Investment Rating - The report suggests a focus on four main investment lines within the securities sector, indicating a positive outlook for the industry [3][4]. Core Insights - The China Securities Regulatory Commission (CSRC) is set to implement a series of measures to deepen the reform of the science and technology innovation sector, which is expected to enhance the vitality of the capital market and benefit the venture capital industry [2][36]. - The report highlights the anticipated growth in the average daily trading volume (ADT) for the Hong Kong Stock Exchange, which reached 2,103 billion yuan, a year-on-year increase of 50% [3]. - The insurance sector is expected to benefit from new regulations on dividend insurance, with the settlement yield cap set at 3.2%, favoring leading companies in the market [4][32]. Summary by Sections Securities Sector - The CSRC's initiatives aim to strengthen the multi-tiered capital market and promote the integration of technological and industrial innovation, which will support science and technology enterprises [2][36]. - The report recommends focusing on specific companies such as Hong Kong Exchanges and Clearing Limited (HKEX) and Sichuan Shuangma, which are expected to benefit from policy catalysts in the venture capital sector [3]. Insurance Sector - New regulations on dividend insurance have been introduced, standardizing the settlement yield cap at 3.2%, which is beneficial for leading insurance companies [4][32]. - The report suggests that the insurance sector may experience a value reassessment, with a focus on low valuation and strong performance in the upcoming quarterly reports [4][42]. Market Review - The report notes that the A-share market has shown mixed performance, with the non-bank financial sector underperforming compared to the broader market [10][14]. - The average daily trading volume in the A-share market was reported at 12,150 billion yuan, reflecting a decrease of 11.4% week-on-week [13]. Data Tracking - The report provides insights into the brokerage business, noting a significant year-on-year increase in new equity fund issuance and a robust performance in the bond underwriting sector [13][27]. - The asset management sector has seen a steady increase, with public non-monetary funds reaching 19.1 trillion yuan, up 1.2% from the previous month [13]. Industry Dynamics - The report emphasizes the importance of long-term capital, including insurance and social security funds, in supporting private equity investments in technology companies [36][37]. - The establishment of foreign-owned insurance asset management companies in Shanghai is highlighted as a significant development in the insurance sector [37].

Group 1 - The report highlights a significant divergence in overseas markets, with Japan and South Korea experiencing valuation expansion while other markets show slight contraction [2][9] - The South Korean Composite Index and KOSPI50 both saw increases exceeding 4%, indicating strong market performance [2][9] - The report notes that the rolling one-year PE percentile for the South Korean Composite Index surged from 20% to 86%, reflecting a rapid valuation increase [2][9] Group 2 - A-shares experienced a broad decline, with core indices showing mixed valuation movements, particularly in small-cap growth stocks which saw significant PE contraction [2][26] - The report indicates that the PE for the CSI 2000, CSI 500, and CSI 1000 indices contracted by 3.22x, 1.35x, and 2.99x respectively, highlighting a downward trend in valuations [2][26] - The overall valuation levels for major A-share indices are positioned between the 60%-95% percentiles for PE, PB, and PS metrics, with PCF in the 80%-90% range [2][27] Group 3 - The report identifies a general contraction in the valuation of primary industries, with notable declines in downstream consumer sectors such as beauty care, textiles, and pharmaceuticals [2][49] - The beauty care sector saw a PE reduction exceeding 2x, while social services and defense industries also experienced significant valuation declines [2][49] - The banking sector, in contrast, showed resilience with a 2.63% increase, indicating a strong performance relative to other industries [2][49] Group 4 - The report emphasizes that essential consumer sectors exhibit superior valuation attractiveness, particularly in food and beverage, and agriculture, which have substantial valuation recovery potential [2][49] - The food and beverage sector's three-year and five-year average valuation percentiles are notably low at 7.47% and 4.49%, respectively, indicating room for valuation improvement [2][49] - The report also notes that the TMT sector, represented by electronics and communications, is currently at mid to long-term high valuation levels [2][49]

