Group 1 - The core viewpoint emphasizes the importance of patient capital and long-term investment strategies in supporting the high-quality development of capital markets as public fund reforms progress [1][2] - The investment strategy focuses on high-quality assets characterized by "high and stable ROE (Return on Equity) + high margin of safety," which are seen as essential for sustainable excess returns [1] - High and stable ROE indicates stronger profitability resilience and intrinsic growth potential during economic cycles, making these core assets vital for long-term compounding growth [1] Group 2 - Looking ahead to the second half of 2025, it is anticipated that domestic economic growth will gain momentum due to ongoing policy support, which should not be underestimated [2] - Enhanced economic growth and structural adjustments are expected to positively impact the marginal profitability growth of listed companies, leading to increased long-term capital allocation in A-shares [2] - The strategy of deeply exploring and firmly holding high-quality core assets with "high and stable ROE + high margin of safety" is viewed as a rational choice to navigate market volatility and a pathway for investors to share in the benefits of China's high-quality economic development [2]

Group 1 - The core viewpoint of the news is that Rongtai Health has invested in Shenzhen Hengqu Motor Co., Ltd., marking an extension into the upstream core components of the smart health industry chain [1] - This investment aims to enhance Rongtai Health's core competitiveness in the smart health sector by integrating cutting-edge technology to provide more efficient, greener, and smarter health product experiences for global users [1][2] - Hengqu Motor is recognized as a national-level specialized and innovative "little giant" enterprise, with over ten years of experience in the brushless motor field, offering 36 standard model series and over 500 customized drive solutions [1] Group 2 - The collaboration between Rongtai Health and Hengqu Motor will lead to advancements in several areas, including the upgrade of smart massage devices, where Hengqu's ultra-quiet brushless motor technology will significantly improve noise reduction during operation [2] - The partnership will also focus on innovation in health therapy robots, leveraging Hengqu's expertise in medical motor solutions to develop intelligent drive modules suitable for health therapy, thus expanding into emerging markets [2] - Additionally, the investment will enhance global supply chain collaboration, utilizing Hengqu's sales network across Europe, America, and Asia to strengthen Rongtai Health's localized supply capabilities in overseas markets [2]

Group 1 - The article highlights the increasing market volatility due to overseas geopolitical disturbances, leading to heightened interest in defensive dividend assets, particularly the dividend ETF focused on state-owned enterprises in Hong Kong [1][2] - The Hong Kong dividend ETF (520900) has shown strong performance, with a year-to-date increase of over 5% as of June 24, indicating its robust ability to withstand market fluctuations [1] - The low interest rate environment enhances the long-term attractiveness of high-dividend state-owned enterprises, making index-based tools like the Hong Kong dividend ETF a convenient option for investors seeking dividend income while diversifying risk [1] Group 2 - The China Securities New Hong Kong Stock Connect State-Owned Enterprise Dividend Index focuses on state-owned enterprises with stable dividend levels and high dividend yields within the Hong Kong Stock Connect range, with significant representation from the oil and petrochemical (29.0%), telecommunications (23.5%), and coal (14.2%) sectors [2] - The top ten constituent stocks of the index include major state-owned enterprises, benefiting from the long-term advantages of the energy and telecommunications sectors [2] - GF Fund Management has developed a diverse range of dividend asset allocation tools, with the Hong Kong dividend ETF (520900) becoming a key instrument for investors navigating complex market conditions [2]

Core Viewpoint - The company has announced a delay in the completion dates for two fundraising investment projects, namely the "NaiXiang Intelligent Electrical Industry Park Construction Project (Phase I)" and the "Research and Development Center Construction Project" [1][2] Group 1: NaiXiang Intelligent Electrical Industry Park Construction Project - The project is planned to use fundraising of 159 million yuan, with a cumulative investment of 116 million yuan as of December 31, 2024, representing a progress rate of 73.23% [1] - Some construction of factory buildings and supporting areas has been completed, but additional construction and equipment installation are still pending [1] - The completion date for the project has been adjusted to June 2026 due to the need for a longer investment construction period [1] Group 2: Research and Development Center Construction Project - The project is intended to use fundraising of 36.9668 million yuan, with a cumulative investment of 19.209 million yuan as of December 31, 2024, indicating a progress rate of 51.96% [2] - The company has optimized and upgraded the original R&D plans to ensure the technological advancement and competitiveness of the R&D outcomes [2] - The completion date for this project has also been adjusted to June 2026 due to the complexity of the revised R&D processes and equipment selection [2]

