Core Viewpoint - The acquisition of Jinzhou Bank by Industrial and Commercial Bank of China (ICBC) is progressing, with regulatory approvals for the rebranding of Jinzhou Bank's branches to ICBC branches [2][4][5] Group 1: Acquisition Details - ICBC will officially take over Jinzhou Bank's assets, liabilities, business, branches, and personnel, with the transition expected to occur on November 15 and 16 [3][4] - As of November 5, 174 branches of Jinzhou Bank have been approved to be renamed as ICBC branches, including 14 branches that were downgraded from full branches to sub-branches [4][5] - The rebranding process includes the replacement of Jinzhou Bank's signage with ICBC's, while the operational addresses will remain unchanged [3][4] Group 2: Historical Context - Jinzhou Bank was established in 1997 and became a publicly listed company in Hong Kong in 2015 [7] - The bank faced a severe liquidity crisis in 2019, leading to its classification as a high-risk financial institution, prompting a restructuring and the introduction of several strategic investors, including ICBC [7][8] - ICBC had previously acquired a 10.82% stake in Jinzhou Bank through its subsidiary, ICBC Investment, during the bank's restructuring efforts [7] Group 3: Industry Implications - The acquisition of Jinzhou Bank by ICBC is seen as part of a broader trend of reform and risk management among small and medium-sized banks in China, with large banks playing a crucial role in stabilizing the financial system [9] - The recent changes reflect a market-oriented approach to addressing risks in local financial institutions, emphasizing the importance of capital support and restructuring [9]

Core Viewpoint - China's charitable trust sector has transitioned from a policy exploration phase to a new stage of scaled development, with a total of 2,582 registered charitable trusts and a scale of 9.877 billion yuan as of mid-October 2025, nearing the 10 billion yuan mark [2] Policy Framework - The institutional framework for charitable trusts in China has evolved through a progressive structure of "legal foundation - policy clarification - detailed regulations," starting with the 2001 Trust Law and culminating in the 2023 classification of trust company businesses [3] - Continuous policy support is expected to guide the development direction and institutional boundaries for charitable trusts, with specific mandates for involvement in key areas such as rural revitalization and education [3] Industry Growth - The charitable trust sector is experiencing steady growth, with the number of registered trusts increasing by 306 and the scale rising by 1.314 billion yuan from the end of 2024 to September 2025, indicating a likely breach of the 10 billion yuan threshold by year-end [5] - Shanghai Trust has successfully raised 200 million yuan for over 150 charitable projects, benefiting more than 14,000 individuals across 24 provincial-level regions, focusing on education, healthcare, and rural revitalization [6] Operational Models - Shanghai Trust has established a dedicated charitable trust department to enhance business professionalism and sustainability, creating a collaborative network with various stakeholders to ensure transparency and traceability of projects [7] Challenges and Solutions - The charitable trust sector faces challenges related to public perception, professional capacity, and ecological collaboration, with misconceptions about its purpose and insufficient strategic alignment with national goals [8] - Recommendations for high-quality development include enhancing public education on charitable trusts, improving industry professional capabilities, and fostering multi-party collaboration to create a sustainable development framework [9][10]

本报（chinatimes.net.cn）记者卢梦雪 北京摄影报道 秋意浓，霜叶红，正是登高赏景时。 当秋的颜色浸染京西群山，11月5日，庆祝中国记者节・2025华夏时报工会会员健步走活动在妙峰山风 景区热烈启幕。 本次活动以"笔尖写尽风华 步履踏遍时光"为主题，地点选择在京西古道，华夏时报社的队伍从妙峰山 冰山漂砾出发，沿京西古道蜿蜒而上，最终在金隅琉璃文创园会合。 妙峰山，旧称仰山，以"古刹""奇松""怪石""异卉"而闻名。在漫山秋意的包裹中，华夏时报党委书记、 社长、总编辑冯慧君以三个"旅"为活动作注解：此时妙峰山秋菊盛放，漫山金黄与翠绿交织，可赏"四 面有山皆入画，一年无日不看花"的秋色，这是一场"自然之旅"；踏行元代形成的京西古道，访百年琉 璃工艺园，让文化传承融入步履之间，这是一场"文化之旅"；通过集体活动凝聚团队力量，既是对报社 职工身心的放松，更呼应着"十五五"规划中"深化主流媒体系统性变革"的要求，这是一场"凝心聚力之 旅"。 随着出发号响起，这场融合自然、文化与团队精神的行走，在山野间徐徐展开。华夏时报社队伍沿京西 古道拾级而上，秋叶在脚下沙沙作响。此时的妙峰山，层林尽染，正是冯慧君在致辞 ...

