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 ...

Core Viewpoint - The bond market is showing a strong consolidation trend, with expectations of continued loose monetary policy from the central bank to counter potential external demand pressures [1][7]. Market Performance - Government bond futures closed higher across the board, with the 30-year main contract up by 0.21%, and the 10-year main contract up by 0.02% [2]. - The yields on major interbank bonds mostly declined, with the 10-year government bond yield down by 0.15 basis points to 1.639% [2]. - The China Securities convertible bond index closed down by 0.01%, with a trading volume of 573.28 billion [2]. Overseas Bond Market - In North America, U.S. Treasury yields rose collectively, with the 10-year yield increasing by 1.58 basis points to 4.393% [3]. - In Asia, Japanese bond yields mostly declined, with the 10-year yield down by 1.4 basis points to 1.399% [4]. - In the Eurozone, bond yields generally increased, with the 10-year UK bond yield rising by 3.6 basis points to 4.529% [4]. Primary Market - Shenzhen's local bonds saw high bidding multiples, with the 2-year bond "Shenzhen 2532" having a bid-to-cover ratio of 16.59 [5]. - The 15-year bond "Shenzhen 2533" had a bid-to-cover ratio of 15.27, indicating strong demand [5]. Liquidity and Interest Rates - The LPR remained stable, with the 1-year LPR at 3% and the 5-year LPR at 3.5% [6]. - The central bank conducted a 7-day reverse repurchase operation with a total of 1612 billion, resulting in a net withdrawal of 413 billion for the day [6]. - Short-term Shibor rates mostly increased, with the overnight rate up by 0.1 basis points to 1.368% [6]. Investment Strategy Insights - The bond market is expected to challenge previous lows, with social financing growth projected to peak around 9.0% in July and August before gradually declining [8]. - The central bank's liquidity support has led to a stable funding environment, suggesting that long-term bond yields may have room to decline [8].

本订阅号所载内容仅面向国泰海通证券研究服务签约客户。因本资料暂时无法设置访问限制，根据《证 券期货投资者适当性管理办法》的要求，若您并非国泰海通证券研究服务签约客户，为保证服务质量、 控制投资风险，还请取消关注，请勿订阅、接收或使用本订阅号中的任何信息。我们对由此给您造成的 不便表示诚挚歉意，非常感谢您的理解与配合！如有任何疑问，敬请按照文末联系方式与我们联系。 重要提醒 更多国泰海通研究和服务 亦可联系对口销售获取 ...

新华财经北京6月20日电（记者闫鹏）中国证监会18日发布《关于在科创板设置科创成长层增强制度包 容性适应性的意见》，其中提出丰富科创板指数及ETF品类，将科创板ETF纳入基金投顾配置范围，促 进更多中长期资金向发展新质生产力集聚。 业内人士认为，此举有助于打通服务科技创新企业与居民财富管理之间的桥梁，是健全投资和融资相协 调的市场功能具体体现。基金投顾产品可基于科创板ETF构建更灵活和丰富的策略组合，为投资者提供 更适配其特点和需求的组合投资服务。 引导居民财富奔赴"新"高地 据中证指数官网，截至6月18日，沪市科创板ETF总数78只，产品总规模近2500亿元。科创板已成为A股 指数化投资比例最高的板块，已形成覆盖宽基、行业主题及策略等类型的全方位多层次科创板指数以及 ETF产品生态。 其中，科创板宽基ETF投资标的已覆盖科创50、科创100、科创200、科创综指，形成完整的科创宽基 ETF产品链，能充分满足投资者对科创板大盘、中盘、小盘、综合的投资需求。同时，科创板人工智 能、新能源、芯片设计、半导体材料设备、创新药等新质生产力关键领域的ETF也在持续丰富。 "科创板ETF的纳入拉开了基金投顾组合直接投资E ...

