- The report introduces the dividend forecast for stock index futures contracts during their duration, predicting dividend points for CSI 500, CSI 300, SSE 50, and CSI 1000 indices as 73.53, 68.56, 52.96, and 65.86 respectively[9][11][16] - The dividend-adjusted annualized basis calculation is explained as: Annualized Basis = (Actual Basis + (Expected) Dividend Points) / Index Price × 360 / Remaining Days of Contract[20] - CSI 500 futures contract IC2507 predicts dividend points of 20.73, IC2509 predicts 30.13, and IC2512 predicts 30.13, with a dividend ratio of 0.53% during the next season contract duration[9] - CSI 300 futures contract IF2507 predicts dividend points of 34.94, IF2509 predicts 48.09, and IF2512 predicts 48.4, with a dividend ratio of 1.26% during the next season contract duration[11] - SSE 50 futures contract IH2507 predicts dividend points of 40.11, IH2509 predicts 44.54, and IH2512 predicts 44.97, with a dividend ratio of 1.68% during the next season contract duration[16] - CSI 1000 futures contract IM2507 predicts dividend points of 18.42, IM2509 predicts 22.63, and IM2512 predicts 22.73, with a dividend ratio of 0.38% during the next season contract duration[18] - CSI 500 futures contract IC's dividend-adjusted annualized basis rose to -8.70% from a weekly low of -9.76%[21] - CSI 300 futures contract IF's dividend-adjusted annualized basis fell to -2.54% from a weekly high of -1.77%[27] - SSE 50 futures contract IH's dividend-adjusted annualized basis rose to 0.91% from a weekly low of 0.40%[33] - CSI 1000 futures contract IM's dividend-adjusted annualized basis rose to -12.34% from a weekly low of -14.89%[40] - The continuous hedging strategy and minimum basis strategy are introduced, with parameters including holding corresponding total return indices for the spot side and shorting futures contracts with equal nominal principal for the hedging side[45][46][47] - CSI 500 futures hedging strategy results: Annualized returns for monthly continuous hedging, seasonal continuous hedging, and minimum basis strategy are -2.75%, -1.97%, and -0.95% respectively, with volatility of 3.89%, 4.78%, and 4.70%[48] - CSI 300 futures hedging strategy results: Annualized returns for monthly continuous hedging, seasonal continuous hedging, and minimum basis strategy are 0.60%, 0.88%, and 1.44% respectively, with volatility of 3.03%, 3.38%, and 3.17%[50][54] - SSE 50 futures hedging strategy results: Annualized returns for monthly continuous hedging, seasonal continuous hedging, and minimum basis strategy are 1.10%, 2.04%, and 1.76% respectively, with volatility of 3.15%, 3.58%, and 3.16%[55][58] - CSI 1000 futures hedging strategy results: Annualized returns for monthly continuous hedging, seasonal continuous hedging, and minimum basis strategy are -5.99%, -4.36%, and -3.68% respectively, with volatility of 4.74%, 5.78%, and 5.60%[59][60] - Cinda-VIX index reflects market volatility expectations, with 30-day VIX values for SSE 50, CSI 300, CSI 500, and CSI 1000 indices at 16.54, 17.01, 25.03, and 22.92 respectively[63][65] - Cinda-SKEW index captures implied volatility skew characteristics, with values for SSE 50, CSI 300, CSI 500, and CSI 1000 indices at 101.73, 106.09, 97.81, and 105.04 respectively[72][75]

Core Viewpoint - The legal opinion confirms that the 2024 annual general meeting of Xinda Securities Co., Ltd. was convened and conducted in accordance with relevant laws and regulations, ensuring the legitimacy of the meeting and its resolutions [2][5][6]. Group 1: Meeting Procedures - The board of directors approved the proposal to convene the 2024 annual general meeting on May 29, 2025, and the meeting notice included all necessary details such as the convenor, time, location, and agenda [2][3]. - The meeting was held on June 20, 2025, at 14:30, presided over by the chairman, Mr. Ai Jiuchao, and the time and location matched the notice [3][4]. Group 2: Attendance and Voting - A total of 680 shareholders and representatives attended the meeting, representing 2,665,290,981 shares, which is 82.1859% of the total shares with voting rights [4][5]. - The voting process combined on-site and online voting, with specific time slots for online participation [3][5]. Group 3: Resolutions and Voting Results - The meeting passed several resolutions with significant support, including: - Resolution 1: 2,664,588,481 votes in favor, representing the majority of shares [5]. - Resolution 2: 2,664,554,181 votes in favor, also a majority [5]. - Resolution 3: 2,664,549,681 votes in favor, confirming approval [5]. - Resolution 4: 2,664,612,581 votes in favor, indicating strong support [5]. - Resolution 5: 2,664,546,881 votes in favor, again showing majority approval [5]. - The voting results for small investors were also overwhelmingly positive, with 99.3328% in favor for one of the resolutions [6][7]. Group 4: Legal Compliance - The legal opinion concludes that all procedures, qualifications of attendees, and voting processes adhered to the Company Law, Securities Law, and the company's own regulations, affirming the legality and validity of the meeting's resolutions [5][6][7].

