Core Viewpoint - Beijing Caishikou Department Store Co., Ltd. (Caibai Co., stock code: 605599) embodies both economic and social benefits, integrating the core value of "heart is purer than gold" into its development, while actively engaging in social responsibility and innovation [1] Group 1: Corporate Social Responsibility - The company has launched the "Baby Gold Certificate" product, donating 2 yuan for every gram sold to support high-risk pregnant women in remote areas, showcasing a sustainable approach to charity [7] - Caibai Co. initiated the "West Inheritance Skills, Dream Weaving" project, providing free training in intangible cultural heritage weaving skills to full-time mothers and local residents, promoting flexible employment and cultural confidence [9] Group 2: Innovation and Cultural Integration - The company has pioneered the integration of commerce and culture by establishing the Beijing Caibai Gold and Jewelry Museum, creating a new cultural consumption experience that combines shopping with educational activities [8] - Caibai Co. is embracing digital transformation by incorporating AI and big data into its operations, enhancing efficiency in e-commerce and in-store experiences through smart vending machines and digital twin systems [10] Group 3: Commitment to ESG and Sustainable Development - The company integrates environmental protection into product design and packaging, promoting reusable packaging and collaborating with cultural landmarks to create sustainable cultural products [10] - Caibai Co. has established a long-term system of community service and charity, including various initiatives to support education and provide services to the public, reflecting its commitment to social welfare [11][12] Group 4: Consumer Engagement and Service - The company offers a range of services and loyalty programs to enhance consumer experience, including discounts on jewelry processing and community service initiatives [11] - Caibai Co. has developed a series of cultural and educational activities, such as summer camps and heritage experience workshops, to engage the public and promote cultural heritage [12]

来源：@经济观察报微博 11月4日至6日，由联合国负责任投资原则组织（PRI）主办的2025年全球负责任投资大会（PRI in Person，简称"PIP"）在巴西圣保罗顺利举行。这是全球负 责任投资领域最具影响力的年度会议，今年的大会以"全球挑战、投资策略的韧性和投资机遇"为主题，同时定位为《联合国气候变化框架公约》第三十次缔 约方大会（COP30）商业与金融论坛的重要组成部分。 本次大会邀请约1300位来自政府、商业、金融、学界和民间社会的全球领导者齐聚圣保罗，共同探讨如何通过商业与金融加速可持续经济解决方案。易方达 基金是中国较早开展责任投资的资产管理机构，2017年首批加入PRI，持续开展深度ESG投研融合，通过系统、有效的尽责管理，促进中国企业ESG表现提 升，并积极参与国际组织和平台，分享中国责任投资实践。作为中国ESG领域标杆企业，易方达基金今年连续第3年受邀参会，与来自世界各地的嘉宾对话 交流。 亚洲市场是全球经济增长的引擎，本次大会主论坛的议题之一"探寻亚洲高增长市场的风险与机遇"，聚焦探讨亚洲市场在可持续议题方面的发展与挑战。易 方达基金ESG研究主管程杰作为中国机构代表，与来自路博迈集团 ...

Deutsche Bank increased its ESG-related financing goals to target deals in high-carbon sectors https://t.co/KrYJjb5MpX ...

Core Insights - The recent registration of two new charitable trusts marks a significant step towards reaching a total charitable trust asset scale of 100 billion yuan in China, indicating a growing momentum in the sector [1][2] Group 1: Development Drivers - The rapid growth of charitable trusts is driven by multiple factors, including the continuous improvement of policies and regulations, strategic transformations of trust companies, and increasing social demand for charitable initiatives [2][4] - As of November 17, 2023, there are 2,625 registered charitable trusts in China, with a total asset scale of approximately 9.922 billion yuan, nearing the 10 billion yuan mark [2] - The introduction of the "Trust Three Classification New Regulations" and the revised "Trust Company Management Measures" have established a solid institutional foundation for the development of charitable trusts [2][3] Group 2: Advantages of Charitable Trusts - Charitable trusts offer several advantages, including the legal structure that ensures asset independence, flexibility and customization for precise resource allocation, and sustainable benefits through a model that combines principal and investment returns [3][4] Group 3: Opportunities and Challenges - The future of charitable trusts is promising, with significant opportunities arising from policy support and the evolving landscape of the trust industry, which encourages innovation and the integration of charitable initiatives into core business strategies [4][5] - Challenges remain, such as difficulties in tax incentives, a shortage of professional talent, and the need for greater public awareness of charitable trusts [5] - To transition from a scale of 100 billion yuan to 1 trillion yuan, a collaborative effort is required across policy, industry, and market levels to create a comprehensive ecosystem for charitable trusts [5]

