Core Viewpoint - The Shanghai Stock Exchange is accelerating the implementation of the "1+6" reform for the Sci-Tech Innovation Board, aiming to create a more supportive capital market ecosystem for technological innovation [1][2]. Group 1: Policy and Market Impact - The "1+6" policy has significantly boosted the morale of equity investment institutions, enhancing the confidence of technology entrepreneurs and promoting a virtuous cycle of "technology-industry-capital" [2]. - Over 90% of companies listed on the Sci-Tech Innovation Board received support from equity investment institutions prior to their IPOs, highlighting the importance of these institutions in the ecosystem [2]. - The introduction of new measures such as the Sci-Tech Growth Tier and pre-review processes makes the Sci-Tech Innovation Board's system more distinctive compared to mature markets abroad, increasing its attractiveness to venture capital and technology firms [2]. Group 2: Future Actions and Collaboration - The Shanghai Stock Exchange plans to strengthen communication with equity investment institutions to better implement the "1+6" policy and support technological innovation [3]. - There will be a focus on creating a regular communication mechanism to guide equity investment institutions in seizing policy opportunities and enhancing their role in supporting technology innovation [3].

6月28日，南昌市喜来登酒店内灯火辉煌、群贤毕至，我们满怀激动与感恩的心情，在这里隆重举行鹿马壹零捌控股集团上市发布会。这是一场意义非凡的 聚会，不仅标志着公司迈向资本市场的重要里程碑，更是一次与各位股东、合作伙伴及所有支持鹿马的朋友们的真挚对话。现场高朋满座，掌声如潮，我们 用最真诚的声音，向大家汇报一路走来的成绩与展望，也迎来了多位重量级嘉宾的精彩登场。此刻，让我们一同回顾这场闪耀时刻 时间悄然来到下午，受邀嘉宾们陆续抵达发布会现场。他们或三五成群，或结伴而行，在工作人员热情引导下有序签到，领取入场券与嘉宾证后，满怀期待 地步入会场。每个人脸上都洋溢着兴奋与喜悦，步履间满是期待与祝福。此时此刻，灯光聚焦，气氛渐燃，鹿马壹零捌控股集团上市发布会即将盛大启幕 ——这是一场汇聚激情、梦想与荣耀的盛会，正蓄势待发，见证一个崭新阶段的开启。 e 19 69 C.C. moh sal 0 0 P 58 1 6 21 首先登台亮相的是江西省统计局原处长张月水先生。他面带亲切笑容，缓步走上舞台，向全场嘉宾致以诚挚的问候，举手投足间尽显儒雅风范与大家风度。 在随后的发言中，张月水深情回忆了自己与鹿马壹零捌控股集团从相识到相 ...

Group 1 - OpenAI CEO Sam Altman expresses feeling "politically homeless," criticizing the Democratic Party for not supporting a culture that encourages innovation and entrepreneurship [1] - Altman advocates for "tech capitalism," emphasizing the need to encourage wealth creation while finding ways to distribute wealth broadly [1] - His comments appear to be a response to New York City Democratic mayoral candidate Zohran Mamdani's statement against billionaires, highlighting a fundamental divide between tech executives and some Democratic politicians on wealth distribution and economic policy [1][2] Group 2 - Altman argues that wealth creation and distribution must go hand in hand, stating, "You cannot just raise the bottom line without raising the top line" [1] - He expresses a preference for discussions on how to enable everyone to have what billionaires possess, rather than eliminating billionaires [3] - This reflects two contrasting views on wealth: one advocating for limiting wealth to achieve equality, and the other promoting overall wealth enhancement to reduce disparities [3]

Core Viewpoint - AeroVironment's recent capital-raising efforts have negatively impacted investor sentiment, leading to a stock price decline of over 11% [1]. Group 1: Capital-Raising Activities - AeroVironment announced a secondary share offering and an issue of convertible senior notes [2]. - The company plans to sell just over 3.5 million shares at $248 per share, with underwriters having a 30-day option to purchase an additional 29,234 shares [4]. - The convertible senior notes will total $650 million at a 0% interest rate, convertible under certain conditions at an initial rate of over 3.1 shares per $1,000 principal, equating to $322.40 per share [5]. Group 2: Financial Expectations and Use of Proceeds - The company expects to close both issues on July 3, with net proceeds around $1.47 billion, using over $965 million to retire debt and the remainder for general corporate purposes, including increasing manufacturing capacity [6]. Group 3: Shareholder Concerns - With approximately 45.6 million shares outstanding, high conversion rates from the notes could lead to shareholder dilution, which is a significant concern for investors [7]. Group 4: Company Fundamentals - Despite the capital-raising activities, AeroVironment remains a strong investment due to its performance in meeting the growing demand for combat drones, as evidenced by its impressive fourth-quarter results and increasing backlog [8].

