申万宏源团委 申万宏源证券上海分公司团委组织召开2024年度团员表彰大会 原创 阅读全文 分享一篇文章。 ...

6月10日，粤开证券发布公司董事会换届公告，新一届董事会候选名单正式出炉。据公告显示，郭川舟、王毅镳、刘鹏 生、詹俊河、方敏为公司第五届董事会非独立董事候选人，公司现任总裁崔洪军为公司第五届董事会职工代表董事候选 人；李树华、陈玉罡、曾宪辉为公司第五届董事会独立董事候选人。 记者注意到，粤开证券上一任董事长由广开控股原董事长严亦斌兼任。2025年1月，担任粤开证券董事长近6年后，严亦 斌调任广州金控集团副总经理，并辞去粤开证券董事、董事长职务；2月，粤开证券董事会同意推举崔洪军代为履行董 事长、法定代表人职责，代理期限自议案通过之日起至选举出新任董事长之日止，且不超过6个月。 2025年5月，广开控股发布关于董事长、总经理变动公告，该公司董事会同意选举郭川舟为集团公司董事长，同意聘任 王凯翔为公司总经理。 公告显示，郭川舟，1986年出生，年仅39岁，硕士研究生学历。曾任广州开发区发展改革和金融工作局(统计局)招商处 处长，广州开发区投资促进局招商一处处长，华发城市运营控股有限公司总裁助理，广州开发区控股集团有限公司总经 理助理、副总经理，总经理，上海泰胜风能装备股份有限公司董事长等职。现任广开控股董事长、党 ...

票数 比例（%） 票数 比例（%） 票数 比例（%） A股 2,857,606,954 99.925853 1,427,900 0.049931 692,500 0.024216 H股 10,072,161 99.975185 0 0.000000 2,500 0.024815 普通股合 2,867,679,115 99.926026 1,427,900 0.049756 695,000 0.024218 计： 审议结果：通过 表决情况： 股东类型 同意 反对 弃权 票数 比例（%） 票数 比例（%） 票数 比例（%） A股 2,857,679,354 99.928385 1,390,200 0.048613 657,800 0.023002 H股 10,072,161 99.975185 0 0.000000 2,500 0.024815 普通股合 2,867,751,515 99.928549 1,390,200 0.048442 660,300 0.023009 计： 审议结果：通过 表决情况： 股东类型 同意 反对 弃权 票数 比例（%） 票数 比例（%） 票数 比例（%） A股 2,857,691, ...

证券代码：000166 证券简称：申万宏源 公告编号：临2025-40 申 万 宏 源 集 团 股 份 有 限 公 司 本期债券兑付日为2025年6月9日，摘牌日为2025年6月9日，申万 宏源证券有限公司已按照《申万宏源证券有限公司2024年面向专业投 资者公开发行短期公司债券（第四期）募集说明书》相关约定，完成 本期债券本息兑付并予以摘牌。 特此公告。 申万宏源集团股份有限公司董事会 二〇二五年六月十日 关于申万宏源证券有限公司 2024 年面向专业投资者公开 发行短期公司债券（第四期）（品种一）本息兑付 并摘牌的公告 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。 公司所属子公司申万宏源证券有限公司于 2024 年 12 月 9 日发行 申万宏源证券有限公司 2024 年面向专业投资者公开发行短期公司债 券（第四期）（品种一）（以下简称"本期债券"），发行规模人民 币 30 亿元，票面利率 1.74%，期限 182 天，债券代码 524058，债券 简称 24 申证 D7。（相关情况请详见公司于 2024 年 12 月 11 日、12 月 17 日在《中 ...

