无数创新幼苗在此获得茁壮成长的"源头活水"。 当前，全球正经历新一轮科技革命与产业变革，科技创新格局加速重构。而粤港澳大湾区凭借独特的区位优势与制度创新活力，已成为中国乃至全球创新发 展的重要引擎。香港，作为国家最开放的城市和多年来重要的窗口，在国家"走出去"的战略下作用越来越不可替代，其"内联外通"的独特枢纽地位成为其核 心竞争力。 前沿研究在香港精准对接，融入粤港澳大湾区产业化洪流。粤港澳大湾区产业链条之完整、创新要素之密集、市场潜力之巨大，也与香港国际金融中心地位 形成了天然互补。资本动力源源不断注入，科创活力不断释放，无数创新幼苗在此获得茁壮成长的"源头活水"。 这并非简单的资源叠加，而是"前店后厂"模式的生动升级：香港的高端科研力量、国际金融资本、专业服务体系，与珠三角的转化能力、制造实力、广阔市 场，在独特框架下被高效衔接起来。香港以其独特优势，持续为内地引入国际顶尖人才、前沿技术、高端资本，让全球创新资源得以更顺畅地融入国家发展 血脉。 刚于近日在香港亚洲国际博览馆落下帷幕，由创新香港主办，36氪、香港汇智联合主办的NovaX国际创投嘉年华 2025，正是香港推动成为国际创新科技中 心，推动科技 ...

证券代码：002142 证券简称：宁波银行 | 投资者关系活动 | 特定对象调研 □分析师会议  | | --- | --- | | 类别 | □媒体采访 □业绩说明会 | | | □新闻发布会 □路演活动 | | | □现场参观 □其他： | | 活动参与人员 | 公司投关团队； | | | 交银施罗德 王崇、赵尹铭 | | 时间 | 2025 年 7 月 10 日下午 | | 地点 | 公司总部大厦 | | 形式 | 现场会议 | | | 1、请问公司贷款增速较高，未来能否保持？ 答：近年来，公司认真贯彻落实各级政府和金融监管部门的决策部署，聚焦 | | | 民营小微企业、制造业企业、进出口企业、民生消费等重点领域，加大资源 倾斜和支持力度，持续提升金融服务水准，助力实体经济提质增效，实现贷 | | | 款规模稳步增长。下阶段，随着扩内需、促消费等政策红利持续释放，新质 | | | 生产力加速培育，公司将持续扩大金融服务的覆盖面，有效对接实体经济融 | | | 资需求，保持信贷合理增长，切实支持实体经济发展。 | | | 2、贵行是否会采用资本计量高级法？ | | 交流内容及具体 | 答：2024 年 ...

Core Viewpoint - The head of the Nagoya branch of the Bank of Japan indicated that some companies in the region are postponing their capital expenditure plans [1] Group 1 - Companies in the Nagoya region are expressing concerns about delaying their capital spending [1]

Core Insights - Chengdu Chunxi Square has been auctioned off after 34 hours and 1032 bids, with Chengdu Dongfeng Commercial Plaza Co., Ltd. acquiring 100% equity for approximately 250 million yuan [1][4] - The starting price for the auction was 20 million yuan, with an assessed value of 430 million yuan, highlighting the significant interest in the property [1][4] - Chunxi Square is located in a prime commercial area, attracting both tourists and locals, and is easily accessible via public transport [4] Financial Overview - The property has a land use area of 3763.50 square meters and a building area of 15,327 square meters, generating an annual rental income of 4.56 million yuan [1][4] - There is a debt associated with the asset, totaling approximately 115 million yuan, which is currently under a bank mortgage and in a state of seizure [4][5][6] Market Context - The auction attracted numerous bidders, with many interested in transforming Chunxi Square, particularly into hotel developments, indicating its perceived investment potential [7][8] - Chunxi Square has historical significance and has undergone various operational changes since its opening in 2013, adapting to market demands and cultural positioning [8][9][10] - Recent management strategies aimed to innovate the business model and attract local consumers, but these efforts have not yet yielded significant results [10]

