证券代码：600663 证券简称：陆家嘴 公告编号：临2025-020 900932 陆家B股 上海陆家嘴金融贸易区开发股份有限公司2024年年度股东大会决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 重要内容提示： ● 本次会议是否有否决议案：无 一、会议召开和出席情况 （一）股东大会召开的时间：2025年5月20日 （二）股东大会召开的地点：上海市浦东新区龙阳路2277号，永达国际大厦裙房二楼多功能会议中心 （三）出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： ■ （四）表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次股东大会表决方式符合《公司法》及《公司章程》的规定。 本次股东大会由公司董事长徐而进先生主持。 （五）公司董事、监事和董事会秘书的出席情况 1、公司在任董事9人，出席6人，董事黎作强，独立董事王忠、孙加锋因日程安排冲突未出席本次会 议； 2、公司在任监事4人，出席4人； 3、公司董事会秘书出席本次会议；公司全体高级管理人员按《公司法》及《公司章程》列席本次会 议 ...

接近陆家信托人士向智通财经表示，原董事长黎作强将退休，连同在陆家嘴集团的职务也一并卸任。 智通财经记者 | 张晓云 信托行业高管变动潮持续涌动。近期，沪上两家信托公司董事长变动。 近日，智通财经了解到，海通资管原总经理王岗履新陆家嘴集团副总经理后，近期经股东推荐，拟任陆 家嘴信托董事长，目前任职资格还在相关程序中。 5月19日，上海金融监管局官网发布公告，核准马金上海爱建信托有限责任公司（下称"爱建信托"）董 事、董事长的任职资格，批复日期为5月9日。 王岗新职务 近期，一则王岗拟任陆家嘴信托董事长的消息在信托圈内传开。对此，接近陆家信托人士向智通财经表 示，经股东推荐，但还在程序中，需要经股东会，董事会和监管审批，以上程序现在都还没有完成。 公开资料显示，王岗男，1982年6月出生，中共党员，研究生学历，公共管理硕士。历任上海市青浦区 国家税务局第四税务所副主任科员，中国证监会上海监管局上市公司一处副主任科员、主任科员，中国 证监会上海专员办综合组主任科员、办公室主任科员、调查一处副处长，上海国盛（集团）有限公司资 本运营部副总经理，海通证券风险管理部总经理，上海海通证券资产管理有限公司党总支书记、总经 理 ...

上海市锦天城律师事务所 关于上海陆家嘴金融贸易区开发股份有限公司 2024 年年度股东大会的 法律意见书 地址：上海市浦东新区银城中路 501 号上海中心大厦 9/11/12 层 邮编：200120 电话：021-20511000 传真：021-20511999 上海市锦天城律师事务所 法律意见书 上海市锦天城律师事务所 关于上海陆家嘴金融贸易区开发股份有限公司 2024 年年度股东大会的法律意见书 致：上海陆家嘴金融贸易区开发股份有限公司 上海市锦天城律师事务所（以下简称"本所"）接受上海陆家嘴金融贸易区 开发股份有限公司（以下简称"公司"）委托，就公司召开 2024 年年度股东大 会（以下简称"本次股东大会"）的有关事宜，委派胡晴律师和任荣树律师出席 本次股东大会，并根据《中华人民共和国公司法》（以下简称"《公司法》"）、 《中华人民共和国证券法》《上市公司股东会规则》（以下简称"《股东会规 则》"）、《上海证券交易所上市公司自律监管指引第 1 号——规范运作》（以 下简称"《自律监管指引 1 号》"）等法律、法规和其他规范性文件以及《上海 陆家嘴金融贸易区开发股份有限公司章程》（以下简称"《公司章程》" ...

