近日，某国有大行一则关于信用卡逾期账户诉讼类费用计入账单的公告引发外界关注。相关公告显示， 该行将于2025年9月14日起，对信用卡账户因逾期所产生的相关诉讼类费用一并计入涉诉信用卡的账单 中。 公告进一步说明了相关诉讼类费用的详细所指，包括但不限于诉讼费、仲裁费、财产保全费、差旅费、 执行费、评估费、拍卖费、公证费、送达费、公告费、律师费等，将按照司法判决或仲裁裁决结果，逐 笔或合计一笔（涉及上述多项费用时）计入涉诉的信用卡账单中。 在薛洪言看来，银行推进该项政策试点，反映出其提升信用卡业务风险管理精细化水平。"面对信用卡 逾期规模攀升带来的处置压力，将司法程序中的刚性成本如律师费、财产保全费等转移给责任方，可直 接减少利润侵蚀，推动逾期客户主动履约。" 实施地区将先从该国有大行上海市分行涉诉信用卡账户试点开展。具体而言，该行上海分行长宁支行自 9月14日起实施，该行上海分行自10月11日起实施，该行其他地区分行自10月19日起实施。 据了解，银行委托律师通过诉讼途径催收信用卡透支款所产生的诉讼类费用计入信用卡账单的做法，在 业内并不常见。记者翻阅中国裁判文书网发现，在信用卡纠纷民事判决案例中，有不少争议正 ...

7月25日，由浙江省商务厅、金砖国家特殊经济区中国合作中心秘书处、杭州市商务局、钱塘区商务局 指导，36氪、钱塘建设集团联合主办的2025「以"匠心"至"世界"」出海大会将于杭州钱塘君澜大饭店盛 大启幕。作为36氪全新打造的聚焦全球化与出海领域的IP盛会，大会设立主会场及分会场"投资金砖"- 国别合作对接会。大会主会场将分为"不确定中确定"和"在全球做生意"两大篇章，聚焦消费、科技、电 商、金融、新能源等出海热门领域，涵盖10余主题演讲、5场圆桌对话与East Forward 2025出海全球化 创新名册发布环节，解码"产品 - 技术 - 生态"协同增长的确定性逻辑，为企业穿越全球化迷雾、构建可 持续出海能力提供可借鉴的全球化发展路径。 当日，TrustDecision跨境负责人 Celia带来「安全合规出海，加速业务增长」的主题分享。 Celia：谢谢主持人，谢谢36氪的邀请。我是来自TrustDecision的跨境业务负责人Celia。我今天给大家分 享的主题是《安全合规出海 促进业务增长》。我看到之前普华永道老师讲合规和风险，我今天的主题 更聚焦电商，尤其是做独立站，或者在一些建站平台有建独立站的电商的 ...

Core Insights - The A-share market showed a trend of fluctuating growth in the first half of 2025, with quantitative private equity becoming a prominent investment force, achieving an average return of 8.32% across all private equity securities products, and 10% for stock strategy private equity [1] - Among 1,243 quantitative long strategy products, 93.32% achieved positive returns, with an average return rate of 15.42%, significantly outperforming other sub-strategies [1] - A wave of dividends emerged in the industry, with 558 private equity products distributing dividends, accounting for 14.09% of the total, amounting to 5.655 billion yuan [1] - High income for private equity managers leads to increased tax burdens, prompting them to seek legal and compliant tax optimization strategies [1] Group 1: Investment Performance - The average return for private equity securities products in the first half of 2025 was 8.32% [1] - Stock strategy private equity led with an average return of 10% [1] - Quantitative long strategy products had a remarkable average return of 15.42%, with 93.32% achieving positive returns [1] Group 2: Dividend Distribution - By the end of June 2025, 558 private equity products had distributed dividends, representing 14.09% of the total products with performance data [1] - The total amount of dividends distributed reached 5.655 billion yuan [1] Group 3: Tax Optimization Strategies - High income levels for private equity managers result in significant tax liabilities, including corporate income tax and value-added tax [1] - The need for tax optimization strategies is emphasized due to the high tax burden faced by managers in the quantitative private equity sector [1] Group 4: Risk Management and Insurance - Private equity managers face core risks including compliance, investment, operational, liquidity, reputation, and ethical risks throughout the fundraising, investment, management, and exit processes [3] - Professional liability insurance is deemed essential for private equity managers to mitigate risks associated with investment decisions and internal management [3][4] - The selection of professional liability insurance should focus on coverage that matches core business risks, including management and professional liability [4] Group 5: Employee Benefits and Insurance - The importance of a comprehensive employee benefits and insurance system is highlighted for attracting and retaining top talent in private equity firms [5] - Group accident insurance and employer liability insurance are included in the core benefits to provide comprehensive protection for employees [5] Group 6: Tax-Advantaged Insurance - The organization considers tax-advantaged insurance options, such as supplementary medical insurance, which can be deducted from total wages within 5% to reduce tax burdens [6] - The focus is on balancing tax compliance, employee needs, and cost-effectiveness when selecting insurance products [6] Group 7: Insurance Configuration Recommendations - Recommendations for insurance configurations for different roles within private equity firms include high-end medical insurance, critical illness insurance, and professional liability insurance [10][12][13][15] - Specific insurance products are suggested based on the unique risks associated with investment research, marketing, and operational roles [10][12][13][15]

