近日，第十二届富国论坛在苏州召开。南都.湾财社记者现场获悉，本届论坛以"重估.重构.重燃——AI 驱动下的中国资产价值跃迁"为主题，汇聚了国内顶尖专家学者、券商首席经济学家、首席分析师以及 富国基金的资深基金经理，共同探讨全球秩序变局下的资产配置与AI革命带来的投资机遇。 全球格局加速演进，AI引领投资逻辑重构 当前，地缘博弈加剧、技术封锁频现，全球宏观环境正经历深度重构，而AI(人工智能)引发的"算力革 命"加速产业生态迭代。浙江大学机器人研究院名誉院长、浙江大学求是特聘教授谭建荣在以"智启新 章，人工智能的影响与未来"为题的演讲中指出，信息技术革命正深度重构投资逻辑。他表示，未来希 望AI产业能够做到重估、重构、重燃，使人工智能技术跟其他产业更好地融合起来，推动中国从制造 大国走向制造强国，由中国制造转变为中国创造。 中国国际贸易学会中美欧研究中心主任、前驻旧金山、纽约总领馆经济商务参赞何伟文则从全球秩序变 局的角度出发，发表了题为"全球秩序变局，新格局新契机"的演讲。何伟文指出，中美经济深度互补， 供应链交织决定"脱钩"不可行，中国需以开放合作对冲单边主义，维护多边贸易规则。面对新格局，中 国应更主动参 ...

Core Insights - The recent upward trend in Japanese government bond yields is attributed to a steepening yield curve and widening term spreads, with the 30Y yield reaching 3.06% as of May 22, marking a historical high [1][12] - The Japanese economy is emerging from a prolonged deflationary period, with CPI and core CPI recorded at 3.6% and 3.5% respectively in April 2025, exceeding the Bank of Japan's inflation target for over two years [2][16] - The proportion of Japanese government bonds held by the Bank of Japan has slightly decreased, with the central bank holding 557 trillion yen as of March 2025, down 4.6% from November 2023 [3][28] Group 1: Japanese Bond Market Dynamics - The yield curve for Japanese government bonds has steepened, with the 10s30s spread increasing to 167 basis points, driven by comments from Prime Minister Kishida and disappointing bond auction results [1][12][13] - The Bank of Japan's monetary policy is transitioning from negative to positive rates, with expectations of gradual interest rate hikes beginning in 2024 [2][21] - The Japanese government debt-to-GDP ratio has risen significantly, reaching 260% by 2025, raising concerns about long-term economic implications [4][25][26] Group 2: Impact on Asset Classes - The rising yields on Japanese bonds are expected to increase the financial burden on the Japanese government, potentially leading to higher interest payments [5][36] - The narrowing of the Japan-U.S. interest rate differential may lead to a depreciation of the dollar and an appreciation of non-U.S. currencies, impacting global capital flows [5][36] - The outlook for equities suggests that both Japanese and U.S. stocks may face short-term pressure, while the impact on Hong Kong and A-shares is expected to be more indirect [5][36]

兴业证券全球首席策略分析师张忆东表示，在2025年下半年乃至更长远的未来，中国资本市场大有可 为，A股有望呈现出"指数稳，结构牛"的局面。中国资产有望迎来价值重估的配置机遇，关键性亮点在 于科技和新兴消费两方面。 立足当下，展望未来，光大证券策略首席分析师张宇生从流动性视角切入，他认为："基本面的修复进 程或将呈现温和且渐进的特征，宏观、微观流动性共振与产业升级有望驱动市场上涨，在中长期资金有 望成为市场重要增量资金之一的背景下，A股市场或将呈现结构性牛市上涨特征。" "2025年下半年，资本市场有望呈现'股债双牛'的走势。"浙商证券首席经济学家李超表示，策略方面， 以红利为本，以科技突围。红利相关板块可能受益于公募新规下机构的配置方向调整，科技板块也有望 出现一定的超额收益。 有望呈现"股债双牛"走势 浙商证券以"柳暗花明，股债双牛"明确市场趋势，开源证券聚焦"大变局下，投资范式的变与不变"，兴 业证券提出"有惊无险，乱中取胜"。上述关键词共同传递出一个核心判断：新一轮价值发现进程已悄然 启动，资本市场正迎来新的发展机遇。 近期，各大券商密集召开2025年中期策略会，围绕下半年A股市场走势与投资策略展开深度 ...

