banking sector has seen a resurgence, with A-share IPO and refinancing volumes increasing by 15% and 507% year-on-year, respectively [9] Market Outlook - Analysts are optimistic about the brokerage sector's future, citing improved risk appetite, fundamental improvements, and business innovations as catalysts for further valuation recovery [8][12] - The regulatory environment is encouraging industry consolidation, which is expected to enhance overall competitiveness and resource allocation within the sector [12]

Core Viewpoint - The recovery of NVIDIA's H20 chip sales is expected to significantly boost inventory clearance and capital expenditure growth among domestic cloud service providers in China, leading to a positive impact on downstream demand and AI model development [1][3][4]. Group 1: NVIDIA's H20 Chip Recovery - NVIDIA plans to resume sales of the H20 chip to China and has announced a new compliant GPU version specifically for the Chinese market, with the U.S. government assuring the issuance of necessary licenses [2]. - The first quarter report from NVIDIA indicated an inventory write-down and procurement obligation loss of $4.5 billion, with an estimated inventory clearance for H20 expected to reach around $10 billion [3]. - The resumption of H20 procurement is anticipated to lead to a rush among cloud service providers to stock up, significantly driving capital expenditure growth [3][4]. Group 2: Domestic Cloud Service Providers - In the second quarter, the number of AI customers among domestic cloud service providers saw a slight decline, but the penetration rate of AI applications continued to improve, maintaining high growth rates [4]. - The capital expenditure of domestic cloud providers is expected to remain stable in the second quarter, influenced by the temporary slowdown in AI server procurement due to the H20 supply interruption [4]. - With the recovery of H20 supply and the introduction of NVIDIA's B-series special chips, a quarterly upward trend in cloud service demand growth is anticipated [4]. Group 3: AI Model Development - The second quarter witnessed a strong momentum in the development of large AI models, with domestic tech companies accelerating their efforts to catch up with international standards [5]. - Major companies like Alibaba, ByteDance, Tencent, and Baidu have made significant advancements in developing open-source models and tools, enhancing the AI ecosystem and application scenarios [5]. - The recovery of computing power supply is expected to further drive the iteration of AI models [5]. Group 4: Investment Recommendations - The recovery of H20 supply addresses the GPU shortage in China, reducing the time and cost associated with hardware investment and accelerating cloud adoption among domestic enterprises [6]. - Recommended investment targets include NVIDIA (NVDA.US), Alibaba (09988), Tencent Holdings, and Xiaomi Group (01810), all of which have strong positions in cloud services and related ecosystems [6].