【导读】 头部 券商亮相2025世界人工智能大会，发布" AI +"研究 实践 成果 见习记者 舍梨 AI技术正在深入证券行业的各项业务场景。 在2025世界人工智能大会上，中信证券、中信建投 、 中金公司、华泰证券等头部券商纷纷 亮相，举办配套的投融资主题论坛和科技金融创新论坛，并发布"AI+"最新研究实践成果。 中信证券：发布业 内 首套市值管理AI系统 中信证券今年随中信集团亮相世界人工智能大会，发布了全市场首套AI算法与市值管理相结合 的赋能内部员工的上市公司企业级服务平台——CapitAI-Link（信·企智）。 据悉，该平台将AI大模型算法与市值管理相结合，利用大模型等技术，深度解读政策背景，剖 析资本市场主流市值管理举措，结合具体公司经营数据与实际举措，为企业提供个性化、专 业化、智能化的决策支持，支持上市公司的价值增长。 除了打造AI技术支持的上市公司服务平台外，中信证券全力推进的AI数字员工体系建设也取得 重要成果。据悉，中信证券的AI数字员工作为人工智能与证券业务深度融合的新型业务应用载 体，具备不知疲倦、全时高效、业务全能等特点，正在重塑金融服务的协作范式。 中信证券以打造智能化、拟人化 ...

第一财总营收1.16万亿日元，同比下降5%。 第一财投行业务手续费收入383.6亿日元，同比下降7.1%。 第一财资产管理费928.6亿日元，同比增长2.8%。 第一财交易利润1,422.4亿日元，同比增长7.8%。 第一财券商佣金1,006.1亿日元，同比下降2.1%。 野村控股第一财季净利润1,045.7亿日元，同比增长52%。 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - Domestic "anti - involution" policies have entered the implementation stage. Multiple industries and departments have taken actions, and there may be more forceful policies in the future [3]. - China's economy in the first half of the year showed growth, with consumption supporting the growth. Overseas, the US economic situation has inflation, employment, and interest - rate - related changes [4]. 3. Summary by Directory 3.1 Economic Situation - **GDP**: In the first half of 2025, GDP was 66.00 trillion yuan, a year - on - year increase of 5.3%. Q1 GDP increased by 5.4% year - on - year, and Q2 increased by 5.2% [17]. - **Industrial Added Value**: From January to June, the added value of large - scale industries increased by 6.4% year - on - year. In June, the added value of the mining industry increased by 6.1%, manufacturing by 7.4%, and the production and supply of electricity, heat, gas, and water by 1.8% [18]. - **Real Estate Data**: In the first half of the year, real estate development investment decreased by 11.2%. In June, relevant real - estate data such as sales area and new - construction area had different trends [17][18]. - **Fixed - Asset Investment**: In the first half of the year, fixed - asset investment increased by 2.8%, with private fixed - asset investment decreasing by 0.6%. In June, fixed - asset investment (excluding rural households) decreased by 0.12% month - on - month [17][18]. - **Social Retail Consumption**: In the first half of the year, the total retail sales of consumer goods were 24,545.8 billion yuan, a year - on - year increase of 5.0%. In June, the total retail sales of consumer goods were 4,228.7 billion yuan, a year - on - year increase of 4.8% [18]. - **Demand**: The purchasing manager index (PMI) in June showed an upward trend, indicating improved market demand [8]. - **Import and Export Data**: Specific data on export and import amounts in June are presented in the report, with different trends in monthly and annual comparisons [34]. - **Unemployment Rate**: The urban surveyed unemployment rate remained stable, and the employment situation in the US also had corresponding changes [6][36]. 3.2 Financial Situation - **Social Financing Data**: In June, the single - month new social financing was 4.20 trillion yuan, a year - on - year increase of 90.08 billion yuan. The stock of social financing scale reached 430.22 trillion yuan, a year - on - year increase of 8.9% [37]. - **Credit Data**: In June, financial institutions' new RMB loans were 2.24 trillion yuan, a year - on - year increase of 11 billion yuan. Loans were divided into different sectors such as enterprises and residents [37]. - **Money Supply**: M2 balance was 330.29 trillion yuan, a year - on - year increase of 8.3%. M1 balance was 113.95 trillion yuan, a year - on - year increase of 4.6%. The M2 - M1 gap narrowed [37]. 3.3 Price - Related - **CPI**: In June, China's CPI increased by 0.1% year - on - year, ending four consecutive months of decline. The core CPI increased by 0.7% year - on - year, with the growth rate expanding by 0.1 percentage points compared to the previous month [5][47]. - **PPI**: In June, China's PPI's year - on - year decline expanded by 0.3 percentage points to 3.6% [5][47]. 3.4 Overseas Economy - **US Economy**: In June, the US CPI and core CPI increased, the unemployment rate decreased, and the employment market remained strong. The probability of the Fed cutting interest rates in July was almost zero, and the probability in September was about 75% [4][6][56]. - **Eurozone Economy**: Relevant data such as HICP, retail sales index, and PMI in the Eurozone are presented in the report [15][16]. 3.5 Interest Rates and Exchange Rates - **Exchange Rates**: In July, the RMB exchange rate showed a two - way fluctuation pattern. Affected by the Fed's suspension of interest - rate hikes, the US dollar index fell, and the RMB - US dollar exchange rate fluctuated within a certain range [67]. - **Interest Rates**: Data on various interest rates such as DR007, SHIBOR, LPR, and bond yields are presented in the report, showing different trends [68][73][76].

