在 2025上半年全球经济复苏动能分化、地缘博弈持续升温的复杂背景下，中国以消费回暖与科技突 破为引擎，推动经济结构性转型迈入新阶段——消费市场在政策刺激下加速回暖，新能源汽车、人工 智能等新兴产业引领全球技术变革，中美经贸关系因关税阶段性削减释放积极信号，资本市场在短期 震荡后逐步回归长期价值逻辑。在此机遇与挑战并存的关键时点， 5月23日，由九方智投控股 （9636.HK）旗下九方智投主办的"轻舟已过万重山"——九方金融研究所2025高端投资论坛拉开帷 幕。 "轻舟已过万重山"语出李白《早发白帝城》，原指轻舟疾行穿越三峡险峻山峦，隐喻克服重重障碍 后的豁达与超越。这一意象与当前中国经济环境高度契合——经历地缘博弈、供应链重构等"万重 山"后，市场正逐步迈向新平衡。九方金融研究所此次论坛，恰恰为市场参与者提供了锚定方向、共 话机遇的平台，既是对中国经济韧性与政策智慧的凝练，亦是对投资者穿越周期迷雾的鼓舞。 图为九方金融研究所 2025高端投资论坛现场 振兴股市让老百姓享受改革成果 是金融强国不二选择 中国资本市场的健康发展不仅是经济转型升级的关键支撑，同时也是实现金融强国战略的核心命题。 中国政法大学教授、 ...

■吕诚伦 高质量发展是全面建设社会主义现代化国家的首要任务，金融要为经济社会发展提供高质量服务。党的 二十届三中全会对进一步全面深化改革作出系统部署，明确提出"深化金融体制改革"，强调"完善金融 机构定位和治理，健全服务实体经济的激励约束机制。发展多元股权融资，加快多层次债券市场发展， 提高直接融资比重"。这与2023年中央金融工作会议所强调的"坚持深化金融供给侧结构性改革"要求一 脉相承。由此可见，推进金融供给侧结构性改革仍是未来深化金融体制改革的重点内容，需要着力打造 现代金融机构和市场体系，疏通资金进入实体经济的渠道，更好地服务构建新发展格局和实现经济高质 量发展。 为更好深入理解与把握金融结构演变规律和服务实体经济发展逻辑，中共天津市委党校（天津行政学 院）郭贝贝博士撰写的《金融结构演变与实体经济发展：理论与实证》一书，由经济管理出版社出版发 行。该书从理论与实践双重维度、金融与实体双重视角，尝试构建金融中介、金融市场、实体部门"三 部门"金融服务实体经济增长内生模型，系统阐释了金融结构演变的理论路径、传导机制与渠道作用， 以及实体基础与均衡形态，旨在探索走出一条符合中国国情的金融结构优化之路，对准确 ...

Group 1 - The "West Lake Conference" held on May 21, 2025, focused on promoting asset management towards real economy and new quality productivity, with the release of the "2025 Asset Management Towards Real TOP List" research report [2] - Guolian Minsheng Securities ranked among the top 5 asset management institutions for investing in specialized and innovative "little giant" listed companies, highlighting its commitment to supporting high-quality development of listed companies [2] - The conference, organized by the Securities Times, has been influential in the asset management sector since its inception in 2015, attracting numerous experts and institutions to promote the service of the capital market to the real economy [2] Group 2 - The "asset management towards real" strategy has become a core direction for the development of the capital market and asset management industry, particularly in supporting technological innovation and specialized enterprises [3] - Guolian Minsheng Securities has actively increased capital investment in specialized and innovative fields, providing tailored solutions for listed companies and supporting their growth with a market value of 935 million yuan in specialized "little giant" enterprises [3] - The company aims to empower the real economy and new quality productivity development through a comprehensive financial service system, emphasizing the integration of investment banking, investment, and research [3]

5月21日，证券时报社主办的第八届(2025)西湖大会在杭州举行。浙商证券（601878）党委书记、总裁 钱文海在发表主旨演讲时表示，赋能新质生产力，是资本市场从"规模扩张"转向"功能提升"的必然选 择，更是金融机构践行"金融强国"使命的责任所在。围绕金融机构践行"金融强国"的职责，钱文海提出 三点倡议：一是做科技创新的"催化剂"，积极设立更多长期限、专业化的科创投资基金；二是做产业升 级的"连接器"，推动资本向先进制造业、未来产业集聚，助力传统产业高端化、智能化、绿色化改造； 三是做金融生态的"共建者"，加强与政府部门、监管机构、行业协会的沟通协作，营造有利于新质生产 力成长的金融生态。(人民财讯) ...

