Market Performance - The three major A-share indices experienced fluctuations in the afternoon, with the Shanghai Composite Index rising by 0.48%, surpassing last year's high of 3674 points, reaching a three-year high [1] - The Shenzhen Component Index increased by 1.76%, while the ChiNext Index surged by 3.62% [1] Sector Performance - The CPO concept saw significant gains, with Guangku Technology hitting a 20% limit-up [1] - The brokerage sector also performed well, with Guosheng Financial Holdings reaching its limit-up [1] - Other sectors that showed strong performance included optical chips, industrial gases, and CROs, while coal mining, Xinjiang revitalization, and poultry industries faced declines [1] Trading Activity - Over 2700 stocks in the Shanghai and Shenzhen markets rose, with a total trading volume exceeding 2.1 trillion yuan [2]

Core Viewpoint - The A-share market has shown significant growth, with the Shanghai Composite Index breaking through the previous year's high of 3674 points, reaching a new three-year high [1] Market Performance - The Shanghai Composite Index increased by 0.48%, while the Shenzhen Component Index rose by 1.76%, and the ChiNext Index surged by 3.62% [1] - Over 2700 stocks in the Shanghai and Shenzhen markets experienced gains, with total trading volume exceeding 2.1 trillion yuan [1] Sector Performance - The CPO concept saw substantial gains, with Guangku Technology hitting a 20% daily limit [1] - The brokerage sector also performed well, with Guosheng Financial Holdings reaching its daily limit [1] - Other sectors that showed strong performance included optical chips, industrial gases, and CROs, while coal mining, Xinjiang revitalization, and poultry industries faced declines [1]

Core Viewpoint - The A-share market experienced a positive performance with major indices showing significant gains, indicating a bullish sentiment among investors [1] Market Performance - The Shanghai Composite Index rose by 0.48%, surpassing last year's high of 3674 points [1] - The Shenzhen Component Index increased by 1.76% [1] - The ChiNext Index saw a notable rise of 3.62% [1] - Over 2700 stocks in the Shanghai and Shenzhen markets recorded gains, with total trading volume exceeding 2.1 trillion yuan [1] Sector Performance - The CPO concept stocks experienced substantial growth, with Guangku Technology hitting a 20% daily limit up [1] - The brokerage sector also performed well, with Guosheng Financial Holdings reaching the daily limit up [1] - Other sectors such as optical chips, industrial gases, and CROs showed strong performance [1] - Conversely, sectors like coal mining, Xinjiang revitalization, and poultry industry faced declines [1]

Market Overview - The A-share market experienced a strong upward trend, with the Shanghai Composite Index breaking the high point from October 8 of last year, reaching a nearly four-year high [1] - The total trading volume for the Shanghai and Shenzhen markets was 2.15 trillion, an increase of 269.4 billion compared to the previous trading day, marking a return to above 2 trillion after 114 trading days [1][6] - The market saw a broad increase, with over 2,700 stocks rising, indicating a generally positive sentiment among investors [1] Sector Performance - AI hardware stocks continued to surge, with companies like Industrial Fulian reaching historical highs [1] - The brokerage sector showed strong performance, with Guosheng Jin控 achieving two consecutive trading limit ups [1] - The non-ferrous metal sector also performed well, with Zijin Mining and Luoyang Molybdenum both hitting historical highs [1] - Other sectors that saw significant gains included non-ferrous metals, PEEK materials, CPO, and photolithography machines, while coal, banking, ports, and logistics sectors faced declines [2] Index Performance - At the close, the Shanghai Composite Index rose by 0.48%, the Shenzhen Component Index increased by 1.76%, and the ChiNext Index surged by 3.62% [3]

