Cristina Rosales LSEG 定价部门总监 在第三届LSEG年度定价论坛——"当今市场与监管环境下的定价格局"活动中，与会者就评估 定价领域的发展演变展开探讨。 讨论议题涵盖人工智能的应用、私募及贷款市场的普及化，以及美国证券交易委员会（SEC） 2A-5规则所引发的变革。 在运营模式与治理实践持续变革、市场波动加剧以及技术不断革新的大环境下，与经验丰富且 值得信赖的评估定价服务商合作至关重要。 些ETF产品展现出强烈需求，且预计这一需求将持续增长。 近日，LSEG在纽约举办定价服务论坛，嘉宾们与金融行业高管们围绕评估定价领域的变革趋势展开探讨。 人工智能（AI）、私募及贷款市场的普及化进程，以及新型治理参与模式是当天下午活动的核心议题。无 论企业面临市场波动、监管环境变化、运营模式转型还是其他颠覆性挑战，与一支透明可靠、值得信赖的评 估定价团队携手合作都将大有裨益。 本次会议聚焦于评估定价领域的最新动态。AI的发展态势、私募及贷款市场的普及化进程，以及治理模式 变革所产生的影响是本次活动的主要议题。 采用AI工具 AI在提供评估定价方面潜力巨大——可对AI进行训练以优化现有模型，从理论层面而言 ...

Financial Data and Key Metrics Changes - The company reported EPS of $0.06 and adjusted EPS of $0.88 for the quarter, with tangible book value per share growing at a compound annual growth rate of 12.2% since the IPO [5] - Net income on a reported basis was $2.9 million, while adjusted net income was $40.8 million, significantly impacted by a $60 million pre-tax loss from a securities transaction [14][15] - Net interest income increased by 3.5% from the prior quarter and 8.6% year-over-year, reaching $111.4 million [15] - The net interest margin expanded by 13 basis points to 3.68% due to loan growth and cost management [16] Business Line Data and Key Metrics Changes - Loan growth was at an annualized rate of 4.2%, while deposits grew at an annualized rate of 7.2% [10] - Core non-interest income, excluding the securities loss, was $25.8 million, representing a 9% increase over the previous quarter [16] - The company experienced a loss in non-interest income of $34.6 million due to the securities trade [16] Market Data and Key Metrics Changes - The company noted increased market volatility due to trade policy announcements and geopolitical events, which impacted customer behavior and loan activity [7][8] - The loan growth was concentrated in residential mortgages and commercial real estate, with significant increases in specific categories [23] Company Strategy and Development Direction - The merger with Southern States is expected to add immediate scale and accretive earnings, with integration efforts on track for completion by the end of Q3 [11][12] - The company is optimistic about both organic and inorganic growth opportunities, with a focus on capitalizing on market disruptions [12][13] - The company aims to maintain a strong capital position while pursuing additional M&A opportunities in the future [56][82] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate economic uncertainties and highlighted the potential for growth in the coming quarters [9][11] - The outlook for loan growth remains mid to high single digits, with a strong pipeline of opportunities despite some delays in funding [10][37] - The company anticipates a net interest margin in the range of $3.70 to $3.80 for the second half of the year [25] Other Important Information - The company migrated to a new allowance model to enhance forecasting precision, which had a net impact of approximately $395,000 on reserves [19] - The company plans to redeem subordinated debt and trust preferred securities using proceeds from the securities sale [17] Q&A Session Summary Question: Can you elaborate on the margin guidance and the impact of the bond restructuring? - Management confirmed that virtually no securities from Southern States will be brought over, focusing on paying down brokered deposits and optimizing capital [34][35] Question: What is the outlook for loan growth and the current pipeline? - Management reiterated a mid to high single-digit growth outlook, noting that some expected fundings were delayed but overall customer activity remains strong [37][40] Question: Can you provide details on the higher provision for mortgage banking? - The increase in provision was driven by higher LTV loans and changes in economic forecasts, with a focus on maintaining a profitable operating business [49][50] Question: What is the company's stance on future M&A activity? - Management expressed optimism about M&A opportunities, particularly in the $3 billion to $7 billion range, and emphasized readiness to capitalize on market disruptions [56][82] Question: How is the company managing hiring and recruitment? - The company continues to recruit talent, hiring four new revenue producers in the second quarter to prepare for potential market disruptions [60]

