Core Viewpoint - The policy aims to enhance the diversity of the board members and employees at Shouchao Securities, recognizing that diversity contributes positively to the company's performance and sustainable development [1][2]. General Policy - The company believes that a diverse board and workforce are essential for achieving strategic goals and maintaining sustainable development [1][2]. - The policy outlines the commitment to equal opportunities in recruitment, training, development, compensation, and promotion, focusing on various aspects of diversity such as skills, experience, education, culture, and gender [1][2]. Board and Nomination Committee Considerations - The board and the nomination committee will consider multiple factors when evaluating candidates for board positions, including diversity of perspectives, qualifications, time commitment, reputation, and potential contributions [2][3]. - The composition of the board, including aspects like gender and age, will be disclosed annually in the corporate governance report [2][3]. Gender Diversity Commitment - The company is dedicated to maintaining gender diversity at both the board and employee levels, aiming to have at least one member of a different gender on the board [3][4]. - There is a focus on increasing the proportion of female directors and providing more development opportunities for female employees [4]. Training and Development - The company provides training and development opportunities tailored to the specific needs and career aspirations of employees, including training on diversity and inclusion [4]. Monitoring and Reporting - The nomination committee is responsible for identifying and nominating board candidates according to the policy and relevant regulations [5]. - The company will assess and report on the execution of diversity initiatives annually in the corporate governance report, including measurable targets and progress [5]. Policy Review and Compliance - The nomination committee will review the policy periodically to ensure its effectiveness and propose amendments to the board as necessary [5]. - The policy will take effect upon the listing of the company's H shares on the Hong Kong Stock Exchange [5].

Core Points - The company is enhancing its governance structure following the issuance of H shares and the application for listing on the Hong Kong Stock Exchange [1] - The board of directors has nominated Mr. Yang Haibin as an independent director candidate, with the term starting from the listing date of the H shares [1] - Mr. Yang's qualifications and independence must be approved by the Shanghai Stock Exchange before being submitted for shareholder approval [1] Summary of Candidate's Profile - Mr. Yang Haibin, born in 1972, is a Hong Kong national with a doctoral degree and has held various academic positions, including professor at the Chinese University of Hong Kong [2] - As of the announcement date, Mr. Yang does not hold any shares in the company and has no relationships with other directors or significant shareholders [2] - His qualifications meet the relevant regulations and guidelines set forth by the Company Law and the Shanghai Stock Exchange [2]

Group 1 - The term "anti-involution" has gained significant attention in the securities industry, with nearly 500 related research reports published since July, averaging about 20 reports per day across various sectors including metals, power equipment, coal, and e-commerce [2][4] - The government has recognized the issue of "involution" in its 2025 agenda, emphasizing the need to address low-price and disorderly competition, which has distorted market mechanisms and disrupted fair competition [3][4] - The recent surge in "anti-involution" research and roadshows indicates a potential shift in market trends, with sectors like photovoltaics, lithium batteries, and steel expected to see increased policy support [2][5] Group 2 - The "anti-involution" theme has led to a proliferation of roadshows, with over 99 events recorded on the Wind platform, indicating strong interest from various securities firms [5] - Analysts suggest that the current wave of "anti-involution" is a response to policy catalysts and reflects a strategic move by securities firms to capture market opportunities amid increasing competition in research [7] - The "anti-involution" policies are expected to lead to structural adjustments in supply-side strategies, with a focus on high-quality development and addressing issues in industries heavily impacted by "involution" [8][9] Group 3 - The photovoltaic industry is identified as a leader in the "anti-involution" movement, with strategies focusing on price increases and production limits to combat excessive low-price competition [10] - The steel industry is also undergoing a supply-side structural reform, with plans for differentiated production control based on efficiency and environmental standards, as well as promoting industry consolidation [10] - International experiences from the U.S., Japan, and Germany are being analyzed for potential strategies to combat "involution," emphasizing the importance of industry mergers and market-driven solutions [11][12]

Group 1 - The core point of the article highlights the significant growth in the bond market, particularly in the technology innovation bond sector, with a total underwriting amount of 381.39 billion yuan, representing a year-on-year increase of 56.48% [2][4] - A total of 68 securities firms participated as lead underwriters for 380 technology innovation bonds, continuing the explosive growth trend that began in 2020 [2][4] - The top three firms, CITIC Securities, CITIC Construction Investment, and Guotai Junan, captured over 47% of the market share in technology innovation bond underwriting [2][4] Group 2 - The performance of small and medium-sized securities firms has been notable, particularly in niche markets such as support bonds for small and micro enterprises and "Belt and Road" bonds, where they have made significant inroads [2][8] - In the "Belt and Road" bond sector, three small securities firms ranked among the top five underwriters, a significant increase from the previous year [2][8] - The underwriting amount for private enterprise bonds reached 239.39 billion yuan, showing a substantial increase from the previous year's 183.70 billion yuan [7] Group 3 - The regulatory environment has played a crucial role in the growth of the technology innovation bond market, with policies encouraging securities firms to enhance their capabilities in this area [6] - The merger of Guotai Junan and Haitong Securities has significantly impacted the rankings, with their combined underwriting amount surpassing that of other major firms [5] - The rural revitalization bond market saw a doubling in scale, driven primarily by the strong performance of leading securities firms [9]

