三亚崖州湾科技城高新区海南专项研究生实地感受海南重点园区发展新貌—— 在自贸港建功立业愿望更加强烈 海南日报海口8月20日讯(海南日报全媒体记者 刘杰)"这里有许多行业创新的东西，让我们开了眼 界。"8月20日，走进海南文昌冯家湾现代化渔业产业园，中国海洋大学三亚海洋研究院材料工程专业研 究生何海燕兴奋地说。 8月20日，三亚崖州湾科技城高新区海南专项研究生自贸港重点园区行(以下简称园区行)活动进入 第二天，40名海南专项研究生奔赴文昌冯家湾现代化渔业产业园、文昌国际航天城和海口江东新区，感 受产业发展新貌。 文昌冯家湾现代化渔业产业园被誉为"水产硅谷"，以科技赋能，促进传统产业实现转型升级，走出 了一条绿色发展新路径。在这里，鱼虾螺纷纷"上楼"，让同等面积的土地产出提高60%以上。 "这里有海洋专业的海南专项研究生吗?我们可以留个微信。"在园区内中云农水产科技有限公司， 总经理伭宏伟一边介绍公司情况，一边迫不及待地打开微信二维码，希望能和大家有进一步的交 流。"这几年公司发展迅速，十分需要海洋相关专业的高素质人才，没想到园区行活动'送才上门'，让 我可以和海南专项研究生面对面交流，真是太好了!"伭宏伟感慨道 ...

金融监管总局将认真研究各方反馈意见，进一步修改完善《办法》并适时发布实施，推动并购贷款 业务健康发展，助力产业转型升级，增强经济增长动能。 本报讯 记者徐贝贝报道 为深入贯彻落实中央金融工作会议精神，推动商业银行优化并购贷款服 务，助力现代化产业体系建设和新质生产力发展，金融监管总局对《商业银行并购贷款风险管理指引》 （以下简称《指引》）进行修订，形成《商业银行并购贷款管理办法（征求意见稿）》（以下简称《办 法》），现向社会公开征求意见。 《指引》自发布以来，为商业银行开展并购贷款业务，支持产业转型升级提供了重要的制度保障和 政策支持。我国经济正处于新旧动能转换的关键时期，进一步活跃并购市场有利于优化资源配置，助力 传统产业改造升级，加快塑造经济发展新动能、新优势。 立足新形势下并购市场发展需求，金融监管总局对《指引》进行了全面修订并形成《办法》。《办 法》共33条，修订重点包括：一是拓宽并购贷款适用范围。在《指引》适用的控制型并购交易基础上， 进一步允许并购贷款支持满足一定条件的参股型并购交易。二是设置差异化的展业资质要求。对开展控 制型和参股型并购贷款业务的商业银行，在要求监管评级良好、主要审慎监管指标达 ...

Core Viewpoint - The company reported a steady growth in revenue and net profit for the first half of 2025, indicating improved operational quality despite challenges in the international oil market [4][5]. Financial Performance - In H1 2025, the company achieved total revenue of 22.6 billion yuan, a year-on-year increase of 4.5%, and a net profit attributable to shareholders of 1.83 billion yuan, up 13.1% year-on-year [4]. - For Q2 2025, the company recorded a revenue of 12.5 billion yuan, a year-on-year increase of 0.78% and a quarter-on-quarter increase of 24.3%, with a net profit of 1.235 billion yuan, reflecting a year-on-year growth of 10.75% and a quarter-on-quarter growth of 107.97% [4]. Operational Insights - The company’s net profit growth of 13% in H1 2025 is attributed to its focus on core operations and the successful implementation of policies aimed at increasing reserves and production [5]. - The average Brent crude oil price in H1 2025 was $70.81 per barrel, down 15.1% year-on-year, with Q2 prices dropping to $66.71 per barrel, a decrease of 21.5% year-on-year [5]. Business Segments Performance - In H1 2025, the energy technology services segment generated revenue of 7.993 billion yuan, a growth of 2.79%, while the low-carbon environmental and digitalization segment saw revenue of 3.870 billion yuan, up 11.17% [6]. - The energy logistics services segment achieved revenue of 11.64 billion yuan, reflecting a year-on-year increase of 5.13% [6]. Cost Management and Efficiency - The company improved its gross margin to 15.33%, an increase of 1.18 percentage points year-on-year, through effective cost control measures [7]. - The company is advancing the transformation of traditional industries towards high-end, intelligent, and green solutions, launching ten digital management modules [8]. Industry Outlook - The global oilfield services market is expected to grow to $326.5 billion in 2025, a year-on-year increase of 3.3%, driven by rising oil supply and energy security demands [9]. - The parent company, China National Offshore Oil Corporation (CNOOC), is actively pursuing a seven-year action plan to increase oil and gas reserves and production, with targeted growth rates of 5.9%, 2.6%, and 3.8% for 2025-2027 [9].

