华侨银行分析师认为，吉宝在ESG方面的出色表现为其公允价值估算带来了溢价。报告同时提示了宏观 经济恶化、政府监管政策变化等潜在投资风险。 （文章来源：新华财经） 在资产管理方面，吉宝计划将其管理资产规模从2023年底的551亿新元，提升至2030年的2000亿新元， 并设立了2026年达到1000亿新元的中期目标。同时，公司正加速其资产变现计划，目标在2026年底前完 成100亿至120亿新元的资产变现，目前已完成78亿新元。 报告认为，吉宝宣布的5亿新元股票回购计划是一个积极的惊喜。从业务板块看，基础设施部门仍是最 大的盈利贡献者，其经常性收入为公司业绩提供了有力支撑。 新华财经新加坡8月4日电（记者刘春涛） 金融机构华侨银行（OCBC）近日发布的研究报告中，将吉宝 有限公司（Keppel Ltd, KPLM.SI）的评级定为"买入"，并将公允价值目标从8.60新元上调至10.20新元。 报告指出，吉宝的业务转型取得显著进展。尽管收入同比下降5%，但其核心业务"新吉宝"在2025年上 半年净利润同比增长25%至4.31亿新元。这主要得益于基础设施部门的稳定盈利以及房地产业务的扭亏 为盈。 ...

Core Viewpoint - The Chinese government is accelerating the approval of new policy financial instruments and plans to expedite the issuance of government bonds, including ultra-long special treasury bonds and new special bonds, to stimulate economic growth in the second half of the year [1] Group 1: Policy Initiatives - The National Development and Reform Commission (NDRC) and other departments are focusing on practical measures to boost domestic demand and promote the integration of "two innovations" [1] - The introduction of new policy financial tools is aimed at capturing policy dividends, with several regions already holding related meetings [1] Group 2: Economic Outlook - Analysts suggest that infrastructure investment is expected to rebound in the second half of the year, supported by multiple factors, and will continue to play a stabilizing role in the economy [1] - Key themes for the second half include effectively releasing domestic demand potential, promoting the integration of innovations, and advancing capacity governance in key industries [1]

Group 1: AI and Disaster Management - The "Urban Multi-Hazard Early Warning Toolbox (Macau Version)" developed by Shanghai Meteorological Bureau and Macau Geophysical and Meteorological Bureau provides real-time typhoon monitoring and impact forecasting, enhanced by AI meteorological models and large language models [1] - The toolbox aims to generate disaster prevention and mitigation guidelines for urban areas, showcasing the collaboration between Shanghai and Macau in addressing climate-related challenges [1] Group 2: Technology and Innovation Cooperation - Shanghai and Macau's cooperation in technology innovation has evolved from initial technical development to a focus on results transformation, with 18 supported technology cooperation projects [2] - Collaborative projects include partnerships between Fudan University and Macau universities, emphasizing joint applications for major technology projects and research in microelectronics and planetary science [2] Group 3: Expanding Cooperation Areas - The collaboration between Shanghai and Macau spans various sectors, including exhibitions, traditional Chinese medicine, cultural creativity, modern finance, and urban renewal [3] - Notable events include Shanghai's participation as a guest city in the Macau World Tourism Economic Forum and the International Trade and Investment Exhibition [3] Group 4: Youth Engagement and Education - Youth play a significant role in Shanghai-Macau exchanges, with increasing numbers of students moving between the two cities for education and cultural activities [4] - Initiatives like the "Senior Student Program" and the "Macau Thousand Teachers Elite Training Program" aim to enhance Macau students' understanding of national conditions and foster a sense of national identity [4][6] Group 5: Economic and Trade Development - Shanghai enterprises are actively involved in major infrastructure projects in Macau, such as the Macau Light Rail East Line, enhancing connectivity within the region [7] - The establishment of financial institutions like Haitong Bank's Macau branch and the Shanghai representative office of the Macau Chamber of Commerce aims to facilitate economic cooperation [7] Group 6: International Collaboration - Joint efforts between Shanghai and Macau have extended to Portuguese-speaking countries, with initiatives to promote meteorological technology and early warning systems [8] - The collaboration aims to leverage Macau's connections with Portuguese-speaking nations and Shanghai's strengths in manufacturing and technology to create mutual benefits [8]

