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【固收】同业存单集中到期,非法人类产品大幅增持利率品——2025年6月份债券托管量数据点评(张旭)
光大证券研究· 2025-07-26 12:41
Group 1 - The total amount of bonds under custody has slightly increased, reaching 171.29 trillion yuan as of June 2025, with a net increase of 1.30 trillion yuan compared to the previous month [3] - The custody of interest rate bonds is 117.40 trillion yuan, accounting for 68.54% of the total, with a net increase of 1.67 trillion yuan [3] - The custody of credit bonds is 18.51 trillion yuan, representing 10.81% of the total, with a net increase of 0.17 trillion yuan [3] Group 2 - Policy banks and insurance institutions have increased their holdings of major bond types, while commercial banks have increased their holdings of interest rate products but reduced their holdings of interbank certificates and major credit bonds [4] - Non-legal person products have significantly increased their holdings of government bonds and medium-term notes, while commercial banks have reduced their holdings of corporate bonds and non-public directed tools [5] Group 3 - The leverage ratio in the bond market has slightly increased, with the estimated balance of repurchase agreements reaching 121.51 trillion yuan, resulting in a leverage ratio of 107.64%, which is an increase of 0.90 percentage points from the previous month [6]
吴清挂帅,资本市场“超级智囊团”名单曝光!关乎2亿股民重磅会议召开
21世纪经济报道· 2025-07-26 11:21
Core Viewpoint - The establishment of the China Capital Market Society marks the creation of an official think tank and advisory group for the capital market, which is significant for the 200 million stock investors in China [1] Group 1 - The society is led by prominent figures, with the Chairman of the China Securities Regulatory Commission (CSRC), Wu Qing, serving as the president, indicating strong governmental support [2] - The executive vice presidents include key individuals such as the CSRC vice chairman, Li Chao, showcasing a powerful leadership team [3] - Wei Gang, the deputy director of the China Securities Finance Research Institute, is appointed as the legal representative of the society [4] Group 2 - The society's membership includes top scholars from prestigious universities, leaders from major financial institutions, and representatives from listed companies, forming a "star-studded" lineup [5] Group 3 - The society will focus on seven core areas to address market challenges, with specialized committees established for macro and industrial issues, market stability and risk prevention, innovation development, market microstructure, futures and derivatives, international markets and openness, and legal frameworks and investor protection [6][7] Group 4 - The society plans to launch an official academic journal titled "Capital Market Research," which will serve as a leading publication in the field of China's capital markets [8][9]
首创证券: 董事会成员及雇员多元化政策(草案)(H股发行上市后适用)
Zheng Quan Zhi Xing· 2025-07-25 16:37
Core Viewpoint - The policy aims to enhance the diversity of the board members and employees at Shouchao Securities, recognizing that diversity contributes positively to the company's performance and sustainable development [1][2]. General Policy - The company believes that a diverse board and workforce are essential for achieving strategic goals and maintaining sustainable development [1][2]. - The policy outlines the commitment to equal opportunities in recruitment, training, development, compensation, and promotion, focusing on various aspects of diversity such as skills, experience, education, culture, and gender [1][2]. Board and Nomination Committee Considerations - The board and the nomination committee will consider multiple factors when evaluating candidates for board positions, including diversity of perspectives, qualifications, time commitment, reputation, and potential contributions [2][3]. - The composition of the board, including aspects like gender and age, will be disclosed annually in the corporate governance report [2][3]. Gender Diversity Commitment - The company is dedicated to maintaining gender diversity at both the board and employee levels, aiming to have at least one member of a different gender on the board [3][4]. - There is a focus on increasing the proportion of female directors and providing more development opportunities for female employees [4]. Training and Development - The company provides training and development opportunities tailored to the specific needs and career aspirations of employees, including training on diversity and inclusion [4]. Monitoring and Reporting - The nomination committee is responsible for identifying and nominating board candidates according to the policy and relevant regulations [5]. - The company will assess and report on the execution of diversity initiatives annually in the corporate governance report, including measurable targets and progress [5]. Policy Review and Compliance - The nomination committee will review the policy periodically to ensure its effectiveness and propose amendments to the board as necessary [5]. - The policy will take effect upon the listing of the company's H shares on the Hong Kong Stock Exchange [5].
