Market Performance - A-shares have fallen below the regained 3400 points due to escalating tensions in the Middle East, with over 4400 stocks declining, leading to a reversal in weekly gains for most indices [1] - Major indices such as the Sci-Tech 50, Sci-Tech 100, and CSI 1000 experienced weekly declines of 1.89%, 1.43%, and 0.76% respectively [1] ETF Performance - The A500 ETF (512050) saw a slight weekly decline of 0.11%, but has increased by 0.75% since June [4] - The Hong Kong innovative drug ETF surged by 10.19% this week, with a year-to-date increase of 64.14% [4][7] Investment Insights - The stock-bond yield ratio in A-shares is at a historical high of 3.11 times, indicating a high safety margin and investment cost-effectiveness [6] - The average P/E ratios for the Shanghai Composite Index and the ChiNext Index are 13.86 and 36.79 respectively, suggesting a suitable environment for medium to long-term investments [6] - The market anticipates further easing of monetary policy, with potential rate cuts from the Federal Reserve expected in September [6] Sector Analysis - The innovative drug sector is experiencing significant growth, with external licensing transactions reaching $45.5 billion in the first five months of 2025, accounting for over 30% of the global total [9] - The systematic valuation increase in the innovative drug sector is driven by the recognition of Chinese innovative pharmaceutical companies' business models and the transition of R&D pipelines into regular income [10] Broker Performance - The broker ETF saw a slight increase of 0.78% this week, supported by rising expectations for mergers and acquisitions in the brokerage sector [11] - Six brokerages have implemented share buybacks this year, totaling 1.29 million shares and 1.31 billion yuan, which has bolstered market confidence [13]

Group 1 - The article highlights the career trajectory of a prominent analyst,牟一凌, who transitioned from an intern to a chief strategist and has recently left his position at Minsheng Securities amid a wave of mergers in the Chinese securities industry [1][4] - In 2021,牟一凌 returned to Minsheng Securities as the chief strategist after a decade of experience, having previously worked at various firms including Guotai Junan and Kaiyuan Securities, where he gained recognition for his market insights [2][4] - His notable predictions included a bullish stance on cyclical stocks during market fluctuations, which later proved accurate as these stocks outperformed others in 2021 [2][3] Group 2 - The merger between Guolian Securities and Minsheng Securities marks a significant event in the industry, with Guolian acquiring a 30.30% stake in Minsheng for 9.1 billion yuan, leading to a complete takeover by the end of 2024 [4][5] - Following the merger, the new entity, Guolian Minsheng Securities, is undergoing integration challenges, with a reported 40.80% decline in net profit for the year 2024, indicating difficulties in recovering from the impacts of the merger [1][4] - The restructuring of research operations within the merged entity poses challenges, as both firms have distinct strengths, with Minsheng excelling in investment banking and Guolian in wealth management and fund advisory [5]

Core Viewpoint - The article emphasizes the importance of selecting the right ETFs in response to market trends and investment opportunities, particularly in the context of the growing popularity of ETFs among investors [1]. Group 1: ETF Selection Features - The "ETF Zone" in the Shenyuan Hongyuan app allows users to easily search and select ETFs based on their preferred stocks, providing a user-friendly interface for investment decisions [4][6]. - Users can input multiple stocks to find corresponding ETFs, which enhances the efficiency of the selection process [4][6]. - The app supports various categories of ETFs, including cross-border, commodity, bond, and currency ETFs, catering to diverse investment needs [9]. Group 2: Performance Metrics - The article highlights the performance of certain ETFs, noting a one-year increase of 41.52% for a specific ETF, with a ranking of 116 out of 2771 in its category [7]. - Other ETFs mentioned show significant one-year growth rates, such as 30.44% and 31.45%, indicating strong market performance [7]. Group 3: User Engagement - The article encourages users to engage with the ETF selection process, suggesting that it can be done quickly and efficiently, with results displayed in just a few seconds [6][3]. - The platform aims to empower users by providing tools to make informed investment choices based on real-time data and performance metrics [11].

