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].

3月28日，#兴业银行董监高带头降薪超300万#获网友关注。 根据年报显示，去年，兴业银行全体董事、监事和高级管理人员实际获得的报酬合计为1632.66万 元，较2023年的1941.98万元减少了309.32万元。 其中，董事长吕家进报告期内的税前报酬/津贴总额为161.40万元，较2023年的168.31万元减少了 6.91万元；副董事长、行长陈信健减少了6.52万元；降幅较大的诸如监事、首席风险官赖富荣的薪 酬从2023年的367.46万元降至2024年的157.86万元。 去年，兴业银行通过扩大集中采购范围、统筹分支机构运营费用管理等举措合理控制一般性、日 常性开支，业务及管理费同比下降0.65%，其中，职工薪酬收缩了1700万元。 此外经董事会审议，兴业银行计划每股分红1.06元，分红占归属净利润30.17%，首次超过30%， 连续15年提升。值得一提的是，与年报同时发布的还有《关于2025年度估值提升计划的公告》， 该公告提到，2025年将择机启动中期分红工作，增加分红频次。 近期，随着年报的披露，金融行业的薪酬情况备受市场关注。3月26日，"招商银行人均薪酬降至 60万元以内"冲上微博热搜。3月 ...

近年来，北京金融法院受理的证券纠纷案件数量持续保持高位。《白皮书》显示，2021年3月至2024年12月，北京金融 法院共受理证券纠纷案件9246件，证券纠纷收案数占北京金融法院民商事案件收案数的44.07%，继续保持高位。 证券纠纷案件数量高企的背后，体现出我国针对证券市场违规违法行为不断加强监管力度。北京金融法院审判第二庭庭 长丁宇翔接受证券时报记者采访时表示，随着治理手段的强化，监管资源力度的持续加大，资本市场"严"的氛围持续巩固 并不断强化。 证券虚假陈述责任纠纷为最主要案由 从案由分布看，北京金融法院受理的证券纠纷中，占据首位的是证券欺诈责任纠纷案件，有9101件。其中，证券虚假陈 述责任纠纷案件数量占证券欺诈责任纠纷案件的99.7%。 "证券纠纷中最主要的案由为证券虚假陈述责任纠纷。"北京金融法院党组成员、副院长薛峰指出，从行为表现看，虚假陈 述行为包括虚假记载、误导性陈述、重大遗漏以及未按规定披露。财务造假是具体的虚假陈述表现，也是最为常见的违 法行为。从行为目的看，虚假陈述行为包括诱多型虚假陈述与诱空型虚假陈述。在北京金融法院受理的57个系列案件 中，涉及诱多型的虚假陈述是大多数，共53个。 ...

Core Viewpoint - The article discusses the growth and characteristics of green bonds, particularly focusing on green credit bonds, which have shown resilience and growth in the current market environment [3][4]. Group 1: Definition and Characteristics of Green Bonds - Green bonds are defined as securities issued to raise funds specifically for supporting green industries, projects, or economic activities, with 100% of the proceeds allocated to eligible green projects [2]. Group 2: Special Features of Green Credit Bonds - In 2024, the overall issuance scale of green bonds has slowed, but green credit bonds have seen a 25.5% year-on-year increase, reaching 262.68 billion yuan, primarily driven by the issuance of medium-term notes [3]. - The average issuance term of green credit bonds in 2024 is 4.9 years, significantly longer than that of non-green credit bonds, with an average coupon rate of 2.5%, showing a downward trend [3]. - Over 80% of issuers are industry entities, with a high concentration in economically developed regions such as Jiangsu, Hubei, and Zhejiang, and the main sectors for issuance include public utilities, transportation, and non-bank financial industries [3]. Group 3: Investment Insights - As of February 28, 2025, the outstanding scale of green credit bonds is 898.54 billion yuan, accounting for 3.04% of the credit bond market, with medium-term notes making up the highest proportion at 48.4% [4]. - The remaining term structure of outstanding green credit bonds shows that the highest proportion (45.0%) falls within the 1-3 year range, with over 85% of bonds rated AA or above [4]. - Green credit bonds generally have lower valuation spreads compared to non-green credit bonds, indicating a relatively weaker "offensive" attribute, but high-rated bonds with terms over 10 years present opportunities for excess returns [4]. Group 4: Investment Recommendations - Green credit bonds are characterized by high yield stability and lower volatility compared to market averages, making them suitable as a "stabilizer" in investment portfolios [5]. - The low default rate of 0.15% since the inception of the green market in 2016, coupled with strong policy support, allows for a credit downshift strategy to seek excess returns [5]. - The article highlights the potential for central enterprises to issue long-term green bonds, which may create opportunities for rolling over existing debt [7].

