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 ...

Core Viewpoint - The China Securities Association (CSA) has released revised guidelines for comprehensive risk management in the securities industry to enhance risk management capabilities and core competitiveness, in line with national financial policies and regulatory requirements [1][3]. Group 1: Comprehensive Risk Management Guidelines - The revised "Comprehensive Risk Management Norms" aims to improve the risk management framework established since its first release in 2014, addressing shortcomings in risk culture, organizational structure, and data governance among securities firms [2][3]. - The revision emphasizes a proactive and preventive approach to risk management, advocating for a "penetrating and panoramic" risk control system that includes vertical integration of subsidiary risk management and monitoring mechanisms for cross-border and off-market derivatives [3][4]. Group 2: Market Risk Management Guidelines - The newly issued "Market Risk Management Guidelines" aim to establish a comprehensive, dynamic, and operationally effective market risk management framework, recognizing the increasing complexity and urgency of market risk management in the securities industry [3][4]. - Key components of the guidelines include a clear organizational structure, a full-process management system for market risk, a multi-tiered limit structure, and stringent data quality controls to ensure effective risk management [4]. Group 3: Future Directions - The CSA plans to continue implementing national policies and guiding the securities industry towards a modern risk management system that emphasizes comprehensive coverage, data transparency, and accountability, ultimately contributing to market stability and high-quality industry development [4].

3月28日，#兴业银行董监高带头降薪超300万#获网友关注。 根据年报显示，去年，兴业银行全体董事、监事和高级管理人员实际获得的报酬合计为1632.66万 元，较2023年的1941.98万元减少了309.32万元。 其中，董事长吕家进报告期内的税前报酬/津贴总额为161.40万元，较2023年的168.31万元减少了 6.91万元；副董事长、行长陈信健减少了6.52万元；降幅较大的诸如监事、首席风险官赖富荣的薪 酬从2023年的367.46万元降至2024年的157.86万元。 去年，兴业银行通过扩大集中采购范围、统筹分支机构运营费用管理等举措合理控制一般性、日 常性开支，业务及管理费同比下降0.65%，其中，职工薪酬收缩了1700万元。 此外经董事会审议，兴业银行计划每股分红1.06元，分红占归属净利润30.17%，首次超过30%， 连续15年提升。值得一提的是，与年报同时发布的还有《关于2025年度估值提升计划的公告》， 该公告提到，2025年将择机启动中期分红工作，增加分红频次。 近期，随着年报的披露，金融行业的薪酬情况备受市场关注。3月26日，"招商银行人均薪酬降至 60万元以内"冲上微博热搜。3月 ...

Core Viewpoint - The new chairman of CITIC Construction Investment Securities, Liu Cheng, outlined a strategic plan to transform the company into a leading investment bank through a two-step roadmap and six core strategies [1][2]. Group 1: Strategic Roadmap - The company plans to solidify its domestic comprehensive strength over the next five years, aiming to reach a leading position in the industry by 2030, followed by another five years to achieve international competitiveness and market leadership by 2035 [2]. Group 2: Six Core Strategic Directions - **Party Leadership in Development**: The company aims to convert inspection rectification results into development momentum, integrating Chinese financial culture with business operations, and enhancing market competitiveness through organizational and conduct improvements [3]. - **Reconstructing Investment Banking Advantages**: The focus will be on enhancing direct financing services, deepening layouts in technology finance and green finance, and innovating a service model that combines investment banking, investment, and research [3]. - **Promoting Wealth and Asset Management**: Wealth management is identified as a key area for the company, with plans to build a customer classification service system and enhance service levels through digital empowerment [3]. - **Strengthening Hong Kong Operations and International Expansion**: The company intends to enhance its Hong Kong subsidiary's international business platform and expand its global partner network [3]. - **Continuous Strengthening of Risk Control and Compliance**: The company will strictly adhere to regulatory requirements and improve its comprehensive risk management system, ensuring compliance-driven operations [3]. - **Enhancing Support for Business Development**: Plans include capital management, technological empowerment, and talent strategy to cultivate a diverse international talent pool and invest in AI integration [4].

