Group 1 - The forum, themed "Moving Towards 'New', Standing at the Forefront," gathered over 200 guests, including government leaders and executives from listed and pre-listed companies, to discuss new opportunities for high-quality development in the capital market [1] - Qian Wenhai, President of Zheshang Securities, emphasized the broad space for financial institutions to serve the real economy, driven by the China Securities Regulatory Commission's focus on new productivity development and capital market institutional innovation [1][2] - Zheshang Securities aims to build an ecosystem of "investment banking + investment + research" to support the cultivation of new productivity and regional economic high-quality development [1][2] Group 2 - Li Chao, Chief Economist of Zheshang Securities, analyzed the economic recovery trend and asset allocation strategies for the second half of 2025 during the keynote speech [2] - The company plans to provide comprehensive financial services to enhance the quality and efficiency of listed companies, focusing on cash and wealth management tools for asset preservation and appreciation [2] - Zheshang Securities will deepen its layout in key cities like Beijing, Shanghai, Shenzhen, and Hangzhou, offering one-stop services for financing, mergers, and listings to assist the transformation and upgrading of real enterprises [2][3] Group 3 - As a financial institution rooted in Zhejiang, Zheshang Securities will continue to empower the real economy and contribute to building a financial strong province and a global innovation source through high-end platforms like the West Lake Conference [3]

Core Viewpoint - The launch of 5G-A marks an enhancement over 5G, providing improved network capabilities and catering to both individual and industrial user needs [1][4]. Group 1: 5G-A Commercial Launch - China Telecom officially announced the commercial launch of 5G-A on May 17, offering various packages priced at 199, 299, and 399 yuan [2]. - China Mobile introduced its "Three Major Feedback Plans" on May 15, targeting 5G-A users with packages ranging from 199 to 999 yuan per month, aiming to acquire 50 million 5G-A users this year [2]. - China Unicom's 5G-A packages include multiple tiers, such as youth, business, and cloud acceleration versions, with prices starting at 21.9 yuan for 10GB [2]. Group 2: Technological Advancements - 5G-A integrates new technologies like 3CC carrier aggregation and low-latency reliable networks, enabling advancements in various sectors such as low-altitude economy, smart cities, and industrial internet [1][4]. - The transition from 5G to 5G-A is a necessary step towards 6G, with significant improvements in capacity, speed, latency, positioning, and reliability [1]. Group 3: Market Impact - The introduction of 5G-A is expected to drive double-digit growth in DOU (average monthly data usage per household) and ARPU (average revenue per user) for telecom operators [3]. - Operators are shifting their focus from resource-oriented to application-oriented network operations, creating diverse packages tailored to specific user needs [4]. Group 4: Infrastructure Development - By 2024, over 100,000 5G-A base stations are projected to be deployed, with significant investments planned by major operators [5][6]. - China Mobile plans to invest 9.8 billion yuan in 2025 for 5G-A, aiming for extensive coverage in key urban areas [6][7]. Group 5: Investment Recommendations - In the current macroeconomic environment, telecom operators are recommended for investment due to their strong profitability and high dividends, with the acceleration of 5G-A commercialization expected to enhance operational efficiency [8].

5月21日，证券时报社主办的第八届(2025)西湖大会在杭州举行。浙商证券（601878）党委书记、总裁 钱文海在发表主旨演讲时表示，赋能新质生产力，是资本市场从"规模扩张"转向"功能提升"的必然选 择，更是金融机构践行"金融强国"使命的责任所在。围绕金融机构践行"金融强国"的职责，钱文海提出 三点倡议：一是做科技创新的"催化剂"，积极设立更多长期限、专业化的科创投资基金；二是做产业升 级的"连接器"，推动资本向先进制造业、未来产业集聚，助力传统产业高端化、智能化、绿色化改造； 三是做金融生态的"共建者"，加强与政府部门、监管机构、行业协会的沟通协作，营造有利于新质生产 力成长的金融生态。(人民财讯) ...

