蛟河农商行认为，华源证券在业务中存在过错，致使其15%的 本金及利息损失无法获赔，因此要求华源证券赔偿本金损失 2.95亿元及利息损失，并返还相关账户余额和费用。这起横跨 信托、证券、银行三大金融领域的案件再掀波澜。 作者：蔡越坤 封图：图虫创意 一则公告，揭开了一起牵涉20亿元的理财诈骗案件。华源证券股份有限公司（下称"华源证券"） 与吉林蛟河农村商业银行股份有限公司（下称"蛟河农商行"）之间的重大诉讼随之浮出水面。 2025年4月30日，武汉金融控股（集团）有限公司（下称"武汉金控"）发布公告称，其子公司华 源证券因与蛟河农商行的侵权责任纠纷被起诉。 案件涉及产品为"陆家嘴信托·瑞安6号单一资金信托"。该信托资金用于投资华源证券管理的"九州 证券启航31号定向资产管理计划"。该计划资金用于购买中国邮政储蓄银行发行的"财富月月升"理 财产品，涉及金额20亿元。但实际上这笔资金仅有6亿元成功认购了理财产品，且被犯罪分子通过 伪造华源证券印鉴等手段提前赎回、转移并占有；剩余14亿元未成功认购理财。 此前，最高人民法院判决中国邮政储蓄银行武威市文昌路支行（下称"邮储文昌路支行"）对蛟河 农商行资金损失承担85%的 ...

Core Viewpoint - The issuance of technology innovation bonds (科创债) is gaining momentum in China, with various financial institutions and companies actively participating in the market following supportive policies from regulatory bodies [1][6][7] Group 1: Policy Support and Market Response - On May 7, the People's Bank of China and the China Securities Regulatory Commission announced 13 specific measures to support the issuance of technology innovation bonds [1] - Major exchanges in China, including Shanghai, Shenzhen, and Beijing, issued notifications to further support the issuance of these bonds [1] - The interbank market announced a full waiver of transaction fees for technology innovation bonds from 2025 to 2027 [1] Group 2: Issuance Plans by Financial Institutions - The National Development Bank plans to issue its first batch of technology innovation bonds in 2025, with a total scale not exceeding 200 billion yuan [2] - Commercial banks such as Industrial and Commercial Bank of China and Industrial Bank announced plans to issue 100 billion yuan each in technology innovation bonds [3][4] - A total of 250 billion yuan is expected to be issued by the three major commercial banks, indicating strong support from the banking sector [4] Group 3: Diverse Issuance Entities - Seven securities firms have announced plans to issue technology innovation bonds, with a total scale not exceeding 140 billion yuan [4] - Private enterprises like Luxshare Precision, iFlytek, and Muyuan Foods are also entering the market with planned issuances of 10 billion yuan, 8 billion yuan, and 3 billion yuan respectively [5] - The issuance landscape is becoming increasingly diversified, with various types of institutions actively participating [4][5] Group 4: Future Outlook - The year 2025 is anticipated to be a significant period for the expansion of technology innovation bonds, driven by supportive policies and market readiness [6] - The introduction of a "technology board" in the bond market aims to facilitate the issuance of technology innovation bonds by financial institutions and technology enterprises [6][7] - The expansion of issuance entities, including commercial banks and private equity firms, is expected to enhance the support for small and medium-sized technology enterprises [7]

Core Viewpoint - Great Wall Securities (002939) announced the issuance of technology innovation corporate bonds aimed at professional investors, with a total issuance scale not exceeding RMB 500 million, including the full amount [1] Group 1: Bond Issuance Details - The bond issuance is scheduled for 2025, with the bond referred to as "25长证K1" and the bond code being 524270 [1] - The price of the bond is set at RMB 100 per unit, with a maximum issuance quantity of 5 million units [1] - The coupon rate inquiry range is between 1.4% and 2.4% [1] Group 2: Credit Ratings - The bond has been rated AAA by the joint credit rating agency, indicating a strong credit quality [1] - The issuer also holds an AAA rating for its overall creditworthiness, with a stable rating outlook [1]

