Quantitative Models and Construction Methods - **Model Name**: ETF Institutional Holding Penetration Algorithm **Construction Idea**: The algorithm aims to accurately calculate the actual proportion of institutional investors holding ETF shares by correcting the overestimation caused by treating ETF-linked funds entirely as institutional holdings[1][13][14] **Detailed Construction Process**: 1. Institutional holdings are derived from two components: institutional portions within ETF-linked funds and direct institutional holdings of ETF shares[15][17] 2. Formula for corrected institutional holding proportion: $$P_{\rm inst}=P_{\rm inst}-P_{\rm inst}\ast\left(1-S_{\rm inst}\right)\tag{1}$$ - \(P_{\rm inst}\): Published institutional holding proportion - \(S_{\rm inst}\): Institutional proportion within ETF-linked funds[17] 3. For missing data, reverse calculation is applied using the formula: $$P_{\mathrm{link}}=A_{\mathrm{link}}*P_{\mathrm{fund}}/A_{\mathrm{eff}}\tag{1}$$ - \(P_{\mathrm{link}\): Proportion of ETF-linked fund holdings - \(A_{\mathrm{link}\): Net asset value of ETF-linked funds - \(P_{\mathrm{fund}\): Published fund holding proportion - \(A_{\mathrm{eff}\): Effective ETF net asset value[18] **Evaluation**: Provides a more accurate representation of institutional investor dynamics by correcting biases in reported data[13][17][19] Model Backtesting Results - **ETF Institutional Holding Penetration Algorithm**: - Institutional holding proportion for stock ETFs increased to 64.64% in 2025H1[21] - Institutional holding proportion for bond ETFs rose to 91.43% in 2025H1[22] - Institutional holding proportion for commodity ETFs slightly recovered to 19.06% in 2025H1[26] - Institutional holding proportion for cross-border ETFs climbed to 46.77% in 2025H1[23] Quantitative Factors and Construction Methods - **Factor Name**: Institutional Holding Proportion by Asset Class **Construction Idea**: Categorize ETFs by asset class and analyze institutional holding proportions[21][22][23] **Detailed Construction Process**: 1. Aggregate ETF data by asset class (e.g., stock, bond, commodity, cross-border)[21][22][23] 2. Calculate institutional and individual holding proportions using corrected data from the penetration algorithm[19][21][22] **Evaluation**: Highlights trends in institutional preferences across different asset classes[21][22][23] - **Factor Name**: Institutional Holding Proportion by Sector **Construction Idea**: Analyze institutional holding proportions within stock ETFs categorized by sectors (e.g., cyclical, financial, technology, consumer)[29][33][38] **Detailed Construction Process**: 1. Categorize stock ETFs into sectors based on the ETF classification system[29][33] 2. Calculate institutional holding proportions using corrected data from the penetration algorithm[19][33][38] **Evaluation**: Provides insights into sector-specific institutional investment trends[29][33][38] - **Factor Name**: Institutional Holding Proportion by Theme **Construction Idea**: Analyze institutional holding proportions within stock ETFs categorized by themes (e.g., 5G, chips, military, medicine, dividends, securities, new energy vehicles)[40][43][44] **Detailed Construction Process**: 1. Categorize stock ETFs into themes based on the ETF classification system[40][43] 2. Calculate institutional holding proportions using corrected data from the penetration algorithm[19][40][44] **Evaluation**: Identifies thematic investment preferences among institutional investors[40][43][44] - **Factor Name**: Institutional Holding Proportion by Broad-Based Index **Construction Idea**: Analyze institutional holding proportions within ETFs tracking broad-based indices (e.g., SSE 50, CSI 300, CSI 500, CSI 1000, A500, ChiNext, STAR Market)[51][53][56] **Detailed Construction Process**: 1. Categorize ETFs into broad-based indices based on the ETF classification system[51][53] 2. Calculate institutional holding proportions using corrected data from the penetration algorithm[19][51][56] **Evaluation**: Highlights institutional preferences for broad-based index ETFs[51][53][56] Factor Backtesting Results - **Institutional Holding Proportion by Asset Class**: - Stock ETFs: 64.64% in 2025H1[21] - Bond ETFs: 91.43% in 2025H1[22] - Commodity ETFs: 19.06% in 2025H1[26] - Cross-border ETFs: 46.77% in 2025H1[23] - **Institutional Holding Proportion by Sector**: - Cyclical: 37.95% in 2025H1[38] - Financial: 35.98% in 2025H1[38] - Consumer: 20.30% in 2025H1[38] - Technology: 25.56% in 2025H1[38] - **Institutional Holding Proportion by Theme**: - Military: 56.40% in 2025H1[47] - Securities: 23.57% in 2025H1[47] - Chips: 23.73% in 2025H1[48] - Dividends: 42.08% in 2025H1[44] - **Institutional Holding Proportion by Broad-Based Index**: - SSE 50: 86.76% in 2025H1[56] - CSI 300: 89.49% in 2025H1[56] - CSI 500: 77.98% in 2025H1[56] - CSI 1000: 94.27% in 2025H1[56] - A500: 63.41% in 2025H1[60] - ChiNext: 43.19% in 2025H1[60] - STAR Market: 34.87% in 2025H1[60]