Core Viewpoint - Recently, Shanghai Pudong Development Bank's Beijing branch successfully launched its first "gold leasing + hedging" business, leveraging the advantages of its "Puyin Hedging" product to assist a leading domestic gold producer in risk management, thereby achieving a win-win situation for both the bank and the enterprise while expanding the bank's service depth and breadth in the gold industry [1] Group 1 - In the first half of 2025, gold prices are expected to fluctuate upward due to multiple factors, prompting the need for stable operations among gold enterprises [1] - The Beijing branch of Shanghai Pudong Development Bank has tailored a "gold leasing + hedging" service plan for enterprises, combining physical gold leasing with derivative hedging tools to help companies lock in future costs and avoid losses from price fluctuations [1] - This year, the Beijing branch has executed multiple transactions, including "Puyuantong" bulk commodity derivative hedging trades and "Pushangyin" warehouse receipt derivative hedging trades, enhancing customer experience through innovative transaction structures that precisely match clients' hedging needs [1]

2025年资本市场下半程的号角已然吹响。7月24日，中国证监会召开证监会系统党的建设暨2025年年中 工作会议。会议部署的下半年七大重点任务，不仅为资本市场稳预期、防风险、促改革锚定航向，更 以"持续推进债券、期货产品和服务创新"为核心抓手，擘画期货市场服务国家战略的清晰路径。在"经 济高质量发展的确定性"这一宏观基调下，期货市场正从传统的"价格发现工具"向"国家战略护航者"跃 升，其深刻内涵值得深入解读。 向"新"发力： 期货创新紧扣国家战略主线 服务新质生产力，构建现代化产业支撑体系是期货市场的核心使命。当前，我国新能源、新材料等新兴 产业快速扩张，但上游原材料的价格波动（如锂、钴、工业硅等）和下游需求的不确定性，是困扰企业 稳健经营的"卡脖子"难题。期货市场的破题之道在于加速填补风险管理空白：一方面加快推出新能源金 属期货、生物基材料期权等品种，形成从矿产开采到终端产品的闭环风险对冲链条，降低"双碳"转型中 企业的成本波动风险；另一方面，以期货交易所为平台，加速碳期货上市，探索环保技术专利证券化衍 生品，为绿色技术研发提供长期的资本支持。 一是实现功能跃升，从交易市场到生态平台。中国证监会召开的年中工作 ...

Group 1 - The iShares Emerging Markets Dividend ETF (DVYE) has historically been a high-yield investment option in emerging markets and has performed reasonably well compared to its peer, the DEM ETF, in terms of total returns [1] - The focus of the analysis includes equity valuation, market trends, and portfolio optimization to identify high-growth investment opportunities [1] - The research emphasizes a combination of rigorous risk management and a long-term perspective on value creation, with particular interest in macroeconomic trends and corporate earnings [1]

