纲举目张。展望"十五五"，提升投资者获得感将是行业发展的绝对主线，公募基金将进一步夯实投研能 力，更好服务投资者，让投资者切实感受到长期投资的价值，真正承接好居民财富管理的新需求，分享 经济发展成果。 迈步新征程。公募基金机构表示，将以客户需求为导向，不断创新产品和服务，提升专业能力，助力居 民实现财富稳健增长，共同推动社会经济高质量发展。 系列改革掷地有声 "十五五"规划建议明确提出，推动各类金融机构专注主业、完善治理、错位发展。公募基金行业经过二 十多年的发展，已成为资本市场重要的专业机构投资者，在服务实体经济、促进共同富裕、维护金融稳 定等方面承担着重要使命。 星辰大海。展望"十五五"，公募基金机构认为，在社会经济持续健康发展、居民财富稳步积累的大背景 下，居民存款长期流入资本市场的趋势不改，居民财富管理需求正迎来深层次、全方位的新变化。公募 基金作为普惠金融代表、专业资产管理机构，大有可为。 "在经历了过去20多年的高速发展之后，居民的财富管理需求有望在'十五五'期间迈向新的阶段。长 期、精准、多元，有可能成为居民财富管理发展的新趋势。"汇丰晋信基金表示。 中欧基金认为，伴随居民资产配置从实物投资向金 ...

Core Insights - The 2025 "Double Eleven" shopping festival showcases a vibrant consumer market with significant sales growth across major e-commerce platforms, highlighting a shift towards user experience and comprehensive service capabilities rather than just sales volume [1][2][3] Group 1: Sales Performance - Taobao Tmall achieved over 1 billion in sales for 80 brands within the first hour, with over 30,000 brands doubling their sales compared to last year [2] - Douyin e-commerce saw a 500% year-on-year increase in sales through live streaming, with over 41,000 merchants participating [2] - Fliggy's travel products surpassed 1.6 million units sold, indicating a shift in consumer purchasing behavior towards service experiences [3] Group 2: Consumer Behavior Trends - The current "Double Eleven" reflects a trend of rational purchasing, with consumers focusing on value and experience rather than just low prices [1][3] - There is a notable shift in consumer preferences towards service-oriented products, as evidenced by the popularity of travel and experience-based purchases [3][6] - New consumption forces are emerging, with hundreds of new brands achieving significant sales, indicating a market expansion into niche and innovative categories [6] Group 3: Technological Advancements - AI technology and instant retail capabilities are becoming core competitive advantages for platforms, enhancing user experience and operational efficiency [4][5] - Taobao Tmall is leveraging AI to optimize traffic distribution and improve search relevance and recommendation accuracy [4] - JD.com is utilizing its "super supply chain" and JoyAI model to enhance logistics and service delivery, ensuring timely fulfillment even in rural areas [4] Group 4: E-commerce Ecosystem Evolution - The competition in the e-commerce industry is evolving from a focus on individual metrics to a comprehensive ecosystem approach, driven by technology and service enhancements [5] - Platforms are increasingly integrating live streaming, content, and shopping experiences to create a more engaging consumer journey [4][5] Group 5: Quality and Diversity in Consumption - The sales data from "Double Eleven" indicates a shift towards higher quality and diversified consumption, with consumers willing to pay for products that align with their personal values and aesthetics [6][7] - Health-conscious products and unique travel experiences are gaining traction, reflecting a broader understanding of consumer needs and preferences [6][7] - Membership economies are becoming more prominent, with loyalty programs driving sustained consumer engagement and shifting focus from traffic to deep user engagement [7]

