Core Viewpoint - The People's Bank of China and the China Securities Regulatory Commission have jointly announced support for the issuance of technology innovation bonds by financial institutions, technology companies, private equity investment institutions, and venture capital institutions [1] Group 1: Issuance Response - Following the policy announcement, 36 companies have announced the issuance of technology innovation bonds with a total issuance scale of 21 billion yuan [3] - 14 companies have initiated registration with a total registered scale of 18 billion yuan [3] - 24 private equity investment institutions are expected to issue technology innovation bonds with an overall scale of nearly 10 billion yuan [3] Group 2: Financial Institutions' Plans - The China Development Bank plans to issue no more than 20 billion yuan in technology innovation bonds, divided into three varieties: 6 billion yuan for a 2-year term, 10 billion yuan for a 3-year term, and 4 billion yuan for a 182-day term [3] - Industrial and Commercial Bank of China plans to issue a base amount of 10 billion yuan, with an oversubscription of no more than 10 billion yuan [3] - Industrial Bank intends to issue 10 billion yuan [3] Group 3: Use of Proceeds - The funds raised from the issuance of technology innovation bonds by banks and other institutions will be used to support the development of technology innovation businesses [3] - The China Development Bank has stated that the raised funds will primarily be allocated to national technology innovation demonstration enterprises and manufacturing industry champions [3] Group 4: Private Equity Institutions - 14 private equity investment institutions, including Yuanhe Holdings and Luxin Venture Capital, have announced an expected issuance scale of 6 billion yuan [4] - 10 private equity investment institutions, such as Junlian Capital and Qiming Venture Partners, have entered the registration process [4]

Summary of Key Points Core Viewpoint - The announcement details the lifting of the lock-up period for 38,024,000 shares of Guangdong Desheng Technology Co., Ltd., which represents 8.81% of the company's total share capital, scheduled for May 14, 2025 [1][7]. Group 1: Basic Information on the Lifting of Lock-up Shares - The shares were issued to the controlling shareholder, Mr. Guo Xiaobin, at a price of RMB 10.42 per share, with the initial issuance of 19,400,000 shares approved by the China Securities Regulatory Commission [1][8]. - Following the 2021 and 2022 annual profit distribution plans, the number of shares increased to 27,160,000 and then to 38,024,000 respectively [2][9]. Group 2: Listing and Circulation Arrangements - The lifting of the lock-up period will allow the shares to be listed and circulated starting May 14, 2025 [3][12]. - The total number of shares to be released from lock-up is 38,024,000, with one shareholder, Mr. Guo Xiaobin, holding these shares [3][12]. Group 3: Shareholder Commitments and Compliance - Mr. Guo Xiaobin has made commitments regarding the non-use of company funds for non-operational purposes, and there are no violations regarding guarantees that could harm the company's interests [4][13]. - The sponsor institution, Guotai Junan Securities Co., Ltd., has confirmed that the lifting of the lock-up period complies with relevant regulations and that the information disclosed by the company is accurate and complete [5][13].

Group 1 - The company will hold its 2024 Annual General Meeting (AGM) on May 29, 2025, at 13:30 in Shanghai [2][4] - Voting will be conducted through a combination of on-site and online methods, with specific time slots for each [2][3] - The online voting system will be provided by the Shanghai Stock Exchange, with voting available from 9:15 to 15:00 on the day of the meeting [2][3] Group 2 - The AGM will review various reports, including the assessment and compensation of directors, supervisors, and senior management for 2024 [5] - Special resolutions and separate voting for minority shareholders will be included in the agenda [6] - Certain shareholders are required to abstain from voting on specific resolutions due to conflicts of interest [6] Group 3 - The company will utilize a reminder service to ensure that minority shareholders are informed and can participate in the voting process [7] - Shareholders with multiple accounts can aggregate their voting rights across all accounts [7][8] - The company has outlined specific registration procedures for both individual and institutional shareholders attending the meeting [11][13]

