Core Viewpoint - Xun Yugen has officially taken office at Guosen Securities as the Chief Economist and Director of the Economic Research Institute, also serving as the Director of the Postdoctoral Workstation [1] Group 1: Company Leadership - Xun Yugen previously held the position of Chief Economist and Director of the Research Institute at Haitong Securities [1] - After the merger of Haitong Securities and Guotai Junan, Xun Yugen served as the Chief Economist at Guotai Haitong Securities, as well as Co-Director of the Policy and Industry Research Institute and Director of the Postdoctoral Research Workstation [1] - In June 2025, there are market rumors that Xun Yugen will leave his positions and bid farewell to Guotai Haitong Securities [1]

当前，公募基金降佣、AI技术赋能等正深刻改变卖方研究生态。这位拥有18年证券研究经验的"老人"，如何带领国信证券研究所在行业转型中突 围，成为市场关注焦点。 Wind数据显示，2025年上半年国信证券研究所实现分仓佣金收入1.24亿元，行业排名暂列第15位。 拥有18年研究经验 9月2日，记者从国信证券获悉，原国泰海通首席经济学家荀玉根已在近日入职国信证券，出任经济研究所所长。 早在7月初，坊间便有荀玉根将加入国信证券的传闻。当时，券商中国记者向国信证券研究所相关负责人求证，对方未予否认。直至7月底国信证 券内部一次人事安排再度引发市场揣测，记者获悉，国信证券经济研究所时任所长杨均明兼任公司战略发展部总经理，鲁伟卸任该职务后专注投 行条线。 （原标题：荀玉根，下一站定了！） 头部券商研究所所长人事变动，尘埃落定。 9月2日，券商中国记者从国信证券获悉，原国泰海通首席经济学家荀玉根已正式履职国信证券，担任首席经济学家、经济研究所所长，兼任博士 后工作站办公室主任。 从历年表现来看，2024年国信证券分仓佣金收入规模为2.53亿元，同比减少16.82%，排名升至第18位，较2023年的24位有所前进。近年来，该券 ...

Core Insights - The A-share market continues to rise, leading to a prosperous season for brokerage firms, with 42 listed brokerages achieving a total operating income of 251.87 billion yuan and a net profit of 104.02 billion yuan in the first half of the year, representing year-on-year growth of 11.37% and 65.08% respectively [1] - The significant increase in brokerage performance is largely attributed to proprietary trading, which generated a total income of 112.35 billion yuan, a year-on-year increase of over 50%, accounting for more than 40% of total income [1][2] - Among the brokerages, CITIC Securities stands out as the only firm with proprietary income exceeding 10 billion yuan, reaching 19.05 billion yuan, contributing approximately 57% to its total revenue [2] Brokerage Performance - In the first half of the year, 25 out of 42 listed brokerages reported proprietary income exceeding 1 billion yuan, accounting for nearly 60% of the total [2] - Notable performers include Changjiang Securities, which saw a staggering year-on-year increase of 668.35% in proprietary income, and Guolian Minsheng and Huaxi Securities with increases of 458.78% and 245.07% respectively [2] Stock Holdings - As of the end of June, the top three stocks held by brokerages were Jiangsu Bank, Yong'an Futures, and CITIC Construction Investment, with holdings of 923 million shares, 43.9 million shares, and 38.3 million shares respectively, translating to market values of 11.03 billion yuan, 6.51 billion yuan, and 9.21 billion yuan [4] - Brokerages have shown a preference for sectors such as non-bank financials, electronics, and biomedicine in their proprietary trading [1] Changes in Holdings - In the second quarter, significant increases in holdings were observed in stocks like Sichuan Chengyu, Hongchuang Holdings, and Yuntianhua, with increases of 9.89 million shares, 5.76 million shares, and 5 million shares respectively [6] - Conversely, stocks such as Huangshi Group, Shanghai Mechanical, and Northeast Securities experienced substantial reductions in holdings, with the largest decrease being 14 million shares for Huangshi Group [8][11] Regulatory Impact - Some stocks faced significant reductions in holdings due to regulatory penalties, with brokerages exiting positions in companies like Huangshi Group, which was under investigation for information disclosure violations [10][11]

