Group 1 - The core viewpoint of the news is the introduction of the "Opinions on Setting Up a Growth Layer in the Sci-Tech Innovation Board" by the China Securities Regulatory Commission, which aims to enhance the market's investment and financing functions and promote the aggregation of medium- and long-term funds towards new productive forces [1] - The inclusion of Sci-Tech Innovation Board ETFs in the fund advisory configuration range is significant, as it is expected to broaden the investment scope of fund advisors and attract long-term quality funds to invest in the Sci-Tech Innovation Board [2] - The number of fund companies laying out Sci-Tech Innovation Board ETFs has reached 27, indicating a growing interest and recognition of these products in the market, with approximately 1.23 billion yuan attracted by the Sci-Tech Innovation Board 50 ETF from June 18 to June 24 [3] Group 2 - The introduction of more Sci-Tech Innovation Board ETF options and futures is seen as beneficial for investors to manage risks associated with short-term market fluctuations, thereby attracting more medium- and long-term funds [4] - The upcoming allowance for qualified foreign investors to participate in on-site ETF options trading starting from October 9, 2025, is expected to enhance the stability of foreign institutional investment behavior and promote long-term investment in A-shares [4] - The diversification of Sci-Tech Innovation Board-related ETFs and other derivatives is anticipated to provide investors with more participation methods and effective risk management tools, enhancing market attractiveness and liquidity [4]

Group 1 - The pilot IPO pre-review mechanism aims to enhance the service quality for high-quality technology enterprises, reducing exposure time during the listing process and improving information security [1] - The 2025 Summer Davos Forum will showcase China's economic high-quality development and its commitment to high-level opening-up, presenting opportunities and benefits to the world [2] - Global Robotaxi players are accelerating commercialization, with Tesla launching a pilot service in Texas, indicating progress in the validation of their technology [3] Group 2 - A significant performance divergence is observed among A-share companies, with 16 companies disclosing their 2025 semi-annual performance forecasts, highlighting the varying financial health across sectors [4] - The four major banks have successfully raised a total of 520 billion yuan through private placements, enhancing their capital strength and supporting financial services to the real economy [5] - State-owned enterprise reform is exemplified by Guotou Zhonglu's planned acquisition of a controlling stake in a leading electronic engineering design firm, indicating a trend of asset consolidation [6][7] Group 3 - The introduction of ETF investment strategies for wealth management is expected to accelerate, as policies allow for the inclusion of Sci-Tech Innovation Board ETFs in advisory configurations [8] - Chinese innovative pharmaceutical companies are making headlines with substantial licensing deals, reflecting a shift from being followers to contributors in the global pharmaceutical landscape [9] - The automotive industry is witnessing a call for optimized rebate policies to alleviate dealer financial pressures, marking a response to current market conditions [10] Group 4 - The Shenzhen Stock Exchange is set to launch five new thematic indices focused on the growth sectors of the ChiNext market, enhancing investment opportunities [11] - The People's Bank of China is expected to maintain a stable liquidity environment, with measures in place to address market demands and pressures [12] - Over 60 A-share companies are in the process of planning listings in Hong Kong, driven by policy factors and improved market conditions [13] - The implementation of a plan to promote long-term capital market participation is underway, aiming to stabilize the market through systematic institutional arrangements [14]

Core Viewpoint - The implementation of the "Implementation Plan" aims to promote the entry of long-term funds into the A-share market, enhancing market stability through systematic institutional design and capital guidance [1][2]. Group 1: Promotion of Long-term Investment - The "Implementation Plan" focuses on guiding various long-term funds, including commercial insurance funds and social security funds, to increase their investment in A-shares, with specific arrangements to steadily raise the scale and proportion of long-term funds in the market [2][3]. - Since the policy's implementation, the speed and scale of long-term funds entering the market have significantly increased, injecting fresh blood into the capital market [1][2]. - The long-term investment pilot projects for insurance funds have accelerated, with a total scale of 2,220 billion yuan approved for long-term investment reforms [2][3]. Group 2: Long-term Assessment Mechanism - A long-term assessment mechanism for investment periods of over three years has been established, which helps to mitigate short-term market fluctuations and reinforces long-term investment logic [2][3]. - The introduction of a long-term assessment mechanism for public funds has been initiated, with a focus on long-term returns [2][3]. - The mechanism aims to alleviate the pressure of short-term performance on long-term funds, allowing them to focus on stable long-term development [3][6]. Group 3: Optimizing Market Ecology - The "Implementation Plan" proposes optimizing the investment ecology of the capital market by encouraging listed companies to increase share buybacks and implement regular dividend policies [4][5]. - The policy aims to enhance the quality of listed companies and provide more suitable investment products for long-term funds, thereby reducing institutional barriers to market entry [4][5]. - The expansion of investment options, including REITs and innovative financial products, is expected to meet the diverse risk-return preferences of long-term funds [4][5]. Group 4: Challenges and Recommendations - Despite the progress, there are still challenges in the investment scope, product supply, and assessment mechanisms that need to be addressed to fully realize the potential of long-term funds [5][6]. - Recommendations include expanding the investment range for long-term funds, allowing participation in private equity and alternative investments, and enhancing the transparency and efficiency of the capital market [6][7]. - Further improvements in the long-term assessment mechanism and the development of more suitable financial products are essential to encourage long-term investment [7].

