中国证券业协会（以下简称"协会"）近期密集发布了即将于今年9月生效的《证券公司全面风险管理规范（修订稿）》（以下简 称《规范》）与未来三年分批实施的《证券公司并表管理指引（试行）》（以下简称《指引》）。 公司治理 自2020年3月，证监会公布中金公司、招商证券、中信证券、华泰证券、中信建投、国泰君安等6家证券公司实施并表监管试点 （以下简称"试点机构"），到《指引》发布已历经5年的实践。试点机构通过不断加强并表管理，都显著积累了更多的人才、技 术和系统等资源，全面提升了经营稳健性与合规风控能力。对很多排名靠前的券商而言，这次《指引》的发布可谓"千呼万唤始 出来"，是他们多年来厉兵秣马、翘首企盼的春风。 笔者曾参与2019年底的并表监管试点评审，并在此之后与多家券商就并表管理及试点券商的实践进行过交流。《指引》并非简 单将当年的评审规则从试点机构套用到对全行业的并表监管上，而是扩大了并表管理边界，从狭义的以风险为主体的并表管理 拓展为广义的全要素并表管理，从局部试点延展至全面规范。《指引》旨在引导证券公司完善并表管理架构和模式，加强对子 公司及业务条线的"垂直化"管理，更全面、及时、有效地识别并管控风险，从而促 ...

Core Viewpoint - The article highlights the development and current status of the Sci-Tech Innovation Board (STAR Market) in China, marking its sixth anniversary with a total of 589 listed companies and providing insights into the performance of various underwriting institutions, law firms, and accounting firms involved in IPO services. Group 1: STAR Market Overview - As of July 22, the STAR Market has 589 listed companies, with the number of new listings per year as follows: 70 in 2019, 143 in 2020, 162 in 2021, 124 in 2022, 67 in 2023, 15 in 2024, and 8 from 2025 to present [1]. Group 2: Underwriting Institutions Performance - A total of 53 underwriting institutions have handled the IPOs for the 589 STAR Market companies. The top five institutions by the number of IPOs are: 1. Guotai Junan: 95 IPOs 2. CITIC Securities: 84 IPOs 3. CITIC Jianzhong: 56 IPOs 4. CICC: 53 IPOs 5. Huatai United: 51 IPOs [2][3]. Group 3: Law Firms Performance - There are 67 law firms that provided legal services for the IPOs of the 589 STAR Market companies. The top five law firms are: 1. Shanghai Jintiancheng: 62 cases 2. Beijing Zhonglun: 56 cases 3. Beijing Deheng: 46 cases 4. Beijing Jindu: 36 cases 5. Beijing Guofeng: 35 cases [7]. Group 4: Accounting Firms Performance - A total of 29 accounting firms provided audit services for the IPOs of the 589 STAR Market companies. The top five accounting firms are: 1. Tianjian: 108 cases 2. Lixin: 88 cases 3. Rongcheng: 68 cases 4. Tianzhi International: 41 cases 5. Dahua: 35 cases [8].

Group 1 - The report maintains a tactical asset allocation view, recommending an overweight position in Hong Kong stocks, a neutral position in the Chinese yuan, and an underweight position in commodities, Japanese stocks, and US Treasuries [1][2][6] - Recent market performance has been driven by improved risk appetite, with equities outperforming commodities and bonds, and the report expresses optimism towards Hong Kong stocks due to rising liquidity and risk preference [2][22] - The report highlights the significant impact of the Yarlung Tsangpo River downstream hydropower project on investor sentiment and related industry earnings expectations, indicating a shift in international capital flows towards Hong Kong stocks [6][19][26] Group 2 - The report reviews major events affecting asset pricing, including Trump's denial of plans to dismiss Fed Chair Powell, which alleviated some market concerns about Fed independence [19][22] - The report notes that the Japanese ruling coalition's loss of a majority in the Senate may weaken policy predictability, increasing volatility in Japanese asset pricing [23] - The report emphasizes that while infrastructure investment may temporarily support commodity prices, it maintains a cautious stance on commodities due to ongoing supply and demand pressures [26][27] Group 3 - The tactical asset allocation strategy includes an overweight in Hong Kong stocks due to strong performance and improved risk appetite, while maintaining a cautious view on US Treasuries amid concerns over fiscal pressures and economic resilience [26][27] - The report suggests that the Chinese yuan is expected to remain stable due to resilient economic growth compared to other major economies, supporting a neutral allocation stance [27][30] - The report outlines the performance of various asset classes, indicating that the tactical asset allocation portfolio achieved a cumulative excess return of 2.87% relative to the benchmark [35][36]

