以下文章来源于阿尔法工场DeepFund ，作者基哥 阿尔法工场DeepFund . "叫好不叫座" 从业绩数据来看，光大保德信基金近年来的表现确实不尽如人意。 根据光大证券2024年年报披露，截至2024年末，光大保德信基金资产管理总规模934亿元，其 中，公募资产管理规模757亿元，公募剔除货币理财规模570亿元。 专注基金行业事件、产品和人物故事，探究背后的深层逻辑。 作者 | 基哥 来源 | 阿尔法工场DeepFund 导语：当股东比较在意对基金公司的控制力时，股东发展势头好会极大提升公募的资源能力； 一旦股东自己遇到困难，会立刻向下传递。 4月中的一个凌晨，一则总经理离任公告，在光大保德信基金内部被疯狂转发。 公告显示，总经理刘翔因个人原因辞任，公司副总、首席运营总监兼首席信息官贺敬哲将代任总经 理职务。 刘翔实际上是先被免去党组成员职务后，才提出离职的，背后的原因或与近年来公司发展一直走下 坡路有关。 这一数据与四年前形成鲜明对比。2020年末，光大保德信基金资产管理总规模、公募资产管 理规模、公募剔除货币理财规模分别为1175亿元、1069亿元、794亿元。 这四年，正是刘翔执掌光大保德信基金的 ...

机构行为的十大伪规律 报告日期： 2025-05-06 [Table_Author] 首席分析师：颜子琦 [Table_IndNameRptType]2 固定收益 专题报告 第四，基金卖出就是"赎回潮"吗？——历史上看未必。由于 2024 年至今是 债券市场的大牛市，但每一次回调都相对快速，利率上行时市场总会产生"赎 回潮"的隐忧，而从数据上看基金也确实是多次行情的主要砸盘力量，但基金 的卖出行为不等于赎回潮，本文提供了两个思路进行辅助证明。 第五，保险都是配置盘吗？——交易盘比重已明显提升。通常我们认为，银行 与保险机构是债券市场中的两大类配置盘，而保险机构的行为又主要以超长 债配置为主，近年来由 30Y 国债逐步转向 30Y 地方债，但研究后我们发现， 2024 年以来保险机构中交易盘的占比已经明显攀升，可通过卖出数据辅以证 明。 执业证书号：S0010522030002 电话：13127532070 邮箱：yanzq@hazq.com [Table_Author] 研究助理：洪子彦 执业证书号：S0010123060036 电话：15851599909 邮箱：hongziyan@hazq.com 主要观 ...

Core Points - The Beijing Stock Exchange (BSE) has officially entered the "920" era with the code switching of six listed companies, enhancing stock identification and reflecting its status as the third national securities exchange [2][3][6] - The code switching initiative aims to unify the previously scattered stock codes and improve the recognition of listed companies, facilitating investor searches and transactions [3][5] Group 1: Code Switching Implementation - Six companies, including YingTai Bio and AiRong Software, have begun using the new 920 codes as a pilot starting May 6 [3][4] - The BSE plans to gradually switch the codes of the remaining 242 listed companies, which previously used codes starting with 43, 83, and 87 [3][5] - The transition to the 920 code segment is part of a broader effort to enhance the BSE's market identity and align with its focus on innovative small and medium enterprises [5][6] Group 2: Technical Aspects of Code Switching - The new code format will maintain the last three digits of the existing codes, while the first three digits will be standardized to 920 [8] - In cases of code duplication after the switch, the fourth digit will be adjusted sequentially based on the listing date to ensure uniqueness [8] - Historical trading data and market information will remain accessible under both the old and new codes, ensuring continuity for investors [10][11]

