中南出版传媒集团股份有限公司 第一条 为加强中南出版传媒集团股份有限公司（以下简称 "中南传媒"）投资管理，确保流程合法合规，投资项目风险可控， 投资效果符合预期，依据《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》（以下简称"《证券法》"） 《中南出版传媒集团股份有限公司章程》（以下简称"公司章程"） 等法律法规和规章制度的有关规定，结合中南传媒实际情况，特 制订本制度。 第二条 本制度所指"投资"，是指中南传媒及所属各子分公 司通过现金、实物资产或无形资产等方式进行的固定资产投资、 股权投资、金融投资、重大研发项目等以取得预期经营收益为目 的的经济活动。 本制度所称"投资管理"，是指中南传媒及所属各子分公司对 各种投资活动的投前论证、投中管理、投后管理等管理行为。 第三条 本制度适用于中南传媒及所属全资和控股子分公司 的投资行为。各子分公司应制定与本制度相适应的《投资管理制 度》，加强对投资项目的管理工作，参股公司可参照执行。 第四条 投资管理的分类 — 1— 结合中南传媒管理序列及不同投资属性，中南传媒投资管理 分为： （一）专业投资公司投资管理； 投资管理制度 第一章 ...

Note 1: The Group's A-share report is prepared in accordance with Chinese Accounting Standards ("CAS"), and the H-share results announcement is prepared in accordance with International Financial Reporting Standards ("IFRS"). The GAAP differences are stated in the attached schedule. The figures presented in this report are data under IFRS. Note 2: While in transition of accounting standards, for easier comparison, unless otherwise noted, the figures presented in this report including Insurance Revenue, Net ...

二是以强化监管让国门安全更有保障。"十四五"以来，海关检验进出口商品900多万批，退运不合格矿 产品、再生金属1万多批。严禁洋垃圾入境，退运固体废物4000多批，立案侦办走私废物刑事案件589 起。开展口岸危险品综合整治，累计查发伪瞒报9000余起，检出不合格危险品13万批，全力守护国门安 全。 三是以安全可靠让人民群众更加放心。海关紧盯与公众生活密切相关的服装、家电和婴童用品，累计检 出不合格商品1.2万批，不合格汽车6.8万辆，坚决阻拦不达标、不安全的问题商品走进家庭生活。 海关总署副署长赵增连在会上回应表示，进出口商品质量安全是广大消费者十分关心的话题，商品出入 国门之际，海关严把质量安全关，主要是从"创机制、强监管、保安全、优服务"几个方面做好相关工 作。 一是以机制创新让风险防控更加高效。海关建立了进出口商品质量安全风险防控监测体系，如同"预警 雷达"，实时关注境内外商品质量安全的风险信息，一旦发现风险，第一时间快速应对处置。与美国、 俄罗斯、欧盟等35个国家(地区)建立了商品质量安全信息共享机制，对内与市场监管、工信、商务等部 门建立了进出口缺陷产品协作处理机制，加强进出口商品质量安全合作共治。 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [4][11]. Core Views - The company reported a revenue of 3 billion RMB and a net profit of 1.6 billion RMB for the first half of 2025, representing year-on-year growth of 15% and 9% respectively [2]. - The company is expected to benefit from a market recovery, with a projected net profit of 3.204 billion RMB for 2025, reflecting an 8.9% year-on-year increase [4]. Performance Summary - As of the end of the first half of 2025, the company's total assets reached 156.8 billion RMB, with leasing assets growing by 14% year-to-date [3]. - The net interest margin for leasing business improved to 3.71%, an increase of 0.03 percentage points year-on-year [3]. - The company reported a non-performing loan ratio of 0.91%, maintaining a stable asset quality [3]. Financial Forecast and Valuation - The company is projected to achieve a dividend yield of 4.7% in 2025, supported by steady growth in interest-earning assets and an expanding interest margin [4]. - The estimated price-to-book ratio for 2025 is 1.3x, indicating a favorable valuation [4]. - Revenue is expected to grow from 4.787 billion RMB in 2023 to 7.152 billion RMB by 2027, with a compound annual growth rate of approximately 10% [9].