Core Viewpoint - A wave of corporate governance reform is sweeping through financial institutions in China, driven by the recent amendment to the Company Law, which allows companies to delegate the functions of the supervisory board to the audit committee of the board of directors, thus eliminating the mandatory requirement for a supervisory board [2][6][7]. Group 1: Background and Legislative Changes - The revised Company Law, effective from July 2024, explicitly permits joint-stock companies to exercise the functions of the supervisory board through an audit committee established by the board of directors, removing the compulsory establishment of a supervisory board [6][7]. - This legislative change is expected to lower corporate governance costs, prompting more financial institutions to initiate governance reforms [4][7]. Group 2: Actions Taken by Financial Institutions - Since April 29, 2023, several major state-owned banks, joint-stock banks, and city commercial banks have announced the abolition or non-establishment of their supervisory boards, including the five major state-owned banks: Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, China Construction Bank, and Bank of Communications [4][5]. - In the securities sector, the first company to abolish its supervisory board was Caixin Securities on March 3, 2023, followed by other firms like Guoyuan Securities and Huaxin Securities [5]. - Foreign insurance companies have also been quick to act, with Japan Property Insurance (China) Co., Ltd. announcing the abolition of its supervisory positions on April 20, 2023 [5]. Group 3: Implications and Challenges - The shift from a supervisory board to an audit committee raises concerns about the effectiveness of oversight, as the audit committee, composed entirely of directors, may face conflicts of interest when supervising the board itself [9]. - The transition also includes provisions for former external supervisors to potentially become independent directors, provided they meet the qualifications and adhere to a tenure limit of six years [9].

Investment Rating - The report does not explicitly provide an investment rating for the industry or specific companies. Core Insights - The "中金点睛" platform integrates macroeconomic, market strategy, industry, and company research reports to provide comprehensive research insights, aiding investors in understanding market dynamics and trends [1] - The platform features a fundamental database with over 120,000 indicators covering domestic and international macroeconomic data, major asset classes, and industry data, ensuring professionalism and accuracy through manual collection by analysts [1][3] - The platform covers nearly 200 industry sub-sectors, with 300 researchers regularly updating insights for the next three quarters, allowing for real-time tracking and updates of data [1][8] - The "中金点睛" large model focuses on the financial vertical, significantly reducing data inaccuracies and providing reliable data support for secondary market institutional investors [4][13] Summary by Sections Research Reports - The platform offers comprehensive research reports covering macroeconomic analysis, market strategies, and company research, allowing users to access any of 中金's research viewpoints [3][8] Meeting Functionality - Investors can register for meetings and access call recordings post-event, with AI-generated summaries enabling quick browsing of key points and speaker insights [3][24] Database Quality and Professionalism - The database's quality is ensured through a wide range of data sources, with 40% from daily procurement databases and 60% manually collected by analysts from internet channels [7] - Each indicator is maintained by a dedicated analyst, allowing users to directly contact them for data quality assurance [7] Industry Insights - The platform provides precise industry insights through high-frequency maintenance and tracking of key databases, such as the automotive intelligence data dashboard, which reflects real-time data changes [6][8] Individual Stock Insights - The platform covers approximately 1,700 A-shares, Hong Kong stocks, and overseas listed companies, allowing investors to understand each stock's market performance and potential [2][10] - Detailed financial models and earnings forecast tracking are available for individual stocks, including historical target price changes and earnings forecast adjustments [12][10] AI Model Features - The large model integrates various data sources, including research reports and financial data, ensuring accurate results while minimizing the risk of data inaccuracies [13][15] - It supports multiple scenarios, including AI search for research viewpoints and financial data retrieval [13][19] Future Development - The large model will continue to incorporate professional private data and corpus from 中金 to enhance user experience and accuracy in responses [25]

