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].

◎记者 温婷 中国人民银行数据显示，2025年上半年，非银行业金融机构存款增加2.55万亿元，创近十年同期新高。 市场分析认为，随着存款利率下调，A股市场情绪改善，增量资金通过证券账户、资管产品进入非银存 款池，直接推动了非银机构存款再创新高，并将继续维持增长态势。 存款加速"非银化" 非银机构存款一般包括证券、信托、理财、基金等非银机构存放在银行的存款。今年以来，存款利率下 调、资本市场明显回暖，加速了居民存款"非银化"步伐。 上半年，人民币存款增加17.94万亿元。其中，非银机构存款增加2.55万亿元，同比多增3400亿元，增量 亦创近十年同期新高。 光大证券研究所副所长、金融业首席分析师王一峰表示，这反映了存款利率连续下调之后，一般存款 的"脱媒"趋势。 在他看来，非银机构存款规模持续走高，是当前阶段一般存款"脱媒"、资本市场表现稳定向好、货币政 策保持流动性宽松等共同作用的结果。资金通过非银机构进行再配置，如购买债券、投资股票等方式发 挥了支持实体经济的作用，一定程度上减轻了对于间接金融的依赖，契合我国经济高质量发展的总体方 向。 经过多次存款挂牌利率下调后，大型银行一年期定期存款利率已降至0.95% ...

金十数据7月21日讯，记者从人民银行广东省分行获悉，"跨境理财通"自2021年启动以来，极大地促进 了粤港澳大湾区居民个人跨境投资便利化。 截至2025年6月末，粤港澳大湾区参与"跨境理财通"个人投 资者共16.17万人，涉及相关资金跨境汇划超1180亿元。目前粤港澳大湾区内地九市共有34家试点银 行、14家证券公司参与试点。此外，粤港澳大湾区通过创新跨境医疗金融服务、完善跨境购房金融服务 以及跨境养老金融综合服务，构建湾区特色养老金融服务体系。据统计，截至今年6月末，人民银行广 东省分行辖区共办理港澳居民内地购房业务3341笔，产生跨境收入折合人民币30.8亿元。 （央视新闻） 汇划1180亿元！"跨境理财通"大湾区投资者已超16万人 ...

Core Points - Shanxi Securities Co., Ltd. has successfully issued corporate bonds with a total scale of up to RMB 10 billion, with the final issuance amount being RMB 1 billion [1] - The bonds were issued at a price of RMB 100 per bond, with a final coupon rate of 1.83% and a subscription multiple of 2.89 times [1] - The funds raised will be used entirely for repaying existing corporate bonds after deducting issuance costs [1] Summary by Sections - **Issuance Details** - The corporate bonds were registered under the approval number 815 from the China Securities Regulatory Commission [1] - The issuance period was from July 18, 2025, to July 21, 2025 [1] - **Investor Participation** - The bond underwriting institution, Zhongde Securities Co., Ltd., and its affiliates did not participate in the subscription [2] - CITIC Securities Co., Ltd. and its affiliates subscribed and were allocated RMB 20 million [2] - **Regulatory Compliance** - All investors participating in the bond issuance met the requirements set forth in relevant regulations, including the Company Bond Issuance and Trading Management Measures and the Shenzhen Stock Exchange's updated rules [2]

India’s securities regulator has allowed Jane Street to resume trading in the country’s stock market after the firm deposited $564 million in alleged “unlawful gains” into an escrow account, the Business Standard reported Monday https://t.co/L5RdGloM4Y ...

中证协修订专业委员会管理办法 新增委员声誉风险解聘条款 智通财经7月21日电，从业内获悉，中国证券业协会近期正紧锣密鼓地推进《中国证券业协会专业委员 会管理办法》的修订工作。记者调研了解到，目前修订形成的征求意见稿正面向行业机构广泛征询意 见。据多方了解，此次修订进一步强化了专业委员会的研究职能，新增声誉与品牌维护相关的职责要 求，并首次明确了委员因声誉风险、廉洁从业违纪风险被解聘的具体条款。同时，修订稿还进一步细化 了对专业委员会工作成果的使用规范。 (中证金牛座) ...

Core Viewpoint - The cost-effectiveness of long-term interest rate bonds has improved recently as the equity market sentiment has warmed up, leading to a narrow fluctuation in the bond market [1] Group 1: Market Trends - The bond market has entered a phase of narrow fluctuations, with 10-year and 30-year government bonds struggling to break previous lows [1] - Credit bonds and local government bonds have shown relatively strong performance, indicating a shift in investor preference during uncertain benchmark interest rate conditions [1] Group 2: Investment Insights - The compression of yield spreads has become a less significant obstacle in the current market environment [1] - From a comparative perspective, the cost-effectiveness of long-term interest rate bonds has seen a recovery [1]

