本报记者 周尚伃 素有"券茅"之称的东方财富，近期发生的股权变动引发市场及行业的高度关注。7月24日晚间，东方财富披露了股东沈友 根的询价转让结果，15880万股股份以总价约34.4亿元完成转让，从发布计划到实施完毕仅用时7天，高效完成股权"速配"。最 终，17家中外资知名机构获配，涵盖易方达基金、阿布扎比投资局、摩根士丹利等头部机构，以及国泰海通、中信证券等同 行。 对于东方财富股权为何如此具有吸引力，萨摩耶云科技集团首席经济学家郑磊在接受《证券日报》记者采访时表示："东 方财富作为A股稀缺的'纯互联网券商+金融IT'双料龙头，在经纪、两融、基金代销等核心业务领域的市占率持续攀升。同时， 公司独特的商业模式具备网络效应与规模效应，机构普遍将其视为券商板块中的'成长股'，而非传统意义上的周期股。" 获配机构阵容豪华 回溯至7月18日晚间，东方财富发布的《股东询价转让计划书》显示，股东沈友根因个人资金需求，计划通过询价转让方 式转让股份15880万股，占公司总股本的比例为1%。值得关注的是，本次询价转让不通过集中竞价交易或大宗交易方式进行， 不属于通过二级市场减持，且受让方通过询价转让受让的股份，在受让后6个月 ...

Group 1 - The core viewpoint is that the securities industry is expected to achieve significant growth in mid-term performance, with a projected year-on-year net profit growth rate of around 20% due to favorable market conditions and ongoing industry transformation [1] Group 2 - The abundant liquidity in the financial market supports the stable growth of securities firms' performance, with the People's Bank of China lowering the reserve requirement ratio, injecting approximately 1 trillion yuan into the market [2] - The A-share market has shown active trading with an average daily turnover exceeding 1.3 trillion yuan and over 12.6 million new accounts opened, which boosts the core business growth of securities firms [2] Group 3 - Structural reforms in the capital market enhance the intermediary role of securities firms, with the recent introduction of policies to support technology-driven enterprises and an increase in underwriting activities, leading to a 25.53% year-on-year growth in IPO underwriting [3] Group 4 - The deepening transformation of the industry provides internal momentum for performance growth, with regulatory changes encouraging firms to focus on quality service rather than mere scale expansion [4] - The international business revenue is becoming a significant growth driver for securities firms, as demand for cross-border financing and mergers increases, enhancing their market competitiveness [4] Group 5 - Evaluating the performance of securities firms should consider not only revenue and scale but also operational quality, risk control, and service effectiveness, which are crucial indicators of comprehensive strength [5]

Group 1 - The total margin balance of the STAR Market reached 158.783 billion yuan on July 3, 2025, an increase of 0.199 billion yuan from the previous trading day, marking a continuous increase for nine consecutive trading days [1] - The financing balance amounted to 158.210 billion yuan, increasing by 0.190 billion yuan, while the securities lending balance was 0.0572 billion yuan, up by 0.0094078 billion yuan from the previous day [1] - The margin balance has shown a consistent upward trend, with notable increases recorded on several previous trading days, indicating growing investor interest in the STAR Market [1] Group 2 - The margin balance data for the STAR Market over the past few days shows fluctuations, with the highest recorded on July 1, 2025, at 158.340 billion yuan, and the lowest on June 6, 2025, at 153.114 billion yuan [1] - The financing balance has also seen a steady increase, with a peak of 158.210 billion yuan on July 3, 2025, compared to 151.826 billion yuan on June 3, 2025, reflecting a positive trend in investor sentiment [1] - The securities lending balance has remained relatively stable, with minor fluctuations, indicating a consistent level of short-selling activity in the market [1]

微观流动性监测，银行大规模定增 20250701 摘要 偏股型公募基金新发表现良好，但近期发行规模仍处低位，6 月预计延 续震荡，受地缘政治风险影响，市场避险情绪上升。 截至 6 月 22 日，北向资金成交额占比小幅回落，活跃度下降，受美股 反弹和新兴外资谨慎态度影响，北上资金成交活跃度仍处阶段性低位。 截至 6 月 22 日，两融余额占比小幅下降，两融净流入较前期减少 30%，市场投资情绪不高，两融交易额占比处于阶段性低位，但仍有修 复空间。 两融资金净流入集中于下游消费和上游原料支持服务板块，医药生物、 食品饮料、石油石化行业净流入居前，非银金融、机械设备、电子行业 净流出居前。 存量股票型 ETF 本期净申购额收窄，科创板 50ETF、白酒 ETF、中证 500ETF 及国联半导体 ETF 净申购领先，消费类、创业板及信息技术创 业板 ETF 净赎回领先。 未来两周 IPO 规模预计 26.5 亿元，本期股权融资规模大幅上升至 4,300 亿元，主要受益于中国银行、交通银行及邮储银行的大规模增发。 本期产业资本净减持 85.75 亿元，集中在中邮制造和支持服务板块，机 械设备、电子及基础化工行业净减持领 ...

