华西证券（002926）指出，预计港股将出现进一步消化阶段压力趋势，前期过热的部分资产出现进一步 获利盘兑现收益。今年上半年累计涨幅偏大和机构较为拥挤的港股资产未来容易出现进一步的回调，未 来一段时间仍不建议无分化追高。现阶段港股市场暂时尚未形成全面大牛市或无分化上涨阶段，若无外 围等客观因素影响，等到未来阶段消化阶段压力之后，港股市场中估值偏低、基本面较好且贸易问题冲 击较小的局部低位资产将存在低吸的结构性机会。 ...

Group 1 - The core point of the announcement is that Rongtong Fund Management Co., Ltd. has signed a sales agreement with Guotai Junan Securities Co., Ltd. to add Guotai Junan as a sales institution for certain open-end funds starting from June 23, 2025, and will also launch a regular investment plan [1][2]. - The applicable funds and business scope are mentioned, indicating that investors can use the new sales channel for regular investment services [1]. - Investors are advised to read the fund's legal documents, such as the "Fund Contract" and "Prospectus," for detailed information about the funds [1]. Group 2 - Contact information for both Guotai Junan Securities and Rongtong Fund Management is provided, including websites and customer service phone numbers for investor inquiries [1]. - The announcement is dated June 23, 2025, indicating the effective date for the new sales agreement and investment services [3].

Core Viewpoint - The article highlights the divergence in spending growth between central and local governments, with central government spending increasing to support domestic demand and safeguard livelihoods, while local government spending is declining. This indicates a proactive fiscal policy aimed at boosting internal demand and ensuring social welfare in the second half of the year [1][2]. Summary by Sections National Public Budget Revenue - In the first five months of 2025, national public budget revenue decreased by 0.3% year-on-year, with May showing a slight increase of 0.1% compared to April. This decline is attributed to the need for stronger domestic demand and low Producer Price Index (PPI) levels. Key components include a rebound in personal income tax revenue, a significant increase in value-added tax revenue driven by consumption incentives, and a slight recovery in export tax refunds. However, non-tax revenue has turned negative, potentially impacting local revenues [1]. Central Government Expenditure - National public budget expenditure grew by 4.2% year-on-year in the first five months of 2025, with May's growth at 2.6%, a decrease from April. Notably, central government expenditure rose to 11% in May, while local government expenditure fell to 0.9%. Key areas of growth include technology spending and social security, while infrastructure spending has seen a decline. This reflects the central government's commitment to expanding domestic demand and ensuring social welfare [1]. Government Fund Revenue and Expenditure - Government fund revenue fell by 6.9% year-on-year in the first five months of 2025, with May's revenue declining by 8.1%. The weak real estate demand and falling land use rights income have negatively impacted this revenue stream. The government plans to implement measures to stabilize the real estate market [2]. - Government fund expenditure increased by 16% year-on-year in the first five months of 2025, with May's growth at 8.8%, although this is a noticeable drop from April's high growth. The expenditure is supported by the issuance of special bonds and long-term bonds, indicating a solid performance despite the recent slowdown [2]. Active Fiscal Policy - The government has allocated a total of 162 billion yuan in central funds to support consumption incentives, which have already driven sales exceeding last year's total. An additional 138 billion yuan will be distributed in the third and fourth quarters. The focus remains on boosting internal demand and facilitating economic transformation, with expectations of continued proactive macroeconomic policies in the second half of the year [2].

Core Viewpoint - The 23rd New Fortune Best Analyst Selection has officially started, aiming to enhance transparency and reduce the announcement period for results, allowing research institutions to focus more on professional research work [1][22]. Group 1: Company Overview - Shenzhen New Fortune Multimedia Co., Ltd. was established in 2001, focusing on evaluation and research to build a standard evaluation system for China's capital market [2]. - The company has developed seven major capital market evaluation brands, including Best Analyst, Best Investment Advisor, and Best Private Equity/VC [3]. Group 2: Historical Development Phases - The selection process has evolved through five significant phases: Industry Enlightenment (2003-2004), Model Formation (2005-2009), Brand Strengthening (2010-2015), Ecological Expansion (2016-2020), and Deepening Innovation (2021-2025) [3][20]. - The Industry Enlightenment phase introduced a professional evaluation system and the first Best Analyst selection, utilizing an international voting mechanism [4][5]. - The Model Formation phase saw the expansion of awards and the introduction of new voting entities, reflecting the growing demand for comprehensive investment strategy support [9][12]. - The Brand Strengthening phase marked the internationalization of the selection process, with the introduction of overseas institutional investors as voters [13][14]. - The Ecological Expansion phase was characterized by the integration of technology, such as AI and big data, into research practices [15][16]. - The Deepening Innovation phase focuses on optimizing rules and promoting diverse development in the context of significant changes in the capital market [20][21]. Group 3: Recent Developments - The 2025 selection will continue to enhance transparency by clearly disclosing voting weights and significantly shortening the result announcement period [1][22]. - The selection has recorded the growth trajectory of the analyst industry in China and aims to contribute to the high-quality development of the Chinese economy [22].

