Core Viewpoint - Shanxi Kexin Development Co., Ltd. is preparing for its 2024 Annual Shareholders' Meeting, focusing on the review of financial performance and strategic planning for future growth, including a significant increase in revenue and a shift towards profitability [1][7][23]. Financial Performance - The company achieved an operating income of 374.54 million yuan in 2024, a substantial increase of 434.28% compared to 70.10 million yuan in 2023 [23][24]. - The net profit attributable to shareholders was approximately 39.98 million yuan, a turnaround from a loss of 170.65 million yuan in the previous year [23][24]. - Total assets reached 870.92 million yuan, up 30.69% from 666.39 million yuan in the previous year, while net assets increased by 9.34% to 488.13 million yuan [8]. Shareholder Meeting Agenda - The agenda for the upcoming shareholders' meeting includes the review of the 2024 Annual Report, the Board of Directors' work report, the Supervisory Board's work report, and proposals for profit distribution and financial resolutions [6][7][8]. - The meeting will also address the proposal to apply for credit limits from banks and other financial institutions, as well as amendments to the company's articles of association [6][7]. Governance and Compliance - The company has established a structured governance framework, ensuring compliance with relevant laws and regulations, including the Company Law and the Securities Law [1][8]. - The Board of Directors and the Supervisory Board have actively participated in overseeing the company's operations and financial reporting, ensuring transparency and accountability [20][21]. Future Development Strategy - The company plans to continue its dual strategy of maintaining existing business advantages while exploring new growth areas, focusing on optimizing resource allocation and enhancing service quality [13][14]. - There is an emphasis on improving project management and internal controls to enhance operational efficiency and risk management [15][16].

Group 1 - BlackRock, founded by Larry Fink, has evolved from a small firm to a global financial powerhouse, influencing national economies without direct political control [1][4][20] - The company’s rise was marked by the development of the Aladdin risk management system, which became crucial during the 2008 financial crisis, allowing BlackRock to manage assets effectively while competitors faltered [10][13] - BlackRock's acquisition of Barclays Global Investors in 2009 for $13.5 billion significantly increased its assets under management, making it the largest asset management firm globally [15] Group 2 - BlackRock's strategy in China began with its establishment as the first foreign wholly-owned public fund company, allowing it to directly raise capital and invest in A-shares [22] - The firm has made substantial investments in key sectors in China, including renewable energy and technology, while also seeking deeper involvement in corporate governance through data access and board observation rights [24][26] - The company's approach in China is characterized by a broad investment strategy combined with targeted acquisitions, raising concerns about its influence on sensitive technologies and national security [28][33] Group 3 - The growth of domestic asset management firms in China poses a competitive challenge to BlackRock, as these firms have seen significant growth in assets under management [31] - The Chinese government is increasingly focused on establishing its own financial infrastructure to counter the influence of foreign capital giants like BlackRock [31][33] - The ongoing financial dynamics between BlackRock and China highlight the need for a balance between capital flow and national security, emphasizing that open markets must be governed by sovereign rules [29][35]

铁合金产业风险管理日报 2025/6/23 袁铭（Z0012648）陈敏涛（F03118345 ） 投资咨询业务资格：证监许可【2011】1290号 铁合金价格区间预测 | | 价格区间预测（月度） | 当前波动率（20日滚动） | 当前波动率历史百分位（3年） | | --- | --- | --- | --- | | 硅铁 | 5300-6000 | 17.44% | 44.2% | | 硅锰 | 5300-6000 | 22.21% | 55.4% | source： 南华研究,同花顺 . 1、钢厂盈利率高位将继续维持高铁水，高铁水对硅铁的需求有一定支撑。 2、硅铁持续下跌，低估值存在反弹的可能性。 3、硅铁利润处于利润区间底部，存在减产驱动，盘面存在减产扰动而反弹的可能性。 4、本周硅铁企业库存6.81万吨，环比-2.71%。 铁合金套保 | 行为导 | 情景分析 | 现货敞 | 策略推荐 | 买卖方 套保工具 | 套保比例（%） | 建议入场区间 | | --- | --- | --- | --- | --- | --- | --- | | 向 | | 口 | | 向 | | | | 库存管 | 产 ...

