Group 1 - The Shenzhen Stock Exchange hosted the 2025 Global Investor Conference, emphasizing that investing in China equates to investing in the future [1] - The conference featured discussions on cross-border cooperation opportunities and best practices in overseas markets, with participation from key figures in global exchanges [1][3] - Hong Kong's role as the largest offshore RMB center continues to deepen, with the Stock Connect mechanisms facilitating significant daily trading volumes exceeding 100 billion [3] Group 2 - The Abu Dhabi Securities Exchange (ADS) ranks among the top twenty global exchanges with a market capitalization of $820 billion and offers 16 ETFs covering various regions [3][4] - ADS has undergone a major transformation to a holding company model, focusing on post-trade services and technological upgrades to attract cross-border capital [4] - Luxembourg Stock Exchange emphasizes the importance of cross-border cooperation to redirect capital towards sustainable development, serving as a gateway for European investors to access Chinese markets [4] Group 3 - Saudi Arabia is undergoing a significant economic transformation, comparable to China's in 2000, with multi-trillion-dollar infrastructure projects across various sectors [4][5] - Chinese companies are playing a crucial role in Saudi Arabia's industrialization, with local partnerships enhancing corporate value [4] - Future cooperation between China and Saudi Arabia is expected to extend beyond traditional infrastructure to include sectors like electric vehicles and battery technology [5]

Core Viewpoint - The 2025 Global Investor Conference held by the Shenzhen Stock Exchange emphasizes that investing in China equates to investing in the future, highlighting the resilience and risk management capabilities of the Chinese economy and A-share market amidst global economic uncertainties [1] Group 1: Market Dynamics - The conference showcased the increasing interest of global investors in Chinese assets, driven by the need for certainty and stability in asset allocation [1] - Hong Kong's role as the largest offshore RMB center continues to deepen, facilitating the two-way opening of capital markets [3] Group 2: Trading Mechanisms - The average daily trading volume of the northbound trading under the Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect has surpassed 100 billion RMB, significantly attracting investments into A-shares, particularly in technology innovation companies [3] Group 3: International Investor Needs - The evolving demands of international investors are highlighted, with three key elements identified for the support of these needs: 1. Enriching product supply to provide more investment options and opportunities for international investors [3] 2. Ensuring consistent regulatory frameworks and tax policies to facilitate capital investments [4] 3. Breaking down information barriers and enhancing investor education, particularly addressing language challenges for non-Chinese speaking investors [4]

Core Viewpoint - The 2025 Global Investor Conference, hosted by the Shenzhen Stock Exchange, focuses on "New Productive Forces: Investing in New Opportunities in China - The Open and Innovative Shenzhen Market" [1] Group 1: Event Overview - The conference took place on May 19 in Shenzhen and lasted for two days [1] - Key attendees included representatives from financial regulatory agencies, sovereign wealth funds, pension funds, asset management companies, venture capital institutions, rating agencies, intermediary organizations, index providers, academic research institutions, industry associations, and listed companies in Shenzhen, totaling nearly 400 participants [1] Group 2: Conference Activities - The event featured keynote speeches, roundtable discussions, and company roadshows to showcase the investment value of Chinese assets and the A-share market [1]

Core Viewpoint - The Shenzhen Stock Exchange is hosting the 2025 Global Investor Conference from May 19 to 20, showcasing the investment value of Chinese assets and the A-share market [1] Group 1: Event Overview - The conference will feature keynote speeches, roundtable discussions, and company roadshows, aimed at promoting high-level openness to the outside world [1] - This event has been held annually since 2020, serving as a bridge for communication and mutual learning between domestic and foreign markets [1] - This year's conference is unprecedented in scale, attracting over 400 domestic and foreign guests and involving more than 100 investment institutions [1] Group 2: Participation and Significance - Several CEOs, investment heads, and investment directors from foreign institutions will attend in person, marking the largest scale and highest specifications in the event's history [1] - The conference is taking place against the backdrop of a new phase in the revaluation of Chinese asset values, indicating significant interest from global investors [1]

【文/观察者网 邵昀】中美日前达成协议短期大幅互降关税，建立磋商机制，这一结果被外界评价"远超 预期"，为进一步弥合分歧和深化合作打下了基础、创造了条件。但与此同时，平静之下仍有暗流涌 动。 卢拉再度访华，20小时内在社交媒体更新109条 就在昨天（14日），巴西总统卢拉结束了为期五天的中国之行。这是卢拉第六次到访中国，也是本届任 期内第二次来华访问。期间，他参加了多场会议，集中会见了多名中国企业代表。有国内媒体统计，12 日出席"中国—巴西商业研讨会"当天，卢拉20小时内在社交媒体更新109条，分享他的行程收获。 据新华社报道，5月13日下午，中巴两国元首在北京人民大会堂举行会谈。会谈后，中巴两国元首共同 见证签署发展战略对接、科技、农业、数字经济、金融、检验检疫、媒体等领域20份合作文件。 "我们两国从未在如此短的时间内系统性地探讨过如此多的项目，以促进合作，实现互利共赢。"卢拉14 日在社交媒体上写道。卢拉表示，"很荣幸"能够再度访华，"这是一个以实际行动支持其他国家发展的 国家"。 香港《南华早报》5月14日观察，中美最近各自"官宣"了与不同新兴国家的投资合作，认为这两个全球 最大的经济体之间或许正为 ...

