Core Viewpoint - CITIC Securities announced that as of the disclosure date, the total external guarantees provided by the company and its subsidiaries amounted to RMB 173.159 billion, which represents 59.08% of the company's most recent audited net assets, with no overdue guarantees reported [1] Summary by Relevant Sections - Total External Guarantees: The total amount of external guarantees is RMB 173.159 billion, all of which are guarantees provided by the company and its subsidiaries to their controlled subsidiaries [1] - Proportion of Net Assets: The guarantees account for 59.08% of the company's latest audited net assets, indicating a significant level of leverage in terms of guarantees [1] - Status of Guarantees: The company reported that there are no overdue guarantees, suggesting a stable guarantee management situation [1]

智通财经APP获悉，浙商证券发布研报称，当前我国绿证市场全体系已经基本建设完成。后续绿证供给 的弹性在于绿证核发覆盖率进一步提升，供给上升空间有限。需求端，省级政府考虑能耗双控考核、可 再生能源消纳考核的压力，会将目标分解至省内企业，促使企业购买绿证；可持续报告披露制度日益完 善、海外绿色贸易壁垒落地临近两大因素也提高了绿证的需求。综合来看，绿证供需差收敛，过剩压力 缓解，价格有望进一步提升。此外，海外绿色贸易壁垒认可度上，绿电直连>绿电交易>证电分离，有 望推进绿电直连模式在我国的发展。 浙商证券主要观点如下： 我国绿证体制机制建设基本完善 贸易认可度绿电直连>绿电交易>证电分离，开启直连新模式 在关注的海外主要绿色贸易壁垒中，欧盟《新电池法》仅认可物理直连模式为绿电使用，而CBAM认可 绿电交易协议和物理直连。而绿证主要应用在以RE100为核心的供应链企业绿电核算中。贸易认可度绿 电直连>绿电交易>证电分离。2025年5月发改委也推出新政策支持绿电直连模式发展，绿电直连模式有 望成为绿电消纳中快速增长的新业态。 风险提示 政策变化风险；市场情绪与偏好波动风险；数据变化风险。 展望后市，绿证供需差收敛，价格 ...

Summary of Key Points from the Conference Call Industry Overview - **Industry**: China Financials - **View**: Attractive [2][33] Core Insights and Arguments 1. **New Funding Controls**: Implementation of new funding controls aims to aid in anti-involution and risk digestion, which is expected to slow funding supply to overcapacity sectors [5][15]. 2. **Regulations on Payments to SMEs**: The State Council's regulations require large enterprises to pay SMEs within 60 days, prohibiting non-cash payments, which is seen as a measure to control capacity and reduce irrational competition [6][7][18]. 3. **Impact on Manufacturing Firms**: Analysis indicates that 41.3% of sectors have payable periods exceeding 60 days, suggesting a high reliance on non-interest-bearing payables, which could pressure the supply chain [8][11]. 4. **Reduction in Capex Expansion**: Controlling payables and fund flows is projected to effectively reduce capital expenditure (capex) expansion, with a potential cut of Rmb1.19 trillion in total payables balance if turnover days are compressed to 60 days [11][15]. 5. **Credit Risk Management**: The current level of high-risk loans is significantly lower than in 2015, with only 8.3% of industrial credit at risk by the end of 2024, compared to 17% in 2015 [20][21]. 6. **Gradual Digestion of High-Risk Credit**: It is estimated that 8.3% of industrial-related credit could be digested over a three to four-year period, which is manageable for banks [23][41]. 7. **Sector-Specific Risks**: Different sectors exhibit varying levels of credit risk, with electronic devices and electrical equipment showing 8% high-risk credit, while chemicals and ferrous metal processing show higher risks at 12% [24]. Additional Important Insights 1. **Investment Opportunities**: Despite challenges, there are still opportunities in China Financials, with expectations of stable financial asset yields and improved bank net interest margins (NIM) [33][34]. 2. **Infrastructure Investment Support**: New programs initiated by the China Development Bank, including Rmb500 billion in loans for city upgrades, are expected to support credit demand amid slowing industrial investment growth [38][39]. 3. **Preference for Mid-Sized Banks**: Mid-sized banks are favored due to attractive dividend yields and potential benefits from rationalized credit growth and market-oriented competition [45][46]. 4. **Market Conditions**: The financial system is seen as bottoming out, with increasing efforts towards anti-involution, which may lead to more rational loan growth and pricing [45][46]. This summary encapsulates the key points discussed in the conference call, highlighting the regulatory environment, credit risk management, and investment opportunities within the China Financials sector.