Core Points - The National Cybersecurity Notification Center reported that 64 mobile applications were found to illegally collect and use personal information, including apps from 7 financial institutions [1][5] - The violations involved 13 types of misconduct, with 5 major categories identified as "high-risk" behaviors [3][4] Group 1: Financial Institutions - Four brokerage firms and three banks were named, including Chengtong Securities, Xingye Securities, Shengan Securities, Wukuang Securities, Longjiang Bank, Wuhai Bank, and Haixia Bank [1][5] - Specific issues included failure to inform users about the recipients of their personal information and not obtaining separate consent, affecting apps from Chengtong Securities, Haixia Bank, Xingye Securities, and Wukuang Securities [6] - Chengtong Securities did not implement necessary security measures such as encryption, while Xingye Securities failed to provide users with a way to withdraw consent for data collection [6] Group 2: Violations and Categories - The five major categories of violations included: 1. Lack of clear notification to users about privacy policies at the first app launch [3] 2. Incomplete privacy policies that did not specify the purposes, methods, and scope of personal information collection [3] 3. Failure to inform users about the transfer of their personal information to other parties [3][6] 4. No provision for users to easily withdraw consent for data collection [4][6] 5. Inadequate security measures such as encryption and de-identification [4] - Other industries affected included food and beverage, gaming, transportation, and lifestyle services, with notable brands like Starbucks, Hualala, and others being implicated [7]

证券代码：002500 证券简称：山西证券 公告编号：临2025-016 山西证券股份有限公司 本公司及董事会全体成员保证信息披露的内容真实、准确、完 整，没有虚假记载、误导性陈述或重大遗漏。 山西证券股份有限公司（以下简称"公司""本公司" 【注：根据先进先出的原则，以投资者证券账户为单位计算持股 期限，持股 1 个月（含 1 个月）以内，每 10 股补缴税款 0.1 元；持 股 1 个月以上至 1 年（含 1 年）的，每 10 股补缴税款 0.05 元；持股 超过 1 年的，不需补缴税款。】 ）2024 年 度权益分派方案已经 2025 年 5 月 20 日召开的 2024 年度股东大会审 议通过，现将权益分派事宜公告如下： 一、股东大会审议通过利润分配方案等情况 以 2024 年 12 月 31 日总股本 3,589,771,547 股为基数，向全体股东 每 10 股派发现金红利 0.5 元（含税）， 共派发现金红利 179,488,577.35 元（含税）,不送红股，不以公积金转增股本。 额未发生变化；若公司股本总额在本次权益分派实施前发生变化，将 按照现金分红总额固定不变原则，以分红派息股权登记日的 ...

Core Viewpoint - The decline in deposit interest rates has led to a significant "deposit migration" phenomenon, with non-bank deposits experiencing substantial growth as investors seek better returns in alternative financial products [1][2][3]. Group 1: Deposit Trends - As of the end of May, the balance of RMB deposits reached 316.96 trillion yuan, a year-on-year increase of 8.1%, with nearly 2.2 trillion yuan added in the month, which is 500 billion yuan more than the same period last year [2]. - Non-bank deposits increased by nearly 1.2 trillion yuan in May, marking a year-on-year increase of 300 billion yuan, the highest for the same period in nearly a decade [2]. - The cumulative increase in non-bank deposits this year has reached 3.07 trillion yuan, up 680 billion yuan year-on-year [2]. Group 2: Interest Rate Changes - Major state-owned banks initiated a significant reduction in deposit interest rates starting May 20, marking the first large-scale adjustment since 2025 and the seventh rate cut since October 2024 [3]. - The average interest rates for various deposit terms have fallen below 1% for short-term deposits, with the average rates for 3-year and 5-year deposits also entering the "1 era" [3]. - The average interest rates for 3-month, 6-month, 1-year, 2-year, 3-year, and 5-year deposits were reported as 1.004%, 1.212%, 1.339%, 1.428%, 1.711%, and 1.573% respectively, with significant declines observed across all terms [2]. Group 3: Factors Driving Deposit Migration - The reduction in deposit interest rates has diminished the attractiveness of bank deposits, prompting a shift towards non-bank financial products that offer relatively higher returns [1][3]. - The improvement of self-regulatory mechanisms for non-bank deposits and the ongoing regulation of wealth management products have accelerated the transfer of funds to the wealth management market [1]. - The "deposit migration" trend has been evident since last year, with two phases: the first phase involved a shift to wealth management and funds due to rising bond yields, while the second phase saw funds moving into the stock market as it began to recover [4][5]. Group 4: Impact on Financial Products - The decline in deposit rates has led to increased attractiveness of public fund products, money market funds, and insurance products, resulting in a significant shift of deposits into these financial products [5][6]. - The scale of bank wealth management has continued to grow, with a reported increase of 340 billion yuan in May, reaching 31.6 trillion yuan, further evidencing the "deposit migration" effect [6]. - Analysts suggest that the current trend of "deposit migration" may not yet be over, with expectations of continued investment in the bond market as non-bank institutions actively purchase bonds [6].

