标杆项目密集落地。 本文为IPO早知道原创 作者｜ Eric 微信公众号｜ipozaozhidao IPO早知道消息，3月29日，2025北外滩财富与文化论坛在上海虹口世界会客厅举办，一系列跨界 融合、绿色转型项目重磅发布。与会专家认为，文化为金融高质量发展、财富保值增值校准了价值坐 标， 金融为文化事业繁荣提供了资金支持，共同谱写了 "美美与共、双向奔赴"的时代强音。 上海 市委常委、常务副市长吴伟，新华社党组成员、秘书长徐玉长出席论坛。 作"为主题，来自金融、文化等领域的知名人士、专家、企业代表等约300人出席。 过去的一年里，上海国际金融中心和国际文化大都市建设成绩亮眼， 全年金融业增加值达 8072.73 亿元，同比增长7.9%，全市举办各类营业性演出5.7万场、吸引观众2545万人次，城市文化软实力 显著提升。 上海市委常委、常务副市长吴伟在致辞中指出，上海国际金融中心建设正迈向全面提升 能级的新阶段，不仅要加强金融机构、金融基础设施等 "硬实力"建设，也要提升价值观、行为规范 等"软实力"水平。希望虹口充分发挥"海派文化发祥地、先进文化策源地、文化名人聚集地"辐射作 用，发扬光大中华优秀传统文化中 ...

在当前全球经济格局深刻变革的背景下，科技创新已成为推动高质量发展的核心动力。作为国有大行金 融资产投资公司(AIC)的典型代表，工银投资在服务国家科技强国战略中，以耐心资本为基石，积极探 索硬科技投资的新路径。工银投资董事长冯军伏在2025中关村论坛年会上，详细阐述了耐心资本的内涵 及其在硬科技领域的投资策略。 耐心资本的四大坚持 冯军伏指出，要成为耐心资本，至少需要做到四个坚持：长期投资、价值投资、风险投资和战略投资。 长期投资要求具备强大的筹资和募资能力，以支撑长期投资计划，尽管短期内可能无法获得明显回报。 价值投资则强调容忍短期个别项目没有分红或现金流入，但公司整体的盈利能力、自我积累和自我发展 能力不应受到根本影响。风险投资要求在个别项目可能出现投资失败或本金无法收回的情况下，公司整 体经营必须保持稳健，具备足够的抵御风险的能力。战略投资则强调参与公司治理，赋能被投企业，这 要求具备较高的综合服务能力与水平，以支持被投企业的长期发展。 银行系AIC的独特优势 与传统VC/PE相比，银行系AIC在硬科技投资方面具有五大独特优势。首先，践行国有大行担当，坚决 贯彻金融的政治性、人民性，政策落实能力强。其次 ...

三是明确售后回租监管要求。目前，融资租赁公司主要通过直接租赁和售后回租两种模式开展医疗器械 融资租赁活动。现行法规文件虽未禁止售后回租模式，但缺少针对该模式的准入及监管要求。根据市场 调研，售后回租模式发展势头迅猛，企业合规愿望强烈。 在全国率先将售后回租模式纳入监管范围 《若干规定》针对医疗器械融资租赁行业的差异化准入及监管措施，是对上位法的创新性补充，主要有 三个创新重点： 一是将医疗器械售后回租纳入监管范围。针对目前医疗器械融资租赁行业中售后回租模式占比较大的发 展现状，在全国率先将售后回租模式纳入监管范围，明确售后回租模式下相关质量管理具体要求，使其 从之前合规性的模糊地带进入规范化发展的新阶段。 3月26日，上海浦东新区市场监管局介绍，2025年浦东首部管理措施《浦东新区医疗器械融资租赁管理 若干规定》（以下简称《若干规定》）已于3月24日正式公布，将于4月25日正式施行。浦东新区市场监 管局对其进行了解读。 医疗器械融资租赁发展迅猛 浦东新区市场监管局透露，近年来，医疗器械融资租赁逐渐成为大中小型医疗机构获得医疗设备和缓解 资金短缺的有效途径。同时监管部门通过监管和调研发现，该行业发展与现有监管要 ...