更有效的投资者保护需要上市公司、券商基金等市场主体各归其位。上市公司需要诚信经营，真实、准 确、及时披露信息，以做大做强主业为己任，提高自身发展质量，吸引更多投资者特别是中长期资金入 市，控股股东、实控人、董事、高管作为"关键少数"，必须扛起责任，把尊重投资者、回报投资者的理 念融入公司治理的各项机制。证券公司应该压实"看门人"职责，对发行人的财务状况、经营业绩、合规 性等进行尽职调查，为投资者提供可靠的投资决策依据，从源头上为投资者构建起一道牢固的保护屏 障；基金公司需增强专业能力，为投资者提供更加多元、更加适配的产品和服务。 证券时报记者程丹 "5·15全国投资者保护宣传日"如期而至，作为资本市场永恒的主题，常抓不懈做好投资者保护工作，既 是维护市场公开、公正、公平的基石，更是增强市场信心及保障市场秩序的关键环节。 一部资本市场改革发展史，就是一部不断加强和完善的投资者保护史。过去一年间，资本市场在投资者 保护方面实施了一系列行之有效的举措。新"国九条"从顶层设计方面夯实投资者保护制度基础；日常监 管中投资者保护贯穿于资本市场制度建设和监管执法的全流程各方面；立法、司法、行政部门频频打出 净化市场生态、惩 ...

公募改革新规解读及非银板块投资机会展望 20250514 摘要 • 公募基金高质量发展行动方案旨在通过产品端改革（提高预期收益率，推 广浮动管理费）、渠道发展（鼓励 To B 销售）和公司治理提升，促进行 业高质量发展，并计划未来三年 A 股流通市值每年至少增长 10%。 • 新规鼓励被动型、指数型 ETF 产品发展，头部基金公司或将倾向于发展被 动型产品，通过提升市场份额集中度来实现规模增长和盈利提升，同时管 理费用率也会下降，中小型基金公司可能走主动管理路径。 • 新规提升公募公司运营治理能力，提高合规水平，并完善行业多层次流动 性风险防控机制，有效帮助公募公司抵御外部风险，提高其抗风险能力。 • 海外市场经验表明，头部基金公司市场份额集中度提升，主要通过被动型 产品推动，同时被动型产品管理费用率持续下降，中国公募基金行业可借 鉴此经验。 • 新规出台后，非银板块存在显著欠配现象，银行、保险、券商等非银板块 在沪深 300 和 A500 指数中均处于极度欠配状态，未来或有补涨机会，关 注中信证券、东方财富、中国平安、中国太保等。 • 在"资产荒"背景下，消费金融公司，特别是二手车贷领域的龙头企业， 如立新 ...

推荐阅读 微信编辑 | 夏木 "降低30%至80%"，特朗普突然宣布降价！ 2025.05. 14 ...

Group 1 - Japan Activation Capital (JAC), led by former Carlyle executive Hiroyuki Otsuka, has acquired shares in Pigeon Corporation, a baby products manufacturer, betting on overseas demand for its products as Japan's birth rate approaches the lowest in the world [1] - JAC has purchased less than 5% of Pigeon Corporation's shares and will act as a minority shareholder, providing consulting services to Pigeon's management [1]

Core Insights - Emerging market investment is likened to constructing skyscrapers in geologically active zones, requiring both the harnessing of energy from tectonic movements and the management of seismic risks [2] - Shanghai Zhongguang Yunzhi Investment has developed a three-dimensional analytical framework to deconstruct the risk-return characteristics of emerging markets into quantifiable, hedgeable, and manageable investment elements [2] Risk Assessment - Risk assessment is a prerequisite for investment decisions, with the team creating an emerging market country scorecard that includes 12 core indicators such as political stability, external debt structure, and current account balance [2] - The team quantifies a country's repayment ability using the ratio of sovereign credit default swap (CDS) spreads to months of foreign exchange reserves, and predicts political risk premiums through election cycles and policy continuity indices [2] - In a specific investment decision regarding a Latin American country, the team identified an inflation rate inversion beyond historical thresholds, combined with rising social unrest indices, leading to a decision to limit allocation to 30% of the benchmark, successfully avoiding subsequent currency crises [2] Asset Allocation - Asset allocation should establish a robust structure, with Shanghai Zhongguang Yunzhi Investment employing a "core-satellite" strategy, focusing core positions on consumption and financial sectors while satellite positions capture cyclical opportunities in technology and resources [2] - The team has developed a unique "moat width" assessment model that considers local advantages, supply chain control, and government relationship resilience in industry selection [2] Liquidity Management - Liquidity management is a critical line of defense in risk control, with emerging markets exhibiting a "dual-track" liquidity characteristic, showing significant price differences between official and offshore markets, as well as between large-cap and small-cap stocks [3] - The team has constructed a liquidity stress testing model to simulate asset liquidity under extreme scenarios such as capital control upgrades and foreign capital withdrawal [3] - During a recent volatility in the Indian stock market, the portfolio utilized a pre-configured liquidity buffer to increase positions in quality assets during market panic, turning the crisis into an opportunity for excess returns [3] Currency Risk Hedging - Currency risk hedging reflects a refined strategy, with the team moving away from a single derivative hedging model to develop a "currency basket + natural hedge" tool [3] - This approach involves configuring a basket of currencies such as USD, EUR, and RMB based on export structures, while also holding stocks of resource-exporting companies to hedge against local currency depreciation [3] - During the Turkish lira crisis, this strategy kept the portfolio's currency risk exposure net below 5%, and the holdings in energy companies benefited from enhanced export competitiveness due to lira depreciation, partially offsetting exchange losses [3] Investment Philosophy - The essence of emerging market investment is a dynamic game of risk and return, with Shanghai Zhongguang Yunzhi Investment's practices demonstrating that systematic evaluation frameworks, structured allocation tools, and refined risk control systems can help investors balance geopolitical changes and economic growth potential [3] - This investment philosophy is characterized by neither blind risk-taking nor excessive caution, but rather achieving optimal solutions for risk premiums and return elasticity through data-driven decision-making [3]