中国设篇 中国结算投资者教育基地 edu.chinaclear.cn 曾易以投资原始股为 开展非法集资 ○ 内容来源:中国证监会 2019年4月，福建某进出口贸易有限公司涉嫌 以销售原始股为名开展非法集资活动，福州市鼓楼区 公安机关以非法吸收公众存款罪对该司立案侦查。 经查， 2019年2月至4月，福建某进出口贸易有限 公司法人代表人李某伙同程某等人，未经中国证监会 等部门批准,预谋由北京某某联合能源科技有限公司 负责吸引客户、推广非洲Z国首都电力公司的原始股。 该进出口公司以钻石购销方式收取客户投资款，投资 者将投资款兑换成DC币后，再向非洲证券交易所购买 Z国首都电力原始股。上述单位和个人，通过组织路 演宣传、电视和网络媒体报道等方式向社会公开销售 所谓原始股，允诺股票上市后会获得高额收益回报， 吸引各地集资人参与投资，其中大部分资金打入了该 进出口公司的对公账户和被告人李某的个人账户。金 融监管部门发现该线索后，联合公安机关等多部门及 时查处该案，抓获相关犯罪嫌疑人，冻结涉案账户11 个，资金余额合计3.86亿元。 2022年7月，福州市中级人民法院对该案作出 终审裁定，被告人李某、吴某等4人犯非法吸收 ...

向上滑动阅览 本文转载自： 深交所投教 免责声明 本文系转载自 深交所投教公众号。 本文不构成野村东方国际证券的任何投资建议、推介或宣传。野村东方国际证券没有独立核实过被转载文章的 内容，该文章中的任何观点不代表野村东方国际证券观点，野村东方国际证券不对投资者依赖本文的任何内容 而采取的行动承担任何责任。投资有风险，入市需谨慎。 ...

国内周期触底，复苏确定性较强 财政资金到位提速，水利、农村建设推动本轮周期上行 财政加码，资金到位提速。 从资金情况来看，国家出台了一系列财政政策，进一步扩大了超长期特 别国债及专项债规模，减轻地方政府债务负担，财政发力方向利好支持水利、农村等基建建设。 根据Wind，2024年下半年开始地方政府专项债发放绝对金额明显提速，约为上半年发放金额2.2倍； 今年以来地方政府也在加快发债，前2月累计发行金额同比增长156%。根据国家统计局，2025年一 季度，固定资产投资本年实际到位资金同比增长3.7%，去年全年为下降2.3%，支撑工程机械下游基 建相关投资。 | 时间 | 相关政策 | 主要内容 | | --- | --- | --- | | 2023年10月 | 《增发１万亿元国债主要 | 中央财政将在 2023年四季度增发 2023年国债 1 万亿元,聚焦水利水务,灾后重 | | | | 建,高标准农田建设等领域。按此测算,2023年全国财政赤字由3.88 万亿元增加 | | | 用于８个方向》 | 到 4.88 万亿元,中央财政赤字由 3.16 万亿元增加到 4.16 万亿元,预计财政赤字 | | | | ...

Group 1 - The sports industry is a significant component of Japan's economy and is viewed as a golden opportunity during economic downturns [3][4] - The article discusses the evolution of Japan's modern sports market and the changing trends in sports popularity [3][4] - The development of sports in Japan has been influenced by economic decline, aging population, and declining birth rates, leading to a focus on school sports and a shift towards mass participation in sports [5] Group 2 - The historical timeline of Japan's sports market includes several key phases: - Pre-1945: Focus on competitive sports - 1945-1960s: Transition towards mass sports participation - 1960s-1980s: Emphasis on competitive sports selection - 1990s onwards: Shift towards public sports driven by societal changes [5]

Group 1 - The article highlights the significance of May 15, 2025, as the 16th National Public Security Organs' Day for Combating and Preventing Economic Crimes, emphasizing the importance of public awareness regarding money laundering risks [1] - The People's Bank of China Shanghai Headquarters, in collaboration with the Shanghai Economic Crime Investigation Team and China Merchants Bank Shanghai Branch, produced an anti-money laundering promotional short film to educate citizens [1]

向上滑动阅览 本文系转载自 深交所投教公众号。 本文不构成野村东方国际证券的任何投资建议、推介或宣传。野村东方国际证券没有独立核实过被转载文章的 内容，该文章中的任何观点不代表野村东方国际证券观点，野村东方国际证券不对投资者依赖本文的任何内容 而采取的行动承担任何责任。投资有风险，入市需谨慎。 本文转载自： 深交所投教 免责声明 ...

