中国人民银行天津市分行表示，下一步，将继续加强宣传推广和政策指导，鼓励中小金融机构通过柜台 渠道参与债券投资交易，推动柜台债券业务为实体经济发展注入更多金融动能，助力建设多层次债券市 场。(完) （文章来源：中国新闻网） 据统计，今年1至9月，天津市柜台债券成交规模31.57亿元，是去年同期的7.13倍；截至9月末，柜台债 券投资者共开立账户6.87万户，是去年同期的2.17倍；持债规模21.33亿元，是去年同期的12.81倍。 中新网天津11月20日电 (记者周亚强)记者20日从中国人民银行天津市分行获悉，日前，在该行推动和指 导下，天津渤海集团财务有限责任公司通过中信银行天津分行，依托中国外汇交易中心本币交易平台成 功落地首笔"柜台业务旗舰店"交易，金融债标的规模5000万元，标志着债券市场流动性提升，优化金融 服务模式取得新进展。 2025年以来，中国人民银行天津市分行召开柜台债券业务推动会，柜台交易品种和交易方式进一步扩 充，新增公募基金产品等柜台债券投资者类型，支持柜台渠道同业存单质押再贷款等，提升投资交易便 利性。 ...

Core Viewpoint - The article emphasizes the role of the securities industry in supporting the real economy and highlights the efforts of Zhongyuan Securities in promoting technological finance and inclusive finance as part of China's financial reform strategy [1][2]. Group 1: Support for Technological Enterprises - Zhongyuan Securities has successfully assisted Jianlong Micro-Nano in becoming the first company from Henan Province to list on the Sci-Tech Innovation Board, showcasing its commitment to supporting technology enterprises [2]. - The company has developed a "three-in-one" financial service model that integrates investment banking, investment, and loan services to enhance support for technological innovation [2][3]. Group 2: Inclusive Financial Services - Zhongyuan Securities has established a wealth management joint task force to enhance the accessibility of financial services, launching over 400 public fund products this year and facilitating financing of over 28 billion yuan for nearly 4,000 small and micro enterprises [5][6]. - The company has also focused on investor education, conducting over 800 educational events and reaching more than 30,000 investors [5]. Group 3: Regional Economic Development - Zhongyuan Securities is committed to differentiated and specialized development, integrating research, investment banking, and investment resources to provide tailored capital market services across Henan Province [6][7]. - The company has organized over 60 events to connect government, finance, and enterprises, effectively facilitating over 300 key enterprises in seizing merger and acquisition opportunities [7]. Group 4: Future Outlook - Zhongyuan Securities aims to enhance its professional capabilities in investment banking, investment, and research to better serve the real economy and contribute to the modernization of the Central Plains region [7].

Core Viewpoint - Zhongyuan Securities (601375) is committed to implementing the spirit of the Central Financial Work Conference, focusing on technology finance and inclusive finance, and integrating the cultivation of new productive forces with the financial needs of the public [1] Group 1: Support for Technology Enterprises - Zhongyuan Securities has successfully assisted Jianlong Micro-Nano in becoming the first company from Henan Province to list on the Sci-Tech Innovation Board, showcasing its role in supporting technology enterprises [2] - The company has developed a "three-in-one" financial service model that integrates investment banking, investment, and lending to enhance the quality and efficiency of services for technological innovation [2][3] Group 2: Financial Services for Small and Medium Enterprises - Zhongyuan Securities has established a wealth management service ecosystem to enhance the accessibility of inclusive financial services, launching over 400 public fund products this year and facilitating financing of over 28 billion yuan for nearly 4,000 small and medium enterprises [4] - The company has focused on incubating small and medium enterprises, helping them transition to the New Third Board and providing various specialized credit products [4] Group 3: Regional Economic Development - Zhongyuan Securities emphasizes differentiated and specialized development, integrating research, investment banking, and investment resources to provide tailored capital market services across 18 prefecture-level cities in Henan Province [5] - The company has organized over 60 events, including government-finance-enterprise matchmaking meetings and capital market training, to enhance regional economic development [6] Group 4: Future Outlook - Zhongyuan Securities aims to continuously improve its professional capabilities in investment banking, investment, and research, while enhancing the quality of financial services to contribute to the modernization of the Central Plains region [6]