Group 1 - The 2025 Tsinghua Wudaokou Global Financial Forum opened in Shenzhen, featuring prominent speakers including former Polish Prime Minister Marek Belka and Nobel laureate Michael Spence [1][5] - The forum's theme is "Sharing the Future: Building an Open and Inclusive Economic and Financial System," aiming to foster global economic and financial cooperation [2][5] Group 2 - Tsinghua University emphasizes its commitment to national strategy and innovation, focusing on financial technology and global cooperation to address development challenges [2][3] - The forum highlights the importance of building an open and inclusive economic and financial system in response to global uncertainties and structural adjustments in the world economy [3][4] - The forum aims to explore new paths for global economic and financial development through discussions on various topics, including the global monetary system and international trade [5][6] Group 3 - Tsinghua University’s Wudaokou Financial Institute is recognized as a source of financial theory innovation, aiming to create a financial knowledge system that integrates both Chinese characteristics and global standards [2][3] - The forum is the first to be held in Shenzhen and the Greater Bay Area, marking a significant milestone in its history since its inception in 2014 [6]

Core Viewpoint - The 2025 Tsinghua Wudaokou Global Financial Forum emphasizes the importance of building an open and inclusive economic and financial system in the face of global uncertainties and challenges [6][7]. Group 1: Opening Ceremony Highlights - The forum was inaugurated by notable figures including Zhou Xiaochuan, former Governor of the People's Bank of China, and Marek Belka, former Prime Minister of Poland, who delivered keynote speeches [2][11]. - Guo Yong, Deputy Secretary of Tsinghua University, highlighted China's role in providing stability to the global economy through high-quality development and financial strength [5]. - The forum aims to foster global economic and financial cooperation and sustainable development by gathering elite representatives from politics, business, and academia [7][15]. Group 2: Key Themes and Discussions - The forum's theme, "Sharing the Future: Building an Open and Inclusive Economic and Financial System," reflects the need for structural reforms and new productive forces in China [6][7]. - Marek Belka pointed out the imbalances and instabilities in the global economy, particularly in the U.S., and emphasized the need for Europe to adapt to these challenges [11]. - Michael Spence discussed the necessity of correcting trade wars and the potential for establishing a multilateral trade system supported by major emerging economies [12]. Group 3: Forum Structure and Participation - The forum spans two days (May 17-18, 2025) and includes 13 thematic discussion sessions and 2 closed-door meetings [15]. - Nearly a hundred high-level political and economic leaders and experts are participating to explore topics such as the global monetary system, international trade and investment, and the challenges of economic fragmentation [15].

Core Viewpoint - The meeting agenda for CITIC Bank's annual shareholder meeting includes the review of the 2024 annual report, profit distribution plan, fixed asset investment budget for 2025, and various reports from the board and supervisory committee, indicating a focus on financial performance and strategic planning for future growth [1][2][3]. Profit Distribution Plan - The proposed profit distribution plan for 2024 includes a 10% allocation of net profit to statutory surplus reserves amounting to RMB 6.637 billion, and a general risk reserve of RMB 6.065 billion, with no allocation to discretionary reserves [3][4]. - The total cash dividend proposed is RMB 9.582 billion, distributing RMB 1.722 per share to A and H shareholders, which represents 30.50% of the net profit attributable to ordinary shareholders [3][4]. Fixed Asset Investment Budget - The fixed asset investment budget for 2025 is set at RMB 2.446 billion, with RMB 0.250 billion allocated for general fixed assets and RMB 2.196 billion for special fixed assets [6]. Board and Supervisory Reports - The board's 2024 work report highlights a 3.76% increase in operating income and a decrease in non-performing loan ratio to 1.16%, indicating improved financial health [12][14]. - The supervisory committee's report emphasizes the importance of supporting national strategies and enhancing financial services to the real economy, with a focus on risk management and compliance [21][23]. Auditor Appointment - The board recommends the reappointment of KPMG Huazhen as the domestic auditor and KPMG as the international auditor for 2025, with audit fees remaining at RMB 7.19 million [10][11]. Strategic Development - The bank's strategic plan for 2024-2026 aims to enhance its position as a leading financial institution, focusing on wealth management, comprehensive financing, and digital banking [14][20].

Group 1 - The core viewpoint of the article highlights the issuance of technology innovation bonds by Guotai Junan Securities, marking a significant step in supporting the development of strategic emerging industries in China [2][3] - Guotai Junan successfully issued its technology innovation corporate bonds on May 9, becoming one of the first securities companies to do so, with the funds primarily directed towards supporting sectors like integrated circuits, artificial intelligence, biomedicine, and new energy [2] - The first batch of technology innovation bonds, led by Guotai Junan as the chief underwriter, includes Hebei Steel Group's issuance of 1.5 billion yuan bonds with a maturity of 3+N years and a coupon rate of 2.55% [2] Group 2 - The bond issuance reflects the active role of financial institutions in supporting the real economy, with Guotai Junan leveraging its professional advantages to facilitate financing for enterprises and empower high-quality development in the technology innovation sector [3] - Guotai Junan aims to contribute to national strategic implementation and the construction of a strong nation by providing a comprehensive service system for technology enterprises at various development stages [3] - The company plans to continue its commitment to the "financial patriotism" philosophy, striving to build a first-class investment bank with international competitiveness and market influence, while enhancing the synergy between investment banking, investment, and research [3]