Core Viewpoint - The Financial Regulatory Administration has released a draft for the "Management Measures for Commercial Bank Mergers and Acquisitions Loans," aiming to enhance the support for corporate financing needs in mergers and acquisitions, thereby promoting the modernization of the industrial system and the development of new productive forces [1][2]. Group 1 - The draft proposes to increase the upper limit of the proportion of acquisition loans to the transaction price and extend the maximum loan term to better meet reasonable financing needs of enterprises [1][2]. - The revision allows acquisition loans to support certain conditions for equity acquisitions, expanding the applicable scope of acquisition loans beyond just controlling acquisitions [2]. - The draft sets differentiated qualification requirements for banks engaging in controlling and equity acquisition loan businesses, including regulatory ratings and asset scale requirements [2]. Group 2 - The measures emphasize the assessment of repayment capacity, requiring banks to evaluate the acquirer's ability to repay loans while considering the risks associated with the acquisition [2]. - The draft stipulates that the proportion of controlling acquisition loans to the transaction price must not exceed 70%, with equity funds accounting for at least 30% of the transaction price [2]. - For equity acquisitions, the proportion of loans must not exceed 60%, with equity funds making up at least 40% of the transaction price, and the maximum loan term for controlling acquisitions is set at ten years, while for equity acquisitions, it is seven years [2].

Core Viewpoint - The company reported a decline in revenue and increased losses for the first half of 2025, attributed to external economic challenges and industry competition, while emphasizing ongoing efforts in high-quality development and innovation [5][21][22]. Company Overview - The company did not distribute profits for the first half of 2025 and did not implement capital reserve transfers to increase share capital [5][30]. - As of June 30, 2025, the company had a total debt balance reduced by RMB 11.82 billion compared to the beginning of the period [15]. Financial Performance - The company's revenue for the first half of 2025 was RMB 39.5 billion, a decrease of RMB 3.99 billion or 9.17% year-on-year [5]. - The pre-tax loss was RMB 583 million, compared to a profit of RMB 12 million in the same period last year, marking an increase in loss of RMB 595 million [5]. - The net loss after tax and non-controlling interests was RMB 449 million, an increase in loss of RMB 452 million compared to a profit of RMB 3 million in the previous year [5][12]. Production and Sales - The total production of main products was 5.5768 million tons, a decrease of 4.35% year-on-year [6]. - The company processed 6.3249 million tons of crude oil, including 556,400 tons of processing, a decrease of 4.93% year-on-year [6]. - The sales net for the first half of 2025 was RMB 33.498 billion, a decline of 10.66% year-on-year, with refining and chemical sales net decreasing by 16.14% and 3.21% respectively [10]. Cost Management - The company's sales cost was RMB 34.139 billion, a decrease of 9.11% year-on-year, accounting for 101.91% of sales net [10]. - The crude oil processing cost was RMB 23.085 billion, a reduction of RMB 2.735 billion year-on-year, with the unit processing cost decreasing by 8.67% [11]. Strategic Initiatives - The company is focusing on safety and environmental management, aiming to achieve a green enterprise rating and enhance risk management [21][22]. - The company is accelerating project construction and technological upgrades, including the clean efficiency improvement of thermal power units and the development of high-performance carbon fiber [8][22]. Market Outlook - The company anticipates a challenging market environment in the second half of 2025, with a focus on optimizing operations and enhancing innovation to drive growth [21][22].

Core Viewpoint - The National Financial Regulatory Administration has revised the "Guidelines for Risk Management of Mergers and Acquisitions Loans by Commercial Banks" to promote the optimization of M&A loan services, supporting the construction of a modern industrial system and the development of new productive forces [1][2]. Group 1 - The revised "Measures for the Management of Mergers and Acquisitions Loans" consists of 33 articles, focusing on expanding the applicable scope of M&A loans to include certain equity acquisitions under specific conditions [2]. - The new regulations set differentiated qualification requirements for commercial banks engaging in control-type and equity acquisition loans, based on regulatory ratings and key prudential indicators [2]. - The loan conditions have been optimized, increasing the upper limit of M&A loans as a percentage of the transaction price and extending the maximum loan term to better meet reasonable financing needs [2]. Group 2 - The assessment of debt repayment capacity has been emphasized, requiring banks to evaluate the acquirer's ability to repay debts while considering the risks associated with the M&A transaction [2]. - The regulatory body will carefully consider feedback from various parties to further refine the measures before implementation, aiming to promote the healthy development of M&A loan business and enhance economic growth momentum [2].

