Group 1 - The report by Goldman Sachs focuses on the strong return of Chinese private enterprises, the increasing size of large private companies, and the rise of the "Prominent 10" [2][4] - The "Prominent 10" includes Tencent, Alibaba, Xiaomi, BYD, Meituan, Netease, Midea, Hengrui, Trip.com, and Anta, which have seen significant stock price increases averaging 54% since the end of 2022 and 24% year-to-date, outperforming the MSCI China Index by 33 percentage points and 8 percentage points respectively [4][5] - The total market capitalization of the "Prominent 10" reaches $1.6 trillion, accounting for 10% of the total market value of A-shares, H-shares, and all US-listed Chinese stocks, with a weight of 42% in the MSCI China Index [5] Group 2 - Recent signals indicate a shift in the trend of Chinese private enterprises, with policymakers recognizing the importance of the private economy, including the convening of a meeting with private entrepreneurs and the issuance of the "Private Economy Promotion Law" [6] - The profitability of private enterprises has improved, with profits and return on equity (ROE) rising by 22% and 1.2 percentage points respectively since the low point in 2022 [6] - Despite the increasing competitiveness and market share of Chinese companies, their gross margins remain lower than those of major companies in developed markets, indicating a need for further concentration in the industry [7] Group 3 - If the profit margins of Chinese private enterprises continue to grow, there is potential for increased international investment, with many global investors expressing willingness to reallocate a portion of their assets to China [8] - Currently, 86% of global mutual funds are underweight in China, with a potential inflow of up to $44 billion if these funds were to allocate equally to Chinese stocks [8]

6月16日，省政府党组理论学习中心组举行学习（扩大）会议，省长、省政府党组书记赵刚主持会 议并讲话。全国人大常委会法制工作委员会经济法室有关负责同志围绕《中华人民共和国民营经济促进 法》作专题授课，省政府领导班子成员和省直有关部门负责同志参加。 会议强调，要加大民营经济支持力度，依法保障市场公平准入，充分发挥民营企业市场敏锐、管理 高效、转化迅速、激励有效等优势，深度融入全省创新体系、产业体系，加大优质企业梯度培育力度， 支持产业链上下游企业强强联合，促进大中小企业融通发展，助力企业持续提升核心竞争力。要强化法 治思维，加快清理拖欠企业账款，扎实推进规范涉企行政执法专项行动，充分发挥"陕企通"、政企恳谈 会等各类平台渠道作用，推动构建亲清政商关系，依法平等保护民营企业和民营企业家合法权益。要加 快完善配套制度，建强法律服务体系，加大普法力度，加强法律运用，常态化通报破坏营商环境典型案 例，引导民营企业和民营企业家诚信守法经营，努力营造全社会关心支持促进民营经济发展的良好氛 围。（记者：陈玮） 会议指出，法治是最好的营商环境，民营经济促进法将党中央关于促进民营经济发展的重大方针政 策和重要举措上升为法律规范，为 ...

高盛重磅：中国民营企业回归三部曲 Goldman Sachs The comeback of Chinese POEs Part唱多"民营企业十巨头" 人工智能与科技突破 ：人工智能和科技领域的持续突破正在重塑民企的发展预期。在高盛定义的 AI 科技板块中，民营企业占比高达 72%，技术浪潮为其带 来新的增长叙事与商业机遇。AI 的广泛应用有望在未来十年间每年为中国上市企业的每股收益（EPS）带来 2.5% 的额外增长，更乐观的增长前景与企业信 心的修复也有望提升中国股市的合理估值水平，并吸引外资组合流入。 全文：《中国民营企业的回归（上）：潮流已变》 政策与监管转折 ：自 2020 年底以来，中国民营企业在资本市场表现不佳，但其重要性获得了高层政策制定者的认可。2024 年 2 月，中国顶级企业家召开 座谈会，随后在 4 月底，中国首次出台《民营经济促进法》，这体现了对民企法治保障的制度性提升。同时，高盛更新后的专属监管指标显示，针对民营 经济的监管周期已经出现实质性缓和，有助于压缩上市民企所面临的政策与监管风险溢价，增强市场信心。 尽管市场整体情绪已有所改善，但要在庞大且多样化的民企板块中实现良好回报，仍 ...

