Market Overview - In the first half of 2025, the ABS market saw 1,090 new issuance projects with a total issuance scale of 974.9 billion yuan, representing a year-on-year increase of 27% from 766.5 billion yuan [1][8]. - The cumulative market size reached approximately 3,278.3 billion yuan, with credit ABS at 398.9 billion yuan, enterprise ABS at 2,062.7 billion yuan, ABN at 633.6 billion yuan, and public REITs at 183.1 billion yuan [6]. Credit ABS - A total of 102 new credit ABS projects were issued, amounting to 95.9 billion yuan, which is a decrease of 23% year-on-year [2][10]. - The largest issuance came from non-performing loans, with 80 projects totaling 36.2 billion yuan, followed by personal auto loans with 10 projects totaling 34.3 billion yuan [2][10]. Enterprise ABS - The enterprise ABS market saw 696 new issuances with a total amount of 604.4 billion yuan, marking a 36% increase year-on-year [3][11]. - The largest segment was financing lease receivables, with 138 projects totaling 147.8 billion yuan, followed by general small loan receivables with 105 projects totaling 92.8 billion yuan [3][11]. ABN - The ABN market had 281 new issuances, totaling 259.3 billion yuan, which is a 49% increase year-on-year [4][13]. - The largest issuance was in bank/internet consumer loans, with 101 projects totaling 89.9 billion yuan, followed by general small loans with 38 projects totaling 35.4 billion yuan [4][13]. Underwriting Rankings - In the first half of 2025, CITIC Securities led the underwriting rankings with 231 projects and a total underwriting amount of 105.18 billion yuan [17][18]. - Guotai Junan ranked second with 197 projects totaling 96.58 billion yuan, while Ping An Securities ranked third with 127 projects totaling 78.71 billion yuan [17][18]. Detailed Underwriting by Market Segment - In the credit ABS market, CITIC Securities topped the rankings with 48 projects totaling 14.4 billion yuan, followed by China Merchants Securities with the same number of projects but a total of 12.73 billion yuan [24][25]. - For enterprise ABS, Guotai Junan led with 136 projects totaling 79.47 billion yuan, followed by Ping An Securities with 108 projects totaling 74.68 billion yuan [27][28]. - In the ABN market, China Merchants Securities ranked first with 47 projects totaling 24.03 billion yuan, followed closely by Bank of China with 56 projects totaling 23.65 billion yuan [30][31]. Asset Class Rankings - The top three asset classes by issuance scale were financing lease, bank/internet consumer loans, and general small loans [34]. - In the financing lease ABS segment, Ping An Securities led with 30.67 billion yuan, followed by Guotai Junan with 24.04 billion yuan [34][35]. - For bank/internet consumer loans, China Merchants Securities ranked first with 24.96 billion yuan, followed by CICC and Huatai Securities [37][39]. - In the general small loan category, CITIC Securities led with 19.38 billion yuan, followed by Guotai Junan and Guolian Minsheng [40]. Issuer Rankings - In the credit ABS market, Zhejiang Merchants Bank led with 6.7 billion yuan, followed by BinYin Auto Finance and Industrial and Commercial Bank of China [43][44]. - For enterprise ABS, CITIC Trust topped the issuer rankings with 36 billion yuan, followed by Shenghe Factoring and Ping An Leasing [46][50]. - In the ABN market, Guotai Junan Trust led with 31.14 billion yuan, followed by JD Trade and other institutions [54][56]. Public REITs - The public REITs market relies on ABS as a channel, with Shenzhen Jiafeng Industrial Park Management leading the original rights holder rankings with 3.29 billion yuan [59][60]. - The plan management rankings were topped by Southern Capital Management with 3.29 billion yuan, followed by CICC and Huitianfu Capital Management [61][62].