Core Viewpoint - The article discusses the increasing scrutiny and accountability measures taken by the Ministry of Finance regarding local government hidden debt risks, highlighting recent cases of illegal debt accumulation by local state-owned enterprises [3][9]. Summary by Sections Hidden Debt Cases - The Ministry of Finance reported six cases of local governments illegally accumulating hidden debt totaling 1410.14 billion yuan, with significant amounts from Xiamen and Chengdu, each exceeding 600 billion yuan [3][9]. - Xiamen's hidden debt was primarily due to state-owned enterprises financing land development and housing projects, amounting to 683.96 billion yuan [4][5]. - Chengdu's hidden debt arose from state-owned enterprises funding urban renewal and public projects, totaling 614.08 billion yuan [6][9]. - Wuhan's East Lake New Technology Development Zone also reported significant hidden debt of 103.85 billion yuan, primarily from state-owned enterprises funding government projects [7][9]. Accountability Measures - The article details that local leaders, including deputy mayors and finance directors, have been held accountable through various disciplinary actions for their roles in these hidden debt cases [8][9]. - The Ministry of Finance emphasizes the need for strict adherence to regulations and the importance of accountability in preventing further hidden debt accumulation [9]. Broader Implications - The article indicates that these cases reflect a broader issue of misaligned performance metrics among local leaders, which undermines efforts to manage hidden debt risks effectively [9]. - The Ministry of Finance plans to enhance its oversight and enforcement mechanisms to address illegal debt accumulation and ensure compliance with national policies [9].

Core Viewpoint - The article emphasizes the importance of preventing and resolving hidden local government debt risks, highlighting the need for accountability and strict enforcement of financial discipline by the Ministry of Finance and relevant departments [4][10]. Summary by Sections Case 1: Liaoning Province - Shenyang's Liao Zhong District incurred hidden debt of 520 million yuan through state-owned enterprises for high-standard farmland renovation [4]. - Several officials were held accountable, including reprimands and written checks for misconduct [4]. Case 2: Fujian Province - Xiamen City accumulated hidden debt of 68.396 billion yuan through state-owned enterprises for land development and housing projects [5]. - Multiple officials received disciplinary actions, including severe warnings and reprimands [5]. Case 3: Shandong Province - Dezhou's Lingcheng District added hidden debt of 14.5 million yuan for high-standard farmland construction via state-owned financing [6]. - Relevant officials faced various levels of accountability, including warnings and reprimands [6]. Case 4: Hubei Province - Wuhan's East Lake New Technology Development Zone reported hidden debt of 10.385 billion yuan for public infrastructure projects funded by state-owned enterprises [7]. - Officials were subjected to written checks and warnings for their roles in the debt accumulation [7][8]. Case 5: Chongqing City - Wulong District incurred hidden debt of 16 million yuan through borrowing for infrastructure projects [8]. - Accountability measures were taken against involved officials, including reprimands and warnings [8]. Case 6: Sichuan Province - Chengdu accumulated hidden debt of 61.408 billion yuan through state-owned enterprises for urban renewal and public projects [9]. - A wide range of officials faced disciplinary actions, including severe warnings and reprimands [9]. Conclusion - The six cases illustrate a deviation in the performance outlook of local leaders and a lack of strict adherence to financial discipline, which undermines efforts to mitigate hidden debt risks [10]. - The Ministry of Finance aims to strengthen accountability and prevent the increase of hidden debts through rigorous enforcement of regulations [10].

Core Viewpoint - The article emphasizes the importance of preventing and resolving local government hidden debt risks, highlighting the need for accountability and strict enforcement of financial discipline [2][10]. Summary by Sections Case 1: Liaoning Province - In Shenyang, the local government incurred hidden debt of 520 million yuan through a state-owned enterprise for a high-standard farmland improvement project [3]. - Several officials were held accountable, receiving various forms of reprimand and education [3]. Case 2: Fujian Province - Xiamen's local government accumulated hidden debt of 68.396 billion yuan through state-owned enterprises for land development and housing projects [4]. - Multiple officials faced disciplinary actions, including severe warnings and reprimands [4]. Case 3: Shandong Province - Dezhou's Lingcheng District added hidden debt of 14.5 million yuan for a high-standard farmland construction project, financed by a state-owned enterprise [5]. - Relevant officials received various penalties, including reprimands and warnings [5]. Case 4: Hubei Province - Wuhan's East Lake High-tech Development Zone incurred hidden debt of 10.385 billion yuan through state-owned enterprises for public infrastructure projects [6][7]. - Several officials were reprimanded and required to submit written checks [6][7]. Case 5: Chongqing Province - Wulong District borrowed 16 million yuan from a state-owned enterprise for infrastructure projects, resulting in hidden debt [8]. - Officials involved faced various disciplinary actions, including warnings and reprimands [8]. Case 6: Sichuan Province - Chengdu accumulated hidden debt of 61.408 billion yuan through state-owned enterprises for urban renewal and public projects [9]. - Numerous officials were held accountable, with some facing severe penalties due to serious violations [9]. Conclusion - The six cases reveal issues with leadership accountability and adherence to financial discipline, impacting the effectiveness of hidden debt risk prevention [10]. - The article calls for local governments to learn from these cases and strengthen their risk awareness and management practices [10].

