近日，中航基金一起人事变动引发金融圈热议。 知名经济学家邓海清因公司内部工作调整卸任中航混改精选（004936）基金经理一职，转而由方岑单独管理，他本人则继续担 任中航基金副总经理及首席投资官，但名下已无在管基金。 据了解，邓海清上任基金经理的时间为2023年12月4日，距离此次卸任，任职时间仅1年半。 | 离任基金经理姓名 | 邓海清 | | --- | --- | | 离任原因 | 公司内部工作调整 | | 离任日期 | 2025-05-06 | | 转任本公司其他工作岗位的说明 | 继续担任公司副总经理、首席投资官。 | | 是否己按规定在中国基金业协会办理变更手续 | 是 | 尽管邓海清有着优秀的履历，但其管理的中航混改精选的业绩却不尽如人意。同花顺iFinD显示，今年以来，截至5月6日，该基 金已跌5.71%，近六月跌幅达21.94%。在其1年半的任期内亏损了12.90%。 此外，在他任职期内，该基金因重仓地产行业饱受争议，被投资者戏称为 "地产行业基金"，未体现出"混改"主题。 | 证券代码 | 证券简称 | 持仓市值(元) | 持仓数量(股) | 持仓数量环比 | 持仓趋势 | | --- | ...

免责 声 明 本内容最终解释权归申万宏源证券有限公司所有。 作为西安经开区产业金融主力军，经开金控近年来聚焦区内现代产业体系建设，打 造金融股权投资、基金投资、资产管理以及金融创新四大核心板块业务，已逐步建成覆 盖多层次资本市场的综合金融服务平台。本期债券募集资金拟通过委托贷款、融资租赁 及商业保理等形式全部用于支持中小微企业发展。经开金控通过发行债券为西安市当地 的中小微企业提供流动性支持，有助于缓解西安市域内中小微企业的融资困难，帮助中 小微企业稳定生产经营，是推动西安市中小微企业发展壮大，维护经济社会稳定的有力 举措。 本次债券采用信用发行方式，刷新同期省内开发区同评级、同期限、无担保最低融 资成本纪录。我司作为主承销商，助力发行人持续深化金融供给侧改革，不断丰富产品 服务矩阵，提升专业化服务质效，为推动区域经济转型升级、实现产业能级跃升贡献力 量，彰显央企责任担当。 2025年4月30日，西安经开金融控股有限公司在上海证券交易所成功发行2025年 面向专业投资者非公开发行中小微企业支持债券（第一期）。本次债券发行规模4.5亿 元，期限3+2年，以2.90%的票面利率实现全场3.02倍认购。本期债券由我 ...

券商中国记者统计，从员工分布来看，各大外资投行的业务侧重点不同，欧美国际投行更为重视投行业务，虽 受A股IPO、再融资政策调整，投资银行净收入大幅减少，但该条线减员情况并不明显。而个别侧重经纪业务 的外资券商，比如野村东方国际证券受影响较为明显，2024年经纪业务条线的员工减少了41%。 值得注意的是，这无关外资对中国市场战略布局的变化，而是受行业周期和短期政策影响，去年9·24一揽子政 策出台之后，A股市场活跃度大幅提升，外资机构纷纷重估中国市场并加大配置力度。目前，瑞银集团正在推 进对瑞银证券实现100%持股，摩根大通中国则在4月底重启人才招聘寻求扩张。 外资券商2 0 2 4年减员1 0% 我国金融业对外开放进一步深化，A股市场活跃度和风险偏好提升，多家国际投行在中国设立的全资或合 资券商2024年盈利能力提升，不过受市场环境波动和业务侧重点调整的影响，员工人数有所减少，平均较 2023年末减少了10%。 近日，市场传闻野村东方国际证券有意调整在中国的业务布局，收缩最初的财富管理业务，转而扩展经纪及资 产管理业务，不过目前尚未得到官方证实。 据券商中国记者不完全统计，2024年我国外资券商（包括外资控股 ...

Core Viewpoint - The People's Bank of China and other departments have issued an action plan to enhance cross-border financial services in Shanghai, focusing on improving efficiency, optimizing services, and supporting enterprises in international competition and cooperation [1][2][3]. Group 1: Key Measures - The action plan proposes five key measures: improving cross-border settlement efficiency, optimizing foreign exchange management, strengthening financing services, enhancing insurance protection, and refining comprehensive financial services [1][2]. - Measures to improve cross-border settlement efficiency and optimize foreign exchange management will reduce time and costs for enterprises engaged in cross-border transactions, thereby enhancing their funding management efficiency and expanding financing channels [2][3]. Group 2: Impact on Enterprises - As more Chinese enterprises expand internationally, there is a growing demand for integrated financial solutions that encompass investment, financing, risk management, and consulting tailored to specific market and industry characteristics [1][3]. - Enhanced foreign exchange risk management and insurance services will help enterprises better cope with risks associated with cross-border operations, boosting their confidence and capability in international economic cooperation [2][3]. Group 3: Financial Institutions' Opportunities - The facilitation of cross-border financial services presents significant development opportunities for Chinese financial institutions, enabling them to provide more efficient services to enterprises going global and to innovate financial products [3]. - The action plan aims to attract more international financial institutions to participate in the construction of Shanghai as an international financial center, thereby enhancing the openness of Shanghai's financial services and promoting financial cooperation with other countries and regions [2][3]. Group 4: Implementation and Future Outlook - The implementation of the action plan is seen as a crucial step in deepening high-level financial openness and promoting structural reforms in the financial supply side, which is essential for expanding international trade cooperation and supporting high-quality economic development [3]. - Financial regulatory authorities and local governments are urged to ensure that the measures translate into tangible benefits for enterprises, thereby injecting more financial resources into their global development [3].

