西部证券股份有限公司 2023 年面向专业投资者公开发行公司债 券（第四期）（债券简称：23 西部 05，债券代码：148424，以下简 称"本期债券"）将于 2025 年 8 月 14 日支付 2024 年 8 月 14 日至 本次付息的债权登记日为 2025 年 8 月 13 日，凡在 2025 年 8 月 息；2025 年 8 月 13 日卖出"23 西部 05"的投资者不享有本次派发 的利息。 西部证券股份有限公司（以下简称"本公司"）发行的本期债券 将于 2025 年 8 月 14 日支付 2024 年 8 月 14 日至 2025 年 8 月 13 日期 间的利息。根据《西部证券股份有限公司 2023 年面向专业投资者公 开发行公司债券（第四期）募集说明书》和《西部证券股份有限公司 易所上市的公告》有关条款的规定，本期债券计息期限内每年付息一 次，为确保付息工作的顺利进行，现将有关事宜公告如下： 证券代码：002673 证券简称：西部证券 公告编号：2025-052 债券代码：148177 债券简称：23西部02 西部证券股份有限公司 （第四期）2025年付息公告 本公司及董事会全体成员保证信息披 ...

记者从知情人士处获悉，原财通证券研究所业务副所长、电新首席分析师张一弛已入职华创证券，拟担 任研究所副所长、中游制造研究中心及海外研究负责人、电力设备与新能源组组长，目前正在办理手 续。近日，证券业协会从业人员登记信息已更新显示，张一弛于8月8日正式入职华创证券。根据过往资 料，张一弛于2014年登记入职海通证券，2016年获取分析师执业资格。其前期的研究领域是电力及公用 事业，2016年、2017年获得"新财富最佳分析师"第2名、第4名；后从事电力设备及新能源方向研究，担 任电新首席分析师，并于2019年获得新财富行业第4名。2022年11月，张一弛入职财通证券，担任电新 首席分析师兼业务副所长，2025年6月份卸任该职位。（21世纪经济报道） ...

Core Viewpoint - The impact of the Federal Reserve's unexpected tightening and imported inflation pressure on China's monetary policy is significant, with potential for further rate cuts and the introduction of new tools to support economic stability and assist enterprises [1] Group 1: Domestic and External Factors - Domestic inflation is expected to remain moderate, providing room for monetary policy adjustments, while the spillover effects of the Fed's rate hikes have peaked [2] - The overall inflation pressure in China is manageable despite structural price increases in commodities and tight supply-demand conditions in some agricultural products [2] - The focus of monetary policy will remain on stabilizing growth and ensuring adequate liquidity to support the real economy [2] Group 2: Interest Rate Dynamics - The impact of the potential interest rate differential between China and the U.S. is diminishing, and a temporary interest rate inversion will not hinder macroeconomic policy [3] - There is still room for further rate cuts and reserve requirement ratio (RRR) reductions, contingent on economic performance [4] - The likelihood of a decline in the 5-year LPR is higher than that of the 1-year LPR, as the latter does not show strong necessity for a decrease [5] Group 3: Policy Tools and Measures - There is a need for additional policy tools to address uncertainties, with potential for new structural tools to be introduced [6] - Historical precedents suggest that monetary policy tools can extend beyond traditional measures like RRR cuts and interest rate reductions [7] - The People's Bank of China may consider reintroducing tools like the Pledged Supplementary Lending (PSL) to provide stable long-term funding for specific sectors [7]

Core Viewpoint - The strategic cooperation agreement between Industrial Securities and Industrial Bank aims to enhance collaboration, resource sharing, and the establishment of a win-win financial ecosystem, contributing to the development of the financial sector in Fujian and supporting China's high-quality economic growth [1][3][5]. Group 1: Strategic Cooperation - The agreement was signed in Fuzhou on July 26, with key representatives from both companies present [1]. - Both companies share a deep-rooted friendship and cultural alignment, which they aim to leverage for mutual benefits and expanded cooperation in various fields [3][5]. - The partnership is expected to enhance their competitive capabilities and service offerings to clients, particularly in the context of China's capital market development during the 14th Five-Year Plan [5]. Group 2: Areas of Collaboration - The cooperation will focus on multiple areas including custody and settlement, capital intermediation, asset management, investment banking, fixed income, currency and commodities (FICC), asset custody, and research consulting [7]. - Both parties will continue to strengthen business communication and collaboration to achieve resource sharing and complementary advantages [7]. - Key departments from both companies will be involved in this comprehensive business cooperation, indicating a broad commitment to the partnership [7].

