专题：北京公募基金高质量发展系列活动 新时代、新基金、新价值 在公募基金行业追求高质量发展的背景下，国泓资产管理有限公司作为益民基金管理有限公司的专户子 公司，回归资产管理业务本源，主动承担新的战略使命，积极行动，力争成为公募基金高质量发展蓝图 中的重要拼图和创新引擎。 一、坚持差异化经营，优势互补 人才与文化驱动：建立专业人才培养及引进机制，践行"以人为本，专业精进"的企业文化，确保所有业 务行动在正确的价值观指引下开展。 探索运营外包：将后台运营业务外包，甄选运营外包业务资源，让投资者享受行业优秀服务的同时，降 低中后台成本，将有限的人力资源集中于投研和市场等核心环节，打造专业化、精品化资产管理平台。 国泓资产将以此次北京公募基金高质量发展系列活动为契机，加大低波动型产品创设，拓展另类投资能 力，为客户提供定制化解决方案，与母公司差异化经营、协同发展，共同构建一个更具韧性、更富层 次、更能满足客户需求的综合资产管理平台。 风险提示：投资有风险，基金管理公司不保证基金一定盈利，也不保证最低收益。基金的过往业绩不预 示其未来表现。投资者投资基金时，请认真阅读基金合同、招募说明书、产品资料概要等法律文件，了 解 ...

Core Viewpoint - The article highlights the strong performance and strategic initiatives of Zhongyuan Bank in the first half of 2025, emphasizing its commitment to high-quality development and its role as a leading financial institution in Henan province [1][6]. Group 1: Financial Performance - As of June 30, 2025, Zhongyuan Bank's total assets reached 1,407.93 billion RMB, with total loans amounting to 715.02 billion RMB and deposits totaling 943.68 billion RMB [1]. - The bank's asset quality remains stable, with a capital adequacy ratio increasing to 13.29% and a non-performing loan ratio decreasing to 2.01% [2]. - Retail business has seen significant growth, with Assets Under Management (AUM) rising to 690.05 billion RMB and retail customers reaching 36.15 million [2]. Group 2: Strategic Initiatives - Zhongyuan Bank is focused on a "Four Banks" strategy, aiming to enhance its competitive edge by providing differentiated services that align with local economic development [3]. - The bank has actively engaged in project loans, with corporate loan balances reaching 419.75 billion RMB, and has participated in syndicate loans to support local governments [3]. - The bank has also developed a comprehensive service system for agricultural industries, with a total of 92 industry service plans covering key agricultural sectors in Henan province [4]. Group 3: Digital Transformation and Innovation - Zhongyuan Bank is advancing its digital transformation, with mobile banking users reaching 18.30 million and WeChat banking followers surpassing 10 million [2]. - The bank is committed to enhancing financial services through technology, including AI product upgrades and intelligent analysis tools [2]. Group 4: Future Outlook - Looking ahead, Zhongyuan Bank aims to continue its momentum towards becoming a first-class urban commercial bank, focusing on market responsiveness and service enhancement [5][7]. - The bank plans to maintain its strategic focus on serving urban residents, small and medium enterprises, and local economic development [5].

Core Viewpoint - The company reported a revenue increase of 4.46% year-on-year for the first half of 2025, reaching 22.597 billion yuan, with a net profit increase of 13.15% to 1.829 billion yuan [1] Group 1: Financial Performance - In Q2 2025, the company achieved a revenue of 12.522 billion yuan, a year-on-year increase of 0.78%, and a net profit of 1.235 billion yuan, up 10.75% year-on-year [1] - The gross margin and net margin for the first half of 2025 reached historical highs of 15.33% and 8.31%, respectively, with increases of 1.18 percentage points and 0.56 percentage points year-on-year [2] - The energy technology service business contributed to profitability, with a revenue increase of 2.79% and a gross margin of 21.46%, marking a year-on-year increase of 2.47 percentage points [2] Group 2: Business Segments - The energy technology service sector generated 7.993 billion yuan in revenue, with a gross margin of 21.46%, both achieving historical highs [2] - The low-carbon and digital industries saw revenue growth of 11.17%, with significant increases in the workload of new energy technology (32.89%), safety emergency services (22.70%), and digital business (10.17%) [3] - The energy logistics service sector reported a revenue increase of 5.13%, reaching 11.640 billion yuan, supported by strategies to mitigate the impact of oil price fluctuations [3] Group 3: Strategic Moves - The company plans to optimize resource allocation by selling its cold energy business and assets, including stakes in various air separation companies, for a total of 371 million yuan [3]

