Core Viewpoint - The article highlights the recognition of Shenwan Hongyuan's underwriting and sponsorship team, which won the "Golden Bull Investment Banking Team" award for the fifth time since 2020, emphasizing its strong performance and commitment to high-quality development in the securities industry [1][3]. Group 1 - The Golden Bull Award is known for its scientific and rigorous evaluation, serving as a benchmark for measuring the comprehensive strength and professional capabilities of securities firms [3]. - Continuous awards for Shenwan Hongyuan reflect not only its outstanding performance but also its stable operational style, strong growth potential, and high sense of social responsibility [3]. - As a key player in the capital market, Shenwan Hongyuan adheres to the principle of "serving the country through finance," focusing on professional capability development and compliance risk control as foundational elements [3]. Group 2 - The company aims to be a long-term partner for clients by providing precise and efficient financing solutions throughout the entire lifecycle of enterprises [3]. - Shenwan Hongyuan is committed to integrating deeply into the national development agenda, supporting the real economy, aiding enterprise growth, and promoting industrial upgrades [3]. - Looking ahead, the company plans to continue its practical approach, striving to become a first-class modern investment bank while injecting more financial vitality and professional strength into the high-quality development of the national economy [3].

当前，我国资本市场改革持续深化，金融服务实体经济的功能更加凸显。在这一背景下，中国银河证券 紧紧围绕国家战略，积极推进业务转型与生态构建，充分展现了国有金融机构的责任担当。 中国银河证券执委会委员、业务总监、董事会秘书刘冰日前在接受中国证券报记者专访时表示，中国银 河证券以"成为具有国际影响力的一流投资银行"为战略规划目标，通过提升治理能力、深化财富管理转 型、实施"星耀领航计划"服务科技创新，在践行金融工作政治性、人民性的同时，也实现了自身高质量 发展。 ● 本报记者 徐昭 刘英杰 战略引领打造核心竞争力 作为A＋H股上市券商，中国银河证券始终将治理能力视为企业发展的根基。谈及公司高质量发展的核 心驱动力，刘冰将其归因于清晰而坚定的战略引领。 2025年是我国"十四五"规划收官之年，也是中国银河证券践行战略规划、成立25周年的关键时点。近年 来，中国银河证券始终以"金融报国、客户至上"为使命，以"成为具有国际影响力的一流投资银行"为战 略规划目标，公司业绩稳步增长，主要业务收入与行业排名持续提升。 "我们注重战略的连贯性和执行力，公司的战略规划不仅是业务发展的指南，也是治理能力提升的框 架。同时，战略的落地 ...

Core Viewpoint - The collaboration between Xinhua Insurance and China High-Speed Rail represents a strategic partnership that enhances brand visibility and aligns with national development goals, showcasing the company's commitment to high-quality growth and public service [3][9]. Group 1: Brand Development and Strategy - Xinhua Insurance integrates its development with national strategies, focusing on high-quality growth and the "Transportation Strong Nation" initiative [3][7]. - The company launched a nationwide campaign featuring high-speed trains named after its brand, enhancing its visibility during peak travel seasons [3][4]. Group 2: Brand Impact and Reach - Over a 90-day operational period, Xinhua Insurance's branded high-speed trains completed approximately 3,600 trips, covering nearly 200 cities and achieving over 284 million kilometers in total distance [4]. - The campaign successfully reached around 25 million target audiences, resulting in nearly 160 million brand exposures, significantly boosting brand influence and competitiveness [4]. Group 3: Innovative Marketing Approaches - Xinhua Insurance employed a multi-dimensional marketing strategy, utilizing immersive media displays and interactive experiences on high-speed trains to showcase its brand and services [11][13]. - The company organized launch events and interactive activities in major cities, enhancing public engagement and brand storytelling [11][13]. Group 4: Social Responsibility and Future Outlook - Xinhua Insurance emphasizes its role in supporting national strategies and enhancing public welfare, positioning itself as a protector of people's well-being and a contributor to social harmony [7][15]. - The company aims to continue leveraging its expertise in financial services to contribute to China's modernization and economic development [15].

