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]

Group 1 - The recent decline in the frequency of policy introductions related to the securities industry has led to uncertainty in the valuation recovery of the sector [1] - The upcoming Lujiazui Forum on June 18-19 may introduce significant policies under the theme of "Financial Opening and Cooperation in the Global Economic Changes and High-Quality Development," with expectations for comprehensive connectivity in the Guangdong-Hong Kong-Macao Greater Bay Area, domestic companies listing in Hong Kong, cross-border mergers and acquisitions, and facilitation of domestic and foreign investments [1] - In the context of slowing growth in domestic IPOs and private placements, mergers and acquisitions are expected to become a key incremental business for securities firms [1] Group 2 - The increasing emphasis on technological innovation by the state is likely to benefit the securities industry, with expectations for comprehensive growth of technology enterprises and the acceleration of new innovative business models [1] - The return on equity (ROE) in the industry is expected to have room for improvement, particularly for leading securities firms that can leverage their capital and platform advantages in an era of high integration with AI [1] - The Securities ETF (code: 512880) tracks the securities company index (code: 399975), which reflects the overall performance of listed companies related to the securities industry in the A-share market [1]

新华财经北京6月9日电（王柘）上周（2025年6月3日至6月6日）跨月后资金面维持宽松，央行预告10000亿元买断式逆回购操作呵护流 动性，收益率曲线整体下行，短端领涨，10年期国债收益率走低约2BP至1.65%。中美元首通话，中美经贸磋商机制首次会议也将于6月8 日至13日在英国举行，释放关税方面积极信号，提振市场风险情绪，债市反应较此前迟钝。 6月同业存单到期规模达4.2万亿元，较5月多增1.7万亿元，为近年来单月到期规模峰值。本周有逾1.2万亿元同业存单到期，单周规模为 2014年以来最大。除央行态度外，6月季末财政支出强度提升、理财资金季节性回流等将在一定程度上缓解银行存款流失压力。 行情回顾 2025年6月6日，中债国债到期收益率1年期、2年期、3年期、5年期、7年期、10年期、30年期、50年期较2025年5月30日分别变 动-4.5BP、-3.6BP、-4.23BP、-1.81BP、-3.25BP、-1.65BP、-2BP、-5BP。 | | | 中债国债收益率曲线(到期)$ | | | --- | --- | --- | --- | | 标准期限(年) | 5月30日 | 6月6日 | 变动B ...

证券研究报告 （2025.06.02-06.08） 合规 诚信 专业 稳健 分 析 师：徐至 SAC登记编码：S0730525040001 发布日期：2025年6月8日 01 全国要闻与数据跟踪 目 02 河南经济与政策跟踪 录 03 债券市场运行跟踪 Contents 04 股票市场运行跟踪 05 券商板块周行情跟踪 2025年"服务消费季"着力推动商旅文体 健融合发展，培育"旅游+""美食+"等 融合消费场景，通过多种创新形式，激发经 营主体活力，提升供给品质，释放服务消费 潜能，培育新增长点。 融合消费场景 n 6月3日，商务部启动2025年"服务消费季"活动 n 6月3日，工业和信息化部专题研究部署推动人工智能产业发展和赋能新型工业化 n 6月3日，工业和信息化部等五部门发布《关于开展2025年新能源汽车下乡活动的通知》 n 6月4日，财政部发布《2025年度中央财政支持实施城市更新行动评选结果公示》 n 6月4日，国家能源局组织开展新型电力系统建设第一批试点工作 n 本周公布主要数据： n 6月3日，财新传媒公布5月份财新中国制造业采购经理指数 n 6月5日，中国物流与采购联合会发布的2025年5月 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 根据平安基金管理有限公司（以下简称"本公司"）与东方证券股份有限公司签署的销售协议，本公司自 2025年6月9日起新增以上机构为以下产品的销售机构。 现将相关事项公告如下： 投资者通过销售机构申购或定期定额申购、转换上述基金，享受费率优惠，优惠活动解释权归销售机构 所有，请投资者咨询销售机构。本公司对其申购费率、定期定额申购费率以及转换业务的申购补差费率 均不设折扣限制，优惠活动的费率折扣由销售机构决定和执行，本公司根据销售机构提供的费率折扣办 理，若销售机构费率优惠活动内容变更，以销售机构的活动公告为准，本公司不再另行公告。 三、重要提示 1、定投业务是基金申购业务的一种方式。投资者可以通过销售机构提交申请，约定每期扣款时间、扣 款金额及扣款方式，由销售机构于每期约定扣款日在投资者指定资金账户内自动完成扣款及基金申购业 务。上述开通定投业务的基金的每期最低扣款金额详见招募说明书及相关公告，销售机构可根据需要设 置等于或高于招募说明书或相关公告要求的最低扣款金额，具体最低扣款金额以销售机构的规定为准。 2、基金转换是指基金份额持有人按照 ...

