6月中旬以来，A股市场迎来了持续上涨行情，三大指数齐创今年以来新高。 中信证券A股策略首席分析师裘翔在接受中国证券报记者专访时表示，资金流入规模显著改善与宏观政 策持续发力，共同助推A股转向增量市场。投资策略需从交易型回归持股型，出海板块基本面韧性与 AI、创新药等确定性产业趋势将成为资金共识的核心方向，恒生科技等估值位置合适的板块有望迎来 配置良机。 ● 刘英杰 谭丁豪 资金流入规模显著改善与宏观政策持续发力，共同助推A股转向增量市场。 随着流动性逐步恢复，率先走出基本面磨底、景气度较高的核心资产吸引力将不断上升，投资者需重新 转向左侧交易预期的持股型策略，其性价比正持续提升。 在机构共识较高的板块充分演绎后，低估值、高韧性的出海板块与恒生科技资产，有望成为增量资金重 点配置方向。 摘要 存量向增量切换 "A股市场正经历从存量博弈到增量市场的关键转变。"裘翔说。 裘翔认为，这一判断的核心依据是资金流入规模显著变化与宏观政策推动两方面因素。自2024年10月 起，主动型公募基金净流出趋势逐步收窄，到2025年6月实现净流入。即使是过去几年净流出态势最为 严峻的公募资金，其"失血"也有所好转，这一变化标志着市场 ...

向买方投顾转型是券商财富管理业务发展的核心命题，而投顾人才正是答好这个问题的关键一环。目 前，证券行业投顾人数已经突破8.28万人。 然而，这8万余名投顾需要服务超2.4亿名股民，相当于1名投顾需要服务超过2800名投资者，这远远高 于1∶200的理想配置比例。与此同时，专业投研水平欠缺、专业化陪伴服务深度和连贯性不足……投顾 服务质量也不尽如人意。多位证券业人士向证券时报记者表示，建立一个吸纳和培养投顾人才的体系， 是当下买方投顾转型期的重要课题。 受访人士认为，解决这一问题需要从以下几个方面着手：一是解决投顾职责泛化问题，二是建立分类分 级体系，三是利用AI（人工智能）赋能。 投顾结构性短缺 以公募基金投资顾问业务试点正式落地为标志，证券行业早在2019年10月就开始向买方投顾转型。2019 年底以来，投顾人数从5.32万人攀升至当前的8.28万人。投顾人数的显著增长，从侧面体现了券商财富 管理业务对投顾人才的高度重视。 然而，当前投顾服务需求和供给并不匹配。从供给端来看，投顾的质和量两方面都存在不足。 在数量方面，多位业内人士表示，当前人才供给出现结构性短缺，投顾人数与投资者数量比例严重失 衡。业内人士 ...

Core Viewpoint - The document provides a list of major securities firms in China, including their A-share and Hong Kong stock codes, indicating the competitive landscape of the securities industry in China [1] Group 1: Company Listings - Huatai Securities is listed with A-share code 601688.SH and Hong Kong code 6886.HK [1] - China Galaxy Securities has A-share code 601881.SH and Hong Kong code 6881.HK [1] - Shenwan Hongyuan is represented by A-share code 000166.SZ and Hong Kong code 6806.HK [1] - Everbright Securities is identified with A-share code 601788.SH and Hong Kong code 6178.HK [1] - China Merchants Securities has A-share code 600999.SH and Hong Kong code 6099.HK [1] - CITIC Securities is listed with A-share code 600030.SH and Hong Kong code 6030.HK [1] - Orient Securities has A-share code 600958.SH and Hong Kong code 3958.HK [1] - China International Capital Corporation (CICC) is represented by A-share code 601995.SH and Hong Kong code 3908.HK [1] - Guotai Junan is identified with A-share code 601211.SH and Hong Kong code 2611.HK [1] - GF Securities has A-share code 000776.SZ and Hong Kong code 1776.HK [1] - Guolian Securities is listed with A-share code 601456.SH and Hong Kong code 1456.HK [1] - Zhongyuan Securities has A-share code 601375.SH and Hong Kong code 1375.HK [1]

