Core Insights - The Tianjin Free Trade Zone (FTZ) has launched 22 new financial innovation cases to address industry pain points and promote financial reform and development [1] - Over the past decade, the Tianjin FTZ has introduced a total of 183 financial innovation cases, enhancing financial services for local enterprises and contributing valuable experience to China's financial reform and opening-up [1] Group 1: New Financial Innovations - The FTZ has implemented the first nationwide "cold chain industry脱核链贷" financing model, which shifts the focus from core enterprise credit to actual transactions, thereby expanding the overall scale of industry financing [2] - The establishment of "绿租云," the first nationwide information platform for green leasing, significantly improves evaluation efficiency for green leasing projects [2] - The first securitization of intellectual property through ABCP in the country has been initiated, demonstrating the potential for transforming and activating intangible assets [2] Group 2: Local Innovations - The FTZ has launched the first "cultural and entertainment + consumption" international payment pilot area in Tianjin, enhancing payment experiences for foreign visitors and supporting small businesses in international trade [3] - The first cross-border RMB facilitation business in the Beijing-Tianjin-Hebei region has been completed, creating a "facilitation + electronic" dual-channel for high-quality enterprises [3] - The first "enterprise green code" linked loan has been introduced, incentivizing companies to improve their green practices based on their green code ratings [3] Group 3: System Innovations - The first cross-border RMB financing scheme has been designed to support integrated projects, facilitating the "going out" strategy for enterprises [4] - The inclusion of port comprehensive logistics service fees in service trade insurance helps logistics providers manage long settlement periods and high service costs [4] - The Tianjin Municipal Financial Office aims to enhance financial innovation development in the FTZ, focusing on serving economic construction and high-quality development [4]

文/梧桐数据中心 榜单前三名： 随着4月25日众捷汽车（301560）在创业板上市，2025年1-4月A股合计新上市公司37家，其中沪市主板8家、科创板5家、深市主板5家、创业板16家、北交所3家。 相较去年同期的35家，同比增长5.71%。这37家新上市公司募资净额为219.58亿元，相较去年同期的237.06亿元，同比下降7.37%。 一、保荐机构业绩排名 2025年1-4月，共有22家保荐机构承担了这37家新上市公司的IPO上市业务。 第一名：国泰海通（5单）（注：国泰君安与海通证券合并计算，其中海通证券有3单，国泰君安有2单） 第二名：华泰联合（4单）、中信证券（4单） | 排名 | 保存机构 | 业务更数 | | --- | --- | --- | | | 国泰海通 | 5 | | | 华泰联合 | 4 | | 2 ● | > 中信证券 | | | --- | --- | --- | | 40 | | | | 5 | UIVVV 东兴证券 | | | 5 | 申万宏源 | 2 | | 5 | 天风证券 | 2 | | 8 | 华安证券 | 1 | | 8 | 东方证券 | 1 | | 8 | 光大证 ...

点击上方"光大证券研究"可以订阅哦 pl 光 大 证 券 研 究 所 祝 您 劳动节快乐! r I I T I I 载动节 +7 ...

21世纪经济报道记者李域 实习生高天韵 深圳报道 蚂蚁财富溢价收购耀才证券，耀才证券应声大涨。 4月28日，耀才证券金融（以下简称耀才证券）股价大涨，当日股价收于5.55港元/股，涨幅达81.97%， 市值达94.2亿港元。 4月29日，耀才证券涨幅进一步扩大。截至收市，上涨31.53%，报7.3港元，最新市值已达123.9亿港 元，相比4月23日停牌时市值51.76亿港元大增72亿港元。 21世纪经济报道记者了解到，早在2015年，还未更名的蚂蚁金服曾计划入股德邦证券，不过后续未现身 德邦证券的股东名单。此后蚂蚁集团还曾多次出手，均未能有所斩获。直至此次要约收购。 西部证券表示，收购完成后，蚂蚁集团的科技优势与耀才证券间有望强化业务协同，实现客户资源、技 术能力和市场资源的优势互补，打造财富管理闭环，共享香港市场发展收益。此外，蚂蚁入局也或对香 港现有券商竞争格局带来一定冲击，建议后续关注收购进展及港股市场潜在催化。 溢价收购背后 公开信息显示，此次交易涉及耀才证券8.58亿股股份，占总股本的50.55%，总对价28.14亿港元，其中 10%定金已支付。 以耀才证券2024年未经审核税后纯利6.13亿港元计 ...

