对于此前公告披露的收购约定，该人员表示："当时签订合同，是没有业绩对冲、对赌的，是双方谈出 来的一个合同条件。公告的内容并不是签订文件的原版全文，只是主体部分或主要条款，在全文中我们 认为有部分条款可以作为主张我们合法权益的依据，后续也会积极应诉。" 行业调整下估值现分歧 本报（chinatimes.net.cn）记者夏高琴 南京报道 三年之约未履约，测绘股份（300826.SZ）与孙公司小股东闹上法庭。日前，测绘股份披露一则重大诉 讼公告，因未按2021年协议约定收购孙公司江苏易图地理信息科技有限公司（下称"易图地信"）剩余 30%股权，测绘股份被持股股东熊焰、袁志和、扬州易图管理咨询中心（有限合伙）共同诉至法院，涉 案金额高达6480万元。 据了解，2021年测绘股份宣布以自有资金1.51亿元人民币易图地信70%股权，当时曾对剩余30%股权的 收购计划进行约定，而根据彼时公告的内容，易图地信业绩已满足启动对易图地信剩余股权的收购条 件。 测绘股份为何没有按约收购？《华夏时报》记者致电测绘股份，相关人员称："因为行业出现了比较重 大的变化，对于收购事项，我们双方的矛盾点在于是否按照当年的估值去进行对剩余股权 ...

Core Viewpoint - The A-share market is gradually recovering, leading to increased activity in new fund issuance, highlighted by the launch of the Huisheng Balanced Return Mixed Fund, marking a significant step for Huisheng Fund Management in equity investment and a test of fund manager Qian Ruinan's investment capabilities [2][4]. Fund Launch and Performance - Huisheng Fund's new product, the Huisheng Balanced Return Mixed Fund, officially started fundraising on November 17, 2023, with a target fundraising cap of 2 billion yuan and a fundraising period from November 17 to December 5, 2023 [4]. - The fund aims to invest 60%-95% of its assets in stocks and depositary receipts, with up to 50% allocated to Hong Kong Stock Connect stocks, under the management of Qian Ruinan [4]. Existing Fund Challenges - Concurrently, Huisheng Fund faces potential liquidation risks for another mixed fund, the Huisheng Huiyi Mixed Fund, due to its net asset value falling below 50 million yuan for 40 consecutive working days, with a warning that liquidation procedures may be initiated if this continues for 50 days [3][4]. Management Background - Qian Ruinan, with 16 years of experience, has previously held significant positions in well-known fund companies and managed various funds, although his past performance includes negative returns for several actively managed equity funds [5][7]. - His management of the Huisheng Huiwei Flexible Allocation Mixed Fund has shown promising results, achieving returns of 27.34% and 27.06% for A and C shares, respectively, within 138 days of his involvement [7]. Company Structure and Strategy - Huisheng Fund, established in 2018, has seen its total management scale exceed 55 billion yuan, but it heavily relies on bond funds, which account for over 90% of its assets, with mixed funds totaling less than 4.3 billion yuan [7][8]. - The company has been actively recruiting equity investment talent, hiring at least six new active equity fund managers in 2024, indicating a strategic shift towards diversifying its product offerings and reducing reliance on bond funds [8].

Core Viewpoint - The article highlights the efforts of the Agricultural Bank of China's volunteer team in providing audio descriptions for visually impaired individuals to enjoy movies, showcasing a commitment to social responsibility and inclusivity [2][15][19]. Group 1: Volunteer Activities - The Agricultural Bank's volunteer team has been conducting audio description activities for visually impaired individuals for twelve years, evolving from a small gathering to nearly a hundred attendees per session [2][15]. - Volunteers guide visually impaired attendees from public transport to the cinema, ensuring a seamless experience [3][5]. - The preparation for each movie involves a collaborative effort where volunteers write detailed scripts, requiring approximately 30 hours of preparation for a two-hour film [11][12]. Group 2: Impact on Participants - The initiative has significantly impacted the lives of visually impaired individuals, fostering social connections and encouraging them to engage more with the community [19][20]. - Participants express a sense of belonging and enjoyment, with some even taking on roles such as hosts during events [19][20]. - The program has led to the development of friendships and support networks among visually impaired attendees and volunteers [19][20]. Group 3: Organizational Structure and Growth - The volunteer team has grown from a few members to a stable group of 256, supported by a structured operational model that includes training and experience sharing [16][17]. - The team has expanded its services beyond movie screenings to include recording audiobooks and advocating for better accessibility in public transport [17][19]. - As of October 2025, the team has narrated 125 films, written 2.58 million words of scripts, and provided over 11,400 hours of volunteer service, benefiting approximately 11,500 visually impaired individuals [17][19].

