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 ...

更令人震撼的是其子女继承方案。尽管1%比例看似微薄，但每位子女仍将获得约5.4亿美元。盖茨对此的解释颇具哲学意味："巨额遗产会阻碍他们寻找人生 意义。"这种理念源于其成长经历，微软创业时期的车库文化，塑造了他对财富工具性的认知。 巴菲特著名的"滚雪球"理论同样应用在慈善领域。他建立的信托基金计划延续百年，子女担任顾问而非直接决策者。这种模式确保了慈善事业的持续性，但 也引发"财富控制权未真正转移"的质疑。毕竟，伯克希尔仍由巴菲特家族牢牢掌控。 "如果我留给子女100亿美元，等于剥夺了他们的人生意义。"比尔·盖茨这句惊世骇俗的宣言，彻底颠覆了传统富豪的财富传承逻辑。当这位微软创始人宣布 子女仅继承1%遗产时，他不仅挑战了"富不过三代"的魔咒，更与"股神"巴菲特形成鲜明对比——两位顶级富豪的捐赠模式，正引发全球对财富传承的重新思 考。 盖茨的"激进式"捐赠：62%财富充公计划 比尔·盖茨的财富观堪称科技富豪中的"激进派"。他最近在奈飞纪录片中公开支持对富豪加税，甚至表示愿意放弃62%的个人财富。这种"自我革命"式的表 态，与其基金会25年后关闭的计划形成呼应——盖茨选择在自己有生之年将千亿资产"清零"。 相比之下 ...

每经记者｜王砚丹 每经编辑｜赵云 2024年以来，证券行业呈现明显新老交替特征，众多年满六十的券商高管陆续到龄退休。 5月9日盘后，方正证券发布公告称，公司董事、执行委员会主任、总裁何亚刚先生递交书面辞职报告。 因已到退休年龄，何亚刚申请辞去公司董事、执行委员会主任、执行委员会委员及总裁职务。现任执行 委员会委员、副总裁姜志军接棒。 《每日经济新闻》记者注意到，何亚刚1992年即加入公司，至今已33年。方正证券公告中用"入司于微 时，展志于茂林"，对何亚刚表示了感谢和致敬。 1992年加入证券行业 见证方正证券众多重要时刻 简历显示，何亚刚，湖南益阳人，出生于1964年5月，目前已是超龄服役。纵观其职业生涯，先是从工 学转行金融，又从教师到投行家。 他于1984年7月毕业于中南矿冶学院机械工程专业，获工学学士学位；1988年7月毕业于中南工业大学机 械系矿山机械专业，获工学硕士学位。1987年至1992年期间，他曾任中南工业大学机械系矿山机械教研 室的助教、讲师。 1992年，何亚刚进入证券行业，历经三十余年资本市场变迁。在2020年方正证券年报中，他在"执行委 员会主任致辞"环节，回忆了加入证券行业、与方正 ...

Group 1 - 361 Degrees International Limited announced that six shareholders established family trusts to transfer approximately 65.60% of the company's equity, reflecting a shift in wealth inheritance concepts among Chinese family businesses [1] - The establishment of family trusts is part of a broader trend in China, with the recent implementation of equity trust property registration in Beijing, indicating the growth of domestic family trust services [1] - A recent case in Beijing involved a family trust set up by Mr. Xu to address family business issues, allowing him to gradually participate in decision-making while his parents retained control, ensuring a smooth transition [1] Group 2 - The trust structure provides strong protection for family business equity, allowing efficient completion of capital increases or equity transfers while isolating family business equity from personal debts [2] - The 2024 Hurun Wealth Report indicates that there are 5.128 million affluent families with assets of 6 million yuan in China, with 206,600 high-net-worth families and 130,000 ultra-high-net-worth families, highlighting the demand for wealth management and inheritance solutions among high-net-worth individuals [2] - Family assets are identified as core and challenging to inherit, making family trusts a suitable solution for entrepreneurs [2] Group 3 - Family trusts are rapidly developing as a key tool for wealth management and inheritance among high-net-worth individuals, with significant growth reported by various trust companies [3] - For instance, Jianxin Trust reported a family wealth management scale of 125.5 billion yuan in 2024, an 11% increase from the previous year, while Ping An Trust's family trust scale exceeded 50 billion yuan, serving over 2,800 clients [3] - When selecting a family trust service provider, factors such as the trust company's stability, asset allocation capabilities, and family affairs management abilities should be considered [3]