Core Viewpoint - The public fund industry is positioned to play a significant role in wealth management and economic development during the "15th Five-Year Plan" period, focusing on enhancing investor experience and adapting to new wealth management demands [1][3][5]. Industry Development - The public fund industry has evolved into a crucial institutional investor in the capital market, contributing to the real economy, promoting common prosperity, and maintaining financial stability [1]. - The industry aims to enhance investor satisfaction as a primary focus, improving research and investment capabilities to better serve investors and meet their long-term wealth management needs [1][5]. Recent Reforms - A series of significant reforms have been implemented in the public fund industry, including fee rate adjustments, strengthening performance benchmarks, and restructuring research and investment systems, which have shown positive results [1][2][3]. - Companies like Guotai Fund and HSBC Jintrust have actively reduced management fees and other costs to benefit investors, while also enhancing investor experience through improved service quality and diversified product offerings [2][3]. Wealth Management Trends - The public fund industry recognizes a shift in wealth management needs, moving from single asset allocation to diversified investments, and from short-term speculation to long-term, stable returns [4][6]. - The industry anticipates that the capital market will become a primary vehicle for wealth management as real estate transitions back to its residential role, prompting residents to seek new investment avenues [3][4]. Enhancing Investor Experience - The industry is committed to improving investor experience by focusing on long-term sustainable returns, establishing performance evaluation mechanisms that prioritize long-term gains over short-term metrics [6][7]. - Companies are adopting strategies that emphasize product innovation, investor education, and enhanced service standards to foster a better investment experience and reduce irrational trading behaviors [6][7]. Future Outlook - The public fund industry is entering a new phase of high-quality development, shifting from a scale-oriented approach to one that prioritizes investor interests and value creation [7]. - The focus will be on long-term investment strategies and maintaining a strong alignment between product performance and investor outcomes, ensuring that the industry meets evolving wealth management demands [7].

Group 1 - The core viewpoint of the news is that Anjuke Food (603345.SH) has reported its third-quarter results for 2025, highlighting significant changes in institutional investor holdings [1] - As of October 28, 2025, a total of 41 institutional investors hold shares in Anjuke Food, with a combined holding of 113 million shares, representing 33.84% of the total share capital [1] - The top ten institutional investors collectively hold 31.10% of the shares, but this represents a decrease of 10.20 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, 14 funds increased their holdings, while 15 funds decreased their holdings, with the increase representing 0.24% and the decrease 0.72% [2] - Six new public funds were disclosed during this period, while 369 funds were not disclosed compared to the previous quarter [2] - One social security fund, the National Social Security Fund 113 Combination, was not disclosed in this period compared to the previous quarter [2]

Core Points - Changcheng Fund Management Co., Ltd. has engaged China Galaxy Securities Co., Ltd. to evaluate the risk levels of its public fund products, with changes effective from October 31, 2025 [1] - The company will raise the risk levels of certain public funds, and investors are encouraged to pay attention to these changes and their potential impact on investment decisions [1] - Different sales institutions may have varying methods for evaluating fund risk levels, leading to discrepancies in risk ratings across institutions [1] Summary by Category - **Risk Level Adjustment** - Changcheng Fund will increase the risk levels of some public funds starting October 31, 2025 [1] - Investors are advised to monitor changes in risk ratings and consider their own risk tolerance when making investment decisions [2] - **Investor Guidance** - Investors should be aware that the risk level of purchased funds may change due to market conditions or operational factors, potentially exceeding their risk tolerance [2] - The company emphasizes the importance of understanding the risk-return characteristics of funds before investing [2]

Core Viewpoint - The recent leadership changes at Huaxia Fund Management Co., Ltd. mark a new governance phase with the appointment of Zou Yingguang as the new chairman and Li Yimei as the vice chairman, following the resignation of Zhang Youjun [2][5][10]. Management Changes - Zhang Youjun has officially stepped down as chairman, with the transition smoothly completed [3][5]. - Zou Yingguang, a veteran in the financial industry with nearly 30 years of experience, has taken over as chairman and legal representative [5][6]. - Li Yimei, who has been with Huaxia Fund since 2001, has been promoted to vice chairman, showcasing the company's internal talent development [7][10]. Shareholder Structure Adjustment - Prior to the management changes, Huaxia Fund underwent a significant shareholder structure adjustment, with Tianjin Haipeng Technology Consulting Co., Ltd. transferring its 10% stake to a Qatar sovereign wealth fund entity [8]. - The new shareholder structure consists of Citic Securities holding 62.2%, Canada’s Mackenzie Financial Corporation holding 27.8%, and Qatar Holdings holding 10% [8]. Company Performance - As of the end of Q2 2025, Huaxia Fund's total assets under management exceeded 3 trillion yuan, reaching 30,345 billion yuan [9]. - For the first half of 2025, the company reported revenues of 4.258 billion yuan, a year-on-year increase of 16.05%, and a net profit of 1.123 billion yuan, up 5.74% [9]. Industry Position - Huaxia Fund, established in April 1998, is one of the first public fund management companies in China and has become a significant player in the industry [9][10]. - The dual adjustments in management and shareholder structure are viewed as strategic moves to adapt to industry changes and position for future growth [9].

