6月10日，杭州银行发布公告称，新华保险通过协议转让方式受让澳洲联邦银行持有的3.3亿股股份已完成过户登记。至此，新华保险合计持有杭州银行 5.09%股份，正式成为第四大股东，而澳洲联邦银行则彻底退出这家合作20年的城商行。 对于接盘的新华保险而言，此次入股符合其资产配置需求。作为中国第四大寿险公司，其管理资产规模超3万亿元，但此前权益类资产配置比例较低。在低 利率环境下，险资对高股息、低波动资产的需求日益迫切。 从杭州银行自身来看，其业绩表现强劲。2024年实现归母净利润169.83亿元，同比增长18.07%，增速位列42家A股上市银行第五；2025年一季度净利润增速 仍达17.30%，在城商行中表现突出。 但该行长期面临无实际控制人的状态，战略连贯性因此受到一定影响。2023年2月，杭州市财政局等8家国有股东解除一致行动关系后，前十大股东持股较为 分散。截至2025年第一季度末，杭州市财开投资集团、红狮控股集团、杭州市城市建设投资集团分别为杭州银行前三大股东，持股比例分别为18.17%、 11.09%和6.85%。 | 排名 ◆ | 股东名称 ♥ | 股东性质 ◆ | 持股数量(万股) ◆ | 增減( | ...

Group 1 - The sixth Qingdao Summit of Multinational Company Leaders will be held from June 18 to 20, co-hosted by the Ministry of Commerce and the Shandong Provincial Government, featuring a high-quality development forum and multiple thematic activities [2] - A total of 471 multinational company representatives are confirmed to attend, including 342 international guests and 129 domestic guests, with 22% being first-time attendees [2] - Companies from 43 countries and regions across six continents have registered, with over 50% of participants coming from emerging markets [2] Group 2 - The Ministry of Commerce will continue to support foreign investment in China by expanding market access and implementing the "2025 Action Plan for Stabilizing Foreign Investment" [3] - The Ministry plans to revise and expand the "Encouraging Foreign Investment Industry Catalog" and develop policies to encourage reinvestment by foreign companies in China [3] - Efforts will be made to ensure fair competition and equal treatment for foreign enterprises, including participation in government procurement and large-scale equipment updates [3] - The Ministry aims to enhance the business environment for foreign investors through various support measures, including roundtable meetings and project facilitation [3]

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 日前，多利科技发布公告，宣布通过全资子公司昆山达亚以9146.53万元收购法格霭德兰汽车配件（昆 山）有限公司52%股权。 值得注意的是，标的公司在交割前向其原唯一股东西班牙法格霭德兰集团突击分红4210.53万元。而财 务数据显示，昆山法格霭德兰2024年净利润为1823.78万元，分红金额高达年净利润的2.3倍，分红数与 标的实际盈利能力形成刺眼对比。 更值得玩味的是交易定价逻辑。标的公司100%股权评估值为2.27亿元，净资产为2.07亿元。在实施4210 万元分红后，52%股权的交易定价确定为9146.53万元。 "先分红后交易"的操作实质上让原外方股东提前回收了巨额资金，却未在交易价格中做出充分补偿。 存货指标恶化的背后，可能反映了公司产品竞争力下降或市场需求变化。在汽车零部件这个对运营效率 高度敏感的行业，存货积压不仅占用资金，更潜藏跌价风险。在此时点大举收购，可能进一步加剧存货 管理难度，导致周转效率继续下滑。 此外，多利科技的公司治理问题也曾引发监管关注。2024年1月23日，安徽证监局对公司及时任财务总 监曹峰、时任董 ...

Core Viewpoint - The shareholder change of ICBC Credit Suisse Asset Management has been finalized after 10 months, with UBS becoming the second-largest shareholder holding 20% of the shares, while ICBC retains 80% [1][4]. Shareholder Change Details - UBS officially became a shareholder with over 5% stake in ICBC Credit Suisse Asset Management, with the change in ownership registered [4]. - The change in ownership was a passive result of UBS's acquisition of Credit Suisse, which included the 20% stake in ICBC Credit Suisse Asset Management [5]. - The entire process took approximately 10 months, from the submission of the application to the approval by the regulatory authority [5]. Company Operations and Governance - ICBC Credit Suisse Asset Management plans to enhance corporate governance and investment research capabilities while maintaining compliance and risk management [5]. - UBS has not appointed management personnel to ICBC Credit Suisse Asset Management, indicating no substantial impact on daily operations [5]. - The name of ICBC Credit Suisse Asset Management will remain unchanged in Chinese, with only adjustments made to the English name and website domain [6]. Market Position and Growth - ICBC Credit Suisse Asset Management, established in June 2005, manages 257 funds with a total net asset value of 792.8 billion yuan, ranking 13th in the industry [6]. - UBS has previously invested in the Chinese public fund market, holding a 49% stake in Guotai Junan Fund, which has a fund asset scale of 248.4 billion yuan [7]. - UBS has expressed a strong commitment to the Chinese market, viewing it as a key strategic area for growth [7]. Industry Trends - Several foreign institutions are increasingly interested in the Chinese public fund market, with multiple foreign entities accelerating their investments [8]. - As of now, there are 9 wholly foreign-owned public fund managers and 42 joint venture fund companies in China, indicating a growing foreign presence in the market [8]. - Recent capital increases by foreign-owned public funds reflect their expanding business and capital needs in the Chinese market [9].

