证券时报记者 吴少龙 日前，美国非农就业数据"爆雷"，搅动全球资本市场。中国资产则因经济内在稳定性与全球资本再 配置共振, 再度彰显韧性十足。 美国劳工部公布的数据显示，7月美国非农就业增长放缓，劳工部还大幅下修5月和6月的新增非农 就业数据，劳动力市场显著降温。数据公布当日，美股三大指数下挫，美元指数单日大跌逾100点，黄 金价格再度突破3300美元/盎司。相比之下，中国资产走出独立行情，8月4日，A股、港股主要指数稳中 有升，这背后是多重结构性力量的支撑。 美国非农就业数据不及预期，本质上是全球经济周期切换的缩影。中国资产的韧性亦非偶然，而是 政策定力、经济结构升级与全球资本再平衡共同作用的结果。当全球资本转向"多元配置"和"寻找价 值"，中国资产的低估值、经济政策的广阔空间与科技创新潜力，恰与这一趋势形成共振。可以预期的 是，随着中国经济政策效能持续释放、科技创新不断突破，这种韧性有望释放对全球资本更大的吸引 力。 （责任编辑：王治强 HF013） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请 ...

Group 1 - The core viewpoint of the article highlights the positive market response to the "Cross-Border Wealth Management Connect" 2.0 optimization measures since their implementation [1] - As of the end of June this year, over 160,000 individual investors have participated in the program, representing an increase of over 120% compared to version 1.0 [1] - The total market value of investments held by Hong Kong participating institutions in the southbound scheme has reached over 16 billion RMB, showing a twofold increase compared to "Cross-Border Wealth Management Connect" 1.0 [1] Group 2 - Investors in the southbound scheme are increasingly diversifying their product choices, moving from primarily deposit products to a growing allocation in funds and bonds [2]

Core Viewpoint - The banking sector in China plays a crucial role in supporting the high-quality development of the real economy by actively engaging in the "Five Major Articles" of finance, which include technology, green finance, inclusive finance, pension finance, and digital finance [1][2]. Group 1: Bond Underwriting and Issuance - The total amount of bonds underwritten by banks for the "Five Major Themes" increased from approximately 31 billion yuan in 2020 to around 691.6 billion yuan in 2024, representing a growth of over 21 times [2]. - The proportion of bonds underwritten by banks rose from 28.72% in 2020 to about 35% in 2024, with over 40% in the first seven months of this year [3]. - Since 2022, the annual amount of bonds issued by banks for the "Five Major Themes" has consistently exceeded 500 billion yuan, accounting for over 25% of the total market issuance [3]. Group 2: Credit Support for Key Sectors - As of the end of Q2, the balance of loans to technology SMEs reached 3.46 trillion yuan, a year-on-year increase of 22.9% [4]. - The balance of green loans reached 42.39 trillion yuan, growing by 14.4% since the beginning of the year [4]. - The balance of inclusive micro-loans reached 35.57 trillion yuan, with a year-on-year growth of 12.3% [4]. Group 3: Pension Finance Development - The pension finance product offerings have diversified, including pension savings, pension wealth management products, and personal pension products [7]. - By the end of 2024, the pension management scale of Industrial and Commercial Bank of China reached nearly 5 trillion yuan, with a pension custody scale of 3.3 trillion yuan [7][8]. - Agricultural Bank of China's pension custody scale exceeded 750 billion yuan, with a growth of nearly 25% year-on-year [8]. Group 4: Digital Finance Investment - The total investment in information technology by 20 listed banks increased from approximately 160.3 billion yuan in 2021 to 188.5 billion yuan in 2024, with the investment-to-revenue ratio rising from 3.07% to 3.78% [9][10]. - The investment ratio for joint-stock banks reached 4.31% in 2024, an increase of over 0.8 percentage points since 2021 [9]. - Industrial and Commercial Bank of China led in IT investment, exceeding 28.5 billion yuan in 2024, while also achieving significant growth in digital economic loans [10].

