黄建山表示，证监会将持续深化资本市场投融资综合改革，提高资本市场制度包容性、适应性，支持各类主体综合运用好权益融 资、债券融资和资产盘活等工具的优势特点，促进资本形成，更好赋能实体经济高质量发展，进一步发挥好资本市场服务西部陆海 新通道建设的功能作用。 第三，在资产证券化领域，通道沿线企业今年前11个月累计发行ABS超1600亿元，有效盘活了基础设施收费权、商业物业等存量资 产。 特别值得关注的是REITs市场的发展，截至目前，通道沿线省区市已发行上市13只REITs产品，融资规模超300亿元，涵盖产业园 区、仓储物流等多种类型资产，有效支持了通道基础设施建设。证监会正在稳步推进商业不动产REITs试点，为资产盘活提供多元 化渠道。 资本市场通过多层次、多渠道的融资支持，不仅解决了西部陆海新通道建设的资金需求，更通过市场化机制优化了资源配置，促进 了沿线地区产业升级和经济发展。 21世纪经济报道 记者 崔文静 12月24日，中国人民银行等八部门联合印发《关于金融支持加快西部陆海新通道建设的意见》，提出 21条重点举措，为西部陆海新通道建设注入强劲金融动能。12月25日，在相关新闻发布会上，证监会债券监管司副司 ...

【中国经济观测点】由新华财经国家金融信息平台打造，从微观数据见微知著，为市场提供更加具有"颗粒度"的经济观测 和经济画像。本期发布的是2025年11月全国企业注册变化以及各省份、各行业的特点。 新华信用数据显示，2025年11月，全国新注册经营主体208.75万家，环比回升明显，但是同比还是处于下降趋势。其中， 环比上升22.72%，同比下降12.38%。具体如下图所示： 11月广东省新注册经营主体数量遥遥领先 分省来看，广东省新注册经营主体数量连续多月稳居第一，11月份新注册经营主体26.19万家，比上月多注册5.25万家，在 全国占比高达12.55%。 位居第二的湖北省在11月份共注册15.71万家，其余排名前十的省份及新注册经营主体数据如下图： | 地区← | 2025年11月新注册经营主体( | | --- | --- | | | (单位:家)(2 | | 广东← | 261919< | | 湖北← | 1571114 | | 浙江← | 1491064 | | 河南← | 1365814 | | 江苏← | 1235214 | | 山东← | 1174334 | | 湖南← | 1043524 | ...

8月1日，"沪企行"百家中小企业改制上市培育(第47期)暨科创板"1+6"政策培训活动在上海交通大学上 海高级金融学院顺利结业，上海市中小企业上市促进中心主任贾勉、副主任赵广州、上海交通大学上海 高级金融学院副院长罗譞出席了结业仪式。 图 SI 上海建设金融学院 @ > || TANKAMAH u @ SAIL - 2014 - 2012 0 BB == 上海市中小企业主义重建的心 上海市中小企业上市促进中心副主任赵广州为培训做总结讲话。他向参与培育授课的相关政府部门负责 同志，交大高金、券商、律所、会所等中介机构及企业资深专家表示感谢，向圆满完成课程学习的学员 表示祝贺，并充分肯定了本次培育活动取得的成效。通过本次系统化的培训，学员们拓宽了视野，深化 了对资本市场的认知，掌握了以科创板为重点的境内外多层次资本市场融资政策，提升关于上市辅导相 关业务的实操技能，为企业对接资本市场奠定坚实基础。他希望学员们能将所学切实转化为推动企业加 快利用资本市场的能力和行动，加强对企业所处的发展阶段、行业和产业链地位的研判，找准定位，引 领企业锚定硬科技等国家战略方向，强化创新攻坚，做到业务合规、法律合规、财务合规，结合实 ...

