炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 摩根基金管理（中国）有限公司（以下简称"本公司"）已与山西证券股份有限公司（以下简称"山西证 券"）签订了基金销售代理协议，现决定自本公告之日起，新增山西证券为本公司以下基金的代销机 构。投资人可通过山西证券开展以下基金的申购、赎回、定期定额等相关业务。具体的业务流程、办理 时间和办理方式以山西证券的规定为准。 ■ 有关上述基金销售的具体事宜请仔细阅读上述基金的招募说明书、基金产品资料概要及基金合同等相关 法律文件。 投资者可通过以下途径咨询有关详情： 1、山西证券股份有限公司 客服电话：95573 公司网址：www.i618.com.cn 2、摩根基金管理（中国）有限公司 客服电话：400-889-4888 投资者可通过以下途径咨询有关详情： 1、兴业证券股份有限公司 特此公告。 摩根基金管理（中国）有限公司 二○二五年六月十三日 关于新增兴业证券股份有限公司为 摩根纳斯达克 100 指数型发起式证券投资 基金(QDII)人民币份额代销机构的公告 摩根基金管理（中国）有限公司已与兴业证券股份有限公司（以下简称"兴业证券"）签订了基金销 ...

这段合作史，发轫于营业部的点状探索，进而演进至券商总部的统筹规划与资源整合，服务体系日趋专业 化、系统化。合作模式也从简单的佣金关系，深化为私募产品的发行设计、代销、资金服务、对冲工具支 持、品牌赋能、资源共享的深度绑定与共同成长。 伴随私募行业在"扶优限劣"监管下加速出清、步入存量博弈新阶段，券商如何深化服务，挖掘跨境、金融 科技、股权私募及养老金融等领域，成为未来发展的重要命题。这段始于交易、兴于代销、臻于生态共建 的二十年"牵手"之路，不仅映射了私募行业发展进程，更彰显券商服务财富管理的深度进化。 机构交易进阶 编者按： 十载春华秋实，鉴往知来；十年星河璀璨，与光同行。自破茧初啼至引领风潮，"金长江"评选始终以专业 为炬、以公正为尺，丈量中国私募基金行业的奔腾浪潮。值此华章再启之际，证券时报·券商中国倾情推 出"金长江十年之共建私募生态圈"，盘点十年来证券公司、信托公司等机构在共建中国私募基金生态圈过 程中的不凡力量。此间星霜，既见群峰竞秀，亦显大江奔流。 作为资本市场的重要参与力量，私募基金在过去十余年里经历了从"野蛮生长"到规范发展的蜕变。在此过 程中，证券公司投身私募生态圈建设，发挥了关键作用。 ...

Group 1 - The company has signed a sales agency agreement with Guosen Securities and 14 other companies to expand the sales service network for the Anxin Value Win Mixed Securities Investment Fund Class A [1][2] - Investors can start handling various fund-related transactions such as account opening, subscription, redemption, and regular investment from June 9, 2025, through the newly appointed sales institutions [1][2] - The fund is identified by the code 024457, and investors are encouraged to review the relevant legal documents available on the company's website for detailed information [2] Group 2 - The announcement includes a list of 14 companies that will serve as sales service institutions for the fund, providing a broader access point for investors [1][3][5] - Investors are advised to follow the specific rules and procedures set by the sales institutions when engaging in fund investment activities [2][6] - The company emphasizes that the fund may participate in fee discount activities offered by the sales institutions, with details to be announced by those institutions [2][6]

（本页无正文，为《山西证券股份有限公司 2025 年面向专业投资者公开发行科 技创新公司债券（第一期）在深圳证券交易所上市的公告》之签章页） 发行人：山西证券股份有限公司 2025 年6 月6 日 | 债券名称 | 山西证券股份有限公司 2025年面向专业投资者公开发行科技创新 | | --- | --- | | | 公司债券（第一期） | | 债券简称 | 25 山证 K1 | | 债券代码 | 524290 | | 信用评级 | 主体信用评级 AAA，本期债券未设置评级 | | 评级机构 | 中诚信国际信用评级有限责任公司 | | 发行总额（亿元） | 5 | | 债券期限 | 3 年 | | 票面年利率（％） | 1.90 | | 利率形式 | 固定利率 | | 付息频率 | 按年付息 | | 发行日 | 本期债券发行期限为 2025 年 5 月 30 日至 2025 年 6 月 3 日，共 2 | | | 个交易日。 | | 起息日 | 2025 年 6 月 3 日 | | 上市日 | 2025 年 6 月 9 日 | | 到期日 | 2028 年 6 月 3 日，如遇法定及政府指定节假日或休息日，则 ...

