5月27日晚间，指南针公告称，公司近日收到董事长顿衡的书面辞职报告，顿衡因个人原因辞去公司董事 长、董事、董事会战略与ESG委员会主任及委员、董事会提名与薪酬委员会委员职务。顿衡未持有指南针 股份。顿衡原定任期至2028年4月，其在今年4月26日刚连任为董事长。 2022年，指南针收购网信证券，后又改名为麦高证券。指南针目前拟定增募资约30亿元，全部增资麦高证券。 据悉，麦高证券将依托指南针深厚的技术背景和强大的软件技术优势进一步拓展互联网券商业务、资产管理业 务、综合财富管理业务等，充分发挥业务协同效应并持续提升经营能力。 今年3月18日晚间，指南针公告称，公司与大连亚联签署股权转让协议，拟以1.61亿元收购其持有的先锋基金 33.3074%股权。随后几天，指南针再发公告称，上述交易已完成，公司持有先锋基金95.0100%股权。 打造小东财 指南针在拿到麦高证券的牌照，以及控股先锋基金后，一度被市场解读为希望成为小东财。由此，指南针也从 单一的金融信息服务商转变为了"金融信息服务商+互联网券商"，既提供炒股软件也从事券商经纪等投资业 务。 2025年5月14日，指南针披露定增募集说明书修订稿。公告显示，公司 ...

Group 1 - The article highlights that ETFs (Exchange-Traded Funds) are becoming a key driver for brokerage firms' wealth management transformation and business innovation [1] - As of the end of April, the Shanghai Stock Exchange had 846 fund products with a total asset management scale of 3.1 trillion yuan, while the Shenzhen Stock Exchange had 756 fund products with a total asset management scale of 1.13 trillion yuan [2] - The total number of ETF products in the market reached 1,181 as of May 27, showing a year-on-year growth of 23.28%, with total shares of 2.75 trillion, up 28.85% year-on-year [5] Group 2 - Leading brokerages are leveraging their comprehensive strength and rich business experience to rank high in ETF trading volume, with Huatai Securities, China Galaxy, and CITIC Securities leading the Shanghai market in April [2] - The brokerage with the highest market share in ETF holdings as of the end of April was China Galaxy, with a market share of 24.57%, followed by Shenwan Hongyuan Securities at 17.87% [3] - Huatai Securities led the market in the number of ETF trading accounts, holding an 11.8% market share as of the end of April [4] Group 3 - The rapid expansion of the ETF market is expected to drive growth in brokerage retail business and create favorable conditions for expanding institutional services and market-making activities [5] - Brokerages are actively increasing their presence in the ETF market, with firms like China Merchants Securities focusing on expanding quality product offerings and creating an ETF ecosystem [5]

投资者关系活动 类别 □ 特定对象调研 □ 分析师会议 □ 媒体采访 ☑业绩说明会 □ 新闻发布会 □ 路演活动 □ 现场参观 □ 其他 参与单位名称及 人员姓名 投资者网上提问 时间 2025 年 5 月 27 日（周二)下午 15:00-16:30 地点 公司通过全景网"投资者关系互动平台"（https://ir.p5w.net） 采用网络远程的方式参与吉林辖区上市公司投资者网上集体接 待日活动 上市公司 接待人员姓名 副总裁、财务总监王天文先生，董事会秘书董曼女士。 投资者关系活动 主要内容介绍 1.你好，请问亚泰集团转让股权事宜进展情况？ 答:尊敬的投资者您好！本次股权转让正在推进过程中，未 来尚需按照相关法律法规的规定履行审议程序，并经国有资产管 理有权机构及证券监管有权机构批准，公司将持续关注该事项的 进展情况，并按相关规定及时履行信息披露义务。感谢您对公司 的关注，祝您投资愉快！ 2.公司股价连续多年长期处于净资产之下，且上年以来累计 分红每股仅 1 元左右。如何提升投资者对公司经营的认可，近期 有何市值管理举措？ 答:尊敬的投资者您好！影响公司股价波动的因素有很多， 1 包括宏观经济环境、公司 ...

Group 1 - The main focus is on the significant military escalation in Ukraine, with Russia launching a record 367 drones and missiles in a single day, resulting in at least 12 deaths and numerous injuries [2] - Ukrainian President Zelensky has called for U.S. intervention, while U.S. officials have condemned Russia's actions and suggested potential additional sanctions [2] - The European Union is urging the U.S. to approach trade negotiations with respect, emphasizing a commitment to mutually beneficial agreements [2] Group 2 - The silver market is experiencing fluctuations, with the main contract reported at 8231 yuan per gram, a decrease of 0.47%, and trading within a range of 8200 to 8314 yuan per gram [1] - The outlook for silver is influenced by U.S.-China trade negotiations, which are expected to boost industrial manufacturing and improve demand in the photovoltaic and new energy sectors [3] - However, concerns about the U.S. economic downturn and high inventory levels may negatively impact industrial and investment demand for silver [3]

Core Viewpoint - Japan's Finance Minister, Kato Katsunobu, has not yet understood any details regarding SoftBank CEO's proposal to establish a joint Japan-U.S. sovereign wealth fund [1] Group 1 - The Japanese government is currently unaware of the specifics related to the proposed sovereign wealth fund by SoftBank [1]

