Investment Banking and Brokerage

BOCIC

BOCIC released FY2025 Q4 earnings on April 29 After-Market (BJT), actual revenue CNY 948.81 M, actual EPS CNY 0.0698

BOCIC released FY2026 Q1 earnings on April 29 After-Market (BJT), actual revenue CNY 911.67 M, actual EPS CNY 0.13

BOCIC released FY2025 Annual Earnings on April 29 After-Market (BJT), actual revenue CNY 3.339 B (forecast CNY 3.252 B), actual EPS CNY 0.38 (forecast CNY 0.41)

BOCIC to Release FY2026 Q1 Earnings on April 30 After-Market (BJT)

BOCIC to Release FY2025 Earnings on April 30 After-Market (BJT), Forecast Revenue CNY 3.252 B, EPS CNY 0.41

BOCIC released FY2025 Q3 earnings on October 30 After-Market (BJT), actual revenue CNY 927.64 M, actual EPS CNY 0.1105

BOCIC released FY2025 9 Months Earnings on October 30 After-Market (BJT), actual revenue CNY 2.39 B, actual EPS CNY 0.3105

BOCIC to Release FY2025 Q3 Earnings on October 31 After-Market BJT

BOCIC released FY2025 Q2 earnings on August 29 After-Market (BJT), actual revenue CNY 758.83 M, actual EPS CNY 0.1

BOCIC released FY2025 Semi-Annual Earnings on August 29 After-Market (BJT), Actual Revenue: CNY 1.463B, Actual EPS: CNY 0.2

BOCIC to Release FY2025 Semi-Annual Earnings on August 30, 2025 (BJT)

China Yin Qi Securities Penalized by Inner Mongolia CSRC for Violations

Zhong Yin Securities Approved for Up to 14 Billion Yuan in Corporate Bond Issuance

Initiative Fund Faces Record-Breaking Liquidation Wave after Three Years

BIS Report: Stablecoins May Only Play Auxiliary Role in Future

Brokerage Stocks See Collective Price and Earnings Surge

China Minsheng Securities Analyzes A-Share Market and KCB Semiconductor ETF

Zhang Aiwei Resigns as Asset Management Director of China Merchants Securities

BC Securities CEO Ning Min Resigns, Zhou Quan Nominated as New CEO

Guan Tao: Renminbi Internationalization Sees New Opportunities as Dollar Credibility Wanes

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601696

In the first two trading days of this week, 7 pure bond funds experienced large redemptions. Specifically, on February 24th, Dongwu Yuexiu Pure Bond Fund Class A and Haifutong Ruihe Pure Bond Fund; on February 25th, Jiahe Pansheng Pure Bond Fund Class D, BOCIC Huijia Regular Open Bond Fund, and BOCIC Huiyu Regular Open Bond Fund

Wallstreetcn

This week, pure bond funds frequently faced large redemptions

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In 2025, the net profit of non-listed life insurance companies surged to 66.6 billion yuan, but net assets shrank by nearly 10 billion yuan, indicating a structural divergence of "profit increase without capital increase." The median comprehensive investment return rate dropped from 8.39% to 2.73%. Several insurance companies, such as BOC Samsung Life and CEB Grand China Life, despite achieving record high net profits, saw a significant decline in net assets, reflecting the impact of new financial instrument standards and market conditions

- In 2025, non-listed life insurance companies reported a misleading profit surge, with total net profits soaring to 66.6 billion yuan, up 165% from 2024.  
- Despite this profit increase, the median comprehensive investment return plummeted to 2.73%, and industry net assets fell by nearly 10 billion yuan, indicating a structural divergence of "increased profits without increased assets."  
- The primary drivers of this phenomenon stem from market volatility and the shift to new accounting standards, which have led to extreme fluctuations in net profits compared to net assets.

CEB Bank

Bank Of China

ChinaAMC CSI Banks ETF

CHINA EB LTD

CHINA LIFE

CEB BANK

E Fund CSI 300 Financials (ex Banks) ETF

BANK OF CHINA

PICC GROUP

GF Fund CSI HK Connect Financials(ex Banks) Thematic ETF

EB GRAND CHINA

Profit to the left, net assets to the right: Analyzing the "surface" and "substance" of the performance of unlisted life insurance companies

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601881

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36Kr learned that China Galaxy Securities stated that in recent years, the effects of film market scheduling and the Matthew effect have become increasingly evident. Based on the current scheduling for the Spring Festival and the popularity on third-party platforms, the audience still shows a high acceptance and willingness to watch quality films. The Spring Festival holiday in 2026 will last for 9 days, which is expected to provide a more ample time window for box office releases during this period. Attention should be paid to the subsequent box office performance during the Spring Festival

36Kr

Hwabao WP CSI All Share Investment Banking & Brokerage ETF

Guotai CSI All Share Investment Banking & Brokerage ETF

Yinhua CSI All Share Investment Banking & Brokerage ETF

CGS: The Spring Festival holiday is expected to provide a sufficient time window for the release of box office during the schedule, pay attention to the subsequent box office performance during the Spring Festival

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Brokerage stocks surged, with CLS hitting the daily limit, SHCF, HTSC, EASTMONEY, GUOSHENG SECURITIES, EASTMONEY, Northeast Securities, BOCIC, and Capital Securities following suit

HTSC

SHCF

EASTMONEY

Northeast Securities

Capital Securities

GUOSHENG SECURITIES

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SGOL

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BOCIC pointed out that the "reciprocal tariff" policy introduced by the United States aims to suppress the global circulation of the dollar, reflecting the U.S. choice to sacrifice dollar hegemony to consolidate its own hegemony in the face of the "fundamental Triffin dilemma." This policy is seen as a sign of the transition from prosperity to decline in the global circulation of the dollar, leading to a weakening of the dollar and U.S. Treasury bonds, while gold prices strengthen, indicating a turning point in the global circulation of the dollar

AASTOCKS

Agnico Eagle Mines

Newmont

Invesco Db Precious Metals ETF

Zijin Mining

SPDR Gold Shares

Abrdn Gold ETF Trust

Kinross Gold

iShares Gold Trust

ZHONGJIN GOLD

BOCIC: Washington sacrifices dollar hegemony to consolidate American hegemony; the abnormal surge in gold prices reflects a turning point in the global circulation of the dollar

On December 30th, the onshore Chinese yuan broke through the 7.0 mark against the US dollar, reaching a new high since May 2023. Guan Tao, the global chief economist of BOCIC, pointed out that the strengthening of the yuan is mainly influenced by two factors: first, the increased expectations of interest rate cuts by the Federal Reserve, leading to a decline in the US dollar index; second, China's economy demonstrating strong resilience, with institutions such as the International Monetary Fund, World Bank, and Goldman Sachs raising their forecasts for China's economic growth, enhancing foreign interest in allocating yuan-denominated assets

People's Daily: There are many market and policy factors that will influence exchange rates in the future, and there is still considerable uncertainty regarding the trend of the Renminbi

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The large financial sector fluctuated and strengthened, with HyUnion Holding hitting the limit up, BOCIC approaching the limit up, and INDUSTRIAL SECURITIES rising over 6%. COMPASS, GUOSHENG SECURITIES, EASTMONEY, and others followed suit

COMPASS

HyUnion Holding

INDUSTRIAL SECURITIES

BOCIC(601696.SH)