关于大股东及其一致行动人权益变动触及 5%整倍数 暨控制权变更的提示性公告 证券代码：002966 证券简称：苏州银行 公告编号：2025-063 苏州银行股份有限公司 信息披露义务人保证向本行提供的信息内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 本行及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 重要内容提示： 及其一致行动人东吴证券股份有限公司（以下简称"东吴证券"）合计持股比例 由 14%增加到 15%，触及 5%整倍数。 国发集团成为本行控股股东；因国发集团是苏州市财政局的独资企业，苏州市财 政局成为本行实际控制人。国发集团法律顾问江苏益友天元律师事务所，本行财 务顾问招商证券股份有限公司及法律顾问江苏新天伦律师事务所就上述控制权 变更事项出具了专业意见。 苏州银行股份有限公司（以下简称"本行"）于 2025 年 6 月 27 日收到国 发集团及其一致行动人东吴证券出具的《关于苏州银行股东权益变动暨控制权变 更信息披露的告知函》《苏州银行股份有限公司详式权益变动报告书》。2025 年 稀释等原因，与东吴证券合计在本行拥有权益的股份占本行总股本的比例从前次 《详式权益变动 ...

证券代码：002926 证券简称：华西证券 公告编号：2025-024 华西证券股份有限公司董事会 华西证券股份有限公司（以下简称"公司"）于 2025 年 6 月 19 日以电子邮件方 式发出第四届董事会 2025 年第三次会议通知，会议于 2025 年 6 月 30 日通过公司总 部现场会议与远程视频相结合的方式召开。本次会议应出席董事 10 名，实际出席董 事 10 名，公司部分监事及高级管理人员列席了会议，周毅董事长主持会议。本次会 议的召集、召开及表决程序符合《公司法》等相关法律法规和《公司章程》的规定。 董事会审议了会议通知所列明的议案，所有表决议案均获通过，决议如下： 关于聘任首席信息官的议案 表决结果：十票同意，零票反对，零票弃权。 董事会同意聘任李钧为公司首席信息官，任期自本次董事会审议通过之日起至本 届董事会任期届满之日止。根据《泸州市市属企业经营管理层实行市场化选聘和契约 化管理的实施意见（试行）》（泸组通﹝2019﹞130 号）相关规定，董事会初次聘任 高级经营管理人员应实行任职试用期制，试用期为一年。 《关于聘任高级管理人员的公告》与本决议同日刊登于《中国证券报》《上海证 券报》《证 ...

Group 1 - The issuance of science and technology innovation bonds has significantly expanded, with multiple brokerages and private venture capital firms successfully launching their first bonds in the interbank market, totaling 55.8 billion yuan approved by the People's Bank of China [1] - The interbank market offers a larger scale for bond issuance compared to the exchange market, which helps broaden financing channels for brokerages [1] - The first batch of private venture capital institutions has also completed the issuance of science and technology innovation bonds in the interbank market, enhancing financing accessibility and market liquidity through risk-sharing tools [1] Group 2 - In May 2025, the bond market issued a total of 71,951.6 billion yuan across various types of bonds, including government bonds, local government bonds, financial bonds, corporate credit bonds, and asset-backed securities [2] - The issuance included 14,892.9 billion yuan in government bonds and 7,794.4 billion yuan in local government bonds, indicating robust activity in the bond market [2] Group 3 - Sichuan Province is supporting qualified cultural and tourism enterprises to issue green bonds, aiming to enhance financial support and promote the integration of culture and tourism [4] - The province plans to establish investment guiding funds and encourage financial institutions to explore various loan models to support the cultural tourism sector [4] Group 4 - Anhui Province successfully issued 16 government bonds totaling 561.29 billion yuan, including 248.27 billion yuan in new bonds and 313.02 billion yuan in refinancing bonds [5] - The province has issued a total of 2,126.81 billion yuan in government bonds this year, with 1,064.2 billion yuan being new bonds, achieving 99% of the early batch new bond quota [5] Group 5 - In the first five months of 2025, enterprises in Henan Province reported a total revenue of 17,236.8 billion yuan, reflecting a growth of 3.1% [6] - State-owned enterprises generated 8,736.9 billion yuan in revenue, growing by 2.1%, while non-state-owned enterprises achieved 8,499.9 billion yuan, with a growth rate of 4.2% [6] Group 6 - Henan Investment Group plans to issue 15 billion yuan in small public offerings, which has been accepted by the Shanghai Stock Exchange [8] - The funds raised will be used for various purposes, including debt repayment, working capital, project construction, and equity investments [8] Group 7 - The first phase of the technology innovation bonds from Yudi Technology Group was successfully issued at 2.8 billion yuan with a 2.0% interest rate, marking the lowest historical rate for similar bonds in Henan Province [9] - This issuance reflects the capital market's recognition of the group's innovation capabilities and creditworthiness [9] Group 8 - The New Zheng City Investment Group's first bond issuance of 8.3 billion yuan has been accepted by the Shenzhen Stock Exchange [11] - The issuance is part of the group's debut in the bond market [11] Group 9 - The Ningxia Electric Power Investment Group successfully issued the first carbon-neutral green perpetual corporate bond in the country, amounting to 1 billion yuan, aimed at funding renewable energy projects [11] - This issuance is significant for promoting low-carbon economic development [11] Group 10 - CITIC Securities has received approval to issue up to 30 billion yuan in perpetual subordinated corporate bonds [12] - This approval allows the company to raise funds from professional investors for various purposes [12]