随着毕业季的到来，2025年校招进入尾声。在各大招聘平台上，银行、保险、证券公司释放 出的岗位仍是众多金融学专业应届毕业生梦寐以求的工作。 等到真正与金融机构有碰面交手的机会时，包括伍乐在内的大部分非重点学院出身金融学生 才意识到，头部机构的大门很难用二本学历敲开。 伍乐试着靠实习积累经验。他之前在一家员工不到百人的小额贷款公司做"贷款助理"，但实 际工作大多是电话销售；后来他又进入一家初创教培机构做财务助理，他说："这种单位门 槛低，不会因为学历对人区别对待。" 根据猎聘2025Q1招聘趋势调研报告，2024年人才意向流动行业分布上，金融行业仅占5.96% 排名第8，而新兴产业如新能源汽车、智能硬件等新发岗位增速更快。 求职时，伍乐投了60多份简历，绝大多数是销售类金融岗位。销售岗位的回复率挺高，但像 银行管培生这种方向基本没回音。他觉得，这可能跟岗位的选拔机制和学历筛选有关。 纵然这两年已并非金融业的高光时刻，在很多毕业生眼中，这一行业依旧是他们梦想的代名 词。但是对那些来自非"名校"的应届生来说，现实却在一纸简历投出之后戛然而止。 对于普通金融学院的金融学毕业生而言，"学历之外还有多少选择"变成了一个反 ...

Core Insights - Beijing's financial sector has shown significant growth and development over the past five years, with key indicators such as the number of financial institutions, personnel, total assets, insurance density, and depth ranking first in the country [1][2] Group 1: Financial Sector Performance - In 2024, Beijing's financial industry achieved a value-added of 815.42 billion yuan, a year-on-year increase of 7.6%, surpassing the national growth rate by 2 percentage points, marking the highest growth in five years [1] - The financial sector grew by 8% in the first quarter of this year, contributing 17.9% to the city's GDP and driving economic growth by 1.4 percentage points [1] Group 2: Policy Initiatives and Achievements - Since the "Two Zones" initiative, approximately 200 domestic and foreign financial institutions have established operations in Beijing, including the first foreign wholly-owned insurance asset management company and the first foreign-owned securities firm [1][2] - In 2024, Beijing released nearly 100 policy measures and a three-year action plan to promote deep integration of finance and the real economy [2] Group 3: Innovations and Firsts - Beijing has established several firsts in the financial sector, such as the first public REITs in the public rental housing sector and the first integrated currency pool pilot for multinational companies [3][4][5] - The city has also pioneered a trust property registration mechanism, addressing long-standing issues in the industry [6] Group 4: Future Directions - The financial sector aims to continue supporting the construction of a national financial management center and enhance the business environment while maintaining systemic risk control [7]

继央行公布6月买断式逆回购操作后，本周市场投资情绪升温，债市表现可圈可点。 除了来自资金面的支撑外，供需关系的优化也将在一定程度上利好债市表现。 来自中金公司的研究观点指出，若不考虑年内增发，预计2025年包括政府类债券和政策性银行债在内的 利率债的净增量供给或呈现前高后低分布，一季度是同比多增最明显的季度。从二季度开始，供给压力 可能逐步缓解，到下半年或许会出现同比少增。不仅如此，若央行在二、三季度重启国债购买，那么供 需关系将会出现较大改善，有助于利率回落。 分析人士指出，现阶段随着短端行情的明显起势，长端利率也可能突破窄幅震荡区间，继续下行。对于 各机构而言，目前可考虑再度博弈久期品种带来的超额收益。 买方情绪积极 中央国债登记结算有限责任公司提供的数据显示，截至6月11日收盘，银行间利率债市场收益率整体下 行。举例来看，中债国债收益率曲线3M期限回落2BP至1.39%；2年期收益率下行1BP至1.42%；10年期 收益率下探1BP至1.64%。 根据券商调研，当前债市的买方情绪已逼近年内新高，有近半数受访机构看多债市。其中，56%的机构 均持偏多态度，近期央行开展逆回购操作、资金面整体偏松、非银机构配 ...

