Core Viewpoint - The report maintains the AAA/stable rating for Great Wall Securities Co., Ltd. based on its strong backing from its actual controller, China Huaneng Group, and its diversified business lines, while also highlighting challenges from increasing market competition and regulatory pressures [3][4][5]. Financial Overview - Total assets are projected to grow from 1,002.45 billion in 2022 to 1,232.56 billion in 2024 [6]. - Shareholder equity is expected to increase from 280.81 billion in 2022 to 304.90 billion in 2024 [6]. - Net profit is forecasted to rise from 9.14 billion in 2022 to 15.93 billion in 2024 [6]. - The average capital return rate is projected to be 5.35% in 2024 [8]. Business Segments Wealth Management - Wealth management remains a significant revenue source, with a focus on client-centric services and a slight decrease in revenue due to intensified competition [14][15]. - The company has established a comprehensive wealth management ecosystem, enhancing its product distribution capabilities [14][15]. Investment Banking - The investment banking segment has seen a significant decline in equity underwriting, while bond underwriting has increased by 55.87% to 464.85 billion in 2024 [19][20]. - The company has successfully entered the public REITs market, completing its first issuance [19]. Asset Management - The asset management business has maintained stable revenue, with a total asset management scale of 614.50 billion [24]. - The company has launched multiple asset securitization products, totaling 68.16 billion in issuance [22][23]. Securities Investment and Trading - The securities investment segment has shown a substantial increase in total investment returns, reaching 27.89 billion in 2024 [25][26]. - The company has adjusted its investment strategy to focus on high-quality assets, with a significant portion of its investments in AAA-rated bonds [26]. Industry Outlook - The Chinese economy is expected to maintain a stable growth trajectory, supported by policy measures and increasing domestic demand [9]. - The securities industry is projected to experience a trend of consolidation, with larger firms gaining advantages over smaller ones due to regulatory pressures and market dynamics [9][10].

Core Viewpoint - The proposed spin-off of the infrastructure REIT is expected to benefit both the group and the REIT itself, aligning with national policies to enhance consumption and financial reforms [3]. Group and Company Summary - On June 26, China Overseas Land & Investment Limited announced the proposal for a public offering of an infrastructure securities investment fund, with application materials submitted to the China Securities Regulatory Commission and Shenzhen Stock Exchange [1]. - The infrastructure REIT will be based on assets from a shopping center located in Nanhai District, Foshan, owned by a wholly-owned subsidiary of China Overseas Land [1]. - The public fund aims to raise approximately RMB 1.355 billion, with China Overseas Land expected to subscribe to about 20% of the total issued fund shares [1]. - Following the completion of the spin-off, the project company will be 100% owned by the infrastructure REIT and will no longer be a subsidiary of the company [2]. Benefits of the Spin-off - The spin-off is strategically located in the Guangdong-Hong Kong-Macao Greater Bay Area, a key area supported by national policies, which aligns with the goal of enhancing consumption and financial system reforms [3]. - Successful issuance of the infrastructure REIT is anticipated to create a positive investment cycle, significantly improving the efficiency of infrastructure fund utilization [3]. - The issuance provides a new equity financing method, reducing reliance on traditional debt financing and enhancing the company's investment capabilities and sustainable operations [3]. - The independent listing of the public fund is expected to unlock value for shareholders and better identify the fair value of the underlying assets [4]. - The spin-off will create independent fundraising platforms for both the group and the infrastructure REIT, enhancing their ability to explore new financing channels [4].

6月以来，A股市场前期以震荡为主，直到本周，沪指三连阳才让市场情绪提振不少。在此背景下，公募基 金发行市场也迎来一场结构性"行情"。 整体来看，6月以来新发基金规模突破900亿元大关，债券基金以一己之力撑起半壁江山，而曾经颇受欢迎的被 动指数产品发行降温。从类型来看，混合型FOF基金以单只65.73亿元的募资额成为6月以来的"吸金王"，债券 型基金则以数量优势占据主流。 6月新发基金规模超900亿元 延续"债强股弱"格局 值得一提的是，新型浮动费率基金的发行热度持续攀升，成为6月份新发基金市场的亮点之一。截至6月24日， 首批获批的26只新型浮动费率基金中，13只产品已率先成立，合计募集规模超126亿元。 其中，东方红核心价值、易方达成长进取、平安价值优享的募集规模均在10亿元以上。这些基金的推出标志着 公募基金费率改革的重要进展，其核心在于将基金管理费与投资者的持有期限及基金业绩表现挂钩，从而实现 投资者与基金管理人之间的利益深度绑定。 另外，6月新发产品中，多只创新型基金也引起市场投资者的关注。中金中国绿发商业资产REIT作为首单央企 商业地产REIT，募资5亿元并提前结束募集，显示市场对优质不动产资产证 ...

