券商接连"海选"高管，近一个月以来，诚通证券、国盛证券相继发出"英雄帖"。 根据国盛金控最新公告，该公司正推进吸收合并全资子公司国盛证券，目前公开选聘合并后的新国盛证 券总经理。中国诚通也在上月披露，为子公司诚通证券公开招聘总经理、副总经理各1人。 从任职条件来看，上述2家公司均对应聘者提出工作年限、任职经历等要求。如国盛金控提出，应聘者 应担任过省属证券公司，或与国盛证券相当及以上规模的证券公司经营班子正职或副职不少于2年。 近年，采取市场化方式选聘高管，在证券行业越来越常见。年初，东莞证券"海选"的新总裁杨阳走马上 任。 "改头换面"后的2家券商，开始对高管团队排兵布阵。 对此，行业资深研究人士王剑辉对第一财经说；"通常情况下，券商高管多由大股东任命。目前，随着 行业发展以及公司股东等提出要求，包括券商在内的金融机构，以市场化方式招聘高管的情况越来越 多。" 诚通证券、国盛证券招揽"将帅" 此番发布"英雄帖"的两家券商，对应聘人员提出多项任职要求，包括工作年限、过往任职经历等。 应聘诚通证券总经理，需满足的条件包括：有10年及以上与拟任职务相关的证券、基金等机构境内工作 经历；同时，担任证券基金经营机构部 ...

Group 1 - The core point of the news is that Bank of Communications Co., Ltd. is issuing A-shares to specific investors to raise up to RMB 120 billion to supplement its core tier one capital [24][25][26] - The issuance will involve the Ministry of Finance, China National Tobacco Corporation, and China Shuangwei Investment Co., Ltd. as the main subscribers [24][26] - The issuance price is set at RMB 8.71 per share, which is 80% of the average trading price over the previous 20 trading days [25][26] Group 2 - The total assets of Bank of Communications reached RMB 14,900,717 million, with total liabilities of RMB 13,745,120 million and total equity of RMB 1,155,597 million as of the latest reporting period [3] - The bank's operating income for 2024 is projected to be RMB 259,826 million, with a net profit of RMB 94,229 million [3] - The non-performing loan ratio has improved to 1.31%, with a provision coverage ratio of 201.94% [5][3] Group 3 - The bank's main business includes absorbing public deposits, issuing loans, and conducting domestic and international settlements [2] - The bank operates under the financial services industry, specifically in monetary financial services [2] - The bank's registered capital is RMB 74,262,726,645 [1]

Core Viewpoint - The banking industry is facing pressure on net interest margins, leading to an increase in service fees to cover operational costs and improve service quality [1][7]. Group 1: Service Fee Adjustments - Multiple banks have announced new or increased service fees, including account management fees, transfer fees, and credit card annual fees [1][2]. - Suzhou Bank introduced a new service fee for its "Zunxing Card" with an annual fee of 588 yuan for the platinum card, effective from September 10, 2025 [2]. - Uihai Bank will charge for credit business and syndicate loan services starting June 13, 2025, with fees for personal deposit certificates set at 20 yuan per certificate and credit certificates at 200 yuan each [4]. - Several rural commercial banks have also raised service fees, such as the adjustment of ATM withdrawal fees from free to 3.3 yuan per transaction by Lujiang Rural Commercial Bank [4][6]. Group 2: Net Interest Margin Pressure - The overall net interest margin for commercial banks was reported at 1.43% in Q1 2025, a decrease of 9 basis points from the previous quarter [8]. - Different types of banks experienced varying changes in net interest margins, with rural commercial banks seeing the largest decline of 15 basis points to 1.58% [8]. - The adjustments in service fees are seen as a response to the pressures from market competition and rising operational costs, including technology investments and risk management [7][8]. Group 3: Future Strategies - The adjustments in service fees are expected to become a regular strategy for banks as they seek to balance supporting the real economy with their profitability needs [7][8]. - Banks are likely to focus on optimizing business structures, enhancing service efficiency, and leveraging financial technology to manage costs while supporting small and medium enterprises [8].

行业报告 | 行业深度研究 银行 证券研究报告 2025 年贷款利率下行幅度有望显著放缓 1. 我国商业性贷款利率定价已基本市场化，近年来贷款利率持续下行 目前贷款定价主要有三类模型：①LPR 定价法实现了政策引导和市场自主定 价之间的平衡，但近年来在定价基准、点差表现等方面也出现了一些新变化。 ②内部资金转移定价（FTP）聚焦银行内部定价管理，LPR 改革后商业银行 已构建起"LPR→贷款 FTP→贷款利率"的定价机制。③成本加成法是传统 的贷款外部定价模型，认为银行贷款利率应是资金成本、运营成本、风险成 本、资本成本、税收成本等各项贷款成本和银行目标收益之和。 LPR 改革后，除 2021 年货币政策回归常态化期间，其他大部分时候贷款利 率都在大幅快速下行。期间三个阶段的贷款利率走势值得关注：LPR 改革深 化和宽松货币政策加码后的快速下行阶段（2020 年）、信贷供需失衡主导的 大幅下行阶段（2022 年）、贷款利率和 LPR 点差压降放缓的阶段（2024 年）。 2. 央行视角看当前贷款定价约束 从央行意图和监管成效看，预计 2025 年贷款利率降幅有限。其一，货币政 策延续宽松，但更重视呵护银行息差 ...

