证券代码：002939 证券简称：长城证券 公告编号：2025-037 债券代码：148319 债券简称：23 长城 07 （债券简称：23 长城 07，债券代码：148319，以下简称本期债券）将 （品种一） 于 2025 年 6 月 16 日（2025 年 6 月 15 日为周日，顺延至其后第一个交易日）支 付 2024 年 6 月 15 日至 2025 年 6 月 14 日期间的利息，债权登记日为 2025 年 6 月 13 日。 长城证券股份有限公司 （品种一）2025 年付息公告 本公司及公司全体董事会成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 特别提示： 长城证券股份有限公司 2023 年面向专业投资者公开发行公司债券（第四期） 根据《长城证券股份有限公司 2023 年面向专业投资者公开发行公司债券（第 四期）募集说明书》和《长城证券股份有限公司 2023 年面向专业投资者公开发 行公司债券（第四期）在深圳证券交易所上市的公告》有关条款的规定，在本期 债券的计息期限内，每年付息一次，为确保付息工作的顺利进行，现将有关事宜 公告如下： 一、本期债券基本情况 债券（ ...

Group 1 - The company plans to establish a wholly-owned subsidiary in Hong Kong with an investment of 1 billion RMB to enhance its international business development [1][2] - The proposed subsidiary will be named "West Securities International Financial Holdings Limited" and will operate under the regulatory framework of Hong Kong [1] - The investment aims to align with the trend of dual opening of capital markets and to meet the cross-border financing needs of the real economy [2] Group 2 - The establishment of the Hong Kong subsidiary will result in changes to the company's consolidated financial statements, as the subsidiary will be included in the consolidated scope [2] - The investment is subject to approval and filing with relevant regulatory authorities, which introduces a degree of uncertainty [2] - The company will implement a comprehensive legal risk management system and internal control mechanisms to mitigate potential risks associated with cross-border financial operations [2]

智通财经6月12日电，西部证券(002673.SZ)公告称，公司拟出资等值10亿元人民币设立全资香港子公 司，从事监管机构允许的相关业务。该事项已通过董事会审议，尚需提交股东大会审议，并需经相关监 管机构和主管部门批准后方可实施。 西部证券：拟出资等值10亿元人民币设立全资香港子公司 ...

（图片来源：摄图网） 日本长期以来以"现金为王"的理念著称，但近年来无现金支付的比例正在逐步上升。该国政府最新数据显 示，日本的无现金支付比例已从2010年的13.2%增长至2024年的42.8%，首次突破40%，提前一年实现了政 府设定的2025年目标。增长主要得益于二维码支付的快速普及以及信用卡支付的持续增长。其中，二维码支 付(如PayPay)正在崛起，但信用卡支付仍然是主流，2024年信用卡支付总额达到116.9万亿日元。 尽管日本长期以来以"现金为王"著称，但随着无现金支付比例的快速上升，央行数字货币(CBDC)的开发和 测试已成为日本金融体系数字化转型的重要组成部分。 2023年起，日本央行正式启动数字日元的试点项目，与私营企业合作，测试CBDC在实际支付场景中的应 用。 从数字货币布局来看，过去几年，各国/地区央行也纷纷开启了对央行数字货币的可行性讨论、研发或实证 实验，但仍有部分国家尚未发行数字货币。各国发行或计划发行的央行数字货币具备不同特征，差异性来源 于应用领域、所采用的技术等。 香港大学亚洲全球研究院杰出研究员沈联涛指出，随着全球数字服务贸易持续增长，使用数字货币正成为趋 势，央行数字 ...

Group 1 - The core viewpoint is that China's financial industry has made significant progress in opening up, with substantial relaxation of market access and deepening interconnectivity between domestic and foreign financial markets [1][2] - The People's Bank of China and other regulatory bodies have jointly issued an action plan to enhance cross-border financial services, focusing on improving settlement efficiency, optimizing hedging services, strengthening financing services, enhancing insurance protection, and refining comprehensive financial services [1][2] - The removal of foreign ownership limits in banking, securities, fund management, futures, and life insurance sectors marks a major step in financial service market access [2] Group 2 - The "Bond Connect" program achieved a total trading volume of 10.4 trillion yuan in 2024, facilitating foreign investors in allocating Chinese assets and managing risks through various hedging tools [2] - The concept of institutional opening is emphasized, transitioning from the flow of goods and factors to the opening of rules and systems, which aids in international cooperation and aligns with high international standards [2][3] - The State Administration of Foreign Exchange has implemented reforms to streamline foreign exchange business processes, enhancing the experience for quality clients by reducing documentation requirements [3] Group 3 - There is a strong emphasis on balancing openness with security, with plans to enhance regulatory capabilities and risk prevention measures in the context of increased openness [3] - The establishment of a robust risk prevention system is crucial to avoid systemic risks, including the improvement of macro-prudential policy frameworks and monitoring systems for cross-border capital flows [3]