-CIS- 在全球"双碳"战略加速推进的背景下，绿色港口建设对资金的需求日益迫切。资产证券化作为创新融资 工具，为绿色港口发展提供了新路径。本文从理论视角解析绿色港口收费收益权ABS 的内涵与运作机 制，结合实践案例探讨其在实体经济中的应用价值，分析面临的挑战并提出优化建议，以期为绿色港口 融资模式创新提供理论参考。 一、绿色港口收费收益权ABS 概述 （一）核心定义 2.特殊目的机构（SPV）设立：作为资产证券化核心主体，SPV 通过真实资产转让实现风险隔离，保障 投资者权益不受原始权益人其他资产影响。 3.信用增级体系设计：内部增信采用优先级/ 次级结构、超额抵押、利差账户等方式，外部增信引入第 三方担保，提升证券信用等级，降低融资成本。 4.证券发行与现金流管理：通过承销商向金融机构及合格投资者发售证券，原始权益人按约定归集收费 收入，SPV 负责本息支付及费用结算，确保资金流闭环运作。 （三）相较传统融资的优势 与银行贷款、政府补贴等传统方式相比，绿色港口收费收益权ABS 具有显著优势。其一，拓宽融资渠 道，吸引保险、基金等多元投资者，缓解港口建设资金压力；其二，通过信用增级降低融资成本，提升 证券市 ...

You can also contact attorneys J.C. Sanchez or Jennifer N. Caringal of Robbins Geller by calling 800/449- 4900 or via e-mail at info@rgrdlaw.com. SAN DIEGO, June 25, 2025 (GLOBE NEWSWIRE) -- The law firm of Robbins Geller Rudman & Dowd LLP announces that purchasers or acquirers of Rocket Pharmaceuticals, Inc. (NASDAQ: RCKT) securities between February 27, 2025 and May 26, 2025, inclusive (the "Class Period"), have until Monday, August 11, 2025 to seek appointment as lead plaintiff of the Rocket Pharmaceutic ...

今年5月，深圳证监局〔2025〕71号监管函披露，国投证券员工吴瑜在从业期间，存在从事公募基金销 售业务过程中向投资者违规承诺收益，为客户在公司外部平台进行场外个股期权交易参与提供个别询 价、转发报价信息等情形。依据《公开募集证券投资基金销售机构监督管理办法》《证券公司和证券投 资基金管理公司合规管理办法》相关规定，深圳证监局对其采取监管警示措施。 此前，国投证券还因2024年9月IPO项目资金拆借、内控缺陷等问题遭深交所予以纪律处分。 6月25日，中国证监会深圳监管局披露，国投证券股份有限公司深圳分公司存在承诺收益、无证销售等 多项违规情形，被采取出具警示函的行政监管措施。 经查，国投证券深圳分公司存在个别营业部从业人员在从事公募基金销售业务期间向投资者承诺收益， 个别未取得基金从业资格人员参与基金销售，个别从业人员在从业期间向客户提供开通相关权限的知识 测评答案等违规情形，违反了《公开募集证券投资基金销售机构监督管理办法》（证监会令第175号） 第二十四条第二项、第三十条第二款及《证券期货投资者适当性管理办法》（证监会令第202号）第三 条的规定。 根据《公开募集证券投资基金销售机构监督管理办法》第五十三 ...