丨证券研究报告丨 [Table_Author] 吴一凡 谢宇尘 SAC：S0490519080007 SAC：S0490521020001 SFC：BUV596 行业研究丨行业周报丨投资银行业与经纪业 [Table_Title] 一揽子政策齐发力，把握非银配置窗口期 报告要点 [Table_Summary] 近期因全球资产风险偏好下降板块估值整体有所回调，从业绩估值匹配度来看配置性价比正显著提升。一 季报券商业绩表现强劲，配置价值持续提升，另外本周国新办会议介绍"一揽子金融政策支持稳市场稳预 期"，政策组合拳持续稳定和活跃资本市场，看好非银金融行业业绩估值双升，建议 5 月积极增配。 分析师及联系人 近期因全球资产风险偏好下降板块估值整体有所回调，从业绩估值匹配度来看配置性价比正显 著提升。一季报券商业绩表现强劲，配置价值持续提升，本周国新办会议介绍"一揽子金融政 策支持稳市场稳预期"，政策组合拳持续稳定和活跃资本市场，看好非银金融行业业绩估值双 升，建议 5 月积极增配。1、板块行情节奏上持续在回调中配置高景气低估值个股，耐心等待 催化；2、金融供给侧改革加速推进，券商行业进展尤为迅速，综合当前行业经营环境 ...

Core Viewpoint - Tianfeng Securities has received approval from the Shanghai Stock Exchange for its non-public stock issuance, marking a significant breakthrough in its efforts to deepen state-owned enterprise reform and optimize its capital structure [1][2]. Group 1: Company Developments - The approval of the non-public stock issuance is seen as a reinforcement of Tianfeng Securities' strategic foundation as a state-controlled entity, indicating a new phase in the reform process of state-owned enterprises [1]. - The company is focusing on enhancing its capital strength and risk resistance through this capital injection, which will also support its strategic layout in the financial services sector [1][2]. - Tianfeng Securities is committed to deepening its reform efforts, improving corporate governance, and enhancing operational efficiency through various measures, including establishing a research procedure led by the party committee and strengthening internal supervision [2]. Group 2: Strategic Focus - The company aims to align its operations with the strategic goals of the Hubei provincial government, which emphasizes the transformation towards a market-oriented and securities-based model by 2025 [1]. - Tianfeng Securities is pursuing three main strategies: focusing on its core responsibilities, enhancing services for the real economy and wealth growth for residents, and expanding its influence from Hubei to the entire nation [2]. - The company plans to leverage the approval of the stock issuance to further its role as a new type of securities firm with strong management, excellent performance, and extensive service capabilities [2].

包括城商行、民营银行乃至地方农合机构在内，地方国资增持现象近年常态化，国有控股银行数量在不 断增多。 这场变革的底层逻辑，并非单纯的资本救赎，而是在金融供给侧改革、区域经济转型与风险防控三重压 力下催生的复杂博弈。其影响早已超越单一机构的股权结构调整，直指区域性金融生态的深层重构。 区域性银行面临的经营压力为这场变革提供了现实土壤，地方国资的介入成为解困的必然选择。通过增 资扩股与股权受让，国有资本不仅填补了资本缺口，还通过股权集中度提升带来治理效率的改善，也有 助于化解部分银行股权结构因历史遗留问题带来的治理乱象。 国有资本的入场绝非单纯的财务投资，其本质是地方政府对金融资源的战略性整合。通过"加仓"本地法 人银行，地方政府可以更高效地引导信贷资源投向基建、民生等重点领域，推动区域经济高质量发展。 不过，任何事物都有两面性。对于部分银行来说，股权集中化虽结束了股东内耗这一困扰，也产生了新 的治理问题。国资股东利用人事任免、考核机制等非资本方式加强控制力，这种架构虽提高了执行效 率，但行政干预银行商业化经营的灰色地带存在增加的可能。 可以说，这场变革既是对历史积弊的修正，也是对未来道路的探索。当国有资本的力量 ...

