这段合作史，发轫于营业部的点状探索，进而演进至券商总部的统筹规划与资源整合，服务体系日趋专业 化、系统化。合作模式也从简单的佣金关系，深化为私募产品的发行设计、代销、资金服务、对冲工具支 持、品牌赋能、资源共享的深度绑定与共同成长。 伴随私募行业在"扶优限劣"监管下加速出清、步入存量博弈新阶段，券商如何深化服务，挖掘跨境、金融 科技、股权私募及养老金融等领域，成为未来发展的重要命题。这段始于交易、兴于代销、臻于生态共建 的二十年"牵手"之路，不仅映射了私募行业发展进程，更彰显券商服务财富管理的深度进化。 机构交易进阶 编者按： 十载春华秋实，鉴往知来；十年星河璀璨，与光同行。自破茧初啼至引领风潮，"金长江"评选始终以专业 为炬、以公正为尺，丈量中国私募基金行业的奔腾浪潮。值此华章再启之际，证券时报·券商中国倾情推 出"金长江十年之共建私募生态圈"，盘点十年来证券公司、信托公司等机构在共建中国私募基金生态圈过 程中的不凡力量。此间星霜，既见群峰竞秀，亦显大江奔流。 作为资本市场的重要参与力量，私募基金在过去十余年里经历了从"野蛮生长"到规范发展的蜕变。在此过 程中，证券公司投身私募生态圈建设，发挥了关键作用。 ...

Core Viewpoint - The technology sector has recently shown signs of recovery from its bottom position, remaining in a high cost-performance range, with overseas uncertainties easing and risk appetite improving, leading to significant gains in the overseas technology market, which will reflect on the A-share technology growth sector [1][7]. Group 1: Current Position and Cost-Performance of the Technology Growth Sector - The technology growth sector is expected to shift back towards technology growth as the main market line in June, with signs of recovery from the bottom observed [1]. - Various indicators such as crowding degree, rolling return difference, trading volume proportion, and calendar effect suggest that the technology sector has risen from its bottom position and remains in a high cost-performance range [1][3][6]. - The crowding degree indicates that while some technology sub-sectors are beginning to recover from their bottom levels, most remain at relatively low levels [1]. - The rolling return difference between TMT and the overall A-share market has quickly repaired to below 0%, still far below the 10% historical peak, indicating further recovery potential as the technology growth trend solidifies [3]. - Trading volume proportion for TMT has rebounded to around 30%, up from historical lows of 22%-23%, but still significantly below the 40%-50% levels seen during previous TMT market peaks [6]. Group 2: Focus Areas in the Technology Sector - The AI industry chain is highlighted as a key focus area, with attention on upstream self-controlled computing power and downstream application innovation [14][17]. - Upstream areas to watch include GPU, optical modules, PCB, and IDC (computing power leasing), while midstream focuses on AI agents, SASS, industry application software, and basic/general software [14][17]. - Downstream sectors include humanoid robots, online education, fintech, virtual reality, and digital marketing, which are expected to see significant growth [14][20]. - The upstream computing power sector is identified as having strong certainty in its prosperity, benefiting from the current AI industry trend, while downstream application innovations are expected to drive demand growth for upstream computing power [17][20]. Group 3: Calendar Effects and Upcoming Events - Historical calendar effects indicate that June typically sees a relatively high success rate for the technology sector, with significant industry catalysts expected to drive performance [8]. - Key upcoming events in June include the release of new gaming consoles, AI conferences, and major tech company developer conferences, which are anticipated to provide further momentum for the sector [13].

编者按： 十载春华秋实，鉴往知来；十年星河璀璨，与光同行。自破茧初啼至引领风潮，"金长江"评选始终以专业 为炬、以公正为尺，丈量中国私募基金行业的奔腾浪潮。值此华章再启之际，证券时报·券商中国倾情推 出"金长江十年之共建私募生态圈"，盘点十年来证券公司、信托公司等机构在共建中国私募基金生态圈过 程中的不凡力量。此间星霜，既见群峰竞秀，亦显大江奔流。 在很多投资者眼中，基金托管通常只意味着购买基金时费率明细中的一行小字。但实际上，托管人承担着资产 保管、资金结算、估值核算、投资监督等重要职责，成为防范行业风险，保护投资者利益的重要防线，在私募 行业更是如此。 从2013年的初登舞台，到如今的万亿市场，券商私募托管业务以蓬勃之势闯入赛局，凭借强大的综合服务体系 打破商业银行的先发优势，如今更是伴着"扶优限劣"行业浪潮，以更加专业化市场化的服务，助推行业生态步 入行稳致远的正向循环。 从草莽到高质量发展 "券商私募托管业务的发展，与私募法规体系的更新完善密切相关。"招商证券告诉证券时报·券商中国记者。 作为首批获得托管业务资质的券商，招商证券已连续11年保持基金托管产品数量第一，开创了券商私募托管业 务诸多先河。在 ...