一、事件及点评： 8月13日，三大指数携手走强，上证指数突破3674去年10月新高，券商、炒股软件板 块异动，券商ETF基金（515010）、金融科技ETF华夏（516100）纷纷走强。 二、核心观点： 定性角 度看，本轮市场回暖的核心内涵是政策与资金的共同作用。 1）政策端：具备明确且强有力的"政策 底"：①央行维持"适度宽松"货币政策，保障流动性合理充裕并引导融资成本下行；②证监会则推出一 系列"活跃资本市场、提振信心"的组合拳。 2）资金端：①政策引导保险、养老金等长期资金稳步提高 权益配置，市场提供长期稳定的源头活水；②"长期大资金"角色转向发挥"稳定器"和"压舱石"的稳定预 期作用。 从定量角度看，市场风险仍然相对可控。 三、重点产品： 券商ETF基金（515010）跟踪证券公司指数（代码399975），指数前十大成份股权重 达60.73%，包括中信证券、东方财富（300059）、国泰海通、华泰证券、招商证券等头部券商，一键 配置券商龙头，直接受益A股行情回暖。数据显示，券商ETF基金（515010）当前管理费托管费合计费 率0.2%，为当前场内费率档次最低投资标的。 金融科技ETF华夏（51610 ...

Group 1 - Hong Kong brokerage stocks experienced a strong performance, with Changli Holdings rising over 23% [1] - Yao Cai Securities Financial increased by more than 7% [1] - Guolian Minsheng and Shenwan Hongyuan Hong Kong both saw gains exceeding 6% [1] - Other notable increases included Zhongze Feng, Ding Shi Capital, Liqiao Securities Holdings, and Zhongzhou Securities, all rising over 5% [1] - Huatai Securities and CITIC Securities both rose by more than 4% [1]

近期美股市场迎来港资券商上市热潮。思博控股、浤博资本、贝塔金融、芒果金融等四家港资券商相继 启动赴美上市流程。其中三家选择直接登陆纳斯达克，一家通过SPAC合并方式实现上市目标。贝塔金 融于7月18日率先递表，计划筹集最多1000万美元。浤博资本于8月4日提交IPO申请。思博控股于8月5 日递表，计划募资700万美元。芒果金融选择差异化路线，拟通过与纳斯达克上市的SPAC公司合并实现 登陆，预计今年下半年完成交易。 各家机构均以现有牌照为基础，通过募资加码特定领域或拓展海外资质。思博控股手握香港第1、4、 6、9类牌照，聚焦资管业务升级。39%募资将用于开发新基金，16%投向品牌与销售团队扩容。浤博资 本凭第1、6类牌照，业务覆盖企业融资。近三年香港企业融资服务交易数量稳居前五，募资将用于强化 财务咨询、开发金融科技工具等。 贝塔金融已持第1、4类牌照并申请第9类牌照。计划将20%募资用于申请美国及东南亚经纪牌照，旨在 构建多市场服务网络。芒果金融已申请数字货币及稳定币相关资质升级，计划上市后加速稳定币项目落 地。这一布局为其增添了更多资本市场想象空间。财务门槛上，美股对盈利、规模、同业竞争的历史包 袱最轻。 ...

Market Overview - The Shanghai Composite Index has strongly broken through the previous high of 3674 from the "924 market" on August 13, indicating a potential need for a pullback to confirm this breakout [2] - Short-term upward movement of the index may be limited due to insufficient marginal capital to drive significant increases [2] - Market volatility has increased, but the medium-term outlook remains optimistic [2] Market Review - During the week of August 4-8, 2025, small-cap stocks continued to reach new highs for the year, with strong rebounds following dips in the large-cap index [4] - Retail investor participation has become more evident, while growth sectors like technology and pharmaceuticals showed relatively weak performance [4] - There is significant differentiation within growth and value sectors, with large-cap stocks showing fatigue and small-cap stocks demonstrating strong capital absorption [4] Key Drivers of Index Performance - No significant changes in the fundamental landscape, with July's import and export data, CPI, and PPI remaining within expected ranges [6] - Increased risk appetite is supporting small-cap growth, with high levels of margin financing reflecting retail investor entry [6] - Internal policies are actively promoting measures against excessive competition and encouraging birth policies, while external factors include ongoing tariff battles led by Trump [6] Investment Strategy - Domestic economic data indicates resilience despite a slowdown, benefiting market risk appetite [8] - Internationally, the appointment of temporary Fed governors by Trump may maintain favorable liquidity conditions if upcoming CPI data meets expectations [8] Hot Topics - The financial technology ETF has reached a scale of 25 billion yuan as of August 8, 2025, indicating strong interest in this sector [10] - Various ETFs are highlighted for their potential in the current market, including those focused on AI and financial technology [11]