Core Viewpoint - Asset management institutions are shifting towards a diversified asset allocation strategy that includes stocks, bonds, gold, market-neutral strategies, and overseas assets to achieve relatively stable returns in a low-interest-rate environment [1][2]. Group 1: Investment Strategy - The evolution of China's low-interest-rate environment mirrors that of overseas markets, where initial strategies focused on credit exploration, leverage, and duration have lost profitability due to the narrowing of credit and term spreads [1]. - The current market has transitioned to a new phase centered on diversified asset allocation, which, despite its theoretical effectiveness, is now favored over fixed-income strategies that were previously attractive due to low volatility and high Sharpe ratios [1]. Group 2: Optimal Asset Allocation Criteria - An ideal diversified asset allocation strategy must meet three key conditions: low correlation between assets (below 0.2), the ability to generate returns without relying on market price fluctuations, and immunity to macroeconomic volatility [2]. - Four to five asset classes that meet these criteria include stocks, bonds, commodities represented by gold, market-neutral strategies (quantitative and macro hedging), and overseas assets [2]. Group 3: Risk Management and Future Outlook - Asset management institutions need to establish defensive mechanisms to address extreme tail risks, focusing on two dimensions: using derivatives to hedge against interest rate risks and preventing global liquidity tightening or sudden inflation shocks [2]. - In the current low-interest, low-inflation environment, a risk parity strategy between stocks and bonds may become the optimal choice in the next 1-2 years, as the bond market still has downward potential while the stock market is at a valuation bottom with significant upside potential as the economy recovers [2].

中证报中证网讯（王珞）6月24日晚，阳煤化工（600691）股份有限公司（600691.SH）（以下简称"阳 煤化工"或"公司"）披露了公司名称变更、控股股东增持及股东大会决议等公告。据悉，阳煤化工拟将 公司名称从"阳煤化工股份有限公司"变更为"山西潞安化工科技股份有限公司"，证券简称变更为"潞化 科技"，公司证券代码保持不变。 同日公司还披露了控股股东山西潞安化工有限公司（以下简称"潞安化工"或"集团"）关于控股股东增持 股份及增持计划的公告，控股股东计划自公告披露之日起12个月内，拟以自有资金或自筹资金通过集中 竞价方式，6月24日首次增持公司股份210.42万股，占公司总股本的0.09%，后续拟增持金额不低于5000 万元，不超过1亿元。 值得一提的是，阳煤化工旗下子公司阳煤化机长期布局氢能及新能源装备制造领域，确立了可持续发展 的战略规划，首选"无碳能源"发展新质生产力，探索推进"灯塔工厂"建设。在绿色新能源与煤化工装备 的耦合领域，阳煤化机与国家电投共同研发了国内首套年产100吨CO2加氢制绿色甲醇合成撬装置，首 次实现了绿色甲醇工艺的产业化示范。基于其领先的技术优势，阳煤化机入选国家级服务型制造示 ...

Core Viewpoint - The asset freeze involving investor Wu Shichun is related to a shareholding dispute of a portfolio company, specifically Beijing Jidiao Network Co., Ltd. (referred to as "Tingyun Company") [1][4][6] Group 1: Asset Freeze Details - Wu Shichun's assets worth approximately 21.26 million yuan (around 2 billion) have been frozen as a pre-litigation preservation measure, not as a legal execution action, thus posing no risk to his ownership of assets [1][6] - The freezing of assets is linked to an arbitration case regarding share repurchase obligations initiated by investors in Tingyun Company [4][6] Group 2: Share Repurchase Obligations - According to the investment agreement, Tingyun Company is required to repurchase shares through a capital reduction, and it currently has sufficient cash to cover the repurchase amount [2][4] - The internal process for capital reduction at Tingyun Company has not yet been formalized through a shareholders' meeting resolution, leading investors to seek accountability from key shareholders, including Wu Shichun [2][4] Group 3: Legal Proceedings - The arbitration case concerning the shareholding dispute is currently in the stage of collecting defense opinions from all parties and has not yet reached a formal arbitration decision [6] - Investors' lawyers have utilized legal loopholes to implement pre-litigation preservation against Wu Shichun, aiming to pressure him into complying with unreasonable financial demands [6]

