Core Viewpoint - The securities industry is expected to see a stable recovery in valuations and investment opportunities in the second half of 2025, despite a 7.51% decline in the A-share securities index since the beginning of the year [1][2]. Group 1: Industry Performance and Outlook - The securities sector's fundamental recovery is ongoing, with a notable 37.7% year-on-year growth in net profit for the first half of 2025 [2]. - The implementation of various reform policies in the capital market is anticipated to further stimulate market activity and investor interest [2]. - The net profit growth rate for the securities industry is projected to reach 17.3% year-on-year in 2025 under neutral assumptions, with an annualized ROE expected to rise to 6% [2]. Group 2: Mergers and Acquisitions - Active merger and acquisition activities are noted within the industry, including significant cases such as Guotai Junan's absorption of Haitong Securities and Guolian Securities' acquisition of Minsheng Securities [2]. - The ongoing mergers and acquisitions are expected to drive supply-side reforms in the securities industry, allowing larger firms to consolidate their advantages while providing opportunities for smaller firms to catch up [2]. Group 3: Investment Opportunities - Institutions recommend focusing on three main investment lines: 1. Securities firms with high growth potential and low valuations, particularly those expected to show significant performance improvements in the 2025 mid-year report [3]. 2. Leading comprehensive securities firms with balanced business structures and strong professional capabilities, which are better positioned to adapt to industry changes [3]. 3. Securities firms that may become acquisition targets or acquirers, as ongoing mergers and acquisitions are likely to continue [3]. - The combination of favorable policies, solid fundamentals, and liquidity is expected to enhance the resilience of the securities sector [3].

随着多家券商2025年中期策略会陆续召开，对于证券行业下半年的前景展望也逐渐清晰起来。在多位业 内人士看来，2025年全年证券行业净利润有望延续当前增长态势，系列改革政策持续落地使券商有望迎 来更为广阔的扩表和展业空间；面对激烈的市场竞争，借助行业并购重组等资本运作方式，大型券商能 凭借自身底蕴强化马太效应，而中小型券商也能快速扩大业务规模。 就板块后市投资而言，多重积极因素叠加下，券商板块估值有望持续企稳回升，2025年中报有望实现业 绩高增长且估值尚在低位的券商、业务结构更为均衡且专业能力更强的头部综合券商以及存在并购重组 可能性的相关券商值得投资者关注。 ● 本报记者 胡雨 行业积极因素有望延续 从二级市场表现看，Wind数据显示，截至6月18日收盘，A股券商指数2025年以来累计下跌7.51%，跑输 上证指数同期表现。不过，行业基本面延续修复态势、A股交投维持相对活跃状态、资本市场一系列改 革不断落地等共同构成了夯实券商板块投资价值的基础。综合多家机构发布的证券行业2025年中期策略 看，前述积极因素在后市仍有望延续。 据中信证券金融产业首席分析师田良统计，2025年一季度上市券商实现扣非归母净利润4 ...

基础设施建设层面，构建集物理设施、数字底座、能源网络于一体的支撑体系。加密起降网络，将通用 机场建设纳入国土空间规划，推动商业综合体、医疗机构等配建标准化起降平台。完善数字底座，突破 5G-A通感一体、北斗三号星基增强等关键技术，建设低空智联网，实现飞行器精准定位、实时避障与 智能调度。前瞻布局氢燃料电池、固态锂电池等新型能源技术研发及产业化，建设分布式充电网络，保 障稳定续航能力。 中共中央办公厅、国务院办公厅印发的《关于深入推进深圳综合改革试点深化改革创新扩大开放的意 见》正式公布。该文件明确支持深圳深化无人驾驶航空器飞行管理制度改革、完善低空飞行监管规则， 探索跨境直升机飞行与公益服务等通用航空业务。这标志着深圳低空经济"先行先试"探索的再升级，将 在更深层次、更广领域持续为全国低空经济发展积累新经验、探索新路径。 作为我国改革开放"排头兵""试验田"，深圳在低空经济发展中持续领航创新，如出台全国首部低空经济 专项法规《深圳经济特区低空经济产业促进条例》，成立首个市级标准化技术委员会，率先推出"低空 +轨道"空铁联运项目，开发全球首个智能融合低空系统（SILAS），构建起法规、标准、技术、场景四 维联动 ...

