Core Insights - The event "Investment for Good" focused on ESG and charitable asset management, highlighting the importance of multi-asset investment strategies in the current economic environment [1][8]. Group 1: Market Opportunities and Asset Allocation - The current market presents a mixed picture; while the attractiveness of equities may be declining compared to last year, they still offer better value compared to low-risk returns below 2% [3][18]. - The discussion emphasized the significance of multi-asset allocation, particularly in a low inflation environment, with equities, bonds, and commodities being the most favorable asset classes [4][23]. - The concept of risk parity was highlighted as a crucial strategy for achieving stable returns while managing volatility, especially in the context of China's capital market [10][23]. Group 2: Investment Strategies and Perspectives - The panelists discussed the importance of absolute return strategies, particularly for institutional investors like university endowments, which require stable and consistent returns [6][30]. - There is a growing recognition that value and growth stocks can coexist, with some stocks fitting into both categories, suggesting a more integrated approach to stock selection [4][20]. - The need for strategic asset allocation was emphasized, with a focus on risk budgeting and the importance of diversifying across low-correlated assets to enhance overall portfolio performance [12][23]. Group 3: Challenges and Market Dynamics - The panelists expressed concerns about potential market overheating, particularly in sectors that have seen rapid price increases, indicating a cautious approach to current market conditions [19][26]. - The discussion also touched on the unique characteristics of university endowment funds, which typically have longer investment horizons and lower risk appetites compared to other funds [27][30]. - The role of ESG factors in investment decisions was highlighted, with a consensus that while ESG may not significantly enhance returns, it contributes to risk management and stability [28][30].

专题："投资·向善"——复旦管院·兴动ESG大讲堂暨高校基金会慈善资产管理研讨会 摘要：圆桌一精华集锦 2025年度"投资·向善"复旦管院·兴动ESG大讲堂暨高校基金会慈善资产管理研讨会于9月22日圆满落幕， 由兴证全球基金、兴银理财、复旦大学管理学院携手举办。圆桌一精华集锦如下，以飨读者。 圆桌一：高校基金会可持续投资路径探讨 复旦大学教育发展基金会理事、投委会主席 汪新芽 中国人民大学商学院会计学教授、教育基金会副秘书长 张然 上海财经大学财税投资学院投资发展研究院院长、教授、教育发展基金会理事 方芳 复旦大学管理学院金融与财务学系教授 罗妍（主持） 一、高校基金会的投资目标与管理模式 罗妍：本次论坛的主题是"投资·向善"，首先想请汪新芽总谈谈对于本届主题的理解——高校基金 会投资如何"向善"？ 汪新芽：来到这里令我想起了我的博士生导师，当年教会我把善意一代一代传承下去，反过来也能够回 答到基金会投资的原则——首先是使命，高校基金会属于慈善性质的基金，所以是使命驱动，目标 是"投资向善"。 我个人的理解或许与其他老师略有不同，我并非学校体制内的成员，而是作为校友，出于对母校的情怀 承担这份责任，担任投委会 ...

Core Viewpoint - The 22nd China International Chemical Exhibition highlighted the green and low-carbon development trends in the petrochemical industry, showcasing nearly 800 domestic and international companies and their advanced technologies and sustainable development paths [1] Group 1: Company Initiatives - Jingbo Petrochemical presented its theme "Chain Green Towards New, Co-Chemistry Future," emphasizing its commitment to green sustainable development and showcasing its latest achievements in high-end chemical products and high-performance materials [3][5] - The company launched four strategic new products during the exhibition, including low-color, high-purity hydrocarbon resins aimed at aiding the green upgrade of 5G communications and semiconductor industries, and a high-carbon isomer alcohol that balances performance with low environmental impact [7][9] - Jingbo Petrochemical has become the first company in Shandong to obtain food-grade n-hexane production licensing and has introduced a hydrocarbon environmental foaming agent that effectively replaces harmful substances like chlorofluorocarbons [9] Group 2: Environmental Impact - The "Haiyun" high-modulus modified asphalt achieved a 39 cm reduction in road thickness, saving 23,000 tons of stone per kilometer and resulting in a 50% reduction in carbon emissions over its lifecycle, extending its lifespan to over 35 years [9] - The company has implemented chemical recycling of waste plastics, delivering polypropylene products and promoting closed-loop utilization in the packaging sector [10] - Jingbo Petrochemical's biobased polycaprolactone rubber can reduce carbon dioxide emissions by approximately 1.4 tons per ton compared to traditional products, continuously exploring new green low-carbon pathways [10] Group 3: Industry Positioning - The company has optimized its industrial structure, with high-end chemical and material products accounting for over 65% of its revenue, and is committed to enhancing its ESG initiatives through investments in environmental protection and renewable energy projects [12] - Jingbo Petrochemical aims to become a global resource allocation and operation value center in the crude oil industry, serving as an incubator for innovation in the chemical and new materials sectors, thereby contributing to high-quality sustainable development in the industry [14]

