Group 1 - The core viewpoint of the news highlights the performance and market activity of the credit bond ETF Bosera (159396), which has shown a slight increase of 0.01% to a price of 100.51 yuan as of May 19, 2025 [3] - The liquidity of the credit bond ETF Bosera is strong, with a turnover rate of 52.75% and a trading volume of 3.179 billion yuan, indicating active market participation [3] - According to Zheshang Securities, the conclusion of the tariff negotiations has boosted economic growth expectations and risk appetite, while uncertainty in future tariff policies has led to a lack of directional trading momentum in the bond market [3] Group 2 - The credit bond ETF Bosera has experienced a significant growth in scale, increasing by 3.245 billion yuan over the past three months, ranking in the top quarter among comparable funds [3] - In terms of share volume, the credit bond ETF Bosera has seen an increase of 9.768 million shares in the past month, placing it in the top half of comparable funds [3] - The fund has maintained a balanced inflow and outflow of capital recently, with a net inflow of 188 million yuan over the last five trading days, averaging a daily net inflow of 37.642 million yuan [3] Group 3 - The credit bond ETF Bosera has demonstrated strong profitability, with a monthly profit percentage of 66.67% since its inception, and a 100% probability of profit over a three-month holding period [4] - The maximum drawdown since inception for the credit bond ETF Bosera is 0.89%, with a relative benchmark drawdown of 0.10%, and a recovery period of 26 days [4] - The management fee for the credit bond ETF Bosera is 0.15%, and the custody fee is 0.05%, which are the lowest among comparable funds [4]

智通财经记者 | 孙艺真 随着国都证券（870488.NQ）第一大股东变更完成，该公司董事长、总经理关键人事安排陆续落地。 5月15日，国都证券召开2025年第一次临时股东会，选举产生新一届董事会、监事会。10名董事中有浙 商证券（601878.SH）提名的6名董事，3名独立董事中浙商证券亦占据两席，监事会方面，浙商证券提 名两人当选股东监事。 股东会结束后，新一届董事会推选钱文海担任董事长，钱文海现任浙商证券董事、总裁、党委书记。 至此，国都证券新一届董事长、总经理人选双双确定。早在今年2月，原浙商证券副总裁张晖辞职，赴 国都证券出任总经理一职。 简历显示，"75后"钱文海曾历任浙江省交通投资集团有限公司经营产业部经理，浙江省交投地产集团有 限公司总经理、党委副书记，浙江省交通投资集团财务有限责任公司总经理、董事长、党委书记等职。 张晖出生于1969年，于2007年8月加入浙商证券，历任固定收益总部负责人，债券投行总部负责人、董 事会秘书、副总裁和首席风险官等职。 通过此前累计斥资51.85亿元、受让及竞拍获得国都证券34.76%股权，浙商证券已实质性掌握国都证券 控股权。根据证监会2024年11月批复要求 ...

A股快速轮动、冲高回落后，进入5月下旬，市场将作何表现呢？ 智通财经搜集了10家券商的观点，大部分券商认为，随着资本市场基础制度改革提速和资金情绪略有回 升，叠加经济基本面有望脉冲式改善，接下来A股指数有望进一步缓步推高，并向上挑战震荡区间上 限。 国泰海通证券表示，展望后市仍然保持乐观，随着资本市场基础制度改革提速，继续看好中国股市。同 时贴现率下降是如今中国股市上升的重要动力，A股指数有望进一步缓步推高。 中信证券：回归基准是通过基准的行业配比向基金持仓配比演化而不是相反 当前，市场对于公募考核新规以及回归基准行业配置的讨论存在一些误区。从海外经验来看，回归基准 是通过基准的行业配比向基金持仓配比演化而不是相反；产品投资策略向客户盈利导向回归，在长期视 野下，这与追求排名和绝对收益并不矛盾，反而是统一的；跑输基准的惩罚机制最终导致的是基金减少 博弈性持仓，长期来看最大的影响是活跃头寸的占比下降。 "二季度经济基本面有望脉冲式改善。二季度从'抢转口'到'抢出口'，外需从初步显现下行压力，到可能 脉冲式上行。尽管基本面改善尚无法外推，但短期数据验证有望保持强势，至少排除了下行风险。5月 政策兑现成为主要矛盾阶 ...