Core Viewpoint - The event hosted by Zhihong focused on the challenges faced by private enterprises in China, particularly regarding financing difficulties that hinder their transformation and the overall high-quality development of the economy [1] Group 1: Financing Challenges - Private enterprises, especially small and micro businesses, face significant disparities in financing, with long-cycle industries requiring more flexible loan terms and technology-driven firms needing targeted policy support due to lengthy R&D cycles [3] - High loan interest rates and additional conditions are prevalent in the financing process for private enterprises, particularly for small and micro businesses that often lack effective collateral and credit enhancement measures [3] - The difficulty for private enterprises to obtain credit from traditional financial institutions is notably greater than that for state-owned enterprises, and the IPO financing process still has high entry barriers, limiting direct financing channels [3] Group 2: Credit System Improvement - Enhancing financial transparency is crucial for building trust between financial institutions and enterprises, as higher quality and transparency of financial information can reduce risks associated with information asymmetry [4] - A collaborative effort among enterprises, government, and auditing institutions is necessary to improve the credit system, which includes strengthening internal controls, risk management, and compliance to build a positive credit history [4] - The integration of information across various departments such as industry, taxation, judiciary, and finance is essential to break down information barriers and establish a credit reward and punishment mechanism [4] - The implementation of the registration system reform has led to improvements in the capital market, allowing private enterprises to enhance financing effectiveness through increased financial transparency [4]

据高盛测算，在股权市场中，根据Wind分类，共有5121家民营企业上市，其中3771家在A股上市、1350家在离岸市场 上市，累计总市值达9万亿美元，相当于MSCI中国指数总市值的71%，收益权重占比31%。 报告显示，全球资金回流中国以及国内"耐心"和被动资本的持续增长，指数权重股应从中不成比例地受益。 高盛估计，在总资产规模达0.9万亿美元的496只全球共同基金中，86%对中国股票低配。若全球主动基金对中国股票 采取等权重配置，可能带来高达440亿美元的潜在流入，大型民企因其规模、流动性和指数权重将最受益。 同时，过 去5年中国股票ETF资产快速增长，指数重仓股也将持续受到被动资金青睐。 高盛首席中国股票策略师刘劲津近日发布名为《中国民营企业的回归：潮流已经逆转》的研究报告。其中提出，在各 种宏观、政策和微观因素驱动下，中国民营企业的中期投资前景正在改善。 高盛在报告中称，中国民营企业正展现出强劲复苏的迹象，民企利润和ROE自2022年低点分别回升22%和1.2个百分 点，并可能在行业整合中随着利润率正常化而进一步恢复。 此外，高盛还仿效美股"七巨头"，列出了中国"民营企业十巨头"，即高盛特别看好的十大中 ...

近日，市场监管总局召开2025年二季度例行新闻发布会。 市场监管总局新闻发言人、新闻宣传司司长王秋苹介绍，《市场监管总局关于进一步加强网络销售消费 品召回监管的公告》（以下简称《公告》）于当日正式发布。 王秋苹表示，《公告》的发布是缺陷消费品召回从线下向线上延伸的重要举措，将有利于进一步提升召 回监管工作效能，织密线上消费放心网，提振和扩大消费。 为确保《公告》落地见效，市场监管总局将采取三项措施： 首先是加强召回监管力度。市场监管总局将持续加强网络销售消费品召回常态化监管，强化问题精准识 别，及时采取处置措施，确保缺陷消费品及时退出市场。对不履行召回责任的电子商务经营者，依法责 令召回并加大处罚力度，全方位保障消费者权益，维护市场秩序，让消费者"敢消费、愿消费"。 其次是创新召回监管方式。市场监管总局将持续推进召回监管模式创新，面向电商平台，常态化推送消 费品召回信息，不断提高网络销售消费品召回的及时性，推动线上线下召回一体化，让监管"跑"在风险 前面。 三是凝聚召回监管合力。市场监管总局将组织实施电子商务平台消费品安全与召回共治承诺，制定电商 承诺监测指南，设置定量与定性相结合的承诺考量指标，定期对平台承 ...

