八 证 书 (2025) 沪东证经字第 3193 号 申请人:东海证券股份有限公司,住所:常州市延陵西路23 号投资广场 18 层。 法定代表人:王文卓。 委托代理人:董小燕,女,1991年4月9日出生。 公证事项:现场监督(份额持有人大会计票) 东海证券股份有限公司作为东海证券海鑫尊利债券型集合 资产管理计划的集合计划管理人于 2025年5月14日向本处提出 申请,对该公司以通讯方式召开的东海证券海鑫尊利债券型集合 资产管理计划份额持有人大会会议的计票过程进行现场监督公证。 经查,申请人根据《中华人民共和国证券投资基金法》《公开 募集证券投资基金运作管理办法》的有关规定和《东海证券海鑫 尊利债券型集合资产管理计划资产管理合同》的有关约定召开本 次份额持有人大会。申请人依法于 2025年4月11日在有关报刊 媒体上发布了以通讯方式召开本次份额持有人大会的公告;于 2025年4月12日、4月14日分别发布了召开本次份额持有人大 会的第一次提示性公告和第二次提示性公告,大会审议的事项为: 《关于东海证券海鑫尊利债券型集合资产管理计划更换管理人并 变更注册为东海润兴债券型证券投资基金的议案》。申请人向本处 提交了该 ...

Core Viewpoint - Jindong Co., Ltd. has decided to abandon the sale of its stake in Zhongshan Securities to avoid the risk of becoming a company primarily holding cash or lacking specific business operations, reflecting a strategic shift in its operations [2][3][5] Group 1: Strategic Decisions - The company initially planned to sell its stakes in Zhongshan Securities and Dongguan Securities to reduce debt and transition into the computing power sector, but has now reversed this decision [2][3] - The decision to halt the sale may indicate a cautious approach towards the computing power business and a potential return to its core securities operations [2][5] Group 2: Financial Challenges - Despite the abandonment of the sale, the company still faces significant debt issues, with a high debt-to-asset ratio consistently above 70% over the past decade [6][7] - The company's net profits have been negative during the reporting period, primarily due to substantial interest expenses from its large borrowings [6][7] Group 3: Asset and Equity Situation - The company holds a 67.78% stake in Zhongshan Securities and a 40% stake in Dongguan Securities, both of which contribute significantly to its profits [7] - The company has struggled to progress in selling its stake in Dongguan Securities, with the transaction still pending regulatory approval, leading to frozen shares due to unpaid debts [7][8]

Core Viewpoint - The case represents the first instance in which an individual faced administrative penalties for obstructing and refusing to cooperate with securities regulatory authorities during an investigation [2] Group 1: Case Background - In November 2023, two investigators from the Guangdong Securities Regulatory Bureau were assaulted by the appellant, Feng, while attempting to conduct an investigation at his residence, resulting in physical injuries to the investigators [1][3] - The Guangdong Securities Regulatory Bureau imposed a fine of 300,000 yuan on Feng for his actions, which he contested through an administrative review and subsequent legal proceedings [1][3] Group 2: Legal Proceedings - The Beijing Financial Court conducted a thorough investigation into the legality of the administrative penalty and the validity of the review decision, focusing on whether Feng's actions constituted obstruction of the regulatory authority's duties [4] - The court emphasized the importance of regulatory officials participating in legal proceedings to enhance the rule of law in financial regulation and to ensure compliance with national financial strategies [4] Group 3: Defense and Ruling - During the hearings, Feng argued that his violent reaction was an overreaction and claimed he was unaware of the obligation to cooperate with the investigation [5][6] - The Guangdong Securities Regulatory Bureau acknowledged Feng's claims but maintained that the evidence clearly demonstrated his refusal to cooperate, leading to the decision to impose the fine [6]