Financial Data and Key Metrics Changes - The company reported a consolidated operating income of $1,500,000 in Q4 2024, down from $4,600,000 in Q4 2023 [12] - Adjusted EBITDA decreased to $2,100,000 from $4,900,000 year-over-year [12] - The company recorded a net loss of $200,000 or $0.01 per diluted share compared to a net income of $4,900,000 or $0.13 per diluted share in the same quarter last year [12] - Stockholders' equity increased to $65,200,000 as of December 31, 2024, up from $61,100,000 a year earlier [13] Business Line Data and Key Metrics Changes - The Industrial Assets division reported operating income of $800,000 in Q4 2024, down from $1,600,000 in the prior year [9] - The Financial Assets division reported total divisional operating income of $1,900,000, while the Brokerage business recorded operating income of $1,700,000, down from $2,700,000 in Q4 2023 [10] Market Data and Key Metrics Changes - Demand for used equipment is at an all-time high due to tightening supply chains and potential tariffs on new equipment [7] - Charge-offs of credit cards and delinquencies hit decade-plus highs, indicating a strong market for the next 6 to 18 months [7] Company Strategy and Development Direction - The company is focused on capitalizing on increased charge-offs in non-performing loans and anticipates a robust auction market in 2025 [10][11] - The company has expanded its warehouse size and staffing to meet increased asset flow and demand [4] - M&A efforts are ongoing, with a focus on acquiring companies in the bio sector to enhance presence at ALT [34] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating economic pressures and anticipates increased momentum in the auction pipeline [10] - The company is optimistic about the future, citing a favorable market environment for auctioneers and a strong cash flow position [8][16] Other Important Information - The company ended the year with no long-term debt and a strong cash balance, allowing for share repurchases [14][15] - A new mortgage loan agreement for $4,100,000 was entered into for expanded corporate headquarters [15] Q&A Session Summary Question: Did the company increase provisions on the loan book? - Management stated that they have not increased or substantially decreased the reserve against the loan book, maintaining a consistent reserve [21][22] Question: What is needed for the financial asset business to grow? - Management indicated that an increase in defaults will lead to more charge-offs, which will benefit their marketplace [25] Question: What is the capacity to serve the market now? - The company has increased its capacity significantly to handle a wave of plant closings and asset relocations [30] Question: Is the company able to earn interest on its cash balance? - The company is taking advantage of short-term vehicles to earn interest income, but is primarily focused on deploying cash into the business [73] Question: What is the current status of the share repurchase program? - The company has approximately $3,000,000 remaining under the share repurchase program, which is expected to be deployed in the first half of 2025 [74]

Investment Rating - The report maintains an "Outperform" rating for the real estate industry and non-bank financials [1]. Core Insights - The report highlights the active involvement of Asset Management Companies (AMCs) in revitalizing the real estate sector, emphasizing the need for collaborative efforts in government empowerment, management restructuring, and the introduction of partners [3][12]. - It notes that since the second half of 2021, high-leverage real estate companies have faced debt defaults, prompting regulatory encouragement for banks and AMCs to engage in "ensuring delivery and stabilizing livelihoods" initiatives [3][12]. - The report discusses the acceleration of debt restructuring among distressed real estate firms, with a trend towards high debt reduction and various measures being adopted [3][52]. Summary by Sections AMC Involvement in Real Estate Revitalization - AMCs have been encouraged to participate in real estate revitalization, with the establishment of real estate relief funds led by local governments and AMCs [3][15]. - The People's Bank of China set up a special re-lending facility of 800 billion for real estate companies, targeting five major AMCs [3][15]. - China Cinda has been particularly proactive, establishing a 200 billion fund for revitalizing distressed real estate assets [3][15]. Common Financing Tools and Business Models - Common financing tools include "beneficial debt," which is used to support distressed companies during bankruptcy restructuring [31][32]. - The report outlines the operational models of AMCs, which often involve debt restructuring, introducing investors, and financing construction [3][16]. Progress in Debt Restructuring of Distressed Firms - The report indicates that debt restructuring for distressed firms is progressing, with domestic restructuring primarily focused on extending repayment periods [3][52]. - It highlights that international debt restructuring is more diverse, involving debt reduction, debt-to-equity swaps, and other measures [3][52]. - The report notes that the willingness of creditors to accept significant debt reductions is increasing, reflecting a more pragmatic approach [3][62]. Investment Recommendations - The report suggests that the market-oriented relief efforts encouraged by policies are crucial for AMCs to accelerate their involvement in the distressed asset sector [3][52]. - It emphasizes the importance of focusing on high-quality projects with temporary liquidity issues that are expected to be profitable [3][52].

陈雪琳 欧莱雅北亚及中国资金总监 当前，企业面临着前所未有的新环境——宏观产业结构性变化，消费者信心指数波动，以及紧张的全球 地缘政治带来了诸多不确定性。企业作为社会中的微观个体，面临诸多挑战。而司库管理作为企业管理 中的重要一环，怎样的领导力能够支持企业穿越周期，行稳致远？ 今天，我们看到越来越多的优秀女性领导者在司库管理领域披荆斩棘。女性领导者已经是时代进步和社 会发展的中坚力量，女性独有的特质和领导力将为司库管理带来哪些新的突破和启发？一同走进女性 的"司库领域"，发现"她"力量。 穿针引线，调剂盐梅 下行周期的落地执行，往往需要更多的同心协力及跨团队合作，女性的敏锐细致令她们更善于"穿针引 线，调剂盐梅"，从而达成团队共识。她们往往具有谨慎、周全的行事作风，也可帮助企业合理规避风 险。 "我们发现市场越是困难的时候，也越是司库管理需要表现的时候。这时作为管理者，你需要对公司 的财资情况更加了解，看有没有资金可以释放出来。同时，利用你对公司的了解联动不同的伙伴来做 一些改变。其实这也是个人职业成长的契机，我们要把握机遇，在困难的环境下，发挥自身优势，为 公司的未来发展'发光发热'。" 张瀚 招商局融资租 ...