Focus on Investment Bonds - The second batch of 39.5 billion yuan special bonds for stabilizing growth and expanding investment has been issued, primarily to support central enterprises in major equipment updates, technological transformation, and strategic emerging industries [1] - The total planned scale of the special bonds for stabilizing growth and expanding investment is 500 billion yuan, issued in batches by China National Assets Management and China Chengtong [1] Technology Innovation Bonds - As of June 7, the total issuance of technology innovation bonds has exceeded 374.8 billion yuan, with 39 financial institutions issuing 223.9 billion yuan and 108 non-financial enterprises issuing 150.998 billion yuan [2] - The Trading Association supports 73 non-financial enterprises in issuing 97.72 billion yuan of technology innovation bonds [2] Macro Dynamics - The central bank conducted a 173.8 billion yuan reverse repurchase operation with a rate of 1.40%, maintaining the same level as before, resulting in a net injection of 173.8 billion yuan [3] Regional Highlights - Zhejiang Province's new local government debt limit for 2025 is set at 378.8 billion yuan, a year-on-year increase of approximately 22.3%, exceeding the national average [4] - 91.4% of the new debt limit is allocated for special bonds, primarily for public welfare projects with certain returns [4] - Zhejiang will accelerate the bond issuance process to support major project construction and growth stabilization goals [4] Refinancing Bonds - Shandong Province plans to issue 15.918 billion yuan in refinancing special bonds to replace existing hidden debts, with specific issuance amounts of 1.226 billion yuan, 7.642 billion yuan, and 7.05 billion yuan [5] - Yunnan Province intends to issue 52.7 billion yuan in refinancing special bonds for the same purpose, with issuance amounts of 15 billion yuan, 17.7 billion yuan, and 20 billion yuan [6] Issuance Dynamics - Dengzhou State-owned Assets Holding and Operation Group plans to issue 400 million yuan in corporate bonds, with a credit rating of AA and a stable outlook [7] - Shangqiu Development Investment Group is set to issue 500 million yuan in short-term financing bonds, with a subscription range of 1.6% to 2.6% [8][9] - CITIC Securities has submitted a registration for a public offering of 30 billion yuan in perpetual subordinated bonds, rated AAA [10] - Henan Water Investment Group has completed the issuance of 1.6 billion yuan in corporate bonds at a rate of 2.01% [11] - Xinyang Innovation Industry Group plans to issue 1.5 billion yuan in corporate bonds, rated AA+ [12] - Sanmenxia Investment Group is set to issue 3 billion yuan in technology innovation corporate bonds, rated AA+ [13] Market Sentiment - Huatai Fixed Income reports that the bond market is relatively balanced between bullish and bearish forces, making it difficult to break the current oscillation pattern [14] - The central bank's recent policy signals and major banks' active purchases of short-term interest rate bonds have improved market sentiment [14]

Focus on Key Events - The National Development and Reform Commission and other departments are launching the 2025 New Energy Vehicle Rural Promotion Campaign to enhance the adoption of electric vehicles in rural areas, including measures like tax reductions and improved service networks [3][4]. - The European Central Bank's Isabel Schnabel stated that now is an opportune time to enhance the global status of the euro, driven by increased investor interest in Europe and a relative decline in the dollar's dominance [5][6]. - The State-owned Assets Supervision and Administration Commission issued a new management method for the development planning of central enterprises, emphasizing the concentration of state capital in key industries and strategic emerging sectors [6][7]. - China's public fund management scale has surpassed 33 trillion yuan for the first time, reflecting a significant growth trend in the wealth management sector [8]. - Central Huijin has increased its control over eight securities firms, potentially leading to a new wave of mergers and acquisitions in the securities industry [9]. Policy Developments - The 2025 New Energy Vehicle Rural Promotion Campaign aims to improve the green development level in rural areas by promoting electric vehicle usage and enhancing service support [3][4]. - The new management method for central enterprises establishes a three-tier planning system to guide the optimization of state-owned capital allocation [6][7]. Market Trends - The public fund industry is experiencing growth due to policy benefits and product innovation, indicating a robust future potential driven by increasing wealth management needs [8]. - The consolidation of securities firms under Central Huijin is expected to enhance industry concentration and drive professionalization and internationalization [9]. Economic Indicators - As of the end of May, China's foreign exchange reserves increased to $32,853 billion, supported by a recovering economy and improved trade relations [10][11].