Core Insights - Replenish Nutrients has announced a significant licensing deal with Farmers Union Enterprises (FUE), allowing exclusive rights to produce and sell its patented "SuperKS" pellet fertilizer across a vast Midwest market in the U.S. [1][2] - This partnership is expected to generate substantial revenue, estimated between CAD$2.8 million to CAD$8.4 million, as it opens access to a market covering approximately 70 million acres [1][6] - The demand for sustainable fertilizers is increasing, positioning Replenish to capitalize on this trend and potentially unlock faster growth due to its small market cap [3][4] Company Overview - Replenish Nutrients is a small-cap clean-tech fertilizer company based in Alberta, Canada, focusing on regenerative agriculture products that enhance soil health [4][11] - The company’s products are designed to reduce carbon emissions and improve soil health compared to conventional fertilizers, with studies indicating a reduction of 0.4517 tonnes of CO₂ emissions for every tonne of fertilizer produced [4][35] - Replenish's business model has shifted from production to a licensing platform, allowing it to earn per-ton royalties without heavy capital investment [11][44] Recent Developments - The Beiseker facility is nearing completion, expected to reach a capacity of 2,000 tonnes per month by the end of 2025, potentially generating CAD$13 million to CAD$16 million in annual revenue [6][29] - Replenish has also secured a CAD$7 million grant from Emissions Reduction Alberta to support the construction of the DeBolt facility, further enhancing its financial position [9][20] - The company has successfully closed a licensing deal with MJ Ag Solutions, allowing for the installation of a pellet line in Alberta, which is expected to generate additional royalty income [7][8] Market Opportunity - The U.S. fertilizer market is significantly larger than Canada’s, with estimates suggesting it exceeds CAD$44 billion, providing a substantial addressable market for Replenish's products [38][41] - The regenerative agriculture sector is growing at an annual rate of 10-15%, driven by sustainability mandates, indicating a favorable environment for Replenish's offerings [39][40] - Replenish's licensing model allows for scalable growth, with potential expansions into international markets such as South America, Europe, and India, where demand for sustainable fertilizers is rising [21][22][23] Financial Projections - For 2026, Replenish is projected to achieve approximately CAD$3.1 million in EBITDA, with significant contributions expected from its licensing agreements [56] - By 2027, EBITDA is expected to scale to approximately CAD$9.4 million, reflecting the full ramp-up of its licensing strategy [57] - The company’s valuation could increase significantly, with projections suggesting an enterprise value of CAD$282 million by 2027 based on a 30× EV/EBITDA multiple [59] ESG Impact - Replenish's products align with ESG themes by reducing greenhouse gas emissions and improving soil sustainability, making it attractive to investors focused on sustainable practices [35][37] - The company’s approach to regenerative agriculture not only addresses environmental concerns but also supports farmer-owned networks, enhancing rural economies and food security [36][37]

- The National Development and Reform Commission and the National Energy Administration jointly issued the "Guiding Opinions on Promoting the Consumption and Regulation of New Energy"[12] - The National Energy Administration issued the "Guiding Opinions on Promoting the Integrated Development of New Energy"[13] - Hong Kong successfully issued approximately HKD 10 billion worth of digital green bonds[14]

2025 年 11 月 17 日 总量研究 医药主题基金表现占优，TMT、科创主题 ETF 受被动资金加仓 ——基金市场与 ESG 产品周报 20251117 要点 市场表现综述：大类资产方面，本周（下文如无特殊说明，本周均指代 2025.11.10-2025.11.14）黄金价格上涨，国内权益市场指数集体回调。行业 方面，本周综合、纺织服饰、商贸零售行业涨幅居前，通信、电子、计算机 行业跌幅居前。基金市场方面，本周债券型基金表现占优，股混基金净值回 撤。 基金产品发行情况：本周国内市场新成立基金 25 只，合计发行份额为 141.73 亿份。其中股票型基金 14 只、FOF 基金 4 只、混合型基金 4 只、债 券型基金 3 只。全市场新发行基金 41 只，从类型来看，股票型基金 23 只、 混合型基金 8 只、FOF 基金 5 只、债券型基金 4 只、REITs1 只。 基金产品表现跟踪：长期行业主题基金指数表现来看，本周医药主题基金表 现占优，TMT 主题基金回撤明显。截至 2025 年 11 月 14 日，医药、周期、 消费、金融地产、新能源、行业轮动、行业均衡、国防军工、TMT 主题基金 本周涨跌幅 ...