点击上图 ▲立即加入 5月25日，市场监管总局发布《网络交易平台收费行为合规指南（征求意见稿）》。《指南》共28条，主要包括明确平台收费要遵循的原则、倡 导降低平台内经营者负担、强化平台合规自律、规范平台收费行为、加强监督与实施5个方面内容。其中，《指南》明确了重复收费、只收费不 服务、转嫁应由平台自身承担的费用等8种不合理收费行为。 对于《指南》起草的考虑，市场监管总局表示，在平台经济健康发展的过程中，平台的商户反映平台存在收费名目繁多、计算方法复杂、平台收 费不透明等问题。许多平台企业在发展过程中逐渐健全合规管理机制，但在收费行为方面，其内部合规管理制度还不够完善，导致平台企业收费 风险防控不足。（综合澎湃新闻） ｜点评｜ 平台经济发展，不仅颠覆了传统商业模式，通过大数据提高了资源配置效率，而且打造出多方主体共同参与的生态，拓宽了市场的边 界，也吸纳大量劳动力。作为中介服务提供方，平台收取费用的行为本身具有合理性。但也要注意到，费用和流量分配规则不透明、平台内低 价竞争都挤压了中小商家的生存空间，进一步传导，还可能损害保护消费者权益。此外，多方参与以及算法等技术介入，同样增加了平台收费 的复杂性和隐蔽性。 ...

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。 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。 未来， 我们将继续以买方视角为锚点 ，让研究成果如毛细血管般渗透到我们每个服务的触点 ——因为真正的跃迁，从来不是孤立的质 ...

Group 1 - The Chinese supply chain is undergoing a reshaping and restructuring process as companies expand overseas, requiring them to develop new capabilities and organizational structures [2] - 52TOYS is struggling to replicate the high-profit model of Pop Mart, indicating challenges in the toy industry [3] - The perception of Chinese electric vehicles as "cheap" by Western media highlights the need for better positioning in international markets [4] Group 2 - The Chinese government aims to enhance the modern enterprise system by 2035, focusing on improving international competitiveness and governance structures [5] - Meituan's new business segment reported a revenue increase of 19.2% to RMB 22.2 billion, with operating losses narrowing by 17.5% to RMB 2.3 billion [6] - The surge in shipping demand due to reduced tariffs between China and the U.S. has led to a significant increase in freight rates, with prices rising over 40% [7] Group 3 - SoftBank's Masayoshi Son proposed the establishment of a U.S.-Japan sovereign wealth fund for large-scale investments in technology and infrastructure, potentially requiring around $300 billion in initial capital [8] - Tesla's CEO Elon Musk has returned to a full-time work schedule, focusing on key projects, while a former Tesla executive criticized the suitability of the Optimus robot for factory work [8] - The establishment of a new round of financing for ZhiYuan Robotics, backed by JD.com and other investors, indicates growing interest in robotics technology [9] Group 4 - GAC Group launched its "Brazil Action" strategy, introducing five new car models in Brazil, aiming to strengthen its market presence [9] - Four Chinese companies are interested in investing in electric vehicle manufacturing in Indonesia, reflecting the growing global interest in EV production [9]

文︱陆弃 近期，软银集团CEO孙正义提出了设立美日联合主权财富基金的构想，消息一经披露，便引起了广泛 关注。根据《金融时报》的报道，三位知情人士透露，孙正义的这一提议旨在通过大规模投资美国科技 与基础设施领域，推动美日两国经济的深度合作。消息指出，这一计划已被美国和日本两国的最高政治 层级讨论过，并有可能成为其他国家政府与美国深化投资合作的模范。 美日联合主权财富基金的设想，无论从规模、结构还是潜在影响来看，都充满了震撼效应。根据初步的 设想框架，美国财政部与日本财务省将共同拥有和运营该基金，双方各自持有重大股权，并计划将其对 外开放，吸引其他有限合伙投资者参与。更为引人注目的是，该基金的初始资本预计将达到3000亿美 元，未来还将通过高杠杆运作进行扩展，资金规模庞大，且投资目标明确，聚焦于科技与基础设施两大 关键领域。 这一提议的背后，孫正義和软银显然看中了美日两国的战略合作潜力，尤其是在全球科技竞争日益激烈 的背景下，如何通过金融手段推动两国在高技术领域的投资合作，成为了一个备受瞩目的话题。而这种 合作模式，若顺利推进，也有可能为其他国家和地区提供一种新的合作范式，重新定义全球资本流动与 跨国投资的模式。 ...

Core Viewpoint - The global capital markets are experiencing significant shifts in interest rates, with various central banks adopting different monetary policies, leading to a complex environment for high-net-worth families and their asset allocation strategies [3]. Group 1: Interest Rate Changes by Country - China has initiated a new round of interest rate cuts, lowering the one-year Loan Prime Rate (LPR) by 10 basis points to 3.0% and the five-year LPR by 10 basis points to 3.5%, marking the first reduction since October 2024 [4]. - The U.S. Federal Reserve has maintained its federal funds rate target range at 4.25% to 4.5%, prioritizing inflation control despite some easing in inflation rates [5]. - The Bank of England has cut its benchmark rate by 25 basis points to 4.25%, the first reduction since 2023, amidst internal disagreements on the extent of the cut [7]. - Australia has also reduced its cash rate by 25 basis points to 3.85%, the lowest since May 2023, in response to slowing economic growth and inflation returning to target [8]. Group 2: Implications for Family Offices - The divergence in global interest rates poses dual challenges of currency fluctuations and interest rate differentials for family asset allocation strategies [9]. - Traditional asset allocation frameworks, heavily reliant on a stable interest rate environment, are being reassessed as families consider the impact of rapidly declining rates on cash flow predictions and investment returns [10]. - There is a growing interest in alternative assets such as gold, strategic resource funds, and sovereign digital currencies as families seek to hedge against inflation and geopolitical risks [11]. Group 3: Future Considerations for Wealth Management - Family offices are shifting their focus from maximizing returns to ensuring structural stability and resilience across economic cycles, prompting a reevaluation of their asset structures [12]. - The need for a robust "asset immune system" is emphasized, as families aim to navigate the complexities of fluctuating interest rates and geopolitical tensions [13].