Core Viewpoint - The announcement from Shanzheng (Shanghai) Asset Management Co., Ltd. regarding the departure of fund manager Miao Jia and the performance of various bond funds highlights changes in management and the financial performance of these funds [1][2][3]. Fund Performance Summary - Shanzheng Asset Management's "Fengying 180-Day Rolling Holding Medium and Short Bond" fund, established on March 7, 2023, has a year-to-date return of 0.90% and a cumulative net value of 1.0661 yuan as of June 4, 2025 [1]. - The "90-Day Rolling Holding Short Bond" fund, established on January 11, 2022, has a year-to-date return of 0.85% and a cumulative net value of 1.1151 yuan [2]. - The "Yuze Bond Initiated Fund," established on December 21, 2022, has a year-to-date return of 0.36% and a cumulative net value of 1.0713 yuan [2]. - The "Yuxiang Enhanced Bond Initiated Fund," established on April 29, 2022, has a year-to-date return of -0.15% and a cumulative net value of 1.0935 yuan [2]. - The "Super Short Bond" fund, established on January 21, 2019, has a year-to-date return of 0.70% and a cumulative net value of 1.2317 yuan [2]. - The "Yurui 6-Month Open-End Bond" fund, established on June 3, 2019, has a year-to-date return of 1.24% and a cumulative net value of 1.2643 yuan [3]. Management Changes Summary - Miao Jia has been dismissed as the fund manager for multiple funds, including the "Fengying 180-Day Rolling Holding Medium and Short Bond" and "90-Day Rolling Holding Short Bond" [1][4]. - Other funds affected by the management change include the "Yuze Bond Initiated Fund," "Yuxiang Enhanced Bond Initiated Fund," and "Super Short Bond" fund, all of which have Miao Jia listed as the departing manager [5].

债券代码：524290 债券简称：25 山证 K1 山西证券股份有限公司 2025 年面向专业投资者公开发行科技创新公司债券（第一期） 发行结果公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，对公告的虚假 记载、误导性陈述或者重大遗漏负连带责任。 山西证券股份有限公司（以下简称"发行人"）公开发行不超过人民币 70 亿元公司债券已获得中国证券监督管理委员会证监许可【2025】815 号文注册。 根据山西证券股份有限公司 2025 年面向专业投资者公开发行科技创新公司债券 （第一期）发行公告，山西证券股份有限公司 2025 年面向专业投资者公开发行 科技创新公司债券（第一期）（以下简称"本期债券"）发行规模为不超过 5 亿元， 发行价格为每张 100 元，采取网下面向专业机构投资者询价配售的方式发行。 本期债券发行时间自 2025 年 5 月 30 日至 2025 年 6 月 3 日，实际发行规模 5 亿元，最终票面利率为 1.90%，认购倍数为 2.04 倍。本期债券募集资金扣除发 行费用后，不低于 70%募集资金将投向科技创新领域或对发行前 12 个月内的科 技创新领域相关投资支出进行置换，剩余 ...

Core Viewpoint - The introduction of T0 algorithm trading services by various securities firms marks a significant shift towards personal investors, providing them with automated trading solutions to capitalize on intraday stock price fluctuations [1][6]. Group 1: T0 Algorithm Services Overview - Zhongtai Securities has launched the Qifutong T0 algorithm, designed for high-net-worth clients, enabling intraday trading based on existing holdings [1]. - The T0 algorithm service has been adopted by over 20 securities apps, including Tianfeng Securities and Southwest Securities, with more mid-sized firms preparing to launch similar services [1][5]. - Southwest Securities has introduced the "T0+" algorithm, which optimizes strategies to enhance investment performance and reduce holding costs through AI-driven trading [4]. Group 2: Benefits of T0 Algorithm Trading - T0 algorithm trading aims to increase investment returns by allowing multiple intraday trades to accumulate small price differences, enhancing overall investment returns even in stagnant markets [7]. - The strategy also helps reduce holding costs for investors, particularly those with losing positions, by enabling high sell and low buy operations throughout the day [7]. - Securities firms benefit from increased commission income due to higher trading frequency associated with T0 algorithm services [7]. Group 3: Target Audience and Accessibility - T0 services are primarily targeted at high-net-worth individuals, requiring a minimum asset threshold of 1 million yuan for account opening and a risk tolerance of C3 or higher [8]. - Specific requirements vary among firms, with Tianfeng Securities and招商证券 also setting asset and risk tolerance criteria for clients [8]. Group 4: Market Trends and Competition - The growing trend of T0 algorithm services reflects a competitive landscape among securities firms, with many actively promoting these offerings as a key part of their business strategy [2][5]. - The T0 algorithm service is seen as a significant tool for attracting clients, particularly in a market where technology is increasingly democratizing trading capabilities [2].

