瑞信证券的前身是瑞信方正证券。 2008年10月24日，经证监会批复，瑞信方正证券有限责任公司正式设立，由方正证券持股66.7%，瑞士信贷银行持股33.3%。 2020年6月，瑞士信贷银行完成对瑞信方正证券的增资，持有51%股权，成为外资控股券商之一。次年，公司更名为瑞信证券（中国）有 限公司。 2024年5月31日，瑞银吸收合并瑞信，继承了瑞信证券（中国）有限公司的51%股权和相应股东权利义务。 【导读】瑞信证券正式更名为北京证券 中国基金报记者 莫琳 北京证券，你好！瑞信证券，再见！ 7月23日，方正证券 发布 公告称，瑞信证券（已更名为北京证券有限责任公司）完成股权变动的工商变更登记，公司不再持有瑞信证券股 权。 2025年3月，证监会作出《关于核准瑞信证券（中国）有限公司变更主要股东和公司实际控制人的批复》，核准北京国资公司成为瑞信证 券主要股东、实际控制人，对北京国资公司依法受让瑞信证券85.01%股权无异议。 至此，北京国资参股的券商增至5家，分别是中信建投、首创证券、第一创业、恒泰证券以及最新被核准收购的北京证券。 编辑：杜妍 校对：王玥 制作：小茉 审核：木鱼 《中国基金报》对本平台所刊载的原 ...

2025 年 7 月 23 日 债市生态进化论系列之十五 科创债仍有相对价值，尤其是银行间科创债 证券分析师 | 刘璐 | 投资咨询资格编号 | | --- | --- | | | S1060519060001 | | | LIULU979@pingan.com.cn | | 张君瑞 | 投资咨询资格编号 | | | S1060519080001 | | | ZHANGJUNRUI748@pingan.com.cn | 平安观点： 风险提示：货币政策转向，科创债政策低于预期，科创债行情过度透支。 债 券 报 告 债 券 动 态 跟 踪 报 告 首批科创债 ETF跟踪的科创债指数的成份券均为在交易所上市的高等级公募科创公司债。首批 10 支科创债 ETF 跟踪了 3 支 科创债指数（分别是中证 AAA 科技创新公司债指数、上证 AAA 科技创新公司债指数和深证 AAA 科技创新公司债指数）。 3 支指数总的成份券有 838 支，合计规模约 1 万亿，其中的中证 AAA 科创债指数成份券基本覆盖了另外两支指数。 首批科创债 ETF和首批基准做市信用债 ETF的底层债券存在较多重合。今年上市了首批 8 支基准做市信 ...

Group 1 - The total client assets of securities brokerage branches in Shanghai reached 12.65 trillion yuan, a year-on-year increase of 23.3% [1] - As of the end of the first half of 2025, there were 853 securities brokerage branches in Shanghai, including 104 subsidiaries and 749 business offices [1] - The trading volume of A-shares in Shanghai reached 47.95 trillion yuan, a year-on-year increase of 69.2%, accounting for 30.12% of the national trading volume [1] Group 2 - The number of client fund accounts in Shanghai reached 37.93 million, a year-on-year increase of 10.6%, with the highest branch having 4.02 million accounts [2] - The financing and securities lending accounts in Shanghai totaled 696,000, a year-on-year increase of 5.6%, with a balance of 230.7 billion yuan, up 21.4% [2] - The total operating income of brokerage branches in Shanghai was 14.844 billion yuan, a year-on-year increase of 47.1% [2] Group 3 - The average commission rate for A-shares in Shanghai was 0.201‰, a year-on-year decrease of 8.2% [2] - Local branches had an average commission rate of 0.260‰, while non-local branches had an average of 0.181‰ [2]

