凤凰网财经讯 6月25日，三大指数开盘涨跌不一，沪指低开0.04%，深成指高开0.22%，创业板指高开 0.44%。零售、乳业奶粉、CPO等板块指数涨幅居前，石油石化、跨境支付等板块指数跌幅居前。 | | | | | 沪深京重要指数 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 名称 *● | 最新 | 涨幅% | | 涨跌 涨跌家数 | | 总手 | 现手 | 金额 | | 上证指数 | 3419.09 | -0.04 | -1.48 | 1232/611 | -0.16 | 416万 | 416万 | 44.25 乙 | | 深证成指 | 10240.13 | 0.22 | 22.50 | 1458/886 | -0.09 | 768万 | | 768万 86.95亿 | | 北证50 | 1419.32 | 0.09 | 1.30 | 166/78 | -0.23 | 12.3万 | 12.3万 | 2.84 乙 | | 创业板指 | 2073.26 | 0.44 | 9.13 | 690/488 | -0.09 ...

Core Viewpoint - The People's Bank of China (PBOC) is implementing measures to maintain ample liquidity in the banking system, including a 300 billion MLF operation and a net injection of 1180 billion due to maturing MLFs [1][2]. Group 1: Monetary Policy Actions - The PBOC will conduct a 300 billion MLF operation on June 25, 2025, with a one-year term, resulting in a net injection of 1180 billion after 1820 billion MLF matures in June [1]. - In June, the PBOC has increased mid-term liquidity injections, conducting a total of 14,000 billion reverse repos on June 6 and June 16 [2]. - The total net injection of mid-term liquidity in June has exceeded 3000 billion, indicating a proactive approach to maintaining liquidity [2]. Group 2: Market Stability and Expectations - Maintaining ample liquidity helps prevent abnormal fluctuations in the funding environment and stabilizes market expectations, which is crucial given the large-scale issuance of government bonds and the maturity of interbank certificates of deposit [2]. - The PBOC's actions signal a continued commitment to using quantitative monetary policy tools to meet the financing needs of enterprises and households [2]. Group 3: Future Outlook - Experts anticipate that the PBOC will continue to exceed the renewal of maturing MLFs and utilize various monetary policy tools to keep liquidity abundant in the second half of the year [4]. - There is a possibility of the PBOC adopting measures such as reserve requirement ratio cuts to provide liquidity support, especially with the expected acceleration of government bond issuance in the third quarter [4]. - Discussions are ongoing regarding the potential resumption of government bond purchases by the PBOC, which is seen as a key tool for liquidity injection and reducing the cost of liabilities in the banking and financial system [4][5].

◎记者 张欣然 6月24日，央行公告将于6月25日开展3000亿元中期借贷便利（MLF）操作，较当月1820亿元到期量实 现超额续作，净投放达1180亿元。这是央行连续第四个月加量操作，叠加本月前期的逆回购净投放，中 期流动性净投放总量已超3000亿元。 随着6月跨季时点临近，市场对流动性波动的关注升温。业内专家表示，尽管面临存单到期高峰与存款 迁移扰动，当前资金面整体运行平稳，在央行持续投放呵护、财政支出发力等多重因素支撑下，跨季资 金面有望保持平稳，中长期流动性仍将延续净投放格局。 尽管6月同业存单到期规模偏大、存款利率下调可能引发部分资金流动，但当前扰动因素整体可控。谭 逸鸣表示，一方面，央行始终保持对资金面的积极呵护，5月初已同步下调政策利率；另一方面，财政 发债进度加快、季末财政支出节奏或将进一步提升，也将为流动性提供实质性支撑。 对于即将到来的季末时点，华西证券固定收益分析师肖金川认为，跨季期间资金面大概率保持平稳。从 绝对水平看，当前资金利率处于年内低位，季末利率即使边际上行，整体仍在市场可接受区间内。特别 是在税期结束与季末周之间存在时间缓冲，减弱了历史上因集中缴税与资金抢时点叠加所形成的利率 ...

