全力做好直接融资"服务商"，当好服务实体经济主力 军。 提升价值发现能力，加强项目甄别、估值定价、保荐承 销能力建设，率先发布申万宏源上市公司价值管理评价体 系，大力支持上市公司并购重组及产业链龙头整合。拓展普 惠金融服务深度，让普惠金融惠及更多实体。 新三板累计挂 牌企业家数、累计为挂牌企业提供定向发行次数保持第1， 北交所累计承销家数及募资金额排名第2。 坚定履行资本市场"看门人"职责，提升投行项目全周期 风险管理水平。 在2024年投行业务质量评价中荣获A类最高 评价，公司股票保荐、债券承销、并购重组财务顾问及北交 所等投行业务执业质量位列行业前列。 扎实践行社会财富"管理者"，高水平满足客户财富保值 增值需求。 以满足客户多元化配置需求为核心，持续推进产 品体系的建设和提质工作，加速资管业务主动化、公募化转 型，加大定投、指数化产品、固收类产品布局，首批获得粤 港澳大湾区"跨境理财通"业务试点资格，年内共销售金融产 品5,912.27亿元，较上年增长25.08%。 聚焦转型和竞争力提升， 2024年，申万宏源坚持以习近平新时代中国特色社会主义思想 为指导，深入贯彻党中央、国务院决策部署，主动融入、全力 ...

Investment Rating - The report maintains a positive outlook for the China equity market, with raised index targets for MXCN and MXHK, indicating a bullish sentiment for the upcoming quarters [5][6]. Core Insights - The report anticipates a mixed environment for 2Q25, with intertwined upside and downside risks, driven by factors such as better-than-expected EPS growth and potential macroeconomic challenges [5][6]. - The adoption of AI technologies, particularly DeepSeek, is expected to enhance corporate margins by identifying cost-saving opportunities [15][21]. - The report highlights a significant shift in fund flows, with US/HK listed China equity ETFs experiencing substantial net inflows, reversing previous outflows [23][26]. Summary by Sections 2Q25: Margins May Surprise Positively - The report identifies four key positives for 2Q25, including relative EPS growth upcycle within Asia and the positive impact of DeepSeek on corporate margins [7][15]. - The MSCI-China index has shown resilience, benefiting from improved policy visibility and earnings upcycle [7][8]. Index Targets, Sector Allocation, and Top Picks - The report raises all three targets for MXCN from HK$58/67/76 to HK$70/80/89 and for MXHK from HK$9,500/10,700/11,800 to HK$10,300/11,600/12,400 [5][6]. - Sector recommendations include upgrading Discretionary and Healthcare to Overweight (OW) while downgrading Industrials to Neutral [5][6]. Consumption and Retail Trends - Retail sales in China showed a year-on-year increase of 4.0% in January-February 2025, indicating a recovery in consumer sentiment [61][64]. - The report notes that the average home price to household income ratio has reached historically low levels, suggesting improved affordability in the housing market [45][70]. Fund Flows and Market Dynamics - Offshore passive fund flows have driven net inflows into China equities, accounting for 119% of total net inflows year-to-date [26][34]. - The report estimates that a 50 basis point increase in allocation to China could result in US$82 billion (Rmb592 billion) of net inflows [34].

Core Viewpoint - The article highlights the robust growth of China's bond market in the first quarter of 2025, with a total issuance of 20.7 trillion yuan, representing a year-on-year increase of 19%. The growth is driven primarily by interest rate bonds, which saw a significant increase in issuance compared to the previous year [2][5]. Bond Market Overview - As of March 31, 2025, the total bond market in mainland China reached 182.73 trillion yuan, an increase of 6.74 trillion yuan since the beginning of the year. This includes 112.30 trillion yuan in interest rate bonds, 49.22 trillion yuan in credit bonds, and 20.21 trillion yuan in interbank certificates of deposit [2]. - The issuance of interest rate bonds reached 7.9 trillion yuan in Q1 2025, a 49% increase year-on-year, with government bonds increasing by 34% and local government bonds by 80% [3][5]. Issuance Statistics - The total number of bonds issued in Q1 2025 was 11,686, with a total issuance amount of 206,845.3 million yuan, marking a 19% increase compared to the same period last year [5]. - The issuance of credit bonds decreased by 4% year-on-year to 4.5 trillion yuan, while interbank certificates of deposit saw a 13% increase to 8.3 trillion yuan [2][5]. Underwriting Rankings - In the bond underwriting sector for Q1 2025, the top three banks were China Bank, Industrial and Commercial Bank of China, and China Construction Bank, with underwriting amounts of 4,106.3 billion yuan, 3,432.9 billion yuan, and 3,411.4 billion yuan, respectively [8][9]. - For securities firms (excluding local government bonds), the top three were CITIC Securities, Guotai Junan, and CITIC Jianzhong, with underwriting amounts of 2,703.7 billion yuan, 2,595.2 billion yuan, and 1,822.7 billion yuan, respectively [16][20]. Financing Costs - The "CCB-Wind Interbank Bond Issuance Index" indicates that the overall issuance cost in Q1 2025 showed an upward trend, peaking around 42 in mid-February before starting to decline [6]. Credit Bond Underwriting - In the credit bond sector, CITIC Securities, Guotai Junan, and CITIC Bank led the rankings with underwriting amounts of 2,703.7 billion yuan, 2,595.2 billion yuan, and 2,099.2 billion yuan, respectively [33]. Asset-Backed Securities - For asset-backed securities (excluding REITs), Guotai Junan ranked first with an underwriting amount of 398.1 billion yuan, followed closely by CITIC Securities with 394.6 billion yuan [40].

