根据央行和相关机构的2023年的报告，境外机构在银行间债券市场的减持规模累计超过了3000亿元，接近2900亿元的水平。不是一次性甩卖，而是逐步调整 仓位，主要涉及国债和同业存单这些品种。 为什么外资会这么操作呢？主要还是全球利率环境在变。美国那边美联储从2024年底到2025年上半年，虽然一度降息，但后来因为通胀反弹和政策调整，又 开始微调利率。 相比之下，中国自己也在减持美债，7月份减持了257亿美元，持有量降到7307亿美元，这是2009年来的最低点。外资从中国债转战美债，这事儿不是空穴来 风，很多报告都提到资金在寻求更高收益率的资产。 其实，这背后的逻辑挺简单。资本就是逐利的，谁给的回报高就去哪儿。中国2025年为了刺激经济，选择了降息政策，LPR利率保持在3.1%和3.6%的低位， 这让中国国债收益率往下走，10年期国债收益率一度跌到2%以下。 反观美国，通胀压力还在，美联储的加息预期让美债收益率更有吸引力。2025年上半年，美国10年期国债收益率平均在4%上下浮动，这对养老基金和资产 管理公司来说，是个不错的选项。 外资减持中国债，不是因为对中国经济没信心，而是短期套利行为。毕竟，中国债券市场规模 ...

Core Viewpoint - The incident involving Shanghai Green捷, a major player in the student meal supply market, highlights the intersection of food safety issues and capital interests, revealing how profit motives can compromise the quality of food provided to students [5][27]. Group 1: Company Overview - Shanghai Green捷, established in 2014, has grown to supply over 500 schools and kindergartens, delivering more than 500,000 meals daily, capturing nearly 30% of the market share in Shanghai's student meal sector [6][18]. - The company reported revenues of 560 million yuan in 2017, with a net profit margin of 15.7%, significantly higher than many competitors in the food service industry [18][20]. Group 2: Incident Details - A recent incident involving spoiled shrimp served in student meals led to public outcry, revealing long-standing dissatisfaction among parents regarding the quality of school lunches [3][6]. - Following the discovery of contaminated shrimp, it was reported that many students experienced adverse reactions after consuming the meals, prompting investigations into the company's food safety practices [9][27]. Group 3: Capital and Ownership Structure - The ownership of Shanghai Green捷 is intertwined with significant capital players, including the Liu Yonghao family and Temasek, through complex offshore structures that obscure accountability [11][14]. - The company has been linked to various capital investments and acquisitions, including a significant stake held by KGF, which acquired Shanghai Green捷 for $170 million [14][18]. Group 4: Financial Performance and Growth - KGF's financial performance has seen substantial growth, with total revenue increasing from $849.7 million in 2017 to $2.195 billion in 2023, and net profit rising from $34.7 million to $60.4 million during the same period [20][21]. - The prepayment model for student meals allows Shanghai Green捷 to maintain a cash reserve of approximately 200 million yuan, which is utilized for financial investments [18][20]. Group 5: Market Dynamics and Challenges - The pricing model for meals, set at 18 yuan per meal while actual costs range from 6 to 8 yuan, raises concerns about the sustainability of food quality and safety [25][27]. - The rapid expansion of Shanghai Green捷, with over 80 new contracts awarded since January 2025, has led to scrutiny over the bidding processes and the quality of services provided [22][27].

以下文章来源于凤凰网财经 ，作者公司研究院 凤凰网财经 . 你好，我们是凤凰网财经，全球华人都在看的财经公众号，传播最有价值的财经报道，你值得关注！欢迎访问：http://finance.ifeng.com/ 刘永好家族试图打造的第七家上市公司。 文 ｜ 凤凰网财经《公司研究院》 来源｜ 凤凰网财经（ID：finance_ifeng） 封面来源 ｜ IC photo 前不久，罗永浩与西贝的"预制菜大战"正打得火热，谁也没想到，战火竟烧到了上海中小学生的餐盘里。一位家长在孩子学校的午餐中，发现了一只发臭的 虾仁——而供应方，正是日配送50万份学生餐的"隐形巨头"：上海绿捷。 一石激起千层浪。不少家长随后做出一个看似"跨界"却意味深长的举动：联名请愿，希望西贝也能参与上海学生餐的竞标。这背后，是长期以来对校园午 餐"难吃、不健康、食材不新鲜"的积怨，终于找到了一个具体的爆发点。家长们反对的并非预制菜本身，而是有人用低质食材糊弄孩子。 更令人意外的是，随着舆论发酵，这只"臭虾"竟牵出一张盘根错节的资本网络。表面普通的配餐企业，背后却闪现新希望刘永好家族、厚生投资、淡马锡等 资本力量。他们通过复杂的离岸架构，将学生餐 ...

Core Viewpoint - The ongoing debate between hyaluronic acid and recombinant collagen in the capital market highlights the challenges faced by companies like Huaxi Biological, which is experiencing a decline in revenue and net profit after reaching a peak in 2022 [2][6]. Group 1: Company Response and Market Dynamics - Huaxi Biological criticized the recent reports from several securities firms that favor recombinant collagen over hyaluronic acid, claiming these reports misrepresent the safety and efficacy of hyaluronic acid [3][4]. - The company emphasized the importance of a healthy industry ecosystem, stating that without it, no company can achieve long-term success or maintain competitive advantages [5][6]. - Huaxi Biological is undergoing a comprehensive management transformation in 2024, including business process restructuring and digitalization, to address the challenges in the current operating environment [2][6]. Group 2: Financial Performance - In 2024, Huaxi Biological reported a revenue of 5.371 billion yuan, a year-on-year decrease of 11.61%, and a net profit of 174 million yuan, down 70.59% [6]. - The skin science innovation business, which accounts for nearly half of the company's revenue, saw a significant decline of 31.62% in revenue, totaling 2.569 billion yuan [6]. - In contrast, the medical terminal business achieved a revenue of 1.44 billion yuan in 2024, marking a growth of 32.03% [7]. Group 3: Industry Trends and Competition - The medical aesthetics industry is witnessing a shift from hyaluronic acid to recombinant collagen and other regenerative products, driven by evolving consumer preferences and technological advancements [5][9]. - The market for recombinant collagen is growing rapidly, with companies like Jinbo Biological and Giant Bio achieving substantial revenue increases in 2024, indicating a competitive landscape with low market concentration [8][9]. - Huaxi Biological is also investing in recombinant collagen research and development, aiming to leverage synthetic biology for technological upgrades and high-quality applications [7][8].