亮点4 双赛道竞技,全方面展现实力 面田门宏源ETF买岛尺亮 以赛促学, 坑特ETF投资 报名开始 比赛开始 报名结束 比赛结束 6月12日 6月18日 8月29日 9月5日 赛事背景 . . 2024年资本市场迎来政策红利,ETF凭借分散风险、交 易便捷等优势,成为投资者重要选择。 好看日书记后八分如本公中学学校思论坛中 男毛会龙 但此仍随,中力公标近分污于夕系英立公可止以后4月 三届ETF实盘大赛,打造专业实战平台,助力投资者提升 配置能力。新手可学习成长,老手能切磋技艺,共同把握 市场机遇,力争共享投资红利。 主办方 5大赛 亮点1 老牌券商底蕴,专业ETF服务 申万宏源证券作为国内历史悠久的综合性券商,凭借深厚的市 场积淀和专业的投研能力,为投资者提供全市场ETF交易支 持。本次大赛支持沪深市场所有场内ETF品种(货币ETF除 外），助力投资者把握不同市场机会。 亮点2 站式ETF投教专区 为了帮助ETF投资者迅速补充知识"电量",本次大赛专设【大 咖论市】、【大赛专区投教视频】、【ETF理财课堂】等模 块,一站式帮助投资者了解投教知识。 亮点3 互动有礼,边学边玩 大赛设丰富的互动活动,轻松参与即有 ...

Core Viewpoint - The economic recovery in May shows a positive trend, with industrial growth driven by government policies, but a potential decline in the second quarter is anticipated [1] Economic Performance - In May, the industrial added value for large-scale enterprises increased by 5.8% year-on-year in real terms [1] - The overall economic performance is expected to exhibit fluctuations due to rising uncertainties in both internal and external environments [1] Market Outlook - The second half of the year may present a dual bull market for stocks and bonds, supported by a potential easing of US-China trade relations and risk mitigation from "quasi-stabilization" funds [1] - A structural market trend is anticipated in A-shares, characterized by alternating low volatility dividends and technological growth [1] Fixed Income - The 10-year government bond yield is expected to decline to around 1.5% amid a low probability of large-scale domestic demand stimulus within the year [1]

新华财经北京6月17日电（王菁）在银行间债券发行新规运行近两年之际，监管部门重申对债券发行承 销环节乱象的惩治与规范。中国银行间市场交易商协会16日发布《关于加强银行间债券市场发行承销规 范的通知》（简称"《通知》"），针对市场成员近期反映的低价承销费、低价包销、拼盘投资、利益输 送等问题明确自律要求。 市场人士表示，债券市场业务中的低价乱象令业界苦不堪言，尤其在发行承销阶段，为争夺优质发行人 或为了冲业务规模，部分承销商存在"价格让利"等违规操作，这些"低端内卷"不良风气破坏了一级市场 健康生态。交易商协会及时反馈机构关切，再次强调对银行间债券发行承销的规范，有利于进一步提升 债券发行规范性水平，严格市场纪律、遏制定价不审慎等行为。 回应市场呼声、坚持问题导向促进银行间债券定价精准有效 近年来，债券市场中承销机构"低价包销"的现象突出，这在严重扭曲市场定价的同时导致了债券承销定 价秩序混乱，市场在债券承销过程中存在"重承揽承做、轻发行销售""重业务发展、轻合规管理"的问 题。 就以价值发现能力的评价结果为例，交易商协会此前公布的非金融企业债务融资工具一般主承销商2024 年度主承销业务执业情况显示，中信建投 ...

