Core Viewpoint - The recent issuance of the "Interim Measures for the Supervision and Administration of Local Asset Management Companies" marks a significant improvement in the regulatory framework for local AMCs in China, aiming to guide the industry towards more standardized and sustainable development [1][4]. Summary by Relevant Sections Regulatory Framework - The new measures comprehensively regulate the business boundaries, risk management, and supervisory mechanisms of local AMCs, clearly defining what is permissible and what is prohibited, thus enhancing risk management and compliance levels [1][3]. Business Operations - Local AMCs are primarily focused on preventing and resolving regional financial and real economy risks, with a defined scope of operations including the acquisition, management, and disposal of non-performing assets [3][4]. - The measures prohibit local AMCs from engaging in activities such as helping financial institutions conceal non-performing assets and providing financing channels for local government financing platforms [5][6]. Risk Management - Specific risk management requirements are established, including limits on exposure to single clients and groups, ensuring that local AMCs maintain a balanced risk profile [7][8]. - Local AMCs are required to hold a minimum amount of high-quality liquid assets to manage liquidity risks effectively [8]. Regulatory Responsibilities - The provincial local financial management institutions are designated as responsible for the supervision and risk management of local AMCs, ensuring a unified and authoritative regulatory approach [9]. - The measures emphasize the importance of collaboration between local and national regulatory bodies to promote healthy industry development [9]. Transition Period - A transition period is set for local AMCs to comply with the new regulations, which is expected to last no more than three years, allowing companies to adjust their business models accordingly [10][11].

*ST亚振第三次停牌核查，近年来十分罕见。停牌核查是抑制过度投机的重要手段，其风险提示意义却 被部分投资者所忽视，更有甚者把停牌核查当成是妖股通行证，投机情绪不减反增。投资市场的风险教 育不仅需要监管层的细心引导，还需要投资者自身加强风险意识，拒做投机客才能远离高风险。 停牌核查作为证券市场监管的一项重要措施，其本质在于通过暂停交易的方式，为市场提供一个冷静 期，以便对可能存在的异常交易行为、信息披露违规等问题进行深入调查，从而有效抑制过度投机，保 护广大投资者的合法权益。然而，在现实中，这一制度的风险提示意义却常常被部分投资者所忽视，而 这种错误认知可能加剧市场的非理性波动。 面对这样的市场现象，加强风险教育显得尤为重要。监管层应继续细化监管措施，不仅要通过停牌核查 等手段直接干预市场，更要通过多种渠道加强对投资者的教育引导，提高其对市场风险的认识和防范能 力。同时，监管层也应加大审查力度，排除可能存在的内幕交易和操纵股价，维护市场的公平公正公 开。 对于投资者而言，增强自我保护意识，拒绝成为投机客，是远离高风险、实现长期稳健价值投资的关 键。这要求投资者树立正确的投资观念，理解并接受投资的风险与收益并存的 ...

Group 1 - Goldman Sachs' stock trading division achieved record revenue for the second consecutive quarter, reaching $4.3 billion, exceeding analyst expectations by approximately $600 million and increasing by $100 million from the previous quarter [1] - The company's overall profit reached $3.7 billion, or $10.91 per share, a 22% increase from $3.04 billion ($8.62 per share) in the same period last year, surpassing market expectations [1] - The positive performance was attributed to market volatility driven by U.S. government trade policies, prompting investors to adjust their positions to mitigate tariff risks [1] Group 2 - The fixed income, currencies, and commodities (FICC) trading division generated $3.47 billion in revenue, while investment banking revenue rose to $2.19 billion, both significantly exceeding analyst forecasts [4] - Advisory fees from mergers and acquisitions surged by 71%, while equity underwriting remained stable, and debt underwriting saw a slight decline due to reduced leveraged financing activities [4] - Total management fee income in asset and wealth management grew by 11% year-over-year, although net revenue slightly decreased to $3.78 billion [4] Group 3 - The company increased its credit loss provisions to $384 million from $282 million in the same period last year, primarily related to its credit card portfolio [4] - Following the Federal Reserve's easing of certain stress test requirements, Goldman Sachs raised its dividend by 33% to $4 per share [4] - The company is implementing a cost-cutting plan, including a workforce reduction of 700 employees and relocating management to lower-cost strategic locations [4]

Core Viewpoint - *ST Hu Ke has shown a strong independent market performance, with a cumulative increase of 26.26% in 2025, outperforming the Shanghai Composite Index's 4.54% increase, indicating capital's preference for small-cap companies with state-owned backgrounds [2] Company Overview - *ST Hu Ke is characterized as a micro-cap stock with only 18 employees, including 5 sales personnel, 6 finance personnel, and 7 technical staff [3][4] - The company has a very small workforce, with a historical employee count ranging from 23 to 26 from 2020 to 2023 [7] Financial Performance - In 2024, *ST Hu Ke reported an operating income of 17.23 million yuan, a significant decline of 88.42% year-on-year, and a net profit of -5.68 million yuan, although losses have narrowed [8] - For Q1 2025, the company recorded an operating income of 4.26 million yuan, down 30.40% year-on-year, and a net profit of 480,400 yuan, a decrease of 19.06% [10] - The company faces a risk of delisting if it does not achieve profitability or revenue exceeding 300 million yuan in 2025 [11] Shareholding Structure - The largest shareholder is Kunming Transportation Investment Group, holding 12.40% of shares, while the second-largest shareholder is Kunming Industrial Development Investment Company, with a 6.53% stake [12][13] - A share transfer agreement was signed in December 2023, but the transfer has not been completed due to share freezing issues [12] Financial Health - As of March 2025, *ST Hu Ke had cash reserves of 30.08 million yuan and a debt-to-asset ratio of 66.65%, indicating short-term solvency [14] - The company has a current ratio of 1.54, suggesting it can meet its short-term obligations [14] Employee Compensation - The average employee salary in 2024 was 216,700 yuan, with the highest reported salary for the general manager at 325,400 yuan [16]

