破解公募基金"旱涝保收"，迈出了坚实一步。 7日证监会正式发布《推动公募基金高质量发展行动方案》（下称《行动方案》），以建立以投资者回 报为导向的评价体系，引导基金行业回归本源，增强长期投资能力。 这就要求探索构建独立的投资人协会等金融消费者社团组织，让其真正代表金融消费者利益，与机构投 资者对等博弈；同时，在财富管理市场引入集体诉讼、辩方举证和争议和解制度，缓解财富管理市场的 信息不对称性，为投资者合理怀疑权提供法治保障。对于由不可抗力造成的基金亏损，投资者必须自担 其责，若基金管理人和账户托管人无法消除基金投资人的合理怀疑，及基金管理人和账户托管人存在错 误操作行为，造成基金亏损，基金管理人和账户托管人，应权责对等地承担基金投资人的损益赔偿责 任，如基金公司、账户托管人需要用其资产来承担过错责任。 《行动方案》提出推行与基金业绩表现挂钩的浮动管理费率收取模式，进一步加强了基金公司与投资人 的利益连接，将有助于降低基金管理人与投资人的边际信任成本，搭建的是基金业相容相生的一个开放 式生态。 好的开头是成功的一半。要更好地发挥这个相容相生开放平台的积极作用，就需在业绩比较基准的制定 等方面进一步走深走细，避免 ...

Core Viewpoint - The continuous reduction of deposit interest rates by private banks indicates a shift in their strategy due to narrowing net interest margins, regulatory constraints, and downward pressure on market interest rates [2][6][9] Group 1: Deposit Rate Adjustments - In May, Huatuo Bank and Yilian Bank announced further reductions in deposit rates, with Huatuo Bank lowering personal notice deposit rates to 0.8% and 1% for 1-day and 7-day deposits respectively [3] - Huatuo Bank has made multiple adjustments since April, with the maximum reduction for unit products reaching 90 basis points and for personal products 45 basis points [4] - Yilian Bank adjusted its fixed deposit rates for 2-year, 3-year, and 5-year terms down by 20 basis points, reflecting a broader trend among private banks to lower rates [4][5] Group 2: Competitive Landscape - The current highest deposit rates for some private banks have fallen to 1.6%, which is lower than many joint-stock banks and some state-owned banks [5] - The competitive advantage of private banks in attracting deposits through high interest rates is diminishing, leading to a shift towards wealth management products [6][7] Group 3: Financial Performance and Strategy - Private banks are facing slowing net profit growth and declining net interest margins, with a reported net profit of 18.8 billion yuan in Q4 2024, down 7.84% year-on-year [7][8] - Many private banks are now focusing on wealth management as a key growth area, with significant increases in fee and commission income reported [8] - The trend of lowering deposit rates is expected to continue as banks seek to manage funding costs and maintain stable interest margins [9]

苏商银行特约研究员薛洪言向《证券日报》记者表示，2024年民营银行"营收普增、利润分化"的特征， 反映出行业在规模扩张与盈利能力之间尚未形成有效平衡。其中，收入普遍增长主要源于信贷规模扩大 和新兴业务如财富管理的贡献，利润分化则暴露了部分银行在成本控制、风险定价和业务结构上的短 板。部分银行可能因过度依赖高定价的消费贷业务，而面临不良率攀升的压力，导致拨备计提大幅增 加。同时，部分银行为争夺市场份额而推高获客成本，叠加科技投入的刚性支出，进一步侵蚀其利润空 间。在此背景下，民营银行可以通过优化业务结构、拓展财富管理业务以及探索多元化发展路径，积极 应对挑战，寻找新的增长点。 头部机构业绩领跑 腰部机构"增收不增利" 从2024年业绩表现来看，民营银行整体呈现营收普遍增长、净利润分化加剧的行业特征。头部机构中， 微众银行实现营业收入381.28亿元，同比下降3.13%，实现净利润109.03亿元，同比增长1%；网商银行 虽然实现营收同比增长13.71%至213.14亿元，但受资产质量管控和成本端影响，净利润同比下滑24.67% 至31.66亿元，出现"增收不增利"的情况。 同时，"增收不增利"现象在腰部机构阵营 ...

