Core Insights - The report focuses on cross-asset timing strategies for interest rates, systematically backtesting various assets (including stock indices, commodities, and bonds) to identify performance under different market conditions [1]. Group 1: Cross-Asset Rotation Effects - The "stock-bond seesaw" effect arises from shifts in risk appetite, where strong economic expectations lead to capital flowing into equity markets, putting pressure on bond prices and raising yields [2][14]. - The relationship between commodities and bonds is closely tied to inflation expectations, with rising commodity prices typically leading to higher inflation and interest rates, which suppress bond valuations [2][14]. Group 2: Timing Strategies in Commodity and Equity Markets - In equity markets, strategies focused on volatility structures yield higher excess returns compared to trend-based moving average strategies, particularly in high-volatility environments [3]. - For commodities, timing strategies exhibit high odds and low win rates, aligning with the trend-driven nature of commodity trading. Multi-signal strategies outperform in various market conditions due to their adaptability [3][51]. Group 3: Cross-Asset Timing Strategies - The report employs a "cross-validation signal triggering method" for each asset, enhancing the robustness of cross-asset timing strategies. The "look at stocks, trade bonds" and "look at commodities, trade bonds" approaches aim to mitigate drawdowns while maintaining excess returns [4][86]. Group 4: Future Optimization Outlook - A dynamic weighting mechanism is proposed to adjust the importance of different market signals based on macroeconomic conditions, enhancing the adaptability of strategies over time [5]. - The report suggests exploring pair trading strategies in the foreign exchange market to provide additional support for cross-asset trading logic [5].

中信证券研报表示，中国证监会出台的《推动公募基金高质量发展行动方案》确定了以投资者利益和持 有人体验为核心的产品创新导向，其中新型浮动管理费率和高频次分红的产品设计创新重在提升持有人 体验和获得感，"主动+量化"相结合和多人共管的管理模式的创新旨在获取更多元阿尔法，增强市场适 应性，投资策略的不断创新和丰富为投资者提供了更低成本的多元配置工具。 ...

Core Viewpoint - NexGold Mining Corp. has engaged ICP Securities Inc. for automated market making services to enhance liquidity and manage share supply and demand [1][2]. Group 1: Engagement Details - The agreement with ICP is for an initial term of four months starting August 28, 2025, with a monthly fee of $7,500 plus applicable taxes [1]. - The contract will automatically renew for additional one-month terms unless either party provides a 30-day written notice [1]. - There are no performance factors or stock options associated with this agreement [1]. Group 2: ICP Securities Inc. - ICP is an independent entity that specializes in automated market making and liquidity provision, utilizing its proprietary algorithm, ICP Premium™ [2][3]. - The firm is responsible for its own costs related to buying and selling NexGold's shares, with no external funding involved [2]. Group 3: NexGold Mining Corp. Overview - NexGold is focused on gold mining with assets in Canada and Alaska, including the Goliath Gold Complex and the Goldboro Gold Project [4]. - The company also holds interests in several other projects across Canada, including the Niblack copper-gold-zinc-silver VMS project [4]. - NexGold emphasizes sustainable practices and community engagement throughout its project lifecycle [4].

Group 1 - The core point of the article is the announcement of Zhao Jingliang as the proposed candidate for the General Manager position at Guosheng Securities, following a two-month recruitment process [1] - The public notice regarding Zhao Jingliang's candidacy will be open for comments from August 27 to September 3 [1] - Zhao Jingliang has a strong background in finance, having held various positions in financial institutions, including roles at CITIC Bank and Minsheng Jia Yin Fund Management [1][2] Group 2 - Guosheng Securities is a wholly-owned subsidiary of Guosheng Financial Holdings Group, which is a state-owned enterprise in Jiangxi Province, and it is the only securities company in the province [3] - The company was established in December 2002, with a registered capital of 4.695 billion yuan, and has over 160 branches nationwide [3] - Guosheng Securities offers a comprehensive range of services, including securities brokerage, self-operated securities, underwriting and sponsorship, investment consulting, and financial advisory [3] Group 3 - In the first half of the year, Guosheng Securities reported a total operating revenue of 1.082 billion yuan, with a net profit of 243 million yuan, reflecting a year-on-year increase of 32.51% in revenue and over 100% increase in both operating profit and net profit [4] - The increase in performance is attributed to higher income from securities brokerage and reduced credit impairment losses [4] - As of the end of the reporting period, Guosheng Securities' total assets grew by 8.12% compared to the end of the previous year, mainly due to an increase in self-operated business scale [4]

格隆汇8月28日丨根据联交所最新权益披露资料显示，2025年8月22日，中州证券(01375.HK)获易方达基金管理有限公司在场内以每股均价2.9496港元增持65 万股，涉资约191.72万港元。 | 表格序號 | 大股東/董事/最高行政人員名 作出披露的 買入 / 賣出或涉及的 每股的平均價 | | | | | 持有權益的股份數目 佔已發行的有關事件的日 相關法 | | --- | --- | --- | --- | --- | --- | --- | | | | 胤天 | 股份數目 | | | (請參閱上述 * 註 有投票權股 期 (日 / 月 / | | | | | | | | 份自分比 年) | | | | | | | | 0/0 | | CS20250827E00198 | 易方达基金管理有限公司 | 1101(L) | | 650.000(L | HKD 2.9496 | 132,084,000(L) 11.05(L)22/08/2025 | | 股份代號: | 01375 | | --- | --- | | 上市法國名稱: | 中原證券股份有限公司 - H股 | | 日期 (日 / 月 / 年 ...