Group 1 - The core viewpoint of the news is the successful restructuring of Guodu Securities' board, marking a significant step in the integration process with Zheshang Securities [2][3] - On May 15, Guodu Securities held its first extraordinary shareholders' meeting of 2025, resulting in the election of a new board of directors and supervisory board, with Qian Wenhai appointed as chairman [2][3] - The restructuring changes Guodu Securities' controlling shareholder from none to Zheshang Securities, with Zheshang's actual controller, Jiaotong Group, becoming the actual controller of Guodu Securities [2][3] Group 2 - The new board consists of 10 directors and 3 independent directors, with 6 directors nominated by Zheshang Securities successfully elected [3] - This restructuring is a key step in the acquisition process initiated by Zheshang Securities in December 2023, which is required to develop an integration plan within one year as per the China Securities Regulatory Commission's approval [3][4] - The acquisition process involved a phased approach, costing approximately 5.185 billion yuan and taking nearly 15 months to complete [4] Group 3 - The newly appointed directors from Zheshang Securities have extensive experience in the securities industry, with Qian Wenhai having over 20 years of financial management experience [5] - Zhang Hui, the new general manager, has 34 years of experience in the securities industry and played a crucial role in the acquisition negotiations [5] - Other directors are senior management personnel from Zheshang Securities, contributing to the strategic direction of the company [5] Group 4 - The integration of Guodu Securities is a significant focus for Zheshang Securities in 2025, ensuring compliance while coordinating business operations [6] - Guodu Securities reported a recovery in performance for 2024, achieving operating income of 1.805 billion yuan, a year-on-year increase of 30.7%, and a net profit of 924 million yuan, up 27.78% [6]

Core Viewpoint - The market is shifting from risk-driven to liquidity-driven, with personal investors benefiting the most from indices like the North Securities 50 and micro-cap stocks as tariff easing is fully priced in [1][2]. Market Dynamics - Economic pressures are emerging, and the difficulty of U.S. interest rate cuts is increasing. The market has fully priced in expectations of tariff war easing, and the recovery of growth sectors driven by rising risk appetite is nearing its end. The lowest point of the current export chain's price increase was on April 9, with an acceleration phase starting in late April. The current pressure comes from rising U.S. inflation, which, alongside tariff-related disturbances, is expected to exert upward pressure on inflation into the second quarter of 2025 due to rising housing prices and manufacturing recovery [2]. Participant Structure Changes - There is a notable return of speculative funds, regaining pricing power as implicit risks like tariffs have materialized. In mid to late May, the market will shift from risk appetite improvement to liquidity-driven dynamics. Monitoring models indicate that speculative trading began to bottom out in late April, with significant non-linear characteristics observed in market capitalization, where large-cap indices like the Shanghai Composite and micro-cap stocks are leading gains, while mid-cap indices are lagging [3]. Financial Sector Outlook - The financial sector, which has been long undervalued, is expected to see a recovery. Public fund positions in the consumer sector have increased from 11.46% to 15.65% since the lowest point on March 4. However, their holdings in the financial sector remain low at 5.57%, with banks at 3.31% and non-banks at 1.75%. Despite this, the public fund regulations limit significant reductions in the already underweighted financial sector. The financial sector is favored by the market due to its valuation gap, and various factors are expected to contribute to its recovery, which will likely exhibit a stepwise characteristic [4].

Core Viewpoint - The restructuring of Guodu Securities has been officially announced, with a change in controlling shareholder to Zheshang Securities and a new actual controller, Zhejiang Provincial Transportation Investment Group [1][4]. Group 1: Shareholder and Management Changes - On May 15, 2025, Guodu Securities held its first extraordinary shareholders' meeting, resulting in a change of controlling shareholder from none to Zheshang Securities [1]. - The actual controller changed from none to Zhejiang Provincial Transportation Investment Group [1]. - The transfer of over 1.997 billion shares from Zheshang Securities to Guodu Securities was completed on December 26, 2024, with a lock-up period from December 26, 2024, to December 25, 2029 [4]. - The chairman of Guodu Securities was replaced, with Qian Wenhai elected as the new chairman [4]. Group 2: Management Experience and Background - Qian Wenhai, born in March 1975, has over 20 years of financial management experience and has been with Zhejiang Transportation Investment Group since 2004 [4]. - Zhang Hui, the new general manager, has 34 years of experience in the securities industry and played a key role in the acquisition negotiations [5]. - Other board members, including Sheng Jianlong, Wu Siming, Hu Nansheng, and Deng Hongguang, are senior executives from Zheshang Securities with extensive industry experience [5]. Group 3: Strategic Implications of the Merger - The merger initiated in December 2023 is the first market-driven acquisition in the securities industry following the Central Financial Work Conference and the first case of a listed company acquiring a New Third Board company [6]. - The integration aims to enhance capital and resource capabilities, improve service to the real economy, and create a new comprehensive financial ecosystem [6]. - The strategic focus for 2025 includes advancing the merger and enhancing market competitiveness [6].