证券板块午后震荡回升， 中银证券涨超7%， 锦龙股份、 天风证券、 国泰海通、 华泰证券、 华鑫股份 等快速冲高。 ...

Group 1 - The China Securities A500 Index (000510) has shown a slight increase of 0.04%, with notable stock performances including Tianfu Communication (300394) rising by 11.45% and Foster (603806) reaching a 10% limit up [1] - The China Securities A500 ETF (563800) has a recent trading volume of 6.13% and a transaction value of 1.042 billion yuan, with an average daily trading volume of 1.941 billion yuan over the past year [1] - The latest scale of the China Securities A500 ETF is 16.994 billion yuan, with a net value increase of 10.80% over the past six months [1] Group 2 - The China Securities A500 Index is designed to reflect the overall performance of 500 representative listed companies across various industries, balancing traditional and emerging sectors [2] - Goldman Sachs has raised its 12-month target for the MSCI China Index from 85 to 90 points, indicating an 11% potential upside from last Friday's closing price, driven by improved trade prospects and market liquidity [2] - The National Taxation Administration reported that tax revenue is expected to exceed 155 trillion yuan during the 14th Five-Year Plan period, accounting for 80% of total fiscal revenue, which strengthens the financial foundation for economic and social development [2] Group 3 - Current A-share market dynamics are characterized by a dual drive of policy and capital, establishing a slow upward trend despite short-term technical adjustment pressures [3] - The bullish sentiment in the A-share market is growing, with significant capital still on the sidelines, which could provide upward momentum for broad indices [3] - The China Securities A500 ETF offers a balanced allocation of quality leading enterprises across various industries, serving as a tool for investing in core A-share assets [3]

Core Viewpoint - The Hong Kong Stock Exchange (HKEX) has announced a reduction in the minimum price fluctuation unit for trading securities, effective August 4, aimed at lowering transaction costs and enhancing market efficiency [1][3][6]. Summary by Sections Minimum Price Fluctuation Adjustment - The minimum price fluctuation for securities priced between HKD 10 and HKD 20 will be reduced from HKD 0.02 to HKD 0.01, and for those priced between HKD 20 and HKD 50, it will be reduced from HKD 0.05 to HKD 0.02 [2][5]. - This adjustment applies to stocks, Real Estate Investment Trusts (REITs), and equity warrants [2][4]. Benefits of the Adjustment - The initiative is expected to lower trading costs, facilitate order execution at expected prices, improve market efficiency, and enhance the price discovery function [3][6]. - The HKEX plans a second phase of adjustments in mid-2026, which will further reduce the minimum price fluctuation for securities priced between HKD 0.5 and HKD 10 by 50% [3][8]. Settlement Cycle Changes - The HKEX is also considering shortening the stock settlement cycle from T+2 to T+1, aligning with international practices [10][11]. - This change aims to reduce market risk and improve capital efficiency for market participants [15]. Market Context - The HKEX has been actively working on reforms to lower transaction costs and enhance liquidity, with the goal of increasing its international competitiveness [3][10]. - As of mid-2025, the HKEX is expected to have over 2,600 listed companies, with an average daily trading volume of HKD 240.2 billion [13].