证券研究报告·宏观报告·宏观周报 海外周报 20250608 5 月非农超预期带动降息预期进一步降温 2025 年 06 月 08 日 证券分析师 芦哲 执业证书：S0600524110003 luzhe@dwzq.com.cn 证券分析师 张佳炜 执业证书：S0600524120013 zhangjw@dwzq.com.cn 证券分析师 韦祎 执业证书：S0600525040002 weiy@dwzq.com.cn 研究助理 王茁 ◼ 5 月非农：新增就业与时薪略超预期令降息预期进一步降温，但数据细 节或暗示美国劳务市场"外强中干"。美国 5 月新增非农就业+13.9 万， 预期+12.6 万，前值由+17.7 万下修至+14.7 万，前两个月数据累计下修 9.5 万。失业率 4.2%，持平预期与前值。时薪环比+0.4%，预期+0.3%， 前值+0.2%。从结构上看，新增就业的主要贡献来自教育医保（+8.7 万） 和休闲餐旅（+4.8 万）。整体来看，5 月略超预期的新增就业和时薪令市 场交易美国经济不着陆，降息预期进一步降温，截至最新联邦基金期货 市场预期 9 月降息概率下降至 68.3%，到 25 年底 ...

Group 1 - The core viewpoint of the news is the expansion of Central Huijin's control over financial institutions, now totaling 24, which enhances its influence across various financial sectors including banking, securities, insurance, and asset management [1][2][9] - The recent approval by the CSRC for the change of actual controllers of eight financial institutions to Central Huijin is part of a broader integration process that began earlier this year with the transfer of significant stakes in major financial platforms [1][4] - Central Huijin, established in 2003, operates as a state-owned company responsible for managing key state-owned financial enterprises, aiming to stabilize the financial system and promote efficient market operations [2][5] Group 2 - The acquisition of controlling stakes in three major Asset Management Companies (AMCs) positions Central Huijin as a dominant player in the AMC sector, managing over 10 trillion RMB in assets, which constitutes over 80% of the total assets of the four major AMCs [4][9] - Central Huijin's role resembles that of a "stabilization fund," focusing on market stability rather than maximizing returns, and it has significant capital that aligns with international standards for such funds [5][8] - The expansion of Central Huijin's financial footprint signals accelerated industry consolidation, potentially leading to the creation of "carrier-level" securities firms and enhancing market confidence, particularly benefiting leading brokerage firms and public funds [7][9] Group 3 - The integration of Central Huijin's financial institutions is expected to create synergies across investment banking, asset management, and futures, which may lead to increased competitiveness and resource optimization [7][8] - The market anticipates that the newly integrated firms will receive preferential treatment in terms of business resources, particularly in cross-border operations and innovative business licenses [7][8] - The overall financial landscape is set for deeper integration, with a clear roadmap for the emergence of comprehensive financial giants supported by Central Huijin's capital strength and policy backing [9]

智通财经记者 | 邹文榕 自5月7日科创债配套政策出台以来，金融机构参与科创债发行及交易热情持续高涨。 5月7日，央行、证监会联合发布《关于支持发行科技创新债券有关事宜的公告》，从产品体系丰富到配 套机制完善，为科技创新债券发行筑牢政策基石。同日，上交所、深交所、北交所同步配发《关于进一 步支持发行科技创新债券服务新质生产力的通知》，细化支持举措。 从发行的债券类型来看，金融债是主要的债券类型，其次为短期融资券和公司债；就发行主体而言，银 行主体的发行规模最大，但产业主体的发行数量最多。 从募集资金用途看，华福证券研报分析，银行主体发行的科创债募集资金多用于发放科技创新领域贷 款，股权投资机构的募集资金多用于置换自有资金出资和私募股权投资基金等。 仅就金融机构层面而言，科创债新政首月，政策性银行、国有银行以及股份行等合计发行科技创新债券 20只，但发行规模即将突破2000亿元，达到1980亿元，占月内发行比重已超50%。 券商合计发行科技创新债券29只，合计发行规模249亿元。发行规模虽难与银行科创债相抗衡，但相比 于市场其他发行主体，券商发行的科创债融资成本相对更低，且市场认购热情更高。 在披露数据的债券中 ...