据悉，钱文海，今年50岁。他在2023年11月正式出任浙商证券总裁一职，任职至今尚不满两年。他早年 曾在浙江省内的国有公司任职，先后在浙江省交通投资集团、温州甬台温高速公路有限公司、浙江省交 投地产集团、浙江省交通投资集团财务有限责任公司等公司工作过，在企业经营管理方面拥有丰富的经 验。 5月15日，国都证券召开的股东会中，选举了新一届董事会、监事会。其中，浙商证券提名的6名董事及 2名独立董事、2名监事成功当选。同时，身为浙商证券总裁的钱文海，新增国都证券董事长的职务。 运营商财经网 赵鑫雨/文 日前，国都证券进行了董事长换届选举，公司大股东浙商证券的总裁钱文海成为该公司新任董事长。钱 文海的上任，意味着两家券商进入治理整合阶段。 浙商证券并购国都证券的历程可以追溯到2023年12月，当时，浙商证券通过协议转让方式受让国都证券 5家股东合计持有的19.145%的股权。在次年5月后，浙商证券通过竞拍将持股比例增至34.25%。后在 2024年11月，中国证监会正式核准浙商证券成为国都证券主要股东，意味着两家券商并购法律程序完 成。 运营商财经网将持续关注相关动态。 运营商财经（官方微信公众号yyscjrd）— ...

Group 1: Core Perspectives - The 12th Fortune Forum focuses on "Re-evaluating, Reconstructing, and Reigniting - The Leap in Asset Value Driven by AI" and gathers top experts to discuss global order changes, AI industry trends, asset allocation directions, and investment opportunities [1] - The forum features a roundtable discussion on the dual impact of geopolitical tensions and the AI technology revolution, clarifying the core logic for investors amidst changing macroeconomic conditions [1][2] - Experts emphasize that despite external disturbances, Chinese assets exhibit significant allocation value due to policy support, manufacturing resilience, and technological breakthroughs [3] Group 2: Investment Themes - Assets are categorized into three types: strong cyclical (real estate chain), stable (gold, high dividends), and tech emerging (AI, innovative pharmaceuticals), with gold seen as a hedge against weakening dollar credit [2] - The focus on AI applications and service consumption is highlighted as a dual upgrade opportunity, with a particular interest in the downstream applications of AI [3] - The importance of internationalization for external demand enterprises and the need for domestic enterprises to focus on rigid demand and innovation upgrades are discussed [4] Group 3: Sector Insights - The resilience of China's manufacturing sector is emphasized, with companies needing to shift from "manufacturing overseas" to "branding overseas" to enhance value [4] - The AI hardware capital expenditure is still in a deep water zone, indicating that China has broader space for AI applications in the long term [5] - Innovative pharmaceutical companies are seen as capable of withstanding decoupling risks through talent and technological barriers, with global authorization partnerships being key to market expansion [6]

Group 1 - The fund name is Wanji Zhongzheng Artificial Intelligence Theme Exchange-Traded Open-Ended Index Securities Investment Fund, with a fund code of 159248 and a market abbreviation of AI ETF Fund [22] - The fund is a type of exchange-traded, open-ended, stock securities investment fund [22] - The fund's initial fundraising scale is capped at 1 billion RMB, excluding interest and subscription fees [5][6] Group 2 - The subscription period is from June 26, 2025, to July 11, 2025, with both online and offline cash subscription methods available [2][27] - Investors must have a Shenzhen A-share account or a Shenzhen securities investment fund account to subscribe [3][43] - The fund's subscription price is set at 1.00 RMB per fund share [23][9] Group 3 - The fund aims to closely track the underlying index and minimize tracking deviation and tracking error [25] - The fund will not accept subscription applications after the cumulative valid subscription amount exceeds 1 billion shares on any subscription day [6][7] - The fund's effective subscription funds will generate interest during the fundraising period, which will be converted into fund shares for the holders [42][58] Group 4 - The fund management company is Wanji Fund Management Co., Ltd., and the custodian is Zhejiang Merchants Securities Co., Ltd. [62] - The fund will be managed according to the principles of diligence, honesty, and prudence, but it does not guarantee profits or minimum returns [21] - The fund's past performance does not predict future results [21]