Core Viewpoint - The credit rating agency maintains the long-term credit rating of Huaxi Securities Co., Ltd. at AAA with a stable outlook, indicating strong financial health and competitive positioning in the market [1][2][4]. Company Overview - Huaxi Securities, established in June 2000, is a comprehensive listed securities company in China with a strong shareholder background and a complete range of securities business licenses [10]. - As of March 2025, the company has a registered capital of 2.625 billion yuan and is controlled by Luzhou Laojiao Group, which holds 28.52% of the shares [10][12]. Financial Performance - As of March 2025, the total assets of the company reached 1003.93 billion yuan, with net assets of 238.63 billion yuan and a strong capital adequacy ratio [8][16]. - The company's operating income for 2024 was 39.20 billion yuan, reflecting a year-on-year growth of 23.22%, driven primarily by significant increases in investment business income [18][24]. Business Segments - The main business segments include wealth management, investment, investment banking, and asset management, with wealth management being the largest revenue source [21][23]. - Investment business income has significantly increased, becoming the third-largest revenue source, while investment banking income has decreased [18][24]. Industry Analysis - The securities industry is experiencing heightened activity, with core business revenues such as brokerage and credit showing positive performance [12][13]. - The industry faces challenges such as regulatory pressures and market volatility, which can impact revenue stability [12][13]. Risk Management - The company has a robust risk management framework, although it has faced regulatory penalties, including a six-month suspension of its sponsorship business due to compliance issues [6][17]. - Continuous improvement in internal controls and compliance management is necessary to mitigate risks associated with external market conditions and regulatory changes [6][17].

华西证券股份有限公司 2025 年跟踪评级报告 | 1 D | | --- | | = | | R | | == N | | 首 试 員 拟 | | 服 | | ੜੇ | www.lhratings.com 联合〔2025〕4390 号 联合资信评估股份有限公司通过对华西证券股份有限公司及其 相关债券的信用状况进行跟踪分析和评估，确定维持华西证券股份 有限公司主体长期信用等级为 AAA，维持"22 华股 02""22 华股 0 3""23 华股 01""23 华股 02""23 华股 03""24 华股 01""24 华股 02""24 华股 03""24 华股 04""25 华股 01"信用等级为 AAA，评 级展望为稳定。 特此公告 联合资信评估股份有限公司 评级总监： 二〇二五年六月二十三日 声 明 一、本报告是联合资信基于评级方法和评级程序得出的截至发表之日的 独立意见陈述，未受任何机构或个人影响。评级结论及相关分析为联合资信 基于相关信息和资料对评级对象所发表的前瞻性观点，而非对评级对象的事 实陈述或鉴证意见。联合资信有充分理由保证所出具的评级报告遵循了真 实、客观、公正的原则。鉴于信用评级工作特性 ...

Core Viewpoint - The article discusses the upcoming 2025 China Solid-State Battery Technology Development and Market Outlook Summit, highlighting key topics and speakers relevant to the lithium industry and solid-state battery technology [1][2]. Group 1: Event Details - The summit will take place on July 8-9, 2025, in Shanghai, China [2]. - The event is organized by Xinluo Information, focusing on advancements in solid-state battery technology and market trends [1][2]. Group 2: Forum Topics and Speakers - Keynote topics include: - "Opportunities and Challenges: Trends in Futures and Options for Lithium Carbonate Upstream and Downstream Enterprises" by Wu Jiang, Senior Analyst at Guotou Futures [5]. - "How Lithium Enterprises Respond to Industry Cycle Changes" by Zhang Zaiwu, Deputy Director of R&D at Shandong Ruifu Lithium Industry [5]. - "Key Lithium Salt Preparation Technology and Industrialization for Solid-State Batteries" by Liu Songlin, R&D Engineer at Jiangxi Yunwei New Materials [5]. - "How Lithium Mines Can Utilize Futures and Options Tools to Address Challenges After Continuous Breakthroughs" by Yan Rong, Chief Analyst at Huaxi Securities [5]. - "Discussion on Carbonate Lithium Futures and Spot Business Strategies in the Current Market Environment" by Deng Sheng, General Manager at Huqi Capital Management (Guangzhou) [5]. - "2025 Carbonate Lithium Futures and Spot Business Practices and Supply-Demand Outlook" by Xu Yulin, Senior Researcher at Mu Luo Information [5]. Group 3: Participation Information - Participation in the summit is free, with sponsorship opportunities available for enterprises [5]. - For registration, interested parties can contact via WeChat at 19921233064 [5].

