伊拉克自20世纪80年代以来一直深陷战乱泥潭，这个曾经富庶的中东国家在过去40年间几乎没有得到真正的和平与发展。两伊战争拉开了伊拉克长期动荡 的序幕，这场持续8年的消耗战让伊拉克付出了惨重代价。1991年，海湾战争更使伊拉克遭受重创。进入新世纪后，伊拉克的苦难仍在继续。2003年，美 国以伊拉克拥有"大规模杀伤性武器"为由发动战争，彻底推翻了萨达姆政权。这场战争不仅导致数十万伊拉克平民丧生，更让整个国家陷入长期混乱。 2011年美军撤离后，极端组织ISIS趁虚而入，在伊拉克北部建立据点，使这个饱经战火的国家再次陷入反恐战争的漩涡。 在很多人眼中，伊拉克是一个充满复杂性和矛盾性的国家——孕育了夺目文明的"两河古国"，却长期饱受战乱之苦；石油储量位居世界前列，发展却一直 没有提上议程。近期，中欧国际工商学院校友王超峰（中欧EMBA 2013）到伊拉克进行商务考察，在他眼里，战争的阴霾正逐渐散去，首都巴格达街头 随处可见的战争遗迹虽令人痛心，但古老建筑与现代设施并存的魅力景象、热情好客的伊拉克人民、市场里琳琅满目的商品，都让人感受到生活的活力与 希望。王超峰带着关于伊拉克的第一手观察，为想进入伊拉克的中企分享了战略 ...

近年来，南京市六合区城乡建设局认真贯彻落实高质量发展理念，立足工程监督服务职能，不断规范和 加强项目创优全过程管理，在工程项目建设前期、中期、后期进行全链条、系统性指导，支持帮助企业 多创精品工程、优质工程，打造优质品牌，推动建筑业高质量发展，为质量强区建设提供坚实支撑。 截至5月，六合经济开发区科创园一期项目获省"扬子杯"优质工程奖；南航国际创新港一期3#、4#地块 项目、龙袍新城3号小学项目、南京智科电子信息及智能制造产业园(高标准厂房)项目等15个单位工程 获评"南京市优质结构工程"。一批优质结构工程项目的建设为城市更新注入强劲动能。 全天候服务项目建设 精心培育优质标杆工程 六合经济开发区科创园一期项目位于开发区核心地段，西临六合大道和地铁S8号线，地理位置优越， 环境优美，交通便利。这座落成不久的建筑凭借具有昭示性的高度、大气流畅的线条和建筑之"眼"立面 造型，成为区域内的新地标。今年上半年，该项目正式获得省级优质工程最高荣誉——"扬子杯"。 工程质量关乎人民群众切身利益。近年来，区城乡建设局坚持示范引领，助推项目争先创优，定期组织 项目进行质量管理宣贯，提升各方责任主体质量意识，要求项目做到及时前 ...

Core Viewpoint - Despite recent positive performance in credit bonds, the overall performance of industrial bonds remains weak compared to municipal investment bonds, with analysts suggesting a focus on high-quality central state-owned enterprise bonds and leading private enterprise bonds as investment opportunities [1][2][4]. Group 1: Industrial Bond Performance - The credit bond market has shown a "strong credit but weak interest rate" characteristic since May, with slight fluctuations in yields [2]. - As of May 26, the yield curve for AAA-rated medium and short-term notes remained stable, with 3-month yields at 1.67%, 3-year yields down 1 basis point to 1.81%, and 5-year yields down 1 basis point to 1.94% [2]. - Industrial bond issuers are facing significant pressure, with 2024 revenue growth declining to -1.79% and net profit growth contracting to -10.47% [2]. Group 2: Sector-Specific Risks - Industries such as textiles, light manufacturing, and real estate continue to experience weak demand, impacting related sectors like construction and materials [3]. - The construction sector is particularly affected, with both revenue and net profit expected to decline in 2024, alongside rising debt ratios and slow project rollouts [3]. Group 3: Investment Strategies - Analysts recommend focusing on high-quality central state-owned enterprise bonds and leading private enterprise bonds due to the overall low yield of industrial bonds compared to municipal bonds [4]. - Investment strategies should prioritize long-duration bonds (5 years and above) with AA+ ratings or higher, particularly in sectors like utilities and transportation [4]. - The issuance of perpetual bonds, especially those rated AAA or AA+, is also encouraged due to their strong financing capabilities and tax advantages [4]. Group 4: Technology Innovation Bonds - The issuance of technology innovation bonds has surged, with a total issuance of 320.5 billion yuan in May, contributing significantly to net financing [5][6]. - Approximately 90% of technology innovation bond issuers have external ratings of AAA, with central state-owned enterprises accounting for about 57% of the issuance [5]. - The current environment is favorable for investing in technology innovation bonds, as they offer higher yields compared to government bonds and are expected to alleviate the "asset shortage" in the bond market [5][6].

