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 ...

证券代码：002424 证券简称：贵州百灵 | 区域大型连锁 LKA、诊疗板块等作为业绩增长的引擎，实现销 | | --- | | 量与利润的双增长。 | | 2、公司销售费用为什么那么多？怎么降低销售费用率？ | | 答：公司对销售费用率的优化是长期持续的工作，主要通 | | 过以下几方面： | | 一是公司将继续深化营销体系改革，逐步增加覆盖范围， | | 逐步从大包模式改为直营模式，目前，公司直营制改革已累计 | | 完成 15 个省份，今年公司还会持续推动营销体制改革，其中 | | 各区域的销售费用率达标情况将是考核指标之一。 | | 二是公司已成立市场监管部，把各个分公司和办事处的商 | | 务活动和财务进行有效的垂直监管，深度参与费用管控、商业 | | 谈判等环节。 | | 三是通过对管理模式、销售模式、奖励机制的优化和完善， | | 对公司的销售人员人均指标提出新的考核要求，对直营分公司 | | 加强预算制考核，对部分品种采取渠道优化的政策以降低销售 | | 费用，充分调动各级销售人员积极性，通过适时推进股权激励 | | 计划等方式，使广大员工获益与公司发展相契合。 | | 3、糖宁通络进展情况 ...

瑞达期货研究院 「2025.07.04」 国债期货周报 期债震荡调整，静待政策破局 研究员 廖宏斌 期货从业资格号 F30825507 期货投资咨询从业证号 Z0020723 关 注 我 们 获取更多资讯 目录 1、行情回顾 2、消息回顾与分析 3、图表分析 4、行情展望与策略 周度要点总结 政策及监管： 1、中央财经委员会召开第六次会议，会议强调纵深推进全国统一大市场建设，要聚焦重点难点，依法依规治理企业低价 无序竞争，引导企业提升产品品质，推动落后产能有序退出。2、证监会党委召开扩大会议强调，要持续优化股债融资、并购重组等资本 市场机制安排，促进要素向最有潜力的领域高效集聚。牢记我国资本市场中小投资者众多的最大市情，不断完善投资者保护制度体系。 3、财政部等三部门发布关于境外投资者以分配利润直接投资税收抵免政策的公告。境外投资者以中国境内居民企业分配的利润，在2025 年1月1日至2028年12月31日期间用于境内直接投资符合条件的，可按照投资额的10%抵免境外投资者当年的应纳税额。 基本面：1、国内:1）6月份中国制造业采购经理指数、非制造业商务活动指数和综合PMI产出指数分别为49.7%、50.5%和 ...

Group 1 - The Hong Kong IPO market is experiencing a "V-shaped rebound" with total fundraising reaching 140 billion HKD in the first half of 2023, a 7-fold increase compared to the same period in 2022 [3] - The average first-day gain for new listings is 15.2%, significantly higher than the 9.5% from the previous year [3] - The biotechnology sector accounts for over 35% of the total IPOs, emerging as the biggest winner in the market [3] Group 2 - Three main drivers are contributing to the market recovery: 1. The trend of Chinese companies returning to Hong Kong continues, with 28 companies completing secondary listings and over 4.2 trillion HKD in market value awaiting return [5] 2. The Hong Kong Stock Exchange's regulatory innovations have attracted 18 companies to apply for listing, with optimized entry requirements for biotech firms [5] 3. International capital is being reallocated, with net inflows from southbound funds exceeding 280 billion HKD over five months, and foreign institutional holdings rising to 63% [5] Group 3 - Key investment opportunities in the second half of 2023 include sectors such as hard technology (semiconductors, AI), new energy, biomedicine (gene therapy, medical devices), and new consumption (domestic brands, cross-border e-commerce) [7] - Notable companies expected to raise significant funds include Lens Technology (5 billion HKD) as a core supplier for Apple and Kangfang Biopharmaceuticals (3 billion HKD) with its first PD-1 dual antibody [7] Group 4 - Current market conditions present an optimal window for companies to list in Hong Kong, with valuation levels up 25% compared to 2024 and a 40% increase in international investment bank participation [8] - Companies planning to go public should expedite preparations to complete listings within the year, while investors are advised to focus on IPO projects with specific characteristics [10][11]

21世纪经济报道 记者 崔文静 实习生 张长荣 北京报道 2025陆家嘴论坛，中国资本市场学会正式揭牌成立。 中国证监会、民政部和上海市人民政府联合举办了中国资本市场学会揭牌仪式。中共中央政治局委员、 上海市委书记陈吉宁，中央金融办分管日常工作的副主任王江，中国证监会主席吴清，上海市市长龚 正，民政部副部长胡海峰，共同为中国资本市场学会揭牌。 从中国证监会主席吴清对于中国资本市场学会的介绍来看，其定位为打造资本市场理论研究、学术交 流、决策咨询的高端智库平台，广泛团结和凝聚行业机构、上市公司、高校和科研院所、政府部门等各 方面研究力量，围绕资本市场战略性、基础性、前瞻性重大课题开展研究交流和宣传。 市场各方对中国资本市场学会的设立非常关切，21世纪经济报道综合各方消息，对学会组织架构、机构 选址和定位、学会人员构成等做了了解。在陆家嘴论坛召开的两天前，6月16日，学会已经完成社会组 织注册，法定代表人为魏刚。魏刚目前担任中证金融研究院副院长，早期曾长期在上交所任职，曾任上 交所发行上市中心总经理、上交所资本市场研究所所长兼发行上市部总监等职。目前学会人员构成尚未 正式公布。 作为资本市场理论研究和决策咨询的一 ...

