Investment Rating - The report maintains an investment rating of "Leading the Market - A" for the non-bank financial industry [1]. Core Insights - The non-bank financial industry has shown resilience with limited impact from bond tax increases and a recovery in futures markets, indicating a shift away from "involution" [3]. - Recent reforms in the capital market have clarified key focus areas, with further improvements in asset-side policies [3]. - The Hong Kong IPO pricing regulations have been optimized, allowing for greater institutional participation and flexibility for new listings, which is expected to enhance the attractiveness of the Hong Kong capital market [5][11]. Market Performance - The major indices experienced varying degrees of increase, with the Shanghai Composite Index rising by 2.11%, the CSI 300 by 1.23%, and the ChiNext Index by 0.49% during the week [12]. - The non-bank financial index increased by 0.59%, ranking 27th among 31 primary industries [12]. - The average daily trading volume in A-shares was 1.70 trillion yuan, with a total trading amount of 8.48 trillion yuan for the week, reflecting a 6.26% decrease compared to the previous week [12][13]. Key Industry Data Tracking 1) Market Size and Performance: - As of August 8, the margin trading balance reached 2.01 trillion yuan, marking a 1.50% increase [17]. - The stock pledge ratio was 3.73% of the total share capital, with a financing scale of 2.00 trillion yuan and a securities lending balance of 141.57 billion yuan [17]. 2) Fund Issuance: - In July 2025, new fund issuance totaled 956.89 billion units, with a 21.65% decrease in the number of funds issued [17]. 3) Investment Banking: - In July 2025, the equity underwriting scale was 661.82 billion yuan, with IPO amounts at 241.64 billion yuan and refinancing amounts at 420.17 billion yuan [17]. 4) Bond Market: - The total price index of bonds decreased by 0.92% since the beginning of the year, with the 10-year government bond yield at 1.69%, up by 8.14 basis points [17]. Regulatory Policies and Industry Dynamics - The China Securities Association released the evaluation results for investor education among securities companies, with 32 companies rated A, 42 rated B, 30 rated C, and 1 rated D [24]. - The new IPO regulations in Hong Kong, effective August 4, aim to enhance market stability and attract more mainland enterprises to list [24]. Key Company Announcements - Guolian Minsheng announced a change in leadership with the resignation of its chairman, while still retaining the position of president [26]. - Caitong Securities received a nomination for a new general manager from the Zhejiang Provincial Committee [26]. - Hongta Securities plans to repurchase A-shares at a price not exceeding 12.76 yuan per share, with a total repurchase amount between 100 million and 200 million yuan [26].