Core Viewpoint - The successful issuance of the 2025 non-public corporate bonds by Beijing Tongzhou State-owned Capital Operation Co., Ltd. indicates a strong financing capability and a positive outlook for future development in line with the Beijing urban sub-center plan [1] Group 1: Bond Issuance Details - The bond, referred to as "25 Tongzi 01," has an issuance scale of 660 million yuan, a term of 3+2 years, an AA+ rating, and a coupon rate of 2.24% [1] - The funds raised from this bond issuance will be used entirely to repay interest-bearing debts, reflecting a strategic focus on debt management [1] - This issuance marks the second approval for corporate bond issuance in 2023, achieving a new low in financing costs for the issuer [1] Group 2: Company Background and Future Prospects - Tongzhou State-owned Capital Company is authorized by the Tongzhou District government to conduct primary land development and manage state-owned assets in the district [1] - The company’s main business includes real estate sales, land consolidation, infrastructure construction, and management of related state-owned assets, highlighting its significant role and growth potential [1] - The future business development prospects are promising due to the implementation of the Beijing urban sub-center plan [1]

Core Viewpoint - The merger between Guotai Junan Securities Co., Ltd. and Haitong Securities Co., Ltd. will result in Guotai Junan inheriting all assets, liabilities, businesses, personnel, contracts, qualifications, and other rights and obligations of Haitong Securities from the effective date of the merger [1] Group 1 - Haitong Securities' legal rights and obligations from documents signed before the merger will be inherited by Guotai Junan [1] - Guotai Junan will complete the registration of its name change and will conduct business and management activities under the new name [1] - Guotai Junan will continue to provide custody and operational outsourcing services previously offered by Haitong Securities [1] Group 2 - All asset management products previously managed by Haitong Securities, including public funds and private asset management plans, will have their custodian changed to Guotai Junan from the effective date of the merger [1] - Guotai Junan will inherit all rights and obligations as the custodian for these products, ensuring seamless custody services [1] - Guotai Junan will also continue to provide professional and efficient fund services as the fund service institution under relevant agreements [1]

文/梧桐兄弟 3月17日，湘财股份（600095）、大智慧（601519）分别发布《关于筹划重大资产重组的停牌公告》，湘财股份有限公司（以下简称"湘财股份"）与上海大智慧 股份有限公司（以下简称"大智慧"） 正在筹划由湘财股份通过向大智慧全体 A 股换股股东发行A股股票的方式换股吸收合并大智慧并发行A股股票募集配套资金 （以下简称"本次重组"）。 十年前的2015年，大智慧拟以85亿元收购湘财证券，后因合规性并购计划未果。此次是两家公司又一次"重组"。截至3月14日收盘，湘财股份股价报6.89元/股， 总市值为197亿元；大智慧股价报9.01元/股，总市值为181亿元。 成立日期：1994年3月25日 注册资本：2,859,187,743 元 | 今井 | I | 最高 | 10.00 | 成交量 | 1 | | --- | --- | --- | --- | --- | --- | | 昨收 | 6.89 | 最低 | - | 成交额 | I | | 换手率 | i | 市盈(TTM) | 171.25 | 总市值 | 197.00亿 | 本次重组的基本情况如下： 一、吸并方的基本情况 公司名称：湘财股份有 ...

证券研究报告 2025 年 3 月 11 日 星期二 | 期权标的 | 标的多空 | 牛市 | 熊市价 | 买入宽跨 | 卖出宽跨 | 买入偏实 | 买入偏虚 | 卖出远月 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 综合判断 | 价差 | 差策略 | 式策略 | 式策略 | 值期权策 | 值期权策 | 深虚期权 | | | 结果 | 策略 | | | | 略 | 略 | 策略 | 本报告的风险等级为高风险。 特别提示：由于期权价格波动较大，变化速度快，风险较大，敬请投资者控制风险。期权有风险，投资需谨慎。 请务必阅读末页声明。 1 由下图 2 可知，根据多空择时系统综合打分得到，所有标的的多空信号为：谨慎看多。 图 2. 多空择时系统综合打分结果 表 1. 基于标的的多空判断结果推荐期权策略类型 -25.00% -20.00% -15.00% -10.00% -5.00% 0.00% 5.00% 上证50ETF 沪深300ETF 中证500ETF 创业板ETF 深证100ETF 科创50ETF 各大期权标的的涨跌幅和相应指数成交 ...

