记者注意到，此次高管变动实则早有端倪。 5月6日，招商证券宣布，总裁吴宗敏因年龄原因退休。就在市场关注空缺职位接任人选时，5月23日晚 间招商银行突发公告，朱江涛因工作原因辞去执行董事、董事会关联交易管理与消费者权益保护委员会 委员及副行长职务，引发业界对这位资深银行家职业去向的密切关注，彼时就有消息指出，朱江涛或 将"空降"招商证券。 如今，朱江涛正式执掌招商证券。6月3日晚间公告中，招商证券还提名朱江涛为公司第八届董事会执行 董事候选人。此外，在公司股东大会选举朱江涛为公司执行董事的前提下，增补朱江涛为公司董事会战 略与可持续发展委员会委员。 每经记者｜陈晨 每经编辑｜赵云 在原总裁离任近一个月后，招商证券官宣了新总裁，而这与之前市场猜测一致。 6月3日晚间，招商证券发布公告称，聘任朱江涛担任公司总裁。而就在5月23日晚间，招商银行发布公 告称，朱江涛辞去执行董事、副行长等职务。 据《每日经济新闻》记者观察，头部券商屡见银行"跨界"券业的高管，如国泰海通、中信建投等头部券 商管理层中，不乏具有银行背景的人才。 朱江涛出任招商证券总裁 或赋能招商证券零售业务 梳理头部券商高管履历可见，"银证跨界"现象愈发普 ...

招商证券股份有限公司（以下简称公司）第八届董事会第二十次会议通知于 2025 年 6 月 1 日以电子邮件方式发出。会议于 2025 年 6 月 3 日以通讯表决方式 召开，全体董事同意豁免本次会议的通知时间要求。 证券代码：600999 证券简称： 招商证券 编号： 2025－026 招商证券股份有限公司 第八届董事会第二十次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、董事会会议召开情况 本次会议由霍达董事长召集。应出席董事 15 人，实际出席 15 人。 本次会议的召集、召开及表决程序符合有关法律、行政法规、部门规章、规 范性文件和《招商证券股份有限公司章程》的规定。 二、董事会会议审议情况 （一）关于聘任朱江涛先生为公司总裁的议案 聘任朱江涛先生担任公司总裁，任期自本次董事会审议通过之日起，至第八 届董事会届满之日止。 议案表决情况：同意 15 票，反对 0 票，弃权 0 票。 本议案已经公司董事会提名委员会预审通过。会议对朱江涛先生的任职条件 进行了审查，发表以下审查意见： 朱江涛先生满足现行法律 ...

招商证券（600999）公告，公司第八届董事会第二十次会议于2025年6月3日以通讯表决方式召开。会议 审议通过了聘任朱江涛先生为公司总裁，任期自本次董事会审议通过之日起至第八届董事会届满之日 止。同时，提名朱江涛先生为公司第八届董事会执行董事候选人，并增补其为董事会战略与可持续发展 委员会委员。朱江涛先生，1972年12月生，曾任招商银行执行董事、副行长等职。 ...

招商证券股份有限公司、万家财富基金销售 （天津）有限公司为销售机构的公告 为了更好地满足广大投资者的理财需求，根据融通基金管理有限公司分别与招商证券股份有限公司、万 家财富基金销售（天津）有限公司签署的销售协议，从2025年6月3日起，上述销售机构开始销售融通增 元债券型证券投资基金。现将有关事项公告如下： 一、 适用基金 ■ 公司网址：www.rtfund.com 融通增元债券型证券投资基金新增 三、风险提示 本基金管理人承诺以诚实信用、勤勉尽责的原则管理和运用基金资产，但不保证基金一定盈利，也不保 证最低收益。基金的过往业绩及其净值高低并不预示其未来业绩表现。投资有风险，敬请投资者在投资 基金前认真阅读《基金合同》《招募说明书》等基金法律文件，了解基金的风险收益特征，并根据自身 的风险承受能力选择适合自己的基金产品。敬请投资者在购买基金前认真考虑、谨慎决策。 特此公告。 融通基金管理有限公司 2025年6月3日 二、咨询方式 1．招商证券股份有限公司 客户服务电话：95565 网址：www.cmschina.com.cn 2．万家财富基金销售（天津）有限公司 客户服务电话：021-38909613 网址： ...