在ABS承销方面2025年一季度各家机构表现如何，Wind第一时间为您隆重揭幕2025年一季度中国 内地市场ABS承销排行榜。 一级市场发行统计 1.1 市场累计存量规模 截止2025年3月31日，市场累计存量规模约32,173亿元。其中，信贷ABS存量规模4,182亿元，企 业ABS存量规模19,919亿元，ABN存量6,295亿元，公募REITs存量1,777亿元。 2025年一季度，ABS市场新增发行项目462只，发行规模达3,975亿元，同比增长31%，较去年一 季度的3,044亿元规模实现明显扩张。 信贷ABS新增发行29单，发行总额228亿元，同比减少40%。基础资产中，不良贷款以24单、112 亿元规模居首，个人汽车贷款紧随其后， 发行2单，共计72亿元。 企业ABS表现强劲，发行307单，规模2,637亿元，同比增幅达38%。细分领域方面，融资租赁债权 发行61单 ，共计657亿元 ，位列第一；一般小额贷款债权以55单、497亿元次之。 ABN市场增速明显，发行120单，规模1,010亿元，同比大幅增长59%。其中银行 / 互联网消费贷款 发行22单 ，共计185亿元 ，一般小额贷款债权发行1 ...

证券代码：002673 证券简称：西部证券 公告编号：2025-015 西部证券股份有限公司 本次会议审议并通过了以下事项： 作制度》的提案。 本公司及董事会全体成员保证信息披露的内容真实、准确、完 整，没有虚假记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 西部证券股份有限公司（以下简称"公司"）于2025年3月26日以 电子邮件结合电话提示的方式，向公司第六届董事会全体董事发出了 召开第六届董事会第十八次会议的通知及议案等资料。2025年3月31 日，本次会议在陕西省西安市东新街319号8幢公司总部会议室以现场 会议结合视频、通讯表决方式召开。 会议由公司董事长徐朝晖女士主持。本次会议应出席董事10人， 实际出席董事10人，其中徐朝晖女士、栾兰先生、徐谦先生现场出席 会议，陈强先生以通讯表决方式出席，其余董事通过视频方式出席会 议。公司监事和有关人员列席本次会议。本次会议召开及表决程序符 合《公司法》和《公司章程》的有关规定，会议合法有效。 二、董事会会议审议情况 表决结果：同意10票、反对0票、弃权0票。 制度》的提案。 表决结果：同意10票、反对0票、弃权0票。 施方案的提案。 表决结果：同意1 ...

自营业务是业绩重要支撑 自营业务成为中信证券近几年业绩的重要支撑。2024年，中信证券自营收入达到263.45亿元，同比增长 20.6%，在营收中贡献占比高达41.3%。 证券公司金融投资资产包括交易性金融资产、其他权益工具投资等。从财报来看，2024年末，中信证券 交易性金融资产6909亿元，较年初增长11%；衍生金融资产490亿元，较年初增长50%；其他权益工具 投资907亿元，为年初的9.5倍。 兴业证券非银金融行业首席分析师徐一洲认为，中信证券延续增配金融资产，截至2024年末，金融资产 投资规模较年初增长20.4%至8617.73亿元。以其他权益工具投资为主要增配目标，其规模同比增长 853.0%，预计通过永续债和高股息股票资产的配置来弱化市场波动的影响。 中信证券总经理邹迎光表示，近年来，中信证券积极践行国家战略，致力于完善市场功能，全力满足实 体经济与投资机构在全球交易风险管理及投资方面的需求。在固定收益、大宗商品、股权衍生品、证券 金融等领域成绩斐然，有力推动了公司经营业绩的稳定提升与资产规模的稳健增长。 新华财经北京3月31日电（记者闫鹏）近日，中信证券发布2024年年报。按照中国企业会计准 ...