Core Viewpoint - The strong financial institutions are crucial for building a financial powerhouse and ensuring high-quality economic development, as emphasized by the recent policy directives from the Party's 20th Central Committee and the Central Financial Work Conference [1][2]. Group 1: Role of State-Owned Financial Institutions - State-owned large financial institutions are the backbone of China's financial system, holding nearly 90% of the total assets in the financial sector, with the six major state-owned banks accounting for about 45% of the banking sector's total assets [2]. - These institutions have contributed over 50% to the national credit increment since the beginning of 2024, demonstrating their pivotal role in credit provision [2]. - They are actively investing in technology and talent to drive digital transformation, enhancing the overall service capability of the financial sector [2]. Group 2: Support for the Real Economy - State-owned financial institutions are essential in supporting the real economy, ensuring that funds are directed towards key areas and weak links in economic development [2]. - As of January 2025, Agricultural Bank's loans to private enterprises reached 6.73 trillion yuan, serving 7.46 million private enterprise clients [2]. - China Life Insurance has provided multi-layered insurance protection for private enterprises and expanded diversified funding channels, with approximately 5 trillion yuan of insurance funds directly supporting real economy investments by the end of 2024 [2]. Group 3: Financial Stability and Risk Management - State-owned financial institutions play a critical role in maintaining financial stability and mitigating major financial risks, particularly concerning local government hidden debt and real estate market risks [3]. - They lead the financial debt conversion process and enhance fiscal debt mechanisms through bond underwriting and liquidity support [3]. - The institutions are implementing differentiated credit policies to support both rigid and improvement demands in the real estate sector [3]. Group 4: Challenges and Competition - The banking sector faces increasing competition, with a pressing need to explore effective credit demand, as loan interest rates decline and market competition intensifies [4]. - State-owned banks are experiencing homogenized competition, which exacerbates market pressures and highlights their reliance on traditional financial supply models [4]. - There is a need for improvement in financial innovation, product diversification, and risk pricing capabilities to enhance resource allocation efficiency [4]. Group 5: Internationalization and Global Competitiveness - In the context of ongoing high-level financial openness, state-owned financial institutions must enhance their global competitiveness by planning overseas market strategies and deepening local operations [8]. - Strengthening international cooperation and participating in global financial governance are essential for increasing their influence in international markets [8]. - A robust cross-border compliance and risk management framework is necessary to mitigate external shocks and ensure financial security [8]. Group 6: Policy Coordination and Support Mechanisms - The collaboration between fiscal and financial policies is crucial for optimizing macroeconomic governance and enhancing financial support for the real economy [8][9]. - The issuance of special government bonds to support capital replenishment for state-owned commercial banks is a significant step towards strengthening their capital base [8]. - Establishing a long-term mechanism for fiscal and financial coordination will enhance policy synergy and information sharing among departments [8][9]. Group 7: Incentive and Constraint Mechanisms - Improving incentive mechanisms can guide financial institutions to focus on core businesses and enhance support for key areas like technological innovation and green development [9]. - A robust constraint mechanism is necessary to prevent short-term profit-seeking behaviors and ensure efficient allocation of financial resources [9]. - Strengthening the collaboration among fiscal, financial, and industrial policies will create a conducive environment for state-owned financial institutions to thrive [9].

Core Viewpoint - The article emphasizes the importance of investor education as a foundational element for building a strong financial nation and protecting the rights of over 200 million stockholders and more than 700 million mutual fund investors [1]. Group 1: "Starfire Plan" Overview - On May 15, 2024, the "Starfire Plan" for investor education was launched by the Securities Times in collaboration with over 100 financial institutions, supported by regulatory bodies [2]. - The initiative has grown significantly over the past year, forming a cross-industry alliance that includes various financial institutions such as brokerages, funds, and futures companies [2]. - The plan has successfully hosted multiple activities, including the exhibition of outstanding educational products, with 66 institutions submitting 129 works that garnered over 10 million views, enhancing investors' financial literacy and risk awareness [2]. Group 2: Activities and Achievements - The "Starfire Plan" has seen participation from over 400 educational IPs, with 50 being recognized as outstanding, setting benchmarks for the industry [2]. - A competition for financial educators attracted over 1,000 instructors from more than 100 financial institutions, contributing to high-quality educational content [2]. - The annual summary conference for the "Starfire Plan" is set to take place on May 14, coinciding with the "5·15 National Investor Protection Awareness Day," highlighting the achievements of the past year [3]. Group 3: Future Events - The upcoming event in Shenzhen on May 14, 2025, will showcase the progress of the "Starfire Plan," featuring a summary of achievements and a display of the most popular educational IPs [4]. - A competition among top instructors will focus on current market topics, demonstrating the expertise of the financial educators involved [4].