Core Insights - The article emphasizes the importance of maintaining objectivity and discipline in investment strategies during periods of market volatility, highlighting that emotional reactions can lead to poor decision-making [1] - Historical data shows that stock markets experience significant fluctuations, with a 20% drop occurring approximately every four years, and a 10% drop almost annually, which investors often overlook [3][4] - Long-term investments in stocks have a higher probability of outpacing inflation compared to cash, with success rates increasing significantly with longer holding periods [4] Market Performance - Over the past five years, global stock markets have doubled in value, while cash holdings have only returned 14%, illustrating the superior performance of equities [2] - The MSCI World Index data indicates that in the 53 years leading up to 2025, 30 years recorded drops of over 10%, and 13 years saw declines of 20% or more [3] Investment Strategy - The article discusses a "rotation strategy" based on the VIX index, which suggests that selling stocks during high volatility (VIX above 33) leads to lower returns compared to a long-term holding strategy [5] - Historical analysis indicates that those who react impulsively to market risks often miss out on potential returns, reinforcing the need for a disciplined investment approach [5]

来源：市场资讯 （来源：山东国资报道） 从监事会到审计委员会 （一）国企监督早期 长久以来，全民所有制企业也被称为"国营企业"。1993年，宪法修正案将"国营企业"修改为"国有企业"。1994年，《国有企业财产监督管理条例》首次提 出监事会制度，对国务院指定由其监督的企业和企业集团履行监督职责时，可向企业派出监事会。 （二）稽察特派员时期 为解决国有企业监督问题，特别是国企经理人的行为失控导致的财务问题，1998年，国务院颁布《稽察特派员条例》，正式引入对国有重点大中型企业实 行的稽察特派员制度。《条例》规定，稽察特派员制度目的是"为了加强对国有重点大型企业的财务监督及评价业绩，强调维护国家作为所有者的权益， 以财务监督为核心，对被稽查企业进行稽察"。 （三）外派监事会时期 2000年，国务院以第283号令公布《国有企业监事会暂行条例》，"对国务院不派出监事会的国有企业，由省、自治区、直辖市人民政府参照本条例的规 定，决定派出监事会"。外派监事会呈现出取代稽察特派员的倾向，基本上对稽察特派员制度进行全面接管，监督但不干预企业的经营决策和经营管理活 动。 （四）审计委员会时期 新《公司法》借鉴英美法董事中心主义 ...

Company Overview - Suzhou Yibaidao Supply Chain Investment Management Co., Ltd. has been recently established with a registered capital of 5.88 million RMB [1] - The legal representative of the company is Ding Xiaoyu [1] Business Scope - The company is involved in various business activities including supply chain management services and investment activities using its own funds [1] - It is authorized to sell pre-packaged food and health food, as well as engage in food import and export activities [1] - The company also deals in a wide range of products such as metal packaging containers, plastic packaging products, daily necessities, and office supplies [1] - Additional services include market management and sales of various materials including thermal insulation and soundproofing materials [1]

Core Viewpoint - The Norwegian Sovereign Wealth Fund, the world's largest sovereign wealth fund with a size of $2 trillion, is conducting a continuous review of its investments in Israel due to the ongoing humanitarian crisis in Gaza and the West Bank, and is expected to divest from more Israeli companies [1] Group 1: Investment Actions - On August 11, the fund announced the termination of contracts with external asset management firms responsible for part of its Israeli investments and has reduced its investment portfolio in Israel [1] - The fund has sold its stake in the Israeli jet engine company, BAE Systems, which provides services to the Israeli military, including fighter jet maintenance [1] - As of June 30, the fund held shares in 61 Israeli companies and has recently divested from 11 of them, with expectations to divest from more companies in the future [1] Group 2: Fund Management - The fund is managed by Norges Bank Investment Management, a subsidiary of the Norwegian Central Bank [1] - The CEO of Norges Bank Investment Management stated that the fund should have strengthened its oversight of these investments earlier [1] Group 3: Fund Overview - The Norwegian Sovereign Wealth Fund primarily invests the oil and gas revenues of Norway and is one of the largest investment institutions globally, holding an average of 1.5% of all listed companies worldwide, along with investments in bonds, real estate, and renewable energy projects [1]

智通财经APP讯，新丝路文旅(00472)发布公告，于2025年8月11日(交易时段后)，公司、Prime Gain及普 通合伙人(Jinluo Assets Management Limited)订立有限合伙协议，内容有关(其中包括)公司及Prime Gain 有意作为有限合伙人投资的基金的运营及管理，以及基金的有限合伙人及普通合伙人的权利及义务。根 据有限合伙协议，公司于同日订立认购协议，作为有限合伙人申请以资本承担5000万港元认购基金的有 限合伙权益，且申请已获基金接纳。公司即将透过认购事项作出的出资将以其内部资源拨付。 Jinluo Huixin LPF为香港有限合伙基金，于2025年6月27日根据有限合伙基金条例(香港法例第637章)注 册。于本公告日期，基金尚未开展任何业务活动且仍处于集资阶段。因此，并无可用的基金的财务资料 或过往表现。 集团已认购基金的有限合伙权益，此乃其持续实施的优化资本配置、提升大量闲置现金储备回报率战略 的一部分。董事认为，此项投资乃对集团财务资源的审慎高效运用，相较于维持闲置资金余额，既能创 造更优回报潜力，又可保持资金灵活性以把握可能出现的其他合适投资机会。作为基金 ...