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - In May 2025, the total bond custody scale increased by 216.33 billion yuan month-on-month, 55.57 billion yuan more than in April, mainly due to the significant rise in the net financing scale of treasury bonds and policy financial bonds. The custody increments of local bonds, interbank certificates of deposit (CDs), and credit bonds decreased slightly month-on-month [3][6]. - The profit-taking sentiment after the reserve requirement ratio (RRR) cut and interest rate cut in May and the increase in government bond supply pressure were important factors affecting institutional behavior. Non-bank institutions' profit-taking sentiment heated up, and commercial banks had to take on more primary supply, increasing their liability pressure, which requires the central bank to maintain a loose liquidity environment [3][8]. - The bond market leverage ratio in May was about 107.1%, basically the same as in April and still significantly lower than before January this year. The leverage ratio of commercial banks increased slightly, while that of non-bank institutions decreased and remained near a three-year low [3][37]. Summary by Directory 1. Interest Rate Bonds' Net Financing Soared while Credit Bonds and CDs Slightly Declined, and the Bond Custody Increment Rose Significantly in May - The total bond custody scale increased by 216.33 billion yuan month-on-month in May, 55.57 billion yuan more than in April, mainly due to the significant rise in the net financing scale of treasury bonds and policy financial bonds. The custody increments of local bonds, interbank CDs, and credit bonds decreased slightly month-on-month [3][6]. - Specifically, for interest rate bonds, the treasury bond custody increment rose by 64.2 billion yuan to 90.8 billion yuan; the local bond custody increment decreased by 18.46 billion yuan to 52.23 billion yuan; the policy financial bond custody increment rose by 26.9 billion yuan to 28.21 billion yuan. For credit bonds, the medium-term note (MTN) custody increment decreased by 3.63 billion yuan to 7.37 billion yuan, and the short-term financing bill (STFB) custody volume changed from an increase of 3.36 billion yuan in the previous month to a decrease of 4.31 billion yuan. The custody scales of enterprise bonds and private placement notes (PPNs) continued to decline, but the decline narrowed [6]. 2. Non-bank Profit-taking Sentiment Heated up in May, and the Supply Pressure Increased, Leading to a Significant Increase in Banks' Bond Purchases and Higher Liability Pressure - **General Funds**: The custody increment decreased by 34.3 billion yuan to 81.26 billion yuan. They reduced their purchases of CDs and treasury bonds, sold STFBs and policy financial bonds, but increased their purchases of MTNs and local bonds. Relative to the stock, they reduced their allocation of bonds, especially CDs, and switched to reducing their allocation of treasury bonds and policy financial bonds [11]. - **Securities Companies**: The bond custody volume changed from an increase of 1.124 billion yuan in the previous month to a decrease of 1.261 billion yuan. They sold treasury bonds and policy financial bonds and reduced their sales of CDs. Relative to the stock, they also reduced their allocation of bonds [16]. - **Insurance Companies**: The bond custody volume changed from an increase of 99 million yuan in the previous month to a decrease of 120 million yuan. They sold local bonds, but reduced their sales of financial bonds on the Shanghai Clearing House and increased their purchases of treasury bonds. Relative to the stock, they reduced their allocation of local bonds [19]. - **Overseas Institutions**: The bond custody volume changed from an increase of 9.54 billion yuan in the previous month to a decrease of 9.63 billion yuan. They sold CDs, policy financial bonds, and commercial bank bonds and significantly reduced their purchases of treasury bonds. Relative to the stock, they reduced their allocation of bonds [23]. - **Other Institutions**: The decline in bond custody volume narrowed from 74.29 billion yuan in the previous month to 19.27 billion yuan. They reduced their sales of local bonds and treasury bonds, but sold policy financial bonds and reduced their purchases of CDs. The narrowing of the decline was mainly due to the decrease in the net reverse repurchase volume of the central bank [25]. - **Commercial Banks**: The bond custody increment increased by 90.74 billion yuan to 167.8 billion yuan, reaching a new high since July 2022. They increased their purchases of treasury bonds to a record high, switched to buying policy financial bonds, and reduced their sales of CDs. However, the custody increment of local bonds decreased significantly due to the narrowing of the net reverse repurchase volume. Relative to the stock, they increased their allocation of bonds, mainly interest rate bonds [28]. - **Credit Unions**: The bond custody increment increased by 539 million yuan to 544 million yuan. They switched to buying treasury bonds and policy financial bonds, but slightly reduced their purchases of local bonds, CDs, and financial bonds on the Shanghai Clearing House. Relative to the stock, they increased their allocation of bonds, mainly treasury bonds and local bonds [32][35]. 3. Non-bank Leverage Ratio Declined Again in May and Remained Near a Three-year Low - The bond market leverage ratio in May was about 107.1%, basically the same as in April and still significantly lower than before January this year. The leverage ratio of commercial banks increased by 0.2 percentage points to 103.3%, but was still lower than before 2025. The leverage ratio of non-bank institutions decreased by 0.4 percentage points to 116.4% and remained near a three-year low [37]. - Among non-bank institutions, the leverage ratio of securities companies decreased by 6.7 percentage points to 207.4%, and that of insurance and non-legal person products decreased by 0.2 percentage points to 113.2%, both remaining near recent lows. In the general funds, the repurchase balance of money market funds increased significantly, while that of non-money products of fund companies increased limitedly, and their absolute levels were still low. The repurchase balances of insurance companies and other products slightly declined from high levels, and that of wealth management products continued to decline slightly near a historical low [37].

