2025年5月7日，《推动公募基金高质量发展行动方案》（以下简称《行动方案》）发布，给券商研究所 带来了"冲击波3.0"。而在此之前的近两年以来，券商研究所已遭"两连击"：2023年7月公募基金费率改 革（以下简称"公募费改"）的首轮冲击；同年12月《关于加强公开募集证券投资基金证券交易管理的规 定》发布后的"降佣第二弹"。 "公募变革下公募基金大洗牌，受其影响，券商研究所佣金分仓收入持续缩水，研究所也将随之洗 牌。"某券商研究所所长表示。 据其分析，券商研究所洗牌将呈现三大趋势。 首先，由于增效困难，研究所将优先降本，采取降薪减员等措施；其次，展业方面，券商研究所将降低 卖方业务依赖度，侧重券商内部业务协同，以及集团、股东资源拓展。再者，中长期来看，一些中小券 商研究所将逐步退出卖方业务，转为对内服务，乃至被裁撤或合并。 值得注意的是，此轮《行动方案》只是新一轮公募变革的"前奏"，未来还将有至少20余项配套政策陆续 出台。随着更多政策的到来，此轮公募变革的力度将持续提升。对于券商研究所来说，则意味着"冲击 波"的日渐强化。 多位券商研究所所长告诉21世纪经济报道记者，公募费改使券商研究所佣金由"万八降至万四 ...

5月15日，最高人民法院和中国证券监督管理委员会结合人民法院审判执行工作以及资本市场监管执法 工作实际，起草了《关于严格公正执法司法 服务保障资本市场高质量发展的指导意见》（以下简称"指 导意见"）。 | 最高人民法院 中国证券监督管理委员会印发《关于严格公正执法司法 服务保障资本市场高质量发展的指导意 见》的通知 | | --- | | 日期:2025-05-15 来源:证监会 【字号:大 中 小】 号 号 (6) ( | | 法发〔2025〕9号 | | 各省、自治区、直辖市高级人民法院,新疆维吾尔自治区高级人民法院生产建设兵团分院;中国证监会各派出机构、各交易所、各下属单位、各协 | | 合: | | 最高人民法院和中国证券监督管理委员会结合人民法院审判执行工作以及资本市场监管执法工作实际,起草了《关于严格公正执法司法 服务保 | | 障资本市场高质量发展的指导意见》,现印发你们。 | | 请结合实际予以贯彻落实,强化司法与行政协同,共同服务保障资本市场高质量发展, | | 最高人民法院 中国证券监督管理委员会 | 在指导意见中，证监会重点强调了引领净化资本市场生态。日前，南都曾报道干扰资本市场生态的荐 ...

证券代码：601456 证券简称：国联民生 公告编号：2025-033 号 国联民生证券股份有限公司 关于召开2024年度股东大会的通知 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 召开地点：江苏省无锡市金融一街 8 号国联金融大厦 1 层会议室 (五) 网络投票的系统、起止日期和投票时间 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 6 月 10 日 至2025 年 6 月 10 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开当日的交易时间段，即 9:15-9:25，9:30-11:30，13:00-15:00；通 过互联网投票平台的投票时间为股东大会召开当日的 9:15-15:00。 二、 会议审议事项 本次股东大会审议议案及投票股东类型 投票股东类型 序号 议案名称 其相关企业预计发生的关联交易 的关联交易 份一般性授权的议案 的议案 上述议案已经公司第五届董事会第二十三次会议、第五届监事会第十七次会 议、第五届董事会第二十四次 ...

智通财经5月15日电，北京金融法院审判第二庭庭长丁宇翔5月15日在北京金融法院新闻发布会上表示， 北京金融法院将发布一批司法保护资本市场投资者权益的典型案例，涉及证券、期货、基金等领域的投 资者保护。这批典型案例一是明确资管产品管理人责任的司法认定标准，切实保护资管产品投资者权 利。案例1某投资者与某基金公司合同纠纷一案，审判团队以该案中发现的问题为起点，梳理总结了资 管产品管理人尽职调查义务的司法认定标准，形成资管产品管理人尽职调查义务的"六步审查法"，为此 类案件的办理提供了可资参考的标准和规则，有力引导了资管行业的展业标准。 北京金融法院发布一批司法保护资本市场投资者权益典型案例 ...

