Group 1 - The world is undergoing significant changes, and the international financial governance system is facing profound restructuring, with China playing a crucial role as the world's largest trading nation and foreign exchange reserve holder [1] - Accelerating the construction of a financial powerhouse is essential for achieving the great rejuvenation of the Chinese nation and adapting to the contemporary global financial landscape [1] Group 2 - The concept of a financial powerhouse is based on a strong economic foundation, leading global economic strength, technological capability, and comprehensive national power, along with six key financial elements [2] - The six key financial elements include a strong currency, a capable central bank, robust financial institutions, a significant international financial center, effective financial regulation, and a talented financial workforce [2] Group 3 - Building a financial powerhouse requires a strong real economy as its support, as a robust economic foundation ensures the stable operation of the financial system and drives financial innovation and development [3] - Historical examples, such as the UK's industrial revolution and the post-World War II U.S. economic dominance, illustrate how strong economic foundations can enhance a nation's financial credibility and governance [3] Group 4 - Financial development must return to serving the real economy, as the essence of finance is to support economic growth and prevent financial risks [4] - The 2008 financial crisis highlighted the dangers of financial institutions operating outside the fundamentals of the real economy, emphasizing the need for finance to support real economic development [4] Group 5 - High-quality financial services are essential for economic and social development, focusing on technology finance, green finance, inclusive finance, pension finance, and digital finance [5] - Financial resources should be allocated precisely to strategic emerging industries and advanced manufacturing to promote structural adjustment and new economic growth points [5] Group 6 - Developing a global high-efficiency financial market and cultivating internationally competitive financial institutions are core financial elements for building a financial powerhouse [6] - The financial system must address issues of uneven capital allocation and improve financing efficiency to better serve the real economy [7] Group 7 - Steadily promoting the internationalization of the Renminbi is crucial for enhancing China's position in the international monetary system and creating a favorable external environment for building a financial powerhouse [8] - The goal is to increase the use of the Renminbi in cross-border trade and attract international investors to participate in China's financial markets [8] Group 8 - Participating in and leading reforms of the international financial governance system is necessary for transitioning from being a rule taker to a rule maker in the global financial landscape [9] - The need for a more equitable, inclusive, and sustainable financial governance system is emphasized, along with the importance of reforming multilateral financial institutions [9]

点击注册小程序 从项目属性来看，本周产权类和特许经营权类REITs的二级市场价格走势均呈现下跌趋势，产权类REITs的 跌幅更小。 从底层资产类型来看，本周交通基础设施类REITs跌幅最大。本周回报率排名前三的底层资产类型分别为 保障房类、能源类和生态环保类。 从单只REIT层面来看，本周公募REITs涨跌互现，除去本周上市的中金亦庄产业园REIT和中金中国绿发商 业REIT后，有6只REITs上涨，有60只REITs下跌。除去本周上市的两只新REITs后，涨跌幅方面，涨幅排 名前三的分别是中航京能光伏REIT、华夏华润商业REIT和中金山东高速REIT。 成交规模及换手率：本周公募REITs成交规模为29.0亿元，市政设施类REITs区间日均换手率领先其他。截 至本周，已上市的68只REITs周内总成交额为29.0亿元，周内区间日均换手率均值为0.93%。 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若 ...

Group 1 - The fund will set a total scale limit of RMB 10 billion starting from June 30, 2025, to maintain the interests of fund shareholders and ensure stable fund operations [1][2] - If the total scale exceeds RMB 10 billion on a given day, the fund manager will confirm subscription applications on a pro-rata basis [1][2] - The calculation method for the subscription confirmation ratio is provided, ensuring transparency in the process [1][6] Group 2 - The fund will resume large subscriptions, including regular investment plans, starting from June 30, 2025, lifting the previous limit of RMB 100 on single-day subscriptions [4][5] - A new total scale limit of RMB 8 billion will be implemented, with similar pro-rata confirmation principles applied if the limit is exceeded [4][5] - Investors can consult the fund manager's website for information on confirmation ratios and any adjustments to scale control measures [2][6] Group 3 - The announcement includes the addition of Everbright Securities as a sales agent for the Wanji Stable Bond Fund, effective from July 7, 2025 [9][10] - The fund will be publicly offered from July 7 to July 25, 2025, allowing investors to subscribe through Everbright Securities [9][10]