Financial Data and Key Metrics Changes - The company reported a recurring net income of BRL 6.1 billion, with a return on average adjusted equity (ROAAE) of 14.6%, an increase of 3.2 percentage points year on year [2] - Total revenue reached BRL 34 billion, up 15.1% year on year and 5.2% quarter on quarter [3][4] - Net interest income (NII) grew almost 16% year on year and 4.7% quarter on quarter, with NII net of provisions at BRL 9.9 billion [9][12] Business Line Data and Key Metrics Changes - Fee and commission income increased by 10.6% year on year and 5.5% quarter on quarter, reaching BRL 10.3 billion [16] - The insurance segment saw a net income of BRL 2.3 billion, up 4.4% year on year, with a return on average equity (ROAE) of almost 22% [21] - The expanded loan portfolio reached BRL 1.18 trillion, growing 1.3% quarter on quarter and 11.3% year on year, with significant growth in micro, small, and medium enterprises (SMEs) [5][7] Market Data and Key Metrics Changes - The company is experiencing strong growth in the retail and corporate segments, particularly in secured loans, with a notable 25.2% growth in loans to SMEs [7][15] - The company has maintained a balanced credit quality, with over ninety-day non-performing loans (NPL) remaining flat [13][14] Company Strategy and Development Direction - The company is focused on leveraging technology, including Generative AI, to enhance productivity and efficiency across its operations [3][30] - The strategy includes expanding its presence in the mass market and enhancing digital services to improve customer experience [47][49] - The company aims to maintain a strong capital position, with a Tier 1 capital ratio of 13% and common equity at 11.1% [22] Management's Comments on Operating Environment and Future Outlook - Management anticipates a slower economic environment in the second half of the year but remains optimistic about growth opportunities in key segments [23][45] - The company is confident in its loan book quality and risk management practices, emphasizing a cautious approach to credit issuance [59][83] Other Important Information - Operating expenses grew by 5.8% year on year, in line with inflation, indicating effective cost control despite ongoing transformation initiatives [18][64] - The company has reduced its service points by over 1,500, reflecting a strategic adjustment in its operational footprint [19] Q&A Session Summary Question: Positioning in the low-income segment and Digital Next - Management confirmed a strong focus on the mass market and digital transformation initiatives to enhance service delivery [47][48] Question: Economic slowdown impact on SMEs - Management acknowledged the potential impact on SMEs but highlighted opportunities for growth through targeted services and government programs [52][54] Question: Concerns about operating expenses and guidance - Management addressed concerns about the "other" expense line and confirmed that operating expenses are under control, with guidance remaining consistent [61][66] Question: Net interest margin and ROE improvement - Management discussed the challenges in net interest margins and the strategies in place to normalize margins over the next 24 months [90]

短期风险对冲只能解燃眉之急，行业真正的可持续发展仍需依赖基本面的实质性改善。 当前政策预期为市场注入短期情绪动力，但要实现从"预期回暖"到"实质反转"的跨越，还需三大支撑： 政策细则的精准落地，包括老旧装置退出清单的明确、环保技改补贴的兑现；下游需求的企稳回升，既 需要房地产竣工面积的实际增长，也依赖光伏装机规模的持续扩大；产能结构的深度优化，推动高成本 产能加速出清与天然碱法替代进程。 王铭之表示，市场终将回归理性，能穿越周期的永远是务实者。"在行业洗牌中脱颖而出的企业，往往 是那些在狂热时保持冷静、在悲观时提前布局的市场主体。"他说。 "反内卷"政策为玻璃、纯碱市场注入的并非简单的价格上涨动力，而是倒逼产业升级的转型契机。这轮 由政策预期推动的市场行情，既暴露了行业长期存在的供需失衡、产能结构僵化等深层问题，也推动企 业在波动中探索更理性的生存法则。在政策预期与市场现实的持续博弈中，玻璃、纯碱企业正从短期风 险管理到长期产业转型，逐步勾勒出"反内卷"背景下的破局路径。 政策暖风下的市场波动，让风险管理成为企业生存的"必修课"。调研中期货日报记者发现，利用期货期 权等工具管理风险已成为行业共识，为企业筑起了 ...

