Group 1 - A-shares market experienced a high and then a pullback, with the ChiNext index leading the decline, while military stocks surged and bank stocks performed well, with the China Securities Banking Index reaching a new high in this round of market [1] - A500 ETF by Harvest (159351) saw a slight adjustment, with a trading volume exceeding 3.3 billion yuan, ranking second in the market for similar products and first in the Shenzhen market; the turnover rate reached 21.77%, also the highest in its category in Shenzhen [1] - A500 ETF received a net subscription of 459 million units today, attracting over 450 million yuan in capital, and its constituent stock, Xingyuan Material, rose over 10% [1] Group 2 - The A500 ETF tracks the China Securities A500 Index, which consists of 500 stocks with large market capitalization and good liquidity, providing a tool for investors to allocate to representative A-share companies [2] - Investors can access the core assets of A-shares through the Harvest China Securities A500 ETF linked funds (Class A 022453; Class C 022454) [2]

| CTE HERE | | | 日度策略参考 | | --- | --- | --- | --- | | 行业板块 | 品种 | 趋势研判 | 逻辑观点精粹及策略参考 | | | | | 短期内,a股市场流动性尚可,加上地缘政治冲突大幅缓解,海外 | | | | | 扰动减弱,股指预计偏强震荡。 | | 宏观金融 | 国债) | | 资产需和弱经济利好债期。但短期央行提示利率风险,压制上涨 空间。 | | | | | 市场风险偏好改善,金价短期或承压;但地缘和关税等不确定性 | | | | 農汤 | 仍高企,金价或难持续下挫,料震荡运行。 | | | 白银 | 震荡 | 银价短期震荡为主。 | | | 37 | | 近期美联储多位官员发表鸽派言论。再出口窗口打开情况下,铜 库存有望进一步下滑，铜价短期震荡偏强运行。 | | | | | 近期国内电解铝库存水平偏低,而下游需求进入淡季,铝价震荡 | | | | 農汤 | 运行。 | | | | | 氧化铝现货价格持续回调,但盘面价格更弱,期货维持贴水,限 | | | 氢化铝 | 黑汤 | 制下方空间。另一方面,冶炼端(现货)利润尚可,产量提升, | | | | ...

总量研究 2025. 06. 26 策略速评报告 指数年内新高后可能的补涨方向 正 证 券 研 究 所 证 券 究 报 研 方 告 分析师 | 燕翔 | 登记编号：S1220525030001 | | --- | --- | | 沈重衡 | 登记编号：S1220525030002 | 近期 A 股走势较强、截至 6 月 25 日上证指数三连阳收于 3456 点,创年内 新高。我们认为,A 股近日走强的主要逻辑有以下三点: 一是 A 股整体估值较低, 权益资产目前具有较好的投资性价比。截至 6 月 25 日,万得全 A 指数的市盈率为 19.8x, 沪深 300 指数的市盈率为 13.2x。 另外随着近年来无风险利率持续下降,权益资产的风险溢价也处于历史高 位:截至６月 25日,万得全 A 指数的股权风险溢价为 3.4%,处于 2010 年以来的 70.3%分位数(参见图表 1）。 二是外部风险逐渐消散,利好因素不断累积。前期对 A 股形成一定扰动的 关税冲击已逐渐落地,负面风险得到释放;利好因素方面,随着更加积极的 财政政策和适度宽松的货币政策逐步落地,存量政策和增量政策协同效应 不断增强,国内经济的韧性有望 ...

Core Viewpoint - The market outlook for the second half of 2025 suggests a potential upward trend for A-shares, driven by strong domestic economic resilience and low asset valuations, alongside expected foreign capital inflows [4][5]. Group 1: Market Performance - As of June 26, 2025, the CSI Small Cap 500 Index increased by 0.07%, with notable stocks like Guosheng Jinkong and Beifang Navigation hitting the 10% daily limit up [1]. - The CSI 500 ETF (159922) has achieved a four-day consecutive increase, with a weekly gain of 2.16% as of June 25, 2025 [1][4]. Group 2: Trading and Liquidity - The CSI 500 ETF recorded a trading volume of 83.47 million yuan during the session, with an average daily trading volume of 423 million yuan over the past year [4]. - The latest scale of the CSI 500 ETF reached 11.72 billion yuan, marking a three-month high, with a total of 4.963 billion shares outstanding [4]. Group 3: Fund Flows and Returns - The CSI 500 ETF has seen continuous net inflows over the past four days, with a peak single-day net inflow of 88.77 million yuan, totaling 190 million yuan [4]. - Over the past five years, the net value of the CSI 500 ETF has increased by 12.15%, with the highest monthly return recorded at 23.90% and the longest consecutive monthly gain lasting 13 months [4]. Group 4: Economic and Policy Outlook - The market is expected to benefit from a weaker dollar trend, supportive capital market policies, and an overall improvement in liquidity conditions in the second half of 2025 [4]. - Several brokerages anticipate that the domestic economy will maintain strong resilience, and the valuation of Chinese assets remains low, providing room for revaluation and foreign capital inflows [5]. Group 5: Key Stocks in the Index - As of May 30, 2025, the top ten weighted stocks in the CSI Small Cap 500 Index include Jianghuai Automobile, Guangqi Technology, and Shenghong Technology, collectively accounting for 6.59% of the index [5].