Core Viewpoint - The acquisition of Wanhe Securities by Guosen Securities for approximately 5.2 billion yuan is a significant move in the securities industry, reflecting ongoing consolidation and increasing industry concentration [1][2][6]. Group 1: Acquisition Details - Guosen Securities plans to acquire 96.08% of Wanhe Securities for 5.192 billion yuan, with the initial announcement made on August 21, 2024, and the approval process taking nearly 10 months [1][2][3]. - The acquisition involves multiple stakeholders, including Shenzhen Capital and several investment groups, and is classified as a related party transaction without constituting a major asset restructuring [2][3]. Group 2: Strategic Objectives - Post-acquisition, Guosen Securities aims to integrate resources and leverage Wanhe Securities' location in Hainan Free Trade Port to enhance cross-border financial services and overall profitability [4][5]. - The integration will focus on optimizing client resources and expanding business opportunities, capitalizing on Wanhe Securities' existing branch network and customer base [5]. Group 3: Industry Trends - The securities industry is experiencing a wave of mergers and acquisitions, with leading firms consolidating to enhance competitiveness and market position [6][7]. - Regulatory support for mergers is seen as a pathway for top firms to strengthen their core capabilities, indicating a trend towards increased industry concentration and the emergence of dominant players [6].

编者按：在稳步推进公募基金改革背景下，越来越多的财富管理机构正在从"产品销售导向"模式向"以 客户为中心"的财富规划服务模式转变。新华财经推出"买方投顾说"栏目，对话基金投顾机构，共同迎 接买方投顾时代，拥抱财富管理转型。 新华财经北京6月20日电（闫鹏陈周阳）中国证监会18日发布《关于在科创板设置科创成长层增强制度 包容性适应性的意见》，其中提出丰富科创板指数及ETF品类，将科创板ETF纳入基金投顾配置范围， 促进更多中长期资金向发展新质生产力集聚。 国信证券财富与机构事业部投资顾问中心、基金投顾中心总经理李斌接受新华财经采访时表示，将科创 ETF纳入基金投顾配置范围既有利于科创板发展，又有利于ETF的平稳运行，还对投资者回报和投顾机 构配置有积极作用。希望能够更进一步将符合条件的场内品种和私募产品纳入，尽快将养老投顾业务也 纳入基金投顾的范畴。 在李斌看来，将科创板ETF纳入基金投顾配置范围意味着：一是给中长期资金向新质生产力方向聚集提 供常态化渠道，优化其负债端资金结构；二是降低ETF波动率，尤其是减少溢价交易对投资者的伤害； 三是有利于个人投资者分享科创企业的长期回报，降低追涨杀跌带来的交易损耗；四是 ...

Group 1 - The Shenzhen Stock Exchange's M&A Review Committee approved Guosen Securities' asset purchase transaction, confirming it meets restructuring conditions and information disclosure requirements [1] - Guosen Securities plans to acquire 96.08% of Wanhe Securities through the issuance of A-shares, with a transaction price of 519,183.79 thousand yuan based on an asset appraisal [2][3] - The transaction is classified as a related party transaction, with no change in control of the listed company, as the controlling shareholder remains the same [4] Group 2 - Wanhe Securities reported revenues of 10,245.22 thousand yuan, 51,397.83 thousand yuan, and 42,058.17 thousand yuan for the years 2022, 2023, and January-November 2024, respectively, with net profits of -27,851.10 thousand yuan, 6,154.08 thousand yuan, and 2,920.46 thousand yuan [5] - For the fiscal year 2024, Guosen Securities achieved revenues of 2,016,717.55 thousand yuan, a 16.46% increase year-on-year, and a net profit of 821,685.32 thousand yuan, up 27.84% [6] - In Q1 2025, Guosen Securities reported revenues of 528,224.06 thousand yuan, a 57.10% increase year-on-year, and a net profit of 232,893.62 thousand yuan, up 89.52% [7] Group 3 - The acquisition of Wanhe Securities is expected to enhance Guosen Securities' regional layout and capitalize on the policy advantages of the Hainan Free Trade Port, facilitating breakthroughs in cross-border asset management and innovative business [7] - The independent financial advisor for this transaction is First Capital Securities [8]

