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国际资金持续流入,港股成外资回流中国资产的第一站
Huan Qiu Wang· 2025-06-14 00:44
Group 1 - The Hong Kong Monetary Authority reported an increase of HKD 20.13 billion in foreign assets of the exchange fund in May, reaching HKD 358.66 billion [1] - The monetary base stands at HKD 21.25 billion, which includes various components such as certificates of indebtedness, government-issued currency, and bank reserves [1] - The total claims of the exchange fund on the private sector in Hong Kong amount to HKD 325.6 billion, while total external liabilities are HKD 31 billion [1] Group 2 - The Financial Secretary of Hong Kong, Paul Chan, indicated that international confidence in US dollar bonds is wavering, leading to an influx of international funds into Hong Kong, which is becoming a safe haven for capital [1] - The overnight interbank lending rates have decreased, and the Hong Kong dollar is expected to maintain its peg to the US dollar, providing a trustworthy environment for capital flow [1] - According to Shenwan Hongyuan Securities, the Hong Kong stock market has shown strong performance as a pioneer in the revaluation of Chinese assets, with increased trading volume in small and mid-cap stocks since April 2025 [1][3] Group 3 - Shenwan Hongyuan Securities emphasized that amidst the US-China trade conflict and declining confidence in the US dollar, global funds are undergoing a rebalancing, with capital moving from US stocks to European markets [3] - The firm anticipates that as high-quality assets in Hong Kong increase, foreign capital will return to Chinese assets, with Hong Kong stocks being the first destination [3]
【固收】促信贷还有“撒手锏”——2025年6月13日利率债观察(张旭)
光大证券研究· 2025-06-13 13:29
Core Viewpoint - The article discusses the current state of credit growth in China, highlighting that while there is a slowdown in year-on-year growth, it does not indicate a decrease in credit support for the real economy. Instead, it suggests that measures like local government debt replacement are beneficial for economic growth [3][4]. Summary by Sections Credit Growth Analysis - In May 2025, new RMB loans amounted to 620 billion, an increase of 340 billion from April but a decrease of 330 billion compared to the same month last year [3]. - The replacement of local government hidden debts is a significant factor affecting credit growth, allowing local governments to alleviate financial burdens [3]. Economic Indicators - Weakening effective demand is reflected in recent economic data, with manufacturing PMI for April and May at 49.0% and 49.5%, respectively, lower than the first quarter average of 49.9% [3]. - The PPI year-on-year growth rates for April and May were -2.7% and -3.3%, respectively, also lower than the first quarter average of -2.3% [3]. Historical Context and Policy Response - Historical experiences show that proactive policy responses can maintain or even strengthen credit support for the economy despite external shocks, as seen during the COVID-19 pandemic years [4]. - In 2022, a new policy tool was introduced to address capital shortages for major projects, leading to a significant increase in effective credit demand [4]. New Financial Tools - A new type of policy financial tool was proposed in a recent political meeting, which could theoretically leverage 20 trillion in credit demand for every 500 billion issued [5]. - This tool is seen as a key measure to promote credit issuance, suggesting a positive outlook for future credit growth [5]. Credit Growth Perspective - The article questions whether more credit growth is always beneficial, noting that excessive competition among financial institutions can lead to unsustainable practices [5]. - A moderate decline in credit growth is considered normal amid economic restructuring and increased direct financing [6]. Target Growth Rates - Considering various factors, a credit growth rate of around 7.5% for major state-owned banks is viewed as satisfactory in light of the GDP and CPI growth targets of approximately 5% and 2%, respectively [6].
港股创新药本周继续飙涨,机构认为A500指数下半年或迎机会
Ge Long Hui· 2025-06-13 10:49