上海复星医药（集团）股份有限公司 董事/有关雇员进行证券交易的书面指引 （2025年修订） 总则： 为规范上海复星医药（集团）股份有限公司（「本公司」、「公司」）有关雇员买 卖本公司证券的行为，根据《中华人民共和国公司法》「《公司法》」、《中华人 民共和国证券法》「《证券法》」、中国证券监督管理委员会「中国证监会」《上 市公司董事和高级管理人员所持本公司股份及其变动管理规则》《上海证券交易所 股票上市规则》（「上证所上市规则」）及配套指引、香港《证券及期货条例》以 及《香港联合交易所有限公司证券上市规则》（「联交所上市规则」）等法律法规 以及公司证券上市地监管机构的规定，公司须就有关雇员买卖公司证券设定书面指 引,而其内容应不比联交所上市规则附录C3之《上市发行人董事进行证券交易的标准 守则》宽松。结合公司实际情况，公司现采纳《上海复星医药（集团）股份有限公 司董事/有关雇员进行证券交易的书面指引》（「指引」）及附件一之《董事/有关 雇员进行证券交易的标准守则》（「守则」）。 有关雇员之定义： 包括公司任何因其职务或雇员关系而可能会拥有关于公司或其证券的未公布的股价 敏感资料/内幕消息的雇员（包括但不限于公司 ...

Core Viewpoint - JPMorgan CEO Jamie Dimon stated that the London Stock Exchange is experiencing a decline in the number of IPOs and is losing its market position [1] Group 1 - The number of IPOs on the London Stock Exchange has significantly decreased, indicating a troubling trend for the market [1] - Dimon emphasized that the London Stock Exchange is at risk of losing its competitive edge in the global financial landscape [1] - The decline in IPO activity could have broader implications for investor confidence and market liquidity in the region [1]

上海证券交易所对《上海证券交易所会员管理规则适用指引第1号——会员交易及相关系统管理》进行 了修订，现予以发布，并自发布之日起实施。 ...

Group 1: Market Overview - The market has seen adjustments in hot sectors, with cyclical commodities like coking coal, aluminum, and Brent crude oil performing well due to the Middle East crisis affecting global commodity supply [2] - The North China 50 index has adjusted, influenced by discussions around micro-cap stock trading congestion, with cautious investors taking action [2] - A weekly review of A-shares shows bank stocks leading in gains, while sectors like beauty care, pharmaceuticals, textiles, and social services have seen declines [2] Group 2: Middle East Risk - The Middle East crisis is currently limited to Iran, but concerns are growing about the potential for escalation following U.S. airstrikes on Iranian nuclear facilities [3] - Predictions suggest that if Iran expands its attacks and blocks the Strait of Hormuz, oil prices could surge to $120-130 per barrel, leading to high global inflation and reduced manufacturing profits [3] - Analysis indicates that U.S. actions may be politically motivated to alleviate internal pressures, with a focus on avoiding ground troop deployment [3] Group 3: China Asset Revaluation - The recent Lujiazui Forum indicated a policy tone favoring openness, which could release policy dividends for the revaluation of Chinese assets [5] - Foreign Direct Investment (FDI) in China has shown a decline, with actual foreign investment amounting to 358.19 billion yuan in the first five months of 2025, down 13.2% year-on-year [5][6] - The structure of FDI shows positive trends in high-tech industries, with significant growth in sectors like e-commerce services and aerospace manufacturing [6] Group 4: Tax Revenue Insights - National public budget revenue for January to May 2025 was 96,623 billion yuan, a slight decrease of 0.3% year-on-year, with land use rights revenue down 11.9% [7] - The probability of a real estate market resurgence is low, as indicated by declining property-related tax revenues [7] - Securities transaction stamp duty increased by 52.4% year-on-year, reflecting heightened market activity and the importance of the stock market in asset revaluation [8] Group 5: Non-Tax Revenue and Market Dynamics - Non-tax revenue grew by 6.2% year-on-year, indicating a shift in focus from external factors to internal reforms and adjustments in interests [9] - The government is increasingly normalizing its behavior in revenue collection, which is crucial for market vitality and asset revaluation [9] Group 6: Long-Term Asset Revaluation - While external risk premiums suggest a foundation for asset revaluation in China, internal conditions still require improvement for a complete revaluation [10] - The restructuring of international order and adjustments in China's leading industries present ongoing investment opportunities [11]

