Xin Lang Cai Jing·2025-07-07 02:47Group 1 - The A-share market showed a fluctuating upward trend on July 7, with the Securities ETF leader (560090) slightly rising by 0.08% and attracting over 200 million yuan in capital for five consecutive days, indicating strong investor interest in aggressive market strategies [1] - The index component stocks of the Securities ETF leader exhibited mixed performance, with Tianfeng Securities rising over 1%, while other stocks like Huayin Securities and Huaxin Shares saw slight increases, and Dongfang Fortune and Guotai Haitong experienced minor declines [1][2] - The underwriting performance of securities firms in the first half of the year has shown signs of recovery, with the new policies for the Sci-Tech Innovation Board expected to steadily boost investment banking revenues, highlighting potential investment opportunities in the IPO acceleration phase [3][5] Group 2 - The restructuring of the investment banking landscape is evident, with Guotai Haitong ranking prominently, and the effects of mergers and acquisitions becoming apparent, suggesting opportunities in the context of supply-side reforms [4][6] - As of June 30, securities firms achieved a total equity underwriting scale of 762.84 billion yuan, marking a significant increase of 402.91%, with IPOs contributing 37.36 billion yuan (+14.96%) and additional offerings reaching 697.73 billion yuan (+613.47%) [5][6] - The bond underwriting amount reached 7.41 trillion yuan, reflecting a growth of 29.38%, driven by major banks completing substantial fundraising through specific A-share stock issuances [5][6]