Group 1: Market Overview - The real estate market has shown signs of recovery in 2023 after experiencing fluctuations in recent years, with industry experts expressing optimism about future performance due to supportive policies [1][2][3] - In 2024, the overall real estate market is expected to remain in an adjustment phase, with a significant decline in land transfer fees and new construction areas compared to the peak in 2020, with a 67% decrease reported [2][3] - The construction industry has seen a 7.89% year-on-year decline in revenue for companies focused on housing construction, with new contract amounts also decreasing by 1.43% [2] Group 2: Policy Support - Various supportive policies have been introduced since May 2023, including a reduction in the reserve requirement ratio and interest rates for housing loans, aimed at stabilizing the real estate market [6][7] - The central government has emphasized the importance of a new model for real estate development, with significant funding allocated for urban renewal projects to promote stable and healthy market growth [6][7] - The implementation of these policies has led to an increase in both new and second-hand housing transactions, with the latter gradually surpassing new home sales in several provinces [7] Group 3: Market Trends - In the first three quarters of 2024, new home sales have seen a noticeable year-on-year decline, but the relaxation of purchase restrictions in some cities has led to a rise in second-hand home transactions, maintaining market activity [3][4] - The core cities have shown signs of price stabilization in the second-hand housing market, with a notable recovery in transaction volumes since the fourth quarter of 2024 [3][4] - The land auction market has also seen a 39% year-on-year increase in transaction amounts, indicating a recovery in land premium rates in first-tier cities, which may positively influence second-hand housing prices [4]

2025 年 7 月 9 日，本公司按期兑付了本期短期融资券本息共计人民币 2,008,875,616.44 元。 特此公告。 浙商证券股份有限公司董事会 2025 年 7 月 11 日 证券代码：601878 证券简称：浙商证券 公告编号：2025-039 浙商证券股份有限公司 2025 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个别及连带责任。 浙商证券股份有限公司（以下简称"本公司"）于 2025 年 4 月 9 日成功发 行了浙商证券股份有限公司 2025 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 1.78%， 短期融资券期限为 91 天，兑付日期为 2025 年 7 月 9 日（详见本公司于 2025 年 4 月 11 日登载于上海证券交易所网站 www.sse.com.cn 的《浙商证券股份有限公 司 2025 年度第三期短期融资券发行结果公告》）。 ...

Group 1: Macro Economic Trends - The offline retail cycle is approaching, supported by macroeconomic factors, pricing, and consumer policies, with innovation driving this transformation and enhancing profitability [1] - In Q1 2025, domestic travel reached 1.794 billion trips, a year-on-year increase of 26.4%, with urban residents contributing 1.318 billion trips, up 22.4% [2] - The overall tourism market in 2025 is expected to focus on cost-effectiveness, with significant growth in lower-tier markets and county tourism [2] Group 2: Travel and Tourism Insights - Cross-border travel is rapidly recovering, with 160 million inbound and outbound trips in Q1 2025, a year-on-year increase of 15.3%, reaching 95.6% of 2019 levels [2] - A significant portion of travelers, 81%, prefer not to follow trends to popular destinations, indicating a shift towards personalized travel experiences [3] - The demand for better travel products and services is high among older travelers, with 84% expressing this desire [3] Group 3: OTA and Competition Landscape - The competitive landscape in the OTA sector remains stable, with expectations for revenue growth driven by enhanced monetization rates [4] - JD.com is increasing its investment in the hotel sector, while Tongcheng is tapping into lower-tier markets to boost revenue [4] - Ctrip is entering a rapid expansion phase, although it may impact overall profitability [4] Group 4: Retail and Consumer Behavior - Offline retail is expected to recover in Q4, with a year-on-year growth of 5% in retail sales from January to May 2025 [6] - The retail landscape is shifting from traffic acquisition to optimizing existing customer bases, with innovation being crucial for this cycle [6] - Various retail formats are showing signs of recovery, with department stores and specialty shops returning to positive growth [6] Group 5: Hospitality Sector - Hotel demand is recovering, with a projected 10% growth in GMV for Q2 2025, although supply expansion is putting pressure on RevPAR [7] - Economic hotels are performing better than mid-to-high-end hotels, reflecting ongoing trends in consumer preferences [7] Group 6: Local Lifestyle and E-commerce - Competition in local services is intensifying, with major players like Meituan, JD.com, and Alibaba increasing their market presence [8] - The instant retail market in China is projected to reach 780 billion yuan in 2024, growing at 20% year-on-year [8] - E-commerce platforms are expected to enhance their instant retail strategies to capture market share [8] Group 7: Investment Recommendations - Recommended stocks include Yonghui Supermarket, Chongqing Department Store, and Meituan for offline retail; Alibaba for e-commerce; and Ctrip for OTA platforms [9]

