研究还发现，新兴市场仍是主权财富基金的战略重点，但组合内部的优先次序正在发生转变，主权财富 基金正采取更为精挑细选的投资方法，且对中国市场的兴趣明显回升。在受访者的首选新兴市场投资重 点中，59%的受访者将中国列为高度或中度优先市场，位列第二。这是自2024年以来的重大转变，可能 表明投资者对中国市场进行单独配置，与更广泛的新兴市场分开。 大多数受访者(59%)预计未来五年将增加对中国资产的配置，其中亚太地区主权财富基金的比例为 88%，北美主权财富基金的比例为73%。主权财富基金认为，具有吸引力的当地回报(71%)、多元化效 益(63%)以及扩大外国投资者市场准入(45%)是其配置中国资产的驱动因素。中国最具吸引力的投资领域 是数字科技和软件(89%)、先进制造和自动化(70%)以及清洁能源和绿色科技(70%)。 研究发现，主动型策略成为比肩基础被动型持仓的关注焦点。主权财富基金的投资组合平均70%以上采 用固定收益及股票的主动型策略。调查显示，52%的主权财富基金计划在未来两年增加主动型股票持 仓，47%则计划增持主动型固定收益持仓。这一转向在大型机构中最为明显，在资产管理规模超过1000 亿美元的主权财 ...

Core Viewpoint - The company anticipates a significant net loss for the first half of 2025, with projections indicating a net profit attributable to the parent company ranging from -28.5 million to -22.8 million yuan [2][4]. Group 1: Performance Forecast - The performance forecast period is set from January 1, 2025, to June 30, 2025 [3]. - The expected net profit attributable to the parent company is projected to be approximately -28.5 million to -22.8 million yuan, while the net profit after deducting non-recurring gains and losses is estimated to be between -30.5 million and -25 million yuan [2][4]. Group 2: Previous Year’s Performance - For the same period last year, the total profit was adjusted to -274.16 million yuan, with a prior adjustment of -274.44 million yuan [6]. - The net profit attributable to the parent company was adjusted to -391.69 million yuan, with a prior adjustment of -391.96 million yuan [7]. - The earnings per share were adjusted to -0.215 yuan, consistent before and after adjustments [8]. Group 3: Reasons for Performance Decline - The year 2025 marks a pivotal year for the company, focusing on hotel management and property management as part of its restructuring efforts [9]. - The company aims to enhance its core asset moat while stabilizing its performance foundation, expecting a significant reduction in losses compared to the previous year [9]. - In the second half of 2025, the company plans to improve existing business quality, expand through acquisitions, and enhance operational efficiency and innovation [9].

1 证 2025 年 7 月 15 日星期二 【实时热点】 【美国债市】 资料来源：BLOOMBERG、AASTOCKS、WIND、格隆汇、国元证券经纪（香港）整理 请务必阅读免责条款 券 研 究 报 告 美国商务部对无人机和多晶硅进口启动 232 调查 特朗普威胁对俄罗斯征收 100%的二级关税 特朗普将宣布 700 亿美元 AI 和能源投资，贝莱德等公司的 高管将亲临现场 欧盟准备对 720 亿欧元美国商品征收反制关税 日本参议院选举前引发财政忧虑 日债收益率逼近历史高位 6 月金融数据：M2 增速回升，社融增量 4.2 万亿元 中国 6 月稀土出口量升至 2009 年以来最高水平 中国 6 月大豆进口创历年同期新高 巴西供应大增 上半年新注册登记新能源汽车 562.2 万辆 创历史新高 扎克伯格：Meta 将在 AI 领域投资数千亿美元 2 年期美债收益率涨 0.99 个基点报 3.896% 5 年期美债收益率涨 1.58 个基点报 3.985% 10 年期美债收益率涨 2.40 个基点报 4.433% 【经济数据】 | 重要指数 | 收市价 | 涨跌(%) | 海外市场重要指数 | 收市价 | 涨跌( ...

