Group 1 - The core viewpoint of the article highlights the financial performance and stock movement of Bedes Financial (PLUT), which saw a 3.52% increase in stock price, reaching $2.795 per share, with a total market capitalization of $42.9032 million [1] - As of December 31, 2024, Bedes Financial reported total revenue of HKD 9.748 million, a significant year-on-year decrease of 55.57%, while the net profit attributable to shareholders was HKD -5.523 million, reflecting a year-on-year increase of 8.16% [1] - Bedes Financial Group Limited primarily engages in asset management, utilizing offshore fund structures and discretionary accounts to develop investment strategies tailored to investors' backgrounds and needs [1] Group 2 - The company focuses on developing various categories of funds, including real estate funds, high-yield fixed income funds, multi-strategy funds, and private direct investment funds [1]

（注：我们会对线索进行核实。您的隐私将严格保密。） 第一财经持续追踪财经热点。若您掌握公司动态、行业趋势、金融事件等有价值的线索，欢迎提供。专 用邮箱：bianjibu@yicai.com 0:00 20 2025年7月16日，香港证监会发布了《2024年资产及财富管理活动调查》，报告表示香港资产及财富管 理业务在2024年实现了强劲增长，是"步入佳境"之年。第一财经专访香港证监会首任华人主席梁定邦， 他表示，香港创新金融发展、巩固提升国际金融中心地位是香港金融生态长远发展的"必选项"。 微信编辑| 夏木 ...

Core Viewpoint - 瑞威资管 (01835.HK) reported a mid-year performance for 2025, achieving a revenue of approximately RMB 18 million, representing a year-on-year growth of about 25.1% [1] Financial Performance - The company's profit attributable to equity holders for the period was RMB 2.494 million, marking a turnaround from a loss to a profit [1] - Earnings per share were approximately 1.63 cents [1]

Core Insights - 瑞威资管 (01835) reported a mid-year performance for 2025, achieving revenue of approximately RMB 18 million, representing a year-on-year increase of about 25.1% [1] - The net profit attributable to the parent company was RMB 2.494 million, marking a turnaround from a loss to profit compared to the previous year; earnings per share were approximately 1.63 cents [1] Revenue Growth - The increase in revenue was primarily driven by a significant rise in consulting fee income, which increased by approximately RMB 9.8 million compared to the same period last year [1] Profitability Improvement - The turnaround to profitability was mainly attributed to the sustained growth of the investment advisory business, along with the gradual market penetration of emerging services such as legal consulting [1] - The diversified business layout contributed to revenue enhancement, while cost efficiency was achieved through improved operational efficiency [1]

Core Viewpoint - 瑞威资管 reported a mid-year performance for 2025 with revenues of approximately RMB 18 million, reflecting a year-on-year growth of about 25.1% [1] Financial Performance - The profit attributable to the parent company for the period was RMB 2.494 million, marking a turnaround from a loss to profit [1] - Earnings per share were approximately 1.63 cents [1] Revenue Drivers - The increase in revenue was primarily driven by a significant rise in consulting fee income, which increased by approximately RMB 9.8 million compared to the same period last year [1] - The turnaround to profitability was largely due to the strong performance of the investment advisory business and the gradual market penetration of emerging services such as legal consulting [1] Cost Management - The company effectively reduced costs by enhancing operational efficiency, contributing to the overall improvement in profitability [1]

Core Insights - Infini Capital has actively invested approximately 7.708 billion HKD in three Hong Kong stocks within a short span of two weeks, indicating a strong interest in emerging industries [1] - The firm has a notable track record, having achieved a 96% return rate in 2021, ranking first among Asian hedge funds [2] Investment Activities - On July 17, Infini Capital planned to invest 1.308 billion HKD in Fourth Paradigm (06682), acquiring a 4.98% stake [1] - On July 31, the firm completed a 2.5 billion HKD investment in SenseTime (00020), securing a 4.31% ownership [1] - On the same day, Infini Capital proposed a 3.9 billion HKD investment in China Ruyi (00136), aiming for a 7.51% stake [1] Company Background - Infini Capital was established in 2015 and has dual headquarters in Hong Kong and Abu Dhabi, positioning itself as a leading international asset management company [1] - The founder, Tony Chin To, has a background in investment banking, having worked in the mergers and acquisitions departments of Morgan Stanley and HSBC before founding Infini Capital [1] - Tony Chin To has a strong educational background, having studied economics at the University of Michigan, Ann Arbor [1]