Core Insights - The "Top Leaders in Listed Securities Firms" ranking by Sina Finance recognizes outstanding contributions and influence of leaders in the securities industry, with Qian Wenhai of Zheshang Securities ranked 3rd in the category of distinctive development securities firms [1][14] - The evaluation is based on a comprehensive assessment of industry data, peer evaluations, and online presence, focusing on the creation of economic and social value [1][14] Industry Data Evaluation - Zheshang Securities achieved a score of 75.58 in industry data evaluation, ranking 19th among 50 listed securities firms and 5th among 9 evaluated distinctive development firms [14] - Key financial metrics include: - Revenue growth rate: -10.33% - Net profit growth rate: 10.17% - Return on Assets (ROA): 1.34% - Return on Equity (ROE): 6.21% - Total asset growth rate: 5.88% - Net asset growth rate: 30.26% - Brokerage business profit margin: 73.17% (ranked 23rd) - Investment banking business profit margin: 33.84% (ranked 17th) - Proprietary business yield: 3.46% (ranked 17th) - Asset management business profit margin: 29.56% (ranked 28th) [6][14] Peer Evaluation - Zheshang Securities received a score of 90.97 in peer evaluation, ranking 9th among 50 listed firms and 1st among 9 distinctive development firms [14] - Evaluation criteria included foresight, influence, control, innovation, and compliance, with scores as follows: - Foresight: 89.87 - Influence: 94.44 - Control: 88.49 - Innovation: 93.79 - Compliance: 88.27 [7][14] Online Presence Evaluation - The online presence evaluation score for Zheshang Securities was 75.93, ranking 37th among 50 listed firms and 7th among 9 distinctive development firms [14] - This evaluation reflects the company's influence on social media and overall online sentiment [10][14]

Group 1 - The company, Zhengyuan Wisdom, has issued convertible bonds totaling RMB 35,073 million, with a net amount of RMB 34,227.42 million after deducting issuance costs [22][23]. - The convertible bonds are set to mature in six years, with an annual interest rate starting at 0.20% in the first year and increasing to 0.40% in the second year [4][6]. - The initial conversion price for the bonds is set at RMB 32.85 per share, which is based on the average trading price of the company's stock prior to the announcement [7][8]. Group 2 - The funds raised will primarily be used for the "Integrated Cloud Platform Project for Basic Education Management and Services," with a total investment of RMB 44,673 million [22][24]. - The project aims to enhance educational services through technology, including IoT and AI applications, to provide comprehensive management solutions for schools [25][27]. - Due to market changes, the project timeline has been extended to December 25, 2026, to ensure better implementation and alignment with company interests [24][25]. Group 3 - The company plans to redirect some of the raised funds to a new project focused on "Integrated Platform for University Operations and Services," which aligns with its strategic goals [28][29]. - The market for university services is expanding, with a steady increase in the number of universities and students, indicating a growing demand for operational support [28][29]. - The subsidiary, Nipton Technology, will manage this new project, leveraging its expertise in campus services and established client relationships [29][30].