Core Viewpoint - The credit rating agency maintains the long-term credit rating of Changjiang Securities Co., Ltd. at AAA, indicating strong financial health and stability in the company's operations [1][4][5]. Company Overview - Changjiang Securities is a medium-sized listed securities company with a high industry position and a comprehensive risk management system [4][5]. - As of March 2025, the company has a registered capital of 5.53 billion yuan and operates 298 branches nationwide, maintaining a leading position in the industry [4][11]. Financial Performance - In 2024, the company's operating income slightly decreased year-on-year, while net profit significantly increased, demonstrating strong profitability [4][5]. - As of the end of 2024, the company's total assets amounted to 1717.72 billion yuan, with net capital at 25.74 billion yuan, indicating robust capital strength [8][11]. Rating Outlook - The rating outlook is stable, with expectations for business growth and enhanced competitive strength as the capital market continues to develop [5][6]. - Potential factors for rating upgrades are not applicable, while significant losses or major compliance issues could lead to downgrades [5]. Competitive Advantages - The company has strong capital strength, with a net capital ratio of 72.94% as of the end of 2024, positioning it well within the industry [8]. - The company ranks well in various business segments, with brokerage income ranked 19th, fund distribution commission income ranked 3rd, and asset management income ranked 31st in the industry [5][8]. Shareholder Changes - The company has received approval from the China Securities Regulatory Commission for a major shareholder change, which is expected to enhance its resource access and market competitiveness [6][11].

Core Points - The company has completed the listing and circulation of all shares from its initial strategic placement [1] - The company plans to implement a differentiated dividend distribution and capital increase through share transfer [1][3] Dividend and Capital Increase Plan - The profit distribution and capital increase plan was approved at the annual shareholders' meeting on June 23, 2025 [2] - The total share capital of the company is 82,000,000 shares, with 620,828 shares in the repurchase account, resulting in 81,379,172 shares eligible for distribution [3] - The company intends to distribute a cash dividend of 32,551,668.80 yuan (including tax) and increase capital by 32,551,669 shares, raising total share capital to 114,551,669 shares [3][11] - Each shareholder will receive a cash dividend of 0.4 yuan per share and an increase of 0.4 shares per share [5][11] Tax Implications - For individual shareholders holding unrestricted shares, the actual cash dividend after tax will be 0.4 yuan per share, with a tax rate of 20% for holdings of one month or less [9] - For shares held over one year, dividends are exempt from personal income tax [9] - For foreign institutional investors (QFII), a 10% tax will be withheld, resulting in a net dividend of 0.36 yuan per share [10] Share Structure Changes - The share structure will change from 82,000,000 shares to 114,551,669 shares after the capital increase [11] - The diluted earnings per share for the fiscal year 2024 is projected to be 0.56 yuan based on the new total share capital [11]

封面新闻记者 姚瑞鹏 7月4日，四川产业基金旗下四川兴川重点项目股权投资基金管理有限公司与眉山市引导基金、工银资本、工银投资正式签署合伙协议，共同打造"投早、 投小、投长期、投硬科技"的"耐心资本"。记者从会议现场获悉，此次合作标志着四川省首支省级AIC股权投资试点基金成功落地，是四川省深入贯彻落 实国家金融改革部署、激活区域经济新动能的重要实践。 在国家大力推进金融支持科技创新、鼓励"耐心资本"服务实体经济的政策背景下，四川省近年来积极探索金融工具创新。2025年3月，国家金融监管总局 颁布"扩区域""扩机构"政策，将四川省AIC股权投资基金试点范围由成都市扩展至省内全域。四川产业基金积极响应政策号召，安排四川兴川与眉山市、 工银资本、工银投资商讨共同发起设立四川兴眉工融AIC基金。在各方的紧密配合下，该项目在短时间内即顺利完成了出资决策审批流程及合伙协议签 署。基金规模10亿元，重点布局新能源新材料、电子信息等科技领域。 基金创新采用"省市国企+金融机构"协同模式，通过市场化运作、专业化管理，促进"科技-产业-金融"的良性循环。未来，各方将持续加深合作，继续推 动科技创新、产业创新和金融创新深度融合，重点 ...