在A股市场沪指重返4000点之际，国内价值投资领军人物陈光明执掌的睿远基金，近日对其旗下专户产 品发布限购令，这一举措引发市场广泛关注。记者从多个渠道确认，睿远洞见价值系列专户产品自11月 起实施全面"封盘"，新老客户统一暂停申购。 据知情人士透露，睿远洞见价值系列专户此前就已长期严控规模，新客户申购早已暂停，此次"封盘"范 围进一步扩大至存量客户，即老客户追加申购的通道也被关闭。另有渠道人士透露，睿远基金方面曾表 达过"更希望客户在低点买入"的投资理念，而且由于老客户追加规模有限，此次"封盘"对产品整体规模 影响不大。 价值投资的审慎抉择？ 据公开资料，陈光明是睿远基金创始人及投资经理，拥有超20年的证券从业年限。尽管陈光明于2022年 10月卸任公司总经理职务，但仍继续担任专户权益投资决策委员会主任委员及投资经理，专注投研与产 品管理。 而睿远洞见价值系列是睿远基金为高净值客户打造的专户资产管理产品，由陈光明亲自管理。该系列产 品的一期（2018年发行）与二期（2021年发行）均由其直接掌舵，两期产品首发时均获得超百亿规模认 购，市场影响力显著。 此次对专户产品实施"封盘"，与陈光明一贯倡导的价值投资理念 ...

本报（chinatimes.net.cn）记者陈岩鹏 北京报道 一场在北京举行的专题研讨会透露出重大信号，最高法即将出台的新司法解释明确上市公司市值对赌无 效，这一规定将重塑资本市场的游戏规则。 "'新公司法司法解释征求意见稿'向社会各界公开征求意见后，共收回1100多封社会意见。我们整理了 40万字，逐条梳理，吸取了诸多合理化建议，优化完善了部分条款内容。"在11月5日举行的"新公司法 司法解释对赌协议条款专题研讨会"上，来自最高法院民事审判第二庭的相关负责人表示，该司法解释 在完成最后调整后将尽快提交审委会审理，指导各级法院准确理解和适用《中华人民共和国公司法》， 统一裁判尺度。 此次专题研讨会由中国人民大学法学院等机构联合主办。来自最高人民法院、北京大学、清华大学、中 国人民大学、中国政法大学、中国社会科学院等司法部门和高校的法律、财经专家参与研讨。 "新公司法司法解释围绕'对赌协议'设立了4个条款，特别是征求意见稿第82条明确规定，对于投资者与 上市公司或其控股股东、实控人，进行以市盈率、市净率等股票市值指标对赌的，人民法院应当认定无 效，这是一项重大的法治进步。"中国人民大学法学院院长杨东接受《华夏 ...

Core Insights - China Railway Construction Corporation (CRCC) reported a decline in revenue and net profit for the first three quarters of 2023, with revenue at 728.4 billion yuan, a decrease of 3.92% year-on-year, and net profit at 14.81 billion yuan, down 5.63% [2][3] - The decline in profitability is attributed to pressures in the construction industry and a decrease in fixed asset investment in public transportation and real estate [2][3] - Despite the challenges, CRCC is expected to achieve over 1 trillion yuan in revenue for the year, indicating a stable base, although domestic business pressures have not been fully offset by overseas growth [2][3] Financial Performance - In Q3 2023, CRCC's revenue showed signs of recovery with a 1.15% year-on-year growth, while net profit for the quarter increased by 8.34% despite a 3.92% decline in revenue [3][6] - The improvement in net profit was largely due to a reduction in income tax expenses and minority shareholder losses, rather than an increase in core business performance [6][7] - The company has seen a significant increase in accounts receivable, which doubled in less than two years, raising concerns about cash flow and liquidity risks [7][8] Strategic Adjustments - CRCC's total assets are projected to reach 1.86 trillion yuan in 2024, and the company has been listed among the Fortune Global 500 for 19 consecutive years [4] - The new chairman, Dai Hegen, has indicated a strategic shift away from reliance on scale, focusing on reducing inefficient long-term projects and improving profitability [4][10] - The company has made progress in restructuring, with a 8.6% increase in net profit and a slight decrease in the debt-to-asset ratio to 79.1% [4][6] Market Dynamics - The construction industry is experiencing a cyclical downturn, with many state-owned enterprises facing revenue declines and profit shrinkage [9][11] - CRCC's domestic business remains under pressure, with new contracts signed in the domestic market decreasing by 3.96% year-on-year, while overseas contracts surged by 94.52% [12][14] - The company is actively pursuing international markets to mitigate domestic challenges, with significant projects in regions like Africa and Latin America [10][14] Business Segments - CRCC's core engineering contracting business remains substantial, accounting for over 70% of new contracts, but has seen a slight decline in new contract value [12][13] - The green environmental and logistics sectors have shown strong growth, with increases of 15.44% and 28.7% respectively, indicating success in diversification efforts [12][13] - The real estate development segment continues to face challenges, focusing on inventory reduction rather than new land acquisitions [13][14]