Key Insights - The report highlights a significant increase in private market exposure among major pension funds, with the top 20 U.S. pension funds holding approximately $500 billion in private market investments, raising concerns among policymakers about potential risks [6][7][10] - The Government Pension Investment Fund (GPIF) of Japan has made its first direct investments in domestic alternative assets, allocating a total of ¥50 billion, with ¥40 billion directed towards infrastructure funds and ¥10 billion towards real estate investments [8][9] - The California Public Employees' Retirement System (CalPERS) has announced a transition to a Total Portfolio Approach (TPA) to enhance decision-making clarity and transparency, shifting to a simplified benchmark of a 75/25 equity-to-bond ratio [12][13] - The European Union is set to take action by the end of the year to promote pension investments and simplify cross-border transaction processes, aiming to reduce administrative costs and attract investments [16][17] Group 1: Private Market Exposure - Major pension funds are increasingly allocating capital to private markets, with a notable rise in risk exposure as the number of publicly listed companies declines [6][7] - The trend of pension funds moving towards private assets is being closely monitored by global policymakers due to the potential risks associated with this shift [7] Group 2: GPIF Investments - GPIF's new strategy allows for greater control over investments, as it directly selects funds rather than relying on asset management companies [8][9] - The fund's alternative investment allocation remains limited to 5% of total assets, with current holdings at only 1.6%, indicating room for growth in this area [8] Group 3: CalPERS TPA Implementation - The TPA will simplify the investment strategy for CalPERS, allowing for a more straightforward approach while maintaining a focus on risk management [12][13] - The integration of ESG factors into investment decisions is a key component of CalPERS' new strategy, with dedicated resources allocated to ensure compliance [13][16] Group 4: EU Regulatory Actions - The EU's proposed measures aim to streamline regulations and enhance market transparency, particularly concerning pension funds and cryptocurrency investments [16][17] - Tax incentives and simplified investment processes are expected to encourage household savings to flow into capital markets [17] Group 5: Other Global Developments - The Abu Dhabi Investment Authority is actively seeking opportunities in the private equity secondary market, despite challenges in the broader industry [18][19] - The National Pension Service of Korea has acquired a minority stake in Nordic real estate manager Areim, aligning with its investment strategy [20][21] - The IRS has finalized key rules under the SECURE 2.0 Act, impacting workplace retirement plans and contribution limits [22][23]

9月22日，安踏体育用品有限公司（以下简称"安踏集团"或"安踏体育"）股价开盘下跌4.6%，盘中一度 跌超7%。截至上午收盘，安踏体育股价下跌3.56%，报93.35港元/股，当日上午总市值已蒸发96.85亿港 元。 新华社文中提到，遵守法律法规是底线，而对生态环境和自然的敬畏是高线。在世界屋脊，保护生态环 境的红线理应比底线站得更高。守护好这里的生灵草木、万水千山，才是捍卫这片净土的更高准则。查 问题的同时，更要尽快对燃放地开展生态评估，尽早推动生态修复。烟花燃放后的化学残留物，即便肉 眼不可见，一旦渗入高寒草甸土壤或水源，将对当地的土壤、植被、动物乃至饮用水造成长期且难以逆 转的危害。对于造成的损害，要尽最大努力及时补救。 福州公孙策公关合伙人詹军豪对《证券日报》记者表示，此次活动与始祖鸟"敬畏自然""与自然和谐共 生"的品牌理念相悖。在生态脆弱的喜马拉雅山脉燃放烟花，易引发公众对品牌"言行不一"的质疑，削 弱品牌理念传播效果，损害品牌长期建立的环保形象。 从财报来看，今年上半年，安踏集团收入同比增长14.3%至385.4亿元，股东应占溢利同比增长14.5%至 70.31亿元，经营利润同比增长17%至10 ...

