近日，在科创债的二级市场，几家券商联合银行又有新动作。 广发证券与兴业银行达成深交所首批科创债债券借贷交易，交易达成的券面总额合计4000万元。中信证券与光 大银行成功落地以"国开浮息科创债"为押品的质押式回购交易，金额5000万元。兴业银行与东方证券成功落地 银行间市场首笔以国开科创债为押品的买断式回购交易，金额2.1亿元。 业内人士认为，此举有利于丰富科创债交易品种，提升科创债二级市场的交易活跃度，完善科创债二级市场功 能。 广发证券落地深交所首批科创债借贷交易 券商中国记者获悉，5月21日，在监管部门持续推动金融支持科技创新的背景下，广发证券成功落地深交所首 批以科创债为标的的债券借贷交易，并于5月22日将借入的科创债质押入库，顺利开展通用质押式回购交易。 业内人士认为，此举标志着深交所科创债二级市场交易机制的创新突破，为提升科创债流动性、拓宽科创企业 融资渠道提供了重要实践样本。 据悉，5月7日，中国人民银行与中国证监会联合发布《关于支持发行科技创新债券有关事宜的公告》，深圳证 券交易所同步出台《关于进一步支持发行科技创新债券 服务新质生产力的通知》，明确提出"鼓励市场主体通 过科创债融资，支持科技创 ...

Group 1: Company Performance - Broadridge Financial Solutions Inc. (BR) stock has gained 20.6% in the past year, outperforming the industry and the Zacks S&P 500 composite's growth of 19% and 11.6% respectively [1] - BR reported mixed third-quarter fiscal 2025 results with adjusted earnings of $2.44 per share, beating the consensus mark by 2.1% and increasing 9.4% from the year-ago quarter [1] - Total revenues for BR were $1.81 billion, missing the consensus mark by 2.5% but rising 5% year over year [1] Group 2: Revenue Streams - Broadridge maintains a robust business model with substantial recurring revenue streams, generating approximately 65% of its top line from recurring revenues in fiscal 2024 [2] - The recurring income comes from net new business, internal expansion, and benefits from acquisitions, providing strong visibility into organic revenues in the near to mid-term [2] Group 3: Dividend Consistency - BR is consistent in its dividend payments, with payouts increasing from $290.7 million in 2022 to $368.2 million in 2024 [3] - This consistency demonstrates the company's commitment to returning value to shareholders, making it an attractive option for dividend-seeking investors [3] Group 4: Financial Stability - The liquidity position of the company is reassuring, with a current ratio of 1.32 in the third quarter of fiscal 2025, although it is lower than the industry average of 1.52 [4] - Despite this, the current ratio exceeding 1 indicates the company's ability to effectively pay off short-term obligations [4] Group 5: Competitive Landscape - DST Systems poses a serious competitive threat to Broadridge, creating pressure across its segments and making it challenging for BR to retain or increase market share [6] - The lack of industry diversification is a concern, as BR is heavily exposed to the securities industry, which could be adversely affected by a market downturn [7]

Group 1 - The core viewpoint of the articles is that recent interest rate cuts by banks have led securities firms to lower their client margin interest rates, with major firms like GF Securities and Minsheng Securities adjusting their rates to 0.05% [1][3] - The reduction in margin interest rates is a response to the overall decline in deposit rates, which have dropped significantly, with major banks lowering their rates to 0.05% for demand deposits and 0.95%-0.98% for one-year fixed deposits [3][4] - The impact of the margin interest rate cut on investors is considered minimal, as the decrease in deposit rates is relatively small and many clients may already be using margin financial products to earn higher returns [2][4] Group 2 - The margin interest rate cut is expected to have a more pronounced effect on securities firms, as the total amount of client margin funds is substantial, potentially leading to increased interest income for these firms [2][3] - For example, Guoyuan Securities reported a client margin interest income of 283 million yuan in 2023, reflecting a year-on-year increase of 0.46% and accounting for 4.45% of its total revenue [2] - As of June 30, 2024, the total balance of client trading settlement funds across 147 securities firms was reported to be 1.83 trillion yuan [2] Group 3 - Investors with idle funds in their securities accounts are encouraged to seek higher returns through margin financial products or government bond reverse repos, as the interest from idle funds at the current low rates is insufficient [4][6] - Government bond reverse repos are highlighted as a common method for managing idle funds, offering a low-risk investment option with various maturity periods available [6] - Additionally, investors can utilize their idle funds to purchase both onshore and offshore funds, with different fee structures and trading mechanisms for each type [7]

