四部门：开展货车司机护航专项行动，赠送互助保险 国办：印发《关于进一步加大稳就业政策支持力度的通知》 一周新闻速览 监管动态 国家金融监管总局：发布《金融机构产品适应性管理办法》 七部门：鼓励托育服务机构投保托育服务机构责任险、企业财产保险 国务院：推进再保险国际化进程 财政部：国有商业险企今年起全面落地三年以上长周期考核，增加五年周期指标 发改委："十四五"期间长护险参保人超1.8亿 医保局：新增商保创新药目录，2025年医保目录调整正式启动 医保局：截至6月30日已有337个地区开通医保钱包 人社部：退休人员基本养老金上调2% 人社部：2026年扩至全国！职业伤害保障试点扩围启动 央行金融市场司江会芬：债券通"南向通"参与投资者将扩容至非银机构 香港证监会梁凤仪：扩大南向通参与机构范围，加入券商、保险公司、理财及资产管理公司 公司动态 友邦保险：收购上海松江2252套公寓 太平人寿：2025年上半年累计完成理赔约44.7万件 中国太保：7月18日A股每股派发现金红利1.08元（含税） 新华保险：与邮储银行签署战略合作协议 大家保险：不再设立监事会 大家保险："城心养老"商标成功获批 人事变动 弘康人寿：举 ...

Core Insights - The article discusses the overseas expansion of Chinese fintech companies, particularly focusing on the digital financial services of Sea Limited, the parent company of Shopee, in Southeast Asia and Latin America [1][13][14]. Group 1: Market Overview - Key factors for Chinese fintech companies considering overseas expansion include population size, GDP, payment and internet infrastructure, and policy openness and stability [1]. - The popularity of e-commerce in a country indicates a well-developed payment and internet infrastructure [2]. Group 2: Sea Limited and Shopee - Shopee is part of Sea Limited, which also includes Garena (digital entertainment) and Monee (digital financial services) [5][6]. - Sea Limited went public on the New York Stock Exchange in October 2017 [7]. Group 3: Monee's Performance - Monee has become one of the largest unsecured consumer loan companies in Southeast Asia, with significant growth in its loan portfolio [8][15]. - As of Q4 2024, Monee achieved over 60% loan growth, with a loan balance exceeding $5 billion (approximately 35.8 billion RMB) [18]. - In Q1 2025, Monee's loan business grew over 75% year-on-year, reaching $5.8 billion (approximately 47.6 billion RMB) [19]. Group 4: User Growth and Loan Quality - Monee added over 4 million first-time borrowers in Q1 2025, with active users exceeding 28 million, a year-on-year increase of over 50% [22][23]. - The 90-day non-performing loan rate remained stable at 1.1%, down from 1.2% at the end of 2024 [24]. Group 5: Regional Insights - Monee's growth is driven by high demand for credit in regions with low credit card penetration, such as Indonesia and the Philippines [26]. - SPayLater, a buy now pay later (BNPL) product, is gaining traction, with significant loan amounts reported in Thailand and Malaysia [24][25]. Group 6: Revenue and Cost Structure - Sea's total revenue for Q1 2025 was $4.8 billion, a 29.6% year-on-year increase, with digital financial services growing the fastest at 57.6% [38]. - Marketing expenses for digital financial services increased significantly, reflecting the rising costs associated with customer acquisition [40][41]. Group 7: Business Model - The BNPL business primarily generates revenue from merchant fees rather than interest from consumers, with Shopee raising seller fees to 4.5% for SPayLater [35][36]. - Monee also engages in asset-backed securities (ABS) financing to support its lending operations [33][34]. Group 8: Ecosystem Synergy - The rapid growth of Monee is supported by the synergies between Sea's e-commerce, gaming, and financial services, creating a closed-loop ecosystem [37].

光大环境 20250708 摘要 光大环境 2025 年上半年收益减少约 10 亿港币，主要受人民币兑港币 升值、危废业务固定资产减值影响，但核心盈利保持稳中有升，整体业 绩稳中向好。 2025 年上半年自由现金流为正，得益于资本性开支减少，但国补回收 不及去年同期。预计下半年可能有更多国补发放，具体时间和额度待定。 公司计划维持派息稳中有升，管理层正与董事长沟通，制定可操作性方 案，财务总监和 CEO 也参与讨论。 部分过去未纳入补贴清单的项目已进入社会清单，有望在年内转为应收 账款。财政部正筹集 2000 亿资金解决欠补问题，或将积极影响回款。 上半年对危废板块进行固定资产减值，以确保全年经营业绩稳定。处理 价格虽有所恢复，但尚未明显改善，减值规模预计小于去年全年的一半。 全年资本开支预计控制在 40-50 亿港币之间，受乌兹别克斯坦项目影响。 该项目处理费和电费高于国内，采用 100%保底模式，并有保函机制。 公司通过拓展餐厨垃圾处理、供热等业务增加收入来源，并积极推进 ABN 或 ABS 模式加快回款，但前提是国补回款稳定。 Q&A 2025 年上半年，光大环境的业绩有所倒退，主要原因有三个方面。首先 ...

