Group 1 - The core point of the news is that Galaxy Fund Management Co., Ltd. has partnered with Guotai Junan Securities Co., Ltd. to offer new sales channels for certain funds starting from March 17, 2025, including regular investment and conversion services, along with promotional fee rates [1][2]. - The minimum initial investment amount for regular investment is set at 10 yuan, and the specific rules and end dates for the promotional fee rates will be determined by announcements from the sales agency [1][2]. - Investors can inquire about details through the customer service of both Galaxy Fund Management and Guotai Junan Securities, with provided contact numbers and websites [3].

人民财讯3月16日电，中信证券指出，在近期市场演绎完高切低后，预计后续内外资回流港股的趋势会 放缓，港股明显跑赢A股的状况会告一段落；年报季市场回归业绩驱动，A股核心资产蓄力上涨；特朗 普的理想"政策三部曲"进度在加快，美国在年中发生衰退的概率在明显提升；美国衰退预期交易不会影 响中国资产，但真实的衰退如果发生仍然会产生负面影响；预计春季躁动的中后段纯资金驱动的主题会 降温，建议聚焦A股和港股核心资产。 ...

TABLE OF CONTENTS As filed with the U.S. Securities and Exchange Commission on March 14, 2025 Registration No. 333-283424 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 AMENDMENT NO. 3 TO FORM F-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 Waton Financial Limited (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) British Virgin Islands 6199 Not Applicable (Primary Standard Industrial Classification Code ...

证券研究报告 2025 年 3 月 11 日 星期二 | 期权标的 | 标的多空 | 牛市 | 熊市价 | 买入宽跨 | 卖出宽跨 | 买入偏实 | 买入偏虚 | 卖出远月 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 综合判断 | 价差 | 差策略 | 式策略 | 式策略 | 值期权策 | 值期权策 | 深虚期权 | | | 结果 | 策略 | | | | 略 | 略 | 策略 | 本报告的风险等级为高风险。 特别提示：由于期权价格波动较大，变化速度快，风险较大，敬请投资者控制风险。期权有风险，投资需谨慎。 请务必阅读末页声明。 1 由下图 2 可知，根据多空择时系统综合打分得到，所有标的的多空信号为：谨慎看多。 图 2. 多空择时系统综合打分结果 表 1. 基于标的的多空判断结果推荐期权策略类型 -25.00% -20.00% -15.00% -10.00% -5.00% 0.00% 5.00% 上证50ETF 沪深300ETF 中证500ETF 创业板ETF 深证100ETF 科创50ETF 各大期权标的的涨跌幅和相应指数成交 ...

公司愿景&业务构成 发挥野村集团的全球平台资源，长期立足中国资本市场，持续投入，逐步发展成为全牌照证券公司； 为中 国客户提供高端的综合金融服务方案。致力于树立中国金融市场上合资证券公司的"经营典范"。 财富管理部 机构业务部 研究部 资产管理部 企业金融部 自营交易部 品宣公关部 财富管理部 整合公司的牌照资源、业务资源、人力资源服务于国内高净值人群和大众理财人群并为其提供相应的专业 化、个性化的财富管理综合解决方案。 部门定位 定位及发展方向 · 财富管理部致力于为中国大陆市场的高端个人及企业投资者提供具有国际水准的咨询及交易服务。 · 凭借野村多年全球化深耕经验，发挥出通过面谈进行财富规划的咨询优势，服务于中国高净值人群。 · 秉承野村传统，通过专业化精细化的财富管理服务团队，一切以客户为中心。 发展 方向 ·立足中国，依托野村全球资源，打造一流的国际化财富管理平台。 ·"客户至上"原则，始终坚持"买方"财富管理理念，与客户共成长。 ·强化服务能力，依托专业财富资源团队，打造一流的财富管理队伍。 机构业务部 机构业务部依托野村集团全球平台、整合公司各业务领域资源，为合格境外机构投资者、国内公募基金、 私 ...

Group 1 - The core focus of the event was on financial fraud prevention, particularly targeting common scams among students such as online fraud, campus loan scams, and gaming transaction fraud [2][3] - The speaker, Adilaimu, provided detailed analysis of fraud tactics, psychological traps, and key oversights that students often make, emphasizing the importance of vigilance and not sharing personal information [2][3] - A principle called "Three Nos and One More" was introduced, which includes not clicking, not believing, not disclosing, and verifying information [2][3] Group 2 - The interactive session saw students actively engaging with questions about identifying fraudulent calls and whom to contact in suspected fraud cases, creating a lively atmosphere [3] - Adilaimu shared information on national and local policies and achievements in combating financial fraud, enhancing students' confidence in fraud prevention [3] - Students were encouraged to remember and share the anti-fraud knowledge with family and friends to build a robust social financial safety net [3]

