// 今日关注 // 1 、美国公司拟竞购澳达尔文港，外交部：中企合法权益应受到保护 2 、中央网信办部署进一步加强"开盒"问题整治工作 3 、汽车价格战导致供应商压力大，业内称或直接影响汽车安全 4 、中证协建立自律处分典型案例通报机制 // 中国债券预警 // 1 、旭辉集团：" H20 旭辉 2 "付息存在不确定性 旭辉集团公告，" H20 旭辉 2 "将于 5 月 29 日付息，本期债券适用 60 个工作日宽限期条款， 本次年度付息的宽限期截止日为 8 月 22 日。公司目前资金状况较为紧张，尚未足额筹集本次 利息偿付所需资金，本次年度付息存在不确定性。 5 、拼多多 Q1 净利润下滑 47% ，营销费用激增 43% 6 、 4 月特斯拉在欧洲新车注册量大幅下滑 7 、特朗普将终止与哈佛大学的所有联邦合同 // 宏观预警 // 1 、美国公司拟竞购澳达尔文港，外交部：中企合法权益应受到保护 据澎湃新闻，美国私募基金博龙资本管理准备对达尔文港发起竞购，该港口位于澳大利亚， 目前经营权由中国企业岚桥集团所有。对此，外交部发言人毛宁表示，有关的中国企业是通 过市场方式获得达尔文港的租约，其合法权益应当受到充 ...

Group 1 - The Chinese government aims to strengthen partnerships with ASEAN and the Gulf Cooperation Council, focusing on high-quality Belt and Road initiatives, infrastructure, and cooperation in energy, agriculture, AI, digital economy, and green low-carbon sectors [3] - A private equity firm in the US is planning to acquire the Darwin Port in Australia, currently owned by a Chinese company, with the Chinese government asserting that the company's rights should be protected [3] Group 2 - The total net asset value of public funds in China has surpassed 33 trillion yuan, marking a historical high, with significant growth in equity, bond, and money market funds [4] - Xiaomi Group reported a 47.4% year-on-year increase in total revenue for Q1, reaching 111.3 billion yuan, with adjusted net profit rising 64.5% to 10.68 billion yuan, exceeding market expectations [4] Group 3 - In April, profits of large-scale industrial enterprises in China increased by 3% year-on-year, with rapid profit growth in new energy sectors such as smart vehicle equipment and drones [5] - The 2025 Lujiazui Forum is scheduled for June 18-19, 2025, focusing on high-level economic and financial discussions [5] Group 4 - The Chinese stock market saw fluctuations, with the Shanghai Composite Index closing down 0.18% at 3340.69 points, while the Hong Kong Hang Seng Index rose 0.43% [7] - A total of over 120 billion yuan has been allocated for stock buybacks and increases in shareholdings by A-share listed companies, with the electronics sector leading in the number of companies involved [8] Group 5 - Kuaishou reported Q1 revenue of 32.61 billion yuan, a 10.9% year-on-year increase, with adjusted net profit rising 4.4% [8] - The stock price of Mixue Group surged to a historical high, with a market capitalization exceeding 219.8 billion yuan, significantly outperforming other beverage brands [8] Group 6 - The Chinese government is focusing on digital financial development and regulatory policies, emphasizing the need for a digital transformation in financial supervision [6] - The State Council's expert advisory group on anti-monopoly and unfair competition is prioritizing the establishment of a unified national market and enhancing competition regulation [6] Group 7 - The latest survey indicates that 15.37% of Chinese citizens possess scientific literacy, with a total of 440 million people meeting the basic scientific literacy criteria [6] - The Guangzhou Real Estate Agency reported a year-on-year increase in second-hand residential transactions in May, with significant growth in both volume and area [14]

