美联储理事米兰：美国经济需要大幅降息。货币政策阻碍了经济发展。我们看到对2026年经济乐观的理 由。随着进展的推进，在利率方面快速行动的必要性降低。重要的是美联储不应在市场中占据过大比 重，这意味着应增加短期国库券比重，减少抵押贷款、中期票据和长期债券。 ...

证券日报网讯 11月18日晚间，唐人神发布公告称，唐人神集团股份有限公司（以下简称"公司"）于 2025年11月18日召开第十届董事会第六次会议，审议通过了《关于拟申请注册发行中期票据的议案》， 为拓宽融资渠道、优化债务结构、降低融资成本，公司拟向中国银行间市场交易商协会申请注册发行中 期票据。 （文章来源：证券日报） ...

久期财经讯，11月10日，华润置地有限公司(简称"华润置地"，01109.HK)已向香港联交所申请批准 3,900,000,000美元中期票据计划("计划")于二零二五年十一月十日后十二个月上市，据此，票据或会发 行，仅以向专业投资者(定义见香港联合交易所有限公司证券上市规则第37章)发行债务的方式发售，详 情载于日期为二零二五年十一月十日的发售通函。计划之上市预期将于二零二五年十一月十一日或前后 生效。 上述计划已委托中国银行、星展银行、汇丰、农银国际、建银国际、美银证券担任安排行及交易商。 ...

Core Viewpoint - The company reported a significant decline in revenue and net profit for the third quarter of 2025, indicating challenges in managing costs and maintaining profitability [20][23]. Financial Data - Total assets as of September 30, 2025, amounted to 312.69 billion yuan, remaining stable compared to the end of 2024 [23]. - Total liabilities increased by 3.47 billion yuan to 175.64 billion yuan, while net assets decreased by 3 billion yuan to 137.05 billion yuan [23]. - The debt-to-asset ratio rose to 56.17%, an increase of 1.02% from the end of 2024 [23]. - Revenue for the first three quarters was 104.24 billion yuan, a decrease of 14.12 billion yuan or 11.9% year-on-year [23]. - Net profit fell to 1.39 billion yuan, down 6.33 billion yuan or 82% year-on-year [23]. Shareholder Information - The company has repurchased a total of 61,676,667 shares, representing 2.0086% of the total share capital, with 38,191,671 A-shares and 23,484,996 B-shares repurchased [5][18]. - The maximum purchase price for A-shares was set at 7.53 yuan per share, while for B-shares it was 3.05 HKD per share [17][18]. Corporate Governance - The board of directors and supervisory board have confirmed the accuracy and completeness of the quarterly report, taking legal responsibility for its content [2][20]. - The company is in the process of board and supervisory board member re-election, which is expected to have no adverse impact on operations [15].

Core Viewpoint - The company plans to increase the registered capital of its subsidiary, Henan Angang Zhoukou Steel Co., Ltd., through a public capital increase of up to RMB 1 billion, while waiving its preemptive rights [2][3][13]. Group 1: Capital Increase Details - The capital increase aims to optimize the financial structure of Zhoukou Company and meet its development needs [2][3]. - The company will continue to hold actual control over Zhoukou Company after the capital increase, despite a potential decrease in its shareholding percentage [2][7]. - The capital increase does not constitute a major asset restructuring as defined by relevant regulations [2][3]. Group 2: Financial Information - Zhoukou Company has a registered capital of RMB 5.398 billion [5]. - The capital increase funds will primarily be used to repay existing bank loans and shareholder loans, thereby enhancing the company's capital base and operational sustainability [8]. Group 3: Approval and Process - The capital increase proposal was approved during the 13th temporary board meeting held on October 20, 2025, and will require further approval from the shareholders' meeting [3][12][14]. - The specific details of the transaction are subject to the actual agreements signed, which are yet to be finalized [2][3].