Summary of Key Points from Conference Call Records Industry Overview: Real Estate Market - The real estate market is experiencing increased downward pressure, with a significant decline in second-hand housing transaction volumes and a rise in listings, leading to an expanded premium space. However, the new housing market, particularly luxury homes and core land sales, is performing well, indicating a divergence in market performance [1][5] - The second-hand housing transaction volume in cities like Beijing and Hangzhou has seen a year-on-year decline, with listings increasing and premium space expanding to 15%-16%, compared to single-digit figures at the end of last year [3] - The overall performance of the real estate market is expected to face continued downward pressure in the third quarter of 2025, with a potential for a significant rebound similar to last September if current trends persist [6][9] Core Insights and Arguments - The fiscal policy is currently at its historically loosest state, with expectations for further easing measures such as structural interest rate cuts and urban renewal initiatives [6] - Companies with low inventory pressure and alpha characteristics, such as Binhai Group, are recommended for investment, along with those undergoing marginal improvements or debt restructuring, like Sunac China and Jinmao Holdings [7] - In a low-interest-rate environment, commercial real estate and property management leaders, such as HT, Hangzhou Zhidi, and Greentown Service, are seen as having significant investment value due to their stable cash flows and potential high valuations [8] Investment Opportunities - The third quarter of 2025 is viewed as a critical trading window, with some quality stocks like Binhai Group expected to show double-digit growth, while others like Poly Real Estate are underperforming [2] - The potential for policy easing could lead to a recovery in the second-hand housing market, benefiting companies like Beike and Wo Ai Wo Jia, which are positioned well for long-term investment [8][10] Banking Sector Insights - The banking sector is expected to maintain stable overall performance in mid-year reports, with a focus on net interest margin improvements and declining funding costs [12][13] - Recommendations for banks include high-dividend stocks like China Merchants Bank and quality regional city commercial banks such as Hangzhou Bank and Jiangsu Bank, which are expected to show stable growth and strong asset quality [16] Other Important Considerations - The trial of stablecoins in Hong Kong is anticipated to benefit companies with Hong Kong securities operations, with ongoing discussions about related policies potentially leading to further developments [10] - The brokerage industry is expected to see a rebound in ROE due to favorable trading conditions, although the upper limit of ROE is declining, indicating reduced elasticity [11] This summary encapsulates the key points and insights from the conference call records, highlighting the current state and future outlook of the real estate and banking sectors, along with potential investment opportunities.

从业务布局看，截至2024年末，公司能源类困境资产项目存量余额达45亿元，根据重组协议，此类项目 将在未来持续贡献稳定的重组收益；上市公司困境资产项目余额6.55亿元、特殊机遇项目存量余额22.35 亿元，业务结构与国家"服务实体经济、化解金融风险"的政策导向契合，为长期收益释放埋下伏笔。 政策层面，监管部门持续优化不良资产市场生态，明确鼓励AMC发挥"金融稳定器"作用，通过重组、 重整等手段盘活困境资产；市场层面，经济转型期涌现的特殊机遇资产为行业提供了广阔增量空间。在 此背景下，海德股份已与多家银行、地方AMC及非持牌资管机构构建了全方位合作关系，进一步巩固 了行业竞争力。 展望未来，随着存量项目收益的逐步释放与新增业务的落地，海德股份有望抓住不良资产行业新一轮发 展机遇，实现价值的提升，持续为实体经济与金融稳定贡献专业力量。(CIS) 从行业环境来看，国家金融监管总局数据显示，2024年我国全年不良资产处置规模达3.8万亿元，创历 史新高，市场活跃度持续攀升。作为服务实体经济、化解金融风险的重要力量，资产管理公司(AMC)在 政策支持下，正迎来广阔的发展空间。 海德股份表示，公司稳健推进业务开展，在"挤 ...

证券代码：603836 证券简称：海程邦达 公告编号：2025-049 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 重要内容提示： ● 业绩预告的具体适用情形：实现盈利，且归属于母公司所有者的净利润与上年同期相比下降50%以 上。 （二）业绩预告情况 1. 经财务部门初步测算，预计2025年半年度实现归属于母公司所有者的净利润为1,600.00万元到1,900.00 万元，与上年同期相比，将减少5,224.80万元到5,524.80万元，同比减少73.33%到77.54%。 2. 预计2025年半年度归属于母公司所有者的扣除非经常性损益的净利润为500万元到700万元，与上年同 期相比，将减少6,422.61万元到6,622.61万元，同比减少90.17%到92.98%。 （三）本次预计的业绩为公司初步测算，未经注册会计师审计。 二、上年同期经营业绩 ● 经财务部门初步测算，海程邦达供应链管理股份有限公司（以下简称"公司"）预计2025年半年度实现 归属于母公司所有者的净利润为1,600万元到1,900万元，与上年同期相比 ...

