智通财经APP讯，越秀资本(000987.SZ)发布2025 年前三季度业绩预告，预计前三季度归属于上市公司 股东的净利润29.22亿元至30.94亿元，同比增长70%至80%。前三季度，公司积极把握资本市场稳健发 展机遇，投资业务收益实现同比提升;同时，新能源业务发电量随装机容量持续增长，经营效益不断提 升，公司绿色转型成效显著。 ...

（一）2025年前三季度，公司积极把握资本市场稳健发展机遇，投资业务收益实现同比提升；同时，新 能源业务发电量随装机容量持续增长，经营效益不断提升，公司绿色转型成效显著。（二）公司控股子 公司广州资产管理有限公司持有北京控股有限公司4.14%股份，并于2025年9月30日获委任一名董事； 公司控股子公司广州越秀产业投资有限公司持有新天绿色能源股份有限公司4.97%股份，并于2025年7 月25日获委任一名董事。根据《企业会计准则》等相关规定，公司对所持前述股权资产的会计核算方法 由交易性金融资产变更为长期股权投资。公司财务部门根据初始投资成本与可辨认净资产公允价值的差 额，预计分别确认一次性收益约20.22亿元、2.98亿元，将分别增加公司2025年第三季度归母净利润约 10.47亿元、1.34亿元，相关收益为非经常性损益。与此有关的资产评估工作尚在有序推进中，实际财务 影响以公司定期报告披露数据为准。 （三）根据《企业会计准则》和公司会计政策的相关规定，为准确、客观的反映公司2025年9月30日的 财务状况及2025年前三季度的经营成果，公司对债权投资、长期应收款、应收款项及其他等资产进行全 面清查和减值测 ...

Core Viewpoint - Yuexiu Capital (SZ 000987) is expected to report a net profit attributable to shareholders of approximately 2.922 billion to 3.094 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 70% to 80% [1] Financial Performance - The basic earnings per share are projected to be between 0.5808 yuan and 0.6152 yuan [1] - The significant increase in profit is attributed to the company's proactive engagement in the stable development opportunities of the capital market, leading to improved investment business returns [1] - The growth in the company's renewable energy business, driven by an increase in installed capacity and operational efficiency, has also contributed to the positive financial outlook [1] Revenue Composition - For the first half of 2025, the revenue composition of Yuexiu Capital is as follows: - Renewable energy business: 43.76% - Futures brokerage business: 27.38% - Financial leasing business: 23.45% - Non-performing asset management business: 4.68% - Investment management business: 1.55% [1] Market Capitalization - As of the report date, Yuexiu Capital has a market capitalization of 39.8 billion yuan [1]

Core Insights - Shanghai is positioning itself as a leading international economic, financial, trade, shipping, and technological innovation center, aiming to play a significant role in China's modernization efforts [1][2] Group 1: Government Initiatives - The Shanghai government is committed to creating a market-oriented, law-based, and international business environment to support both domestic and foreign enterprises [2] - The government emphasizes the importance of long-term, stable, transparent, and predictable policies to foster business opportunities in Shanghai [2] Group 2: Company Engagement - Bain & Company, a global management consulting firm, is encouraged to leverage opportunities in digitalization, intelligence, and green development while enhancing its professional service capabilities [2] - AB InBev, a leading global player in its industry, is invited to capitalize on China's vast market and emerging consumer trends, focusing on product and service innovation [2] Group 3: Future Plans and Collaboration - Both Bain & Company and AB InBev expressed enthusiasm for the upcoming 37th Shanghai Mayor's International Entrepreneur Consultation Conference, sharing insights on AI, green transformation, consumer trends, and nighttime economy [3] - Bain & Company aims to deepen cooperation in areas such as AI and green transformation, reinforcing its commitment to the Chinese market [3] - AB InBev plans to enhance its brand activities and contribute to the development of Shanghai's nighttime economy, supporting the city's goal of becoming an international consumption center [3]