Core Viewpoint - The new regulations from the China Securities Regulatory Commission (CSRC) emphasize high-quality development and support differentiated operations for small and medium-sized securities firms, moving away from a pure scale-oriented approach [2][3]. Summary by Sections Changes in Evaluation Criteria - The new regulations cancel the "operating income" bonus and enhance the emphasis on Return on Equity (ROE) by introducing a scoring system based on the previous year's net profit and ROE rankings [2][3]. - The coverage for main business income scoring has expanded from the top 20 to the top 30 firms, allowing more firms to benefit from the evaluation [4]. Focus on Equity Investments - New indicators have been added to encourage investments in equity assets, including self-operated investments and asset management products [5][6]. - Firms can earn additional points based on the proportion of equity investments in their total self-operated investments and asset management income, promoting a focus on equity investment [6][7]. Special Treatment for Violations - The new regulations specify that firms with significant violations will have their evaluation results directly downgraded, while also providing special treatment for newly established firms and those that actively correct violations [8][9]. - The scoring system has been adjusted to enhance the punitive measures for violations while maintaining a balance with the scoring for compliance and performance [9].

Core Insights - The Chinese securities industry is undergoing a transformation in its human resources strategy, shifting from a focus on quantity to quality, aiming for high-quality development and enhancing the effectiveness of professional talent and middle-back office personnel [1][2] Workforce Evolution - As of the end of 2024, the number of securities professionals is projected to be 335,700, a decrease of 2.04% from 2021. The top five securities firms now account for 17.56% of the total workforce, indicating a concentration of personnel in larger firms [2] - The number of securities brokers has decreased by 27,000, a decline of 48.85%, while investment advisors have increased by 12,000, a rise of 17.46%. The number of securities analysts and sponsors has also increased, reflecting a shift towards wealth management and increased investment in research and investment banking personnel [2] Experience and Efficiency - By 2024, over 50% of industry professionals will be over 36 years old, with the 36-45 age group making up 35.26%, indicating a trend towards a more experienced workforce. The proportion of employees with 11-19 years of experience is 29.58% [3] - There is a significant disparity in human resource efficiency, with top firms maintaining a human resource cost ratio of 32%-38%, which is 10-15 percentage points lower than the industry average. Their revenue and net profit per employee are 2-3 times the industry average [3] Structural Adjustments - The number of brokerage personnel has decreased from 178,500 at the end of 2021 to 146,100 by the end of 2024, a decline of 18.13%. This shift has led to an increase in average revenue per employee, which is expected to stabilize and exceed 2021 levels at 875,500 [4] - In proprietary trading, equity investment personnel have decreased by 14.68%, while bond investment personnel have increased by 25.06%, indicating a shift in focus towards bond investments and new areas like quantitative and derivative investments [5] Research and Sales Dynamics - The number of research and institutional sales personnel has increased from 5,813 to 8,562, improving the sales personnel to researcher ratio from 1:7.1 to 1:4.4. However, the average revenue per research report has declined by 30.10% to 123,300 [6] - The industry has made significant adjustments to personnel structures across various business lines, achieving the goal of improving quality and efficiency while maintaining a dynamic balance between business and management teams [6] Future Talent Development - The industry can enhance talent development by focusing on four key areas: strengthening professional talent capabilities, increasing information technology and international talent reserves, exploring differentiated operations, and promoting professional ethics [7][8] - In 2024, the average revenue per employee in the industry is projected to be 1,344,000, only 38% of that of top firms, indicating lower efficiency among smaller firms [8]