Core Viewpoint - Southbound capital has significantly increased its inflow into the Hong Kong stock market, with a cumulative net inflow exceeding 1.3 trillion HKD this year, marking a record high since the launch of the Stock Connect program [1][2]. Group 1: Southbound Capital Inflow - As of November 11, 2023, the net inflow of southbound capital through the Stock Connect reached 44.67 billion HKD, bringing the total for the year to 13,098.17 billion HKD, which is over 1.6 times the 8,078.69 billion HKD recorded in the same period of 2022 [1][2]. - The cumulative net inflow since the launch of the Stock Connect has surpassed 50 trillion HKD, setting a new record for the program [2]. Group 2: Holdings and Market Value - As of November 10, 2023, southbound capital held 5,573.90 billion shares, an increase of 908.52 billion shares from the beginning of 2023, with a total market value exceeding 6.3 trillion HKD, up from 3.6 trillion HKD at the start of the year [2]. - The financial, information technology, and consumer discretionary sectors have the highest market values held by southbound capital, amounting to 15,762.36 billion HKD, 13,100.89 billion HKD, and 9,018.37 billion HKD respectively [2]. Group 3: Individual Stock Holdings - Major individual stock holdings include Tencent Holdings at over 650 billion HKD, Alibaba Group at over 340 billion HKD, and several banks such as China Construction Bank and China Mobile, each exceeding 260 billion HKD [3]. - The most significant increases in holdings this year have been in China Construction Bank, with an increase of 71.41 billion shares, followed by other major banks [3]. Group 4: Investment Opportunities - Analysts highlight three main investment opportunities in the Hong Kong stock market: cyclical stocks benefiting from rising downstream commodity prices, defensive dividend stocks due to decreased market risk appetite, and stocks positioned for overseas expansion [4][5]. - The market is characterized by structural performance and significant sector rotation, with expectations of increased inflows from public funds and insurance capital [4].

Core Viewpoint - The increase in bank-direct property sales indicates a shift in asset disposal strategies, with banks moving towards a dual approach of targeting both B-end and C-end markets to enhance asset recovery and manage non-performing assets effectively [1][3][6]. Group 1: Market Trends - The number of properties directly sold by banks has increased significantly, with a reported 24.7% growth compared to the same period last year and a 77.8% increase from the previous month [2][4]. - On November 11, over 170 properties, including shops, residential units, and office buildings, were up for auction on platforms like Alibaba Assets, with starting prices ranging from 30,000 to over 40 million yuan [2][4]. Group 2: Asset Disposal Strategy - Banks are transitioning from a primarily B-end asset disposal model to a more balanced approach that includes C-end sales, driven by the need to manage increasing asset disposal volumes, especially among smaller banks [3][5]. - The direct sale of properties allows banks to expedite the recovery of funds, as traditional asset disposal methods can be time-consuming, particularly in the current market environment [4][5]. Group 3: Advantages of Direct Sales - Bank-direct properties typically have clearer ownership and lower starting prices compared to market rates, making them attractive to buyers [4][6]. - The process of selling bank-owned properties is generally more efficient, allowing for quicker fund recovery and potentially reducing the risk of further asset depreciation [4][6]. Group 4: Regulatory Environment - Recent regulatory changes, such as the implementation of the "Commercial Bank Financial Asset Risk Classification Measures," encourage banks to actively manage and dispose of non-performing assets [6]. - Local governments are also facilitating the inclusion of bank-direct properties in affordable housing procurement pools, which helps mitigate financial risks while addressing housing supply needs [6].

近日，中国证券投资基金业协会发布修订后的《私募投资基金备案指引第3号——私募投资基金变更管 理人》，并与北京金融法院联合推出两则典型案例，标志着私募基金风险处置步入"自律规范+司法实 践"协同发力新阶段。 新规通过优化变更程序、尊重契约自治等五大方面修订，为化解管理人"失联""失能"困境提供了清晰的 制度路径；而配套案例则从代表诉讼与强制执行等司法层面，为破解清算僵局提供了关键实操范例。 业内人士表示，这一系列举措，共同构建起全链条治理框架，旨在有效破解行业长期存在的治理与清算 难题，为私募基金行业的高质量发展注入强劲的制度动能与法治保障。 君合律师事务所王曼表示，本次修订在调研行业意见、总结司法实践基础上，对原有规则进行了系统优 化，旨在提升制度的适用性与操作性，推动形成"以契约自治为基础、以自律监管为保障"的风险处置机 制。新版指引通过优化表决机制、简化程序要求、畅通司法衔接、扩大适用范围等关键环节的系统改 进，显著提升了私募基金变更管理人的操作性与效率，为化解存量风险、维护投资者权益提供了制度保 障。 私募基金备案新规落地 随着近年来私募基金行业的快速发展，私募基金管理人优胜劣汰加速，部分机构"失联"" ...