Core Viewpoint - The completion of the board restructuring at Guodu Securities marks Zhejiang Securities as its controlling shareholder, advancing its strategy to become a leading player in the industry [1][2]. Group 1: Company Progress and Achievements - Zhejiang Securities has achieved significant milestones, including financing over 110 billion yuan for the real economy and an investment scale nearing 150 billion yuan in 2024 [1]. - The company has seen its net assets exceed 36 billion yuan, with industry rankings approaching the top 20, and has successfully completed the acquisition of Guodu Securities, marking it as the first broker merger case post the Central Financial Work Conference [1][2]. - Since its establishment, Zhejiang Securities has accumulated revenue of 116.79 billion yuan and a total profit of 25.89 billion yuan, with net profit reaching 19.81 billion yuan and shareholder dividends amounting to 4.21 billion yuan [1]. Group 2: Strategic Execution and Management - The company has established a comprehensive management system that integrates strategy, planning, budgeting, and assessment to ensure effective execution of its strategic goals [2]. - Key business segments such as wealth management, investment banking, research, and asset management have entered the top 20 in the industry, with wealth and bond investment banking already in the top 15 [2]. - Despite a reduction of nearly 20,000 employees in the securities industry in 2024, Zhejiang Securities has expanded its workforce, emphasizing the importance of talent as a core driver of innovation and strategic execution [2]. Group 3: Future Goals and Market Positioning - The company aims to become a "large-scale broker" by 2030, with a focus on enhancing its market position within the evolving industry landscape characterized by a "10+3" structure [3]. - Capital strength has significantly improved, with net assets growing by over 7 billion yuan, reflecting a nearly 30% increase [3]. - The company plans to prioritize mergers and acquisitions in 2025, including the acquisition of remaining shares in Guodu Securities and integration of futures and public fund companies [3][4]. Group 4: Transformation and Service Model Innovation - Zhejiang Securities is shifting towards a "big buyer" model, aiming to become a long-term partner for the real economy by rethinking its service approach [5]. - The company intends to build a comprehensive investment and financing system that consolidates various business resources to better meet the needs of over 5,000 listed companies [5]. - This transformation is seen as essential for breaking through growth ceilings and enhancing the company's core competitiveness in the market [5].

Group 1 - The report outlines the training conducted by Zheshang Securities for Zhejiang Taotao Vehicle Co., Ltd. as part of the ongoing supervision for the year 2025 [1][2] - The training covered key topics such as the major revisions in the new Company Law, the impact on listed companies, the latest policies on mergers and acquisitions, and the capital market outlook for 2024 [1][2] - The training aimed to enhance the legal awareness and compliance consciousness of the company's management, particularly regarding responsibilities in information disclosure and share management [2] Group 2 - The training was conducted by professionals with expertise in securities, law, and finance, ensuring a comprehensive understanding of relevant regulations [2] - Participants actively engaged in the training, which contributed to a successful learning environment and improved understanding of legal responsibilities among major stakeholders [2] - The training is expected to enhance the operational standards of Taotao Vehicle, achieving positive outcomes in compliance and governance [2]

证券代码：601878 证券简称：浙商证券 公告编号：2025-032 经审议，作出决议如下： 一、审议通过公司《关于非交易性权益工具账户和其他债权投资账户规模 上限的议案》 表决结果：9 票同意，0 票反对，0 票弃权。 特此公告。 浙商证券股份有限公司董事会 2025 年 5 月 23 日 浙商证券股份有限公司 第四届董事会第三十二次会议决议公告 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个别及连带责任。 浙商证券股份有限公司（以下简称"浙商证券"或"公司"）第四届董事会 第三十二次会议于 2025 年 5 月 15 日以书面方式通知全体董事，于 2025 年 5 月 22 日以通讯表决方式召开。会议应出席董事 9 人，实际出席董事 9 人。会议的 召开符合《公司法》和《公司章程》规定。 ...

Core Viewpoint - The recent reduction in deposit rates by nine joint-stock banks follows the earlier actions of the six major state-owned banks, indicating a broader trend in the banking sector to lower interest rates in response to the People's Bank of China's (PBOC) adjustments to the Loan Prime Rate (LPR) [1][3][6] Group 1: Deposit Rate Adjustments - On May 21, seven joint-stock banks announced a reduction in their deposit rates, with a decrease of 15 basis points for 3-month, 6-month, 1-year, and 2-year fixed deposits, and a reduction of 25 basis points for 3-year and 5-year fixed deposits [1][2] - Specific rates for China Merchants Bank were adjusted to 0.95% for 1-year, 1.05% for 2-year, 1.25% for 3-year, and 1.30% for 5-year deposits, while other banks set their rates at 1.15%, 1.20%, 1.30%, and 1.35% respectively for similar terms [1][2] Group 2: LPR and Monetary Policy - The PBOC announced a decrease in the LPR, with the 1-year LPR at 3% and the 5-year LPR at 3.5%, both down by 10 basis points [3] - Analysts suggest that the PBOC is establishing a transmission mechanism from policy rates to LPR and deposit rates, indicating a coordinated approach to monetary policy [3][4] Group 3: Market Implications - The reduction in deposit rates is expected to enhance the attractiveness of bond assets by lowering the yield advantage of loan assets, thereby improving the configuration value of bonds [3][4] - The larger reduction in deposit rates compared to LPR is seen as a measure to protect bank interest margins while encouraging credit growth [6]