Core Viewpoint - CITIC Securities reports that Japanese government bond yields are likely to remain high in the short term due to the gradual exit from ultra-loose monetary policy by the Bank of Japan and the upward pressure from U.S. Treasury yields [1] Group 1 - The long-term Japanese government bond yields have reached historical highs, indicating a significant shift in the market [1] - The primary reason for this trend is the unsustainable nature of the previous ultra-loose monetary policy, leading to a reduction in bond purchases by the Bank of Japan [1] - The recent rise in U.S. Treasury yields has acted as a catalyst for the increase in Japanese bond yields [1] Group 2 - Short-term Japanese bond yields are expected to remain elevated, while the medium-term outlook will depend on the actions and stance of the Bank of Japan [1]

Core Insights - Velos Markets has established itself as a focal point for investors by providing a unique platform that connects ordinary investors with the vast financial world, offering diverse opportunities and robust support [1] Group 1: Diverse Trading Product Matrix - Velos Markets offers a wide range of trading products, including forex, CFDs, cryptocurrencies, and stock indices, creating a large and diverse financial trading ecosystem [4] - The platform caters to various investor types, from seasoned forex traders to those interested in emerging digital currencies, and even conservative investors seeking stable asset growth [4] - Velos provides access to both major and niche currency pairs, allowing investors to capitalize on global economic fluctuations [4] Group 2: Strong Fund Security Assurance - Velos Markets is regulated by the Australian Securities and Investments Commission (ASIC), ensuring a robust fund security framework for investors [5] - The platform employs advanced encryption technologies to protect investor data and privacy, creating a secure trading environment [5] - This emphasis on fund security is particularly appealing to risk-averse investors who prioritize the safety of their capital [5] Group 3: Precise Market Analysis and Data Insights - Velos Markets utilizes a comprehensive market analysis framework that incorporates macroeconomic data, industry trends, and geopolitical events to provide a holistic view of market dynamics [7] - The platform's data-driven approach allows for the identification of valuable investment opportunities by analyzing various interconnected factors [8] - This capability enables investors to make informed decisions based on a thorough understanding of market conditions [8] Group 4: Professional and Personalized Investment Services - Velos Markets boasts a global team of financial professionals who offer tailored investment solutions based on individual risk tolerance and investment goals [10] - The team provides precise investment advice and strategies, ensuring that investors are well-supported in navigating market fluctuations [10] - This personalized service enhances the overall investment experience for clients, regardless of their risk appetite [10] Group 5: Low Spreads and High Liquidity for Short-Term Trading - Velos Markets stands out in the short-term trading arena due to its low spreads and high liquidity, making it a preferred platform for day traders [11] - The low spreads, as low as 0.1 pips in forex trading, help investors minimize transaction costs and maximize profit potential [11] - High liquidity ensures that trades can be executed swiftly, allowing traders to capitalize on market movements without delays [11] Group 6: Overall Competitive Advantage - Velos Markets demonstrates significant advantages across trading products, fund security, market analysis, investment services, and trading costs, positioning itself as a powerful and reliable investment platform [12] - The company is well-placed to continue playing a vital role in the evolving financial market landscape, with the potential for further growth and success [12]

Core Viewpoint - The bond market is experiencing low-level fluctuations in interest rates due to mixed signals from various news and events, with analysts optimistic about potential further declines in yields in June [1] Group 1: Market Conditions - Since May, the bond market has been influenced by a combination of factors, including uncertainty from tariff negotiations and a supportive stance from management regarding liquidity [1] - Historical data shows that in the past nine years, interest rates in June have declined in six of those years, indicating a trend that may continue this year [2] - The average and volatility of DR007 have decreased from 2.11% and 0.44% in Q1 to 1.71% and 0.10% in Q2, reflecting a more accommodating monetary policy [2] Group 2: Supply and Demand Dynamics - The supply of government bonds is expected to be manageable, with a projected net issuance of approximately 7.2 trillion yuan from June to December, which is lower than the same period last year [4] - Market sentiment has shifted from a "bullish but inactive" stance to a more active "buy on dips" approach, with over half of the sell-side still optimistic about the bond market [5] - The current market conditions are seen as presenting more opportunities than risks, especially after the seasonal liquidity pressures subside [6] Group 3: Economic Indicators - Weak domestic demand is indicated by a decline in prices of domestically priced goods and a drop in the construction PMI, which fell by 0.9 percentage points to 51% [4] - The manufacturing PMI has remained below the growth line for two consecutive months, suggesting increased pressure on the economy [4] - Analysts expect macroeconomic data to peak in June and then likely decline, which would be favorable for bond market performance [4]