900932 陆家 B 股 证券代码：600663 证券简称：陆家嘴 公告编号：临 2025-020 上海陆家嘴金融贸易区开发股份有限公司 2024年年度股东大会决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 本次会议是否有否决议案：无 一、会议召开和出席情况 （一）股东大会召开的时间：2025 年 5 月 20 日 （二）股东大会召开的地点：上海市浦东新区龙阳路 2277 号，永达国际大厦裙 房二楼多功能会议中心 （三）出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 338 | | --- | --- | | 其中：A 股股东人数 | 267 | | 境内上市外资股股东人数（B 股） | 71 | | 2、出席会议的股东所持有表决权的股份总数（股） | 3,639,854,966 | | 其中：A 股股东持有股份总数 | 3,455,718,170 | | 境内上市外资股股东持有股份总数(B 股) | 184,136,796 | | 3、出席会 ...

Group 1: Market Reactions to Credit Rating Downgrade - The U.S. stock market experienced a slight increase, with the S&P 500 index rising for the sixth consecutive day despite Moody's downgrade of the U.S. credit rating from Aaa to Aa1 [1] - Following the downgrade, the 30-year U.S. Treasury yield initially surged to 4.995% and the 10-year yield to 4.521%, but both yields later retreated [1] - Analysts noted that the downgrade may lead investors to reassess the risk premium of U.S. assets, increasing concerns about the sustainability of U.S. long-term debt [1] Group 2: U.S. Treasury and Corporate Bonds - Short-term reactions to the downgrade may force some institutions to sell U.S. Treasuries, but the overall demand for U.S. debt remains strong due to higher yields compared to other developed countries [2] - The total U.S. debt remains at $36.2 trillion, with $8 trillion in bonds maturing since May, indicating that new debt issuance can absorb maturing funds without default risk [2] - The Federal Reserve's support for U.S. Treasuries helps maintain market liquidity and stabilizes corporate bonds, making them an attractive investment option [2] Group 3: AI and Technology Developments - NVIDIA announced its transformation into an "AI infrastructure company," launching several new products and partnerships aimed at building a trillion-dollar AI infrastructure market [3] - The introduction of upgraded systems and collaboration with companies like DeepMind and Hon Hai aims to enhance AI capabilities and support various industries, including automotive [3] - NVIDIA's CUDAx ecosystem is expected to become a core component of global AI infrastructure, with significant market potential [3] Group 4: Cybersecurity Sector Insights - Palo Alto Networks is expected to report higher quarterly sales driven by AI adoption and strong demand for cybersecurity solutions [5] - The company's stock has shown resilience, with a target price increase from $215 to $225, indicating a potential upside of 15.8% from its recent closing price [5] - The cybersecurity sector is recognized as essential for the digital age, with significant growth potential as companies increasingly prioritize security [5] Group 5: Stock Market Risk Premium - The Edmond de Rothschild Asset Management report highlights that the current risk premium in the U.S. stock market is too low, reducing its attractiveness [6] - The report suggests that ongoing economic risks from tariffs may impact certain sectors, while technology, healthcare, and consumer staples remain relatively insulated [7] - Analysts anticipate that the Federal Reserve may implement two rate cuts this year, which could influence stock market dynamics and risk premiums [7] Group 6: Netflix's Strong Performance - Netflix received a "buy" rating from Barron's, with its stock price rising 25% since April, significantly outperforming the S&P 500's 4% increase [8] - The company has shown resilience against tariff impacts and has expanded its user base to over 300 million subscribers, with a market capitalization nearing $500 billion [8] - Analysts expect Netflix's EBITDA to grow by 26% this year, indicating strong long-term growth potential despite a high price-to-earnings ratio [8]

