公开资料显示，淡明资本成立于2021年，总部位于新加坡，上海设有办公室。不同于淡马锡以自有资金投资的模式，淡明资本独立运营并对外募集资金。其 首期基金True Light Fund I于2023年10月完成33亿美元（约合240亿元人民币）募资，重点投向大中华区生命科学、科技、消费及工业服务等领域。此前，淡 明资本已投资节卡机器人、环动机器人、维亚生物等中国企业。 安耐德私募则成立于2024年8月21日，注册资本200万美元，注册及办公地位于北京市通州区。该公司由美国资产管理公司Earnest Partners通过旗下Earnest Partners Private Capital LLC全资设立。 Earnest Partners总部位于亚特兰大，资产管理规模超300亿美元，投资覆盖全球70余个市场。该公司自2012年获得QFII资格以来，持续布局中国，投资领域涵 盖新基建、AI医疗、先进制造等，已投项目包括云天畅想、DeepCare、普达特半导体设备等。 【环球网财经综合报道】中国证券投资基金业协会最新备案信息显示，淡明（上海）私募基金管理有限公司（以下简称"淡明私募"）与安耐德私募基金管理 （北京）有限 ...

2025年6月13日，工银瑞信发布公告称，已完成本次股权变更的工商变更登记。 【导读】瑞银接棒工银瑞信基金20%股权，积极布局中国市场 中国基金报记者 李树超 历时十个月，2万亿元基金公司的股权变更正式完成。 近日，工银瑞信基金发布公告称，经中国证监会《关于核准工银瑞信基金管理有限公司变更持股5%以上股东的批复》核准，瑞士银行有限公司 （UBS AG）成为工银瑞信基金持股5%以上股东。 本次股权变更后，工银瑞信基金注册资本保持不变，中国工商银行仍为控股股东，持有80%股权不变；瑞士银行持有公司20%股权。 瑞士银行完成工银瑞信基金20%股权变更 根据公告，自2025年6月13日起，工银瑞信的英文名称由"ICBC Credit Suisse Asset Management Co., Ltd."自然变更为"ICBC UBS Asset Management Co., Ltd."，公司英文简称由"ICBCCS"变更为"ICBCUBS"。 工银瑞信成立于2005年，是国有控股基金管理公司。本次少数股权变更后，公司的注册资本保持不变，中国工商银行仍为公司控股股东，持有 公司80%股权不变；瑞士银行有限公司持有公司20 ...

Core Viewpoint - The shareholder change of ICBC Credit Suisse Asset Management has been finalized after 10 months, with UBS becoming the second-largest shareholder holding 20% of the shares, while ICBC retains 80% [1][4]. Shareholder Change Details - UBS officially became a shareholder with over 5% stake in ICBC Credit Suisse Asset Management, with the change in ownership registered [4]. - The change in ownership was a passive result of UBS's acquisition of Credit Suisse, which included the 20% stake in ICBC Credit Suisse Asset Management [5]. - The entire process took approximately 10 months, from the submission of the application to the approval by the regulatory authority [5]. Company Operations and Governance - ICBC Credit Suisse Asset Management plans to enhance corporate governance and investment research capabilities while maintaining compliance and risk management [5]. - UBS has not appointed management personnel to ICBC Credit Suisse Asset Management, indicating no substantial impact on daily operations [5]. - The name of ICBC Credit Suisse Asset Management will remain unchanged in Chinese, with only adjustments made to the English name and website domain [6]. Market Position and Growth - ICBC Credit Suisse Asset Management, established in June 2005, manages 257 funds with a total net asset value of 792.8 billion yuan, ranking 13th in the industry [6]. - UBS has previously invested in the Chinese public fund market, holding a 49% stake in Guotai Junan Fund, which has a fund asset scale of 248.4 billion yuan [7]. - UBS has expressed a strong commitment to the Chinese market, viewing it as a key strategic area for growth [7]. Industry Trends - Several foreign institutions are increasingly interested in the Chinese public fund market, with multiple foreign entities accelerating their investments [8]. - As of now, there are 9 wholly foreign-owned public fund managers and 42 joint venture fund companies in China, indicating a growing foreign presence in the market [8]. - Recent capital increases by foreign-owned public funds reflect their expanding business and capital needs in the Chinese market [9].