Core Viewpoint - The 2025 World Happiness Report highlights that happiness is influenced by a combination of seven dimensions, including health, mental well-being, family relationships, and career development, rather than a single factor [1] Group 1: Happiness Dimensions - The report identifies seven core dimensions that contribute to happiness: health, vitality, mental health, family relationships, career development, self-realization, and social value [7][10] - Health has been recognized as the top factor influencing happiness for several years, aligning with traditional Chinese beliefs that health is the foundation of happiness [10] Group 2: Anran's New Brand Launch - Anran has launched a new business brand called "Anran Colorful Life," which embodies the brand's deep understanding of a beautiful life and aims to promote the seven dimensions of happiness [4][7] - The brand's philosophy is encapsulated in the slogan "Colorful Life, Everything is OK," encouraging individuals to become builders and disseminators of a happy life [7] Group 3: Community and Family Focus - Anran emphasizes the importance of family as a core element of happiness, addressing common pain points such as lack of time for family due to work commitments [19][21] - The company promotes a business model that allows individuals to balance career aspirations with family life, enabling them to participate in significant family moments [21] Group 4: Personal Growth and Opportunities - Anran provides a low-threshold, high-support entrepreneurial platform that offers equal opportunities for all, regardless of background [23] - The company supports personal growth through various training programs, helping individuals enhance their skills and achieve self-realization [25][27] Group 5: Social Responsibility and Environmental Awareness - Anran has a strong commitment to social responsibility, having donated nearly 100 million yuan and engaged in various charitable initiatives [31] - The company integrates environmental sustainability into its operations, utilizing plant stem cell technology and conducting tree-planting activities to promote a harmonious relationship with nature [35][37]

Core Points - The chairman of New Oriental, Yu Minhong, faced controversy after sharing videos of his trip to Antarctica and discussing the costs associated with it [1][5] - Yu clarified that the cost of the cruise to Antarctica was not 1.48 million but rather between 200,000 to 250,000 yuan for a 12-day trip, depending on the cabin type [1][10] - The company aims to support outstanding employees by offering them a chance to visit Antarctica next winter [1] Summary by Sections Company Background - New Oriental celebrated its 32nd anniversary on November 16, with Yu Minhong reflecting on the company's journey and future aspirations in an internal letter [3] - The company aims to be a "sower of hope" and represent "the conscience of merchants" through its various business segments [3] Employee Reactions - The internal letter and subsequent social media posts did not resonate as expected with employees, leading to discussions about empathy towards a traveling boss [5] - Employees expressed feelings of disconnect with Yu's experiences while he was on vacation [5] Travel Details - Yu Minhong's cruise, the "Summer Commander," is a state-of-the-art polar exploration ship with a capacity of 245 passengers, designed for extreme conditions [10] - The ship offers various itineraries, with prices ranging from approximately 260,000 to 1.48 million yuan per person, depending on the length and type of accommodation [10][8]

Core Insights - The performance of convertible bond funds has significantly outperformed other investment products in the capital market, with the "Southern Changyuan Convertible Bond A" fund leading with a return of 38.09% this year [2] - Convertible bond funds have become the dominant players in the bond fund market, occupying 6 out of the top 30 positions in terms of returns, and accounting for 19 out of the top 30 funds overall [2] - Private equity convertible bond funds have also shown impressive performance, with some achieving annualized returns exceeding 70% without any negative returns reported [2] Group 1: Performance Analysis - The average net value growth rate of convertible bond funds has surpassed 20% this year, significantly higher than the overall bond fund average of 2.13% [6] - Among the top 50 bond funds, 29 positions are held by convertible bond funds, showcasing their dual investment advantages in both equity and debt [6] - The convertible bond market has seen a 41% increase in fund size in the third quarter, reaching 133.4 billion yuan [4] Group 2: Market Dynamics - The "strong stock, stable bond" market environment has provided an ideal backdrop for convertible bonds, with the stock market's upward momentum driving the rebound of convertible bonds [5] - The characteristics of convertible bonds, which offer downside protection and unlimited upside potential, make them particularly attractive during market volatility [5] - The acceleration of forced redemptions in the convertible bond market has created opportunities for active strategies, allowing investors to capitalize on predictable outcomes [9] Group 3: Investment Strategies - Public funds tend to have more restrictions on individual bond selection due to risk control and liquidity requirements, while private funds have greater flexibility, potentially leading to higher returns [7] - The performance of private equity convertible bond products can vary significantly, with top performers achieving remarkable returns, but also carrying higher risks and lower transparency [6][7] - Investors are advised to focus on selecting high-quality management products rather than engaging in direct trading, especially in a volatile market environment [10]

"从LPR报价机制看，作为LPR定价基础的7天期逆回购操作利率为1.40%，并未发生变化，因此LPR较 难下降。"招联金融首席研究员董希淼对《华夏时报》记者表示，从银行方面看，随着持续向实体经济 减费让利，银行息差缩窄压力仍然不小。三季度末商业银行净息差为1.42%，尽管与二季度持平，但较 去年四季度末下降了10个基点。因此，银行缺乏压降LPR报价加点的动力。 文/刘佳 11月20日，最新一期贷款市场报价利率（LPR）报价出炉。其中，5年期以上LPR报3.5%，上月为 3.5%。1年期LPR报3%，上月为3%。LPR继续选择"按兵不动"，连续6个月保持不变，符合市场预期。 谈及下一阶段货币政策，董希淼认为，未来一段时间，适度宽松的货币政策虽还有一定实施空间，但边 际效率已经明显下降。过度放松货币金融条件可能产生的一些负面效果也需要关注，比如资金空转、资 本市场波动加大等。因此，市场应降低对下一步大幅度降准降息的预期。 编辑：冯樱子 ...

