关于山煤国际能源集团股份有限公司与 山西焦煤集团财务有限责任公司之间关联 存贷款等金融业务的风险持续评估报告 根据《上海证券交易所上市公司自律监管指引第 5 号— —交易与关联交易》的要求，山煤国际能源集团股份有限公 司（以下简称"公司"或"本公司"）通过查验山西焦煤集 团财务有限责任公司（以下简称"财务公司"）的《营业执 照》《金融许可证》等资料，并审阅财务公司的财务报告， 对其经营资质、业务和风险状况进行了评估，具体情况如下： 一、财务公司基本情况 财务公司经原中国银行业监督管理委员会审查批准，成 立于 2009 年 12 月，为集团内各成员单位提供金融服务，山 西焦煤集团有限责任公司持股 80%，山西焦煤能源集团股份 有限公司持股 20%，注册资本 35.5 亿元人民币。 财务公司经营业务包括： （一）吸收成员单位存款； $$({\overline{{-\,}}})$$ 办理成员单位贷款；（三）办理成员单位票据贴现；（四） 办理成员单位资金结算与收付；（五）提供成员单位委托贷 款、债券承销、非融资性保函、财务顾问、信用鉴证及咨询 代理业务；（六）从事同业拆借；（七）办理成员单位票据 承兑；（八）办理成员 ...

今天大A延续了上涨趋势，日内最高价逼近3800点，成交量连续多日冲上2万亿。 最近一个多月大A的连续上涨，似乎重新唤醒了菜场大妈的炒股基因。 热搜上的股市热搜也开始逐渐增加，讨论越来越多。 大A的热度，甚至都吸引了韩国人入场。 数据显示： 而这一轮牛市，起点和10年前差不多，都是3200点。 这不禁会让很多人本能地产生一个疑问： 这一轮大A的强势行情，会不会复制2015年那一波行情的轨迹，先来个牛市，然后迅速大跌回到原点？ 毕竟十年前的教训，实在太过惨烈。 今天的文章，我就给大家做一个比较深度的分析。 韩国人对中国股票的持仓量，从2024年末的190.83亿元人民币上涨至244.75亿元，增长近三成。 这样的市场热度，不禁让很多人想起10年前2015年那一波牛市行情。 2015年的牛市，是东大历史上最大规模的一波牛市，但也是最大规模的一次牛转熊。 股市从3200点涨到最高5178点，随后半年内迅速跌回到了2638点，最大跌幅达到49%。 总市值蒸发 25.5万亿元 ，缩水幅度达 36%。 30%的个股跌幅超过一半，超95%的投资者在那一轮牛市转熊市的行情中亏损，不少人甚至是输光身家。 大家如果能把文章看完，你 ...

金融安全是国家安全的重要组成部分，存款保险制度作为金融安全网的三大支柱之一，在维护金融稳定 和保护存款人利益方面具有重要的作用。我国于2015年5月正式实施存款保险制度，至今正好十年时 间。由明雷撰写的《存款保险制度研究：定价机制与风险效应》(中国社会科学出版社，2024年6月)一 书，充分体现了新时代以来我国存款保险制度的最新理论发展情况。该书以归纳国内外存款保险制度的 理论演进与实践发展为逻辑起点，主要内容包括两个方面： 一方面，从监管处罚、区间定价和考虑宏观经济政策三个维度系统研究存款保险定价问题。其一，在诺 贝尔经济学奖得主默顿(Merton)经典模型的基础上，引进宽容系数，将监管处罚和监管宽容统一到一个 框架中，得到存款保险价格的解析解。研究发现，当监管惩罚力度加大时，银行的风险偏好降低，存款 保险费率也会降低。同时，利用相关数据对上市银行的存款保险费率进行了测算，并分析了2008年次贷 危机等事件对存款保险费率的影响。研究发现，相对国有银行和股份制银行，次贷危机和资本市场波动 对城市商业银行存款保险的费率影响更大。其二，将模糊数学的区间思想引入存款保险定价模型，分析 了区间定价的理论意义和现实必要 ...

