Core Viewpoint - The article highlights the robust growth of China's bond market in the first quarter of 2025, with a total issuance of 20.7 trillion yuan, representing a year-on-year increase of 19%. The growth is driven primarily by interest rate bonds, which saw a significant increase in issuance compared to the previous year [2][5]. Bond Market Overview - As of March 31, 2025, the total bond market in mainland China reached 182.73 trillion yuan, an increase of 6.74 trillion yuan since the beginning of the year. This includes 112.30 trillion yuan in interest rate bonds, 49.22 trillion yuan in credit bonds, and 20.21 trillion yuan in interbank certificates of deposit [2]. - The issuance of interest rate bonds reached 7.9 trillion yuan in Q1 2025, a 49% increase year-on-year, with government bonds increasing by 34% and local government bonds by 80% [3][5]. Issuance Statistics - The total number of bonds issued in Q1 2025 was 11,686, with a total issuance amount of 206,845.3 million yuan, marking a 19% increase compared to the same period last year [5]. - The issuance of credit bonds decreased by 4% year-on-year to 4.5 trillion yuan, while interbank certificates of deposit saw a 13% increase to 8.3 trillion yuan [2][5]. Underwriting Rankings - In the bond underwriting sector for Q1 2025, the top three banks were China Bank, Industrial and Commercial Bank of China, and China Construction Bank, with underwriting amounts of 4,106.3 billion yuan, 3,432.9 billion yuan, and 3,411.4 billion yuan, respectively [8][9]. - For securities firms (excluding local government bonds), the top three were CITIC Securities, Guotai Junan, and CITIC Jianzhong, with underwriting amounts of 2,703.7 billion yuan, 2,595.2 billion yuan, and 1,822.7 billion yuan, respectively [16][20]. Financing Costs - The "CCB-Wind Interbank Bond Issuance Index" indicates that the overall issuance cost in Q1 2025 showed an upward trend, peaking around 42 in mid-February before starting to decline [6]. Credit Bond Underwriting - In the credit bond sector, CITIC Securities, Guotai Junan, and CITIC Bank led the rankings with underwriting amounts of 2,703.7 billion yuan, 2,595.2 billion yuan, and 2,099.2 billion yuan, respectively [33]. Asset-Backed Securities - For asset-backed securities (excluding REITs), Guotai Junan ranked first with an underwriting amount of 398.1 billion yuan, followed closely by CITIC Securities with 394.6 billion yuan [40].