公司愿景&业务构成 发挥野村集团的全球平台资源，长期立足中国资本市场，持续投入，逐步发展成为全牌照证券公司； 为中 国客户提供高端的综合金融服务方案。致力于树立中国金融市场上合资证券公司的"经营典范"。 财富管理部 机构业务部 研究部 资产管理部 企业金融部 自营交易部 品宣公关部 财富管理部 整合公司的牌照资源、业务资源、人力资源服务于国内高净值人群和大众理财人群并为其提供相应的专业 化、个性化的财富管理综合解决方案。 部门定位 定位及发展方向 · 财富管理部致力于为中国大陆市场的高端个人及企业投资者提供具有国际水准的咨询及交易服务。 · 凭借野村多年全球化深耕经验，发挥出通过面谈进行财富规划的咨询优势，服务于中国高净值人群。 · 秉承野村传统，通过专业化精细化的财富管理服务团队，一切以客户为中心。 发展 方向 ·立足中国，依托野村全球资源，打造一流的国际化财富管理平台。 ·"客户至上"原则，始终坚持"买方"财富管理理念，与客户共成长。 ·强化服务能力，依托专业财富资源团队，打造一流的财富管理队伍。 机构业务部 机构业务部依托野村集团全球平台、整合公司各业务领域资源，为合格境外机构投资者、国内公募基金、 私 ...

Group 1 - The core focus of the event was on financial fraud prevention, particularly targeting common scams among students such as online fraud, campus loan scams, and gaming transaction fraud [2][3] - The speaker, Adilaimu, provided detailed analysis of fraud tactics, psychological traps, and key oversights that students often make, emphasizing the importance of vigilance and not sharing personal information [2][3] - A principle called "Three Nos and One More" was introduced, which includes not clicking, not believing, not disclosing, and verifying information [2][3] Group 2 - The interactive session saw students actively engaging with questions about identifying fraudulent calls and whom to contact in suspected fraud cases, creating a lively atmosphere [3] - Adilaimu shared information on national and local policies and achievements in combating financial fraud, enhancing students' confidence in fraud prevention [3] - Students were encouraged to remember and share the anti-fraud knowledge with family and friends to build a robust social financial safety net [3]

Core Viewpoint - The article discusses the recent volatility in the bond market, highlighting banks' strategies to manage profits through the sale of OCI and AC account assets to offset losses from rising interest rates [1][3][12]. Group 1: Market Conditions - The bond market experienced significant fluctuations, with long-term bond yields reaching new highs in 2025, such as the 10-year government bond yield hitting 1.8025% and the 1-year bond yield rising to 1.61% [1]. - The market has been characterized by a "negative feedback" loop, where the volatility in bond prices has led to a lack of profitability for many institutions since the beginning of the year [12]. Group 2: Bank Strategies - Banks are reportedly selling bonds from OCI and AC accounts to realize gains and manage quarterly profits, a practice that reflects the flexibility of accounting standards [3][6]. - The sale of OCI assets allows banks to transfer accumulated gains directly to the profit and loss statement, while AC asset sales enable the recognition of the difference between fair value and book value as current profits [6][14]. Group 3: Financial Impact - To fully offset the impact of bond market fluctuations on profits, banks would need to sell approximately 2.2 trillion yuan of OCI assets, which represents 9.7% of the OCI balance as of the third quarter of 2024 [13]. - The costs associated with selling OCI and AC assets include capital loss for OCI and the potential loss of interest income for AC, necessitating a cautious approach to asset liquidation [14]. Group 4: Institutional Performance - The ability of banks to release performance through OCI varies, with state-owned banks and rural commercial banks having the most capacity, while joint-stock and city commercial banks have limited space [12]. - The article notes that the ongoing liquidity issues faced by large banks, termed "liability scarcity," have affected their ability to invest in bonds, leading to a net selling trend observed since late February [10][9].