祝贺Rich Sparkle Holdings Limited（「Rich Sparkle」）（NASDAQ: ANPA）成功于美国纳斯达克挂牌上市。Rich Sparkle本次上市成功，标志着其迈向 国际市场的重要一步。艾德金融旗下之美国经纪商子公司Eddid Securities USA Inc. 为此次上市的牵头主承销商，主导整个上市流程，助其打开通往国际 资本平台的大门。 作为一间总部位于香港的财经印刷服务供应商，Rich Sparkle为包括香港联合交易所上市公司及拟上市公司在内的广泛客户提供设计及印制高质量财经印 刷材料等服务。在2024年，该公司为超过190间上市公司提供服务，涵盖排版、校对、翻译、设计及印刷等全面解决方案。透过度身订造的顾问服务， Rich Sparkle协助客户有效传达企业形象与财务信息，同时提升披露质量并确保符合法规要求。 多年来，艾德金融积极发挥桥梁角色，连结本地企业与全球资本市场，协助企业在不同阶段制定国际化策略。我们的专业团队熟悉国际监管环境与市场动 态，能为企业量身打造切合其发展需要的金融解决方案。 此次成功上市不仅彰显了Rich Sparkle的卓越企业实力与可持 ...

Core Insights - The report emphasizes that the capital market is stabilizing at the bottom, with multiple funding sources supporting bullish sentiment, suggesting a potential upward breakthrough in equities. The brokerage sector is expected to lead the market rally, recommending early positioning and waiting for breakout opportunities [1]. Industry Overview - The total market capitalization of the industry is 6,179.1 billion, with a circulating market value of 5,901.2 billion, representing 1.8% and 7.2% of the total market, respectively [2]. - The performance of the non-bank financial sector shows a 1-month, 6-month, and 12-month absolute performance of 9.0%, 16.0%, and 59.5%, respectively, with relative performance of 5.8%, 10.5%, and 42.0% [4]. Market Trends - The report indicates that the equity market has stabilized despite initial shocks from U.S. tariffs, with significant institutional investments leading to a recovery. The overall trend remains positive, with major indices showing an average increase of 1.1% as of June 30, 2025 [8]. - The bond market has experienced fluctuations, with the China Bond Index rising by 1.1% year-to-date as of June 30, 2025 [8]. Business Performance - In Q1 2025, listed brokerages reported total revenues of 1,259 billion, a year-on-year increase of 19%, and a net profit of 522 billion, up 78% year-on-year. The brokerage income was 327 billion, reflecting a 43% increase year-on-year [25]. - The report highlights a significant increase in the revenue of self-operated businesses, which reached 486 billion, marking a 46% year-on-year growth [30]. Strategic Directions - The report outlines a shift towards internal consolidation and external breakthroughs, with a focus on wealth management transformation and the integration of financial technology to enhance efficiency [6]. - The investment banking sector is expected to see a marginal recovery in equity financing, particularly benefiting from the expansion of the Sci-Tech Innovation Board and ongoing mergers and acquisitions [6]. Future Outlook - The report forecasts that the industry will achieve total revenue of 4,741 billion in 2025, representing a 5% year-on-year increase, and a net profit of 1,825 billion, up 9% year-on-year [6]. - The brokerage sector is anticipated to lead the market rally, with specific recommendations for stocks that are likely to benefit from policy catalysts and ongoing market trends [6].

Core Viewpoint - The bond market is showing signs of mild "indigestion," characterized by a steepening yield curve and cheaper government bonds, although it remains stable overall [1] Group 1: Market Conditions - The bond market has begun to exhibit mild "indigestion" signs, indicated by a steepening yield curve [1] - Government bonds have become cheaper, reflecting changes in market dynamics [1] - Despite these changes, the market continues to operate smoothly [1] Group 2: Risk Factors - A potential risk identified is the reduction in savings, leading to increased competition for funds [1] - There is a concern that rising inflation and interest rates could trigger capital outflows, resulting in higher real yields [1] - Such developments could exert pressure on the economy and financial system [1] Group 3: Government Debt Management - National debt management agencies can respond to market conditions by "manipulating" government bond issuance, such as canceling auctions and substituting short-term bonds for long-term ones [1]

