Group 1 - International gold prices have returned to the $3,300 per ounce mark, leading to increased attention on gold-related assets [1][3] - As of May 22, 13 gold ETFs continued to rise, with the highest increase being 0.23%, following a strong performance on May 21 where 20 gold ETFs surged over 3% [3] - The recent rise in gold prices is attributed to global geopolitical instability, a weak US dollar, and uncertainty regarding Federal Reserve policies, which have heightened risk-averse sentiment among investors [3][4] Group 2 - Fund inflows into gold ETFs have seen a significant turnaround, with a net inflow of approximately 370 million yuan on May 21, and a notable shift from net outflows to inflows in the following days [3] - Multiple public fund institutions are optimistic about the long-term value of gold, suggesting that it serves as a hedge against equity risks and can provide capital gains [4] - Short-term volatility in gold prices is expected, but the underlying factors such as expanding global fiscal deficits and central bank buying are likely to support gold prices in the long run [4]

Group 1 - The opening of Guolian Minsheng Securities' Ningbo Caishen Road branch marks a significant step in integrating financial services with the local economy, aiming to support high-quality development in Xikou Town [1][2] - The branch is positioned as a partner in regional economic development, emphasizing the mission of "nourishing the land with financial resources" and becoming a benchmark for rural revitalization and industry-finance collaboration [2] - Guolian Minsheng Securities aims to provide professional and sincere wealth management services to local residents and financing support to small and medium-sized enterprises, enhancing the financial service standards in the region [2][3] Group 2 - The company focuses on a development philosophy of "deepening regional engagement and refining industry expertise," striving to create a comprehensive financial service platform that integrates industrial banking, technology banking, and wealth banking [3] - By leveraging a professional investment team and a diverse product line, the company intends to offer personalized wealth management solutions, enhancing service efficiency and helping clients achieve wealth preservation and growth [3] - The strategy emphasizes the full-chain advantages of "large investment banking + large investment + large research," targeting key industries in the Yangtze River Delta to provide comprehensive financial services and support economic upgrading [3]

日前，国家计算机病毒应急处理中心再次通报65款违规移动应用。事实上，南都·湾财社注意到自2024年以来，上述机构已经先后多次密集通报 了多款违规移动应用，金融类APP成为其中的重灾区之一。 南都·湾财社梳理发现，2024年以来，共有28款金融类APP被"点名"，涉及63条违规事由。被通报的金融APP覆盖银行、证券、基金、信贷等多个 领域，既有地方农商行的官方应用，也有知名互联网金融平台。 在金融数据与用户财产安全高度绑定的当下，这些违规金融APP犹如悬在用户头顶的利剑，随时可能侵犯用户权益。南都·湾财社对部分被点名 的金融APP进行了回测，发现各家金融APP的整改情况并不相同，部分APP仍未完成整改。 2024年至今28款金融APP被"点名" 违规事由达63条 近日，国家计算机病毒应急处理中心通报了65款违规移动应用，经该中心检测，这些移动应用存在违法违规收集使用个人信息情况，包括无隐私 政策、APP未在征得用户同意后开始收集个人信息或打开可收集个人信息的权限等违规情形。 事实上，自2024年以来，国家计算机病毒应急处理中心就加大了对违规APP的检测和治理力度，并定期通报违规移动应用。根据国家计算机病毒 应急 ...

Core Viewpoint - The article discusses the significant changes in the global economic landscape and the investment opportunities arising from these shifts, particularly focusing on the role of ETFs as a key asset class for navigating market volatility and optimizing asset allocation [1][3][22]. Group 1: Global Economic Changes - The global economy is undergoing unprecedented changes, with the U.S. and China facing deep adjustments and a restructuring of the post-World War II international order [8][9]. - The U.S. tariff policies are impacting global supply chains, while China is focusing on developing "new productive forces" in sectors like artificial intelligence and biomedicine [8][9]. - A-shares have shown signs of recovery after 13 consecutive quarters of declining ROE, indicating potential new momentum for the capital market [8]. Group 2: ETF Investment Opportunities - ETFs are highlighted as an efficient, transparent, and low-cost investment vehicle that can serve as a critical infrastructure for asset allocation, especially in the context of market fluctuations [3][11]. - The domestic ETF market is expected to grow steadily, with a focus on sectors less affected by tariff impacts, such as technology and consumer goods [11][16]. - Specific ETFs, such as those focused on semiconductor and defense sectors, are recommended for their potential in a post-tariff recovery [11][16]. Group 3: Policy and Market Outlook - The article notes that with the Federal Reserve's interest rate cuts and a stronger RMB, domestic liquidity is expected to loosen, creating favorable conditions for market recovery [9][11]. - The anticipated economic cycle shift in 2028 is expected to resolve social debt issues, with a balanced approach between stocks and bonds [9][11]. - The second half of 2025 is projected to present significant structural opportunities in the market, particularly in technology and consumer sectors [22][24]. Group 4: Debt Market Insights - The bond ETF market has seen rapid growth since 2018, with total scale surpassing 200 billion yuan, indicating a diversification of investor institutions [16][17]. - Local government bonds are highlighted for their higher yields and lower volatility compared to national bonds, making them attractive investment options in the current low-interest environment [17]. - Strategies for bond ETFs include various applications such as credit risk management and cash management functions, enhancing their utility for investors [16][17]. Group 5: Future Investment Strategies - The article emphasizes the importance of forward-looking strategies in the face of increasing market volatility and the need for diversified investment tools [29][30]. - It suggests that the bond market remains a core asset allocation direction, with recommendations for exploring "bond plus" strategies to balance risk and return [30]. - The potential for high returns in sectors like AI and consumer goods is highlighted, with a focus on leveraging ETFs for efficient exposure [24][27].