Core Viewpoint - The optimization of the investor structure and the promotion of coordinated development among various types of investors are crucial aspects of the reform of the investment side of the capital market [1] Investor Structure Analysis - The A-share investor structure is categorized into five types: industrial capital, government holdings, professional investment institutions, individual major shareholders, and general individual investors, with their respective market value proportions at 34.4%, 7.6%, 19.2%, 6.4%, and 32.3% by the end of 2024 [1] - Industrial capital and government holdings have increased their market value share, while professional investment institutions and individual major shareholders have seen slight declines [1][2] Role of Industrial Capital and Government Holdings - Industrial capital and government holdings act as a "ballast" for the market, with their combined market value share rising from 37.4% at the end of 2021 to 42.0% by the end of 2024, reflecting their counter-cyclical adjustment role during weaker market conditions [1][2] - The number of shares held by general legal entities, including industrial capital and government holdings, reached 35.5 trillion shares, accounting for 50.9% of A-share circulating shares, marking a continuous increase over two years [2] Impact on Investment Chains - The changes in industrial capital and government holdings guide investment in the industrial chain and stabilize market expectations, particularly in strategic sectors such as public utilities and basic chemicals, where their shareholding has increased significantly [3] Growth of Professional Investment Institutions - Domestic professional investment institutions have been growing, with their shareholding proportion rising to 14.9% by the end of 2024, despite a slight decline in public fund holdings [6][7] - Public funds remain the largest category of institutional investors, with a market value of approximately 5.7 trillion yuan, although their shareholding proportion has decreased to 7.3% [7] Private Equity and Insurance Funds - Private equity funds have become significant players in the A-share market, with a shareholding proportion of 4.1% and a market value of 1.9 trillion yuan [8] - Insurance companies have seen their A-share holdings increase to 1.5 trillion yuan, with a shareholding proportion of 1.9%, reflecting a recovery trend [9] Social Security Fund and Other Institutions - The social security fund, with total assets exceeding 3 trillion yuan, has become an important channel for pension investment in the capital market, holding nearly 500 billion yuan in A-shares [10] - Other domestic investment institutions have also diversified, with their shareholding proportion rising to 0.9% by the end of 2024 [11] Foreign Investment Trends - Foreign institutional holdings have decreased, with a market value of approximately 3.4 trillion yuan, reflecting a decline from a high of 5.6% in 2021 to 4.3% by the end of 2024 [12] Individual Investor Dynamics - General individual investors maintain a shareholding proportion above 30%, with their holdings reaching 25 trillion yuan by the end of 2024, despite a slight decline [13][14] Trading Behavior and Market Impact - Public funds, quantitative private equity, and foreign institutions significantly influence A-share trading styles, with public funds accounting for 8.3% of total trading volume [15][17] - The trading behavior of individual investors has shown a slight decline, with institutional trends becoming more pronounced [16] Coordination Among Investor Types - The differing preferences of various investor types contribute to changes in A-share trading structure, with a need for better alignment and coordination among them to enhance market stability [18][19][20]