在2023年的报告 《全球产业链正在发生哪些变化？》 中，我们曾指出2020年之后全球产业链出现重构，且具备三个特征——"本土化"、"近端化/区域 化"、"友岸化"。本文进一步跟踪近年全球产业链重构的这一趋势，并重点考察近两年的边际变化。 自2022年以来，全球FDI增长持续疲弱，其中绿地投资于2024年出现边际回落。 2022年至2024年间，全球FDI增长慢于同期名义GDP和出口额的增长。 2025年，新一轮关税战升级导致政策不确定性加剧，联合国贸易和发展会议（UNCTAD）报告显示，2025年一季度全球交易规模与项目公告数量均创历史 新低。过去几年全球FDI的疲弱态势主要受并购投资大幅收缩拖累，而绿地投资在2022至2023年大幅上升至2000年以来的高位，尽管2024年边际回落，但 仍维持历史相对较高水平。 从绿地投资来看，全球产业链深层次重构持续演进，区域分化和行业集中特征显著。 区域层面分化： 一是"本土化"趋势出现分化。 2024年，绿地投资更多投向发达经济体的趋势更为明显，但发达经济体内部已现分化：美国投资流入持续加速，而西 欧则连续两年回落。 二是"近岸化"亦现分化。 美洲接收的绿地投资仍处 ...

| 股票代码 | 股票简称 | 涨跌幅 | 权重 | | --- | --- | --- | --- | | 300059 | 东方财富 | -0.95% | 2.82% | | 600030 | 中信证券 | -1.03% | 2.62% | | 601211 | 国泰海通 | 0.87% | 2.11% | | 601688 | 华泰证券 | -0.54% | 0.90% | | 6009999 | 招商证券 | -0.98% | 0.63% | | | 湘财股份 | -2.29% | 0.52% | | 600958 | 东方证券 | -1.55% | 0.51% | | 000776 | 广发证券 | -1.10% | 0.51% | | 000166 | 甲万宏源 | -1.28% | 0.45% | | 601377 | 兴业证券 | -1.62% | 0.42% | 西部证券指出，市场交投活跃及权益市场上行背景下，行业景气度持续回升，叠加并购重组和金融科技新进展，券商板块有望迎来盈利估值双击。 中原证券指出，7月券商指数稳步连续走高，在持续刷新年内新高的同时，逐步逼近去年四季度的反弹高点，整体格 ...

从近五年的走势来看，中证2000从2023年起就在宽基指数中一骑绝尘。进入2025年以后，宏观环境与政策导向形成合力，叠加流动性相对宽松，市场更是愈 发转向具备更高成长弹性和政策敏感度的中小市值股票。 如果今年你的目光还只盯着"茅指数"或者"宁组合"，可能就错过了一场真正的盛宴——截至7月28日，"新进顶流"招商中证2000增强ETF（159552）以年内 40.83%的惊人涨幅，成为全市场今年首只突破40%收益关口的宽基ETF，彻底刷新了大家对宽基工具弹性的认知。 | | 中证2000增强ETF | | | --- | --- | --- | | | 159552 | त्रे | | | | A Q + | | 交生 | 40.21% 120日 | 34.24% | | P | 1155% Z50日 | 90.11% | | 20日 | 7.47% 52周高 | 1.84 | | 60日 | 25.31% 52周低 | 0.92 | | | 实时申购赎回信息 申购 | 陵回 | | 筆数 | | O | | 金额 | | こ | | 份额 | 1350万 | O | 更值得玩味的是，这只增强ETF并非被动 ...

2025 年以来金融板块涨幅：银行暂领先非银，保险暂领先券商 金融子板块中，银行涨幅领先非银，保险涨幅领先券商。年初以来，金融各子板块累计涨幅均较高。其中， 券商板块期间波动率较大，且上涨时间段稍稍滞后于银行及保险板块，我们认为这由市场资金面及证券公 司业务结构共同影响：资金面角度，一是以中央汇金为代表的类平准基金，特别在关税后市场稳定起到至 关重要的作用；二是以保险公司为代表的金融机构，对大盘价值风格较为偏爱，对红利因子持续加大投资； 三是中性策略的量化私募基金、个人投资者的两融资金，对波动率较高的小微盘股偏好度较高。证券公司 业务结构层面，今年以来券商持续加大资产负债表运用，投资收益占营收比重持续提升，目前已经接近半 壁江山。关税冲击以来，市场稳中向好，重要指数频频创下年内新高，市场赚钱效应推动成交放量、两融 余额扩张，券商板块股价开始出现明显上行趋势。 个股层面，中银证券、东吴证券、广发证券、华西证券涨幅居券商板块前列。 证券研究报告 | 2025年07月29日 券商板块点评 从自由现金流角度看券商 ROE 改善机会 |  行业研究·行业快评 | | |  非银金融 |  投资评级：优于大市（维持 ...