Core Viewpoint - Jin Jiang Hotels is seeking to go public in Hong Kong, aiming to become the first hotel company in China to achieve "A+H" dual listing, which represents a significant step in its cross-border capital operations [2] Group 1: IPO and Market Context - Jin Jiang Hotels submitted its prospectus to the Hong Kong Stock Exchange in late June, with Dongfang Securities International as the sole sponsor [2] - The trend of A-share companies seeking to list in Hong Kong has increased, with several industry leaders completing "A+H" listings due to the advantages of financing efficiency and capital liquidity in the Hong Kong market [3] - The transition to a filing system for A-share companies going public in Hong Kong has streamlined the process, allowing listings to be completed in 6 to 8 months compared to the longer approval cycles in the A-share market [3] Group 2: Regulatory Environment - The China Securities Regulatory Commission (CSRC) has adopted a "green light" approach towards companies seeking to list in Hong Kong, while the U.S. listing environment remains challenging due to geopolitical factors [4] - The CSRC's focus has shifted to post-issuance reviews, ensuring companies do not violate regulations regarding national security and major legal issues [4] - Jin Jiang Hotels has been asked to clarify its subsidiaries' compliance with regulations and provide details on data security and user information handling [5] Group 3: Financial Performance and Challenges - Jin Jiang Hotels has faced significant financial challenges, with revenue and net profit declining in recent years, and a notable drop in RevPAR (Revenue Per Available Room) [10][11] - The company reported a revenue of 65.26 billion yuan in the first half of the year, a 5.31% decrease year-on-year, and a net profit of 3.71 billion yuan, down 56.27% [10] - The overseas business has not yielded expected returns, with cumulative losses exceeding 300 million euros from 2020 to 2024 [11][12] Group 4: Strategic Expansion - Jin Jiang Hotels is focusing on Southeast Asia for expansion, having signed a strategic cooperation agreement to develop over 180 hotel projects in the region [9] - The company plans to adopt a "light asset" model to reduce capital expenditure and enhance market penetration in Southeast Asia [13][14] - This strategic shift aims to leverage local partnerships and capitalize on the growing mid-market demand in emerging markets [14]

Core Viewpoint - The company Zhonghuan Hailu announced the termination of its control change plan due to disagreements between the controlling shareholder and the counterparty regarding future development arrangements, leading to a stock price drop after the announcement [2][3][4]. Group 1: Control Change Announcement - On September 4, Zhonghuan Hailu announced the termination of the control change plan, with stock and convertible bonds resuming trading on September 5 [2]. - The company had previously announced a suspension of trading on August 28 due to the planned control change, which was followed by a significant stock price increase of 12.66% on that day [3][4]. - This is not the first time the company has planned a control change; previous agreements and negotiations have occurred without successful implementation [5][6]. Group 2: Financial Performance - Zhonghuan Hailu has faced continuous financial losses, with revenues declining significantly over the past few years. In 2023, the company reported revenues of 625 million yuan, a decrease of 40.04%, and a net loss of 32.19 million yuan, down 181.12% year-on-year [8][10]. - The company's performance is attributed to the downturn in the wind power industry, where prices for wind turbine components have dropped significantly, leading to increased competition and reduced profit margins [9][10]. - Despite the poor financial performance, the company's stock price has seen substantial increases, with a rise of 376.5% from a low of 8.5 yuan per share in 2024 to a high of 40.5 yuan per share in 2025 [10].

在北京前门大街，曾经星光熠熠的杜莎夫人蜡像馆即将在10月1日永久关闭，馆内造价不菲的蜡像们或 将"荣休"，或迁移他处，留下的是对传统蜡像馆业态生存困境的行业思考。 "以前日常客流也就百来人，如果持续有这样的热度，根本不至于走到闭馆。"一位附近商户告诉《华夏 时报》记者，"说租约到期，但实际上好像是到2028年才结束。" 该商户还补充道："门票价格其实在8月中旬刚刚从139元下调。"目前，该馆成人门票价格为每张99元， 较2022年底200元的定价斩半，同时也低于上海杜莎夫人蜡像馆的179元及武汉杜莎夫人蜡像馆的155 元。 闭馆公告发布后，这个被迫关停的场馆竟然意外迎来"告别式参观热潮"。9月6日下午，《华夏时报》记 者实地探访时发现，在半小时的观察中，就有91名游客陆续走出展厅，相当于半小时就有平日一天的客 流量。有游客告诉记者，完整参观需耗时约一个半小时。 对于北京杜莎夫人蜡像馆的永久关停，产业研究咨询机构景鉴智库创始人周鸣岐接受《华夏时报》记者 采访时指出，从游客行为变化的角度来看，以名人合影为核心卖点的蜡像馆吸引力正在下降。这类固定 业态的客群本身较为有限，且复购率极低。尤其在消费降级的大环境下，游客 ...

