近日，多地游客向《华夏时报》记者反映，在参团旅游过程中遭遇"阴阳合同"陷阱，实际行程与合同承 诺严重不符，不仅权益受损，更引发对旅游行业诚信的广泛质疑。这一乱象背后，是部分旅行社为牟利 而设计的消费骗局，亟待监管部门重拳整治。 承诺"五星"变"无星" 合同暗藏附加费 10月12日，山东游客周女士向《华夏时报》记者反映，暑假期间，她在抖音直播平台预订了"三天四夜 北京品质游"，并和"北京盛世嘉宾国际旅行社有限公司"签订旅游合同，合同明确标注"全程三环五星酒 店+无强制消费"。本想带高中毕业的孩子开启一场开心之旅的她，抵京后却被强制要求签订另一份自 愿参加自费项目的合同（北京鹏成国际旅行社有限公司），并且发现，酒店实为偏僻招待所，提供的早 餐为过期半年的食品，且导游要求每人补缴780元"景区深度游"费用。"签合同时没细看公司名字，结果 被文字游戏坑了！那780元的自费项目最后只是打了个卡，根本没有游玩。"周女士无奈道。 针对此事，10月13日，记者询问了资深旅友，《印象·走读山河》的作者冯知杰先生。 冯先生对记者表示，目前的旅游市场是比较乱的，类似事件很多，一方面，部分景区外面的围墙，私搭 乱建现象严重，破坏了景 ...

Core Viewpoint - The article discusses the increasing trend of using personal business loans (operating loans) to replace housing mortgage loans, which allows borrowers to benefit from lower interest rates, but raises concerns about regulatory compliance and potential risks in the banking sector [1][3]. Group 1: Operating Loans and Market Dynamics - Operating loans have become a popular alternative for individuals looking to reduce their mortgage payments, with rates as low as 0.795% after subsidies, compared to traditional mortgage rates [1][4]. - The interest rates for operating loans have dropped to 3% or below, creating a significant price difference compared to residential mortgage rates, prompting intermediaries to promote these loans aggressively [1][3]. - Some intermediaries are facilitating the conversion of high-interest mortgage loans to lower-interest operating loans, even without proper business licenses, which raises compliance issues [1][4]. Group 2: Regulatory Concerns and Risks - Regulatory bodies have noted the misuse of operating loans for real estate purchases, with instances of borrowers being misclassified as business owners to secure loans [5][6]. - Recent penalties have been imposed on banks for improper management of operating loans, highlighting vulnerabilities in their internal risk control systems [6][7]. - There is a growing concern that banks may not adequately assess borrowers' actual repayment capabilities, leading to increased default risks, especially as many operating loans are set to mature [7][8]. Group 3: Economic Implications - The ongoing decline in property values, as indicated by a continuous drop in housing prices for 41 months, poses a risk to the collateral backing these loans, potentially leading to a cycle of defaults and asset devaluation [7][8]. - The pressure on banks to manage maturing operating loans could exacerbate market conditions, leading to a vicious cycle of asset depreciation and increased defaults [8].

本报（chinatimes.net.cn）记者刘佳 北京报道 又一"银行系"信托公司迎来新任董事长！ 10月13日，国家金融监督管理总局上海监管局对外发布批复文件，浦发银行党委委员、副行长崔炳文获 任上海国际信托有限公司（下称：上海信托）董事、董事长一职。 这意味着管理资产规模近万亿元的老牌"银行系"信托公司终于迎来战略掌舵者。 多位业内人士看来，在信托行业"回归本源、强化风控"的监管重构关键期，由浦发银行核心高管直接执 掌信托板块，既是股东方强化战略整合的明确信号，也折射出银行系信托依托母公司资源破解转型难题 的行业新路径。 掌舵者系银行系老将 公开履历显示，崔炳文的职业生涯始于工商银行天津分行，从津西支行副行长到东丽支行副行长，其基 层支行的管理经历为其奠定了扎实的业务根基。 在金乐函数分析师廖鹤凯看来，信托公司高管调整本质上反映出行业进入发展新时期后，对管理者能力 提出了全新要求。他在接受《华夏时报》记者采访时曾表示，一系列人事变动的核心目标就是通过优化 高管团队，进一步提升信托公司的经营质效、强化服务实体经济的能力，并加速推动行业回归信托本 源，最终实现整个信托业发展的提质增效。 与母行协同的机遇与挑 ...