Core Insights - The introduction of the "Closed Settlement Smart System" by Postal Savings Bank in Guangdong has successfully facilitated the first transaction in the province, enhancing the efficiency of agricultural payments and supporting rural revitalization [1][3]. Group 1: System Implementation and Benefits - The "Closed Settlement Smart System" allows for immediate payment to farmers, eliminating the risks associated with cash transactions and improving the speed of fund transfers [3][5]. - The system integrates technology and finance, enabling online order collection, management, and rapid batch transfers, which significantly enhances the efficiency and quality of the purchasing process for lychee [3][5]. - The system is expected to drive over 100 million yuan in efficient capital flow within the agricultural supply chain throughout the year [1]. Group 2: Agricultural Context and Challenges - Gaozhou, recognized as the "National Fruit First County" and the leading lychee production area, has a lychee planting area of 590,000 acres, producing over 30 premium varieties [3]. - Traditional transaction methods in lychee sales faced challenges such as high security risks and low settlement efficiency, which hindered the scale and efficiency of transactions [3][5]. - Farmers previously struggled with slow cash recovery due to issues like credit sales and outstanding debts [3]. Group 3: Future Prospects - The Postal Savings Bank plans to continue promoting the "Closed Settlement Smart System" to enhance digital financial services and expand its application in more agricultural scenarios [5]. - The initiative aims to improve the digital service level of the agricultural supply chain and better serve the real economy [5].

Core Viewpoint - The 11th anniversary of Nanjing Bank's Zhenjiang branch highlights its growth and contributions to the local economy, showcasing over 700 billion yuan in asset scale and numerous honors, reflecting its alignment with national strategies and commitment to community development [1][4]. Group 1: Achievements and Recognition - Nanjing Bank's Zhenjiang branch has achieved over 10 city-level industry innovations and nearly 180 internal and external honors, serving over 200,000 customers [1]. - The branch has received multiple awards, including "National Women's Civilization Post" and "Jiangsu Province Worker Pioneer," and has been recognized for its financial service contributions for four consecutive years [5]. Group 2: Party and Employee Engagement - The branch emphasizes party leadership and integration, launching initiatives to encourage employees to take on high-quality development responsibilities [3]. - Employee care initiatives have been implemented, including blood donation drives and community support activities, enhancing the branch's corporate image [4]. Group 3: Technological and Green Finance Innovations - The branch has developed a "dual express service" system for technology finance, focusing on early-stage project incubation and providing tailored financing solutions for tech companies [6][7]. - Nanjing Bank has introduced innovative green finance products, such as carbon footprint-linked loans, promoting low-carbon transformation in industries [9][10]. Group 4: Inclusive Finance for Small Enterprises - The branch's inclusive finance initiatives have led to a 24% increase in loans, with the "Xin Transfer Loan" product serving nearly 200 small enterprises, totaling over 1.4 billion yuan [11][12]. - Customized financial solutions are provided for various sectors, including manufacturing and agriculture, to support small and micro enterprises [12]. Group 5: Elderly and Digital Financial Services - The branch has established "Elderly Care Zones" to enhance financial services for senior citizens, implementing a "five ones" service standard [13][14]. - Digital financial services have been expanded through the "Xin e-Ban" platform, improving efficiency and customer experience across various sectors [15][16]. Group 6: Future Directions - The branch aims to align with the "Industry Strong City" strategy, focusing on innovation and comprehensive financial services to support Zhenjiang's economic development [19].

□ 邓璐 卢宁 李蓉蓉 为有效解决老年人传统助餐模式存在的资金监管缺失、跨区域用餐难等问题，张家港农商银行与张家港 市民政局创新构建"政府主导+金融赋能"协同机制，以数字金融破解银发助餐难题。 该助餐系统由张家港市民政局牵头开发，目前覆盖全市所有助餐点。为进一步保障老年人助餐权益，张 家港农商银行作为独家合作金融机构，参与了助餐系统智能化升级工作。自2024年12月以来，累计完成 25个社区助餐点系统智能化升级，累计服务超1.1万人次，助餐金额突破30万元。 助餐服务跨点位通享方面，打破行政区域壁垒，构建全市助餐服务"一张网"，老人可通过该支付系统， 在张家港市任一社区助餐点自由切换用餐。75岁老人李奶奶说："我有三个子女，每四个月轮换住一个 子女家。当他们比较忙，都不在家时，我只要带上一张市民卡就能吃遍助餐点。全市通用，真是方 便。" 助餐补贴系统化支撑方面，根据张家港市助餐服务管理模式，老人每享用一次助餐服务，市级财政和相 关区镇给予一定补贴。系统升级后，基于市民卡的实名消费数据更为系统化、规范化，补贴结算管理工 作更加便利，政务管理服务更加透明。 为做好该智慧助餐项目，张家港农商银行投入专项研发资金，自 ...