Core Viewpoint - The introduction of the pilot program for company bond renewals and asset-backed securities expansion by the Shanghai Stock Exchange is expected to enhance the flexibility and efficiency of financing for issuers, as demonstrated by the successful renewals by CITIC Securities and China Merchants Securities [1][2]. Group 1: Company Bond Renewal - CITIC Securities and China Merchants Securities successfully conducted the first company bond renewals under the new regulations, raising 20 billion yuan and 15 billion yuan respectively [1]. - The renewed bonds from CITIC Securities have a coupon rate of 2.03% and a maturity date aligned with existing bonds, while China Merchants Securities' renewed bond increased its total issuance to 42 billion yuan [1][2]. Group 2: Market Impact - The pilot program simplifies the issuance process for primary market issuers, allowing for more flexible financing strategies and reducing the need for extensive review processes [2]. - The renewal mechanism is expected to improve the trading liquidity of existing bonds, thereby enhancing investor participation and pricing efficiency [2][3]. Group 3: Credit Market Dynamics - The introduction of bond renewals is anticipated to alleviate supply pressure in the primary market while improving liquidity in the secondary market, particularly for larger bond issues [3]. - The new policy may lead to a divergence in liquidity among different credit ratings, with lower-rated bonds facing more significant liquidity challenges compared to higher-rated bonds [3][4]. Group 4: Institutional Implications - The trend towards "credit rate normalization" may challenge institutional investors as bond yields decline, necessitating improved investment management strategies [4]. - The simplified renewal process may reduce the reliance of issuers on intermediaries, potentially diminishing the influence of these institutions in the bond issuance landscape [4].

Core Viewpoint - The recent issuance of company bonds by CITIC Securities and China Merchants Securities marks a significant advancement in optimizing financing structures through bond renewals, injecting new vitality and possibilities into the bond market [1] Group 1: Issuer Perspective - The company bond renewal mechanism significantly enhances financing efficiency and reduces issuance costs. The simplified issuance process allows issuers to apply for issuance record using existing public offering registration documents, greatly shortening the issuance cycle [2] - By expanding the scale of incremental issuance, fixed costs can be diluted, leading to a notable decrease in unit financing costs. Successful renewals help issuers establish a good reputation and a stable financing channel [2] - In a declining interest rate environment, issuers can replace or supplement existing debt with low-interest bonds through renewals, optimizing overall debt cost structure [2] Group 2: Market Perspective - The company bond renewal mechanism enhances price discovery and market liquidity. Incremental issuance is anchored to the secondary market prices of existing bonds, leading to more market-aligned pricing [3] - High liquidity bonds attract a diverse range of investors, including hedge funds and high-frequency traders, enriching the investor structure and creating a positive feedback loop [3] - The inclusion of renewed bonds in the benchmark market-making category will enhance market maker quotation enthusiasm, reduce bid-ask spreads, and improve trading efficiency and transparency [3] Group 3: Overall Impact - The company bond renewal mechanism effectively reduces financing costs for issuers, significantly enhances secondary market liquidity, and transitions the credit bond market from "incremental expansion" to "stock optimization" [4] - This mechanism injects new momentum into financial market development and provides more stable and efficient financing support for the real economy [4]

Core Viewpoint - The Beijing Stock Exchange has decided to terminate the review of Xiamen Dongang Technology Co., Ltd.'s application for public stock issuance and listing due to the company's withdrawal of its application [1][3]. Company Overview - Xiamen Dongang Technology specializes in the research, production, and sales of professional mobile lighting tools, including various series such as folding lamps, floodlights, pocket lights, pen lights, long lights, and headlamps [3]. Application Details - The application for public issuance was initially accepted by the Beijing Stock Exchange on January 8, 2024, and the company submitted a withdrawal request on May 20, 2025 [3]. - The company intended to issue no more than 51,111,113 shares, with an option for an additional 15% (up to 7,666,666 shares) through an over-allotment option [4]. Fundraising Plans - Dongang Technology aimed to raise 26 million yuan, allocated for the construction of a high-end professional mobile lighting tool production base, a research and development center, and to supplement working capital [4][5]. - The total investment for the production base project is approximately 185.64 million yuan, with 184 million yuan expected to be funded from the raised capital [5]. Shareholding Structure - As of the signing date of the prospectus, the controlling shareholder and actual controller of Dongang Technology is Zhuang Junhui, who directly holds 83.14 million shares (54.22%) and indirectly controls an additional 22.5 million shares (14.67%), totaling 68.89% of the company's shares [3]. Underwriting Information - The lead underwriter for this issuance was China Merchants Securities Co., Ltd., with representatives Zhang Qian and Zhang Yang signing as the sponsoring representatives [6].