Core Viewpoint - The company intends to temporarily use part of its idle raised funds to supplement working capital, ensuring that it does not affect the construction of investment projects and the planned use of raised funds [1][6][9]. Fundraising Basic Situation - The company has issued 3,507,300 convertible bonds at a price of RMB 100 each, raising a total of RMB 350.73 million, with a net amount of RMB 342.27 million after deducting underwriting fees and related external costs [1][2]. Fund Usage Situation - The total investment for the projects funded by the raised capital is RMB 446.73 million, with RMB 342.27 million planned to be allocated from the raised funds [2][3]. - The company has approved a change in the use of part of the raised funds, reallocating some from the "Basic Education Management and Service Integration Cloud Platform Project" to the "Higher Education Operation and Service Integration Platform Project" [2][3]. Temporary Cash Management - The company has approved the use of up to RMB 30 million of idle raised funds for cash management, investing in low-risk, bank-issued principal-protected products with a term not exceeding 12 months [3][4]. - The company has also approved the use of up to RMB 24 million and RMB 20 million for similar cash management purposes in separate resolutions [4][5]. Temporary Supplement of Working Capital - The company plans to use up to RMB 11 million of idle raised funds to temporarily supplement working capital, with specific amounts allocated for different time frames [6][8]. - The company has already returned RMB 15 million of the funds used for temporary working capital back to the special account for raised funds as of July 4, 2025 [5][6]. Review Procedures and Opinions - The board of directors and the supervisory board have approved the proposal to use idle raised funds for temporary working capital, confirming that it will not affect the investment projects and is in the interest of the company and all shareholders [9][10].

Core Viewpoint - The company, Zhengyuan Smart Group Co., Ltd., has proposed additional expected daily related transactions for the year 2025, amounting to a total of up to RMB 63 million, with specific transactions involving Guangyu Group Co., Ltd. totaling RMB 2 million, which have been approved by the board and do not require shareholder meeting approval [1][2][5]. Summary by Sections Daily Related Transactions Basic Situation - The company plans to engage in daily related transactions with affiliated parties, including sales of products, provision of services, procurement of goods, and leasing of office space, with a total expected amount not exceeding RMB 63 million for 2025 [1]. - The company has already approved a transaction amount of RMB 2 million with Guangyu Group for product sales and technical services [1]. New Expected Daily Related Transactions - The company anticipates additional related transactions with Guangyu Group and its subsidiaries, with a total expected amount not exceeding RMB 10 million [2]. - The board meeting on July 7, 2025, approved the new expected transactions, which do not require shareholder approval [2]. Related Party Basic Information - Guangyu Group Co., Ltd. has a registered capital of RMB 774.14 million and operates in various sectors, including real estate development and medical services [3]. - As of December 31, 2024, Guangyu Group reported total assets of RMB 999.61 million and a net profit of -RMB 36.74 million [3]. Relationship with Listed Company - The company’s director, Li Lin, and Chen Yirong are related as mother and daughter, establishing Guangyu Group as an affiliated entity since November 14, 2024 [4]. Performance Capability Analysis - Guangyu Group is a legally established company with good financial and credit status, capable of fulfilling contractual obligations in daily transactions [4]. Main Content of Related Transactions - The daily related transactions between the company and its affiliates are normal business dealings, adhering to principles of openness, fairness, and market pricing [4]. - The newly expected transactions amount to RMB 10 million for sales of products and technical services to Guangyu Group [4]. Purpose and Impact of Related Transactions - The related transactions are deemed necessary for the company’s operational activities and are expected to enhance business development without harming the interests of the company or its shareholders [4]. Independent Directors' Special Meeting Opinions - The independent directors have unanimously agreed that the new expected transactions are necessary for the company’s operations and comply with market rules, ensuring no harm to the interests of shareholders, especially minority shareholders [5]. Sponsor's Verification Opinion - The sponsor, Zheshang Securities, has verified that the new expected transactions align with the company’s development needs and will not harm the interests of the company or its shareholders [6].

