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]

5月21日下午，由浙商证券（601878）主办的第八届西湖大会分论坛——2025中国资本市场之江论坛在 杭州举行。本次论坛以"向'新'而行，勇立潮头"为主题，汇聚政府领导、浙商证券高管、80余家国资国 企平台及巨化股份（600160）、华友钴业（603799）、中控技术等近百家上市公司与拟上市公司高管， 共200余位嘉宾共话资本市场高质量发展新机遇。 浙商证券党委书记、总裁钱文海在致辞中表示，当前中国证监会聚焦新质生产力发展，深化投融资综合 改革，推动资本市场制度创新，为金融机构服务实体经济提供了广阔空间。作为浙江本土券商，浙商证 券始终以"深耕浙江，开拓全国"为使命，构建"投行+投资+投研"生态链，助力新质生产力培育与区域经 济高质量发展，期待与各界深化合作，共探资本市场改革新路径。 论坛主旨演讲环节，浙商证券首席经济学家李超围绕"2025年下半年宏观经济及大类资产展望"，深度剖 析了经济复苏趋势与资产配置策略；浙商证券企业金融部股权项目负责人谢浩晖以"综合金融服务助力 上市公司提质增效"为题，提出通过全周期金融服务赋能企业战略升级；浙商资管副总经理陈国辉聚 焦"上市公司现金管理和财富管理"，解析多元化工具 ...

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) ...

证券业并购浪潮涌动 近年来，为推动我国证券业发展，支持证券业并购重组成为政策引导的重要方向。 2023年10月，中央金融工作会议提出，要"培育一流投资银行和投资机构""支持国有大型金融机构做优 做强""增强上海国际金融中心的竞争力和影响力"。 日前，国都证券发布公告称，5月15日，国都证券在北京召开2025年第一次临时股东会，会议选举产生 新一届董事会、监事会。浙商证券（601878）提名的6名董事及2名独立董事、2名监事当选。 这标志着浙商证券成为国都证券控股股东，历时近两年的并购整合取得里程碑式进展。 释放南北协同效应 浙商证券并购国都证券是中央金融工作会议召开后证券行业首单自主发起的市场化并购案例，也是行业 首单上市公司吸并新三板公司案例。 据了解，此次改组完成，不仅意味着两家券商都将迈入新阶段，更预示着浙商证券正加快实现"全面迈 入第一梯队"的战略目标。业内人士认为，在监管鼓励打造一流投行的背景下，浙商证券通过市场化并 购打破地域壁垒，为行业探索出一条可复制的并购整合路径。随着南北协同效应的释放，这场并购案例 或将成为中国证券业高质量发展的新样本。 分析人士认为，国都证券董事会此次换届标志着两家券商从 ...

截至2025年5月19日 10:45，信用债ETF博时(159396)上涨0.01%，最新价报100.51元。流动性方面，信用债ETF博时盘中换手52.75%，成交31.79亿元，市场交 投活跃。 浙商证券指出，关税谈判落地，长债或有止盈压力，建议继续关注短久期信用债。中美关税谈判落地提振经济增长预期及风险偏好，同时后续关税政策不确 定性导致债市方向性交易动能不足，整体走势呈现纠结态势。长端品种受制于经济预期边际改善存在一定调整压力，但好在央行近期降准降息操作打开了短 端收益率的下行空间，叠加资金面维持宽松，短久期信用债持有感受相对较好。 规模方面，信用债ETF博时近3月规模增长32.45亿元，实现显著增长，新增规模位居可比基金1/4。 份额方面，信用债ETF博时近1月份额增长976.80万份，实现显著增长，新增份额位居可比基金2/4。 资金流入方面，信用债ETF博时最新资金流入流出持平。拉长时间看，近5个交易日内有3日资金净流入，合计"吸金"1.88亿元，日均净流入达3764.24万元。 从收益能力看，截至2025年5月16日，信用债ETF博时自成立以来，最长连涨月数为2个月，涨跌月数比为2/1，月盈利百分 ...

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]