Core Viewpoint - The article emphasizes the critical phase of China's "15th Five-Year Plan" (2026-2030) as a window for strategic transformation for group enterprises amidst global industrial restructuring, technological breakthroughs, and carbon neutrality goals. It introduces an "Eight Battles" framework to address the complexities faced by these enterprises in navigating traditional business challenges while seizing opportunities in emerging industries [1][24]. Group 1: Strategic Challenges - Group enterprises must recognize the core trends during the "15th Five-Year Plan" amidst uncertainties, focusing on three overlapping shocks: geopolitical conflicts, accelerated technological transitions, and social structural changes [1]. - Despite the inability to predict macroeconomic trends accurately, enterprises can identify four certainty axes: continuation of globalization, economic center shifting eastward, deepening technological revolution, and endogenous economic growth in China [2][3][5]. Group 2: Strategic Positioning - Enterprises need to transform their strategic positioning from administrative control to value management, focusing on resource allocation, risk management, and capital distribution based on ROIC (Return on Invested Capital) [8][11]. - The role of group headquarters should evolve into a guiding force for strategic direction, capability builder, and risk management facilitator [8]. Group 3: Business Portfolio Management - A systematic evaluation of industry attractiveness and business competitiveness is essential to categorize existing business units into core, growth, and opportunity/adjustment segments [11]. - Enterprises should adopt a dual approach of enhancing core capabilities while exploring adjacent and new business opportunities for optimization and upgrading [11][15]. Group 4: Asset Optimization - Controlling low-yield or non-viable business assets is crucial to avoid inefficient expansion and ensure healthy business development [13]. - Establishing a "ROIC-Cost of Capital" management mechanism can aid in effective asset optimization by categorizing businesses into growth/core, opportunity/adjustment, and exit categories [13]. Group 5: Management Efficiency - Improving operational efficiency and optimizing internal management processes should be a focus during the "15th Five-Year Plan" [18]. - A comprehensive planning mechanism from strategic formulation to execution and review is necessary to enhance overall management quality [18]. Group 6: Control Model - The construction of a support system is vital for group enterprises, emphasizing the restructuring of resource acquisition and utilization paths [20]. - The "4S" functions (Shaping, Servicing, Safeguarding, Skill) should be leveraged to enhance management capabilities and market competitiveness [21]. Group 7: Integrated Strategy Model - Enterprises should develop a tri-circle linkage strategy model encompassing industry, assets, and capital to drive growth [22]. - This model involves a dynamic cycle of strategic planning, execution, and review, supported by effective resource allocation and capital operation strategies [22]. Conclusion - The "15th Five-Year Plan" period represents a pivotal transition for group enterprises from efficiency-driven to innovation-driven growth [24]. - The interconnectedness of the "Eight Battles" will enable enterprises to transform strategic planning into capabilities, thereby achieving resilience and leadership in value creation during turbulent times [24].

Core Viewpoint - Hebei Asset Management Co., Ltd. has officially submitted an application for listing on the Hong Kong Stock Exchange, aiming to become the first local asset management company (AMC) from mainland China to go public in Hong Kong, reflecting a strong desire for capitalization [1][5]. Company Overview - Hebei Asset completed its shareholding reform on June 18, transitioning to a joint-stock company with a total share capital of 2 billion shares, each with a par value of RMB 1 [2]. - The major shareholder, Hebei Construction Investment Group, holds 56.52% of the shares, with other significant shareholders including Hebei Port Group, Hebei Steel Group, and others, all of which are key state-owned enterprises in Hebei [2][3]. Market Position - Hebei Asset is the only local AMC in Hebei with the qualification to acquire and manage non-performing financial assets, holding a significant market position in the region [5]. - According to a report by Zhaosheng Consulting, the company ranks second in the province with a market share of 24.4% for newly acquired non-performing assets in 2024, and first with a market share of 47.2% for non-performing assets acquired from small and medium-sized banks [5]. Financial Performance - The company experienced a significant decline in performance in 2023, with non-performing asset management income dropping by 48% to RMB 222 million, resulting in a net loss of RMB 145 million [5][6]. - In 2024, Hebei Asset's performance rebounded, with non-performing asset management income increasing by 130% to RMB 512 million and a net profit of RMB 204 million, attributed to improved asset recovery efforts [7]. Industry Context - The capital market for local AMCs is still in an exploratory phase, with only two national AMCs listed in Hong Kong. The listing of Hebei Asset could serve as a reference for future developments in the industry [8][9]. - Local AMCs face increasing regulatory scrutiny, with new guidelines issued that clarify requirements for asset acquisition, disposal, and financing [9]. Despite challenges, the non-performing asset management industry has significant growth potential due to ongoing economic adjustments and the increasing sources of non-performing loans [9].