Core Viewpoint - *ST Jintai (Jinlitai) is facing significant internal conflicts among shareholders, control disputes, and management instability, raising concerns among investors about its potential delisting [2][3][10]. Group 1: Shareholder Disputes - The first major shareholder, Hainan Dahe Enterprise Management Co., is pushing to remove two board members, while the company's founder and second major shareholder, Wu Guozheng, is seeking to remove Hainan Dahe's representative on the board [2][3]. - A critical shareholder meeting is scheduled for September 12, 2025, to vote on various proposals regarding board member elections, with Hainan Dahe proposing to remove three directors and add one [3]. - Wu Guozheng has expressed dissatisfaction with the current board members, citing issues of integrity and competence, and is advocating for stability in governance during the company's crisis [4][5]. Group 2: Management Changes - Frequent changes in management have been noted, with the resignation of the chairman and CEO, Hao Daqing, just 45 days after taking office, leading to the appointment of Wu Chunchao as the new CEO [7][8]. - The management turmoil reflects weaknesses in corporate governance and has raised concerns about the company's operational stability and strategic direction [6][10]. Group 3: Financial Performance - For the first half of 2025, *ST Jintai reported revenues of 367 million yuan, a year-on-year increase of 5.66%, but net profit fell by 32.98% to 8.71 million yuan [9]. - The company has faced regulatory scrutiny due to delayed financial reporting and received a "unable to express opinion" audit report, indicating serious governance issues [10]. Group 4: Industry Context - The internal conflicts and governance issues at *ST Jintai are indicative of broader challenges faced by ST companies in the A-share market, where control disputes and financial mismanagement are common [10].

"推进'村改支'，核心原因在于顺应监管政策，优化银行业基层金融服务架构。" 上海金融与发展实验室 首席专家、主任曾刚在接受《华夏时报》记者采访时表示。他指出，监管层鼓励金融资源向县域、乡村 下沉，而以支行形式存在，有利于国有大行实现管理集约化，提升服务效能，实现普惠金融目标。 年内三家国有大行入局"村改支" 9月4日，国家金融监督管理总局正式发布批复，同意农业银行收购厦门同安农银村镇银行，并将其改建 为农业银行厦门大同支行。根据批复，其将承接村镇银行清产核资后的资产、负债、业务和员工。这也 是年内第三家参与"村改支"改革的国有大行。 9月4日，据国家金融监督管理总局披露，农业银行获批收购厦门同安农银村镇银行，并设立农业银行厦 门大同支行。 据悉，这是继工商银行、交通银行之后，年内第三家启动旗下村镇银行改革的国有大行。今年6月，工 商银行获批收购重庆璧山工银村镇银行，并设立重庆璧山中央大街支行，成为首个启动"村改支"改革的 国有大行。 据金融监管总局官网信息，截至8月末，今年已有超过100家村镇银行退出市场。相比之下，2024年全年 退出的村镇银行数量尚不足这一数字，今年改革步伐明显加快。 记者梳理发现，在当前 ...

随着中国宣布俄罗斯即将成为第76个实施免签政策的国家，以及俄罗斯方面承诺很快将予以中国对等待 遇，中俄两个有着漫长陆地边界的邻国终于开始进入更深层次的开放阶段。在"互免"政策刺激下，两国 的航空公司一个阶段以来庞大的航空网络布局也将真正迎来收获期。 在未实施免签政策之前，中国与俄罗斯之间的旅游市场本就已经开始显示出显著的"双向奔赴"特征。 全面开放 据央视新闻报道，俄罗斯总统普京9月5日在东方经济论坛全会上表示，俄罗斯相应也将对等实施对华免 签政策，作为对中方这一友好措施的回应。 在相关消息发布后1小时内，国内在线旅游服务平台同程旅行发布的数据显示，平台俄罗斯旅游相关产 品的瞬时搜索量环比增长了6倍多。 这一变化与此前中国宣布对俄罗斯免签之后的市场反应非常相似，可见免签政策对旅游出行相关行业所 带来立竿见影的刺激效应。 9月2日，中国外交部正式宣布：自2025年9月15日至2026年9月14日，对俄罗斯持普通护照人员试行免签 政策。俄罗斯持普通护照人员来华经商、旅游观光、探亲访友、交流访问，过境不超过30天，可免办签 证入境。 在线旅游服务平台去哪儿网发布的指数数据显示，以莫斯科、圣彼得堡为目的地的机票搜索量 ...

