Core Points - Beijing aims to introduce over 1 trillion RMB in long-term and patient capital into the technology innovation sector by the end of 2027 [1] - The plan includes promoting technology innovation bonds, technology insurance, and the issuance of REITs, positioning Beijing as a leader in these areas nationally [1] - The initiative seeks to attract national venture capital guidance funds and enhance financial support for major technological breakthroughs and core technologies [1] Group 1 - The plan emphasizes support for high-quality technology companies to go public and encourages quality overseas-listed companies to return to domestic markets [1] - Beijing will leverage the Beijing Stock Exchange as a testing ground for reforms, providing tailored services for companies involved in significant technological challenges and breakthroughs [1] - The establishment of a "Zhongguancun Technology Bond" is proposed to facilitate the issuance of technology innovation bonds by various financial entities [2] Group 2 - The initiative promotes international cooperation in technology finance, encouraging foreign venture capital and private equity firms to establish branches in Beijing [2] - The plan aims to enhance collaboration between domestic and foreign financial institutions and to guide foreign capital to invest in Beijing's technology innovation sector [2] - There is a focus on cultivating international technology finance talent to support these initiatives [2]

科创板IPO资管计划（通常指参与科创板首次公开发行股票战略配售、网下发行或员工持股计划的资产管理计划）的设立需遵循 严格的监管规则，涉及发行人、管理人、投资者等多方主体。以下从设立流程和核心要点两方面梳理关键内容： 一、科创板IPO资管计划设立流程 1. 需求定位与目标明确 产品备案：资管计划成立后，管理人需在中基协完成私募资管产品备案（需提交备案报告、合同、托管协议、投资者清单 等材料）。 股份登记：参与IPO战略配售的，需在发行人上市前通过中国证券登记结算有限责任公司（中国结算）完成股份登记；员 工持股计划需在上市后按规则履行信息披露。 战略配售：在发行人IPO询价阶段，管理人需按发行人公告的战略配售方案提交申购，获配后锁定股份。 网下/网上发行：若为财务投资，需符合网下投资者适当性要求（如资产规模、投资经验），通过资管计划参与打新。 二、科创板IPO资管计划核心要点 2. 方案设计与结构搭建 3. 内部决策与外部审批 4. 备案与登记 5. 参与IPO配售/发行 6. 后续管理与退出 目的分类：资管计划设立目的主要包括两类： （1）战略配售：作为战略投资者参与科创板IPO，锁定12个月（部分符合条件的可 ...

新华财经北京10月15日电截至2025年8月的三个月内，英国失业率由4.7%上升至4.8%，劳动力市场呈现 明确疲软迹象。这一变化正迅速传导至货币政策预期，推动市场对英国央行年内降息的押注显著升温。 尽管英国央行长期强调通胀控制优先，但当前劳动力市场降温可能削弱薪资增长动能，进而缓解核心通 胀压力。在此背景下，政策制定者或面临在"维持高利率抗通胀"与"防范经济下行风险"之间重新权衡。 目前，英国央行尚未就12月会议释放明确信号，但就业数据的持续走弱或成为其政策转向的关键触发因 素。 （文章来源：新华财经） 据TwentyFour资产管理公司分析师指出，疲弱的劳动力数据为英国央行提供了比市场此前预期更早启动 降息进程的操作空间。该机构强调，鉴于最新就业指标表现，英国央行在边际层面上应更容易做出开启 降息周期的决策。 数据发布后，市场反应迅速。英国央行在12月降息的预期概率从33%大幅攀升至47%，反映出投资者正 重新定价英国货币政策路径。 ...

Core Viewpoint - The bankruptcy of First Brands Group, an automotive parts manufacturer, has triggered a chain reaction affecting a credit fund managed by Jefferies, leading to a wave of redemption requests from top investment institutions [1][2]. Group 1: Fund and Redemption Details - Jefferies' Point Bonita Capital fund, which manages approximately $3 billion, has about 25% of its assets tied to the receivables of the bankrupt First Brands Group [2][3]. - The redemption requests from investors, including Singapore's GIC, BlackRock, Morgan Stanley Asset Management, and Texas Treasury Safekeeping Trust Company, indicate a significant loss of confidence in the fund's future performance [3][4]. - Jefferies has stated that all redemption requests will take effect on December 31, with funds returned in four quarterly payments, the last of which is expected in October 2026, indicating a prolonged exit process for investors [4]. Group 2: Impact of First Brands' Bankruptcy - The sudden collapse of First Brands Group, which revealed nearly $12 billion in complex debt and off-balance-sheet financing issues, has heightened investor caution regarding the Point Bonita Capital fund [2][3]. - Jefferies has defended its relationship with First Brands, asserting that it was unaware of any fraudulent activities and that its exposure to First Brands' receivables is relatively small at $43 million, or 5.9% of the fund [4].

