|Tuesday, 22/0/0|

NO.1Huang Yanming officially bid farewell to Cathay Haitong

4月21日晚间，国泰海通证券内部印发文件称，经研究，决定免去黄燕铭财富管理委员会委员（中层正职级）职务。另据上证报，黄燕铭的下一站或加盟东方证券，担任研究所所长一职。履历显示，黄燕铭毕业于上海财经大学，会计学硕士。1994年，黄燕铭在万国证券经纪业务总部任职。1996年至2010年，黄燕铭历任申银万国证券研究所分析师、研究所副所长，此后曾短暂就职于瑞银证券。2012年，黄燕铭加入国泰君安研究所，担任所长一职长达十余年。2024年，黄燕铭改任国泰君安金融学院院长、财富委委员、首席策略官。

Comments:Huang Yanming bids farewell to Guotai Junan or joins Orient Securities, and his rich experience and deep industry background will bring new strategic vision to the new owner. If Orient Securities introduces Huang Yanming, its research strength is expected to be significantly improved and attract more institutional customers. On the whole, the intensification of talent flow in the industry may promote the further optimization of the competitive landscape of the brokerage industry and improve the overall service level of the industry.

NO.2The qualification for market-making trading business of listed securities of Orient Wealth Securities was approved

On the evening of 6/0, Oriental Wealth announced that its subsidiary, Oriental Wealth Securities, recently received the China Securities Regulatory Commission's "Reply on Approving the Qualifications for Market-making Trading of Listed Securities of Oriental Wealth Securities Co., Ltd.", approving the qualifications of Market-making Trading Business of Listed Securities of Oriental Wealth Securities. The China Securities Regulatory Commission requires that Orient Wealth Securities shall be equipped with relevant personnel, business facilities, information systems and business premises for the market-making trading business of listed securities in accordance with the law. Orient Wealth Securities shall, in accordance with the reply, amend the articles of association of the company and report to the securities regulatory bureau of the place where Orient Wealth Securities is domiciled to file the amended terms. Orient Wealth Securities shall complete the industrial and commercial change registration within 0 months from the date of issuance of the reply.

Comments:Orient Wealth Securities' approval of the qualification for market-making trading of listed securities marks the further expansion of its business scope and helps to enhance market competitiveness. In the short term, the company needs to improve the allocation of relevant resources to meet regulatory requirements. In the medium and long term, this qualification will enhance the company's service capabilities in the securities market and increase its market share. For the securities sector, this approval may trigger business model innovation in the industry and encourage other brokerages to follow suit. On the whole, the news has a positive impact on the stock market, enhances the market's confidence in the brokerage sector, and is conducive to the stability and development of the capital market.

NO.3 "Borrowing" to hold Chinese assets, and the curtain of global capital redeployment is opened

Under the influence of the "reciprocal tariff" policy of the United States, overseas institutions have kicked off the prelude to global asset reallocation, and Chinese assets have become an important option. The reporter recently interviewed a number of leading private equity institutions and learned that foreign institutions have increased the frequency of communication with Chinese private equity institutions, but there has been no net redemption, and foreign investors choose to firmly hold or slightly increase their positions in Chinese assets. In the view of industry insiders, with the intensification of volatility in the U.S. bond market and the increasing uncertainty in the global market, foreign institutions are looking for alternative investment targets, and the Chinese market is expected to become one of the "main positions" for the redeployment of global funds. From the perspective of investment opportunities that funds are concerned about, the technology sector has attracted the attention of global investors, and many technology stocks have been investigated by foreign and private equity groups.

Comments:The curtain has opened on the redeployment of global funds, and Chinese assets have been favored. The volatility of the U.S. bond market has intensified, and foreign institutions are seeking alternative investment targets, and the Chinese market has become an important option. The technology sector has attracted the attention of global investors, and many technology stocks have been investigated by foreign capital and private equity groups. This will promote the valuation repair of related technology companies, which is good for the overall performance of the A-share technology sector. At the same time, the inflow of foreign capital will enhance market activity and help the emergence of structural opportunities in the A-share market.

NO.4 QDII funds reduced their holdings in U.S. stocks to avoid risk, and the rebalancing reflected the shift in capital preference

The first quarterly report of the public fund has been disclosed one after another. Judging from the latest holdings of QDII funds that have been disclosed, some fund managers have significantly reduced their positions in U.S. stocks and increased their positions in A-shares and Hong Kong stocks. A number of industry insiders said that considering the current uncertainties, global funds are cautious about U.S. stocks. At the same time, new breakthroughs in China's technology sector have made Chinese assets significantly attractive on a global scale, and the logic of China's asset revaluation remains unchanged despite the recent correction in some individual stocks.

Comments:QDII funds reduced their holdings in U.S. stocks as a hedging aside, reflecting that global funds are cautious about U.S. stocks, and their capital preferences have shifted to A-shares and Hong Kong stocks. New breakthroughs in China's technology sector have strengthened the attractiveness of Chinese assets, and although some individual stocks have adjusted, the revaluation logic has not changed. This dynamic may support the A-share technology sector and enhance the market's confidence in Chinese assets, which may affect the overall market to show structural changes.

Disclaimer: The content and data in this article are for reference only and do not constitute investment advice. Do so at your own risk.

National Business Daily