Group 1 - The core viewpoint of the articles is the implementation of a remote online service system by ICBC Wuhan Branch to enhance branch operation reform, achieving full coverage and integration of services by 2025 [1][2][3] - As of May 2025, ICBC Wuhan Branch has achieved three breakthroughs: 100% of all branches have established an open "Counter Communication" environment, 100% of branch business rooms have completed the deployment of the remote "Counter Communication" system, and key pilot branches have achieved full coverage of remote "Counter Communication" services [1] - The remote "Counter Communication" focuses on addressing three core pain points in traditional branch services: low efficiency in handling complex transactions, resource shortages during peak business hours, and insufficient service coverage in remote areas [1] Group 2 - The project emphasizes compatibility with domestic operating systems such as Kylin and Tongxin UOS, while retaining Windows system compatibility, to avoid reliance on a single system and mitigate business interruption risks [2] - A detailed implementation plan was developed by the bank's financial technology department, including a training program that has conducted three sessions to enhance the skills of operational staff [2] - The project has improved the utilization rate of old equipment by 45% and saved over 800,000 yuan in hardware costs, while enhancing operational efficiency and achieving resource management [2] Group 3 - The bank plans to continue improving the remote service system, aiming for full coverage of remote services across all branches within the year, and to transition digital operations towards intelligent services [3]

Core Insights - The regulatory environment for stablecoins is evolving, with Hong Kong and the United States making significant legislative progress [2][3] - Hong Kong's Legislative Council has passed the Stablecoin Ordinance, expected to take effect within the year, establishing a licensing system for fiat-backed stablecoin issuers [3][4] - The U.S. Senate has advanced the GENIUS Stablecoin Act, which aims to provide a federal regulatory framework for dollar-backed stablecoins [2][3] Hong Kong's Stablecoin Regulation - The Stablecoin Ordinance emphasizes a 100% reserve and segregation of assets, ensuring that licensed issuers maintain high-quality, liquid reserve assets for stablecoin redemption [4] - Investor protection is a key focus, allowing stablecoin holders to redeem their assets at face value within a reasonable timeframe [4] - The ordinance mandates compliance with anti-money laundering measures, disclosure obligations, and audit requirements [4] Market Implications - The introduction of the Stablecoin Ordinance is expected to position Hong Kong as an international hub for Web3 and digital finance, facilitating the internationalization of the Renminbi and offshore financial services [3][4] - The global stablecoin market is projected to grow from $250 billion to $1 trillion in the coming years, driven by increased compliance and the influx of "quasi-dollar" funds [2][3] Institutional Preparations - The first batch of stablecoin issuers in Hong Kong includes five entities, with notable participants like JD Group and Standard Chartered Bank [5][6] - JD Chain Technology is currently in the second phase of sandbox testing for its stablecoin, focusing on cross-border payments and retail transactions [5][6] Strategic Considerations - JD Group's entry into the stablecoin market is driven by the need for efficient cross-border payment solutions amid geopolitical risks affecting traditional systems like SWIFT [6][7] - Stablecoins are seen as a disruptive force in payment systems, offering significant improvements in transaction speed and cost compared to traditional methods [6][7] Future Outlook - The maturation of compliance pathways is expected to attract long-term capital from pension funds and mutual funds into the crypto market, enhancing market stability and reducing structural risks [7] - The interplay of policy incentives and market consensus is likely to create new growth opportunities for Bitcoin and other crypto assets [7]