自2021年第一财经与中国银行联合发起和主办首届上海全球资产管理论坛，至今年已进入第五年，论坛 始终紧跟全球金融市场动态、上海国际金融中心建设的机遇与挑战、资产管理行业的创新与发展等议题 展开深入探讨，为推动资管行业高质量发展、服务实体经济提供助力。 时间：2025年10月16日 地点：上海 · 陆家嘴 论坛议程 2025年以来，全球经济在多重挑战中呈现"低增长、高风险"的新常态。中央金融委印发的《关于支持加 快建设上海国际金融中心的意见》，明确提出在确保金融安全的前提下持续强化上海金融开放枢纽门户 功能，增强人民币资产全球配置中心、风险管理中心地位，推动上海国际金融中心建设不断实现新突破 新提升。上海凭借政策优势、开放生态与创新活力，正成为全球资管行业的"稳定器"与"创新源"。 2025年是"十四五"规划的收官之年，也是"十五五"规划的谋篇布局之年，承担着总结前期成果与锚定未 来目标的"双重使命"。在此背景下，第一财经、中国银行联合主办"2025上海全球资产管理论坛"，邀请 监管机构、经济学家、金融基础设施、全球知名资管机构、国内龙头资管机构等，共同呈现一场推进资 管行业高质量发展、构建服务实体经济生态圈的 ...

2 t B 2025 SHANGHAI GLOBAL ASSET MANAGEMENT FORUM 每年10月举办的这一场高规格的资管论坛，一直都是上海资产管理协会主办的"全球资产管理中心· 上海国际活动周"的首发活动，并始终致力于将论坛打造成 一系列重磅的行业报告、指南和服务方 案等重要成果的发布平台 。相较于往届，今年的发布环节呈现出项目更多元、信息更丰富、覆盖更 广泛的特点，包含一系列在 研究、实务、人才领域的成果， 并充分体现 跨行业合作、以及科技和 数智含量。 论坛之后，将正式开启国际活动周期间的多场重磅活动，议题覆 盖资管科技、指数与 量化投资、绿色与可持续投资、科创投资、资管业促进资本市场发展等。 本届论坛中，嘉宾专业性与国际化程度创历届新高，将 首次举办"全球交易所-资产管理人" 闭门对 话会 ，在上海交易所国际交流合作中心、上海资产管理协会的积极组织下，来自全球多家交易所和 国内外资管机构的代表将深入探讨如何穿越周期，在全球核心市场波动背景下的配置策略、投资机 会和风险剖析。同时，每年论坛议程 中备受关注和期待的国际化专场，今年由 国泰海通证券协办 ，主题为 携手推动中欧资管高水平双向开放 ...

Core Insights - Singapore is increasingly becoming a key destination for businesses and individuals looking to expand internationally, with foreign direct investment (FDI) reaching a record high of $143.4 billion in 2024 [1] - A significant number of Chinese enterprises, including Alibaba, Tencent, ByteDance, and Ant Group, are using Singapore as a strategic base to enter the ASEAN market, which has a population of nearly 700 million [1] - The number of family offices in Singapore has surged by over 40% in 2024, surpassing 2,000, attracting global billionaires like Ray Dalio, Sergey Brin, and Mukesh Ambani [1] Group 1: Financial Landscape - Singapore is recognized as a leading financial center in Asia, particularly in fintech and digital assets [2] - The upcoming research trip from October 28 to November 1 aims to explore Singapore's advantages in global asset allocation by visiting eight prominent financial institutions [2] - Participants will engage with experts from OCBC Bank, Yincubator, and other organizations to understand the economic outlook and market opportunities in Singapore [7][8][10] Group 2: Opportunities for Chinese Enterprises - Yincubator focuses on accelerating the internationalization of Chinese tech companies in AI, Blockchain, Cloud Computing, and Data Analytics [9] - The SEGA initiative, launched in collaboration with Singapore's Economic Development Board, aims to support Chinese new economy companies in establishing a global presence through Singapore [9] - New companies are provided with comprehensive solutions for cross-border operations, including tax planning and compliance, by firms like Lotusia Group [10] Group 3: Wealth Management and Family Offices - The research will cover the role of Singapore and Hong Kong in global asset allocation, highlighting their differences [12] - BC Capital, founded by experienced bankers, manages over $3 billion in assets and focuses on wealth management and investment banking [13] - Merit Asset Management specializes in global asset allocation and disruptive technology investments, with a strong presence in both Asia and the U.S. [16] Group 4: Fintech Innovations - Moomoo SG, a digital brokerage and wealth management service, has launched cryptocurrency trading on its platform, reflecting Singapore's advancements in fintech [19] - A leading global digital asset exchange will also be visited, showcasing Singapore's position at the forefront of blockchain and Web3 innovations [20]

