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新家办周报(6.17-6.23)| 全球逾四成家办加速数字化转型AI应用率达12%;2029年中国将新增超500万名百万富翁
Sou Hu Cai Jing· 2025-06-24 01:10
周家办大事件速览 2 0 | 6月23日 2 5 | 星 期 一 1 家办热点 2 宏观关注 3 投资洞察 4 企业要闻 Short CL Billie Lankle 德勤:全球逾四成家族办公室加速数字化转型AI应用率达12% ● 瑞银:2029年中国将新增超500万名百万富翁 ● 央行宣布八项重磅金融开放举措 ● 金融监管总局、上海市联合发文支持上海国际金融中心建设 . 沪港两地共同签署《沪港国际金融中心协同发展行动方案》 . 央行将设立银行间市场交易报告库,设立数字人民币国际运营中心 . 证监会将推出进一步深化科创板改革的"1+6"政策措施 ● 全球央行持续看好黄金储备,95%受访央行预计未来12个月增持黄金 . 高盛再次唱多:全球资金回归中国看好中国"十巨头"股票 . 德勤:2025年上半年A股IPO数量和融资额同比均上升14% ● 中国证监会:允许合格境外投资者参与ETF期权交易 ● 1. 德勤:全球逾四成家族办公室加速数字化转型AI应用率达12% 根据德勤民营企业与私人客户服务发表的一份报告,全球家族办公室正在加快数字化转型,有43%家办正制定或推出技术战 略,重点关注安全性与风险控制,而17%将技 ...
科创板深化改革再出发
继去年宣布推出"科创板八条"后,证监会主席吴清又一次在陆家嘴论坛为科创板发声。 他分享的数据显示,2024年,科创板全年研发投入总额1681亿元,超过净利润2.5倍,同比增长6.4%, 全年新增发明专利两万项,6年累计形成发明专利超过12万项。同时持续推动科创债提质扩量,科创债 增至1.1万亿元,占公司债比例由5.2%提升到9.2%。 从活跃并购重组市场,支持新旧动能转换上看,2024年,沪市披露各类资产重组方案700余单,其中重 大资产重组60单,同比增长50%,7成并购标的属于半导体、新能源等新兴产业领域,今年以来披露的 资产重组方案341单,同比增长25%,其中重大资产重组49单,同比增加206%。 聚焦提升制度的包容性和适应性,在科创板设置科创成长层也被认为是深化科创板改革的抓手。上海证 券交易所有关负责人在6月18日答记者问时介绍,科创成长层重点服务技术有较大突破、商业前景广 阔、持续研发投入大,目前仍处于未盈利阶段的科技型企业。前期已上市的存量未盈利企业和新上市的 未盈利企业,共同纳入科创成长层。 该负责人尤其强调,科创成长层建设过程中,上海证券交易所将牢牢把握科创板"硬科技"定位和科创成 长层定 ...
湾财周报 大事记 苏超背后的金融战;盗版拉布布产业链调查
Nan Fang Du Shi Bao· 2025-06-22 14:36
Group 1 - The "Su Super" football league has gained immense popularity, attracting financial giants like Jiangsu Bank and Zijin Insurance to invest in sports marketing [3] - China Ping An announced comprehensive insurance plans for "Su Super" athletes and fans, indicating a growing interest from financial institutions in the sports industry [3] - The surge in the league's popularity has sparked a competitive environment among financial firms seeking to capitalize on the emerging sports market [3] Group 2 - The China Securities Regulatory Commission (CSRC) announced the "1+6" policy measures to deepen reforms in the Sci-Tech Innovation Board, aiming to attract more long-term capital for tech investments [4] - The policy includes the reintroduction of a listing standard for unprofitable companies, signaling a shift in regulatory support for innovative firms [4] - Experts are analyzing the potential impacts of the new policy on the participation of long-term funds in technology enterprises [4] Group 3 - The LABUBU brand under Pop Mart has seen a rise in counterfeit products, with some vendors using anti-counterfeiting labels to market fake items [5] - Regulatory bodies are increasing inspections to combat the counterfeit market, but sales have shifted online, complicating enforcement efforts [5] - Legal experts warn that counterfeit products infringe on copyright and trademark rights, potentially leading to criminal penalties for severe cases [5] Group 4 - WM Motor is reportedly in the process of asset transfer to Baoneng Automobile, with indications of a takeover following WM's bankruptcy restructuring [6] - Baoneng is coordinating with WM to transfer production qualifications and assets, highlighting a consolidation trend in the automotive industry [6] - Shenzhen Xiangfei, the successful bidder for WM's restructuring, is linked to Baoneng, suggesting strategic connections between the two companies [6] Group 5 - The National Bureau of Statistics reported that only three out of 70 cities saw an increase in second-hand housing prices, indicating a continued decline in the real estate market [7] - First-tier cities experienced a 0.7% decrease in second-hand housing prices, with significant drops in major cities like Beijing and Shanghai [7] - Analysts predict that the marginal effects of previous policies are diminishing, and further measures may be needed to stabilize market confidence [7] Group 6 - ST Yigou sold four underperforming Carrefour subsidiaries for 1 yuan each to reduce debt, with the transaction expected to increase net profit by approximately 572 million yuan [8] - The acquisition of Carrefour China by Suning in 2019 has resulted in significant operational challenges, leading to store closures and financial losses [8] - The ongoing liquidity crisis at Suning has exacerbated the difficulties faced by Carrefour China, resulting in legal disputes