Group 1: Key Points from the Forum - The 19th Lujiazui Forum highlighted the importance of global financial governance, high-level financial openness, and the integration of capital markets with technological and industrial innovation [1] - The People's Bank of China announced eight policy measures to be implemented in Shanghai, aimed at enhancing the international status of the RMB and leveraging technology for financial innovation [1] - The financial regulatory authorities expressed a commitment to adapting to changes in the global economic and financial order, promoting a more inclusive international monetary and financial system [1] Group 2: Financial Regulatory Insights - The head of the Financial Regulatory Bureau emphasized the inevitability of economic globalization and the necessity of expanding financial openness, particularly in sectors like consumer finance, technology finance, and green finance [2] - A joint action plan to support the construction of Shanghai as an international financial center was released, which is expected to elevate the city's financial status [2] Group 3: Capital Market Developments - The Chairman of the Securities Regulatory Commission proposed enhancing the capital market's role in addressing the shortcomings of the current financial service system in supporting technological innovation and industrial transformation [3] - Key reforms include the introduction of the "1+6" reform measures for the Sci-Tech Innovation Board and the activation of a third set of standards for the Growth Enterprise Market, aimed at supporting high-quality, unprofitable innovative companies [3] Group 4: Foreign Exchange Management Initiatives - The head of the Foreign Exchange Administration indicated a commitment to deepening reforms in the foreign exchange sector, aiming to create a more convenient, open, secure, and intelligent foreign exchange management system [4] - Proposed measures include facilitating cross-border investment and financing, as well as implementing a package of foreign exchange innovation policies in pilot free trade zones [4]

Core Viewpoint - The company has received a no-objection letter from the Shanghai Stock Exchange regarding the non-public issuance of corporate bonds, confirming that the issuance meets the conditions for listing and transfer [1] Group 1 - The company plans to issue corporate bonds totaling no more than 2 billion yuan, aimed at professional investors [1] - The no-objection letter is valid for 12 months from the date of issuance, allowing the company to issue the bonds in installments within the specified limit [1] - The company is required to complete the bond listing and transfer procedures in a timely manner [1]

Group 1 - The A-share market is experiencing a downturn, with the Shanghai Composite Index falling over 0.9% and other indices like the Shenzhen Component and ChiNext Index dropping more than 1% as of June 19 [1] - Despite the overall market decline, sectors such as energy equipment and oil and gas are showing resilience and strength [2] - Analysts from Guotai Junan Securities suggest that after recent market fluctuations, risks are gradually being released, and the market is expected to remain in a range-bound oscillation, advocating for a "barbell strategy" in asset allocation [2] Group 2 - CITIC Securities indicates that the weak dollar trend, supportive capital market policies, and overall improvement in liquidity conditions in the second half of the year may lead to an upward shift in the A-share market's oscillation center [2] - The global fundamental improvement and the implementation of domestic incremental policies, along with the development of emerging industries, are expected to act as key catalysts for market growth [2]