智通财经APP获悉，中资券商股普涨，截至发稿，广发证券(01776)涨2.46%，报17.93港元；东方证券 (03958)涨2.42%，报17.28港元；光大证券(06178)涨1.64%，报10.55港元；中信建投(06066)涨1.52%，报 12.7港元；申万宏源(06806)涨1.49%，报3.4港元。 消息面上，根据同花顺统计数据显示，截止8月1日，已有27家上市券商公布半年度业绩预告数据。总体 上看，数据显示，24家发布业绩预告的上市券商均实现盈利，其中23家预增，1家实现扭亏。分业务来 看，经纪及两融业务方面，受多项利好政策推动，市场成交实现高增，两融维持高位；投行业务方面， 市场再融资规模实现高增，IPO整体有所恢复。中信建投认为，基于良好的半年度业绩预告，叠加资本 市场改革深化、流动性宽松及市场指数中枢上移预期，券商板块下半年投资机遇凸显。 国泰海通指出，预计2025H1上市券商业绩好于预期，归母净利润同比+61.23%。从上市券商2025H1各 项业务收入对营收增量贡献度看，预计投资业务对调整后营业收入增长的贡献最大为60.51%，主因是 权益市场相较2024H1收益率明显改善，且202 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) emphasizes the importance of maintaining market stability, strict regulation, strong functionality, and a competent workforce to support the ongoing recovery of the economy and the modernization of China [1][4]. Group 1: Market Resilience and Expectations - The CSRC has focused on risk prevention, strong regulation, and promoting high-quality development, leading to improved market resilience and expectations [2][3]. - Major indices in the A-share market have shown recovery after initial declines, with the Shanghai Composite Index at 3593.66 points and the Shenzhen Component Index at 11168.14 points, both up over 7% year-to-date [2]. Group 2: Key Work Areas for CSRC - The CSRC outlines seven key areas for future work, including consolidating market stability, deepening reforms to enhance market vitality, improving regulatory effectiveness, and managing risks in key areas [4]. - Specific measures include enhancing market monitoring and risk response mechanisms, promoting the implementation of the "1+6" policy for the Sci-Tech Innovation Board, and advancing reforms in the ChiNext [4][6]. Group 3: Enhancing Long-term Capital and Governance - The CSRC aims to cultivate long-term and patient capital, encouraging the entry of medium to long-term funds into the market and advancing public fund reforms [7]. - There is a focus on improving corporate governance and preventing financial fraud, with an emphasis on the importance of accurate information disclosure and regulatory mechanisms [5][6]. Group 4: Research and Strategic Alignment - The CSRC stresses the need to enhance the authority and influence of research on major capital market issues to better serve national strategies and regulatory needs [8]. - Financial institutions are encouraged to improve their professional capabilities and align their research with national strategic directions, such as innovation-driven development and high-level opening-up [8].

Investment Rating - The report indicates that the investment rating for the Korean market is currently underweight, reflecting lower valuations compared to peers and a need for earnings growth to broaden out [14][16]. Core Insights - The Korean market is characterized by its cyclical nature, heavily influenced by both the US and China markets, with a constant coupling and decoupling dynamic [11][32]. - The KOSPI index has shown significant sectoral performance variations, with IT and Financials leading the market, while other sectors like Materials and Consumer Discretionary have underperformed [20][23]. - The report anticipates a gradual recovery in domestic demand starting from the second half of 2025, with an expected GDP growth of 1.1% for the year [33][34]. Summary by Sections Market Performance - The KOSPI has experienced a year-to-date performance of 32.4% in 2025, recovering from a -9.6% performance in 2024 [18][26]. - Foreign investors have been net sellers in 2025 but have shown net buying activity since May [26][29]. Sector Analysis - The IT sector constitutes 36% of the KOSPI index and has performed well with a 32.4% increase year-to-date [20]. - The Financials sector has also shown strong performance, with a year-to-date increase of 49.4% [20]. - In contrast, the Materials sector has seen a decline of 41.2% in 2024, indicating significant volatility [20]. Economic Indicators - The report highlights that Korea continues to trade at lower valuations compared to Japan and China, with a focus on improving return on equity (ROE) [14][16]. - The Bank of Korea has lowered the policy rate to 2.5% and is expected to implement a larger supplementary budget in the second half of 2025 [37][38]. Earnings Growth - Earnings growth needs to broaden out, with the current consensus operating profit growth for the KOSPI at 10.0% for 2025, which is below historical averages [23][44]. - The report notes that consensus earnings are being adjusted down, reflecting a cautious outlook for the upcoming periods [44][46].

Group 1 - The article emphasizes the importance of deepening capital market reforms and enhancing Shanghai's status as an international financial center, particularly during the Lujiazui Forum where significant policies were introduced [1] - The securities industry is expected to benefit from the expansion of the Sci-Tech Innovation Board and the increase in hard technology companies, which will drive growth in investment banking and M&A activities, as well as cross-border investment and financing demands [1] - In a stable stock market environment, there is a recommendation to focus on undervalued and underrepresented blue-chip stocks, shifting from a marginal thinking approach to a total risk-reward perspective for non-bank blue-chip stocks [1] Group 2 - Recent policies encouraging red-chip and H-shares to return to A-shares are expected to particularly benefit non-bank blue-chip stocks in the Hong Kong market [1] - In the fintech sector, companies with promising growth in their semi-annual reports are recommended for attention, especially in the consumer finance and financial information services industries [1] - The third-party payment sector is anticipated to experience valuation recovery opportunities due to the ongoing catalyst of stablecoin-related policies [1]

Core Viewpoint - The Chinese capital market is enhancing its internal stability through comprehensive reforms, encouraging listed companies to improve investment value via cash dividends, share buybacks, and mergers and acquisitions, ultimately providing more quality investment opportunities for global investors [1][2]. Group 1: Market Overview - As of now, there are over 5,000 listed companies in the A-share market, reflecting a complete range of industries in China and showcasing the country's transformation and upgrading [1]. - Despite multiple pressures, A-share listed companies have shown resilience, with three-quarters achieving profitability and half of the companies experiencing profit growth [1]. Group 2: Investor Returns - In 2024, A-share listed companies implemented a record high of 2.4 trillion yuan in dividends and 147.6 billion yuan in share buybacks, with the dividend yield of the CSI 300 index approaching 3.6%, indicating enhanced stability and predictability in returns for investors [2]. - The current valuation level of A-shares remains relatively low, with the CSI 300 price-to-earnings ratio at 12.6, significantly lower than major overseas market indices, highlighting the investment value [2]. Group 3: Foreign Investment and Market Opening - Foreign investors hold a stable market value of 3 trillion yuan in A-shares, becoming an indispensable force in the Chinese capital market [2]. - The China Securities Regulatory Commission (CSRC) plans to strengthen the top-level design for foreign openness, improve the management of foreign listings, and support qualified foreign institutions in applying for new businesses and products [2]. - There will be a focus on enhancing the systematic nature of foreign openness, coordinating the opening of stock, bond, and futures markets, and increasing the supply of internationalized futures and options products [2].