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又一位时代性大佬,走了!
首席商业评论· 2025-10-11 04:36
以下文章来源于华商韬略 ,作者张静波 华商韬略 . 聚焦标杆与热点、解构趋势与韬略 作者:张静波 来源:华商韬略(ID:hstl8888) 2025年10月7日,曾经缔造了万国神话、被称为"中国证券教父"的管金生,因突发疾病抢救无效与世长辞。 管金生的一生,跌宕起伏。 他于1988年创办万国证券,开创了中国证券市场的多个先河,是中国资本市场的先驱与奠基人之一。 尽管在"327国债事件"中,他因为激进的交易策略,最后违规操作导致巨亏,直接导致了万国证券被合并, 也让他本人入狱。 但无论其对市场开拓性的贡献,以及晚年仍心系金融创新的努力,都让他成为中国资本市场发展史上无法 被忽视的人物。 01 中国证券教父 1990年的上海,春潮涌动。那年4月,国务院宣布开发浦东,上海迎来历史性机遇。为了重振上海金融业, 时任市长朱镕基宣布组建上海证券交易所。 这一历史使命被交到中国人民银行上海分行金管处副处长尉文渊手中。上任伊始,他的第一个业务电话, 就是打给管金生的。当时的管金生有点小得意,他在电话里称:"我知道迟早会接到这个电话,只是不知道 会是谁打来的。" 管金生的自信,来自万国证券的行业地位。当时,全上海只有三家证券公 ...
证券业大佬管金生去世
证券时报· 2025-10-10 00:08
管金生逝世。 10月9日晚间,上海九颂山河股权投资基金管理有限公司公告,近日收到实际控制人、执行董事管金生家属的通知,管金生因突发疾病抢救无效,不幸于2025年10 月7日与世长辞。 公告称,管金生作为中国证券行业的先驱,毕生致力于金融事业的创新与发展。 1988年,他创办万国证券,开创了中国证券市场的多个先河,被誉为"中国证券教父"。其深厚的专业素养与前瞻性视野,为行业培养了大批人才,对中国资本市场 的规范化、国际化进程作出了不可磨灭的贡献。2016年,管金生创立上海九颂山河股权投资基金管理有限公司,继续投身于私募基金领域,为推动科技创新与产业 升级倾注心血,为公司的发展做出了巨大的贡献。公司全体员工向其致以崇高的敬意和衷心的感谢,对其逝世表示沉痛哀悼。 管金生的逝世不会影响公司的正常运作,日前公司各项生产经营活动均有序开展。公司将根据 《中华人民共和国公司法》《公司章程》 等相关规定,妥善处理后续 事宜。 从寒门学子到"中国证券业教父" 1947年5月19日,管金生生于江西省清江县一个偏僻的小山村,家境贫寒。 1982年,凭借优异的学业成绩, 管金生 考入上海外国语学院法语系,后因找不到对口工作,他从公安 ...
马发行总额为10.5亿卢菲亚的国库券
Shang Wu Bu Wang Zhan· 2025-10-09 09:13
马发行总额为10.5亿卢菲亚的国库券。认购于10月5日开始,提供四种期限,从29天到364天不等。 ...
肯面临陷入高利息债务陷阱的风险
Shang Wu Bu Wang Zhan· 2025-09-10 15:24
Core Insights - The Kenyan government budget execution review report for the fiscal year 2024/25 indicates a total debt repayment amount of 10.5 trillion shillings, driven by a surge in short-term treasury bills [1] - Interest repayments account for 6.323 trillion shillings, while principal repayments are only 3.601 trillion shillings, highlighting a reliance on short-term domestic borrowing to cover budget deficits [1] - The report warns of increasing refinancing risks due to the rapid growth of national debt, primarily attributed to high interest costs on treasury bills [1] Debt Dynamics - External debt is projected to grow by 4% to 5.4 trillion shillings, while domestic debt has surged by 17% to 6.33 trillion shillings [1] - Debt repayments are expected to consume 55.5% of fiscal revenue, significantly exceeding the IMF's recommended threshold of 30% [1] - The heavy debt burden is constraining fiscal space for development and essential public services [1]
美国财政部回补现金引发资金面担忧 华尔街关注9月流动性压力
Sou Hu Cai Jing· 2025-08-11 19:59
Core Insights - The U.S. Treasury is increasing the issuance of Treasury bills to rebuild cash reserves, raising concerns about potential liquidity constraints in the financing market [1] - Since the debt ceiling was raised last month, approximately $328 billion in Treasury bills have been issued, which has withdrawn funds from the financial system, making it more vulnerable to shocks [1] - The Treasury's general account is expected to grow to $860 billion by mid-September, up from about $490 billion currently, primarily due to ongoing Treasury bill issuance and corporate quarterly tax payments [1] Banking Reserves - Current bank reserves remain at a robust level of approximately $3.33 trillion, providing necessary buffers for the financing market [1] - However, Wrightson ICAP forecasts that bank reserves may fall below $3 trillion for the first time since the COVID-19 pandemic, as the Treasury's general account increases [1] - The supply of reserves is expected to enter a range where daily fluctuations in the overnight financing market will require closer monitoring, especially after Labor Day [1]