Market Performance - A-shares have fallen below the regained 3400 points due to escalating tensions in the Middle East, with over 4400 stocks declining, leading to a reversal in weekly gains for most indices [1] - Major indices such as the Sci-Tech 50, Sci-Tech 100, and CSI 1000 experienced weekly declines of 1.89%, 1.43%, and 0.76% respectively [1] ETF Performance - The A500 ETF (512050) saw a slight weekly decline of 0.11%, but has increased by 0.75% since June [4] - The Hong Kong innovative drug ETF surged by 10.19% this week, with a year-to-date increase of 64.14% [4][7] Investment Insights - The stock-bond yield ratio in A-shares is at a historical high of 3.11 times, indicating a high safety margin and investment cost-effectiveness [6] - The average P/E ratios for the Shanghai Composite Index and the ChiNext Index are 13.86 and 36.79 respectively, suggesting a suitable environment for medium to long-term investments [6] - The market anticipates further easing of monetary policy, with potential rate cuts from the Federal Reserve expected in September [6] Sector Analysis - The innovative drug sector is experiencing significant growth, with external licensing transactions reaching $45.5 billion in the first five months of 2025, accounting for over 30% of the global total [9] - The systematic valuation increase in the innovative drug sector is driven by the recognition of Chinese innovative pharmaceutical companies' business models and the transition of R&D pipelines into regular income [10] Broker Performance - The broker ETF saw a slight increase of 0.78% this week, supported by rising expectations for mergers and acquisitions in the brokerage sector [11] - Six brokerages have implemented share buybacks this year, totaling 1.29 million shares and 1.31 billion yuan, which has bolstered market confidence [13]
牟一凌告别国联民生:一位周期信徒的十年轮回
Xin Lang Zheng Quan· 2025-06-13 05:00
Group 1 - The article highlights the career trajectory of a prominent analyst,牟一凌, who transitioned from an intern to a chief strategist and has recently left his position at Minsheng Securities amid a wave of mergers in the Chinese securities industry [1][4] - In 2021,牟一凌 returned to Minsheng Securities as the chief strategist after a decade of experience, having previously worked at various firms including Guotai Junan and Kaiyuan Securities, where he gained recognition for his market insights [2][4] - His notable predictions included a bullish stance on cyclical stocks during market fluctuations, which later proved accurate as these stocks outperformed others in 2021 [2][3] Group 2 - The merger between Guolian Securities and Minsheng Securities marks a significant event in the industry, with Guolian acquiring a 30.30% stake in Minsheng for 9.1 billion yuan, leading to a complete takeover by the end of 2024 [4][5] - Following the merger, the new entity, Guolian Minsheng Securities, is undergoing integration challenges, with a reported 40.80% decline in net profit for the year 2024, indicating difficulties in recovering from the impacts of the merger [1][4] - The restructuring of research operations within the merged entity poses challenges, as both firms have distinct strengths, with Minsheng excelling in investment banking and Guolian in wealth management and fund advisory [5]
申万宏源“研选”说——“ETF专区”,让您的ETF实战快人一步
申万宏源证券上海北京西路营业部· 2025-06-13 02:10
申万宏源「研选」说 让您的ETF买战快人 风来了,怎么选择相应的投资风口? 【申财有道APP】-【ETF专区】看一看。 「ETF专区」 在哪里? 小手点一点,打开我们申万宏源【申财有道 APP】首页【更多】->【ETF专区】等着您。 He B 视频 热点 头景复模 【早报】中方回应美多次主动传递信息 e 最高增长273%!新能源汽车,数据爆表! = 美股收盘:三大指数集体收跌 伯克希尔大. FTF专区 LL (FF 业务办理 我是股神, 三秒钟, 我要我的ETF出现在我面前! 【ETF专区】->【股票选基】看一看,输入您 要的股票, 我们的ETF专区支持添加多个股票 哦。输入股票完毕后,直接点击【去选基】 搜索 < C ETF专区 入您要的股票 (+) 盘中热点 机多个股票 专培透加多个品里 去选基(1) ()童管 三秒钟都不用等,持有以上股票作为成分股的 ETF就显示出来了。 【ETF专区】->【TO交易】看一看,跨境、商 品、债券、货币,总有一款适合您。 √ T+0交易 跨境类 商品类 债券类 货币类 美股市场 | 其它市场 港股市场 最新价 基金名称 涨跌幅 ⇒ 1.1040 +3.27% 1.2810 ...
普通金融学院毕业生求职:学历之外,还有多少选择?
Xin Lang Cai Jing· 2025-06-13 00:47
随着毕业季的到来,2025年校招进入尾声。在各大招聘平台上,银行、保险、证券公司释放 出的岗位仍是众多金融学专业应届毕业生梦寐以求的工作。 等到真正与金融机构有碰面交手的机会时,包括伍乐在内的大部分非重点学院出身金融学生 才意识到,头部机构的大门很难用二本学历敲开。 伍乐试着靠实习积累经验。他之前在一家员工不到百人的小额贷款公司做"贷款助理",但实 际工作大多是电话销售;后来他又进入一家初创教培机构做财务助理,他说:"这种单位门 槛低,不会因为学历对人区别对待。" 根据猎聘2025Q1招聘趋势调研报告,2024年人才意向流动行业分布上,金融行业仅占5.96% 排名第8,而新兴产业如新能源汽车、智能硬件等新发岗位增速更快。 求职时,伍乐投了60多份简历,绝大多数是销售类金融岗位。销售岗位的回复率挺高,但像 银行管培生这种方向基本没回音。他觉得,这可能跟岗位的选拔机制和学历筛选有关。 纵然这两年已并非金融业的高光时刻,在很多毕业生眼中,这一行业依旧是他们梦想的代名 词。但是对那些来自非"名校"的应届生来说,现实却在一纸简历投出之后戛然而止。 对于普通金融学院的金融学毕业生而言,"学历之外还有多少选择"变成了一个反 ...