认购本期债券的投资者均符合《公司债券发行与交易管理办法》、 《深圳证券 交易所公司债券上市规则（2023年修订）》、《深圳证券交易所债券市场投资者适 当性管理办法（2023年修订）》及《关于进一步规范债券发行业务有关事项的通 知》等各项有关要求。 新类业务，不超过2.31亿元用于偿还到期债务。 特此公告。 证券代码：524299.SZ 证券简称：25东北KC01 东北证券股份有限公司 发行结果公告 发行人及其全体董事、监事、高级管理人员或履行同等职责的人员保证公告 内容真实、准确和完整，并对公告中的虚假记载、误导性陈述或者重大遗漏承担 责任。 东北证券股份有限公司（以下简称"发行人"）公开发行不超过人民币80亿 元的次级公司债券已获得中国证券监督管理委员会证监许可〔2024〕1731号注册。 根据《东北证券股份有限公司2025年面向专业投资者公开发行科技创新次级债券 （第一期）发行公告》，东北证券股份有限公司2025年面向专业投资者公开发行 科技创新次级债券（第一期） （以下简称"本期债券"）发行规模为不超过人民币 售的方式发行。 本期债券发行时间自2025年6月11日至2025年6月12日，具体发行情况如下 ...

Core Points - The announcement details the payment of interest and principal for the short-term corporate bond issued by GF Securities Co., Ltd. on June 16, 2025 [1] - The bond, referred to as "24 Guang D13," has a coupon rate of 1.95% and the total payment per unit (face value of 1,000 yuan) is 1,012.715068 yuan, including tax [2] - The bondholders will receive a net amount of 1,010.172054 yuan after tax deductions for individual and securities investment fund holders, while non-resident enterprises will receive the full amount [2] Bond Details - The bond has a credit rating of A-1 and the company's credit rating is AAA with a stable outlook [1] - The interest payment period is from October 21, 2024, to June 15, 2025 [1] - The payment will be processed through China Clearing Shenzhen Branch, which will distribute the funds to the designated securities firms or institutions [2] Taxation Information - Individual bondholders are subject to a personal income tax rate of 20% on the interest earned [3] - Non-resident enterprises holding the bond are exempt from corporate income tax on the interest earned during the specified period [4] - Other bondholders are responsible for their own tax payments on interest income [5] Contact Information - The announcement provides contact details for inquiries, including addresses and phone numbers for representatives in Guangzhou and Shenzhen [5]

证券代码：002939 证券简称：长城证券 公告编号：2025-037 债券代码：148319 债券简称：23 长城 07 （债券简称：23 长城 07，债券代码：148319，以下简称本期债券）将 （品种一） 于 2025 年 6 月 16 日（2025 年 6 月 15 日为周日，顺延至其后第一个交易日）支 付 2024 年 6 月 15 日至 2025 年 6 月 14 日期间的利息，债权登记日为 2025 年 6 月 13 日。 长城证券股份有限公司 （品种一）2025 年付息公告 本公司及公司全体董事会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。 特别提示： 长城证券股份有限公司 2023 年面向专业投资者公开发行公司债券（第四期） 根据《长城证券股份有限公司 2023 年面向专业投资者公开发行公司债券（第 四期）募集说明书》和《长城证券股份有限公司 2023 年面向专业投资者公开发 行公司债券（第四期）在深圳证券交易所上市的公告》有关条款的规定，在本期 债券的计息期限内，每年付息一次，为确保付息工作的顺利进行，现将有关事宜 公告如下： 一、本期债券基本情况 债券（ ...

Group 1 - The company plans to establish a wholly-owned subsidiary in Hong Kong with an investment of 1 billion RMB to enhance its international business development [1][2] - The proposed subsidiary will be named "West Securities International Financial Holdings Limited" and will operate under the regulatory framework of Hong Kong [1] - The investment aims to align with the trend of dual opening of capital markets and to meet the cross-border financing needs of the real economy [2] Group 2 - The establishment of the Hong Kong subsidiary will result in changes to the company's consolidated financial statements, as the subsidiary will be included in the consolidated scope [2] - The investment is subject to approval and filing with relevant regulatory authorities, which introduces a degree of uncertainty [2] - The company will implement a comprehensive legal risk management system and internal control mechanisms to mitigate potential risks associated with cross-border financial operations [2]