Core Viewpoint - The performance of Jinli Permanent Magnet (300748.SZ) in the third quarter exceeded expectations, driven by significant profit growth and supportive policy signals, making it a market focus [2][4]. Financial Performance - Jinli Permanent Magnet's stock price increased by 39.94% over three trading days from October 9 to 13, 2023, with a notable profit forecast indicating a year-on-year net profit growth of 157% to 179% for the first three quarters of 2025 [2][11]. - The company reported a substantial increase in net profit, with a forecasted range of 5.05 billion to 5.5 billion yuan, and a non-GAAP net profit growth of 365% to 415% [2][13]. - The third quarter is expected to show a net profit of 2 billion to 2.4 billion yuan, reflecting a year-on-year increase of 159% to 217% [11]. Market Dynamics - The recent surge in Jinli Permanent Magnet's stock price is attributed to a recovery in rare earth prices and strong demand in the electric vehicle and clean energy sectors, which are critical for the company's growth [7][9]. - The company is positioned well within the rare earth industry, benefiting from structural changes and a strong customer base, which has led to a significant rebound in profitability [3][7]. Industry Trends - The rare earth permanent magnet sector is experiencing renewed market interest due to government policies on export controls, which have heightened focus on the industry [4][5]. - Jinli Permanent Magnet is seen as a bellwether in this capital chase, with its stock reaching a historical high of 47.77 yuan per share, representing an increase of approximately 184% from the year's low [4][5]. Future Outlook - The company is expected to maintain high growth through 2026, driven by its focus on high-performance rare earth permanent magnet materials, particularly in the electric vehicle and wind power sectors [9][14]. - However, challenges such as increased competition and potential price wars in the industry could impact future profitability, especially if demand does not meet expectations [14][15].

Core Viewpoint - The company, Laiyifen, is initiating a financial assistance program for its franchisees amid market challenges and declining performance, while its controlling shareholder is reducing their stake, raising concerns about the company's future prospects [2][4][6]. Financial Assistance Program - Laiyifen announced a financial support plan of up to 50 million yuan for franchisees and joint operators, aimed at alleviating liquidity pressures, especially for new and expanding stores [2][3]. - The financial assistance will be capped at 1 million yuan per store and 500,000 yuan for the same franchisee or joint operator and their affiliates, with interest rates not lower than the one-year market loan rate [3]. - This initiative is seen as a way to lower the entry barriers for franchisees and provide them with startup capital, although it may increase financial pressure on the company if franchisees struggle to repay [3][4]. Performance Challenges - Laiyifen has faced significant financial difficulties, reporting a net loss of 50 million yuan in the first half of 2025, attributed to declining gross margins and a reduction in store numbers [4][5]. - The company has seen a decrease in both direct and franchise stores, with 1,395 direct stores and 1,584 franchise stores as of June 30, 2025, down by 90 and 16 stores respectively from the end of 2024 [5]. Market Competition - The rise of bulk snack retailers and aggressive pricing strategies from competitors like JD, Meituan, and Hema have intensified market pressure on Laiyifen, which is struggling to compete on price [5][6]. - The company is attempting to adapt by developing a multi-format store strategy, including community stores, mall stores, and warehouse membership stores to better meet diverse consumer needs [6]. Shareholder Actions - The controlling shareholder, Shanghai Aiwu Enterprise Management Co., announced a plan to reduce its stake by up to 3% of the total shares, with a total reduction amounting to 82.43 million yuan between September 24 and September 30, 2025 [6]. - This reduction has raised concerns among investors, as it may signal a lack of confidence in the company's future performance during a period of financial loss [6].

Core Viewpoint - Alibaba Cloud is reducing prices for its Elastic Compute Service (ECS) products in overseas markets, with the highest reduction reaching 10.26%, signaling an aggressive expansion strategy in Europe, Asia-Pacific, and the Middle East [2][3][4] Group 1: Price Reduction Details - The price adjustment will take effect on October 30, 2025, and affects regions including Frankfurt, Tokyo, and Dubai, with reductions ranging from 3.74% to 10.26% [2][3] - This is not the first price cut for Alibaba Cloud in overseas markets; a previous reduction in April 2022 saw discounts of up to 65% across various services [3] - The current price cut is seen as a signal of Alibaba Cloud's intent to accelerate its market presence in overseas regions, particularly in Europe and the Asia-Pacific [3] Group 2: Global Expansion Strategy - Alibaba Cloud has been pursuing a global strategy since its first overseas launch in Hong Kong in May 2014, expanding into North America, Europe, Japan, Southeast Asia, and the Middle East [4] - The company is also focusing on Latin America, with plans to establish cloud computing nodes in Brazil, France, and the Netherlands, and expand data centers in Mexico, Japan, South Korea, Malaysia, and Dubai [5] - As of September 2023, Alibaba Cloud operates in 29 regions with 91 available zones globally [5] Group 3: Competitive Landscape - Alibaba Cloud holds the leading position in the domestic cloud computing market, with a 33% market share in China's cloud infrastructure services as of Q1 2025 [6] - In contrast, the overseas market is dominated by major players like Amazon Web Services (AWS), Microsoft Azure, and Google Cloud, which collectively hold 65% of the global cloud infrastructure spending [7] - The focus of competition has shifted from price to AI and application scenarios, with Chinese cloud providers leveraging strengths in real-time audio-video and gaming social PaaS to differentiate themselves [7][8] Group 4: Future Outlook - The global AI industry has seen investments exceeding $400 billion in the past year, with projections of over $4 trillion in cumulative investment over the next five years [8] - Alibaba Cloud aims to position itself among the top 5-6 global cloud computing platforms, which is seen as a critical challenge for the company moving forward [8]