Core Viewpoint - The China Banking Association has initiated an investigation into China Guangfa Bank for allegedly guiding pricing during the selection of underwriters for its 2025-2026 secondary capital bond project, with plans for stricter regulations and penalties for such behavior [1]. Group 1: Project Details - The project involves the issuance of secondary capital bonds with a total scale of 35 billion yuan [4]. - A competitive negotiation method was used for the selection of underwriters, with six institutions successfully chosen [3][4]. - The total estimated service fee for the selected underwriters is 63,448 yuan, which is significantly lower than the market average, averaging about 10,000 yuan per institution [4]. Group 2: Selected Underwriters - The six selected underwriters include: - China Galaxy Securities Co., Ltd. with an estimated service fee of 700 yuan - Guangfa Securities Co., Ltd. with an estimated service fee of 1,050 yuan - Industrial Bank Co., Ltd. with an estimated service fee of 700 yuan - Guotai Junan Securities Co., Ltd. with an estimated service fee of 4,998 yuan - CITIC Securities Co., Ltd. with an estimated service fee of 21,000 yuan - CITIC Jinshi Securities Co., Ltd. with an estimated service fee of 35,000 yuan [2][3].

Core Viewpoint - Citadel Securities urges the SEC to slow down the regulation of tokenized securities, warning that this emerging financial tool may unexpectedly impact traditional capital markets [1][2] Group 1: Concerns about Tokenized Securities - Citadel highlights that tokenized securities could divert funds from an already weak IPO market, providing private companies with an alternative financing channel [1][3] - The company expresses concern that tokenized securities may create new liquidity pools that institutional investors, due to risk management policies or fiduciary duties, cannot participate in [3] - The absence of institutional investors could affect market depth and price discovery efficiency [3] Group 2: Regulatory Approach - Citadel emphasizes the need for the SEC to advance tokenization through formal rule-making processes rather than hastily relaxing regulations [1][4] - The recent regulatory victory for the digital asset industry, with the stablecoin legislation coming into effect, underscores the importance of balancing innovation and regulatory caution [4] Group 3: Support for Tokenized Securities - Supporters of tokenized securities envision a more efficient trading environment, enabling 24/7 trading, instant settlement, and enhanced liquidity [5] - Digital asset trading platforms like Coinbase and Robinhood view tokenized securities as an opportunity to expand their service offerings and attract more users [6]

Group 1 - The core viewpoint is that the market for science and technology innovation bonds (科创债) in China has surpassed 2.2 trillion yuan by 2025, with a continuous increase in the proportion of high-quality innovation enterprises [1][2] - The ETF (Exchange-Traded Fund) market is seen as a crucial tool for asset allocation and economic development, with significant growth potential as capital market reforms progress [2][3] - The focus of the market this year is on obtaining trading profits, with ETFs providing a natural trading advantage due to their high liquidity [3][4] Group 2 - Insurance capital is in the early stages of engaging with bond ETFs, particularly credit bond ETFs, and is expected to increase its allocation as product variety and liquidity improve [4][5] - The introduction of the science and technology innovation bond ETF is viewed as an important innovation in capital market products, promoting technological innovation and optimizing market structure [2][3] - The dual fund manager model adopted by Penghua Fund for its science and technology innovation bond ETF aims to enhance asset allocation and operational management, supporting product scale growth [5]

Core Insights - The article celebrates the 6th anniversary of the Sci-Tech Innovation Board (STAR Market) and provides statistics on the number of listed companies and their IPO intermediaries [1] Group 1: IPO Statistics - As of now, there are 589 listed companies on the STAR Market, with the number of IPOs per year as follows: 70 in 2019, 143 in 2020, 162 in 2021, 124 in 2022, 67 in 2023, 15 in 2024, and 8 from 2025 to present [1] - The intermediaries involved in these IPOs include 53 securities firms, 67 law firms, and 29 accounting firms [1] Group 2: Top IPO Sponsors - The most active IPO sponsor representative is Zhao Liang from CITIC Securities, with 6 projects [2] - Wang Bin, also from CITIC Securities, follows with 5 projects, while 47 other representatives have completed 3 or more projects [2][3] Group 3: Top Lawyers - The leading IPO lawyer is Wang Li from Shanghai Jintiancheng, with 11 projects, followed by Shen Cheng from the same firm with 10 projects, and Shi Tiejun from Beijing Junhe with 8 projects [5] Group 4: Top Accountants - The top IPO accountant is Wang Qiang from Tianjian, with 8 projects, followed by Zhang Songbai and Wang Na from Lixin, with 7 and 6 projects respectively [6]

