那么即将到来的6月份有哪些潜在机遇值得布局？为了给予投资者一定参考，本文将从6月份券商 金股中进一步按行业分布、估值、业绩、机构持仓等角度进一步分析，供投资者参考。 0 1 5 月份国元证券金股组合位居第 1 ！ 6 月份医药生物继续受推荐！ 回顾5月份的金股表现，根据每市APP数据， 5月份31家券商金股组合在5月取得正收益，占比约 三分之二。 其中，国元证券金股组合以超 6%的月度收益率排名第一， 主要是由于其组合中的 科兴制药、新易盛在5月份表现亮眼；其次是财通证券、中国银河证券、中信建投金股组合，月 涨幅均超5%。 个股方面， 在 5月金股涨幅前十的股票中，生物医药占据了半壁江山， 长城证券推荐的药师帮5 月涨幅高达52%，国元证券推荐的科兴制药单月涨超40%，天风证券推荐的益方生物-U涨超 36%，此外申万宏源推荐的石药集团、华福证券推荐的康哲药业也单月涨幅位居前十。 对于A股6月份市场表现，中泰证券认为，市场底部比较坚实，乐观因素正在积蓄。此外，今年以 来人民币相对坚挺，叠加拥有较为稳定的经济与政策预期等因素， 中国资产占优的趋势有望延 续，即使市场出现调整，预计下行空间也比较有限。 中国银河证券 ...

Market Overview - The market experienced a narrow range of fluctuations with no significant movements, as indicated by the lack of sector performance except for the precious metals sector, which saw gains due to geopolitical factors and fluctuations in gold prices [1] - Other previously hot sectors such as beauty care, gaming, and beverage consumption faced declines, suggesting a phenomenon of profit-taking after recent surges [1] Technical Analysis - The Shanghai Composite Index is currently at a critical resistance level around 3400 points, following several days of consecutive gains, indicating potential for technical correction and consolidation [2] - There is notable pressure above 3400 points, while support exists at the gap and the 30-day moving average, suggesting a high probability of oscillation within this range [2] - The performance of brokerage firms is crucial; if they show movement before 10 AM, it may indicate a potential breakout, otherwise, the market may continue to experience horizontal fluctuations [2] Sector Focus - Attention should be directed towards the movements in the brokerage sector following today's volume contraction, assessing whether this is a consolidation phase or preparation for further action [2] - Continuous monitoring of market dynamics and fundamental analysis of listed companies is recommended to identify leading players in specific industry segments [2]

近日， 5月A股新开户数据出炉，为市场观察券商上半年业绩提供了一个重要窗口。 相关数据显示，今年5月 A 股新增开户数接近 156 万户，其中个人投资者新开户数达 154.84 万户，机构投资者 新开户数为 0.7147 万户，虽受 "五一"假期影响环比有所下滑，但同比增长 22.86%。今年前5个月新开户数据 也同比大幅增长三成，显示出市场在政策支持和情绪回暖下的活跃态势。 业内人士认为，随着市场对经济复苏预期的增强，A 股市场有望继续保持活跃，券商经纪业务收入有望进一步 提升，进而推动券商上半年业绩实现较好增长。 前5月A股新开户同比大增 交易所官网最新数据显示，今年5月，投资者新开A股账户达155.56万户，较4月的192万户环比下滑19.16%。 其中，个人投资者新开户数达154.84万户，机构投资者新开户数为0.7147万户。 尽管环比开户数据有所回落，但是同比来看，2025年5月新开A股账户数155.56万户，较2024年5月新开户数 126.62万户同比增长22.86%。 对比来看，今年5月新增个人开户数仍然超过了去年全年一半月份的单月数据。2024年有6个月新增个人开户数 在150万户以下，最 ...

