截至2025年末，九富常年客户规模再创新高，服务总量同比增长超10%。超十年、超十五年合作期客户 群持续扩容，大体量客户数量与服务留存年限均创纪录，进一步巩固九富常年业务的领先优势。 2025年，A股与港股双市共振为高质量经济发展注入澎湃活力。顺应境内外资本市场变革趋势，2025年 九富进一步夯实IPO全维服务能力，全年护送陆港两地IPO成功挂牌项目数量实现翻倍增长；常年客户 矩阵加速扩容，同比增幅超10%，各项核心服务指标均实现亮眼突破。 据九富北京、上海、深圳、香港四地运营主体截至2025年12月31日最新统计，公司已累计为2010家上市 公司及多元业态机构提供定制化服务方案，客户规模首次突破2000家大关。 境内外IPO双箭齐发，科创板IPO募资包揽年度前二 2025年，九富服务A股IPO成功挂牌项目总募资额，占A股2025年度总募资额近30%。其中，A股前二十 名IPO募资项目中，近半数由九富提供服务，并包揽科创板IPO募资前两名；服务港股IPO成功挂牌项目 同比去年激增四倍，境内外IPO业务全年捷报频传。 A股方面，九富持续服务市场瞩目的大体量IPO项目，包括科创板2025年度募资冠军摩尔线程 (6 ...

Group 1 - The A-share market showed a strong recovery after a low opening on June 3, with major indices such as the Shanghai Composite Index, Shenzhen Component Index, ChiNext Index, and CSI A500 Index turning positive. Key sectors that performed well included online gaming, brain-computer interfaces, gold and jewelry, and rare earths [1] - The A500 ETF (512050) recorded a trading volume exceeding 1 billion yuan, ranking first among similar products. Notable stocks within this ETF included Zhangqu Technology, which rose over 13%, and Giant Network, Huahai Pharmaceutical, and Aerospace Rainbow, which all increased by over 8% [1] - The A500 ETF tracks the CSI A500 Index and employs a dual strategy of industry-balanced allocation and leading stock selection, covering all sub-industries. It emphasizes both value and growth attributes, with a higher allocation in sectors like pharmaceuticals, electronics, and power equipment compared to the CSI 300 Index, representing core assets in the current A-share market [1] Group 2 - Huatai Securities released a mid-term outlook for 2025, predicting that ROE (Return on Equity) is expected to stabilize and recover in the second half of 2025 due to improvements in net profit margins, stabilization of turnover rates, and an increase in equity multipliers, marking the end of the downward cycle for A-share ROE [1] - The broad valuation recovery of Chinese assets is still in progress, driven by three main variables: technological innovation, the end of the rapid decline in the real estate sector, and improvements in policy cycles. The trend is expected to remain unchanged in the second half of the year, with "de-dollarization" providing upward pressure on the renminbi, enhancing the attractiveness of Chinese asset allocation [1] - Core assets represented by A50, consumption, and finance have shown remarkable fundamental resilience over the past three years and are expected to play a leading role in the upcoming ROE recovery cycle. Additionally, five investment themes are highlighted: renminbi appreciation, technology cycles, capacity cycles, inventory cycles, and capital market reforms [1]