Core Viewpoint - Weichai Heavy Machinery Co., Ltd. has conducted an evaluation of Shandong Heavy Industry Group Financial Co., Ltd. to assess its operational qualifications, business, and risk status, confirming that the financial company operates within legal and regulatory frameworks [1][15]. Group 1: Basic Information of Shandong Heavy Industry Group Financial Co., Ltd. - Shandong Heavy Industry Group Financial Co., Ltd. is a non-bank financial institution established with approval from the National Financial Supervision Administration, with a registered capital of 4 billion RMB [1]. - The shareholding structure includes China National Heavy Duty Truck Group (37.5%), Shandong Heavy Industry Group (23.44%), Weichai Power Co., Ltd. (19.53%), Weichai Heavy Machinery (7.81%), Shantui Construction Machinery Co., Ltd. (7.81%), and Shaanxi Fast Gear Co., Ltd. (3.91%) [1]. Group 2: Internal Control System - The financial company has established a comprehensive risk governance structure, ensuring clear responsibilities among the party organization, board of directors, supervisory board, senior management, and various functional departments [2][3]. - The board of directors is responsible for formulating the overall business strategy and major policies, while the risk management committee oversees risk management policies and practices [4][5]. Group 3: Risk Management and Control - The financial company has developed a comprehensive risk management system that includes credit risk, market risk, liquidity risk, operational risk, information technology risk, anti-money laundering risk, and reputation risk [7]. - The company employs a "system first" approach to internal control, continuously improving its internal control system to ensure effective risk management [8][9]. Group 4: Financial Performance and Compliance - As of June 2025, the liquidity ratio of the financial company is 77.65%, which is above the regulatory minimum of 25% [12]. - The company has not engaged in any offshore or cross-border financing activities and has maintained a stable operational status without significant financial distress [12][15]. - The total assets of the financial company reached 1.36 billion RMB as of June 2025, indicating a solid financial position [14].

Group 1 - The 23rd New Fortune Best Analyst Selection has entered a critical phase, with a significant increase in voting data on August 15, showing a 31.2% growth in total voting scores compared to the previous day [1] - There are notable changes in industry rankings, with five changes in the top position of research fields, and closely contested rankings in financial engineering, banking, non-banking finance, retail and social services, machinery, and energy extraction [2] - The voting tool used for this selection is the "New Fortune Secretary Circle" WeChat mini-program, allowing voters to track real-time rankings and updates [2] Group 2 - Voters can log in using their registered mobile number and receive a password via SMS, which may be intercepted [3] - Institutions can check their voting credentials through the New Fortune official website [3] - Contact information for the selection process is provided, including an email for inquiries [4]

Core Insights - The report highlights the growth potential in the chemical raw materials sector, particularly in new materials and carbon capture technologies, with a focus on domestic opportunities in adsorption materials and equipment [5][6][7] - The non-bank financial sector is experiencing a recovery, driven by new IPO pricing regulations in Hong Kong, which are expected to enhance market stability and attract more mainland companies to list [9] - Satellite Chemical is positioned for growth through its functional chemical products, with a significant increase in R&D investment aimed at high-end new materials [11][12] - Wanhua Chemical is maintaining stable operations in its polyurethane business while accelerating its new materials layout, despite facing challenges in its petrochemical segment [15][16] Industry Commentary - The new materials sector has shown resilience, with the new materials index rising by 2.57%, outperforming the ChiNext index by 2.09% [6] - Key price movements in the amino acids and biodegradable materials markets indicate a mixed trend, with some prices declining while others remain stable [6] - The DAC (Direct Air Capture) technology is gaining traction, with Western Oil's updates on project progress and partnerships indicating strong market demand for carbon removal technologies [6][7] Company Analysis - Satellite Chemical reported a 20.9% year-on-year increase in total revenue for H1 2025, driven by its functional chemicals segment, which saw a 32.1% revenue growth [14] - Wanhua Chemical's H1 2025 revenue decreased by 6.4% year-on-year, with a notable decline in net profit, but its polyurethane and fine chemicals segments showed resilience [16] - Tianzhun Technology has made significant strides in the semiconductor and intelligent control sectors, with substantial revenue growth in visual measurement and intelligent driving solutions [20][21]