11月5日，深秋的黄浦江畔，迎来了全年中最绚烂的时刻。这天，第八届进博会在国家会展中心（上 海）正式开幕。 作为党的二十届四中全会胜利召开后举办的首场重要经济外交活动，特殊节点赋予特殊意义，本届进博 会以"开放共创新机遇，合作共享新未来"为主题，再次向世界彰显中国扩大高水平开放的决心。 本届进博会有155个国家、地区和国际组织参与，4108家境外企业参展，其中包括290家世界500强和行 业龙头企业，整体展览面积超过43万平方米，不管是展览面积还是企业总数均创历史新高，且美国企业 参展面积连续7年保持第一。国际社会对于"进博机遇"和中国经济的信心由此可见一斑。 八年来，进博会不断吸引新朋友的到来，同时越来越多"老朋友"成为进博会"常驻客"，包括德国科技巨 头贺利氏、全球知名家具及家居用品品牌宜家在内的多企业连续八年参会。 作为连任六届的展盟主席和今年的日化消费品专委会会长单位，欧莱雅是进博会的老朋友，连续八 年"全勤"参展，今年更是携旗下25个品牌参展，带来历届最强"首发"新品阵容。"但当首次来到这里， 真正站在现场时，我依然被进博会的宏大规模、蓬勃创新和旺盛活力深深震撼——这在全球充满不确定 性的当下，尤显 ...

11月5日，第八届中国国际进口博览会（下称"进博会"）和虹桥国际经济论坛在国家会展中心（上海） 隆重开幕。 华夏时报记者 张智 北京报道 作为党的二十届四中全会胜利召开后举办的首场重要经济外交活动，本届进博会以"开放共创新机遇， 合作共享新未来"为主题，吸引了全球155个国家、地区和国际组织参与，4108家境外企业参展，共同探 讨全球经济治理、数智转型、绿色发展等重大议题。 值得一提的是，"全球最快"高铁CR450样车精彩亮相，以创新互动视角和丰富沉浸体验展示了中国高速 铁路科技创新的最新成果，吸引大量观众驻足观看和互动体验，成为本届展会的亮点。 按照"十五五"规划建议，扩大高水平对外开放的战略任务的优先级进一步提升，释放了中国坚持开放合 作、互利共赢的强烈信号。毕马威中国主席邹俊对《华夏时报》记者表示，"十五五"规划建议明确要稳 步扩大制度型开放、对接国际高标准经贸规则，这将为世界共享中国大市场新机遇提供制度保障。 上述负责人对本报记者表示，此次CR450科技创新工程集中亮相进博会这一汇聚全球目光的开放平台， 充分展示了"十四五"期间我国高铁技术自主创新成果，反映了我国综合国力和科技实力的整体跃升，也 彰显 ...

彼得·阿特沃特/文 如果说有一项决策最挑战我们的直觉和天性偏见，那就是投资。例如，股价会随着大众信心的提升而上 涨。其结果便是，我们（有些人可能会说这是非理性的）最想投资的时候，恰恰是价格处于顶峰之时， 而非价格处于低点、获利机会最大的时候。当股价最实惠的时候，我们却最恐惧，几乎无法想象前方会 有光明的未来。所以我们不会踊跃进场，而是转身逃离。 因此，对于投资者，以及那些受托代表他人将资本投入新工厂、新业务和新市场的企业领导者而言，若 要成功，就必须克服那种与生俱来的信心冲动，否则这种冲动会驱使我们在最高点买入、在最低点卖 出。 这正是我写本书的原因。我相信，如果我们能理解信心究竟是什么以及它如何影响我们的行为，我们就 能做出更好的选择。经过多年研究，我相信，我们的确定性和控制感不仅是推动金融市场的无形之手， 也驱动着我们周遭的世界。简而言之，我们—无论是投资者、企业领导者、政策制定者还是装配线工人 —都依感觉而行。 许多人轻视感觉，不将其视为决策中的一个因素。例如，投资者常常难以处理像感觉这样的定性因素， 认为它们过于情绪化而无实用价值。相反，他们着眼于企业盈利、销售和其他数据，相信这些数据更客 观，因此也 ...

Group 1 - The 8th China International Import Expo (CIIE) opened on November 5, showcasing China's commitment to high-level openness and economic diplomacy, with the theme "Open Cooperation for New Opportunities" [2][3] - A record number of 4,108 foreign enterprises participated, including 290 Fortune 500 companies, with the exhibition area exceeding 430,000 square meters, indicating strong international confidence in the "CIIE opportunities" and the Chinese economy [3][4] - The event serves as a significant platform for global companies to showcase innovations and deepen cooperation, transforming multinational enterprises from "integrators" to "co-builders" in the Chinese market [2][3][4] Group 2 - Long-term participants like L'Oréal and IKEA have consistently attended the CIIE, demonstrating their commitment to the Chinese market and the benefits derived from the event [3][4][7] - Schneider Electric and other companies expressed confidence in the Chinese market, viewing the CIIE as a vital window for high-level openness and collaboration [4][8] - The CIIE has facilitated significant business agreements, with companies like Cargill planning to sign over $3 billion in strategic procurement agreements during this year's event [9][12] Group 3 - The CIIE has become a fast track for global brands to connect with the Chinese market, with previous editions resulting in over 5,000 agreements worth more than $500 billion [8][9] - Companies are increasingly viewing investment in China as a long-term strategy, with many planning to continue their participation in future expos [11][13] - The event has expanded its influence, with a growing number of international enterprises recognizing the potential of the Chinese market for future growth and innovation [12][13]