中国人民大学国家金融研究院院长吴晓求 本报（chinatimes.net.cn）记者谢碧鹭 北京报道 9月19日，以"理念与实践并行发展同质量共生"为主题的2025华夏ESG管理体系大会在北京召开。此次 大会由华夏时报社主办，由SGS通标标准技术服务有限公司、中质协质量保证中心、首都经济贸易大学 中国ESG研究院、Wind ESG、天眼查、商道融绿、华夏ESG观察联盟等提供支持。 其次是改善市场流动性，推进需求端改革。吴晓求指出，过去市场虽重视资产端（供给端）改革、强调 提升上市公司质量，但长期忽视了资金端（需求端）流动性的重要性。事实上，只有市场具备充分流动 性，资产价格才能合理定位，价值发现机制才能有效运转，而作为财富管理核心市场，更需要引导基于 长期财富管理的大资金有序入市。 他以险资为例说明，随着中国保险业长期发展，险资规模将持续扩大，这类"耐心资本""长期资本"是市 场成长的重要支撑，但此前受考核期限、偿付能力等规则约束，大资金入市受限。过去一年，监管层已 着手调整相关规则，同时央行去年9月24日推出的支持资本市场稳定发展的结构性货币政策工具，也为 市场信心筑牢底线。 第三是推进制度平台改革，这一领 ...

Core Viewpoint - The "Green City Xiaofeng Yinyue" project has faced significant challenges in reputation and sales, primarily due to subpar property management and aesthetic criticisms, leading to a decline in market visibility and competitiveness [2][3][11]. Property Management Issues - Residents have reported dissatisfaction with property management, citing a monthly fee exceeding 8 yuan per square meter while receiving inadequate services, including uncleaned litter and poor maintenance of common areas [2][8][10]. - The property management has acknowledged these issues and stated that they are being addressed, including agreements with tenants of affordable rental housing to maintain the community environment [3][10]. Sales Performance - As of mid-September, "Green City Xiaofeng Yinyue" still has over 200 unsold units, with only about 300 of the 600 available units sold since its launch [11][12]. - The average selling price has decreased by over 10,000 yuan per square meter from its initial launch price of 88,000 yuan per square meter, reflecting a broader trend of declining property values in the area [11][12]. Market Context - The overall market for new homes in the Chaoyang District, where the project is located, is under pressure, with a significant inventory of unsold properties [15][16]. - Recent policy changes in Beijing aimed at stimulating the housing market may not significantly impact the sales of "Green City Xiaofeng Yinyue," as potential buyers remain hesitant [16]. Competitive Landscape - Compared to other projects in the same area, "Green City Xiaofeng Yinyue" is perceived as less competitive in terms of price-to-value ratio, with other developments offering better designs and pricing [12][13]. - The project was initially well-received due to its brand image from previous successful developments by Green City Group, but current performance indicates a shift in market perception [7][11].

Core Viewpoint - The era of free transaction SMS notifications is gradually coming to an end as many small and medium-sized banks are adjusting their services, including canceling free SMS notifications and raising the minimum transaction amount for notifications [2][4][6]. Group 1: Service Adjustments - Several small and medium-sized banks, including Hubei Rural Credit, Guizhou Rural Credit, and Guangdong Huaxing Bank, have announced changes to their transaction SMS notification services, moving towards charging fees or canceling discounts [2][4]. - For instance, Guangdong Lechang Rural Commercial Bank will restore standard SMS service fees to 3 yuan per month starting November 1, 2023, after previously offering an 80% discount [4]. - Guizhou Rural Credit plans to charge 2.5 yuan per month for new SMS accounts starting October 2023, allowing customers to receive full transaction notifications [4]. Group 2: Digital Transition - Banks are encouraging customers to use digital channels such as WeChat public accounts or mobile banking apps for free transaction notifications, highlighting the convenience and additional features of these platforms [5][6]. - The shift towards digital channels is seen as a strategy to enhance customer engagement and reduce operational costs associated with traditional SMS services [6][7]. Group 3: Financial Pressures - The banking industry is facing significant pressure from narrowing net interest margins, which have decreased to 1.42% as of the second quarter of 2025, leading to a need for cost control and efficiency improvements [6]. - Adjusting SMS notification services is viewed as a necessary response to these financial pressures, allowing banks to manage operational costs while transitioning to more cost-effective digital solutions [6][7]. Group 4: Targeted Services - Some banks are still offering free SMS services to specific customer segments, such as elderly clients and high-net-worth individuals, indicating a more flexible and tiered approach to service offerings [7].