Core Insights - The ABS market in Q1 2025 saw a significant increase in new issuances, with 462 projects totaling 397.5 billion yuan, marking a 31% year-on-year growth compared to 304.4 billion yuan in the same quarter last year [5][7][9]. Market Overview - As of March 31, 2025, the cumulative market size reached approximately 3,217.3 billion yuan, with credit ABS at 418.2 billion yuan, enterprise ABS at 1,991.9 billion yuan, ABN at 629.5 billion yuan, and public REITs at 177.7 billion yuan [3]. New Issuance Statistics - In Q1 2025, the credit ABS market had 29 new issuances totaling 22.8 billion yuan, a 40% decrease year-on-year. The largest share came from non-performing loans with 24 issuances totaling 11.2 billion yuan, followed by personal auto loans with 2 issuances totaling 7.2 billion yuan [7][9]. - The enterprise ABS sector performed strongly with 307 issuances totaling 263.7 billion yuan, reflecting a 38% increase year-on-year. The leading segment was financing lease receivables with 61 issuances totaling 65.7 billion yuan, followed by general small loan receivables with 55 issuances totaling 49.7 billion yuan [9][11]. - The ABN market also showed significant growth, with 120 issuances totaling 101 billion yuan, a substantial 59% increase year-on-year. Notably, bank/internet consumer loans accounted for 22 issuances totaling 18.5 billion yuan [11]. Underwriting Performance - In Q1 2025, Guotai Junan led the ABS underwriting rankings with 88 projects totaling 39.81 billion yuan, followed closely by CITIC Securities with 94 projects totaling 39.46 billion yuan, and Ping An Securities with 52 projects totaling 36.55 billion yuan [15][16]. Detailed Underwriting Rankings - For credit ABS, China Merchants Securities topped the rankings with 17 projects totaling 3.84 billion yuan, followed by CITIC Securities with 14 projects totaling 3.19 billion yuan [20][21]. - In the enterprise ABS segment, Ping An Securities led with 46 projects totaling 35.10 billion yuan, while Guotai Junan followed with 68 projects totaling 34.61 billion yuan [23][24]. - In the ABN market, China Merchants Securities again led with 19 projects totaling 10.23 billion yuan, followed by Jiangsu Bank with 35 projects totaling 9.15 billion yuan [25][26]. Asset Class Rankings - The top three asset classes by issuance volume were financing lease receivables, general small loan receivables, and bank/internet consumer loans, with significant underwriting contributions from various institutions [28]. - For financing lease ABS, Ping An Securities led with 15.83 billion yuan, followed by Guotai Junan and CITIC Securities [28]. - In general small loan ABS, Guotai Junan was the top underwriter with 7.76 billion yuan, while China Merchants Securities and CITIC Securities followed [30]. - For bank/internet consumer loans, China Merchants Securities led with 9.75 billion yuan, with CICC and Jiangsu Bank in second and third places [32]. Institutional Rankings - In the credit ABS market, Jianxin Trust led with 6.85 billion yuan from 7 projects, followed by Shanghai International Trust and Huaneng Guicheng Trust [38]. - In the enterprise ABS market, CITIC Trust topped the rankings with 21 billion yuan from 20 projects, followed by Shenghe Factoring and Far East Leasing [40]. - For the ABN market, Guotai Junan Trust led with 22.82 billion yuan from 26 projects, followed by Huaneng Guicheng Trust and Huaxin International Trust [48]. Public REITs Market - In the public REITs sector, Shenzhen Jiafeng Industrial Park Management led with 3.29 billion yuan, followed by Fujian Huawei Rural Commercial Group and Jinan Thermal Power Group [50][51].

Core Viewpoint - The company faces significant challenges in 2025 despite the resolution of the "MPS" case, with pressure on core business operations, ongoing internal control issues, and a series of penalties for its branches since the beginning of the year [1][2]. Financial Performance - In 2024, the company's operating revenue was 9.598 billion yuan, a year-on-year decrease of 4.32%, while the net profit attributable to shareholders was 3.058 billion yuan, down 28.39% [1]. - The company reported a net income from investment banking of 0.823 billion yuan and asset management and fund management income of 0.79 billion yuan, both declining by over 20% [2]. - The company experienced a three-year consecutive decline in revenue from 2022 to 2024, with 2022 revenue at 10.78 billion yuan, down 35.48%, and 2023 revenue at 10.031 billion yuan, down 6.94% [3]. Legal and Compliance Issues - The company has faced multiple penalties in 2024, with a total of 8 fines issued to the company and its subsidiaries, highlighting significant management issues [3]. - In 2025, the company received 2 additional fines for violations related to stock trading and unauthorized solicitation activities [4]. - A former executive is set to have a court hearing regarding a lawsuit against the China Securities Regulatory Commission, which may further impact the company's reputation [4]. Management Changes - Frequent personnel changes have occurred at the executive level, particularly among those involved in the "MPS" case and the acquisition of New Hongji Financial, indicating instability in management [2].

证券代码：002673 证券简称：西部证券 公告编号：2025-015 西部证券股份有限公司 本次会议审议并通过了以下事项： 作制度》的提案。 本公司及董事会全体成员保证信息披露的内容真实、准确、完 整，没有虚假记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 西部证券股份有限公司（以下简称"公司"）于2025年3月26日以 电子邮件结合电话提示的方式，向公司第六届董事会全体董事发出了 召开第六届董事会第十八次会议的通知及议案等资料。2025年3月31 日，本次会议在陕西省西安市东新街319号8幢公司总部会议室以现场 会议结合视频、通讯表决方式召开。 会议由公司董事长徐朝晖女士主持。本次会议应出席董事10人， 实际出席董事10人，其中徐朝晖女士、栾兰先生、徐谦先生现场出席 会议，陈强先生以通讯表决方式出席，其余董事通过视频方式出席会 议。公司监事和有关人员列席本次会议。本次会议召开及表决程序符 合《公司法》和《公司章程》的有关规定，会议合法有效。 二、董事会会议审议情况 表决结果：同意10票、反对0票、弃权0票。 制度》的提案。 表决结果：同意10票、反对0票、弃权0票。 施方案的提案。 表决结果：同意1 ...