Core Insights - The article highlights a significant increase in stamp duty revenue from securities trading, which rose to 66.8 billion yuan in the first five months of the year, a year-on-year increase of 52.4%, despite a declining stock market [1][3]. Market Analysis - The A-share market experienced a decline from around 3,400 points at the beginning of the year to over 3,200 points by June, indicating a challenging environment for investors [3]. - The increase in stamp duty suggests that retail investors are trading more frequently, often engaging in a cycle of buying high and selling low, leading to increased transaction costs and losses [3][4]. Trading Behavior - Retail investors are heavily influenced by market emotions, leading to impulsive trading decisions that result in higher costs and missed long-term opportunities [3][4]. - The article emphasizes that frequent trading can exacerbate losses, as seen in the example of an investor who changed stocks multiple times within the year, incurring significant transaction costs [3]. Comparison with US Market - In contrast to the A-share market, the US stock market does not impose a stamp duty but utilizes capital gains tax, which is capped at 20% for long-term holdings, encouraging investors to hold stocks for longer periods [4]. - The absence of stamp duty in the US market does not eliminate trading costs, as platform fees, commissions, and currency exchange losses can still accumulate, making long-term holding potentially more cost-effective [4]. Investment Strategy - The article advocates for a shift in investment strategy from frequent trading to a focus on long-term value, suggesting that investors should concentrate on companies with sustainable competitive advantages and hold their investments patiently [5]. - The increase in stamp duty is framed as a "tax on market emotions," urging investors to overcome impulsive trading behaviors and adopt a more rational approach to investing [5].

智通财经6月20日电，财政部数据显示，1—5月印花税1787亿元，同比增长18.8%。其中，证券交易印 花税668亿元，同比增长52.4%。 财政部：1—5月证券交易印花税668亿元 同比增长52.4% ...

伊朗证券交易所宣布将暂停交易。 ...

三大交易所发布端午休市安排。 5月22日，上交所、深交所、北交所均发布端午休市安排。 根据安排，5月31日（星期六）至6月2日（星期一）休市，6月3日（星期二）起照常开市。 此外，中国结算也发布了端午节休市期间证券资金清算交收安排的通知。 一、2025年5月29日、5月30日为新增港股通交易日。 五、2025年端午节期间港股通业务清算交收安排： | | | | 端午节假期:沪、深市场2025年5月31日-6月2日休市（含双休日）;香港市场2025年5月31日休市（周六） | | | | | --- | --- | --- | --- | --- | --- | --- | | 日期 | 交易 | 清真 | 交收 | 风控、公司行为 和组合费清算对 应的交收日 | 交易清算对应的 交收日 | 备注 | | 2025/05/29 | 交易日 | 正常清算 | 交收日 | 2025/05/30 | 2025/06/03 | 新增交易日 | | 2025/05/30 | 交易日 | 正常清算 | 交收日 | 2025/06/03 | 2025/06/04 | 新增交易日 | | 2025/06/02 | 非交易日 | ...