1)长期资金入市，权益投资有望贡献弹性。2)行业投资组合结构：债券和权益投资比例有望持续提升， 债券占比维持高位同时结构不断优化，边际来看占比增速或将放缓。长期资金入市，股票配置占比预计 将持续提升。人身险公司纯股票配置占比8.4%，同比+0.9 pct，连续三个季度保持回升;财险公司纯股票 占比7.6%，同比+0.4 pct，同样延续小幅上行趋势。3)IFRS9下的投资组合：OCI有望持续增配，以高股 息高分红标的寻找确定性。 内含价值：NBV有望持续改善，头部险企EV增长分化，聚焦资负匹配能力 伴随分红险切换和渠道"报行合一"费用管控，长期投资收益率假设调整的负面影响有望逐步消化，潜在 利差损压力有望逐步减轻，后续资产负债更为匹配、业务结构和渠道质态较好的险企有望更为受益， ROEV整体表现有望显著回暖。 风险提示：政策不及预期、资本市场波动加大、居民财富增长不及预期、长期利率下行超预期、险企改 革不及预期。 1)保费增长：新单保费预计继续承压，结构质态有望改善，NBV预计延续正增长。新单保费方面，该行 预计2025年主要上市险企整体仍将承压，除新华保险外，预计将维持负增长，总保费方面，由于有过去 续期保 ...

证券研究报告 | 行业周报 gszqdatemark 2025 06 22 年 月 日 银行 本周聚焦—南向资金买了多少银行股？ 一、南向资金买了多少银行股？ 近年来，政策层面持续推动中长期资金入市，2025 年 1 月，中央金融办、 证监会等六部委联合印发《关于推动中长期资金入市工作的实施方案》， 提出引导大型国有保险公司增加 A 股（含权益类基金）投资规模和实际比 例，并实行三年以上的长周期考核。在此背景下，银行股具备业绩稳定、 高分红、流动性较好的属性，今年以来持续获得险资青睐。 1）中长期资金入市 1 月 23 日，国务院新闻办公室举行新闻发布会，中国证监会主席吴清表 示，力争大型国有保险公司从 2025 年起每年新增保费的 30%用于投资 A 股。今年一季度保险公司资金运用余额中投向股票的增量资金为 3893 亿 元（含财产险公司和人身险公司），同比多增 3823 亿元，投向股票在资 金运用余额中的比重亦提升至 8.4%。 3）南向资金增配港股银行 2025 年以来，南向资金持续增配港股银行，截至 6 月 20 日，南向资金年 内净流入港股规模已突破 7000 亿元，其中港股银行净流入规模达 136 ...

Report Industry Investment Rating No information provided. Core View of the Report - Due to the impact of risk - aversion sentiment, domestic stock indices continued to fluctuate weakly. It is recommended to make long - term allocations for IH2509 and IF2509, and move positions from IM2506 to IM2509 as the June contract of IM is approaching maturity and its annualized basis rate is relatively high [3]. Summary by Relevant Catalogs Market Performance - As of June 20, 2025, most domestic and foreign indices declined this week. The Nasdaq rose 0.22%, the S&P 500 fell 0.15%, and the Hang Seng Technology Index fell 2.08%. The Shanghai Composite Index fell 0.51%, the CSI 1000 Index fell 1.74%, the SSE 50 Index fell 0.10%, the ChiNext Index fell 1.66%, and the STAR 50 Index fell 1.55%. In terms of industries, most of the 31 Shenwan primary industry indices declined, with sectors such as beauty care, textile and apparel, and pharmaceutical biology falling more than 3%, while only a few sectors such as banking and communications rose [11][12]. Liquidity - In May, the growth rate of social financing was stable, and the growth rate of M2 declined slightly. The net MLF investment in May was 375 billion yuan, and the 10 - year government bond yield was around 1.65%. The growth rate of social financing remained relatively high, with government bond financing being an important support, but credit growth was still weak. The M2 growth rate declined slightly but remained stable overall, the M1 growth rate increased, and the M1 - M2 gap narrowed [22]. Trading Data and Sentiment - The escalation of the Israel - Iran conflict led to the weakening of stock indices this week. The trading volume of the two markets shrank to around one trillion yuan. The number of new A - share accounts opened in January was 1.57 million, in February was 2.83 million, in March was 3.06 million, in April dropped to 1.92 million, and in May continued to drop to 1.555 million [34]. Index Valuation - Index valuations are in the median range. As of June 20, 2025, the latest PB of the Shanghai Composite Index was 14.64 with a quantile of 64.72, and the latest PE of the Wande All - A Index was 19.18 with a quantile of 01.82. In terms of major stock indices, the valuation quantiles are in the order of CSI 1000 > CSI 500 > SSE 300 > SSE 50 [51]. Index Industry Weights (as of December 31, 2024) - In the SSE 50, the weights of banking, food and beverage, and non - bank finance are relatively high, at 19.4%, 16.57%, and 13.07% respectively, and the electronics industry has become the fourth - largest weighted industry. - The weights of the SSE 300 are relatively dispersed, with the top three weighted industries being banking, non - bank finance, and electronics. - The top three weighted industries of the CSI 500 and CSI 1000 are exactly the same, namely electronics, pharmaceutical biology, and power equipment, but the electronics industry in the CSI 1000 has a higher weight [52].