Core Viewpoint - The restructuring of Guodu Securities by Zheshang Securities marks a significant advancement in their integration process, with the establishment of a new board of directors and the confirmation of Zheshang Securities as the controlling shareholder [1][2]. Group 1: Restructuring and Control - On May 15, Guodu Securities held its first extraordinary shareholders' meeting of 2025, resulting in the election of a new board of directors and supervisory board, with Qian Wenhai appointed as chairman [1][2]. - The restructuring signifies a change in Guodu Securities' controlling shareholder status from none to Zheshang Securities, with Zheshang's actual controller, Jiaotong Group, now controlling Guodu Securities [1][2]. - The restructuring is a key step in the acquisition process initiated by Zheshang Securities in December 2023, which is required to develop an integration plan within one year as per the China Securities Regulatory Commission's approval [2][3]. Group 2: Acquisition Process - Zheshang Securities began its acquisition of Guodu Securities in December 2023, initially acquiring a 19.145% stake from five institutions, becoming the largest shareholder [3]. - By May to June 2024, Zheshang increased its stake to 34.25% through competitive bidding, and by November 2024, it was officially recognized as the major shareholder by the regulatory authority [3]. - As of March 2025, Zheshang's stake in Guodu Securities rose to 34.76% after acquiring an additional 30 million shares [3]. Group 3: Board Composition and Experience - The newly elected board consists of six directors and two independent directors nominated by Zheshang Securities, all possessing extensive experience in the securities industry [4]. - Qian Wenhai, the chairman, has over 20 years of financial management experience, while Zhang Hui, the general manager, has 34 years in the industry and played a crucial role in the acquisition negotiations [4]. - Other board members include senior executives from Zheshang Securities, indicating a strong leadership team focused on the integration of the two firms [4]. Group 4: Strategic Goals - The integration of Guodu Securities is a top priority for Zheshang Securities in 2025, as emphasized in their strategic planning meetings [5]. - The company aims to enhance its market competitiveness and ensure a smooth integration process while adhering to regulatory requirements [5][6]. - Guodu Securities reported a recovery in performance for 2024, with revenues of 1.805 billion yuan, a 30.7% increase year-on-year, and a net profit of 924 million yuan, up 27.78% [6].

Core Viewpoint - The restructuring of Guodu Securities' board marks a significant milestone in the merger and integration process with Zheshang Securities, laying a crucial foundation for the latter's strategic goal of becoming a leading national mid-to-large-sized brokerage firm [2][3]. Group 1: Board Restructuring - Guodu Securities held its first extraordinary shareholders' meeting for 2025 on May 16, where a new board of directors and supervisory board were elected, with Zheshang Securities' president Qian Wenhai becoming the chairman [1]. - The new board consists of 10 directors and 3 independent directors, with 6 directors and 2 independent directors nominated by Zheshang Securities successfully elected [3]. - The newly appointed directors possess extensive experience in the securities industry, with Qian Wenhai having over 20 years of financial management experience [3][4]. Group 2: Strategic Integration - The integration process, which began in December 2023, has seen Zheshang Securities acquire a 34.76% stake in Guodu Securities, establishing a controlling position [3][8]. - The board restructuring is a key step in the merger, transitioning from capital integration to governance integration, aiming to enhance market-oriented governance [5][9]. - The merger is expected to significantly increase capital strength and total asset scale, facilitating large investment banking projects and expanding institutional business [5][6]. Group 3: Regional Synergy - The integration breaks traditional regional barriers, allowing Zheshang Securities, which focuses on the Yangtze River Delta, to combine with Guodu Securities, which has a strong presence in the Beijing-Tianjin-Hebei region [6][7]. - This collaboration aims to create a comprehensive financial ecosystem that leverages regional strengths and provides customized services for manufacturing upgrades and emerging industry financing [6][7]. Group 4: Financial Performance and Cost Optimization - The acquisition has been a market-driven process, costing approximately 5.185 billion yuan over 15 months, with a strategy of phased acquisition and cost optimization [8][9]. - The integration is expected to enhance service capabilities across wealth management, investment banking, and credit trading, transitioning to a comprehensive service model [7][9].

浙商证券正式成为国都证券控股股东 钱文海任董事长 智通财经5月16日电，浙商证券正式成为国都证券第一大股东，公司股东会对国都证券董事会进行换届 改组。通过此次董事会换届改组，使得国都证券由无控股股东变更为浙商证券。浙商证券的实控人交投 集团也因此成为国都证券的实控人。浙商证券提名的6名董事、2名独董及2名股东监事均当选。新一届 董事会召开会议，一致推选钱文海担任国都证券董事长。钱文海现任浙商证券总裁兼党委书记。（智通 财经记者 高艳云） ...

证券代码：601878 证券简称：浙商证券 公告编号：2025-031 | 短期融资券名称 | 浙商证券股份有限公司 | 2025 年度第四期短期融资券 | | | --- | --- | --- | --- | | 短期融资券发行简称 | 25 浙商证券 CP004 | 短期融资券流通代码 | 072510078 | | 发行日 | 2025 年 5 月 13 日 | 起息日期 | 2025 年 5 月 14 日 | | 兑付日期 | 2026 年 2 月 11 日 | 期限 | 273D | | 计划发行总额 | 15 亿元人民币 | 实际发行总额 | 15 亿元人民币 | | 票面利率 | 1.68% | 发行价格 | 100 元/张 | 本期发行短期融资券的相关文件已在以下网站上刊登： 1、中国货币网，http://www.chinamoney.com.cn； 2、上海清算所网站，http://www.shclearing.com。 浙商证券股份有限公司 2025 年度第四期短期融资券发行结果公告 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 ...