财税部门明确，所称金融债券，是指依法在中华人民共和国境内设立的金融机构法人在全国银行间和交易所债券市场发行 的、按约定还本付息并由金融机构持有的有价证券。 同时，国家税务总局8月1日公告称，截至2027年12月31日，对月销售额10万元以下（含本数）的增值税小规模纳税人，免征 增值税。自然人购买新发行国债、地方政府债券、金融债券取得的利息收入，可以按照19号公告的规定适用相关增值税免税 政策。 这意味着，根据目前政策，散户居民将享受免增值税免税政策至2027年12月31日。 根据目前政策，散户居民将享受免增值税免税政策至2027年12月31日。专家分析，两部委联合出台增值税新政，一是为了缓 解财政压力，为育儿补贴等大笔社会保障开支扩大税源。二是引导更多资金从债市流入股市 文｜《财经》记者 邹碧颖 编辑｜王延春 自2025年8月8日起，对在该日期之后（含当日）新发行的国债、地方政府债券、金融债券的利息收入，恢复征收增值税。近 日，财政部、国家税务总局联合发布了上述公告。 新政策采取"新老划段"原则：对在8月8日之前已发行的国债、地方政府债券、金融债券（包含在8月8日之后续发行的部分） 的利息收入，继续免征增值税 ...

《通知》直指当前市场存在的发行定价扭曲、非市场化发行及人为干预簿记过程等问题，要求主承销商 应建立健全承销报价内部管理制度，综合评估项目成本、合理确定报价，不得以低于成本的承销费报价 参与债券项目竞标；发行人应当按照市场化原则，合理设置比选评分指标，不得干扰主承销商独立、客 观的报价决策。 "反内卷"的风吹到了金融业，而且持续升温。近日，中国银行间市场交易商协会发布《关于规范银行间 债券市场簿记建档发行及承销有关工作的通知》（以下简称《通知》），明确要求主承销商"不得以低 于成本的承销费报价参与债券项目竞标"。 700元"地板价"引发自律调查 这一政策出台的背景，是行业内愈演愈烈的低价竞争。7月11日，交易商协会对广发银行二级资本债券 项目中的6家主承销商启动自律调查，其导火索是堪称"地板价"的承销服务费。根据广发银行7月10日公 示的中标结果显示，6家机构以合计63448元的承销服务费中标，其中，中国银河证券和兴业银行报价仅 700元，广发证券报价1050元，国泰海通证券报价4998元，中信建投证券和中信证券分别为3.5万元和2.1 万元。将总承销服务费折算至每家机构，平均每家机构的服务费仅1万元左右。 7 ...

Core Points - Guangfa Securities has received approval from the China Securities Regulatory Commission to publicly issue corporate bonds totaling up to 20 billion yuan [1] - The first phase of this issuance will be a public offering of bonds aimed at professional institutional investors, with a planned issuance scale of up to 5 billion yuan [1] - The interest rate inquiry for the bonds revealed a range of 1.20%-2.20% for the first type and 1.30%-2.30% for the second type [1] - The final interest rates for the bonds were set at 1.80% for the first type and 1.88% for the second type [1]

