June 20, 2025 10:42 AM GMT 中国思考 | Asia Pacific 人民币与稳定币，谁稳定谁？ 北京担忧，美国稳定币立法或将巩固美元霸主地位。因此愿 探索破局，先以香港试点，最终期冀强化人民币跨境支付。 然而，代币化仅是"术"，真要推动人民币国际 化，"道"乃根源，打破通缩、监管透明、资本流动的三个 硬骨头改革不可或缺。 为什么中国开始关注稳定币？一个重要的转折点是，美国参议院近期通过了稳定 币（GENIUS）法案，要求美元稳定币的发行需有百分百储备资产支撑。 若该法案 之后在众议院通过，其实质上意味着目前占据99%市场份额的美元稳定币将正式 成为美金代币。其可被接入国际支付系统，并大幅推升市场对美国国债的需求。 央行的转变⸺从拒绝到接纳：出于对金融风险的担忧，央行从2021年9月开始就 全面了禁止境内虚拟货币的交易与结算。 而本周潘行长在陆家嘴论坛的讲话标志 着央行对虚拟货币态度的转变： 他提出， 国际货币体系应向多极化发展， 并强调 跨境支付体系的多元化发展。潘行长特别提到， 传统跨境支付体系面临的问题逐 渐凸显，包括低效、易受地缘政治影响等。 而在区块链和分布式账本等新兴技术 ...

Core Viewpoint - The international enthusiasm for the use of the Renminbi (RMB) has significantly increased following the implementation of "reciprocal tariffs" by the United States, with a notable rise in demand for RMB in cross-border investments and trade financing [2][3][4]. Group 1: RMB in Cross-Border Trade and Investment - After the U.S. introduced "reciprocal tariffs," more Chinese enterprises are willing to use RMB for overseas direct investment (ODI), leading to increased demand for RMB in cross-border investments [3]. - The RMB is evolving from a popular trade settlement currency to a multi-functional role, including trade financing and reserve currency [4][6]. - As of the end of 2024, RMB is projected to become the third-largest trade financing currency globally, with cross-border payment amounts reaching 64.1 trillion yuan, a 23% increase year-on-year [4]. Group 2: Central Bank and Reserve Currency Trends - More emerging market central banks are incorporating RMB into their foreign exchange reserves, reflecting a trend towards diversification away from the U.S. dollar [4][9]. - Currently, RMB accounts for less than 3% of global foreign exchange reserves, indicating significant potential for growth in this area [9]. Group 3: RMB Liquidity and Financing - The liquidity of RMB in overseas markets is increasing, which is encouraging foreign enterprises to use RMB for trade financing, thereby reducing their financing costs [8][11]. - The Hong Kong Monetary Authority has introduced measures to support RMB trade financing liquidity, which will further meet the financing needs of foreign enterprises [7][8]. Group 4: Challenges and Future Outlook - The internationalization of RMB faces challenges in meeting the diverse needs of foreign enterprises for RMB settlement, investment, and reserve management [11][12]. - Enhancing RMB liquidity in overseas markets is crucial for encouraging foreign institutions to hold RMB assets, which requires the development of a diverse range of RMB financial products [12].

智通财经记者 | 袁颖琪 智通财经编辑 | 陈菲遐 一份亮眼年报背后，高悬的商誉、恶化的现金流和激增的库存正编织一张危险网。 日前，开润股份（300577.SZ）三位高管的减持计划引起市场关注。投资者发现，这家公司2024年净利 润暴增229%、2025年一季度归母净利润增长20%，但股价年内跌幅达15.88%，与业绩形成尖锐背离。 2025年初，开润股份向资本市场交出一份亮眼成绩单： 2024年营业收入42.40亿元，同比大幅增长 36.6%；归属于上市公司股东净利润3.81亿元，同比飙升229.5%，创下历史新高。 今年一季度，开润股份营业收入增长35.57%达到12.35亿元，归母净利润增长20.12%达到8500万元。这 一业绩增速远超行业平均水平。然而，细究财务数据会发现，公司业绩暴增的幕后推手并非传统的内生 性增长，而是一次精心策划的并购交易——对上海嘉乐股份有限公司（下称上海嘉乐）的控股收购。 2024年6月，开润股份通过全资子公司滁州米润完成对上海嘉乐15.9%股权的收购，交易总价约2亿元。 收购完成后，开润股份对上海嘉乐的持股比例从35.94%上升至51.85%，实现了对这家服装代工企业的 ...