over unpaid acquisition costs [8] Group 7 - Baba Foods plans to open 1,000 new stores this year despite facing high closure rates and declining revenue [9] - The company has maintained a consistent opening rate of over 1,000 stores annually for the past three years, although closures have also increased significantly [10] - Baba Foods is actively pursuing investment and acquisition opportunities to enhance its market share [9] Group 8 - Romoss power banks are facing quality controversies following reports of explosions, leading to product recalls and heightened scrutiny from regulatory authorities [11] - A consumer reported a severe incident involving a Romoss power bank that caused property damage, raising concerns about product safety [11] - The Shenzhen Market Supervision Bureau confirmed product defects in Romoss power banks and initiated a recall process [11] Group 9 - Instant retail platforms are disrupting the 618 shopping festival with substantial subsidies, leading to price reductions for well-known liquor brands [12] - The entry of instant retail has provided offline retailers with opportunities to clear inventory, resulting in increased sales during the promotional period [12] - However, the established pricing structure for liquor brands is facing unprecedented challenges due to the aggressive pricing strategies of instant retail [12]
非银金融行业周报:规范分红险分红水平,券商分类评价新规突出功能性-20250622
KAIYUAN SECURITIES· 2025-06-22 11:22
Investment Rating - The industry investment rating is "Overweight" (maintained) [1] Core Viewpoints - The report highlights that the non-bank financial sector is expected to benefit from policy changes, particularly the marginal easing of IPO regulations on the Sci-Tech Innovation Board, which will favor brokerage investment banking and direct investment businesses [3] - The report emphasizes the importance of regulatory measures that link the dividend levels of insurance products to investment returns and risk ratings, which is expected to enhance the performance of large insurance companies [3] - The brokerage sector is anticipated to see continued growth in performance, supported by low valuations and institutional holdings, with a focus on retail brokers and financial technology companies [3] Summary by Sections Industry Trends - The non-bank financial sector is projected to outperform the overall market, with a focus on the positive impact of regulatory reforms and market conditions [1][3] - The average daily trading volume for stock funds was 1.46 trillion, showing a week-on-week decrease of 7.7% [3] Regulatory Developments - The China Securities Regulatory Commission (CSRC) has introduced new measures to deepen reforms on the Sci-Tech Innovation Board, which includes the establishment of a growth tier to support technology companies that are not yet profitable [3] - New regulations on the classification of brokerages aim to promote differentiated development and enhance the functional assessment of brokerages [3] Recommended and Beneficiary Stocks - Recommended stocks include Jiangsu Jinzheng, Hong Kong Stock Exchange, and China Pacific Insurance [4] - Beneficiary stocks include Guosen Securities, Jiufang Zhitu Holdings, and China Galaxy Securities [4]
财经周报:6月16日至6月22日
Xin Hua Cai Jing· 2025-06-22 11:05
Key Developments - The cross-border payment platform officially launched its first transaction in Shenzhen on June 22 [1] - The People's Bank of China announced eight significant financial opening measures at the 2025 Lujiazui Forum [1][2] - The China Securities Regulatory Commission (CSRC) introduced a series of reforms to enhance the Science and Technology Innovation Board (STAR Market) [1][2] - The National Financial Supervisory Administration and Shanghai government issued a plan to support the construction of Shanghai as an international financial center [1][2] - The National Development and Reform Commission and other departments initiated actions to promote the digital transformation of manufacturing [2][3] Financial Market Updates - The CSRC will allow qualified foreign investors to participate in on-market ETF options trading starting October 9, 2025 [2] - The fiscal expenditure in the first five months exceeded 11 trillion yuan, with a year-on-year increase of 4.2% [1][2] - The total retail sales of consumer goods in May reached 41,326 billion yuan, growing by 6.4% year-on-year [2] - The fixed asset investment from January to May was 191,947 billion yuan, with a year-on-year increase of 3.7% [2] Industry-Specific Initiatives - The Ministry of Industry and Information Technology emphasized the importance of product quality and safety in the new energy vehicle sector [1][2] - The State Administration for Market Regulation announced a nationwide quality supervision inspection for 164 types of products in 2025 [3] - The trading association issued guidelines to regulate bond market issuance and underwriting practices [3] - The "old for new" subsidy program for consumer goods will continue, with central funds being allocated in batches [1][3] Investment and Financing - Yushut Technology completed its Series C financing round, with a pre-investment valuation exceeding 10 billion yuan [1][3] - The Shanghai Futures Exchange is being supported to become a world-class trading venue [3]
焦点访谈|多项重大金融政策齐发力 稳步推进制度型开放关键布局
Yang Shi Wang· 2025-06-21 13:40
Core Viewpoint - The 20th Central Committee of the Communist Party of China emphasizes "improving the high-level open system and mechanism," with a focus on "steadily expanding institutional openness" as a key deployment for financial reform and development in China [1]. Financial Policies Overview - Eight financial opening measures will be implemented in Shanghai, including the establishment of an interbank market trading report library, a digital RMB international operation center, and a personal credit institution [3][5]. - The aim of these policies is to enhance financial market openness, reduce cross-border capital flow settlement costs, and attract more foreign investment into China [3][5]. Digital RMB International Operation Center - The establishment of the digital RMB international operation center is a first for China, aimed at promoting the international use of the digital RMB and enhancing its position in the global monetary system [7][9]. - The digital RMB leverages blockchain and smart contract technology for real-time cross-border payment settlements, significantly reducing transaction times from 3-5 days to seconds [9][11]. Personal Credit Institution - The new personal credit institution in Shanghai will complement the existing central bank credit system by incorporating a wider range of data sources, thus enriching credit profiles for consumers [11][13]. - This initiative is expected to facilitate easier access to credit for consumers, particularly benefiting young individuals and stimulating consumption [13]. Science and Technology Innovation - The China Securities Regulatory Commission announced the introduction of a "growth layer" on the Sci-Tech Innovation Board, providing a "green channel" for tech companies to access capital markets [15][17]. - This policy aims to support innovative and high-growth tech enterprises, allowing them to secure funding even if they are not yet profitable [15][17]. Shanghai International Financial Center - The Central Financial Committee issued opinions to accelerate the construction of Shanghai as an international financial center, aiming for a comprehensive upgrade in the next 5-10 years [19]. - The shift from policy-based to institutional openness is intended to create a stable investment environment for international capital, thereby driving economic growth in China [19].
独角兽吹响集结号!科创成长层闪亮登场,未盈利企业IPO“跑起来”
Hua Xia Shi Bao· 2025-06-20 12:07
同时,《关于在科创板设置科创成长层 增强制度包容性适应性的意见》(下称"《科创板意见》")正式发布,深 化科创板改革"1+6"政策措施亮相。 自2019年6月13日上海证券交易所科创板正式开板六年来,科创板以制度创新激发市场活力,以市场活力反哺科技 创新,成功探索出一条资本市场与科技产业深度融合的中国路径。 清华大学国家金融研究院院长、金融学讲席教授田轩接受《华夏时报》记者采访时表示,设置科创成长层意义重 大,增强了制度的包容性和适应性,为科技创新型企业提供更精准的融资平台。 华夏时报(www.chinatimes.net.cn)记者 王兆寰 北京报道 6月18日,在2025陆家嘴金融论坛上,中国证监会主席吴清表示将重启科创板第五套标准,正式启用创业板第三套 标准,支持优质未盈利创新企业上市,更好地服务科技创新和新质生产力发展。 统计数据显示,科创板设立以来,A股共有54家未盈利企业成功登陆科创板,目前累计有22家企业上市后实现盈 利;20家生物医药公司通过科创板标准五上市,其中19家实现核心产品上市,成绩可圈可点。 不过,即便这一制度已经具备一定的包容性,但在具体实施过程中仍存在一些需要细化和探讨的领域,一 ...