Group 1 - The People's Bank of China (PBOC) conducted a reverse repurchase operation of 220.5 billion yuan at a fixed rate of 1.4% on June 23, resulting in a net withdrawal of 21.5 billion yuan after 242 billion yuan of reverse repos matured on the same day [1] - The interbank market's 7-day repo rate (DR007) remained stable, averaging 1.53% in June, with a closing rate of 1.5075% on June 23 [1] - Analysts expect the liquidity in June to remain stable across the quarter-end, supported by previous large-scale reverse repo operations and increased fiscal spending [1][2] Group 2 - The PBOC has conducted significant reverse repo operations in June, including 1 trillion yuan for 3-month and 400 billion yuan for 6-month terms, resulting in a net injection of 200 billion yuan after offsetting maturing repos [2] - Current funding prices are relatively low, and the supply of funds is ample, with banks maintaining a high willingness to lend [2] - The PBOC is likely to continue its trend of excess Medium-term Lending Facility (MLF) operations, which is expected to support liquidity in the banking system amid large-scale government bond issuances [3]

去年8月，中国人民银行与香港金管局签署谅解备忘录，正式启动内地-香港跨境支付互联互通计划。 经过10个月的筹备，这一系统于今年6月22日正式上线，标志着两地金融基础设施互联互通迈入新阶段。 跨境支付通，是内地的网上支付跨行清算系统（IBPS）与香港快速支付系统"转数快"的互联，为两地居民及机构提供安全、高效和便捷的实时跨境支付服 务。两地居民可以透过输入收款方的手机号码或账户号码，进行实时小额跨境汇款。 根据香港金管局介绍，在个人对个人的汇款过程中，对于香港身份证持有人，每人每日上限1万港元，每年上限20万港元（以每家参与机构计算），此限额 独立于现时每日8万元人民币的同名汇款限额；对于内地身份证持有人，现行个人年度购汇便利化额度为5万美元。 | | 北向(香港至內地) | 南向(內地至香港) | | --- | --- | --- | | 匯款人 | 香港身份證持有人 | 内地身份證持有人 | | 上限 | · 每人每日上限港幣10,000元,每年上限港幣 200,000元(以每家參與機構計算) | · 現行個人年度購匯便利佔額度50,000美元 | | | · 此限額獨立於現時每日人民幣80,000元的同 ...

Group 1 - The core viewpoint of the articles highlights the strong performance of the technology sector, particularly in stablecoins, with significant interest from brokerage firms and a surge in related stocks [1] - The financial technology ETF Huaxia (516100) rose by 3.04%, with key holdings such as Zhongke Jincai and Shenzhou Information hitting the daily limit, indicating robust market activity in this sector [1][2] - Recent reports indicate that at least 16 brokerage firms published 24 research reports on stablecoins, and over 30 themed conference calls were held in the past two weeks, covering various aspects such as policy interpretation and investment strategies [1] Group 2 - Stablecoins are defined as cryptocurrencies pegged to stable assets like fiat currencies or commodities, enhancing payment efficiency and asset liquidity while promoting financial innovation [1] - Huaxi Securities notes that stablecoins possess characteristics such as asset anchoring, low volatility, and high settlement efficiency, positioning them as important tools for on-chain payments and cross-border settlements [1] - The current period is critical for the development of stablecoins, with accelerating regulatory trials and legislative processes pushing them from a gray area towards institutionalized growth, potentially leading to a diverse ecosystem of stablecoins [1]

Group 1 - The People's Bank of China (PBOC) conducted a 220.5 billion yuan 7-day reverse repurchase operation, maintaining the operation rate at 1.40%, resulting in a net withdrawal of 21.5 billion yuan due to 242 billion yuan of reverse repos maturing on the same day [1] - Last week, the central bank's net liquidity injection was 102.1 billion yuan, with 182 billion yuan of Medium-term Lending Facility (MLF) maturing on June 17 [1] - As the end of the quarter approaches, there has been a slight increase in funding stratification, but the overall liquidity remains loose, with overnight funding rates rising slightly [1] Group 2 - This week, the scale of reverse repos maturing will rise to 960.3 billion yuan, and the net payment of government bonds will increase to 789.8 billion yuan, the highest level since late April [2] - Concerns about cross-quarter liquidity may arise due to the concentration of government bond payments and the issuance of large amounts of certificates of deposit [2] - The central bank's liquidity support will be crucial for maintaining stability in the banking sector's liabilities as the quarter-end approaches [2] Group 3 - Recent actions by the central bank, including buyout reverse repos, aim to maintain ample liquidity, with expectations for social financing to continue to rebound [3] - The Loan Prime Rate (LPR) remained unchanged, indicating a lack of incentive for commercial banks to lower rates further [3] - The central bank is expected to maintain a loose liquidity stance to counter potential external demand pressures [3] Group 4 - Future policies will be adjusted based on economic changes, with potential for increased efforts to stabilize growth in the second half of the year [4] - The establishment of new policy financial tools is anticipated to boost investment by serving as project capital [4]