例如，银行间市场交易报告库主要用于高频汇集并系统分析银行间债券、货币、衍生品、黄金、票据等 各金融子市场交易数据，服务金融机构、宏观调控和金融市场监管；设立个人征信机构用于为金融机构 提供多元化、差异化的个人征信产品，进一步健全社会征信体系；发展自贸离岸债，主要遵循"两头在 外"的原则和国际通行的规则标准，拓宽"走出去"企业及"一带一路"共建国家和地区优质企业的融资渠 道。 结构性货币政策工具创新方面，据潘功胜介绍，创新内容包括开展航贸区块链信用证再融资业务试点， 以信用方式发放再贷款，支持在沪商业银行向外贸企业提供融资。开展跨境贸易再融资业务试点，运用 再贴现支持在沪商业银行向进出口企业提供人民币跨境贸易融资。开展碳减排支持工具扩容试点，将支 持范围扩大至部分转型金融领域和地方特色产业。积极推动上海首批运用科技创新债券风险分担工具， 支持私募股权机构发行科创债券。 人们都在期待，货币工具箱里会上新哪些新工具，跨境金融能有什么创新政策，科创板将如何深化改 革，资本市场又会怎样进一步对外开放。6月18日，2025陆家嘴论坛开幕，中国证监会主席吴清、中国 人民银行行长潘功胜、国家金融监督管理总局局长李云泽、国家外 ...

Core Viewpoint - Guangdong Tai'an Tang Pharmaceutical Co., Ltd. (Tai'an Tang 3) has reported a significant number of legal disputes, totaling 35 cases with a combined amount of approximately 963.72 million yuan, which represents 2104.12% of the company's latest audited net assets [1] Group 1: Legal Issues - The company and its subsidiaries are involved in 35 legal cases, with the majority (approximately 919.98 million yuan) as defendants or respondents [1] - A notable case includes a securities false statement liability dispute that has already been heard by the Shantou Intermediate People's Court [1] - The company has received an administrative penalty from the Guangdong Regulatory Bureau for false statements in its annual reports from 2018 to 2021, which establishes a basis for claims [1] Group 2: Financial Performance and Market Reaction - On April 30, 2025, the company announced abnormal stock trading fluctuations, with a cumulative decline of 8.58% over three trading days [1] - The company disclosed its 2024 annual report on the same day, with the registered accountant issuing an opinion of "unable to express an opinion," indicating concerns about the company's operational status [1]

星标 ★ IPO日报 精彩文章第一时间推送 AI制图 最近，股民不断收到监管的好消息。 日前，深圳证监局发布一个顶格处罚事项：深圳市广道数字技术股份有限公司（下称"广道数字"， 839680）因财务造假，对公司和相关责任人顶格处罚。河北证监局也不甘人后，几乎同时对东旭 光电科技股份有限公司（下称"东旭光电"，已退市）进行顶格处罚，理由几乎和广道数字一样。 而东旭光电于2015-2022年间虚构业务，向大股东输送资金95.95亿元，并基于虚假财报骗取 75.65亿元再融资。其实控人及控股股东东旭集团各罚3.78亿元（募资额5%上限）。由于公司 2024年因面值退市摘牌，这次顶格处罚属于退市后追责。 笔者以为，这是好事，说明监管层发出了对于证券市场违法零容忍的明确信号，也体现了对财务造 假坚决说不的决心。 客观来说，相比以往，现在监管层对违规上市企业的处罚力度要大很多。笔者以为，若干年前对于 这样的类似违规处罚，基本就是对相关负责人作处罚30万-50万元，然后禁入市场若干年，而上市 公司被处罚的金额也同样十分有限，给股民一种高高举起，轻轻放下之感。以至于当时不少股民强 烈呼喊，要求加大惩罚力度，刹住上市公司造假之 ...

Core Viewpoint - The securities industry is expected to see a recovery in performance in the second half of 2025, with a focus on high-growth firms with low valuations, well-structured leading comprehensive brokers, and those with potential for mergers and acquisitions [1][4]. Group 1: Industry Performance and Outlook - As of June 18, 2025, the A-share securities index has declined by 7.51% since the beginning of the year, but the industry's fundamentals continue to improve, supported by active trading and ongoing capital market reforms [2]. - Citic Securities forecasts a 17.3% year-on-year growth in net profit for the securities industry in 2025, with an annualized ROE expected to rise to 6% [2]. - Huatai Securities highlights that the new "National Nine Articles" and the accompanying "1+N" policy framework will foster a favorable long-term investment market ecosystem, benefiting the growth of securities firms [2]. Group 2: Mergers and Acquisitions - Recent mergers, such as Guotai Junan's absorption of Haitong Securities and the acquisition of Minsheng Securities by Guolian Securities, indicate a trend where large brokers consolidate to strengthen their positions, while smaller brokers can achieve rapid growth through acquisitions [3]. - Dongwu Securities suggests that mergers and acquisitions may drive supply-side reforms in the securities industry amid a backdrop of reduced fees [3]. Group 3: Investment Strategies - Institutions recommend focusing on three investment themes: brokers expected to achieve high growth in mid-2025 with low valuations, leading comprehensive brokers with balanced business structures and strong professional capabilities, and brokers with potential for mergers and acquisitions [4]. - Citic Securities emphasizes that the combination of interest rate cuts and supportive policies will likely stabilize valuations in the securities sector, enhancing its resilience [4]. - The analysis of listed brokers indicates that the industry is undergoing significant transformation, with a focus on enhancing trading capabilities and diversifying asset management strategies [5].