TPG (TPG) Q1 2025 Earnings Call May 07, 2025 11:00 AM ET Company Participants Gary Stein - Head - IRJon Winkelried - CEO & DirectorJack Weingart - CFOCraig Siegenthaler - Managing DirectorAlexander Blostein - Managing DirectorTodd Sisitsky - President & DirectorJim Coulter - Founding Partner, Executive Chair & DirectorBrian Mckenna - Director - Equity ResearchMichael Cyprys - Managing Director Conference Call Participants Kenneth Worthington - Financial AnalystGlenn Schorr - Senior Managing Director & Senio ...

TPG (TPG) Q1 2025 Earnings Call May 07, 2025 11:00 AM ET Speaker0 Please be advised that today's call is being recorded. Please go to TPG's IR website to obtain the earnings materials. I will now turn the call over to Gary Stein, Head of Investor Relations at TPG. Thank you. You may begin. Speaker1 Great. Thanks, operator, and welcome, everyone. Joining me this morning are John Winklereed, Chief Executive Officer and Jack Weingart, Chief Financial Officer. In addition, our Executive Chairman and Co Founder, ...

Core Viewpoint - The retirement of Wu Zongmin as the president of China Merchants Securities marks a significant leadership change, with the company expressing gratitude for his contributions during his tenure, which lasted over three years [1][4]. Group 1: Leadership Transition - Wu Zongmin has retired due to reaching the retirement age, and he will not hold any position in the company or its subsidiaries after his departure [1]. - The company will promptly select a new president and board members, with the chairman, Huo Da, temporarily assuming the president's responsibilities during this transition [1][4]. - There is speculation regarding the new president's identity, but sources indicate that no successor has been finalized yet [1][5]. Group 2: Performance During Tenure - Under Wu Zongmin's leadership, China Merchants Securities has seen steady growth in net profit, with projections of 8.072 billion yuan, 8.764 billion yuan, and 10.386 billion yuan for 2022, 2023, and 2024 respectively [1][4]. - The company maintained its position as the fourth largest in the industry during Wu's tenure, with a projected revenue of 20.891 billion yuan in 2024, reflecting a year-on-year growth of 5.4% [4]. - The integration of AI technology into business operations was a significant achievement during his leadership, enhancing productivity in wealth management by 23% [3]. Group 3: Future Challenges - The new leadership will face challenges, particularly in the investment banking sector, which is expected to experience a downturn in 2024 following a cooling financing market in 2023 [5]. - The investment banking revenue of China Merchants Securities has reportedly shrunk by over 50% compared to three years ago, indicating a need for strategic planning and client engagement [5].

21世纪经济报道记者 黄子潇 深圳报道 香港最大数字银行——众安银行（ZA Bank）近日交出展业第五年的成绩单。 2024年财报显示，众安银行实现总收入5.48亿港元，同比增长52.6%，净亏损2.32亿港元，同比收窄 42%；客户存款增长66%至194亿港元，贷款规模增长5.7%。 该行净息差的逆势走扩引起关注。据香港金管局3月报告，零售银行的净息差由2023 年下半年的1.73% 收窄至2024年下半年的1.54%。众安银行净息差则走扩47个基点至2.41%，净利息收入提升86%至4.89亿 港元，成为该行趋向盈亏平衡的推手。 前不久，众安银行宣布换帅，该行创始成员之一的吴忠豪（Calvin Ng）正式接手这家2020年开始展 业、零售用户已达80万的香港最大数字银行。在财报披露当日，吴忠豪首次以行政总裁的身份接受了21 世纪经济报道等媒体的采访，谈及该行净息差、财富业务、用户增长等问题。 尽管当前利息收入仍贡献近九成营收，该行正在寻求业务条线的多元化，以降低对利息收入的依赖。继 去年推出美股交易服务、加密货币交易服务后，吴忠豪透露，希望今年能尽快推出港股交易服务，补全 投资理财业务板块。 香港金管局报 ...

