Core Viewpoint - The article discusses the current trends and future outlook of the investment banking industry, highlighting key factors influencing market dynamics and potential investment opportunities. Group 1: Industry Trends - The investment banking sector is experiencing a shift due to increased regulatory scrutiny and changing market conditions, which are impacting deal-making activities [2] - There is a growing emphasis on technology integration within investment banks to enhance operational efficiency and client service [3] - The rise of ESG (Environmental, Social, and Governance) criteria is reshaping investment strategies, with more firms focusing on sustainable investments [4] Group 2: Company Insights - Major investment banks are reporting fluctuations in revenue, with some experiencing a decline of up to 15% year-over-year due to reduced M&A activity [5] - Companies are adapting to the changing landscape by diversifying their service offerings and exploring new markets to maintain competitiveness [7] - The article notes that firms with strong digital capabilities are likely to outperform their peers in the current environment [3]

申万宏源证券 swennamencyclesscoper m 0 n 版 ? 瓶 D 版 夏 .. 7 维 Q D D n K 10000000 1.50 0 O 0 D O 2025年端午节休市安排 星期 星期五 星期六 星期日 星期 5月30日 5月31日 6月2日 6月1日 6月3日 休市 开市 开市 《休市 体事 O 关闭 开通 关闭 开通 II 河 Q 注:2025年端午节期间,A股5月31日(星期六)至6月2日(星期一)休市,6月3日(星期二)起照 常开市;港股通5月31日(星期六)至6月2日(星期一)不提供港股通服务,6月3日(星期二) 起照常开通港股通服务。 拒绝持印过节 让闲线动起来 国债逆回购) :::: 国债逆回购简介 ::: 国债逆回购,本质上是一种短期贷款。个人将自己的资金借出 去,获得固定的利息收益。而作为回购方,也就是借款人用自己的 国债作为抵押获得这笔借款,到期后还本付息。一般认为国债逆回 购的安全性等同于国债。每逢季末、年末、长假前夕，国债逆回购 利率往往会出现较明显提升，安全性和收益性两不误，参与门槛只 需1000元, 是证券账户闲钱理财的好选择之一。投资者可以关注收 益率 ...

以下文章来源于申万宏源固收研究 ，作者黄伟平 申万宏源固收研究 . 申万宏源证券研究所债券研究部 【申万宏源固收】黄伟平 栾强 王哲一 杨雪芳 张晋源 张杰 徐亚 摘要 本文主要总结投资者当下最为关心的话题（包括宏观利率、信用及转债等方面），以及我们对该类话题的思考。 关税预期反复，如何把握债市的核心矛盾？ ○ 债券利率与内需正相关、与外需负相关。尽管关税超预期，债市的核心矛盾仍是内需主线，但这也并非说明外需的变化对债市不重要。 降准降息+降低存款利率，流动性及债市会不会利多出尽？ ○ 资金的体验感(逐步向好)：5月>4月>3月>2月 。与Q1"看债做资金"不同，4月以来更多进入"看资金做债"的阶段。 ○ 资金利率波动区间：1.4%-1.60%，负Carry逐步成为过去式。 ○ 从资金、存单看长端利率：10年国债下行需要存单利率下行来推动。当下处于信用偏强、利率偏弱的阶段，长端利率的下行需要一定契机（在央行 恢复国债买入前均可能处于做多左侧）。 ○ 5月存款利率下降金融脱媒将有可能触发理财加大配置信用债力度，阶段性将出现信用偏强、利率偏弱的局面，信用抢筹情况可能持续。 当前什么信用策略和品种表现占优？ ○ 3 ...

作为金融市场深刻变革的见证者和参与者，我们深知， 研究服务的价值不仅在于洞察趋势，更 在于搭建认知跃迁的阶梯。 优秀的研究应该如同一盏明灯，照亮前行的道路，帮助从业者们从 纷繁复杂的市场变化中捕捉到那些关键的信号，为行业转型提供坚实的方向指引。 华宝证券出品的2025中国金融产品年度报告《生态跃迁》，已经正式发布了。这是我们 连续第 十四年 发布这个报告。 图：2025中国金融产品年度报告封面 每当这份沉甸甸的报告最终成稿，我们的心中总会涌起一种满满的收获感。这不仅是对过去一 年辛勤耕耘的总结，更是对未来探索的期待。十四年的坚守与沉淀，见证了市场的风云变幻， 也见证了我们在专业道路上的稳步前行。 去年的金融产品年度报告中，我们首次提出 财富与资管行业迈向服务化 的转型方向。令人欣慰 的是，这一理念在业内引发了广泛共鸣。回首2024年，我们也清晰地看到，整个行业在这条转 型之路上已然迈出了坚实的步伐，不断探索前行。 然而，迈向服务化的进程并非单个机构的孤立行动，而是需要整个行业的协同共进，需要财富 生态的重构与升级。这是一场全方位、深层次的蜕变，我们将其称之为生态跃迁—— 这就是今 年我们报告的主题。 | 八、 ...