中产运动品牌「风景这边独好」的增长大势，似乎在国际市场正遭遇挑战。 即便lululemon依然保持一季度全球7%的净营收增长，但美国市场2%的下滑，让其增长预期遭遇市场质疑。而HOKA第四季度10%的增长速度，和其全年 超23%的增长态势相比，也让资本市场开始忧虑。 但资本市场担心的全球增长放缓，在中国似乎远远未到。 如果翻看中国市场，lululemon最新财季大陆市场营收净增长20%；HOKA上海新天地旗舰店重资产的投入；甚至始祖鸟、萨洛蒙母公司亚玛芬的最新财报 中，大中华区同比增长 43%的成绩单说明：国际运动品牌在中国市场的增长，依然是现象级的。 以至于对全球运动品牌来说，向中国市场要增长，几乎成为心照不宣的共同战略。 国际运动品牌的中国红利还在继续 lululemon 20%的大陆市场增长，首先证明了该品牌在中国的生意，依然顺风顺水。要知道这个增长，建立在品牌中国门店已经超过150家，且全年营收超 过百亿美金的基数。 而紧追增长大势的，是亚玛芬期下始祖鸟和萨洛蒙的强势增长。始祖鸟被在中国的势头自不必说，甚至萨洛蒙所代表的山地户外及装备超过40%的业绩增 速，成为 亚玛芬体育 扛起新增长大旗的品牌群。 ...

Core Viewpoint - Lululemon athletica has been a top-performing consumer stock over the last 20 years, significantly contributing to the growth of the athleisure market and becoming one of the most valuable apparel companies globally [1][2]. Financial Performance - Since its IPO in 2006, Lululemon's stock has increased approximately 1,800%, with over 300% growth in the last decade, although it has recently faced challenges, dropping 48% from its peak [2]. - In the first quarter, comparable sales growth slowed to 1%, with revenue rising 7% to $2.37 billion, matching estimates [3]. - Gross margin improved from 57.7% to 58.3%, but operating income only rose 1% to $438.6 million, with operating margin declining by 110 basis points to 18.5% due to increased expenses [3]. - Earnings per share increased from $2.54 to $2.60, slightly surpassing the consensus estimate of $2.59 [4]. Guidance and Challenges - The company maintained its full-year revenue guidance at $11.15 billion to $11.3 billion, indicating a 6% growth at the midpoint, but reduced its earnings-per-share guidance from $14.95-$15.15 to $14.58-$14.78 due to tariff impacts [6]. - Second-quarter guidance also fell short, with expectations of a 160 basis point decline in operating margin, affecting earnings per share [7]. Growth Opportunities - Despite slowing growth in North America, Lululemon sees significant potential in China, where revenue increased by 21% with 7% comparable sales growth in the first quarter, accounting for 13% of total revenue last year [8][9]. - The company currently operates 154 stores in China, representing 20% of its total, with plans to exceed its initial goal of 200 stores [10]. Investment Perspective - The challenges posed by tariffs are consistent with those faced by other retailers in the apparel sector, suggesting that they may not be a major concern for investors [11]. - Following the guidance cut and subsequent stock sell-off, Lululemon trades at a forward P/E of 18, which is considered attractive given its brand strength and growth potential in China [12].

Group 1 - The core viewpoint of Schroder Capital emphasizes the importance of the Chinese market amidst global economic uncertainty, focusing on long-term growth potential through diversified investment strategies and localized approaches [1][2] - As of December 2024, Schroder Capital manages nearly $100 billion in global assets, with over $21 billion specifically in private equity [1] - Key sectors of interest in China include healthcare, enterprise software, and domestic consumption-driven industries, with a belief in the modernization of service industries offering significant future opportunities [1] Group 2 - Schroder Capital has established a "dual-channel" approach by utilizing Qualified Foreign Limited Partner (QFLP) mechanisms to attract international funds into the RMB market, while also aiding Chinese investors in global asset allocation through Qualified Domestic Limited Partner (QDLP) [2] - The RMB market is viewed as having relative advantages and strong liquidity, making it attractive for private equity investors seeking long-term returns [2] - Recent successful investments by Schroder Capital include Chinese brands in trendy toys, used car trading platforms, and mushroom food companies, reflecting a focus on consumption upgrades and livelihood sectors [2] Group 3 - The company is optimistic about the development of the AI sector in China, identifying numerous outstanding AI-related companies [2] - Schroder Capital plans to apply AI in its investment decision-making processes, viewing it as a tool to enhance efficiency rather than replace human expertise [2] - Future exploration of AI will include local adaptation for cross-border investments, such as analyzing policy texts and tracking industry trends to support team development [2]

6月6日，外交部发言人林剑主持例行记者会。林剑表示，今年前四个月，中国货物贸易进出口总值同比 增长2.4%，4月份进出口增速较一季度加快4.3个百分点。中国经济活力持续释放，外贸韧性不断提升， 充分说明无论外部环境出现何种挑战，"中国制造"依然是世界"刚需"，中国市场始终是投资"热 土"。"单边主义、保护主义难以为继，'筑墙设垒'阻挡不了中国与世界各国开放合作、共享发展的坚定 步伐。"林剑说。(北京日报) ...

