2025年8月26日，双元科技(688623.SH)发布2025年半年度报告。截至2025年8月25日，共有7个机构投资 者披露持有双元科技A股股份，合计持股量达3148.57万股，占双元科技总股本的53.24%。其中，机构 投资者包括杭州凯毕特投资管理有限公司、杭州丰泉汇投资管理合伙企业(有限合伙)、宜宾晨道新能源 产业股权投资合伙企业(有限合伙)、宁波银泰睿祺创业投资有限公司、深圳市德弘联信私募股权基金管 理有限公司-金华金开德弘联信毕方贰号投资中心(有限合伙)、上海朝希私募基金管理有限公司-宁波和 歆实业投资合伙企业(有限合伙)、北京铠润私募基金管理有限公司-铠润致盈私募证券投资基金，机构投 资者合计持股比例达53.24%。相较于上一季度，机构持股比例合计下跌了2.03个百分点。 公募基金方面，本期较上一季未再披露的公募基金共计1个，即国投瑞银中证资源指数(LOF)A。 ...

Group 1 - A company named "Xi'an Hangtou Future Energy Industry Chain Management Co., Ltd." signed a 158 billion RMB investment agreement with the government of Suizhou, Hubei, to establish a solid rocket propulsion system-based aerospace industry chain research and production base [1][3] - The project, covering an area of 2,500 acres, is expected to generate annual revenue exceeding 30 billion RMB once fully operational, contributing to the development of a trillion-level aerospace industry cluster [3][4] - The signing of the agreement took only 28 days from negotiation to signing, showcasing the "Suizhou speed" in project implementation [1][3] Group 2 - The company has been linked to a questionable entity, the "State-owned Assets Supervision and Administration Commission Economic Development Center," which is under investigation for allegedly being a fake organization [4][12] - The company was established in 2023 with a registered capital of 30 million RMB and is fully owned by a company that is itself linked to the alleged fake organization [4][12] - Local authorities are currently investigating the legitimacy of the company and its connections, with reports indicating that the supposed state-owned entity does not exist [11][14] Group 3 - The project is considered a key investment initiative by the local government, aimed at boosting economic growth and establishing a solid foundation for the aerospace industry [3][4] - The local government has expressed strong support for the project, emphasizing its potential to create significant economic impact and job opportunities [3][4] - There have been previous instances of fake state-owned enterprises, highlighting the ongoing issue of fraudulent registrations in the industry [14]

登录新浪财经APP 搜索【信披】查看更多考评等级 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假记载、误导性陈述或重大遗 漏。 一、与关联方及专业机构共同投资暨关联交易的概述 青岛征和工业股份有限公司（以下简称"公司"）作为有限合伙人与专业投资机构上海慕华金誉股权投资 管理合伙企业（有限合伙）及其他有限合伙人共同签署了《共青城慕华九号股权投资合伙企业（有限合 伙）合伙协议》，增资入股共青城慕华九号股权投资合伙企业（有限合伙）（以下简称"合伙企业"）， 全体合伙人认缴出资总额为2,111万元人民币，其中公司以自有资金认缴出资人民币500万元，占合伙企 业认缴出资总额的23.69%。具体内容详见公司于2025年8月12日在巨潮资讯网 （http://www.cninfo.com.cn）上披露的《关于公司与关联方及专业机构共同投资暨关联交易的公告》 （公告编号：2025-040）。 二、与关联方及专业机构共同投资暨关联交易的进展情况 近日，公司收到通知，合伙企业已经完成工商变更备案登记、基金备案手续。 （一）工商变更登记情况： 合伙企业已完成工商变更登记并取得了共青城市行政审批局换发的《营业执照 ...

