中信证券：财政政策扩张发力，货币配合的必要性提升 金十数据4月23日讯，中信证券研报称，我们测算二季度国债净融资规模约1.77万亿元，较往年同期高 出约7000亿元；地方债总发行规模为2.8万亿元，净发行规模约2万亿元。货币政策长期维持支持性立 场，随着财政政策扩张发力，货币配合的必要性提升，可以通过降准、扩大公开市场操作规模等方式增 加流动性供给。但短期来看，政策余量充足而不急于全部落地，结合近期股市修复韧性强，经济数据超 预期，汇率压力仍存等因素来看，操作时点上或有更多考量。 ...

以下文章来源于华宝聚合 ，作者小聚 华宝聚合 . "聚集财富，志同道合"—华宝证券机构理财平台官方公众号；我们期待通过专业、高效、个性化的服务，为您的财富增值保驾护航。 深耕金融产品生态,紧密跟踪 财富与资管行业的变化格局! 今年,中国金融产品年度报 告,是华宝证券连续第十四年 发布的金融产品年度报告,被 业内誉为"红宝书" 作为躬身入局财富管理生态重构的记录者与实践者,十四年 来,我们始终紧密追踪财富生态的系统性与结构性演进,致力于 解码行业系统性变革的进化密码。2012年华宝证券第一篇报告 《新视角： 2012理财市场年度策略报告》 问世,紧接着2013 年《金融产品泛投行化加速》、2014年《无畏的希望》, 2015年《大疆无界》,2016年《回归本质》一步步记录着金 融产品领域的更迭交错,为这个时代留下了可追溯的痕迹。随 后2017年《组合致胜》、2018年《大资管：变革与重构》、 2019年《金融产品供给侧改革》，是资管新规时代下,我们对 金融产品演绎变化的思考与记录。到了2020年，我们提出了 《财富管理新时代》，2021年以来，我们提出了《大迁徙》、 《走出舒适区》、《行而不辍》、《迈向服务化》 ...

Group 1 - HSBC Hong Kong and Huatai Securities have signed a memorandum of understanding to explore a strategic partnership aimed at enhancing service quality for their clients [1][2] - The partnership will focus on wealth management, cross-border business cooperation, international financial services, and technology and digital transformation [1][2] - HSBC Hong Kong's General Manager of Wealth Management and Personal Banking, Wu Yangyuru, emphasized that the collaboration will leverage both parties' strengths to capitalize on the opportunities presented by the integration of financial services in Hong Kong and mainland China [1][2] Group 2 - HSBC is recognized as a leader in the Hong Kong banking sector, maintaining a strong position in cross-border finance, wealth management, and corporate services [2] - Huatai Securities has emerged as a key player in the mainland capital market, particularly through its digital transformation and wealth management innovations [2] - The memorandum outlines potential areas of collaboration, including enhancing wealth management services, exploring cross-border and global market opportunities, and sharing expertise in digital transformation and technology platform development [2][3] Group 3 - HSBC is currently collaborating with Ping An Bank and Industrial Bank on cross-border wealth management initiatives, indicating a broader strategy in this area [3] - The specifics of the wealth management collaboration with Huatai Securities regarding cross-border wealth management have not been detailed, but it remains a potential area for exploration [3]

