4月29日，东海证券发布了两名高级管理人员辞职的公告。 首先是职工董事、执行委员会主任(总裁)杨明辞职；其次是到执行委员会委员高宇辞职。东海证券表 示，杨明辞职是因个人原因；高宇辞职是因个人职业规划调整。另外，在杨明辞职后，由董事长王文卓 代为履行公司执行委员会主任(总裁)职责。 4月29日，东海证券发布公告称，公司董事会于4月26日收到职工董事、执行委员会主任(总裁)杨明递交 的辞职报告。因个人原因，杨明辞去公司、公司控股子公司及参股公司所有职务。也就是说，杨明在辞 去东海证券执行委员会主任(总裁)职务的同时，也辞去东海投资董事长、东海基金董事长职务。 《每日经济新闻》记者获悉，杨明辞去东海证券执行委员会主任(总裁)后，东海证券也作出了过渡期安 排，决定由董事长王文卓代为履行公司执行委员会主任(总裁)职责，代为履行职务期限自公司董事会审 议通过之日起至新任执行委员会主任(总裁)到任之日止，最长不超过6个月。 另外，记者还了解到，杨明辞去东海基金董事长后，东海基金已迅速决定新任袁忠为董事长。据了解， 袁忠现为东海证券执行委员会委员、董事会秘书。 在4月29日的公告中，东海证券还提到，公司董事会于4月28日收到 ...

Group 1: Financial Performance - In 2024, Shanghai's local state-owned enterprises achieved a revenue of 3.5 trillion yuan, with a net profit attributable to shareholders of 186.62 billion yuan, reflecting a year-on-year growth of 10.2% [1][2] - The total assets of these enterprises surpassed 30 trillion yuan for the first time [1] - By the end of 2024, the total market value of 94 state-controlled listed companies in Shanghai reached 2.78 trillion yuan, marking a year-on-year increase of 28.5% [1][2] Group 2: Strategic Initiatives - Shanghai's state-owned enterprises are focusing on both "optimizing existing resources" and "cultivating new growth drivers" as part of their reform strategy [4] - The Shanghai State-owned Assets Supervision and Administration Commission has been enhancing the market value management of state-controlled listed companies through various measures [4][5] - Significant investments in strategic emerging industries have exceeded 180 billion yuan over the past three years, with these industries accounting for 26.4% of total revenue [2] Group 3: Mergers and Acquisitions - The merger of Guotai Junan and Haitong Securities is highlighted as a significant move in the capital market, showcasing the "Shanghai speed" in innovation [1][6] - The restructuring of Shanghai Guotai and Shanghai Kechuang Group aims to enhance the synergy between state-owned platforms and funds, positioning them as leaders in the national capital investment landscape [6][7] - The acquisition of Shanghai Zhi Group by Shanghai Jianke is a strategic step to upgrade traditional engineering consulting into high-end think tank services, aiming to reshape the competitive landscape of the industry [7] Group 4: Future Directions - Shanghai's state-owned enterprises are set to focus on discovering and transforming cutting-edge scientific research results, emphasizing early, small, long-term, and hard technology investments [7] - The city aims to optimize the layout of its state-owned economy and enhance the capabilities of key industries through strategic mergers and specialized integrations [7][8] - From 2018 to 2023, Shanghai's state-owned enterprises invested over 100 billion yuan overseas, with investments spanning various sectors including infrastructure, financial services, and biomedicine [11]