Core Viewpoint - Multiple securities firms in China are actively engaging in share buybacks and increasing shareholder returns to boost investor confidence and enhance company value, with significant amounts already committed in recent months [1][2][3][4] Group 1: Share Buyback Activities - Guojin Securities has repurchased 6.75 million shares, accounting for 0.1818% of its total share capital, with a total expenditure of approximately 55.73 million yuan [1] - Caitong Securities has utilized nearly 300 million yuan to repurchase 40.74 million shares, representing 0.88% of its total share capital, with plans to sell the shares within 12 months [2] - Guotai Haitong has repurchased 16.92 million shares, which is 0.096% of its total share capital, with a total expenditure of 284 million yuan [2] - Dongfang Securities plans to repurchase A-shares worth between 250 million yuan and 500 million yuan, estimating to buy back around 37.04 million shares, or 0.44% of its total share capital [2] - Hongta Securities is proposing a buyback of shares with a total fund of 100 million to 200 million yuan to optimize its capital structure [3] Group 2: Shareholder Return Initiatives - Tianfeng Securities' controlling shareholder has completed a share increase plan, acquiring 179 million shares, which is 2.06% of the total share capital, with an investment of approximately 502 million yuan [3] - Xinyang Securities has announced a "Quality Improvement and Efficiency Enhancement" action plan for 2025, focusing on increasing the stability and predictability of dividends [4] - The overall trend indicates that A-share listed securities firms are actively enhancing shareholder returns through buybacks and increased dividends, supported by improved cash flow from better operational performance [1][4] Group 3: Market Outlook and Investment Opportunities - Despite a recent market correction, the fundamentals of most listed securities firms remain strong, indicating a mismatch between high profitability and low valuations, suggesting attractive investment opportunities [4] - Analysts recommend focusing on firms expected to exceed performance expectations in the first half of 2025 and potential opportunities arising from increased merger and acquisition activities within the sector [4]

证 券 研 究 报 告 政策端利好、流动性支持下券商有望迎来业绩与估值双升 www.swsresearch.com 证券研究报告 2 2025下半年证券行业投资策略 证券分析师： 罗钻辉 A0230523090004 研究支持： 金黎丹 A0230123060002 2025.6.5 0.核心摘要：2025年在中长期资金入市、公募新规下券商板块景气度上 行，有望实现盈利与估值双升 www.swsresearch.com 证券研究报告 3 • 券商国际化是必然趋势：1）监管定调：《2025年稳外资行动方案》营造市场化、法治化、国际化营商环境；2）渠道拓展：外资通过QFII和沪深股 通持有A股市值占流通A股3%，跨境理财通2.0的落地进一步打开境内外资金配置渠道；3）实体经济需求：美国关税政策扰乱&中国香港-中国内地 两地资本市场互联互通，使得中概股回流&"A+H"上市热情提升，1Q25港交所IPO募资重回全球第一；4）券商行业的目标：券商行业力争要通 过5年左右时间形成10家左右优质头部机构引领行业高质量发展的态势、到2035年形成2至3家具备国际竞争力与市场引领力的投资银行和投资机构。 • 券商国际化区域路径 ...

The recommendations of Wall Street analysts are often relied on by investors when deciding whether to buy, sell, or hold a stock. Media reports about these brokerage-firm-employed (or sell-side) analysts changing their ratings often affect a stock's price. Do they really matter, though?Before we discuss the reliability of brokerage recommendations and how to use them to your advantage, let's see what these Wall Street heavyweights think about Okta (OKTA) .Okta currently has an average brokerage recommendati ...

今年以来，已有近20家券商营业部或分公司涉及违规行为被监管警示或责令改正。 向非营销人员下达营销任务、从业人员违规委托证券经纪人以外的个人揽客、要求客户在开户资料中填 写虚假信息、向客户介绍人支付报酬，券商营业部在展业过程中的违规操作频现。 近期，光大证券丽水灯塔街证券营业部、华西证券义乌商城大道营业部，便分别涉及上述前两项违规操 作，相继收到浙江证监局警示函。 据记者初步统计，截至6月5日，今年已有近20家券商营业部或分公司，因违规展业或员工管理不当等原 因遭到监管"点名"。其中，光大证券、华西证券及国盛证券均有不止一个营业部收到监管警示函。 一位在券商营业部工作多年的人士对第一财经说，营业部作为券商直接触达投资者的"毛细血管"，布局 较为分散，在合规管理上存在一定难度，在激烈的竞争和业绩指标的高压下，部分一线员工往往会突破 红线铤而走险。 国盛证券的两家营业部被警示，则涉及投资者适当性管理不当以及向非营销人员下达营销任务等。其 中，国盛证券长春景阳大路营业部的问题，主要是未有效履行适当性管理职责，对个别投资者的个人信 息核查不充分；对客户异常交易行为的监测不完善；对从业人员及其配偶、利害关系人投资行为的监 ...