Core Viewpoint - The retail industry in China is transitioning from aggressive expansion to a buyer's market, making store adjustments a critical survival strategy for companies like Yonghui Supermarket [2][6]. Company Updates - Yonghui Supermarket appointed Wang Shoucheng, a post-90s executive, as the new CEO after a six-month vacancy [3]. - The company plans to raise up to 3.11 billion yuan through a private placement of A-shares, with a significant portion allocated for store upgrades [6]. Performance and Strategy - Yonghui has faced continuous losses for four years, with a total loss of 9.5 billion yuan, and reported a revenue decline of 20.73% year-on-year in the first half of 2025 [4][5]. - The company is implementing a store closure strategy, shutting down 232 stores in 2024 and an additional 227 in the first half of 2025, reducing its total operational stores from 1,000 to 552 [4]. Market Trends - The retail sector is witnessing a shift towards quality retail, hard discount, and membership store models, with many companies, including Yonghui, focusing on quality upgrades [8][9]. - The competition is intensifying, with new entrants in the hard discount space and established players like Yonghui adapting their strategies to enhance customer experience and operational efficiency [7][9]. Future Outlook - Yonghui's focus on quality retail aims to consolidate resources and avoid the pitfalls of previous strategies that lacked a clear direction [5][10]. - The company is expected to continue its store adjustments in 2024, aligning with industry trends as the era of rapid expansion comes to an end [6][8].

Group 1 - The stock prices of non-listed companies, such as Non-Wai New Materials and *ST Yushun, have surged significantly this year, with *ST Yushun's stock price increasing over 12 times following its asset acquisition announcement [2] - On September 14, 2023, Bianji Technology announced a strategic investment framework agreement with Shanghai Fengwang, the major shareholder of *ST Yushun, for a capital increase of 300 million yuan, which is expected to be completed within 30 days [2][3] - The chairman of *ST Yushun, Ji Min, stated that the major asset restructuring is nearly complete but still requires shareholder approval and other processes before any new acquisitions can be initiated [2][3] Group 2 - Industry insiders suggest that the enthusiasm for mergers and acquisitions in the A-share market is unprecedented, with Shanghai Fengwang's eagerness to acquire assets despite the ongoing restructuring of *ST Yushun [3] - Ji Min emphasized that Bianji Technology is a high-quality asset that aligns with Shanghai Fengwang's investment strategy, which prompted the swift decision to invest [4] - Bianji Technology, established in 2020, is a leading AI computing power service provider in Southwest China, operating nearly 30,000 computing power cards and securing access to high-end chips, including those from Nvidia [4][5] Group 3 - Bianji Technology has formed joint laboratories with top universities and has been recognized in the Ministry of Industry and Information Technology's computing power foundation list, indicating its strong market position [5] - The investment in Bianji Technology is driven by its expected profitability, although specific financial details were not disclosed [5] - Ji Min clarified that the business of Bianji Technology does not compete with *ST Yushun's existing operations, as they focus on different aspects of the data center industry [6]

