Key Points - The overall funding market has warmed up, with a slight decrease in leverage ratios in the interbank bond market [1] - There is a divergence in the issuance heat of new bonds, with an increase in the issuance of national development bonds and a decrease in other policy financial bonds [1][2] - In the secondary market, funds and rural commercial banks have significantly increased their positions in short-term bonds, while trading activity in ultra-long bonds continues to weaken [2] - The scale of wealth management products has seen a low growth rate in May, with a total increase of 16 billion yuan, primarily in cash management and fixed-income products [3] - The scale of funds has increased by 61.8 billion yuan in May, with notable increases in equity and bond funds [3]

Core Viewpoint - The article highlights the challenges and dynamics of investor relations during earnings calls, emphasizing the need for effective communication between companies and retail investors, while also reflecting on the early stage of China's investment industry [1][15]. Group 1: Earnings Call Dynamics - Earnings calls are mandatory for listed companies post-annual report disclosure, providing a platform for retail investors to ask questions [1][3]. - Retail investors often ask questions that have already been addressed in annual reports, indicating a lack of understanding or engagement with the provided information [4]. - Questions about undisclosed matters, such as the identities of major clients, are frequently raised, showcasing the curiosity and frustration of investors [5][6]. Group 2: Investor Sentiment - Many retail investors express dissatisfaction during earnings calls, often using the platform to vent frustrations about stock performance and company management [7][8]. - Common questions include concerns about stock price declines, dividend distributions, and comparisons with competitors, reflecting a deep-seated anxiety among investors [8][10]. - The emotional aspect of these calls is significant, as investors seek reassurance and accountability from company management [9][10]. Group 3: Company Communication Challenges - The role of the company secretary (董秘) is described as physically demanding, with numerous questions to address from a large audience of investors [11][12]. - The format of text-based Q&A sessions can lead to information being missed, resulting in dissatisfaction among investors who feel their concerns are not adequately addressed [9][12]. - There is a suggestion that companies may prepare standard responses, which could lead to a perception of insincerity or lack of engagement from management [12][13]. Group 4: Market Sentiment and Future Outlook - The article reflects on the early stage of the investment industry in China, with both retail and institutional investors expressing dissatisfaction [15][16]. - Despite the challenges, there is a sense of optimism about the future of the market, with hopes for improved investor relations and market performance [15][16]. - The enthusiasm of retail investors, even in a challenging market environment, is noted as a positive sign for the future of the investment landscape [15][16].