A股三大指数集体翻红，军工、大金融、PCB、固态电池等方向领涨，沪深京三市上涨个股超2700只。 ...

Core Viewpoint - China Construction Bank Corporation is issuing A-shares to specific investors, with the aim of raising capital to strengthen its core tier one capital and support sustainable business development [12][15]. Group 1: Basic Information about the Issuer - Company Name: China Construction Bank Corporation [2] - Legal Representative: Zhang Jinliang [2] - Established Date: September 17, 2004 [2] - Registered Capital: 250.01 billion CNY [2] - Headquarters: Financial Street, Xicheng District, Beijing [2] - Total Assets: 40,571.15 billion CNY as of December 31, 2024 [6] - Total Liabilities: 37,227.18 billion CNY as of December 31, 2024 [6] - Total Equity: 3,343.97 billion CNY as of December 31, 2024 [6] Group 2: Business Overview - The issuer is a leading state-owned commercial bank in China, providing comprehensive financial services to 771 million individual customers and 11.68 million corporate clients [3]. - Main business segments include corporate banking, personal banking, asset management, and other services including overseas operations [4][5]. Group 3: Financial Performance - Total Operating Income for 2024: 750.15 billion CNY, a decrease from 769.74 billion CNY in 2023 [5]. - Operating Profit for 2024: 384.27 billion CNY, slightly down from 389.23 billion CNY in 2023 [5]. - Net Profit Attributable to Shareholders: 335.58 billion CNY for 2024, compared to 332.65 billion CNY in 2023 [5]. Group 4: Issuance Details - Type of Shares: A-shares with a par value of 1.00 CNY each [12]. - Issuance Method: Directed issuance to specific investors, specifically the Ministry of Finance [12][13]. - Issuance Price: Initially set at 9.27 CNY per share, adjusted to 9.06 CNY after dividend distribution [13][14]. - Total Number of Shares Issued: 11,589,403,973 shares, not exceeding 30% of the total share capital prior to issuance [15]. Group 5: Use of Proceeds - Total proceeds from the issuance are expected to be 105 billion CNY, which will be used entirely to supplement the issuer's core tier one capital [15]. Group 6: Regulatory Compliance - The issuance has been approved by the China Banking Regulatory Commission and has passed the review of the Shanghai Stock Exchange [24][25]. - The issuer has followed necessary decision-making procedures as per the Company Law and Securities Law [23][24]. Group 7: Underwriter Information - CITIC Securities is the underwriter for this issuance, ensuring compliance with relevant laws and regulations [12][22]. - Key representatives from CITIC Securities include Zhou Yu and Shi Guoping, both with extensive experience in underwriting and securities issuance [16][17].

Core Points - The company held its second extraordinary general meeting of shareholders on June 25, 2025, where all proposed resolutions were approved without any objections [2][4][5] - The board of directors approved the first grant of restricted stock under the A-share incentive plan, granting 36.89 million shares at a price of 2.15 yuan per share to 152 eligible participants [10][17][24] Group 1: Meeting Details - The meeting was convened by the board of directors and chaired by Chairman Liu Jianrong, using a combination of on-site and online voting methods [2][5][8] - All 8 serving directors and 5 serving supervisors attended the meeting, along with some senior executives [3][8] Group 2: Resolutions Passed - The following resolutions were passed: - The revised draft of the first A-share restricted stock incentive plan [4] - The performance assessment methods for the incentive plan [4] - The management measures for the incentive plan [6] - Authorization for the board to handle matters related to the incentive plan [6] - The resolutions received more than two-thirds approval from the shareholders present [4][6] Group 3: Stock Grant Details - The initial grant date for the restricted stock is set for June 25, 2025, with a total of 36.89 million shares granted [17][24] - The number of shares granted was adjusted from 44.5 million to 38.37 million due to 25 participants no longer qualifying for the incentive [28][44] - The stock grant is part of a broader incentive plan aimed at aligning the interests of the company's management with those of its shareholders [10][17] Group 4: Compliance and Legal Opinions - The company ensured compliance with relevant laws and regulations throughout the process, with legal opinions confirming the validity of the resolutions and the stock grant [34][47] - The monitoring committee verified that all participants in the incentive plan met the necessary conditions and that no insider trading occurred prior to the grant [31][40]