5月21日，证券时报社主办的第八届(2025)西湖大会在杭州举行。浙商证券（601878）党委书记、总裁 钱文海在主旨演讲中表示，从"科创板八条""并购六条"到金融"五篇大文章"的部署，资本市场正加速与 科技创新深度融合。作为扎根浙江的金融机构，浙商证券始终以"金融服务国家战略、服务实体经济"为 使命，致力成为新质生产力的"发现者""培育者"和"护航者"。围绕金融机构的使命职责，浙商证券正在 做三大探索：一、以研究服务为"灯塔"，引领资本投向"未来赛道"；二、以投行业务为"支点"，撬动科 技创新"第一动力"；三、以产业基金为"纽带"，构建资本与产业"共生生态"。(人民财讯) ...

Core Viewpoint - Hangzhou is emerging as a significant hub for innovation and technology, driven by a robust ecosystem of venture capital, government support, and a strong entrepreneurial culture [2][4][6]. Group 1: Innovation Ecosystem - The rise of Hangzhou's tech enterprises, referred to as the "Six Little Dragons," showcases the city's unique innovation ecosystem, which is characterized by a blend of historical commercial foundations and modern technological advancements [2][4]. - Hangzhou's entrepreneurial environment is supported by a strong private economy, with 61.5% of its GDP coming from private enterprises, highlighting the city's vibrant business landscape [4][28]. - The local government plays a crucial role in fostering innovation by providing supportive policies and services that encourage startups and established companies alike [5][6]. Group 2: Financial Support and Capital - Hangzhou is recognized as China's fourth-largest capital city, with a diverse range of financial institutions providing comprehensive support to the tech industry through various financing methods [8][9]. - The establishment of the "3+N" industrial fund cluster aims to enhance investment in strategic emerging industries, demonstrating a proactive approach to capital allocation [6][14]. - Innovative financing models, such as the "talent bank" approach by Zhejiang Commercial Bank, are tailored to meet the unique needs of high-tech companies, facilitating their growth and development [9][10]. Group 3: Industry Growth and Development - The city's GDP is projected to exceed 2 trillion yuan in 2023, with a significant contribution from the third sector, which is expected to reach 73% of the GDP by 2024 [23][24]. - The number of listed companies in Hangzhou has surged, with a notable increase in the number of technology firms, reflecting the city's growing prominence in the capital market [25][26]. - Hangzhou's focus on "three new" economies—new industries, new business formats, and new models—has led to a substantial increase in the contribution of these sectors to the overall economy [26][27]. Group 4: Future Prospects - The city is actively developing five major industrial ecosystems, including intelligent IoT and biomedicine, which are expected to drive future economic growth [30][31]. - The digital economy is a key growth driver, with its core industries projected to contribute significantly to the GDP, aiming for a 30% share by 2027 [32][33]. - Hangzhou's commitment to innovation and technology positions it as a leading example of how cities can leverage capital and entrepreneurship to foster sustainable economic development [21][22].

Group 1 - The core point of the news is that Zheshang Securities has become the controlling shareholder of Guodu Securities following a successful merger, marking a significant milestone in the two-year integration process [1][2] - The merger is the first market-driven acquisition case initiated by the securities industry after the Central Financial Work Conference, and it represents a new model for mergers and acquisitions in the industry [2][3] - The restructuring signifies a transition from capital integration to governance integration, with Zheshang Securities injecting market-oriented governance into Guodu Securities [2] Group 2 - The recent merger activity in the securities industry is part of a broader trend supported by government policies aimed at fostering the development of first-class investment banks and institutions [3][4] - The Central Financial Work Conference and subsequent regulatory opinions have emphasized the importance of mergers and acquisitions for enhancing the competitiveness of leading institutions in the securities sector [3][4] - Other notable mergers in the industry include Xiangcai's acquisition of Dazhihui and Guosen's acquisition of Wanhua Securities, indicating a trend towards consolidation among both large and small firms [4]

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]