新华财经北京5月8日电（记者吴丛司）《中华人民共和国民营经济促进法》将于2025年5月20日起施 行。对此，国新办8日举行新闻发布会，介绍《中华人民共和国民营经济促进法》有关情况。 金融监督管理总局副局长丛林在发布会上表示，民营经济促进法第三章专门规定了投资融资促进。下一 步，金融监管总局将重点推进优化信贷供给政策、引导创新保险产品服务体系、协同创建信息对接共享 机制、强化融资担保的风险分担功能等工作。 业内专家表示，民营经济是高质量发展的重要基础，而融资是影响民营经济发展的重要因素。银行作为 资金的供给方，要在加大信贷支持力度的同时，精准对接处于不同发展阶段的民营企业，满足个性化融 资需求，进一步创新产品和服务，优化风险分担机制，提升民企信贷可得性。 优化信贷供给政策不良率容忍度进一步放宽 "对民营企业中占绝大多数的小微企业，我们制定了一系列差异化的监管政策。"丛林表示，比如在资本 监管方面，金融监管总局对小微企业贷款的风险资本权重给予了八五折到七五折优惠；在不良贷款容忍 方面，金融监管总局将普惠型小微企业贷款不良率容忍度放宽至不高于各项贷款不良率3个百分点，以 此提高银行放贷的积极性；在解决基层人员"不敢 ...

Core Viewpoint - The Chinese government is implementing a series of structural monetary policy tools to support economic recovery and stabilize market expectations, with a focus on enhancing financial support for key sectors and improving the overall financial environment [1][2]. Monetary Policy Tools - The People's Bank of China (PBOC) has introduced various structural monetary policy tools, with a total of nine tools currently in use, focusing on key areas of the national economy, major strategies, and weak links, with a total balance of approximately 5.9 trillion yuan, accounting for 13% of the PBOC's balance sheet [1][2]. - A reduction in the interest rates of several structural monetary policy tools by 0.25 percentage points, lowering rates from 1.75% to 1.5% for specific loans, and from 2.25% to 2% for policy financial institutions' pledged supplementary loans (PSL) [2][3]. - Establishment of a 500 billion yuan service consumption and elderly care re-loan to enhance financial support for key service sectors and the elderly care industry [2]. Support for Key Sectors - The quota for technology innovation and technological transformation re-loans has been increased from 500 billion yuan to 800 billion yuan to support the expansion of the "two new" policies [3]. - An additional 300 billion yuan has been allocated to the agricultural and small business re-loans, bringing the total quota for these loans to 3 trillion yuan [3]. Real Estate and Stock Market Stability - The government is actively working to stabilize the real estate and stock markets, which are crucial for boosting social expectations and facilitating domestic demand [3][4]. - As of now, the approved "white list" loans from commercial banks have increased to 6.7 trillion yuan, supporting the construction and delivery of over 16 million residential units [3]. - In the first quarter of this year, the balance of real estate loans increased by over 750 billion yuan, with new personal housing loans reaching the largest quarterly increase since 2022, and housing rental loans growing by 28% year-on-year [3]. Capital Market Performance - The capital market is showing signs of stability, with the Shanghai Composite Index maintaining around 3,300 points and the bond market self-correcting due to improved economic confidence [4]. - The onshore and offshore RMB has appreciated by approximately 1% against the US dollar since the end of last year, indicating balanced cross-border capital flows [4]. Technological Innovation Financing - The establishment of a technology innovation bond risk-sharing tool is aimed at supporting the issuance of low-cost, long-term bonds for technology innovation enterprises and equity investment institutions [5].

文/《清华金融评论》 周茗一 2 0 25年5月7日9时，国务院新闻办公室举行新闻发布会。中国人民银行、 国家金融监督管理总局、中国证券监督管理委员会负责人介绍"一揽子金 融政策支持稳市场稳预期"有关情况，并答记者问。 央行发布3类10项措施 中国人民银行行长潘功胜介绍到， 今年以来各项宏观金融数据都比较不错，货币信贷呈现出"数量增加、价格下降、结构优化"的运行特 征。一季度末，社会融资规模同比增长8.4%、贷款同比增长7.4%（在贷款数据中，如果把地方专项债 置换地方融资平台贷款的影响进行还原，贷款同比增速将超过8%），广义货币供应量（M2）保持在 7%左右平稳增长，明显高于名义经济增速。同时，社会融资成本保持低位，普惠小微、制造业中长 期、科技型中小企业等贷款增速均快于全部贷款增速，信贷结构进一步优化。 从金融市场看，一季度表现良好。股市运行总体平稳，交易较为活跃，上证指数保持在3300点左右。债 券市场在经济信心提升的带动下自我校正。在岸、离岸人民币对美元汇率较去年末小幅升值1%左右， 跨境资本流动相对均衡。 4月份以来，尽管面临比较大的外部冲击，国内金融体系仍然保持稳健，金融市场展现出较强韧性。上 证 ...