8月22日，黑石集团(BX)盘中上涨5.06%，截至22:44，报171.705美元/股，成交2.28亿美元，总市值 1265.62亿美元。 资料显示，黑石集团公司总部位于美国纽约, 是一家全球领先的另类资产管理和提供金融咨询服务的机 构, 是全世界最大的独立另类资产管理机构之一, 美国规模最大的上市投资管理公司, 1985年由彼得·彼得 森(Peter G. Peterson)和斯蒂芬·施瓦茨曼(Stephen Schwarzman)共同创建。2007年6月22日在纽约证券交易 所挂牌上市(NYSE:BX)。 本文源自：金融界 作者：行情君 财务数据显示，截至2025年06月30日，黑石集团收入总额70.01亿美元，同比增长7.98%；归母净利润 13.79亿美元，同比增长6.76%。 大事提醒： 10月16日，黑石集团将披露2025财年三季报（数据来源于纳斯达克官网，预计披露日期为美国当地时 间，实际披露日期以公司公告为准）。 ...

Core Viewpoint - Investment expert Duan Yongping raises an interesting question about which asset class will be the most or least valuable in five years, using seven asset types currently valued at 5 million each as a basis for discussion [1][2]. Group 1: Asset Analysis - Moutai stock is considered a stable investment, likely to appreciate over the next five years due to its status as a benchmark in the A-share market [1][3]. - Bitcoin is seen as highly volatile, with potential for significant price increases, but concerns exist regarding the emergence of new cryptocurrencies [2][9]. - Gold is expected to rise in value due to monetary easing policies in both China and the U.S., making it a favorable hedge against inflation [2][12]. - Nvidia stock is viewed with skepticism, as the rise of Chinese semiconductor companies could pose a threat to its market position [2][18]. - Berkshire Hathaway stock faces uncertainty due to the potential retirement of Warren Buffett, which could impact its future performance [2][19]. - Real estate in core areas of Beijing or Shanghai is anticipated to stabilize, with rental yields around 2.5%, but long-term price appreciation remains uncertain [2][14]. - Luxury goods, specifically classic LV bags, are predicted to depreciate significantly due to lack of cash flow and changing consumer preferences [2][8]. Group 2: Investment Strategies - A diversified investment strategy is suggested, allocating 50% to gold, 15% to Berkshire Hathaway, 15% to Bitcoin, 10% to Nvidia, and 10% to Moutai, emphasizing a balanced approach rather than a single asset bet [5][6]. - The importance of understanding the underlying value of assets is highlighted, with a preference for investments that generate cash flow, such as stocks, over those reliant on market consensus [9][10]. - The potential for significant negative returns in luxury goods and cryptocurrencies is acknowledged, with a focus on more stable investments like Moutai and Berkshire Hathaway [16][19].

"我当然不是在敲响警钟，关键是市场价格确实很昂贵。"橡树资本联合创始人霍华德·马克斯警告，美股估值处于历史高位，特别是美股总市值与GDP之 比创下纪录。他将当前市场与1990年代末的"非理性繁荣"时期类比，提醒市场回调风险虽未迫近却真实存在，并建议投资者转向防御策略以应对潜在波 动。 橡树资本联合创始人霍华德·马克斯警告，尽管触发市场大幅回调的关键因素尚未出现，但美股估值已然偏高，并显现出泡沫"早期阶段"的迹象。 "我当然不是在敲响警钟。关键是市场价格确实很昂贵，" 这位著名的不良债务投资人8月20日周三在媒体采访时说道。 霍华德认为，相对于历史水平，一些科技股的估值已经亮起红灯。一个关键的估值指标让他感到不安，即美国上市公司总市值占美国国内生产总值 （GDP）之比，也被称之为"巴菲特指标"，目前正处于历史最高点。 他进一步分析称，由于近年来大量公司通过收购被私有化，而其他公司则推迟了上市计划，这一指标的实际情况可能比表面看起来"更令人担忧"。这意 味着，当前股市的估值压力可能被低估了。 Buffett Indicular = $65.47T$\$30.15T$\$30.15T$ 而市场需要为当前"膨胀的估值 ...