南华煤焦产业风险管理日报 2025/06/23 南华研究院 黑色研究团队 袁铭：Z0012648 张泫：F03118257 投资咨询业务资格：证监许可【2011】1290号 双焦价格区间预测 | | 价格区间预测（月度） | 当前波动率（20日滚动） | 当前波动率历史百分位 | | --- | --- | --- | --- | | 焦煤 | 700-850 | 38.07% | 75.79% | | 焦炭 | 1320-1450 | 26.36% | 53.39% | source： 南华研究,wind 双焦风险管理策略建议 | 行为导向 | 情景分析 | 现货敞口 | 策略推荐 | 套保工具 | 买卖方向 | 套保比例（%） | 建议入场区间 | | --- | --- | --- | --- | --- | --- | --- | --- | | 锁定售价 | 钢厂对焦炭提降，担心焦炭价格下跌 | 多 | 做空焦炭2509合约 | J2509 | 卖出 | 25% | 1400-1420 | | | | | | | | 50% | 1420-1450 | | 锁定售价 | 焦煤现货库存高企，担心价格进 ...

南华期货硅产业链企业风险管理日报 2025年6月23日 夏莹莹（投资咨询证书：Z0016569 ） 余维函 （期货从业证号：F03144703） 投资咨询业务资格：证监许可【2011】1290号 工业硅&多晶硅期货价格区间 | 品种 | 价格区间预测 | 当前波动率（20日滚动） | 日涨跌 | 当前波动率历史百分位（3年） | 日涨跌 | | --- | --- | --- | --- | --- | --- | | 工业硅主力合约 | 强压力位7600 | 28.0% | 0.02% | 84.6% | 0.0% | | 多晶硅主力合约 | 强压力位33000 | 25.76% | 0.35% | 61.20% | 1.2% | source： 南华研究,同花顺 工业硅&多晶硅风险管理策略建议 | 行为 导向 | 情景分析 | 策略推荐 | 套保工具 | 买卖方向 | 套保比例 | | --- | --- | --- | --- | --- | --- | | 库存 | 产品库存偏高，有存 | 为了防止存货减值，根据企业库存情况，做空期货来 锁定利润，弥补企业的生产成本 | SI2509/PS2509 | ...

Core Viewpoint - The recent surge in the insurance sector, particularly China Ping An, is attributed to multiple favorable factors, including regulatory changes and market dynamics [2][4][10]. Group 1: Regulatory Impact - The recent regulatory guidance from the Financial Regulatory Bureau aims to curb "involution" in dividend competition among insurance companies, promoting a healthier competitive environment [4]. - This regulation is expected to benefit leading insurance firms like Ping An, which possess robust asset-liability management capabilities, allowing them to better navigate market volatility [4][10]. - The new rules are anticipated to lead to a more sustainable industry structure, encouraging companies to reassess their operational strategies [4]. Group 2: Interest Rate Adjustments - The recent reduction in preset interest rates for insurance products is seen as a catalyst for improving the industry's fundamentals, enhancing the value of new policies and boosting sales [5][7]. - The shift in focus from interest rate competition to risk management and asset allocation is expected to redefine competitive dynamics within the insurance sector [7]. Group 3: Fund Management and Market Dynamics - The reform in public fund management has led to increased capital inflow into underweighted sectors, including insurance, as fund managers adjust their portfolios to align with performance benchmarks [8][9]. - Data indicates that public funds have significantly underweighted non-bank financial stocks, including Ping An, suggesting strong demand for reallocation towards these stocks [8][9]. Group 4: Long-term Capital Migration - In a low-interest-rate environment, there is a notable shift of household wealth from savings to long-term insurance products, providing a stable funding source for the insurance industry [10]. - Ping An, with its extensive customer base and strong distribution channels, is well-positioned to manage this influx of long-term capital effectively [10][11]. - The current market conditions present a favorable opportunity for listed insurance companies, with Ping An expected to gain increased attention and recognition for its intrinsic value [11].

6月23日，中银证券公告，公司党委书记、董事长宁敏因工作调动，辞去公司董事长职务，股东单位提名 周权为中银证券董事长候选人。在董事会选举出新任董事长前，由公司董事、执行总裁周冰先生代行董事 长、董事会战略与发展委员会主任委员以及法定代表人职责。 据券商中国记者了解，宁敏将回中国银行任行政事业机构部总经理。该部门是中国银行重要的前线业务部 门，主要负责对国家政府机构、事业单位等行政事业机构客户的服务和业务，也是各大金融机构竞争激 烈、寸土必争的业务领域。 对于此次宁敏的辞任，中银证券在公告中表示，宁敏任职期间恪尽职守，攻坚克难，在公司战略规划、业 务拓展和队伍建设等方方面面倾注了大量心血和艰辛努力。董事会对宁敏的辛勤付出和卓越贡献，表示诚 挚敬意和衷心感谢。 掌舵十年 宁敏担任中银证券"掌门人"约十年，彼时临危受命，其在任期间推动中银证券经营管理重上轨道、实现A 股上市、推进特色化差异化战略，实现高质量发展，是中银证券发展史上一个具有里程碑意义的阶段。 宁敏非常低调，掌舵中银证券10年来，媒体对她的采访报道屈指可数。宁敏学术背景深厚，是社科院法学 博士，曾在中国人民银行研究局博士后流动站从事金融专业博士后研究； ...