Group 1 - International gold prices have returned to the $3,300 per ounce mark, leading to increased attention on gold-related assets [1][3] - As of May 22, 13 gold ETFs continued to rise, with the highest increase being 0.23%, following a strong performance on May 21 where 20 gold ETFs surged over 3% [3] - The recent rise in gold prices is attributed to global geopolitical instability, a weak US dollar, and uncertainty regarding Federal Reserve policies, which have heightened risk-averse sentiment among investors [3][4] Group 2 - Fund inflows into gold ETFs have seen a significant turnaround, with a net inflow of approximately 370 million yuan on May 21, and a notable shift from net outflows to inflows in the following days [3] - Multiple public fund institutions are optimistic about the long-term value of gold, suggesting that it serves as a hedge against equity risks and can provide capital gains [4] - Short-term volatility in gold prices is expected, but the underlying factors such as expanding global fiscal deficits and central bank buying are likely to support gold prices in the long run [4]

Group 1 - The opening of Guolian Minsheng Securities' Ningbo Caishen Road branch marks a significant step in integrating financial services with the local economy, aiming to support high-quality development in Xikou Town [1][2] - The branch is positioned as a partner in regional economic development, emphasizing the mission of "nourishing the land with financial resources" and becoming a benchmark for rural revitalization and industry-finance collaboration [2] - Guolian Minsheng Securities aims to provide professional and sincere wealth management services to local residents and financing support to small and medium-sized enterprises, enhancing the financial service standards in the region [2][3] Group 2 - The company focuses on a development philosophy of "deepening regional engagement and refining industry expertise," striving to create a comprehensive financial service platform that integrates industrial banking, technology banking, and wealth banking [3] - By leveraging a professional investment team and a diverse product line, the company intends to offer personalized wealth management solutions, enhancing service efficiency and helping clients achieve wealth preservation and growth [3] - The strategy emphasizes the full-chain advantages of "large investment banking + large investment + large research," targeting key industries in the Yangtze River Delta to provide comprehensive financial services and support economic upgrading [3]

日前，国家计算机病毒应急处理中心再次通报65款违规移动应用。事实上，南都·湾财社注意到自2024年以来，上述机构已经先后多次密集通报 了多款违规移动应用，金融类APP成为其中的重灾区之一。 南都·湾财社梳理发现，2024年以来，共有28款金融类APP被"点名"，涉及63条违规事由。被通报的金融APP覆盖银行、证券、基金、信贷等多个 领域，既有地方农商行的官方应用，也有知名互联网金融平台。 在金融数据与用户财产安全高度绑定的当下，这些违规金融APP犹如悬在用户头顶的利剑，随时可能侵犯用户权益。南都·湾财社对部分被点名 的金融APP进行了回测，发现各家金融APP的整改情况并不相同，部分APP仍未完成整改。 2024年至今28款金融APP被"点名" 违规事由达63条 近日，国家计算机病毒应急处理中心通报了65款违规移动应用，经该中心检测，这些移动应用存在违法违规收集使用个人信息情况，包括无隐私 政策、APP未在征得用户同意后开始收集个人信息或打开可收集个人信息的权限等违规情形。 事实上，自2024年以来，国家计算机病毒应急处理中心就加大了对违规APP的检测和治理力度，并定期通报违规移动应用。根据国家计算机病毒 应急 ...

Core Viewpoint - The article discusses the significant changes in the global economic landscape and the investment opportunities arising from these shifts, particularly focusing on the role of ETFs as a key asset class for navigating market volatility and optimizing asset allocation [1][3][22]. Group 1: Global Economic Changes - The global economy is undergoing unprecedented changes, with the U.S. and China facing deep adjustments and a restructuring of the post-World War II international order [8][9]. - The U.S. tariff policies are impacting global supply chains, while China is focusing on developing "new productive forces" in sectors like artificial intelligence and biomedicine [8][9]. - A-shares have shown signs of recovery after 13 consecutive quarters of declining ROE, indicating potential new momentum for the capital market [8]. Group 2: ETF Investment Opportunities - ETFs are highlighted as an efficient, transparent, and low-cost investment vehicle that can serve as a critical infrastructure for asset allocation, especially in the context of market fluctuations [3][11]. - The domestic ETF market is expected to grow steadily, with a focus on sectors less affected by tariff impacts, such as technology and consumer goods [11][16]. - Specific ETFs, such as those focused on semiconductor and defense sectors, are recommended for their potential in a post-tariff recovery [11][16]. Group 3: Policy and Market Outlook - The article notes that with the Federal Reserve's interest rate cuts and a stronger RMB, domestic liquidity is expected to loosen, creating favorable conditions for market recovery [9][11]. - The anticipated economic cycle shift in 2028 is expected to resolve social debt issues, with a balanced approach between stocks and bonds [9][11]. - The second half of 2025 is projected to present significant structural opportunities in the market, particularly in technology and consumer sectors [22][24]. Group 4: Debt Market Insights - The bond ETF market has seen rapid growth since 2018, with total scale surpassing 200 billion yuan, indicating a diversification of investor institutions [16][17]. - Local government bonds are highlighted for their higher yields and lower volatility compared to national bonds, making them attractive investment options in the current low-interest environment [17]. - Strategies for bond ETFs include various applications such as credit risk management and cash management functions, enhancing their utility for investors [16][17]. Group 5: Future Investment Strategies - The article emphasizes the importance of forward-looking strategies in the face of increasing market volatility and the need for diversified investment tools [29][30]. - It suggests that the bond market remains a core asset allocation direction, with recommendations for exploring "bond plus" strategies to balance risk and return [30]. - The potential for high returns in sectors like AI and consumer goods is highlighted, with a focus on leveraging ETFs for efficient exposure [24][27].

