Group 1: Company Overview and Market Position - Guangxi Securities Company is the only comprehensive securities firm registered in Guangxi and the only listed financial institution in the region, actively participating in local economic development and capital market growth [3] - The company maintains the highest market share in securities brokerage in Guangxi, with 48 branches covering all 14 prefecture-level cities [4] - The company has established strong brand recognition and loyalty, accumulating a rich resource of institutional and retail clients [4] Group 2: Support from Government and Major Shareholder - The Guangxi government supports the company in becoming a key platform for capital market development, aligning with the "Belt and Road" initiative and other strategic projects [3] - Guangxi Investment Group, the company's actual controller, is a local Fortune 500 enterprise that provides strong support for business development and client maintenance [5] - The group encourages a market-oriented operational mechanism while participating in corporate governance and decision-making processes [5] Group 3: Future Financing Plans - The company received approval from the China Securities Regulatory Commission to issue corporate bonds totaling up to 10 billion yuan [6] - A successful issuance of 2 billion yuan in corporate bonds occurred in the first phase of 2025, with future issuance plans to be determined based on market conditions and business needs [7]

"投资者是市场之本，保护投资者合法权益是证券监管的首要任务。"中国证监会主席吴清在2025年开年 初调研投资者教育基地时强调。为夯实投资者保护工作基础，近年来，广东一直积极探索投教模式创 新，助力更好满足人民群众日益增长的财富管理需求。 为破解"自说自话"的投教视频宣传情况，助力机构投教工作更好地"走出去"，2024年11月，由广东证券 期货业协会、南方都市报社、湾财社主办的广东证券期货业首届微视频比赛在广州启动。活动启动后， 获得机构踊跃参与，共收到75个参赛微视频。 在"5・15全国投资者保护宣传日"来临之际，本次活动举办了专家评审，最终从众多投稿短视频中评选 出一、二、三等奖以及优秀作品奖等多个奖项，共19部作品获奖，以此肯定及鼓励各机构在投教工作中 所付出的努力。据悉，获奖作品还将作为行业标杆进行广泛展示与推广，形成行业内积极向上、共同进 步的良好氛围，为广东地区金融市场的稳定发展和投资者权益的有效保护奠定坚实基础。 19部获奖作品新鲜出炉 2024年11月，广东证券期货业首届微视频比赛正式启动。比赛启动以来，获得广东（不含深圳）证券、 期货等金融机构积极响应，踊跃参与，围绕服务实体经济、践行投资者保 ...

Core Viewpoint - The joint issuance of the "Opinions" by the central bank, financial regulatory authorities, and the Guangdong provincial government aims to enhance financial support for Nansha, promoting its role in the Guangdong-Hong Kong-Macao Greater Bay Area development through 30 key measures [1][4]. Financial Services for Innovation and Entrepreneurship - Support for enterprises aligned with Nansha's industrial development through bill financing and encouragement of "loan + external direct investment" models [4] - Promotion of high-end manufacturing industries and social capital investment, including mechanisms for accounts receivable confirmation and support for issuing technology innovation bonds [4] - Facilitation of youth innovation and entrepreneurship, allowing Hong Kong and Macao residents equal access to support policies and employment opportunities [4] Social and Livelihood Financial Services - Promotion of cross-border payment systems, credit financing, and the facilitation of international professionals' practices [4] Development of Specialized Financial Services - Encouragement for the Guangzhou Futures Exchange to explore electricity futures and support for green and sustainable bond issuance in Hong Kong and Macao [4] - Establishment of a digital financial research think tank and support for the application of generative AI models in finance [4] - Support for quality securities firms to obtain public fund qualifications and the development of cross-border wealth management pilot programs [4] Cross-Border Financial Innovation and Communication - Research on establishing an international commercial bank in the Greater Bay Area and support for Hong Kong and Macao investors to set up securities and fund companies [5] - Promotion of higher-level trade and investment renminbi settlement facilitation and support for fund companies in Nansha to participate in mutual recognition arrangements [5] Support Measures - Emphasis on increasing policy support, including housing and talent policies, to create favorable conditions for domestic and international professionals in Nansha [5]