信达证券股份有限公司 2024年年度股东大会决议公告 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。 重要内容提示： 证券代码：601059 证券简称：信达证券 公告编号：2025-019 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一) 股东大会召开的时间：2025 年 6 月 20 日 (二) 股东大会召开的地点：北京市西城区宣武门西大街甲 127 号金隅大厦 B 座 1608 会议室 (三) 出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 680 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 2,665,290,981 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | 82.1859 | | 份总数的比例（%） | | (四) 表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况 等。 本次股东大会由信达证券股份有限公司（以下简称公司）董事会召集，董事 长艾久超先生主持，采用现场投票和网络 ...

关于 信达证券股份有限公司 2024 年年度股东大会见证之 法律意见书 北京市东城区金宝街 89 号金宝大厦 11 层邮编：100005 11F，JinbaoTower，89JinbaoStreet，DongchengDistrict，Beijing100005，P.R.C. 电话（Tel）：（86-10）66523388 传真（Fax）：（86-10）66523399 网址（Website）：www.junzejun.com 电子信箱（E-mail）：jzj@junzejun.com 法律意见书 北京市君泽君律师事务所 关于 信达证券股份有限公司 2024 年年度股东大会见证之 致：信达证券股份有限公司 北京市君泽君律师事务所（以下简称"本所"）受信达证券股份有限公司（以 下简称"公司"）委托，指派本所律师出席公司 2024 年年度股东大会（以下简称"本 次股东大会"），就本次公司股东大会召集、召开程序、出席本次股东大会人员的 资格以及本次股东大会的表决程序、表决结果进行见证，并出具本法律意见书。 为出具本法律意见书，本所律师特作出如下声明： 1、本所及本所律师依据相关法律、法规、规范性文件之规定及本法律意 ...

Group 1 - Guosen Securities' acquisition of Wanhua Securities has been approved by the Shenzhen Stock Exchange, which will enhance Guosen's market share and overall strength, positively impacting its business expansion [1] - The acquisition involves the issuance of A-shares to purchase 96.08% of Wanhua Securities for a transaction price of 5.192 billion yuan, involving seven counterparties [1] - This transaction sets a new precedent for mergers and acquisitions in the securities industry, potentially prompting similar actions from peers and promoting industry consolidation [1] Group 2 - Southbound capital has recorded a net purchase of 650 billion yuan year-to-date, doubling compared to the same period last year and nearing the historical high of 2024 [2] - The influx of southbound funds indicates renewed investor confidence in Hong Kong stocks, particularly in the internet, consumer, and pharmaceutical sectors, with significant net purchases in major companies like Alibaba, Tencent, and Meituan [2] - The substantial net buying activity supports stock prices of related companies and injects confidence into the market, positively influencing overall market sentiment [2] Group 3 - The scale of domestic initiated funds has reached 3.1 trillion yuan, accounting for approximately 10% of the total scale of public funds, with over 2,200 funds currently available [3] - Notable products include the E Fund CSI 300 ETF with a scale of 235.02 billion yuan, and 23 initiated funds exceeding 10 billion yuan in scale [3] - The increase in initiated fund scale reflects growing investor recognition and may lead to enhanced management fee income and brand influence for related fund companies [3] Group 4 - Cinda Securities has received approval to issue company bonds totaling no more than 10 billion yuan, which will support its future business expansion and capital replenishment [4] - This approval may enhance investor confidence in Cinda's financial strength and business prospects, while also serving as a model for other securities firms to broaden their financing channels [5]

