金砖国家领导人第十七次会晤里约热内卢宣言（摘要） 一、序言 重申秉持互尊互谅、主权平等、团结民主、开放包容、深化合作、协商一致的金砖精神。进一步 强化扩员后的金砖政治安全、经贸财金、人文交流"三轮驱动"合作。通过促进和平，构建更具代 表性、更加公平的国际秩序，重振和改革多边体系，推动实现可持续发展和包容性增长，深化金 砖战略伙伴关系，造福各国人民。 欢迎印度尼西亚共和国成为金砖成员国，欢迎白俄罗斯共和国、多民族玻利维亚国、哈萨克斯坦 共和国、古巴共和国、尼日利亚联邦共和国、马来西亚、泰王国、越南社会主义共和国、乌干达 共和国、乌兹别克斯坦共和国成为金砖伙伴国。 强调通过《金砖国家领导人气候资金框架宣言》和《金砖国家领导人关于人工智能全球治理的声 明》的重要意义，支持启动金砖国家消除社会决定性疾病伙伴关系。这些倡议展现了我们为应对 紧迫的全球性问题，寻求包容可持续解决方案的共同努力。 二、加强多边主义和全球治理改革 重申致力于改革和完善全球治理，本着共商共建共享原则，推动构建一个更加公正、公平、敏 捷、有效、高效、反应迅速、更具代表性、合法性、民主、负责任的国际和多边体系。重申对多 边主义的承诺，维护国际法，全 ...

自《中华人民共和国公司法》(以下简称"新《公司法》")实施一年来，已有17家上市银行摘下"监事 会"招牌。 《金融时报》记者注意到，进入6月以来，随着各家上市银行股东大会的陆续召开，关于撤销监事会的 议案迎来了集中审议期。 6月27日，工、农、中、建、交五家国有大行同日召开股东大会，审议通过了撤销监事会的相关议案。 在此之前，已有华夏银行、招商银行、民生银行等多家股份制银行取消监事会的议案通过了股东大会的 审议，相关事项待修订后的公司章程经国家金融监管总局核准后生效。 值得关注的是，继全国性银行之后，近期还有更多上市城商行、农商行纷纷加入改革阵营，监事会正在 银行业加速"退场"。 6月27日，重庆地区两家上市银行先后发布公告宣布不再设立监事会，相关议案正待股东大会进一步审 议。 其中，重庆银行（601963）发布的第七届董事会第十一次会议决议公告称，该行董事会审议通过了《关 于不再设立监事会的议案》，重庆银行不再设立监事会及下设监督及提名委员会，《重庆银行股份有限 公司监事会议事规则》等该行监事会相关公司治理制度相应废止。 同日，渝农商行（601077）董事会审议通过了《关于审议重庆农村商业银行股份有限公司不 ...

《随波逐流：日本企业与失去的三十年》 伊丹敬之著 责编| 柒排版| 拾零 第 9044篇深度好文：5043字 | 13 分钟阅读 自1991年泡沫经济破裂以来，日本企业历经了所谓"失去的三十年"，日本的企业在这30年里经历了各种惊涛骇浪。 虽然它们也努力尝试采用各种方法加以应对，但这种应对在很大程度上并不是凭借坚定的意志有目的地朝着某个方向 前进，而是在汹涌的浪花中被动地"随波逐流"。 一、不变的设备投资， 激增的股票分红 我调取了自1975年以来日本财务省的法人企业统计调查数据库（以下简称"法人企业统计调查"），对日本企业的经营 展开分析。在分析过程中，我发现了许多令人震惊的事实。 就比如说，日本大企业（指注册资本超过10亿日元的企业）的设备投资与股票分红之间的比率问题（哪一个占比更 大）。就企业成长的一般常识而言，设备投资应该远大于对股东的股票分红才合乎常理。直到20世纪90年代，日本大 企业的设备投资都远大于股票分红。 然而，进入21世纪以后，这样的常识逐渐为人们所抛弃，日本大企业的经营模式开始发生转变，并且转变的态势与日 俱增。直到2021年，日本大企业的股票分红金额终于前所未有地超过了设备投资金额。 ...