Core Viewpoint - The recent performance of the financial sector, including banks, insurance, and securities, has attracted significant market attention, driven by favorable policies and market conditions [1][4][8]. Group 1: Financial Sector Performance - On May 14, the Shanghai Composite Index surpassed 3400 points, with the financial sector leading the charge, as evidenced by the significant increases in various financial indices [2]. - The Wande Insurance Index surged by 5.15%, while the Wande Securities and Wande Banking Indices rose by 3.29% and 0.80%, respectively [2]. - Several financial stocks, including China Pacific Insurance and Hongta Securities, hit their daily price limits, and multiple bank stocks reached historical highs, pushing the total market capitalization of the banking sector above 10 trillion yuan [2]. Group 2: ETF Activity - Financial sector ETFs experienced substantial inflows, with the Huafu Securities ETF rising by 4.61% and the E Fund Securities Insurance ETF increasing by 4.22% [2]. - The Huafu Bank ETF reached a price of 1.626 yuan, marking a new high since its listing in 2017, with inflows exceeding 260 million yuan over the last five trading days [3]. Group 3: Fund Allocation Opportunities - Analysts suggest that the recent movements in the financial sector may present opportunities for fund reallocations, particularly as public funds have been significantly underweight in financial stocks compared to benchmarks [4][5]. - The China Securities Regulatory Commission's new guidelines emphasize the importance of performance benchmarks, which could lead to increased allocations in the financial sector [4]. Group 4: Long-term Investment Value - The banking sector is characterized by a stable fundamental outlook, with a current dividend yield of approximately 6.1%, ranking second among all sectors [7]. - The price-to-earnings (PE) ratio for the banking sector is around 6.1, and the price-to-book (PB) ratio is approximately 0.54, both of which are among the lowest across sectors [7]. - Recent capital increases by major state-owned banks signal confidence in the banking sector's future performance, potentially alleviating investor concerns [7]. Group 5: Policy Impact - Recent policies, including interest rate cuts and encouragement for insurance companies to increase equity investments, have positively influenced market sentiment and the financial sector's outlook [8][9]. - The insurance sector is expected to see profit growth driven by investment returns, with ongoing reforms enhancing the attractiveness of insurance stocks [9].

东莞证券以 "乐教乐学、寓教于学" 为核心理念，建设了国家级投教基地品牌。通过"线上 + 线下"立体 化服务网络，东莞证券精心打造了一系列特色防非投教作品和活动；围绕年轻投资者偏好，提出构 建"知识+娱乐+社交"的立体生态，将金融知识"潮玩"出圈。东莞证券指出，当前不同年龄、知识水平的 投资者对投教需求差异大，部分投资者风险意识淡薄、投资认知不足，投教需多管齐下。 投教不是合规任务，而是金融机构践行 "人民性" 的重要实践。当投教内容能融入实际场景，当投教知 识能转化为行为能力，投资者保护才有望真正从"最后一公里"迈向"心灵深处"。在一年一度的"5·15全国 投资者保护宣传日"，南都·湾财社推出"对话投教护航人"系列报道，以深度展现行业机构在投教领域的 创新实践、典型经验。 打造智慧学习平台 线上线下协同编织防非宣传网 南都·湾财社：东莞证券近年来以"乐教乐学、寓教于学"为核心，打造了"东证投教"文化品牌。请结合 具体案例，介绍这一品牌在内容创新、形式拓展上的特色，以及如何通过品牌建设提升投资者教育的覆 盖面和影响力？ 东莞证券：东莞证券积极打造"东证投教"文化品牌，一是建设了国家级投教基地品牌，通过体系化运 ...

Core Viewpoint - The article introduces the "Combination Equity Package" as a tailored investment advisory service designed to guide investors through the complexities of the market, providing a comprehensive suite of services to enhance investment decision-making and performance [1][2]. Summary by Sections What is the "Combination Equity Package"? - The "Combination Equity Package" is developed by a team of experienced advisors at Shenwan Hongyuan Securities, offering a range of services including method teaching, asset diagnosis, market analysis, and investment philosophy sharing, all aimed at meeting various investment needs [2]. Time-Tested Quality - The investment advisory community has several service products that have been operational for over several years, showcasing their effectiveness through metrics such as total return, relative return, and maximum drawdown, which provide a clear picture of the products' historical performance [3]. Stock Selection and Timing, Position Guidance - The service analyzes stocks from multiple dimensions including fundamentals, technicals, and capital flows, providing continuous updates on selected stocks and key trading points to reduce decision-making costs for investors of all experience levels [4]. Expert Stock Diagnosis and Analysis - The "Combination Equity Package" offers expert stock diagnosis services, allowing investors to receive detailed analyses of their queried stocks, helping them understand the underlying investment and trading logic [5]. Exclusive Videos for Clarification - The package includes exclusive videos produced by the advisory team, simplifying complex market concepts and providing insights into investment strategies [6]. Trading Insights and Market Navigation - The service closely monitors market dynamics and provides timely analyses of market fluctuations, offering valuable references for investors during both significant market movements and minor fluctuations [8]. Educational Courses for Skill Development - The "Combination Equity Package" provides specialized courses covering various aspects of investing, from foundational theories to practical skills, enabling investors to understand the methodologies behind the recommendations [9]. Monthly Reports and In-Depth Reviews - Monthly reports are generated to summarize the performance of the "Combination Equity Package," allowing investors to review operations and adjust strategies based on lessons learned [10].