Group 1 - China Ping An has increased its stake in China Pacific Insurance (CPIC) H-shares, acquiring 1.74 million shares at an average price of HKD 32.07 per share, totaling HKD 55.83 million, raising its holding to 5.04% of CPIC's total H-share capital, triggering a stake increase notification [1] - This marks the first instance of a major insurance company cross-holding in the sector since China Life's stake increase in CPIC in 2019, indicating a recognition of the long-term value of high-dividend financial assets by insurance capital [1] - The current dividend yield advantage of domestic insurance companies in the Hong Kong stock market is significant, with companies like New China Life, Sunshine Insurance, and Ping An H-shares all exceeding a 5% dividend yield [1] Group 2 - The Hong Kong Stock Connect Non-Bank Financial ETF (513750) tracks the CSI Hong Kong Stock Connect Non-Bank Financial Index, focusing on insurance (64.5% weight), securities (15.2%), and the Hong Kong Stock Exchange (13.3%) [2] - The top three holdings, including China Ping An, AIA Group, and the Hong Kong Stock Exchange, each have a weight exceeding 13%, with the top ten stocks accounting for 78.19% of the index [2] - As of August 13, the index's price-to-earnings ratio (TTM) stands at 10.3 times, below the five-year average, indicating good valuation attractiveness [2] Group 3 - The ETF supports T+0 trading and is not subject to QDII quota restrictions, providing an efficient way for investors to access non-bank financial assets in Hong Kong [2] - Multiple favorable factors are converging for the non-bank financial sector, including a reduction in preset interest rates alleviating pressure on insurance margins, record-high margin financing driving interest income growth for brokerages, and improved liquidity from new IPO regulations benefiting the Hong Kong Stock Exchange [2] - The Hong Kong Stock Connect Non-Bank Financial ETF (513750) is seen as a crucial tool for capturing industry opportunities due to its scarcity, high elasticity, and convenient trading mechanism [2]

Group 1 - The Hong Kong Stock Connect Non-Bank ETF (513750) has seen a significant increase of 1.78% as of August 13, 2025, and a cumulative rise of 56.70% since its low on April 10 [1] - The ETF's trading volume was active, with a turnover rate of 17.57% and total transactions amounting to 2.628 billion yuan [1] - The latest inflation data from the US showed a mild increase, with a month-on-month rise of 0.2% and a year-on-year increase of 2.7%, which is below market expectations [1] Group 2 - As of August 13, 2025, the Hong Kong Stock Connect Non-Bank ETF reached a record high in size at 14.879 billion yuan, with a year-to-date growth of over 1785.80% [2] - The ETF has seen continuous net inflows over the past six days, with a peak single-day net inflow of 906 million yuan, totaling 1.720 billion yuan in net inflows year-to-date [2] - The ETF's net asset value has increased by 94.24% over the past year, ranking 37 out of 2956 index equity funds, placing it in the top 1.25% [2] Group 3 - The CSI Hong Kong Stock Connect Non-Bank Financial Theme Index (931024) has its top ten weighted stocks accounting for 78.19%, with major holdings including China Ping An, AIA, and Hong Kong Exchanges [3] - Insurance stocks are viewed as having dual dividend advantages, benefiting from both high dividends and the performance of high-dividend assets in which leading insurers have invested [3] - The non-bank sector is expected to benefit from macroeconomic stability and potential interest rate cuts by the Federal Reserve, which could enhance market activity in both A-shares and Hong Kong stocks [3] Group 4 - The Hong Kong Stock Connect Non-Bank ETF (513750) is the first and only ETF tracking the non-bank index, with over 60% of its composition in insurance stocks [4] - The ETF selects up to 50 listed companies that meet the non-bank financial theme from the Hong Kong Stock Connect securities range to reflect the overall performance of this sector [4]

Core Insights - The report highlights the current positioning of the Bank of China’s multi-strategy industry allocation system, with a comprehensive allocation of 8.6% across various sectors, including Electronics (7.5%), Non-ferrous Metals (7.4%), and Banking (7.3) [1] - The report tracks the performance of various strategies, noting that the S2 sentiment tracking strategy achieved a weekly excess return of 3.3%, while the S1 industry profitability tracking strategy underperformed with an excess return of -0.1% [2][3] - The report identifies the top-performing sectors for the week as Machinery (5.4%), Non-ferrous Metals (4.4%), and National Defense Industry (4.2%), while the worst performers were Oil & Petrochemicals (-0.9%), Pharmaceuticals (-0.9%), and Comprehensive Finance (-0.6%) [3][10] Industry Performance Review - The average weekly return for the 30 CITIC first-level industries was 1.9%, with a one-month average return of 4.2% [10] - The report provides a detailed breakdown of weekly and monthly performance for each industry, indicating significant variations in returns across sectors [11] Valuation Risk Warning - The report employs a valuation warning system based on the PB ratio over the past six years, identifying industries with a PB ratio above the 95th percentile as overvalued [12][13] - Currently, the industries triggering high valuation warnings include Retail Trade, National Defense Industry, and Media, all exceeding the 95% threshold [13][14] Strategy Performance - The report outlines the performance of various strategies, with the S4 long-term reversal strategy showing a significant excess return of 6.4% year-to-date [3][15] - The S3 macro style rotation strategy has a current excess return of 4.3%, indicating strong performance in the context of macroeconomic indicators [3][24] Sector Rankings - The report ranks the current high-prospect sectors based on profitability expectations, with Non-ferrous Metals, Communication, and Agriculture leading the rankings [16][19] - The sentiment tracking strategy (S2) identifies Machinery, Computer, and Textile as the top sectors based on implied sentiment indicators [19][20] Macro Indicators - The report highlights the top six industries favored by current macroeconomic indicators, which include Comprehensive Finance, Computer, Media, National Defense Industry, and Non-bank Financials [24][25]