本报记者 董红艳 北京报道 禾盛新材回应称此事为个人行为，不影响生产经营与控制权稳定。但市场情绪仍然产生了波动，10月14 日，禾盛新材股价跌8.71%，报38.14元。 资料显示，该董事有多家银行的任职经历，曾担任过中国工商银行湛江分行信贷管理部副总经理兼分行 审批中心主任，而本次出具拘留通知书的公安局正来自湛江。同时，值得注意的是，吴海峰8月曾计划 增持1000万到2000万元股份，目前暂无增持进展。 10月14日，有行业专家向《华夏时报》记者表示，吴海峰被采取强制措施后，其个人行动自由会受到限 制，可能会直接影响其参与股权交易的行为能力。若进入司法程序，股权增持计划则存在被搁置的可 能。 近年来，禾盛新材整体业绩表现不错，但仍在为亏损"补窟窿"。2025年上半年，禾盛新材归母净利润同 比增58.31%，毛利率回升至15.66%，但经营现金流持续下滑，刚通过11.04亿元公积金补亏方案以扭转 累计亏损。 董事涉嫌违法放贷被拘 10月13日，禾盛新材发布关于董事被采取强制措施的公告称，公司董事会于2025年10月12日收到公司董 事吴海峰先生家属转来的由广东省湛江市公安局出具的《拘留通知书》，公司董事吴海峰 ...

本报记者 李贝贝 上海报道 头部房企债务重组迎来密集突破。10月13日深夜，碧桂园控股有限公司（下称"碧桂园"） （02007.HK）披露，香港法庭已同意公司于11月5日召开债权人会议，对前期已公布的重组方案进行投 票，而重组成功后公司最高降债规模可达约117亿美元（约合人民币840亿元）。 10月14日盘后，融创中国控股有限公司（下称"融创中国"）（01918.HK）发布公告，在当日举行的境 外债重组计划会议上，98.5%的债权人投出赞成票，其有望成为首家实现境外债基本"清零"的大型房 企。 近期，佳兆业、旭辉等多家出险房企也同步取得进展，房企化债潮加速推进。亿翰智库地产研究总监于 小雨向《华夏时报》记者指出，未来房企将持续聚焦流动性缓解与债务结构优化，逐步增强抗风险能 力，向稳健发展回归。 境外债重组定档表决 根据碧桂园此前披露的公告，截至2023年12月31日，其境外市场的有息负债总额（不包括应计利息）约 164亿美元；之后，2025年4月，其境外债务重组金额调减至140.74亿美元。 今年1月9日，碧桂园公布境外债务重组提案的关键条款。彼时，碧桂园指出，倘若境外债务重组提案落 实，将使集团实现大幅去杠 ...

| | | | 日期 | 期间申购(亿份) | 期间景回(亿份) | 期末总分裂(亿份) | 期末净资产(亿元) | 净资产变动率 | | --- | --- | --- | --- | --- | --- | | 2025-06-30 | 0.23 | 1.37 | 24.27 | 107.06 | 1.01% | | 2025-03-31 | 0.28 | 1.63 | 25.41 | 105.98 | -8.10% | | 2024-12-31 | 0.53 | 2.41 | 26.77 | 115.33 | +7.90% | | 2024-09-30 | 0.46 | 121 | 28.65 | 125.22 | -2.20% | | 2024-06-30 | 0.57 | 1.00 | 29.40 | 128.03 | 0.44% | | 2024-03-31 | 0.54 | 1.39 | 29.84 | 127.48 | 6.40% | | 2023-12-31 | 0.57 | 1.69 | 30.68 | 119.81 | -9.00% | | 2023-09-30 | 0.70 | 1.1 ...

"选择贴息绝对合适。"近日，一位助贷中介对《华夏时报》记者表示，可以通过个人经营性贷款（下 称：经营贷）"置换"住房抵押贷款，以降低每年房贷的还款利息。同时，利用政策贴息进一步降低经营 贷利息。他承诺，贴息后第一年的经营贷利率低至0.795%，没有营业执照也能办。 本报（chinatimes.net.cn）记者李明会 北京报道 近年来，伴随国家对小微企业扶持力度的加大及贷款市场报价利率的逐步下行，银行经营贷利率已低至 3%及以下。由于这一利率与居民房贷利率形成显著价差，部分中介机构大力推销经营贷，诱导群众将 高利率房贷转为低利率经营贷，导致部分资金违规流入楼市。 "这暴露出当前银行业务转型中的痛点。"知名经济学者盘和林在接受《华夏时报》记者采访时表示，对 于银行来说，如果开展经营贷门槛太高，就会缺乏经营贷客户。当前楼市景气度不高，很多银行个人业 务中房贷业务锐减，而业务锐减就导致银行很难保持业务规模，而开展经营贷，则又要面对非房贷经营 贷需求不足的问题。所以，有的银行是铤而走险，在明知道经营贷资金是流向楼市的情况下，形式重于 实质，依然办理了经营贷。 不过，低息背后风险暗涌。王霞（化名）最近在通过第三方办理银 ...