以下文章来源于债券人 ，作者光大证券固收研究 债券人 . 唯有进行扎实的基本面研究，方能行稳致远。 点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 1、债券托管总量及结构 债券托管总量环比少增。截至2025年4月末，中债登和上清所的债券托管量合计为167.82万亿元，环比净增加 1.61万亿元，较3月环比少增1.05万亿元。 各类型债券托管总量均环比净增。本月（2025年4月，下同）利率债托管量114.03万亿元，在银行间债券市场 托管量中占比67.95%，环比净增加0.99万亿元；信用债托管量18.35万亿元，占比10.94%，环比净增加0.07万亿 元；金融债券（非政策性）托管量11.95万亿元，占比7.12%，环比净增加0.18万亿元，同业存单托管量21.56万 亿元 ...

Core Viewpoint - The overall sensitivity of deposit scale to the reduction in deposit interest rates is low under the trend of low interest rates [1] Group 1: Deposit Scale and Interest Rate Sensitivity - The deposit scale is not sensitive to the reduction in non-interbank deposit rates, primarily due to the manual interest compensation rectification in April 2024, which caused a short-term outflow of deposits to asset management products [2] - Despite several rounds of deposit rate cuts since 2022, the year-on-year growth rate of personal and corporate deposits has aligned with the growth rate of broad money supply, with the proportion of deposits in broad money supply rising from around 48% to a peak of 52% by March 2024 [2][3] - The proportion of deposits in low-risk preference funds has shown a slight decline from a peak of 79.3% in March 2023, indicating manageable outflow pressure [2] Group 2: Impact of Deposit Rate Cuts - The disturbances caused by deposit rate cuts on fund outflows were not significant before 2024, but became more pronounced afterward due to increased price comparison willingness in a low-interest environment [3] - Following the deposit rate cuts in July and October 2024, there was a noticeable decline in the year-on-year growth of large bank deposits, indicating a shift towards asset management products [3][4] - The current round of deposit rate cuts is not expected to lead to a significant tightening of the funding environment, as the year-on-year growth of deposits has remained stable despite the cuts [4] Group 3: Future Expectations - The attractiveness of asset management products relative to deposits is expected to decrease due to the ongoing adjustments in performance benchmarks and the gradual implementation of net value rectification [4] - The company anticipates that the ticket interest strategy will continue to prevail, with high-grade short-duration credit bonds likely to benefit from some funds flowing from deposits to asset management products [4]

Core Insights - The launch of the "Technology Board" in the bond market has received positive responses, with nearly 100 institutions issuing technology innovation bonds totaling over 250 billion yuan [1][4] - The "Technology Board" aims to support the financing needs of technology innovation enterprises and enhance the multi-tiered bond product system in China [2][3] Group 1: Policy and Structure - Technology innovation bonds are issued by companies in the technology sector, primarily to support the development of technology innovation [2] - The People's Bank of China and other regulatory bodies are collaborating to innovate the bond market's "Technology Board," allowing various entities, including financial institutions and private equity firms, to issue technology innovation bonds [2][3] - New policies include an innovative credit rating system and improved risk-sharing mechanisms to better meet the financing needs of technology enterprises [3] Group 2: Market Response and Participation - The market has actively responded to the "Technology Board," with significant participation from financial institutions such as Huatai Securities and Zhongyin Securities, which are facilitating the issuance of technology innovation bonds [4] - As of now, approximately 100 institutions have registered or issued technology innovation bonds, with a total issuance of about 249.75 billion yuan in just two weeks [4][5] - The majority of the issuers are high-rated central state-owned enterprises and leading private enterprises, with AAA-rated issuers accounting for over 80% of the total [5]