评论员许戈：上周五，美国公布的通胀预期指数为数十年最高水平，主要还是特朗普关税的影响，导致 对未来通胀高企的预期加强以及对未来经济信心不足。美国作为消费主导的国家，这一预期可能反过来 再对经济产生威胁。但需注意的是，尽管消费者普遍担心关税会推高物价，但近期硬数据报告显示美国 通胀压力有限。4月不含食品和能源的核心消费者价格连续第三个月低于预期。上周末，在美股尾盘， 穆迪下调美国评级，短期有影响，但从历史上看，中长期影响不大，这次特朗普中东之行对美国经济带 来的"礼包"，在中长期可能释放更多利好。 伯克希尔一季度减持银行股，增持酒业与石油，维持苹果持仓不变。 ①美国失去"最后一个AAA评级"消费者信心指数跌至纪录次低 关税对美经济影响初现 密歇根大学5月消费者信心指数初值从4月的52.2意外下滑至50.8，为纪录第二低水平。近四分之三受访 者提到关税，显示贸易政策主导经济看法。尽管贸易局势短暂缓和，消费者仍对贸易政策稳定性存疑。 他们对未来一年通胀率预期达7.3%，为1981年以来最高；对未来5-10年通胀预期为4.6%，为1991年以来 最高。尽管消费者对关税将推高物价的担忧加剧，但最近的报告显示通胀压力有限 ...

Group 1: Retail Sales and Economic Outlook - US retail sales growth slowed to only 0.1% month-on-month in April, with 7 out of 13 categories declining, indicating consumer spending contraction due to tariff concerns [1] - Federal Reserve Chairman Powell announced a review of the monetary policy framework, suggesting adjustments to the average inflation target and employment gap language, emphasizing a commitment to a 2% inflation target [1][2] - Consumer data reflects potential preemptive spending before anticipated price increases, raising uncertainties about the future of the US economic recovery [1] Group 2: Gold Market Dynamics - Gold prices experienced a significant rebound, rising nearly 2% in a single day, with a price swing of over $100, driven by geopolitical uncertainties and concerns over US fiscal policy [3][4] - Analysts remain optimistic about gold's long-term prospects, with predictions of prices potentially reaching $4000 per ounce due to ongoing geopolitical tensions and central bank gold purchases [3][4] Group 3: Pharmaceutical Industry Impact - Trump's executive order to lower drug prices significantly affects pharmaceutical companies, with Citigroup upgrading Regeneron and downgrading AbbVie based on their exposure to policy risks [5][6] - The order links US drug prices to lower prices in other developed countries, creating valuation risks for major pharmaceutical firms, particularly European companies like Novo Nordisk [5][6] Group 4: Semiconductor Manufacturing in India - Foxconn received approval to invest $435 million in a semiconductor manufacturing facility in India, aiming for production by 2027, which aligns with Apple's strategy to diversify its supply chain [7][8] - Apple's production in India has increased significantly, with 20% of global iPhone shipments now produced there, although high-end models remain manufactured in China [7][8] Group 5: Banking Sector Regulation Changes - US regulators are preparing to announce the largest reduction in bank capital requirements in over a decade, which could enhance banks' lending capacity and improve profitability [9][10] - The adjustment of the Supplementary Leverage Ratio (SLR) may lead to increased bank stock valuations and market performance, although it carries potential risks of excessive lending [9][10] Group 6: Surge in Container Shipping from China - Following tariff adjustments, US importers significantly increased orders from China, with container bookings surging by 277% in a week, indicating a strong demand rebound [11][12] - Logistics companies anticipate further increases in container shipping volumes in the coming weeks, although this surge may not represent a sustainable trend [11][12]