Core Competencies - Velos Markets offers a diverse product matrix that includes forex trading, CFDs, and gold spot contracts, providing investors with a comprehensive "global currency map" to capture both mature and emerging market opportunities [2] - The platform features flexible leverage ratios and advanced order execution technology, catering to both retail and high-frequency traders by minimizing slippage and optimizing risk management [2] Case Studies - A successful case from a family office illustrates the effective use of Velos Markets' customized services, combining U.S. tech stocks, Southeast Asian REITs, and carbon credit derivatives to create a diversified investment framework that mitigates cyclical volatility [4] Beginner's Guide - Velos Markets provides a progressive learning path for novice investors, including a simulated trading account and comprehensive online courses, enabling users to practice strategies and familiarize themselves with the platform [5] - The recommended "1% position rule" encourages beginners to limit individual trade sizes to 1% of total capital, promoting a cautious approach to trading [5] Market Trends - The market is currently influenced by three significant trends: increased forex volatility due to fluctuating Federal Reserve policies, rising yields in Asian REITs, and heightened activity in carbon trading derivatives, with Velos Markets offering tools to capitalize on these trends [7] Risk Management - Velos Markets emphasizes robust risk management strategies, including forced liquidation thresholds and dynamic margin monitoring to prevent significant losses [8] - Client funds are stored in segregated bank accounts, ensuring asset protection even in the event of platform financial issues, while built-in volatility filters for high-risk assets help manage leverage [8]

Core Viewpoint - The establishment of a "Technology Board" in the bond market aims to support the development of technology enterprises through a series of comprehensive policies and measures [1][4][10]. Group 1: Policy Overview - The People's Bank of China, along with the CSRC and other departments, has introduced a package of policies to support the issuance of technology innovation bonds [1][4]. - The unified naming of technology-related bonds as "technology innovation bonds" marks a significant step towards a clearer policy roadmap for supporting technology enterprises [5][6]. - The issuance entities have expanded to include financial institutions, technology enterprises, private equity investment institutions, and venture capital institutions [6][10]. Group 2: Market Response - Following the announcement of the policies, nearly 100 market institutions plan to issue over 300 billion yuan in technology innovation bonds, with 55 institutions already issuing more than 80 billion yuan [2][11][12]. - Banks are the primary issuers, accounting for over 450 billion yuan, while leading securities firms have issued over 160 billion yuan [12][13]. Group 3: Financial Support Mechanisms - The policies include risk-sharing mechanisms, such as credit protection tools and government financing guarantees, to support the issuance and investment of technology innovation bonds [6][7]. - A series of fees related to the issuance and trading of technology innovation bonds will be waived from 2025 to 2027, providing significant cost savings for institutions [8][10]. Group 4: Investment Trends - The technology innovation bonds are primarily directed towards sectors such as construction, industrial investment, and energy, with a growing focus on high-tech industries like medical devices and renewable energy [14][17]. - The bond market for technology innovation has seen rapid growth, with a year-on-year increase of 186.47% in issuance scale in 2023, and a projected continued high growth rate in 2024 [13][14]. Group 5: Areas for Improvement - There are concerns regarding the actual use of raised funds, as initial issuances have deviated from supporting early-stage technology enterprises [17]. - The standardization of evaluation criteria for "technology innovation attributes" across different bond types needs to be strengthened [17][18]. - The tendency towards short-term bonds may limit support for long-term research and development projects, highlighting the need for a more balanced maturity structure [17][18].