日本交易所集团（JPX）最新披露的数据显示，日本个人股东（散户）数量在2024财年激增超12%，达到8360 万人，创下了历史新高。这反映出，随着日本股市带来投资机遇，投资文化正越来越深入日本社会。 日本掀起炒股热潮。 有分析称，在日本小额投资免税制度（NISA）的刺激下， 日本居民资金从储蓄转向投资的趋势正在增强 。据 日本金融厅发布的数据，截至2024年12月底，NISA的累计购买金额同比增长50%，约为52万亿日元。 这一趋势还可能受到了"股神"巴菲特的影响。在巴菲特宣布大举增持日本五大商社后，大量日本散户投资者开 始将资金投向日本贸易公司股票。另外，日本公司治理改革在影响个人投资者的股票选择方面也发挥着重要作 用。 日本散户数量创历史新高 当地时间7月4日，日本交易所集团（JPX）发布公告称，2024财年（截至2025年3月31日），日本个人股东 （散户）数量达到8359万人，同比增长12.3%，创下历史新高。 JPX发布的年度持股调查数据显示，截至2024财年末，日本散户的数量达到83594852人，较前一年增加了 9141264人。JPX负责运营日本主要交易所，这是该机构1949年开始统计以来的最 ...

日本交易所集团（JPX）最新的数据显示， 日本个人股东（散户）数量在上一财年激增了 12%，达到8360万人，创下了历史新高 。 JPX的年度持股调查数据显示，2024财年（截至2025日历年3月31日），日本散户的数量达 到83,594,852人，较前一年增加了9,141,264人， 为该机构1949年开始统计以来的最大增 幅。 | | 年 | | | | 度 | | 2023 | | 2024 | | | 增減[增減率] | | 構成比增波 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 会 社 数(社) | | | | | 3, 984 | | 4, 022 | | | 38 | | | | | | | | | | | 人 | % | ﺎﺭ | % | | 人 | 00 | 本 イン | | | 合 | | | | 士 | | 76, 092, 201 | (100. 0) | 85, 313, 482 | (100. 0) | | 9.221.281 ...

Group 1 - The Ninety One Global Strategy Fund - Asian Equity Fund has increased its allocation to Samsung Electronics, reflecting a positive outlook on the company's potential despite its current underperformance compared to competitors like SK Hynix [1][2] - The fund has achieved a 15% return this year, outperforming 94% of its peers, as the South Korean KOSPI index has risen nearly 30%, making it one of the best-performing stock indices globally [1] - Fund manager Charlie Linton believes that many investors have mispriced Samsung due to its lag in the high bandwidth memory (HBM) chip market, but anticipates that the next generation of DRAM chips will help Samsung catch up [2] Group 2 - Samsung's stock has increased by 20% this year, while SK Hynix's stock has surged nearly 60%, indicating a significant performance gap [2] - Linton's team employs a model to screen stocks in the Asian region based on various factors such as quality, valuation, operational performance, and technical momentum, aiming to select stocks that can withstand market volatility [2] - The fund's positive stance on Samsung is partly due to its attractive valuation, as Linton notes that almost all investors are underweight on Samsung [2]

在李在明总统的领导下，执政的韩国民主党一直在努力修改《商业法》，以将董事会成员的忠实义务扩 展至所有股东。李在明还誓言要提高公司治理标准，并提升股市回报率。这使得全球投资者对所谓 的"韩国折价"现象最终会开始缩小这一预期更加乐观。 智通财经APP获悉，周二，韩国股市大幅上涨，成为亚洲股市中表现最佳的市场之一。由于人们期待修 订后的《商业法》本周能获得议会通过，因此控股公司的股票也出现了上涨。韩国家族企业集团的控股 公司——SK 公司、韩华公司和 LS 公司的股票均上涨了至少 11%。这一涨势推动韩国综合股价指数上 涨了近 2%，达到了近四年来的最高水平。 韩国股市的上涨与一系列乐观经济数据同时出现。由于半导体产品销量创下新高，韩国 6 月份的出口出 现反弹，这为依赖贸易的经济带来了一定的提振作用。 此前当地报道称，韩国主要反对党"人民力量党"改变了立场，考虑支持执政党提出的改革方案，该方案 将改变该国的公司治理政策。 韩国"人民力量党"领袖宋彦锡周一表示，这一决定反映了市场状况的变 化以及近期一些公司侵犯股东权益的案例。这种乐观情绪的出现表明市场形势有所好转，同时也反映出 一些公司存在侵犯股东权益的行为。 首 ...