本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没 有虚假记载、误导性陈述或重大遗漏。 证券代码：000652 证券简称：泰达股份 公告编号：2025-85 天津泰达资源循环集团股份有限公司 一、董事会会议召开情况 天津泰达资源循环集团股份有限公司（以下简称"公司"）第十一届董事会 第二十一次（临时）会议通知于 2025 年 8 月 7 日以电话和电子邮件方式向全体 董事发出。本次会议于 2025 年 8 月 11 日在公司 15 层报告厅以现场结合通讯方 式召开。应出席董事八人，实际出席八人（其中委托出席一人，以视频方式出席 会议五人）。董事王卓先生因工作原因未能现场出席，在充分知晓议题的前提下， 委托董事周志远先生代为出席并行使表决权。董事徐阳雪先生、董事赵忱先生、 独立董事李莉女士、独立董事葛顺奇先生和独立董事刘晓纯先生以视频会议方式 出席了本次会议。董事长周志远先生主持会议，部分公司高级管理人员列席会议。 会议符合《公司法》和《公司章程》等相关规定。 二、董事会会议审议情况 会议审议并通过如下决议： （一）关于聘任公司总审计师的议案 表决结果：以同意 8 票、反对 0 票、弃权 0 票获得通 ...

Core Insights - The banking industry is focusing on asset-liability management, business structure adjustment, and risk prevention in their mid-year meetings, reflecting a shift towards efficiency-driven strategies in a low-interest-rate environment [4][5][6] - There is a collective resistance against "involution" competition among banks, emphasizing a long-term operational philosophy [8][9] - Several banks are exploring advanced topics such as artificial intelligence and stablecoins, indicating a push towards technological integration and innovation [11][12] Group 1: Asset-Liability Management - Five out of six banks highlighted the importance of asset-liability management in their mid-year meetings, with specific strategies to optimize resource allocation and improve net interest margins [4] - Banks like Huaxia Bank and Industrial Bank emphasized enhancing their asset-liability management capabilities to address the pressure from narrowing net interest margins [4][6] - The focus on balancing quantity and price in asset-liability management reflects the industry's urgent need to adapt to market challenges [4][5] Group 2: Risk Prevention - All six banks underscored the necessity of risk prevention, viewing it as both a baseline and a forward-looking strategy [6][7] - Different banks expressed varying emphases on risk management, with some focusing on maintaining operational safety and others advocating for a more integrated approach to risk and business [6][7] - The shift from scale-driven to quality-driven strategies is evident, as banks aim to enhance asset quality and risk management frameworks [7][8] Group 3: Resistance to "Involution" - Several banks explicitly stated their commitment to resisting "involution" competition, which is characterized by homogeneous competition and pressure on profit margins [8][9] - The regulatory environment is also pushing back against "involution," with guidelines being established to promote healthy competition within the industry [8][9] - Analysts suggest that banks should focus on differentiated services and internal capabilities to escape the cycle of low-level competition [9] Group 4: Technological Innovation - Some banks are actively researching stablecoins and integrating artificial intelligence into their operations, indicating a trend towards embracing technological advancements [11][12] - The exploration of stablecoins is seen as a response to potential disruptions in the banking system, with implications for deposit flows and interest margins [11][12] - Analysts believe that the rapid development of stablecoins will compel traditional financial institutions to innovate and expand their virtual asset offerings [12]

Group 1: Core Insights - The core focus of the mid-year meetings held by banks is on enhancing asset-liability management, adjusting business structures, and ensuring risk prevention [2][3][4] - Several banks have expressed a commitment to resist "involution" competition, which refers to excessive competition that leads to diminishing returns [2][7] Group 2: Asset-Liability Management - Five out of six banks highlighted the importance of asset-liability management in their mid-year meetings, with specific strategies aimed at optimizing resource allocation and improving net interest margins [3][4] - Banks are transitioning from a scale-driven approach to an efficiency-driven model, emphasizing the need for precise pricing capabilities and advantageous liability structures [3][6] Group 3: Risk Prevention - All six banks underscored the necessity of risk prevention, with statements reflecting a commitment to safeguarding operational integrity and enhancing risk awareness [4][5] - Different banks have varying emphases on risk management, with some focusing on maintaining a bottom-line risk threshold while others advocate for integrating risk management with business development [5][6] Group 4: Anti-Involution Measures - Some banks have explicitly stated their opposition to "involution," aiming to shift focus from aggressive competition to a balanced approach between risk and return [7][8] - Regulatory bodies have also voiced their stance against "involution," indicating a broader industry movement towards sustainable competition [7][8] Group 5: Forward-Looking Topics - A few banks have begun to explore advanced topics such as artificial intelligence and stablecoins, indicating a shift towards innovative financial technologies [9][10] - The discussion around stablecoins highlights potential impacts on traditional banking, including risks related to financial disintermediation and regulatory challenges [10]