Core Viewpoint - The wealth management performance of securities firms has shown significant growth in the first half of 2025, with a notable increase in brokerage fee income and a shift towards wealth management services [1][3]. 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% [1][3]. - The top ten securities firms accounted for over 60% of the total brokerage income, with CITIC Securities leading at nearly 8 billion yuan [2][3]. - The brokerage income of mid-sized and small securities firms showed strong growth, with firms like Guojin Securities and Guoyuan Securities experiencing increases of over 60% [5][6]. Group 2: Revenue Structure and Growth - The core revenue source for brokerage business remains the agency trading of securities, which accounted for about 84% of total brokerage income, growing approximately 55% year-on-year [8]. - The income from selling financial products also saw a 30% increase, indicating progress in the wealth management transformation of securities firms [7][9]. Group 3: Client Acquisition and High-Net-Worth Focus - Securities firms are increasingly targeting high-net-worth clients, with firms like Guotai Junan reporting significant growth in their high-net-worth client base and assets under management [12]. - The number of new clients for several firms has increased, with CITIC Securities adding over 830,000 new clients in the first half of 2025 [11]. Group 4: Institutional Business Development - Expanding institutional business is a key strategy for securities firms to diversify their revenue sources, with firms like Caifutong Securities reporting significant growth in institutional client assets [13][14]. - The focus on providing comprehensive services to institutional clients is evident, with firms enhancing their offerings in areas like equity incentives and share buybacks [14]. Group 5: Growth in Buy-side Advisory Services - The buy-side advisory business is experiencing positive changes, with several firms reporting growth in their fund advisory services [16][17]. - For instance, Huatai Securities reported a fund advisory business scale of 21.037 billion yuan, indicating a robust demand for these services [17]. Group 6: International Market Expansion - The trend of large and medium-sized securities firms expanding into overseas markets continues, with CITIC Securities making strides in global wealth management [19]. - The sales scale and income from overseas wealth management products for CITIC Securities doubled year-on-year in the first half of 2025 [19].

【导读】荀玉根正式担任国信证券首席经济学家、经济研究所所长 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国经济结构 转型、产业升级和互联网变革的时代机遇，全面优化研究资源配置，深度开展总量研究、产业研究和海 外市场研究，不断提升专业化、产业化、国际化水平。 荀玉根担任海通证券研究所所长期间，面对新"国九条"、公募佣金新规等行业变革的新形势，积极探索 证券公司研究的改革，构建了"三研三化"研究新体系，即投研+产研+政研的综合型研究，通过研究的 链条化、国际化、立体化提高研究质量。除了继续深化服务机构投资者和财富管理条线的投资研究，他 还探索服务政府和监管的政策研究、服务投行和直投的产业研究等商业模式，尝试为证 ...

Core Viewpoint - The A-share market has shown strong performance, leading to significant revenue and profit growth for listed securities firms in the first half of the year, primarily driven by proprietary trading income. Group 1: Financial Performance - In the first half of the year, 42 listed securities firms achieved a total operating income of 251.87 billion yuan and a net profit of 104.02 billion yuan, representing year-on-year growth of 11.37% and 65.08% respectively [1] - Proprietary trading contributed significantly, with total proprietary income reaching 112.35 billion yuan, a year-on-year increase of 53.53%, accounting for over 40% of total revenue [1][2] - Among these firms, CITIC Securities was the only one to exceed 10 billion yuan in proprietary income, achieving 19.05 billion yuan, which constituted approximately 57% of its total revenue [2] Group 2: Major Shareholdings - As of the end of June, the top three heavily held stocks by securities firms were Jiangsu Bank, Yong'an Futures, and CITIC Construction Investment, with holdings of 923 million shares, 439 million shares, and 383 million shares respectively [5] - The market value of these holdings was approximately 11.03 billion yuan for Jiangsu Bank, 6.51 billion yuan for Yong'an Futures, and 9.21 billion yuan for CITIC Construction Investment [5] - Other notable stocks included Sinopec, Shanghai Laishi, and Yuheng Pharmaceutical, with significant holdings by various securities firms [5] Group 3: Changes in Holdings - In the second quarter, securities firms significantly increased their positions in stocks such as 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 like Huangshi Group, Shanghai Mechanical, and Northeast Securities saw substantial reductions in holdings, with Huangshi Group experiencing a decrease of over 14 million shares [7][8] - Regulatory issues led to a sharp decline in holdings for certain stocks, with securities firms reducing their positions in Huangshi Group following investigations and penalties [8][9]

Core Viewpoint - The competition for talent in the securities industry is intensifying, highlighted by the recent appointment of Xun Yugeng as the Chief Economist and Director of the Economic Research Institute at Guosen Securities, following his tenure at Guotai Junan Securities [1][2]. Group 1: Appointment and Background - Xun Yugeng has a distinguished career in securities research, having served as Chief Economist at Haitong Securities and Guotai Haitong Securities, and is recognized as a "full grand slam" analyst with multiple prestigious awards [1][2]. - His experience includes a PhD in economics and various leadership roles in research, contributing to his reputation as a leading figure in the industry [2]. Group 2: Research Team and Strategy - Guosen Securities' Economic Research Institute has over 200 professionals, focusing on strategic emerging industries, consumer sectors, macroeconomics, and financial engineering, among others [4]. - The institute has implemented a chief industry analyst system to enhance its research capabilities and has transitioned to a standardized sell-side research model, increasing its influence in the industry [4]. Group 3: Future Expectations - With Xun Yugeng's extensive experience, there are high expectations for how he will integrate domestic and international research resources and strengthen the research advantages of Guosen Securities [5].

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]