Core Viewpoint - The company emphasizes the importance of fintech in supporting the development of the real economy and aims to provide comprehensive financial services for technology enterprises and innovation ecosystems through professional research and resource integration [1]. Group 1: Business Chain Collaboration - The company focuses on enhancing industry research, value discovery, and cross-border operations to better serve technology innovation [2]. - It has identified four core sectors for long-term development: AI, green energy, life sciences, and synthetic biology, aligning its resources with national strategies and market demands [2]. - The company has provided financing services to 169 technology enterprises, totaling 503.4 billion yuan by June 2025, and has successfully executed significant bond transactions in the technology sector [3]. Group 2: Supporting Technology Industry Upgrading - The company aims to create an "industrial investment bank" by integrating industry research, industrial funds, and mergers and acquisitions to facilitate the flow of financial resources to key areas [4]. - It has established an industrial research institute to conduct forward-looking studies on macro policies and regional economic development, completing 18 thematic reports by June 2025 [5]. - The company has set up industrial funds totaling 32.4 billion yuan to support technology industries, successfully nurturing leading enterprises like DJI and Guangdong's chip manufacturers [5]. Group 3: Resource Aggregation - The company recognizes the significance of an innovation ecosystem and actively integrates resources from research institutions, leading enterprises, and financial institutions to enhance the commercialization of research outcomes [6]. - It has formed partnerships with 25 renowned research institutions to advance joint research and incubation projects, focusing on over 20 technology innovation projects [6]. - The company has initiated the establishment of industry alliances to facilitate collaboration and project matching, providing comprehensive services for the transformation of research achievements [6]. Group 4: Industry Alliances - The company has led the formation of the Guangdong Integrated Circuit Financial Service Alliance to address financing needs in the semiconductor sector [7]. - It has also initiated the National Traditional Chinese Medicine Technology Achievement Innovation Development Alliance to promote high-quality development in the TCM industry [7].

Core Points - The company has approved the use of up to RMB 800 million of idle raised funds to temporarily supplement working capital, with a usage period not exceeding 12 months from the board's approval date [1] - The company will return RMB 600 million of the working capital supplement to the 2022 non-public raised funds account by August 1, 2025, and has notified the sponsor institution and representative [1] - As of the announcement date, the company has fully returned the RMB 800 million used for working capital to the 2022 non-public raised funds account [1]

本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗 漏。 天津泰达资源循环集团股份有限公司（以下简称"泰达股份"或"公司"）分别于2025年6月24日和7月11日 召开第十一届董事会第十九次（临时）会议和2025年第四次临时股东大会，审议通过《关于回购公司股 份方案的议案》，同意公司使用回购专项贷款及自有资金以集中竞价交易方式回购部分公司股份，用于 注销并减少公司注册资本。本次回购资金总额为人民币3,500万元至7,000万元，回购股份的价格不高于 5.89元/股，回购的具体回购股份数量以回购期满时实际回购的股份数量为准，回购股份实施期限为自 公司股东大会审议通过本次回购股份方案之日起不超过十二个月。上述具体内容详见公司于2025年6月 26日和2025年7月12日在巨潮资讯网（http://www.cninfo.com.cn）披露的《第十一届董事会第十九次（临 时）会议决议公告》（公告编号：2025-61）《关于回购公司股份方案的公告》（公告编号：2025-62） 《2025年第四次临时股东大会决议公告》（公告编号：2025-71）。 一、2025年7月回购股份进展情 ...

Core Insights - The banking sector plays a crucial role in supporting the high-quality development of the real economy by focusing on the "Five Major Articles" [1][2] - The total underwriting amount for the "Five Major Theme Bonds" has increased significantly, demonstrating the banks' commitment to these areas [2][3] Group 1: Bond Underwriting and Issuance - The total amount of "Five Major Theme Bonds" underwritten by banks rose from approximately 31 billion yuan in 2020 to around 691.6 billion yuan in 2024, an increase of over 21 times [2] - The proportion of bonds underwritten by banks increased from 28.72% in 2020 to about 35% in 2024, with over 40% in the first seven months of this year [3] - Since 2022, the annual issuance of "Five Major Theme Bonds" by banks has consistently exceeded 500 billion yuan, accounting for over 25% of the total market issuance [3] Group 2: Credit Support for Key Sectors - As of the end of Q2, loans to technology SMEs reached 3.46 trillion yuan, a year-on-year increase of 22.9% [4] - The balance of green loans reached 4.239 trillion yuan, growing by 14.4% since the beginning of the year [4] - The balance of inclusive small and micro enterprise loans reached 3.557 trillion yuan, with a year-on-year growth of 12.3% [4] Group 3: Technology and Digital Finance - The total information technology investment by 20 listed banks increased from approximately 160.3 billion yuan in 2021 to 188.5 billion yuan in 2024, with the investment-to-revenue ratio rising from 3.07% to 3.78% [9][10] - The investment ratio for joint-stock banks reached 4.31% in 2024, an increase of over 0.8 percentage points since 2021 [9] - Industrial and Commercial Bank of China led in IT investment, exceeding 28.5 billion yuan in 2024, with a focus on digital transformation [10] Group 4: Pension Financial Products - The pension fund management scale of Industrial and Commercial Bank of China reached nearly 5 trillion yuan by the end of 2024, with a pension custody scale of 3.3 trillion yuan [7][8] - Agricultural Bank of China reported a pension custody scale exceeding 750 billion yuan, with a growth of nearly 25% year-on-year [8] - The number of personal pension accounts opened by China Bank surpassed 10 million, indicating strong engagement in the pension sector [8]