Core Viewpoint - The construction of national reserve forests in Zhejiang embodies the "Two Mountains" theory, promoting ecological civilization and sustainable development through innovative practices and resource optimization [1][8]. Group 1: Ecological Capital Marketization - The establishment of a market-oriented mechanism for ecological capital aims to unlock the value potential of forestry resources through clear property rights, market transaction systems, and financial innovation [2]. - Zhejiang's "Three Rights Separation" reform addresses the inefficiencies of fragmented collective forests, enabling large-scale integration and efficient utilization of forest resources [2]. - Innovative financial products like "Lin Yi Dai" leverage ecological compensation rights to secure loans, transforming collective forest rights into capital [3]. Group 2: Ecological Industry Collaboration - The core drivers of ecological industry collaboration include resource optimization, technological innovation, and industry integration, leading to high-quality development in forestry [4]. - The promotion of "one acre of mountain, ten thousand yuan" model in the under-forest economy opens new avenues for income generation through diverse agricultural activities [4]. - Collaboration with academic institutions has led to the development of value-added products, significantly increasing the overall industry output [4]. Group 3: Inclusive Ecological Benefits - A multi-entity revenue distribution framework is essential for internalizing the positive externalities of ecological protection, enhancing the economic incentives for conservation [6]. - The concentration of land leasing and the establishment of standard forestry land models ensure stable income for farmers, reinforcing both ecological protection and livelihood security [7]. - The introduction of shareholding cooperative models in forestry has resulted in significant income increases for farmers, with some regions reporting over 50% of farmers' income derived from forestry [7]. Group 4: Three-Dimensional Collaborative Development - The project emphasizes the dialectical unity of ecological value and economic efficiency, ensuring the transformation of forest resources into development capital [8]. - Institutional innovation through the "Three Rights Separation" framework provides systematic solutions for national forestry reform [8]. - The dual empowerment of strategic reserves and livelihood improvement addresses both national timber security needs and rural income enhancement [8].

Core Viewpoint - The article discusses the opportunities and challenges for the internationalization of the Renminbi (RMB), emphasizing the need for a more market-oriented floating exchange rate system and the potential for RMB to become a more significant international currency amidst the declining credibility of the US dollar [1][4]. Group 1: Opportunities for RMB Internationalization - Since the pilot program for cross-border trade settlement in RMB began in 2009, the currency has transitioned from "non-internationalization" to "internationalization," becoming the third-largest currency in the International Monetary Fund's Special Drawing Rights (SDR) [1]. - As of December 2024, RMB accounts for 6.0% of cross-border trade financing, closely trailing the euro at 6.5%, but significantly lower than the US dollar's 81.9% [2]. - The RMB is the fourth-largest international payment currency, with a share of 3.8%, again lower than the dollar and euro, which hold 50.2% and 22.0%, respectively [2]. Group 2: Challenges for RMB Internationalization - The RMB's share in foreign exchange reserves was 2.2% at the end of 2024, down 0.7 percentage points from its historical high in early 2022, indicating a significant gap compared to the dollar and euro [2]. - The RMB is not yet fully convertible, and its exchange rate remains influenced by concerns over domestic financial stability and export competitiveness, complicating the process of capital account opening [9]. - The ongoing geopolitical tensions and trade conflicts, particularly with the US, pose additional risks to the RMB's internationalization efforts, potentially leading to a reconfiguration of global supply chains [8][9]. Group 3: Strategic Recommendations for RMB Internationalization - To enhance the RMB's international status, it is crucial to implement proactive economic policies and deepen reforms that stimulate market vitality and improve the investment environment for foreign investors [10]. - Strengthening financial market infrastructure and aligning domestic regulations with international standards will facilitate greater foreign participation in RMB-denominated assets [11][12]. - Accelerating the construction of Shanghai as an international financial center will support the RMB's internationalization by enhancing its competitiveness and service capabilities in global markets [14].