AIC股权投资试点正式扩容！ 3月5日，金融监管总局发布《关于进一步扩大金融资产投资公司股权投资试点的通知》（以下简称《通知》），进一步优化完善试点政策。 证券时报记者留意到，该《通知》不仅进一步扩大了金融资产投资公司（简称"AIC"）的试点范围，还明确支持保险资金参与金融资产投资公司发起的私募股 权投资基金。 据统计，自2024年9月，银行AIC股权投资试点由上海扩大至北京等18个城市以来，18个城市签约实现了全覆盖，签约金额超过3500亿元。 扩大试点区域、增加试点机构 AIC股权投资试点不断扩容，无疑有助于丰富一级市场资金来源、吸引更多优秀的基金管理人入场，从而为市场注入更多活力。 不过，银行系股权投资也面临一些挑战。全国政协委员、民革中央经济委员会副主任何杰近日在接受证券时报记者采访时指出，目前AIC股权投资试点仍存在 三方面问题： 一是，AIC直投风险权重仍达400%(债转股投资仅250%)，且母行并表后风险权重高达1250%，资本消耗大，建议进一步降低风险权重。 二是，民营银行、股份制银行、城商行尚未参与这项试点工作，建议纳入其中。对于这个问题，此次《通知》也明确将进一步"开闸"：支持符合条件的商 ...

《行动方案》对深圳建设更具全球影响力的经济中心城市和国际化大都市，服务香港巩固提升国际金融中 心地位具有重要意义。 将前海打造成为国家金融高水平开放前沿 近年来，深圳市充分发挥前海作为国家金融业对外开放试验示范窗口和跨境人民币业务创新试验区战略定 位，为国家金融业高水平对外开放当好"试验田"。国家级重磅"金融支持前海30条"落地率超九成，实现6 项全国"首创"、8项全国"首批"，全国首家"双牌照"银行、全国首家民营银行在香港设立金融科技子公 司，形成了"境外不落地购汇"、取消外商直接投资人民币资本金专用账户、"前海港企贷"等一批全国首 创、示范引领的金融市场高水平开放实践成果，金融有力服务深圳外资外贸企业利用国内国际两个市场、 两种资源，提升国际竞争力。 《行动方案》提出，强化前海作为国家金融业对外开放试验示范窗口功能，先行先试扩大金融制度型开放 领域。支持前海在承接国家新一轮金融改革开放试点、当好完善准入前国民待遇加负面清单管理模式的试 验田等方面进行探索研究，在人民币跨境使用、外汇管理便利化等领域先行先试；扩大银行、证券、保险 业开放；推动符合条件的银行参与前海自由贸易账户（FT账户）试点，优化跨境融资、 ...

SLR Investment (SLRC) Q4 2024 Earnings Call February 26, 2025 10:00 AM ET Company Participants Michael Gross - Chairman, President & Co-CEOShiraz Kajee - CFO, Treasurer & SecretaryBruce Spohler - Co-CEO, COO & Interested DirectorErik Zwick - Managing Director, Equity ResearchMelissa Wedel - Vice President, Equity ResearchPaul Johnson - Vice President Conference Call Participants Casey Alexander - Senior Vice President & Research Analyst Operator Good day, everyone, and welcome to the Q4 twenty twenty four S ...

随着"一带一路"倡议的推进，中资企业走出去经验的不断累积，越来越多优质企业采用 境外投资+境外融资 的方式收购境外企业股权或开展境外项目融 资。为了规范企业的境外投资行为，发改委和商务部出台了一系列政策。想要进行海外投资的企业必须遵循这些政策指导，完成相应的手续，才能合法有序 地进行投资。 例如，企业在对外投资过程中需要办理 前置商委、发改委审批 手续，而商委和发改委批复内容又会因为选择不同的境外融资方式有所差异，整个一系列的 流程和审批是极为复杂的，如果企业不够清楚，会耽搁非常多的时间和成本。 那么，在境内境外审批流程中，有哪些需要我们重视和提前做好准备的地方？ 对此， 梧桐课堂 特邀北京观韬中茂律师事务所国际投资业务委员会副主任 徐荣元 律师讲解 《海外投融资审批实务》 （课程限时7折） ，帮助大家深度剖 析海外投融资的审批环节要点。 海外投融资审批实务 11节课，时长2小时46分钟 课程 限时 7折 扫码立即试看 课程概览 第一部分 第二部分 ODI备案/核准流程 发改部门审批流程 商务部门审批流程 外汇部门（外汇银行）审批 国资部门审批 反垄断审查 境内审批 国家安全 其他注意事项 数据安全 网络安全 ...