Group 1 - The core point of the article is the recent appointment of Zhu Jiangtao, former Vice President of China Merchants Bank, as the new President of China Merchants Securities, following the retirement of the previous president Wu Zongmin [1][5] - Zhu Jiangtao has a significant background in risk management and has held various senior positions within China Merchants Bank, indicating a strong foundation for his new role [1][3] - The historical connection between China Merchants Bank and China Merchants Securities is highlighted, as both institutions share a common origin and have had multiple executive exchanges over the years [2][4] Group 2 - The article notes that the leadership structure of China Merchants Bank is undergoing adjustments, with a focus on the "one president and five vice presidents" model, and several middle management changes are also taking place [6][7] - Recent changes in regional branches include new leadership appointments in key branches such as Shenzhen and Shanghai, while the Beijing branch has yet to see a change in leadership [9] - The financial performance of China Merchants Bank is mentioned, with a reported revenue of 83.751 billion yuan for Q1 2025, reflecting a year-on-year decrease of 3.09%, and a net profit of 37.513 billion yuan, down 2.08% year-on-year [9]

Core Insights - In May 2025, the number of new A-share accounts opened reached 1.56 million, reflecting a year-on-year growth of 22.86% compared to 1.27 million in May 2024 [1] Monthly Comparison - January 2025 saw 1.57 million new accounts, February experienced a significant increase to 2.84 million, and March surpassed 3 million, while April saw a decline of 37.22% due to market fluctuations caused by tariff disputes [1] - The total new accounts for 2025 up to May amounted to 1.09 million for individuals and 3.72 thousand for institutions, totaling 1.10 million [1] Yearly Comparison - The total new accounts for 2024 were 2.49 million, with May 2024 accounting for 1.27 million, indicating a robust performance in 2025 despite the fluctuations [1]

"稳定币"是当前券商分析师关注焦点之一。 券商路演平台APP数据显示，最近一周有28场与稳定币相关的券商电话会已召开或即将召开。与此同时， Wind数据显示，券商也已发布几十篇与稳定币有关的研报。近日，与稳定币有关的概念股也走出一波行情。 业内人士介绍，在国际市场，稳定币是一种数字资产，旨在通过将价格与美元等法定货币（或标的资产）挂钩 来保持价值稳定，解决传统加密货币过度波动以及与法定货币可兑换性难题。由此，稳定币价格相对于无抵押 的加密资产和去中心化金融（DeFi）等其他加密资产波动更小、与法定货币间的可兑换性更好。 据了解，已召开或即将召开与稳定币主题相关电话会的券商，包括中信证券、中金公司、国泰海通、广发证券 和长江证券等。诸如，6月3日晚间，华创证券召开《联易融科技交流—"质疑稳定币 学习稳定币 理解稳定 币"》系列电话会议。6月5日晚上8点，中金公司将举办《探讨稳定币的源起未来及法案新动向》电话会等。 "《条例》的出台，是维持香港国际金融中心地位、促进金融创新和有序监管的重要举措。"东方证券计算机行 业分析师宋鑫宇介绍，从稳定币类型来看，有基于法币或实物资产发行的稳定币，也有基于数字资产或抵押产 生 ...