Core Viewpoint - The article discusses the recent volatility in the bond market, highlighting banks' strategies to manage profits through the sale of OCI and AC account assets to offset losses from rising interest rates [1][3][12]. Group 1: Market Conditions - The bond market experienced significant fluctuations, with long-term bond yields reaching new highs in 2025, such as the 10-year government bond yield hitting 1.8025% and the 1-year bond yield rising to 1.61% [1]. - The market has been characterized by a "negative feedback" loop, where the volatility in bond prices has led to a lack of profitability for many institutions since the beginning of the year [12]. Group 2: Bank Strategies - Banks are reportedly selling bonds from OCI and AC accounts to realize gains and manage quarterly profits, a practice that reflects the flexibility of accounting standards [3][6]. - The sale of OCI assets allows banks to transfer accumulated gains directly to the profit and loss statement, while AC asset sales enable the recognition of the difference between fair value and book value as current profits [6][14]. Group 3: Financial Impact - To fully offset the impact of bond market fluctuations on profits, banks would need to sell approximately 2.2 trillion yuan of OCI assets, which represents 9.7% of the OCI balance as of the third quarter of 2024 [13]. - The costs associated with selling OCI and AC assets include capital loss for OCI and the potential loss of interest income for AC, necessitating a cautious approach to asset liquidation [14]. Group 4: Institutional Performance - The ability of banks to release performance through OCI varies, with state-owned banks and rural commercial banks having the most capacity, while joint-stock and city commercial banks have limited space [12]. - The article notes that the ongoing liquidity issues faced by large banks, termed "liability scarcity," have affected their ability to invest in bonds, leading to a net selling trend observed since late February [10][9].

Core Viewpoint - The recent tight balance of funds reflects several underlying issues, including a long-term negative growth rate in the loan-to-deposit ratio and significant demand from commercial banks for medium to long-term liabilities [1][2]. Group 1: Recent Funding Tightness - The funding rates have been high since the end of the holiday until the end of February, with rates exceeding the upper limit of the overnight reverse repurchase rate corridor [2]. - There is a persistent negative growth rate in the loan-to-deposit balance, with increasing differentiation in the deposit-raising capabilities of large and small banks [2]. - The issuance rates of negotiable certificates of deposit (NCD) for state-owned banks and city commercial banks have risen, leading to renewal pressures due to the narrowing interest rate spread [2]. Group 2: Central Bank's Monetary Policy - The central bank's recent "loose statement" and "steady operation" indicate a long-term "moderately loose" state, while short-term monetary tool operations require consideration of various factors [3]. - The central bank aims to maintain the "transmission efficiency" of monetary policy, with liquidity management potentially adjusting the curve shape [3]. - The central bank's medium to long-term liquidity provision is increasingly leaning towards buyout reverse repos, with a trend of shortening the duration of monetary tools [3]. Group 3: March Liquidity Outlook - The liquidity gap in March is expected to narrow significantly compared to January and February, with government debt net financing pressure easing [4]. - City commercial banks and joint-stock banks face the highest renewal pressure for certificates of deposit in the first quarter, which may keep issuance rates elevated [4]. - The central bank's liquidity provision strategy may lead to a structural "long money" gap, with a focus on the potential for a reserve requirement ratio (RRR) cut between the end of the first quarter and the beginning of the second quarter [5].

Core Viewpoint - The article emphasizes the need for stricter regulation and governance of illegal stock recommendations, particularly in light of the increasing sophistication and concealment of such activities due to technological advancements [1][2]. Summary by Sections Regulatory Focus - The government aims to promote healthy development in the real estate and stock markets, which requires a sound market order. Recent years have seen a tightening of regulations against illegal stock recommendations, but these activities have become more hidden and technical [1][2]. Legislative Actions - During the Two Sessions, regulatory officials highlighted the importance of enhancing governance against illegal financial activities on the internet, including illegal stock recommendations [2]. Current Trends in Illegal Stock Recommendations - Illegal stock recommendations have shifted from public social platforms to short videos, live streams, and private groups, using coded language to evade detection [3][8]. - The integration of AI technology has made illegal stock recommendation activities more deceptive and efficient, lowering the entry barrier for perpetrators [5][6]. Impact on Market Dynamics - The use of AI in illegal stock recommendations can create false consensus and induce abnormal price fluctuations in small-cap stocks, leading to significant financial losses for retail investors [6][10]. Challenges in Regulation - Existing laws are lagging behind the evolving nature of illegal stock recommendations, making it difficult to define and regulate these activities effectively [8][10]. - The ambiguity in current regulations regarding "soft recommendations" complicates enforcement actions against illegal practices [8][11]. Recommendations for Improvement - A collaborative mechanism involving various regulatory bodies and platforms is suggested to enhance the enforcement against illegal stock recommendations [10]. - The implementation of AI-driven monitoring systems to identify and counteract illegal stock recommendation tactics is recommended [10]. - Emphasis on targeted investor education to mitigate the allure of "get-rich-quick" schemes associated with illegal stock recommendations [10].

——证券时报券商中国读者 从严整治非法荐股，是这位投资者的期盼，实际也是证券监管部门近来持续发力的监管重点之一。 2025年政府工作报告指出："更大力度促进楼市股市健康发展"。股市的健康发展离不开良好的市场秩序。近年 来，在从严监管基调下，非法荐股活动有所遏制，但随着技术发展，也变得更加隐蔽化、技术化、产业化，危 害更甚，甚至诱发部分中小个股异常波动。 今年两会期间，全国人大代表、北京证监局局长贾文勤也关注到了该问题，她建言强化互联网非法金融活动治 理。证券时报券商中国记者也采访了数位业界人士，揭开非法荐股的花样手段，并探讨综合治理方式。 打击非法荐股，人大代表发声！ 编者按：2025年全国两会期间，本着"问需于市场、问计于市场、问道于市场"的精神，证券时报券商中国 推出"邀您建言 共促资本市场高质量发展"特别策划，征集广大投资者关于如何改革创新、攻坚克难、推动 资本市场平稳健康发展的意见建议。建言活动引发各方积极反响，数日内即征集到数百条质量较高的意见 建议。本报全国两会报道记者带着这些热乎乎、情切切的意见建议，采访了相关代表委员。今日起，特推 出"投资者点题 代表委员共答"栏目，期待能集思广益，凝聚共识， ...