Core Viewpoint - The establishment of a bond renewal mechanism enhances market liquidity, increases market activity, and improves the pricing system, contributing to the maturity of the exchange's bond market [2][8]. Group 1: Bond Renewal Mechanism - The Shanghai Stock Exchange has issued a notice regarding the pilot program for the renewal of corporate bonds, allowing issuers of existing listed bonds to conduct incremental issuances and merge them with existing bonds for listing [1][7]. - On May 29, CITIC Securities successfully completed a renewal issuance of corporate bonds with a scale of 2 billion yuan, while China Merchants Securities conducted a renewal issuance of 1.5 billion yuan, increasing the total scale of the bond to 4.2 billion yuan [4][5]. Group 2: Market Impact - The renewal mechanism is expected to deepen price discovery functions and enhance market liquidity, strengthening the linkage between the primary and secondary bond markets [8]. - The mechanism simplifies the issuance process, allowing issuers to seize favorable market windows efficiently, thus reducing financing costs and improving issuance efficiency [8]. Group 3: Investor Participation - The renewal issuance by China Merchants Securities saw a subscription scale of 6.4 billion yuan, with a subscription multiple of 4.3 times, indicating strong market and investor recognition of the bond renewal mechanism [4][8]. - The participation of various investment institutions, including banks and funds, reflects a broad acceptance of the renewal mechanism within the market [4][8]. Group 4: Flexibility and Risk Management - The renewal mechanism provides issuers with greater flexibility to adjust issuance pace and scale based on market conditions, enhancing their ability to manage liquidity risks [8]. - This mechanism is particularly beneficial for issuers with significant debt financing needs and multiple existing bonds, allowing them to respond dynamically to market fluctuations [8].

Core Viewpoint - The introduction of T0 algorithm trading services by various securities firms marks a significant shift towards personal investors, providing them with automated trading solutions to capitalize on intraday stock price fluctuations [1][6]. Group 1: T0 Algorithm Services Overview - Zhongtai Securities has launched the Qifutong T0 algorithm, designed for high-net-worth clients, enabling intraday trading based on existing holdings [1]. - The T0 algorithm service has been adopted by over 20 securities apps, including Tianfeng Securities and Southwest Securities, with more mid-sized firms preparing to launch similar services [1][5]. - Southwest Securities has introduced the "T0+" algorithm, which optimizes strategies to enhance investment performance and reduce holding costs through AI-driven trading [4]. Group 2: Benefits of T0 Algorithm Trading - T0 algorithm trading aims to increase investment returns by allowing multiple intraday trades to accumulate small price differences, enhancing overall investment returns even in stagnant markets [7]. - The strategy also helps reduce holding costs for investors, particularly those with losing positions, by enabling high sell and low buy operations throughout the day [7]. - Securities firms benefit from increased commission income due to higher trading frequency associated with T0 algorithm services [7]. Group 3: Target Audience and Accessibility - T0 services are primarily targeted at high-net-worth individuals, requiring a minimum asset threshold of 1 million yuan for account opening and a risk tolerance of C3 or higher [8]. - Specific requirements vary among firms, with Tianfeng Securities and招商证券 also setting asset and risk tolerance criteria for clients [8]. Group 4: Market Trends and Competition - The growing trend of T0 algorithm services reflects a competitive landscape among securities firms, with many actively promoting these offerings as a key part of their business strategy [2][5]. - The T0 algorithm service is seen as a significant tool for attracting clients, particularly in a market where technology is increasingly democratizing trading capabilities [2].

Group 1 - In the first five months of 2025, a total of 43 new companies were listed in the A-share market, representing a year-on-year increase of 13.16% compared to 38 companies in the same period last year [2] - The total net fundraising amount for these 43 new listings was 24.939 billion yuan, which is a 2.13% increase from 24.418 billion yuan in the same period last year [2] - The top three underwriting institutions for IPOs were Guotai Junan, Huatai United, and CITIC Securities, each handling 5 listings [2] Group 2 - A total of 21 law firms provided legal services for the 43 new listed companies, with Shanghai Jintiancheng leading with 8 cases, followed by Beijing Zhonglun with 6 cases, and Beijing Hairun Tianrui with 3 cases [4] - In the accounting sector, 15 accounting firms provided auditing services for the new listings, with Rongcheng leading with 8 cases, followed by Lixin with 7 cases, and Zhonghui with 6 cases [4]