证监会副主席陈华平：要抓好落实，强化基金公司与投资者利益绑定，着力解决基金"旱涝保收"等问 题，丰富与中小投资者风险承受能力相适配的产品，高质量服务居民财富管理的需要。 相关链接 ...

Core Viewpoint - Southwest Securities appears to have a promising outlook for 2024, but underlying issues in its investment banking segment raise concerns about its future performance [2][3]. Investment Banking Performance - The investment banking revenue for Southwest Securities in 2024 was 110 million yuan, a decrease of over 28 million yuan, representing a year-on-year decline of 20.43% [5]. - Specific segments within investment banking also saw significant declines: - Securities underwriting revenue fell to less than 68 million yuan, down approximately 12 million yuan or 15% from 2023 [5]. - Financial advisory revenue decreased to over 43 million yuan, down about 9 million yuan or 18% [6]. - Sponsorship revenue plummeted to around 950,000 yuan, a staggering drop of over 740,000 yuan or nearly 89% compared to 2023 [6]. - The investment banking business is currently stagnant, with no IPO, additional issuance, or convertible bond projects under review since August 2023, highlighting a lack of market trust and declining operational quality [6][7]. Regulatory Issues - Southwest Securities has faced multiple regulatory penalties, receiving five in 2024 alone, primarily related to due diligence failures and compliance issues [7][8]. - The China Securities Regulatory Commission (CSRC) mandated corrective actions due to several violations in bond projects, indicating serious deficiencies in internal management and risk control [8][9]. Subsidiary Sale Attempt - The attempt to sell the loss-making subsidiary, Xizheng International Securities, failed due to the buyer's inability to secure financing, resulting in only a 27 million HKD deposit being recovered [10][11]. - Xizheng International Securities has incurred cumulative losses exceeding 2 billion HKD since 2016, and its financial instability has raised concerns about future operations [12]. Industry Context - The brokerage industry is experiencing significant consolidation, with larger firms like CITIC and Huatai capturing a majority of the market share, leaving smaller firms like Southwest Securities under considerable pressure [13][15]. - The competitive landscape is further complicated by declining commission rates and the rise of internet brokers, which are eroding traditional brokerage revenues [16]. Future Outlook - The challenges faced by Southwest Securities in its investment banking and overall business strategy will require significant adjustments to remain competitive in a rapidly evolving market [17].

以下文章来源于孤独大脑 ，作者老喻的 然而，到了2024年，同样的1股标普500指数，对于今天的普通人而言，却需要付出长达195个小时的辛勤工 作。 这个数字对比，度量出普通劳动者与资本持有者之间，在财富积累赛道上日益扩大的距离。 普通人在财富上落伍了。 这惊人的7.8倍差距，提醒我们：普通人仅仅依靠埋头苦干赚取工资，似乎越来越难以追赶资本增值的步 伐。 孤独大脑 . 关于思考的思考 本文来自微信公众号： 孤独大脑 ，作者：老喻的，题图来自：《华尔街：金钱永不眠》 1971年，一位普通的美国工薪族，或许在周末加了几天班，用大约25个小时的劳动所得，便能自豪地买下1 股标普500指数基金。 "汗水"为何跑不过"资产"？ 这背后，是几十年来经济结构与财富分配机制深刻变迁的缩影。 1. 宽松的货币与低利率时代推高资 产价格。 过去几十年尤其是21世纪以来，各国央行长期实行低利率政策，大量释放流动性救市。 廉价的资金没有大幅提高工资，反而涌入股市、房市等资产市场，推升了资产价格。 "货币超发"的环境下，名义上的财富水涨船高，但拿工资的普通人却发现手中的钱更"不值钱"了。 有分析指出，在过去20年美国的大规模量化宽松 ...

近来"财富大转移"引发广泛关注，预计到2045年，从老一辈和婴儿潮一代流向X世代、千禧一代和Z世 代手中的财富达84万亿美元。 推动巨额财富投向公益的推手之一是"资源世代"（Resource Generation）组织，在美国设有18个分会， 成员都是18岁至35岁之间掌握财富的年轻人。高净值会员们参与小组会议，还有一年一度"让金钱发挥 作用"大会，最终目标是将财富、土地和权力用于促进种族和经济公平的事业。 财富导师们扮演着双重角色，既是财务顾问，也是心理咨询师，引导客户梳理情绪，制定有意义的资产 分配方案。面对极端的财富不平等现象，"打倒富豪"的口号以及亿万富翁的囤积行为，Z世代和千禧一 代继承者们希望导师能帮忙减轻心理负担。 图片来源： Pekic / Getty Images 对很多数人来说，获得一大笔巨额财富或许是梦想成真，但对另一些人来说却意味着沉甸甸的责任和负 罪感。年轻的继承者们选择的应对方式是，集体捐出财富。 "在一些人看来，捐出三分之一财富简直荒谬可怕，"专为继承人提供咨询的财富导师艾瑞斯·布里连特 告诉《财富》杂志，"另一些人则认为不捐才是罪过。因为巨额财富会引发很多关于特权的负罪感，而 ...

