Core Viewpoint - The article discusses the ongoing illegal activities of cross-border internet broker Tiger Securities in developing new clients in mainland China, despite regulatory actions against such practices [1][3]. Group 1: Company Actions - Tiger Securities is reportedly still developing new clients in mainland China, despite being previously identified as operating illegally by the China Securities Regulatory Commission (CSRC) [1][3]. - The company claims that it is only servicing existing clients who had accounts opened before May 19, 2023, and denies the allegations of illegal activities [1][2]. - Tiger Securities' founder, Wu Tianhua, responded to allegations by stating that the onboarding process is not solely the responsibility of marketing personnel, suggesting that any violations may be company-wide practices [2]. Group 2: Regulatory Environment - The CSRC has mandated that both Tiger Securities and Futu Holdings cease illegal business activities, specifically prohibiting the solicitation of new clients and the opening of new accounts for mainland investors [3][4]. - The CSRC's stance has been consistent since 2021, emphasizing that cross-border securities operations by foreign firms targeting mainland investors violate Chinese laws [3][4]. - Futu Holdings has already stopped allowing account openings for mainland users, only permitting those who can provide proof of living or working abroad [2]. Group 3: Market Implications - The ongoing scrutiny and regulatory actions against Tiger Securities and Futu Holdings highlight the challenges faced by foreign brokers in the Chinese market, particularly regarding compliance with local laws [3][4]. - The situation reflects a broader regulatory effort to manage and mitigate risks associated with illegal cross-border securities activities [4].

6月6日，隆基绿能发布公告称，股东之一HHLR管理有限公司（下文简称：HHLR）拟自公告披露的15 个交易日后的3个月内，通过集中竞价的方式减持其所持有的不超过37，890，248股，不超过公司总股 本的0.5%。公开信息显示，HHLR是高瓴资本旗下专注二级市场的投资基金。若按照最新收盘价简单推 算，高瓴此番减持或将套现5.49亿元，交易完成后HHLR将不再是持股5%以上的股东。 综合而言，高瓴资本投资隆基绿能，这笔交易的初始投资成本和购回成本合计171.20亿元，分红收益和 两轮减持套现共37.97亿元，叠加最新减持后持仓市值54.82亿元，总计也不过92.79亿元，浮亏78.41亿 元。受光伏行业产能过剩和"价格战"影响，隆基绿能业绩近年来持续低迷，2024年营收下降近四成、归 母净亏损达86.18亿元，股价更是一路下探至12.63元/股，较最高点蒸发近80%。 责任编辑：公司观察 高瓴资本与隆基绿能的关系最早可追溯回2020年末。彼时，高瓴通过协议转让方式从原股东李春安手中 接过了2.26亿股股份，约占公司总股本的6.0%，每股对价为70元，投资总成本高达158.41亿元。2021- 2022年，隆基绿 ...

《清华金融评论》观察 为加快补齐乡村地区新能源汽车消费使用短板，构建绿色低碳、智能安全的乡村居民出行体系，工业和信息化部、国家发展改革 委、农业农村部、商务部、国家能源局组织开展2025年新能源汽车下乡活动。推动车网互动技术在乡村地区应用，提升乡村绿色 发展水平。活动还将选取一批新能源汽车推广比例不高、市场潜力较大的典型县域城市，举行若干场专场活动，并以此为中心辐 射周边乡镇；鼓励各类新能源汽车生产、销售、金融、充换电及售后服务等领域经营主体共同参与，定制"购车优惠+用能支持+服 务保障"一体化促销方案，健全覆盖购车、用车、养车全周期售后服务网络。（观察员/周茗一） Financial Weekly 每周金融评论 目录 CONTENTS 热点聚焦 FOCUS ◎ 国家发展改革委、商务部等部门开展2025年新能源汽车下乡活动 MEETINGS ◎ 欧洲央行施纳贝尔:当前是提升欧元地位的恰当时机 重大政策 POLICIES ◎ 国务院国资委印发《中央企业发展规划管理办法》 重大事件s ◎ 我国公募基金管理总规模首次突破33万亿元,2024年初以来 第七次刷新历史 ◎ 中央汇金旗下券商已达8家，有望推动证券行业新一 ...