Group 1 - The German federal cabinet has approved the 2026 federal budget draft, with public investment being a key focus of government fiscal policy, aiming to ensure employment and boost economic vitality [1] - The total planned expenditure for the German federal government in 2026 is €520.5 billion, representing a 3.5% increase from the previous year [1] - Public investment is set to reach a historical high of €126.7 billion, with funds directed towards transportation infrastructure, housing construction, digital development, and national defense [1] Group 2 - A special infrastructure fund, approved by the Federal Parliament in March, will contribute to the budget, with a total size of €500 billion [1] - Despite the establishment of the special fund, analysts indicate that it may not alleviate the tight fiscal resources, as economic growth is sluggish and tax revenues have not met expectations [1] - The federal budget draft anticipates a budget deficit of €172 billion from 2027 to 2029, which will be submitted for review and voting by the Federal Parliament by the end of this year [2]

【环球时报驻德国特约记者 青木 环球时报记者 杨舒宇】德国正在摆脱数十年的财政保守主义，同时也点燃争议。德国《商报》30日报道称，德 国内阁周三批准了2026年创纪录的预算草案以及至2029年的中期财政计划，涉及巨额的基础设施和国防项目的投资支出和借款。德媒称，执政不 到三个月，由德国总理默茨和副总理兼财政部长克林贝尔领导的联邦政府就陷入了危险的债务困境。"支出增加、债务增加、利息支付增加，成为 政府预算的戏剧性三重奏。" 创纪录的投资和借贷 据德媒报道，内阁周三通过了财政部长克林贝尔提交的一份包含创纪录投资规模的预算草案。其中包括1267亿欧元投资（比2025年高出10%，比 2024年高出70%）和1743亿欧元借款，作为其基础设施和国防财政计划的一部分。内阁批准后，该预算将被提交至德国联邦议院，预计将于11月 底获得通过。这份"大胆"的提案连日来成为该国国内讨论的焦点。 德媒称，这种预算政策"令人震惊"。虽然未来几年的财政规划中存在一定的缺口是正常的，但即使在政府内部，这样的缺口也被描述为"非常 高"，弥补这一缺口被描述为一项"中央财政政策挑战"。 据报道，增加支出是政府重振低迷经济计划的一部分。该国是 ...

Core Viewpoint - The article emphasizes the importance of "system integration" in boosting consumption and improving investment efficiency, highlighting the interconnectedness of consumption, investment, and overall economic operation [2][3]. Group 1: Economic Policy and Investment - The current macroeconomic policy is characterized by proactive fiscal measures and moderately loose monetary policy, focusing on "effective investment" to expand domestic demand [4][7]. - Government investment should target major strategic implementations and key areas of security capability, which will enhance economic vitality and create jobs [4][6]. - There is a misconception that government investment opportunities are saturated; however, numerous effective investment projects are available, particularly in urban infrastructure and disaster prevention [6][7]. Group 2: Employment and Economic Growth - Effective investment projects initiated by the government can immediately create job opportunities and stimulate market demand, akin to the "New Deal" approach [7][11]. - Long-term benefits of effective investment include structural optimization and enhanced economic resilience, contributing to national security and social stability [7][8]. Group 3: Comprehensive Performance and Externalities - The effectiveness of government investment should be evaluated beyond traditional cost-benefit analysis, considering the broader positive externalities and comprehensive performance of projects [8][9]. - Examples such as the Qinghai-Tibet Railway illustrate that some projects may not yield immediate financial returns but provide significant long-term national benefits [8][9]. Group 4: Systematic Approach to Government Investment - Government investment should be viewed as a systematic project, requiring a combination of policy direction, project planning, funding allocation, and quality management [11]. - Successful government investment involves a series of interconnected processes, including feasibility studies and post-completion maintenance, to ensure comprehensive effectiveness [11].

Economic Performance - In the first half of 2025, Shenzhen's GDP reached 1.83 trillion yuan, reflecting a year-on-year growth of 5.1% at constant prices [1] - Major economic indicators showed accelerated growth compared to the first quarter, indicating a stable and improving economic trend [1] Industrial and Service Sector - The added value of industrial enterprises above designated size increased by 4.3% year-on-year, with a slight acceleration of 0.1 percentage points from the first quarter [1] - The service sector's added value was 1.18 trillion yuan, growing by 6.1% year-on-year, also up by 0.1 percentage points from the first quarter [1] - Retail sales of consumer goods totaled 494.868 billion yuan, marking a year-on-year increase of 3.5%, with an acceleration of 0.4 percentage points from the first quarter [1] Investment Trends - Fixed asset investment in Shenzhen decreased by 10.9% year-on-year, primarily due to a decline in real estate development investment, which fell by 15.1% [1] - Excluding real estate, private investment grew by 3.6% year-on-year, with private industrial investment increasing by 10.6% [1] - Infrastructure investment rose by 7.7% year-on-year, while industrial technological transformation investment surged by 47.1% [1] Foreign Trade - In the first half of 2025, Shenzhen's total import and export volume was 2.17 trillion yuan, a year-on-year decrease of 1.1%, with the decline narrowing by 1.7 percentage points compared to the first quarter [2] - Exports amounted to 1.31 trillion yuan, down by 7.0% year-on-year, while imports increased by 9.5% to 858.864 billion yuan [2] - The decline in exports was attributed to a high base from the previous year when foreign trade growth was rapid [2]