科创成长层:大胆创新,小范围求证
IPO日报· 2025-06-20 06:33
为此,监管层在设立科创成长层时可谓大胆创新,小范围求证,既讲究创新,也结合实际。科创成 长层不但扩大了适应范围(人工智能、商业航天、低空经济等),还提高了适应性,为不同发展阶 段企业提供针对性制度安排,如缩短审核周期、试点IPO预审阅机制。既规定了公司纳入和调出科 创成长层的标准,也明确了层次调整的操作程序,并就调出标准进行"新老划断",避免对存量上市 公司的影响。 星标 ★ IPO日报 精彩文章第一时间推送 中国股市又迎来了重大改革之举。证监会6月18日发布《关于在科创板设置科创成长层 增强制度包 容性适应性的意见》(以下简称《意见》)。 AI制图 笔者以为,这份《意见》来得非常及时,它标志着科创板改革进入深化攻坚阶段,具有非常深远的 战略意义。 我们来看一下《意见》的最主要内容如下: 科创成长层适用科创板第五套上市标准(允许未盈利企 业上市),并扩大适用范围至人工智能、商业航天、低空经济等前沿领域,解决高研发投入企业早 期融资难题,而主要投资者为机构。 科创板的设立已经有6年,可谓取得了非常重大的成果,中国的高科技企业借着科创板的春风,蓬 勃发展,如中芯国际、寒武纪等已成为科创板的代表性企业。但与此同时, ...
渤海证券研究所晨会纪要(2025.06.20)-20250620
BOHAI SECURITIES· 2025-06-20 02:58
编辑人 崔健 022-28451618 SAC NO:S1150511010016 cuijian@bhzq.com 渤海证券研究所晨会纪要(2025.06.20) 宏观及策略研究 科创板改革获推进,市场延续窄幅震荡——A 股市场投资策略周报 晨会纪要(2025/06/20) 证 券 研 究 报 告 晨 会 纪 要 请务必阅读正文之后的声明 渤海证券股份有限公司具备证券投资咨询业务资格 1 of 4 晨会纪要(2025/06/20) 宏观及策略研究 科创板改革获推进,市场延续窄幅震荡——A 股市场投资策略周报 严佩佩(证券分析师,SAC NO:S1150520110001) 宋亦威(证券分析师,SAC NO:S1150514080001) 靳沛芃(研究助理,SAC NO:S1150124030005) 1、市场回顾 近 5 个交易日(6 月 13 日-6 月 19 日),重要指数纷纷收跌;其中,上证综指收跌 1.19%,创业板指收跌 1.95%; 风格层面,沪深 300 收跌 1.26%,中证 500 收跌 2.12%。成交量方面小幅缩量,两市统计区间内成交 6.33 万亿元,日均成交额达到 1.27 万亿元 ...
东吴证券晨会纪要-20250620
Soochow Securities· 2025-06-20 02:51
Macro Strategy - The Federal Reserve did not lower interest rates in June and removed the judgment of higher unemployment and inflation from its statement, indicating a more stagflationary economic outlook [1][11] - The Fed revised down its GDP growth forecast for the US to 1.4% for Q4 2025 and raised the unemployment rate forecast to 4.5%, while also increasing the PCE inflation forecast to 3.0% [1][11] - The dot plot distribution has become more hawkish, with a significant number of officials expecting no rate cuts this year, reflecting concerns over inflation risks [1][11] Industry Analysis - The bus industry showed a year-on-year increase in production and exports in May, with Yutong Bus expected to achieve a net profit of 46.3 billion yuan in 2025, growing at 12% annually [6][16] - Jinlong Automobile is projected to have a significant profit rebound, with net profits expected to reach 4.4 billion yuan in 2025, reflecting a 182% increase [6][16] Recommended Stocks - Liyuanheng is positioned to benefit from the recovery in the lithium battery equipment industry, with a projected net profit of 0.6 billion yuan in 2025, and a corresponding PE ratio of 96 [7][17] - Zhenyu Technology is expected to see a net profit of 4.1 billion yuan in 2025, with a growth rate of 63%, supported by its advancements in precision manufacturing and robotics [8][19] - Xiaogoods City has completed the招商 of its jewelry sector and plans to establish a Hong Kong subsidiary to enhance its cross-border payment ecosystem, with projected net profits of 42.3 billion yuan in 2025 [9][21]