Core Insights - The macroeconomic changes in China are leading to various challenges for households, including slowing income growth, increased employment and debt risks, currency asset depreciation, and reduced investment returns [2] - The white paper identifies six major impacts of macroeconomic changes on household risks, including income and debt risk, purchasing power risk due to inflation, asset allocation shifts due to low interest rates, consumption and investment strategy impacts from exchange rate fluctuations, social security pressure from an aging population, and a structural transformation in household asset allocation [2] Household Risk Perception - There is a noticeable shift in household risk perception in China, with a decline in anxiety over traditional survival risks and an increase in awareness of wealth-related risks, particularly unemployment and asset depreciation [3] - Consumers are adjusting their asset allocation in response to these risk changes, maintaining bank savings as a solid foundation while combining commercial insurance with bank wealth management and government bonds for a dual strategy of protection and stable returns [3] Consumer Preferences - Consumers are increasingly interested in health-related value-added services, with 41% prioritizing health check-up services, and there is a growing demand for comprehensive retirement solutions that include not just insurance products but also community planning and home care support [4] Supply-Demand Mismatches - The white paper highlights four major mismatches in the insurance industry: 1. Mismatch between personalized demand and standardized supply, as the industry continues to offer one-size-fits-all products [5] 2. Mismatch between sufficient health coverage needs and low coverage supply, with the median cost of critical illness treatment reaching 300,000 yuan while average claims for critical illness insurance are below 100,000 yuan [5] 3. Mismatch between long-term wealth management needs and short-term supply, with a lack of products addressing cross-cycle financial management for child-rearing and personal retirement [5] 4. Mismatch between diversified retirement needs and weak collaborative supply, as the industry struggles to provide integrated solutions that combine cash flow with care services [6] Strategic Recommendations - To address these mismatches, the insurance industry must break away from a one-size-fits-all approach and focus on accurately identifying customer risks, shifting from a product-oriented to a family needs-oriented approach [7] - The industry should develop a comprehensive product system that includes a core medical insurance risk defense system, a commercial annuity-based retirement risk response system, a wealth preservation and growth system centered on participating insurance, and a wealth transfer system focused on leveraged life insurance and trust services [7] Service Ecosystem Development - The insurance industry should move beyond traditional compensation models to create a high-quality customer service ecosystem that integrates health management, retirement services, and wealth planning [8] - This includes providing a closed-loop service for health that encompasses check-ups, screenings, and rehabilitation, as well as connecting retirement services with community resources to address care needs [8]

本报（chinatimes.net.cn）记者杨燕 北京报道 9月19日，以"理念与实践并行 发展同质量共生"为主题的2025华夏ESG管理体系大会在北京召开。此次 大会由华夏时报社主办，由SGS通标标准技术服务有限公司、中质协质量保证中心、首都经济贸易大学 中国ESG研究院、Wind ESG、天眼查、商道融绿、华夏ESG观察联盟等提供支持。 清华大学社科学院政治经济学研究中心秘书长、宏观经济研究部主任靳卫萍出席并致辞。靳卫萍表示， 面对当前地缘政治摩擦加剧、产业转型升级、金融市场激烈变化等状况时，很多人越来越关注这些事件 对国内经济市场的影响。 靳卫萍进一步提到，据彭博社报道，在最新一轮的关税战中，在先进技术的贸易中中国对美国首次出现 了顺差，这是值得骄傲的一个转变。在出口方面，国内开始涌现更多具有新质生产力的产品。她举例 称，关税战中美国某个大药企曾想要更换器官运输箱这一品类的服务商，结果以色列厂商表示从画图到 产品落地需要三年，而中国企业则表示只需要三个月，这也从侧面印证中国已经从世界工厂转移到了全 球产业链枢纽的重要地位。 8月26日，《国务院关于深入实施"人工智能+"行动的意见》出炉，文件中提出到2 ...

Core Viewpoint - GE Healthcare is reportedly exploring options to sell its stake in the Chinese market due to declining revenues, rising tariff costs, and increasing competition from local players [2][3] Financial Performance - GE Healthcare's global revenue for the year ending December 31, 2024, was $19.7 billion, a slight increase of 1% year-on-year [2] - The revenue from the Chinese market for GE Healthcare was $2.36 billion, representing a significant decline of 15% year-on-year, marking the largest drop since the company became independent in 2023 [2] - In the first half of 2025, GE Healthcare reported a further 3% decline in revenue from the Chinese market [3] Market Comparison - In the first half of 2025, Siemens Healthineers achieved revenue of €11.571 billion (approximately $13.39 billion), a year-on-year increase of 7% [3] - GE Healthcare's revenue for the same period was $9.78 billion, reflecting a 3% year-on-year growth [3] - Philips Healthcare reported revenue of €8.174 billion (approximately $9.46 billion), showing a year-on-year decline of 1.77% [3] - Siemens Healthineers was the only major player to experience growth in the Chinese market, with a 2.4% increase, while GE Healthcare and Philips saw declines of 2% and 11%, respectively [3]