Core Insights - The report from CITIC Securities analyzes the recent volatility in the U.S. Treasury market, attributing it to factors such as weak auction demand, rising interest rates, and investor sell-offs, exacerbated by high leverage strategies in the U.S. financial market [1][3] Group 1: U.S. Treasury Market Analysis - The fundamental cause of the volatility in the U.S. Treasury market is the accumulation of long-term risks in the U.S. economy, including significant fiscal expansion post-pandemic and high policy interest rates [3] - The proportion of stable funds in the U.S. Treasury market has decreased, amplifying market volatility risks and increasing selling pressure due to a declining recognition of U.S. Treasuries as a safe-haven asset [3] - The liquidity in the U.S. Treasury market has sharply declined since early April, although there has been some recent easing, indicating ongoing risks [3] Group 2: Global Market Implications - The volatility in U.S. Treasury yields is expected to increase pricing pressure in global sovereign debt markets and accelerate the diversification of reserve assets among countries [3] - The fluctuations in U.S. Treasury yields may lead to a re-pricing in global sovereign debt markets, higher corporate borrowing costs, and heightened panic in global financial markets [3] Group 3: Impact on China - Short-term increases in U.S. Treasury yields may negatively affect the Chinese stock market, but there could be a turnaround in the medium to long term [4] - The short-term impact of U.S. Treasury yield volatility on the Chinese bond market is limited, with expectations of stable performance in the medium to long term [4] - The weakening of U.S. dollar credit and limited domestic capital outflow pressure may support the renminbi exchange rate, with long-term benefits for the internationalization of the renminbi [4]

21世纪经济报道记者翁榕涛实习生吴梓轩马雨欣广州报道 为了确保本期债券项目的顺利发行，万联证券在项目尽调、申报、发行等各个环节均发挥了积极作用。 在债券要素设计方面，万联证券考虑投资者的需求与风险偏好，创新性地引入了贴标主题，并与深圳证 券交易所密切沟通，确保本期债券作为全国首单低空经济主题科创债券顺利获批。 万联证券认为，本期债券的成功发行具有里程碑意义，一方面推动了金融与科技在低空经济领域的深度 融合，以金融活水为低空经济插上资本之翼，以金融创新助力新质生产力的发展，是做好科技金融大文 章的生动实践；另一方面，本期债券作为"全国首单"产品具备示范效应，对未来同类资本市场融资需求 具有良好的借鉴意义。 据万联证券相关负责人告诉21世纪经济报道记者，本期债券主要投向广州广金睿德玖号股权投资合伙企 业(有限合伙)，该基金专项投资于某低空经济领域公司，其具体投资项目主要从事eVTOL领域相关产品 的研发、生产与销售，旨在响应国家号召，助推低空经济产业升级。 该债券的成功推出也和地方政府抢抓低空经济发展战略机遇有关。 2024年5月，广州市政府印发《广州市低空经济发展实施方案》，明确提出"到2027年广州低空经济整 ...

破茧·重构·共生 新财富诚邀您与 3 0 0位 领军者共探破局之道，共享转型红利！ 4月2 2日下午，第七届新财富最佳投资顾问颁奖典礼暨财富管理发展论坛将在上海浦东新区 香格里拉酒店隆重举行，期待您的参加！ 颁奖盛典倒计时1天，在此为您提前揭晓活动精彩看点！ 看点 0 1 荣耀时刻·最佳投顾颁奖 论坛议程抢先看！ 发言嘉宾 - 中国银河证券 刘 冰 执委会委员 业务总监 董事会秘书 财富管理大时代下的投顾转型之路 申万宏源证券 执委会成员 | 王苏龙 守正创新 行稳致远 夏浩洋 | 广发基金 指数投资部 基金经理 赋能投顾:指数一站式解决方案 朝阳永续 联合创始人副总经理 李 智 Al+投顾:智变服务新纪元 圆桌环节 破茧重构 畅谈财富管理发展新篇章 新财富最佳投资顾问评选自2 0 1 8年首次举办以来一直是国内最大的投顾竞技平台，本着依法 合规、诚实守信、公平公正、客观独立、专业严谨的原则展开。 本次第七届新财富最佳投资顾问评选共有来自9 6家证券公司的3 6 6 1 6名投顾参评，覆盖全国 3 1个地区，3 2 5个城市。本次评选影响广泛，参评投顾人数超1 0 0 0人的证券公司共计1 0家， 报名率达8 ...

金十数据4月21日讯，中信证券指出，Q1经济数据超预期叠加股市修复韧性，市场对政策预期有所分 化。近期官方密集释放积极政策信号，但强调精准把握时机，短期预期管理或占主流。特别国债发行计 划落地，而宽货币预期下资金面压力或整体可控。货币政策余量充足，使用节奏或稳健，预计债市短期 区间波动。关注后续海外经济体货币政策动向，或为我国政策操作创造更好条件。 中信证券：预计债市短期区间波动 ...