深交所：本周共对84起证券异常交易行为采取了自律监管措施 智通财经7月25日电，深交所公告，7月21日至7月25日，本所共对84起证券异常交易行为采取了自律监 管措施，涉及盘中拉抬打压、虚假申报等异常交易情形；共对4起上市公司重大事项进行核查，并上报 证监会1起涉嫌违法违规案件线索。 ...

Core Insights - The Sci-Tech Innovation Board (STAR Market) has significantly optimized the industry structure of the A-share market since its launch on July 22, 2019, with a total of 591 companies listed and a cumulative IPO fundraising of 927.156 billion yuan, leading to a total market capitalization exceeding 7 trillion yuan [1]. Group 1: IPO Performance - As of the sixth anniversary of the STAR Market, a total of 591 companies have been listed, with two companies delisted and two under delisting risk warnings [6]. - The top five underwriters by fundraising amount are Guotai Junan and Haitong Securities (213.777 billion yuan), CITIC Securities (167.069 billion yuan), CICC (130.254 billion yuan), and CITIC Jianzhong Securities (88.015 billion yuan) [5]. - Guotai Junan and Haitong Securities lead in the number of IPOs underwritten, with a total of 112, followed by CICC (70), CITIC Jianzhong (64), and Huatai Securities (56) [5]. Group 2: Company Quality and Issues - Minsheng Securities has faced significant challenges, with multiple IPO projects under its sponsorship encountering quality issues, leading to a C-class rating from the China Securities Association for two consecutive years [6]. - ST Yifei, a company sponsored by Minsheng Securities, was placed under special treatment due to internal control deficiencies, raising questions about the diligence of the underwriting process [7][8]. - The 2024 annual report of ST Yifei revealed a 75.94% decrease in net profit compared to 2023, with discrepancies between the preliminary earnings report and the actual results, prompting regulatory scrutiny [9].

Core Viewpoint - Stablecoins are expected to drive the internationalization of the Renminbi (RMB) through a dual-track strategy that combines traditional and digital currencies, addressing existing liquidity bottlenecks and enhancing the global usage of the RMB [2]. Group 1: RMB Internationalization - From 2015 to 2024, the RMB's global payment share is projected to increase from approximately 2% to about 4%, with cross-border payment scale rising from 12 trillion yuan to 64 trillion yuan [2]. - Structural constraints such as capital account controls, limited offshore application scenarios, and geopolitical barriers are causing a slowdown in growth momentum for RMB internationalization [2]. Group 2: Global Cross-Border Payment Market - The global cross-border payment market is expected to reach approximately 200 trillion USD in 2024, with a compound annual growth rate (CAGR) of about 6% from 2024 to 2032 [3]. - The RMB is currently the fourth most active currency globally, trailing behind the USD, EUR, and GBP, indicating significant potential for growth in its payment share [3]. Group 3: Opportunities for Third-Party Payment Institutions - The global retail cross-border payment market is projected to reach 39.9 trillion USD in 2024, with a CAGR of 6.2% from 2024 to 2032 [4]. - B2B payments dominate the payment structure, contributing 79% of the market share, while third-party payment institutions are deeply integrated into the payment service ecosystem, enhancing their growth prospects [4].

Core Insights - The Sci-Tech Innovation Board (STAR Market) has significantly optimized the A-share market structure and serves as a crucial platform for tackling key core technologies since its launch on July 22, 2019 [1][6] - As of July 22, 2025, a total of 591 companies have been listed on the STAR Market, raising a cumulative 927.156 billion yuan in IPO funds, with a total market capitalization exceeding 7 trillion yuan [1][6] Underwriting and Market Performance - A total of 65 securities firms have provided underwriting and sponsorship services for the 591 STAR Market companies, with Guotai Junan leading with 112 underwritings, followed by CITIC Securities with 99 [1][2] - The top five firms by underwriting amount are Guotai Junan (213.777 billion yuan), CITIC Securities (167.069 billion yuan), CICC (130.254 billion yuan), CITIC Jinpu (88.015 billion yuan), and Huatai Securities (62.288 billion yuan) [2][4] East Asia Securities Case - Dongxing Securities, ranked around 20th in the competitive landscape, has sponsored 7 IPOs, accumulating an underwriting amount of 4.985 billion yuan, but faced significant reputational damage due to the fraudulent issuance case of Zeda Yisheng [5][6] - Zeda Yisheng was the first company to be forced to delist due to major violations, with its fraudulent activities inflating revenue by 342 million yuan and profits by 187 million yuan during its IPO period [5][6] - Following the Zeda Yisheng incident, Dongxing Securities has not sponsored any IPOs on the STAR Market since August 27, 2021, and has faced a 100% withdrawal rate for its IPO projects in 2024 [6][7]