上交所指出，两位保荐人未能对发行人与经销商特殊关系予以审慎核查，核查程序执行存在缺陷，未能 识别重要内部控制节点并核查执行情况，导致发行人相关信息披露不准确，履行保荐职责不到位。 上交所点名国金证券：保代存核查不审慎等多个问题 据了解，今年3月，上交所对国金证券及程超、宋乐真两位保荐人予以纪律处分。上交所指出，国金证 券两位保荐人在想念食品首次公开发行股票并在主板上市的申请过程中，存在保荐职责履行不到位的情 形。 一是对存在特殊关系的经销商核查不审慎，未发现部分供应商和经销商资金往来、返利计提异常等情 况；二是函证、走访、调查问卷、复核外部专家意见、穿行测试等程序执行存在缺陷；三是未充分了解 发行人的业务控制，未准确识别重要内部控制节点并核查执行情况。 因在想念食品股份有限公司(以下简称"想念食品")首发中存在保荐职责履行不到位的情形，国金证券及 其两位保荐人被上交所点名。 6月16日，新京报贝壳财经记者在中证协官网看到，保荐代表人D类名单更新至17人，相比上月增加了 两位国金证券的保荐人。 近年来，证监会持续压严压实中介机构"看门人"责任。 2020年12月，中证协建立了保荐代表人分类名单，包括A(综合执业 ...

Group 1 - Recent personnel changes at China Merchants Group's financial institutions, including the appointment of Zhu Jiangtao as president of China Merchants Securities [1][2] - Zhu Jiangtao's background includes significant experience in risk management and leadership roles within China Merchants Bank [6][26] - The restructuring reflects China Merchants Bank's strategy to enhance its wealth management business amid competitive pressures [4][12] Group 2 - China Merchants Bank's wealth management revenue has faced challenges, with a reported decline in fees and commissions by 22.70% year-on-year in 2024 [8][14] - The bank's wealth management strategy is under scrutiny, particularly in light of competition from Ant Group, which has significantly outperformed in fund management [10][11] - The appointment of Wang Xiaoqing as executive director indicates a continued focus on wealth management within the bank's strategic priorities [12][17] Group 3 - China Merchants Fund has experienced management changes, with new leadership aimed at revitalizing its performance in the competitive fund management landscape [18][24] - The fund's assets under management have stagnated, with a current non-monetary management scale of 550 billion yuan, ranking ninth in the industry [23] - The new general manager, Zhong Wenyue, faces challenges in enhancing the fund's equity product offerings and addressing the ETF market gap [20][25] Group 4 - China Merchants Securities remains a top player in the brokerage industry, ranking ninth with a revenue of 20.9 billion yuan in 2024 [26][27] - The firm has seen a decline in its investment banking revenue, which dropped by 34% year-on-year, indicating a need for strategic adjustments [27] - The integration of leadership from China Merchants Bank into China Merchants Securities aims to strengthen collaboration and enhance overall business performance [28][29]

Group 1 - The People's Bank of China (PBOC) conducted a 242 billion yuan 7-day reverse repurchase operation on June 16, maintaining the operation rate at 1.40%, resulting in a net injection of 68.2 billion yuan after 173.8 billion yuan of reverse repos matured on the same day [1] - In the week of June 9-13, the central bank had a net liquidity withdrawal of 72.7 billion yuan, but the funding environment remained loose, with the overnight rate (DR001) dropping to 1.38% [1][2] - The PBOC's three-stage approach to liquidity management has shifted from implicit to explicit, aiming to enhance transparency in open market operations and stabilize market expectations [1] Group 2 - The upcoming week (June 16-20) will see a decrease in reverse repo maturities to 858.2 billion yuan, with 182 billion yuan of Medium-term Lending Facility (MLF) maturing on Tuesday [2] - The total amount of reverse repos conducted by the PBOC in June is expected to reach 1.4 trillion yuan, with a net injection of 200 billion yuan for the month, which will help alleviate banks' liability pressures [2] - Despite tax period disturbances, the funding environment is expected to remain stable, with overnight rates unlikely to exceed 1.4% [2] Group 3 - Financial analysts express optimism regarding the liquidity outlook despite potential disturbances from tax payments, MLF maturities, and other factors in the second half of June [3] - The PBOC's clear stance on liquidity support is evident through continued reverse repo operations and high financing outflows from state-owned banks, contributing to a positive market sentiment [3] - As of the end of May, the broad money supply (M2) was 325.78 trillion yuan, growing by 7.9% year-on-year, while the narrow money supply (M1) was 108.91 trillion yuan, growing by 2.3% [3] Group 4 - Concerns remain regarding the structural issues in social financing growth, which is primarily supported by government bonds, indicating weak demand in the real economy [4] - The LPR rate decreased in May, but the impact of this policy change on actual financing rates has yet to be fully realized, as the average interest rates for new corporate and personal loans remained unchanged from April [4]

