Group 1 - The board of directors of Guangdong Power Development Co., Ltd. held its fifth meeting of the eleventh session on May 28, 2025, in Guangzhou, with all 10 directors present [1] - The board approved a capital increase of 600 million yuan to Guangdong Power Industry Fuel Co., Ltd. to enhance the resilience and safety of the company's supply chain, with the company contributing 300 million yuan for a 50% equity stake [1] - The capital increase is part of a plan to establish Guangdong Energy Boge Fuel Supply Chain Co., Ltd. [1] Group 2 - The related party transaction was reviewed and approved by the independent directors at a special meeting prior to the board meeting, with 6 non-related directors voting in favor [2] - The board also approved the addition of a new "Director Departure Management System" and revisions to several existing management systems to improve operational standards [2] - All 10 directors voted in favor of the new and revised systems, with no votes against or abstentions [2]

Group 1 - The core viewpoint emphasizes the importance of maintaining a reasonable proportion of the manufacturing industry in the national economy, as it is a crucial pillar for economic stability and competitiveness [1][2][3] - Manufacturing is identified as the mainstay of the real economy, essential for national strength and development, with a focus on ensuring its value-added share in GDP remains within a reasonable range [1][2] - The manufacturing sector has shown resilience during global challenges, such as the COVID-19 pandemic, highlighting its foundational role in economic recovery [1][2] Group 2 - The share of manufacturing value-added in China's GDP has decreased from 28.1% in 2016 to 26.2% in 2023, indicating a concerning trend compared to developed countries [2] - To maintain a stable manufacturing proportion, it is crucial to enhance the resilience of the industrial and supply chains, addressing issues such as high comprehensive costs and key technology bottlenecks [2] - The global economic environment is increasingly emphasizing the role of manufacturing in growth and employment, prompting developed nations to implement policies to revitalize their manufacturing sectors [2] Group 3 - The focus on technology empowerment is essential for maintaining a reasonable manufacturing proportion, with an emphasis on quality improvement rather than mere scale expansion [3] - The transition towards high-end, intelligent, and green manufacturing is seen as a key strategy for enhancing competitiveness [3] - There is a call for integrating advanced manufacturing with modern services and fostering the application of digital technologies in manufacturing processes [3]

在全球成长投资的舞台上，英国老牌资产管理公司 Baillie Gifford （柏基投资）算是一个传奇。 这家成立于 1908 年、本部在爱丁堡的机构，曾精准捕捉到特斯拉、亚马逊、 ASML 、 SpaceX 、字节 跳动等超级成长股，成为全球少数敢于长期押注颠覆性创新的投资巨头。 点击阅读：《 巨头Baillie Gifford的百年传奇史：始于一战前的投资 》 而它的旗舰产品苏格兰抵押信托（ Scottish Mortgage Investment Trust ，简称 SMT ），则被视作超 长期投资的风向标。 这些经典案例离不开前任传奇基金经理詹姆斯 · 安德森（ James Anderson ）20多年的奠基 。（点击 阅读：《 "科技投资大师"Baillie Gifford詹姆斯·安德森的临别交流：如果能忍受意外波动，寻找"极端 赢家"会是最好的投资方式 》） 2022 年安德森正式退休，接力棒交到了汤姆 · 斯莱特（ Tom Slater）和劳伦斯 · 伯恩斯（ Lawrence Burns）手中，两人共同掌舵，带领 SMT 在震荡时代继续前行。 根据 2025 年 3 月底最新发布的年度报告， ...

国务院国资委党委召开扩大会议。会议认为，要坚持把发展经济的着力点放在实体经济上，巩固提升传 统产业，广泛应用数智技术、绿色技术，加快生产、管理、营销模式变革和流程再造，促进现代服务业 与先进制造业深度融合，使传统优势产业焕发出新的生机活力。要有序发展战略性新兴产业和未来产 业，深入实施产业焕新行动，加快培育启航企业、领军企业、独角兽企业。 ...