Core Viewpoint - The probability of ordinary people achieving "instant wealth" through lottery has significantly decreased, with a notable decline in lottery sales in late 2024, marking the first substantial drop in five years [1][4]. Group 1: Lottery Sales Trends - In 2024, the national lottery sales reached 568.9 billion yuan, but there was a decline in sales from October to December, with December's sales at 41.2 billion yuan, down 8.3% year-on-year [1]. - A lottery sales point in Beijing reported a drop in daily sales from an average of 1,200 yuan in 2019 to less than 800 yuan currently, indicating a shift in customer demographics [4]. Group 2: Changing Attitudes Towards Lottery - Many individuals have come to realize that the probability of winning a lottery jackpot is extremely low, exemplified by the 1 in 17.72 million odds of winning the first prize in the Double Color Ball lottery [6]. - Some players, after spending significant amounts on lottery tickets without winning, are opting to invest their money in more reliable financial instruments, such as stocks or government bonds, which they perceive as more trustworthy [9]. - The enthusiasm for lottery among young people is declining, as they prefer to invest in personal development or entrepreneurship rather than gambling on lottery tickets [11]. Group 3: Psychological Factors - The media often promotes stories of lottery winners, which can create unrealistic expectations among new players, leading to disappointment when they do not win [13]. - Players who approach lottery participation with a mindset of guaranteed success are likely to face greater disappointment and may eventually withdraw from playing [15].

作 者丨张欣 边万莉 实习生余姿桦 编 辑丨杨希 曾几何时，香奈儿的菱格纹、LV的老花图案是都市女性的精神图腾，那句戏谑的"包治百病"，曾道尽奢侈品作为情感 载体与身份符号的双重魔力。 然而2024年的消费市场，却见证了这场信仰的崩塌： 当香奈儿销售额同比下滑4.3%、LV母公司LVMH利润14年来首 现下跌，曾经无往不利的奢侈品神话，正在寒潮中褪去光环。 在奢侈品 "涨涨涨" 的惯性叙事中，"买包等于理财" 一度成为一种另类投资逻辑。但当寒潮来袭或许我们才发现，奢侈 品的金融属性本质是营销幻象，而理财与硬通货的确定性，正让消费者回归理性 —— 买包能否增值或许不再重要，重 要的是如何在不确定的周期中守住资产安全线。 奢侈品行业寒潮来袭 头部公司业绩大跳水 5月16日，世界三大奢侈品集团之一的Richemont（历峰集团）发布 2025财年报告（2024年4月至2025年3月），营业 收入同比增长4%至 214亿欧元，但营业利润同比下滑1%至37.6亿欧元。中国所在的亚太市场成为业绩重灾区，营收同 比下降13%，其中中国市场跌幅达23%，核心品牌卡地亚业绩承压被指为亚太业务疲软主因。 奢侈品"三巨头"中的另外 ...

排名行业前十的头部公募招商基金，如今正陷入规模与效益背离、治理与业务双动荡的发 展困局。2025年5月，兼具公募与理财子公司管理经验的钟文岳"临危受命"，出任总经理 一职，这位深耕招商系多年的老将能否凭借跨板块运营经验，为这家老牌基金公司点燃破 局之火？ 招商基金净利润连降，新老总接棒能否破解困局？ 吴楠 近日， 招商基金 的一纸 人事 变更公告，为今年以来愈发密集的基金公司总经理变动潮再添新 例。 2025年5月19日，招商基金正式官宣高层变动：原总经理徐勇因任期届满离任，由招银理财总裁钟 文岳接棒。 这场新旧掌舵者的交接背后，折射出这家头部公募 在行业转型中面临的深层困境。 过去五年间，招商基金已历经了三次总经理更迭，变动频率远超同业平均水平。伴随人事震荡的， 还有非货币基金规模持续缩水、净利润连续两年下滑、投研团队动荡加剧等一系列经营挑战，更关 键的，是公司权益投资业务的日渐式微。 数据显示，截至2025年一季度末，公司非货基规模较三年前减少400多亿元，行业排名从第五滑落 至第九；净利润更是在2023年、2024年分别录得3.3%和5.9%的同比降幅，在头部公募中显得格外 刺眼。 作为招商系资深老将， ...