第 371 期 2025-05-12 焦点关注 六问六答！交易商协会详解科技创新债券发行要点→ 5月7日，中国银行间市场交易商协会发布关于推出科技创新债券 构建债市"科技板"的通知。通知所 称"科技创新债券"是指在银行间债券市场注册发行的，用于支持科技创新领域发展的债券。 交易商协会负责哪些主体的注册发行？注册发行流程是什么？资金用途包括哪些？风险分担措施有哪 些？配套机制有哪些？一图看懂→ 超1300亿元科创债密集发行，超60只在3年期以上 从5月6日到5月15日，共计有85只、合计规模约1358亿元的科创债（含科创票据）密集发行。这些科创 债及科创票据的发行主体涉及新材料、信息技术、金融（银行和证券）、生物医药、电器设备等行业的 国央企和民企，类型囊括一般中期票据、一般公司债、超短融债券、私募债、商业银行债、证券公司债 等。 从目前这85只科创债的发行数据上看，发行期限以中长期居多，超60只达到3年和5年期及以上。这说明 有一批信用资质较好的科技企业获得了新一批稳定中长期资金的支持。 宏观动态 央行开展430亿元7天逆回购操作 5月12日，中国央行今日开展430亿元7天期逆回购操作，投标量430亿元，中标 ...

新华财经北京5月12日电（王柘）上周（2025年5月6日至5月9日）"双降"落地利好债市短端走强，长端则受止盈情绪影响，表现相对偏 弱。期限利差走阔，利率曲线趋向陡峭化。10年期国债收益率上行1BP至1.635%，与1年期国债利差扩大5BP至接近22BP。 此前长债走势已隐含降息预期，在降息落地后上演"利好出尽"，同时关税方面消息及权益市场走强也对长端形成一定压制。 周末消息，中美经贸高层会谈5月10日至11日在瑞士日内瓦举行。中美经贸中方牵头人、国务院副总理何立峰当地时间11日晚在出席中 方代表团举行的新闻发布会时表示，此次中美经贸高层会谈坦诚、深入、具有建设性，达成重要共识，并取得实质性进展。双方一致同 意建立中美经贸磋商机制。中美双方将尽快敲定相关细节，并将于5月12日发布会谈达成的联合声明。 一级市场 上周利率债合计发行48只、5685.79亿元，其中国债发行7只、3710.00亿元，政策性银行债发行20只、4631.20亿元，地方债发行35只、 4764.59亿元。 国开行发行200亿元科技创新债券，品种包括182天贴现、2年DR浮息、3年清发固息，募集资金分别用于支持科技创新产业项目及支持 科创企 ...

Group 1 - The core idea of the news emphasizes the importance of investor education in safeguarding wealth and stabilizing the market, particularly for small and medium investors, as highlighted by the new "National Nine Articles" issued by the State Council [2][3] - The "Investor Education and Protection" short video competition, organized by the Guangdong Securities and Futures Industry Association, aims to enhance the relationship between institutions and investors and promote high-quality educational content [2][3] - The competition includes various stages such as video training, collection of works, evaluation, and awards, with a focus on innovative educational methods to meet the growing wealth management needs of the public [3][4] Group 2 - The competition attracted widespread participation from financial institutions in Guangdong, with evaluation criteria based on content theme, production quality, creativity, and playback effectiveness [4][5] - A total of 75 video entries were analyzed, showcasing a diverse range of educational content that addresses various investment products and risk prevention strategies, including emerging fraud techniques [6][7] - The use of innovative formats such as short dramas, animations, and AI technology in the entries reflects a deep understanding of different audience needs, making financial knowledge more accessible and engaging [6][7][8]

