Core Viewpoint - The recent joint issuance of the "Guiding Opinions on Financial Support for Boosting and Expanding Consumption" by six Chinese government departments signals a strong commitment to expanding domestic demand, stimulating consumption, and promoting high-quality development [1][4] Group 1: Policy Measures - The "Opinions" propose 19 key measures across six areas, providing a clear direction for financial support of consumption and a roadmap for consumption upgrades [1] - Specific measures include innovative financing models, extending loan terms, and developing intellectual property pledge financing to address challenges in service consumption [2][3] Group 2: Consumption Trends - China's retail sales of consumer goods reached 41.326 trillion yuan in May 2025, with a year-on-year growth of 6.4%, indicating strong resilience and potential in the consumption market [1] - The focus on improving service consumption, particularly in sectors like cultural tourism, sports entertainment, and education, highlights the importance of these areas for driving consumer spending [2] Group 3: Financial Support Mechanisms - The need for systemic reforms to establish a long-term financial support mechanism for consumption is emphasized, aiming to enhance residents' consumption capacity and willingness [1][3] - The integration of data credit, consumer finance, and supply chain finance is proposed to improve financial understanding of emerging consumption industries [3] Group 4: Implementation and Collaboration - The "Opinions" call for a collaborative approach among various departments to ensure effective implementation, including data sharing and resource integration [3] - Establishing a classification assessment mechanism and incentive system for financial institutions is suggested to enhance their role in supporting consumption [3]

Group 1 - Postal Savings Bank of China (PSBC) has announced a capital increase exceeding 100 billion yuan, marking its first large-scale state injection, with the Ministry of Finance becoming the third-largest shareholder [1] - The raised funds will be used entirely to supplement core Tier 1 capital, supporting future business development [1] - In the context of the government's plan to issue 500 billion yuan in special bonds to support state-owned commercial banks' capital replenishment, four major banks, including PSBC, collectively announced a fundraising plan of 520 billion yuan [1] Group 2 - The strategic significance of this capital reinforcement is not only for short-term capital supplementation but also for deeper financial supply-side reforms and mitigating debt risks [2] - Research indicates that banks with higher capital adequacy ratios can increase credit growth by 15% to 20% after capital replenishment [2] - The capital increase is expected to enhance the stability of long-term dividends, despite a slight short-term decline in dividend yield [2]

2025年6月11日，招商证券携手大成基金在深圳隆重举办"智启新航，企动未来"上市公司交流会。 搭建交流平台，凝聚生态共识 招商证券总裁朱江涛出席本次会议并在开场致辞中表示，当前经济持续复苏，新质生产力培育加速，AI技术渗透与资本市场改革的深化，都为上市公司的发展带来 了新的机遇与挑战。作为国务院国资委体系内规模最大的证券公司，招商证券紧密围绕上市公司数字化升级与产融结合需求，依托招商局百年积淀与全牌照业务优 势，全面升级"招证企航"综合金融服务，为企业提供贯穿"萌芽、成长、扩张、成熟"全生命周期的金融服务。招商证券希望成为资本市场链接价值、催化创新、共 筑繁荣的"生态枢纽"，打造思想碰撞与资源对接的平台，联合机构投资者、企业家，构建共生共荣的"机构—企业"生态圈，书写服务国家战略、推动高质量发展、 建设金融强国的时代答卷。 大成基金副总经理赵冰、招商证券总裁助理尹虹艳出席本次会议。招商证券宏观首席分析师张静静、华为技术有限公司昇腾产品线资深架构总监马满想、大成基金 基金经理助理童若琰、招商证券投行委董事宋天邦等与会专家深入剖析了全球产业链重构中国经济韧性、AI算力发展对产业的影响，以及并购重组新政下的市场机 ...