Group 1 - The Shanghai 580 Index was officially launched in June, enhancing the index matrix of the Shanghai Stock Exchange [1] - Huaxia Fund quickly issued the first ETF product tracking the Shanghai 580 Index in August, providing a quality investment tool for small-cap stocks [1] - The Huaxia Shanghai 580 ETF Link Fund (024943) will be available for subscription starting October 9, allowing investors to access small-cap stocks in the Shanghai market [1] Group 2 - As of mid-2023, the top three industries in the Shanghai 580 Index are electronics, pharmaceuticals, and machinery, with weightings of 13.9%, 10.0%, and 9.0% respectively [2] - The Shanghai 580 Index focuses more on emerging industries, with a TMT sector weighting of 27.2%, higher than the Shanghai 180 and 380 indices [2] - The index has a significant innovation attribute, with weights for Sci-Tech Board, specialized and innovative enterprises, and high-tech companies at 27.1%, 27.7%, and 59.7% respectively [2] Group 3 - The Shanghai 580 Index has shown strong performance, with a year-to-date increase of 78.77%, outperforming the CSI 300 and Shanghai Index [2] - Since its base date on December 28, 2018, the cumulative increase of the Shanghai 580 Index has reached 90.79%, with an annualized return exceeding 10% [2] - The index is expected to perform well in the future due to its growth and elasticity characteristics [3] Group 4 - Huaxia Fund aims to enhance its index business in 2024, focusing on a research, service, and strategy investment capability system [4] - By the end of 2024, Huaxia Fund's equity index scale is projected to reach 747.92 billion, ranking first in the industry [4] - The company has seen significant growth in its index products, with an increase of 276.67 billion, representing a growth rate of 58.7% [4]

Core Points - The 2025 Beijing Green Development Forum was held on September 22, where the "Beijing Green Development Model Figures" list was officially released, recognizing ten outstanding representatives in the field of green development [1] - The selection activity is organized by the Beijing Development and Reform Commission and is set to be an annual event to promote green development role models [1] Group 1: Recognition of Green Development Figures - Ten individuals were honored for their contributions to various key areas of green development, including technology innovation, industrial transformation, urban construction, value dissemination, and global cooperation [1] - Notable figures include Xu Wei and Li Yingying, who achieved significant technological breakthroughs in green building, new protein bio-manufacturing, and green finance [1] Group 2: Contributions to Green Industries - Practitioners like Ma Lan, Zhang Jianhui, and Liu Bo are recognized for their work in intelligent manufacturing of new energy vehicles, new energy storage systems, and synthetic biotechnology, injecting new momentum into green industry development [1] - Urban governance contributors such as Pi Meng and Li Wenyu have improved urban livability and citizen welfare through solid waste treatment systems and ecological restoration projects [1] Group 3: Support for Green Transition - Liu Xuexin established an Environmental Social Governance (ESG) promotion system to support corporate green transformation [1] - Lan Yan authored policy research reports on the "Belt and Road" green development outlook, promoting the establishment of the "Belt and Road" Green Development International Alliance in Beijing [1] Group 4: Future Initiatives - Following the selection, Beijing will organize a series of promotional activities for the green development role models to accelerate the formation of green production and lifestyle, aiming to elevate the city's status as an international green economy benchmark [2]

活动方称项目采用生物可降解材料，事后"清理残留物"并对山体植被进行翻土与植被修复，做到"不留 生态隐患"，中国科学院植物学博士顾有容认为，在低温低降水低生物的青藏高原进行如此大规模的燃 烧爆破活动，无论材料是否环保，本身就是对当地薄弱生态环境不可逆转的破坏。 截至发稿，始祖鸟已经在官方微博发布道歉信，官方Instagram账号发文表示该项目与品牌价值与形 象"背道而驰"。 一家品牌公司的行动如何与品牌内核背道而驰？始祖鸟贡献了一个血淋淋的教训。 9月19日，户外品牌始祖鸟联手艺术家蔡国强在喜马拉雅山脉江孜热龙地区开启艺术项目"升龙"。所 谓"升龙"，即在海拔4690至5500米的高原上施放烟火，让火焰沿着山脊引爆，形成"升龙"景观。但这一 举动迅速引发网友和环保人士的猛烈批评。 "我们正在与涉事的当地艺术家以及我们在中国的团队直接沟通此事，并将改变我们的工作方式，以确 保此类事件不再发生。我们的期望是，我们所做的一切都体现了我们的环保理念，我们对不符合环保理 念的行为零容忍。我们已经开始努力减轻此次活动对环境和社会的影响。"这篇贴文写道。 始祖鸟一直以来保护山野、倡导无痕户外，标榜亲近大自然和远离城市的生活方 ...