证券代码：688319 证券简称：欧林生物 公告编号：2025-024 成都欧林生物科技股份有限公司关于 以简易程序向特定对象发行 A 股股票摊薄即期回报 与采取填补措施及相关主体承诺（修订稿） 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 成都欧林生物科技股份有限公司（以下简称"公司"）根据《国务院办公厅 关于进一步加强资本市场中小投资者合法权益保护工作的意见》（国办发 2013110 号）、《国务院关于进一步促进资本市场健康发展的若干意见》（国 发201417 号）及中国证监会《关于首发及再融资、重大资产重组摊薄即期回 报有关事项的指导意见》（证监会公告201531 号）等有关规定，为保障中小 投资者利益，公司就向特定对象发行 A 股股票（以下简称"本次发行"）对即期 回报摊薄的影响进行了认真分析，并结合实际情况提出了具体的填补回报措施。 公司控股股东、实际控制人、董事、高级管理人员对公司填补回报措施能够得到 切实履行作出了相应承诺。现将相关情况公告如下： 一、本次向特定对象发行股票摊薄即期回报对公司主要财务指标的影 ...

Group 1 - The core viewpoint of the article is that the correlation between Hong Kong stocks and A-shares has significantly increased since 2020, while the correlation with US stocks has weakened [1][2][3] - Historically, Hong Kong stocks were more correlated with US stocks, particularly from 1970 to 2020, but since 2020, this correlation has diminished, especially in 2021 and 2023 [1] - The increase in correlation between Hong Kong and A-shares is attributed to a decrease in foreign capital's share in Hong Kong stocks and an increase in domestic liquidity [1][2] Group 2 - Hong Kong stocks have become less dependent on overseas liquidity since 2020, with valuation contributing more to price movements, aligning with the increased correlation with A-shares [2] - The decline in foreign capital's share is influenced by geopolitical factors, currency arbitrage, and changes in the price-performance ratio of Hong Kong stocks [2] - Domestic capital has accelerated its inflow into Hong Kong stocks due to price advantages and scarcity of investment targets, further linking Hong Kong's liquidity to mainland capital behavior [2] Group 3 - The fundamental performance of Hong Kong stocks is increasingly related to mainland China, with over two-thirds of listed companies being Chinese enterprises, contributing 90% of net profits [3] - The proportion of mainland enterprises listed in Hong Kong has risen since 2020, supported by policies aimed at developing Hong Kong's capital market [3] - The correlation between Hong Kong stocks and overseas markets has weakened, with less impact from changes in overseas demand and economic cycles since 2020 [3]

Core Viewpoint - The approval of Guotai Junan International to provide cryptocurrency and virtual asset trading services has significantly boosted the A-share financial technology sector and market sentiment, leading to a notable increase in the Shanghai Composite Index and trading volume [2][4]. Market Performance - As of June 25, the Shanghai Composite Index rose by 1.04% to close at 3455.97 points, marking a new high for the year, while the ChiNext Index increased by over 3% [2]. - The trading volume in the two markets reached 1.6 trillion yuan [2]. Sector Activity - Active sectors included stablecoins, military industry, AI applications, computing power, solid-state batteries, and autonomous driving, while oil and gas, as well as shipping sectors, faced adjustments due to external factors [3]. Future Market Outlook - Analysts predict a structural market trend with low-level rotation continuing, driven by policy timing and strength [4]. - Multiple brokerages forecast a potential upward trend in the A-share market for the second half of 2025, supported by resilient domestic economic performance and relatively low asset valuations [4][7]. Investment Directions - Brokerages suggest focusing on three main investment directions for the second half of the year: dividend assets, technology innovation themes, and large consumer sectors [5][21]. Dividend Assets - Dividend assets, including financial sectors like insurance and banking, as well as shipping, communication services, and electricity, are seen as attractive due to their low valuations and stable returns [22]. - The current low-interest-rate environment enhances the appeal of dividend assets, aligning well with the demand from long-term funds [22]. Technology Innovation - Key areas of focus include AI computing power, AI applications, and embodied intelligence, with expectations for significant growth in these sectors [23]. - The first phase of AI market activity is centered around infrastructure, while the second phase will focus on application layers, including AI agents and humanoid robots [23]. Large Consumer Sector - The domestic beauty, pet economy, and IP economy are highlighted as promising investment opportunities [25]. - Emerging consumer trends such as domestic beauty brands, pet products, and innovative pharmaceuticals are recommended for investment [25].