Report Industry Investment Rating No information provided in the content. Core Viewpoints of the Report - This week, the bond market remained in a slight oscillation. The 10-year Treasury bond yield dropped from 1.675% last Friday to 1.6525%, a decrease of 2.25bp. Future focus should be on tariff policies and the possibility of the central bank restarting Treasury bond purchases. The 10-year Treasury bond yield is expected to oscillate within the range of 1.6% - 1.7%. If the central bank restarts Treasury bond purchases, the short-term interest rates are more likely to decline [12][17]. - This week, affected by better - than - expected non - farm data, the US Treasury bond yield curve rebounded across the board. The Fedwatch shows that the pricing for interest rate cuts this year is less than two times. The US Treasury bond yield may continue to oscillate at a high level, as the domestic game uncertainty in the US has increased [17]. - The final values of the US Markit manufacturing and service PMI in May both expanded, increasing inflationary pressure. The growth of new non - farm employment slowed down but remained resilient, and the unemployment rate remained stable at 4.2%. The Federal Reserve decided to keep interest rates unchanged in June, emphasizing a data - dependent stance. There is a low probability of an interest rate cut in June, but if economic data weakens, July - September may be the starting point for a 25bp interest rate cut [20][21][22]. Summary of Each Section According to the Table of Contents 1. Week - long Viewpoints - **Analysis of Bond Yields**: This week (2025.6.3 - 2025.6.6), the yield of the 10 - year Treasury bond active bond decreased by 2.25bp from 1.675% last Friday to 1.6525%. During the week, factors such as trade frictions, central bank policy expectations, and Sino - US phone calls affected the yield fluctuations. In the future, the 10 - year Treasury bond yield is expected to oscillate within the range of 1.6% - 1.7%. If the central bank restarts Treasury bond purchases, the short - term interest rates are more likely to decline [12][13][17]. - **Analysis of US Treasury Bond Yields**: Affected by better - than - expected non - farm data this week (0602 - 0606), the US Treasury bond yield curve rebounded across the board. The Fedwatch shows that the pricing for interest rate cuts this year is less than two times. The US Treasury bond yield may continue to oscillate at a high level due to increased domestic game uncertainty in the US [17]. 2. Domestic and Foreign Data Summaries 2.1. Liquidity Tracking - **Open Market Operations**: From May 30 to June 6, 2025, the total net investment in the open market was - 6717 billion yuan [32]. - **Interest Rate Analysis**: The money market interest rates and the yields of various bonds showed certain changes. For example, the yields of 10 - year Treasury bonds and some national development bonds decreased [12][110]. 2.2. Domestic and Foreign Macroeconomic Data Tracking - **US Economic Data**: In May 2025, the final value of the US Markit manufacturing PMI was 52.0, the final value of the service PMI was 53.7, and the final value of the composite PMI was 53. New non - farm employment in May increased by 139,000, and the unemployment rate remained at 4.2%. The labor force participation rate decreased by 0.2 percentage points to 62.4%. The first - time unemployment claim in the week of May 31 increased to 247,000, and the continued unemployment claim in the week of May 24 slightly decreased to 1.904 million [20][21]. - **Commodity Price Data**: Steel prices declined, LME non - ferrous metal futures official prices fluctuated, and the prices of commodities such as coal, oil, vegetables also showed certain trends [56][57]. 3. Weekly Review of Local Government Bonds 3.1. Primary - Market Issuance Overview - **Issuance Scale**: From June 2 to June 6, 2025, 26 local government bonds were issued in the primary market, with an issuance amount of 109.595 billion yuan, including 93.615 billion yuan of refinancing bonds, 7.304 billion yuan of new special bonds, and 8.676 billion yuan of new general bonds. The repayment amount was 59.094 billion yuan, and the net financing amount was 50.501 billion yuan [68]. - **Regional Distribution**: Six provinces and municipalities issued local government bonds this week. The top three in terms of issuance amount were Tianjin, Jilin, and Hunan, with issuance amounts of 43.428 billion yuan, 19.938 billion yuan, and 14.2 billion yuan respectively [73]. - **Special Refinancing Bonds**: Two provinces and municipalities, Tianjin and Jilin, issued local special refinancing bonds for replacing hidden debts, with a total issuance amount of 27.701 billion yuan. From January 1 to this week, the national total issuance of such bonds was 1,656.813 billion yuan [74]. - **Early Redemption of Urban Investment Bonds**: The total early redemption scale of urban investment bonds this week was 2.465 billion yuan, with Hunan, Fujian, Chongqing, Anhui, and Heilongjiang leading in redemption scale in order [75]. 