端午过后，腾讯音乐正式接棒HYBE成为韩娱"三大"之一的SM公司的股东。 HYBE通过场外大宗交易方式，向腾讯音乐娱乐集团旗下中国香港法人出售其所持全部SM娱乐股份，交易金额约2433亿韩元（约人民币12.9亿元）。但许 多人不知道的是，这一次HYBE是折价出售，但先前通过向KaKao出售SM股份把SM艺人引入到了自家的Weverse平台，也算是完成了历史任务。 在《TME成SM娱乐股东，盘一盘TME的"音乐+"产业布局》中，小娱拆解了TME的投资版图，包括SM娱乐在官网表示，接下来双方将扩展联合制作、IP 周边、演出等业务，而且双方计划在未来2～3年内推出一支中国本地化的偶像组合。这算是2.0版的EXO吗？ 这一次，小娱准备聚焦到韩国：如何理解这一交易对韩娱的影响？ 在本文，小娱复盘了交易的上半场，即HYBE收购SM的历史；并研究了SM和TME新出炉的未来规划。小娱认为：这场交易是HYBE、SM、TME的"三 赢"，HYBE要剥离无用资产专心闯美，SM要借东风返华，TME要进一步提升腾讯系会员内在价值。 AI作图 By娱乐资本论 然而，韩娱在中国市场恢复到2015年前的影响力的可能性微乎其微，当前主要目标是 ...

但得先换个中国名字。 作者 | 彭倩 编辑 | 乔芊 提到"老人头"，不少中国消费者首先想到的大概是一个同名的国产品牌和各类"老头乐"穿搭，实在很难和专业高端的户外品牌联系在一起。 "老人头"是中国驴友和海外华人对一个名为 Norrøna 的挪威高端户外品牌的昵称，因其 logo 酷似老人头像而得名。 对绝大多数中国消费者而言，Norrøna 是一个相对陌生的品牌：品牌名本身是个挪威单词导致发音难以把握，甚至没有正式的中文名字可以称呼。线下还 没有开出独立门店、线上没有官方店铺，难以形成品牌认知和复购。 Norrøna（挪威语，译为"北方的"） 成立于 1929 年，与 klattermusen（攀山鼠）、Haglöfs（火柴棍）被誉为北欧三大户外巨头，Norrøna 更是被冠 上"北欧始祖鸟"、"户外无冕之王"的称呼。创立初期，创始人 Jørgen Jørgensen 为了抵御挪威恶劣的气候和严苛的户外环境，开始动手制作耐用的户外 装备，发展出了名为 Norrøna 的户外体育用品公司和皮革制品工厂，基于实用性、遵循功能极简主义，设计皮质背带，帆布背包和棉质服装等高端户外产 品。1933年 Norrøna ...

端午节假期的第一天，A股市场迎来了一则重磅消息，摩根士丹利（大摩）突然发表声明，将中概念股的评级上调至"与大牛市同步"。这一举动迅速引发了 市场的广泛关注，并无疑将在节后对A股市场产生深远影响。 摩根士丹利的乐观言论对A股和港股无疑是一个积极的信号。该机构的国际声誉使得其每一次的市场预测都具有极高的参考价值。尤其在目前经济复苏的背 景下，摩根士丹利的唱多势必会引导其他外资机构的投资决策，进而推动更多资金流入中国市场。 摩根士丹利作为全球知名的投资机构，其动向通常对市场产生巨大影响。这次的声音不仅为中概念股带来了巨大的市场关注，还可能通过吸引更多外资的涌 入，进一步推高中概念股的表现，进而为整体A股市场带来积极的促进作用。 摩根士丹利的乐观态度：外资涌入中国市场 在刚刚进入端午节假期时，摩根士丹利发布了对中概念股的乐观评估，将其评级上调至"与大牛市同步"。这一变化引起了市场的广泛讨论，相关信息迅速在 各大平台传播开来。根据摩根士丹利的分析，A股和港股市场都有潜力迎来更多外资的流入，特别是港股市场的前景被看好。大摩为此列出了三个关键信 号： 1. 大摩意外唱多A股和港股。这不仅仅是对A股和港股的乐观预测，更具有深 ...