Group 1: Fund Manager Dynamics - A well-known 'fund king' has never received a rating from Jinan due to significant style drift, operating open-end funds like closed-end funds, raising industry concerns [1] Group 2: Market Insights - Goldman Sachs' chief China equity strategist Liu Jinjun and his team support an overweight stance on the Chinese stock market, citing potential resilience in the RMB exchange rate and an expected moderate improvement in corporate earnings [2] - The first batch of innovative floating-rate funds will start selling on May 27, with most products expected to close fundraising in June [3] - Credit bond ETFs are set to officially implement a pledge-style repurchase business, with several public fund institutions' credit bond ETFs meeting the necessary conditions [4] Group 3: Banking Sector - With domestic deposit rates declining, over 70% of A-share listed banks have a dividend yield exceeding 4%, and some banks have yields surpassing 8%, making bank stocks more attractive than traditional savings [5] Group 4: New Fund Launches - 15 new public funds were launched, with over 70% being equity funds, primarily index funds, covering various sectors including fintech, internet, pharmaceuticals, and consumer goods [6] Group 5: ETF Market Performance - A-shares experienced a collective adjustment, with the Shanghai Composite Index down 0.05%, Shenzhen Component down 0.41%, and ChiNext down 0.80%, while the Northbound 50 Index rose 1.94% [7] - The total market turnover was 10,339 billion, a decrease of 1,487 billion from the previous day, with nearly 3,800 stocks rising [7] - The gaming sector saw strong performance, with multiple gaming ETFs rising between 2.93% and 2.96% [9] Group 6: Hong Kong Market Trends - Hong Kong automotive stocks experienced a pullback, with the Hong Kong Stock Connect automotive ETF down 4.38% and the Hong Kong automotive ETF down 4.31% [11]

Core Insights - The article discusses the challenges faced by companies in the current BANI (Brittle, Anxious, Non-linear, Incomprehensible) era, emphasizing the need for CFOs to enhance corporate resilience and value growth amidst geopolitical conflicts, supply chain fluctuations, and rapid technological changes [2][5]. Group 1: CFO Summit and Awards - The CFO Summit 2025, themed "Optimizing Market Value Management and Enhancing Financial Resilience," gathered over 200 CFOs, financial executives, and academic leaders to discuss financial strategies in the BANI era [2]. - The "Jiefu Award" aims to elevate the professional value of CFOs and their teams in areas such as market value management and financial resilience, helping them respond to market uncertainties [5][18]. Group 2: Economic and Financial Strategies - Li Zhan, Chief Economist at招商基金, analyzed the impact of US-China tariff disputes on macroeconomics and corporate financing strategies, suggesting that Chinese companies are effectively mitigating tariff risks through "export grabbing" and "transshipment trade" [5]. - Future domestic measures may include interest rate cuts and special bond issuance to support technology and equipment upgrades, with a recommendation for companies to enhance R&D and optimize global supply chains [5]. Group 3: Financial Management Innovations - Zhang Dengzhou emphasized the need for financial management to evolve in response to global economic risks and the Fourth Industrial Revolution, focusing on building a world-class financial management system [7]. - Key areas for financial transformation include shared financial services, financial information management, treasury system development, and cost management reforms [7]. Group 4: AI and Digital Transformation - Guan Xiaohui from Fosun Pharma highlighted the application of AI in pharmaceutical R&D and commercial decision-making, noting that AI can significantly enhance investment returns and decision-making efficiency [9][10]. - The development of intelligent decision-making systems like PharmAID aims to support real-time project evaluations and market data retrieval [9]. Group 5: Corporate Value and M&A Strategies - Cheng Peng from Weiming Environmental discussed the importance of mergers and acquisitions (M&A) in enhancing corporate value, emphasizing the need for strategic alignment and effective risk management throughout the M&A process [15]. - The focus on long-term value creation and effective communication of corporate stories is crucial for attracting patient capital and maintaining investor confidence [16]. Group 6: Recognition and Future Outlook - The "Jiefu Award" ceremony recognized outstanding CFOs for their financial wisdom and management achievements, with expectations for awardees to contribute to the development of China's capital markets [18]. - The article concludes with a call for CFOs to adopt a more open perspective and resilient practices in navigating the evolving global economic landscape [20].