Group 1 - The stock price of Industrial Securities experienced a sudden surge, closing up 9.29% with a market value increase of approximately 4.7 billion yuan after a personnel change announcement [1][3] - The personnel change involved Su Junliang, the chairman of Huafu Securities, taking over as the party secretary of Industrial Securities, while the former leader Yang Huahui stepped down due to age [3][4] - The market reacted strongly to the personnel change, sparking speculation about potential mergers, reminiscent of the merger between Guotai Junan and Haitong Securities in 2024 [5][12] Group 2 - A clarification announcement from Industrial Securities stated that there were no plans for a merger, confirming that no information had been received from government departments or shareholders regarding such matters [5][9] - Yang Huahui, who led Industrial Securities for seven years, achieved significant growth, with total assets rising from 153.1 billion yuan in 2017 to 301 billion yuan in 2024, and net profit reaching 2.164 billion yuan in 2024, a 10.16% year-on-year increase [9][11] - Su Junliang, the new party secretary, has a strong background in finance, having led Huafu Securities to a total asset increase of 37% year-on-year, and successfully completed a 4.75 billion yuan capital increase, marking the largest equity financing in the securities industry for the year [11][12] Group 3 - The strong market expectations for mergers reflect the ongoing consolidation trend in the securities industry, accelerated by central government policies aimed at cultivating leading investment banks [12] - Recent mergers in the industry, such as Guotai Junan's merger with Haitong Securities and other acquisitions, have reshaped the market landscape, leading to heightened speculation about potential consolidations among firms under the same controlling entity [12] - The swift clarification from Industrial Securities has temporarily halted merger speculations, but the implications of the personnel change and the new leadership's direction remain a point of interest for the industry [12]

关注到有市场传闻称公司将与华福证券有限责任公司进行合并。截至本公告披露日，公司未得到任何来 自政府部门、监管机构或公司股东有关上述传闻的书面或口头的信息。经公司与控股股东福建省财政厅 确认，控股股东不存在筹划上述传闻所称事项或其他涉及公司的应披露而未披露的重大事项，公司亦无 应披露而未披露的信息。 ...

（图片来源：视觉中国） 蓝鲸新闻6月11日讯（记者 王婉莹）两家闽系券商迎来重要人士变动。蓝鲸新闻记者获悉，今日下午，兴业证券（601377.SH）召开全体干部 大会，省委组织部宣布重要人事任命——苏军良担任兴业证券党委书记，拟任董事长。由于任职年龄原因，杨华辉不再担任兴业证券党委书 记。 苏军良转任兴业证券后，华福证券董事长一职谁来"接棒"？业界较多的猜测是由总裁黄德良担纲。 华福证券方面则向记者表示，"目前暂无定论，等省委组织安排。" 记者关注到，"70"后苏军良与"兴业"颇有渊源。自1992年起，其曾在兴业银行工作30多年，辗转福建泉州、山东潍坊、贵州贵阳、广西南宁等 兴业银行多个核心区域机构，历任兴业银行南宁分行行长、福州分行行长、杭州分行行长。2023年1月，苏军良担任福建省金融投资有限责任 公司副总经理，同年3月，接替黄金琳担任华福证券董事长。 就此算来，苏军良在华福证券的时间不过两年左右，但从内部评价来看，普遍认为其工作很拼，并且具有较强的资源整合能力。彼时其加盟华 福证券时，曾表示，会将全身心投入到华福证券经营发展事业，不忘初心、牢记使命、锐意进取，以"功成不必在我"的境界和"功成必定有 我" ...

Core Insights - The report from CITIC Securities analyzes the impact of U.S. Treasury yields on U.S. stocks, non-U.S. sovereign bonds, and the dollar, highlighting the interconnectedness of global assets driven by economic and policy factors [1] Group 1: U.S. Treasury and Stock Correlation - The correlation between U.S. Treasuries and U.S. stocks is influenced by both the economic cycle and monetary policy [3] - Post-financial crisis, a "great moderation" period led to a negative correlation between U.S. Treasuries and stocks, with Treasuries serving as a risk hedge [3] - Since 2020, the correlation has shifted to positive, driven by rising inflation pressures, fiscal sustainability concerns, and global asset rebalancing [3] Group 2: Cross-Country Interest Rate Linkages - The analysis breaks down bond yields into short-term rate expectations and term premiums, showing a significant positive correlation between U.S. and Eurozone term premiums [4] - The U.S. and Eurozone account for over 60% of global cross-border debt investment, leading to stronger yield linkages compared to emerging markets [4] - Rising U.S. Treasury yields may pose contagion risks for Eurozone bond rates, while emerging markets are relatively insulated [4] Group 3: Dynamic Relationship with the Dollar - The report employs the "dollar smile" and "fiscal frown" frameworks to explain the dynamic between U.S. Treasury yields and the dollar index [5] - Under the "dollar smile" theory, the dollar tends to appreciate during deep recessions or strong expansions, while it weakens during periods of slowing growth [5] - Concerns over fiscal sustainability may lead foreign investors to reduce their U.S. asset allocations, resulting in high Treasury yields coexisting with a relatively weak dollar [5] Group 4: Future Considerations - U.S. Treasury yield fluctuations are becoming a core variable in global asset pricing, with their transmission mechanisms evolving with economic cycles and policy environments [5] - Investors are advised to closely monitor term premiums, cross-border capital flows, and fiscal policy dynamics to navigate the challenges and opportunities presented by global asset interconnectedness [5]

Group 1 - The strategic cooperation agreement was signed between Tongliang District People's Government and Southwest Securities Co., Ltd. on June 9, aiming to enhance collaboration in various sectors such as project planning, investment financing, and asset revitalization [1][2] - Tongliang District is focusing on economic development, innovation, and cultural positioning, seeking to leverage the partnership with Southwest Securities to boost industrial upgrades and support state-owned enterprise transformations [1][2] - Southwest Securities, as a comprehensive securities company registered in Chongqing, aims to provide high-quality financial services to support the economic and social development of Chongqing, emphasizing its commitment to deepen cooperation with Tongliang in areas like investment attraction and high-quality investment banking services [2]