Group 1 - The Hong Kong Hang Seng Index showed strong performance, rising by 2% to 25,469.28 points, with cryptocurrency concept stocks being the biggest highlight of the day [1] - New Fire Technology Holdings' stock surged by 36%, leading the cryptocurrency sector, followed by Blueport Interactive with over a 15% increase, and OK Blockchain Chain rising over 13% [1] - The overall market opened positively, with the Hang Seng Index starting at 25,176.52 points, up 0.83%, and the Hang Seng Tech Index also rising by 0.94% [1] Group 2 - The strong performance of cryptocurrency stocks is closely related to the global digital asset market trends, with Bitcoin prices continuing to rise and breaking through significant levels [1] - There is an increasing expectation for improved regulatory environments for cryptocurrencies, with positive signals from U.S. policies injecting new vitality into the industry [1] - Southbound capital has continuously flowed into the Hong Kong stock market, with a cumulative net inflow exceeding 910 billion HKD this year, setting a historical high for annual net inflows [1] Group 3 - The overall performance of the Hong Kong stock market reflects a gradual recovery of investor confidence, with the Hang Seng Index successfully breaking the 25,000-point mark [2] - The market's trading activity has significantly increased, with notable rotation characteristics across various sectors [2] - Chinese brokerage stocks generally rose, with China International Capital Corporation increasing by over 1%, indicating improved market sentiment [2]

Core Viewpoint - The A-share financing balance has surpassed 20 trillion yuan, reaching a nearly ten-year high, indicating strong market interest in the brokerage sector, particularly in broker ETFs, which have seen significant inflows and nearly doubled in size over the past eight weeks [1][4]. Short-term Dynamics - Market risk appetite has improved, with the Shanghai Composite Index and the securities sector showing year-to-date gains of 8.82% and 2.95%, respectively, suggesting potential for further gains in the brokerage sector [4]. - As of August 11, the total financing balance in the A-share market reached 20.05689 trillion yuan, marking a significant increase and reflecting heightened market sentiment [4]. - The current A/H share premium for brokerage stocks is low, with Hong Kong's securities index up 49.92% year-to-date, while A-share brokerage stocks have only increased by an average of 4.63% [4]. - Institutional investors are underweight in the brokerage sector, with active equity funds allocating only 0.64% to brokerages, significantly below the five-year high of 2.0%, indicating potential for increased capital inflows [5]. Mid-term Support - The brokerage sector's net profit for Q1 2025 grew by 83% year-on-year, driven by strong performance in investment and brokerage businesses [8]. - A significant number of brokerages have issued positive mid-year profit forecasts, with many expecting substantial year-on-year growth, which could act as a catalyst for the sector's performance [8]. - The trend of mergers and acquisitions within the brokerage industry is intensifying, with several notable transactions indicating a focus on internal consolidation [8]. Long-term Trends - There is a growing interest in Chinese assets, with various investment themes attracting capital in both A-shares and Hong Kong stocks [11]. - The internationalization of the renminbi is providing new momentum for brokerage firms, with a notable increase in cross-border transactions and services [11]. - The brokerage sector is positioned at a critical juncture for value reassessment and upward trends, with low-cost investment tools like broker ETFs offering efficient market access for investors [12].