Group 1 - President Xi Jinping emphasized the urgency of a ceasefire in the Middle East, stating that the use of force is not the correct way to resolve international disputes [1] - The Chinese photovoltaic industry is expected to see a significant production cut in Q3, with operating rates projected to decrease by 10%-15% [1] - The Ministry of Commerce announced it will expedite the review of export license applications related to rare earths, aiming to maintain global supply chain stability [1] Group 2 - The China Securities Index will officially launch the China Science and Technology Innovation Semiconductor Index on June 20, 2025, which will include 50 companies from the STAR Market and ChiNext [2] - The Ministry of Commerce highlighted the importance of China-EU economic and trade relations, emphasizing ongoing communication and cooperation [2] Group 3 - Kweichow Moutai announced a cash dividend of 27.673 yuan per share for the 2024 fiscal year, totaling 34.671 billion yuan [3] - Zhongqi New Materials reported that Starry Sky Technology has become its controlling shareholder [3] - Lianchuang Optoelectronics noted strong demand for drone countermeasure equipment in the Middle East [3] Group 4 - Fuhuang Steel Structure announced the termination of its plan to issue shares and pay cash for asset purchases [4] - Shengnuo Bio expects a significant increase in net profit for the first half of the year, projecting a year-on-year growth of 254%-332% [4] Group 5 - Zhongyan Chemical plans to agree to a capital reduction for Zhongyan Alkali Industry, which is expected to constitute a major asset restructuring [5] - Kanda New Materials intends to acquire at least 51% of Zhongke Huamei's shares to expand into the semiconductor integrated circuit field [6] Group 6 - Times Publishing clarified that it does not engage in stablecoin business and has a minimal indirect stake in JD Technology [8] - Sanhua Intelligent Controls confirmed the final price for its H-share issuance at 22.53 HKD per share [9] Group 7 - Taiji Co. announced that Changjiang Industrial Group will become its indirect controlling shareholder, with stock resuming trading on June 20, 2025 [10] - Guosen Securities received approval from the Shenzhen Stock Exchange for its acquisition of 96.08% of Wanhe Securities [10] Group 8 - Zhongsheng Pharmaceutical completed the first participant enrollment for its Phase III clinical trial of the innovative drug RAY1225 for obesity [11] - Yuncong Technology stated that its multi-modal AI technology for live detection can be applied to stablecoin wallet scenarios [12]

Core Insights - The report from Guosen Securities suggests exploring new consumption opportunities along seven main lines: digital economy, self-consumption, emotional value consumption, health economy, convenience economy, alternative economy, and value-driven consumption [1][4] Group 1: New Consumption Trends - New consumption arises from new lifestyles, with the evolution of consumption patterns being a result of changes in the socio-economic environment [1] - The report establishes a framework of "lifestyle-consumption scenario-product definition," indicating that lifestyle is influenced by macro factors such as technology, economy, and culture, which shape diverse consumption scenarios and give rise to new business models [1] - Historical consumption phases in China are linked to lifestyle changes, transitioning from survival-type (1949-1978) to quality-type consumption (2016-2024) [1] Group 2: International Brand Potential - Chinese consumer goods companies have the foundation to become international brands, supported by advanced infrastructure and a more efficient, low-cost, healthy, and environmentally friendly lifestyle [2] - The success of American brands in the 1970s serves as a precedent, where lifestyle and consumption concepts were effectively exported globally [2] Group 3: Future Consumer Demographics - Three main consumer groups are identified: 1. Generation Z (born 1995-2009) with a population of approximately 233 million, focusing on individual expression and emotional value consumption [3] 2. The silver-haired population (60 years and older) projected to reach 310 million by 2024, characterized by a strong health consciousness and demand for self-fulfillment [3] 3. The middle class, making up about 36% of the population, is becoming more cautious in spending due to economic pressures, leading to a preference for time-saving purchases and rational alternative consumption [3] Group 4: New Consumption Lines - Future technological advancements will continue to reshape lifestyles, with higher-level needs gaining importance [4] - Suggested new consumption opportunities include: 1. Digital economy: Growth in online retail and education driven by digital technology [4] 2. Self-consumption: Increased focus on psychological and spiritual needs [4] 3. Emotional value consumption: Shift from functional satisfaction to emotional, health, and cultural value [4] 4. Health economy: Rising consumer focus on physical and mental health [4] 5. Convenience economy: Growing willingness to pay for convenience and efficiency [4] 6. Alternative economy: Increased focus on cost-effectiveness and value-for-money [4] 7. Value-driven consumption: Emerging trends in national pride and sustainability [4]