Group 1 - The Central Committee and State Council of China issued opinions to improve the modern enterprise system with a focus on enhancing corporate governance, market-oriented operational mechanisms, and promoting innovation and social responsibility over the next five years [1] - By 2035, the modern enterprise system is expected to be more refined, enhancing international competitiveness and laying a solid foundation for building world-class enterprises [1] - The policy is expected to create a synergistic effect with the registration system reform, fostering a value investment logic that emphasizes endogenous growth [1] Group 2 - Central Huijin Company is exploring the improvement of the entrusted management model for state-owned financial capital, aiming to enhance its operational capabilities and promote high-quality development of its controlled and participating institutions [2] - Strengthening operational capabilities is anticipated to enhance strategic coordination in serving the real economy and preventing systemic risks, with asset quality and compliance becoming market focal points [2] - The professionalization of state capital management is expected to reinforce the stability of the financial sector in the market, providing a more sustainable value anchor for investors [2] Group 3 - Inner Mongolia Rural Commercial Bank is set to officially open on May 27, following the merger of various rural credit institutions into a unified local state-owned bank [3] - This merger marks a significant reform in the regional rural credit system, potentially leading to a restructured valuation logic for local banks and providing liquidity premiums for those with clear strategic positioning [3] - The move aligns with financial supply-side reforms, improving the local financial ecosystem and providing stable funding support for rural revitalization strategies [3] Group 4 - Ant Wealth has changed its name to Ant Wealth (Shanghai) Technology Co., Ltd., reflecting a strategic shift from financial services to technology [4] - The change in business scope indicates a focus on technology services, aligning with regulatory trends that separate financial and technological operations [4] - This transformation may lead to innovative business models in the fintech sector, enhancing collaboration between technology solution providers and licensed financial institutions [4] Group 5 - The offshore RMB has surpassed the 7.17 mark against the US dollar, reaching a six-month high, indicating strengthened market expectations for domestic economic recovery [5][6] - The appreciation of RMB assets is likely to attract foreign investment towards core assets, prompting listed companies to enhance their capabilities in managing exchange rate fluctuations [6] - Long-term, the deepening of the market-oriented exchange rate formation mechanism is expected to support a more mature risk pricing system in the capital market, providing a stable monetary environment for value investment [6]

Core Insights - The 2025 Tsinghua PBCSF Global Finance Forum was held in Shenzhen, focusing on building an open and inclusive economic and financial system [1] - The forum featured discussions on China's economic outlook and the release of the "China Financial Policy Report 2025" [1] Financial System and Reform - The financial system in China needs to accelerate reform to enhance resilience amid internal and external pressures, emphasizing a path of financial development with Chinese characteristics [8] - Key areas for financial reform include optimizing capital market resource allocation, improving the central bank system, strengthening financial stability, enhancing service quality, and promoting high-level financial openness [15] Impact of Tariffs and Market Resilience - Tariff impacts have caused significant short-term volatility in China's capital markets, but the resilience of these markets is increasing compared to other economies [15] Cross-Border Payment Development - There is a need to accelerate the development of cross-border payment and clearing for the Renminbi, especially in light of increasing competition from the US dollar [15] Role of Local Finance - Local finance is crucial for implementing national financial strategies and policies, acting as an important support for regional economic cycles [15] Service Sector and Consumption - The service sector is identified as a key area for expanding domestic demand, with current service consumption accounting for nearly half of household spending [17] Focus Areas for Service Sector Opening - Recommendations include focusing on opening up the healthcare, education, and telecommunications sectors, as well as expanding data flow and government procurement [23] Financial Technology Development - Financial technology is evolving through various stages, with China achieving significant advancements in mobile payments and digital currencies [23] - The transition towards a more integrated and shared financial technology ecosystem is seen as a global goal [23] Support for Technological Innovation - Financial support should be precise throughout the entire lifecycle of technological innovation, with an emphasis on evaluating the value of technology products [23]