Group 1 - The eighth batch of personal pension financial products was released on May 27, increasing the total number of such products to 35 [1] - Two new products were added by Bank of China Wealth Management: "Bank of China Wealth Management 'Fu' Fixed Income Enhanced 368-Day Holding Period Product" and "Bank of China Wealth Management 'Ji' Fixed Income Gain 3-Year Holding Period Product," both of which are daily open fixed-income products with risk levels of 2 (medium-low) and 3 (medium) respectively [1] - The performance benchmark for the former product is set between 1.95% and 3.70% (annualized), while the latter's benchmark is based on a combination of the Bank of China RMB demand deposit rate, the CSI 300 index return, and the China Bond Composite Wealth Index (1-3 years) [1] Group 2 - As of March 31, 2025, the average annualized return of 14 existing personal pension financial products using enhanced strategies is estimated to be approximately 3.27%, indicating strong performance in terms of positive returns and stability [1] - The implementation plan for high-quality development of pension finance, issued in March, supports qualified commercial banks, insurance institutions, wealth management companies, and trust companies in providing enterprise annuity and occupational annuity fund management services [2] - This initiative is expected to enhance the pension management business of wealth management companies and raise the standards for their investment research capabilities and product operation management [2]

每经记者｜黄小聪 每经编辑｜彭水萍 今日，华夏均衡养老目标三年持有混合发起式（FOF）公告，由于基金触发合同终止情形，自2025年5月27日起，该基 金进入财产清算程序。 这也是本月第二只清盘的养老目标基金，5月中旬时，国投瑞银积极养老目标五年持有期混合在运作3年之后，也因规 模不满足要求而清盘。 2、又有养老目标基金变更基金经理 此外，中国理财网在今日发布第八批个人养老金理财产品名单，记者注意到，个人养老金理财产品数量增至35只，相 比此前的33只，又增加了2只。 1、又一只养老目标基金清盘 今日，华夏基金公告称，华夏均衡养老目标三年持有混合发起式（FOF），截至2025年5月26日日终，基金资产净值低 于2亿元，触发基金合同终止情形，基金合同自动终止。自2025年5月27日起，该基金进入财产清算程序。 资料显示，该基金成立于2022年5月24日，采用发起式的方式成立，成立时的规模约1339万元，其中基金公司自购1000 万元。 截至今年一季度末，该基金资产净值约为1294万元，相当于运作了近3年时间，整体规模没有太大变化，而截至2025年 5月23日，该基金的净值为0.9341元，成立以来亏超6%。 近日 ...

Core Viewpoint - The traditional savings model is undergoing a transformation due to low interest rates, prompting investors to seek new wealth growth opportunities through digital platforms and high-yield financial products offered by banks [1][2]. Group 1: Changes in Savings and Investment Behavior - Investors are increasingly turning to high-yield financial products, with some offering annualized returns exceeding 6%, leading to a phenomenon where investors "wait for quotas" to purchase these products [2][3]. - The reduction in deposit interest rates, with major banks lowering one-year fixed deposit rates below 1% to 0.95% and savings rates to 0.05%, has significantly decreased the attractiveness of traditional savings [2][3]. Group 2: Rise of High-Yield Financial Products - Financial institutions are launching short-term high-yield products, such as those from Ping An Wealth Management, which achieved an annualized return of 6.12% over three months, attracting substantial capital from traditional savings [3]. - The market for financial products is expanding rapidly, with a reported 506 new financial products issued in one week, reflecting a growing investor enthusiasm for high-yield options [3][6]. Group 3: Emergence of New Investment Strategies - Social platforms are becoming key venues for investors to share and develop new investment strategies, with individuals employing detailed tracking methods to optimize their returns [4][5]. - The trend of diversifying investments is gaining traction among younger investors, with many opting for a mix of money market funds, bond funds, and gold funds, thereby reducing risk and increasing options [5]. Group 4: Market Expansion and Future Outlook - The total scale of bank wealth management products reached 31.28 trillion yuan, with expectations for continued growth as deposit rates decline further [6]. - Financial institutions are actively promoting new product issuances and optimizing product structures to attract more investors, although there are concerns about the sustainability of high yields in the future [6].