Group 1 - The total amount of bonds under custody has slightly increased, reaching 167.82 trillion yuan as of the end of April 2025, with a net increase of 1.61 trillion yuan compared to the previous month [3] - The structure of bond custody shows that interest rate bonds account for 67.95% of the total, with a net increase of 0.99 trillion yuan, while credit bonds and financial bonds also saw slight increases [3] - The bond holding structure indicates that most institutions, except for policy banks, have increased their bond holdings, with commercial banks continuing to increase their holdings of major interest rate products and credit products [4] Group 2 - The custody of government bonds has continued to increase, while policy banks have significantly reduced their holdings, and commercial banks have increased theirs [6] - The custody of local government bonds has also seen an increase, with policy banks reducing their holdings and commercial banks increasing theirs [6] - The leverage ratio in the bond market has decreased, with the estimated balance of repurchase agreements at 10.55 trillion yuan, down by 1.78 trillion yuan, resulting in a leverage ratio of 106.71% [7]

Core Viewpoint - The overall sensitivity of deposit scale to the reduction in deposit interest rates is low under the trend of low interest rates [1] Group 1: Deposit Scale and Interest Rate Sensitivity - The deposit scale is not sensitive to the reduction in non-interbank deposit rates, primarily due to the manual interest compensation rectification in April 2024, which caused a short-term outflow of deposits to asset management products [2] - Despite several rounds of deposit rate cuts since 2022, the year-on-year growth rate of personal and corporate deposits has aligned with the growth rate of broad money supply, with the proportion of deposits in broad money supply rising from around 48% to a peak of 52% by March 2024 [2][3] - The proportion of deposits in low-risk preference funds has shown a slight decline from a peak of 79.3% in March 2023, indicating manageable outflow pressure [2] Group 2: Impact of Deposit Rate Cuts - The disturbances caused by deposit rate cuts on fund outflows were not significant before 2024, but became more pronounced afterward due to increased price comparison willingness in a low-interest environment [3] - Following the deposit rate cuts in July and October 2024, there was a noticeable decline in the year-on-year growth of large bank deposits, indicating a shift towards asset management products [3][4] - The current round of deposit rate cuts is not expected to lead to a significant tightening of the funding environment, as the year-on-year growth of deposits has remained stable despite the cuts [4] Group 3: Future Expectations - The attractiveness of asset management products relative to deposits is expected to decrease due to the ongoing adjustments in performance benchmarks and the gradual implementation of net value rectification [4] - The company anticipates that the ticket interest strategy will continue to prevail, with high-grade short-duration credit bonds likely to benefit from some funds flowing from deposits to asset management products [4]

Core Insights - The launch of the "Technology Board" in the bond market has received positive responses, with nearly 100 institutions issuing technology innovation bonds totaling over 250 billion yuan [1][4] - The "Technology Board" aims to support the financing needs of technology innovation enterprises and enhance the multi-tiered bond product system in China [2][3] Group 1: Policy and Structure - Technology innovation bonds are issued by companies in the technology sector, primarily to support the development of technology innovation [2] - The People's Bank of China and other regulatory bodies are collaborating to innovate the bond market's "Technology Board," allowing various entities, including financial institutions and private equity firms, to issue technology innovation bonds [2][3] - New policies include an innovative credit rating system and improved risk-sharing mechanisms to better meet the financing needs of technology enterprises [3] Group 2: Market Response and Participation - The market has actively responded to the "Technology Board," with significant participation from financial institutions such as Huatai Securities and Zhongyin Securities, which are facilitating the issuance of technology innovation bonds [4] - As of now, approximately 100 institutions have registered or issued technology innovation bonds, with a total issuance of about 249.75 billion yuan in just two weeks [4][5] - The majority of the issuers are high-rated central state-owned enterprises and leading private enterprises, with AAA-rated issuers accounting for over 80% of the total [5]