Core Insights - The total margin trading balance on the STAR Market reached 157.705 billion yuan as of June 30, 2025, marking an increase of 0.534 billion yuan from the previous trading day [1] Group 1: Margin Trading Overview - The financing balance amounted to 157.149 billion yuan, increasing by 0.513 billion yuan compared to the previous trading day [1] - The securities lending balance was 0.056 billion yuan, which is an increase of 21.736 million yuan from the previous trading day [1] - The margin trading balance has increased for six consecutive trading days [1] Group 2: Daily Margin Trading Data - On June 27, 2025, the total margin trading balance was 157.170 billion yuan, with a daily increase of 0.084 billion yuan [1] - On June 26, 2025, the total margin trading balance was 157.086 billion yuan, reflecting a daily increase of 1.256 billion yuan [1] - The margin trading balance on June 25, 2025, was 155.830 billion yuan, with an increase of 0.360 billion yuan from the previous day [1]

理性投资，风险自担 股指月报：美国关税豁免将到期，关注特朗普极限施压风险 正信期货股指期货周报 202507 研究员：蒲祖林 投资咨询证号：Z0017203 Email：puzl@zxqh.net 核心观点 宏观：中美第二次会谈成果不显著，美国再次发起家电关税政策和芯片关键设备限制，美国对各国90天豁免期即将结 束，未来两周关税对市场的冲击仍有卷土重来的风险，参考2018年的路径，需谨防特朗普再次极限施压的压力。国内 经济各领域步入季节性回升转折窗口，关注6-7月底政治局会议释放的潜在宏观利多。 中观：地产销售低位季节性回升，旺季总体不旺，服务业结构分化且高位小幅降温，5月实体经济中生产和投资退坡， 消费在财政补贴提振下扛起大旗，制造业抢出口逻辑仍在反复延续，国内供需矛盾边际降温，物价有望震荡回升，关注 下半年财政是否进一步发力托底经济重心。 资金：国内流动性总体宽松，海外流动性在美联储偏鸽指引和经济数据下滑背景下趋于宽松，金融条件显著改善，叠加 美元指数有望超跌反弹，国内股市将获得增量资金，被动ETF和两融资金流入，IPO等股权融资和解禁压力维持。 估值：各指数短期反弹后估值仍位于历史中性偏高水平，国内外股 ...

Core Viewpoint - The margin trading balance on the STAR Market decreased to 154.53 billion yuan on June 20, 2025, marking a reduction of 6.13 million yuan from the previous trading day, continuing a downward trend for three consecutive trading days [1] Recent Margin Trading Overview - On June 20, 2025, the total margin trading balance was 1545.29 billion yuan, down by 6.13 million yuan from June 19, 2025, which had a balance of 1551.42 billion yuan [1] - The financing balance on June 20, 2025, was 1540.40 billion yuan, a decrease of 6.09 million yuan from the previous day [1] - The securities lending balance on June 20, 2025, was 4.90 billion yuan, down by 420.41 thousand yuan from June 19, 2025 [1] - The margin trading balance has shown a consistent decline over the past three trading days, with the following balances recorded: - June 19: 1551.42 billion yuan, down 5.09 million yuan - June 18: 1556.51 billion yuan, down 2.21 million yuan - June 17: 1558.73 billion yuan, up 5.21 million yuan [1]

Core Insights - The total margin balance of the STAR Market reached 152.426 billion yuan on June 4, 2025, an increase of 0.6 billion yuan from the previous trading day [1] Margin Trading Overview - The financing balance amounted to 151.876 billion yuan, increasing by 0.607 billion yuan compared to the previous day [1] - The securities lending balance was 0.055 billion yuan, decreasing by 0.007129 billion yuan from the previous trading day [1] Recent Trends - The margin balance has shown fluctuations over the past few trading days, with the highest recorded on June 4, 2025, and the lowest on April 30, 2025, at 148.470 billion yuan [1] - The financing balance has generally been on an upward trend, with notable increases on several days, including a significant rise of 1.68 billion yuan on May 6, 2025 [1]

Core Insights - The total margin balance of the STAR Market reached 151.83 billion yuan on June 3, 2025, showing an increase of 57.49 million yuan from the previous trading day [1] - The financing balance amounted to 151.27 billion yuan, with an increase of 47.26 million yuan, while the securities lending balance was 5.57 billion yuan, up by 10.23 million yuan [1] Recent Margin Trading Overview - On June 3, 2025, the total margin balance was 1518.26 billion yuan, reflecting a daily increase of 0.57 billion yuan [1] - The financing balance on the same date was 1512.69 billion yuan, which is an increase of 0.47 billion yuan compared to the previous day [1] - The securities lending balance was recorded at 5.57 billion yuan, marking an increase of 0.10 billion yuan from the prior trading day [1] - The margin balance fluctuated in the preceding days, with notable changes including a decrease of 0.74 billion yuan on May 30, 2025, and a decrease of 1.12 billion yuan on May 29, 2025 [1] - The highest recorded margin balance in the recent period was 1527.37 billion yuan on May 21, 2025, while the lowest was 1484.70 billion yuan on April 30, 2025 [1]

2025 年 06 月 03 日 投资策略 流动性与仓位周观察——5 月第 4 期：资金净流入 ◼ 上证综合指数走势（近三年） (20%) (12%) (4%) 4% 12% 20% 24/6/3 24/8/15 24/10/27 25/1/8 25/3/22 25/6/3 证券分析师：张冬冬 产业资本：上周产业资本减持 36.9 亿元，纺织服饰、交通运输、汽 车增持前三；机械设备、电子、计算机减持前三。上周解禁规模 120.02 亿元，电子、计算机、通信解禁规模前三。 风险提示：1、市场波动过大；2、数据具有时滞性；3、历史数据不 代表未来。 太 平 洋 证 券 股 份 有 限 公 司 证 券 研 究 报 告 E-MAIL：zhangdd@tpyzq.com 分析师登记编号：S1190522040001 证券分析师：吴步升 E-MAIL：wubs@tpyzq.com 分析师登记编号：S1190524110002 资金净流入，交投活跃度下降。上周全 A 成交额 5.47 万亿，较前一 周下降，换手率 6.49%，较前一周下降，融资供给端中基金、ETF 净流入， 两融净流出；资金需求端 IPO 规模为 6.04 ...