Focus Events - Guosen Securities has received approval from the Shenzhen Stock Exchange for the acquisition of 96.08% of Wanhe Securities, marking the third broker merger project approved since last year, pending further approval from the CSRC [1] - The People's Bank of China is set to announce the June Loan Prime Rate (LPR), with the current 1-year LPR at 3% and the 5-year LPR at 3.5% [1] Macro News - He Lifeng, a member of the Political Bureau of the CPC Central Committee, stated at the Qingdao Summit that China is an ideal, safe, and effective investment destination for multinational companies due to its vast domestic market and complete industrial system [1] Industry Dynamics - Three departments have mandated that car manufacturers must not engage in exaggerated or false advertising and must uphold product quality, emphasizing long-term responsibility and avoiding short-term cost-cutting measures [4] - The Chinese photovoltaic industry is expected to see a significant production cut of 10% to 15% in the third quarter as part of a "production limit to maintain prices" strategy [6] - The Ministry of Commerce announced it will expedite the review of rare earth export license applications to maintain global supply chain stability [6] Company Focus - Suning.com plans to sell four Carrefour subsidiaries for a total of 4 yuan, which is expected to increase the company's net profit by approximately 572 million yuan [9] - CATL intends to use up to 4.5 billion yuan of idle fundraising for cash management in safe, liquid deposit products [9] - Xiaomi has invested 635 million yuan to acquire 728 acres of industrial land in Beijing for the construction of a new energy intelligent connected vehicle manufacturing project [9][10] - Jinzongzi Wine clarified that it is not exiting the liquor industry, but is standardizing its business scope in compliance with regulatory requirements [11] - Konda New Materials plans to acquire at least 51% of Chengdu Zhongke Huamei Electronics to expand into the semiconductor integrated circuit sector [11] - Online and Offline announced a potential change in control, leading to a temporary suspension of its stock [12] - Taiji Co. announced that the Hubei State-owned Assets Supervision and Administration Commission has become the controlling shareholder, with stock resuming trading [13][14] - Zhongyan Chemical plans to agree to a capital reduction for Zhongyan Alkali Industry, which is expected to constitute a major asset restructuring [15] - Lianchuang Optoelectronics reported strong demand for drone countermeasures in the Middle East and is actively engaging with potential local clients [15] - Shengnuo Bio expects a net profit increase of 253.54% to 332.10% for the first half of 2025, driven by strong performance in its peptide raw material business [16] - *ST Gongzhi's stock will resume trading and enter a delisting preparation period, with the last trading date expected to be July 10, 2025 [17]

Group 1 - Guosen Securities' acquisition of Wanhua Securities has been approved by the Shenzhen Stock Exchange, which will enhance Guosen's market share and overall strength, positively impacting its business expansion [1] - The acquisition involves the issuance of A-shares to purchase 96.08% of Wanhua Securities for a transaction price of 5.192 billion yuan, involving seven counterparties [1] - This transaction sets a new precedent for mergers and acquisitions in the securities industry, potentially prompting similar actions from peers and promoting industry consolidation [1] Group 2 - Southbound capital has recorded a net purchase of 650 billion yuan year-to-date, doubling compared to the same period last year and nearing the historical high of 2024 [2] - The influx of southbound funds indicates renewed investor confidence in Hong Kong stocks, particularly in the internet, consumer, and pharmaceutical sectors, with significant net purchases in major companies like Alibaba, Tencent, and Meituan [2] - The substantial net buying activity supports stock prices of related companies and injects confidence into the market, positively influencing overall market sentiment [2] Group 3 - The scale of domestic initiated funds has reached 3.1 trillion yuan, accounting for approximately 10% of the total scale of public funds, with over 2,200 funds currently available [3] - Notable products include the E Fund CSI 300 ETF with a scale of 235.02 billion yuan, and 23 initiated funds exceeding 10 billion yuan in scale [3] - The increase in initiated fund scale reflects growing investor recognition and may lead to enhanced management fee income and brand influence for related fund companies [3] Group 4 - Cinda Securities has received approval to issue company bonds totaling no more than 10 billion yuan, which will support its future business expansion and capital replenishment [4] - This approval may enhance investor confidence in Cinda's financial strength and business prospects, while also serving as a model for other securities firms to broaden their financing channels [5]

Group 1 - The core point of the news is that Guosen Securities' acquisition of Wanhe Securities has made significant progress, with the Shenzhen Stock Exchange approving the restructuring application [1][3] - Guosen Securities plans to acquire 96.08% of Wanhe Securities through the issuance of A-shares, which has been approved by the Shenzhen Stock Exchange's merger and reorganization review committee [3][6] - The acquisition is expected to enhance Guosen Securities' overall profitability by leveraging Wanhe Securities' advantages in cross-border financial services and optimizing resource allocation [6][8] Group 2 - The merger wave in the securities industry is intensifying, with several notable mergers including "Guosen + Wanhe" and others, indicating a trend towards consolidation among brokerages [7] - The merger of Guosen and Wanhe is seen as a strategic move to optimize the integration of brokerage licenses and resources within local state-owned enterprises [7][8] - The combined total assets of Guosen Securities and Wanhe Securities will reach approximately 476.12 billion yuan, potentially placing them among the top ten securities firms in China [8]