自营业务是业绩重要支撑 自营业务成为中信证券近几年业绩的重要支撑。2024年，中信证券自营收入达到263.45亿元，同比增长 20.6%，在营收中贡献占比高达41.3%。 证券公司金融投资资产包括交易性金融资产、其他权益工具投资等。从财报来看，2024年末，中信证券 交易性金融资产6909亿元，较年初增长11%；衍生金融资产490亿元，较年初增长50%；其他权益工具 投资907亿元，为年初的9.5倍。 兴业证券非银金融行业首席分析师徐一洲认为，中信证券延续增配金融资产，截至2024年末，金融资产 投资规模较年初增长20.4%至8617.73亿元。以其他权益工具投资为主要增配目标，其规模同比增长 853.0%，预计通过永续债和高股息股票资产的配置来弱化市场波动的影响。 中信证券总经理邹迎光表示，近年来，中信证券积极践行国家战略，致力于完善市场功能，全力满足实 体经济与投资机构在全球交易风险管理及投资方面的需求。在固定收益、大宗商品、股权衍生品、证券 金融等领域成绩斐然，有力推动了公司经营业绩的稳定提升与资产规模的稳健增长。 新华财经北京3月31日电（记者闫鹏）近日，中信证券发布2024年年报。按照中国企业会计准 ...

| | | | 2 | 华泰联合 | 3 | | --- | --- | --- | | 2 | 中信证券 广司 | TITU 3 | | 4 | 、东兴证券TONWOOD TREE | | | 4 | 申万宏源 | 2 | | 4 | 中信建投 | 2 | | 7 | 华安证券 | 1 | | 7 | 广发证券 | 1 | | 7 | 国元证券 | 1 | | 7 | 平安证券 | 1 | | 7 | 申港证券 | 1 | | | 天风证券 | 1 | | 7 | 招商证券 | 1 | | 76 | 中金公司 | FOT 1 . | | 1 | 中国银河TONW( | on TREE | | 7 | 中泰证券 | 1 | | 7 | 中银国际 | 1 | | | 信计 | 27 | 二、律师事务所业绩排名 2025年1-3月，共有16家律师事务所为这27家新上市公司IPO提供了法律服务。 文/梧桐数据中心 随着3月28日开发科技（920029）在北交所上市，2025年1-3月A股合计新上市公司27家，其中沪市主板4家、科创板5家、深市主板3家、创业板12家、北交所3家。 相较去年同期的30家，同比下降10% ...