Core Insights - Wuhan is facing challenges in transforming its abundant research outcomes into industrial growth, despite having a high number of patent authorizations and a competitive growth rate in high-tech manufacturing [1][2] - The Wuhan Investment Holding Group is spearheading initiatives to address these challenges through the establishment of a 10 billion yuan innovation and entrepreneurship fund, aimed at facilitating the commercialization of research results [2][3] Group 1: Innovation and Entrepreneurship Initiatives - The "Wuchuang Star Innovation and Entrepreneurship Fund" has been launched with a total scale of 10 billion yuan, focusing on providing early-stage capital and support for university students and faculty [2][3] - The fund aims to address the pain points in the transformation of scientific research outcomes by providing "four types of capital": early, patient, bold, and friendly capital [3][5] - The fund's long duration of 10 years is designed to match the lengthy cycles of technology development and market entry, providing stability for innovators [4][5] Group 2: Structural Challenges in Technology Transfer - Wuhan's technology transfer is hindered by a lack of capable market players, with local SMEs being underdeveloped and lacking in resources [5][6] - The fund aims to alleviate the financial burdens on startups by not imposing strict buyback or performance clauses, allowing entrepreneurs to focus on long-term value creation [5][6] Group 3: Ecosystem Development - The Wuhan Investment Holding Group is building a comprehensive ecosystem that integrates capital, services, and support to facilitate the commercialization of scientific research [6][7] - The "Wuchuang Tong" platform has been established to streamline the process of transforming research outcomes into marketable products, featuring a digital hub for resource matching and incubation services [6][7] - The "Technical Manager Partner Program" has been introduced to enhance the capabilities of intermediaries who can bridge the gap between researchers and market needs [7][8] Group 4: Vision and Future Outlook - The initiatives represent a significant shift towards a more integrated and supportive innovation ecosystem in Wuhan, aiming to reshape the relationship between research and industry [7][8] - The overarching goal is to cultivate a robust environment for technology-driven SMEs and attract market-driven venture capital, creating a virtuous cycle of innovation and investment [8]

中国上市公司网/文 2025年7月4日，中国速冻食品行业的领军企业安井食品(603345.SH/02648.HK)成功在香港联合交易所挂 牌上市，成为继多家企业之后，又一实现"A+H"双资本平台布局的消费巨头。公司此次全球发行 3999.47万股H股，其中香港公开发售占比30%，国际发售占比70%。最终确定的发售价为每股60港元， 全球发售共募集资金净额达23.02亿港元。值得注意的是，香港公开发售部分获得44.2倍的超额认购，国 际发售部分亦获得5.85倍的超额认购，充分彰显了资本市场对安井食品长期价值的坚定认可。 作为国内首家成功实现"A+H"股双重上市的速冻食品企业，安井食品的港股上市不仅标志着其在全球化 战略上迈出了关键一步，更凸显了中国消费品牌在全球资本市场中的强大吸引力和广阔前景。 速冻食品赛道领军者，全产业链布局构筑壁垒 安井食品集团股份有限公司成立于2001年12月，总部位于福建，主营业务涵盖速冻调制食品、速冻菜肴 制品及速冻面米制品的研发、生产与销售。经过二十余年发展，公司已构建起覆盖全国的产销研网络， 在厦门、无锡、泰州、辽宁、四川、湖北、河南、广东、山东等地设有12大生产基地，并通过新宏 ...

Core Viewpoint - The cultivation of new productive forces, driven by technological innovation and focusing on emerging fields such as digital economy, green economy, and bio-economy, is essential for industrial upgrading and innovation breakthroughs. Patient capital is identified as a key support for this development, emphasizing long-term investment and risk tolerance [1][2]. Group 1: Patient Capital and Trust Companies - Patient capital refers to capital that prioritizes long-term projects over short-term returns, providing essential support for technological transformation and industrial development [1]. - Trust companies, particularly Shanghai Trust, are evolving into value co-creators by leveraging their unique institutional advantages to combine capital and industry [2][3]. - Family trusts and wealth management trusts are emerging as significant sources of patient capital, enhancing clients' investment duration and risk tolerance [3]. Group 2: Investment Strategies and Projects - Shanghai Trust has made substantial investments in long-cycle assets, such as the New Hongqiao Health Industry Park and the Iron Lion Gate project, achieving high returns and establishing a strong foothold in the biopharmaceutical sector [4]. - The company is actively involved in various investment projects, including Pre-REITs structures and blind pool funds for new infrastructure, demonstrating a robust start in real estate equity investments [4][6]. - Shanghai Trust is focusing on core technology industrial parks and aims to provide long-term funding support for hard technology enterprises through innovative financial tools [7][9]. Group 3: ESG and Green Finance - Shanghai Trust is committed to developing green finance, with a current scale of approximately 18 billion yuan in green financial business, including green asset-backed securities and green bonds [9]. - The company is enhancing its inclusive financial products and services, aiming to improve financial service coverage and accessibility [9]. Group 4: Service Model and Ecosystem - The service model of Shanghai Trust emphasizes long-term support and cross-cycle management, moving beyond traditional transactional services to build a resilient service ecosystem [10][11]. - The company integrates its investment strategies with national strategic industries, aiming to mobilize social resources to meet funding needs in key sectors [11][13]. - Shanghai Trust is also innovating in knowledge property services, collaborating with hospitals and research institutions to promote the commercialization of clinical innovations [13].