Group 1 - The core point of the article is the recent personnel change at Everbright Securities, where Mei Jian has transitioned from Vice President to Senior Expert, raising questions about the implications of this shift [1][5]. - Mei Jian, born in 1970, has a Master's degree in Business Administration and has had a long career in the securities industry, starting from Hubei Securities and holding various significant positions before joining Everbright Securities in 2006 [3][5]. - The announcement from Everbright Securities indicates that Mei Jian's responsibilities will remain unchanged despite the title change, continuing to oversee wealth management, futures, and the Hong Kong subsidiary [5]. Group 2 - Following this personnel adjustment, Everbright Securities now has only two remaining executives: President Liu Qiuming and Vice President Zhu Qun, who holds multiple roles including Compliance Director and Chief Risk Officer [5]. - In 2024, Everbright Securities reported a total revenue of 9.598 billion yuan, a year-on-year decrease of 4.3%, and a net profit attributable to shareholders of 3.058 billion yuan, down 28.4% compared to the previous year [5].

Group 1 - The equity market has seen a significant influx of new capital, with a notable acceleration in fund allocation pace. From June 16 to June 19, the net subscription amount for equity ETFs reached 17.462 billion yuan, with broad-based ETFs being the main attraction [1] - Several newly launched equity funds have achieved substantial fundraising, with multiple products exceeding 900 million yuan in issuance scale. For instance, the E Fund Growth Progress Mixed Fund raised 1.704 billion yuan [1] - The investment pace of recently established funds is relatively high, with some funds reaching over 50% equity investment within a week of establishment. As of June 18, the equity investment proportion of the Hongde Dividend Preferred Mixed Fund (LOF) was 51.24% [1] Group 2 - Current market structural opportunities are highlighted, with sectors such as AI, consumer goods, and innovative pharmaceuticals receiving significant attention. Securities firms are focusing on consumer electronics opportunities in the second half of the year [2] - There is optimism regarding the AI application in traditional consumer electronics, particularly in the replacement cycle for devices, as well as in AI terminal hardware like headphones and glasses [2]

Group 1 - The event on June 16 aimed to raise awareness about illegal financial activities, highlighting the potential risks associated with "cloud breeding economy" and "small white household loan scams" [1] - From January to May, the total loan balance in the city increased by 9% year-on-year, with over 2,800 businesses receiving support through re-loans and rediscounts [1] - In 2024, the number of new illegal fundraising cases and participants in the city significantly decreased compared to the previous year, indicating substantial progress in handling existing cases [1] Group 2 - June is designated as "Illegal Financial Activity Prevention Month," with the theme "Protect Your Wallet and Your Happy Home," aiming to deepen public understanding of the need to combat illegal financial activities [2] - The city plans to expand the reach of its anti-fraud initiatives and diversify the methods of legal education to ensure the message is effectively communicated to the public [2]

Group 1 - The core point of the article is the issuance of the 2025 Beijing government special bonds, specifically the thirty-fifth issue, which aims to raise funds for the "Beijing Government Investment Guidance Fund" [1] - The planned issuance amount for the thirty-fifth special bond is 10 billion yuan, with a maturity period of 10 years [1] - The diversification of local bond fundraising targets is highlighted, indicating a trend towards more precise funding for real economy services, including recent initiatives to address overdue corporate payments [2] Group 2 - Other provinces, such as Yunnan and Hunan, have also adjusted their budget plans to allocate significant amounts of special bonds for clearing overdue payments, with Yunnan allocating 35.6 billion yuan and Hunan 20 billion yuan for this purpose [3] - The State Council has issued guidelines to optimize the management of local government special bonds, expanding the scope of eligible projects and allowing for more diverse applications for funding [4] - The new management approach shifts from a "positive and negative list" to a solely "negative list" management, facilitating easier applications for special bond funding for various projects [4]

证券代码：601688 证券简称：华泰证券 公告编号：临 2025-026 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 董事会收到非执行董事刘长春先生的书面辞职报告。因工作调动原因， 刘长春先生提请辞去公司第六届董事会非执行董事和董事会发展战 略委员会委员职务。刘长春董事的离任不会导致公司董事会成员低于 法定人数。 刘长春董事离任的基本情况如下： | 是否继续 | 是否存 | | --- | --- | | 在上市公 | 在未履 | 姓名 离任职务 离任时间 离任原因 司及其控 行完毕 股子公司 的公开 任职 承诺 非执行董 2025 年 6 月 2025 年 12 月 工作调动 否 否 审议通过了《关于选举公司第六届董事会成员（非独立董事）的议案》 选举晋永甫先生为公司第六届董事会非执行董事,选举王莹女士为公 司第六届董事会执行董事。 根据公司《章程》规定，自本次股东大会选举通过之日起，晋永 甫先生将接替刘长春先生履行公司第六届董事会非执行董事职责，王 莹女士将正式履行公司第六届董事会执行董事职责，任期均至本届董 事会任 ...

证券代码：600369 证券简称：西南证券 公告编号：临 2025-023 西南证券股份有限公司 第十届董事会第十七次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 本次会议以记名投票方式审议以下议案： 一、关于增补公司第十届董事会战略与 ESG 委员会委员的议案 同意增补龚先念先生（简历附后）为公司第十届董事会战略与 ESG 委员会 委员，任期自本次董事会审议通过之日起至本届董事会届满之日止。 表决结果： 9 票同意， 0 票反对， 0 票弃权，审议通过该议案。 二、关于修订公司员工薪酬管理办法的议案 同意修订《西南证券股份有限公司员工薪酬管理办法》，并更名为《西南证 券股份有限公司员工薪酬管理规定》。 西南证券股份有限公司（以下简称公司）第十届董事会第十七次会议于 2025 年 6 月 12 日以电子邮件方式发出会议通知和相关材料，于 2025 年 6 月 16 日发 出会议补充通知和相关材料，于 2025 年 6 月 20 日在公司总部大楼以现场和视频 方式召开。本次会议应出席董事 9 人，实际出席董事 9 ...