《金色火种：百年银行往事拾遗》 毛志辉 著 中国金融出版社 2025年7月出版 一卷越百年 ——读《金色火种：百年银行往事拾遗》 ◎王绍红 翻阅《金色火种：百年银行往事拾遗》，犹如开启一场穿越百年金融历史的时光之旅。这部著作不仅是 对银行业发展轨迹的忠实记录，更是对金融人精神血脉的深刻解读。作者以考古学家般的严谨与诗人般 的情怀，在泛黄的档案卷宗中唤醒沉睡的记忆，让百年银行史以鲜活姿态重现于世。 匠心：史料考古式创作 在信息碎片化的时代，作者选择了一条看似笨拙却严谨细致的治学之路。他穿梭于全国各地的档案馆， 在浩如烟海的史料中追寻历史的真相。这种"史料考古式"的创作方法，需要非凡的耐心与定力。在本书 的后记中，作者写道："那些我从上海市档案馆、北京市档案馆、重庆市档案馆、南京市档案馆等地翻 找出来的行史资料，竟也变得栩栩如生起来……"笔者感叹他对金融史专业的热爱与执着，问他：全国 各省市档案馆您到底去过多少家啊？他淡淡地说：记不清了。 作者的匠心独运，远不止于史料的搜集。全书32篇文章大多经过精心重构与深度拓展，特别是《交通银 行总部的变迁》一文，从三千字扩充至万余字，这种近乎重写的勇气，体现的是学者对历史负 ...

中金公司自20世纪90年代诞生于中国深化改革开放的浪潮中，便注定与国家发展同频共振、与资本市场 共生共荣。中金的30年，是中国资本市场从萌芽到成熟的生动缩影，更是金融力量赋能国家发展的实践 样本。从参与电信改革拉开国企改制序幕，到助力石油石化、银行体系等重点领域改革攻坚；从科创板 开板、公募REITs试点到全面注册制落地，中金始终以先行者姿态，深度参与资本市场重大改革实践。 截至2025年上半年，中金累计支持境内外市场直接融资约75万亿元，连续9年14次牵头承销财政部境外 美元债，化解企业债务风险超8万亿元。 在引领市场发展的进程中，持续锻造专业标杆。凭借创新精神与专业能力，中金在投资银行、私募股权 投资、跨境并购等领域长期位居市场前列，完成众多具有里程碑意义的"首单"项目和技术首创。例如， 公司在国内最早实践了发行路演、估值模型、发行簿记等国际通行做法，并引入市场化发行定价机制、 吸收合并、A+H同步发行、港股"同股不同权"创新上市、资产证券化、可分离交易债等，推动中国资本 市场进一步与国际接轨。又如，在盛京能源债务重组项目中，公司创新性地引入共益债融资，顺利保障 重整期间盛京能源供热业务稳定运营，以创新践 ...

Core Viewpoint - China Galaxy Securities, as the first state-owned securities company in China, has achieved significant growth over 25 years, with operating income increasing 11 times, net profit 12 times, and total assets 15 times, positioning itself among the top five in the industry [1][2][3] Group 1: Company Development and Achievements - The company has maintained a strong brand influence and resilience, achieving its highest net profit for the first half of 2025 since its establishment [2] - China Galaxy Securities has formed a diversified and stable business layout, consistently ranking in the top five for key operational indicators [2][3] - The company aims to become a first-class investment bank with international influence, focusing on efficient operations, robust risk control, and comprehensive services [1][2][3] Group 2: Strategic Goals and Principles - The company emphasizes five persistent principles: adherence to party leadership, serving the overall situation, aspiring for high goals, customer-centricity, and seeking progress while maintaining stability [3][4] - It aims to deepen its understanding of high-quality development and align its operations with national strategies [2][3] Group 3: Governance and Integrity Initiatives - China Galaxy Securities has implemented the "Clean Galaxy" initiative to enhance governance and integrity, focusing on political construction and high-quality party building [4][5] - The company has established a comprehensive supervision system and educational programs to promote a culture of integrity among employees [5][6] Group 4: Financial Services and National Strategy - The company is committed to serving national strategies through financial services, establishing a leadership group to coordinate efforts and ensure alignment with high-quality development [6][7] - It has developed a collaborative mechanism with local governments and enterprises to enhance its role in supporting national strategies [6][7] Group 5: International Expansion and Market Influence - China Galaxy Securities is expanding its presence in Southeast Asia and Hong Kong, establishing a cross-border service ecosystem to support Chinese enterprises in the region [7][8] - The company has successfully facilitated significant IPOs and mergers in Southeast Asia, enhancing its brand influence in the region [7][8] Group 6: Cultural Development and Employee Engagement - The company promotes a unique financial culture, integrating it into employee training and performance assessments to foster a cohesive corporate identity [10][11] - It has received the highest rating for cultural development in the industry for four consecutive years, reflecting its commitment to cultivating a strong corporate culture [10][11] Group 7: Future Outlook - Looking ahead, China Galaxy Securities aims to enhance its operational efficiency, risk management capabilities, and international competitiveness, aspiring to be a globally recognized investment bank [11]