Core Viewpoint - The announcement details the distribution of earnings for the Southwest Securities Double Happiness Incremental Cash Management Collective Asset Management Plan, which was transformed from the previous collective plan and is set to distribute earnings starting April 21, 2025 [1]. Group 1: Announcement Information - The earnings distribution for the collective plan was credited to accounts on April 18, 2025, and will be available for use from April 21, 2025 [1]. - The collective plan is managed under the principles of honesty, credit, and diligence, but it does not guarantee profits or minimum returns [1]. Group 2: Earnings Payment Related Information - The collective plan uses an estimated yield calculation method for daily valuation, which may differ from the actual earnings on the distribution date due to the way bank deposits are valued [2]. - Investors who purchase shares of the collective plan on the same day will have distribution rights starting the next working day, while those who redeem shares on the same day will not have distribution rights [2]. - Earnings are paid monthly, and if an investor's cumulative actual undistributed earnings are positive, cash earnings will be paid; if zero, no payment will be made; if negative, the corresponding shares will be reduced [2].

Core Viewpoint - The event held in Longhua District aims to support specialized and innovative enterprises in seizing opportunities in the regional equity market, facilitating their listing and growth through capital market utilization [1][7]. Group 1: Event Overview - The regional equity market event in Longhua District was attended by over 20 enterprises and institutions, focusing on specialized and innovative enterprises and their listing opportunities [1]. - The event was guided by the Shenzhen Municipal Financial Committee Office and organized by the Longhua District Development and Reform Bureau, with support from various local agencies and financial institutions [1]. Group 2: Specialized and Innovative Enterprises - The Shenzhen regional equity market's specialized and innovative board serves as a cultivation platform for high-quality small and medium-sized enterprises, providing them with professional services and a green channel for listing on the New Third Board [3]. - Currently, 26 enterprises from Longhua District have entered the specialized and innovative board, including 4 "little giant" enterprises and 19 specialized and innovative enterprises [3]. Group 3: Expert Insights and Discussions - Experts from the Shenzhen equity exchange discussed the significance of entering the specialized and innovative board, along with the requirements and pathways for IPOs of specialized and innovative enterprises [6]. - The event facilitated in-depth discussions between participating enterprises and industry experts, enhancing their understanding of the entry requirements and fostering communication with financial institutions [6]. Group 4: Future Directions - Longhua District is committed to optimizing its service system for listed enterprises, aiming to empower them to achieve high-quality development and enhance the activity level of the capital market [7].

Core Insights - Guosen Securities reported a strong financial performance for 2024, achieving operating revenue of 20.167 billion yuan, a year-on-year increase of 16.46%, and a net profit of 8.217 billion yuan, up 27.84%, outperforming the industry and large brokerages [2][3][4] Business Performance - The investment and trading segment saw remarkable growth, with revenue increasing by 68.86%, contributing 44.64% to total revenue [5][6] - Wealth management and institutional business generated 8.810 billion yuan in revenue, a 17.97% increase, supported by a digital transformation strategy [4][6] - Asset management revenue rose to 0.852 billion yuan, reflecting a 60.55% increase, with total net asset management scale reaching 144.764 billion yuan [6] Market Position - Guosen Securities maintained a strong market position, with brokerage client assets exceeding 2.4 trillion yuan, an 11% increase year-on-year, and a market share in the stock and fund market of 2.75%, up approximately 15% [4][6] - The company completed 11.17 underwriting projects, ranking ninth in the industry, and raised 12.605 billion yuan, ranking sixth [4] Regional Focus - As a major player in the Guangdong-Hong Kong-Macao Greater Bay Area, Guosen Securities has supported 92 IPOs and 64 refinancing projects, with a total financing scale of approximately 125.6 billion yuan [7] - The company is actively involved in cross-border financial services, participating in the "Cross-Border Wealth Management Connect" pilot program [7][8]