维持"25 天原 K1" 信用等级为 AAA，评级展望为稳定。 特此公告 联合资信评估股份有限公司 评级总监： 二〇二五年六月二十五日 声 明 一、本报告是联合资信基于评级方法和评级程序得出的截至发表之日的 独立意见陈述，未受任何机构或个人影响。评级结论及相关分析为联合资信 基于相关信息和资料对评级对象所发表的前瞻性观点，而非对评级对象的事 实陈述或鉴证意见。联合资信有充分理由保证所出具的评级报告遵循了真 实、客观、公正的原则。鉴于信用评级工作特性及受客观条件影响，本报告 在资料信息获取、评级方法与模型、未来事项预测评估等方面存在局限性。 二、本报告系联合资信接受宜宾天原集团股份有限公司（以下简称"该 公司"）委托所出具，除因本次评级事项联合资信与该公司构成评级委托关 系外，联合资信、评级人员与该公司不存在任何影响评级行为独立、客观、 公正的关联关系。 宜宾天原集团股份有限公司 www.lhratings.com 联合〔2025〕5320 号 联合资信评估股份有限公司通过对宜宾天原集团股份有限公司 主体及其相关债券的信用状况进行跟踪分析和评估，确定维持宜宾 天原集团股份有限公司主体长期信用等级为 AA+， 三 ...

（原标题：意大利-印度商业论坛在意布雷西亚举行） Decode39网6月5日报道，4日，意大利副总理兼外长塔亚尼与印度商业和工业部长戈亚尔在意大利布雷西亚共同 主持了高级别经济对话及意大利-印度商业论坛。这是意印两国首次在非首都城市举行此类高级别双边峰会，选址意大 利制造业和创新重镇布雷西亚，具有象征意义。活动汇聚了100多位印度CEO、众多意大利企业领袖以及两国政府官 员和贸易机构代表，旨在深化双边经济联系。 意印领导人强调了贸易、创新和共同全球雄心的强烈一致性。塔亚尼称印度是"关键伙伴"，希望吸引更多印度投 资意大利并扩大意企在印存在。戈亚尔则强调了将两国联系得更紧密的"共同文化、遗产和价值观"，对共同建设更强 的经济未来充满信心。 在重大战略基础设施方面，双方确认将加倍努力推进印度-中东-欧洲经济走廊（IMEC，意方称"棉花之路"）。塔 亚尼宣布将在印度和意大利东北部的里雅斯特举办两场活动以彰显其重要性，该走廊将连接印度、海湾、以色列和南 欧，的里雅斯特是欧洲关键门户，毗邻布雷西亚等北部工业中心。 此外，罗马明确支持更广泛的欧盟-印度自由贸易协定谈判。塔亚尼承诺加速谈判进程，目标是年底前达成"平衡 的协 ...

Core Viewpoint - Anhui Linping Circular Development Co., Ltd. is seeking to raise 1.2 billion yuan through an IPO on the Shanghai Stock Exchange, focusing on the production of packaging paper products [1][5]. Company Overview - Linping Development specializes in the research, production, and sales of corrugated paper and boxboard, recognized as a high-tech enterprise with independent R&D capabilities [3]. - The company integrates waste paper utilization, cogeneration, and green paper-making, emphasizing environmental protection and resource recycling [3]. Market Position - Linping Development has a current production capacity of 1.2 million tons and ranks among the top 30 paper production companies in China, with a projected output of 1.0197 million tons in 2024 [4]. - The company holds a significant market share in Anhui Province, accounting for 35.65% of the province's paper and board production and 0.75% of the national total [4]. Financial Performance - The company reported revenues of 2.879 billion yuan, 2.8 billion yuan, and 2.485 billion yuan for the years 2022 to 2024, with net profits of 154 million yuan, 212 million yuan, and 153 million yuan respectively [5]. Future Growth Plans - The IPO proceeds will be allocated to projects aimed at producing 900,000 tons of green intelligent manufacturing materials and 600,000 tons of bio-based fiber materials [5]. - The investment projects are expected to enhance product upgrades, production capacity, and market share, thereby improving profitability [6]. - The company plans to phase out outdated production lines and invest in new intelligent production lines to enhance efficiency and product quality [6].