一、关于审议公司 2024 年度"提质增效重回报"行动方案落实情况报告的 议案 证券代码：600030 证券简称：中信证券 公告编号：临2025-050 中信证券股份有限公司 第八届董事会第三十五次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 公司第八届董事会第三十五次会议于2025年6月18日发出书面通知，于2025 年6月27日完成通讯表决，应参与表决董事9人，实际参与表决董事9人，有效表 决数占公司董事总数的100%。本次会议的召集、召开符合《公司法》和公司《章 程》的规定。 会议以记名投票方式表决，审议通过以下议案： 张麟、付临芳、王恕慧；公司董事会提名委员会委员变更为：李青（主席）、张 佑君、付临芳、史青春、张健华。 三、关于受让金石泽信投资管理有限公司100%股权的议案 表决情况：同意 9 票，反对 0 票，弃权 0 票。本议案获得通过。 根据该议案： 资管理有限公司 100%股权； 特此公告。 表决情况：同意 9 票，反对 0 票，弃权 0 票。本议案获得通过。 具体内容请详见与本公告同日披露的《 ...

Core Viewpoint - The overall expectation for the A-share market in the second half of 2025 is a continuation of the current oscillation and rapid rotation of hot topics, with no systemic large-scale rally anticipated [2][3] Market Assessment - Multiple institutions predict that the market will likely maintain a fluctuating pattern with significant thematic rotation [3] - The uncertainty surrounding the recovery of corporate profit growth is a key factor limiting the potential for a broad market rally [3] - The focus on corporate earnings performance is expected to contribute positively to market dynamics, with fundamental factors likely to outperform historical averages [3][4] Investment Strategy - A consensus strategy among professional institutions is to adopt a balanced allocation to manage risks while selectively focusing on structural opportunities for returns [5] - The importance of monitoring macroeconomic highlights is emphasized, with adjustments to investment strategies based on key areas such as investment, consumption, and exports [4][5] Key Directions for Investment - Institutions identify four main investment directions: 1. Deepening investments in the technology sector, particularly in areas like AI, semiconductors, and military technology [6] 2. Capitalizing on the new consumption wave, including experiential and AI-enabled consumption models [6] 3. Focusing on stable dividend assets in a weak recovery environment [6] 4. Following national policy directions, particularly in sectors like power generation and coal chemical industries [6] Short-term Outlook - Some institutions maintain an optimistic short-term outlook, suggesting a "dual-line layout" strategy that includes focusing on sectors with improving industry conditions and stable earnings [7] - The A500 index is highlighted as a key investment vehicle for capturing growth in emerging sectors [7] Long-term Perspective - Long-term confidence in the market is supported by signs of fundamental improvement and potential capital inflows [8][9] - The low valuation of the Chinese stock market compared to global peers is expected to attract both traditional and new foreign investments [9]

Core Insights - The A-share ETF market is experiencing underlying changes despite a seemingly calm surface, with increased participation from state-owned funds and a competitive landscape among leading brokerages [1] Group 1: Market Participation - Galaxy Securities maintains the top position in the Shanghai ETF market with a 24.63% share, showing a slight increase of 0.06 percentage points, driven by state-owned funds increasing their holdings in major ETFs [2] - Shenwan Hongyuan Securities follows with an 18.05% share, up by 0.18 percentage points, but still trails Galaxy by 6.58 percentage points, solidifying a duopoly in the market [4] - The Shenzhen Stock Exchange shows a more balanced holding scale among various institutions, encouraging broader participation in the ETF ecosystem [4] Group 2: Trading Activity - Huatai Securities leads in trading activity with an 11.30% monthly share, significantly ahead of competitors, while CITIC Securities has surged to second place, outperforming the third by 1.87 percentage points [5] - Galaxy Securities saw a drop in monthly trading share to 5.71%, falling to fifth place, indicating limited adjustments by state-owned funds in May [5] - Shenwan Hongyuan, despite a strong holding position, continues to lag in trading activity, highlighting a mismatch between holdings and trading volume [5] Group 3: Emerging Trends - Smaller brokerages like Dongfang Securities and Huabao Securities are gaining traction in the ETF market, with respective monthly trading shares of 6.12% and 4.64%, ranking fourth and sixth [6] - There is a renewed interest in Hong Kong ETFs, with the return of Hongyu Information Services to the top 30 in trading volume, reflecting a resurgence in investment enthusiasm [6] Group 4: Client Engagement - The trading landscape at the brokerage level is dynamic, with notable shifts in trading volume among various branches, indicating concentrated state fund activity [7] - Huatai Securities and Dongfang Wealth continue to dominate in terms of active trading accounts, with Huatai's app enhancing its appeal to individual investors [7] - The personal client trading accounts on the Shenzhen Stock Exchange are primarily led by Dongfang Wealth, showcasing its strong retail presence [7]

天风证券（601162）在上证e互动平台表示，公司全资子公司天风国际证券与期货有限公司获得香港证 监会批准，能够"透过综合帐户安排提供虚拟资产交易服务"。此项服务为香港证监会SFC虚拟资产相关 牌照中的第三类，意味着天风国际可以为客户提供一定范围的虚拟货币和稳定币交易服务。 ...