Summary of Key Points from the Conference Call Industry or Company Involved - The focus is on the local government financing platforms and the broader implications for the bond and equity markets in China, particularly in relation to local government debt and financing strategies. Core Insights and Arguments - **Debt Replacement Evaluation**: Since 2015, there has been a focus on assessing the debt replacement quotas for local governments, which has helped alleviate some financial pressure. Understanding the potential for special bond funds can aid in interest rate spread recovery [2][3] - **Regulatory Impact on Fundraising**: In 2023, stricter regulations on fundraising have influenced local government financing, with a need to monitor the investment dynamics and the potential for city investment recovery impacting the equity market in Q2 [2][4] - **Growth of Sci-Tech Bonds**: The issuance of sci-tech bonds has significantly increased, with some being issued through local government financing platforms. This shift is seen as a positive development as traditional infrastructure financing becomes saturated [2][5] - **Monetary Policy Challenges**: The central bank faces a balancing act between national debt, exchange rate pressures, and financial risks, which may lead to tighter liquidity and fluctuations in base interest rates in Q2 [2][7] - **City Investment Bond Financing Trends**: In February, net financing for city investment bonds reached 56 billion yuan, the highest monthly figure since October 2023, but March showed a return to a tight balance in financing [2][8] - **Future Financing Trends**: Some city investment loans may see a loosening trend post-2025, as local governments take on development tasks, potentially leading to increased project financing [2][9] - **Credit Market Supply Expectations**: The credit market is expected to see an increase in supply due to the transformation of city investment platforms, which may create new bond issuance opportunities [2][10] - **New Financing Demands**: Transformed financing platforms are likely to generate new financing demands, emphasizing market-oriented operations rather than traditional financing roles [2][11] - **Strategic Technology Board**: The establishment of a strategic technology board aims to address the current structure of the sci-tech market, which is heavily dominated by state-owned enterprises, thereby enhancing support for private and innovative companies [2][12] - **Regional Funding Assessment**: The expected disposable funds for regions in 2025 are projected to reach between 5.8 trillion to 6 trillion yuan, with significant variations across provinces [2][14] - **Local Government Debt Attitudes**: Local governments are generally maintaining fiscal discipline while seeking to develop economically, with varying approaches based on regional economic conditions [2][18] Other Important but Possibly Overlooked Content - **Impact of Private Placements**: The private placement of bonds has improved the credit structure, with notable performance in regions like Zhejiang, Shandong, and Henan, while others like Chongqing and Guizhou have seen declines [2][8] - **Market Liquidity Concerns**: The liquidity situation in the credit market is crucial, especially with recent trends showing a decrease in monthly turnover rates, indicating a need for careful selection of active trading entities [2][13] - **Long-term Financing Strategies**: The shift towards incubating high-tech industries through local government financing platforms is seen as a necessary evolution in response to the saturation of traditional infrastructure projects [2][6]

Core Viewpoint - Western Li De Fund Management Co., Ltd. announced the appointment of Wang Hanqing as the new Deputy General Manager, overseeing the market sector, following the departure of former Deputy General Manager Sun Wei due to job adjustments [1][2]. Group 1: Management Changes - Wang Hanqing has extensive experience in the financial sector, having held various senior positions at institutions such as the National Economic and Trade Commission and Everbright Securities [1][2]. - Sun Wei's departure is attributed to job adjustments, effective March 26, 2025 [1][2]. Group 2: New Executive's Background - Wang Hanqing's previous roles include General Manager of the Beijing Market Department at Everbright Securities and General Manager of the Shanghai Branch [1][2]. - He joined Western Li De Fund in August 2024 and currently holds multiple positions, including Deputy General Manager and General Manager of the Beijing Branch [1][2]. Group 3: Management Philosophy - Wang Hanqing introduced a management methodology called the "Four-Dimensional Clarity Principle," focusing on refined customer segmentation, task goal clarity, transparent assessment mechanisms, and systematic talent development [1][2]. - He emphasizes the importance of nurturing a "benevolent gene" within teams, prioritizing responsibility and altruism in personnel selection [1][2]. Group 4: Company Overview - Western Li De Fund was established on July 20, 2010, with shareholders including Western Securities Co., Ltd. and Li De Technology Co., Ltd., holding 51% and 49% respectively [3]. - As of December 31, 2024, the company managed assets totaling 112.17 billion, with non-monetary assets amounting to 84.83 billion, ranking 57th out of 163 in the industry [3]. Group 5: Industry Insights - Industry observers note that Wang Hanqing's cross-sector experience will need time to validate its effectiveness [4]. - The recent performance of Western Li De Fund in terms of scale and results has shown resilience, and the impact of the new executive's appointment on the company's growth remains to be seen [4].