3.2. Secondary - Market Overview - **Trading Volume and Turnover Rate**: The current stock of local government bonds is 51.07 trillion yuan, the trading volume is 35.2324 billion yuan, and the turnover rate is 0.69%. The top three provinces with the most active local government bond trading are Sichuan, Shandong, and Guangdong. The top three most - traded local government bond tenors are 10Y, 30Y, and 15Y [86]. - **Yield Changes**: The yields of local government bonds generally declined this week [90]. 3.3. This Month's Local Government Bond Issuance Plan The issuance plans of local government bonds in Yunnan, Shanxi, Shandong, Liaoning, Hunan, and Henan from June 9 to June 13 are given, but specific data are not detailed in the text [91]. 4. Weekly Review of the Credit Bond Market 4.1. Primary - Market Issuance Overview - **Overall Issuance**: This week, 240 credit bonds (including short - term financing bills, medium - term notes, enterprise bonds, corporate bonds, and PPNs) were issued in the primary market, with a total issuance amount of 272.106 billion yuan, a total repayment amount of 147.525 billion yuan, and a net financing amount of 124.581 billion yuan, an increase of 76.681 billion yuan compared with last week [93]. - **Sub - category Issuance**: Urban investment bonds had a net financing amount of - 9.85 billion yuan; industrial bonds had a net financing amount of 134.431 billion yuan. By bond type, short - term financing bills had a net financing amount of 13.474 billion yuan, medium - term notes had a net financing amount of 104.47 billion yuan, enterprise bonds had a net financing amount of - 4.315 billion yuan, corporate bonds had a net financing amount of 16.33 billion yuan, and PPNs had a net financing amount of - 5.378 billion yuan [96][97]. 4.2. Issuance Interest Rates The actual issuance interest rates of short - term financing bills, medium - term notes, enterprise bonds, and corporate bonds showed different changes. For example, the issuance interest rate of short - term financing bills decreased by 4.74bp, and that of medium - term notes decreased by 6.04bp [105]. 4.3. Secondary - Market Trading Overview The total trading volume of credit bonds this week was 424.662 billion yuan, with different trading volumes for each bond type [108]. 4.4. Maturity Yields The maturity yields of national development bonds decreased across the board. The yields of short - term financing bills, medium - term notes, enterprise bonds, and urban investment bonds showed different trends, with some decreasing and some fluctuating [110][111][112]. 4.5. Credit Spreads The credit spreads of short - term financing bills, medium - term notes, enterprise bonds, and urban investment bonds generally widened, but there were also some narrowing situations [113][114][116]. 4.6. Grade Spreads The grade spreads of short - term financing bills and medium - term notes showed a differentiated trend, the grade spreads of enterprise bonds generally narrowed, and the grade spreads of urban investment bonds generally widened [122][125][127]. 4.7. Trading Activity The top five most - traded bonds for each bond type are listed, and this week, the industrial sector had the largest weekly trading volume of bonds, reaching 245.829 billion yuan [133]. 4.8. Changes in Subject Ratings The subject ratings or outlooks of Xinjiang Zhongtai (Group) Co., Ltd. and Shanghai Jing'an Investment (Group) Co., Ltd. were upgraded [136].

Group 1 - The three major indices collectively strengthened on June 9, with significant movements in the brokerage and fintech sectors, as evidenced by the rise of the brokerage ETF fund (515010) by 1.8% and the fintech ETF (516100) by 1.52% [1] - As of June 5, six brokerages have implemented share buybacks totaling 129 million shares and 1.31 billion yuan, reflecting a positive market signal and boosting investor confidence [1] - The trend of brokerage buybacks and the "quality improvement and efficiency enhancement" actions indicate the industry's focus on long-term value and align with regulatory efforts to promote high-quality capital market development [1] Group 2 - The brokerage ETF fund (515010) tracks the CSI All Share Securities Company Index and has the lowest management and custody fee rate of 0.2%, making it an attractive investment option for those optimistic about the brokerage sector [2] - The fintech ETF (516100) closely follows the CSI Financial Technology Theme Index, covering high-growth sectors such as internet brokerages, financial IT, mobile payments, and AI, allowing investors to benefit from the long-term growth of the fintech industry [2]