为推动广东金融系统和社会各方协同为广东经济社会发展全面绿色转型提供更加有力的金融支持，在中 国人民银行广东省分行等部门的指导下，广东金融学会绿色金融专业委员会等组织开展了"美丽广东·金 融赋能"2025年度广东绿色金融改革创新案例征集和推广活动，并确定本年度绿色金融改革创新推广案 例50个，目前已对外正式发布。 中国人民银行广东省分行表示，下一步，将与广东省、广州市相关部门加强协同配合，通过多种形式、 多个渠道对绿色金融改革创新案例进行更大范围的宣传、推广，引导全省金融系统和相关单位认真学习 借鉴、积极复制推广绿色金融改革创新的经验，进一步创新绿色金融工作机制、丰富绿色金融产品、提 升绿色金融服务，运用好绿色金融手段支持产业结构低碳转型，助力美丽广东和粤港澳大湾区美丽中国 先行区建设，打造绿色金融支持经济社会高质量发展的"广东样板"。 从案例申报主体看，既涵盖银行、证券、保险等传统主力金融机构，也有企业集团财务公司、融资租 赁、私募股权基金等特色金融服务主体，还有绿色企业、第三方机构等实体产业与专业支撑力量；既有 全国性金融机构一级分行，也有地方法人金融机构，还有多家金融机构的基层分行、支行、中心支公 司。参 ...

中国证券业协会（以下简称"协会"）近期密集发布了即将于今年9月生效的《证券公司全面风险管理规范（修订稿）》（以下简 称《规范》）与未来三年分批实施的《证券公司并表管理指引（试行）》（以下简称《指引》）。 公司治理 自2020年3月，证监会公布中金公司、招商证券、中信证券、华泰证券、中信建投、国泰君安等6家证券公司实施并表监管试点 （以下简称"试点机构"），到《指引》发布已历经5年的实践。试点机构通过不断加强并表管理，都显著积累了更多的人才、技 术和系统等资源，全面提升了经营稳健性与合规风控能力。对很多排名靠前的券商而言，这次《指引》的发布可谓"千呼万唤始 出来"，是他们多年来厉兵秣马、翘首企盼的春风。 笔者曾参与2019年底的并表监管试点评审，并在此之后与多家券商就并表管理及试点券商的实践进行过交流。《指引》并非简 单将当年的评审规则从试点机构套用到对全行业的并表监管上，而是扩大了并表管理边界，从狭义的以风险为主体的并表管理 拓展为广义的全要素并表管理，从局部试点延展至全面规范。《指引》旨在引导证券公司完善并表管理架构和模式，加强对子 公司及业务条线的"垂直化"管理，更全面、及时、有效地识别并管控风险，从而促 ...

Core Viewpoint - The article highlights the development and current status of the Sci-Tech Innovation Board (STAR Market) in China, marking its sixth anniversary with a total of 589 listed companies and providing insights into the performance of various underwriting institutions, law firms, and accounting firms involved in IPO services. Group 1: STAR Market Overview - As of July 22, the STAR Market has 589 listed companies, with the number of new listings per year as follows: 70 in 2019, 143 in 2020, 162 in 2021, 124 in 2022, 67 in 2023, 15 in 2024, and 8 from 2025 to present [1]. Group 2: Underwriting Institutions Performance - A total of 53 underwriting institutions have handled the IPOs for the 589 STAR Market companies. The top five institutions by the number of IPOs are: 1. Guotai Junan: 95 IPOs 2. CITIC Securities: 84 IPOs 3. CITIC Jianzhong: 56 IPOs 4. CICC: 53 IPOs 5. Huatai United: 51 IPOs [2][3]. Group 3: Law Firms Performance - There are 67 law firms that provided legal services for the IPOs of the 589 STAR Market companies. The top five law firms are: 1. Shanghai Jintiancheng: 62 cases 2. Beijing Zhonglun: 56 cases 3. Beijing Deheng: 46 cases 4. Beijing Jindu: 36 cases 5. Beijing Guofeng: 35 cases [7]. Group 4: Accounting Firms Performance - A total of 29 accounting firms provided audit services for the IPOs of the 589 STAR Market companies. The top five accounting firms are: 1. Tianjian: 108 cases 2. Lixin: 88 cases 3. Rongcheng: 68 cases 4. Tianzhi International: 41 cases 5. Dahua: 35 cases [8].

