Core Viewpoint - The launch of "Xingye Zhonghui," a new intelligent investment platform by Xingye Group, is a strategic response to the evolving global wealth management market, emphasizing the need for professional and intelligent services in China [2][3]. Group 1: Market Context and Motivation - The global wealth management market is undergoing significant changes driven by technology, with a growing demand for intelligent asset allocation and quantitative risk control systems [2]. - In China, there is an increasing demand for specialized and intelligent services as investor awareness rapidly improves [2]. Group 2: Unique Features of Xingye Zhonghui - Xingye Zhonghui differentiates itself from other platforms by focusing on rigorous underlying logic rather than short-term gains or scale [3]. - The platform adheres to a "small but refined" principle, prioritizing asset selection, quantitative screening, dynamic co-investment, and risk control [4]. - Strict asset admission standards are established, requiring all investment targets to undergo multiple rounds of quantitative validation and manual review to ensure growth, stability, and sustainability [4]. Group 3: Future Plans and Positioning - Currently, Xingye Zhonghui is in a small-scale internal testing phase, exclusively available to high-net-worth clients and strategic partners of the group [5]. - The company plans to gradually expand its open access based on system stability, client feedback, and market conditions, while maintaining a focus on quality over quantity [5][6]. - The goal is for Xingye Zhonghui to become a trusted asset partner for professional investors, achieving steady asset appreciation in a complex market environment [6].

在一个生产力过剩的时代，为什么我们还要内卷？ 资水 这个问题极其深刻，且容我较长篇幅阐述一下。 先说答案， 卷，是因为中国成为了一部"经济机器" 。 人类历史上有好多部战争机器或经济机器，如秦王朝和蒙古王朝就是战争机器，大英帝国和 二战后的美国就是经济机器。 机器的特征，就是一切制度为了战争或经济，整个社会全部被 动员，在战争或商业活动中获利，形成正反馈，这种正反馈进一步加强了社会动员，形成滚 滚洪流。 机器的惯性是巨大的，一直会持续到结构失衡造成瓦解。 中国成为经济机器，是从1980年改革开放开始的。制度层面， "以经济建设为中心"作为总 纲，各级地方政府全部以GDP作为绩效考核指标，于是社会被动员 。这时期主要是国内品牌 与国外品牌的竞争，如家电行业的海尔格力与日立三星等的竞争，汽车行业的比亚迪吉利与 大众丰田通用的竞争、通信行业的华为中兴与诺基亚爱立信阿尔卡特的竞争，工程机械的三 一中联与CAT的竞争，日化行业的上海家化与宝洁联合利华的竞争等等。这是经济机器的第 一阶段，卷的方向是进口替代。 2018年以后，国外品牌基本战败，为什么各级政府仍然以GDP为考核指标，继续卷呢？是因 为美国把中国重新定义为战 ...

Core Insights - The company reported a significant increase in revenue and net profit for 2024, with operating income reaching 3.532 billion yuan, a year-on-year growth of 41.91%, and net profit attributable to shareholders at 904 million yuan, up 173.28% [1] - In Q1 2025, the company experienced a slight decline in revenue and a more substantial drop in net profit compared to the same period last year [1] Business Performance - All business segments showed positive growth in 2024, with proprietary trading seeing the highest increase, generating net investment income of 1.441 billion yuan, a growth of 143.27%. Investment banking revenue grew by 46.40% to 278 million yuan, while interest income rose by 31.75% to 104 million yuan [2] - In Q1 2025, brokerage business revenue increased by 46.88% to 123 million yuan, and asset management revenue grew by 8.36% to 245 million yuan, benefiting from heightened market activity [2] Wealth Management Strategy - The company is enhancing its branch capabilities to solidify its wealth management transformation, focusing on a "specialized and professional" development strategy [3] - In 2024, the company added 125,300 new clients and increased client asset scale by 17.098 billion yuan, with net income from securities trading reaching 314 million yuan, a 19.85% increase [3] Asset Management Trends - The company saw a decline in total asset management scale, with entrusted client assets at 53.638 billion yuan, down 12.34%. However, public fund scale increased significantly by 27.79% to 145.754 billion yuan [4] - Fixed income public funds ranked in the top third of the market in terms of returns over the past three years, indicating strong performance in this segment [4] Future Projections - The company is expected to achieve operating revenues of 3.469 billion yuan, 3.725 billion yuan, and 4.024 billion yuan from 2025 to 2027, with net profits projected at 846 million yuan, 937 million yuan, and 999 million yuan respectively [5]