Core Viewpoint - The recent controversy surrounding the "art fireworks show" sponsored by the brand Arc'teryx has sparked widespread public discussion about environmental concerns and corporate responsibility, leading to a public apology from the company and a commitment to remedial actions based on feedback [1][2]. Group 1: Marketing and Brand Image - The fireworks event held in the ecologically sensitive region of the Tibetan Plateau has severely damaged Arc'teryx's long-standing brand image of "loving nature and respecting the outdoors," putting the parent company Anta Group under scrutiny [1][2]. - The choice of location for the marketing event, despite claims of using biodegradable materials, has been criticized due to the fragile ecological environment of the Himalayas, raising questions about the sincerity of the brand's environmental commitments [2][3]. - The incident has led to a broader reflection within the corporate world regarding whether ESG (Environmental, Social, and Governance) initiatives are genuine commitments or merely marketing gimmicks [1][5]. Group 2: Financial Performance and Market Position - Anta Group, which acquired Amer Sports (Arc'teryx's parent company) for €4.6 billion (approximately 36 billion RMB) in 2019, is facing pressure on its financial performance as the outdoor brand encounters repeated environmental controversies [3][6]. - Arc'teryx has successfully positioned itself as a high-quality, fashionable outdoor brand, appealing to the middle class in China, but is now experiencing a slowdown in growth due to increased competition and changing consumer behavior [6][7]. - Recent reports indicate that the revenue for Arc'teryx's technical apparel segment reached approximately $509 million in the second quarter, reflecting a year-on-year growth of 24.94%, but a noticeable decline from previous quarters [6][7]. Group 3: Consumer Trust and Quality Issues - The brand has faced multiple quality complaints, including reports of product defects shortly after purchase, which could further erode consumer trust and loyalty [7]. - The decline in consumer interest in marketing tactics that no longer resonate with the middle class suggests that the brand's growth may be at risk if it fails to address these issues effectively [7].

Core Viewpoint - The financial IT sector is experiencing a rise in market capitalization driven by trends in cross-border payments, stablecoins, and artificial intelligence, despite the lack of significant performance improvements in earnings among major companies [1][5]. Market Capitalization and Performance - Ten representative companies in the financial IT sector have shown varying degrees of market capitalization growth, with Runhe Software at approximately 48 billion yuan, significantly higher than its peers [2]. - Among these companies, only five reported positive net profits, and only four achieved profit growth in the first half of 2025 [1][2]. Revenue and Growth Rates - Nantian Information and Shenzhou Information led in revenue, reaching approximately 4.566 billion yuan and 4.405 billion yuan, with year-on-year growth rates of 16.76% and 7.88% respectively [2]. - Other companies reported revenues ranging from 31.1 million yuan to 1.736 billion yuan, with three companies experiencing negative growth: Yuxin Technology (-4.89%), Changliang Technology (-5.75%), and Kelong Software (-38.05%) [2]. Profitability Metrics - Yuxin Technology reported a net profit of 220 million yuan, a year-on-year increase of 35.26%, while the remaining profitable companies had net profits below 100 million yuan [3]. - The highest gross margin was reported by Yuxin Technology at 34.53%, with other companies like Changliang Technology and Kelong Software also exceeding 30% [3]. Research and Development Investment - Anshuo Information had the highest R&D expense ratio at 14.14%, with several other companies exceeding 10% [3]. Return on Equity (ROE) - Among the ten companies, five had a positive ROE, with Yuxin Technology leading at 5.11% [4]. Industry Challenges - The financial IT market is characterized by limited capacity and intense competition, with large financial institutions having self-sufficiency, which reduces demand for products and services from smaller companies [5]. - Long payment cycles and project durations are common issues affecting profitability across the industry [6]. Losses and Financial Strain - Shenzhou Information reported the largest loss at 96 million yuan, attributed to increased overdue receivables and related impairment provisions [7]. - Nantian Information's loss was due to intensified market competition and declining gross margins [7]. AI and International Expansion - Companies are increasingly leveraging AI technology to enhance efficiency and reduce costs, with several firms reporting successful AI product implementations [8]. - International markets are being targeted for growth, with companies like Kelong Software and Changliang Technology expanding their presence in Southeast Asia [9][10].