Core Viewpoint - Donghu Gaoxin's plan for a specific stock issuance has expired, and the company will develop new financing plans based on operational needs and capital requirements in the future [1][2]. Group 1: Stock Issuance Details - The total amount to be raised from the stock issuance was not to exceed 416.28 million yuan, with the net proceeds intended for working capital and debt repayment [2]. - The issuance price was set at 7.87 yuan per share, with a maximum of 52,895,078 shares to be issued, representing 4.96% of the total shares before the issuance [2]. - The issuance was to be conducted with Lian Investment Capital, a subsidiary of the company's indirect controlling shareholder, Lian Investment Group, constituting a related party transaction [3]. Group 2: Shareholder Structure and Control - Before the issuance, the controlling shareholder was Jiantou Group, holding 168,650,053 shares (15.82% of total shares), with its concerted action partner holding an additional 13,473,209 shares (1.26%), totaling 17.08% [3]. - The actual controller of the company is the Hubei Provincial State-owned Assets Supervision and Administration Commission, and the issuance will not change the company's control [4]. Group 3: Financial Performance - In 2024, the company's revenue was 3.37 billion yuan, a decrease of 77.05% year-on-year, while net profit attributable to shareholders was 528.11 million yuan, down 51.07% [4][5]. - The net profit excluding non-recurring gains and losses was 462.48 million yuan, an increase of 13.06% year-on-year [4]. - For the first three quarters of 2025, revenue was 1.65 billion yuan, up 32.53%, but net profit attributable to shareholders fell by 65.37% to 76.49 million yuan [5][6].

Core Viewpoint - Huaneng International has replaced maturing perpetual bonds and reduced them by 2.5 billion yuan, indicating a proactive approach to managing its debt structure and financing strategy [1] Group 1 - The company has actively managed its maturing perpetual bonds by replacing them according to their terms [1] - A reduction of 2.5 billion yuan in perpetual bonds has been achieved, reflecting a strategic move to optimize its debt profile [1] - The company plans to continue leveraging its advantages in capital market financing and explore new financing channels [1] Group 2 - Huaneng International aims to maintain a reasonable and stable debt structure in line with its overall situation [1]

Core Insights - In October 2025, the total number of newly registered business entities in China was 1.6092 million, showing a significant decline of 23.97% year-on-year and 29.92% month-on-month [1][3]. Provincial Analysis - Guangdong province led the country with 209,405 new registered entities in October, accounting for 13.01% of the national total. Henan followed with 109,314 new registrations [3]. - The top ten provinces contributed to 60.5% of the total new registrations, indicating a concentration of business activity in these regions [4]. Growth Rate Analysis - Only three provinces showed positive growth rates in new registrations: Hainan (78.54%), Beijing (9.09%), and Liaoning (1.04%) [6]. - The top ten provinces by growth rate included Hainan, Beijing, Liaoning, Guangdong, Inner Mongolia, Qinghai, Shanghai, Chongqing, Guizhou, and Jiangsu [7]. Industry Insights - The retail sector had the highest number of new registrations in October, totaling 172,300, with a year-on-year growth of 9.54%. The fastest-growing sector was technology promotion and application services, with 87,500 new registrations and a growth rate of 31.71% [9]. - The top ten industries by new registrations included retail, wholesale, technology promotion and application services, business services, software and information technology services, construction and decoration, cultural arts, professional technical services, agriculture, and real estate [9]. Financing Activity - In October 2025, there were 443 financing events in China, with a total financing amount of 89.874 billion yuan, an increase of 24.704 billion yuan from the previous month [12]. - The information technology sector led in financing events with 142 occurrences, followed by manufacturing with 103 events. Other notable sectors included healthcare, business services, electronic information, materials, automotive transportation, energy minerals, consumer life, and agriculture [12]. - Guangdong province had the highest number of financing events at 79, followed by Shanghai with 69 [14].

Key Insights - The total financing amount raised by companies in mainland China in the global capital markets reached $92.62 billion in the first three quarters of 2025, representing a year-on-year increase of 120% and a quarter-on-quarter increase of 11% [1] - The number of issuances increased by 42% compared to the same period in 2024, totaling 404 transactions, with a quarter-on-quarter growth of 16% in Q3 2025 [1] - The total amount raised from Initial Public Offerings (IPOs) was $15.5 billion, marking an 83% year-on-year increase and a 47% quarter-on-quarter increase [1] - The total amount raised from follow-on offerings reached $55.32 billion, showing a significant year-on-year increase of 250%, although it decreased by 6% quarter-on-quarter [1] - The issuance of convertible bonds and equity-linked securities totaled $21.8 billion, reflecting a 23% year-on-year increase and a 39% quarter-on-quarter increase [1] Industry Performance - The industrial sector led the market with a 23% share, raising a total of $21.09 billion, which is a 98% increase compared to the same period last year [3] - Following the industrial sector, the high-tech, energy and power, healthcare, and telecommunications sectors also contributed significantly to the capital raised [3] Underwriter Rankings - Morgan Stanley ranked first among underwriters for Chinese stocks and equity-linked securities in 2025 [4] - CITIC Securities and Gao Hua ranked second and third, respectively, with total underwriting amounts of $10.43 billion and $9.47 billion [5] Legal Advisory Rankings - Jingtian & Gongcheng ranked first among legal advisors for Chinese stock and equity-linked issuers [5] - In the underwriting legal advisor rankings, Jingtian & Gongcheng also held the top position [6] Bond Market Insights - The issuance of RMB bonds increased by 23% year-on-year, while the issuance of Panda bonds decreased by 18% compared to 2024 [8] - Government and institutional bond issuances accounted for approximately 12.1 trillion RMB, representing 52% of the market share, with a year-on-year growth of 32% [10] - CITIC led the RMB bond underwriting rankings, while the Bank of China ranked first in Panda bond underwriting [12] Syndicated Loan Market - The Bank of China led the syndicated and club loan rankings across all currencies, with a total amount of 22.065 billion RMB, holding a market share of 43.3% [16] - The overall syndicated loan market saw a significant decline, with a 51% decrease in loan amounts compared to the previous year [16]