当银行理财收益"破3"、权益市场波动不断,越来越多的投资者开始寻找"第三种选择"——既不想忍受低 利率环境下的收益下降,又害怕股票/基金账户大开大合。这种考虑正在推动更多的投资者 在"稳"与"进"之间寻找平衡点。与此同时,政策方向清晰指引:公募基金高质量发展明确要求加大力度发 展含权中低波动型产品,为投资者提供"压舱石";指数化投资在高质量发展背景下被置于重要位置,其透 明、高效、低成本的特性契合长期资金需求。在这多重背景下,兼具债性保护与股性弹性的可转债及其 指数化工具,正迎来进一步的关注。 可转债:低利率下的"缓冲垫"与弹性源 可转债"下有债底支撑,上有转股弹性"的独特基因,使其天然具备应对市场波动的潜力。在利率下行、传 统债券收益吸引力下降时,其债底提供了基础保护;而当权益市场回暖,它又能分享正股上涨收益。虽然可 转债市场存量规模从2023年高峰回落至近期约6500亿元,但日均600亿元-700亿元的活跃成交,凸显了其深 受投资者青睐。而这个市场中另一个显著趋势是——被动投资正在超越主动管理。目前市场上可转债 ETF规模已突破430亿元,较2021年底激增40倍,去年底首次超越主动管理的可转债基金规模。 ...

Core Viewpoint - The stock of Shoucheng Holdings (00697) experienced a 5.59% increase, reaching HKD 1.89 per share with a trading volume of HKD 110 million, indicating strong market interest in the company [1]. Group 1: Company Overview - Shoucheng Holdings focuses on smart infrastructure asset services, which include parking asset management, industrial space management, and REITs investment, aiming to promote deep integration between finance and the real economy [1]. - Since 2017, the company has undergone a comprehensive strategic transformation, actively engaging with domestic and international capital markets, and has been included in multiple industry indices, gaining widespread market recognition [1]. Group 2: Financial Performance - As of the 2024 annual report, Shoucheng Holdings reported total revenue of HKD 1.125 billion and a net profit of HKD 380 million [2].

Core Viewpoint - The market for "ultra-short aging" personal loan non-performing asset packages is becoming increasingly active, with many financial institutions opting to quickly write off and transfer these assets without extensive collection efforts [1][8][11]. Group 1: Non-Performing Loan Information - Recently, China Bank Consumer Finance listed a batch of personal loan non-performing asset packages with a weighted average overdue period of only 93 days, all marked as "written off" and "not in litigation" [2][7]. - The total unpaid principal amount for these assets is approximately 22.46 billion yuan, with 296 asset cases involved [3]. - The average unpaid principal balance per borrower is about 81,164.35 yuan, and the average borrower age is 41.88 years [3]. Group 2: Market Trends - Since 2024, many consumer finance companies have adjusted their classification of non-performing loans to include those overdue for 90 days or more, leading to a rise in the volume of short-term non-performing assets [7][9]. - The average discount rate for personal loan non-performing asset packages has significantly decreased, with the average recovery rate dropping from 32.9% in Q1 2021 to 6.9% in Q1 2025 [10][11]. - The total transaction volume for personal non-performing loans reached 158.35 billion yuan in 2024, a 64% increase year-on-year, indicating a growing trend towards short-term asset packages [15]. Group 3: Regulatory Environment and Market Dynamics - Regulatory pressures have increased the difficulty of debt collection, prompting banks to expedite the disposal of non-performing assets to improve their financial statements [11][12]. - Local Asset Management Companies (AMCs) have gained significant market share in acquiring personal non-performing assets, supported by favorable regulations [21][22]. - The market is witnessing a shift as major players like JD Group are entering the personal loan market, aiming to create a complete cycle from customer acquisition to loan disposal [23][24]. Group 4: Efficiency Improvements - The recent announcement from the registration center allows for a reduction in the announcement period for non-performing asset transfers from 10 working days to 5, aimed at enhancing market efficiency [26].

Group 1 - Over 120,000 people in South Korea have signed a petition to halt the recently announced capital gains tax increase plan, surpassing the required 50,000 signatures for parliamentary review, testing the ruling party's resolve to push the proposal through [1][3] - The tax increase plan includes significantly lowering the capital gains tax threshold from 5 billion KRW to 1 billion KRW (approximately 714,000 USD), raising the securities transaction tax rate from 0.15% to 0.2%, and increasing the highest corporate income tax rate from 24% to 25%, reversing the previous government's tax cuts [2] - The unexpected tax proposal has severely impacted investor confidence, with the Kospi index experiencing a 3.9% drop, the largest decline since April of this year, as investors express disappointment over the sudden announcement amid ongoing structural reforms in the South Korean capital market [2][3] Group 2 - The tax proposal has faced strong opposition, particularly from retail investors, with over 30,000 signatures against the capital gains tax proposal collected by Friday afternoon, indicating significant discontent within the investor community [3] - Investor and business groups warn that the tax increase could alienate a large and influential retail investor base and potentially weaken the competitiveness of South Korean companies, casting a shadow over the prospects for economic reform [3]