从业务布局看，截至2024年末，公司能源类困境资产项目存量余额达45亿元，根据重组协议，此类项目 将在未来持续贡献稳定的重组收益；上市公司困境资产项目余额6.55亿元、特殊机遇项目存量余额22.35 亿元，业务结构与国家"服务实体经济、化解金融风险"的政策导向契合，为长期收益释放埋下伏笔。 政策层面，监管部门持续优化不良资产市场生态，明确鼓励AMC发挥"金融稳定器"作用，通过重组、 重整等手段盘活困境资产；市场层面，经济转型期涌现的特殊机遇资产为行业提供了广阔增量空间。在 此背景下，海德股份已与多家银行、地方AMC及非持牌资管机构构建了全方位合作关系，进一步巩固 了行业竞争力。 展望未来，随着存量项目收益的逐步释放与新增业务的落地，海德股份有望抓住不良资产行业新一轮发 展机遇，实现价值的提升，持续为实体经济与金融稳定贡献专业力量。(CIS) 从行业环境来看，国家金融监管总局数据显示，2024年我国全年不良资产处置规模达3.8万亿元，创历 史新高，市场活跃度持续攀升。作为服务实体经济、化解金融风险的重要力量，资产管理公司(AMC)在 政策支持下，正迎来广阔的发展空间。 海德股份表示，公司稳健推进业务开展，在"挤 ...

Group 1: Investment Growth and Policies - Singapore's foreign direct investment inflow is projected to grow by 6.1% in 2024, reaching a historical high of $143.4 billion, moving from third to second place globally among single-country economies [1] - The Singapore government has implemented targeted measures to facilitate foreign investment, including a $1.3 billion enterprise assistance package to alleviate business operating costs and a 50% income tax reduction for companies, capped at $40,000 [1][2] - The refundable investment tax credit program, effective from January 2023, allows companies to offset up to 50% of their corporate income tax for investments in high-value economic activities [2] Group 2: Infrastructure and Economic Stability - Singapore's strategic location as a global trade and aviation hub provides vast development opportunities for investors, supported by stable economic policies that reduce investment risks [3] - The country boasts a mature financial system with strict regulations ensuring market stability and security, alongside advanced payment and credit rating systems that enhance transaction efficiency [3] - Continuous investment in world-class infrastructure, including ports and airports, supports logistics and digital economy growth, further solidifying Singapore's attractiveness for foreign investment [3] Group 3: Talent and Political Environment - Singapore's education system emphasizes practical skills, producing a skilled workforce, while policies attract global talent, creating a diverse talent pool to meet various business needs [4] - A stable political and social environment provides a fundamental guarantee for investment security, complemented by a high-quality living and working environment that fosters a positive cycle of talent attraction and investment [4] Group 4: Future Outlook - In the context of global economic recovery, Singapore is becoming an ideal choice for investors seeking both safety and profit, particularly in the digital and green economy sectors [5] - The country's proactive positioning in emerging industries aligns with global trends, suggesting that Singapore will maintain its leading position in the global investment market and continue attracting quality foreign capital [5]