Macro Dynamics - The Ministry of Commerce will expedite the review of export license applications related to rare earths, emphasizing the importance of maintaining global supply chain stability and security [1] Financial Institutions - Xinda Securities has received approval from the China Securities Regulatory Commission to issue a total of up to 100 billion yuan in corporate bonds, including 39 billion yuan in perpetual subordinated bonds [6] - The Hebei Financial Regulatory Bureau has approved Cangzhou Bank to increase its registered capital from 8.15 billion yuan to 8.963 billion yuan [8] Market Data - The three major indices experienced declines, with the Shanghai Composite Index down 0.79%, Shenzhen Component down 1.21%, and ChiNext Index down 1.36%. The total market turnover was nearly 1.3 trillion yuan, with over 4,600 stocks declining [9] - The margin balance of the two markets increased by 13.25 billion yuan, reaching a total of 18,111.88 billion yuan [10] - The Hong Kong Hang Seng Index fell by 1.99%, with significant declines in the tobacco and consumer electronics sectors [11] Company Dynamics - Yushu Technology has confirmed the completion of its C round financing, led by funds from China Mobile, Tencent, and other major investors [12] - Luzhou Laojiao is planning to promote multiple key projects integrating liquor and tourism, focusing on creating a consumption scene cluster [13] - Shandong Gold's subsidiary, Shanjin International, plans to issue H-shares and list on the Hong Kong Stock Exchange [14]

近日，信达证券股份有限公司（以下简称公司）收到中国证券监督管理委员 会《关于同意信达证券股份有限公司向专业投资者公开发行公司债券注册的批复》 （证监许可〔2025〕1218号）（以下简称批复），批复内容如下： 一、同意公司向专业投资者公开发行面值总额不超过100亿元公司债券的注 册申请。 二、本次发行公司债券应严格按照报送上海证券交易所的募集说明书进行。 三、本批复自同意注册之日起24个月内有效，公司在注册有效期内可以分期 发行公司债券。 四、自同意注册之日起至本次公司债券发行结束前，公司如发生重大事项， 应及时报告并按有关规定处理。 证券代码：601059 证券简称：信达证券 公告编号：2025-017 信达证券股份有限公司 关于向专业投资者公开发行公司债券 获得中国证监会注册批复的公告 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。 公司将按照有关法律法规、批复的要求，办理本次公司债券发行的相关事宜， 并及时履行信息披露义务。 特此公告。 信达证券股份有限公司董事会 2025 年 6 月 20 日 ...

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。 证券代码：601059 证券简称：信达证券 公告编号：2025-018 信达证券股份有限公司 关于向专业投资者公开发行永续次级公司债券 获得中国证监会注册批复的公告 公司将按照有关法律法规、批复的要求办理本次永续次级公司债券发行的相 关事宜，并及时履行信息披露义务。 近日，信达证券股份有限公司（以下简称公司）收到中国证券监督管理委员 会《关于同意信达证券股份有限公司向专业投资者公开发行永续次级公司债券注 册的批复》（证监许可〔2025〕1219 号）（以下简称批复），批复内容如下： 一、同意公司向专业投资者公开发行面值总额不超过 39 亿元永续次级公司 债券的注册申请。 二、本次发行永续次级公司债券应严格按照报送上海证券交易所的募集说明 书进行。 三、本批复自同意注册之日起 24 个月内有效，公司在注册有效期内可以分 期发行永续次级公司债券。 四、自同意注册之日起至本次永续次级公司债券发行结束前，公司如发生重 大事项，应及时报告并按有关规定处理。 特此公告。 信达证券股份有限公司 ...

信达证券：向专业投资者发行不超100亿元公司债券获许可 金十数据6月19日讯，信达证券公告，公司向专业投资者公开发行面值总额不超过39亿元永续次级公司 债券的注册申请获中国证券监督管理委员会的同意批复。同日公告，公司向专业投资者公开发行面值总 额不超过100亿元公司债券的注册申请获得中国证券监督管理委员会的同意批复。 ...