头部券商研究所所长人事变动，尘埃落定。 2011年荀玉根加入海通证券，历任首席策略分析师、研究所副所长等职，2021年接任海通证券首席经济学家，2023年底 兼任研究所所长。 9月2日，券商中国记者从国信证券获悉，原国泰海通首席经济学家荀玉根已正式履职国信证券，担任首席经济学家、经 济研究所所长，兼任博士后工作站办公室主任。 当前，公募基金降佣、AI技术赋能等正深刻改变卖方研究生态。这位拥有18年证券研究经验的"老人"，如何带领国信证 券研究所在行业转型中突围，成为市场关注焦点。 Wind数据显示，2025年上半年国信证券研究所实现分仓佣金收入1.24亿元，行业排名暂列第15位。 拥有18年研究经验 9月2日，记者从国信证券获悉，原国泰海通首席经济学家荀玉根已在近日入职国信证券，出任经济研究所所长。 早在7月初，坊间便有荀玉根将加入国信证券的传闻。当时，券商中国记者向国信证券研究所相关负责人求证，对方未予 否认。直至7月底国信证券内部一次人事安排再度引发市场揣测，记者获悉，国信证券经济研究所时任所长杨均明兼任公 司战略发展部总经理，鲁伟卸任该职务后专注投行条线。 杨均明于2016年出任国信证券研究所所长，至今 ...

Group 1 - Xun Yugen has officially taken on the role of Chief Economist and Director of the Economic Research Institute at Guosen Securities, previously serving as Chief Economist at Haitong Securities [1] - Xun Yugen is a well-respected economist with a PhD in economics and has been recognized as a top analyst multiple times, including winning the New Fortune Best Analyst award for seven consecutive years [1] - Guosen Securities aims to strengthen its research capabilities under Xun Yugen's leadership, leveraging his extensive experience in the industry [1] Group 2 - Guosen Securities' Economic Research Institute has a research team of over 200 members, focusing on strategic emerging industries, consumer sectors, macroeconomic strategies, and fixed income [2] - The institute has implemented a chief industry analyst system, enhancing its research capabilities and transitioning to a standard sell-side research model, maintaining a high level of industry recognition [2] - Since 2016, the Economic Research Institute has optimized resource allocation to capitalize on opportunities from China's economic transformation and industrial upgrades [2] Group 3 - During his tenure at Haitong Securities, Xun Yugen developed a new research framework called "Three Researches and Three Transformations," which integrates investment, industry, and policy research [3] - He has focused on enhancing research quality through internationalization and a multi-dimensional approach, aiming to serve institutional investors, government, and regulatory bodies [3] - The integration of domestic and international research teams is a key strategy that Xun Yugen is expected to continue at Guosen Securities [3]

履新国信证券之前， 荀玉根曾担任海通证券首席经济学家、研究所所长，海通证券和国泰君安合并后，担任国泰海通证券首席经济学家、 政策和产业研究院联席院长、博士后工作站办公室主任。 资料显示， 荀玉根是经济学博士，注册国际投资分析师，累计获 评20次 全国最佳分析师，是新财富、水晶球、金牛奖等各类最佳分析师 评选大满贯得主，其中新财富最佳分析师评选七连冠，获白金分析师称号， 有 专著《荀玉根讲策略：少即是多》。 荀玉根深耕证券研究18年，具有丰富的研究和管理经验 。 业内预计， 荀玉根带领团队将国信 证券 的研究业务 进一步 做大做强。 国信证券研究新变化值得关注 据了解， 国信证券 经济研究所 拥有一支由200多人组成的研究服务团队，研究力量覆盖符合中国经济发展方向的战略性新兴产业、大消费 行业及宏观、策略、金融工程、固定收益等领域，在社会服务、固定收益、汽车、银行、通信、电子、房地产、医药生物等领域的研究实 力处于行业领先水平。国信证券经济研究所在业内率先实行首席行业分析师制度，搭建起强大的证券研究团队，实现了向标准卖方研究模 式的转型，在业内保持较高的知名度和影响力。自2016年以来，国信证券经济研究所把握中 ...