Summary of Key Points Core Viewpoint - In the first five months of 2025, a total of 43 companies were listed on the Shanghai Stock Exchange, Shenzhen Stock Exchange, and Beijing Stock Exchange, raising a total of 28.166 billion yuan in funds [1]. Group 1: Listing and Fundraising - Among the 43 listed companies, 15 were on the main board, 18 on the ChiNext board, 6 on the Sci-Tech Innovation board, and 4 on the Beijing Stock Exchange [1]. - The top fundraising company was Tianyouwei, which raised 3.740 billion yuan, followed by Kaifa Technology and Xingfu Electronics, which raised 1.169 billion yuan and 1.168 billion yuan respectively [1]. Group 2: Underwriting and Sponsorship Fees - A total of 25 securities firms participated in the underwriting and sponsorship of the newly listed companies, earning a combined fee of 2.076 billion yuan [2]. - Huatai United Securities ranked first in underwriting fees, earning 254.4657 million yuan by sponsoring five companies [2]. - CITIC Securities and Guotai Junan ranked second and third in underwriting fees, earning 207.0626 million yuan and 202.9983 million yuan respectively [2]. Group 3: Detailed Underwriting Performance - The top five securities firms collectively earned 1.015 billion yuan, accounting for 48.89% of the total underwriting fees for the period [4]. - Other notable firms included Dongxing Securities, CICC, Huatai Securities, and Tianfeng Securities, which ranked sixth to tenth in underwriting fees [4]. Group 4: Summary of Underwriting Fees by Firm - A detailed table shows the number of companies sponsored and the corresponding underwriting fees for each firm, with Huatai United Securities leading with five companies and 254.4657 million yuan [5][6].

Core Viewpoint - The Hong Kong stock market has gained significant attention this year, with notable stocks such as Pop Mart, Mixue Ice Cream, and Laopu Gold reaching new highs as of June 4 [1] Group 1: Stock Performance - The stock prices of Pop Mart, Mixue Ice Cream, and Laopu Gold have all surged, achieving record highs in 2023 [1] - Tencent Holdings and Smoore International are among the popular Hong Kong stocks recommended by multiple brokerages [2][3] Group 2: Broker Recommendations - The number of Hong Kong stocks included in the broker's "golden stock" combinations has significantly increased compared to previous periods [3] - Tencent Holdings received recommendations from four brokerages: Huaxi Securities, Southwest Securities, Yongxing Securities, and Tianfeng Securities [3] - Xiaomi Group-W and Smoore International also received multiple recommendations from various brokerages [3][4] Group 3: Industry Recommendations - The pharmaceutical and biotechnology sector has reclaimed the top position in industry recommendation rankings after three years, with a recommendation rate of 10.2% [5] - The electronics and food and beverage sectors follow in second and third place, with recommendation rates of 9.3% and 6.58%, respectively [5] Group 4: Broker Performance - In May, 31 out of 46 brokerages reported positive returns from their golden stock combinations, with Guoyuan Securities leading with a monthly return of over 6% [6][7] - The top three performing brokerages in terms of golden stock returns for May were Guoyuan Securities, Caitong Securities, and China Galaxy Securities [6] Group 5: Market Outlook - The market outlook for June suggests a focus on large-cap growth stocks, with expectations of continued improvement in returns and win rates [7] - Historical trends indicate that large-cap growth stocks tend to outperform in June, while sectors like household appliances and power equipment remain undervalued [7]

据中国证券报报道，有投资客并无境外股票交易记录，于是在申请开户的存量证明环节，提交了A股股票交割 单。随后有自称是老虎证券客服的电话提醒其证明材料不合格，需要重新提交。紧接着该投资客便收到一封陌 生邮件，附件为一份伪造的美股券商账户证明材料。该投资客后续用上述虚假材料成功实现了开户。 老虎国际稍后在回应声明中否认了上述伪造证明、违规新增内地客户的指控。并表示，针对中国内地市场，其 始终严格遵守监管规定，已于规定时限内，全面落实2022年中国证监会的整改要求。目前已停止在中国内地面 向新用户提供任何开户服务。现阶段在中国境内提供的服务，仅限于为合规存量客户提供必要的客户支持与技 术服务，确保其符合所有监管规定。 不过，对于上述报道中，有关老虎证券"通过技术手段为新增客户获取其APP留'后门'"的说法，券商中国记者 在老虎国际2023年5月发布的一份"存量用户安装更新APP指引"中查到，此举是为了方便更换了苹果手机的存 量用户继续使用其服务，并非特意为新增客户留的"后门"。 存量证明陷入造假风波 今日，有媒体报道称，跨境互联网券商老虎证券正在通过伪造材料等手段，违规发展内地新客户。 随后，老虎国际在给记者的回应声 ...