Core Viewpoint - The Chinese securities industry is undergoing a significant transformation in its human resources structure, focusing on quality over quantity to enhance overall industry development and adapt to external changes [1][2]. Group 1: Overall Personnel Changes - As of the end of 2024, the number of securities personnel is 335,700, a decrease of 2.04% from 2021 [2]. - The proportion of personnel in leading securities firms has increased to 17.56%, indicating a concentration of talent in larger firms [2]. - The number of securities brokers has decreased by 27,000, a decline of 48.85%, while investment advisors have increased by 12,000, a rise of 17.46% [2]. Group 2: Professional Quality and Experience - The proportion of personnel aged 36 and above has surpassed 50% for the first time, reflecting a shift towards a more experienced workforce [3]. - The share of employees with 11 to 19 years of experience is 29.58%, indicating a trend of internal talent development [3]. - The human resource efficiency is notably differentiated, with leading firms maintaining lower labor costs and higher revenue per employee compared to the industry average [3]. Group 3: Structural Adjustments in Business Lines - The number of brokerage personnel has decreased from 178,500 at the end of 2021 to 146,100 by the end of 2024, a decline of 18.13% [4]. - The industry has successfully optimized personnel structure, leading to a recovery in average operating income per employee to 875,500 yuan [4]. - In proprietary trading, equity investment personnel have decreased by 14.68%, while bond investment personnel have increased by 25.06% [5]. Group 4: Research and Sales Personnel - The number of research and institutional sales personnel has increased from 5,813 to 8,562, improving the sales personnel to researcher ratio from 1:7.1 to 1:4.4 [6]. - Despite the increase in research personnel, the average operating income per researcher has declined by 30.10% to 123,300 yuan [6]. - The industry has made significant adjustments to personnel structure across various business lines, achieving quality and efficiency improvements [6]. Group 5: Future Talent Development Strategies - The industry should focus on enhancing the capabilities of professional talent, particularly in core business areas, to close the revenue gap with leading global firms [7]. - There is a need to increase the reserve of information technology and international talent to support high-quality development [7]. - The industry should explore differentiated operations and continue to promote professional ethics to strengthen compliance and operational integrity [8].

在国际海运这条连接全球供应链的黄金航道上，江苏省兴联海运有限公司董事长刘向阳以近三十年的深 耕实践，书写了中国航运人破局突围的传奇。从国企副总到民营航运掌舵人，从100余人的创业团队到 全球布局的航运劲旅，他带领兴联海运在激烈的市场竞争中开辟出一条差异化发展之路，为中国航运业 的转型升级提供了鲜活样本。 节目现场，刘向阳向大家介绍了他的创业初心及企业发展的现状。刘向阳的职业生涯始终与航运紧密相 连。1996年，他进入江苏省贸易厅直属航运企业后，以财务经理的身份见证了国企改革的阵痛。2001年 4月，当国企改制浪潮席卷而来时，这位时任国企副总面临人生重大抉择：企业背负沉重债务，员工薪 资与五险一金已欠付近一年，是选择遣散团队还是破局重生?"企业可以倒，但员工不能散。"刘向阳以 强烈的责任感作出抉择，放弃体制内稳定岗位，带领100余名青年员工踏上创业征程。这个决定不仅解 决了百余家庭的生计问题，更在行业低谷期保留了一支经验丰富的专业航运团队，为后续发展奠定了坚 实的人文基础。改制后的兴联海运以"员工为本"为核心理念，将"美好兴联"愿景镌刻进企业基因。 面对国际航运市场的同质化竞争，刘向阳部署了"差异化经营、特色化 ...