n 1 M @ + Hotel High Hill $173 育 安女女 M (M THE 日) Hotel Prime 1 $254 all ★★★★ - 图 M L - ■■ - 耐用消费品行业｜积极布局AI+市场 我们从旅游需求、在线化率、竞争格局及议价权来对国内在线旅游平台（OTA）行业进行投资机会 的剖析和研判，具体发现可以总结为： 我们认为，旅游需求增长潜力大，国内旅游将重新进入常态化发展阶段， 但若伴随出行补贴等政策 落地，有望持续释放休闲出游需求，我们预计2025年旅游收入增速将继续高于GDP增速。当前出入 境游受限于航班供给仍处于修复阶段，随着相关政策频繁落地，我们预计2025年出入境游有望迎来 突破。OTA行业卡位旅游产业链中游，具有明显的双边规模效应特点，我们认为其是较有可能受益 于出行及旅游大盘增长的板块。近年来OTA行业增速持续高于旅游大盘，反映的是在疫情后出游决 策和比价需求的消费习惯养成下，国内旅游在线化率仍持续渗透。 我们认为后续下沉市场和住宿业务是在线旅游渗透率提升的主要驱动力。 我国在线旅游预订渗透率 较外卖、网购等其他线上业态差距较大，且相较国内交通和门票预订业务，住宿业 ...

Core Viewpoint - The article discusses the rapid rise of Chinese new tea brands in the Southeast Asian market, highlighting their innovative products and business models, while also addressing the challenges they face in global supply chain construction and achieving long-term profitability in overseas markets [1]. Group 1: Market Trends - Chinese new tea brands are accelerating their listings, attracting significant attention in the capital market [1]. - These brands have quickly gained popularity among local consumers in Southeast Asia [1]. Group 2: Challenges and Strategies - The article raises questions about how brands can tackle challenges related to global supply chain construction [1]. - It also explores strategies for achieving long-term stable profitability in overseas markets [1]. - The potential for expansion into mature markets in Europe and America is discussed [1].

Core Viewpoint - The article emphasizes the importance of identifying certainty in industries and assets amidst rising geopolitical uncertainties and the reallocation of global capital due to the ongoing "America First" policy [3]. Group 1: Event Overview - Nomura Orient International Securities will hold a mid-term strategy conference on June 10 at the Ritz-Carlton Hotel in Shanghai [1]. - The theme of the conference is "Exploring Certainty in Geopolitical Games" [2]. Group 2: Morning Session - The morning session will feature prominent speakers including Gu Zhaoming, Chief Economist of Nomura Research Institute, and Su Bowen, Head of Global Macro Research, who will analyze macroeconomic trends and share insights on market changes [5]. Group 3: Afternoon Sessions - Two parallel industry sub-forums will take place in the afternoon, where Nomura's research team and industry experts will discuss industry trends and future development directions [6]. - The sub-forums aim to help investors identify opportunities in specific sectors through case studies and forward-looking analyses [6]. Group 4: Special Presentation - A special showcase of the Orca I humanoid robot will be held, highlighting its advanced capabilities such as autonomous movement, decision-making, and interaction [8]. - The Orca I robot features high-precision perception modules and has achieved significant technological breakthroughs, including stable natural variable-speed walking in a straight-knee state [8].

Core Viewpoint - The article emphasizes the importance of investor responsibility and the need for financial institutions to ensure proper risk disclosure and management in asset management products, marking a shift towards a "buyer beware, seller be diligent" approach in the investment landscape [11][12][13]. Summary by Sections Case Overview - A Mr. A invested 1 million yuan in an asset management product from B Securities Company, which was later liquidated, resulting in a return of only 650,000 yuan [2][3]. - Mr. A claimed that the sales personnel misled him regarding the product's stop-loss line, prompting him to seek compensation for additional losses of 250,000 yuan [3][4]. Mediation Process and Outcome - The mediator analyzed the case, noting that the product contract clearly stated that the stop-loss line does not guarantee the minimum principal, and multiple documents highlighted the risks involved [7]. - Communication records did not reveal any misleading statements from the sales personnel, leading the mediator to explain the true meaning of the stop-loss line to Mr. A [8]. - Ultimately, Mr. A could not provide evidence of misleading information, and the securities company fulfilled its obligation for investor suitability management, resulting in no agreement reached [8]. Implications and Recommendations - With the implementation of guidelines for asset management, financial institutions can no longer promise capital protection or guaranteed returns, indicating a new phase in the investment market [11]. - Investors are encouraged to enhance their risk recognition abilities and adopt a rational investment mindset, ensuring they thoroughly read contracts and understand product risks before investing [11]. - Securities companies are advised to improve investor suitability management, emphasizing risk disclosure and ensuring that critical information is clearly communicated to investors, especially for high-risk products [12].