1. Report Title and Date - The report is titled "Stock Index Futures Data Daily Report", dated September 2, 2025 [1][2] 2. IM Futures 2.1 Daily Quotes - The CSI 1000 index closed at 7313.88, down 2.50%. The trading volume was 35,044 lots, and the trading value was 59.85 billion yuan. The main contract IM2509 closed at 7251.40, down 1.85%, with a trading volume of 218,061 lots and a trading value of 31.68 billion yuan. The open interest was 193,312 lots, an increase of 12,533 lots [3] 2.2 Summary - The main contract of IM fell 1.81%, closing at 7251.4 points. The total trading volume of the four contracts was 337,746 lots, an increase of 85,941 lots from the previous day. The total open interest was 401,271 lots, an increase of 26,043 lots. The main contract was at a discount of 62.48 points, an increase of 58.07 points from the previous day. The annualized basis rate was -17.47% [5] 2.3 Basis and Cost - The annualized roll - over cost and dividend impact are presented in the report, showing the relationship between different contracts [10][11] 2.4 Open Interest - The net short - position ratio and the positions of major seats in IM2509, IM2512, and IM2603 are detailed, including the trading volume, long - position, and short - position changes of top members [15][18][22] 3. IF Futures 3.1 Daily Quotes - The CSI 300 index closed at 4490.45, down 0.74%. The main contract IF2509 closed at 4481.20, down 0.69%, with a trading volume of 122,523 lots and a trading value of 16.51 billion yuan. The open interest was 146,527 lots, an increase of 8,725 lots [23] 3.2 Summary - The main contract of IF fell 0.69%, closing at 4481.2 points. The total trading volume of the four contracts was 195,366 lots, an increase of 51,069 lots from the previous day. The total open interest was 298,335 lots, an increase of 21,717 lots. The main contract was at a discount of 9.25 points, an increase of 3.86 points from the previous day. The annualized basis rate was -4.19% [23][24] 3.3 Basis and Cost - Similar to IM, the annualized roll - over cost and dividend impact of IF are also provided [28] 3.4 Open Interest - The net short - position ratio and the positions of major seats in IF2509, IF2512, and IF2603 are shown, including the trading volume, long - position, and short - position changes of top members [33][36][37] 4. IC Futures 4.1 Daily Quotes - The CSI 500 index closed at 6961.69, down 2.09%. The main contract IC2509 closed at 6896.20, down 1.83%, with a trading volume of 105,870 lots and a trading value of 14.66 billion yuan. The open interest was 124,446 lots, an increase of 11,825 lots [42] 4.2 Summary - The main contract of IC fell 1.83%, closing at 6896.2 points. The total trading volume of the four contracts was 172,836 lots, an increase of 46,175 lots from the previous day. The total open interest was 254,784 lots, an increase of 18,794 lots. The main contract was at a discount of 65.49 points, an increase of 30 points from the previous day. The annualized basis rate was -19.26% [42][43] 3.3 Basis and Cost - The annualized roll - over cost and dividend impact of IC are presented [49] 3.4 Open Interest - The net short - position ratio and the positions of major seats in IC2509, IC2512, and IC2603 are detailed, including the trading volume, long - position, and short - position changes of top members [53][56][57] 5. IH Futures 5.1 Daily Quotes - The SSE 50 index closed at 2992.88, up 0.39%. The main contract IH2509 closed at 2992.80, up 0.35%, with a trading volume of 53,059 lots and a trading value of 4.75 billion yuan. The open interest was 66,245 lots, an increase of 9,442 lots [61] 5.2 Summary - The main contract of IH rose 0.28%, closing at 2991.2 points. The total trading volume of the four contracts was 80,614 lots, an increase of 26,017 lots from the previous day. The total open interest was 109,749 lots, an increase of 12,783 lots. The main contract was at a discount of 1.68 points, an increase of 1.52 points from the previous day. The annualized basis rate was -0.45% [61][62] 5.3 Basis and Cost - The annualized roll - over cost and dividend impact of IH are provided [65] 5.4 Open Interest - The net short - position ratio and the positions of major seats in IH2509 and IH2512 are shown, including the trading volume, long - position, and short - position changes of top members [70][73][75]