Core Insights - The Tianjin Free Trade Zone (FTZ) has launched 22 new financial innovation cases to address industry pain points and promote financial reform and development [1] - Over the past decade, the Tianjin FTZ has introduced a total of 183 financial innovation cases, enhancing financial services for local enterprises and contributing valuable experience to China's financial reform and opening-up [1] Group 1: New Financial Innovations - The FTZ has implemented the first nationwide "cold chain industry脱核链贷" financing model, which shifts the focus from core enterprise credit to actual transactions, thereby expanding the overall scale of industry financing [2] - The establishment of "绿租云," the first nationwide information platform for green leasing, significantly improves evaluation efficiency for green leasing projects [2] - The first securitization of intellectual property through ABCP in the country has been initiated, demonstrating the potential for transforming and activating intangible assets [2] Group 2: Local Innovations - The FTZ has launched the first "cultural and entertainment + consumption" international payment pilot area in Tianjin, enhancing payment experiences for foreign visitors and supporting small businesses in international trade [3] - The first cross-border RMB facilitation business in the Beijing-Tianjin-Hebei region has been completed, creating a "facilitation + electronic" dual-channel for high-quality enterprises [3] - The first "enterprise green code" linked loan has been introduced, incentivizing companies to improve their green practices based on their green code ratings [3] Group 3: System Innovations - The first cross-border RMB financing scheme has been designed to support integrated projects, facilitating the "going out" strategy for enterprises [4] - The inclusion of port comprehensive logistics service fees in service trade insurance helps logistics providers manage long settlement periods and high service costs [4] - The Tianjin Municipal Financial Office aims to enhance financial innovation development in the FTZ, focusing on serving economic construction and high-quality development [4]

文/梧桐数据中心 榜单前三名： 随着4月25日众捷汽车（301560）在创业板上市，2025年1-4月A股合计新上市公司37家，其中沪市主板8家、科创板5家、深市主板5家、创业板16家、北交所3家。 相较去年同期的35家，同比增长5.71%。这37家新上市公司募资净额为219.58亿元，相较去年同期的237.06亿元，同比下降7.37%。 一、保荐机构业绩排名 2025年1-4月，共有22家保荐机构承担了这37家新上市公司的IPO上市业务。 第一名：国泰海通（5单）（注：国泰君安与海通证券合并计算，其中海通证券有3单，国泰君安有2单） 第二名：华泰联合（4单）、中信证券（4单） | 排名 | 保存机构 | 业务更数 | | --- | --- | --- | | | 国泰海通 | 5 | | | 华泰联合 | 4 | | 2 ● | > 中信证券 | | | --- | --- | --- | | 40 | | | | 5 | UIVVV 东兴证券 | | | 5 | 申万宏源 | 2 | | 5 | 天风证券 | 2 | | 8 | 华安证券 | 1 | | 8 | 东方证券 | 1 | | 8 | 光大证 ...

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21世纪经济报道记者李域 实习生高天韵 深圳报道 蚂蚁财富溢价收购耀才证券，耀才证券应声大涨。 4月28日，耀才证券金融（以下简称耀才证券）股价大涨，当日股价收于5.55港元/股，涨幅达81.97%， 市值达94.2亿港元。 4月29日，耀才证券涨幅进一步扩大。截至收市，上涨31.53%，报7.3港元，最新市值已达123.9亿港 元，相比4月23日停牌时市值51.76亿港元大增72亿港元。 21世纪经济报道记者了解到，早在2015年，还未更名的蚂蚁金服曾计划入股德邦证券，不过后续未现身 德邦证券的股东名单。此后蚂蚁集团还曾多次出手，均未能有所斩获。直至此次要约收购。 西部证券表示，收购完成后，蚂蚁集团的科技优势与耀才证券间有望强化业务协同，实现客户资源、技 术能力和市场资源的优势互补，打造财富管理闭环，共享香港市场发展收益。此外，蚂蚁入局也或对香 港现有券商竞争格局带来一定冲击，建议后续关注收购进展及港股市场潜在催化。 溢价收购背后 公开信息显示，此次交易涉及耀才证券8.58亿股股份，占总股本的50.55%，总对价28.14亿港元，其中 10%定金已支付。 以耀才证券2024年未经审核税后纯利6.13亿港元计 ...