Core Viewpoint - Jinlong Co., Ltd. has decided to terminate the sale of its 67.78% stake in Zhongshan Securities, pausing a significant restructuring effort that has been ongoing for nearly a year [1][2]. Group 1: Termination of Sale - The termination of the sale is aimed at preventing the company from becoming primarily cash-based or lacking specific operational business post-sale [1]. - Jinlong Co. has issued 12 progress announcements regarding the restructuring over the past year, with the latest indicating that the transaction was still in the "pre-listing" phase as of May 6, 2025 [2][3]. - The company's stock price fell to 12.64 yuan per share following the announcement of the termination [6]. Group 2: Historical Context and Stock Performance - Jinlong Co.'s stock has historically experienced significant price increases during major asset restructuring announcements, with a 30% rise in late 2023 and a 75% increase from June to October 2024 following the announcement of the Zhongshan Securities sale [3]. - The company had previously indicated a cautious approach to the sale in its 2024 financial report, highlighting concerns about potential asset composition post-restructuring [4]. Group 3: Financial and Operational Challenges - Jinlong Co. has faced ongoing operational pressures, including a high debt ratio, which has increased from 74.86% in 2021 to 81.09% in 2024 [7]. - The company has been involved in multiple borrowing disputes, including a lawsuit related to a loan of 66.03 million yuan [7]. - Jinlong Co. has reported continuous net losses over the past four years, with losses of 1.31 billion yuan, 3.92 billion yuan, 3.84 billion yuan, and 892.3 million yuan from 2021 to 2024 [8].

Group 1 - Sichuan Securities Regulatory Bureau is conducting a series of investor education activities to promote rational investment and legal rights protection, attracting over 20,000 participants in a recent event [1] - The investor education market event held on May 15 in Chengdu integrated local cultural elements, such as Sichuan opera and traditional tea, to engage the public [1] - Various securities firms, including Huaxi Securities and Guojin Securities, are actively involved in educating the public about financial risks and legal rights through community outreach and online platforms [1][2] Group 2 - Huaxi Futures organized a seminar with representatives from banks, insurance, and securities firms to discuss innovative paths for integrating investor education into national education [2] - Sichuan Securities Regulatory Bureau emphasizes the importance of adapting investor education to meet public needs, aiming to create more impactful and relatable educational activities [2]

Core Viewpoint - The bond market continues to experience narrow fluctuations, with recent adjustments in LPR and deposit rates not significantly impacting market sentiment [1][2] Market Performance - As of May 21, the interbank bond market showed slight fluctuations in yield rates, with the 3-month government bond yield stable at 1.43%, the 2-year yield down 1 basis point to 1.48%, and the 10-year yield up 1 basis point to 1.71% [2] - The recent adjustments in LPR and deposit rates were anticipated and did not lead to significant market changes, as the market had already priced in the current easing measures [2][3] Institutional Perspectives - Some institutions maintain a bullish outlook on the bond market, suggesting that the current environment allows for active bond allocation and potential capital gains through extending duration [5] - The consensus among institutions is that the broad trend of declining interest rates remains intact, although the current sentiment is somewhat weak due to limitations on the downward movement of long-term rates [4][5] Future Expectations - The expectation is that the decline in deposit rates will lead to a decrease in other cash-like rates, which is crucial for managing banks' funding costs and stabilizing the financial system [4] - The market anticipates that as currency constraints ease, there will be continued downward adjustments in short-term rates, which could subsequently lead to declines in medium to long-term bond yields [4] Investment Strategies - The prevailing strategy among investors is to engage in wave trading, with 83% of surveyed investors favoring this approach, while others are considering duration adjustments and selective exposure to equity [6] - Institutions recommend focusing on medium to short-term bonds with positive carry, while also exploring opportunities in municipal private placement bonds and stable ABS valuations [6]

学历情况来看，2024年末，上海地区证券公司在岗职工本科及以上学历人数合计占比达96.22%，延续 逐年提升势头。其中，占比最高的是硕士研究生60.25%，上升了1.03%。上海地区证券投资咨询机构人 员学历以大学本科和大专及以下为主，占比分别为54.28%、39.53%。 新华财经上海5月21日电上海市证券同业公会5月21日发布2024年度上海证券业人力资源简况。 截至2024年末，上海地区证券行业总人数为71928人，其中，证券公司（含证券系资管公司）人员数量 为58724人，同比下降2.49%，法人公司总部21068人、分公司6538人、营业部14479人、驻沪团队16639 人。 2024年末，上海地区证券投资咨询机构人员数量为13204人，其中，在中国证券业协会登记执业从业人 员数9823人，同比增长19.02%，占机构总人数74.39%。 年龄结构来看，2024年末，上海地区证券公司在岗职工中40岁以下人员占比为74.48%，较上年略降。 各年龄段中占比最大的为30-39岁。上海地区证券投资咨询机构中在岗职工也以年龄40岁以下为主力 军，占比达92.56%。 2024年末，上海地区证券公司人员中占 ...