Core Viewpoint - The recent surge in gold prices, surpassing $4200 per ounce, is driven by several underlying factors, including the Triffin Dilemma and the intertwining of political and financial dynamics, leading to a trend of "de-dollarization" [2][3][10]. Group 1: Factors Influencing Gold Prices - Gold has seen a significant increase of nearly $1600 per ounce this year, representing a rise of approximately 60% [3]. - The four main factors affecting gold prices are: 1. The weakening of the US dollar due to global de-dollarization trends [3]. 2. Expectations of lower US interest rates, which enhance gold's appeal [3]. 3. Increased market risk appetite due to escalating geopolitical conflicts [3]. 4. Central banks' ongoing purchases of gold for safety reasons [3]. Group 2: Political and Economic Context - The recent rise in gold prices is partly attributed to renewed tariff threats from the Trump administration against Chinese goods, which has created market volatility [5]. - The US government shutdown has heightened concerns about economic growth, leading to increased expectations for interest rate cuts by the Federal Reserve [7]. - The ongoing geopolitical tensions and trade wars have prompted countries to reduce their reliance on the US dollar, further supporting gold's attractiveness as a safe-haven asset [10]. Group 3: The Triffin Dilemma - The Triffin Dilemma highlights the conflict faced by a country whose currency serves as a global reserve, where it must balance trade deficits to provide liquidity while maintaining currency stability [9]. - As US debt continues to grow, confidence in the dollar is waning, contributing to the rise in gold prices [10]. Group 4: Investment Strategies - The TACO trading strategy, which capitalizes on the cyclical nature of Trump's tariff threats, has gained attention as a method for investors to buy assets during market downturns and sell when conditions improve [5]. - Bridgewater Associates' founder Ray Dalio suggests that investors should allocate up to 15% of their portfolios to gold, emphasizing its superior safe-haven qualities compared to the dollar [10].

Core Points - The appointment of Xiang Dang as the new chairman of China Great Wall Asset Management Co., Ltd. has been officially announced, pending regulatory approval [1][2] - Xiang Dang has extensive experience in the non-performing asset industry, having worked for 26 years in this field, including significant roles at China Cinda Asset Management [2][3] - The company has undergone significant changes in its shareholding structure, with Central Huijin Investment Co., Ltd. increasing its stake in Great Wall Asset from 73.53% to 94.34% following a series of capital adjustments [4] Company Leadership Changes - Xiang Dang is the fourth chairman since the company's restructuring in December 2016, succeeding Li Junfeng, who retired due to age [2][3] - During his interim period as chairman, Xiang Dang has also served as the acting president of the company [2] Financial Performance - As of June 2025, Great Wall Asset reported a total asset of 6,309 billion yuan, with a significant increase in net profit to 999 million yuan, marking a 528% increase year-on-year [6] - The company has seen a decline in operating revenue by 54% year-on-year, totaling 39.2 billion yuan for the first half of 2025 [6] Asset Management and Strategy - Great Wall Asset has been active in acquiring non-performing financial assets, with a total of 433 billion yuan in new acquisitions in the first half of 2025 [6] - The company has initiated the sale of non-performing debts from major real estate firms, including approximately 11.3 billion yuan from Evergrande [6][7] - The issuance of the first asset-backed securities (ABS) product backed by non-performing assets in June 2025 represents a significant innovation in asset disposal strategies [7] Challenges Ahead - Despite recent successes, Great Wall Asset faces ongoing challenges in managing and revitalizing its real estate-related non-performing assets amid economic pressures [7]

摩根大通：将贝莱德目标价从1242美元上调至1244美元。 来源：滚动播报 ...