Report Date - The report was released on June 4, 2025 [2] Global Asset Market Performance 10 - Year Treasury Yields of Major Economies - On June 3, 2025, yields in the US, UK, France, etc. were 4.456%, 4.637%, 3.189% respectively. Latest changes ranged from -0.031% (Switzerland) to 0.053% (US). One - month changes were between -0.069% (Italy and Switzerland) and 0.348% (Japan). One - year changes were from -0.984% (Japan) to 0.378% (UK) [3] 2 - Year Treasury Yields of Major Economies - On June 3, 2025, yields in the US, UK, Germany were 3.920%, 4.021%, 1.781% respectively. Latest changes were from -0.040% (US) to 0.017% (Japan). One - month changes were between -0.040% (US) and 0.224% (UK). One - year changes were from -1.559% (Italy) to 0.410% (Japan) [3] Dollar Exchange Rates Against Major Emerging - Market Currencies - On June 3, 2025, exchange rates against the Brazilian real, Russian ruble, etc. were 5.638, 108.000 respectively. Latest changes were from -1.48% (Brazil) to 0.00% (Russia and Thai baht). One - month changes were between -4.00% (South Africa) and 0.00% (Russia). One - year changes were from -10.12% (Thailand) to 9.59% (Brazil) [3] Exchange Rates of the Renminbi - On June 3, 2025, on - shore, off - shore, and mid - price were 7.188, 7.192, 7.187 respectively. Latest changes were from -0.19% (off - shore) to 0.03% (mid - price). One - month changes were between -1.24% (12 - month NDF) and -0.20% (mid - price). One - year changes were from -0.91% (off - shore) to 1.08% (mid - price) [3] Stock Indices of Major Economies - On June 3, 2025, the S&P 500, Dow Jones Industrial Average, and Nasdaq were 5970.370, 42519.640, 19398.960 respectively. Latest changes were from -0.35% (Mexico) to 1.49% (Nasdaq). One - month changes were between -4.40% (Japan) and 11.19% (Nasdaq). One - year changes were from -7.73% (Malaysia) to 28.89% (Germany's DAX) [3] Credit Bond Indices - Latest changes were from -0.16% (US investment - grade) to 0.30% (emerging - market high - yield). One - month changes were between -0.17% (US investment - grade) and 2.08% (emerging - market high - yield). One - year changes were from 5.61% (US investment - grade) to 12.64% (emerging - market high - yield) [3] Stock Index Futures Trading Data Index Performance - On June 3, 2025, the A - share, CSI 300, SSE 50, ChiNext, and CSI 500 closed at 3361.98, 3852.01, 2687.30, 2002.70, 5694.84 respectively, with daily changes of 0.43%, 0.31%, 0.32%, 0.48%, 0.42% [4] Valuation - PE (TTM) of the CSI 300, SSE 50, and CSI 500 were 12.50, 10.89, 28.78 respectively, with环比 changes of 0.04, 0.03, 0.13 [4] Risk Premium - Risk premiums of the CSI 300, SSE 50, and CSI 500 were 3.70, 5.77, -0.38 respectively, with环比 changes of 0.00, 0.00, 0.00 [4] Fund Flows - Latest values of A - shares, main board, SME board, ChiNext, and CSI 300 were -52.19, -92.88, -56.21, 27.04, 3.71 respectively. Five - day average values were -314.36, -258.20, -56.21, -50.29, -27.17 [4] Trading Volume - Latest trading volumes of the Shanghai and Shenzhen stock markets, CSI 300, SSE 50, SME board, and ChiNext were 11414.09, 2267.83, 590.77, 2513.97, 3071.27 respectively, with环比 changes of 22.30, 273.93, 14.34, -76.51, -139.14 [4] Main Contract Premiums and Discounts - Basis of IF, IH, and IC were -27.21, -18.70, -56.44 respectively, with amplitudes of -0.71%, -0.70%, -0.99% [4] Treasury Bond Futures Trading Data - On June 3, 2025, T00, TF00, T01, TF01 closed at 108.460, 105.690, 108.685, 105.960 respectively, with no daily changes [5] - R001, R007, and SHIBOR - 3M were 1.4641%, 1.5877%, 1.6520% respectively, with daily changes of -24.00 BP, -11.00 BP, 0.00 BP [5]