Core Viewpoint - The article emphasizes the importance of wealth management in the context of global economic changes, highlighting the role of securities firms in enhancing wealth management services to support consumer recovery and meet diverse investment needs [1][2]. Group 1: Wealth Management Strategy - The Chinese government aims to boost domestic demand and consumption, making wealth management a key focus for securities firms [1]. - CICC Wealth Management has pioneered the "buy-side advisory" concept since 2019, focusing on customer needs and providing comprehensive advisory services throughout the investment lifecycle [1][2]. - By the end of 2024, CICC's wealth management product scale is projected to reach nearly 370 billion, marking five consecutive years of growth [2]. Group 2: Product Innovation - CICC has continuously iterated its buy-side advisory model, introducing various product series such as "China 50," "Micro 50," and "ETF 50," which cater to different investment strategies [2][5]. - The recent upgrade of "ETF 50-Hengxiang" introduces an AUM-based fee model, shifting focus from short-term gains to long-term asset appreciation and improved client experience [3][4]. Group 3: Service Enhancement - The "ETF 50-Hengxiang" upgrade includes features like personalized consultations, tailored investment solutions, and advanced trading tools, aiming to provide a more professional and customized advisory service [3][4]. - CICC emphasizes the need to align interests with clients, moving beyond mere sales to offer comprehensive lifecycle advisory services [4][8]. Group 4: Digitalization and Internationalization - CICC is committed to digital transformation, enhancing its app and digital platforms to support buy-side advisory services and improve user experience [10][11]. - The company is also focusing on internationalization, collaborating with global asset managers to offer a diverse range of cross-border financial products and services [12]. Group 5: Future Directions - CICC aims to address the challenges of asset allocation and risk management in wealth management, leveraging its expertise to help clients optimize their investment strategies [13][14]. - The company plans to enhance its buy-side advisory services, focusing on long-term asset allocation and aligning with clients' interests to improve their investment returns [15].

文/申万宏源证券有限公司大投行金融科技联合工作组 随着全面注册制的推进和"新国九条"的发布，证券公司需要积极履行资本市场"看门人"和融资"保荐 人"的作用，进一步防范风险，践行金融服务实体经济的使命。随着证券行业数字化转型加速推进，投 行业务数字化转型目前已进入从传统投行竖井式模块系统转向一体化智能全业务平台的阶段。申万宏源 证券从2022年开始逐步根据大投行三年金融科技规划，构建基于人工智能、大数据、云原生等技术打造 的投行智能一体化平台。目前已落地流程中心、项目中心、客户中心、文档中心、智能尽调中心等，助 力投行业务降本增效，降低合规风险，聚合投行业务专业知识，赋能投行业务数字化转型，做好"数字 金融"，进一步健全公司内部"一二三道防线"执业风险防范机制。 1. 业务流程方面，基于低代码BPM流程引擎，实现流程精细化管理。投行项目审批中涉及节点多，分 叉多，引入BPM流程引擎重构业务流程。平台建设了一套完整的流程体系，对客户管理、项目管理、 内核、文件合同、底稿、发行、持续督导管理等200+种类型流程进行重构，每个流程节点均进行精细 化的设置并且支持参数配置，提高了流程管理效率。 2. 项目管理方面，通过 ...

Core Viewpoint - The article highlights the accelerating democratization of quantitative investment driven by AI technology, transforming traditional investment practices and enabling broader access to sophisticated trading strategies [1][2]. Group 1: AI Quantitative Strategies - Various trading software are beginning to incorporate AI quantitative strategy features, including strategy generation, intelligent portfolio adjustment, and risk control [1]. - Examples include the AI research assistant in the CICC app, which offers quantitative stock selection models, and the AI strategy toolkit in the Yuekai Securities app, which provides multiple strategy combinations for users [1][2]. Group 2: User Interaction and Experience - The shift from "tool-based" to "dialogue-based" trading software is changing the trading software ecosystem, making it more user-friendly and accessible [1]. - For instance, the Jianghai Securities app supports voice commands for stock purchases, while the Guoyuan Securities app provides visual heat maps for market conditions [2]. Group 3: Breaking Technical Barriers - The introduction of zero-code interactions allows ordinary investors to easily customize strategies, effectively bridging the gap between traditional language and quantitative decision-making tools [2]. - The AI strategy feature "Huiwen" from Dazhihui enables users to describe investment ideas in natural language, which the AI then translates into quantifiable strategies [2]. Group 4: Future Opportunities and Challenges - The ongoing advancements in AI technology may lead to a more complex investment ecosystem, with service providers needing to enhance their data infrastructure, strategy innovation, and compliance management to seize opportunities [3]. - Dazhihui plans to host an "AI Quantitative Strategy Simulation Competition" to foster talent in the quantitative investment field and promote strategy optimization [3].