证券研究报告 策略 流动性驱动行情或仍有空间 公募报会数量回暖，流动性驱动行情或仍有增量资金支撑；2）短期中报密 集披露期和新一轮贸易谈判下波动或放大，但下行空间相对有限，可能主要 以板块轮动的方式消化交易拥挤度压力；3）7 月 PPI 同比触底，"反内卷" 政策初现成效，政策决心和难度均不宜低估。配置上，战术配置挖掘景气改 善、具备补涨逻辑的存储、软件、通用自动化、部分化工品、保险、煤炭， 华泰研究 何康，PhD 研究员 hekang@htsc.com +(86) 21 2897 2202 方正韬* 研究员 SAC No. S0570524060001 fangzhengtao@htsc.com +(86) 21 2897 2228 王伟光* 研究员 SAC No. S0570523040001 wangweiguang@htsc.com +(86) 21 2897 2228 2025 年 8 月 10 日│中国内地 策略周报 两融余额创近 10 年新高，公募报会数量回暖 本轮流动性驱动行情或仍有增量资金支撑：1）交易型资金是主要增量来源， 上周两融余额时隔 10 年重回 2 万亿元，两融余额占 A 股流通 ...

证券代码：000729 证券简称：燕京啤酒 公告编号：2025-68 北京燕京啤酒股份有限公司 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 根据《深圳证券交易所上市公司自律监管指引第7号——交易与关联交易》 的要求，北京燕京啤酒股份有限公司（以下简称"公司"或"本公司"）通过 查验北京控股集团财务有限公司（以下简称"财务公司"）《金融许可证》、 《企业法人营业执照》等证件资料，并审阅包括资产负债表、利润表、现金流 量表等在内的财务公司的定期财务报告，对财务公司的经营资质、业务和风险 状况进行了评估，现将有关风险评估情况报告如下： 一、财务公司基本情况 财务公司是北控集团所属的非银行金融机构，于2013年10月23日经原中国 银监会批准取得《中华人民共和国金融许可证》，2013年11月8日取得营业执照， 办公地址位于北京市朝阳区化工路59号院2号楼3层及5层。2017年公司完成了增 资扩股，公司股东由3家增加到7家，增资后的注册资本金额为20.0898亿元人民 币。2022年，公司完成了第二次增资扩股，原有7家股东按持股比例出资，增资 后的注册资本金额为36 ...

证券研究报告·固定收益·固收点评 固收点评 20250809 绿色债券周度数据跟踪 （20250804-20250808） [Table_Tag] [Table_Summary] 观点 ◼ 一级市场发行情况： 本周（20250804-20250808）银行间市场及交易所市场共新发行绿色债券 16 只，合计发行规模约 109.13 亿元，较上周增加 43.13 亿元。发行年限 多为 5 年；发行人性质为地方国有企业、中小微民企、央企子公司、其 他企业；主体评级多为 AAA、AA+级；发行人地域为福建省、广东省、 广西壮族自治区、河北省、江苏省、山东省、上海市、天津市；发行债 券种类为商业银行普通债、中期票据、企业 ABS、私募公司债、一般公 司债、定向工具(PPN)。 ◼ 二级市场成交情况： 本周（20250804-20250808）绿色债券周成交额合计 474 亿元，较上周增 加 4 亿元。分债券种类来看，成交量前三为非金公司信用债、金融机构 债和利率债，分别为 250 亿元、164 亿元和 43 亿元；分发行期限来看， 3Y 以下绿色债券成交量最高，占比约 84.93%，市场热度持续；分发行 主体行业来看， ...

Core Viewpoint - The article outlines the schedule and topics for the 2025 research framework training organized by Guotai Junan Securities, emphasizing a comprehensive approach across various sectors and inviting participation from interested parties [19]. Group 1: Event Schedule - The training sessions are scheduled for August 18-19 and August 25-26, covering a range of topics from macroeconomic research to sector-specific studies [14][19]. - The first two days focus on total, consumption, and financial sectors, while the latter two days will delve into cyclical, pharmaceutical, technology, and manufacturing sectors [19]. Group 2: Research Topics - The training will include sessions on food and beverage research, retail and service research, textile and apparel research, internet applications, home appliances, agriculture, forestry, animal husbandry, and fishery research [15]. - Additional topics will cover macroeconomic research, strategy research, overseas strategy research, fixed income research, fund evaluation, financial engineering, small and medium-sized enterprises, and new stock research [15][16]. - The second week will feature non-metallic building materials, non-ferrous metals, public utilities, biological medicine, cultural communication, electronics, and various engineering and manufacturing studies [16][17].