Core Viewpoint - The Chinese government is implementing a series of financial policies aimed at stabilizing and invigorating the capital market, as highlighted by the recent press conference attended by top financial regulators [1][2]. Group 1: Market Stability Measures - The China Securities Regulatory Commission (CSRC) is committed to consolidating the market's recovery momentum by enhancing market monitoring and risk assessment, and supporting the Central Huijin Investment Ltd. to act as a stabilizing fund [1]. - The People's Bank of China announced the merging of two monetary policy tools aimed at supporting the capital market, expanding the range of participating institutions and collateral, while also reducing fees [1][2]. Group 2: Reform Initiatives - The CSRC plans to introduce reforms for the Sci-Tech Innovation Board and the Growth Enterprise Market to enhance institutional inclusivity and adaptability, alongside revising the major asset restructuring management measures [2]. - These reforms are expected to optimize resource allocation through mergers and acquisitions and improve financing channels for technology enterprises [2]. Group 3: Funding Injections - The National Financial Regulatory Administration intends to expand the pilot program for long-term insurance investments, injecting an additional 60 billion yuan into the market [3]. - Adjustments to solvency regulations will lower risk factors for stock investments, encouraging insurance companies to increase their market participation [3]. Group 4: Market Impact - Following the announcement of these policies, the A-share market experienced consecutive gains, with major indices rising over 1% in two trading days [3][4]. - The combination of liquidity support and long-term capital inflow is expected to stabilize market sentiment and reduce volatility, laying the groundwork for a sustained bullish market [4].

浙商证券认为，与2018年相比，当前A股在微观结构、政策环境、经济内力、流动性和科技创新五大维度下更加乐观，市场或形成"下有支撑，上有压力"新 格局。银河证券指出，当前国内科技产业加速崛起，叠加A股科技行业业绩改善，科技主题具备中长期配置价值，技术进步与业绩兑现有望继续带动产业趋 势向上。 【环球网财经综合报道】尽管外部环境不确定性增加，4月A股市场仍展现出较强韧性。业内人士认为，中国资产重估趋势有望延续，估值优势与经济基本 面将为市场中长期向上提供坚实基础。 国家统计局数据显示，一季度全国规模以上工业企业利润由上年全年同比下降3.3%转为增长0.8%，3月份高技术制造业利润增速达14.3%。中金公司研究显 示，2025年一季度A股盈利同比增长3.5%，非金融企业盈利增速明显触底回升。TMT板块一季度盈利普遍高增长，电子盈利同比增长31.5%，细分光模块/元 器件/半导体一季度盈利实现114%/50%/33%的高增长。 4月A股市场在21个交易日中15个交易日上涨，上证指数单月累计下跌仅1.70%，深证成指下跌5.75%，沪深300下跌3%。4月份A股日均成交金额为1.24万亿 元，交投活跃。中金公司指出，中 ...

Market Overview - The three major stock indices in China opened lower, with the Shanghai Composite Index down 0.34%, the Shenzhen Component down 0.23%, and the ChiNext Index down 0.12%. The robotics sector showed weakness [1] - In the US market, the Dow Jones increased by 0.70% to 41,113.97 points, the S&P 500 rose by 0.43% to 5,631.28 points, and the Nasdaq gained 0.27% to 17,738.16 points. However, popular Chinese concept stocks experienced a decline, with the Nasdaq Golden Dragon China Index down 2.34% [2] Sector Insights - **Military Industry**: Huatai Securities suggests that the military industry may be entering a rebound phase, with improvements noted in demand, orders, and performance in upstream sectors like information technology and new materials. The firm recommends focusing on information technology, new materials, and aerospace engines [3] - **Banking Sector**: China Galaxy Securities maintains a positive outlook on the banking sector, citing a series of financial policies that have been implemented, including interest rate cuts and liquidity releases. These measures are expected to optimize the credit structure and support the banking sector's fundamentals [4] - **Automotive Industry**: Everbright Securities highlights the importance of monitoring changes in terminal discounts post-holiday, with a stable performance in the car market in April. The firm anticipates that the "trade-in" policy will boost domestic sales in 2025, emphasizing the significance of smart driving and robotics in the automotive sector [5] - **Consumer Sector**: Open Source Securities focuses on the theme of emotional consumption for retail investment in 2025, identifying four main lines: gold and jewelry, offline retail, domestic beauty brands, and medical aesthetics. The firm suggests prioritizing companies with strong brand power and competitive advantages in these segments [6]

