Core Viewpoint - The introduction of a "sale coordinator" role in the issuance of the Southern Shanghai Stock Exchange Science and Technology Innovation Board Growth ETF is a rare occurrence in the fund issuance process, indicating potential adjustments in response to new market conditions [1][3][5]. Group 1: Role of Sale Coordinator - The sale coordinator is responsible for managing the flow of funds during the fund subscription period, ensuring that the funds are collected and allocated to the fund custodian account [2][4]. - This role is uncommon in the issuance of ETFs and almost non-existent in non-ETF fund issuances, suggesting a unique approach taken by the fund company [1][6]. - The addition of a second sale coordinator, Zhongtai Securities, alongside Changjiang Securities, reflects a possible adaptation to recent developments in the ETF market [6][8]. Group 2: Fund Issuance Process - The Southern Shanghai Stock Exchange Science and Technology Innovation Board Growth ETF is open for subscription from May 6 to May 16, with both online and offline cash subscription options available [3]. - The issuance process involves multiple parties, including the fund company, distribution agencies, and custodians, with brokers typically acting as distribution agents [3][4]. - The introduction of the sale coordinator may enhance the efficiency of the fund issuance process, aligning with the broader goal of high-quality development in the public fund industry [9][10]. Group 3: Regulatory Context - The recent regulatory framework emphasizes the importance of fund issuance as a critical component of high-quality development, with specific measures aimed at optimizing the registration process for equity funds [9][10]. - The new measures aim to enhance the scale and proportion of equity investments, reflecting a shift towards prioritizing investor interests in fund operations [10].

Group 1 - The core viewpoint of the articles highlights the significant increase in new personal investor accounts in the A-share market, with nearly 10 million new accounts opened in the first four months of the year, despite a month-on-month decline in April [1][2][3] - In April, 191.58 thousand new personal investor accounts were opened, a decrease of 114.04 thousand from March, but still showing a year-on-year growth of over 30% [2][3] - The total number of new personal investor accounts opened in the first four months reached 936.58 thousand, with a total of 378 million personal investor accounts as of April 30 [2][3] Group 2 - The increase in new accounts is closely linked to the performance of brokerage firms' brokerage businesses, with many firms reporting positive growth in account numbers contributing to their performance [1][3] - The "money-making effect" in the market, particularly after the Spring Festival, has attracted a large number of new investors, leading to a surge in account openings, especially in March [2][3] - Various measures, including the central bank's support and adjustments in insurance fund allocations, have been implemented to stabilize market confidence, which has helped maintain investor enthusiasm for opening new accounts [3][4] Group 3 - The challenge for brokerage firms lies in converting new customer acquisition into long-term retention, as the industry faces declining commission rates [5] - Major brokerage firms have reported significant increases in new accounts, with some firms seeing year-on-year growth rates exceeding 90%, while smaller firms also achieved notable growth [5] - Companies are focusing on enhancing wealth management services and customer engagement strategies to provide comprehensive financial solutions and maintain a competitive edge in the market [5]

关于苏州天禄光科技股份有限公司 首次公开发行股票并在创业板上市持续督导保荐总结报告书 根据中国证券监督管理委员会证监许可20212058 号文批复，并经深圳证 券交易所同意，苏州天禄光科技股份有限公司（以下简称"天禄科技""发行 人"或"公司"）由主承销商中泰证券股份有限公司于 2021 年 8 月 4 日在深圳证 券交易所采取网下向符合条件的投资者询价配售和网上向持有深圳市场非限售 A 股股份或非限售存托凭证市值的社会公众投资者定价发行相结合的方式向社 会公众公开发行人民币普通股（A 股）2,579.00 万股，发行价为每股人民币 用 4,573.69 万元后，募集资金净额为 36,200.30 万元。公司首次公开发行的股票 于 2021 年 8 月 13 日上市交易。 中泰证券股份有限公司 根据中国证监会的规定，保荐机构对天禄科技首次公开发行股票项目的持 续督导期为 2021 年 8 月 13 日至 2024 年 12 月 31 日。持续督导期间，保荐机构 及保荐代表人根据中国证监会的相关规定及深圳证券交易所等监管部门的有关 要求，认真履行持续督导职责，主要保荐工作具体如下： 人、其他关联方违规占用公司资 ...

Group 1 - The revenue composition of Zhongtai Securities for the year 2024 is as follows: securities brokerage business accounts for 33.45%, asset management business for 20.8%, futures brokerage business for 17.06%, securities investment business for 9.35%, investment banking business for 7.99%, and credit business for 7.81% [1] Group 2 - Zhongtai Securities announced on May 8 that it will hold the 11th meeting of the third board of directors on April 29, 2025, to review the proposal for a share repurchase plan through centralized bidding, which will require approval from the shareholders' meeting [3] - The top ten unrestricted shareholders of Zhongtai Securities before April 29, 2025, include Laiwu Steel Group Co., Ltd. with approximately 694 million shares (9.95%), Shandong Lushin Investment Holding Group Co., Ltd. with approximately 275 million shares (3.95%), and Xinwen Mining Group Co., Ltd. with approximately 242 million shares (3.47%) [3] - The total shares held by the top ten circulating shareholders amount to approximately 1.973 billion shares, representing 28.31% of the total [3]