Group 1 - The core viewpoint is that the active public funds will increasingly focus on core asset pricing rather than marginal information flow pricing, leading to a potential overall adjustment in strategy paradigms [1] - The new regulations on public fund assessments may significantly impact the deviation from benchmarks and the ratio of profitable clients, with historical data showing that a large portion of active funds has underperformed the CSI 300 index [1] - The recent performance of public funds has been generally below benchmarks, attributed to underweighting banks and frequent trading, indicating a trend towards conservative allocation [1] Group 2 - The public fund reforms are expected to increase domestic capital allocation towards Hong Kong stocks, particularly in technology and consumer sectors, supported by positive policy attitudes [2] - The market sentiment may improve due to the easing of trade tensions between China and the U.S., which could enhance the relative performance of Hong Kong stocks [2] - The low valuations and policy support for Hong Kong's technology and consumer sectors remain attractive for investors [2] Group 3 - The A-share market is anticipated to experience a structural bull market, driven by technology sectors, despite external uncertainties such as U.S. tariffs and trade negotiations [3] - The current financial easing is linked to stabilizing the capital market, although it may not lead to a comprehensive improvement in the A-share market's fundamentals [3] - The first quarter reports indicate strong performance in consumption, pharmaceuticals, and technology sectors, with technology showing superior relative value [3] Group 4 - The A-share market is expected to present structural opportunities as the performance verification period ends, although uncertainties from U.S.-China trade negotiations remain a concern [4] - Recommendations include focusing on dividend-paying stocks for defensive positioning, technology sectors for growth, and consumer sectors supported by policy initiatives [4] - The market is likely to maintain a range-bound pattern due to external uncertainties and the gradual impact of tariffs on domestic economic recovery [4] Group 5 - The initial phase of market volatility is expected to extend due to the complexities of U.S. tariffs, with a potential breakthrough later in the year driven by policy and capital [5] - The market's response to tariff impacts has created disturbances that require time to digest, but the overall bullish trend remains intact [6] - The influx of capital since last September is based on confidence in policy, long-term valuations, and industry trends, suggesting stability in the market [6] Group 6 - The market has recovered to pre-tariff levels, supported by liquidity from state-owned entities and resilient consumer demand [7] - The second quarter is expected to see accelerated policy implementation, which may further enhance market conditions [7] - Investment strategies should focus on small-cap growth stocks and stable dividend-paying sectors under the backdrop of continued monetary easing [7] Group 7 - The market's recovery is seen as temporary, with potential for increased volatility as economic weaknesses become evident [8] - The focus on financial stability and large-cap stocks is expected to gain traction, driven by policies aimed at expanding domestic demand [8] - The structural changes in the market may lead to a shift towards traditional consumer assets with high return on equity [8] Group 8 - The outlook for the bond market remains optimistic, with potential for new lows in interest rates, while the stock market is advised to maintain a cautious stance amid ongoing tariff negotiations [9] - Investment opportunities are identified in technology sectors and new consumption areas, with a focus on strategic positioning as market conditions evolve [9] - The emphasis is on monitoring economic impacts from tariffs and adjusting investment strategies accordingly [9] Group 9 - The re-evaluation of Chinese assets is expected to lead to a gradual increase in A-share market levels, supported by domestic policy responses to external challenges [10] - The focus on AI and innovative sectors, along with consumer trends, is highlighted as key areas for investment [10] - The capital market's role in stabilizing expectations is crucial, with anticipated policy measures to support the market amid trade uncertainties [10] Group 10 - Three main investment themes are identified: TMT sector performance, low-cycle stocks benefiting from growth policies, and stable utility sectors with strong earnings [12] - The overall market performance is improving, with emerging growth sectors showing promising results [12] - The focus on low-valuation financial sectors is recommended as they align with the shifting investment strategies of equity funds [12]

中信证券：未来主动型公募会更加聚焦核心资产定价 基准偏离和盈利客户比率可能是公募考核新规影响最大的两个规则。从过往主动型基金业绩基准分布来看，采 用沪深300和中证800的基金仅占总规模的62%，超过18%的产品是赛道型产品。2007年至今，2012—2014年和 2022—2024年出现过三年维度主动型公募大面积跑输沪深300指数10个百分点的情况。 过去3年公募普遍跑输基准，低配银行是部分原因，频繁交易和板块轮动也产生负向贡献。向基准靠拢和保守 化配置是大势所趋，但过程是动态的，绝非简单做多低配行业。未来主动型公募会更加聚焦核心资产定价而不 是边际信息流定价，策略范式可能出现整体性调整。未来资管行业当中相对收益和绝对收益产品的策略、选股 范围和定价模式会呈现明显分化。 华泰证券：公募改革或进一步增加资金配置港股需求 5月7日的国新办发布会对资本市场政策态度积极，重点支持科技、消费领域，对港股市场形成积极影响。5月8 日凌晨，美联储继续按兵不动，强调不确定性以及滞胀风险上升，不急于调整货币政策，基本符合市场预期。 周末，中美展开经贸高层会谈，贸易摩擦或有降级空间，有助于改善市场情绪。 鉴于美国对等关税的复杂 ...