在我国经济迈向高质量转型发展的关键节点，债市"科技板"的推出无疑是一项具有深远战略意义的金融创新，将为科技创新企业注入资金活水，推动经济 结构优化升级，助力国家创新驱动发展战略落地。 债市"科技板"相关政策发布后，5月8日，多家金融机构、创投公司、企业披露科技创新债券发行计划，金融机构包括国家开发银行、工商银行、兴业银行 等，创投公司包括深投控、鲁信创投、无锡创业等，企业包括立讯精密、科大讯飞、牧原股份等。此外，中信证券、国泰海通证券、中信建投证券等多家券 商机构也在发债名单中。 首批发债企业名单出炉 截至记者发稿，在目前公布的发债企业中，国家开发银行计划发行不超过200亿元科技创新债券；工商银行基本发行规模100亿元，超额发行不超过100亿元； 兴业银行拟发行金额为100亿元。 据了解，国家开发银行拟发行200亿元科技创新债券，分为三个品种，品种一计划发行60亿元，期限为2年；品种二计划发行100亿元，期限为3年；品种三计 划发行40亿元，期限为182天。 科大讯飞计划发行2025年度第一期科技创新债券，发行规模8亿元，期限3年，发行日为5月12日，募集资金用于补充发行人的营运资金。 创投机构方面，深投控拟 ...

Group 1 - The State Council Information Office will hold a press conference regarding the "Promotion Law of Private Economy of the People's Republic of China" on May 8, with officials from various government departments providing insights and answering questions [2] - The Ministry of Commerce will hold its first regular press conference of May on the same day, focusing on recent key work in the business sector [3] Group 2 - Starting from May 8, 2025, the People's Bank of China announced a reduction of 0.25 percentage points in the personal housing provident fund loan interest rates, with the new rates set at 2.1% for loans of 5 years or less and 2.6% for loans over 5 years for the first home [4] - A total of 10 companies will have their restricted shares unlocked today, with a combined unlock volume of 246 million shares, amounting to a market value of 1.071 billion yuan based on the latest closing prices [4] - Among the companies with significant unlock volumes, Kangmei Pharmaceutical, Guotai Haitong, and Changyang Technology lead with unlock volumes of 209 million shares, 27.8 million shares, and 3.66 million shares respectively [4] Group 3 - A total of 86 companies disclosed stock repurchase progress on May 8, with 89 related announcements made [5] - Notably, Guomai Culture proposed a repurchase of up to 100 million yuan, while Zhiyuan New Energy plans to repurchase up to 66 million yuan [6] - Two companies had repurchase plans exceeding 10 million yuan approved by their shareholders' meetings, with the highest repurchase amounts proposed by Zhongke Xingtou, Shudao Equipment, and Nanjing Public Utilities [6]

每周一景： 云南玉龙雪山 点击右上角菜单，收听朗读版 【 宏观】货币宽松"再发力"——5月7日央行一揽子货币政策点评 降准降息落地，在关键时点释放出"适度宽松"来"稳增长、稳市场"的明确信号，体现了央行前瞻部署、主 动作为。 一揽子三大类 10 项货币政策组合，体现了货币政策总量与结构协同发力，对实体和资本市场的 全面支持。在外部关税冲击、内需还待提振的背景下，央行宽松周期预计将延续，接下来如果经济压力进 一步增加，降息降准等仍有空间。 财政或继续加快债券发行节奏，尤其是增加对消费领域支持力度，如有必要，下半年或继续增加全年财政 额度；房地产政策也有望进一步放松。另外 ，出口方面的针对性支持政策也在加码。 短期来看，关税摩擦对市场预期的影响相比于前期可能已在减弱，预期冲击最大的时候可能已经过去。 不 过从对经济的影响来看，实际冲击可能从 4 月数据开始逐步显现，再加上当前内需还要进一步巩固的背景 下，更需关注接下来国内经济基本面变化：一是 4 月出口可能还有前期抢出口的支撑，但 5 、 6 月份数 据可能会明显体现关税的冲击；二是地产的止跌企稳可能还需要更多政策支持，三是居民部门资产负债表 压力或未明显缓解。 ...

Group 1 - The article discusses the stabilization and slight recovery of the A-share market following the impact of "reciprocal tariffs," suggesting a balanced investment strategy with a slight tilt towards growth stocks while emphasizing the importance of stock selection and risk control by fund managers [2] - In April, the manufacturing PMI was reported at 49.0%, a decrease of 1.5 percentage points from the previous month, indicating a shift in economic sentiment due to trade tensions [2] - The article highlights that the focus of Sino-US competition extends beyond trade to technology and productivity advantages, suggesting that emerging technologies will remain a key investment theme in the medium to long term [2] Group 2 - For bond funds, the report recommends focusing on government bonds with specific maturities (7-year or 20-year) and suggests a strategy of "bullet" operations to enhance yields [3] - The article notes that global central bank gold purchasing behavior reflects a long-term restructuring of the global monetary system, driven by rising trade protectionism and economic restructuring [3] - It emphasizes that the current gold bull market is distinct due to changes in driving factors and pricing frameworks, suggesting a prolonged cycle for gold investments [3]