证券Ⅲ 第一创业（002797.SZ） 增持-A(维持) 2025 年 5 月 12 日 公司研究/公司快报 公司近一年市场表现 | 年 月 市场数据：2025 5 | 日 12 | | | --- | --- | --- | | 收盘价（元）： | | 6.94 | | 年内最高/最低（元）： | | 11.38/4.75 | | 流通 A 股/总股本（亿 | | 42.02/42.02 | | 股）： | | | | 流通 股市值（亿元）： A | | 291.65 | | 总市值（亿元）： | | 291.65 | | 年 基础数据：2025 | 月 3 | 日 31 | | | --- | --- | --- | --- | | 基本每股收益(元)： | | | 0.03 | | 摊薄每股收益(元)： | | | 0.03 | | 每股净资产(元)： | | | 4.09 | | 净资产收益率(%)： | | | 0.79 | | 资料来源：最闻 | | | | 刘丽 执业登记编码：S0760511050001 电话：0351--8686985 邮箱：liuli2@sxzq.com 孙田田 执业登记编 ...

证券Ⅲ 第一创业（002797.SZ） 增持-A(维持) 2025 年 5 月 12 日 公司研究/公司快报 | 年 市场数据：2025 5 | 月 | 日 12 | | | --- | --- | --- | --- | | 收盘价（元）： | | | 6.94 | | 年内最高/最低（元）： | | | 11.38/4.75 | | 流通 A 股/总股本（亿 | | | 42.02/42.02 | | 股）： | | | | | 流通 股市值（亿元）： A | | | 291.65 | | 总市值（亿元）： | | | 291.65 | | 年 基础数据：2025 | 月 3 | 日 31 | | | --- | --- | --- | --- | | 基本每股收益(元)： | | | 0.03 | | 摊薄每股收益(元)： | | | 0.03 | | 每股净资产(元)： | | | 4.09 | | 净资产收益率(%)： | | | 0.79 | | 资料来源：最闻 | | | | 分析师： 刘丽 执业登记编码：S0760511050001 电话：0351--8686985 邮箱：liuli2@sxz ...

在北京市通州区，针对战略性新兴产业融资难题，中国外贸信托通过设立服务信托为企业提供股权管 理、风险隔离、资产运营等综合服务，吸引社会资本投入新能源领域。该项目负责人称："这不仅强化 了信托财产独立性，保障了受益人权益，更为信托服务实体经济领域开辟了新路径。此外，该模式将在 后续系列项目中得到更多应用。" 中国外贸信托家族财富事业部总经理李珊表示："我们不仅要防止股权分散导致家族内耗，更要用制度 守护企业家精神。方案特别约定第三代继承人需完成公益实践等'通关任务'后方可解锁受益权，将财富 传承从'被动分配'升级为'主动培育'。此单生物医药企业股权信托的落地，不仅是中国外贸信托支持专 精特新企业的有益实践，更为非上市公司股权的纳入提供'信托样本'。" 事实上，虽然信托法赋予信托财产独立性，但是非上市公司股权作为信托财产时，因缺乏明确登记规 则，始终存在权属认定模糊、流转程序复杂等问题。《通知》首次明确股权信托的工商登记与金融监管 备案细则，这一创新举措不仅明确区分受托人的固有财产与信托财产，还消除了信托公司开展非上市公 司股权业务时对声誉风险传导的担忧，进一步规范市场秩序。这不仅推动金融服务普惠化，也践行了金 融 ...

美国不再是"制造"首富的那个美国了，这对比尔·盖茨和马斯克来说，都不是好消息。 文 | 海上客 钱多到花不完，会不会就很少动气，甚至不动气？ 难说！ 真的很难说！ 瞧，马斯克就被比尔·盖茨再度痛批！ 这俩，都是钱多到花不完的主！ 比尔·盖茨是世界前首富； 马斯克是世界现首富！ 这都能吵起来！且是又吵起来！还没完了！ 1 比尔·盖茨要在2045 年捐献完所有财产图：环球时报网站截屏自外媒 比尔·盖茨最近冒出过一个大新闻。 这还不算。盖茨索性火力全开，靶心就是现世界首富马斯克。 当然，他不会说，"我当世界首富的时候你还不知道在哪儿呢"。他无非是猛烈抨击马斯克，称其在负责美国"政府效率部"之后，大幅削减美国对外援助预 算。"害死了世界上最贫穷的儿童"。 盖茨当然很会用词。 他说："世界上最富有的人害死了世界上最贫穷的儿童，这幅画面并不美好。" 海叔要说，从盖茨多年来搞基金会，募捐等等来看，他当然有一个美好的人设。但是，即便在美国社会，盖茨也并非人人夸赞。特别是涉及"萝莉岛事 件"后！ 也正因此，马斯克在社交媒体上直接回应："盖茨就是个骗子。" 当地时间5 月8 日，他宣布，至2045 年将捐献出所有个人财富，并表示 ...