Core Viewpoint - The international gold market has experienced significant fluctuations recently, with gold prices reaching historical highs before a sharp decline following the Federal Reserve's interest rate cut [2][3]. Group 1: Gold Price Movements - On September 18, the COMEX gold futures contract peaked at $3744 per ounce, marking a historical high since its listing, but subsequently fell by $39.6 to close at $3678 per ounce [2]. - As of September 19, COMEX gold was reported at $3677 per ounce, indicating a notable drop after the initial surge [2]. - The market had already priced in the expectation of a rate cut before the Federal Reserve's announcement, leading to a classic "buy the rumor, sell the news" scenario [3]. Group 2: Federal Reserve's Rate Cut Impact - The Federal Reserve's decision to cut rates by 25 basis points was perceived as a risk management move rather than the start of a sustained easing cycle, which contributed to profit-taking among gold bulls [2][3]. - Market expectations had previously anticipated two rate cuts by the end of the year, but the actual cut was less than expected, leading to a sharp decline in gold prices [3][4]. - The cautious tone of Fed Chair Jerome Powell, emphasizing the uncertainty of future rate cuts, did not provide a strong signal for further easing, causing market doubts about the rate cut trajectory [3][4]. Group 3: Economic Indicators and Future Expectations - Recent U.S. non-farm payroll data showed a significant drop, with only 22,000 jobs added in August, far below expectations, which raised concerns about the economy [5]. - Despite the weak employment data, inflation remains resilient, with the core PCE inflation rate still above the 2% target, indicating that the economy may not require aggressive rate cuts [5][6]. - The next Federal Reserve meeting is scheduled for October 28, with expectations of two more rate cuts this year, each by 25 basis points, which could support gold prices [6][7]. Group 4: Market Sentiment and Geopolitical Factors - Wall Street's outlook on gold has shifted, with some analysts warning of potential market corrections following the Fed's rate cut, as the market had already priced in the easing [7][8]. - Geopolitical risks, including the ongoing Russia-Ukraine conflict and Middle East tensions, have heightened investor demand for safe-haven assets like gold [8][9]. - Long-term factors driving gold prices include concerns over U.S. dollar credibility and the sustainability of U.S. fiscal policies, which may provide upward momentum for gold [9].

Core Viewpoint - The chairman and actual controller of Tianpu Co., Ltd. plans to transfer control due to his children living abroad and unwilling to take over the business, potentially cashing out approximately 600 million yuan, but insider trading allegations involving employees and shareholders have complicated the situation [2][4][9]. Group 1: Company Background - Tianpu Co., Ltd., established in 2009, specializes in the research, production, and sales of polymer materials for automotive fluid systems and sealing systems, and was listed on the Shanghai Stock Exchange in August 2020 [3]. - The company's performance has been mediocre, with annual revenues ranging from 300 million to 400 million yuan and net profits around 30 million yuan in recent years. In the first half of 2025, revenue was 150 million yuan, a 3.4% decline year-on-year, and net profit was approximately 11.3 million yuan, down 16% [3][4]. Group 2: Control Transfer and Market Reaction - The actual controller, You Jianyi, cited his age and lack of energy to drive the company's transformation as reasons for the control transfer, which is also seen as a prudent decision considering market conditions and the interests of minority shareholders [4]. - Following the announcement of the control transfer, Tianpu Co., Ltd. experienced a significant stock price surge, achieving 13 consecutive trading days of price increases, with a total rise of 245% from August 22 to September 19, 2025 [5][7]. Group 3: Insider Trading Allegations - Four individuals, including the spouse of the former financial director, were found to have engaged in stock trading during a period when they had insider information. They have since returned their profits to the company [9][10]. - Tianpu Co., Ltd. maintains that these transactions do not constitute insider trading, asserting that the trades occurred before the individuals were aware of the insider information [9][10].