Meeting Details - The 4th meeting of the 10th Board of Directors of Kunwu Jiuding Investment Holdings Co., Ltd. was held on May 26, 2025, via telecommunication, with all 9 directors present [1] - The meeting was convened in accordance with the Company Law and the Articles of Association, and the resolutions made are legally valid [1] Agenda Items - The board approved a proposal to sign a framework cooperation agreement and provide financial assistance [2][5] - A wholly-owned subsidiary, Jiangxi Ziheng Construction Engineering Co., Ltd. (Ziheng Construction), will provide a loan to Zhongzhou Real Estate for land acquisition and project development [2] Loan Details - The loan amount is RMB 20 million, with a 12-month usage period [2] - The interest rate is 6% for the first 6 months and 12% for the subsequent 6 months, calculated on a simple interest basis [2][3] - The interest calculation formula is: Interest = Loan Amount × Annual Interest Rate × Actual Days Used ÷ 365 [3] Collateral and Capital Increase - Zhongzhou Real Estate will provide collateral including 100% equity pledge and personal guarantees from shareholders [3] - The registered capital of Zhongzhou Real Estate must be increased from RMB 5 million to RMB 20 million [3] Project Cooperation - Ziheng Construction will assist in land acquisition and development, with a total contract value not less than RMB 150 million [2][4] - A construction contract will be signed simultaneously with the framework agreement, effective upon successful land acquisition [4] Profit Assurance - The contracts must specify a reasonable profit calculation method for Ziheng Construction, ensuring a profit margin not lower than industry standards [4]

陕建股份(600248.SH)公告称，公司及子公司涉及76起诉讼仲裁案件，其中74起尚在审理中，1起判决结 案，1起调解结案。作为原告的案件有37起，涉案金额20.11亿元；作为被告的案件有39起，涉案金额 10.09亿元。涉案金额合计30.20亿元，对公司本期利润或期后利润的影响暂无法确定。 ...

Summary of Key Points Core Viewpoint - The company, Shandong Zhongrui Industrial Development Co., Ltd., has disclosed the cumulative litigation and arbitration matters over the past twelve months, indicating a significant amount of legal exposure that may impact its financial standing. Group 1: Litigation and Arbitration Overview - The total amount involved in litigation and arbitration matters over the past twelve months is approximately 100.75 million yuan, which exceeds 10% of the company's most recent audited net assets attributable to shareholders [1]. - There are five cases with an individual amount exceeding 5 million yuan, totaling approximately 77.94 million yuan [1]. Group 2: Impact on Financial Performance - The impact of ongoing litigation and arbitration on the company's current and future profits remains uncertain, and the company will handle accounting in accordance with accounting standards based on the progress of these cases [1][2]. Group 3: Compliance and Disclosure - The company will continue to monitor the developments of the litigation and arbitration matters and will take necessary measures to protect its legal rights, ensuring compliance with the disclosure requirements of the Shenzhen Stock Exchange [2].

Summary of Credit Bond Yield Trends in April Overall Credit Bond Performance - In April, credit bond yields exhibited a downward trend overall, with short-term spreads narrowing across the board. However, the decline in medium to long-term yields was less pronounced compared to the same maturity national development bonds, leading to a widening of credit spreads [5][9][11]. - By the end of April, short-term credit spreads remained at historically low levels, while medium to long-term financial bonds were at relatively high historical percentiles [5][11]. Industry-Specific Credit Spread Trends - **Industrial Bonds**: Most AAA-rated industrial bonds saw credit spreads widen in April. Among public bonds, the financial holding sector experienced the largest widening of 8.68 basis points, while the textile and apparel sector saw the most significant narrowing of 4.89 basis points. In private bonds, the basic chemical and retail sectors experienced slight narrowing, while other sectors generally widened by 3-10 basis points, with the steel sector widening the most at 10.86 basis points [13][15]. - **Local Government Bonds**: Credit spreads for local government bonds showed mixed trends, with lower-rated bonds generally narrowing while higher-rated bonds widened. Regions with relatively high spreads, such as Guizhou and Qinghai, mostly saw narrowing, while lower spread regions like Beijing and Shanghai experienced widening [5][9]. - **Financial Bonds**: The credit spreads for bank perpetual bonds mostly narrowed, while the spreads for securities company subordinated bonds and insurance company capital replenishment bonds widened across the board [5][9]. Historical Context - The credit spreads for various types of bonds remained at historically low levels, with AA-rated public and private industrial bonds reaching 30%-50% of their historical percentiles. Financial bonds generally had higher spread levels, exceeding the 30% historical percentile [11][12]. Key Industry Observations - In April, the steel and coal industries saw credit spreads widen across the board, with changes not exceeding 7 basis points. The high-grade bonds in these sectors experienced more significant widening. The electricity and construction engineering sectors also saw most spreads widen [15][16].