Core Viewpoint - The Financial Regulatory Bureau has released a draft for public consultation on the "Management Measures for Commercial Bank Mergers and Acquisitions Loans," which aims to broaden the scope of acquisition loans and optimize loan conditions to better support corporate financing needs during economic transformation [1][5]. Summary by Sections Expansion of Loan Applicability - The new measures expand the applicability of acquisition loans to include certain equity-based mergers, allowing loans for transactions where the acquiring party obtains at least 20% of the target company's shares in a single transaction, or at least 5% if they already hold 20% or more [2][3]. Loan Terms and Conditions - The maximum loan term for controlling acquisitions has been extended to 10 years, while the term for equity-based acquisitions remains at a maximum of 7 years. The proportion of acquisition loans to the total transaction price is capped at 70% for controlling acquisitions and 60% for equity-based acquisitions, with corresponding equity funding requirements [4][5]. Risk Management and Due Diligence - The measures emphasize the need for banks to assess the repayment capacity of the acquiring party and the future prospects of the merged entity. For controlling acquisitions, the professional team must have at least three years of experience, while for equity-based acquisitions, a minimum of five years is required [6][4]. Differentiated Asset Requirements - The new regulations introduce differentiated asset scale requirements for banks engaging in acquisition loans, mandating a minimum asset balance of 50 billion RMB for general acquisition loans and 100 billion RMB for equity-based acquisition loans [7]. Feedback and Implementation - The public consultation period for the draft measures runs from August 20 to September 20, with the Financial Regulatory Bureau indicating that it will consider feedback to refine and implement the measures to promote healthy development in acquisition loan business [7].

从内容上来看，《办法》首先是进一步拓宽并购贷款适用范围，在《指引》适用的控制型并购交易基础 上，进一步允许并购贷款支持满足一定条件的参股型并购交易。这些条件包括单次取得目标企业的股权 比例不得低于20%；如果单一并购方已持有目标企业20%及以上股权，单次受让或者认购股权比例不得 低于5%。 8月20日，金融监管总局就《商业银行并购贷款管理办法（征求意见稿）》（下称《办法》）公开征求 意见。 相较现行的《商业银行并购贷款风险管理指引》（简称《指引》），《办法》将并购贷款的适用范围进 一步拓宽至部分参股型并购交易，同时，分不同类型贷款对展业的银行设置了差异化资产规模要求。此 外，在并购贷款占并购交易价款比例上限、贷款最长期限等贷款条件上也作出了进一步优化。 贷款适用范围拓宽至部分参股型并购交易 现行《指引》为2015年原银监会修订发布，金融监管总局指出，《指引》自发布以来，为银行开展并购 贷款业务，支持产业转型升级提供了重要的制度保障和政策支持。我国经济正处于新旧动能转换的关键 时期，进一步活跃并购市场有利于优化资源配置，助力传统产业改造升级，加快塑造经济发展新动能、 新优势。《办法》是立足新形势下并购市场发展需 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不就因本公告全部或任何部分內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 Sinopec Shanghai Petrochemical Company Limited 中國石化上海石油化工股份有限公司 （於中華人民共和國註冊成立之股份有限公司） （股份代號：00338） 海外監管公告 本公告乃依據《香港聯合交易所有限公司證券上市規則》第13.10B條的披露義務而作出。 茲載列本公司在上海證券交易所網站刊登的公告。 承董事會命 中國石化上海石油化工股份有限公司 聯席公司秘書 劉剛 中國，上海，2025年8月20日 於本公告刊登日，本公司的執行董事為郭曉軍、杜軍及黃翔宇；本公司的非執行董事為 解正林及秦朝暉；及本公司的獨立非執行董事為唐松、陳海峰、楊鈞、周穎及黃江東。 中国石化上海石油化工股份有限公司 2025 年半年度报告 公司代码：600688 公司简称：上海石化 中国石化上海石油化工股份有限公司 2025 年半年度报告 重要提示 公司已在本报告中详细描述可能存在的风险，敬请 ...

Core Insights - The article highlights the transformation and development of Hainan Province, particularly focusing on its economic growth and historical significance in the context of anti-Japanese resistance during World War II [18][19]. Economic Development - In 2024, Hainan Province's port cargo throughput reached 220 million tons, marking an 8.6% year-on-year increase, while container throughput reached 3.68 million TEUs, reflecting a 12.3% growth [17]. - The province is actively promoting its free trade port, aiming to enhance its economic foundation and drive industrial upgrades towards agriculture, technology, marine resources, environmental sustainability, and digitalization [18]. Historical Significance - The article recounts the historical events of the Tangkou Ferry Resistance, emphasizing its role in igniting the anti-Japanese movement across Hainan Island, showcasing the resilience and determination of local forces against foreign aggression [18]. - The legacy of the resistance is preserved through community efforts to maintain historical sites and educate future generations about the sacrifices made for current prosperity [18]. Cultural and Social Impact - The narrative illustrates how the spirit of resistance has been passed down through generations, contributing to the cultural identity of Hainan and fostering a sense of pride among its residents [19]. - The ongoing development of Hainan as a tourist destination, alongside its historical significance, attracts visitors and promotes local engagement with its rich heritage [15][19].