Group 1: Investment Growth and Policies - Singapore's foreign direct investment inflow is projected to grow by 6.1% in 2024, reaching a historical high of $143.4 billion, moving from third to second place globally among single-country economies [1] - The Singapore government has implemented targeted measures to facilitate foreign investment, including a $1.3 billion enterprise assistance package to alleviate business operating costs and a 50% income tax reduction for companies, capped at $40,000 [1][2] - The refundable investment tax credit program, effective from January 2023, allows companies to offset up to 50% of their corporate income tax for investments in high-value economic activities [2] Group 2: Infrastructure and Economic Stability - Singapore's strategic location as a global trade and aviation hub provides vast development opportunities for investors, supported by stable economic policies that reduce investment risks [3] - The country boasts a mature financial system with strict regulations ensuring market stability and security, alongside advanced payment and credit rating systems that enhance transaction efficiency [3] - Continuous investment in world-class infrastructure, including ports and airports, supports logistics and digital economy growth, further solidifying Singapore's attractiveness for foreign investment [3] Group 3: Talent and Political Environment - Singapore's education system emphasizes practical skills, producing a skilled workforce, while policies attract global talent, creating a diverse talent pool to meet various business needs [4] - A stable political and social environment provides a fundamental guarantee for investment security, complemented by a high-quality living and working environment that fosters a positive cycle of talent attraction and investment [4] Group 4: Future Outlook - In the context of global economic recovery, Singapore is becoming an ideal choice for investors seeking both safety and profit, particularly in the digital and green economy sectors [5] - The country's proactive positioning in emerging industries aligns with global trends, suggesting that Singapore will maintain its leading position in the global investment market and continue attracting quality foreign capital [5]

Group 1 - The company has signed a partnership agreement for investment with a professional investment institution, specifically the Anhui Gaoxin Yuanhe Puhua Private Equity Investment Fund Partnership [1] - The fund has completed the necessary business registration and filing changes, with the new fund name being Anhui Gaoxin Yuanhe Puhua Private Equity Investment Fund Partnership [1] - The fund's management and custody are handled by Yuanhe Puhua Tongxin (Suzhou) Investment Management Co., Ltd. and Industrial and Commercial Bank of China, respectively [1] Group 2 - The company expects to report a net profit attributable to shareholders of 17 million to 24 million yuan for the first half of 2025, a decrease of 70.76% to 79.29% compared to the same period last year [3][5] - The decrease in profit is primarily due to the absence of non-recurring income from property relocation subsidies, which were included in the previous year's earnings [3][10] - The net profit excluding non-recurring items is projected to be between 13 million and 17 million yuan, reflecting a slight increase or decrease compared to the previous year [5][10]

Core Viewpoint - The company expects significant growth in net profit for the first half of 2025, with projections indicating an increase of over 387% compared to the same period last year [2][3]. Financial Performance Summary - The company anticipates a net profit attributable to shareholders of the parent company between 100 million and 150 million yuan, representing an increase of 79.47 million to 129.47 million yuan year-on-year [2][3]. - The expected net profit after deducting non-recurring gains and losses is projected to be between 45 million and 60 million yuan, which may decrease by 8.85 million or increase by 6.15 million yuan compared to the previous year [2][3]. Previous Year Comparison - In the same period last year, the total profit was 34.84 million yuan, with a net profit attributable to shareholders of the parent company at 20.53 million yuan and a net profit after deducting non-recurring gains and losses at 53.85 million yuan [5]. Reasons for Profit Increase - The increase in net profit is primarily attributed to the fair value measurement of equity investments in Anbang Guard Group Co., Ltd., which resulted in a fair value change gain of 78.19 million yuan, contributing an additional 58.64 million yuan to the current net profit [7].

根据Dealogic的数据，今年通过首次公开募股（IPO）筹集的资金已达67亿美元，相较去年同期的54亿 美元出现显著增长，使印度成为美国以外全球最大的IPO市场。多只备受期待的股票即将上市，其中包 括塔塔资本（Tata Capital）预计筹资20亿美元的IPO，这些可能助推印度超过去年筹集的210亿美元纪 录。 导 语： 印度2025年IPO总额有望超过210亿美元纪录。 印度正朝着首次公开募股（IPO）创纪录的年度迈进，由于降息政策以及国内对股票的强劲需求，主要 上市的总价值已达到年初至今的最高水平。 "与今年上半年相比，我们即将见证一级市场的显著加速，"高盛（Goldman Sachs）印度融资部门董事 总经理兼负责人苏尼尔·凯坦（Sunil Khaitan）表示。他预计下半年筹资规模将高达200亿美元。 该国的蓝筹股指数Nifty 50指数年初表现低迷，当时印度正面临经济放缓的迹象、美国总统唐纳德·特朗 普（Donald Trump）关税政策带来的冲击以及与巴基斯坦的一场短暂冲突。然而，目前该指数年内已上 涨约7%，接近历史新高。 然而，由于新德里尚未与华盛顿达成贸易协议，且特朗普（Trump）威胁 ...