Core Viewpoint - China Galaxy Securities, as the first state-owned securities company in China, has achieved significant growth over 25 years, with operating income increasing 11 times, net profit 12 times, and total assets 15 times, positioning itself among the top five in the industry [1][2] Group 1: Company Development and Achievements - The company has maintained a strong alignment with the Chinese capital market, contributing to national strategies and enhancing the value of residents' wealth [1][2] - In the first half of 2025, the company achieved its highest net profit for the same period since its establishment, with total market value reaching a historical high [1] - The company has established a diversified and stable business layout, maintaining key operational indicators within the industry's top five [1][2] Group 2: Strategic Goals and Principles - The company emphasizes five persistent principles: adherence to party leadership, serving the overall situation, aiming high, customer-centricity, and seeking progress while maintaining stability [2] - These principles reflect the company's commitment to high-quality development and the implementation of central financial work meeting spirits [2] Group 3: "Clean Galaxy" Initiative - The company has been deepening the "Clean Galaxy" initiative, focusing on political integrity and enhancing party building to ensure high-quality development [3][4] - The initiative includes a three-year action plan (2022-2024) aimed at creating a politically clear, clean, and upright corporate environment [3][4] Group 4: Financial Services and National Strategy - The company has established a leadership group to coordinate efforts in serving national strategies, ensuring that financial services align with high-quality development [5][6] - It has implemented a scientific incentive mechanism to encourage units to actively contribute to national strategic goals [6] Group 5: International Expansion and Belt and Road Initiative - The company has developed a cross-border service ecosystem through its international platforms, enhancing its influence in Southeast Asia [7][8] - It has successfully assisted various companies in achieving listings and financing in international markets, thereby strengthening its brand presence [7][8] Group 6: Corporate Culture and Future Outlook - The company is committed to cultivating a unique financial culture, integrating it into employee training and assessment systems [8][9] - Looking ahead, the company aims to enhance its operational efficiency, risk resistance, and international competitiveness, aspiring to become a leading investment bank with a global perspective [9]

Group 1 - The speech by General Secretary Xi Jinping at the 80th anniversary of the victory in the Chinese People's Anti-Japanese War and the World Anti-Fascist War has inspired employees in state-owned enterprises, financial institutions, and universities to unite and strive for national rejuvenation [1][4][7] - The importance of remembering history and the contributions of revolutionary martyrs to current happiness was emphasized, with a call for individuals in various sectors to apply the spirit of the Anti-Japanese War in their work [3][6][9] - The speech highlighted the need for high-level technological self-reliance and the commitment of professionals in the aviation and financial sectors to contribute to national development [2][3][8] Group 2 - The significance of the Anti-Japanese War victory was discussed, with a focus on its implications for the future and the necessity of fostering a correct historical perspective among students [4][11] - The commitment of various industries, including agriculture and insurance, to uphold the spirit of the Anti-Japanese War and contribute to societal needs was reiterated [7][9][10] - The call for unity and action in the face of challenges was a central theme, with professionals across sectors expressing their determination to contribute to the modernization and revitalization of the nation [8][10][12]