美财政部加码短期国债发行 稳定币需求成新兴买盘力量
Zhi Tong Cai Jing· 2025-08-05 22:30
美国财政部宣布将于本周拍卖总额达1000亿美元、期限为四周的国库券,规模创历史新高。这项计划紧 随本周二创纪录的六周期国库券拍卖之后,凸显出贝森特财政部继续偏好短期融资,以应对联邦政府不 断扩大的开支需求。 根据财政部周二公布的拍卖安排,四周期国库券的发行规模将较前次增加50亿美元至1000亿美元,而八 周期和十七周期的国库券规模则分别维持在850亿和650亿美元不变。相比之下,上月四周期与八周期国 库券的发行规模曾双双大幅上调250亿美元,本次的增加幅度虽小,但整体供应仍处于高位。 财政部之所以大胆扩大发行,部分原因是市场对短期国债的需求依旧旺盛。当前国库券的收益率超过 4%,令投资者趋之若鹜。据道琼斯数据显示,今年第二季度,流入持有短期国债的ETF资金高达167亿 美元,较去年同期翻倍。 此外,财政借款咨询委员会指出,近期"稳定币发行量的上升"也是新兴的需求来源之一。根据特朗普总 统推动的《天才法案》,稳定币发行方需用国债等安全资产为其加密代币提供支持,也在无形中推动了 对国库券的购买。 财政部本次加大国库券发行,除了满足当前融资需求,也是在重建先前因债务上限问题而被消耗的现金 缓冲。财政部已于7月30日 ...
机构:美国财政部增加国库券供应可能施压美联储加大购买
news flash· 2025-07-31 18:10
Core Viewpoint - The U.S. Treasury's plan to issue more Treasury bills to cover the deficit may pressure the Federal Reserve to purchase more short-term government bonds [1] Group 1: Treasury Issuance - The U.S. Treasury is increasing the issuance of Treasury bills to address the budget deficit [1] - This increase in Treasury bill issuance could lead to a misalignment in the Federal Reserve's bond portfolio structure [1] Group 2: Federal Reserve's Bond Portfolio - The Federal Reserve currently holds a $4.2 trillion portfolio of U.S. Treasury securities, with only $195 billion in Treasury bills, representing about 5% of its total holdings [1] - The Federal Reserve aims to align its investment portfolio structure with the market's circulating U.S. Treasury structure [1]
日本财务省将于7月25日拍卖4.3万亿日元的国库券。
news flash· 2025-07-18 01:24
Core Viewpoint - The Japanese Ministry of Finance will auction 4.3 trillion yen in treasury bills on July 25 [1] Group 1 - The auction amount of 4.3 trillion yen indicates a significant government effort to manage its debt and financing needs [1]
德银称美国财政部过度依赖国库券融资面临风险
news flash· 2025-07-11 16:45
Group 1 - The core viewpoint is that Deutsche Bank strategists warn about the risks associated with the U.S. Treasury's over-reliance on short-term financing tools, particularly Treasury bills, to manage interest costs [1] - The strategy of relying heavily on short-term issuance increases the vulnerability of the U.S. Treasury to future refinancing shocks [1] - This reliance may exacerbate the connection between Federal Reserve monetary policy and the federal budget, potentially leading to greater fluctuations in debt interest expenses due to short-term interest rate volatility, which could pressure the independence of the Federal Reserve [1]
美联储理事沃勒:美联储应考虑逐步将持仓重心转向国库券。
news flash· 2025-07-10 17:07
Core Viewpoint - The Federal Reserve should consider gradually shifting its focus towards Treasury securities in its portfolio management [1] Group 1 - The Federal Reserve's board member, Waller, emphasizes the importance of adjusting the asset composition to enhance financial stability [1] - Waller suggests that a gradual transition to Treasury securities could provide better liquidity and risk management for the Federal Reserve's holdings [1] - The potential shift is seen as a response to changing economic conditions and the need for a more resilient financial framework [1]