Core Insights - The Chinese banking wealth management market reached a total scale of 30.67 trillion yuan by the end of June 2025, with 1.63 million new products launched in the first half of the year, raising 36.72 trillion yuan and generating returns of 389.6 billion yuan for investors [1][3]. Group 1: Market Overview - The proportion of wealth management products from wealth management companies increased, with 27.48 trillion yuan in existing products, a 4.44% increase from the beginning of the year and a year-on-year growth of 12.98%, accounting for 89.61% of the total market [1][3]. - The average yield of wealth management products reached 2.12% in the first half of the year, supported by a loose monetary policy and a decline in deposit rates, which encouraged funds to flow into the wealth management market [3][4]. Group 2: Product Trends - There is a noticeable shift in asset allocation within wealth management products, with a reduction in bond allocation and an increase in deposits and public funds, indicating a strategic adjustment by institutions in response to market changes [4][5]. - The market is experiencing a gradual increase in the proportion of mixed-asset products since 2025, likely due to improved capital market performance and policies encouraging long-term capital inflows [3][4]. Group 3: Future Outlook - Short-term growth in wealth management scale is expected to continue due to the deposit rate comparison effect, while the impact of short-term bond market adjustments on wealth management net values is anticipated to be limited [5]. - Long-term challenges include declining asset yields and reduced attractiveness of wealth management products, which may lead to slower growth rates in scale [5]. - The changing structure of household deposits, with a significant portion in fixed deposits, is driving demand for higher returns and diversified investment options, prompting financial institutions to innovate and diversify their product offerings [5].

骑牛看熊发现2025 世界机器人大会将于8 月8 日至12日在北京经济技术开发区北人亦创国际会展中心举行。本届大会以"让机器人更智慧 让具身体更智能"为 主题，由中国电子学会、世界机器人合作组织主办，包括开幕式、闭幕式、论坛等。同期举办世界机器人博览会、世界机器人大赛等活动。2025 世界机器 人博览会突出创新引领和产业链协同，汇聚200 余家国内外优秀机器人企业，包括50 余家人形机器人整机企业，1500 余件展品，100 余款首发新品，展览面 积50000 平米。此次大会上，工信部宣布将深入实施"AI+"行动，面向装备、电子、钢铁等制造业重点领域，加速打造人形机器人等智能终端产品。 三大指数集体高开，两市个股开盘涨多跌少，题材板块方面地面兵装、钢铁、游戏等板块表现较强，产业互联网、电子商务、智谱AI等板块表现较差。 PEEK材料概念股开盘拉升，唯科科技涨超14%，南京聚隆、新瀚新材等多股涨超5%，人形机器人轻量化大势所趋，越来越多的人形机器人厂商在产品迭代 时加码轻量化。材料优化上，镁铝合金、peek材料各有所长。此外，人形机器人放量依赖稳定供应链支持，包括电机、减速器、传感器、轻量化、齿轮轴 承、丝杠等 ...

August 1, 2025 09:34 AM GMT China Financials | Asia Pacific Key Takeaways 2025) Industrial profit growth remained negative, down 1.8% yoy in 1H25, which was likely dragged mainly by mining rather than manufacturing (which still recorded 4.5% yoy growth in 1H25, despite further weakening PPI in June). Positively, we see sequential improvement on a monthly basis, with industrial profit contraction down from -9.1% in May to -4.3% in June. By sector, data shows ongoing slowdown in capex expansion in June, with ...

多家机构测算了"新老划断"对于老券和新券的影响。 市场普遍认为，在新券征收增值税后，各类机构可能倾向于持有老券，因此在改革伊始新券发行时可能 提供利率补偿，从而导致新老债券之间出现利差。 "新老国债之间的利差可能达5至10个基点(BP)，且新券收益率的上行幅度可能大于老券的下行幅 度。"国金资管固收团队测算，以10年期国债为例，假定后续票面利率为1.7%，自营类账户按6%税率征 税，影响大致为10BP，而资管产品按3%税率征税，影响为5BP左右。 华源证券分析，新老政府债券及金融债收益率将出现5至10BP利差，对增值税差异进行适度补偿。信用 债相对利率债和金融债的性价比会提升，信用利差会出现一定幅度的压缩。新规或将使得企业债券收益 率与新发的金融债收益率更接近。 不同机构影响迥异 目前我国债券投资的税收制度针对不同券种、不同投资者以及不同的收益来源存在一定的差异。因此， 此次政策变化对不同机构影响存在较大差异。 对于国债利息等恢复征收增值税，市场普遍认为，存量债券(以下简称"老券")由于仍然享受增值税优 惠，相对于新发债券(以下简称"新券")具有一定优势，上周五，债市出现了显著的波动。8月4日早盘， 现券收益 ...