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。 ...

履历显示，荀玉根从事证券研究18年，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。 在今年6月下旬，荀玉根从国泰海通离职。 人民财讯9月2日电，9月2日，证券时报记者从国信证券（002736）求证获悉，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。 ...

荀玉根深耕证券研究18年，具有丰富的研究经验和管理经验。行业展望在国信证券强大平台的支撑下， 荀玉根带领团队将国信的研究业务进一步做大做强。 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，尝试为证券公司的研究拓 圈，并整合境内外研究团队，实现境内外研究一体化。荀玉根加盟国信后，国信研究会有什么新的变 化，值得期待。 简历显示，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。荀玉根是经济学博 士，注册国际投资分析师，累计获全国最佳分析师评选20个冠军，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》。 责任编辑：刘万里 ...

Core Insights - The Chinese outdoor footwear and apparel market is valued at over 100 billion, experiencing double-digit growth, outpacing the global outdoor market growth rate [1] - Growth is driven by increased penetration of outdoor sports participants and the rise of high-end brands like Arc'teryx, which have social attributes and set fashion trends, benefiting mid-range brands as alternatives [1] - Market concentration is increasing, with the top ten outdoor brands expected to hold approximately 29% market share in 2024, and the top ten e-commerce channels accounting for 40% of sales [1] Brand Competitiveness Analysis - **Product Strength**: High-end and professional brands excel in technology, materials, and craftsmanship, allowing for high pricing; mass-market brands focus on cost-effectiveness and trendy designs [1] - **Channel Strength**: High-end brands have strong offline presence and high store efficiency, while domestic mass-market brands dominate online sales [1] - **Brand Strength**: Professional outdoor brands leverage sports and event marketing, with brands like Salomon and HOKA sponsoring trail running events, while casual outdoor brands use celebrity endorsements for visibility [1] Product Strategy Overview - **High-end Professional Brands**: Focus on technical barriers and a well-defined product matrix, supporting high pricing through professional performance [2] - **Mass-market Casual Brands**: Core products include three-in-one jackets, which account for over 40% of sales, emphasizing multifunctionality and cost-effectiveness for daily and light outdoor use [2] - **Sports Leaders**: Brands like Nike ACG, Adidas TERREX, and Anta Champion are entering the outdoor segment, showing strong growth in outdoor footwear [2] Industry Chain Analysis - The high-end functional fabric market is dominated by international suppliers, with brands like GORE-TEXPro holding exclusive rights to advanced waterproof and breathable technologies [3] - Domestic manufacturers, such as Taihua New Materials and Weixing Co., benefit from industry growth by offering high-quality products at competitive prices, enhancing their market share [3] - The industry chain exhibits a pattern of "international technology monopoly and accelerated domestic substitution," with downstream brand growth driving orders for domestic manufacturers [3]

国信证券陕西分公司讲师介绍，北交所作为服务创新型中小企业的主阵地，自设立以来始终以"打造服 务创新型中小企业主阵地"为目标运营。讲师通过对北交所的起源与发展、北交所交易制度的详解和北 交所打新规则的解读，使客户对北交所的认识更加全面。通过线下面对面的方式贴近投资者，以"零距 离"服务打通投资者教育"最后一公里"，同时帮助客户了解更多北交所知识，树立长期投资、价值投 资、理性投资的理念。 作为投资者财富管理之路的专业伙伴，国信证券始终将"以客户为中心"的理念贯穿服务全流程，以专业 的资产配置能力和全方位的财富管理服务，为投资者的每一程保驾护航。 未来，国信证券将持续联合北交所及行业协会，开展更多形式多样的投教活动，将专业的市场解读、实 用的投资知识、及时的信息资源送到投资者身边，切实保护投资者合法权益，助力资本市场健康发展。 （cis） 转自：中国证券报·中证网 为践行金融为民理念，加强投资者权益保护，推动北京证券交易所市场高质量发展与投资者教育深度融 合，近日，国信证券与北京证券交易所在陕西共同举办"直达服务行千里 理性投资进万家"主题投教活 动，吸引了近六十余位投资者踊跃参与。 本次活动于国信证券陕西分公司 ...

【深圳商报讯】（记者 陈燕青）随着中报收官，上市券商集体交出一份亮眼成绩单。根据Wind统计， 上半年共有10家券商营收超百亿元，9家券商净利润增速实现翻倍。由于并购重组，国泰海通超越中信 证券，位居券商净利润榜首。 净利润方面，国泰海通超越中信证券，上半年实现归母净利润157.37亿元，位居榜首；中信证券实现净 利润137.19亿元，位居第二；华泰证券实现净利润75.49亿元，位居第三。此外，中国银河、广发证券、 国信证券、招商证券净利润均超50亿元。 国泰海通上半年归母净利润同比增长213.74%，其业绩大幅预增主要得益于换股吸收合并海通证券产生 的负商誉计入营业外收入。 营业收入方面，上半年中信证券以330.39亿元的营收位居榜首；国泰海通位居第二，上半年实现营收 238.72亿元；华泰证券、广发证券紧随其后，营收均超150亿元；此外，中国银河、中金公司、申万宏 源、国信证券、中信建投、招商证券营收规模均超100亿元。 ...

| 45 | 华林证券 | 8.35 | 1000 | 35.15 | 2.17 | 0 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 46 | 国投资本 | 7.36 | | 5.72 | 0.40 | - -2 | 崔宏琴 | | 47 | 太平洋 | 6.15 | 1 | 13.56 | 0.73 | -1 | 李长伟 | | 48 | 锦龙股份 | 4.17 | 1000 | 16.35 | 0.59 | -1 | 褥振生 | | 49 | 湘财股份 | 2.07 | | -34.25 | -1.08 | -1 | 史建明 | | 50 | 国盛金控 | 0.01 | | -1.81 | 0.00 | 0 | 陆蔵侃 | | | 平均 | 51.65 | 3 | 27.06 | 5.34 | 1 | 1 | 2025上半年A股上市券商归母净利润及排名变化 | 排名 | 简称 | 归母净利亿元 | 归母净利增长率% | 归母净利增减亿元 | 排名变化 | 留経 | | --- | --- | --- | --- | --- | --- | ...