中证报中证网讯(记者李梦扬)近日，"2025上海财经大学商学院MBA/EMBA'商链共生'校企合作及培养 方向升级发布会"在上海财经大学科技园国际会议中心举行。活动聚焦产教融合新生态与商科人才培养 创新，发布全新校企合作计划、培养方向升级方案、2026级新生奖学金方案和招生政策。 随后，上海财经大学商学院副院长孙琦重磅发布"商链共生"校企合作计划及2026级MBA/EMBA全新班 型和培养方向。该计划以"时代之困、产业之痛、教育之变"为切入点，推出以前沿讲座论坛、深度产业 园区参访、业界与学界专家"双师同堂"、走进企业的"移动课堂"、解决企业真实问题的"整合实践"项目 等为例的七大模块协同推进产教融合。 此外，发布会现场举行了校企合作授牌仪式。南通高新技术产业开发区、嘉定工业互联网产业园、国科 长三角资本管理有限公司、上海脉策数据科技有限公司、浙江纳美新材料料股份有限公司、上海林清轩 生物科技股份有限公司、哈尔滨市康隆药业有限责任公司、济川药业（600566）嘉泽创投有限公司、苏 州世名科技（300522）股份有限公司等9家单位被授予"MBA人才培养实践基地"，覆盖人工智能、生物 医药、工业互联网等前沿领域， ...

2025年一季度财报方面，497家公司已发布报告，其中383家盈利超预期，310家销售超预期。预计盈利 较2024年四季度下降6.0%，较2024年一季度增长5.3%。销售预计较创纪录的2024年四季度下降4.0%， 较2024年一季度增长3.5%。运营利润率预计从2024年四季度的12.04%和2024年一季度的11.58%降至 11.78%。 本周经济报告密集发布，周一上午(美东时间，下同)将公布PMI综合初值报告，随后公布成屋销售数 据。周二将公布标准普尔/CS房价指数和FHFA房价指数，随后公布消费者信心指数。周三将公布每周抵 押贷款申请报告、新屋销售数据、EIA库存周报。周四将公布每周初请失业金人数、耐用品订单、 GDP、企业利润、货物和服务国际贸易以及零售库存数据，随后公布批发库存和成屋签约销售数据。周 五将公布个人收入和支出以及消费者情绪指数。 (作者系标普道琼斯指数公司高级指数分析师葛瑶编译) 霍华德.斯韦尔布拉特 上周，标普500指数微幅下跌0.15%，收于5967.84点，较前一周收盘价5976.97点下跌。年初至今上涨 1.47%，较2025年2月19日收盘高点6144.15点下跌2.8 ...

张东壮提到，ESG建设是一项系统性、长期性工程，绝非一蹴而就。ESG发展已经从企业"加分项"转变 为高质量发展的"必修课"，希望行业企业进一步提高站位，深刻认识发展ESG的重要性，精准把握ESG 发展的新要求，凝聚合力，携手开创建材行业ESG工作新局面。 中证报中证网讯(记者董添)6月20日，由中国建筑（601668）材料联合会主办的"首届建筑材料行业ESG 可持续发展论坛"在北京举办。论坛以"绿色转型共建可持续未来"为主题，旨在共同研讨ESG理念在建 材行业的实践路径。 中国建筑材料联合会驻会副会长张东壮表示，ESG已经融入国家整体发展战略，联合会始终把加强ESG 建设工作作为推动建材行业绿色低碳安全高质量发展的一项重要的工作来抓。联合会推动引导行业上市 公司积极响应、非上市企业高度关注的建材行业ESG实践正在加速推进。 本次论坛成功搭建了建材行业首个ESG交流高端平台，联合会表示，将以此为契机，进一步完善工作举 措，加快建设行业ESG生态圈，引导并推动ESG实践不断走深走实，共同谱写好建材行业绿色低碳安全 高质量发展新篇章。 论坛正式启动了建筑材料行业ESG公共服务平台，发布了《深化建材行业ESG实践共创 ...