Group 1 - Securities firms are focusing on accelerating the transformation towards buy-side advisory services as a strategy to enhance traditional brokerage business [2][8] - The wealth management business is identified as a cornerstone for securities companies, with a growing demand for long-term capital and wealth management services [2][4] - Digital transformation is a key area of interest, with AI models like DeepSeek driving advancements in the industry [3][8] Group 2 - Ordinary investors are primarily concerned with stock buybacks, dividends, and market capitalization management, reflecting a need for improved investor returns [4][5] - Companies are implementing measures to enhance market value, including stable cash dividend policies and improved investor relations [4][5] - The establishment of structured value management systems is being prioritized by firms to ensure orderly market value management [5] Group 3 - The future development of the industry is expected to focus on high-quality growth, with an emphasis on governance, AI applications, and resource integration [7][8] - A competitive landscape is emerging, with a coexistence of full-service investment banks and specialized brokers, driven by accelerated mergers and acquisitions [7][8] - Differentiated competition is becoming more pronounced, with a focus on functional service enhancement and proactive management capabilities in asset management [8]

发行人将按上述票面利率于 2025 年 5 月 30 日-2025 年 6 月 3 日面向专业机构投资 者网下发行。具体认购方法请参见 2025 年 5 月 28 日刊登在深圳证券交易所网站 （http://www.szse.cn）、巨潮资讯网（http://www.cninfo.com.cn）上的《山西证券股份 有限公司 2025 年面向专业投资者公开发行科技创新公司债券（第一期）发行公告》。 债券代码：524290 债券简称：25 山证 K1 山西证券股份有限公司 2025 年面向专业投资者公开发行科技创新公司债券（第一期） 票面利率公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，对公告的虚假记载、 误导性陈述或者重大遗漏负连带责任。 山西证券股份有限公司（以下简称"发行人"）于 2025 年 4 月 16 日获中国证券监 督管理委员会出具的《关于同意山西证券股份有限公司向专业投资者公开发行公司债券 注册的批复》（证监许可【2025】815 号），同意发行人向专业投资者公开发行面值总额 不超过 70 亿元的公司债券。 根据《山西证券股份有限公司 2025 年面向专业投资者公开发行科技创新公司债 ...

关于延长山西证券股份有限公司 2025 年面向专业投资者公开发行科 技创新公司债券（第一期）簿记建档时间的公告 山西证券股份有限公司 2025 年 5 月 29日 （本页无正文，为《关于延长山西证券股份有限公司 2025 年面向专业投资者公 开发行科技创新公司债券（第一期）簿记建档时间的公告》之盖章页） 特此公告。 （本页无正文，为《关于延长山西证券股份有限公司 2025 年面向专业投资者公 开发行科技创新公司债券（第一期）簿记建档时间的公告》之盖章页） （以下无正文） 中德证券有限责任公司 年 月 日 29 山西证券股份有限公司（以下简称"发行人"）于 2025 年 4 月 16 日获中国 证券监督管理委员会出具的《关于同意山西证券股份有限公司向专业投资者公开 发行公司债券注册的批复》（证监许可【2025】815 号），同意发行人向专业投资 者公开发行面值总额不超过 70 亿元的公司债券。 根据《山西证券股份有限公司 2025 年面向专业投资者公开发行科技创新公 司债券（第一期）发行公告》，本期债券原定于 2025 年 5 月 29 日 15:00 至 18:00 簿记发行。根据本期债券簿记建档过程及投资者 ...