【编者按】为积极落实证监会"全国防范非法证券期货基金宣传月"相关工作要求，协会与中国证券报联合 制作发布短视频宣传私募基金管理人登记和私募基金备案信息公示页面、从业人员资格注册信息公示页面 和私募基金信息披露备份系统，引导投资者学习查询机构、人员资质和信息披露的渠道，提示投资者强化 风险防范意识和自我保护能力。 来源：中国证券投资基金业协会 持有人首次认证有礼啦！只要在2025年5月30日前买入中泰资管产品并持有至今的新朋友，长按识别 下方二维码前往认证，即可获得 影音会员 月卡一份 本材料不构成投资建议，观点具有时效性。本公司承诺以诚实信用、勤勉尽责的原则管理和运用基金资产，但不 保证基金一定盈利，也不保证最低收益。投资有风险，基金过往业绩不代表其未来表现。基金管理人管理的基金 的业绩不构成对其他基金业绩表现的保证。投资者投资基金时应认真阅读基金的基金合同、招募说明书、基金产 品资料概要等法律文件。基金管理人提醒投资者基金投资的"买者自负"原则，请投资者根据自身的风险承受能力 选择适合自己的基金产品。基金有风险，投资须谨慎。 ...

每经记者｜肖芮冬 每经编辑｜赵云 6 月 9 日，市场全天震荡走高，创业板指领涨。截至收盘，沪指涨 0.43% ，深成指涨 0.65% ，创业板指涨 1.07% 。 板块方面，创新药、足球概念、稀土永磁、可控核聚变等板块涨幅居前，贵金属等少数板块下跌。 全市场超 4100 只个股上涨。沪深两市全天成交额 1.29 万亿元，较上个交易日放量 1344 亿。 在上周五短暂整理后，今天A股继续小幅放量上攻。 沪指日线已经五连涨，盘中一度站上3400点关口，为5月15日以来首次。 然而，即便创新药板块再掀涨停潮，带动医药股全天走强，主要股指却在临近上午收盘时出现回落震 荡； 尾盘最后3分钟，场内仍有资金尝试拉动沪指上攻，却最终收于3399.77。 若把沪指点位视作大盘情绪指标，要稳稳站上3400点，目前还缺了什么？ 创新药，批量涨停 站稳3400点，还差了点什么？ 从日内走势来看，沪指于10:17前后首次站上3400点，后续直到14:56:50附近，即将进入竞价阶段时，才 再度短暂突破，但最后收于3399.77点。 | 14:56:51 | 3400.624 | 1.93亿 | | --- | --- | --- | ...

Core Viewpoint - The "Dongxu System," led by Li Zhaoting, has faced severe penalties for multiple violations, including fraudulent issuance of stocks and bonds, resulting in a total fine exceeding 1.66 billion yuan, marking a record in A-share market regulatory penalties [2][3][5]. Summary by Relevant Sections Regulatory Actions - On June 6, the Hebei Securities Regulatory Bureau issued an administrative penalty decision against Dongxu Group and Li Zhaoting, imposing fines totaling over 1.24 billion yuan for various violations, including fraudulent bond issuance and misleading disclosures [3][5]. - Li Zhaoting and several executives received lifetime bans from the securities market, while Dongxu Group's total penalties reached 1.66 billion yuan [5][6]. Financial Misconduct - From 2015 to 2019, Dongxu Group inflated revenues by 645.85 billion yuan and profits by 207.83 billion yuan, leading to the delisting of Dongxu Optoelectronics and Dongxu Lantian [2][5]. - Dongxu Group's financial misconduct included the misappropriation of funds, with a total of 169.59 billion yuan still occupied by Dongxu Optoelectronics and Dongxu Lantian as of the end of 2023 [5][6]. Impact on Affiliates - Dongxu Group is the largest shareholder of Jinying Fund, holding a 66.2% stake, but the shares are frozen, affecting over 340 million yuan for a duration of four years [2][8]. - Li Zhaoting's lifetime ban raises questions about his continued role at Jinying Fund, where he serves as a director [8][11]. Historical Context - Li Zhaoting, once a prominent figure in the photovoltaic industry, saw his wealth peak at 23.5 billion yuan in 2019 before the financial crisis of Dongxu Group began [6][7]. - The crisis escalated in late 2019 when Dongxu Optoelectronics failed to meet bond payment obligations, leading to a series of financial troubles [7][8]. Current Status - As of June 6, 2023, the only remaining listed company under Dongxu Group is Jialinjie, which has seen a significant drop in net profit from 93.16 million yuan in 2022 to 19.11 million yuan in 2024 [7][8]. - Jinying Fund has faced challenges, with its asset management scale declining and a significant number of its funds underperforming against benchmarks [12][20].