首创证券: 关于增选独立董事的公告
Zheng Quan Zhi Xing· 2025-07-25 16:37
Core Points - The company is enhancing its governance structure following the issuance of H shares and the application for listing on the Hong Kong Stock Exchange [1] - The board of directors has nominated Mr. Yang Haibin as an independent director candidate, with the term starting from the listing date of the H shares [1] - Mr. Yang's qualifications and independence must be approved by the Shanghai Stock Exchange before being submitted for shareholder approval [1] Summary of Candidate's Profile - Mr. Yang Haibin, born in 1972, is a Hong Kong national with a doctoral degree and has held various academic positions, including professor at the Chinese University of Hong Kong [2] - As of the announcement date, Mr. Yang does not hold any shares in the company and has no relationships with other directors or significant shareholders [2] - His qualifications meet the relevant regulations and guidelines set forth by the Company Law and the Shanghai Stock Exchange [2]
券商集体“卷”起“反内卷”研究!7月已发近500条研报
Nan Fang Du Shi Bao· 2025-07-25 15:29
Group 1 - The term "anti-involution" has gained significant attention in the securities industry, with nearly 500 related research reports published since July, averaging about 20 reports per day across various sectors including metals, power equipment, coal, and e-commerce [2][4] - The government has recognized the issue of "involution" in its 2025 agenda, emphasizing the need to address low-price and disorderly competition, which has distorted market mechanisms and disrupted fair competition [3][4] - The recent surge in "anti-involution" research and roadshows indicates a potential shift in market trends, with sectors like photovoltaics, lithium batteries, and steel expected to see increased policy support [2][5] Group 2 - The "anti-involution" theme has led to a proliferation of roadshows, with over 99 events recorded on the Wind platform, indicating strong interest from various securities firms [5] - Analysts suggest that the current wave of "anti-involution" is a response to policy catalysts and reflects a strategic move by securities firms to capture market opportunities amid increasing competition in research [7] - The "anti-involution" policies are expected to lead to structural adjustments in supply-side strategies, with a focus on high-quality development and addressing issues in industries heavily impacted by "involution" [8][9] Group 3 - The photovoltaic industry is identified as a leader in the "anti-involution" movement, with strategies focusing on price increases and production limits to combat excessive low-price competition [10] - The steel industry is also undergoing a supply-side structural reform, with plans for differentiated production control based on efficiency and environmental standards, as well as promoting industry consolidation [10] - International experiences from the U.S., Japan, and Germany are being analyzed for potential strategies to combat "involution," emphasizing the importance of industry mergers and market-driven solutions [11][12]
科创债狂飙3800亿!中信独占鳌头,中小券商黑马突围
2 1 Shi Ji Jing Ji Bao Dao· 2025-07-25 13:33
Group 1 - The core point of the article highlights the significant growth in the bond market, particularly in the technology innovation bond sector, with a total underwriting amount of 381.39 billion yuan, representing a year-on-year increase of 56.48% [2][4] - A total of 68 securities firms participated as lead underwriters for 380 technology innovation bonds, continuing the explosive growth trend that began in 2020 [2][4] - The top three firms, CITIC Securities, CITIC Construction Investment, and Guotai Junan, captured over 47% of the market share in technology innovation bond underwriting [2][4] Group 2 - The performance of small and medium-sized securities firms has been notable, particularly in niche markets such as support bonds for small and micro enterprises and "Belt and Road" bonds, where they have made significant inroads [2][8] - In the "Belt and Road" bond sector, three small securities firms ranked among the top five underwriters, a significant increase from the previous year [2][8] - The underwriting amount for private enterprise bonds reached 239.39 billion yuan, showing a substantial increase from the previous year's 183.70 billion yuan [7] Group 3 - The regulatory environment has played a crucial role in the growth of the technology innovation bond market, with policies encouraging securities firms to enhance their capabilities in this area [6] - The merger of Guotai Junan and Haitong Securities has significantly impacted the rankings, with their combined underwriting amount surpassing that of other major firms [5] - The rural revitalization bond market saw a doubling in scale, driven primarily by the strong performance of leading securities firms [9]
深交所:本周共对84起证券异常交易行为采取了自律监管措施
news flash· 2025-07-25 10:13
深交所:本周共对84起证券异常交易行为采取了自律监管措施 智通财经7月25日电,深交所公告,7月21日至7月25日,本所共对84起证券异常交易行为采取了自律监 管措施,涉及盘中拉抬打压、虚假申报等异常交易情形;共对4起上市公司重大事项进行核查,并上报 证监会1起涉嫌违法违规案件线索。 ...
