越秀资本(000987.SZ)发布2025 年前三季度业绩预告，预计前三季度归属于上市公司股东的净利润29.22 亿元至30.94亿元，同比增长70%至80%。前三季度，公司积极把握资本市场稳健发展机遇，投资业务收 益实现同比提升;同时，新能源业务发电量随装机容量持续增长，经营效益不断提升，公司绿色转型成 效显著。 越秀资本(000987.SZ)发布2025 年前三季度业绩预告，预计前三季度归属... ...

智通财经APP讯，越秀资本(000987.SZ)发布2025 年前三季度业绩预告，预计前三季度归属于上市公司 股东的净利润29.22亿元至30.94亿元，同比增长70%至80%。前三季度，公司积极把握资本市场稳健发 展机遇，投资业务收益实现同比提升;同时，新能源业务发电量随装机容量持续增长，经营效益不断提 升，公司绿色转型成效显著。 ...

（一）2025年前三季度，公司积极把握资本市场稳健发展机遇，投资业务收益实现同比提升；同时，新 能源业务发电量随装机容量持续增长，经营效益不断提升，公司绿色转型成效显著。（二）公司控股子 公司广州资产管理有限公司持有北京控股有限公司4.14%股份，并于2025年9月30日获委任一名董事； 公司控股子公司广州越秀产业投资有限公司持有新天绿色能源股份有限公司4.97%股份，并于2025年7 月25日获委任一名董事。根据《企业会计准则》等相关规定，公司对所持前述股权资产的会计核算方法 由交易性金融资产变更为长期股权投资。公司财务部门根据初始投资成本与可辨认净资产公允价值的差 额，预计分别确认一次性收益约20.22亿元、2.98亿元，将分别增加公司2025年第三季度归母净利润约 10.47亿元、1.34亿元，相关收益为非经常性损益。与此有关的资产评估工作尚在有序推进中，实际财务 影响以公司定期报告披露数据为准。 （三）根据《企业会计准则》和公司会计政策的相关规定，为准确、客观的反映公司2025年9月30日的 财务状况及2025年前三季度的经营成果，公司对债权投资、长期应收款、应收款项及其他等资产进行全 面清查和减值测 ...

Core Viewpoint - The company, Yuexiu Capital, expects a significant increase in net profit for the first three quarters of 2025, driven by improved investment business performance and growth in renewable energy generation [1][2]. Group 1: Financial Performance - The net profit attributable to shareholders is projected to be between 292.21 million and 309.40 million yuan, representing a year-on-year growth of 70% to 80% [1]. - The net profit after deducting non-recurring gains and losses is expected to be between 140.62 million and 157.81 million yuan, reflecting a year-on-year increase of 18% to 32% [1]. Group 2: Business Developments - The company has actively seized opportunities in the capital market, leading to improved investment business returns [2]. - The renewable energy business has seen a continuous increase in power generation alongside growing installed capacity, contributing to enhanced operational efficiency [2]. Group 3: Equity Investments - The company's subsidiary, Guangzhou Asset Management Co., holds a 4.14% stake in Beijing Holdings Limited and has appointed a director as of September 30, 2025 [2]. - Another subsidiary, Guangzhou Yuexiu Industrial Investment Co., holds a 4.97% stake in New天绿色能源股份有限公司 and appointed a director on July 25, 2025 [2]. - The accounting treatment for these equity investments has changed from trading financial assets to long-term equity investments, leading to expected one-time gains of approximately 2.02 billion yuan and 298 million yuan, which will increase net profit by about 1.05 billion yuan and 134 million yuan, respectively [2]. Group 4: Asset Management - The company is conducting a comprehensive review and impairment testing of various assets, including debt investments and receivables, with expected impairment provisions of 1.4 billion to 1.6 billion yuan [3]. - This impairment is anticipated to reduce net profit by approximately 720 million to 820 million yuan for the first three quarters of 2025 [3].

Core Insights - The company, Yuexiu Capital, forecasts a net profit attributable to shareholders of 2.922 billion to 3.094 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 70% to 80% [1] Group 1 - The company is actively seizing opportunities in the stable development of the capital market, leading to an increase in investment business revenue [1] - The company's renewable energy business has seen a continuous increase in power generation alongside growing installed capacity, resulting in improved operational efficiency [1]

Core Viewpoint - Yuexiu Capital (SZ 000987) is expected to report a net profit attributable to shareholders of approximately 2.922 billion to 3.094 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 70% to 80% [1] Financial Performance - The basic earnings per share are projected to be between 0.5808 yuan and 0.6152 yuan [1] - The significant increase in profit is attributed to the company's proactive engagement in the stable development opportunities of the capital market, leading to improved investment business returns [1] - The growth in the company's renewable energy business, driven by an increase in installed capacity and operational efficiency, has also contributed to the positive financial outlook [1] Revenue Composition - For the first half of 2025, the revenue composition of Yuexiu Capital is as follows: - Renewable energy business: 43.76% - Futures brokerage business: 27.38% - Financial leasing business: 23.45% - Non-performing asset management business: 4.68% - Investment management business: 1.55% [1] Market Capitalization - As of the report date, Yuexiu Capital has a market capitalization of 39.8 billion yuan [1]