近日，世界经济论坛第十六届新领军者年会（2025夏季达沃斯论坛）盛大开幕，全球政商学界精英齐聚 一堂，围绕全球经济、科技、环境等前沿议题展开深入交流与探讨。在此次备受瞩目的国际盛会上，责 扬天下创始人殷格非及副总裁代奕波受邀出席，并在"为自然核算：从无形资本到无价资产"闭门讨论会 中积极发声，分享了责扬天下在自然资本核算领域的创新理念与实践成果，为推动自然资本核算的发展 贡献了宝贵的中国智慧。 在闭门讨论会上，责扬天下创始人殷格非围绕"如何通过ESG价值核算推动自然资本核算发展"这一核心 议题，展开了深入且富有前瞻性的分享。他指出，随着全球对可持续发展的重视程度不断提高，自然资 本作为企业和社会发展的重要支撑，其核算与价值评估愈发关键。ESG（环境、社会和公司治理）价值 核算作为一种综合性的评估方法，能够全面衡量企业在环境、社会和治理方面的表现，为自然资本核算 提供了新的视角和工具。 责扬天下副总裁代奕波应邀在会上做了专门的引导性演讲。她分享了责扬天下在自然资本领域的丰富研 究和实践经验。早在2019年，责扬天下便凭借其专业的团队和创新的理念，完成了中国第一个多元资本 核算项目，为国内自然资本核算的发展进行了 ...

来源：瑶海发布 对接需求请扫码 榜单： 「2025投资机构软实力排行榜」评选启动 近日，规模达20亿元的瑶海区科技创新投资基金（有限合伙）正式完成工商注册，瑶海基金丛林 再度扩容，赋能产业发展。该基金由瑶海科创集团联合瑶海国资集团、兴泰资本共同发起设立。 基金主要聚焦高端装备制造、新材料、新一代信息技术、生物医药、智能机器人和低空经济等六大 领域，重点扶持核心技术硬、市场前景广的成长型企业，推动通过资本赋能，持续稳固区域产业链 关键环节，拓展供应链配套生态，为瑶海高质量发展注入澎湃动力。 热文： 今年，上市公司热衷做并购基金 每日｜荐读 峰会： 「2025母基金年度论坛」盛大启幕：汇聚中国力量！ 热文： 一纸新规，炸出一级市场的管理费焦虑 ...

中国创投市场最新变化。 报道 I 投资界PEdaily 见证创投行业变迁，由清科创业、投资界联合主办的第十九届中国基金合伙人大会于7月3- 4日在上海举办。本届大会汇聚资本掌舵 者，共叙行业趋势，透视中国LP市场最新动态，探寻新周期下的创投之路。 会上，清科集团创始人、董事长，清科创业CEO倪正东带来主题演讲，透过清科研究中心新鲜出炉的数据回顾2025上半年中国股权投 资行业的境况，分享关于中国创投最一线的观察。 以下为演讲实录， 经投资界（ID:pedail y 2012）编辑： 又到年中相逢，感谢大家参加一年一度的中国基金合伙人峰会。转眼间，清科的年中峰会已经走过19届，见证了这个行业的浮沉变 迁。 记得当年我们第一届峰会也是在上海，那时论坛上几乎一半嘉宾是外资面孔，如今，我们这个行业外资身影远去——这算是行业变化 的一个缩影。 先看整体基金备案情况 。截至上半年，中基协备案管理人近1. 19万家，比2024年减少了275家；今年上半年注销基金管理人 超 30 0 家，新增只有47家，变化明显—— 注销的基金多了 。这意味着市场正在加速出清。 春 江 水 暖 看 募 资 。 202 5 年 第 一 季 度 ...

Core Viewpoint - The chairman of Jiangsu Baichuan High-tech New Materials Co., Ltd., Zheng Tiejiang, has been placed under investigation and detention by the Jiangyin Municipal Supervisory Committee, leading to a significant drop in the company's stock price and raising concerns about its financial stability and ongoing projects [2][9]. Company Overview - Jiangsu Baichuan High-tech New Materials Co., Ltd. was founded in 2002, with Zheng Tiejiang holding a 75% stake initially. The company has undergone several changes in ownership structure, with Zheng and his family remaining the primary shareholders [4]. - The company has faced financial difficulties, with a significant drop in revenue from 2014 to 2016, but saw a recovery in subsequent years, primarily driven by its traditional chemical business rather than its newer energy materials segment [6][7]. Financial Performance - In 2023, Baichuan's new materials and energy businesses reported negative gross margins of -4.76% and 0.51%, respectively, contributing to an overall net loss of 466 million yuan [6]. - The company reported a gross margin of -1.95% for its new materials business and -38.69% for its energy business in 2024, although its chemical business improved to a gross margin of 16.90%, allowing the company to return to profitability [7]. Shareholding and Financial Issues - As of March 2023, Zheng Tiejiang had pledged 36,397,500 shares, representing 6.12% of the company's total shares and 43.16% of his holdings, primarily for personal financing needs [8]. - Baichuan's financial situation is strained, with a significant liquidity gap, as its current assets of 3.016 billion yuan are overshadowed by current liabilities of 7.637 billion yuan, indicating a need for financial restructuring [8]. Impact of Leadership Changes - The detention of Zheng Tiejiang introduces uncertainty to ongoing projects, particularly in the energy sector, which has already been underperforming [9]. - The increasing regulatory scrutiny in the capital market reflects a broader trend of tightening oversight, which may impact investor confidence and the company's operational stability [9].