Group 1 - The funding environment remains loose, with interest rates dropping below the 1.4% policy rate level, supported by weak inflation and trade data [1][5] - The People's Bank of China (PBOC) announced a 400 billion yuan reverse repurchase operation, contributing to a net injection of 200 billion yuan in June, ensuring ample liquidity for government bond issuance and maturing interbank certificates of deposit [1][10] - The yield on 10-year government bonds decreased by 1 basis point to 1.64% over the week, indicating a flattening of the yield curve [1][5] Group 2 - The first meeting of the China-U.S. economic and trade consultation mechanism took place in London, where both sides reached a framework agreement to implement the consensus from the June 5 call between the two heads of state [1][11] - Despite improved market confidence, uncertainties regarding demand and the external trade environment may still disrupt economic growth [1][11] - The bond market fundamentals are expected to remain stable, with ongoing attention needed on international situations, second-quarter funding changes, and government debt supply impacts [1][11] Group 3 - The bond market saw a total issuance of 51 bonds amounting to 941.13 billion yuan last week, including 65.78 billion yuan in government bonds [5][6] - For the upcoming week, 68 bonds are planned for issuance, totaling 686.75 billion yuan, with 39 billion yuan in government bonds [6] - The yield curve for government bonds showed a downward trend across various maturities, with notable decreases in the long-term bonds [2][3]

Group 1 - The core point of the announcement is that from June 16, 2025, Rongtong Fund Management Co., Ltd. will add Huaxi Securities Co., Ltd. as a sales agency for certain open-end funds, allowing for regular investment and conversion services, as well as participation in front-end fee discount activities [1] - The fee discount applies to the front-end subscription fees for funds that are in the normal subscription period, excluding back-end fees and fees for funds in the fundraising period [1][2] - Investors can only convert fund shares within the same fee structure, meaning front-end shares can only be converted to other front-end shares, and back-end shares to back-end shares [4] Group 2 - Investors are encouraged to read the fund's legal documents, such as the Fund Contract and Prospectus, for detailed information about the funds [5] - For inquiries, investors can contact Huaxi Securities or Rongtong Fund Management through their respective websites and customer service numbers [6]

中经记者 郭婧婷 北京报道 近日，证监会核准中央汇金投资有限责任公司（以下简称"中央汇金"）成为三大AMC公司（中国信 达、东方资产、长城资产）旗下8家金融机构的实控人。此次中央汇金对8家AMC系金融机构的控股， 是继2月14日其从财政部手中接管三大AMC控股权后的业务整合延续。划转结束后，中央汇金直接或间 接控股的金融机构将超20家。 市场人士认为，此次8家机构中，长城、东兴和信达3家期货公司的加入，使得中央汇金金融版图的全牌 照布局得以完善。专业人士认为，资源整合后，中央汇金有望形成"全链条"优势。 有券商作出研判：在加快推进建设一流投资银行的背景下，中央汇金旗下券商进一步增多，券商牌照整 合预期升温，行业供给侧改革或将进一步加速。 中央汇金全牌照布局 此次新增8 家归于中央汇金实控的金融机构包括：长城国瑞证券有限公司、东兴证券股份有限公司、信 达证券股份有限公司、东兴基金管理有限公司、信达澳亚基金管理有限公司、长城期货股份有限公司 （以下简称"长城期货"）、东兴期货有限责任公司（以下简称"东兴期货"）和信达期货有限公司（以下 简称"信达期货"）。 值得一提的是，长城期货、东兴期货和信达期货3家期货公司的 ...

Group 1 - The project status of the Zhoukou Urban Investment Development Group Co., Ltd. private placement bond of 2.22 billion yuan has been updated to "approved" as of June 13, 2025 [1] - The bond is a non-public issuance aimed at professional investors, with a total application scale of 2.22 billion yuan [1] - The issuer of the bond is Zhoukou Urban Investment Development Group Co., Ltd., located in Henan province [1] Group 2 - The underwriters and managers for the bond are Huatai United Securities Co., Ltd. and Wenkang Securities Co., Ltd. [1] - The acceptance date for the project was March 31, 2025 [1]