以下文章来源于金融八卦女频道 ，作者乌彦祖假正经 金融八卦女频道 . 有深度、有温度、有态度，在这里读懂财富。 紫金矿业老板陈景河应该高兴坏了，他本意就是利用这次分拆提高海外黄金业务的估值，多挣点钱，从 而破解当下 " 钱荒 " 。这下子，他算是心想事成了。 招股书显示，紫金黄金2022年到2024年，营收分别为18.18亿美元、22.62亿美元和29.90亿美元；净利润 则分别为2.90亿美元、3.22亿美元和6.21亿美元；毛利率分别为34.1%、26.2%、37.9%。 买人家一座矿，一榔头砸下去就是金沙，冶炼一下变金子，现在金价这么高，30%左右的毛利率是不是 有点偏低啊？ 金融领域，黄金是避险资产，也是资本的工具。 近期，"紫金黄金"向港交所主板提交招股书，黄金资本市场将迎来一员悍将。紫金黄金不是横空出世的 品牌，是从A股企业紫金矿业分拆出来单独上市的。 从肉上割一部分装到另一个盘子，紫金矿业不但没有受影响，7月3日还创出历史新高，达20.49元/股， 市值接近5400亿。 紫金矿业老板陈景河应该高兴坏了，他本意就是利用这次分拆提高海外黄金业务的估值，多挣点钱，从 而破解当下"钱荒"。这下子，他算是 ...

Core Insights - Chinese banks have shown remarkable performance in the 2025 Global Bank 1000 ranking, with four banks in the top five and six in the top ten, indicating a strong presence in the global banking sector [1][3] Group 1: Rankings and Performance - The top four banks globally are all Chinese: Industrial and Commercial Bank of China, China Construction Bank, Agricultural Bank of China, and Bank of China, maintaining their positions for eight consecutive years [3] - China Merchants Bank improved its ranking from 10th to 8th, surpassing Wells Fargo, showcasing significant progress [3] - Chinese banks occupy half of the top 20 positions and 15 out of the top 50 banks, with no declines in rankings for the latter [4] Group 2: Individual Bank Strategies - Industrial and Commercial Bank of China achieved a 9.2% increase in total assets, focusing on loans to manufacturing, strategic emerging industries, and green development [6] - China Merchants Bank's success is attributed to its strong retail banking position and growth in non-interest income, which reached 126.2 billion yuan, accounting for 37.4% of its revenue [6] - Beijing Bank's growth strategy emphasizes regional development, with significant increases in technology and green loans, leading to a 43.69% rise in stock price [7] Group 3: Industry Trends - The global banking sector is experiencing increased concentration, with the top 20 banks accounting for 37.2% of total tier-one capital, up 0.2 percentage points from the previous year [8] - Chinese banks are expected to enhance their global competitiveness by solidifying capital structures and improving risk management capabilities [8] - There is a focus on supporting the real economy and adapting to global market conditions, particularly in the Asia-Pacific region [8]

7月2日消息，天津市就《天津市科技金融助力新质生产力发展行动方案（2 0 2 5 - 2 0 2 7年）》 （以下简称《行动方案》）公开征求意见。根据方案，天津拟从1 8个方面推出6 0项措施，助力 新质生产力发展。到2 0 2 7年， 天津市目标科创基金规模突破 2 0 0 0亿元 ，科创基金体系更加 健全， "募投管退"全链条政策环境和管理制度更加完善，创业投资更加活跃。 ——我们关注到，去年以来，高层多次关注到政府投资基金和国资基金的责任机制问题，如 2 0 2 4年6月1 9日，国务院办公厅发布《促进创业投资高质量发展的若干政策措施》（简称"创 投1 7条"），提出"优化政府出资的创业投资基金管理，改革完善基金考核、容错免责机制，健 全绩效评价制度。系统研究解决政府出资的创业投资基金集中到期退出问题。" "落实和完善国 资创业投资管理制度。健全符合创业投资行业特点和发展规律的国资创业投资管理体制和尽职 合规责任豁免机制，探索对国资创业投资机构按照整个基金生命周期进行考核。" 值得关注的是，《行动方案》提出实施全周期股权投资提升行动，其中有不少突破性的举措， 我们摘取亮点并分析解读如下： ——天津不仅大 ...