免责 声 明 本内容最终解释权归申万宏源证券有限公司所有。 作为西安经开区产业金融主力军，经开金控近年来聚焦区内现代产业体系建设，打 造金融股权投资、基金投资、资产管理以及金融创新四大核心板块业务，已逐步建成覆 盖多层次资本市场的综合金融服务平台。本期债券募集资金拟通过委托贷款、融资租赁 及商业保理等形式全部用于支持中小微企业发展。经开金控通过发行债券为西安市当地 的中小微企业提供流动性支持，有助于缓解西安市域内中小微企业的融资困难，帮助中 小微企业稳定生产经营，是推动西安市中小微企业发展壮大，维护经济社会稳定的有力 举措。 本次债券采用信用发行方式，刷新同期省内开发区同评级、同期限、无担保最低融 资成本纪录。我司作为主承销商，助力发行人持续深化金融供给侧改革，不断丰富产品 服务矩阵，提升专业化服务质效，为推动区域经济转型升级、实现产业能级跃升贡献力 量，彰显央企责任担当。 2025年4月30日，西安经开金融控股有限公司在上海证券交易所成功发行2025年 面向专业投资者非公开发行中小微企业支持债券（第一期）。本次债券发行规模4.5亿 元，期限3+2年，以2.90%的票面利率实现全场3.02倍认购。本期债券由我 ...

券商中国记者统计，从员工分布来看，各大外资投行的业务侧重点不同，欧美国际投行更为重视投行业务，虽 受A股IPO、再融资政策调整，投资银行净收入大幅减少，但该条线减员情况并不明显。而个别侧重经纪业务 的外资券商，比如野村东方国际证券受影响较为明显，2024年经纪业务条线的员工减少了41%。 值得注意的是，这无关外资对中国市场战略布局的变化，而是受行业周期和短期政策影响，去年9·24一揽子政 策出台之后，A股市场活跃度大幅提升，外资机构纷纷重估中国市场并加大配置力度。目前，瑞银集团正在推 进对瑞银证券实现100%持股，摩根大通中国则在4月底重启人才招聘寻求扩张。 外资券商2 0 2 4年减员1 0% 我国金融业对外开放进一步深化，A股市场活跃度和风险偏好提升，多家国际投行在中国设立的全资或合 资券商2024年盈利能力提升，不过受市场环境波动和业务侧重点调整的影响，员工人数有所减少，平均较 2023年末减少了10%。 近日，市场传闻野村东方国际证券有意调整在中国的业务布局，收缩最初的财富管理业务，转而扩展经纪及资 产管理业务，不过目前尚未得到官方证实。 据券商中国记者不完全统计，2024年我国外资券商（包括外资控股 ...

Investment Rating - The report maintains a "Positive" investment rating for the non-bank financial sector [8] Core Insights - The report highlights that due to a decline in global asset risk appetite, the overall valuation of the sector has adjusted, leading to a significant improvement in the cost-effectiveness of investments. The strong performance of brokerage firms in the first quarter further enhances their investment value. The recent "comprehensive financial policy to stabilize the market and expectations" introduced by the State Council is expected to support the performance and valuation of the non-bank financial industry, suggesting an active allocation in May [2][5] Summary by Sections Market Performance - The non-bank financial index increased by 1.7% this week, with a year-to-date decline of 8.0%, ranking 30 out of 31 sectors. The overall performance of the non-bank sector remains weak [6][19] Key Industry News - The State Council's press conference discussed a "comprehensive financial policy to stabilize the market and expectations," with the central bank and regulatory bodies announcing various supportive measures [7][59] - The central bank and the CSRC jointly released announcements to support the issuance of technology innovation bonds [7][60] - The CSRC issued an action plan to promote the high-quality development of public funds [7][64] Brokerage Performance - The average daily trading volume in the two markets reached 13,534.26 billion yuan, up 22.69% week-on-week, indicating a recovery in market activity [40] - The margin financing balance increased to 1.81 trillion yuan, reflecting a 0.36% week-on-week rise [47] Investment Business - The equity market showed signs of recovery, with the CSI 300 index rising by 2.00% and the ChiNext index by 3.27% [44] - The report notes that the proportion of equity investments in brokerage firms is approximately 10%-30%, while bond investments account for 70%-90% [44] Financing Activities - In April, equity financing decreased to 23.575 billion yuan, down 58.5% month-on-month, while bond financing totaled 784 billion yuan, down 9.8% [50][51] - The report anticipates an increase in stock underwriting scale due to the promotion of refinancing regulations and registration systems [51] Asset Management - The issuance of collective asset management products by brokerages fell to 2.322 billion shares in April, down 8.6% month-on-month [53] - The new fund issuance in April was 58.09 billion shares, down 40.4% from the previous month [53]