Group 1 - The core viewpoint of the articles highlights the increasing trend of licensed consumer finance companies issuing financial bonds, with a total issuance exceeding 10 billion yuan in 2025, indicating a strong market demand for diversified financing channels [1][4]. - Haier Consumer Finance issued a 3-year financial bond with a total amount of 1 billion yuan and a coupon rate of 2.20%, aimed at supplementing the company's medium to long-term funding needs and optimizing its asset-liability structure [2][3]. - The issuance of financial bonds by consumer finance companies is driven by both internal factors, such as the need for diversified financing due to expanding business scales, and external factors, including supportive industry policies and a backdrop of increasing domestic consumption [3][4]. Group 2 - The low-cost advantage of financial bonds compared to other financing channels is emphasized, suggesting that more licensed consumer finance companies will attempt to issue financial bonds as the market expands [4]. - Recent regulatory changes, such as the implementation of the "Administrative Licensing Matters Implementation Measures for Non-Bank Financial Institutions," have simplified the bond issuance process, enhancing the financing environment for consumer finance companies [4]. - The confidence in consumer finance bonds has improved due to the enhanced performance and credit reputation of these companies, which is expected to sustain the enthusiasm for issuing financial bonds in the future [4].

日前，最高人民法院第一国际商事法庭当庭化解一起标的额超千万美元的涉外企业清算责任纠纷案。四 方当事人签署调解协议，标志着这起横跨亚欧大陆的复杂商事争端，通过调解机制实现互利共赢，彰显 对中外当事人合法权益的平等保护。 据悉，该案系瑞士某公司与深圳某贸易公司的买卖合同产生纠纷，伦敦金属交易所仲裁裁决深圳某贸易 公司支付超千万美元赔偿金额。然而，深圳某贸易公司的股东在未通知瑞士某公司的情况下注销了该企 业，导致瑞士某公司超千万美元债权无法得到清偿。瑞士某公司遂诉至最高人民法院第一国际商事法 庭。 最高人民法院第一国际商事法庭组成由沈红雨担任审判长，潘勇锋、郭载宇、黄西武、杨蕾担任审判员 的五人合议庭审理此案。 该案承办法官杨蕾介绍，针对案涉企业内部审批链条长、程序复杂的现实问题，合议庭主动作为，积极 推动并促成相关方简化内部审批流程，打通审批"绿色通道"，显著缩短了调解协议落地生效的时间，为 处理类似跨国复杂纠纷提供了成功范例。 "审理该案的法官们在审理该案过程中，成功将国际商事规则与中国司法智慧深度融合，彻底解决中外 当事人之间的巨大纠纷，实现了最佳司法效果。"最高人民法院国际商事专家委员会专家委员，中国社 会 ...

Core Viewpoint - The article discusses the survival strategies of Shanxi Guoneng Longtai Group, emphasizing the importance of continuous learning, diverse industry development, and strong leadership for sustainable growth [1][3][4]. Group 1: Company Strategies - The chairman of Longtai Group, Zhang Fudian, emphasized the need for all employees to be prepared for a frugal lifestyle, highlighting the importance of cost optimization and resource conservation in response to potential economic fluctuations [4][5]. - Longtai Group aims to diversify its industrial ecosystem to enhance resilience against risks, focusing on both energy and agriculture sectors while maintaining high-quality standards as the foundation of its operations [3][4]. - The company promotes a culture of "learning + diligence," encouraging continuous education and training to improve capabilities and avoid aimless actions [3][4]. Group 2: Leadership and Management - Zhang Fudian insists that all leaders must engage directly with frontline operations to ensure effective leadership and sustainable development [3][4]. - The company is transitioning towards optimizing asset management by converting heavy assets into lighter ones and transforming operators into supervisors, which is seen as essential for enhancing core competitiveness [4][5]. - There is a strong emphasis on improving internal processes, particularly in approval and document usage, to enhance operational efficiency while maintaining strict oversight [5]. Group 3: Community Engagement and Social Responsibility - Longtai Group has a history of social responsibility, contributing over 250 million yuan since 2019 to various community projects, including building schools and supporting impoverished students [14]. - Under Zhang Fudian's leadership, the village of Yulingwa has received multiple accolades for its development, reflecting the company's commitment to community welfare and sustainable growth [14].

风险提示：本文所提到的观点仅代表个人的意见，所涉及标的不作推荐，据此买卖，风险自负。 作者： modest_ 来源：雪球 01 从公司治理来讲 （ 1 ） 美的是一家能够不断进步 ， 不断变革的企业 ， 公司管理层的迭代能力也很强 。 何享健自己有儿 有女 ， 为什么董事长的位置能够传给方洪波 ， 因为何享健很早就意识到 ， 公司治理需要靠机制 ， 自己 儿女不一定适合做美的未来的管理 ， 美的需要更适合自己的职业经理人 。 前段时间 ， 一篇方洪波的采访中他提到自己只是一个美的的过客 ， 了解美的的公司治理就知道其中的缘由 了 ， 从长远来看 ， 方洪波只是美的管理机制下选择出来的职业经理人 。 未来还会有更多类似方洪波一样 的优秀的经理人在美的的管理体系下选出来作为公司的董事长 ， 站在未来的角度来看 ， 方洪波的确只是美 的历史上的一个过客 （ 董事长 ） 。 美的历史上曾经出现过几次大的变革 ， 每一次变革都带来了美的成长 ， 也最终反应在了美的的财务数据上 ： 1996年前 ， 美的经过多年的快速发展 ， 产品线变多 ， 产销不协调导致库存积压 ， 组织僵化 ， 规模不 经济等各种问题开始集中爆发 ...