Group 1 - Howard Marks warns that despite the absence of key factors triggering a significant market correction, U.S. stock valuations are already high and show signs of an "early stage" bubble [1] - A critical valuation metric, the ratio of total market capitalization of U.S. listed companies to U.S. GDP, known as the "Buffett Indicator," is currently at a historical high of 217%, raising concerns about overvaluation [6] - Marks emphasizes that the current market's inflated valuations need reasonable support, and investors have not experienced a "real market correction" in 16 years, leading to a potential underestimation of valuation pressures [1][2] Group 2 - The current market environment reminds Marks of the late 1990s when enthusiasm for tech stocks led to Alan Greenspan's famous warning about "irrational exuberance," suggesting that the current upward trend may still have room to continue [2] - Based on his analysis, Marks advises a defensive investment strategy, describing the U.S. market as "an expensive good car," indicating that while the investment environment has slightly deteriorated, it remains the best global investment destination [7]

Group 1 - International precious metals market experienced a decline, with silver dropping nearly 2% [1] - As of the close on August 19, 2025 December gold futures fell by $19.1, settling at $3358.9 per ounce, a decrease of 0.57% [1] - The market is cautious ahead of Federal Reserve Chairman Jerome Powell's upcoming speech, leading to a short-term adjustment in precious metal positions [1][2] Group 2 - The US dollar index rose by 0.1%, closing at 98.265, which negatively impacted the precious metals market [2] - The annual Jackson Hole global central bank conference is approaching, with market participants keenly awaiting Powell's policy signals [2] - UBS raised its gold price target for March 2026 by $100 to $3600 per ounce, citing ongoing macroeconomic risks in the US and strong investment demand [2] Group 3 - September silver futures closed down by $0.735, settling at $37.330 per ounce, a decline of 1.93% [3] - December silver futures also fell by $0.74, closing at $37.820 per ounce, a decrease of 1.92% [3]

Core Insights - The article emphasizes the importance of maintaining objectivity and discipline in investment strategies during periods of market volatility, highlighting that emotional reactions can lead to poor decision-making [1] - Historical data shows that stock markets experience significant fluctuations, with a 20% drop occurring approximately every four years, and a 10% drop almost annually, which investors often overlook [3][4] - Long-term investments in stocks have a higher probability of outpacing inflation compared to cash, with success rates increasing significantly with longer holding periods [4] Market Performance - Over the past five years, global stock markets have doubled in value, while cash holdings have only returned 14%, illustrating the superior performance of equities [2] - The MSCI World Index data indicates that in the 53 years leading up to 2025, 30 years recorded drops of over 10%, and 13 years saw declines of 20% or more [3] Investment Strategy - The article discusses a "rotation strategy" based on the VIX index, which suggests that selling stocks during high volatility (VIX above 33) leads to lower returns compared to a long-term holding strategy [5] - Historical analysis indicates that those who react impulsively to market risks often miss out on potential returns, reinforcing the need for a disciplined investment approach [5]

来源：市场资讯 （来源：山东国资报道） 从监事会到审计委员会 （一）国企监督早期 长久以来，全民所有制企业也被称为"国营企业"。1993年，宪法修正案将"国营企业"修改为"国有企业"。1994年，《国有企业财产监督管理条例》首次提 出监事会制度，对国务院指定由其监督的企业和企业集团履行监督职责时，可向企业派出监事会。 （二）稽察特派员时期 为解决国有企业监督问题，特别是国企经理人的行为失控导致的财务问题，1998年，国务院颁布《稽察特派员条例》，正式引入对国有重点大中型企业实 行的稽察特派员制度。《条例》规定，稽察特派员制度目的是"为了加强对国有重点大型企业的财务监督及评价业绩，强调维护国家作为所有者的权益， 以财务监督为核心，对被稽查企业进行稽察"。 （三）外派监事会时期 2000年，国务院以第283号令公布《国有企业监事会暂行条例》，"对国务院不派出监事会的国有企业，由省、自治区、直辖市人民政府参照本条例的规 定，决定派出监事会"。外派监事会呈现出取代稽察特派员的倾向，基本上对稽察特派员制度进行全面接管，监督但不干预企业的经营决策和经营管理活 动。 （四）审计委员会时期 新《公司法》借鉴英美法董事中心主义 ...