南華期貨股份有限公司 Nanhua Futures Co., Ltd. 股份代號：2691 （於中華人民共和國註冊成立的股份有限公司， 中文公司名稱為南華期貨股份有限公司，在香港以橫華國際的名義開展業務） 獨家保薦人、保薦人兼整體協調人、 聯席全球協調人、聯席賬簿管理人及聯席牽頭經辦人 整體協調人、聯席全球協調人、聯席賬簿管理人及聯席牽頭經辦人 聯席全球協調人、聯席賬簿管理人及聯席牽頭經辦人 聯席賬簿管理人及聯席牽頭經辦人 富 強 證 券 聯席牽頭經辦人 FORTUNE (HK) SECURITIES Nanhua Futures Co., Ltd. 南華期貨股份有限公司 Nanhua Futures Co., Ltd. 全 球 發 售 重要提示 閣下如對本招股章程的任何內容有任何疑問，應尋求獨立專業意見。 Nanhua Futures Co., Ltd. 南華期貨股份有限公司 （於中華人民共和國註冊成立的股份有限公司， 中文公司名稱為南華期貨股份有限公司，通過我們的香港附屬公司 在香港以橫華國際的名義開展業務） 全球發售 | 全球發售的發售股份數目 | ： | 107,659,000股H股（視乎超額配股權行 ...

Core Viewpoint - The article discusses the innovative strategies employed by WeBank, an internet bank, to enhance its fund distribution services, including zero sales fees and expedited redemption processes, which aim to improve investor experience and efficiency in fund transactions [1][8]. Group 1: Fast Redemption Services - WeBank has introduced a "fast redemption" service that allows investors to redeem funds with a turnaround time of T+0.5 days for amounts up to 5 million, significantly faster than the industry standard of T+3 for most funds and T+5 for QDII funds [1][2]. - The fast redemption process is facilitated through funding advances, either from WeBank's own capital or through borrowing from partner banks [2]. Group 2: Zero Sales Fees - In addition to fast redemption, WeBank has eliminated the sales fee for fund subscriptions, allowing users to redeem one year of zero-fee fund subscriptions using 500 points [3][4]. - This move positions WeBank at the lowest end of the sales fee spectrum, especially following the recent regulatory changes that have led to a significant reduction in fund sales fees across the industry [4][5]. Group 3: Market Position and User Base - Despite WeBank's innovative offerings, it remains a smaller player in the fund distribution market compared to leading institutions like Ant Group and China Merchants Bank, which dominate with significantly larger asset management scales [7]. - As of the end of last year, WeBank's asset management product balance was only 2.75 trillion, while it boasts a user base of 424 million, which is nearly double that of China Merchants Bank [7]. Group 4: Financial Performance and Challenges - WeBank's net profit growth has stagnated, with a mere 1% increase in 2024 and a negative growth of -11.86% in the first half of the current year, indicating challenges in maintaining profitability [9]. - The bank's non-interest income has been declining, although the income from agency business fees has shown growth, reflecting the initial success of its fund distribution efforts [9][10]. Group 5: Future Outlook - The article highlights the ongoing challenges for WeBank in balancing cost control, user experience, and brand influence in the competitive landscape of fund distribution [12]. - The bank's ability to innovate and adapt in the face of regulatory changes and market pressures will be crucial for its future growth and sustainability in the wealth management sector [12].

Core Insights - The China Fund Industry Association has released data on the public fund sales scale of sales institutions for the first half of 2025, showing a continued rise of brokerage firms in the market [1][3] - The top 100 fund sales institutions have seen significant growth in their fund holdings across various categories, with notable increases in equity funds and stock index funds [3][12] Group 1: Fund Sales Institutions - A total of 57 brokerage firms made it to the top 100 list, an increase of one from the end of last year, with CITIC Securities and Huatai Securities maintaining the first and second positions respectively [1][6] - The combined equity fund holdings of the top 100 institutions reached 5.14 trillion yuan, a growth of 5.89% compared to the second half of 2024 [3][4] - Non-monetary market funds held 10.199 trillion yuan, up 6.95% from the previous period, while stock index funds saw the most significant growth, reaching 1.95 trillion yuan, a 14.57% increase [3][4] Group 2: Market Dynamics - The market exhibits a clear "Matthew Effect," with the top ten institutions holding nearly 59% of the total equity fund holdings among the top 100 [3][12] - Brokerage channels have gained market share, with their holdings in stock index funds accounting for 55% of the total, indicating a strong position in this segment [3][12] - The dominance of banks in fund distribution has decreased, with their market share dropping from over 50% in previous years to just over 40% currently [3][12] Group 3: Individual Brokerage Performance - CITIC Securities leads the brokerage sector with equity fund holdings of 142.1 billion yuan and non-monetary market fund holdings of 239.7 billion yuan [6][8] - Huatai Securities follows with 126.6 billion yuan in equity funds and 175.2 billion yuan in non-monetary market funds [6][8] - Notable growth was observed in several brokerages, with China Merchants Securities increasing its equity fund holdings by approximately 20% compared to the previous half [6][8]