Core Viewpoint - India is on track for a record year in initial public offerings (IPOs), driven by interest rate cuts and strong domestic demand for stocks, with total IPO value reaching $6.7 billion year-to-date, up from $5.4 billion in the same period last year, making it the largest IPO market outside the U.S. [1] Group 1 - The anticipated IPOs, including Tata Capital's expected $2 billion offering, could push India past last year's record of $21 billion raised [1] - Goldman Sachs predicts a significant acceleration in the primary market, estimating that fundraising could reach $20 billion in the second half of the year [1] - The Nifty 50 index, which had a sluggish start to the year, has risen approximately 7% year-to-date, nearing historical highs [1] Group 2 - The lack of a trade agreement between New Delhi and Washington, along with potential additional tariffs from Trump, creates uncertainty in the macroeconomic environment, necessitating more successful IPOs to validate the bull market [2] - The Reserve Bank of India's one percentage point interest rate cut has boosted market optimism, aided by easing inflation pressures and signs of economic recovery [2] - Domestic retail investors are channeling significant household savings into mutual funds, benefiting from personal income tax cuts [2] Group 3 - Further rate cuts from the central bank are expected to enhance domestic investor interest in stocks, including IPOs, while foreign institutional investors remain underweight in the Indian market, indicating potential investment space [2] - Despite foreign institutional investors withdrawing $8 billion from Indian equities this year due to valuation concerns, domestic funds have attracted over $42 billion, offsetting the impact of foreign exits [2] - Companies seeking to go public are seizing the market rebound, with ICICI Prudential Asset Management expected to be the third company this year to list with a market cap exceeding $1 billion [2] Group 4 - HDB Financial Services has seen a 5% increase in stock price since its $1.5 billion IPO earlier this month, while Hexaware's stock has risen nearly 15% since raising $1 billion in February [3] - These successful transactions have boosted confidence among a long list of IPO candidates, with expectations for more medium to large IPOs to test market demand [3] - Upcoming IPO plans include those from LG Group's Indian subsidiary, stock brokerage platform Groww, and e-commerce company Meesho [3]

市场对特朗普上周一系列关税声明的反应较为平淡，但美国最大的担忧还未解除，特朗普提前预告将就 俄罗斯问题发表重大声明，"起爆点"就在今晚？ 大型投资者和资深银行家们警告称，美国股市的创纪录高位掩盖了特朗普对全球最大经济体构成的风 险，他们同时警告市场中存在日益增长的"自满"情绪。 从东方汇理资产管理公司（Amundi）到摩根大通（JPMorgan Chase）的资深高管表示，市场过于自信 地认为，特朗普会放弃那些最有可能威胁美国金融稳定的政策。 东方汇理资产管理公司（欧洲最大的资产管理公司）首席投资官文森特·莫蒂尔（Vincent Mortier）表 示："对我来说，市场对'TACO'（特朗普总是退缩）这一华尔街普遍说法的自满情绪相当明显。" 摩根大通首席执行官杰米·戴蒙（Jamie Dimon），作为美国金融界最杰出的高管之一，在上周四的一个 活动中也表达了同样的看法，并指出："不幸的是，我认为市场存在自满情绪。" 特朗普近日表示："我认为我将在周一就俄罗斯问题发表重大声明。"荷兰国际分析师表示："特朗普有 可能宣布对俄罗斯实施更多制裁，如果制裁针对俄罗斯能源，这可能会极大地改变石油前景。" 一位前特朗普政府 ...

Core Insights - Sovereign investment institutions are significantly increasing their interest in the Chinese market, with 59% of respondents planning to allocate more resources to China over the next five years [1][6] - The report highlights China's leadership in technology innovation and its role as a leader in the green transition, particularly in clean energy and green technology [1][8] Group 1: Investment Trends - 73% of North American sovereign wealth funds believe they will increase their allocation to China in the next five years, while 88% of Asia-Pacific sovereign wealth funds share this sentiment [2][6] - The focus is shifting towards innovation-driven sectors in China, which are expected to establish global leadership positions [5][11] - Sovereign wealth funds are increasingly viewing China as a global leader in sectors such as semiconductors, cloud computing, artificial intelligence, electric vehicles, and renewable energy infrastructure [7][8] Group 2: Sector Preferences - When asked about the most attractive industries in China over the next 3-5 years, 89% of sovereign wealth funds mentioned digital technology and software, 70% cited advanced manufacturing and automation, and 70% highlighted clean energy and green technology [11] - 48% of respondents identified healthcare and biotechnology as attractive sectors, indicating a broad interest in various high-growth industries [11] Group 3: Central Bank Insights - 64% of central banks plan to increase their gold reserves in the next two years, reflecting a strategic shift in reserve management amid geopolitical instability [13] - 47% of central banks expect to increase gold allocation over the next three years, viewing gold as a strategic hedge against rising U.S. debt levels and global fragmentation [13]