，推动华安证券股份有限 公司（以下简称"公司"）高质量发展和投资价值提升，保护 投资者尤其是中小投资者合法权益，公司于 2025 年 1 月 27 日在上海证券交易所网站发布《2025 年度"提质增效重回报" 工作方案》。2025 年以来，公司根据工作方案积极开展相关 工作，现将实施进展及评估情况报告如下： 专项行动评估报告 为深入贯彻落实党的二十大和二十届二中、三中全会精 神，以及中央经济工作会议、中央金融工作会议精神，落实 国务院《关于加强监管防范风险推动资本市场高质量发展的 若干意见》（以下简称新"国九条"） 华安证券股份有限公司 一、坚定推进高质量发展，稳步提升经营质量 工作总基调，统筹推进党的建设与经营管理工作，协调推进 业务发展与风险防控，持续推进综合化经营和差异化突破， 保持稳中有进、进中有新的发展态势。截至 2025 年 6 月末， 公司总资产 1021.18 亿元（合并口径未经审计数，下同），归 母净资产 231.06 亿元，资本实力达到历史最高水平，净资本 等风险控制指标持续满足监管要求；上半年实现营业收入 和 44.94%，创上市以来历史同期最好水平；基本每股收益由 上年同期的 0.15 ...

证券代码：601059 证券简称：信达证券 公告编号：2025-031 信达证券股份有限公司 第六届监事会第十一次会议决议公告 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性 陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 信达证券股份有限公司（以下简称公司）第六届监事会第十一次会议于 2025 年 8 月 27 日以现场与视频相结合的方式召开，现场会议设在北京市西城区宣武 门西大街甲 127 号金隅大厦 B 座 16 层 1608 会议室。本次会议的通知和会议资 料于 2025 年 8 月 22 日以电子邮件方式发出。本次会议应出席监事 3 名，实际出 席监事 3 名（马建勇先生、郑凡轩女士现场参会，张德印先生以视频方式参会）， 由全体监事推举马建勇先生主持。公司全体高级管理人员列席了会议。本次会议 的召集、召开程序符合《中华人民共和国公司法》等法律、行政法规、部门规章、 规范性文件和《信达证券股份有限公司章程》的有关规定。 经审议，本次会议形成如下决议： 一、审议通过《关于审议 <信达证券股份有限公司 ensp="ensp" 年度中期利润分配="年度中期利润分 配"> ...

2025年8月27日，发行人和主承销商在网下向专业机构投资者进行了票面利率询价，利率询价区间为 1.20%-2.20%。根据网下向专业机构投资者询价结果，经发行人与簿记管理人按照有关规定，在利率询 价区间内协商一致，最终确定本期债券(债券简称："25广D10"，债券代码：524418)票面利率为1.73%。 广发证券(01776)发布公告，广发证券股份有限公司(以下简称"发行人")面向专业机构投资者公开发行面 值余额不超过300亿元(含)的短期公司债券已获得中国证券监督管理委员会证监许可〔2025〕818号文同 意注册。广发证券股份有限公司2025年面向专业投资者公开发行短期公司债券(第八期)(以下简称"本期 债券")计划发行规模为不超过50亿元(含)。 ...

二季度，老虎国际佣金收入为6479万美元，同比增长90.1%；利息相关收入达6142万美元，同比增长 30.4%。 Q2老虎平台各品类的日均交易量（DARTs）同比增长86.6%；夜盘交易能力持续升级，支持市价单等订 单类型及改单，季内夜盘时段美股日均交易量（DARTs）同比实现近8倍增长。 智通财经APP获悉，老虎证券(TIGR.US)公布截至2025年6月30日的第二季度未经审计财务数据。财报显 示，老虎国际第二季度营收1.39亿美元，同比增长58.7%，创历史新高。归属母公司的non-GAAP净利润 为4451万美元，环比增长23.5%，同比增长近八倍，创下历史新高。 二季度，老虎证券全球开户数新增5.3万，全球总开户数达258万。期内新增入金客户3.98万，推动总入 金客户数同比增长21.4%达到119.3万。 公司业务活跃度持续提升，二季度总交易额同比增长168.3%至2840亿美元；净入金保持强劲，达30亿 美元，推动客户总资产环比增长近13.5%，同比增长36.3%至521亿美元，创历史新高。 老虎国际创始人及CEO巫天华表示："二季度，公司营收和利润均实现强劲增长。其中，non-GAAP净利 ...

信达证券公告，2025年上半年营业收入20.37亿元，同比增长27.66%。净利润10.24亿元，同比增长 66.78%。拟向全体股东每10股派发现金红利0.47元（含税），合计拟派发现金红利为人民币1.52亿元 （含税），占2025年半年度合并报表归属于母公司股东净利润的14.88%。 ...