Group 1 - The People's Bank of China (PBOC) has increased liquidity support through significant reverse repo operations to maintain reasonable liquidity in the banking system [1][2] - On October 23, the PBOC conducted a 7-day reverse repo operation of 808 billion yuan, resulting in a net injection of 702 billion yuan [1] - The PBOC's actions are in response to a tightening of the funding environment due to factors such as tax payment deadlines and government bond issuance [2] Group 2 - Analysts note that the recent tightening of the funding environment is influenced by the issuance of local special refinancing bonds, with a total net financing of 943.8 billion yuan reported by October 20 [2] - The expected net financing scale of government bonds in October is projected to reach 1.25 trillion yuan, an increase of 295.1 billion yuan compared to September [2] - The impact of tax payment deadlines on the funding environment is expected to ease after October 23, as historical trends indicate that funding rates typically peak before tax deadlines [2] Group 3 - The market outlook suggests that funding pressures may persist, but the PBOC is likely to continue increasing reverse repo operations to stabilize the funding environment [2][3] - With the peak supply period for government bonds passing, a significant decrease in net issuance is anticipated for November and December [3] - Overall, both fiscal and monetary policies are expected to remain supportive, with the PBOC utilizing various tools to ensure adequate liquidity for economic recovery [3]

Core Points - The company announced a cash dividend of 0.1 yuan per share for the fiscal year 2024, approved at the annual shareholders' meeting on June 26, 2025 [1][2][4] Distribution Plan - The dividend distribution is for the fiscal year 2024 [2] - Eligible shareholders are those registered with the China Securities Depository and Clearing Corporation Limited Shanghai Branch as of the close of trading on the day before the equity registration date [2] - The company will distribute 1.00 yuan in cash dividends for every 10 shares held, excluding shares in the repurchase account [3][4] Calculation of Ex-Dividend Price - The ex-dividend reference price will be calculated as: (previous closing price - cash dividend) / (1 + change in circulating shares ratio) [4][6] - The virtual cash dividend per share is approximately 0.10 yuan based on the total shares eligible for distribution [4] Implementation Details - Cash dividends will be distributed through the China Securities Depository and Clearing Corporation's clearing system to eligible shareholders [6] - Shareholders who have not completed designated trading will have their dividends held by the clearing company until the trading is completed [6] Taxation Information - Individual shareholders holding shares for over one year will not be subject to personal income tax on dividends, while those holding for less than one year will have taxes withheld upon stock transfer [9] - For qualified foreign institutional investors (QFII), a 10% withholding tax will apply, resulting in a net dividend of 0.09 yuan per share [10] - Hong Kong investors will also face a 10% withholding tax, with a net dividend of 0.09 yuan per share [11]

Core Viewpoint - Several public funds have announced the addition of broker-dealers as market makers for their ETF products to enhance liquidity, although improving the performance of these ETFs is considered a more effective solution for liquidity enhancement [1][4] Group 1: Market Maker Implementation - The addition of broker-dealers as market makers is a method to improve the liquidity of ETF products, with recent announcements from multiple fund companies indicating this trend [1] - As of June 30, 2025, the Shanghai Stock Exchange has 20 main market makers and 12 general market makers providing liquidity services for 746 fund products, with 688 ETFs having market makers, representing 98% of all ETFs [2] - The Shenzhen Stock Exchange has 27 liquidity service providers for 491 ETF products, indicating a high coverage rate of market makers in the ETF market [2] Group 2: ETF Market Characteristics - The number of listed ETFs has exceeded 1,200, but there is significant product homogeneity, leading to investor confusion, particularly with 31 ETFs tracking the same index [2] - As of August 1, 2023, 20 ETFs have opted for liquidation, highlighting the potential for a wave of ETF closures despite their index-tracking nature [2] Group 3: Trading Activity Disparities - ETF trading shows a "two extremes" scenario, with some products having daily trading volumes exceeding 10 million shares, while others struggle with volumes below 100 shares [3] - The reliance on market makers alone is insufficient for enhancing liquidity; active investor participation is crucial for vibrant trading [3] - ETFs with strong performance tend to attract more investment, leading to better liquidity, similar to trends observed in the stock market [3] Group 4: Recommendations for Fund Companies - For public funds, focusing on improving the performance of ETF products through various means is deemed more effective for enhancing liquidity than merely relying on market makers [4]

Core Viewpoint - The bond market experienced fluctuations with a slight decline in yields, influenced by the recovery of the equity market and the central bank's liquidity measures. The 10-year government bond yield fell by 1.68 basis points to 1.69% over the week [1][4]. Market Overview - The bond market saw a total issuance of 61 bonds amounting to 806.51 billion yuan, including 4.6855 billion yuan in government bonds and 1.725 billion yuan in policy bank bonds [7]. - The central bank conducted a buyout reverse repurchase operation of 700 billion yuan to maintain liquidity, resulting in a net injection of 163.5 billion yuan into the market [13][14]. Yield Changes - The yield curve for government bonds showed varied changes from August 1 to August 8, with the 10-year yield decreasing by 1.68 basis points to 1.6891% [2][3]. - The 30-year and 10-year futures contracts rose by 0.19% and 0.18%, respectively, indicating a bullish sentiment in the futures market [6]. International Market Context - The U.S. Treasury market showed signs of weakness, with yields rising by 6-8 basis points, reflecting a decrease in demand for newly issued bonds [8][9]. - The market anticipates three rate cuts by the Federal Reserve by the end of the year, with an 88.9% probability for a 25 basis point cut in September [11]. Institutional Insights - Analysts suggest that the recent issuance of local government bonds exceeded expectations, indicating a supportive stance from the central bank and a pursuit of yield by institutions [17][18]. - The bond market is expected to remain in a range-bound trading pattern, with specific attention to the 10-year government bond yield around 1.7% [17][18].