未来，中信证券将继续维持内生式发展与外延式增长的平衡，巩固在国内的领先地位，做大做强国际业 务，加快建设一流投资银行和投资机构，为金融强国建设贡献力量。 27日，在中信证券2024年度业绩说明会上，中信证券董事长张佑君回答新华财经记者提问时表示，中信 证券将锚定国内领先和国际一流的投资银行愿景，从业务、客户、管理等方面多措并举提升公司的各项 竞争优势，巩固境内的领先地位，做大做强国际业务，加快建设一流投资银行和投资机构。 在业务层面，着重加强专业能力建设，通过创新业务模式、完善产品体系以及拓展服务场景，为客户提 供综合金融服务。中信证券不仅要在传统的股权、债权业务上为客户提供服务，还需在商品、外汇和利 率等业务线与产品方面，为客户提供更多契合资本市场需求的解决方案。 在客户层面，依托全球业务布局与区域中心建设，增强综合金融服务能力，发挥协同效应，进一步拓展 客户市场。 在管理层面，提升全球管控能力与管理效率，聚焦于支持业务发展以及有效管控风险。中信证券近年来 始终坚持全球一体化管理，致力于实现北京总部对中信证券全球业务的全面管理。 当前，证券行业相继出现多起合并等案例，中信证券如何看待行业整合趋势的影响？ 张 ...

Core Viewpoint - Guolian Minsheng reported a significant decline in both revenue and net profit for the year 2024, with net profit dropping by 40.8% and revenue decreasing by 9.21% compared to the previous year [3][4]. Financial Performance - The net profit attributable to the parent company was 397 million yuan, down 40.8% year-on-year [3]. - Total operating revenue for the year was 2.683 billion yuan, a decrease of 9.21% [3]. - Basic earnings per share fell to 0.14 yuan, down 41.67% year-on-year [3]. - The company proposed a cash dividend of 0.56 yuan per 10 shares, totaling 318 million yuan [3]. Business Segments - The main business segments include brokerage and wealth management, investment banking, asset management and investment, credit trading, and securities investment [3]. - The asset management and investment segment saw a revenue increase of 51.36%, reaching 707 million yuan [4]. - The brokerage and wealth management segment generated 982 million yuan in revenue, up 31.21% year-on-year [3]. - Securities investment revenue plummeted by 67.78%, amounting to 217 million yuan [5]. Investment Banking - Investment banking revenue decreased by 34.18% to 340 million yuan [4]. - The company completed 6 equity financing projects with a total underwriting amount of 2.65 billion yuan, including only 1 IPO project [4]. - The total underwriting amount for domestic bond issuance was 40.268 billion yuan, down from 51.581 billion yuan in 2023 [4]. Fund Management - Guolian Minsheng holds a 75.5% stake in Guolian Fund, which had a total asset management scale of 196.196 billion yuan, a growth of 31.88% year-on-year [5]. - Guolian Fund achieved a revenue of 432 million yuan and a net profit of 61.63 million yuan in 2024 [5]. Executive Compensation - The total compensation for the board of directors and senior management was 14.6429 million yuan, a decrease of 15.18% from 17.2625 million yuan in 2023 [5]. - The chairman's salary was halved from 2.88 million yuan in 2023 to 1.4348 million yuan in 2024 [5]. - The highest-paid executive, Vice President Xu Chun, received a salary of 3.51 million yuan, 2.4 times that of the chairman [6].

Core Viewpoint - The company announced a profit distribution plan for the year 2024, proposing a cash dividend of RMB 0.056 per share, which represents 80.04% of the net profit attributable to shareholders for the year [1][2][5]. Profit Distribution Plan Details - The total cash dividend to be distributed amounts to RMB 318,113,197.14, based on a total share capital of 5,680,592,806 shares [2][4]. - The company's undistributed profits as of December 31, 2024, are RMB 3,132,880,870.62 [2][4]. - The cash dividend will be paid within two months after the shareholders' meeting that approves the distribution plan [3][5]. Historical Comparison - The cash dividend for 2024 is lower than the previous year's total of RMB 402,111,789.86 [4]. - The net profit attributable to shareholders for 2024 is reported at RMB 397,419,308.25, a decrease from RMB 671,319,142.04 in 2022 [4][5]. - The cumulative cash dividends over the last three accounting years total RMB 720,224,987.00 [6]. Compliance and Approval - The profit distribution plan has been approved by the company's board of directors and will be submitted for shareholder approval [5][6]. - The company confirms that it does not fall under any risk warning scenarios as per the stock listing rules [2][3].

CITIC Limited (00267) H2 2024 Earnings Call March 26, 2025 12:30 AM ET Speaker0Good afternoon. Today is the Citi Limited twenty twenty four Full Year Results Briefing. So before the briefing, please mute your mobile phone. Thank you. The briefing will be carried out in Mandarin.We are providing simultaneous REPRESENTATIVE:] interpretation in English and Cantonese.Speaker1In English and Cantonese. So if you need a headset, please raise your hand. And English is on Channel two and Cantonese is on Channel thre ...