Core Viewpoint - The article emphasizes the role of technological innovation as a core element of new productive forces and highlights the importance of capital markets in connecting technological innovation with the real economy. Dongwu Securities is committed to providing comprehensive financial services for technology enterprises through various innovative approaches, including AI empowerment and a full lifecycle service model [1]. Group 1: Integrated Innovation Service Ecosystem - Dongwu Securities has abandoned traditional single-point financial service models to create an integrated financial service ecosystem that includes investment banking, industry research, equity investment, and mergers and acquisitions, catering to the diverse needs of technology enterprises throughout their lifecycle [2]. - The company focuses on core industries, particularly in Suzhou, targeting innovation clusters in electronic information, equipment manufacturing, biomedicine, and advanced materials, and provides customized financial solutions [2]. - Dongwu Securities enhances its research capabilities to understand the technological value and market prospects of emerging industries, thereby increasing the visibility and recognition of quality technology enterprises [2]. Group 2: Regional Collaboration and Government Partnerships - The company leverages regional advantages and deepens cooperation with local governments, signing strategic cooperation agreements to access government resources and industry policies, facilitating early intervention in enterprise cultivation [3]. - Dongwu Securities has initiated technology innovation funds in collaboration with local governments to nurture potential listed technology enterprises and has established a merger fund to promote high-quality development in key industry clusters [3]. Group 3: Comprehensive Financial Toolset for Technology Enterprises - Dongwu Securities has developed a diverse and complementary financial toolset to meet the financing needs of technology enterprises at different stages of development, including the issuance of technology innovation bonds [4]. - The company has successfully issued over 20 billion yuan in technology innovation bonds since 2016, supporting numerous technology enterprises in reducing financing costs and expanding financing channels [4]. - The issuance of the first private venture capital enterprise technology innovation bond in 2024 demonstrates the company's commitment to innovative financing solutions [4]. Group 4: Support for IPOs and Major Asset Restructuring - Dongwu Securities has designed comprehensive financial service plans combining bonds and IPOs, successfully assisting companies like Xujie Technology and Longteng Optoelectronics in issuing convertible bonds and going public [5]. - The company has executed significant asset restructuring cases, showcasing its capabilities in industrial integration and value reconstruction, including notable mergers that have set precedents in the market [6]. Group 5: Digital Transformation and Technological Empowerment - The company is implementing a digital transformation strategy to enhance its service capabilities, investing in self-developed technology and innovation [7]. - Dongwu Securities launched a fully self-innovated core trading system and developed its own large model, "Dongwu Xiu Cai GPT," marking significant advancements in its technological foundation [7]. - The application of AI in investment banking has improved research efficiency and personalized asset allocation services for high-net-worth clients, enhancing the overall quality of financial services [7]. Group 6: Commitment to High-Quality Development - Dongwu Securities aims to transform the concept of "financial empowerment for innovation" into tangible value creation through strategic foresight, innovative products, and a solid technological foundation [8]. - The company plans to continue its focus on the Suzhou region and leverage national strategies for integrated development in the Yangtze River Delta to provide intelligent, efficient, and precise financial services to technology innovation enterprises [8].

Core Viewpoint - The year-end bonus situation in the financial industry is uncertain and disappointing for many employees, with significant disparities in bonus distribution across different firms and departments [1][12]. Group 1: Year-End Bonus Distribution - Year-end bonuses in the financial sector are facing delays and reductions, with many employees still waiting for their bonuses months after the usual distribution time [4][8]. - Some employees at a certain AMC brokerage received only 0.9 months' worth of bonuses, with many fresh graduates receiving less than 10,000 yuan, marking a decline for the second consecutive year [5][14]. - There are allegations that part of the fixed performance pay has been withheld, leading employees to suspect that this may be used to fund the year-end bonuses, effectively making the bonuses a delayed payment of their regular compensation [6] . Group 2: Impact on Financial Institutions - The delay in year-end bonuses is particularly prevalent among state-owned financial institutions, which may be awaiting the implementation of a pending reform before distributing bonuses [11][12]. - Despite facing growth pressures, most banks are still reporting profit increases, suggesting that they could allocate funds for bonuses, yet many employees remain skeptical about receiving them [10][12]. - The ongoing salary reforms in state-owned financial enterprises have led to significant changes in compensation structures, with average salaries for fund managers and mid-level management dropping from over one million to below 600,000 yuan [14]. Group 3: Future Outlook - Although there is a glimmer of hope for the distribution of year-end bonuses in banks, the specific amounts remain uncertain, and it is likely that bonuses will be lower than in previous years [13][14]. - The financial industry's year-end bonus situation reflects broader trends in compensation and employee morale, with potential implications for investor confidence in these institutions [12][15].