Core Viewpoint - The company announced that its wholly-owned subsidiary, Chongqing Aoya Architectural Planning and Design Co., Ltd., has received the renewal of its Class A qualification in the construction industry, which is crucial for enhancing its competitive edge in urban renewal projects [1] Group 1 - The qualification certificate was issued by the Ministry of Housing and Urban-Rural Development of the People's Republic of China [1] - The certificate is valid from May 12, 2025, to May 12, 2030, allowing the company to engage in various design services including architectural decoration, curtain wall engineering, and lightweight steel structure design [1] - The renewal of this qualification is expected to strengthen the company's core competitiveness in the urban renewal sector and facilitate the implementation of comprehensive solutions for revitalizing urban stock assets [1]

Core Insights - The article discusses the challenges faced by companies in the current BANI (Brittle, Anxious, Non-linear, Incomprehensible) era, emphasizing the need for CFOs to enhance corporate resilience and value growth amidst geopolitical conflicts, supply chain fluctuations, and rapid technological changes [2][5]. Group 1: CFO Summit and Awards - The CFO Summit 2025, themed "Optimizing Market Value Management and Enhancing Financial Resilience," gathered over 200 CFOs, financial executives, and academic leaders to discuss financial strategies in the BANI era [2]. - The "Jiefu Award" aims to elevate the professional value of CFOs and their teams in areas such as market value management and financial resilience, helping them respond to market uncertainties [5][18]. Group 2: Economic and Financial Strategies - Li Zhan, Chief Economist at招商基金, analyzed the impact of US-China tariff disputes on macroeconomics and corporate financing strategies, suggesting that Chinese companies are effectively mitigating tariff risks through "export grabbing" and "transshipment trade" [5]. - Future domestic measures may include interest rate cuts and special bond issuance to support technology and equipment upgrades, with a recommendation for companies to enhance R&D and optimize global supply chains [5]. Group 3: Financial Management Innovations - Zhang Dengzhou emphasized the need for financial management to evolve in response to global economic risks and the Fourth Industrial Revolution, focusing on building a world-class financial management system [7]. - Key areas for financial transformation include shared financial services, financial information management, treasury system development, and cost management reforms [7]. Group 4: AI and Digital Transformation - Guan Xiaohui from Fosun Pharma highlighted the application of AI in pharmaceutical R&D and commercial decision-making, noting that AI can significantly enhance investment returns and decision-making efficiency [9][10]. - The development of intelligent decision-making systems like PharmAID aims to support real-time project evaluations and market data retrieval [9]. Group 5: Corporate Value and M&A Strategies - Cheng Peng from Weiming Environmental discussed the importance of mergers and acquisitions (M&A) in enhancing corporate value, emphasizing the need for strategic alignment and effective risk management throughout the M&A process [15]. - The focus on long-term value creation and effective communication of corporate stories is crucial for attracting patient capital and maintaining investor confidence [16]. Group 6: Recognition and Future Outlook - The "Jiefu Award" ceremony recognized outstanding CFOs for their financial wisdom and management achievements, with expectations for awardees to contribute to the development of China's capital markets [18]. - The article concludes with a call for CFOs to adopt a more open perspective and resilient practices in navigating the evolving global economic landscape [20].

1.电子邮箱：gouxiaoxi@emcso.com。 根据《国家标准化管理委员会关于下达2023年第三批推荐性国家标准计划及相关标准外文版计划的通 知》，住房城乡建设部组织中国建筑科学研究院有限公司等单位修订了国家标准《空调设备用加湿 器》。 有关单位和公众可通过以下途径和方式提出反馈意见： 新华财经北京5月26日电（记者高婷）近日，住房城乡建设部就空调设备用加湿器、旋转式空气动力设 备进气过滤系统试验方法第1部分静态过滤元件、旋转式空气动力设备进气过滤系统试验方法第2部分耐 湿性能试验、应用于室外空气处理的化学过滤器分级、通风管内紫外灯对空气微生物紫外辐射剂量的测 定方法五项国家标准，以及一项建筑外墙防水工程技术规程行业标准公开征求意见，意见反馈截止时间 为2025年6月24日。住房城乡建设部已在官网公布了相关征求意见稿内容。 《空调设备用加湿器（修订征求意见稿）》 2.通信地址：北京市北三环东路30号；邮政编码：100013。 根据《国家标准化管理委员会关于下达2024年第二批推荐性国家标准计划及相关标准外文版计划的通 知》，住房城乡建设部组织国家能源集团科学技术研究院有限公司等单位起草了国家标准《旋转 ...