这是景顺第13年发布全球主权资产管理研究报告，相 关 调查于2025年1月 — 2025年3月间开展，覆盖141家全球主权投资机构，包括58 家中央银行和83家主权财富基金，合计管理规模达27万亿美元 （ 约合193.51万亿元人民币 ） 。 今年的调查结果显示，59%的受访者表 示，未来五年将增加对中国市场的配置。 73%的北美主权财富基金认为未来5年将增加对中国的配置 今年研究报告的一大亮点是，主权投资机构对中国的兴趣复苏。 例如，不少主权财富基金认为有充分理由看多中国，包括中国拥有具吸引力的本地回报、中国可提供多元化收益来源以及中国 在 关键技术 领域崛起。 【导读】7月14日发布的《景顺全球主权资产管理研究》显示，全球主权投资机构对中国市场的兴趣显著提升 中国基金报记者 吴娟娟 7月14日，美国资产管理巨头景顺发布的《全球主权资产管理研究》显示，全球主权投资机构对中国市场的兴趣上升，多数主权投资机构计 划未来五年增加对中国市场的配置。主权投资机构认可中国的科技创新能力，并认 为在绿色 转型领域中国是名 副 其实的领导者。 一 家 中东主权财富基金说： " 在清洁能源和绿色技术方面，没有国家能与中国匹敌 ...

【 导读 】交易商协会一连发布五则自律处分公告 见习记者 孙越 业内人士 表示 ，"自融""返费"等行为容易扭曲发行利率，影响市场运行秩序，同时易滋生贪 腐等犯罪情况。交易商协会的介入有助于遏制行业恶性竞争，推动市场回归专业化、市场化 轨道。 近年来，交易商协会持续加大对债券承销环节违规行为的监管力度。今年6月，交易商协会发 布《关于加强银行间债券市场发行承销规范的通知》，其中要求，发行人、承销机构（包括 主承销商和承销商）不得事先约定债券发行利率，不得以"返费"等手段扭曲市场价格，不得 以代持、互持等方式谋取不正当利益。 《通知》还明确，承销机构不得以低于成本的承销费率报价参与债券项目竞标。发行人、承 销机构应按照商业约定履行付款义务，不应拒绝支付或拖欠费用。同时，投资者不得协助发 行人"自融"，不得参与内幕交易、操纵市场、利益输送、非市场化发行等违法违规活动。承 销机构投资债券的，应确保债券发行承销与投资等业务条线相互隔离，防范利益冲突和道德 风险。 7月14日 ，中国银行间市场交易商协会（ 以下简称 交易商协会 ） 一连 发布五则自律处分 公告， 四家资管公司及一名个人因 存在通过资管产品协助发行人"自 ...

Core Viewpoint - The article discusses the rising popularity of the "Permanent Portfolio" investment strategy among young investors, particularly in the context of social media platforms like Xiaohongshu, emphasizing its simplicity and effectiveness in wealth management [2][5]. Group 1: Permanent Portfolio Concept - The "Permanent Portfolio" is a classic multi-asset allocation strategy created by Harry Browne in the 1970s, designed to provide stability and growth through diversified asset allocation [3][5]. - This strategy is not merely a simple four-part allocation but represents a flexible approach that can be tailored to individual preferences, allowing for personal variations in asset allocation [5][12]. Group 2: Market Trends and Historical Context - The resurgence of interest in multi-asset portfolios is linked to macroeconomic conditions reminiscent of the 1970s, particularly the significant rise in gold prices, which increased from $35 to $512, a cumulative increase of 1363% [13][15]. - The current economic environment, characterized by slowing growth and high interest rates, has led to a renewed focus on multi-asset strategies, paralleling the historical context of the 1970s [15][14]. Group 3: Investment Behavior of Young Investors - Young investors today prefer to create their own "safe havens" through personalized investment strategies, reflecting a desire for autonomy and reduced external influence in their financial decisions [17][18]. - The article highlights a cultural shift where younger generations are more inclined to engage in self-directed investment strategies, aligning with the principles of the Permanent Portfolio, which emphasizes diversification and minimal intervention [18][19].