Regulatory Approval - TF International Securities is seeking regulatory approval in Hong Kong to offer virtual asset-linked services [1] Business Strategy - The company aims to kick-start growth outside the traditional brokerage business [1]

Market Performance - On June 30, 2025, A-shares saw collective gains with the Shanghai Composite Index rising by 0.59%, Shenzhen Component Index by 0.83%, and ChiNext Index by 1.35% [1] - The trading volume in the Shanghai and Shenzhen markets approached 1.5 trillion yuan [1] Sector Performance - Game and defense-related ETFs led the gains, with specific game ETFs and aerospace ETFs increasing by over 5% [2] - The National Press and Publication Administration approved 147 domestic games and 11 imported games, boosting the gaming sector [2] - The military industry is expected to experience a valuation restructuring, benefiting from improved asset quality and larger business scales [2] High Dividend Sector - High dividend sectors experienced a pullback, but there are expectations for supportive policies from the China Securities Regulatory Commission to enhance market confidence [3] - The central state-owned enterprise sector is viewed positively due to ongoing reforms and market management initiatives [3] ETF Trading Activity - The top trading ETF was the Credit Bond ETF with a transaction volume of 18.291 billion yuan, followed by the Shanghai Corporate Bond ETF and Short-term Bond ETF, both exceeding 10 billion yuan [4] - The Asia-Pacific Select ETF had the highest turnover rate at 157.05% [5] Upcoming ETF Issuances - Five new ETFs are set to begin fundraising on July 1, 2025, including those focused on artificial intelligence and aviation [6][7] - The newly listed ETFs will track indices related to artificial intelligence, general aviation, and free cash flow [11][12][14]

Group 1 - The trading fees and commissions for general ETFs in Suzhou are around 0.03%, with a minimum charge starting at 5 yuan, and some brokers can negotiate lower fees, even as low as 0.005% with a minimum of 0.1 yuan [1] - ETFs are a special type of open-end fund that combines the advantages of both closed-end and open-end funds, allowing investors to trade ETF shares on the secondary market or redeem them with the fund management company using a basket of stocks [1] - The arbitrage opportunities arise when there is a price difference between the ETF's secondary market trading price and its net asset value, making it important for investors to find low-fee ETF accounts [1] Group 2 - For individual investors, ETFs can be treated as a "big stock," simplifying the investment process by avoiding the need to select individual stocks and reducing exposure to specific stock risks [2] - The trading risk associated with ETFs is generally lower than that of stock accounts, contributing to their popularity among investors [2] - Various trading fees for different financial products are outlined, including a 0.03% commission for stocks, 0.05% for certain ETFs, and specific rates for margin financing and options [2]