Market Overview - The Shanghai Composite Index rose by 0.72% to close at 3559.79 points, with a daily high of 3560.63 points [1] - The Shenzhen Component Index increased by 0.86% to close at 11007.49 points, reaching a high of 11008.48 points [1] - The ChiNext Index gained 0.87%, closing at 2296.88 points, with a peak of 2297.14 points [1] ETF Market Performance - The median return for stock ETFs was 0.72% [2] - The highest return among scale index ETFs was 2.07% for the Penghua CSI 800 Free Cash Flow ETF [2] - The highest return in industry index ETFs was 10.05% for the Fuguo CSI All-Share Construction Materials ETF [2] - The top three ETFs by return were: - Fuguo CSI All-Share Construction Materials ETF (10.05%) - Guotai CSI All-Share Construction Materials ETF (9.97%) - E Fund CSI All-Share Construction Materials ETF (9.94%) [4][5] ETF Fund Flow - The top three ETFs by fund inflow were: - GF CSI Construction Engineering ETF (5.98 billion CNY) - Guotai CSI All-Share Construction Materials ETF (4.48 billion CNY) - Huaxia SSE Sci-Tech 50 ETF (4.39 billion CNY) [6][7] - The top three ETFs by fund outflow were: - Invesco CSI A500 ETF (2.57 billion CNY) - Huatai-PB SSE 300 ETF (2.02 billion CNY) - Guotai CSI Military Industry ETF (1.95 billion CNY) [6][7] Financing and Margin Trading - The highest financing buy amounts were: - Huaxia SSE Sci-Tech 50 ETF (619 million CNY) - E Fund ChiNext ETF (437 million CNY) - Guotai CSI All-Share Securities Company ETF (295 million CNY) [8][9] - The highest margin sell amounts were: - Southern CSI 500 ETF (35.19 million CNY) - Huatai-PB SSE 300 ETF (29.61 million CNY) - Huaxia SSE 50 ETF (10.41 million CNY) [8][9] Institutional Insights - Dongwu Securities noted stable infrastructure investment in the first half of the year, with a focus on urban renewal and key engineering projects [10] - The firm expects fiscal policy support and improvements in financing to gradually show effects on investment and physical output [10] - Everbright Securities highlighted that infrastructure investment grew by 4.6% year-on-year in the first half, driven by the commencement of major projects [11]

21世纪经济报道记者张赛男上海报道 2025年7月22日，科创板迎来开市六周年。 作为我国资本市场改革的"试验田"和科技创新的核心枢纽，科创板六年来持续推动制度创新与产业升 级，成为全球瞩目的"硬科技"企业聚集地。 遥想科创板开市之初，2019年7月22日，25家首批科创板公司在上海证券交易所挂牌上市，标志着科创 板的正式启动。六年来，科创板砥砺前行，持续发展壮大。截至2025年7月22日，科创板上市公司达到 589家。 作为中国资本市场注册制改革的"试验田",科创 板以鲜明的"硬科技"底色为锚点,以与时俱进的 监管理念为指引,以持续完善的制度体系为支撑, 正稳步引领中国资本市场改革向深向实推进。 国金证券 | 党委书记、董事长 国云 相信未来,科创板市场在支持"硬科技"发展、推 动经济创新转型中将继续发挥积极作用!科创板将 成为培育新质生产力的"主阵地",持续为中国经 济高质量发展赓续动能! 华泰联合 | 党委书记、董事长 江萬 值此科创板开市六周年之际，21世纪经济报道特别邀请了多位券商高管，共话科创板，寄语新未来。 中国硬科技企业上市首选地 中金公司 | 党委书记、董事长、管理委员会主席 陈亮 技企业绽 ...

Core Viewpoint - The market is at a critical point to test the validity of "bull market thinking" as it approaches the third quarter, with expectations for increased capital inflow and sector performance [1][11][13]. Group 1: Sector Performance - In Q2, the sectors with the highest increase in active equity fund allocations, excluding stock price factors, were communication, military industry, and non-bank financials, while the sectors with the most significant reductions were food and beverage, automotive, and electrical equipment [2][4]. - The AI computing power chain (including optical modules and PCBs) has once again become a consensus direction for institutional accumulation, marking the sixth time the TMT sector has been the top area for public fund accumulation in a single quarter since the AI wave began in 2023 [1][11]. - The non-bank sector (insurance and brokerage) also ranked among the top three for public fund accumulation in Q2, reflecting expectations for increased market participation despite no significant improvement in the economic fundamentals [1][13]. Group 2: Fund Allocation Insights - The report indicates a significant increase in the allocation to Hong Kong stocks, reaching a record high of 19.7%, with a focus on innovative drugs and a reduction in automotive sector investments [16]. - The technology chain primarily focused on increasing positions in computing power, particularly in sectors with high confidence in immediate fundamentals, such as optical modules and PCBs [17]. - The report highlights a shift in institutional preferences towards "new consumption" core stocks, indicating a change in aesthetic appreciation between new and old consumption sectors [17]. Group 3: Historical Context and Trends - Since Q4 2021, sectors with the highest single-quarter increases in holdings often see their stock price performance rank in the middle to lower tier in the following quarter, suggesting a potential overextension of market expectations [5][9]. - The report suggests that if the relevant sectors can continue to perform well in Q3 and Q4, it would indicate that the current "bull market thinking" is gradually solidifying [11][13].