Core Viewpoint - The article highlights the challenges faced by Hongli Fund, the first domestic public fund company to transition from a Sino-foreign joint venture to a wholly foreign-owned entity, particularly due to significant personnel changes and management issues [1][2][3]. Group 1: Personnel Changes - The former general manager, Gao Guixin, with over 20 years of experience, resigned after less than two years, transitioning to Chief Information Officer [1]. - Wang Peng, a key fund manager known for his strong historical performance, left the company in January after resigning from six funds simultaneously [1]. - Following Wang's departure, Meng Jie took over the management of the Hongli Transformation Opportunity Fund, experiencing a significant increase in management scale from 2 billion to over 5 billion [1]. Group 2: Performance Issues - Since Meng Jie became the fund manager, the unit net value of the Hongli Transformation Opportunity Fund has significantly declined, with a drop rate two to three times higher than other funds he managed [1]. - Meng Jie has maintained a stock position above 70% for the Hongli Ruizhizheng Fund over the past five years, despite the fund's contract allowing for a flexible range of 0% to 95% [1]. Group 3: Cultural and Structural Concerns - The ongoing loss of talent within the investment research team raises questions about the stability of the fund's product performance [3]. - The chairman, Jin Xu, has a history of prioritizing scale expansion over sustainable growth, which has contributed to the current issues faced by the fund [3]. - The article suggests that the problems at Hongli Fund reflect broader industry challenges, emphasizing the need for a cultural shift towards valuing professional integrity and respect for contractual obligations [3].

Core Insights - The chairman of Zhongqi Yunlian, Liu Jiang, discussed the importance of digital financial solutions in addressing financing bottlenecks for enterprises, particularly through the use of electronic receivables certificates [2][4] - Liu emphasized the need for core enterprises to adhere to contractual obligations to protect the interests of small and medium-sized enterprises (SMEs) [2][5] Digitalization and Platformization Trends - The industry is experiencing two major trends: digitalization, which addresses information asymmetry, and platformization, which connects core enterprises, financial institutions, and SMEs [3][4] - Digital technologies enhance information transmission, allowing banks to better serve SMEs in the real economy [3] Regulatory Changes and Industry Evolution - Recent regulatory changes have led to greater recognition of supply chain finance, encouraging banks and core enterprises to participate in this business model [4] - The regulations emphasize "subject credit," "data credit," and "material credit," aiming to collaboratively resolve financing challenges for enterprises [4] Importance of Contractual Integrity - Liu highlighted the need for the industry to uphold the spirit of contracts, urging large enterprises to fulfill their agreements with SMEs to facilitate financing from banks [5][7] - The health of the supply chain finance industry relies on maintaining this contractual integrity, supported by regulatory oversight [7] Operational Challenges - There are operational pain points, such as banks requiring suppliers to open accounts at multiple banks, which complicates financing for SMEs [6] - Some banks do not provide financing to individual businesses, indicating a need for better communication with regulatory bodies to improve services for these entities [6] Recommendations for High-Quality Development - The industry should focus on maintaining the spirit of contracts and ensuring that large enterprises act as responsible "chain leaders" [7] - Continuous regulatory oversight is essential to ensure the effective application of supply chain finance tools and to mitigate potential abuses [7]

Core Insights - Supply chain financial technology is becoming a key force in activating the microeconomic veins of the real economy, supported by national policies for inclusive finance [1] - The digital platform, Zhongqi Yunlian, has helped over 610,000 chain enterprises overcome financing bottlenecks through innovative digital solutions [1][2] - The platform aims to alleviate issues such as payment delays, information asymmetry, and lack of financing channels for small and medium-sized enterprises (SMEs) [2] Group 1: Company Overview - Zhongqi Yunlian is the largest provider in China's industrial digital finance platform market, holding approximately 12.9% market share, with a market size projected to reach 3.5 trillion yuan by 2024 [2] - As of April 2025, the platform has registered 7,338 core enterprises, 613,000 chain enterprises, and 3,857 financial institutions [3] - The platform has facilitated over 400 billion yuan in financing annually by connecting core enterprises, suppliers, and banks [4] Group 2: Financial Solutions - The platform digitizes and standardizes accounts receivable and payable, allowing core enterprises to confirm payables online and suppliers to apply for financing using electronic vouchers [2][4] - In May, Zhongqi Yunlian submitted its prospectus to the Hong Kong Stock Exchange, indicating its growth and expansion plans [2] - The platform's inclusive financial model has provided 363,000 financing services under one million yuan, accounting for 80.8% of total financing services [4] Group 3: Industry Challenges and Solutions - The total accounts receivable for large industrial enterprises in China exceeds 26 trillion yuan, and if 50% of this can be activated, it would inject over 10 trillion yuan into the real economy [2] - The company emphasizes the importance of "contract spirit" to avoid the misuse of financial tools, which can distort their value [4][5] - Zhongqi Yunlian is exploring more scenario-based solutions and plans to expand into overseas markets with high demand for supply chain finance [6]

文丨张涛（中国建设银行金融市场部，文章仅代表作者观点） 自美元成为主导全球贸易和金融市场的核心货币，即国际货币的美元体系确立以来，"我们的货币，你们的问题"就成为 了国际金融市场的金科铁律——市场一旦面临巨大不确定和动荡时，跨境资金就倾向将风险资产转换为安全性更高的美 国国债，美债价格会随之上涨（收益率下行），而当市场对流动性也开始担忧时，还会进一步将非美货币转为美元，相 应美元指数也多会上涨。换言之，在以往多次市场动荡和危机时，非美经济体多出现股债汇三杀——股指下跌、本币国 债收益率上行、本币对美元的汇率贬值。 但这一次却不一样！ 自4月2日特朗普宣布对其所有贸易伙伴征收"对等关税"以来，美国出现了股债汇三杀，标普500指数最低跌至4948点， 较4月1日收盘价下跌12%，10年期美国国债收益率最高上行至4.59%，较4月1日上行46BPs，美元指数更是跌破了100， 较4月1日的收盘价下跌了5%。 | 美国标准管尔500指数历史数据 MASK | | | | | 美国十年期国债收益事历史数据 | | | | | 美元指数历史数据 HARR | | | | | | --- | --- | --- | --- ...