Group 1 - The 2025 Beijing Intellectual Property Utilization Work Conference was successfully held, focusing on the promotion of intellectual property utilization in the Beijing-Tianjin-Hebei region [1] - The "China Intellectual Property Securitization Blue Book (2024)" was launched, providing new insights and development momentum for the intellectual property securitization industry in China [1][2] - The Blue Book was compiled under the professional guidance of the Beijing Intellectual Property Bureau, with contributions from multiple organizations, integrating high-quality industry resources and cutting-edge insights [1][2] Group 2 - The Blue Book analyzes domestic policy environments and summarizes support policies for intellectual property securitization, offering a comparative analysis with international experiences [2] - It outlines the characteristics and future directions of intellectual property securitization in China, proposing five innovative development directions [2] - The core institution, Zhongjinhao, aims to leverage its expertise in intellectual property assessment and financial innovation to enhance the industry’s development and participate in the establishment of national and group standards [2]

■ 券商作为"牛市旗手"，在市场成交量回暖、监管释放积极信号的背景下， 情绪与基本面双轮驱动 ， 资金迅速集中进攻，大金融主线重新掌握市场节奏。 ■ 该行情背后不仅是短期炒作，更来自于 金融科技"新三重逻辑"：虚拟资产政策突破+数据要素改革 +AI驱动下的证券IT新周期启动 。 ■ 多家券商与基金指出，证券IT在B端系统升级（AI+信创）与C端活跃度提升下，具备弹性与持续 性，成为数字金融投资中兼具估值修复与成长预期的核心资产。 ■ 央行正研究新阶段金融科技发展规划，国家数据局启动"数据要素×"试点，加上此前2025陆家嘴论 坛上提出的 八项金融开放举措 ，均为金融科技营造出稳定的制度预期与政策托底。 ■ 此次事件或标志着中国金融科技与虚拟资产制度走向"合规、开放、创新"的新阶段 ，投资人应重点 跟踪其长期制度建设与商业化落地进展。 3、 《 未来的世界大战：稳定币》摘 要 ■ 尽管上证指数创年内新高、近4000只个股上涨，但这轮行情并非基于经济复苏或业绩增长驱动 的"全面牛市"，而是由 国泰君安国际获批稳定币交易牌照 触发的主题性投机。 ■ 港币稳定币作为金融开放的一个突破口，增强了市场对"金融数字化、证券 ...

近日，中国人民银行等六部门联合印发《关于金融支持提振和扩大消费的指导意见》，其中指出， 积极发展股权融资。支持生产、渠道、终端等消费产业链上符合条件的优质企业通过发行上 市、"新三板"挂牌等方式融资。引导社会资本加大对服务消费重点领域投资，通过"长期资本""耐 心资本"满足长周期消费产业融资需求。积极发挥私募股权投资基金和创业投资基金作用，加大对 处于种子期、初创期企业的股权投资。鼓励有条件的地方利用政府投资基金，以市场化方式参与康 养、文旅等消费重点项目和数字、绿色等新型消费领域。鼓励发行消费ETF等特色投资产品。同 时，设立5000亿元服务消费与养老再贷款，对金融机构发放的服务消费重点领域贷款提供资金支 持；支持符合条件的消费金融公司、汽车金融公司发行金融债券，推动个人消费贷款资产证券化； 试点消费基础设施领域不动产投资信托基金（REITs），支持国际消费中心城市建设；要求金融机 构2025年9月底前制定实施细则，建立六部门联合监测机制，定期评估政策效果。 来源：中国政府网 对接需求请扫码 每日｜荐读 榜单： 「2025投资机构软实力排行榜」评选启动 峰会： 「2025母基金年度论坛」盛大启幕：汇聚中国力 ...

Group 1 - The market has experienced three consecutive days of gains, breaking through the 3439-point level, indicating a positive trend in the current phase [1] - The securities index reached a daily increase of over 5%, suggesting either the initiation of a major market rally or a high-level consolidation phase [2] - The analysis indicates a need for short-term observation over the next couple of days to determine whether the current market behavior is a false signal or a genuine extension of the upward trend [2] Group 2 - The recent breakout above 3439 points is seen as a significant movement in the 60-minute timeframe, indicating a potential shift in market dynamics [2] - There is a possibility of a trend divergence developing from the 3347-point level, which could influence future market movements [2] - The market may experience a pullback after the breakout, as historical patterns suggest a retracement process following such significant resistance line breaches [2]