Appchain Thesis - Appchain 理论正在全面展开 [1] - 所有 L2 需要的可组合性和应用抽象将增长 10 倍 [1]

The term weightless economy refers to the trade of products and services that are abstract or intangible, such as professional services. https://t.co/qC1WXamuQI ...

滴灌投资的IPO，让充满争议的滴灌通模式进入了新的纪元。 从2021年发起成立开始投资并形成现金流权益，到2023年于澳门开立金融资产交易所为旗下资产提供挂 牌和证券化，再到如今滴灌投资IPO主动募资投向实体，由港交所前总裁李小加所牵头的这场金融冒 险，还在一次次迭代。 目前滴灌通的焦点之一，在于其所投向的"企业现金权"究竟从属于何种金融形态及适用的监管框架，至 今迟迟未有定论。 滴灌通模式下，其以自有或所撬动的外部资金投资于连锁业态为主的小微实体门店，并根据约定的分成 比例与期限享有被投资门店收入或现金流的现金流收益权，也称"现金权"。 如果说，将非标准化的现金流收益权打包至澳门交易所，再以证券化方式完成公开挂牌转让，是对合约 控制下现金权资产的一次"非标转标"。 那么这次行将IPO的滴灌投资顺序则截然相反，即先构建标准化载体（滴管投资），再以募集资金投向 现金流收益权的一次"标投非标"。 协议控制+ABS 尽管所从属的金融形态未定，但滴灌通的底层资产收益来源至少是非常清晰的——那就是被投资企业的 即期现金流。 相比于传统的股票或固收资产，滴灌通的实质更接近于锚定预期现金流的资产证券化（ABS）投资。 不同 ...

I was recently down in Washington DC meeting with uh senior people on both sides uh the Republican side and the Democratic side about the budget deficit and virtually everybody agrees that you have to get the budget deficit down to 3% of GDP and then I say why can't we make or you make a pledge that you will get it down to 3%. and they explain the absolutist policies that uh must exist and those are that you must make statements like I will absolutely pledge not to raise your taxes or I will absolutely pled ...

YZi Labs-backed perps DEX Vooi launches V2 mainnet, enabling cross-chain transactions via chain abstraction https://t.co/r0bBJAjekS ...

在ABS承销方面2025年上半年各家机构表现如何，Wind第一时间为您隆重揭幕2025年上半年中国内地 市场ABS承销排行榜。同时，应广大银行业务发展需求，全新推出银行间承销规模榜单。 一级市场发行统计 1.1 市场累计存量规模 2025年上半年，市场累计存量规模约32,783亿元。其中，信贷ABS存量规模3,989亿元，企业ABS 存量规模20,627亿元，ABN存量6,336亿元，公募REITs存量1,831亿元。 1.2 市场新增发行规模统计 2025年上半年，ABS市场新增发行项目1,090只，发行规模达9,749亿元，同比增加27%。 信贷ABS新增发行102只项目，发行总额为959亿元，同比减少23%。从基础资产方面来看，不良贷款发 行量最大，发行80单，共计362亿元；个人汽车贷款次之，发行10单，共计343亿元。 企业ABS发行696只，发行总额为6,044亿元，同比增加36%。其中发行规模最大的是融资租赁债权，发 行138项目，共计1,478亿元；一般小额贷款债权次之，发行105单项目，共计928亿元。 ABN发行281只，发行总额为2,593亿元，同比增加49%。其中银行/互联网消费贷款发 ...

Grauer’s gorillas, Earth’s largest primates, are being killed for bushmeat, and the Congo Rainforest, their home, is being destroyed by fire. Scientists have recently discovered that the Congo Rainforest’s net CO2 absorption is far more than any other forest, much more than the larger Amazon, making saving it an urgent climate change priority. After retiring from a career creating environmentally friendly, energy-efficient buildings, Robert Kain changed course in 2022 to address the Congo Rainforest catastr ...