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 ...

为拓宽科技创新企业融资渠道，引导债券市场资金投早、投小、投长期、投硬科技，人民银行、证监会 日前联合发布《关于支持发行科技创新债券有关事宜的公告》，对支持科技创新债券发行提出若干举 措。 此外，元禾控股、鲁信创投、君联资本、启明创投等多家股权投资机构注册发行科技创新债券，预计总 体规模155亿元，将精准用于信息技术、智能制造等科技创新领域的基金出资和股权投资，为科技型企 业提供关键的股性资金支持。 有助于精准破解科创企业融资痛点 新政发布后，银行、券商、股权投资机构等积极响应、火速布局，纷纷披露科技创新债券发行计划。中 国人民银行行长潘功胜在5月7日国新办举行的新闻发布会上透露，初步统计，目前有近100家市场机构 计划发行超过3000亿元的科技创新债券，预计后续还会有更多机构参与。 业内人士分析，债券市场"科技板"的设立，通过多元化债券产品、政策激励与市场化机制的结合，有望 系统性缓解科技企业融资难题，加速科技成果转化，科技创新债券有望成为"科技—产业—金融"良性循 环的核心枢纽。 近100家市场机构计划发行超过3000亿元的科创债 近期，政策端发力，推动提升债券市场对科技领域的融资支持效能。5月7日，央行、 ...

Global Liquidity Overview - Global liquidity remains tight, with the M2 money supply growth rate near historical lows, indicating a constrained liquidity environment[1] - The strength of the US dollar significantly influences global liquidity trends, following a cyclical pattern every 4-5 years[1] US Dollar Liquidity Analysis - Current indicators show that US dollar liquidity is generally tight, but there is no immediate risk of liquidity shocks[2] - The net liquidity in the US financial system has tightened since 2021, remaining below the long-term trend line, suggesting a constrained liquidity scale[2] - As of May 9, 2025, the 2-year and 10-year US Treasury yields are at 3.88% and 4.37%, respectively, both at historically high levels[2] Future Liquidity Projections - A weaker dollar trend is expected to lead to a loosening of global liquidity, driven by the need to balance fiscal policies and reduce trade deficits[3] - The Federal Reserve is anticipated to restart interest rate cuts in the second half of the year, which would lower dollar interest rates and promote looser global liquidity conditions[3] A-Share Market Valuation - The loosening of global liquidity is likely to benefit global risk assets, particularly non-US assets that have been under pressure due to a strong dollar[5] - The nominal growth rate difference between China and the US has narrowed significantly from 6.6% in Q2 2022 to just 0.1% in Q1 2025, enhancing the relative value of Chinese assets[7] - The "stock-bond yield spread" model indicates that the current A-share market offers attractive investment opportunities, with a yield spread of approximately 4.3%, suggesting high configuration value[8]

Group 1 - The article reports the unfortunate passing of Qi Guoqi, the former president of Guohai Securities, due to a traffic accident at the age of 61, which has shocked many in the industry [1] - Qi Guoqi had nearly 20 years of experience in the securities industry, having worked at various firms including Junan Securities, Guotai Junan, Minsheng Securities, and Guohai Securities [2][3] - He joined Guohai Securities in October 2003 and served as president for 11 years, during which he witnessed significant developments in the securities industry, including rapid expansion and restructuring [3] Group 2 - Guohai Securities announced a leadership change with He Chunmei resigning as chairman due to a job transfer, after over 10 years in the role [4] - Wang Haihe has been appointed as the party secretary of Guohai Securities and is nominated to become the new chairman [4] - The company's 2024 annual report indicated a significant increase in sales trading and investment business, leading to total operating income of 4.218 billion yuan, a year-on-year increase of 0.69%, and a net profit attributable to shareholders of 428 million yuan, up 31.02% year-on-year [4]

Group 1: Investment Rating - No investment rating for the industry is provided in the report. Group 2: Core Viewpoints - The report focuses on the resumption of Treasury bond trading by the central bank. It points out that the release of the "2025 Q1 China Monetary Policy Implementation Report" has heightened market expectations. The central bank's Treasury bond trading aims at base - money injection and liquidity management, but it may have a side - effect on bond yields. To minimize this side - effect, optimization can be considered in terms of timing, issuance methods, and mechanism arrangements [1]. Group 3: Summary by Directory 1. Timing - Buying should be done when the supply (or supply expectation) of the bond market significantly increases and the market fears oversupply. At this time, the market is less sensitive to the central bank's buying operations. However, if the market is in a long - term "bull market thinking", the central bank's operations may become passive. Also, the disclosure of operation information and market expectations can affect the bond market [2]. 2. Issuance Methods - Treasury bonds can be issued to individual members of the Treasury bond underwriting syndicate on a targeted basis and then transferred to the central bank. This method was used in 2007 when 1.35 trillion yuan of the over 1.5 trillion yuan of special Treasury bonds were issued in this way. It won't disrupt the bond market's supply - demand balance or trigger unreasonable expectations of a rapid decline in yields [2]. 3. Mechanism Arrangements - The timing, scale, and maturity of Treasury bond issuance should be jointly determined by the Ministry of Finance and the central bank. This arrangement can maintain the stable development of the bond market and control the issuance cost of government bonds [3].