商务部：将进一步扩大开放，放宽外资市场准入，修订并扩大《鼓励外商投资产业目录》 金十数据6月13日讯，6月13日，商务部国际贸易谈判副代表李詠箑在国新办新闻发布会上表示，将进一 步扩大开放，放宽外资市场准入。商务部将与有关部门一起落实好《2025年稳外资行动方案》，在云计 算、生物技术、独资医院等领域加快开放试点，有序扩大其他服务领域的自主开放。我们要用好现有的 开放平台，比如自由贸易试验区、国家级经济技术开发区、国家服务业扩大开放综合试点示范等，稳步 扩大制度型开放。我们还将修订并扩大《鼓励外商投资产业目录》，研究制定鼓励外资企业境内再投资 政策，为外资企业在中国投资新兴领域和未来产业提供更多的机遇。 （中国网） ...

主要成就 李立成是股市投资专家，同时也是赫赫有名的慈善家 ,是香港投资集团经济学家及首席分析师，毕业于 清华大学五道口经济管理学院MBA。李立成投资过的很多项目，并且都获得了巨大成功，李立成经常 说他的成功是由于不断的坚持，"千磨万击还坚韧，任尔东西南北风"便是李立成能够不断创造奇迹的源 泉。李立成认为股票投资是认知的变现，但要做到这一点，首先要克服人性的弱点，保持理性、耐心， 客观的看待自己和整个市场。在上海的一场慈善晚会中，我们很荣幸的采访到了李立成。 新浪记者杜卿卿：您觉得投资中最重要的事是什么？ 李立成： 投资是一件复杂的事情，许多因素决定了投资者的收益水平，如投资者的心态，分析研究行 业及公司的能力水平，仓位配置，个人性格，国家宏观经济政策的变动，整体市场的走势，以及个人运 气等等。市场不相信眼泪。如果你欠缺的东西太多，市场绝不会怜悯你，市场掠夺你时总是纵横恣肆根 本不管你姓甚名谁。想生存，就必须适应股市，学会与股市中形形色色的猎食者打交道。适者生存，不 适者淘汰，大自然的规律在股市中同样发挥着无法阻挡的力量。股市演进过程中交替出现的牛市、熊市 和震荡市，也对应着大自然的春夏秋冬。 新浪记者杜卿卿： ...

浙江科马摩擦材料股份有限公司（以下简称"科马材料"）主营业务为干式离合器摩擦片及湿式纸基摩擦片的研发、生产及销售，属于汽车零部件 的下属细分行业。 科马材料登陆A股的计划最早可追溯到十年前，其曾向A股发起过两次冲锋，不幸的是分别于2014年和2023年折戟。屡败屡战的科马材料显然并 未就此放弃，2024年6月27日再次递交了IPO申请，转战北交所，截至目前已完成第三轮审核问询。北交所主要针对两个问题对其反复追问，一是 业绩，二是在建工程。 科马材料虽然最近几年营业收入始终保持在2亿左右，但2021年产品结构发生较大调整，净利润在2022年暴跌四成且2023年仍较低情况下，2024 年大幅反弹。进一步研究发现，公司境外业务毛利率较高，尤其是2024年高出境内14.13个百分点，同时，多个境外贸易商客户期末库存数量占当 年采购数量比例五成以上。北交所怀疑科马材料2024年业绩升高并非源于产品创新性带来的竞争力优势，或存在贸易商囤货等调节收入行为。 此外，公司与新厂区（科马产业园）建设工程项目的施工方存在较多资金往来，疑似通过第三方构建了为其虚增业绩、承担成本费用、形成资金 体外循环或进行利益输送的"通道"。 | ...