Core Insights - The consumer finance industry is experiencing a significant leadership turnover, with over 20 companies undergoing management changes this year, indicating a shift towards more specialized and refined operations in response to industry challenges [2][5][7] Group 1: Management Changes - Recent leadership changes include the appointment of new executives at major consumer finance companies, such as Li Bo at Tianjin JD Consumer Finance and Liu Chaoyang at Industrial Bank Consumer Finance, reflecting a trend of high-level personnel adjustments [3][4] - New executives often possess backgrounds in risk control, technology, or capital markets, aligning with the industry's need to address asset quality pressures and declining interest rates [2][7] Group 2: Industry Trends - The consumer finance sector is transitioning from a phase of aggressive growth and market share competition to a focus on precision and specialization, driven by the need for improved risk management and compliance [7][8] - The industry is witnessing a growing divide, with leading firms leveraging their resources to maintain market dominance while smaller institutions face significant challenges [7][8] Group 3: Strategic Focus - New management is increasingly prioritizing compliance and sustainable growth, shifting the focus from mere business expansion to enhancing self-regulatory capabilities and exploring innovative paths within regulatory frameworks [7][8] - The emphasis on "scene-based" strategies, as seen in the approach of new leaders like Zhou Wenlong at Haier Consumer Finance, aims to integrate loan services into specific consumer behaviors, enhancing risk control and addressing asset quality concerns [8]

Core Viewpoint - The recent share transfer plan by major shareholder Huang Shilin of CATL has raised concerns in the market, leading to a decline in the company's stock price despite a previous surge [2][5]. Group 1: Shareholder Actions - Huang Shilin, the third-largest shareholder of CATL, plans to transfer 45.63 million shares, representing 1% of the total share capital, due to personal financial needs [2][5]. - The transfer price is preliminarily set at 376.12 CNY per share, which is 3.9% lower than the closing price of 390.78 CNY on the day of the announcement [2][5]. - The total amount Huang Shilin could cash out from this transfer is approximately 17.163 billion CNY [2][5]. Group 2: Market Reaction - Following the announcement of the share transfer, CATL's stock price dropped by 3.3% on November 17 and continued to decline, closing at 385 CNY on November 18 [2][5]. - The stock had previously surged by 7.56% to 415.6 CNY, with a total market capitalization of 1.9 trillion CNY [2][5]. Group 3: Institutional Interest - The share transfer attracted significant institutional interest, with the total subscription amounting to 533 billion CNY, and the number of shares applied for being 3.2 times the actual transferable amount [5][6]. - The transfer was organized by CICC and involved various institutional investors, including fund management companies and insurance firms [5][6]. Group 4: Company Background - Huang Shilin has a significant history with CATL, having co-founded the company in 2011 and previously held key positions until his departure in 2022 [3][4]. - He has been instrumental in the development of various battery technologies that have contributed to CATL's competitive advantage in the lithium battery industry [4][5]. Group 5: Stock Performance and Analyst Ratings - As of November 19, CATL's A-shares closed at 391.1 CNY, slightly below the 20-day moving average of 390.48 CNY but above the 60-day moving average of 358.29 CNY [5][6]. - JPMorgan maintains a bullish outlook on CATL's A-shares with a target price of 480 CNY, indicating a potential upside of approximately 19% from the closing price on November 14 [6][7].

Core Viewpoint - The surge in stock prices of Tianhua New Energy is driven by the booming demand for energy storage and the rebound in lithium carbonate prices, despite a significant decline in the company's revenue and net profit projections for 2023 and 2024 [1][6]. Company Performance - Tianhua New Energy's stock price reached 57.44 CNY per share as of November 19, with an increase of over 88% in November and over 155% year-to-date, positioning it among the top performers in the sector [1][2]. - The company's revenue and net profit are projected to decline significantly, with revenues expected to drop from 170.30 billion CNY in 2022 to 66.08 billion CNY in 2024, representing a year-on-year decrease of 38.54% and 36.87% respectively [6]. - The net profit is also forecasted to decline sharply, from 65.86 billion CNY in 2022 to 8.48 billion CNY in 2024, indicating a year-on-year decrease of 74.81% and 48.91% [6]. Market Context - The lithium battery industry is experiencing a collective rise in stock prices, with other companies like Zhongyi Technology and Rongbai Technology also seeing significant gains, attributed to the increasing demand for energy storage solutions [1][5]. - The market is currently viewed as being in a phase of price correction rather than a complete cycle reversal, as the industry is still adjusting from previous rapid capacity expansions [5]. Strategic Moves - Tianhua New Energy plans to acquire 75% of Suzhou Tianhua Times for 12.54 billion CNY, aiming to enhance its investment and development in overseas lithium resources and mitigate potential competition risks [6][7]. - The acquisition is expected to support the company's long-term development strategy without significantly impacting its financial performance in the near term [7].