Group 1 - The core idea of modern philanthropy emphasizes long-term development over short-term relief, as highlighted by Rockefeller's quote on charity [1] - Bill Gates announced a groundbreaking commitment of $200 billion for global health and poverty alleviation over the next 20 years, marking a significant shift in philanthropic strategy [4][3] - The Gates Foundation will focus on three main goals: preventing deaths from preventable diseases, ensuring children grow up in a world free of deadly infectious diseases, and lifting millions out of poverty [7][4] Group 2 - The recent donations from Gates and Chinese entrepreneurs reflect a global trend in philanthropy, addressing urgent issues in health, education, and poverty [2][14] - In China, corporate donations reached approximately 115.66 billion yuan in 2023, with a notable increase in contributions from private enterprises [14] - The focus of donations in China is primarily on education, healthcare, and rural revitalization, with significant contributions from high-profile entrepreneurs [15][14] Group 3 - The "speeding up donations" model proposed by Gates aims to utilize wealth more effectively to address pressing social issues rather than allowing it to accumulate in foundations [7][8] - The evolution of philanthropy in the U.S. has seen a shift from traditional long-term foundations to more immediate and impactful giving, as exemplified by Gates' recent commitment [10][11] - The new Chinese Charity Law aims to enhance the legal framework for philanthropy, promoting transparency and efficiency in charitable activities [16][12] Group 4 - Philanthropy is increasingly viewed as a means of wealth redistribution, providing a third resource allocation method beyond market and government [11] - The trend of wealthy individuals engaging in philanthropy is reshaping traditional family wealth inheritance models, encouraging a focus on social responsibility [12] - The global philanthropic landscape is evolving, with a shared understanding that true wealth lies in the ability to positively impact lives [17]

Core Insights - The article highlights the growing disparity between ordinary workers and capital holders in wealth accumulation, emphasizing that it now takes significantly more labor hours for an average worker to purchase a share of the S&P 500 index compared to 1971 [2][4]. Economic Factors - The era of loose monetary policy and low interest rates has inflated asset prices, with cheap capital flowing into stock and real estate markets rather than significantly increasing wages [6][8]. - Over the past 20 years, quantitative easing and money printing in the U.S. have led to soaring asset prices, while real wages have stagnated when adjusted for inflation [10][11]. Capital Returns - Historically, the return on capital tends to exceed economic growth rates and wage growth rates, leading to a widening gap between capital accumulation and labor income [12][13]. - From 1971 to 2024, the S&P 500 index surged from approximately 10 points to around 5000 points, a nearly 50-fold increase, while average weekly wages only increased tenfold from about $120 to $1200 [14][15]. Compounding Effects - An investment of $10,000 in the S&P 500 in 1971 would grow to about $500,000 by 2024, and with reinvested dividends, it could reach approximately $1.7 million, contrasting sharply with the modest growth of savings from wages [18][19]. Technological Impact - Technological advancements have created significant wealth but have also exacerbated the wealth gap, as high-skilled workers benefit more than low-skilled laborers [22][24]. - The technology sector has outperformed traditional service industries, further widening the wealth accumulation gap [25][26]. Globalization and Industry Disparities - High-return industries like technology and finance have consistently outperformed traditional sectors, contributing to wealth inequality [28]. - Globalization has pressured wages in developed countries, as capital seeks lower costs while local labor faces increased competition [30][31]. Barriers to Wealth Accumulation - The efficiency of converting labor income into passive income has decreased, with the required market value of the S&P 500 to replace annual salary rising from 25 times in 1971 to about 33 times in 2024 [33]. - The time needed to accumulate passive income equivalent to one year’s salary has increased from approximately 16 years in 1971 to about 25 years in 2024 [34]. Investment Strategy - Ordinary individuals are encouraged to recognize the importance of combining wage income with capital income to navigate the growing wealth gap [36][38].