破解"重流量、轻存量"难题，需从认知、制度、政策和考核等维度进行系统性改革，构建"流量带动存 量、存量反哺流量"的良性循环机制。 在人民币国际化进程中，跨境人民币流量与存量的结构性失衡问题已成为关键制约因素。截至2024年 底，我国跨境人民币结算规模（流量）达96万亿元，而境外人民币存款仅3.5万亿元、债券存量不足1.2 万亿元，流量与存量之比高达27︰1，显著高于美元5︰1的国际水平。这种"重流量、轻存量"的发展模 式，暴露出人民币国际化战略执行中的深层问题。 流量与存量的结构性失衡：人民币国际化的核心问题 从实践来看，流量指标（如跨境结算规模）因可通过政策引导短期提升，成为政绩考核的"显绩"；而存 量指标（如境外人民币资产持有规模）需依赖市场自发的长期资产配置需求，见效周期长、考核难度 大，导致地方政府与金融机构普遍存在"重结算规模、轻资产沉淀"的倾向。 这种失衡不仅制约人民币从"贸易结算工具"向"价值储藏手段"的功能升级，更潜藏三大系统性风险：一 是货币职能残缺风险。单纯依赖流量扩张使人民币长期停留在"贸易结算工具"层面，境外主体因缺乏多 元化资产配置渠道，往往在收到人民币后迅速兑换为其他货币，导致人民 ...

齐鲁晚报·齐鲁壹点 胡晓娟 近日，2025"好品金融"典型案例和产品名单公布，中国银行山东省分行（以下简称"山东中行"）报送的"2024'中银山东周'"，成功获评"金融服务高质量发展 突出贡献案例"。这场以金融为纽带、以开放为底色的国际盛会，在山东12城同步掀起跨越山海的合作浪潮。 Shandong Great Business Partner 据了解，活动聚焦山东省"走出去"和"引进来"重点领域，短短四天，三大主题、六大专场、百余场对接活动密集上演。来自13个国家和地区的47家海外机构 与106家山东企业深入洽谈，最终31个项目成功签约，签约金额高达367亿元。这场由中国银行与山东省人民政府联手打造的盛会，不仅是一场金融与产业的 盛宴，更成为山东向世界敞开怀抱、链接全球资源的关键枢纽。 作为齐鲁大地深度融入全球脉动的重要桥梁，"中银山东周"创新采用"N+1"模式——N个专场对接活动在全省多地同步开花，一场重磅主题发布会在济南压 轴登场。从去年9月2日至4日，"走出去"项目融资、"鲁港澳"合作交流、"引进来"投资山东、"乡村振兴"国际合作、资本产业对接、济南城市路演六大专场 活动如火如荼。通过主场推介、集中签 ...