Group 1 - Huajin Capital (SZ 000532) announced on August 11 that its 11th Board of Directors held its 10th meeting via communication, discussing the proposal to supplement the special committee members of the board [1] - For the year 2024, Huajin Capital's revenue composition is as follows: Investment and management accounted for 42.89%, electronic device manufacturing for 30.53%, public utility services for 20.73%, technology parks for 4.02%, and other businesses for 1.83% [1] - As of the report date, Huajin Capital's market capitalization is 5.4 billion yuan [1] Group 2 - The article discusses the commercialization of humanoid robots, indicating a significant order has been placed, suggesting a breakthrough in the market [1] - The report highlights that the humanoid robot industry is moving towards a commercialized phase, marking a potential "year of commercialization" [1]

Group 1 - The core viewpoint of the article is that Wireless Media (301551.SZ) aims to focus on cutting-edge technology fields and enhance its overall competitiveness and market advantage by establishing a new investment management company in collaboration with an affiliated party [1] Group 2 - The new investment management company, tentatively named Dahuazhibei Investment Management (Xiong'an) Co., Ltd., will engage in investment activities and information consulting services, subject to regulatory approval [1] - The registered capital of the new company is set at 30 million yuan, with Wireless Media contributing 27 million yuan, representing 90% of the capital, while the affiliated Hebei Broadcasting Equity Investment Fund Management Co., Ltd. will contribute 3 million yuan, accounting for 10% [1]

Group 1 - MSCI announced a significant adjustment to its flagship index system, adding 42 stocks and removing 56 existing constituents, effective after the market close on August 26 [1] - The adjustment will impact both developed and emerging market indices, with a focus on optimizing the MSCI Emerging Markets Index [1][4] - The changes are expected to trigger rapid capital flows from passive funds, potentially affecting stock price performance in the short term [1] Group 2 - The MSCI China Index will include 14 new stocks, comprising 5 A-shares and 9 Hong Kong stocks, with notable additions like CITIC Bank and several technology and pharmaceutical companies [3] - CITIC Bank, with a market capitalization exceeding 460 billion yuan and a year-to-date increase of over 20%, is expected to gain international visibility and passive fund allocation due to its inclusion [3] - The MSCI China Index will also remove 17 Chinese stocks, including 14 A-shares and 2 Hong Kong stocks [3] Group 3 - The adjustment reflects MSCI's strategy to balance coverage between developed and emerging markets, emphasizing innovation-driven economies and stable, profitable industry leaders in emerging markets [5] - Over 70% of the new constituents are from technology innovation and pharmaceutical research sectors, aligning with recent strong performances in these areas [5] Group 4 - The global asset management landscape is shifting, with approximately $17 trillion in assets benchmarked to MSCI indices, including $2 trillion in passive funds, indicating that index adjustments can lead to significant capital reallocation [5] - The upcoming adjustment is expected to increase trading volumes and stock price volatility for newly added constituents [5] Group 5 - International interest in Chinese assets is rising, exemplified by the launch of a new ETF focused on China's AI sector by a prominent South Korean investment management firm [7] - Several foreign institutions have upgraded their ratings on the Chinese stock market, indicating a positive outlook for the MSCI China Index [7] Group 6 - Standard & Poor's maintained China's sovereign credit rating at "A+" with a stable outlook, reflecting confidence in the resilience of China's economic growth and debt management [8]

Group 1 - The core viewpoint of the article is that Sun Hung Kai Properties (00086) has experienced a nearly 6% increase in stock price due to a positive earnings forecast, expecting a significant rise in interim profits [1] - The company anticipates that the profit attributable to shareholders for the six months ending June 30, 2025, will not be less than HKD 800 million, compared to HKD 75.4 million for the same period ending June 30, 2024, indicating a substantial growth [1] - The primary driver of this notable increase in profits is attributed to enhanced investment returns from the company's investment management business, although this is partially offset by a decrease in profits from the company's credit business [1]

Group 1 - The core viewpoint of the article is that Sun Hung Kai Properties (00086) has announced a positive earnings forecast, expecting a significant increase in profit for the upcoming period [1] - The company anticipates that the profit attributable to shareholders for the six months ending June 30, 2025, will not be less than HKD 800 million, compared to HKD 75.4 million for the same period ending June 30, 2024, indicating a substantial growth [1] - The primary reason for this notable increase in profit is attributed to the rise in investment income from the company's investment management business, although this is partially offset by a decrease in profit from the company's credit business [1]