Core Viewpoint - The article highlights the role of financial institutions, particularly Caitong Securities, in empowering technology innovation and supporting the growth of startups in Zhejiang, specifically through a comprehensive financial service ecosystem that covers the entire lifecycle of enterprises [1][2][3][4][5][6]. Group 1: Financial Empowerment of Tech Enterprises - Caitong Securities is positioned as a key player in the financial sector of Zhejiang, focusing on technology innovation and providing tailored financial services to support the growth of tech startups [1][2]. - The company has successfully facilitated significant funding for innovative firms, such as the four-legged robot "Jueying," which has secured millions in international orders, showcasing the effectiveness of financial support in driving technological advancements [2]. - Caitong Securities has also supported the growth of quantitative investment firms, helping them scale from 500 million to over 10 billion in assets through customized strategies and partnerships [2]. Group 2: Ecosystem Development and Fund Initiatives - In 2023, Caitong Securities initiated a 4 billion yuan fund to support the manufacturing sector in collaboration with local government and industry partners, aiming to enhance the production capabilities of tech enterprises [3]. - The company launched a unique asset-backed securities program that transformed intellectual property into financial assets, successfully raising 1.05 billion yuan for 13 tech firms, marking a significant innovation in financing [3][4]. - Caitong Securities is committed to building a robust ecosystem for innovation, with plans to establish 14 regional business centers across Zhejiang by 2025, aiming to serve over 5,000 specialized and innovative enterprises [6]. Group 3: Long-term Support and Strategic Partnerships - The company adopts a long-term investment strategy, providing low-cost funding to startups and assisting mature companies in going public, exemplified by its partnership with Siling Co., which raised 1.033 billion yuan and achieved a market valuation exceeding 6 billion yuan upon listing [4]. - Caitong Securities has been actively involved in the capital market, having sponsored 11 specialized enterprises for listing since 2022, demonstrating its commitment to fostering innovation-driven growth [4]. - The firm emphasizes the integration of technology and finance, with initiatives aimed at enhancing collaboration between financial services and industrial development, thereby supporting the broader innovation ecosystem in Zhejiang [5][6].

21世纪经济报道 实习生 张长荣 记者 崔文静 北京报道 日前由21世纪经济报道、21世纪资本研究院主办、鹏华基金战略支持的机构资产配置研讨会在北京成功举办！本次策 略会以"共话共启·机构视野·投资新局——全球秩序裂变与重构"为题，汇聚60余位来自私募、公募、券商、保险、智库 及媒体的优秀行业代表，聚焦全球秩序重构下的投资变局，通过主旨演讲与圆桌对话，共同探讨如何把握政策红利、 优化资产配置以及践行责任投资。 21世纪经济报道相关负责人对系列活动的组织工作进行了介绍，围绕资本市场稳定与健康发展，21世纪经济报道、21 世纪资本研究院依托系列报道、智库研究、研讨和走访活动等形式，致力于搭建内容生态、资源生态和服务生态，聚 焦"耐心资本"，凝聚市场共识。 作为国内头公募基金代表，鹏华基金副总裁兼首席市场官刘嵚表示，当前，全球经济格局深度重构，单边主义和保护 主义持续升温，美国关税政策对全球供应链持续带来冲击，中国经济发展面临更加严峻的外部不确定性。在此背景 下，ETF凭借着高效、透明、低成本的优势，有望成为穿越牛熊周期的重要资产类别，以及资产配置的"关键基础设 施"，其配置价值将进一步凸显。 作为成立近27年的头 ...

Group 1 - The core viewpoint of the article highlights the significant role of the Sci-Tech Innovation Bond (科创债) market in supporting "hard technology" enterprises since its launch on May 20, 2022, and the recent acceleration of public funds in this sector [1][2] - The overall scale of the Sci-Tech Innovation Bond market has rapidly increased, with a total of 1,190 bonds issued amounting to 1.30 trillion yuan and 1,579 notes issued totaling 1.38 trillion yuan, benefiting 625 technology innovation enterprises [2] - The People's Bank of China and the China Securities Regulatory Commission have announced further optimization of the issuance mechanism for Sci-Tech Innovation Bonds, encouraging public funds to create ETF products [2][3] Group 2 - Public funds are intensifying their layout in Sci-Tech Innovation Bond index products, with 11 institutions, including Bank of China Fund and Bosera Fund, having reported their index funds [3] - The characteristics of Sci-Tech Innovation Bond index funds, such as "high yield and low volatility," are expected to become a stabilizing asset for institutional investors [3] - The development of Sci-Tech Innovation Bonds and ETFs is creating a synergistic effect, with the current scale of Sci-Tech Board ETFs exceeding 250 billion yuan, indicating a growing interest in technology-focused investments [4] Group 3 - The linkage between Sci-Tech Innovation Bonds and the Sci-Tech Board ETFs is seen as a key pillar in constructing a technology financial ecosystem, providing low-cost financing for enterprises while guiding market funds towards technology innovation [4] - The proportion of actively managed equity funds allocated to Sci-Tech Board stocks reached a historical high of 15.17% by the end of Q1 2025, an increase of 2.11 percentage points from the end of 2024 [4] - The launch of Sci-Tech Innovation Bond ETFs is anticipated to enhance market liquidity and investor participation, further promoting high-quality development in China's technology industry [4]