Core Viewpoint - The People's Bank of China emphasizes the implementation of a moderately accommodative monetary policy to maintain relatively loose social financing conditions and improve the monetary policy framework [1][2]. Monetary Policy Implementation - The report highlights the need to balance short-term and long-term goals, stabilize growth while preventing risks, and ensure internal and external equilibrium [2]. - It stresses the importance of macroeconomic governance effectiveness and aims for a 5% economic growth target for the year [2]. - The report calls for the use of various monetary policy tools to ensure ample liquidity and to guide banks in maintaining credit support [2][4]. Financial Indicators - The report suggests a shift in focus from traditional loan metrics to social financing scale due to changes in financing structure and economic transformation [3]. Interest Rate and Exchange Rate Management - The report advocates for deepening interest rate marketization reforms and improving the transmission channels of monetary policy [4]. - It emphasizes the need for a sound interest rate relationship to enhance the effectiveness of monetary policy and reduce arbitrage opportunities [4]. Regulatory Measures - The report outlines measures to regulate interest rate self-discipline mechanisms and ensure banks do not offer loans below certain yield thresholds [5]. - It aims to support banks in stabilizing net interest margins and expanding the space for counter-cyclical monetary policy adjustments [5]. Financial Innovation - The report encourages the development of various financial sectors, including technology finance, green finance, inclusive finance, pension finance, and digital finance [6]. - As of September, the balance of structural monetary policy tools supporting these initiatives was 3.9 trillion yuan [6][7]. Risk Management - The report emphasizes the establishment of a comprehensive macro-prudential management system and mechanisms for systemic financial risk prevention and resolution [7]. - It calls for enhanced monitoring, assessment, and early warning of systemic financial risks, as well as the expansion of the macro-prudential toolbox [7].

● 本报记者张佳琳 构成贷款诈骗罪与骗取贷款罪 刘某权在2022年4月，帮助其朋友郭某山跟银行联系，借给郭某山490头牛作为抵押物，二人达成口头协 议，贷款发放后，郭某山把牛买下来。同时，刘某权授意郭某山和林某臣伪造一份购牛合同，以林某臣 的名义向吉林银行长春公主岭支行贷款650万元。 "租牛-抵押-再租牛"吉林省长春市中级人民法院近期披露的一则刑事裁定书，揭开了被告人刘某权空手 套白狼的骗贷细节：不符合银行贷款条件的刘某权，以租赁的活牛作为抵押物，通过假办营业执照，伪 造购牛合同、养殖场租赁协议等方式，以他人名义向公主岭华兴村镇银行、吉林银行长春公主岭支行两 家银行办理贷款合计超千万元，并将大部分贷款用于偿还个人债务。 不仅如此，刘某权通过给予银行工作人员好处费等方式，帮其朋友在银行以他人名义办理贷款数百万 元，现贷款无法归还，给银行造成巨大损失。顶名贷款、虚假合同、银行人员收钱为贷款"开绿灯"…… 生物资产抵押贷款，本应是解决农户们融资难题的创新之举，却因银行内控失灵，沦为不法分子骗贷获 利的工具。 "租牛骗贷"超千万元 中国裁判文书网显示，被告人刘某权自身不符合银行贷款条件，刘某权的朋友李某找到任某东、 ...