在接受中国证券报记者采访的机构人士看来，券商赴港上市既可为其提供国际化融资平台、增强资本实 力以支撑跨境业务，又可显著提升品牌国际认可度、吸引海外机构客户。未来，券商国际业务增长趋势 明显，成为必争之地。 有望迎来第14家"A+H"股上市券商 ● 本报记者 林倩 近日，首创证券宣布拟赴港上市，有望成为第14家"A+H"股上市券商。随着港股市场融资热度持续攀 升、券商国际化战略加速推进，越来越多的券商加码布局在港业务，包括赴港上市、设立或增资香港子 公司。 香港市场融资机制成熟、投资者结构国际化，长期以来是内地金融机构拓展海外布局的重要阵地。 近日，首创证券公告称，为进一步提高资本实力和综合竞争力，更好地整合国际资源，提升国际影响 力，公司拟发行境外上市股份（H股）股票并申请在香港联交所主板挂牌上市。 "港股融资不仅是资本补强的工具，也是业务外溢能力和品牌影响力提升的路径。"东海证券非银首席分 析师陶圣禹在接受记者采访时表示，券商通过港股融资，一方面可以通过多元资本注入借鉴国际经验， 在原有业务基础上增强实力，并拓宽业务能力边界，实现资本补强；另一方面也有助于推动国际化战略 落地和品牌影响力提升，进而提高公司市 ...

Core Viewpoint - Numerous brokerage firms are facilitating investor participation in the Sci-Tech Innovation Board's growth tier, with several firms like CITIC Securities and Guosen Securities enabling trading permissions through their apps, indicating a step closer for investors to engage in upcoming IPOs and trading of companies listed in this tier [1][4]. Group 1: Trading Permissions and Requirements - Investors must meet the same criteria as for the Sci-Tech Innovation Board, requiring personal assets of over 500,000 yuan and at least two years of investment experience to participate in the growth tier [1]. - Several brokerage firms have issued announcements regarding the signing of the "Risk Disclosure Statement for the Sci-Tech Innovation Board Growth Tier," ensuring investors can easily sign through online channels [1][4]. Group 2: Risk Disclosure and Management - The importance of risk disclosure is emphasized, requiring investors to understand the specific risks associated with growth tier companies, including their unprofitability and uncertainties in technology development and market prospects [4][6]. - The Shanghai Stock Exchange has revised rules to help investors better understand the investment risks of unprofitable companies, adding essential clauses to the risk disclosure statement [4]. Group 3: Market Opportunities and Challenges - The listing of growth tier companies introduces new investment opportunities but also demands higher risk identification and management capabilities from investors due to the inherent uncertainties in revenue and profitability [6]. - Currently, two companies, Heyuan Biotechnology and Beixin Life, have successfully passed the review and are awaiting listing in the growth tier, with more unprofitable companies in the IPO queue, indicating a diversification of investment options in the future [6].

Core Viewpoint - Dongwu Securities experienced a stock price decline of 1.75% on July 29, closing at 10.08 yuan, with a trading volume of 1.243 million hands and a transaction amount of 1.247 billion yuan [1] Group 1: Company Overview - Dongwu Securities is a comprehensive securities company headquartered in Jiangsu, with business operations covering securities brokerage, investment banking, and asset management [1] - The company is involved in various concept sectors, including securities, Jiangsu sector, and market-making for the Sci-Tech Innovation Board [1] Group 2: Digital Transformation Initiatives - Recently, Dongwu Securities has been actively pursuing digital transformation, leveraging its self-developed AIaaS platform to create a digital employee ecosystem that spans ToB, ToC, and internal empowerment [1] - On the ToC side, the company is focusing on building an intelligent service platform around three major AI service systems and plans to develop an "AI Human Resources Department" [1] - Additionally, Dongwu Securities is actively participating in the formulation of industry standards for the digital human sector [1] Group 3: Market Activity - On July 29, the net outflow of main funds from Dongwu Securities was 102 million yuan, accounting for 0.2% of its circulating market value [1]

截至2025年7月29日收盘，湘财股份股价报11.22元，较前一交易日下跌1.23%。当日成交量为771173 手，成交金额达8.56亿元，振幅为3.43%。 2025年7月29日，湘财股份主力资金净流出9109.21万元。 风险提示：投资有风险，入市需谨慎。 湘财股份主营业务为证券业务，旗下拥有湘财证券等子公司。公司目前正在推进与大智慧的吸收合并事 项，该交易自2025年3月启动以来仍在进行相关审计和尽职调查工作。 公司近期公告显示，涉及云南信托的3.43亿元诉讼案件被二审法院发回重审。湘财股份已在2024年度计 提2.33亿元预计负债。此外，公司2025年上半年预计净利润1.2亿至1.6亿元，同比增长63.64%至 118.19%。 ...