Core Insights - The seminar focused on the development trends and policy evolution of global stablecoins, highlighting their operational models, impacts, and regulatory frameworks [1][2]. Group 1: Stablecoin Operational Models and Market Trends - Understanding stablecoins requires examining their technological foundations and operational models, which differentiate them from cryptocurrencies. Stablecoins combine the technological advantages of crypto assets with the value stability of fiat currencies, addressing incentive mechanisms for market participants [1][3]. - Stablecoins have entered a new phase of scaled and compliant development, becoming popular payment tools that integrate with traditional financial systems. The average transaction size of stablecoins has decreased, indicating a shift from investment settlements to cross-border trade and real-world transactions [1][6][7]. - As of June 20, 2025, the global market capitalization of stablecoins reached $261.5 billion, with USD stablecoins accounting for $253.3 billion. Projections suggest that by 2030, stablecoin market capitalization could reach between $1.6 trillion and $3.7 trillion, depending on regulatory clarity [6][7]. Group 2: Impact on International Payment and Currency Systems - The development of stablecoins, particularly USD stablecoins, is creating a new cycle of dollar circulation, reinforcing the dollar's dominance in the international monetary system. Over 95% of stablecoins are fiat-backed, with USD stablecoins making up 99% of that segment [2][11][13]. - The majority of stablecoin reserves are invested in U.S. Treasury securities, with Tether's USDT holding approximately $1.2 trillion in U.S. debt as of March 2025. This trend is expected to continue, potentially leading to stablecoin issuers holding over $1.2 trillion in U.S. Treasuries by 2030 [12][13]. Group 3: Regulatory Challenges and Frameworks - The governance challenges and potential risks associated with stablecoins are becoming increasingly apparent. The U.S. is leading a global shift towards supportive regulatory frameworks for compliant innovation in stablecoins [2][19]. - A "five-pillar framework" for stablecoin regulation has emerged, focusing on the functional positioning of stablecoins, issuer access, operational oversight, reserve fund management, and anti-money laundering measures [20][21]. - Future regulatory considerations include the applicability of existing frameworks to decentralized operations, the need for innovative regulatory approaches leveraging new technologies, and addressing the global nature of cryptocurrency against national governance [25].

Group 1: Economic Support Measures - The Guangdong Province has officially issued a work plan to promote sustained economic improvement, focusing on precise support for enterprises, stabilizing employment, boosting consumption, expanding effective investment, and ensuring the safety of industrial and supply chains [1][2][3] - Specific measures include supporting e-commerce companies to establish export-to-domestic sales zones and facilitating the participation of new export enterprises in trade fairs [2][3] Group 2: Employment Stabilization - The plan emphasizes stabilizing the workforce through various methods such as salary negotiations, job rotation, and on-the-job training, with specific support for businesses hiring recent graduates and unemployed youth [4][5] - It encourages local governments to provide housing subsidies and increase housing fund loan limits to support first-time homebuyers and families with multiple children [4] Group 3: Investment Expansion - The plan aims to enhance effective investment by leveraging a coordinated project management mechanism to accelerate investment in ongoing projects and expedite the commencement of new projects [5][6] - It includes initiatives to promote the issuance and utilization of special bonds, focusing on projects with high investment efficiency and potential [6] Group 4: Resource Allocation and Innovation - The plan proposes the implementation of the "Million Talents Gather in South Guangdong" initiative to improve the market-oriented allocation of resources, enhancing the efficiency of talent, capital, technology, and data [7] - It also emphasizes the need for technological and industrial innovation, aiming to create new economic growth points through major technology projects and brand innovation [6][7]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [4]. Core Views - The company has announced a restricted stock incentive plan for 2025, granting 7.378 million shares at a price of 12.01 CNY per share, which represents 3.94% of the total share capital at the time of the announcement. The performance targets for 2025-2029 include revenue of no less than 33.63 billion CNY in 2025, increasing to 58.81 billion CNY by 2029, and net profit of no less than 3.53 billion CNY in 2025, reaching 6.17 billion CNY by 2029 [1][2]. - The company expects a compound annual growth rate (CAGR) of 15% for both revenue and net profit from 2026 to 2029, indicating strong confidence in future growth [2]. - The company has shown significant growth in Q1, achieving a 25% increase in revenue despite it being a traditional off-season for foreign trade, driven by new products and strong performance in non-US markets [2]. - The company is the only player in the industry that has innovatively integrated the entire plastic recycling and reuse value chain, establishing strong competitive barriers through advanced technology and a unique business model [2]. Financial Summary - The company forecasts revenues of 2,924 million CNY for 2024, 3,374 million CNY for 2025, and 4,532 million CNY for 2027, reflecting growth rates of 19.09%, 15.42%, and 16.06% respectively [3][11]. - The projected net profit for 2025 is 330 million CNY, with a growth rate of 7.5% compared to 2024, and expected to reach 448 million CNY by 2027, with a CAGR of 19.79% [3][11]. - The earnings per share (EPS) are projected to be 1.76 CNY in 2025 and 2.39 CNY in 2027, with corresponding price-to-earnings (P/E) ratios of 12.26x and 10.24x [3][11].