Group 1: Investment Opinions on Innovation Drugs - Rongtong Fund's Wan Minyuan expressed skepticism about the innovation drug sector, claiming that most data pertains to 3-5 years in the future and that many companies are still in early clinical stages or preclinical, suggesting a significant bubble compared to previous CXO bubbles [1] - In contrast, a well-known private equity figure, "Chen Yingzhang," argued that the current wave of innovation drugs represents a historic reversal, with potential for leading companies to create world-class drugs and generate substantial wealth [1] Group 2: Mid-Year Strategy Meetings by Securities Firms - Major securities firms, including Huatai Securities and Guotai Junan, held mid-year strategy meetings, indicating a positive outlook for the A-share market in the second half of the year, with a consensus on the technology sector being favored [2][3] - Analysts from Huatai Securities noted that the valuation repair of Chinese assets is ongoing, with expectations that the A-share market will outperform overseas markets [2] Group 3: Investment Strategies and Opportunities - Guotai Junan's strategy chief highlighted a clearer "transformation bull" market in China, driven by policies aimed at debt resolution, demand stimulation, and asset price stabilization [3] - Investment opportunities identified include financial and high-dividend stocks, emerging technology sectors, and cyclical consumer goods, with a focus on companies with strong dividends and monopolistic advantages [4] Group 4: Company Developments and Financing - Shanghai Jiaqi, a quantitative private equity firm, underwent a change in actual control, with the new controller increasing their stake from 20% to 56%, indicating a strategic shift within the company [5] - Guoao Technology announced the completion of several million yuan in Series A financing, aimed at expanding production capacity and accelerating product development in high-end semiconductor and robotics sectors [5][6] - Shengwei Technology, a virtual machine developer, secured nearly 100 million yuan in funding to enhance its technology and market presence, contributing to the development of the domestic operating system ecosystem [7] Group 5: Strategic Partnerships and Initiatives - Renhe Pharmaceutical established a comprehensive strategic partnership with Western Securities, focusing on capital and industry collaboration to explore high-quality development paths [9] - China Merchants Securities launched the first ESG public financial laboratory and a public investment advisory fund, committing over 50% of advisory fees to charitable causes [10]

本公司及董事会全体成员保证公告内容不存在虚假记载、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个别及连带责任。 重要内容提示: 证券代码：601377 证券简称：兴业证券 公告编号：临 2025-021 兴业证券股份有限公司 关于兴证国际金融集团有限公司为其附属公司 提供担保的公告 （一）被担保人及其财务状况概述 1.公司名称：兴证国际证券有限公司 一、担保情况概述 （一）担保基本情况 兴业证券股份有限公司（以下简称"公司"）境外控股公司兴证国际金融 集团有限公司（以下简称"兴证国际"）之全资附属公司兴证国际证券有限公司 （以下简称"兴证国际证券"）为满足经营需要于 2016 年 10 月与大新银行有限 公司(以下简称"大新银行")签署授信函件，由兴证国际为其提供担保。现因前 序授信有效期届满，兴证国际证券拟与大新银行重新签署授信函件，兴证国际将 就本次银行授信提供担保以支持兴证国际证券业务发展。担保函签署日期为 2025 年 6 月 6 日,担保金额不超过 2.5 亿港元。 1 被担保人名称及是否为上市公司关联人：兴证国际证券有限公司，非公 司关联人 本次担保金额：本次担保金额不超过 2 ...

Core Viewpoint - Multiple securities firms in China are actively engaging in share buybacks and increasing shareholder returns to boost investor confidence and enhance company value, with significant amounts already committed in recent months [1][2][3][4] Group 1: Share Buyback Activities - Guojin Securities has repurchased 6.75 million shares, accounting for 0.1818% of its total share capital, with a total expenditure of approximately 55.73 million yuan [1] - Caitong Securities has utilized nearly 300 million yuan to repurchase 40.74 million shares, representing 0.88% of its total share capital, with plans to sell the shares within 12 months [2] - Guotai Haitong has repurchased 16.92 million shares, which is 0.096% of its total share capital, with a total expenditure of 284 million yuan [2] - Dongfang Securities plans to repurchase A-shares worth between 250 million yuan and 500 million yuan, estimating to buy back around 37.04 million shares, or 0.44% of its total share capital [2] - Hongta Securities is proposing a buyback of shares with a total fund of 100 million to 200 million yuan to optimize its capital structure [3] Group 2: Shareholder Return Initiatives - Tianfeng Securities' controlling shareholder has completed a share increase plan, acquiring 179 million shares, which is 2.06% of the total share capital, with an investment of approximately 502 million yuan [3] - Xinyang Securities has announced a "Quality Improvement and Efficiency Enhancement" action plan for 2025, focusing on increasing the stability and predictability of dividends [4] - The overall trend indicates that A-share listed securities firms are actively enhancing shareholder returns through buybacks and increased dividends, supported by improved cash flow from better operational performance [1][4] Group 3: Market Outlook and Investment Opportunities - Despite a recent market correction, the fundamentals of most listed securities firms remain strong, indicating a mismatch between high profitability and low valuations, suggesting attractive investment opportunities [4] - Analysts recommend focusing on firms expected to exceed performance expectations in the first half of 2025 and potential opportunities arising from increased merger and acquisition activities within the sector [4]