Group 1 - Bitcoin has reached a new high of $120,000, driven by institutional investors and favorable policies [3][4] - BlackRock's Bitcoin ETF (IBIT) has over $76 billion in assets under management, attracting $1.2 billion in just two weeks [3] - Over 350,000 Bitcoins, accounting for 17% of the market's circulating supply, are held by more than 260 institutions and public companies [3] Group 2 - The market's bullish trend is contingent on three key factors: potential interest rate cuts by the Federal Reserve, the specifics of regulatory legislation, and the sustainability of corporate Bitcoin purchases [4][5][6] - The market anticipates two interest rate cuts in the second half of the year, but a rebound in CPI data could alter this outlook [4] - In Q2, global corporations purchased 159,000 Bitcoins, marking a record high for a single quarter, but the continuation of this trend is uncertain [6] Group 3 - The potential passage of the GENIUS and CLARITY Acts could provide clearer regulatory frameworks for stablecoins, which may enhance market confidence [3][5] - The current market sentiment is characterized by a "greed" index at 71, indicating potential for a market correction [8] - A "barbell strategy" is recommended for balancing risk and reward, involving investments in Bitcoin ETFs and gold ETFs or short-term government bonds [9]

Core Viewpoint - The U.S. stock market has rebounded to historical highs after significant sell-offs in April, but analysts expect the upcoming earnings season to be the weakest since mid-2023, with S&P 500 companies projected to see only a 2.5% year-over-year profit growth in Q2 2023 [1][2]. Earnings Expectations - Analysts predict that the earnings growth expectation for the S&P 500 has decreased from 9.4% in early April to 7.1% for the entire year [1]. - The Q2 earnings forecast for S&P 500 companies is at its lowest in two years, with six out of eleven sectors expected to see profit declines [2]. Market Dynamics - Lower earnings expectations may allow companies to exceed these conservative forecasts more easily, as indicated by analysts [2]. - The earnings season is set to begin with major financial institutions like JPMorgan Chase, Citigroup, and BlackRock reporting soon [2]. Trade War Impact - There is currently no significant evidence that tariffs have drastically reduced demand, despite concerns that trade policies could affect corporate profitability [3]. - Analysts from Bank of America have not observed a major economic rebound since the imposition of tariffs [3]. Profit Margin Trends - The net profit margin for S&P 500 companies is expected to drop to its lowest level since Q1 2024, following five consecutive quarters of increases [4][7]. - This decline may be temporary, with projections indicating a recovery in profit margins by the next quarter and continuing through at least 2026, contingent on cost-cutting measures or accelerated AI adoption [4]. Technology Sector Investments - Major U.S. tech companies are expected to significantly increase their capital expenditures, particularly in AI development, with projected spending rising from $311 billion to approximately $337 billion by FY2026 [7]. - The "big seven" tech companies are anticipated to see a 14% profit growth in Q2, while the overall S&P 500 index is expected to see a slight decline of 0.1% when excluding these companies [7]. Stock Selection Environment - The degree of divergence in individual stock performance is at a rare level, with a correlation index of 0.12 among S&P 500 components, indicating a need for selective stock picking [8][11]. - Analysts suggest focusing on companies with strong cash flow and earnings potential, particularly in the energy, financial, and healthcare sectors [11]. European Market Outlook - European corporate earnings expectations have been downgraded due to concerns over the impact of the trade war on profit margins, with more downgrades than upgrades since mid-March [14]. - The strengthening euro, which has appreciated by 13% against the dollar this year, may negatively affect the profitability of European export companies [14]. Currency Impact - The weakening dollar, driven by uncertainties surrounding trade policies and potential Fed rate cuts, is seen as beneficial for U.S. export companies [15][16]. - The dollar has declined by 10% this year, marking its worst performance since 1973, which is expected to positively impact revenues for companies like Meta and Microsoft [16].