Group 1 - The private economy plays an irreplaceable role in stabilizing employment, promoting innovation, and driving high-quality development, which is heavily reliant on financial support [1] - The implementation of the "Private Economy Promotion Law" in May emphasizes the establishment of a multi-level capital market system to support private enterprises in obtaining direct financing through stock and bond issuance [1] - The proportion of private enterprises in capital market financing has significantly increased in recent years, with private companies accounting for over 80% of A-share listed companies and raising approximately 644.8 billion yuan, representing over 60% of total fundraising [1] Group 2 - From 2022 to April 2025, 556 private enterprises were listed on the Shanghai and Shenzhen stock exchanges, accounting for 80.35% of listings, with a total initial financing scale of 637.35 billion yuan, representing 63.86% of the total [2] - The Beijing Stock Exchange and the New Third Board have developed a complementary market structure, with private enterprises making up 86% of the 265 listed companies on the Beijing Stock Exchange and 87.3% of the 6070 companies on the New Third Board [2] - Between 2022 and April 2025, private enterprises completed 167 financing transactions on the Beijing Stock Exchange, accounting for 87.89% of the total, with a financing scale of 31.25 billion yuan, representing 82.32% [2][3] Group 3 - The bond market has also provided significant financing support for private enterprises, with a total company bond financing scale of 421 billion yuan from 2022 to March 2025 [3] - The China Securities Regulatory Commission (CSRC) has introduced measures to support mergers and acquisitions of private enterprises, with 4159 merger and acquisition transactions completed by private listed companies from 2022 to April 2025, accounting for 57.74% of the total, with a combined transaction amount of 1.410352 trillion yuan [3] - The CSRC aims to enhance the inclusiveness and adaptability of the capital market while improving the transparency and predictability of rules to support high-quality private enterprises [3]

Core Viewpoint - The World Gold Council analysts believe that gold prices will benefit from the soaring U.S. deficit and increasing fiscal instability, even in the absence of short-term crises [2] Group 1: Economic and Fiscal Factors - The passage of the "Big and Beautiful" bill is expected to add $3.4 trillion in debt over the next decade unless the Trump administration meets its growth forecasts, raising the debt ceiling by $5 trillion [2] - Political tensions, particularly Elon Musk's threat to form the "American Party," are contributing to accumulating fiscal and political risks [2] - Global capital is being reallocated due to these uncertainties, with a weakening dollar driving up gold prices and U.S. Treasury yields [2][5] Group 2: Investor Behavior and Market Dynamics - Investors are increasingly turning to gold as a safe haven due to rising fiscal concerns, despite the traditional view that rising interest rates hinder gold prices [2][7] - Since 2022, other factors have rebalanced the inverse correlation between interest rates and gold prices, with gold prices rising even when real interest rates exceed 2% [2] - Central bank purchases, particularly from emerging market central banks, have become a significant factor in the strengthening of gold prices [2] Group 3: Long-term Implications - The long-standing fiscal issues have been a crucial support for the gold market, especially as the gap between U.S. Treasury yields and fixed-rate swaps widens, indicating increased market sensitivity to U.S. fiscal problems [5] - Although the World Gold Council does not foresee a full-blown fiscal crisis in the U.S., a series of smaller crises could arise due to debt ceiling issues or defaults, increasing market instability and demand for gold as a safe haven [5][6] - Analysts warn that if leaders appear to weaken their commitment to long-term fiscal discipline, the bond market's reaction could be swift and severe [6]

我国资本市场在科技创新和产业创新深度融合中正发挥着日益重要的作用，近年来，通过多层次资本市 场体系、注册制改革、科技创新债券、并购重组、股权激励等机制，推动科技、资本、产业的良性循 环，在支持民营企业发展方面取得了显著成效，直接融资渠道不断拓宽，服务质效持续提升。同时，资 本市场法制体系逐渐完善，坚持科学立法、民主立法、依法立法，严格落实公平竞争审查制度，保障各 类主体平等融资。 数据最为直接，从股票市场来看，民营企业已成为资本市场的重要参与主体。2022年至2025年4月末， 民营企业在沪深交易所上市556家，占比80.35%，首发融资规模6373.51亿元，占比63.86%；民营企业再 融资750家次，占比71.36%，再融资规模8427.99亿元，占比53.45%。近年来北交所、新三板不断完善符 合市场特点的差异化制度安排，与沪深交易所形成错位发展、协同互补的市场格局，打造服务创新型中 小企业的主阵地。2022年至2025年4月末，民营企业在北交所融资167家次，占比87.89%，融资规模 312.49亿元，占比82.32%；民营企业在新三板融资1320家次，占比86.10%，融资规模381.69亿元， ...