德国总理默茨：我们必须深化并开放欧盟资本市场。 ...

Core Viewpoint - Industrial Bank has completed the redemption and delisting of its three phases of preferred shares, totaling 57.171 billion yuan, marking a significant step in its capital management plan [1][3]. Group 1: Redemption of Preferred Shares - The three phases of preferred shares, issued on December 3, 2014, June 17, 2015, and April 3, 2019, raised a total of 56 billion yuan, with individual phases raising 13 billion yuan each for the first two and 30 billion yuan for the third [3]. - The bank has paid the full face value and dividends to preferred shareholders, amounting to 57.171 billion yuan, as of July 1, 2025 [3]. - The redemption was executed following the issuance terms and received no objections from the National Financial Regulatory Administration [3]. Group 2: Industry Trends in Preferred Share Redemption - Financial institutions have been actively redeeming preferred shares in recent years, with examples including Minmetals Capital redeeming 5 million shares worth 5 billion yuan [5]. - China Bank also redeemed all of its overseas preferred shares, which were issued in March 2020 [5]. - The trend of redeeming preferred shares is driven by a low-interest-rate environment, allowing banks to optimize their capital structure and reduce interest expenses, thereby enhancing returns for common shareholders [5].

Group 1 - The launch of the Hailake Town project in Cambodia marks a significant milestone in the Belt and Road Initiative, focusing on ecological tourism and regional value reconstruction with a total area of 1994 hectares and an initial phase of 82 hectares [2] - The project is situated in a unique ecological environment, featuring a low PM2.5 value of below 6.5 and a high concentration of negative oxygen ions at 13,000/cm3, which enhances the health and wellness appeal of the development [3] - The project includes ten supporting facilities such as an ecological purification system and a high-end medical center, aiming to transform natural advantages into health productivity [3] Group 2 - The initial phase of 82 hectares is designed with a "dream lake life oasis" concept, featuring a two-tier spatial system that balances community interaction and residential privacy [5] - The overall planning includes 707 plots covering a total area of 462,400 square meters, with a land output rate of 54.68%, ensuring a balance between ecological protection and land premium [7] - The project offers three product systems catering to different investment needs, including flagship plots for brand developers, standard plots for small investors, and economic plots for vacation villas, promoting inclusive investment opportunities [7] Group 3 - The global launch of the Hailake Town products is positioned as an invitation to investors, leveraging scarce ecological resources and comprehensive facilities to attract global interest, particularly from colder regions like Russia, Japan, and South Korea [9] - The project aligns with global health living trends and the Southeast Asian tourism boom, aiming to become a hotspot for both domestic and international investors [9] - The company plans to enhance land value through natural value empowerment, transitioning from real estate development to a focus on healthy living [9]

证券研究报告 固收定期报告 hyzqdatemark 2025 年 07 月 03 日 社融有望同比多增 ——2025 年 6 月金融数据预测 投资要点： 证券分析师 廖志明 SAC：S1350524100002 liaozhiming@huayuanstock.com 核心预判：依据过往信贷投放规律及行业观察等，我们预测 2025 年 6 月新增贷款 2.1 万 亿元，社融 3.8 万亿元。6 月末，M2 达 329.2 万亿，YoY+7.9%；M1（新口径）YoY +2.5%； 社融增速 8.8%。 请务必仔细阅读正文之后的评级说明和重要声明 联系人 6 月新增贷款或同比接近。二季度，4 月及 5 月往往是信贷投放小月，6 月为投放大 月。尽管信贷需求持续偏弱，但银行在 6 月往往会冲刺信贷规模，以做大半年末贷 款余额。我们预计 6 月新增贷款 2.1 万亿，同比接近；个贷增量 5000 亿，对公信贷 增量 1.55 万亿，非银同业贷款+500 亿。定期存款利率下调可能提升按揭早偿压力， 但一二线城市成交较活跃，按揭贷款有望正增长。我们预计 6 月个贷短期+1500 亿， 个贷中长期+3500 亿。我们预 ...