事件：中泰证券公布2024 年报及2025 年一季报。2024 年中泰证券实现营业收入108.9 亿/yoy-14.7%；实 现归母净利润9.4 亿/yoy-47.9%；1Q25 中泰证券实现归母净利润3.7 亿/yoy+11.6%，实现营收25.4 亿/yoy+0.2%。 24 年自营业务承压拖累业绩，1Q25 经纪、资管收入正增。24 年公司证券主营收入94.9 亿/yoy-13.7%。 1）24 年主营收拆分：经纪、投行、资管、净利息、净投资收入分别为33.4、9.4、20.7、16.8、13.2 亿，分别同比+13.2%、-30.2%、+4.2%、-2.7%、-53.1%，占比分别为35.2%、9.9%、21.8%、17.7%、 13.9%。2）1Q25 主营收拆分：1Q25 公司经纪、投行、资管、净利息、净投资收入分别为9.1、1.5、 5.4、4.2、3.2 亿元，分别同比+35.0%、-39.3%、+12.2%、+14.8%、-0.7%。 投资分析意见：预计2025-2027E 中泰证券归母净利润分别为18.3 亿元、18.4 亿元、19.9 亿元，同比 +95%、+0.5%、+9%。25/4/ ...

随着两大头部互联网银行微众银行、网商银行同日发布年报，包括新网银行、百信银行、苏商银行、亿联银行等在内的互联网型民营银行2024年"成绩单"纷 纷出炉。 5月6日，经北京商报记者统计，微众银行盈利能力持续领跑，网商银行牢牢占据第一梯队，但年内净利润有所下滑；另有3家互联网型银行出现增收不增 利，或与不良率上升、信用减值损失增加有关。 值得注意的是，纯线上展业的众互联网型银行，如今也面临着来自市场竞争、监管收紧的多方压力。头部机构谋转型，试图在出海、综合金融方面发力。曾 经依靠助贷、联合贷迅速起量的中小机构，则随着"助贷新规"出台迎来了新的大考。 | | 资产规模(亿元) | 营业收入(亿元) | 净利润(亿元) | 贷款余? | | --- | --- | --- | --- | --- | | 微众银行 | 6517.76 (21.7%) | 381.28 (-3.13%) | 109.03 (1%) | 4360 | | 网商银行 | 4710.35 (4.18%) | 213.14 (13.71%) | 31.66 (-24.67%) | 2984.54 | | 新网银行 | 1036.29 (0.68 ...

低利率环境下的新常态 ——非银金融行业2024年报&2025年一季报综述 长江证券研究所非银金融研究小组 2025-05-06 %% %% %% %% research.95579.com 分析师 吴一凡 分析师 谢宇尘 分析师 戴永飞 分析师 程泽宇 SAC执业证书编号：S0490519080007 SAC执业证书编号：S0490521020001 SAC执业证书编号：S0490524070001 SAC执业证书编号：S0490524090001 SFC执业证书编号：BUV596 %% %% %% %% research.95579.com 2 1 证券研究报告 • 证券研究报告 • 评级 看好 维持 分析师及联系人 综述：低利率环境下的新常态 %% research.95579.com 3 ➢ 总结：2024年是非银金融机构对抗利率下行初显成效的一年，除了直观的资产收益率大幅回升之外，成本下降或是更为重要的成果。一方面是传 统险预定利率的下调及分红险占比的回升，另一方面是券商费用率的下降。2025年Q1我们看到行业仍延续这一趋势，但增长动能正在减弱，从 企业行为上来看应对长期低利率做出的资产和负债调整成为 ...