Group 1 - The core viewpoint of the article highlights the emergence of a new growth narrative in China's economy driven by the rapid development of AI technology and the resilient recovery of the private sector [1][2] - Goldman Sachs has introduced a "Chinese Prominent 10" portfolio, comprising ten major private listed companies in China, which has sparked discussions about the revaluation of Chinese assets [1][2] - The total market capitalization of the "Chinese Prominent 10" reached approximately 11.46 trillion yuan as of June 17, 2025, indicating significant market presence [4][6] Group 2 - The portfolio includes companies from various sectors such as technology, consumer goods, automotive, and pharmaceuticals, reflecting the direction of China's economic transformation and upgrading [3] - Key players in the technology sector include Tencent, Alibaba, Xiaomi, and NetEase, while the consumer sector features Meituan, Midea, and Anta [3][6] - The report indicates that the compound annual growth rate of earnings for this portfolio is expected to reach 13% over the next two years, with an attractive current price-to-earnings ratio of 16 times [2][8] Group 3 - Since the end of 2020, private enterprises in China have faced significant market challenges, with a cumulative market value loss of nearly 4 trillion USD, but they are gradually regaining market vitality [3][10] - The report emphasizes that the "Chinese Prominent 10" has the potential to enhance market concentration and change investor perceptions of Chinese assets, similar to the "Seven Sisters" in the US market [7][13] - The policy environment for private enterprises has improved, with increased support from the government, which is expected to reduce policy risk premiums and boost market confidence [10][11] Group 4 - The report predicts that China's GDP growth rate will reach around 5.5% in 2025, driven by technological advancements, particularly in AI, which could contribute an additional 2.5% annual growth to earnings per share for listed companies [11][12] - Private enterprises are increasingly expanding into overseas markets, with significant growth in imports and exports, indicating their role as pioneers in China's "going global" strategy [12] - The concentration of market capitalization among leading private enterprises is expected to strengthen, with China's market showing significant potential for increased concentration compared to the US [13][14]

Group 1 - Goldman Sachs introduced the concept of "Chinese Prominent 10," identifying ten leading private enterprises in China, including Tencent, Alibaba, Xiaomi, BYD, Meituan, NetEase, Midea, Hansoh Pharmaceutical, Ctrip, and Anta [3][6] - The "Chinese Prominent 10" spans multiple sectors such as interactive media, retail, technology hardware, automotive, dining, entertainment, consumer goods, pharmaceuticals, hospitality, and textiles, contrasting with the tech-focused "Magnificent 7" in the US [6] - Goldman Sachs forecasts a compound annual growth rate (CAGR) of 13% for these companies' earnings over the next two years, with a median of 12%, and notes that their average price-to-earnings (P/E) ratio is 16 times, making them more attractive compared to the US counterparts' P/E of 28.5 times [6] Group 2 - Notable companies such as JD.com, Baidu, CATL, and SMIC were excluded from the "Chinese Prominent 10," despite JD.com ranking first in revenue among private enterprises in 2024 [3][6][8] - JD.com operates primarily on a direct sales model, differing from Alibaba's e-commerce approach, and has recently entered the food delivery market, showing strong growth [6][8] - NetEase's revenue for 2024 is projected at 105.3 billion yuan, with a year-on-year growth of 1.74%, while its music service revenue is significantly lower than Tencent's music revenue [8][9] Group 3 - The report emphasizes that investing in private enterprises does not exclude state-owned enterprises, as Goldman Sachs still favors "high-quality" state-owned enterprises and shareholder return combinations [10]

中国发展网讯（记者 王进报道）2025年6月13日，四川省发展改革委组织召开优化民营经济发展环境专 项治理专题工作会议。会议分两个阶段进行，第一阶段为专项治理宣传工作会议，第二阶段为专项治理 工作调度会。省委宣传部、省委政法委、省政府办公厅、省发展改革委、经济和信息化厅、司法厅相关 处室主要负责同志，人民日报、新华社、中国发展改革报社、四川日报、四川电视台、四川新闻网等中 省主要新闻单位相关负责同志参加会议。 据四川省发展改革委相关负责人介绍，此次"五个专项治理"分三个阶段实施，一是安排部署阶段（2025 年5月31日前）。各牵头部门分别出台实施方案，建立推进机制，全面启动专项治理工作。二是推进实 施阶段（2025年6月1日—12月31日）。各专项治理牵头部门建立线索征集和问题反映渠道，及时组织核 查处理，扎实开展问题线索处理集中攻坚，召开新闻发布会，介绍专项治理进展，通报一批典型案例。 三是总结提升阶段（2026年1月31日前）。系统梳理专项治理开展情况，总结评估阶段性成效，将好经 验好做法以制度形式固化下来，形成长效机制。 会议强调，各牵头单位、参会新闻单位要主动作为，及时宣传专项治理进展，共同做好问题线 ...

Group 1 - The core viewpoint of the article is the successful issuance of the first private equity venture capital technology innovation bond in China, marking a significant milestone in the capital market [1] - The total registered scale of the project is 1.5 billion yuan, with the first phase raising 400 million yuan and a bond term of 10 years, which is the largest in this batch of projects [1] - The issuance was led by Guosen Securities as the chief underwriter, with an interest rate of 1.85%, and the subscription scale was 6.3 times the amount of the first phase, involving 17 investment institutions [1]