| | | | 2 | 华泰联合 | 3 | | --- | --- | --- | | 2 | 中信证券 广司 | TITU 3 | | 4 | 、东兴证券TONWOOD TREE | | | 4 | 申万宏源 | 2 | | 4 | 中信建投 | 2 | | 7 | 华安证券 | 1 | | 7 | 广发证券 | 1 | | 7 | 国元证券 | 1 | | 7 | 平安证券 | 1 | | 7 | 申港证券 | 1 | | | 天风证券 | 1 | | 7 | 招商证券 | 1 | | 76 | 中金公司 | FOT 1 . | | 1 | 中国银河TONW( | on TREE | | 7 | 中泰证券 | 1 | | 7 | 中银国际 | 1 | | | 信计 | 27 | 二、律师事务所业绩排名 2025年1-3月，共有16家律师事务所为这27家新上市公司IPO提供了法律服务。 文/梧桐数据中心 随着3月28日开发科技（920029）在北交所上市，2025年1-3月A股合计新上市公司27家，其中沪市主板4家、科创板5家、深市主板3家、创业板12家、北交所3家。 相较去年同期的30家，同比下降10% ...

星标 ★ IPO日报 精彩文章第一时间推送 近期，A股市场并购重组持续活跃。 3月24日至3月30日（上周），多家上市公司发布并购计划，例如泰豪科技（600590.SH）拟购买江西泰豪军工集团13.87%股权、易普力 （002096.SZ）拟以3.16亿元收购松光民爆51%股份、浙江力诺（300838.SZ）拟收购徐州化工机械有限公司100%股权、淮河能源 （600575.SH）拟以11.94亿元购买淮河能源电力集团10.70%股权…… 与此同时，上周沪深交易所"久违"地均召开了并购重组委审议会议，审核了两家上市公司的并购项目。 制图：佘诗婕 多家重大资产重组 上周，在一众并购中，截至记者发稿，有三家上市公司的收购构成重大资产重组，包括一家还涉及换股吸收合并。 3月26日，迅捷兴(688655)公告称，公司正在筹划以发行股份及支付现金的方式购买深圳市嘉之宏电子有限公司（简称"嘉之宏"）100% 股权并募集配套资金。本次交易预计构成重大资产重组。 3月27日，概伦电子(688206)公告称，公司正在筹划通过发行股份及支付现金的方式购买成都锐成芯微科技股份有限公司控股权，同时 拟募集配套资金。经初步测算，本次交易 ...

In mainland financial discourse, there's a widely shared but largely untested belief that a rising stock market can stimulate consumption and help boost domestic demand. The logic is simple: rising stock prices fatten investor portfolios, leading to higher consumer spending, which in turn could reinvigorate economic recovery. This idea has even made its way into official policy. For example, China's recent planto "vigorously boost consumption" suggested measures such as "stabilising the stock market." Howev ...

Core Viewpoint - The China Securities Association (CSA) has released revised guidelines for comprehensive risk management in the securities industry to enhance risk management capabilities and core competitiveness, in line with national financial policies and regulatory requirements [1][3]. Group 1: Comprehensive Risk Management Guidelines - The revised "Comprehensive Risk Management Norms" aims to improve the risk management framework established since its first release in 2014, addressing shortcomings in risk culture, organizational structure, and data governance among securities firms [2][3]. - The revision emphasizes a proactive and preventive approach to risk management, advocating for a "penetrating and panoramic" risk control system that includes vertical integration of subsidiary risk management and monitoring mechanisms for cross-border and off-market derivatives [3][4]. Group 2: Market Risk Management Guidelines - The newly issued "Market Risk Management Guidelines" aim to establish a comprehensive, dynamic, and operationally effective market risk management framework, recognizing the increasing complexity and urgency of market risk management in the securities industry [3][4]. - Key components of the guidelines include a clear organizational structure, a full-process management system for market risk, a multi-tiered limit structure, and stringent data quality controls to ensure effective risk management [4]. Group 3: Future Directions - The CSA plans to continue implementing national policies and guiding the securities industry towards a modern risk management system that emphasizes comprehensive coverage, data transparency, and accountability, ultimately contributing to market stability and high-quality industry development [4].