Core Viewpoint - The article emphasizes the importance of three foundational abilities for success: execution ability, cognitive ability, and mental strength, suggesting that these abilities determine an individual's potential for success in various endeavors [4][21]. Group 1: Execution Ability - Execution ability is described as the basic requirement for success, highlighting that many individuals fail to act on their ideas, which leads to missed opportunities [5][10]. - A case study of a young man who identified a market need for a cup holder in his car illustrates the power of execution. He turned an idea into a profitable product, earning over 1.1 million yuan with an initial investment of 8,000 yuan [9][10]. - The article stresses that having a great idea is not enough; one must take action to realize it, as waiting for the right moment often leads to inaction [11][12]. Group 2: Cognitive Ability - Cognitive ability is presented as a higher-level skill that differentiates individuals beyond mere effort and talent. It involves deep thinking and the ability to identify unique opportunities [14][15]. - The story of a businessman who focused on differentiated operations in the electric blanket market demonstrates how cognitive ability can lead to significant competitive advantages. By narrowing his focus, he became a market leader in just one year [16][18]. - The article argues that understanding deeper insights and patterns can transform luck into tangible success, emphasizing that one's achievements are often limited by their cognitive scope [18]. Group 3: Mental Strength - Mental strength is highlighted as the most critical factor among the three abilities. It determines an individual's resilience in the face of challenges and setbacks [19][20]. - The narrative includes examples of individuals in various fields who succeeded due to their perseverance and ability to withstand difficulties, contrasting them with those who gave up after facing initial failures [20][21]. - The article concludes that success in any field requires a combination of high mental strength, cognitive ability, and execution ability, suggesting that the path to success is often less crowded because many give up along the way [21].

Core Viewpoint - Several small and medium-sized banks have recently introduced or adjusted service fees, indicating a trend towards increasing non-interest income to compensate for profit gaps [1][2]. Group 1: Service Fee Adjustments - Suzhou Bank announced a new annual fee of 588 yuan for its "Respect Card" [1]. - Ulaanbaatar Bank introduced fees for credit certificates and syndicate loan services [1]. - Lujiang Rural Commercial Bank adjusted its ATM interbank withdrawal fee from free to 3.3 yuan per transaction starting September 1 [1]. - Over 10 banks have either introduced or raised service fees in the first half of 2025, covering account management, interbank withdrawals, and credit card issuance fees [1]. Group 2: Regulatory Compliance - The adjustments made by these banks comply with relevant regulations, as banks can set prices for market-regulated items but must announce changes three months in advance [2]. Group 3: Consumer Impact - Consumers are concerned about potential "hidden costs" and whether the fees align with the services provided [3]. - The importance of cost in consumer decision-making is highlighted, as customers may choose to switch banks if they perceive fees as unjustified [3]. Group 4: Strategic Considerations for Banks - Balancing profit pursuit with customer satisfaction remains a critical challenge for banks [4]. - Relying solely on new fees for revenue is not a sustainable strategy; enhancing core competitiveness and differentiation is essential for long-term profitability [4]. - Small and medium-sized banks should focus on niche markets and local customer needs to establish competitive advantages [4]. - Emphasizing digital transformation and financial technology can improve operational efficiency and customer experience [4].

Core Viewpoint - The article highlights the ongoing challenges faced by small and medium-sized banks in China as they pursue initial public offerings (IPOs), including capital supplementation, asset verification, and optimizing shareholding structures [1][4][6]. Group 1: Listing Progress and Challenges - As of April, 15 banks, including Hankou Bank and Wuhu Yangzi Rural Commercial Bank, are in the listing counseling phase, facing issues such as capital pressure and asset verification difficulties [1][4]. - Hankou Bank, which has been in the counseling phase since December 2010, is under pressure to supplement its capital due to continuous consumption of capital despite recent fundraising efforts [2][3]. - The bank's total assets reached 557.595 billion yuan as of March 2025, with capital adequacy ratios of 14.02%, 10.63%, and 9.06% for total, tier 1, and core tier 1 capital respectively [2]. Group 2: Market Environment and Trends - The overall progress of bank listings has slowed, with only one small bank, Yibin Bank, successfully listing in Hong Kong this year, while A-share listings have seen no new banks since January 2022 [4]. - Six banks are currently awaiting listing, with various issues such as outdated financial documents causing delays in the review process [4]. Group 3: Strategic Considerations for Small Banks - Small banks are encouraged to optimize their shareholding structures and enhance their capital through public listings, which can also improve their market visibility [6]. - To succeed in the competitive market, small banks need to focus on differentiated operations, leveraging regional advantages and customer characteristics to build competitive edges [7][8]. - Analysts suggest that small banks should deepen their understanding of local customer needs and develop tailored financial products to establish a "small but beautiful" competitive advantage [8].