中泰证券股份有限公司（以下简称"本公司"）于 2024 年 9 月 11 日成功发 行了中泰证券股份有限公司 2024 年度第三期短期融资券（以下简称"本期短期 融资券"），本期短期融资券发行规模为人民币 20 亿元，票面利率为 2.02%， 短期融资券期限为 238 天，兑付日期为 2025 年 5 月 8 日。 2025 年 5 月 8 日 ，本 公 司 兑付 了 本 期短 期 融资 券 本 息共 计 人 民 币 2,026,343,013.70 元。 证券代码：600918 证券简称：中泰证券 公告编号：2025-017 中泰证券股份有限公司 2024年度第三期短期融资券兑付完成公告 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。 特此公告。 中泰证券股份有限公司董事会 2025 年 5 月 8 日 ...

中泰证券股份有限公司 关于回购股份事项前十大股东及前十大无限售条件股东 持股情况的公告 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。 中泰证券股份有限公司（以下简称"公司"）于 2025 年 4 月 29 日召开第三 届董事会第十一次会议，审议通过了《关于〈公司以集中竞价交易方式回购股份 方案〉的议案》，该议案尚需提交公司股东会审议。具体内容详见公司于 2025 年 4 月 30 日在上海证券交易所网站披露的《中泰证券股份有限公司关于以集中 竞价交易方式回购股份的方案》（公告编号：2025-015）。 根据《上市公司股份回购规则》及《上海证券交易所上市公司自律监管指引 第 7 号——回购股份》等相关规定，现将董事会公告回购股份决议的前一个交易 日（即 2025 年 4 月 29 日）登记在册的前 10 大股东和前 10 大无限售条件股东的 名称及持股数量、比例情况公告如下： | | 前10大股东持股情况 | | | | --- | --- | --- | --- | | 序号 | 股东名称 | 持股数量（股） | 持股比例（ ...

金十数据5月7日讯，5月7日，国新办举行新闻发布会，介绍"一揽子金融政策支持稳市场稳预期"有关情 况。中泰证券宏观首席杨畅认为，金融监管部门释放的增量政策举措，不仅强化风险预防，也进一步明 确了对科技创新的支持导向。 中泰证券杨畅：一揽子金融政策进一步明确对科技创新的支持导向 ...

中泰证券：调降险资股票投资风险因子 或将带动增量资金规模逾1300亿元 智通财经5月7日电，中泰证券非银金融首席分析师葛玉翔表示，自2023年9月金融监管总局发布《关于 优化保险公司偿付能力监管标准的通知》调整股票因子以来，在持续低利率环境倒逼下，保险资金持续 加大股票配置比例。"假设本次针对险资持有的沪深300股票风险因子下调10%，在50%沪深300成分股 配置假设下，考虑风险分散效应前静态释放最低资本为364亿元，如果全部增配沪深300，对应股市资金 达1349亿元。如果不增配股票，则改善行业偿付能力充足率幅度约1.4个百分点。"葛玉翔说。 (上证报) ...

Core Viewpoint - Zhongtai Securities reported a decline in revenue and net profit for 2024, with a slight recovery in Q1 2025, indicating challenges in proprietary trading but growth in brokerage and asset management services [1][2]. Financial Performance - In 2024, Zhongtai Securities achieved operating revenue of 10.89 billion, down 14.7% year-on-year, and a net profit attributable to shareholders of 940 million, down 47.9% year-on-year [1]. - For Q1 2025, the company reported a net profit of 370 million, up 11.6% year-on-year, and revenue of 2.54 billion, up 0.2% year-on-year [1]. - The main revenue breakdown for 2024 included brokerage, investment banking, asset management, net interest, and net investment income, totaling 9.49 billion, with year-on-year changes of +13.2%, -30.2%, +4.2%, -2.7%, and -53.1% respectively [1]. Asset Management and Investment - As of the end of 2024, total assets were 224.7 billion, up 14.8% year-on-year, while net assets were 42.7 billion, up 7.0% year-on-year [2]. - The investment asset scale was 73.7 billion at the end of 2024, up 7.5% year-on-year, with a significant increase in other equity instruments [2]. - Investment net income for 2024 was 1.32 billion, down 53.1% year-on-year, primarily due to a decrease in the fair value of alternative investment projects [2]. Brokerage and Financing Business - The brokerage business saw a slight decrease in market share, with a trading volume of 11.5 trillion in 2024, up 13.5% year-on-year, and a market share of 1.97%, down 0.15 percentage points [3]. - Margin financing and securities lending revenue was 1.87 billion, down 7.1% year-on-year, with a year-end balance of 37.6 billion, up 14.4% year-on-year [3]. Asset Management Performance - The asset management business generated revenue of 2.07 billion in 2024, up 4.2% year-on-year, with a slight increase in Q1 2025 revenue to 540 million, up 12.2% year-on-year [4]. - The AUM for Wanji Fund, in which Zhongtai holds a 60% stake, was 156.3 billion at the end of Q1 2025, down 6.4% from the beginning of the year [4]. Future Outlook - The company expects net profit attributable to shareholders for 2025-2027 to be 1.83 billion, 1.84 billion, and 1.99 billion respectively, indicating a growth of 95%, 0.5%, and 9% year-on-year [4].