Core Insights - The article presents a curated list of ten essential personal finance books aimed at helping individuals save money, invest wisely, and achieve early retirement. It emphasizes the importance of understanding personal finance principles and implementing practical strategies for effective financial management [1]. Group 1: Book Summaries - **Rich Dad Poor Dad** by Robert T. Kiyosaki challenges traditional financial views, emphasizing financial literacy, the distinction between assets and liabilities, and the importance of investing in income-generating assets [2][4]. - **The Total Money Makeover** by Dave Ramsey offers a step-by-step plan for eliminating debt, saving money, and building wealth, highlighting the significance of budgeting and emergency funds [6][8]. - **The Intelligent Investor** by Benjamin Graham introduces the concept of value investing, stressing the need for thorough stock analysis and maintaining a margin of safety in investment decisions [10][12]. - **Think and Grow Rich** by Napoleon Hill explores the psychological factors behind wealth creation, advocating for visualization, positive thinking, and clear goal-setting [14][16]. - **The Four Pillars of Investing** by William Bernstein outlines the four fundamental principles of successful investing: asset allocation, diversification, market efficiency, and minimizing investment costs [18][20]. - **Your Money or Your Life** by Vicki Robin and Joe Dominguez encourages readers to align spending with personal values and provides practical steps towards financial independence [22][24]. - **I Will Teach You to Be Rich** by Ramit Sethi offers a comprehensive personal finance approach, focusing on budgeting, saving, investing, and optimizing credit card use, particularly for young adults [26][28]. - **The Little Book of Common Sense Investing** by John C. Bogle advocates for passive investing through low-cost index funds, emphasizing long-term investment and avoiding high fees [30][32]. - **The Millionaire Next Door** by Thomas J. Stanley and William D. Danko reveals common traits and habits of wealthy individuals, stressing frugality and long-term financial planning [34][36]. - **Broke Millennial** by Erin Lowry provides practical advice on budgeting, saving, investing, and debt management tailored for millennials, with relatable examples and actionable strategies [38][40].

Group 1 - The core viewpoint of the articles highlights the significant increase in new personal investor accounts in the A-share market, with nearly 10 million new accounts opened in the first four months of the year, despite a month-on-month decline in April [1][2][3] - In April, 191.58 thousand new personal investor accounts were opened, a decrease of 114.04 thousand from March, but still showing a year-on-year growth of over 30% [2][3] - The total number of new personal investor accounts opened in the first four months reached 936.58 thousand, with a total of 378 million personal investor accounts as of April 30 [2][3] Group 2 - The increase in new accounts is closely linked to the performance of brokerage firms' brokerage businesses, with many firms reporting positive growth in account numbers contributing to their performance [1][3] - The "money-making effect" in the market, particularly after the Spring Festival, has attracted a large number of new investors, leading to a surge in account openings, especially in March [2][3] - Various measures, including the central bank's support and adjustments in insurance fund allocations, have been implemented to stabilize market confidence, which has helped maintain investor enthusiasm for opening new accounts [3][4] Group 3 - The challenge for brokerage firms lies in converting new customer acquisition into long-term retention, as the industry faces declining commission rates [5] - Major brokerage firms have reported significant increases in new accounts, with some firms seeing year-on-year growth rates exceeding 90%, while smaller firms also achieved notable growth [5] - Companies are focusing on enhancing wealth management services and customer engagement strategies to provide comprehensive financial solutions and maintain a competitive edge in the market [5]

文 ： 华创证券研究所副所长 、首席宏观分析师 张瑜（执业证号：S0360518090001） 联系人：殷雯卿（19945767933） 核心观点 美国经济中的内需部分未来的下行和上行压力都在哪里？下行压力主要在于①关税对需求侧的整体冲 击，甚至会损害全球经济；②财富效应损耗 + 可消费现金流走弱对消费的冲击；③潜在金融市场对基 本面的"传染"。上行压力主要在私人投资①美联储降息周期中地产有望企稳；②科技巨头资本开支仍 在提升。二者叠加来看，经济增长存在持续偏弱的压力，经济是否陷入"危机性衰退"需要进一步跟踪 关税落地情况与美联储货币政策走向。 报告摘要 1、关税是经济下行最大的不确定性源头 美国进口需求对全球贸易增速至关重要，关税对美国内需的冲击或是当前全球经济最大的β风险。 一 方面，美国在国际贸易中的占比较高：美国占全球进口（剔除欧盟内部）的16%（2023年数据），美 国进口最终消费品占全球最终消费品进口总额的约1/3，美国贸易逆差占全球贸易逆差总额的5-6成。 另一方面，美国进口与全球进口正相关→进而影响中国出口。如果关税对美国进口形成较大冲击，或 将传导至全球贸易需求的收缩。 考虑到过去 30 年 ...