证券时报记者马静 向买方投顾转型是券商财富管理业务发展的核心命题，而投顾人才正是答好这个问题的关键一环。目 前，证券行业投顾人数已经突破8.28万人。 然而，这8万余名投顾需要服务超2.4亿名股民，相当于1名投顾需要服务超过2800名投资者，这远远高 于1∶200的理想配置比例。与此同时，专业投研水平欠缺、专业化陪伴服务深度和连贯性不足……投顾 服务质量也不尽如人意。多位证券业人士向证券时报记者表示，建立一个吸纳和培养投顾人才的体系， 是当下买方投顾转型期的重要课题。 受访人士认为，解决这一问题需要从以下几个方面着手：一是解决投顾职责泛化问题，二是建立分类分 级体系，三是利用AI（人工智能）赋能。 投顾结构性短缺 以公募基金投资顾问业务试点正式落地为标志，证券行业早在2019年10月就开始向买方投顾转型。2019 年底以来，投顾人数从5.32万人攀升至当前的8.28万人。投顾人数的显著增长，从侧面体现了券商财富 管理业务对投顾人才的高度重视。 然而，当前投顾服务需求和供给并不匹配。从供给端来看，投顾的质和量两方面都存在不足。 在数量方面，多位业内人士表示，当前人才供给出现结构性短缺，投顾人数与投资者数量比例严 ...

Core Viewpoint - The Chinese stock market is showing resilience and stability, with the total market capitalization of A-shares surpassing 100 trillion yuan and the Shanghai Composite Index trending upwards, indicating a recovery and positive outlook for the first half of 2025 [1][3]. Market Stability - The focus on stabilizing the market has been a key theme, with regulatory bodies emphasizing the importance of maintaining a stable and active capital market to boost investor confidence and expectations [2][3]. - A series of policies have been implemented to support market stability, including measures to enhance liquidity and encourage long-term investments, despite external uncertainties such as U.S. tariff policies [2][4]. Policy Measures - The central government has introduced a comprehensive set of policies aimed at stabilizing the capital market, including the "New National Nine Articles" and the "1+N" policy framework, which focus on maintaining funding stability and investor confidence [2][6]. - Regulatory bodies are actively working to improve the mechanisms for market stability, with a focus on proactive management and consistent macroeconomic policy orientation [3][6]. Investment Trends - There has been a significant influx of medium- and long-term funds into the market, with over 200 billion yuan net purchases of A-shares by social security, insurance, and pension funds in the first half of the year [4][5]. - The introduction of long-term performance evaluation mechanisms for public funds is expected to enhance the stability of investment behaviors and improve the overall quality of the capital market [5][6]. Future Outlook - The market is expected to face complex internal and external challenges, but the certainty of high-quality economic development and the recovery of asset valuations provide a solid foundation for maintaining market stability [6][7]. - There is a call for further reforms to enhance the entry of long-term funds into the market and to improve corporate governance and performance, which will ultimately support market vitality and investor returns [7][8].

Core Viewpoint - The company is committed to serving the real economy and has outlined a new five-year strategy focusing on "intensive, digital, technology-driven, and international" development paths to support the growth of new productive forces [1][2]. Group 1: Technology and Innovation - The company emphasizes the importance of technology as the primary productive force and innovation as the main driving force, establishing a capital service system that covers the entire lifecycle of enterprise development [3]. - It has built a digital knowledge base for key industrial chains, focusing on sectors such as new energy and biomedicine, and has completed 8 technology innovation equity financing projects totaling 10.458 billion yuan in 2024 [3]. - The company has invested approximately 7.86 billion yuan in technology innovation since 2020, actively supporting key core technology breakthroughs [3][4]. Group 2: Green Finance - The company is driving low-carbon transformation through a diversified financial toolset, creating a green finance ecosystem that integrates investment and product innovation [5]. - Since 2022, it has facilitated equity financing of 24.57 billion yuan for companies related to carbon neutrality and new energy, and underwrote green bonds totaling 43.23 billion yuan [5]. Group 3: Inclusive Finance - The company has launched the "Leap Plan" to provide comprehensive financial services for early-stage quality enterprises, with 554 companies included in the program by the end of 2024, totaling an investment of 2.5 billion yuan [7]. - It has expanded its "insurance + futures" business to support agricultural production and is developing a pension financial service system to enhance residents' retirement security [9]. Group 4: Strategic Partnerships and Industry Integration - The company has organized industry chain connection activities to facilitate collaboration between emerging technology companies and industry leaders, resulting in over 50 companies achieving business connections in various sectors [8]. - It is enhancing its wealth management services by transitioning to a "buy-side advisory" model, serving over 80,200 clients with assets under management of approximately 5.112 billion yuan [8].