Core Insights - First Capital achieved total revenue of 1.832 billion yuan in the first half of 2025, representing a year-on-year growth of 20.20% and a net profit attributable to shareholders of 486 million yuan, up 21.41% year-on-year [1] - The company reported total assets of 55.150 billion yuan, an increase of 4.56% from the end of the previous year, and net assets attributable to shareholders of 17.003 billion yuan, up 4.28% [1] - The company aims to enhance its comprehensive financial service capabilities by focusing on customer-centric strategies and expanding its client base and asset scale [1] Asset Management Business - First Capital's asset management business had a total entrusted management fund of 66.325 billion yuan by the end of June 2025, an increase of 12.687 billion yuan, or 23.65% from the end of 2024 [1] - The subsidiary, Chuangjin Hexin, established 457 products, including 358 private asset management plans and 99 public fund products [2] - The public fund management scale reached 164.698 billion yuan, increasing by 18.944 billion yuan, or 13.00% from the end of 2024 [2] Fixed Income and Brokerage Business - The fixed income business deepened its trading-driven strategy, with the company ranking 6th in the market for non-bank members in terms of government bond trading volume [2] - The company completed 70 debt financing projects in the first half of 2025, with a total underwriting amount of 25.274 billion yuan, a year-on-year increase of 296.64% [3] - The brokerage business saw a significant increase in client acquisition, adding 121,100 new clients and increasing client asset scale by 6.382 billion yuan [3] Investment Banking Business - The investment banking division focused on the North Exchange IPO business, successfully applying for one IPO project in the first half of 2025, with two projects under review by the end of June [3] - The company ranked 26th in the industry for corporate bond underwriting scale, improving by 29 places year-on-year [3] Future Outlook - First Capital emphasizes a development philosophy centered on serving the nation and the public, committing to professional and specialized growth [4] - The company aims to contribute to the high-quality development of the capital market and the construction of a strong financial nation [4]

Core Viewpoint - The company celebrates its 15th anniversary, highlighting its commitment to serving the national strategy and supporting the real economy through innovative financial services [1][2]. Group 1: Financial Contributions - The company has provided nearly 1 trillion yuan in financing for key areas such as green development, technological innovation, and rural revitalization since its establishment [2]. - It has supported major infrastructure projects, contributing to a total financing scale of 19,550 billion yuan through the issuance of railway bonds, ranking first among underwriters [3]. Group 2: Industry Empowerment - The company focuses on critical sectors like integrated circuits and advanced manufacturing, having underwritten over 120 billion yuan in technology innovation bonds to support leading enterprises [3]. - It has actively supported companies in the semiconductor and high-end equipment manufacturing sectors, enhancing their capital strength and technological capabilities [3]. Group 3: Regional Development - The company has facilitated over 1.5 trillion yuan in financing for regional development strategies, including the Beijing-Tianjin-Hebei coordinated development and the Yangtze River Delta integration [4]. - It has utilized various financial instruments to support major regional strategies, contributing to high-quality economic layouts [4]. Group 4: Green Finance Initiatives - The company has pioneered multiple "firsts" in green finance, including the first green bonds supporting rural revitalization, with a total issuance of 1,899 billion yuan in green bonds in the first half of the year, a 575% increase year-on-year [4]. - It actively promotes sustainable development through financing for clean energy and infrastructure upgrades [4]. Group 5: Social Responsibility - The company has issued the first bond for poverty alleviation projects, raising 2 billion yuan to address financing challenges in impoverished areas [7]. - It has implemented various measures to support rural revitalization, contributing to 91 projects in demonstration areas [7]. Group 6: Corporate Governance and Culture - The company emphasizes the importance of party leadership and has established a robust governance structure to ensure high-quality development [10][11]. - It promotes a corporate culture centered on integrity, professionalism, and compliance, aiming to align its values with national strategies [15][16].