1、 国家发展改革委会同商务部、市场监管总局29日发布 《关于开展市场准入壁垒清理整治行动 促进全国统一大市场建设的通知》 ，进一步大力破 除市场准入壁垒，全面清理和整改违规设置市场准入壁垒的各类不合理规定和做法，建立健全线索归集、核实整改、案例通报等长效机制，让"非禁即 入"落地生根，营造公平的市场准入环境。 本次清理整治的重点是，以地方性法规、规章、行政规范性文件、其他政策性文件等形式设立和实行的违反 市场准入制度要求的各类规定文件，以及各级政府违规设置市场准入壁垒的各类做法情形。 今日导读 1. 记者获悉，近日，国家发展改革委已印发通知，会同财政部及时向地方追加下达今年第二批810亿元超长期特别国债资金，继续大力 支持消费品以旧换新。 国家发展改革委副主任赵辰昕4月28日表示，今年前两批消费品以旧换新资金一共下达超过1600亿元，后续还 有1400亿元左右，会根据各地支付进度陆续下达。 2. 贵州茅台(600519)4月29日晚间发布一季报，2025年第一季度营收为506.01亿元，同比增长10.54%；归母净利润为268.47亿元，同比 增长11.56%。 3. 新华保险4月29日晚间公告称，经董事会 ...

Group 1 - The core viewpoint is that index-based structured products are in high demand in a low-interest-rate environment, indicating a broad development prospect for these assets [1] - Since 2017, the fixed income department of CITIC Securities has been engaged in the market-making business for over-the-counter derivatives and structured products related to domestic government bonds, offering competitive product solutions and trading quotes [1] - CITIC Securities has leading capabilities in the design and trading of over-the-counter derivatives and structured products linked to government bond futures indices, providing customized trading solutions based on clients' market views [1] Group 2 - The government bond futures index allows market makers to offer more flexible trading structures and richer trading strategies compared to government bond futures [2] - The index, published by the China Securities Index Company, serves as a third-party recognized benchmark for structured products and provides a hedging underlying asset for multi-strategy products [2] - The fixed income department of CITIC Securities aims to combine tool-type indices with trading strategies, enhancing the productization of indices and offering a wider range of index-based over-the-counter derivatives and structured product solutions to the market [2]

Core Viewpoint - The bond market is experiencing low yield fluctuations, with the 10-year government bond yield around 1.65%, and analysts expect further declines, potentially reaching 1.4% or lower by the end of 2025 [1][2][3]. Group 1: Current Market Conditions - As of April 29, the interbank bond market shows slight fluctuations in yields, with the 10-year government bond yield down 2 basis points to 1.62% [2]. - The current market is characterized by a lack of significant new information, leading to a stable yield environment [2]. - Over 60% of investors anticipate a clear easing of monetary policy in the second quarter of this year, with expectations for potential rate cuts [2][3]. Group 2: Future Expectations - Most investors believe the 10-year government bond yield could reach a low of 1.5% or lower by the end of 2025, with 46% expecting it to hit 1.5%, and 19% predicting it could go as low as 1.4% [3]. - Analysts suggest that upcoming economic data, such as manufacturing PMI, could serve as catalysts for market movements [4]. Group 3: Investment Strategies - The prevailing strategy among investors is to adopt a "buy on dips" approach, focusing on long-duration bonds while maintaining liquidity [5][6]. - There is a notable shift towards a more optimistic outlook among investors, with an increase in those favoring longer-duration strategies [5]. - Credit bonds are viewed as having better relative value in the current environment, with recommendations to focus on high-grade issuers and specific bond types [6].

Group 1 - The core point of the article is that 首创证券 (Shouhua Securities) reported a decline in both revenue and net profit for the first quarter of 2025, indicating potential challenges in its financial performance [1] Group 2 - The company's revenue for Q1 2025 was 432 million yuan, representing a year-on-year decrease of 23.34% [1] - The net profit for the same period was 151 million yuan, showing a year-on-year decline of 31.42% [1]