近日，深圳市委金融办发布风险提示，提醒近期发现部分投资者因对跨境投资风险认识不足、参与不合 法交易、陷入跨境投资新骗局造成投资损失，需高度警惕。个人投资境外券商账户风险高。市委金融办 列举相关案例进行风险提示：案例一，有投资者在境外券商开设港股、美股融资融券账户，使用APP进 行境外股票交易时，券商未经投资者同意合并账户、错误迁移股票数据、缺少日结对账单，导致投资者 大额亏损。金融办提示：除合格境内机构投资者(QDII)、"沪港通"、"深港通"等机制外，境内投资者参 与境外证券交易不受境内法律法规保护，可能面临损失。中国国家外汇管理局规定，个人购汇应主要用 于旅游、留学、就医等项目，若个人违规购汇用于境外证券投资，属于违法违规行为，可能面临罚款或 限制购汇等处罚。 ...

Core Viewpoint - Rosen Law Firm is reminding purchasers of Ibotta, Inc. securities about a class action lawsuit related to the company's initial public offering and subsequent performance issues, with a lead plaintiff deadline set for June 16, 2025 [1][5]. Group 1: Class Action Details - Investors who purchased Ibotta securities between April 18, 2024, and February 26, 2025, may be entitled to compensation without any out-of-pocket fees through a contingency fee arrangement [2]. - A class action lawsuit has already been filed, and interested parties can join by contacting Rosen Law Firm [3][6]. - The lawsuit alleges that Ibotta made false or misleading statements regarding its business operations and financial health, particularly concerning its contract with Kroger and revenue generation [5]. Group 2: Rosen Law Firm's Credentials - Rosen Law Firm emphasizes the importance of selecting qualified legal counsel with a successful track record in securities class actions, highlighting its own achievements in this area [4]. - The firm has recovered hundreds of millions of dollars for investors, including over $438 million in 2019 alone, and has been consistently ranked among the top firms for securities class action settlements [4].

小额信贷公司资产证券化融资的可行性分析 摘要 与国外较为成熟的通过发行信贷资产支持证券的融资模式相比，我国资产证券化还处于探索阶段，但随 着证券产品总量的快速增长，从更有效的方式来看，资产对行业的吸引力越来越大，本文对小额信贷公 司提供的融资进行了具体研究，通过证券投资为小额融资公司提供更好的服务。根据小额信贷公司试点 项目的指导意见，小额供资公司的结余不得超过其净资本的50%，也不得用于吸引政府存款，因此，小 额供资公司面临长期的融资问题和资金短缺。对此，对小额信贷公司的证券融资能力进行了简要分析， 并提出了相应的建议，预计会给相关行业带来一些动力。 关键词：小额信贷公司；资产证券化融资；融资模式创新 一、资产证券化融资方式的特点 资产证券化作为一种金融技术，其载体和方法越来越复杂。它们与传统的融资形式（股票、债券、银行 贷款等）有很大的不同。 资产证券化是一种创新的融资模式，介于直接融资方案和间接融资方案之间。而直接融资模式减少了与 融资者的贸易联系，直接面向市场，降低融资成本或在无法获得贷款的情况下获得融资，投资者的风险 更高，而风险的评估和管理主要取决于借款人本身。在间接融资过程中，银行负责贷款项目的 ...

Core Viewpoint - 九州通 is undergoing a strategic transformation towards light asset operations and aims to become a dual-listed company on A-shares and public REITs, enhancing its market position in the biopharmaceutical industry [1][2]. Group 1: Strategic Transformation - 九州通 is focusing on a "three new and two modernization" strategy in 2024, achieving significant results in new products, new retail, new medical services, digitalization, and real estate securitization [2]. - The company has established a multi-level real estate equity capital operation platform, marking its transition from heavy assets to light assets [3]. Group 2: Financial Performance - In 2024, 九州通's total revenue reached 151.81 billion yuan, a year-on-year increase of 2.58%, while net profit attributable to shareholders was 2.507 billion yuan, up 39.88% [2]. - In Q1 2025, the company reported revenue of 42.016 billion yuan, a 3.82% increase year-on-year, and a net profit of approximately 970 million yuan, reflecting an 80.38% growth [2]. Group 3: Product Pipeline Expansion - 九州通's product pipeline is expanding with the approval of "Betamethasone Sodium Phosphate Injection," which is expected to enhance market share and strengthen the company's competitive position in the injection product market [1][4]. - The company achieved sales revenue of 3.007 billion yuan from its self-produced and OEM pharmaceutical business in 2024, marking a 21.49% increase [5]. Group 4: Research and Development - 九州通's R&D investment in 2024 was 346 million yuan, reflecting a year-on-year growth of 24.32% [2].