智通财经6月23日电，美国银行分析师近日表示，随着美股估值上升，越来越多投资者寻求分散投资， 不少投资者对日本股票的兴趣明显上升。美银表示，全球投资者当前投资日股的最大推动力之一，是美 股估值过高，投资者需要在美股以外寻求投资多元化。美银分析师补充称，日本企业改革加速的迹象以 及日本向"通胀型经济"转型的迹象也吸引了投资者。不过，对于日股来说，一些担忧依然存在，尤其是 美国和日本的贸易前景仍然阴云密布。目前，美国暂停对包括日本在内的许多国家征收"对等"关税的措 施即将于下月初到期，而美日围绕新贸易协议的讨论也存在高度不确定性。 美国银行：投资者对日股投资兴趣上升 因美股估值过高 ...

Core Insights - The high savings rate among Chinese residents post-pandemic is misleading, as it masks significant wealth disparities and changing financial behaviors [1][7] Group 1: Wealth Disparity - The average savings data conceals a vast wealth gap, with over 60% of residents holding below the average savings level. Only 19.3% of families have savings exceeding 300,000 yuan, and less than 2% have over 500,000 yuan [3][7] - A mere 2% of the population controls 80% of the total savings, indicating a highly unequal distribution of wealth [3] Group 2: Diversified Investment Channels - Increasingly diverse investment options, such as stocks, funds, and bank wealth management products, have led to significant capital flowing out of traditional bank savings. The number of stock investors has reached 220 million, while mutual fund investors total 600 million [4] - Over 100 million individuals are investing in bank wealth management products, further indicating that bank deposit figures do not fully represent the overall wealth of residents [4] Group 3: Changing Consumption Attitudes - The younger generation, particularly those born in the 1990s (approximately 175 million people), exhibits a shift towards consumerism, with nearly 90% carrying debt and an average debt of 127,000 yuan [6] - The prevalence of "living paycheck to paycheck" and reliance on credit products like Huabei and Jiedai has reduced the savings capacity of young families [6] Group 4: Housing Loan Pressure - The total housing loan burden in China is nearly 39 trillion yuan, affecting over 200 million households. This substantial debt pressure severely limits disposable income, making it challenging for families to save [6] - Many households with housing loans report savings below 100,000 yuan, highlighting the impact of mortgage obligations on overall financial health [6][7]

Core Viewpoint - The integration of technological innovation and industrial innovation is essential for driving economic growth in the context of a restructured global economic landscape. The China Securities Regulatory Commission (CSRC) emphasizes the need to activate the multi-tiered capital market to support this integration effectively [1][11]. Capital Market Development - China's capital market has shown activity in funding sectors like technology, media, communication, and consumption, but remains cautious in hard technology investments. The key to promoting the integration of technological and industrial innovation lies in ensuring efficient capital circulation across different stages and levels [3][4]. - The current capital market faces challenges such as uneven capital distribution, difficulties in early-stage project financing, long investment cycles, and insufficient exit channels [3][4][5]. Exit Channels and Liquidity - The reliance on IPOs as the primary exit strategy for venture capital institutions is problematic, as other exit methods like mergers and acquisitions (M&A) and S-fund transfers are underdeveloped [4][5]. - The development of S-funds is hindered by issues such as valuation difficulties and a lack of professional participants, which prevents the establishment of an efficient market for capital exits [4][5]. Policy Recommendations - To enhance the financing environment for technology enterprises, it is suggested to diversify exit channels beyond IPOs and M&A, and to encourage the development of equity M&A markets [4][9]. - Government initiatives, such as establishing technology guidance funds, can help direct social capital into key areas while reducing financing costs for enterprises [9][10]. - Tax incentives for long-term investments, such as tax breaks for investors holding shares for over five years, could encourage more stable capital allocation [9][10]. Market Structure and Coordination - Strengthening the coordination among various segments of the capital market is crucial. This includes improving the transfer mechanisms between different market segments to ensure that companies can access appropriate financing at various development stages [5][10]. - The capital market should function as a comprehensive, multi-tiered, and efficient "circulation network" to facilitate the flow of capital into and out of technological innovations [5][10]. Investment Trends and Data - As of June 20, 2025, the cumulative financing scale for high-tech enterprises in China's capital market reached 363.87 billion yuan, with 1,772 strategic emerging industry listed companies having a total market value of 20.80 trillion yuan, accounting for 20.47% of the total A-share market value [7]. - In 2024, A-share listed companies' R&D investment reached 1.88 trillion yuan, representing over 50% of the total social R&D investment, with a patent holding rate exceeding one-third of the national total [8].