Group 1 - The 9th China-South Asia Expo and the 29th China Kunming Import and Export Commodities Fair officially opened on June 19, showcasing its international influence and commercial value with participation from 73 countries and regions, and over 2,500 enterprises [1] - The theme of the expo is "Unity and Cooperation, Seeking Development Together," highlighting the collaborative spirit of the event [1] - JD Insurance Agency participated as a strategic partner and provided risk management services throughout the event, marking its dual role as a brand partner and insurance service provider [1] Group 2 - JD Insurance Agency emphasizes reliable quality insurance, leveraging the resources of the JD platform to offer a comprehensive product supply chain and risk management mechanisms [3] - The agency has expanded its operations nationwide, establishing branches in 26 provinces and regions to provide diverse risk protection services [3] - The Yunnan branch of JD Insurance Agency developed a comprehensive insurance solution covering all phases of the expo, from setup to dismantling, ensuring a one-stop insurance service [5] Group 3 - JD Insurance Agency aims to provide trustworthy and sustainable quality insurance services, contributing new momentum to the insurance market [6]

本周，全球金融市场将继续在多重力量的拉扯下寻找方向：持续升级的地缘政治风险、关键经济数据的 潜在冲击，以及主要央行官员的政策沟通。 对于投资者而言，这是一个需要高度警惕、精准判断并保持灵活性的时期。 首先，地缘政治风险依然是笼罩市场的最大阴霾。以色列与伊朗之间的冲突由于美国介入而骤然升级， 为这一复杂局面增添了新的、难以预测的变量。 美国的直接介入彻底改变冲突的性质和规模，其对全球经济和金融市场的影响将是深远的，可能导致风 险资产大幅抛售、避险资产飙升以及能源价格的剧烈波动。 原油价格本周早盘在触及关键阻力位后回落，但地缘政治溢价依然存在，任何冲突的加剧都可能迅速推 升油价，进而影响全球通胀前景和消费支出。 在这种环境下，风险管理的重要性被提升到前所未有的高度。 特别是美联储官员的讲话，在理事沃勒近期发表偏鸽派言论后，市场急切地想知道这是否代表了美联储 内部更广泛的观点转变。 鲍威尔的国会证词尤其重要，他可能会对经济前景、通胀风险以及货币政策的下一步行动给出更为明确 的信号。这些讲话的措辞和语气，无论是偏鹰还是偏鸽，都可能对利率预期、汇率以及股市产生立竿见 影的影响。 从市场反应来看，上周美元的卷土重来是一个 ...

Market Performance - A-shares experienced a collective adjustment on June 20, 2025, with the Shanghai Composite Index closing at 3359.90 points, down 0.07%, the Shenzhen Component Index at 10005.03 points, down 0.47%, and the ChiNext Index at 2009.89 points, down 0.84% [2] - Hong Kong's three major indices closed in the green, with the Hang Seng Index and the Hang Seng China Enterprises Index performing well [2] - U.S. stock indices showed mixed results, with the S&P 500 Index up 1.59% to 5954.5 points, the Nasdaq Composite Index up 1.63% to 18847.28 points, and the Dow Jones Industrial Average up 1.39% to 43840.91 points [2] Regulatory Developments - The National Financial Regulatory Administration issued the revised "Market Risk Management Measures for Commercial Banks," focusing on risks from adverse changes in interest rates, exchange rates, stock prices, and commodity prices, excluding bank book interest rate risk [3] - The revised measures consist of five chapters and forty-three articles, emphasizing the need for a robust market risk governance structure and detailed management requirements [3] Quality Supervision - The State Administration for Market Regulation announced a nationwide quality supervision and sampling inspection for 164 products in 2025, with a total of over 16,000 batches to be sampled [4] - The inspection will focus on children's products, with increased sampling for power banks, electric bicycles, and gas appliances, as well as emerging industries like power batteries and drones [4] Cross-Border Payment - The launch of the Cross-Border Payment System marks the successful interconnection of financial infrastructures between mainland China and Hong Kong, facilitating real-time cross-border remittances [4] - This development is expected to enhance the efficiency and service level of cross-border payments, benefiting trade and personnel exchanges between the two regions [4]