Core Insights - The wealth management performance of securities firms has shown significant improvement in the first half of 2025, with a notable increase in brokerage fee income and a shift towards wealth management services [2][4]. Group 1: Brokerage Business Performance - In the first half of 2025, 42 listed securities firms generated a total of 74.563 billion yuan in brokerage fee income, representing a year-on-year growth of approximately 50% [2]. - The top ten securities firms accounted for over 60% of the total brokerage income, with CITIC Securities leading at nearly 8 billion yuan [2][6]. - The brokerage income of 21 listed firms exceeded 1 billion yuan, with significant growth rates observed among mid-sized firms such as Guojin Securities and Guoyuan Securities, which saw increases of over 60% [5][8]. Group 2: Revenue Structure and Wealth Management Transition - The traditional trading business remains the primary revenue source for securities firms, but the wealth management transformation is showing early signs of success, with a 30% increase in income from selling financial products [3][10]. - The income from selling financial products reached 5.568 billion yuan in the first half of 2025, marking a 30% year-on-year increase [12]. - The proportion of income from selling financial products is relatively low at about 7.5%, indicating room for growth in this area [11]. Group 3: High Net Worth and Institutional Client Focus - Securities firms are increasingly targeting high net worth clients, with notable growth in client numbers and assets. For instance, CITIC Securities reported a 12.98% increase in new clients [15]. - Institutional business is also gaining importance, with firms like Caifutong Securities reporting a 23.4% increase in institutional client asset scale [18]. - The expansion of services for institutional clients is evident, with firms enhancing their offerings in areas such as equity incentives and wealth management [19]. Group 4: Buy-side Advisory Services - The buy-side advisory business is experiencing positive changes, with several firms reporting growth in their fund advisory services. For example, Dongfang Securities reported a fund advisory business scale of 14.925 billion yuan [20]. - CITIC Jiantou noted a significant increase in their buy-side customized business, with a year-on-year growth of 161.62% [22]. Group 5: International Market Expansion - Large and mid-sized securities firms are continuing to expand their presence in international markets, with CITIC Securities focusing on global wealth management and establishing centers in Hong Kong and Singapore [23]. - The sales scale and income from overseas wealth management products for CITIC Securities doubled year-on-year in the first half of 2025 [24]. - Guangfa Securities also reported growth in its overseas business, transitioning towards wealth management [25].

Group 1 - The core viewpoint is that the prices of mainstream refrigerants are expected to stabilize and grow in the future, particularly for R32 and R134a, due to limited available supply and strong support from the supply side [2][6][7] - R32 new order prices are projected to increase further, with average prices expected to be 62,000 yuan/ton, 63,000 yuan/ton, and 64,000 yuan/ton for September to November [1][2] - R134a prices are also expected to rise, with average prices projected at 52,000 yuan/ton, 53,000 yuan/ton, and 54,000 yuan/ton for the same period [2][6] Group 2 - The air conditioning production base was high last year, leading to a decline in total air conditioning production year-on-year in September 2025, with a drop of 6.3% in September and 23.4% in October [3][4] - Domestic air conditioning production showed strong growth in the first half of 2025, but the export market began to decline from May, with a total export of 44.92 million units from January to July, up 4.2% year-on-year [3][4] Group 3 - The development of AI technology is significantly increasing server power density, making traditional air cooling methods reach their limits, thus driving demand for liquid cooling technologies [1][5] - Liquid cooling technologies, such as immersion and two-phase cold plate cooling, are expected to lead to rapid growth in the demand for upstream fluorinated liquids and refrigerants [5][6] - Companies like Juhua Co., Ltd. (600160), Sanmei Co., Ltd. (603379), and Dongyue Group are recommended for their strong positions in the fluorochemical industry [5][7] Group 4 - The second-generation refrigerant quota reduction is accelerating, and the third-generation refrigerant quota system will continue, indicating a long-term trend of tightening supply constraints [6][7] - The demand side is influenced by national subsidy policies and growing demand in emerging regions, leading to significant increases in domestic and foreign air conditioning production and shipments [6][7] - The supply of second-generation refrigerants like R22 is expected to shrink rapidly, creating a supply-demand gap in 2025 [6][7]

每经记者｜陈晨 每经编辑｜肖芮冬 《每日经济新闻》记者获悉，近日，荀玉根正式履职国信证券，担任首席经济学家、经济研究所所长， 兼任博士后工作站办公室主任。 ...