Group 1 - The core viewpoint is that Everbright Wealth has become the first bank wealth management company to participate in offline IPO subscriptions as an A-class investor, marking a significant development in the industry [1][2] - Everbright Wealth participated in the offline IPO subscription of Xintong Electronics at a declared price of 17 yuan per share, using its mixed product "Sunshine Orange Incremental Absolute Return Strategy" [2] - This move allows bank wealth management companies to enjoy the same policy treatment as public funds, potentially increasing the allocation of new shares to wealth management products and enhancing their yield flexibility [2][4] Group 2 - Xintong Electronics, established in 1996, has a competitive advantage in the market with a 25%-30% market share in intelligent inspection systems for transmission lines and is ranked first in the intelligent terminal segment for communication operations [2] - According to its prospectus, Xintong Electronics expects revenue growth of 19.08% and 7.97% for 2023 and 2024, respectively, with net profit growth of 5.60% and 15.11% for the same years [2] - The participation of bank wealth management companies as A-class investors is supported by policies aimed at facilitating the entry of long-term funds into the capital market, as outlined in recent government initiatives [4]

中国基金报记者 马嘉昕 6 月 20 日，记者从多个渠道获悉，光大理财以 17 元 / 股的申报价格参与深交所主板拟 IPO 企业信通电子的网下打新，并成功入围有效报价，成为行业内首家以 A 类投资者参与网 下打新的银行理财公司。 以 A 类投资者身份参与网下打新 据记者了解，光大理财以其管理的混合类产品 " 阳光橙增盈绝对收益策略 " 参与了此次网下 打新，成为行业内首家以 A 类投资者参与网下打新的银行理财公司。 过去，银行理财公司主要是通过公募基金间接参与打新业务。此次银行理财公司上升为 A 类 投资者，可作为 IPO 优先配售对象，与公募基金享受同等政策待遇。 此举既有利于提高银行理财产品新股配售比例，努力增厚理财产品的收益弹性，也为资本市 场带来新生力量，有助于优化金融资源配置，支持实体经济高质量发展。 【 导读 】 光大理财以 A 类投资者身份参与网下打新，为行业内首家 鼓励中长期资金入市 银行理财公司能够以 A 类投资者参与网下打新，源于政策支持。据悉， 2024 年，中央政治 局会议明确提出要 " 打通社保、保险、理财等资金入市堵点 " 。 今年 1 月，中央金融办、中国证监会等六部门联合印发 ...

Core Viewpoint - The first offline subscription for new shares by bank wealth management companies has been successfully executed, marking a significant development in the investment landscape following the new regulations that elevate these companies to Class A investors [2][5]. Group 1: Regulatory Changes and Market Participation - Bank wealth management companies have transitioned to Class A investors, allowing them to participate directly in offline subscriptions for IPOs, previously dominated by public funds and social security funds [5][6]. - The new regulations aim to facilitate the entry of various funds, including bank wealth management and insurance asset management products, into the capital market, providing them with equal treatment as public funds [5][6]. - The first offline subscription was executed by Everbright Wealth Management, which successfully participated in the offline subscription for Xintong Electronics, marking a milestone in the industry [2][4]. Group 2: Company Performance and Market Position - Xintong Electronics, established in 1996, has a competitive edge in the market with a 25%-30% market share in intelligent inspection systems for transmission lines and is a leader in the communication operation and maintenance terminal segment [4]. - The company's financial performance shows promising growth, with projected revenue increases of 19.08% and 7.97% for 2023 and 2024, respectively, and net profit growth of 5.60% and 15.11% for the same years [4]. Group 3: Investment Trends and Strategies - Bank wealth management companies are increasingly focusing on equity investments, with only 2.58% of their assets allocated to equity as of the end of last year, indicating significant room for growth [7]. - Various strategies are being employed by wealth management companies to enhance their equity market presence, including investments in ETFs and passive index strategies [8]. - The ongoing policy support is expected to lead to the development of more innovative wealth management products linked to the capital market, enriching the product offerings for investors [9].