"新"向未来——平安基金2025年中期投资策略会于6月25日-26日举行，多位行业专家对当前经济形势、 热门行业发展前景、资产配置等话题展开探讨。中泰金融国际有限公司首席经济学家李迅雷在本次会议 上作题为《外部环境不利影响加大下，中国经济走势与政策选择》的主旨演讲，深刻剖析了在特朗普 2.0时代"反秩序性"冲击下，中国经济面临的内外挑战与破局路径。李迅雷指出，随着全球步入高震 荡、低增长的新常态，中国亟需通过政策创新激活内循环潜力，并在资产配置中把握历史性机遇。 外部系统性冲击正在形成 在震荡中布局确定性 全球经济正步入高震荡、低增长时代，这一趋势对中国经济产生了深远影响。李迅雷指出，全球收入与 财富分化加剧，主要经济体前1%和10%的居民财富占比持续攀升，这种分化导致社会矛盾加剧，经济 政策的不确定性上升。 在外部环境变差的背景下，中国经济内循环面临诸多挑战。李迅雷指出，美国对华关税政策的不确定 性，可能导致中国出口下滑，进而影响经济增长、就业和企业盈利。此外，出口下降可能加剧产能过剩 问题，进一步抑制制造业投资，而消费市场的疲软也难以在短期内有效弥补外需的不足。 在当前局势下，资产如何配置成为市场关注的焦 ...

Group 1: Green Consumption Trends - The low-carbon concept is increasingly embraced by consumers, leading to a rise in the purchase of energy-efficient products and the trading of idle items, particularly in the home appliance sector [1][4] - The "old-for-new" policy and green concepts have made energy-efficient appliances more appealing, with first-level energy efficiency products becoming the preferred choice for many consumers [2][4] - The sales generated from the "old-for-new" program have reached 1.1 trillion yuan since 2025, significantly boosting green consumption and industrial upgrades [4] Group 2: Production Innovations - Leading manufacturers are focusing on reducing emissions from the source, with designs emphasizing "lightweight and low energy consumption" [2] - A significant portion of materials used in appliances, such as refrigerators, is now recyclable, with 70%-80% of components made from recyclable materials [2] - The production process has been enhanced with environmentally friendly practices, such as the use of non-spray coating techniques in assembly [2] Group 3: Recycling and Circular Economy - The recycling process for old appliances is becoming more efficient, with facilities capable of quickly breaking down and sorting materials for reuse [2] - The demand for recycling is increasing, prompting companies to upgrade their smart production lines to handle the growing volume of waste [2] - The second-hand market is thriving, with a 40% year-on-year increase in second-hand recovery orders and a 43% increase in second-hand transaction orders as of May 2025 [14] Group 4: Clean Energy Development - The clean energy sector is rapidly expanding, with a significant increase in installed photovoltaic capacity, surpassing 1 billion kilowatts [21][23] - The share of clean energy in Xinjiang's total installed capacity has reached 60%, with ongoing projects expected to add 13.6 million kilowatts of new energy generation [20][30] - The government is streamlining the approval process for clean energy projects, enhancing support for the development of renewable energy [18][19] Group 5: Energy Efficiency and Carbon Reduction - The focus on energy efficiency is crucial for reducing fossil fuel consumption and enhancing clean energy production capabilities [29] - The construction of high-voltage transmission lines is being accelerated to improve the delivery capacity of renewable energy [30] - By 2027, the goal is to achieve a renewable energy utilization rate of no less than 90% across the country [31]