Core Insights - Shanghai has issued a new batch of demonstration operation licenses for intelligent connected vehicles, marking a new phase of normalization and scaling in the local market [1] - Pony.ai has launched fully autonomous Robotaxi services in Shanghai, operating in designated areas with specific hours, representing the first instance of fully driverless taxis in the city [1][2] - The Robotaxi utilizes advanced autonomous driving technology, including a fifth-generation system with multiple sensors, ensuring safety and reliability during operation [2][3] Company Developments - Pony.ai's Robotaxi service operates with a Lexus RX vehicle equipped with a comprehensive sensor suite, providing a 200-meter field of view for enhanced safety [2][3] - The company has accumulated over 500,000 hours of fully autonomous operation and 50 million kilometers of road testing, demonstrating the robustness of its technology [3] - The fare for a recent Robotaxi trip was 11.4 yuan after discounts, indicating a competitive pricing strategy for the service [3] Industry Trends - The global market for Robotaxi services is expected to experience explosive growth, with projections indicating a rise from $54 million in 2025 to $47 billion by 2035, reflecting a compound annual growth rate of over 60% [4] - The issuance of over 16,000 testing licenses and the opening of 32,000 kilometers of testing roads in China are critical to supporting the commercial rollout of Robotaxi services [4] - Industry experts suggest that the next 5-10 years will see significant advancements in autonomous driving and smart logistics, potentially disrupting traditional automotive and transportation sectors [5]

53位意向投资人预报名 今年6月12日，嘉兴市中级人民法院裁定受理合众新能源破产重整一案，并于同日指定浙江海浩律师事 务所、浙江子城律师事务所、上海市君悦律师事务所担任合众新能源联合管理人。为维护合众新能源全 体债权人利益，提升合众新能源重整价值，实现资源优化配置，管理人通过公开方式招募重整投资人。 6月30日，管理人在阿里平台发布《合众新能源汽车股份有限公司重整意向投资人预招募公告》。截至 记者发稿，意向投资人预报名达到了53人。 备受关注的哪吒汽车破产重整又有新进展。8月4日晚间，合众新能源汽车股份有限公司（哪吒汽车母公 司，下称"合众新能源"）管理人发布了《公开招募重整投资人》公告。 正式招募重整投资人 证券时报记者发现，此次正式招募公告，对招募流程、保证金及重整投资方案等方面，均给出了具体说 明。而此前的预招募公告没有涉及。 本次正式招募公告明确，重整意向投资人的行业分类可不受限制，但具有较强的产业布局和资源整合能 力、能够明确提供产业资源支持，或者具有投资/经营/收并购同等规模企业的实力、具有与合众新能源 同行业/相邻行业同等规模企业相适应的运营经验及经营能力者，在同等条件下将被优先考虑。 意向重整 ...

在总体交投方面，据统计口径，今年7月沪深京三市合计成交量2.94万亿股，创出年内月度新高，较今 年6月的成交股数增加超过8000亿股；今年7月沪深京三市合计成交额37.58万亿元，创出年内月度新 高，亦为去年"9·24行情"启动以来的单月次高，较今年6月的成交额增加超过10万亿元。 从个股表现来看，今年7月合计超过3600只A股上涨，占到全部A股总数的逾三分之二。其中，超过1000 只股票7月累计涨幅超过10%，占到全部A股总数的近两成。这里面，合计超过200只股票7月累计涨幅 超过三成。 8月4日，上交所发布的新开户数据显示，其今年7月A股新开户196.36万户，较6月的新开户数164.64万 户增长超过30万户，环比增长近两成，同比增长71%（去年7月其A股新开户数则为115.14万户）。今年 前7月上交所A股合计新开户数达到1456.13万户，较去年同期合计新开户数1063.79万户增长36.88%。 其中，个人新开户195.4万户，机构新开户0.96万户。另外，基金新开户16.15万户，B股新开户0.07万 户。将A股、B股、基金的新开户数加总，7月上述3类新开户数合计达212.58万户，较同一口径下 ...