Group 1: Key Economic Events - The "Big Beautiful" tax and spending bill is expected to be voted on by the U.S. Senate before July 4, with a recent update passing with a vote of 51 to 49 [3][4] - China's June PMI data is anticipated, with May's manufacturing PMI showing an increase to 49.5, indicating improved manufacturing sentiment [6] - The U.S. is set to release the June non-farm payroll report, with expectations of an increase of 116,000 jobs, down from 139,000 in the previous month [7][8] Group 2: Legislative Changes and Economic Policies - The updated "Big Beautiful" bill includes changes to state and local tax deductions, raising the cap from $10,000 to $40,000 for five years before reverting back, which has drawn mixed reactions [5] - Adjustments to Medicaid funding and stricter requirements for clean energy tax credits are also part of the bill, potentially impacting major renewable energy developers [5] - The bill aims to avoid an August default by raising the debt ceiling significantly, while also cutting funding for the Consumer Financial Protection Bureau [5] Group 3: International Cooperation and Forums - The BRICS summit is scheduled for July 6-7 in Rio de Janeiro, with Brazil taking over the presidency for 2025 [9][10] - The European Central Bank's central bank forum is taking place from June 30 to July 2, focusing on macroeconomic transformation and policy responses [11][12] Group 4: Oil Production and Market Dynamics - OPEC+ has decided to increase production by 411,000 barrels per day starting in July, with expectations for further increases in August [14][15] - There are concerns regarding OPEC+ unity, particularly between Saudi Arabia and Russia, as they navigate market share and production levels [16] Group 5: Corporate Developments - The Shanghai Stock Exchange is set to review the IPO application of He Yuan Biotechnology, marking the first case under the newly restarted fifth set of standards for the Sci-Tech Innovation Board [20][21] - Microsoft is planning significant layoffs in its Xbox division as part of a broader restructuring effort, marking the fourth major round of layoffs in 18 months [22]

Group 1 - The core sentiment among retail investors in South Korea is optimistic, driven by expectations of corporate governance reforms and favorable market policies from the new government, leading to increased leverage in stock market investments [1][3] - As of June 23, the margin loan balance reached 20.1 trillion KRW (approximately 14.7 billion USD), marking the highest level in nearly a year, while investor deposits hit 65 trillion KRW, the highest since mid-2022 [1] - The Kospi index has risen by 29% this year, reflecting a shift away from the historical "Korea discount" and indicating a strong recovery in the stock market [1][3] Group 2 - Retail investor activity has surged, with the proportion of retail trading increasing from 39% on June 9 to 48% on June 19, indicating a growing engagement in the local market [3] - The MSCI Korea index is trading at approximately book value, compared to 1.9 times book value for broader emerging market indices, suggesting potential for further market growth [3] - The new government under President Yoon Suk-yeol is expediting amendments to commercial laws to enhance shareholder rights, which is expected to further boost market confidence [3][6] Group 3 - Despite the positive sentiment, MSCI has denied South Korea's status as a developed market due to limited foreign exchange reforms and investment tool availability, which poses challenges to the government's market-friendly initiatives [4] - The surge in margin trading highlights bullish sentiment but also raises systemic risks in a market increasingly dominated by retail investors, potentially leading to forced liquidations [4] - The sustainability of the stock market rally will depend on the government's ability to implement reforms and whether corporate earnings can keep pace with market expectations [4]

Core Viewpoint - The 2025 Lujiazui Forum emphasizes the importance of financial openness and cooperation in the context of global economic changes, focusing on high-quality development and the restructuring of the international monetary system [2][3]. Group 1: Global Financial Governance - The Governor of the People's Bank of China, Pan Gongsheng, discussed four key areas for reforming global financial governance and announced eight financial policy measures aimed at addressing the instability of the current dollar-dominated international monetary system [2]. - Proposed directions for reform include reducing reliance on a single sovereign currency and promoting a competitive environment among a few strong sovereign currencies, with the RMB recognized as the third-largest payment currency globally [2]. - Emphasis on diversifying the cross-border payment system and enhancing interoperability among payment systems, alongside the accelerated application of emerging technologies in cross-border payments [2]. Group 2: Financial Openness - The Director of the Financial Regulatory Bureau, Li Yunzhe, highlighted the vast potential for high-level financial openness in China, particularly in consumer finance, technology finance, green finance, pension finance, and wealth management [3]. - The government plans to promote high-level financial openness through institutional reforms, optimizing the business environment, and strengthening the financial safety net [3][4]. Group 3: Capital Market Reforms - The Chairman of the China Securities Regulatory Commission, Wu Qing, outlined five new measures for capital market reform aimed at enhancing the market's role in supporting technological innovation and the real economy [5]. - Key measures include deepening reforms in the Sci-Tech Innovation Board, enhancing the synergy between equity and debt markets, and fostering long-term capital [5][6]. - The focus on creating a more open and inclusive capital market ecosystem, including optimizing the Qualified Foreign Institutional Investor (QFII) system and expanding the range of products available for foreign investment [5]. Group 4: Investment Opportunities - The forum's positive policy direction is expected to enhance the resilience of the A-share market and improve the quality of listed companies, making A-shares more attractive to investors [6]. - Key investment areas identified include artificial intelligence, high-end manufacturing, and innovative pharmaceuticals, with a focus on fundamental analysis, valuation, and market sentiment [7].