Core Viewpoint - The recent issuance of the "Action Plan for Promoting the High-Quality Development of Public Funds" by the China Securities Regulatory Commission marks a significant reform initiative aimed at enhancing investor returns and ensuring the long-term development of the public fund industry, transitioning it towards a new phase focused on quality and returns [1][3][5]. Group 1: Industry Development and Trends - The public fund industry has seen continuous expansion, with net assets reaching 32.83 trillion yuan by the end of 2024, reflecting a significant year-on-year growth [4]. - The number of investors in public funds is steadily increasing, indicating a growing interest from both individual and institutional investors in asset allocation through public funds [4]. - The industry faces challenges such as heightened competition and increasing demands from investors for product quality and service transparency, necessitating a shift from a scale-focused approach to one that emphasizes returns [5][6]. Group 2: Strategic Directions - The "Action Plan" serves as a guiding framework for the industry, shifting the focus from "scale" to "returns," thereby establishing a virtuous cycle of "return increase - capital inflow - market stability" [5]. - Fund companies are encouraged to enhance asset management capabilities and optimize product offerings to better align with client needs, thereby improving customer experience and fostering a wealth management ecosystem [5][6]. Group 3: Innovation and Technology - The integration of digital technologies such as artificial intelligence and big data into the asset management industry is becoming increasingly important, with firms investing in digital transformation to enhance efficiency and reduce costs [8]. - The development of a modern investment research system and a refined product system is essential for achieving long-term stable returns for investors [8][10]. Group 4: Risk Management and Compliance - A comprehensive risk management framework is crucial for maintaining financial stability, which includes embedding risk monitoring and early warning mechanisms throughout all business processes [9][10]. - Strengthening compliance culture is fundamental to risk prevention, requiring ongoing training and education to foster a proactive risk management environment [10]. Group 5: Future Outlook - The public fund industry is positioned to play a vital role in supporting national strategies and the transformation of the real economy, with a focus on innovation in products and services that cater to emerging sectors [7][11]. - Companies are committed to continuous improvement in their core competencies and aligning their strategies with the evolving needs of the economy and investors [11].

专题：2025基金高质量发展大会 宝盈基金作为公募基金的一员，我们也将持续围绕高质量发展这一核心任务，在推动"平台化、一体 化、多策略"投研体系升级、提升产品管理能力、助力居民财富管理、保护投资者权益、筑牢安全底线 等方面聚焦发力，通过深化内部沉淀、强化自我革新、拓展外部视野，持续夯实核心竞争力体系。以专 业能力为纽带，精准对接实体经济发展需求，深度融入中国式现代化与现代化经济体系建设浪潮，不断 探索创新服务模式，在时代发展进程中注入更多金融智慧，为国家经济高质量发展持续贡献坚实力量。 MACD金叉信号形成，这些股涨势不错！ 杨凯提出，"以道统术，以术得道，方能乘势而上"。在金融强国建设征程中，公募基金需以专业能力为 基石，在做好科技金融、绿色金融、普惠金融、养老金融、数字金融"五篇大文章"的同时，筑牢风险防 控底线，维护金融安全稳定。既要精进投研体系升级、产品创新之"术"，建立投资者为中心的价值框 架，增强投资者获得感、幸福感；又要精进风险管理之"术"，构建覆盖全业务流程的风险监测与预警机 制，强化合规文化建设，全面提升风险管理能力，从而在服务实体经济和居民资产配置中稳健前行，为 金融强国建设贡献坚实力量。 ...

站在资产管理规模突破四万亿元的全新发展阶段，泰康资产的 数字金融发展也逐步迈上新台阶。 作者： 李言 封图：图片资料室 数字金融是建设金融强国的底座，数智化转型是金融业高质量发展的必由之路。泰康资产 作为行业领先的 保险 资管机构， 面对业务条线复杂、资产 管理密度大、协同性要求高等业态特征，始终将数智化转型作为公司发展的核心战略之一。 经过多年实践探索，泰康资产数字金融发展多点突破，赋能投资研究能力，提升业务承载能力和整体运作效率，降低资产管理规模增长的边际成本， 夯实 合规 稳健经营，护航高质量发展。 赋能投研体系升级，锻造核心竞争力 近年来，伴随 经济环境变化和产业发展迭代 ， 传统 投资 研究模式 面临一定挑战，打造适应时代要求的投资研究体系成为行业共识。数字金融为投 研体系的升级提供强大的技术支撑和数据基础。 泰康资产 通过 "人+AI+数据+平台"的深度融合 ，成为资管机构投研体系数智化迭代升级的成功案例。公司 投研团队和科技团队组成数智化投研小 组，支持宏观、固收、权益等投资研究体系的线上沉淀和迭代，形成 "宏观-中观-微观"数字化研究体系， 全力支持 构建穿越大周期的投研能力。 此外 ，泰康资 ...