Core Points - The company held the fifth meeting of the seventh Supervisory Board on March 26, 2025, with all nine supervisors present, either in person or via video [1][2] - The meeting approved several key proposals, including the 2024 annual report, profit distribution, ESG report, and various performance evaluations, all receiving unanimous support [2][3] Group 1 - The proposal for the 2024 annual report and its summary was approved with 9 votes in favor, 0 against, and 0 abstentions, pending submission to the shareholders' meeting [1] - The proposal for the 2024 annual profit distribution was also approved with the same voting results, awaiting shareholder approval [2] - The 2024 annual ESG report was approved unanimously, requiring further review by the shareholders [2] Group 2 - The 2024 Supervisory Board work report and the 2025 work plan were approved, pending submission to the shareholders' meeting [2] - The evaluation results of the board's performance for 2024 were unanimously approved [2] - The performance assessment and compensation report for the supervisors for 2024 received unanimous approval, also pending shareholder review [2] Group 3 - The 2024 risk management and assessment report was approved unanimously [2] - The compliance work report for 2024 was also approved with unanimous support [2] - The internal control evaluation report for 2024 was approved unanimously, with additional reports on the company's operational status and internal audit work presented during the meeting [2][3]

近年来，北京金融法院受理的证券纠纷案件数量持续保持高位。《白皮书》显示，2021年3月至2024年12月，北京金融 法院共受理证券纠纷案件9246件，证券纠纷收案数占北京金融法院民商事案件收案数的44.07%，继续保持高位。 证券纠纷案件数量高企的背后，体现出我国针对证券市场违规违法行为不断加强监管力度。北京金融法院审判第二庭庭 长丁宇翔接受证券时报记者采访时表示，随着治理手段的强化，监管资源力度的持续加大，资本市场"严"的氛围持续巩固 并不断强化。 证券虚假陈述责任纠纷为最主要案由 从案由分布看，北京金融法院受理的证券纠纷中，占据首位的是证券欺诈责任纠纷案件，有9101件。其中，证券虚假陈 述责任纠纷案件数量占证券欺诈责任纠纷案件的99.7%。 "证券纠纷中最主要的案由为证券虚假陈述责任纠纷。"北京金融法院党组成员、副院长薛峰指出，从行为表现看，虚假陈 述行为包括虚假记载、误导性陈述、重大遗漏以及未按规定披露。财务造假是具体的虚假陈述表现，也是最为常见的违 法行为。从行为目的看，虚假陈述行为包括诱多型虚假陈述与诱空型虚假陈述。在北京金融法院受理的57个系列案件 中，涉及诱多型的虚假陈述是大多数，共53个。 ...

Core Viewpoint - The article discusses the growth and characteristics of green bonds, particularly focusing on green credit bonds, which have shown resilience and growth in the current market environment [3][4]. Group 1: Definition and Characteristics of Green Bonds - Green bonds are defined as securities issued to raise funds specifically for supporting green industries, projects, or economic activities, with 100% of the proceeds allocated to eligible green projects [2]. Group 2: Special Features of Green Credit Bonds - In 2024, the overall issuance scale of green bonds has slowed, but green credit bonds have seen a 25.5% year-on-year increase, reaching 262.68 billion yuan, primarily driven by the issuance of medium-term notes [3]. - The average issuance term of green credit bonds in 2024 is 4.9 years, significantly longer than that of non-green credit bonds, with an average coupon rate of 2.5%, showing a downward trend [3]. - Over 80% of issuers are industry entities, with a high concentration in economically developed regions such as Jiangsu, Hubei, and Zhejiang, and the main sectors for issuance include public utilities, transportation, and non-bank financial industries [3]. Group 3: Investment Insights - As of February 28, 2025, the outstanding scale of green credit bonds is 898.54 billion yuan, accounting for 3.04% of the credit bond market, with medium-term notes making up the highest proportion at 48.4% [4]. - The remaining term structure of outstanding green credit bonds shows that the highest proportion (45.0%) falls within the 1-3 year range, with over 85% of bonds rated AA or above [4]. - Green credit bonds generally have lower valuation spreads compared to non-green credit bonds, indicating a relatively weaker "offensive" attribute, but high-rated bonds with terms over 10 years present opportunities for excess returns [4]. Group 4: Investment Recommendations - Green credit bonds are characterized by high yield stability and lower volatility compared to market averages, making them suitable as a "stabilizer" in investment portfolios [5]. - The low default rate of 0.15% since the inception of the green market in 2016, coupled with strong policy support, allows for a credit downshift strategy to seek excess returns [5]. - The article highlights the potential for central enterprises to issue long-term green bonds, which may create opportunities for rolling over existing debt [7].