Core Viewpoint - The Chinese economy is expected to continue its recovery amidst fluctuations, supported by proactive fiscal policies and moderately loose monetary policies [1][5]. Group 1: Capital Market Development - The Chinese capital market has entered a new development phase, driven by global changes, technological trends, and institutional reforms [2]. - The restructuring of industries and finance globally presents opportunities for China, with a notable 7.1% year-on-year increase in exports in the first three quarters of this year [2]. - The resilience of Chinese manufacturing is highlighted, with local leading enterprises expected to transition into multinational giants, enhancing their pricing power [2]. Group 2: Technological Trends - The transition from old to new economic drivers, fueled by technology, is creating new opportunities in the capital market [3]. - Key technologies in China, such as artificial intelligence and biotechnology, are significantly developing, improving market risk appetite and attracting global capital [3]. - The market is shifting towards new development trends, with the electronic sector's market capitalization surpassing that of the banking sector this year [3]. Group 3: Institutional Reforms - The optimization of the institutional environment is expected to reshape the market ecosystem, enhancing the inclusiveness and adaptability of capital market systems [4]. - The focus will be on coordinating the development of investment and financing functions, with an emphasis on direct financing and supporting quality enterprises [4]. - There is a notable trend of converting household savings into investments, with significant room for increasing the proportion of residents' equity asset allocation [4]. Group 4: Economic Outlook - The Chinese economy is projected to achieve a growth target of around 5.0% in 2025 and maintain approximately 4.9% in 2026, with a "front low and back high" growth rhythm anticipated [5]. - Fiscal policies are expected to be more proactive, with a deficit ratio likely to remain around 4% and an increase in special bond quotas directed towards project construction [5]. - Monetary policy will continue to have room for adjustments, with structural monetary tools expected to remain effective [5]. Group 5: Asset Allocation - The global macro environment is generally loose, with attention needed on the changes in leading factors for bond market performance [5]. - The RMB exchange rate is expected to appreciate moderately, while gold remains an attractive long-term asset allocation option [5]. - The focus on activating domestic demand and upgrading industries is seen as a core direction for future policies [6]. Group 6: Investment Themes - The investment landscape is becoming clearer, with three main themes emerging: the revaluation of manufacturing pricing power, deepening international expansion of enterprises, and the continuation of the technology market [8][9]. - The manufacturing sector is expected to shift from scale expansion to pricing power and profit transformation, particularly in sectors like non-ferrous metals, chemicals, and new energy [9]. - The international expansion of enterprises is broadening, with a focus on sectors such as machinery, innovative pharmaceuticals, and military equipment [9].

Core Viewpoint - The National Development and Reform Commission (NDRC) is promoting private investment development by detailing requirements for private capital participation in project construction and encouraging investments in high-value service industries [1][2]. Group 1: Encouragement of Private Investment - The NDRC has introduced measures to encourage private capital participation in key projects, allowing for a shareholding ratio of over 10% in certain qualified projects, with some nuclear power projects reaching up to 20% [2][6]. - The NDRC aims to support various types of economic entities in project construction, promoting complementary advantages among different ownership types [2][3]. Group 2: Focus on Productive Service Industries - The NDRC is directing private capital towards high-value service sectors, including industrial design and quality certification, to enhance participation in productive service projects [2][4]. - There is an emphasis on the integration of advanced manufacturing and modern service industries, encouraging regions to innovate policies that support the service-oriented transformation of manufacturing [3][5]. Group 3: Support for Major Pilot Platforms - The NDRC is advocating for the establishment of significant pilot platforms by private enterprises, which are crucial for linking innovation with industry [4]. - The NDRC encourages collaboration between state-owned enterprises, universities, and research institutions to provide market-oriented pilot services to private companies [4][5]. Group 4: Expansion of Financing Channels - The NDRC is actively supporting the issuance of infrastructure REITs for qualified private investment projects, with 14 out of 18 recommended projects already listed, raising nearly 30 billion yuan [6]. - Future efforts will focus on expanding the market for private investment projects, facilitating the listing of new asset types, and establishing a supportive coordination mechanism for REITs [6].

Core Points - The article highlights the efficient logistics services provided by China Railway Express during the "Double Eleven" shopping festival, emphasizing the rapid delivery capabilities of high-speed rail [1][2][3] Group 1: High-Speed Delivery Services - The "High-Speed Urgent Delivery" service has expanded to 196 major cities nationwide, allowing customers to place orders via WeChat mini-programs for door-to-door delivery within four hours [2] - During the "Double Eleven" period, the Beijing branch of China Railway Express utilizes reserved carriages on low passenger volume trains to transport goods, achieving a daily shipment capacity of 10 to 12 tons [2][3] Group 2: Customized Transportation Solutions - China Railway Express has developed personalized transportation plans for various products, including fresh food, electronics, and high-security items, ensuring tailored logistics solutions [2] - For temperature-sensitive products like pharmaceuticals and biological samples, advanced refrigeration equipment and temperature-controlled packaging are employed to maintain quality during transport [2][3] Group 3: Operational Efficiency - The company has arranged over 450 high-speed passenger trains and 128 regular passenger trains daily to utilize excess capacity for freight transport [2] - A total of 339 stations across the country now offer high-speed express services, optimizing resource allocation and enhancing logistics capabilities [3]