Summary of CITIC Securities Co. Conference Call Company Overview - **Company**: CITIC Securities Co. (6030.HK) - **Industry**: Financial Services, specifically focusing on brokerage, margin finance, and asset management Key Points and Arguments 1. **Brokerage Fees Growth**: Brokerage fees increased by 56% quarter-over-quarter (QoQ) due to a more than doubling in average daily trading (ADT), indicating a shift towards a more institution-focused client base [2][8] 2. **Market Share Gains**: CITIC Securities gained market share in margin finance and asset management, with a noted increase of 23 basis points year-over-year (YoY) to 7.4% by the end of 2024, suggesting strong positioning for future demand [3][8] 3. **Asset Management Performance**: Despite facing fee rate pressure and a deteriorating mix in 2024, the asset management business showed signs of recovery towards the end of the year, driven by an increase in overall market trading volume and risk appetite, leading to growth in assets under management (AUM) [4][8] 4. **Fee Rate Pressure**: The pressure on fee rates in the asset management sector appears to be easing, with expectations that if risk appetite continues to improve in 2025, the AUM mix could shift towards more actively managed equity products, which typically command higher fees [4][8] 5. **Investment Income**: Investment income rose by 71% YoY, likely benefiting from lower bond yields, while net interest income saw a significant decline of 78% YoY due to increased leverage in financing bond trading [8] 6. **Cost/Income Ratio Improvement**: The cost/income ratio fell by 5 percentage points YoY to 63.1% in 4Q24, indicating effective cost control measures and some operating leverage [8] 7. **Future Outlook**: The company is well-positioned to consolidate market share as demand increases, with a target price set at HK$21.20, reflecting a slight downside from the current price of HK$21.60 [2][8] Additional Important Insights - **AUM Growth**: The asset management fees rebounded by 18% QoQ and 23% YoY, supported by an 11% YoY increase in AUM and strong ETF offerings from China AMC [8] - **Market Conditions**: The overall market conditions are expected to improve, which could further enhance CITIC's performance in the coming years [4][8] - **Valuation Methodology**: The valuation is based on a P/B ROE regression analysis, with a weighted average target P/B of 0.94x, reflecting a more favorable outlook due to policy support and liquidity potential [12] Risks and Considerations - **Upside Risks**: Faster macro recovery in China, reduced geopolitical risks, and potential synergies from consolidation with Guangzhou Securities could positively impact performance [14] - **Downside Risks**: Higher macro risks, execution risks in consolidation, and potential black swan events could pose challenges [14]

Core Viewpoint - The announcement states that Guolianan Fund Management Co., Ltd. has confirmed the addition of Guosen Securities Co., Ltd. as an agent for subscription and redemption services for several of its exchange-traded funds (ETFs) starting from March 31, 2025 [1]. Group 1: Fund Details - Guosen Securities will act as an agent for the following ETFs: - Guolianan CSI All Share Securities Company ETF (Trading Code: 159848) - Guolianan CSI Consumer 50 ETF (Trading Code: 159670) - Guolianan ChiNext Technology ETF (Trading Code: 159777) - Guolianan SSE Sci-Tech Innovation Board 50 ETF (Trading Code: 588180) - Guolianan SSE Sci-Tech Innovation Board Chip Design Theme ETF (Trading Code: 588780) [1]. Group 2: Investor Information - Investors can contact Guosen Securities at 95536 or visit their website for more details [2]. - Guolianan Fund Management Co., Ltd. can be reached at 021-38784766 or 400-700-0365, with their website also available for inquiries [2]. Group 3: Future Announcements - Any future announcements regarding Guosen Securities acting as an agent for other funds will be made separately [2].

星标 ★ IPO日报 精彩文章第一时间推送 近期，A股市场并购重组持续活跃。 3月24日至3月30日（上周），多家上市公司发布并购计划，例如泰豪科技（600590.SH）拟购买江西泰豪军工集团13.87%股权、易普力 （002096.SZ）拟以3.16亿元收购松光民爆51%股份、浙江力诺（300838.SZ）拟收购徐州化工机械有限公司100%股权、淮河能源 （600575.SH）拟以11.94亿元购买淮河能源电力集团10.70%股权…… 与此同时，上周沪深交易所"久违"地均召开了并购重组委审议会议，审核了两家上市公司的并购项目。 制图：佘诗婕 多家重大资产重组 上周，在一众并购中，截至记者发稿，有三家上市公司的收购构成重大资产重组，包括一家还涉及换股吸收合并。 3月26日，迅捷兴(688655)公告称，公司正在筹划以发行股份及支付现金的方式购买深圳市嘉之宏电子有限公司（简称"嘉之宏"）100% 股权并募集配套资金。本次交易预计构成重大资产重组。 3月27日，概伦电子(688206)公告称，公司正在筹划通过发行股份及支付现金的方式购买成都锐成芯微科技股份有限公司控股权，同时 拟募集配套资金。经初步测算，本次交易 ...

In mainland financial discourse, there's a widely shared but largely untested belief that a rising stock market can stimulate consumption and help boost domestic demand. The logic is simple: rising stock prices fatten investor portfolios, leading to higher consumer spending, which in turn could reinvigorate economic recovery. This idea has even made its way into official policy. For example, China's recent planto "vigorously boost consumption" suggested measures such as "stabilising the stock market." Howev ...