Core Viewpoint - The recent tight balance of funds reflects several underlying issues, including a long-term negative growth rate in the loan-to-deposit ratio and significant demand from commercial banks for medium to long-term liabilities [1][2]. Group 1: Recent Funding Tightness - The funding rates have been high since the end of the holiday until the end of February, with rates exceeding the upper limit of the overnight reverse repurchase rate corridor [2]. - There is a persistent negative growth rate in the loan-to-deposit balance, with increasing differentiation in the deposit-raising capabilities of large and small banks [2]. - The issuance rates of negotiable certificates of deposit (NCD) for state-owned banks and city commercial banks have risen, leading to renewal pressures due to the narrowing interest rate spread [2]. Group 2: Central Bank's Monetary Policy - The central bank's recent "loose statement" and "steady operation" indicate a long-term "moderately loose" state, while short-term monetary tool operations require consideration of various factors [3]. - The central bank aims to maintain the "transmission efficiency" of monetary policy, with liquidity management potentially adjusting the curve shape [3]. - The central bank's medium to long-term liquidity provision is increasingly leaning towards buyout reverse repos, with a trend of shortening the duration of monetary tools [3]. Group 3: March Liquidity Outlook - The liquidity gap in March is expected to narrow significantly compared to January and February, with government debt net financing pressure easing [4]. - City commercial banks and joint-stock banks face the highest renewal pressure for certificates of deposit in the first quarter, which may keep issuance rates elevated [4]. - The central bank's liquidity provision strategy may lead to a structural "long money" gap, with a focus on the potential for a reserve requirement ratio (RRR) cut between the end of the first quarter and the beginning of the second quarter [5].

Core Viewpoint - The report emphasizes the importance of considering multiple trading factors in industry comparisons, as relying solely on a single factor may not yield long-term success [2][3]. Trading Factors Worth Noting - Stock prices do not always reflect fundamentals, making trading factors crucial to avoid the risk of "correct logic but poor timing" [3]. - Momentum is highlighted as a key factor, indicating potential industry benefits; industries with positive momentum are likely to perform better in the future [3]. - Turnover rate serves as a measure of how well stock prices reflect positive news; industries with low turnover rates tend to perform better than those with high turnover rates [3]. - Trading congestion is identified as a risk aversion indicator; higher congestion levels often correlate with poorer industry performance [4]. Industry Comparison Scoring Logic - A scoring system based on trading factors is proposed, focusing on industries with potential benefits that are not fully reflected in stock prices and are not overcrowded in trading [5]. - Historical data from February 2014 to January 2025 shows that industries with higher scores yield better performance, with annualized returns of 11.5% for the highest scoring group compared to 0.3% for the lowest [5]. Long/Short Strategy Performance - A long/short strategy, holding the highest scoring industries while shorting the lowest, achieved an annualized return of 10.1% and a Sharpe ratio of 0.75 from February 2014 to January 2025, indicating the effectiveness of the trading factor scoring system [7].

杨成长分析，纵观全球成熟资本市场发展，其与产业升级、产业发展紧密关联。在加 快培育新质生产力背景下，标杆龙头企业的市场地位尤为重要。这些企业如同股市的"定 海神针"，对于稳定市场预期、引领行业风向至关重要。 支持更多优质创新企业上市 "稳住股市要进一步提高A股市场的可投性，支持更多优质创新企业上市， 推动资本市场与产业深度融合互动。"杨成长表示。 一 "支持优质未盈利科技型企业发行上市，支持境外上市的优质科技企业回归A股，研究 制定更好支持新质生产力发展的专门政策安排等举措应尽快落地。"杨成长建议。 全国政协委员、申万宏源证券研究所首席经济学家杨成长日前在接受记者采访时表 示，稳住股市依然是2025年资本市场高质量发展的重要任务，夯实"稳"的基础，应进一步 提高A股市场可投性，加快资本市场机构化进程，地方政府等也需发挥合力助力稳市场。 "未来，股权投资的长期价值逐渐显现，将成为居民资产配置的重要方向，更多中长期 资金将涌入A股市场助力稳股市。"杨成长表示。 在杨成长看来，稳住股市需要监管部门、地方政府等多方共同努力。 杨成长分析，当前地方政府在借力资本市场服务实体经济时，往往将目光聚焦在上市 公司数量和上市公 ...