Core Viewpoint - The appointment of Zhu Jiangtao as the new president of China Merchants Securities marks a significant leadership change, expected to enhance the company's business operations and risk management capabilities, leveraging his extensive experience in the financial sector [1][2]. Group 1: Leadership Changes - Zhu Jiangtao has been appointed as the new president of China Merchants Securities, succeeding Wu Zongmin, who retired due to age [1]. - Zhu has a 20-year tenure at China Merchants Bank, holding various senior positions, including Chief Risk Officer and Vice President [2]. - Recent personnel changes at China Merchants Securities include the appointment of two new vice presidents, Zhang Xing and Wang Zhijian, alongside Zhu's leadership [3]. Group 2: Strategic Focus - China Merchants Securities plans to implement three core strategies by 2025, focusing on enhancing core business competitiveness through innovation and transformation [4]. - The company aims to leverage technology and collaboration to support strategic initiatives, emphasizing the integration with China Merchants Group's "third entrepreneurship" [5]. - Risk management will be prioritized to ensure stable operations, with a focus on proactive risk management and compliance [5]. Group 3: Financial Performance - China Merchants Securities reported a net profit of 8.072 billion yuan in 2022, projected to grow to 10.386 billion yuan by 2024, maintaining a fourth-place ranking in the industry [6]. - The company's revenue for 2024 is expected to reach 20.891 billion yuan, reflecting a year-on-year growth of 5.4%, with a net profit growth of 18.51% [6]. - In Q1 2025, the company continued its growth trajectory, achieving a revenue of 4.713 billion yuan, a 9.6% increase year-on-year [6].

Core Viewpoint - The recent evaluation results from the China Interbank Market Dealers Association highlight the performance of 72 main underwriters in the non-financial corporate debt financing tools market, emphasizing the importance of continuous assessment for maintaining high standards in underwriting practices [1][3]. Group 1: Evaluation Mechanism - The evaluation mechanism includes both initial assessments and annual evaluations, which are crucial for determining the ongoing business qualifications of main underwriters [1][3]. - The latest evaluation categorized the institutions into four tiers: A, B, C, and D, with 17 institutions achieving A grade, while three banks were rated D [1][5]. - The evaluation focuses on core business capabilities such as pricing, sales, and market-making, aiming to shift the market from a "scale-driven" to a "capability-driven" model [3][4]. Group 2: Encouraging Professional Development - The "positive incentive + negative constraint" mechanism encourages underwriters to enhance their professional skills and avoid short-sighted behaviors that prioritize business expansion over capability building [2][7]. - A new feature of the evaluation mechanism is the introduction of a D tier, which will lead to the disqualification of institutions rated D for two consecutive years, thereby promoting a dynamic adjustment of the underwriting team [4][6]. Group 3: Differentiated Competition - The evaluation results revealed a diverse composition of the 72 participating institutions, including 26 national banks, 28 local banks, and 18 securities companies, fostering differentiated competition [5]. - The association plans to introduce a specialized evaluation mechanism for underwriters excelling in pricing, inclusive finance, market development, and service capabilities, with specific institutions recognized for their strengths in these areas [6][8]. Group 4: Feedback Mechanism - A "one institution, one feedback" system has been established to provide tailored guidance to underwriters with subpar evaluation results, promoting a cycle of evaluation, feedback, and improvement [8]. - This innovative approach aims to integrate the evaluation system with national strategies such as technological innovation and green development, enhancing the role of underwriters in supporting the high-quality development of the real economy [8].

6月3日盘后，招商证券发布《第八届董事会第二十次会议决议公告》，其中披露，董事会同意聘任朱江涛先生担任公司总裁。 根据简历，1972年12月出生的朱江涛今年将近53岁，早期曾在工商银行江西省分行参加工作。 2003年1月，朱江涛加入招商银行，2007年12月至2020年7月历任招行广州分行行长助理、副行长，重庆分行行长，总行信用风险管理部总经理，风险管理部 总经理。 2020年7月，朱江涛任招行首席风险官，一年后，他跻身招商银行核心管理岗，于2021年9月起任招行副行长。在此期间，他的"风控专家"的人设颇为鲜明。 不过，2024年5月，招商银行发布公告称，朱江涛因行内分工变动原因辞去其兼任的首席风险官职务，此后该职位由招商银行党委副书记钟德胜兼任。 5月6日晚，招商证券公告执行董事、总裁吴宗敏离任。此后南都·湾财社获悉，彼时仍任招商银行副行长的朱江涛或将接棒吴宗敏，担任招商证券总裁一 职。如今，随着公告的发布，朱江涛也将正式由银行业"跨界"转战证券业。 近20年"招行老将"，转战券商 从简历来看，两人的券商"色彩"则更为浓厚。 其中，张兴于2021年4月起任招商证券风险管理中心总监兼风险管理中心风险管理部总经 ...