Group 1 - The world is undergoing significant changes, and the international financial governance system is facing profound restructuring, with China playing a crucial role as the world's largest trading nation and foreign exchange reserve holder [1] - Accelerating the construction of a financial powerhouse is essential for achieving the great rejuvenation of the Chinese nation and adapting to the contemporary global financial landscape [1] Group 2 - The concept of a financial powerhouse is based on a strong economic foundation, leading global economic strength, technological capability, and comprehensive national power, along with six key financial elements [2] - The six key financial elements include a strong currency, a capable central bank, robust financial institutions, a significant international financial center, effective financial regulation, and a talented financial workforce [2] Group 3 - Building a financial powerhouse requires a strong real economy as its support, as a robust economic foundation ensures the stable operation of the financial system and drives financial innovation and development [3] - Historical examples, such as the UK's industrial revolution and the post-World War II U.S. economic dominance, illustrate how strong economic foundations can enhance a nation's financial credibility and governance [3] Group 4 - Financial development must return to serving the real economy, as the essence of finance is to support economic growth and prevent financial risks [4] - The 2008 financial crisis highlighted the dangers of financial institutions operating outside the fundamentals of the real economy, emphasizing the need for finance to support real economic development [4] Group 5 - High-quality financial services are essential for economic and social development, focusing on technology finance, green finance, inclusive finance, pension finance, and digital finance [5] - Financial resources should be allocated precisely to strategic emerging industries and advanced manufacturing to promote structural adjustment and new economic growth points [5] Group 6 - Developing a global high-efficiency financial market and cultivating internationally competitive financial institutions are core financial elements for building a financial powerhouse [6] - The financial system must address issues of uneven capital allocation and improve financing efficiency to better serve the real economy [7] Group 7 - Steadily promoting the internationalization of the Renminbi is crucial for enhancing China's position in the international monetary system and creating a favorable external environment for building a financial powerhouse [8] - The goal is to increase the use of the Renminbi in cross-border trade and attract international investors to participate in China's financial markets [8] Group 8 - Participating in and leading reforms of the international financial governance system is necessary for transitioning from being a rule taker to a rule maker in the global financial landscape [9] - The need for a more equitable, inclusive, and sustainable financial governance system is emphasized, along with the importance of reforming multilateral financial institutions [9]

Market Overview - The secondary market for publicly listed REITs in China showed an overall downward trend, with the weighted REITs index closing at 143.24 and a weekly return of -1.22% [2] - In comparison to other major asset classes, the return rates ranked from high to low are: convertible bonds, US stocks, A-shares, pure bonds, REITs, gold, and crude oil [2] - Among different project attributes, both property and concession REITs experienced price declines, with property REITs showing a smaller drop [2] - The transportation infrastructure REITs had the largest decline, while the top three performing asset types were affordable housing, energy, and ecological protection [2] Trading Activity - The total trading volume for publicly listed REITs was 2.9 billion yuan, with municipal facility REITs leading in average daily turnover rate [3] - The average daily turnover rate for all listed REITs was 0.93% [3] - The top three REITs by trading volume were Guotai Junan Dongjiu New Economy REIT, Zhongjin ProLogis REIT, and Huaxia China Communications Construction REIT [3] Net Inflow and Block Trading - The total net inflow for the week was 81.54 million yuan, indicating a decrease in market trading enthusiasm [4] - The top three asset types for net inflow were consumer infrastructure, park infrastructure, and energy infrastructure [4] - The total amount of block trading reached 789.97 million yuan, significantly higher than the previous week, with the highest single-day block trading occurring on June 24, 2025, at 309.6 million yuan [4] New Listings - Two new REITs were listed this week: Zhongjin Yizhuang Industrial Park REIT on June 26, 2025, and Zhongjin China Green Development Commercial Asset REIT on June 27, 2025 [5]

Group 1 - The fund will set a total scale limit of RMB 10 billion starting from June 30, 2025, to maintain the interests of fund shareholders and ensure stable fund operations [1][2] - If the total scale exceeds RMB 10 billion on a given day, the fund manager will confirm subscription applications on a pro-rata basis [1][2] - The calculation method for the subscription confirmation ratio is provided, ensuring transparency in the process [1][6] Group 2 - The fund will resume large subscriptions, including regular investment plans, starting from June 30, 2025, lifting the previous limit of RMB 100 on single-day subscriptions [4][5] - A new total scale limit of RMB 8 billion will be implemented, with similar pro-rata confirmation principles applied if the limit is exceeded [4][5] - Investors can consult the fund manager's website for information on confirmation ratios and any adjustments to scale control measures [2][6] Group 3 - The announcement includes the addition of Everbright Securities as a sales agent for the Wanji Stable Bond Fund, effective from July 7, 2025 [9][10] - The fund will be publicly offered from July 7 to July 25, 2025, allowing investors to subscribe through Everbright Securities [9][10]