IPO项目上市不到两年被ST 民生证券持续督导是否尽责?|科创板6周年
Xin Lang Zheng Quan· 2025-07-25 09:27
Core Insights - The Sci-Tech Innovation Board (STAR Market) has significantly optimized the industry structure of the A-share market since its launch on July 22, 2019, with a total of 591 companies listed and a cumulative IPO fundraising of 927.156 billion yuan, leading to a total market capitalization exceeding 7 trillion yuan [1]. Group 1: IPO Performance - As of the sixth anniversary of the STAR Market, a total of 591 companies have been listed, with two companies delisted and two under delisting risk warnings [6]. - The top five underwriters by fundraising amount are Guotai Junan and Haitong Securities (213.777 billion yuan), CITIC Securities (167.069 billion yuan), CICC (130.254 billion yuan), and CITIC Jianzhong Securities (88.015 billion yuan) [5]. - Guotai Junan and Haitong Securities lead in the number of IPOs underwritten, with a total of 112, followed by CICC (70), CITIC Jianzhong (64), and Huatai Securities (56) [5]. Group 2: Company Quality and Issues - Minsheng Securities has faced significant challenges, with multiple IPO projects under its sponsorship encountering quality issues, leading to a C-class rating from the China Securities Association for two consecutive years [6]. - ST Yifei, a company sponsored by Minsheng Securities, was placed under special treatment due to internal control deficiencies, raising questions about the diligence of the underwriting process [7][8]. - The 2024 annual report of ST Yifei revealed a 75.94% decrease in net profit compared to 2023, with discrepancies between the preliminary earnings report and the actual results, prompting regulatory scrutiny [9].
【计算机】稳定币驱动人民币全球支付活跃度攀升,第三方支付公司或将持续受益——稳定币专题报告之二(施鑫展/白玥)
光大证券研究· 2025-07-25 08:56
点击注册小程序 查看完整报告 2015至2024年间,在央行跨境贸易结算试点、货币互换协议扩容等多维战略推动下,人民币国际化取得显 著突破:根据SWIFT监测数据,其全球支付份额从2015年12月约2%升至2024年12月约4%,跨境收付规模 由12万亿元增至64万亿元。然而,资本账户管制、离岸应用场景局限及地缘政治壁垒等结构性约束,导致 后续增长动能边际趋缓。在此背景下,稳定币凭借其去中心化架构、离岸自由流通特性及技术代偿能力, 通过数字人民币(e-CNY)、多边央行数字货币桥项目(简称mBridge)形成协同效应,共同构建"传统货 币与数字货币双轨并行"的国际化战略体系,有望突破现有流动性瓶颈,驱动人民币国际使用活跃度的加 速跃升。 2024年全球跨境支付规模约200万亿美元,预计24-32年CAGR大于6%,人民币全球支付规模不断提升 全球跨境支付市场持续稳定扩张,2024年交易流量总额达194.6万亿美元,2019-2024复合年增长率约为 9%。据FXC Intelligence预测,至2032年市场规模将达320万亿美元,未来8年复合年均增长率维持在 6.4%。当前人民币为全球第四大活跃货币,仅次 ...
东兴证券“踩雷”欺诈发行第一股 近四年在科创板“交白卷”储备项目归0|科创板6周年
Xin Lang Zheng Quan· 2025-07-25 05:02
查看更多考评等级 2019年7月22日,定位"硬科技"的科创板正式开市,也标志着注册制试点落地。截至2025年7月22日,科创板累计有591家公司上市(含已退市两家),IPO募 集资金合计9271.56亿元,总市值超过7万亿元。科创板显著优化了A股市场行业结构,成为关键核心技术攻关新型举国体制的重要平台。 分券商看,共有65家券商为591家科创板企业提供承销保荐服务,其中中信证券承销数量最多,为99家(含联合承销,下同);中金公司、中信建投、原海 通证券、华泰联合分别以70家、64家、62家、55家的承销数量位列第二至五位。如果将原国泰君安和海通证券合并计算,国泰海通IPO承销数量为112家, 排名第一。 | | | 科创板开市6周年IP0承销情况 | | | --- | --- | --- | --- | | 序号 | ·· | 募集资金(亿元) 承销家数 | TT | | | 国泰海通 | 2,137.77 | 112 | | 2 | 中信证券 | 1,670.69 | ਰੇਰੇ | | 3 | 中等公司 | 1,302.54 | 70 | | ব | 中信建投证券 | 880.15 | ୧4 | | ട ...