《每日经济新闻》记者注意到，近期诚通证券还新任命一名高级管理人员。4月30日，诚通证券曾发布 公告，新任李枫为公司合规总监、首席风险官。董事长张威代行总经理职责 据记者了解，叶顺德曾就职于上海万国证券公司、平安证券、新时代证券，曾担任新时代证券副总经 理、常务副总经理、董事长、总经理。 2022年6月，新时代证券变更为诚通证券，叶顺德出任诚通证券总经理。叶顺德在诚通证券转型期发挥 关键作用，协助完成了公司股权变更，以及公司从民企向央企控股券商的平稳过渡。记者获悉，在此次 离任前，叶顺德的职务为诚通证券总经理，同时还代行财务负责人职责。 公告显示，诚通证券决定由党委书记、董事长张威代行总经理职务，同时也代行财务负责人职责。公开 资料显示，张威曾任职于国务院法制办公室，并在中国诚通控股集团体系内历任多个要职。2022年6 月，诚通证券启航后，张威出任董事长。目前，张威还兼任融通基金董事长。 5月14日，诚通证券发布公告，因工作需要，叶顺德不再担任总经理，由公司党委书记、董事长张威代 任总经理职务。 2022年、2023年、2024年，诚通证券分别实现营业收入15.55亿元、17.45亿元和17.45亿元，分别实现 ...

抓住基于财富管理的配置需求，是基金行业未来蓬勃发展的方向，是证券公司落实"长钱长投"的基础， 也是证券行业践行金融工作的政治性和人民性的重要手段。 □ 国联民生（601456）证券股份有限公司首席财富官、财富管理委员会主任姜晓林，资产配置部总经 理程棵 近年来，监管层特别关心资本市场的发展与建设，反复强调金融工作的政治性和人民性。新"国九条"特 别提出以人民为中心的价值取向和更好满足人民群众日益增长的财富管理需求，提出构建支持"长钱长 投"的政策体系。 居民在配置财富的过程中，获得来自证券行业的各种服务。一方面，2024年底全国145家证券公司中直 接服务于居民财富配置的投资顾问达到8.7万人，占证券从业人员比例从十年前的12%上升到如今的 24%。另一方面，居民可配置产品越来越多，其中公募基金产品超过1.2万只、私募基金管理人近2万 家，二者2024年底合计管理规模约46万亿元，占同期我国GDP规模约1/3。 一、基金行业新发展为证券公司财富管理向买方投顾化转型打下初步基础 1.指数工具逐渐成为公募基金发展的主力 近年来，作为配置工具的公募基金出现不同投资类型基金规模进一步分化。其中，"固收+"和FOF规模 ...

每经记者｜陈晨 李娜 每经编辑｜叶峰 近年来伴随着资本市场的关注度越来越高，券商的财富管理业务也受到了前所未有的重视，而其中的经纪业务无疑是其最大的 根基。重视度的提升，也意味行业的竞争愈发激烈，最直接的体现就是一线的券商经纪人背负的各种考核压力，如基金销售目 标、获客量、创收金额等考核指标。 日前《每日经济新闻》记者就获得了一份银河证券客户经理试用期考核指标，并以此为样本，探寻这家老牌券商背后的转型阵 痛，以及对整个行业又有怎样的启示？ 银河证券试用期人员考核指标曝光 《每日经济新闻》记者注意到，这份流传的考核指标是关于银河证券试用期拓展类客户经理的考核，且考核体系呈现明显的阶 段性特征，考核指标包括有效户、客户净资产和创收。 具体为：入职后前5个自然月内（含入职当月），下述三个条件拓展类客户经理都未达到的，视为不符合录用条件，营业部应 与该客户经理直接解除劳动合同：一是前5个自然月累计新增有效户25户；二是前5个自然月累计开发客户净资产达到400万； 三是前5个自然月累计开发创收达到6000元。 若是入职第5个自然月，拓展类客户经理未达到营业部考核指标要求的，视为不符合录用条件，营业部应与该客户经理直接解 ...

[Table_Title] 证券研究报告 / 公司深度报告 稳健+分红：业务发展稳健，分红率高 报告摘要： [Table_Summary] 上海银行扎根沪上，经营稳健，股权结构稳定。银行是国内首家以地方 名称命名的银行，2016 年在 A 股上市。顾建忠近期接任党委书记，他曾 在上海银行任职多年，又曾担任沪农商行行长，浸润行业多年，深谙上 海及各展业地区实际发展情况和特点。截至 2024 年底，银行总资产规 模、净资产规模分别为 3.23 万亿元和 2541.93 亿元，分别同比增长 4.6% 和 6.5%。实控人为上海国资委，近 5 年机构投资者持股比例无明显变动。 围绕新三年发展规划，公司、零售业务齐发展。2024 年 1 月，上海银行 制定并通过《三年发展规划（2024-2026 年）》，公司业务方面，打造科技 金融、普惠金融、绿色金融三大特色业务，截至 2024 年底，银行科技、 普惠和绿色金融信贷规模分别为 1597、1657 和 1203 亿元，较之 2023 年 增长 13.8%、13.3%和 16.4%。零售业务方面，银行聚焦养老、财富管理、 信用卡等重点业务，截至 2024 年银行零售 AU ...