Technical Analysis - The Shanghai Composite Index closed near the 3400-point mark, with resistance between 3390 and 3420 points, and support at 3360 points, indicating a critical testing phase for the market [3] - The MACD indicator shows a low-level oscillation, while the KDJ's J value is gradually increasing, suggesting potential upward momentum [3] - The trading volume of 1.3 trillion indicates market activity, but a stronger capital push is needed to break through key resistance levels [3] Policy Developments - The People's Bank of China reportedly announced a targeted reserve requirement ratio cut of 0.5%, releasing 200 billion yuan in long-term funds, which is beneficial for small banks and brokerage firms [3] - The Ministry of Finance aims to expedite the revision of the negative list for foreign investment, focusing on opening up the new energy and biopharmaceutical sectors, positively impacting companies like CATL and WuXi AppTec [3] - Rumors of an extension of the new energy vehicle purchase tax exemption could lead to a significant rebound in the entire new energy industry chain [3] Market News - Positive signals from US-China trade talks suggest a consensus on implementing the leaders' discussions, which is favorable for export chains and technology stocks [4] - Semiconductor sector gains momentum as SMIC improves its 14nm process yield to 95% and secures orders from Huawei [4] - Real estate policies are being enhanced, with cities like Suzhou and Nanjing offering "old-for-new" home purchase subsidies, benefiting leading real estate companies and home appliance sectors [4] Global Market Influence - US stock indices showed mixed results, with the S&P 500 and Nasdaq performing well, while the Dow Jones faced pressure from Boeing's incident and tariff threats [4] - European markets rose, with the DAX index increasing by 1.42%, contributing to positive global market sentiment [4] - The US dollar index fell by 0.72%, and the offshore yuan appreciated by 251 points, indicating growing international confidence in Chinese assets [4] Investment Strategy - The current A-share market is at a delicate turning point, supported by policy easing and positive news, but facing challenges from technical resistance and global uncertainties [5] - Long-term investors are advised to focus on two main lines: technology growth sectors like semiconductors and humanoid robots, and consumer recovery sectors such as duty-free, smart home, and beauty products [5] - High-dividend sectors like hydropower and highways can provide defensive support during market fluctuations [6]

Core Insights - Häagen-Dazs is facing dual challenges from local brand competition and changing consumer perceptions, necessitating a strategy that maintains its premium positioning while optimizing cost-effectiveness and enhancing brand value through sustainable practices [1][12] - The potential sale of Häagen-Dazs' China operations has sparked industry interest, marking a significant turning point for the brand after nearly 30 years in the market [1][11] - General Mills is reportedly collaborating with advisors on potential asset disposal, with initial valuations reaching hundreds of millions of dollars, although negotiations are still in early stages [1][11] Industry Context - The news of Häagen-Dazs' potential sale contrasts sharply with Unilever's plan to spin off its ice cream business, highlighting a trend of foreign brands reassessing their strategies in China amid market challenges [2][11] - The decline in performance of international brands in China is evident, with notable examples including Pandora and Starbucks, which have also faced store closures and strategic adjustments [2][3] - General Mills reported a 5% year-over-year decline in net sales for Q3 of FY2025, with international markets, including China, contributing to this downturn [2][3] Market Dynamics - Häagen-Dazs has experienced a significant drop in store traffic, with double-digit declines reported, reflecting broader challenges in the high-end ice cream market [3][5] - The brand's fixed costs remain high while profit margins are under pressure, exacerbated by a shift in consumer preferences towards value-for-money options [3][8] - Local brands like Zhong Xue Gao and Moutai Ice Cream are capturing market share through differentiated strategies and competitive pricing, appealing to younger consumers [5][8] Strategic Implications - The potential sale of Häagen-Dazs could lead to a fundamental shift in its brand positioning and operational model, with new investors possibly adopting successful local strategies [11][12] - The ongoing transformation in the ice cream market may accelerate the reshaping of competitive dynamics, providing new opportunities for both local enterprises and international capital [12] - To regain growth, Häagen-Dazs must adapt to the "quality-price ratio era" by enhancing market penetration, optimizing pricing strategies, and reinforcing brand value through sustainable initiatives [1][12]

6月12日，北京市商务局党组成员、副局长，新闻发言人卢慧玲在北京市人民政府新闻办公室举行的"推 动首都高质量发展"系列主题新闻发布会上表示，五年来，北京市开放环境持续优化升级，投资空间更 加广阔，在全国首批开展增值电信、医疗等领域扩大开放试点。五年来，全市新设外资企业近7900家， 更多企业选择在京发展。(人民财讯) ...