Group 1 - Shanghai is positioned as a central city for China's economy and a forefront for reform and opening up, focusing on becoming an international center for economy, finance, trade, shipping, and technological innovation [1][2] - The city aims to create a market-oriented, law-based, and international business environment to support both domestic and foreign enterprises in deepening their engagement in Shanghai [2] - Bain & Company and Anheuser-Busch InBev are encouraged to leverage opportunities in digitalization, green development, and new consumption trends to enhance their operations in Shanghai [2][3] Group 2 - Bain & Company's global chairman expressed confidence in deepening cooperation in areas such as artificial intelligence and green transformation, highlighting Shanghai's vibrant development [3] - Anheuser-Busch InBev's CEO emphasized the importance of Shanghai as a major tourist destination and its potential for night economy development, aiming to contribute to Shanghai's status as an international consumption center [3]

Core Insights - The article discusses the complex interplay between Europe, the United States, and China in the context of energy supply and economic dependencies amid the ongoing geopolitical tensions stemming from the Ukraine conflict [1][3][10]. Group 1: Energy Prices and Supply Dynamics - In winter 2024, natural gas prices in Europe surged to €150 per megawatt-hour, leading to a significant decline in industrial output in Germany and stagnation in France's economy [1]. - The explosion of the Nord Stream pipeline in 2022 disrupted Europe's energy strategy, forcing a reliance on U.S. liquefied natural gas (LNG) exports, which have doubled since then, but at a higher cost [1][3]. - The European Union plans to invest €110 billion in green transformation in 2024, with China remaining the primary supplier of solar panels, batteries, and energy storage systems [3]. Group 2: U.S. Strategy and Miscalculations - The U.S. initially aimed to isolate China through tariffs and energy strategies but underestimated China's role in global supply chains and its economic ties with Russia [6][8]. - The U.S. LNG strategy, while addressing immediate energy needs, has led to increased costs for Europe, further entrenching its dependence on Chinese green technology [8][12]. Group 3: Russia's Economic Shift - Following the sanctions and energy cuts from the West, Russia has pivoted towards China, with bilateral trade soaring to approximately $240 billion in 2023 and projected to reach $244.8 billion in 2024 [10][11]. - Russia's exports to China, primarily oil and gas, exceed $150 billion, while China supplies essential industrial goods, highlighting a deepening economic interdependence [10][11]. Group 4: Europe's Balancing Act - Europe finds itself in a precarious position, needing both U.S. energy and Chinese manufacturing, leading to a reevaluation of its relationships with both powers [12][14]. - The ongoing conflict has prompted European nations to strengthen trade ties with China, with Germany and France seeing significant trade growth despite geopolitical tensions [12][14]. Group 5: China's Strategic Position - China maintains a neutral stance in the conflict, continuing trade with both Russia and Ukraine, which complicates U.S. efforts to isolate it [13][14]. - The article emphasizes that China's manufacturing capabilities and supply chain dominance are critical in shaping the geopolitical landscape, as evidenced by its role in supplying green technology to Europe [14][15].

Core Insights - The domestic futures industry demonstrates resilience in a complex economic environment, with an expansion of customer base, optimization of business structure, and acceleration of green transformation [1] - The industry is experiencing a significant increase in trading volume and revenue, driven by enhanced risk management needs and the integration of financial technology [2] Group 1: Industry Performance - As of August 2025, the total trading volume for 150 futures companies reached 65.23 trillion yuan, with a trading volume of 895 million contracts, showing significant year-on-year growth despite a slight month-on-month decline [1] - In August, the operating revenue and net profit for these companies were 3.861 billion yuan and 1.234 billion yuan, respectively, reflecting year-on-year growth despite a slight decrease compared to July [1] Group 2: Customer Structure and Business Diversification - The number of effective customers in the futures market reached 2.61 million by June 2025, a 12% year-on-year increase, with institutional clients growing by 55% over the past five years [2] - Futures companies are diversifying their business models, moving away from reliance on brokerage services to a structure that supports collaborative growth across multiple business lines [2] Group 3: Revenue Sources and Risk Management - The income from off-exchange derivatives business grew by 30% year-on-year in the first half of 2025, driven by increased demand for customized hedging solutions in sectors like new energy and chemicals [3] - The asset management business is also contributing significantly, with innovative products like "fixed income + futures" gaining traction, allowing firms to shift from a channel-based profit model to a more stable and growth-oriented structure [3] Group 4: Future Outlook - The futures market is expected to continue its long-term positive trend, supported by the expansion of green products and the integration of futures markets with the real economy [4] - The industry is likely to enhance its service offerings to the real economy through personalized hedging solutions and supply chain financial services, while also increasing its international influence through cross-border trading initiatives [4]