Core Viewpoint - The article discusses the current investment landscape in future industries, highlighting the tension between pursuing new technological opportunities and reassessing the value of traditional industries. It emphasizes the need for investors to navigate these challenges and make informed decisions in a rapidly evolving market [2][22]. Investment Challenges and Opportunities - Key challenges in future industry investments include the professional judgment of technology, long return cycles, and the cross-disciplinary capabilities of talent teams [3][6]. - The resolution lies in state-owned capital providing "patient capital + industrial ecology" to build a solid foundation, while market-oriented institutions focus on early-stage sectors to uncover technological potential [3][6]. Role of State-Owned Capital - State-owned enterprises play a crucial role in supporting early-stage investments, with a tolerance for longer investment cycles, often spanning 7 to 10 years [7][8]. - They aim to foster strategic emerging industries, balancing financial returns with the creation of industrial ecosystems [8][19]. Traditional vs. Future Industries - Traditional industries are characterized by stable demand but face intense competition and slow growth, while future industries are in their infancy with high uncertainty but significant growth potential [15][16]. - The integration of traditional and future industries through mergers and technological upgrades is seen as a new growth avenue [15][20]. Investment Strategies - Investment strategies should not strictly separate traditional and future industries; projects with innovative and growth attributes in traditional sectors are also prioritized [17][18]. - The focus is on creating a comprehensive investment ecosystem that supports both technological advancements and traditional industry upgrades [17][19]. Importance of Talent and Expertise - The investment landscape requires professionals with strong technical judgment and the ability to adapt to various industry cycles, particularly in complex fields like AI, semiconductors, and renewable energy [9][12][13]. - Continuous learning and upgrading of investment teams are essential to navigate the uncertainties of future industry investments [12][13]. Conclusion - The future of industry investment is not merely about technological breakthroughs but involves a systemic ecological competition. The collaboration between state-owned capital, market-oriented VC/PE, and industrial capital is crucial for driving commercialization and linking traditional industries with technological innovation [22][23].

导读： 以"政府引导基金+直投+市场化"的模式运作，形成百亿投资矩阵。 作者丨FOFWEEKLY 据悉，上海静安资本投资运营有限公司注册资本120亿元，成立后将进一步整合国资基金业务， 以"政府引导基金+直投+市场化"的模式运作，形成百亿投资矩阵，通过与战略合作伙伴在人工智 能、大数据、文化创意、生命健康等重点领域的深度合作，聚焦战略性新兴产业和未来产业的投资 与培育，推动市区两级资本联动，实现"投早、投小、投硬"与"投新、投好、投强"相融合，构建全 生命周期产业生态，发挥"基金投资+产业引导"作用；通过"战略持股+市值管理"，助推区属国有 控股上市公司价值提升。 同时，静安资本承担低效无效资产盘活处置和融资担保功能，放大招投联动效应，吸引撬动更多社 会资本向静安区"3+3"重点产业，区块链、超高清视听、美妆健康3大产业新赛道集聚，为静安区 加快建设上海国际科技创新中心重要承载区注入全新动能，推动商业文化科技深度融合。 静安区委副书记、区长翟磊表示，静安资本的揭牌是区委、区政府推进国资国企改革发展的先手 棋，旨在更加高效的整合国有资本，健全基金矩阵，优化市值管理，更加有效的撬动社会资本，提 升区域产业能级，抢 ...

Core Viewpoint - China New Town (01278.HK) announced that as of September 30, 2025, the total amount of its fixed income investment portfolio, after deducting impairment provisions for risk projects, is approximately RMB 3.75 billion [1] Investment Portfolio Summary - The company’s fixed income investment portfolio, excluding risk projects, is expected to generate a pre-tax annual guaranteed investment return of approximately RMB 264 million, corresponding to an average annual pre-tax investment return rate of about 7.0% [1] - Compared to the investment portfolio as of June 30, 2025, the company has added new investment projects during the third quarter, including: - Taizhou Xinghua Economic Development Zone Industrial Park upgrade fixed income project - Yancheng Water Group fixed income project - Yancheng Economic Development Zone Phase I fixed income project - Wuxi Huishan IDTI Oral Innovative Medical Device Center fixed income project [1] - The company exited the Zhuji Pingfengwu Ecological Cemetery project with a total of RMB 401 million, having received all principal and related guaranteed investment returns [1]

Core Viewpoint - China New Town (01278) announced that as of September 30, 2025, the total amount of fixed income investment portfolio, after deducting impairment provisions for risk projects, is approximately RMB 3.75 billion [1] Group 1: Investment Portfolio - The fixed income investment portfolio, excluding risk projects, is expected to generate a pre-tax annualized guaranteed investment income of approximately RMB 264 million, corresponding to an average annualized pre-tax investment return rate of about 7.0% [1] - The company has added new investment projects during the third quarter, including the Taizhou Xinghua Economic Development Zone Industrial Park upgrade fixed income project, Yancheng Water Group fixed income project, Yancheng Economic Development Zone Phase I fixed income project, and Wuxi Huishan IDTI Oral Innovation Medical Equipment Center fixed income project [1] Group 2: Project Exits - The company exited the Zhuji Pingfengwu Ecological Cemetery project with a total of RMB 401 million, having received all principal and related guaranteed investment income [1]