甘霖终降:甚建发力提振市场风险偏好 ■ 战术性资产配置周度点评(20250720) 本报告导读: 我们维持此前的战术性大类资产配置观点。我们建议战术性超配港股,战术性标配 人民币,战术性低配商品、日股、美债。 投资要点: 近期大类资产定价主要受市场风险偏好改善主导,风险资产显著优 o 于避险资产,权益>商品>债券。市场担忧鲍威尔被解聘或破坏投 资者对美联储货币政策指引的信心,雅鲁藏布江下游水电工程极大 提振了投资者的风险偏好,而日本执政联盟失去参院多数议席或削 弱政策可预测性。我们仍维持此前的战术性大类资产配置观点。权 益资产中,我们对分子端景气预期持续上修、市场流动性与风险偏 好逐渐改善的港股相对乐观,对基本面预期震荡下修、通胀压力较 大以及政策可预测性削弱的目股相对谨慎。债券资产中,我们对受 到财政压力以及较强经济内生性动力压制的美债相对谨慎。大宗商 品中,我们认为商品价格或仍受到供给与需求端的双向压制。全球 外汇中,我们认为中国经济运行趋势稳中向好、相较于其他主要经 济体增长动能韧性较强有望支撑人民币汇率中枢稳定。 | ને | 王子翌(分析师) | | --- | --- | | પ | 021-38 ...

Core Viewpoint - The China Banking Association has initiated an investigation into China Guangfa Bank for allegedly guiding pricing during the selection of underwriters for its 2025-2026 secondary capital bond project, with plans for stricter regulations and penalties for such behavior [1]. Group 1: Project Details - The project involves the issuance of secondary capital bonds with a total scale of 35 billion yuan [4]. - A competitive negotiation method was used for the selection of underwriters, with six institutions successfully chosen [3][4]. - The total estimated service fee for the selected underwriters is 63,448 yuan, which is significantly lower than the market average, averaging about 10,000 yuan per institution [4]. Group 2: Selected Underwriters - The six selected underwriters include: - China Galaxy Securities Co., Ltd. with an estimated service fee of 700 yuan - Guangfa Securities Co., Ltd. with an estimated service fee of 1,050 yuan - Industrial Bank Co., Ltd. with an estimated service fee of 700 yuan - Guotai Junan Securities Co., Ltd. with an estimated service fee of 4,998 yuan - CITIC Securities Co., Ltd. with an estimated service fee of 21,000 yuan - CITIC Jinshi Securities Co., Ltd. with an estimated service fee of 35,000 yuan [2][3].

Core Viewpoint - Citadel Securities urges the SEC to slow down the regulation of tokenized securities, warning that this emerging financial tool may unexpectedly impact traditional capital markets [1][2] Group 1: Concerns about Tokenized Securities - Citadel highlights that tokenized securities could divert funds from an already weak IPO market, providing private companies with an alternative financing channel [1][3] - The company expresses concern that tokenized securities may create new liquidity pools that institutional investors, due to risk management policies or fiduciary duties, cannot participate in [3] - The absence of institutional investors could affect market depth and price discovery efficiency [3] Group 2: Regulatory Approach - Citadel emphasizes the need for the SEC to advance tokenization through formal rule-making processes rather than hastily relaxing regulations [1][4] - The recent regulatory victory for the digital asset industry, with the stablecoin legislation coming into effect, underscores the importance of balancing innovation and regulatory caution [4] Group 3: Support for Tokenized Securities - Supporters of tokenized securities envision a more efficient trading environment, enabling 24/7 trading, instant settlement, and enhanced liquidity [5] - Digital asset trading platforms like Coinbase and Robinhood view tokenized securities as an opportunity to expand their service offerings and attract more users [6]

Group 1 - The core viewpoint is that the market for science and technology innovation bonds (科创债) in China has surpassed 2.2 trillion yuan by 2025, with a continuous increase in the proportion of high-quality innovation enterprises [1][2] - The ETF (Exchange-Traded Fund) market is seen as a crucial tool for asset allocation and economic development, with significant growth potential as capital market reforms progress [2][3] - The focus of the market this year is on obtaining trading profits, with ETFs providing a natural trading advantage due to their high liquidity [3][4] Group 2 - Insurance capital is in the early stages of engaging with bond ETFs, particularly credit bond ETFs, and is expected to increase its allocation as product variety and liquidity improve [4][5] - The introduction of the science and technology innovation bond ETF is viewed as an important innovation in capital market products, promoting technological innovation and optimizing market structure [2][3] - The dual fund manager model adopted by Penghua Fund for its science and technology innovation bond ETF aims to enhance asset allocation and operational management, supporting product scale growth [5]