Core Viewpoint - Fujian Fuding Hengxing Village Bank has been dedicated to providing financial services to local communities and small enterprises for 15 years, significantly contributing to local economic development and rural revitalization [1][2][8] Group 1: Financial Performance - As of May 2025, the bank's total assets reached 5.926 billion yuan, with deposits amounting to 4.62 billion yuan and loans totaling 4.952 billion yuan [1] Group 2: Innovative Practices - The bank has implemented the "Three Integrations and Three Innovations, Four Reds and Four News"党建工作法, integrating party building with marketing management to enhance service efficiency [2] - A total of 3.2 billion yuan in credit has been granted, covering nearly 2,000 business entities through partnerships with local industry associations [2][3] Group 3: Product Development - The bank has launched the "Five Color Loan" series, achieving over 90% market adaptability for individual loan products [3] - The bank's tea-related loans amount to 1.488 billion yuan, accounting for 32.44% of its total loans, serving nearly 10,000 tea industry clients [3] Group 4: Service Expansion - The bank has established a grid-based financial service model, dividing the city into 201 grids to enhance coverage and precision in service delivery [4][5] - The bank has upgraded its physical branches to improve customer experience, incorporating features like coffee bars and children's activity areas [5] Group 5: Risk Management - The bank emphasizes proactive risk prevention, implementing strict due diligence and a dual-signature mechanism for new loans [6][7] - A dedicated team has been formed to address non-performing loans, and a financial dispute mediation center has been established [6] Group 6: Social Responsibility - The bank has invested over 7.6 million yuan in social welfare initiatives, demonstrating its commitment to community support and social responsibility [8] - Ongoing charitable activities include educational support and assistance for vulnerable groups, reflecting the bank's ethos of giving back to society [8] Group 7: Future Outlook - The bank plans to focus on rural revitalization and small enterprises, accelerate digital transformation, and enhance risk management to ensure stable operations [9]

Core Viewpoint - The establishment of the "Science and Technology Innovation Growth Layer" aims to enhance the inclusiveness of the market while ensuring investor protection, providing a dedicated platform for unprofitable technology companies to grow [3][4][5] Group 1: Regulatory Framework - The Shanghai Stock Exchange has released multiple business guidelines to implement the "Science and Technology Innovation Growth Layer" [3] - The guidelines focus on "high-quality unprofitable technology companies" without additional listing thresholds, allowing existing unprofitable companies to be directly included [3][4] - The entry and exit mechanisms are designed to maintain market stability while encouraging new companies to accelerate technology transformation [4] Group 2: Risk Management - A dual defense system of "information disclosure + investor protection" has been established to mitigate risks associated with unprofitable companies [4] - Companies are required to disclose risks related to unprofitability and technology development in their annual reports and interim announcements [4] - The investor suitability management continues to require a minimum asset threshold of 500,000 yuan and two years of experience, with additional requirements for new unprofitable companies [4] Group 3: Market Impact - The introduction of special identifiers for stocks in the growth layer enhances market transparency, helping investors distinguish between existing and newly registered stocks [5] - The growth layer is expected to attract more technology companies, expanding the coverage of the Science and Technology Innovation Board [6] - The reform is seen as an exploration of the board's role as a "testing ground," enhancing the recognition and growth potential of companies through professional institutional investors [6] Group 4: Implementation Strategy - The Shanghai Stock Exchange aims to effectively implement the new rules and enhance coordination among market elements [7] - Continuous promotion and interpretation of the new guidelines will help market participants better understand and apply the rules [7] - Efforts will be made to improve frontline regulatory effectiveness and protect investors, ensuring a stable market environment for the reforms [7]

Group 1 - The UK financial regulatory system is undergoing a new round of adjustments aimed at reducing compliance burdens while maintaining consumer protection and financial system stability [1] - The Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) announced plans to optimize the Senior Managers and Certification Regime established after the 2008 financial crisis [1] - The reforms are part of a broader initiative by the UK government to promote growth in the financial services sector, with key policy directions revealed by Chancellor Rachel Reeves [1] Group 2 - The minimum capital and debt instrument threshold (MREL) for banks will be raised to a range of £25 billion to £40 billion to enhance risk resilience [2] - The implementation deadline for trading book rules under Basel III.1 for investment banking activities is set for January 1, 2028, while other provisions will still take effect in 2027 [2] - The UK plans to attract international capital by enhancing support services for multinational financial firms, including customized site planning [2] Group 3 - The reform plan exhibits a "combination of looseness and tightness," simplifying executive accountability and optimizing dispute resolution mechanisms to lower compliance costs while reinforcing capital requirements and consumer protection boundaries [3] - The policy approach addresses the financial industry's demand for regulatory efficiency while continuing the core logic of post-crisis reforms, with actual effects pending market evaluation [3]