Group 1 - The 14th Five-Year Plan (2026-2030) is crucial for achieving the modernization goals set for 2035, focusing on tackling key challenges in various sectors [3] - The main theme is "new quality productivity," emphasizing technological innovation as a core driver, with AI expected to see significant growth by 2026, alongside opportunities in renewable energy and biomedicine [3] - The green transition is highlighted as a continuing opportunity, with the plan aiming for comprehensive economic greening, leading to maturity in clean energy and storage sectors, and new opportunities in traditional industries like construction materials [3] Group 2 - Consumer stability is emphasized, with traditional sectors like food and retail expected to rebound due to policy support, while new trends in service consumption, such as medical aesthetics and smart healthcare, are anticipated to grow with rising incomes [4] - The importance of aligning investment with policy implementation and industry cycles is stressed, particularly in areas like food and energy security, which may benefit the non-ferrous metals sector [4] - The overall investment strategy should follow clear policy directions: new quality productivity as the leader, green transition as the foundation, and consumer recovery as the basic support [4]

Group 1 - The core viewpoint of the report indicates that the A-share market is transitioning from a liquidity-driven narrative to one driven by earnings, with the market expected to face increased macro constraints in the fourth quarter of 2025 [4][8][63] - In the third quarter of 2025, the A-share market strengthened significantly, with the Shanghai Composite Index closing at 3882.78, reflecting a quarterly increase of 12.7%, while the Shenzhen Component Index rose by 29.3% [15][4] - The TMT sector was a major contributor to the index's rise, with notable increases in electronic, communication, and media sectors, which rose by 47.6%, 48.6%, and 20.3% respectively [16][4] Group 2 - Domestic economic growth momentum has slowed, with GDP growth in the third quarter expected to be around 4.8%, influenced by factors such as declining export growth and adjustments in the real estate market [5][29] - The report anticipates that the policy support for economic growth will strengthen, with measures including loan interest subsidies and early issuance of local government debt limits [5][39] - A-share earnings are stabilizing, with overall earnings growth expected to achieve mid-single-digit growth in 2025, supported by enhanced policy measures and resilient exports [7][41] Group 3 - The influx of incremental capital is expected to continue supporting the A-share market, driven by improved investor confidence and favorable economic conditions [48][7] - The "15th Five-Year Plan" is set to provide new guidance for the capital market, focusing on industrial development, economic structure adjustments, and fiscal reforms [53][56] - The report suggests that investment strategies should focus on structural opportunities, particularly those related to the "15th Five-Year Plan," core asset value reassessment, and various thematic opportunities [66][66]

Core Insights - The visit of Estelle Brachlianoff, CEO of Veolia, to China aims to strengthen communication and collaboration with the Chinese government, clients, and partners [1][2] - The acquisition of Suez by Veolia is highlighted as a significant milestone, leading to positive changes in strategic alignment, technology integration, and financial performance [1] Group 1: Acquisition and Integration - Veolia's acquisition of Suez was completed in 2022, following a gradual purchase of shares starting in 2020 at a price of €20.50 per share [1] - The integration of Suez's global assets has resulted in enhanced technological capabilities and scale effects, contributing to strategic synergies and improved financial returns [1] Group 2: Market Focus and Future Plans - Despite the acquisition, Suez's major operations in China, particularly in water and solid waste management, have not been sold to Veolia [1] - Veolia is actively pursuing business development in China, aligning with the country's carbon reduction and green transition policies, while also enhancing partnerships with key local stakeholders [2]