Core Viewpoint - The article discusses the innovative practices and experiences of Guangfa Securities in investor education, particularly in the context of deepening capital market reforms and the younger investor demographic, leveraging AI technology to enhance educational services [2][10]. Group 1: Innovative Practices in Investor Education - Guangfa Securities has developed a new service model for investor education that includes precise demand identification, companion-style services, and AI empowerment [2][5]. - The company has revamped its investor education website to focus on user experience and has created scenario-based sections tailored to different investor needs [3][5]. - Through partnerships with universities, Guangfa Securities conducts surveys to understand investor needs and designs targeted educational content [5][11]. Group 2: Multimedia and Interactive Services - Guangfa Securities has established a multi-platform strategy for investor education, utilizing short videos and live broadcasts to engage with clients [6][7]. - The company has created a team of over 10 hosts for live broadcasts, covering various topics such as fraud prevention, financial literacy, and market analysis, achieving an average of more than three live sessions per day [6][7]. - The content includes timely discussions on financial topics, enhancing the appeal and accessibility of investor education [6][7]. Group 3: AI Empowerment in Education - Guangfa Securities employs AI technology to enhance the efficiency and creativity of its educational video production, integrating classic cultural elements with financial knowledge [8][10]. - The use of AI has allowed for the creation of engaging educational content, improving the quality and efficiency of investor education materials [8][10]. Group 4: Engaging the Younger Demographic - The company has initiated the "Guangfa Cup" simulated stock trading competition in universities to provide students with a realistic investment environment, promoting practical financial skills [10][11]. - Guangfa Securities also conducts educational lectures in universities to enhance financial literacy among students, covering investment strategies and career planning in the securities industry [11].

每经记者｜王砚丹 每经编辑｜肖芮冬 2025年5月15日，是第七个"5·15全国投资者保护宣传日"。自去年"924新政"以来，A股市场发生了深刻 变化。随着市场活跃度提升，个人投资者开户意愿提升，尤其是2024年10月，单月新开户数近684万 户。上交所数据显示，截至2025年4月30日，个人投资者A股总账户数达到3.78亿户。 如何保护投资者合理权益？如何引导不同人生阶段、不同专业知识的投资者正确看待市场波动？如何增 强投资者获得感？这些均是摆在资本市场管理者、建设者面前的课题。 2019年4月3日，证监会决定将每年5月15日设立为"全国投资者保护宣传日"，该节日旨在向全社会积极 倡导理性投资文化，强化投资者保护意识，全面构建资本市场投资者保护新格局。 七年以来，"5·15"成为投资者共同的节日。《每日经济新闻》记者注意到，相比往年，2025年"5.15全国 投资者保护宣传日"已成为覆盖全国、贯穿线上线下的系统性工程，推动投资者保护从单向宣教向生态 化服务转型，为资本市场高质量发展筑牢根基。 看点一：多方主体积极参与，构建投资者保护公益化服务生态 从"5.15"活动的开展与组织工作来看，监管部门、自律组织、 ...

Core Viewpoint - The article highlights the prevalence of fraudulent stock trading practices on social media, where individuals falsely claim to have high returns using fabricated trading records to lure investors into paid groups or courses [10][11][12]. Group 1: Fraudulent Practices - Many so-called high-return "real trading records" are actually fabricated using stock trading slip generators, which are easily accessible for purchase online [10][17]. - The fraudulent activities often follow a pattern of attracting followers, leading them to paid stock trading courses or groups, creating a gray market for stock recommendations [10][12]. - Individuals posing as stock trading experts often promise high returns and require investors to share their trading accounts for management, which is illegal and poses significant risks to investors [11][12]. Group 2: Social Media Influence - Social media platforms are being used to showcase fake high-return trading slips to attract users to expensive stock trading courses and communities [12][14]. - Some influencers claim to have insider information and encourage followers to mimic their trades, often leading to financial losses for the investors involved [11][16]. - The article notes that these practices are not only misleading but can also lead to criminal charges for those involved in orchestrating such schemes [19][20]. Group 3: Legal and Regulatory Concerns - Experts warn that using simulated trading records for profit constitutes fraud and can lead to severe legal consequences [18][19]. - The article emphasizes the need for investors to be cautious and to enhance their financial literacy to avoid falling victim to such scams [18][19]. - Regulatory bodies are urged to take action against these fraudulent practices, as they undermine the integrity of the financial markets [19][20].