Group 1 - The core viewpoint of the strategy meetings is a positive outlook for the A-share market in the second half of the year, with a focus on the ongoing valuation recovery of Chinese assets and a preference for technology sectors [1][2][3] - Analysts from Huatai Securities emphasize the importance of China's economic development strategy in response to prolonged trade conflicts, which is expected to enhance consumer income and spending [2][3] - The consensus among various securities firms is that the A-share market is likely to outperform overseas markets, driven by a "transformation bull" market characterized by policy measures aimed at stabilizing asset prices and boosting demand [3][4] Group 2 - The technology sector is highlighted as a key investment focus, with analysts suggesting a "barbell" strategy combining dividend and growth stocks, while also considering opportunities in the consumer sector [5][6] - Citic Securities identifies three long-term trends: the enhancement of China's independent technological capabilities, the European focus on self-reliance in defense and resources, and the acceleration of domestic demand through improved social security [6] - The Hong Kong stock market is expected to benefit from the AI narrative, with analysts noting that the technology sector in Hong Kong is well-positioned to capitalize on the ongoing industrial transformation driven by AI advancements [7][8]

王涵 品牌崛起。 投资方面，与AI相关的投资仍将持续。DeepSeek的出现，标志着国产大模型的能力已经达到一定水 准。对于企业来说，接下来的重点在于如何在基础大模型之上开发应用。中国在AI应用方面具有显著 优势——拥有大量工业应用场景和工程师人才，只要企业有需求，预计AI应用未来几年将呈爆发式增 长态势。 □ 中长期来看，迎来更多全球发展机遇的各类中国资产，都有向上系统性重估的机会。短期来看，消 费、科技、具有全球竞争力的制造产业等都可能是热点 □ 资本市场是全民分享经济和企业发展红利的重要渠道，从未来政策储备来看，资本市场越来越受重视 将是一个重要方向。要进一步做大投资端和资产端，持续稳定和活跃资本市场，同时，完善优胜劣汰和 价格发现的机制 ◎记者 刘怡鹤 近日，兴业证券首席经济学家王涵在"上证·首席讲坛"发表演讲并接受上海证券报记者专访。王涵表 示，中国资产确定性和安全性较高，对外资的吸引力正在增强。外资对中国资产的追逐将延续从港股、 外汇到中国境内资产的节奏。中国资产将迎来向上系统性重估的机遇。 全年经济将平稳增长 今年一季度的经济数据表现良好。对此，王涵认为有多方面原因：首先，一季度存在"抢出口"效 ...

证券代码：601377 证券简称：兴业证券 公告编号：临 2025-019 兴业证券股份有限公司关于修订公司章程的公告 本公司及董事会全体成员保证公告内容不存在虚假记载、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个别及连带责任。 为贯彻落实《公司法》 《上市公司章程指引》 《上市公司监管指引第 3 号—— 上市公司现金分红》等规定，以及监管部门等关于监事会改革的要求，结合经营 管理实际，兴业证券股份有限公司（以下简称"公司"）于 2025 年 5 月 30 日召 开第六届董事会第三十一次会议审议通过了《关于修订 <公司章程> 部分条款的议 案》《关于修订 <兴业证券股份有限公司股东大会议事规则> 的议案》及《关于修 订 <兴业证券股份有限公司董事会议事规则> 的议案》。 公司拟对《兴业证券股份有限公司章程》正文及附件《股东大会议事规则》 《董事会议事规则》的部分条款进行修订，并废止附件《监事会议事规则》。 本次《公司章程》及其附件的修订内容详见下文。本次修订尚需提交股东大 会审议。 特此公告。 兴业证券股份有限公司 董 事 会 二○二五年六月三日 附件：《兴业证券股份有限公司章程》修订对 ...

兴业证券股份有限公司 为深入贯彻落实党的二十大和中央金融工作会议精神，落实国务院《关于加 强监管防范风险推动资本市场高质量发展的若干意见》及配套文件要求，兴业证 券股份有限公司（以下简称"公司"）积极响应上海证券交易所《上海证券交易 所上市公司"提质增效重回报"专项行动一本通》倡议，制定公司 2025 年度"提 质增效重回报"行动方案，推动公司高质量发展和投资价值提升。本行动方案已 经公司第六届董事会第三十一次会议审议通过，具体如下： 一、推动高质量发展，提升经营质效 通过加强制度建设和落实，进一步推动投资者关系管理工作精细化和规范化，提 升研究分析水平，继续丰富与各类投资者沟通交流渠道，建立多层次投资者互动 和交流机制，及时、积极回应投资者关切，促进投资者关系管理工作提质增效； 当公司股价短期出现严重偏离市场指数和行业指数、脱离公司基本面大幅下跌时， 公司将结合实际经营情况和市场情况，积极采取综合措施稳股价、稳预期，增强 投资者信心。 学习贯彻党的二十届三中全会精神，扎实推动改革转型，积极抢抓市场机遇，锚 定一流投资银行建设目标，着力提升核心竞争力，公司经营发展稳中有进、进中 提质、趋势向好，取得一系列显著 ...