Core Viewpoint - HashKey Chain has announced that GF Securities (01776) has fully integrated with HashKey Chain to issue the first daily redeemable tokenized security, "GF Token" [1][2] Group 1: Product Details - "GF Token" is a tokenized security issued by GF Securities (Hong Kong) based on its credit support, available in USD, HKD, and offshore RMB, with daily interest accrual [1] - The USD tokenized security's yield is anchored to the US Overnight Secured Financing Rate (SOFR), providing a fair, transparent, and low-volatility cash management tool for users [1] Group 2: Market Position and Strategy - GF Securities (Hong Kong) was the first Chinese brokerage to successfully issue a tokenized security under Hong Kong law, marking a significant milestone in the exploration of on-chain financial products [2] - The launch of "GF Token" is seen as a continuation of the company's efforts to enhance its series of on-chain financial products, reinforcing its first-mover advantage in the emerging digital finance sector [2] - HashKey Group emphasizes the need for true integration between financial institutions and blockchain technology platforms for the on-chainization of real-world assets (RWA), with "GF Token" exemplifying this concept [2] - HashKey Chain aims to expand collaborations with traditional financial institutions, including brokerages and banks, to further develop compliant asset issuance and circulation mechanisms on-chain [2]

Core Viewpoint - The upcoming release of the US PCE inflation data is expected to significantly impact market dynamics, particularly affecting the dollar and gold prices [2][3]. Economic Indicators - The US PCE price index for May is anticipated to rise by 2.3% year-on-year, up from 2.1% in April, while the core PCE is expected to increase by 2.6%, compared to 2.5% in April [2][3]. - Analysts suggest that if the PCE data, especially the core index, falls short of expectations, it could weaken the dollar and boost other major non-USD currencies [2][3]. Gold Market Analysis - The gold market is currently influenced by a complex macroeconomic environment, with ongoing geopolitical tensions and economic uncertainties driving demand for gold as a safe-haven asset [4][5]. - Factors supporting potential gold price increases include sustained demand for safe-haven assets due to geopolitical issues, expectations of interest rate cuts by the Federal Reserve, and ongoing high levels of US debt and deficits [4][5]. - The gold ETF fund (159937) offers a low-cost investment option that closely tracks domestic gold prices, supporting T+0 trading and providing a long-term hedge against economic downturns [5]. Market Sentiment - Recent economic data from the US indicates weakening consumer confidence and spending, which may put short-term pressure on the economy, although the Federal Reserve remains cautious regarding inflation uncertainties [5]. - Despite a generally weak dollar index trend, the Fed's maintenance of high interest rates has temporarily mitigated the dollar's decline, while gold remains supported by increasing international trade risks [5].

Group 1 - The A-share market experienced a slight decline on June 26, with the three major indices showing a small drop, while the military industry sector remained strong and bank stocks performed well [1][3] - There was a significant net outflow of over 7.6 billion yuan from the stock ETF market, with the CSI 300 index and other broad-based indices seeing the largest outflows [2][3] - The total scale of all stock ETFs in the market reached 3.59 trillion yuan, with a reduction of 3.586 billion units in total shares on the same day [3] Group 2 - In contrast to the outflows in stock ETFs, bond ETFs and Hong Kong market ETFs saw net inflows of 5.926 billion yuan and 450 million yuan, respectively [3] - The CSI A500 index and the CSI Bank index attracted significant inflows, with over 6.1 billion yuan and 1.9 billion yuan, respectively, in the recent five trading days [3][5] - The Huatai-PineBridge CSI A500 ETF led the inflows with over 2.055 billion yuan on June 26, making it the top performer in the industry [4][3] Group 3 - The broad-based ETFs experienced the largest net outflows, totaling 5.525 billion yuan, with the CSI 300 index leading the outflows at 3.23 billion yuan [8][9] - The Huatai-PineBridge CSI 300 ETF saw a net outflow of nearly 1.4 billion yuan, ranking first in the industry for outflows [9][8] - Other ETFs such as the SSE 50 ETF and the CSI 500 ETF also experienced significant outflows, exceeding 500 million yuan each [9] Group 4 - Despite the short-term net outflows, several institutions recommend focusing on investment opportunities in related sectors, particularly in the brokerage sector, which is expected to benefit from public fund allocation and high growth [10] - The brokerage sector is currently trading at a price-to-book ratio of 1.4, indicating a potential investment window as historical percentiles suggest a favorable entry point [10]