文 | 阿尔法工场金融家 为避免失控，香港保监局在今年出手压降演示利率，不得超过6.5%。但友邦反应迅速，高调"卡线"推出 新产品，转而比拼"更快回本"和"更高早期收益"。 巨头与监管的"猫鼠游戏"，凸显激烈内卷下的焦虑与风险，以及港险高收益承诺背后的重重隐忧。 01 "朗说的诱惑" 郎咸平在视频中，尖锐指出香港保险的核心问题：所谓7%的稳健回报难以实现、收益承诺不确定性 高、提前支取惩罚重等。其言辞虽显偏激，却点中了要害。 "回报7%"，曾是港险销售的金字招牌。郎咸平戏谑道，要看到这7%，得活到100岁，"难如登天"。 "香港保险是精心设计的骗局。" 7月5日，香港中文大学前讲座教授郎咸平，在社交媒体"炮轰"香港保险"七大坑"，将火爆的赴港投保推 上风口浪尖。 而在当天，香港各大保险公司的签单室，甚至尖沙咀的酒店大堂，都挤满了前来投保的内地客。 疫情之后的2023年，港险面对内地用户重开，竞争白热化，驱使险企将预期收益率越推越高。以港 险"一哥"友邦保险（01299.HK）为首的"盈御多元计划"，将"百年收益率"推至7%水平。 这里的"百年收益率"，指的是部分长期储蓄型港险产品，通过复利计算所展示的潜在收益 ...

风险资产无惧通胀，金发姑娘行情继续上演，黄金恐遭抛弃？金十研究员高阳GMA行情分析中，点击 进入直播间 相关链接 黄金恐遭抛弃？ ...

荷兰国际银行策略师：法国预算如同"定时炸弹"可能威胁欧元。 ...

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证券代码：002573 证券简称：清新环境 公告编号：2025-042 北京清新环境技术股份有限公司 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 一、合同签署情况 本次延期函件到期后，公司多次正式致函印度北方邦电力，催促其就项目延期事 项作出明确答复，但因 2024 年 12 月 30 日印度环境、森林和气候变化部出台新政策， 业主方整体项目投产时间由 2025 年底顺延至 2028 年底，此政策调整导致印度北方邦电 力对于环保建设意愿减弱，始终未对公司延期函件进行任何书面回应，致使项目无法 继续推进。近日，印度北方邦电力向公司发来合同终止通知，单方面要求终止该合同， 同时向银行发起合同保函的兑付申请，由于该项目开立的保函属于"见索即付"性质， 汇丰银行与中国银行于近日完成了保函兑付，累计兑付金额 55,879,978.17 元人民币 （按兑付时汇率折算）。 目前，公司正积极与印度北方邦电力就该项目的后续执行、合同终止的合法性以 及保函兑付的合理性等关键问题进行沟通，同时联合国际律师事务所，通过法律途径 维护该项目中公司合法权益。 三、对公司的影响 本次合 ...

地址：北京市朝阳区朝阳门外大街甲 6 号万通中心 D 座 20 层（100020） 总机：010-8535 6666 冠通每日交易策略 制作日期：2025 年 7 月 16 日 热点品种 碳酸锂： 碳酸锂今日高开低走，尾盘小幅拉涨。电池级碳酸锂均价 6.495 万元/吨，环比 上一工作日上涨 50 元/吨；工业级碳酸锂均价 6.335 万元/吨，环比上一工作日 上涨 50 元/吨，碳酸锂现货成交价格重心持续震荡上行。目前碳酸锂供需弱势运 行，碳酸锂周度产能利用率本期为 62%，较上周增加，后续锂盐厂有检修技改计 划，供应端目前依然充裕，6 月碳酸锂产量 7.4 万吨，环比上月继续有增加，且 库存端连续累库，压力短期难以缓解。受期货行情高涨的影响，贸易商拿货积极， 整个下游还是以刚需补库为主，七月电池材料厂开工负荷有增加，终端新能源汽 车受宏观政策提振，消费数据有向上拉动的趋势，综合来看，国内的反内卷举措， 促使行情反弹，供应缩量但实际基本面依然维持宽松，贸易商拿货助推上游价格 上涨，下游需求端谨慎跟进，目前市场情绪降温，盘面震荡偏强。 焦煤： 焦煤今日高开高走，午后下挫。现货方面，山西市场（介休）主流价格报价 ...