Group 1 - The central bank announced a set of ten financial policies aimed at stabilizing the market and expectations, including a 0.5 percentage point reduction in the reserve requirement ratio and a 0.1 percentage point cut in policy interest rates, which is expected to provide approximately 1 trillion yuan in long-term liquidity to the market [2][4][6] - The policy measures are a continuation of last year's "9.24 policy package" and are designed to address the challenges posed by rising tariffs and the need to boost domestic demand [3][4] - The manufacturing PMI fell to 49.0% in April, indicating a contraction, with export new orders dropping to their lowest level of 44.7% in 2023, highlighting the impact of external demand on domestic economic stability [4][5] Group 2 - The reduction in the reserve requirement ratio will lower the average reserve requirement from 6.6% to 6.2%, which is expected to reduce financing costs for financial institutions and enhance their ability to support the real economy [7][9] - The policy interest rate cut is anticipated to lower the Loan Prime Rate (LPR) by about 0.1 percentage points, which will subsequently reduce the cost of housing loans and potentially boost consumer spending [10][11] - The adjustment of housing provident fund loan rates aims to align them with commercial loan rates, thereby enhancing the affordability of housing loans and supporting consumer demand [11][12] Group 3 - The financial policies also focus on stabilizing the capital market, with measures to optimize monetary policy tools and support the Central Huijin Investment Company in maintaining market stability [14] - The bond market showed a steepening yield curve, indicating a more reasonable liquidity environment, while the stock market reacted positively to the policy announcements [15][14] - Analysts predict that the central bank may continue to implement further interest rate cuts and reserve requirement reductions throughout the year, with an expected total policy interest rate cut of 0.6 percentage points for the year [16][16]

中国证监会、财政部关于就《证券结算风险基金管理办法（修订草案征求意见稿）》公开征求意见 智通财经5月9日电，中国证监会会同财政部起草形成了《证券结算风险基金管理办法（修订草案征求意 见稿）》，现向社会公开征求意见。意见提出，完善风险基金规模相关规定。明确风险基金净资产总额 不少于30亿元，达到或超过上述规模后，证券登记结算机构不再提取，已交纳风险基金满一年的结算参 与人不再继续交纳。风险基金规模不足30 亿元的，下一年度起恢复提取或交纳（第 4 条）。新增动态 评估条款，要求"证券登记结算机构定期动态评估论证本基金所需规模，并向证监会和财政部报告"（第 5 条）。 ...

关于延长长城证券股份有限公司 2025 年面向专业投资者公开发 （本页无正文，为《关于延长长城证券股份有限公司 2025 年面向专业投资者公 开发行科技创新公司债券（第一期）簿记建档时间的公告》之盖章页） 长城证券股份有限公司 年 月 日 （本页无正文，为《关于延长长城证券股份有限公司 2025 年面向专业投资者公 行科技创新公司债券（第一期）簿记建档时间的公告 长城证券股份有限公司（以下简称"发行人"）面向专业投资者公开发行面 值不超过 120 亿元的公司债券（以下简称"本次债券"）已获得中国证券监督管 理委员会"证监许可〔2025〕371 号"文注册。本次债券分期发行，长城证券股 份有限公司 2025 年面向专业投资者公开发行科技创新公司债券（第一期） （以下 简称"本期债券"）为本次债券第一期发行。 根据《长城证券股份有限公司 2025 年面向专业投资者公开发行科技创新公 司债券（第一期）发行公告》，发行人和簿记管理人定于 2025 年 5 月 9 日 果确定本期债券的最终票面利率。 因簿记建档当日市场变化，经发行人、簿记管理人及其他簿记参与方协商一 致，现将簿记建档结束时间由 2025 年 5 月 9 ...

近期，国内政策层针对科创债的支持力度显著加大，形成多层 次、全链条的金融支持体系。截至5月8日晚间，包括券商、银 行、股权投资及创业投资机构在内的30多家企业公告创新债发 行计划，合计发行规模超700亿元。 作者： 陈姗 封图：图虫创意 科创债新政迎来市场热烈反响，科创债发行初现"井喷"。 5月8日，据经济观察报不完全统计，科创债新政发布仅一日，已有超30家企业密集发布科创债发 行公告，计划发行规模合计超700亿元。值得关注的是，发行主体类型显著丰富，涵盖证券公司、 银行及股权投资、创业投资机构等多类市场主体。 前一日，中国人民银行与中国证监会联合发布了关于支持发行科技创新债券有关事宜的公告（以下 简称《公告》），其中一大亮点是在发行主体上新增支持金融机构、科技型企业、私募股权投资机 构和创业投资机构发行科技创新债券。同日，上交所、深交所、北交所进一步提出细化支持措施。 业内人士普遍认为，此次科技创新债券政策的全面升级意义深远。政策通过扩大发行主体范围，不 仅丰富了债券市场的产品谱系，更构建了系统化的配套支持机制。在当前科技创新已成为经济增长 核心引擎的背景下，这一新政将显著提升债券市场对科技领域的融资支持效 ...