中国人民银行行长潘功胜5月7日在国新办新闻发布会上表示，人民银行将加大宏观调控强度，推出一揽 子货币政策措施，主要有三大类共十项措施。 潘功胜介绍，一是数量型政策，通过降准等措施，加大中长期流动性供给，保持市场流动性充裕；二是 价格型政策，下调政策利率，降低结构性货币政策工具利率，同时调降公积金贷款利率；三是结构型政 策，完善现有结构性货币政策工具，并创设新的政策工具，支持科技创新、扩大消费、普惠金融等领 域。 ·《推动公募基金高质量发展行动方案》印发证监会：提升投资者回报更大力度"引长钱" 新华财经北京5月8日电四大证券报内容精华摘要如下： 中国证券报 ·降准降息创设新工具人民银行推出十项货币政策措施 中国证监会主席吴清5月7日在国新办新闻发布会上表示，将大力推动中长期资金入市。在引导上市公司 完善治理、改善绩效，持续提升投资者回报的同时，更大力度"引长钱"，协同各方继续提升各类中长期 资金入市规模和占比，抓紧印发和落实《推动公募基金高质量发展行动方案》，更好地体现基金管理人 与投资者同甘共苦、共同发展、相互成就，努力形成"回报增—资金进—市场稳"的良性循环。 同日，证监会印发上述行动方案，以落实2024年 ...

每周一景： 云南玉龙雪山 点击右上角菜单，收听朗读版 【 宏观】货币宽松"再发力"——5月7日央行一揽子货币政策点评 降准降息落地，在关键时点释放出"适度宽松"来"稳增长、稳市场"的明确信号，体现了央行前瞻部署、主 动作为。 一揽子三大类 10 项货币政策组合，体现了货币政策总量与结构协同发力，对实体和资本市场的 全面支持。在外部关税冲击、内需还待提振的背景下，央行宽松周期预计将延续，接下来如果经济压力进 一步增加，降息降准等仍有空间。 财政或继续加快债券发行节奏，尤其是增加对消费领域支持力度，如有必要，下半年或继续增加全年财政 额度；房地产政策也有望进一步放松。另外 ，出口方面的针对性支持政策也在加码。 短期来看，关税摩擦对市场预期的影响相比于前期可能已在减弱，预期冲击最大的时候可能已经过去。 不 过从对经济的影响来看，实际冲击可能从 4 月数据开始逐步显现，再加上当前内需还要进一步巩固的背景 下，更需关注接下来国内经济基本面变化：一是 4 月出口可能还有前期抢出口的支撑，但 5 、 6 月份数 据可能会明显体现关税的冲击；二是地产的止跌企稳可能还需要更多政策支持，三是居民部门资产负债表 压力或未明显缓解。 ...

2025年《政府工作报告》提出，推动科技创新和产业创新融合发展，大力推进新型工业化，做大做强先 进制造业，促进新动能积厚成势、传统动能焕新升级。 记者了解到，一直以来，深交所坚持将支持科技创新、以创新引领高质量发展摆在突出位置。截至目 前，深市科技创新固收产品发行规模超2200亿元，有效激发创新发展的活力与动力，近年来落地多个典 型发债项目。 21世纪经济报道记者 杨坪 深圳报道 2025年5月7日，深交所发布《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》（以下简称 《通知》），进一步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， 激发科技创新动力和市场活力，助力培育新质生产力。 《通知》内容主要涵盖进一步拓宽发行主体和募集资金使用范围、简化信息披露安排及申报文件签章、 进一步完善配套支持机制三个方面。 《通知》指出，支持商业银行、证券公司、金融资产投资公司等金融机构发行科技创新债券，依法运用 募集资金通过贷款，股权、债券、基金投资，资本中介服务等多种途径，专项支持科技创新领域业务。 同时"新增支持股权投资机构募集资金用于私募股权投资基金。" 本报记者了解到，申万宏源证券、 ...

Core Viewpoint - The recent financial policy package reflects the central government's accurate understanding of the macroeconomic situation, injecting strong confidence into the market [1] Group 1: Policy Impact - The policies are expected to enhance market expectations for new liquidity, aiming to stabilize the capital market in the short term [1] - The combination of total policy regulation and precise structural support is anticipated to promote steady development of the real economy and transition towards high-quality economic growth in the medium to long term [1] Group 2: Market Confidence - Clear policy logic, pragmatic content, and defined execution paths contribute to strong market confidence [1] - As policies are gradually implemented and yield results, the inherent stability of the capital market is expected to improve, potentially elevating China's high-quality economic development to a new level [1]