Core Viewpoint - The report highlights the financial performance of SDIC Power Holdings Co., Ltd. for the first half of 2025, indicating a slight increase in total assets and net profit, while also noting a decrease in earnings per share and return on equity. Financial Summary - Total assets at the end of the reporting period reached approximately 315.25 billion RMB, an increase of 6.31% compared to the previous year [1] - Net profit attributable to shareholders was approximately 3.79 billion RMB, reflecting a 1.36% increase year-on-year [1] - Operating cash flow increased by 13.01% to approximately 14.10 billion RMB [1] - The weighted average return on equity decreased by 0.69 percentage points to 5.93% [1] - Basic and diluted earnings per share were both 0.4763 RMB, down 2.84% from the previous year [1] Shareholder Structure - The largest shareholder, State Development and Investment Corporation, holds 47.79% of the shares, followed by China Yangtze Power Co., Ltd. with 13.05% [1] - The total number of shareholders at the end of the reporting period was 94,365 [1] Debt Issuance - The company has issued several bonds, including a technology innovation bond with a 2.19% interest rate, maturing in 2029 [2] - Other bonds include a 2.30% bond maturing in 2029 and a 2.20% bond maturing in 2027 [2] Financial Ratios - The debt-to-asset ratio at the end of the reporting period was 63.08%, slightly improved from 63.22% the previous year [2] - EBITDA interest coverage ratio was reported at 6.67, an increase from 6.42 [2]

Company Overview - The company did not experience any significant changes in its operating conditions during the reporting period [6] - The controlling shareholder and actual controller did not change during the reporting period [4][5] Financial Data and Shareholder Information - The company plans not to distribute cash dividends, issue bonus shares, or increase capital from reserves [3] - There are no preferred shareholders or changes in the number of shareholders [5] Important Matters - The company has disclosed all significant events that occurred during the reporting period in accordance with relevant regulations [6] - The company intends to apply for the registration and issuance of medium-term notes not exceeding RMB 30 billion to optimize its debt structure and broaden financing channels [15][16] Stock Option Incentive Plan - The company adjusted the number of participants in the 2023 stock option incentive plan from 5,002 to 4,735 and canceled 6.123659 million stock options that did not meet the exercise conditions [27][28] - The total number of stock options for the first grant part was adjusted from 116.26632 million to 110.142661 million [27][28] - The exercise price for the stock options is set at RMB 17.97 per share [34]

Group 1 - The announcement from Shanghai Clearing House details the issuance of a medium-term note by ZTE Corporation, with an issuance amount of 500 million RMB [1] - The bond has a maturity period of 5 years, with an interest rate of 2.25%, and the interest payment date is set for August 16, 2025 [1] - The total interest payable for this period amounts to 11.25 million RMB, and the bond is rated AAA [1] Group 2 - The bond's funds will be managed by the clearing house, which will transfer the interest payments to the bondholders' designated bank accounts on the payment date [1] - The company has committed to ensuring the accuracy and completeness of the announcement and will fulfill its subsequent disclosure obligations as required [1]

Group 1 - The company held its ninth board meeting on July 30, 2025, with all nine directors present, confirming the meeting's legality and effectiveness [1] - The board approved the issuance of technology innovation bonds and the continuation of issuing medium-term notes and ultra-short-term financing bonds, with a total amount not exceeding RMB 30 billion, including RMB 20 billion in ultra-short-term financing bonds [1][2] - The board's decision to issue bonds requires approval from the shareholders' meeting and the China Interbank Market Dealers Association [2][3] Group 2 - The board approved the appointment of Gongzheng Tianye Accounting Firm as the auditing agency for the year 2025, based on their satisfactory performance in the previous year [2][3] - The board proposed to hold the first temporary shareholders' meeting of 2025 on August 15, 2025, utilizing both on-site and online voting methods [3]

Group 1 - The stock price of Shanghai Construction Group remained stable at 2.53 yuan as of July 30, 2025, with a trading volume of 1.3354 million hands and a transaction amount of 338 million yuan [1] - Shanghai Construction Group is primarily engaged in construction, real estate development, and building industry, being a major state-owned construction enterprise in Shanghai with operations in various sectors including housing construction and municipal engineering [1] - The company announced on July 30 that it received approval for a medium-term note registration of 1.5 billion yuan, valid for two years from the date of the notice, with the funds intended for repaying maturing debts [1] Group 2 - In the first quarter of 2025, Shanghai Construction Group achieved an operating revenue of 40.316 billion yuan [1] - On July 30, the net outflow of main funds was 25.4219 million yuan, accounting for 0.11% of the circulating market value [1]