1. 60后似乎最具消费潜力 人们之所以高度关注银发经济，重要背景在于我国已于2021年正式步入重度老龄化社会。至2024年底，我国65 岁及以上老年人口达2.2亿，占总人口数的15.6%。随着老年人口持续增长，老年群体所蕴含的消费潜力受到重 视。其中60后作为刚步入初老阶段的一代，兼具庞大人口基数与深厚财富基础，似乎是当前最具消费潜力的核 心群体。 人口结构：60后群体是当前中国人口中最为庞大的一代。 根据国家统计局人口抽样调查数据，按每10年为一 代划分，截至2023年底，我国50-59岁人群数量最多，达2.4亿人，占总人口的16.5%；其次是30-39岁人群，数 量约2.2亿，占比15.5%。这两个年龄段分别对应了建国以来的第二次与第三次婴儿潮：1）1962 -1973年是我国 人口增长最快的时期，三年自然灾害结束后，经济形势逐步改善，带来一轮补偿性生育高峰。在此阶段，年均 出生人口稳定在2500-3000万人，形成了"60后"这一超大规模群体；2）此后，随着60后一代进入生育年龄， 1981-1997年迎来"回声婴儿潮"。尽管受1978年计划生育写入宪法影响，此阶段出生人口有所下滑，但年均出 生人数依 ...

每经记者 王砚丹 每经编辑 叶峰 4月A股市场处于震荡之中，在此背景下，上市券商迅速行动，积极开展回购以增强投资者信心。 《每日经济新闻》注意到，与过往较长决策周期相比，4月多家券商在市场相对低位提出回购计划并火 速落实。 5月6日晚间，财通证券、国金证券、国泰海通公布了最新回购进展。三家券商均是4月提出回购，当月 就已进行了回购。此外，参股湘财证券的大智慧也在4月执行了去年6月提出的回购方案。5月7日，东方 证券加入了回购大军，公告了最新回购方案。 提出回购当月即落实 有券商实施回购金额已超下限 4月8日，国金证券董事会通过议案，拟回购资金总额不低于5000万元，不超过1亿元；回购期限自董事 会审议通过之日起3个月内。 另外，大智慧也在4月执行了回购方案。该回购方案提出时间是在2024年6月，回购资金总额不低于1亿 元，不超过1.5亿元，回购价格不超过9.65元/股，回购实施期限自2024年第一次临时股东大会审议通过 之日起（2024年6月25日）不超过12个月。 2025年4月，大智慧通过集中竞价交易回购公司股份167.05万股，占公司总股本的比例为0.08%，购买的 最高价为8.60元/股、最低价为8. ...

Group 1 - The overall performance of the securities industry has improved significantly, with 42 listed securities firms reporting profits in the first quarter of 2025, benefiting from increased market activity [1][2] - Among the 42 firms, 38 reported year-on-year profit growth, with nine firms experiencing growth exceeding 100%. Notable performers include Northeast Securities, Guotai Junan, and Guolian Minsheng, with profit increases of 859.84%, 391.78%, and 271.95% respectively [1][2] - The estimated securities investment income for the 42 firms reached 48.566 billion yuan in the first quarter of 2025, a 51.02% increase from 32.159 billion yuan in the same period last year [1][2] Group 2 - The retirement of Wu Zongmin, the president of China Merchants Securities, has raised market concerns regarding the company's future strategic direction. The company will appoint a new president soon, with the chairman temporarily taking over the role [3][4] - The impact of this leadership change on the overall brokerage sector is expected to be limited, but it may attract attention from peers within the industry [3][4] Group 3 - Public funds have distributed over 80 billion yuan in dividends in the first four months of this year, indicating enhanced market liquidity and investor confidence. The total dividends from equity funds have increased to 8.4 times compared to the same period last year [4] - ETFs have emerged as the leading dividend payers, which may attract more capital into the stock market and boost market activity [4] Group 4 - Central Huijin Investment has revealed its recent portfolio adjustments, including becoming a major shareholder in Huatai Securities and significantly increasing its holdings in multiple CSI 300 ETFs [5] - This move reflects a strengthened market confidence from Central Huijin, potentially leading to increased capital inflow into the brokerage sector and providing support for large-cap blue-chip stocks [5]