1、 国家发展改革委会同商务部、市场监管总局29日发布 《关于开展市场准入壁垒清理整治行动 促进全国统一大市场建设的通知》 ，进一步大力破 除市场准入壁垒，全面清理和整改违规设置市场准入壁垒的各类不合理规定和做法，建立健全线索归集、核实整改、案例通报等长效机制，让"非禁即 入"落地生根，营造公平的市场准入环境。 本次清理整治的重点是，以地方性法规、规章、行政规范性文件、其他政策性文件等形式设立和实行的违反 市场准入制度要求的各类规定文件，以及各级政府违规设置市场准入壁垒的各类做法情形。 今日导读 1. 记者获悉，近日，国家发展改革委已印发通知，会同财政部及时向地方追加下达今年第二批810亿元超长期特别国债资金，继续大力 支持消费品以旧换新。 国家发展改革委副主任赵辰昕4月28日表示，今年前两批消费品以旧换新资金一共下达超过1600亿元，后续还 有1400亿元左右，会根据各地支付进度陆续下达。 2. 贵州茅台(600519)4月29日晚间发布一季报，2025年第一季度营收为506.01亿元，同比增长10.54%；归母净利润为268.47亿元，同比 增长11.56%。 3. 新华保险4月29日晚间公告称，经董事会 ...

Group 1 - The core viewpoint is that index-based structured products are in high demand in a low-interest-rate environment, indicating a broad development prospect for these assets [1] - Since 2017, the fixed income department of CITIC Securities has been engaged in the market-making business for over-the-counter derivatives and structured products related to domestic government bonds, offering competitive product solutions and trading quotes [1] - CITIC Securities has leading capabilities in the design and trading of over-the-counter derivatives and structured products linked to government bond futures indices, providing customized trading solutions based on clients' market views [1] Group 2 - The government bond futures index allows market makers to offer more flexible trading structures and richer trading strategies compared to government bond futures [2] - The index, published by the China Securities Index Company, serves as a third-party recognized benchmark for structured products and provides a hedging underlying asset for multi-strategy products [2] - The fixed income department of CITIC Securities aims to combine tool-type indices with trading strategies, enhancing the productization of indices and offering a wider range of index-based over-the-counter derivatives and structured product solutions to the market [2]

Core Viewpoint - The bond market is experiencing low yield fluctuations, with the 10-year government bond yield around 1.65%, and analysts expect further declines, potentially reaching 1.4% or lower by the end of 2025 [1][2][3]. Group 1: Current Market Conditions - As of April 29, the interbank bond market shows slight fluctuations in yields, with the 10-year government bond yield down 2 basis points to 1.62% [2]. - The current market is characterized by a lack of significant new information, leading to a stable yield environment [2]. - Over 60% of investors anticipate a clear easing of monetary policy in the second quarter of this year, with expectations for potential rate cuts [2][3]. Group 2: Future Expectations - Most investors believe the 10-year government bond yield could reach a low of 1.5% or lower by the end of 2025, with 46% expecting it to hit 1.5%, and 19% predicting it could go as low as 1.4% [3]. - Analysts suggest that upcoming economic data, such as manufacturing PMI, could serve as catalysts for market movements [4]. Group 3: Investment Strategies - The prevailing strategy among investors is to adopt a "buy on dips" approach, focusing on long-duration bonds while maintaining liquidity [5][6]. - There is a notable shift towards a more optimistic outlook among investors, with an increase in those favoring longer-duration strategies [5]. - Credit bonds are viewed as having better relative value in the current environment, with recommendations to focus on high-grade issuers and specific bond types [6].

Group 1 - The core point of the article is that 首创证券 (Shouhua Securities) reported a decline in both revenue and net profit for the first quarter of 2025, indicating potential challenges in its financial performance [1] Group 2 - The company's revenue for Q1 2025 was 432 million yuan, representing a year-on-year decrease of 23.34% [1] - The net profit for the same period was 151 million yuan, showing a year-on-year decline of 31.42% [1]

参考中信建投报告的统计，截至一季度末，主动权益基金收益平均值为4.09%，中位数为3.31%，约85%左 右跑赢沪深300（同期沪深300指数-1.21%）。 超额回归，作为整体的公募基金，在一季度究竟有何变化？ 最受市场所关注的，一定是权益仓位的变化。不过，由于统计口径和计算方式上的差异，对于这个数据， 各家券商报告并没有完全一致的数据结论。 如华西证券的报告中提到，剔除一季度新成立基金，普通股票型和偏股混合型基金仓位中位数为 89.60%，灵活配置型基金仓位中位数为84.26%。而国信证券的报告中则提到，普通股票型基金仓位中位 数为90.62%，偏股混合型基金仓位中位数为89.21%，与上一季度相比基本持平。 近期不少媒体的报道中都提到，主动权益基金"满血复活"，今年以来又跑出了相对指数较为明显的超额收 益。 除此之外，还有一个关于 持股集中度持续抬升 的现象值得关注。光大证券的报告中提到，偏股型基金前 10、前30、前50、前100大重仓股持股市值占重仓股持股总市值的比重分别为20.6%、34.5%、42.5%、 54.7%，除前30大重仓股占比以外各个口径下的持股集中度均持续抬升。基金重仓股集中度小幅 ...

浙商证券（601878）公告，2025年第一季度营收为29.94亿元，同比下降22.89%；净利润为5.56亿元， 同比增长24.17%。 ...