21世纪经济报道记者卢陶然、李德尚玉 北京报道 字节跳动开除大模型团队泄密员工 11月12日，据报道，字节跳动大模型团队（Seed）研究员任某某已离职，原因是"因多次泄密被开除"。 字节跳动正不断强调企业内部的纪律和信息安全管理。 今年9月，字节跳动企业纪律与职业道德委员会发布中国大陆地区2025年3号通报，披露了二季度员工违 规处理情况。通报显示，共有100名员工因触犯公司红线被辞退，其中18人因涉刑事犯罪、恶意损害公 司利益等严重情节被实名通报，8人涉嫌刑事犯罪已移交司法机关，同步行业联盟并取消期权。在"违反 信息安全制度"的案例中，有10名员工因违规参与外部付费访谈，泄露公司保密信息，受到了公司的处 罚。字节跳动在通报中特别提醒员工，要警惕外部咨询公司以"专家访谈""行业研究"等名义发起的有偿 访谈邀约，避免泄露公司机密。 近两个月13家券商收罚单 11月17日，今年四季度以来，有13家券商收到交易所及各地证监局罚单，包含上海证券、华福证券、华 林证券、民生证券、五矿证券等。从处罚事由来看，经纪及投行业务是重灾区，也有部分券商因场外衍 生品业务、内部制度不完善等原因被罚。作为资本市场"看门人"，券商投行 ...

来源：市场资讯 （来源：华泰国际官微） 本次发行引入9名基石投资者合计认购约2.14亿美元，约占鞋前发行规模的47%，包括贵州新型工业化 基金、厦门国贸、中创新航、东圣先行科技、North Rock、高毅资产、湖南兴湘新兴产业母基金、蓝思 科技、欣旺达等战略投资者、长线基金和多策略基金，为优化投资者结构及成功发行奠定坚实基础，其 中华泰协助公司转化的基石投资人金额在所有承销商中排名第一。 中伟新材立志成为全球领先的新材料科学公司。本次上市是贯彻新四化战略之"发展全球化"，协同客户 全球化、资源全球化之资本全球化布局的重要举措，通过融入国际资本市场、利用国际资本平台赋能， 中伟新材将进一步提升全球化品牌形象与服务能力。同时，也让中国优质企业进一步走进国际投资者的 视野。 2025年，是华泰服务中伟新材的第十年，作为公司的长期战略合作伙伴，华泰始终与公司携手前行，提 供全周期、跨市场的资本市场服务。自2016年与公司建立战略合作以来，华泰作为保荐人协助公司完成 上市前多轮私募股权融资、2020年注册制改革中深交所创业板IPO上市以及2021年50亿元向特定对象发 行股票融资、2022年43亿元向特定对象发行股票融 ...

智通财经获悉，对冲基金大佬比尔·阿克曼旗下的潘兴广场资本管理公司公布了截至2025年9月30日的第三季度持仓报告(13F)。统计数据显示，潘兴广场第三 季度持仓总市值为146亿美元，上一季度总市值为137亿美元，环比增长6.6%。潘兴广场在第三季度的持仓组合中，没有新增、增持个股，同样也没有清仓 个股，减持了4只个股。其中，前十大持仓标的占总市值的99.29%。 值得注意的是，虽然，潘兴广场13F 披露中并无大幅买入，但该基金聚焦于集中型策略。它持续持有保险公司Brookfield、房企Howard Hughes等大仓，被认 为是阿克曼打造"现代伯克希尔"的长期战略。 | 2025-09-30 | | 2025-09-30 | | | | --- | --- | --- | --- | --- | | Top Buys (13F) | | Top Sells (13F) | | | | BY CHANGE IN % PORTFOLIO | BY LARGEST VALUE | BY CHANGE IN % PORTFOLIO | BY LARGEST VALUE | | | Name | % Change | ...