Core Viewpoint - Beijing Bank is entering a new phase of digital transformation, focusing on value creation and aiming to become a fully digital bank by 2025 [2][3]. Financial Performance - In the first half of the year, Beijing Bank achieved operating income of 36.218 billion yuan, a year-on-year increase of 1.02%; net profit attributable to shareholders was 15.053 billion yuan, up 1.12%; basic earnings per share reached 0.69 yuan, an increase of 1.47% [2]. - As of the end of June, total assets reached 4.75 trillion yuan, growing by 12.53% since the beginning of the year; total loans and advances amounted to 2.39 trillion yuan, an increase of 8.18% [4]. Interest Margin and Cost Control - The net interest margin and net interest spread were reported at 1.3% and 1.31%, respectively, both down by 18 and 16 basis points year-on-year [4]. - The bank is focusing on controlling liability costs to mitigate the pressure from declining asset yields and narrowing interest margins [5]. Risk Management and Asset Quality - As of June, the non-performing loan ratio was 1.3%, a slight decrease of 0.01 percentage points from the beginning of the year; the core Tier 1 capital adequacy ratio was 8.59% [5]. - The bank plans to enhance risk management by classifying potential risk clients and improving the recovery of non-performing assets [5]. Digital Transformation Initiatives - Beijing Bank is implementing an "All in AI" strategy, establishing an integrated AI system to support its digital transformation [7]. - The bank has developed over 300 AI applications across various business areas, enhancing risk control and asset management capabilities [7]. Support for Specialized Enterprises - As of June, the bank's technology finance loan balance reached 434.6 billion yuan, an increase of 70.3 billion yuan, with a growth rate of 19%; it serves over 26,000 specialized enterprises [8]. Future Plans - The bank aims to enhance its service efficiency through investment banking-driven methods and support technology enterprises with innovative financial products [9]. - The focus will be on long-term growth and maintaining strategic determination to achieve high-quality development [9].

Group 1 - The U.S. added only 22,000 non-farm jobs in August, significantly below the expected 75,000, with an unemployment rate of 4.3%, the highest in nearly four years [2] - The average monthly job growth over the past three months is only 29,000, marking the weakest period since the pandemic, with non-farm employment below 100,000 for four consecutive months [2][3] - The job growth in August was primarily driven by the healthcare sector, which added 31,000 jobs, while manufacturing jobs decreased by 12,000 [3] Group 2 - Former President Trump has been pressuring the Federal Reserve to lower interest rates, claiming that high borrowing costs are unnecessarily suppressing the economy [4] - Fed Chair Powell indicated a shift towards easing monetary policy, acknowledging a "peculiar balance" in the labor market due to significant slowdowns in both labor supply and demand [4] - The upcoming Federal Reserve meeting in September is expected to consider a rate cut of either 25 or 50 basis points, with market expectations leaning towards a larger cut [4][5]

本报（chinatimes.net.cn）记者卢梦雪 北京报道 辽沈银行原行长杨法德，正式获批担任辽沈银行董事长。 2025年9月3日，辽宁金融监管局发布批复，正式核准辽沈银行董事长杨法德的任职资格。 成立以来，由于吸收合并了部分"高风险银行"，辽沈银行不良贷款率长期高企，但资产质量呈好转趋 势，不过，2024年吸收三家村镇银行后，该行净利润暴跌230.77%。 招行老将升任辽沈银行董事长 根据公开资料，杨法德1964年8月出生，上海财经大学统计学专业，硕士研究生学历，高级经济师。 工作经历方面，杨法德于2013年10月获准担任招商银行银川分行行长；2015年7月出任招商银行佛山分 行行长；2018年10月转战招银金租担任董事；2018年12月至2022年10月，担任招商银行广州分行行长。 而在监管正式核准杨法德的任职资格前，据沈阳市沈河区委宣传部文章消息，今年7月，杨法德已以辽 沈银行董事长的身份进行接待。 2024年，杨法德进入辽沈银行，在8月至12月代为履行行长职责，后正式出任辽沈银行行长、执行董 事、董事会审计委员会委员、董事会提名委员会委员。 辽沈银行承担着金融改革化险的任务而生，成立当年就吸收合并 ...

Core Viewpoint - The "14th Five-Year Plan" aims to establish a high-quality Western Land-Sea New Corridor by 2025, enhancing economic, efficient, convenient, green, and safe transportation in the region [2]. Group 1: Performance and Achievements - As of September 4, 2023, the Western Land-Sea New Corridor has sent over 1 million TEUs (Twenty-foot Equivalent Units) of container cargo, reaching 1,001,455 TEUs, a year-on-year increase of 72.5% [3]. - The railway department has made significant progress in constructing the main corridor, with the East Line completing electrification, the Central Line opening the Gui-Nan High-Speed Railway ahead of schedule, and the West Line advancing the Huang-Bai Railway [3]. - The total cargo throughput at Qinzhou Port East Station reached 10.572 million tons, a year-on-year increase of 29.7%, with a notable rise in automobile exports [6]. Group 2: Transportation Demand and Cargo Structure - The Western Land-Sea New Corridor has seen strong transportation demand, with container cargo shipments in both upstream and downstream directions increasing by 74.7% and 70.2% respectively [7]. - The cargo structure has diversified, including bulk commodities like coal and minerals, as well as chemical products, agricultural products, and machinery [7]. - Since the launch of the corridor in 2017, a total of 4.7 million TEUs have been sent, maintaining an annual growth rate in double digits [7]. Group 3: Infrastructure and Technological Advancements - The railway department has organized stable train flows and increased the number of scheduled train lines to 24, enhancing the efficiency of the transportation network [9]. - Efforts are being made to integrate smart technologies in port operations, with significant advancements in automated and digital management systems, improving operational efficiency by over 30% [10]. - The construction of smart ports along the China-Vietnam border is underway, aiming for 24/7 automated customs clearance [10].