Core Insights - The article emphasizes the importance of understanding registration processes, qualification standards, and financing strategies for companies entering the civil engineering and construction industry in Japan [1]. Company Registration Basics - The registration process for civil engineering companies in Japan includes company establishment, industry license application, and relevant qualification certification [2]. - Companies must complete registration with relevant authorities, defining company type, business scope, and registered address before commencing operations [2]. Qualification Categories and Application Conditions - Japan's civil engineering qualifications are categorized into various levels, including construction management qualifications and specific engineering category qualifications [3]. - Companies must demonstrate financial stability with registered capital typically ranging from several million to tens of millions [3]. - A requisite number of qualified technical personnel, such as construction managers and project leaders, must be employed, with necessary qualifications obtained through professional examinations [3][5]. Project Experience and Compliance - Companies need to showcase project experience and performance, particularly in similar scale or type projects, as part of the qualification application [5]. - Compliance with safety management and environmental standards is essential to ensure adherence to industry regulations during construction [5]. Financing Strategies - Japanese civil engineering companies typically employ multi-channel financing strategies to ensure adequate project funding [6]. - Bank loans are a common financing method, requiring detailed project budgets, financial statements, and cash flow forecasts for loan applications [7]. - Companies may also consider partnerships or investors to share funding and risks, enhancing project success rates [7]. Risk Control and Management - Effective risk management is crucial due to the complexity and high investment nature of civil engineering projects [8]. - Companies should conduct thorough project risk assessments to identify potential risks and develop corresponding mitigation strategies [8]. - Strengthening contract management and ensuring compliance with safety standards are vital to minimize legal and financial risks [9][10]. Industry Development Trends and Future Outlook - The Japanese civil engineering industry is evolving towards smart and green technologies, necessitating companies to stay updated on technological advancements [11]. - Financing channels are expanding beyond traditional bank loans to include bond issuance and project financing companies [11]. - Emphasizing innovation and continuous learning will be essential for companies to adapt to industry changes and ensure sustainable growth [11]. Summary - Qualification requirements include financial stability, qualified personnel, and project experience to obtain necessary construction qualifications [12]. - The registration process involves company registration, industry license application, and qualification certification to operate legally [13]. - Financing strategies should combine bank loans, cooperative investments, and sound financial management to ensure project funding and effective risk control [14].

Core Viewpoint - The Hong Kong Stock Exchange (HKEX) has officially released a consultation summary regarding the review of the Corporate Governance Code and Listing Rules, marking the most significant change in governance standards in nearly a decade, with the revisions set to take effect on July 1, 2025 [2] Group 1: Historical Context and Trends - The Corporate Governance Code has undergone eight revisions since its introduction in 2004, reflecting HKEX's commitment to enhancing corporate governance and aligning with international best practices [5] - Key revisions occurred in 2004 (introduction of the framework), 2012-2013 (enhanced board independence and diversity), 2016 (strengthened risk internal control), 2018 (improved transparency and diversity), 2021 (comprehensive upgrades), and 2024 (efficiency optimization) [5] Group 2: Key Revisions and Requirements - Mandatory establishment of three key committees (Audit, Nomination, and Remuneration Committees) with higher requirements for the number, qualifications, roles, and independence of independent non-executive directors [6] - Enhanced transparency and disclosure requirements transitioning from voluntary "best practice" to mandatory "Corporate Governance Reports," necessitating detailed disclosures on compliance, deviations, and governance practices [7] - Risk management is now a core supervisory responsibility of the board, with mandatory annual effectiveness assessments and disclosures [8] - Diversity policies are now mandatory, particularly regarding gender diversity, with requirements to disclose targets and progress [9] - Continuous optimization of board composition, including term limits for independent directors and mandatory training and performance evaluations to ensure board vitality and independence [10] Group 3: Governance Effectiveness and Training - The revisions emphasize the need for a governance effectiveness-focused training system for directors, including mandatory annual training on specific topics [14] - Boards are required to conduct comprehensive performance evaluations at least every two years, with disclosures on evaluation scope, methods, results, and improvement measures [14] - Enhanced shareholder communication management is mandated, requiring detailed disclosures on the nature, frequency, and follow-up mechanisms of shareholder interactions [18] Group 4: Independence and Diversity - New hard constraints on board independence include a nine-year term limit for independent non-executive directors, with a three-year cooling-off period for reappointment [19] - Independent directors are limited to serving on a maximum of six boards, with additional disclosure requirements [20] - The diversity policy now extends beyond the board to all employees, requiring companies to develop and disclose diversity policies for all staff [22] Group 5: Risk Management and Internal Control - The revisions harden previous soft requirements for risk management, mandating effective evaluations and disclosures of risk management and internal control systems [25] - Companies must establish a comprehensive risk management framework that integrates risk identification, compliance, and internal control processes [28] - Mandatory disclosures on the effectiveness of risk management and internal control systems are now required, including specific evaluation processes and findings [27] Group 6: Capital Management and Shareholder Returns - New regulations enhance disclosure requirements regarding shareholder returns, including mandatory disclosures of dividend policies and the rationale for any non-distributions [35] - Companies are required to construct a dynamic dividend policy framework and regularly review and optimize their dividend policies in alignment with corporate strategy and financial status [35]