证券研究报告 金融行业周报 ——银行1季报整体稳健，推动供应链金融更好服务中小企业 证券分析师 王维逸S1060520040001（证券投资咨询） 袁喆奇S1060520080003（证券投资咨询） 李冰婷S1060520040002（证券投资咨询） 韦霁雯S1060524070004（证券投资咨询） 许 淼S1060525020001（证券投资咨询） 研究助理 李灵琇S1060124070021（一般证券业务） 请务必阅读正文后免责条款 2025年5月5日 1 核心观点 银行1季报整体稳健，推动供应链金融更好服务中小企业 行业新闻 行业数据 • 银行1季报整体稳健，个体分化持续 • 规范供应链金融，更好服务中小企业融资 • 银行卡清算机构管理办法重修订，强调运营监督管理 • 银行：中国人民银行召开落实金融"五篇大文章"总体统计制度动员部署会议 • 证券：《中华人民共和国民营经济促进法》出台 • 保险：发改委：推动稳就业稳经济 • 金融科技：中国支付清算协会发布收单外包风险提示 • 本周银行、证券、保险、金融科技指数分别变动-1.48%、-0.73%、-1.64%、+0.15% • 银行：公开市场操作实现净投 ...

Core Viewpoint - The article introduces the "Combination Equity Package" investment advisory service by Shenwan Hongyuan, designed to guide investors through the complexities of the market and enhance their investment strategies [1][2]. Group 1: Service Features - The "Combination Equity Package" is developed by a team of experienced advisors, offering a comprehensive suite of services including stock selection, timing guidance, and market analysis [2][4]. - The service includes a variety of educational resources such as method teaching, stock diagnostics, market insights, and investment philosophy sharing, catering to diverse investor needs [2][4]. - The package has a proven track record, with multiple service products running for several years, showcasing performance metrics like total return, relative return, and maximum drawdown [3]. Group 2: Specific Services Offered - Stock selection and timing guidance are provided through in-depth analysis from fundamental, technical, and liquidity perspectives, helping investors make informed decisions [4]. - The "Expert Stock Diagnosis" service allows investors to receive tailored insights on specific stocks, enhancing their understanding of the underlying investment logic [5]. - Exclusive videos are created by the advisory team to simplify complex market dynamics and investment strategies, supporting investors in their growth [6]. Group 3: Market Insights and Education - Continuous market monitoring and analysis are conducted to decode market fluctuations, providing timely insights that help investors navigate both major and minor market movements [7]. - The package includes specialized courses covering various investment aspects, from foundational theories to practical techniques, promoting a deeper understanding of investment methodologies [8]. - Monthly reports are generated to summarize the performance of the "Combination Equity Package," allowing for reflection on strategies and adjustments based on past experiences [9].

证券代码：601377 证券简称：兴业证券 公告编号：临2025-013 兴业证券股份有限公司 第六届董事会第三十次会议决议公告 本公司及董事会全体成员保证公告内容不存在虚假记载、误导性陈述或者重大遗漏，并对其内容的真实 性、准确性和完整性承担个别及连带责任。 兴业证券股份有限公司（以下简称"公司"或"兴业证券"）第六届董事会第三十次会议于2025年4月25日 以电子邮件方式发出会议通知，于2025年4月30日以通讯方式召开。公司现有董事9名，全体董事参加会 议。会议的召集、召开及表决程序符合《公司法》及《兴业证券股份有限公司章程》的相关规定。 本次会议审议通过了以下议案： 表决结果：同意9票；反对0票；弃权0票。 三、《关于聘任首席信息官的议案》 根据《兴业证券股份有限公司章程》《兴业证券股份有限公司首席类管理人员管理办法》以及相关监管 规定，经董事会薪酬与考核委员会提名，董事会同意聘任蒋剑飞先生为公司首席信息官，任期至第六届 董事会任期届满之日止。 蒋剑飞先生未持有本公司股票，与公司其他董事、监事、高级管理人员、实际控制人及持股5%以上股 东不存在关联关系，未受过中国证监会及其他有关部门的处罚和证券交易所 ...

Group 1 - The stock market sentiment is currently pessimistic, particularly among those who have cut their positions, while those who remain invested are more optimistic about future gains [1][3]. - Investors who held onto their stocks through the holiday are seen as true believers in the market, indicating a potential for upward movement post-holiday [3][5]. - The A-share market is expected to experience a new round of growth, with key sectors such as liquor, securities, real estate, and insurance still at the bottom, suggesting a rotation in industry performance [5][7]. Group 2 - The market is anticipated to open higher, potentially breaking through the 3300-point level, supported by favorable news, fundamentals, and valuations [3][5]. - The current market position is viewed as an opportunity, with many sectors having corrected significantly, indicating that the index is not overvalued [5][7]. - The overall market sentiment is expected to shift positively, with increased trading volume and a warming market environment after the holiday [5][7].