Core Viewpoint - The approval of the "Wanguo Data Center REIT" marks a significant advancement in China's capital market, facilitating the high-quality development of the digital economy through innovative financing solutions [1][2][3]. Group 1: Project Overview - The "Wanguo Data Center REIT" is one of the first batch of data center REITs in China, with a fundraising target of 1.933 billion yuan [1]. - The underlying asset is the Guojin Data Center located in Kunshan, Jiangsu Province, which features over 4,000 7kW cabinets and a power capacity of 29,044 kW [3]. - The project has maintained a 100% signing rate and over 92% billing rate for the past three years, indicating strong demand and operational stability [3]. Group 2: Policy and Market Context - The China Securities Regulatory Commission (CSRC) has been actively supporting the development of REITs, particularly in sectors like artificial intelligence and data centers, as part of its broader financial strategy [2]. - The approval of the Wanguo Data Center REIT is seen as a breakthrough for the capital market's role in supporting the digital economy [2]. Group 3: Financial Impact - The REIT structure allows for the separation of depreciation and amortization from the balance sheet, effectively reducing the company's debt ratio by 1.2% and increasing the return on equity (ROE) by approximately 4.4% [3]. - The net recovery funds exceeding 1 billion yuan will be used for new project investments, reinforcing the company's leading position in the industry [3]. Group 4: Industry Significance - The successful launch of the Wanguo Data Center REIT is viewed as a model for replicable financing solutions in the digital infrastructure sector, addressing the challenges of high investment costs and long return cycles [5]. - The REIT's approval is expected to provide a clear and transparent pricing anchor for the market, promoting rational investment and healthy development within the data center industry [5]. Group 5: Market Expansion - As of May 2023, the Shanghai Stock Exchange has become a major platform for REITs in China, with 44 REITs issued and a total scale of 121.6 billion yuan [6]. - The introduction of various REIT products, including the Wanguo Data Center REIT, contributes to the diversification of financing options for high-quality entities in the new infrastructure sector [6].

一波利好政策来袭。6月18日，2025陆家嘴论坛在上海开幕，中国证监会主席吴清发表主旨演讲，并公布了中国证监会对于后续推动科技创新和产业创新融 合发展、强化股债联动服务科技创新相关举措。同日，中国证监会也火速响应，不仅发布了《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》，还批复全国首批2只数据中心REITs注册，同时宣布2025年10月9日起允许QFII参与场内ETF期权交易。 "1+6"政策措施出台 6月18日，吴清在2025陆家嘴论坛重磅发声，公布了中国证监会对于后续推动科技创新和产业创新融合发展的相关举措。 吴清在论坛上表示，中国证监会将聚焦提升制度的包容性和适应性，以深化科创板、创业板改革为抓手，以发展多元股权融资为重点，着力打造更具吸引 力、竞争力的市场体系和产品服务矩阵，统筹推进投融资综合改革和投资者权益保护，加快构建更有利于支持全面创新的资本市场生态。 吴清指出，更好发挥科创板"试验田"作用，加力推出进一步深化改革的"1+6"政策措施。"1"即在科创板设置科创成长层，并且重启未盈利企业适用科创板第 五套标准上市，更加精准服务技术有较大突破、商业前景广阔、持续研发投入大的优质科技企业 ...

中国证监会和交易所官网显示，南方万国数据中心REIT、南方润泽科技REIT日前双双获批。 在6月18日举行的2025陆家嘴论坛上，中国证监会主席吴清表示，今天，证监会将批复全国首批2只数据中心REITs注册，下一步将继续支持科技企业利用 知识产权、数据资产等新型资产开展资产证券化、REITs等融资，进一步盘活科技创新领域存量资产。 业内人士表示，首批数据中心公募REITs获批，是在国家大力推进新基建与数字经济发展的背景下，资本市场服务实体经济的又一创新实践。 首批数据中心REITs获批 REITs市场迎来新品种，首批2只数据中心REITs正式获批，沪深交易所各有1只。 基金市场又迎来重磅新品！ 批复公告显示，南方万国数据中心REIT基金合同期限为50年，准予基金的募集份额总额为8亿份。南方基金为基金的基金管理人，招商银行为基金的基金 托管人。 南方万国数据REIT以万国数据旗下位于昆山市花桥镇的国金数据云计算数据中心项目为底层资产。昆山花桥作为全国数据中心版图中极具战略意义的关 键节点，已深度嵌入长三角一体化发展格局，扮演着"数字经济时代长三角数据交互中枢"的重要角色，为国金数据云计算数据中心项目提供了不可多 ...