Core Viewpoint - Zhuhai Guangku Technology Co., Ltd. has conducted a risk assessment report on Zhuhai Huafa Group Financial Co., Ltd. for the first half of 2025, indicating that the financial company has established a comprehensive internal control system and meets regulatory requirements, ensuring effective risk management [1][12]. Group 1: Basic Information of the Financial Company - Zhuhai Huafa Group Financial Co., Ltd. is a non-bank financial institution approved by the China Banking and Insurance Regulatory Commission, established to provide financial management services to Huafa Group and its subsidiaries [1][2]. - The financial company has a registered capital of 5 billion RMB and is owned by several entities, with Huafa Group holding 30% [2]. Group 2: Internal Control and Risk Management - The financial company has established a governance structure including a shareholders' meeting, board of directors, and supervisory board, along with various specialized committees for risk management and auditing [3][4]. - A comprehensive internal control management system has been implemented, including risk identification and assessment procedures, ensuring that risks are kept at a manageable level [5][11]. Group 3: Financial Performance - As of June 30, 2025, the financial company reported total assets of 43.24 billion RMB, total liabilities of 36.23 billion RMB, and net assets of 7.00 billion RMB, with operating income of 495.59 million RMB and net profit for the first half of 2025 [11]. - The financial company has maintained a stable operation without significant incidents affecting its normal business, such as deposit runs or major loan defaults [11][12]. Group 4: Regulatory Compliance - As of June 30, 2025, the financial company’s capital adequacy ratio was 17.44%, and liquidity ratio was 34.16%, indicating compliance with regulatory requirements [11]. - The financial company has not faced any administrative penalties or orders for rectification from regulatory authorities [11][12]. Group 5: Business Objectives and Advantages - The financial company's mission is to provide efficient financial management services to its group members, enhancing capital utilization and operational efficiency [12]. - It aims to leverage its position as a corporate financial company to create a comprehensive financial platform for Huafa Group [12]. Group 6: Risk Assessment Opinion - The company believes that the financial company has a valid financial license and business license, with a complete internal control system that effectively manages risks [12]. - No significant deficiencies in risk management have been identified, and the risks associated with deposit financial services are considered controllable [12].

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].

Core Insights - London remains a leading global financial center despite challenges from Brexit and competition from other financial hubs, showcasing resilience and competitiveness in various key sectors [4] - The establishment of an international financial risk management center in London is supported by its extensive banking network, technological concentration, and strong fintech ecosystem [3][4] Group 1: Global Financial Market Position - London holds a 43.1% share of global foreign exchange trading, significantly higher than the US at 16.5% and Hong Kong and Singapore both at 7.6% [1] - The UK leads in global interest rate derivatives trading with a 50.2% market share, followed by the US at 32.2% [1] - London is the largest center for gold pricing and trading, with an average daily transaction volume of 47.1 million ounces and a daily turnover of $126 billion [4] Group 2: Advantages of London as a Financial Hub - The UK has the largest concentration of international banks in Europe, facilitating multinational companies in managing currency and liquidity risks [3] - London is home to the largest cybersecurity market in Europe, valued at over £6 billion, employing over 30,000 people [3] - The city is a key player in the global insurance and reinsurance market, accounting for 10% of the world's market share [3] Group 3: Recommendations for Shanghai's Financial Risk Management Center - Shanghai should develop a comprehensive financial risk management product system that covers various types of risks and encourages innovation [5] - The city needs to enhance its financial risk monitoring and control mechanisms to improve the identification and management of potential risks [6] - Establishing a competitive financial market in Shanghai requires reducing costs for international entities and improving the investment environment [7] Group 4: Innovation and Policy Support - Shanghai aims to create a leading technology industry cluster to support the development of its international financial risk management center [8] - The city plans to enhance its financial technology capabilities and establish a robust information network and data security center [8] - Policies will be introduced to support the establishment of a controllable offshore financial system in the Pudong New Area [8]

Core Insights - The "2025 Zurich-Shenzhen Quantitative Finance Risk Summer Camp" was successfully inaugurated, organized by several institutions including the Southern University of Science and Technology and Zurich University [1] - The event featured notable speakers including Didier Sornette, who emphasized the critical role of risk management in finance [4] - The summer camp aims to enhance students' critical thinking and professional skills through interactions with experienced experts [4] Group 1: Event Overview - The summer camp is a two-week program taking place in Zurich and Shenzhen, focusing on trends in quantitative finance, financial market risks, and the application of machine learning [11] - The theme of this year's camp is "Focus on Data, Seize Opportunities," with a strong emphasis on practical aspects of quantitative investment [11] - The camp attracted over 20 outstanding students and professionals from various universities and financial institutions [12] Group 2: Key Speakers and Their Contributions - Didier Sornette highlighted the importance of risk management and encouraged students to engage with experts [4] - Lin Jun, CEO of Shenzhen Kangjie Wendo Technology Co., introduced the company's business logic emphasizing the significance of data in industry development [5] - Dr. Shao Hao delivered a lecture on the current state and frontiers of quantitative investment, discussing the challenges faced by traditional investment methods and the advantages of quantitative approaches [9] Group 3: Industry Relevance - Quantitative finance is increasingly important for financial risk management, utilizing interdisciplinary methods from mathematics, statistics, and computer science [12] - The development and application of quantitative finance provide comprehensive risk management tools and decision support for financial institutions and investors [12]