Core Viewpoint - The bond underwriting market in China is experiencing severe price competition, with underwriters willing to accept extremely low fees to secure business, leading to regulatory investigations into several institutions for abnormal pricing practices [1][6][10]. Group 1: Underwriting Fee Trends - The underwriting fees for the 2025-2026 secondary capital bond project by Guangfa Bank were reported as exceptionally low, with fees as low as 700 yuan and an average of around 10,000 yuan per institution, significantly below market averages [3][4][6]. - The total underwriting service fee for the six selected institutions was only 63,448 yuan, raising concerns about the sustainability of such low pricing [3][4]. Group 2: Regulatory Response - The China Interbank Market Dealers Association has initiated self-regulatory investigations into six institutions for their unusually low bids, citing potential violations of self-regulatory rules [6][10]. - Previous instances of low underwriting fees by Guangfa Bank have also drawn market scrutiny, indicating a pattern of aggressive pricing strategies that may undermine market integrity [6][10]. Group 3: Market Dynamics - The intense competition among underwriting firms is driven by a desire to increase market share and rankings, leading to a cycle of low pricing that may not cover operational costs [7][9]. - The top six banks dominate the bond underwriting market, holding a combined market share of 53.7%, which pressures smaller firms to engage in price competition to secure business [9]. Group 4: Industry Concerns - There are significant concerns that continued low pricing in the underwriting market could lead to inadequate due diligence and increased risks of bond defaults, potentially harming the overall market [10]. - Experts suggest that a shift in focus from low pricing to value creation is necessary to restore a healthy competitive environment in the bond underwriting sector [10].

Core Viewpoint - The article discusses the ongoing transition of brokerage large collective investment products to public offerings, marking the gradual phasing out of these products due to regulatory reforms initiated by the China Securities Regulatory Commission (CSRC) since late 2018 [1][17]. Group 1: Transition to Public Offerings - Several brokerage firms, including Guosen Securities and Guotou Securities, have begun converting their large collective investment products into public fund products, with the process accelerating recently [2]. - The rectification process for brokerage large collective products has been ongoing for nearly seven years, with many products experiencing multiple delays in their transition timelines [15][18]. - The CSRC's guidelines mandated that existing large collective products should complete their public offering transformation by December 31, 2020, but many have not met this deadline and have opted for extensions [17][18]. Group 2: Product Liquidation and Transition to Private Funds - Some large collective products have chosen to liquidate, while others are transitioning to private fund structures, as seen with the "Anxin Asset Management Ru Yuan Tian Li One-Year Holding Period Bond Type Collective Asset Management Plan" [4][6]. - Guotou Securities announced plans to handle the transition of its large collective products in a manner that protects the interests of existing shareholders, including the potential conversion to private asset management plans [5][8]. Group 3: Delays and Extensions - Several firms, including Everbright Securities and CITIC Securities, have announced extensions for their collective investment products, pushing deadlines from mid-2025 to later dates such as November 30, 2025 [10][12]. - The delays in the transition process highlight the challenges faced by brokerage firms in complying with regulatory requirements while ensuring investor interests are safeguarded [18]. Group 4: Management Changes and Public Fund Registration - Brokerage firms are increasingly changing the management of their large collective products to affiliated fund companies to facilitate the transition to public fund status, as seen with multiple firms like CITIC Securities and Guosen Securities [21]. - As of now, 13 brokerage firms have obtained public fund licenses, while others are still in the application process, indicating a competitive landscape for public fund management qualifications [19][20].

Meeting Overview - The 19th (temporary) meeting of the fourth Supervisory Board of Dongwu Securities was held on July 14, 2025, with 100% attendance of the supervisors [1] - The meeting was chaired by Wang Jinkang, and company executives were present [1] Resolutions Passed - The Supervisory Board approved the proposal regarding the company's compliance with the conditions for issuing A-shares to specific targets, with a unanimous vote of 6 in favor [2] - The proposal for the company to issue A-shares to specific targets was also approved, with the same unanimous vote [2] Issuance Details - The A-shares to be issued will have a par value of RMB 1.00 per share [2] - The issuance will be conducted after obtaining approval from the Shanghai Stock Exchange and the China Securities Regulatory Commission [2] Target Investors - The issuance will target specific investors, including the controlling shareholder Suzhou International Development Group and its concerted party Suzhou Yingcai Investment Group, among others [3] - Other investors will be determined based on their qualifications as per regulatory requirements [3] Pricing Mechanism - The pricing benchmark for the issuance will be the first day of the issuance period, with the price set at no less than 80% of the average trading price over the previous 20 trading days or the latest audited net asset value per share [4][5] Subscription and Limitations - The total number of shares issued will not exceed 30% of the company's total shares prior to the issuance, amounting to a maximum of 1,490,610,851 shares [6] - The controlling shareholders will not participate in the pricing process but will agree to subscribe at the market price determined through the bidding process [6] Fundraising and Utilization - The total amount to be raised from the issuance will not exceed RMB 6 billion, aimed at increasing the company's capital and enhancing its risk resistance and market competitiveness [8][9] - The funds will be used for projects aligned with the company's operational capabilities and will not lead to significant changes in the company's main business [9] Shareholding Restrictions - Shares acquired by specific investors will be subject to lock-up periods ranging from 6 to 60 months, depending on their shareholding percentage [7] Future Plans - The resolutions regarding the issuance and related reports will be submitted for approval at the company's shareholders' meeting [10][11][12]