（原标题：比尔及梅林达盖茨信托基金会现身4家A股上市公司10大流通股东） 盖茨称，他的孩子们得到了很好的成长和教育，但继承的财富会"低于总资产的1%"，因为他认为给更 多的钱对他们没有好处。 他强调："这不是继承王朝，我也不要求他们经营微软，我希望给他们机会创造自己的收入和成功。" 盖茨表示希望子女能凭借自身能力成为重要的人，而非被父辈难以置信的运气和财富所掩盖。他也指 出，那些靠科技白手起家的富豪们，不会太倾向于建立"家族王朝"。在捐赠遗产方面也更激进，更愿意 捐出财富本身（而不只是利润部分）去帮助那些最有需要的人。 继94岁巴菲特宣布年底退休后，69岁的比尔·盖茨宣布将捐出几乎全部财富。 比尔·盖茨昨天发文宣布，未来20年，将通过盖茨基金会捐出其几乎全部的财富，用来挽救和改善世界 各地的生命。到2045年12月31日，盖茨基金会将永久性关闭。 今年正值该基金会成立25周年，已累计捐赠达1000亿美元，沃伦·巴菲特的慷慨解囊对此功不可没。 有网友说是为了避税，也有观点认为：根据美国税务政策中心测算，通过捐赠获得的税务减免仅占其总 资产的0.8%-1.2%，远低于直接继承或投资避税工具的收益。 比尔盖茨表示： ...

Core Insights - The company reported a significant increase in revenue and net profit for 2024, with total revenue reaching 3.532 billion yuan, up 41.91% year-on-year, and net profit attributable to shareholders at 904 million yuan, up 173.28% [1] - The first quarter of 2025 showed a decline in revenue and net profit, with revenue at 661 million yuan, down 1.87% year-on-year, and net profit at 118 million yuan, down 17.59% [1] - The company's solid fixed income business has strengthened its competitive edge, with bond trading volume reaching 7.4 trillion yuan in 2024, ranking first in local government bond bidding amounts [1] Asset Management Business - The asset management business generated revenue of 921 million yuan in 2024, a year-on-year increase of 1.77%, while total assets under management (AUM) decreased by 36.66% to 632.297 billion yuan [2] - Public fund AUM increased by 27.79% to 145.754 billion yuan, indicating a focus on differentiated development and creating a boutique asset management institution [2] Proprietary Trading Business - The investment business revenue surged to 1.441 billion yuan in 2024, reflecting a growth of 143.27%, with financial investment funds increasing by 2.4 billion yuan, up 11.42% [2] - The OCI equity account saw an increase of 1.5 billion yuan, with year-end holdings at 4.1 billion yuan, up 57.47%, while OCI debt scale rose significantly by 8.68 billion yuan, up 1377.78% [2] Investment Banking Business - The investment banking segment reported revenue of 278 million yuan in 2024, a growth of 46.40%, with the company ranking second in the number of sponsored listings and underwriting scale on the Beijing Stock Exchange [3] - The company completed 53 debt financing projects with a total underwriting amount of 26.25 billion yuan, up 110.02% year-on-year, indicating strong growth potential in this area [3] Brokerage Business - The brokerage business accelerated its wealth management transformation, adding 125,300 new clients in 2024, with financial product sales growing by 7.83% to 12.517 billion yuan [3] - The assets under advisory for investment consulting increased significantly by 712.96%, showcasing the company's commitment to enhancing its wealth management capabilities [3]