Market Overview and Macro Environment - The report highlights the transformation of China's economic growth model, with consumption becoming the largest driver of economic development. The financial market scale ranks among the top globally, and the interbank bond market is thriving, accounting for 88.0% of the total bond market by the end of 2024. The diversity of investor types and the continuous improvement in trading activity are also noted [1][2]. Reform of Operating Mechanisms - The report emphasizes the market-oriented promotion of the registration system reform, optimizing the registration and issuance management mechanisms. An information disclosure system is being established, and an innovative "regular issuance plan" mechanism is enhancing efficiency. The issuance pricing is being standardized, and self-regulation is being strengthened. Additionally, various investor protection tools are being provided to improve market liquidity [1][2]. Diversification of Product Supply - The interbank bond market offers a rich array of products categorized by issuer type, including government, financial institutions, and corporate credit bonds. The green bond market is developing robustly, with a continuously improving standard system. Bonds themed on sustainable development are rapidly growing, and technology innovation bonds are aiding financing for tech enterprises. Asset securitization is supporting inclusive finance and innovating financing models for private small and micro enterprises [1][2]. Diverse Risk Hedging Tools - The rapid development of the interbank derivatives market includes interest rate, exchange rate, and credit derivatives. The repo market and bond lending market are also being improved, facilitating risk hedging for foreign institutions [2]. Self-Regulation and Market Openness - The trading association is enhancing self-regulation through various means to standardize the market. The level of openness in the bond market is expanding, with the Panda bond market providing financing channels for foreign issuers. Mechanisms are continuously optimized to offer diverse services and a favorable business environment for foreign investors and intermediaries [2]. Future Outlook - The report projects that under the impetus of reforms, China's bond market will have more refined operating mechanisms, a richer product offering, and a higher degree of openness, thereby better serving the real economy and enhancing its influence in the global financial market [2].

Group 1 - The core viewpoint of the articles is the analysis of the expected growth rates of average hourly wages in the United States for April, with various financial institutions providing their forecasts [1][2] Group 2 - For the year-on-year growth rate of average hourly wages, the consensus among several institutions is +3.8% from previous data, with some institutions like Barclays and Morgan Stanley predicting +3.9% [1] - The month-on-month growth rate of average hourly wages is expected to remain stable at +0.3%, with a few institutions forecasting a slight decrease to +0.2% [2] - The predictions from various banks and financial institutions show a strong alignment, indicating a general consensus on wage growth expectations for April [1][2]

AI带动电子通信上下游维持高景气。2024年，半导体、消费电子行业研发费用同比增长17.2%、8.0%，带动净利润分别同比 增长13.2%、12.9%，高居各行业前列。 中国银河证券投资顾问费晚涛表示，趋势上，可以看到，随着我国智能产业的发展，多个行业的智能化程度加深，随着人形 机器人成为研究和发展的热点，有多家传统汽车零部件企业切入了这一领域，累计投资超百亿元，体现出了传统行业的智能化转 型努力。 中国银河证券首席策略分析师杨超指出，2024年以来，中央和监管部门出台了一系列政策，如降准、降息、降存量房贷利 率、创设支持股票市场稳定发展的各类工具等，为证券行业创造了有利的市场环境。政策导向明确，强调了资本市场的重要性， 推动了中长期资金入市，优化了市场生态。 值得注意的是，截至2024年底，超半数上市公司聚焦战略新兴产业，新上市公司中超八成集中在新一代信息技术、高端装备 制造、新材料、新能源汽车、生物、节能环保、航空航天、新能源等八大行业，新质生产力持续赋能上市公司业绩增长。 央视网消息：A股2024年年报披露刚刚收官，上市公司总体交出了一份怎样的"成绩单"呢？一起来看。 根据年报数据，2024年沪深上市公 ...