Group 1 - Hubei Province has launched an action plan to promote the development of trusted data spaces, aiming for integrated development in construction, usage, management, and services by 2028 [1][4] - The plan targets the establishment of at least 30 effective trusted data spaces, the development of no less than 300 application scenarios, and the listing of over 2000 data products by 2028 [1][4] - Wuhan aims to become a data element hub city, with significant achievements in the data element sector, including being selected as a national pilot city for data circulation and utilization [2][3] Group 2 - The data annotation industry in Wuhan is rapidly developing, with over 60 key enterprises and a goal to exceed 50 billion in business volume related to data annotation by 2027 [3] - The action plan for the data annotation industry aims to introduce and cultivate two leading data annotation enterprises and generate over 100 billion in growth for related AI industries [3] - The national data bureau has set a target to establish over 100 trusted data spaces by 2028, with Hubei contributing to this goal through its action plan [4][5] Group 3 - The action plan outlines five key directions for data space construction: urban, enterprise, industry, cross-border, and personal trusted data spaces [5] - Support is provided for cities like Wuhan, Xiangyang, and Yichang to conduct pilot projects that enhance data management and interconnectivity [5] - The plan encourages state-owned enterprises and platform companies to develop enterprise trusted data spaces to accelerate digital transformation [5]

Group 1: Business Environment Reform - Hangzhou has implemented a 2025 business environment reform list focusing on 18 areas with 110 reform measures to create an optimal business environment [1] - The keyword "AI empowerment" is frequently mentioned, including the implementation of "Artificial Intelligence+" actions to accelerate AI applications in key social sectors such as transportation, healthcare, commerce, and education [1] Group 2: Live E-commerce Industry - Over 1,000 live e-commerce companies in Hangzhou High-tech Zone (Bingjiang) are actively preparing for the upcoming "618" shopping festival [1] - The Bingjiang District has established a collaborative ecosystem involving government, industry associations, and judicial bodies to promote healthy industry development [3] Group 3: Legal Support and Compliance - The Bingjiang District Live E-commerce Association released compliance guidelines for the industry, and the Bingjiang Court established a "Shared Court (Live Industry Service Station)" to provide timely legal services [3] - The Hangzhou court has introduced 16 measures in the latest version of its business environment initiatives, focusing on supporting innovation and enhancing intellectual property protection [5] Group 4: Intellectual Property Protection - Hangzhou courts have strengthened intellectual property protection in the AI sector, with a focus on patent and trademark rights [5] - The courts have actively handled cases involving infringement of intellectual property rights, including a notable case where a store owner was sentenced to three years for unauthorized use of copyrighted material [6] Group 5: Market-based Dispute Resolution - Hangzhou has pioneered a market-based dispute resolution mechanism, integrating professional mediation forces to resolve commercial disputes effectively [8] - The market-based mediation model has achieved a success rate of 70% in resolving contract disputes through professional lawyer mediation [8] Group 6: Bankruptcy and Corporate Rescue - The Hangzhou courts have developed a system to assist struggling companies through bankruptcy reorganization, focusing on those with potential for recovery [10] - A case study of Hui'er Molybdenum Technology Co., Ltd. illustrates the successful application of bankruptcy reorganization, allowing the company to recover and achieve significant sales growth [11][12] Group 7: Future Prospects - Companies in Hangzhou are optimistic about future growth, with plans for increased sales and profitability following successful restructuring efforts [13]

此外，通知还要求主承销商应充分保障投资者合法权益，不得将包销变相作为主动投资争揽客户的手 段。承销机构开展余额包销应当报价公允、程序合规，并严格按照发行文件披露的方式确定余额包销利 率。余额包销不得挤占有效申购投资者认购规模，余额包销利率不得低于投资者有效申购利率上限。 6月17日，记者从中国银行间市场交易商协会(简称协会)获悉，近期，针对市场成员反映的低价承销 费、低价包销、拼盘投资、利益输送等突出问题，协会在深入调查研究的基础上，起草发布了《关于加 强银行间债券市场发行承销规范的通知》(简称《通知》)，以进一步规范市场纪律，着力整治"内卷 式"竞争，加强银行间债券市场自律管理，维护市场持续健康高质量发展。 《通知》坚持问题导向、系统思维，立足银行间债券发展实际，从推动业务整体生态建设出发，系统梳 理了发行承销全环链流程，按照市场化、透明化、规范化原则，提出了七条工作举措。 聚焦重点问题提出明确规范要求，整治"内卷式"竞争 此次发布的《通知》主要内容包括：第一，聚焦重点问题。重点针对低价承揽、低价包销、拼盘投资、 返费、结构化发行、承销费拖欠等问题明确规范要求。第二，整治"内卷式"竞争。明确招标承揽、发行 ...

Core Viewpoint - The Bank of Japan (BOJ) has indicated that long-term interest rates will be determined by market forces, signaling a shift in its monetary policy approach [1] Group 1 - The BOJ's decision reflects a move towards allowing greater market influence on interest rates, which may impact the overall economic landscape in Japan [1] - This change could lead to increased volatility in the bond market as investors adjust to the new framework [1] - The central bank aims to maintain its accommodative stance while gradually transitioning to a more market-driven interest rate environment [1]