Core Insights - In September 2025, the total number of newly registered business entities in China reached 2.2852 million, showing a year-on-year increase of 0.75% and a month-on-month increase of 14.9% [2][4]. Provincial Analysis - Guangdong province led the country with 307,735 new registered entities in September, marking a year-on-year growth of 30.94%, accounting for 13.47% of the national total [4][5]. - Other top provinces included Henan with 161,694 new registrations and Zhejiang with 153,966 [4]. - The top ten provinces collectively accounted for 62.1% of the new registrations [5]. Growth Rates - Beijing and Liaoning provinces exhibited significant growth rates, with Beijing at 38.95% and Liaoning at 38.66%, leading the national growth [7]. - The top ten provinces by growth rate included Beijing, Liaoning, Guangdong, Chongqing, Shanghai, Shandong, Sichuan, Guizhou, Jiangsu, and Ningxia [7]. Industry Insights - The technology promotion and application service industry saw the highest growth rate in new registrations at 81.38% in September [9]. - The retail industry remained the largest in terms of new registrations, with 220,500 new entities, followed by wholesale, business services, and technology services [9]. Capital Market Activity - In September, the capital market experienced an increase in financing activities, with 492 events recorded, up from 313 in August, and a total financing amount of 65.17 billion yuan, representing a 13.25% increase [11]. - The information technology sector led with 175 financing events, followed by manufacturing with 109 events [11][13]. - Jiangsu province had the highest number of financing events at 91, followed closely by Guangdong with 90 [13].

Core Viewpoint - The company held a half-year performance briefing on September 15, 2025, to discuss its operational performance and governance with investors, addressing key concerns raised by them [1][2]. Group 1: Performance and Financials - The company reported a net profit attributable to shareholders of 103 million yuan for the first half of 2025, primarily from its parts business with BMW [3]. - The company has been actively seeking to expand its customer base, having engaged with over 200 potential partners and nearly 100 strategic projects, although no agreements have been finalized yet [3][4]. Group 2: Investor Concerns and Responses - In response to concerns about reliance on BMW and declining sales, the company emphasized its efforts to diversify its client base, including supplying parts to Mercedes-Benz [3]. - The company acknowledged the criticism regarding its lack of financing and dividends, stating that it aims to restore cash dividend capabilities in the future [4]. - The company reassured investors about its stable financial condition, low debt ratio, and sufficient cash flow, which support future business development and investments [3][4]. Group 3: Market Sentiment - The company addressed investor concerns regarding its declining stock price, emphasizing its solid fundamentals and operational stability [4]. - The management expressed gratitude for investor support and confidence, highlighting the company's commitment to growth and development [4].

Group 1 - The core viewpoint of the article highlights a decline in new business registrations across China in August 2025, with a total of 1.9698 million new entities registered, marking a year-on-year decrease of 9.36% and a month-on-month decrease of 11.7% [2][11]. - Guangdong province leads in new business registrations, with 281,125 new entities, significantly outpacing the second-ranked Henan province, which registered 138,363 new entities [4][5]. - The top ten provinces for new business registrations account for over 60% of the total registrations, indicating a concentration of entrepreneurial activity in these regions [5]. Group 2 - Liaoning province shows the highest year-on-year growth rate in new business registrations at 69.3%, followed by Beijing at 21.84% [7]. - The retail sector continues to dominate new business registrations, with 197,000 new entities, far exceeding the wholesale sector, which registered 113,400 [9]. - The capital market experienced a significant reduction in financing activities, with only 313 investment events recorded in August, down from 631 in July, and a total financing scale of 57.543 billion yuan, a decrease of 52.41% [11].