Core Viewpoint - Goldman Sachs' chief China equity strategist Liu Jinjun and his team report that the Chinese yuan has appreciated approximately 1% since April 2, driven by several factors including stable central bank policies, improved export competitiveness, potential undervaluation of the yuan's real effective exchange rate, a general weakening of the US dollar, and increased demand for diversified asset investments [1] Group 1 - The central bank has maintained a stable yuan-to-dollar midpoint, contributing to the currency's appreciation [1] - China's export competitiveness has improved compared to 2017, supporting the yuan's strength [1] - There is a belief that the yuan's real effective exchange rate may be undervalued, which could provide further support for the currency [1] Group 2 - The overall weakening of the US dollar has created a favorable environment for the yuan [1] - Increased demand for diversified investments has been noted, which may lead to more foreign capital inflows into the Chinese stock market [1] - The potential resilience of the yuan supports a positive outlook for Chinese equities, with expectations of moderate improvement in corporate earnings [1]

证券研究报告：有色金属|行业周报 发布时间：2025-05-26 行业投资评级 强于大市 |维持 行业相对指数表现 2024-05 2024-07 2024-10 2024-12 2025-02 2025-05 -24% -20% -16% -12% -8% -4% 0% 4% 8% 12% 16% 有色金属 沪深300 资料来源：聚源，中邮证券研究所 研究所 分析师:李帅华 SAC 登记编号:S1340522060001 Email:lishuaihua@cnpsec.com 分析师:魏欣 SAC 登记编号:S1340524070001 Email:weixin@cnpsec.com 研究助理:杨丰源 SAC 登记编号:S1340124050015 Email:yangfengyuan@cnpsec.com 近期研究报告 《关税预期缓解，黄金或迎底部做多 时机》 - 2025.05.06 有色金属行业报告 （2025.05.19-2025.05.24） 黄金上行开始，持续关注黄金股投资机会 行业基本情况 | 收盘点位 | | 4695.15 | | --- | --- | --- | | 52 | 周最高 ...

#1 三位一体的抗压架构 安第斯山里活下来的人，可以教给我们什么？ 在商业环境充满不确定性的当下，企业常常面临各种突如其来的冲击：从全球疫情、供应链中断到技术颠覆、市场骤变。你是否想过，为什么有 的企业在经历重创后依然屹立不倒，甚至逆势成长？秘诀就在于企业所具备的组织韧性（organizational resilience）。 通俗地说，组织韧性就是企业的"抗打击能力"和"适应变革能力"—既能承受冲击迅速恢复，又能从逆境中学到经验、做出调整，在动荡中保持生 存并寻求新的发展。组织韧性研究正经历从静态视角向动态过程转变的范式转移。 传统上，学者们将韧性视为组织拥有的一种能力或特质，强调组织在面对逆境时能够恢复到原来状态的复原力; 总觉得韧性是块盾牌，企业天生 有它，就看摔一跤后能否激活它。但现在，我们可以看到研究翻了新篇：韧性不是死的，而是活的，像条河，在逆境前、中、后展现出不同的特 征。 1972年，乌拉圭空军571号航班坠毁在安第斯山脉。事故造成机毁人亡，少数幸存者陷入绝境， 艰难求生。这些生还者临时组成了一个组织，在 逆境中展现出惊人的韧性。 这一案例研究表明，极端情况下组织的韧性并非仅依靠事先具备的能力 ...

Group 1 - The core viewpoint is that China's large economic market, resilient industrial chain, and broad application scenarios enable it to withstand external shocks and maintain high-quality growth, making it an attractive destination for investment [1] - China's economic resilience is attributed to three main factors: the enduring and adaptable nature of Chinese civilization, the flexibility and policy elasticity of the Chinese system, and the prudent approach of the Chinese people, which avoids extremism [1] - The global economy is currently facing pressure from the U.S. protectionist policies, which also affect China, particularly through restrictions on advanced computing chips [3] Group 2 - The U.S. government's actions, such as technology blockades and trade wars, aim to limit China's development, but ultimately cannot prevent China's self-reliance and strength [3] - The U.S. has a psychological understanding of China that has evolved from neglect and denial to vilification, and eventually to a forced acceptance of China's high-quality development, leading to a strategy of "if you cannot beat them, then join them" [3] - Potential breakthrough areas for future China-U.S. cooperation include nuclear arms control, reform of the monetary system, and addressing the fentanyl crisis [4]