Core Insights - The trend of local state-owned capital increasing its stake in regional banks, including city commercial banks and private banks, has become normalized in recent years, leading to a growing number of state-controlled banks [1] - This transformation is driven by a complex interplay of financial supply-side reform, regional economic transition, and risk prevention, indicating a deep restructuring of the regional financial ecosystem [1] - The involvement of local state-owned capital is seen as a necessary choice to alleviate operational pressures faced by regional banks, filling capital gaps and improving governance efficiency through increased share concentration [1] Group 1 - The entry of state-owned capital is not merely a financial investment but a strategic integration of financial resources by local governments, aiming to direct credit resources towards infrastructure and livelihood projects to promote high-quality regional economic development [1] - While share concentration may resolve internal conflicts among shareholders, it can also lead to new governance issues, as state-owned shareholders may exert control through non-capital means, potentially increasing administrative interference in the commercial operations of banks [1][2] Group 2 - There is a risk that administrative goals may overshadow commercial logic, causing some banks to deviate from their original mission of serving local small and medium-sized enterprises, leading to a shift in customer structure from "capillary" to "arterial" dependence [2] - The dual-edged effect of credit endorsement could lead to a situation where the advantages of improved ratings and financing costs may foster blind expansion, resulting in a divergence between the growth of the balance sheet and the improvement of asset quality [2] - The solution lies in establishing a new governance model that combines the resource integration capabilities of state-owned capital with market-oriented innovation, ensuring alignment with local development needs while maintaining sensitivity to market changes [2] Group 3 - The current trend of local state-owned capital control is essentially a pressure test for financial governance capabilities, aiming to cultivate new financial institutions that possess both public attributes and commercial vitality, rather than merely creating more "policy banks" [2][3] - Future focus will be on establishing institutional barriers between control rights and operational rights, and achieving a dynamic balance between policy guidance and commercial sustainability, which will impact the fate of regional banks and the diversity of China's financial ecosystem [2]

Core Viewpoint - The "Private Economy Promotion Law" will take effect on May 20, 2025, focusing on enhancing investment and financing for private enterprises, which are crucial for high-quality development [1] Group 1: Investment and Financing Promotion - The law emphasizes the importance of optimizing credit supply policies and enhancing the risk-sharing function of financing guarantees to support private enterprises [1] - Financial regulatory authorities will implement differentiated regulatory policies for small and micro enterprises, including a risk capital weight discount of 15% to 25% for loans [2] - The non-performing loan tolerance for inclusive small and micro enterprise loans has been increased to not exceed 3 percentage points above the overall loan non-performing rate [2] Group 2: Credit Supply and Demand - The average annual growth rate of loans to private enterprises has outpaced the overall loan growth rate by 1.1 percentage points over the past five years, with a loan balance of 76.07 trillion yuan as of Q1 2025, reflecting a year-on-year growth of 7.41% [4] - The balance of inclusive small and micro enterprise loans reached 35.3 trillion yuan, growing by 12.5% year-on-year [4] - Financial institutions are encouraged to innovate financing supply mechanisms and optimize credit service processes to reduce financing costs for private enterprises [4] Group 3: Information Sharing and Risk Management - A collaborative information sharing mechanism is being established to facilitate financing for small and micro enterprises, with 12.6 trillion yuan in new loans issued at an average interest rate of 3.66% [5] - Government financing guarantee institutions provided a direct guarantee balance of 1.88 trillion yuan for small and micro enterprises, with a year-on-year growth of 11.5% [6] - Banks are encouraged to utilize big data and AI technologies to enhance risk assessment and streamline loan approval processes [6] Group 4: Targeted Support for Key Industries - The financial regulatory authority is focusing on tailored financial services for key sectors and industries, particularly in high-tech and emerging industries [8] - Initiatives include promoting equity investment in technology innovation enterprises and optimizing policies related to intellectual property financing [8] - The establishment of online platforms for project matching aims to improve the efficiency of funding allocation to suitable projects [9]