Core Insights - The rapid breakthroughs in cutting-edge technologies like artificial intelligence are driving the active performance of the technology sector in capital markets, becoming a significant force for high-quality economic development [1] - Public funds are actively practicing high-quality development principles by deepening industry research and uncovering long-term value to help investors seize investment opportunities brought by technological innovation [1] Group 1: Technology Sector Dynamics - The A-share market is experiencing structural differentiation, with the technology sector, particularly the AI industry chain, leading the gains and becoming the focus of capital market attention [2] - The recent uptrend in the technology sector is supported by solid industrial foundations, with the AI revolution driving global industrial chain restructuring and creating a continuous influx of capital market momentum [2] - A virtuous cycle has formed in the global AI industry, characterized by "technological breakthroughs - application landing - commercial feedback," enhancing demand for computing power and expanding the industrial chain's prosperity [2][3] Group 2: Active Equity Investment Strategies - The construction of active equity investment capabilities has been elevated to a strategic level in the context of high-quality development for public funds [4] - Public funds are focusing on deepening research capabilities, diversifying investment strategies, and leveraging technology to build a sustainable investment ecosystem [4] - The integration of industry insights with long-term value investment principles is essential for capturing true alpha in structural markets, ensuring stable returns for investors [4] Group 3: Market Opportunities and Challenges - The innovative vitality in the domestic market is transcending the boundaries of technology and consumption, with the characteristics of China's large-scale market promising substantial innovation returns [3] - Fund managers are encouraged to avoid short-term thinking and instead focus on deep industry research to identify structural opportunities, while also adapting to rapid market changes [4]

Summary of the Conference Call Industry Overview - The conference call discusses the asset management industry in China, focusing on its overall situation, trends, and regulatory environment as of 2024 and projections for 2025. The estimated total asset management scale is approximately 159.78 trillion yuan, reflecting a year-on-year increase of about 13.27% [6][29][25]. Key Points and Arguments Asset Management Industry Growth - The asset management industry in China has shown robust growth, with various segments experiencing different rates of expansion. The public fund sector leads with a total net value of 32.83 trillion yuan, up 18.93% from the previous year [10][29]. - The bank wealth management products reached a scale of 29.95 trillion yuan, increasing by 11.75% [28][29]. - Trust assets grew to 29.56 trillion yuan, marking a 23.58% increase, while private equity funds saw a slight decline to 19.93 trillion yuan, down 1.92% [28][29]. Regulatory Environment - The regulatory framework for the asset management industry emphasizes risk prevention, standardization, and transformation towards high-quality development. Key policies include the promotion of personal pension systems and the establishment of a comprehensive regulatory framework for private equity funds [7][9][10]. - The "9.24" policy supports stock repurchases and enhances the capital-asset cycle, indicating a shift towards a more supportive regulatory environment for asset management [7]. Trends in Specific Sectors - **Bank Wealth Management**: The market is expected to expand steadily, with a shift towards fixed-income products as cash management products decline [8]. - **Trust Industry**: The trust sector is undergoing a transformation, with a focus on risk management and asset quality improvement. New trust products are primarily asset service trusts [9]. - **Public Funds**: The public fund sector is witnessing a trend towards passive investment strategies, with the number of funds reaching a historical high of 12,367 [10]. - **Insurance Asset Management**: The insurance asset management sector is stable, with a focus on long-term investments and a gradual increase in external funding sources [11]. - **Securities Firms**: The securities asset management sector is stabilizing, with a slight recovery in net income and a focus on public fund qualifications [12]. Investment Performance - The average performance benchmark for newly issued wealth management products has declined from 3.32% in January 2024 to 2.70% by December 2024, indicating a challenging environment for fixed-income products [33]. - Conversely, equity-related wealth management products have seen an increase in performance benchmarks, reflecting a recovery in the stock market [33]. AI Integration - The integration of AI in asset management is gaining attention, with potential applications in investment advisory and operational efficiency. However, there are concerns regarding risks associated with AI, including cybersecurity and data quality [14]. Additional Important Insights - The asset management industry is transitioning from a focus on scale to quality, with an emphasis on optimizing product strategies and enhancing operational efficiency [13][24]. - The overall market dynamics indicate a growing demand for diversified investment products as consumer preferences evolve in response to changing economic conditions [27][29]. This summary encapsulates the key insights from the conference call, highlighting the current state and future outlook of the asset management industry in China.

Core Viewpoint - Since September, local small and medium-sized banks have been continuously lowering deposit interest rates to alleviate net interest margin pressure and follow the trend set by larger banks [1][4]. Summary by Sections Deposit Rate Adjustments - On September 25, several banks in Henan, including Luoyang Rural Commercial Bank, announced reductions in RMB deposit rates, with the highest cut reaching 35 basis points [2][4]. - The new rates for fixed-term deposits at Luoyang Rural Commercial Bank are now 0.75% for three months, 1.00% for six months, 1.30% for one year, and 1.35% for two years, reflecting a decrease of 15 basis points for the shorter terms and 35 basis points for the longer terms [4]. Retail Deposit Trends - There has been a noticeable outflow of retail deposits, with many customers opting for wealth management products that offer better returns compared to traditional deposits [2][6]. - Retail deposit growth has significantly slowed for several banks, with major banks like China Merchants Bank and Ping An Bank experiencing declines in growth rates compared to the previous year [8][9]. Wealth Management Strategies - In response to the decline in retail deposits, banks are focusing on expanding their wealth management services, with a notable increase in the sales of public fund products [10]. - The shift towards cash management products is driven by their relatively low risk and better returns compared to traditional fixed-term deposits [10]. Market Dynamics - The current low deposit rates have led many depositors to transfer their funds into various asset management products, indicating a shift in investment behavior among customers [7][10]. - The trend of "deposit migration" is becoming a significant factor for banks, with large state-owned banks emerging as key players in absorbing these funds [10].