Core Viewpoint - The issuance of local government special bonds has increased in May, while the scale of debt repayment funds has decreased, indicating a shift in funding priorities towards investment expansion and real estate stabilization [1][2]. Group 1: Local Government Bond Issuance - In the first five months of the year, the total issuance of local government bonds reached approximately 4.3 trillion yuan, with May alone accounting for 779.4 billion yuan [1]. - The issuance of new special bonds in May was 443.2 billion yuan, marking the highest monthly figure for the year, while refinancing special bonds for replacing existing hidden debts dropped to 30.2 billion yuan, the lowest for the year [1][2]. - The total issuance of new special bonds from January to May was about 1.6 trillion yuan, representing 37% of the annual quota, suggesting room for acceleration in issuance [1][2]. Group 2: Debt Repayment and Special Bonds - In May, the total issuance of debt repayment bonds included 302 billion yuan for refinancing hidden debts and 987 billion yuan in "special" new special bonds for repaying existing debts, totaling 1.289 trillion yuan [2]. - Cumulatively, from January to May, refinancing special bonds for replacing hidden debts amounted to 1.63 trillion yuan, accounting for 81% of the annual quota of 2 trillion yuan [2]. - The issuance of new special bonds for debt repayment reached 242.4 billion yuan, which is 30% of the annual quota of 800 billion yuan, indicating significant progress in debt resolution [2]. Group 3: Investment Focus of Special Bonds - Since 2025, the primary allocation of funds from newly issued special bonds has been directed towards cold chain logistics, municipal and industrial park infrastructure (approximately 33%), transportation infrastructure (21%), and affordable housing projects (12%) [3]. - The issuance of land reserve special bonds has increased, with a total of 463 billion yuan issued in May for land storage, the highest monthly figure for the year [3]. - As of May 20, approximately 23 provinces have publicly announced plans to use special bonds to recover nearly 3,000 parcels of idle land, covering over 1.33 million square meters and totaling over 350 billion yuan [4][5]. Group 4: Special Bonds for Housing - In late May, special bonds were issued in Zhejiang and Sichuan for the acquisition of existing residential properties, aimed at alleviating inventory pressure in economically stable third and fourth-tier cities [5][6]. - Specific projects in Zhejiang included 16.53 million yuan allocated for purchasing existing properties for affordable housing, involving multiple localities [6].

Core Viewpoint - The article emphasizes the importance of monitoring market expectations and institutional movements in response to unpredictable major events like the US-China tariff disputes, suggesting that strategies should be adjusted flexibly to balance risk and return [1]. Summary by Sections Phase 1: Accumulation of Bullish Forces Before April 3 Tariff Implementation - The market from late March to early April 2025 can be divided into "consolidation" and "breakout" phases, where indicators such as KUP1, cors, HIGH0, and KSFT1 effectively reflected the accumulation of bullish forces, signaling an impending market turning point [2]. - HIGH0 was the first indicator to issue a bullish signal [2]. - The weak fluctuation in treasury futures alongside rising volume-price correlation indicated a weakening of bearish energy, with cors subsequently issuing a bullish signal [2]. - KUP1 and KSFT1 indicators confirmed the bullish turning point simultaneously [2]. Phase 2: Marginal Exit of Speculative Funds Before May 12 Negotiation Results - In early May 2025, the treasury futures market exhibited characteristics of "price increase with volume decrease," reflecting the marginal withdrawal of speculative funds [2]. - On May 7, KUP1, HIGH0, and KSFT1 simultaneously indicated a contraction in bullish momentum [2]. - The contraction of bullish forces was further confirmed by cors on May 9, with a release of profit-taking demand leading to a subsequent reduction in trading volume [2]. Current Situation and Recommendations - As of late May, the US tariff policy remains volatile, and the intensification of the Russia-Ukraine conflict alongside Middle Eastern risks creates a turbulent overseas environment; however, the domestic bond market remains in a narrow fluctuation pattern [3]. - The KSFT1 indicator has issued a mildly bullish signal, suggesting a release of bearish sentiment, while other indicators have yet to confirm further changes in bullish and bearish forces [3]. - Historical backtesting shows that KSFT1 broke below the threshold on May 28 and May 30, indicating that bearish sentiment may have been sufficiently released, issuing a mildly bullish signal [3]. - Continuous monitoring of the aforementioned volume-price indicators is recommended to capture the movements of major institutional investors [3].