Core Insights - The article emphasizes the need for comprehensive financial solutions for enterprises "going global," moving beyond traditional financing to include investment, risk management, and professional consulting services [1][2] - The "Action Plan" aims to address various pain points in cross-border financial services, such as difficulties in fund transfers, limited financing channels, and inadequate foreign exchange risk management capabilities [2][3] Group 1: Cross-Border Financial Services - The facilitation of cross-border financial services is a key indicator of an international financial center's competitiveness, with Shanghai making significant progress in this area [2][4] - The "Action Plan" includes 18 specific policy measures across five areas: payment and settlement, foreign exchange risk management, financing services, insurance protection, and comprehensive financial services [2][3] - Digital empowerment and pilot policies, such as supporting RMB cross-border trade refinancing and optimizing currency pool management, are highlighted as key innovations [3][4] Group 2: Support for "Going Global" Enterprises - The "Belt and Road" initiative provides a vast space for Chinese enterprises to expand internationally, with financial support being crucial for successful overseas operations [5][6] - Standard Chartered Bank has supported 720 "Belt and Road" projects over the past five years, amounting to over $130 billion, showcasing the importance of international banking networks in facilitating these initiatives [6] - Insurance plays a vital role in risk management for "going global" enterprises, with companies like Yongcheng Insurance focusing on providing comprehensive risk coverage and participating in the development of international reinsurance capabilities [6][7] Group 3: Collaborative Efforts and Future Directions - Enhancing cross-border financial service facilitation requires collaboration between financial institutions and government departments [4][7] - Shanghai's government is committed to optimizing cross-border financial services through mechanisms that include legal protections and risk monitoring [7]

Core Insights - The S Fund, or PE Secondary Fund, is emerging as a crucial tool for addressing the exit challenges faced by private equity funds in China, particularly in the context of increasing liquidity demands and tightening IPO policies [1][2][3] Group 1: S Fund Overview - The S Fund primarily invests in existing private equity interests from Limited Partners (LPs) and General Partners (GPs), with three main transaction types: direct LP share transfers, direct sales of underlying assets, and fund restructuring [2] - The S Fund market in China has evolved from minimal demand before 2014 to a rapid development phase since 2019, with transaction volumes reaching 102.1 billion RMB in 2022 [2][3] Group 2: Market Dynamics - The development of the S Fund market is driven by the increasing exit demands from RMB funds, heightened LP expectations for DPI, and a supportive policy environment [3][4] - Despite the advantages of S Funds, challenges remain, including valuation consistency, the complexity of GP-led transactions, and an underdeveloped ecosystem for intermediary services [6][7] Group 3: Advantages of S Funds - S Funds offer several advantages: they reduce investment risk by providing clearer visibility on underlying assets, shorten cash return cycles, allow for discounted transfers, and generally yield more stable returns compared to direct investment funds [4][5] Group 4: Future Outlook - The future of the S Fund market is expected to see increased transaction complexity and diversity, with innovative strategies such as continuation funds and structured transactions becoming more prevalent [7][8] - The market is anticipated to grow steadily, supported by government initiatives and an expanding base of market participants, including those from sectors like mergers and acquisitions, infrastructure, and real estate [8]

谷歌搜索引擎革新：测试"AI模式搜索"功能，应对生成式AI挑战。 ①美元面临长期结构性转变 机构投资者或引发大规模抛售 全球资金流向追踪公司Exante Data创始人Jens Nordvig警告称，美元熊市才刚刚开始，未来几个月机构 投资者重新调整投资组合或引发大规模美元抛售。Nordvig认为，特朗普政府混乱的贸易政策已不可逆 转地动摇市场对美元的信心，美元正面临长期结构性转变。尽管美元指数一度因中美关税谈判反弹，但 今年迄今已贬值超5%。Nordvig指出，与投机者不同，过去十年购买数万亿美元股票和债券的机构投资 者仍在调整投资组合，减持头寸或累积做空美元对冲可能需数月时间，但痛苦即将来临。他建议投资者 为欧元和黄金上涨做好准备。 评论员徐广语：本轮美元指数下跌反映市场对美国经济治理能力与政策连续性的信任危机，并叠加全球 去美元化的趋势。短期美元趋稳：1）90天窗口期美股抢反弹；2）中美经贸缓和但欧洲风险未接触。中 期若政策不确定性持续（如关税、政治对抗），美元长期信用或进一步受损，将加速国际货币体系多元 化重构。 国都证券投资顾问陈兆凌：美元指数走弱缓解人民币汇率压力，或为进一步释放流动性创造出空间。 ...