Investment Rating - The report maintains a "Buy" rating for leading securities firms such as CITIC Securities and Huatai Securities, while also recommending attention to other quality firms like Guotai Junan, China Galaxy, Dongfang Securities, and Zheshang Securities [5][6]. Core Viewpoints - The performance recovery of listed securities firms is expected to continue into Q2 2025, driven by a rebound in capital markets and increased trading activity, with an estimated 10% year-on-year growth in operating revenue [1][12]. - The self-operated and brokerage business lines are projected to maintain high growth rates, with self-operated income expected to increase by 30% and brokerage income by 26% year-on-year [1][2][12]. - The investment banking sector is anticipated to recover, with IPO and refinancing activities showing significant growth, leading to a projected 20% increase in investment banking revenue [4][32][34]. Summary by Sections 1. Business Outlook - Q2 2025 is expected to see a continuation of high growth momentum for listed securities firms, with operating revenue projected to grow by 10% year-on-year, driven by self-operated, brokerage, asset management, credit, and investment banking businesses [1][12]. - The market sentiment is recovering, and trading activity is increasing, with the average daily trading volume in the stock market reaching 1.49 trillion yuan [2][18]. 2. Investment Strategy - The report emphasizes the importance of focusing on high-elasticity stocks, particularly leading securities firms that are likely to benefit from the recovery of the capital market [37][38]. - The ongoing mergers and acquisitions, along with the steady progress of refinancing, are expected to enhance the performance of the securities industry [38][48]. 3. Key Companies - CITIC Securities is projected to maintain high growth rates in Q2 2025, benefiting from strong performance in its investment banking and international business segments [50][51]. - Huatai Securities is also expected to show robust performance, with significant year-on-year growth in both revenue and net profit [39][50]. 4. Financial Projections - The report provides detailed financial projections for key companies, indicating a positive outlook for revenue and net profit growth across the sector [6][39]. - For instance, CITIC Securities is expected to achieve an operating revenue of 178 billion yuan in Q2 2025, with a year-on-year growth of 29.1% [50]. 5. Market Trends - The report highlights the positive trends in the Hong Kong stock market, which are expected to benefit mainland securities firms in their investment banking and brokerage businesses [40][41]. - The ongoing recovery in the capital markets, along with supportive government policies, is likely to enhance the overall performance of the securities industry [37][38].

证券代码：601878 证券简称：浙商证券 公告编号：2025-038 浙商证券股份有限公司 2025 年度第六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、准确性和完整性承担个别及连带责任。 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。 特此公告。 浙商证券股份有限公司董事会 2025 年 7 月 9 日 浙商证券股份有限公司 2025 年度第六期短期融资券已于 2025 年 7 月 7 日发 行完毕，相关发行情况如下： | 短期融资券名称 | 浙商证券股份有限公司 | 2025 年度第六期短期融资券 | | | --- | --- | --- | --- | | 短期融资券发行简称 | 25 浙商证券 CP006 | 短期融资券流通代码 | 072510115 | | 发行日 | 2025 年 7 月 4 日 | 起息日期 2025 | 年 7 月 7 日 | | 兑付日期 ...

Core Insights - The 30-year government bond ETF from Bosera has shown a recent increase of 0.05%, with a cumulative rise of 1.44% over the past month as of July 4, 2025 [2] - Trading activity for the 30-year government bond ETF has been robust, with a turnover rate of 8.13% and a transaction volume of 619 million yuan [2] - The fund has experienced significant net inflows, totaling approximately 31.9 million yuan over the last five trading days, indicating strong investor interest [2][3] Trading Activity - The trading volume for the 30-year government bond ETF has seen a notable increase since May 8, 2025, despite a slight recent decline [2] - The average daily trading volume over the past week was 2.391 billion yuan, reflecting high liquidity [2] - The ETF's latest scale reached 7.607 billion yuan, showcasing its growing market presence [2] Fund Performance - The 30-year government bond ETF has achieved a net value increase of 14.13% over the past year, ranking 5th out of 410 index bond funds [3] - Historical performance indicates a maximum monthly return of 5.35% and a longest consecutive monthly gain of 4 months, with an average monthly return of 2.09% [3] - The fund has a 100% probability of profitability over a one-year holding period, with a maximum drawdown of 6.89% since inception [3] Financial Metrics - The management fee for the 30-year government bond ETF is set at 0.15%, while the custody fee is 0.05% [3] - The tracking error over the past month is reported at 0.041%, indicating strong tracking precision [3] Index Tracking - The ETF closely tracks the Shanghai Stock Exchange 30-year government bond index, which is composed of bonds meeting specific deliverable conditions for the 30-year government bond futures [4]