“两区”建设五周年,这些数据告诉你北京金融业变化
Bei Ke Cai Jing· 2025-06-12 14:43
Core Insights - Beijing's financial sector has shown significant growth and development over the past five years, with key indicators such as the number of financial institutions, personnel, total assets, insurance density, and depth ranking first in the country [1][2] Group 1: Financial Sector Performance - In 2024, Beijing's financial industry achieved a value-added of 815.42 billion yuan, a year-on-year increase of 7.6%, surpassing the national growth rate by 2 percentage points, marking the highest growth in five years [1] - The financial sector grew by 8% in the first quarter of this year, contributing 17.9% to the city's GDP and driving economic growth by 1.4 percentage points [1] Group 2: Policy Initiatives and Achievements - Since the "Two Zones" initiative, approximately 200 domestic and foreign financial institutions have established operations in Beijing, including the first foreign wholly-owned insurance asset management company and the first foreign-owned securities firm [1][2] - In 2024, Beijing released nearly 100 policy measures and a three-year action plan to promote deep integration of finance and the real economy [2] Group 3: Innovations and Firsts - Beijing has established several firsts in the financial sector, such as the first public REITs in the public rental housing sector and the first integrated currency pool pilot for multinational companies [3][4][5] - The city has also pioneered a trust property registration mechanism, addressing long-standing issues in the industry [6] Group 4: Future Directions - The financial sector aims to continue supporting the construction of a national financial management center and enhance the business environment while maintaining systemic risk control [7]
【财经分析】债市利率震荡下探 三季度表现依旧可期
Xin Hua Cai Jing· 2025-06-12 12:05
继央行公布6月买断式逆回购操作后,本周市场投资情绪升温,债市表现可圈可点。 除了来自资金面的支撑外,供需关系的优化也将在一定程度上利好债市表现。 来自中金公司的研究观点指出,若不考虑年内增发,预计2025年包括政府类债券和政策性银行债在内的 利率债的净增量供给或呈现前高后低分布,一季度是同比多增最明显的季度。从二季度开始,供给压力 可能逐步缓解,到下半年或许会出现同比少增。不仅如此,若央行在二、三季度重启国债购买,那么供 需关系将会出现较大改善,有助于利率回落。 分析人士指出,现阶段随着短端行情的明显起势,长端利率也可能突破窄幅震荡区间,继续下行。对于 各机构而言,目前可考虑再度博弈久期品种带来的超额收益。 买方情绪积极 中央国债登记结算有限责任公司提供的数据显示,截至6月11日收盘,银行间利率债市场收益率整体下 行。举例来看,中债国债收益率曲线3M期限回落2BP至1.39%;2年期收益率下行1BP至1.42%;10年期 收益率下探1BP至1.64%。 根据券商调研,当前债市的买方情绪已逼近年内新高,有近半数受访机构看多债市。其中,56%的机构 均持偏多态度,近期央行开展逆回购操作、资金面整体偏松、非银机构配 ...
东北证券: 东北证券股份有限公司2025年面向专业投资者公开发行科技创新次级债券(第一期)发行结果公告
Zheng Quan Zhi Xing· 2025-06-12 11:30
认购本期债券的投资者均符合《公司债券发行与交易管理办法》、 《深圳证券 交易所公司债券上市规则(2023年修订)》、《深圳证券交易所债券市场投资者适 当性管理办法(2023年修订)》及《关于进一步规范债券发行业务有关事项的通 知》等各项有关要求。 新类业务,不超过2.31亿元用于偿还到期债务。 特此公告。 证券代码:524299.SZ 证券简称:25东北KC01 东北证券股份有限公司 发行结果公告 发行人及其全体董事、监事、高级管理人员或履行同等职责的人员保证公告 内容真实、准确和完整,并对公告中的虚假记载、误导性陈述或者重大遗漏承担 责任。 东北证券股份有限公司(以下简称"发行人")公开发行不超过人民币80亿 元的次级公司债券已获得中国证券监督管理委员会证监许可〔2024〕1731号注册。 根据《东北证券股份有限公司2025年面向专业投资者公开发行科技创新次级债券 (第一期)发行公告》,东北证券股份有限公司2025年面向专业投资者公开发行 科技创新次级债券(第一期) (以下简称"本期债券")发行规模为不超过人民币 售的方式发行。 本期债券发行时间自2025年6月11日至2025年6月12日,具体发行情况如下 ...
广发证券: 广发证券股份有限公司2024年面向专业投资者公开发行短期公司债券(第六期)(品种二)2025年兑付兑息及摘牌公告
Zheng Quan Zhi Xing· 2025-06-12 11:30
Core Points - The announcement details the payment of interest and principal for the short-term corporate bond issued by GF Securities Co., Ltd. on June 16, 2025 [1] - The bond, referred to as "24 Guang D13," has a coupon rate of 1.95% and the total payment per unit (face value of 1,000 yuan) is 1,012.715068 yuan, including tax [2] - The bondholders will receive a net amount of 1,010.172054 yuan after tax deductions for individual and securities investment fund holders, while non-resident enterprises will receive the full amount [2] Bond Details - The bond has a credit rating of A-1 and the company's credit rating is AAA with a stable outlook [1] - The interest payment period is from October 21, 2024, to June 15, 2025 [1] - The payment will be processed through China Clearing Shenzhen Branch, which will distribute the funds to the designated securities firms or institutions [2] Taxation Information - Individual bondholders are subject to a personal income tax rate of 20% on the interest earned [3] - Non-resident enterprises holding the bond are exempt from corporate income tax on the interest earned during the specified period [4] - Other bondholders are responsible for their own tax payments on interest income [5] Contact Information - The announcement provides contact details for inquiries, including addresses and phone numbers for representatives in Guangzhou and Shenzhen [5]