Report Industry Investment Rating No relevant content provided. Core View of the Report This week, the overall share of bond ETFs continued to expand, driven by credit - bond and convertible - bond ETFs, and the net values of various types generally increased. Convertible - bond ETFs led the growth in terms of net value increase and capital inflow [3][24]. Summary by Directory 1.1 各类债券 ETF 份额走势 - As of August 8, 2025, the shares of treasury - bond, policy - financial - bond, local - bond, credit - bond, and convertible - bond ETFs were 517.93 million, 501.07 million, 81.38 million, 3060.38 million, and 4433.45 million respectively, with a total of 8594.20 million shares. Compared with August 1, 2025, the changes were - 9.06 million, - 3.05 million, 1.20 million, 140.96 million, and 196.70 million respectively, and the total change was 326.75 million shares. Compared with the end of last month, the total change was 387.50 million shares [3][6]. 1.2 主要债券 ETF 份额走势 - The share performance of major bond ETFs was differentiated, with urban - investment - bond and convertible - bond ETFs being the main growth drivers. As of August 8, 2025, the shares of selected leading bond ETFs changed by - 3.95 million, - 3.86 million, no change, 105.00 million, and 127.50 million respectively compared with last week [3][7]. - The shares of credit - bond ETFs slightly increased. As of August 8, 2025, the shares of 8 existing credit - bond ETFs changed to varying degrees compared with August 1, 2025 [3][11]. - The shares of science - innovation - bond ETFs generally increased. As of August 8, 2025, the shares of 10 existing science - innovation - bond ETFs changed to varying degrees compared with last week [3][14]. 1.3 主要债券 ETF 净值走势 - This week, the net values of major bond ETFs maintained an upward trend, with convertible - bond ETFs ending their decline and leading the increase. As of August 8, 2025, the net values of selected leading bond ETFs changed by 0.11%, 0.01%, 0.03%, 0.09%, and 2.28% respectively compared with last week [3][16]. - The net values of credit - bond ETFs all increased. As of August 8, 2025, the net values of 8 credit - bond ETFs changed by 0.09%, 0.09%, 0.09%, 0.09%, 0.06%, 0.08%, 0.09%, and 0.09% respectively compared with last week [3][18]. - The net values of science - innovation - bond ETFs showed a steady upward trend. As of August 8, 2025, the net values of 10 science - innovation - bond ETFs changed by 0.11%, 0.12%, 0.09%, 0.09%, 0.12%, 0.12%, 0.11%, 0.10%, 0.10%, and 0.09% respectively compared with August 1, 2025 [3][22]. 1.4 部分债券 ETF 净流入情况 - Convertible - bond ETFs had the highest cumulative net inflow this week and this month. In the weekly view, the top three bond ETFs with cumulative net inflows were convertible - bond ETF, urban - investment - bond ETF, and Shanghai - Stock - Exchange convertible - bond ETF, with net inflow amounts of 166.30 million yuan, 150.61 million yuan, and 84.95 million yuan respectively. In the monthly view, the top three were the same, with net inflow amounts of 240.12 million yuan, 161.80 million yuan, and 78.81 million yuan respectively. In terms of cumulative trading - day inflows, convertible - bond ETFs also ranked first in the past 10 and 20 trading days [3][24].

Market Overview - The market experienced narrow fluctuations last Friday, with the three major indices slightly declining. The trading volume in the Shanghai and Shenzhen markets was 1.71 trillion yuan, a decrease of 115.3 billion yuan compared to the previous trading day. Over 2800 stocks fell, indicating a mixed performance across the market [1] Policy Changes - The Beijing Municipal Commission of Housing and Urban-Rural Development announced new policies to optimize the real estate market. Starting from August 9, families meeting the conditions can purchase an unlimited number of commercial housing units outside the Fifth Ring Road. The maximum loan amount for housing provident fund contributions has increased from 1 million yuan to 1.5 million yuan, and the maximum loan for second homes has risen from 600,000 yuan to 1 million yuan, with a minimum down payment ratio of 30% [1] Institutional Insights - Dongwu Strategy suggests that the upward trend of the market is solid due to liquidity support. Compared to 2015, the capital market's positioning has improved, and with active policy guidance and continuous institutional improvements, significant market fluctuations are not expected. A gradual bull market is anticipated as domestic risk-free interest rates decline and overseas dollar liquidity flows in [2] AI and Technology Developments - Changjiang Securities' chief analyst Wang Zhenhuai highlighted advancements in domestic computing power, with Huawei set to release breakthrough technologies in AI reasoning on August 12. This development may reduce China's reliance on high-bandwidth memory (HBM) technology and enhance the performance of domestic AI models, playing a crucial role in the AI ecosystem [3] Market Strategy - The market is expected to maintain a high level of activity, with a focus on sectors such as military industry, semiconductor, and software. The index is likely to continue its upward trend towards the 3700-point mark, suggesting a strategy of holding stocks for the time being [4]