委员会的其他成员包括：香港交易所前主席史美伦、春华资本集团董事长胡祖六、北京大学国家发展研 究院院长及数字金融研究中心主任黄益平、现任国家科技成果转化引导基金理事长及招商银行前行长兼 首席执行官马蔚华、TPG中国的合伙人兼董事长孙强、香港交易所主席唐家成以及香港交易所集团行政 总裁陈翊庭。 中国业务咨询委员会成立于2021年，成员包括深谙中国市场的资深业界专家，担任香港交易所董事会的 顾问，张勇加入后，委员会成员将增至九名。香港交易所非执行董事及中信资本控股有限公司董事长兼 首席执行官张㦤宸担任委员会主席。 【#前阿里巴巴CEO张勇履新#，#前阿里CEO张勇加盟港交所#】8月1日，香港交易所公告显示，晨壹基 金管理合伙人、前阿里巴巴集团董事会主席兼首席执行官张勇获委任为香港交易所旗下中国业务咨询委 员会的最新成员。 ...

Group 1 - The core point of the article is that Jiuding Investment announced the transfer of 100% equity of its wholly-owned subsidiary, Jiangxi Zixing Enterprise Management Co., Ltd., to another wholly-owned subsidiary, Jiangxi Zixing Commercial Development Co., Ltd. [1] - The change in the equity structure does not affect the controlling shareholder or the actual controller of the company, which remains Jiuding Group [1] - The equity structure change will not have a substantial impact on the company's daily operations and production activities [1]

Core Viewpoint - Blackstone reported a record high asset management scale of $1.2 trillion, reflecting a year-on-year growth of 13% and strong investment returns for limited partners [3][8][10]. Fundraising Performance - In the past twelve months, Blackstone achieved a net inflow of $212 billion, with $52 billion coming from limited partners in Q2 2025, indicating robust fundraising performance [6]. - The private wealth segment has grown to nearly $280 billion, with a 30% year-on-year increase in fundraising to $10 billion in Q2 [6]. Asset Management Growth - Blackstone's credit business has tripled in size over the past five years to $48.4 billion, while assets managed for insurance companies exceeded $250 billion, growing by 20% year-on-year [8]. - The management fees and advisory fees netted $2.02 billion in Q2, a 13% increase compared to the previous year [8]. Investment Activity - Blackstone invested $33 billion in Q2, focusing on long-term trends in sectors such as digital and energy infrastructure, digital commerce, private credit, life sciences, and the Indian market [8]. - Over the past twelve months, Blackstone's total investment reached $145 billion, marking one of the most active investment periods in its history [8]. Future Outlook - Blackstone's leadership believes the current environment presents a window of investment opportunities, with a resurgence in M&A and IPO activities anticipated due to lower short-term interest rates and reduced uncertainty [9][13]. - The company has the largest IPO project pipeline since 2021, with confidence in future growth driven by strong growth engines [14].

智通财经APP获悉，骏利亨德森投资环球短存续期及流动性主管及投资组合经理Dan Siluk 表示，一如 外界预期，美联储连续第五次在会议上维持联邦基金利率于4.25–4.50% 不变。此次决议并非一致通 过，理事鲍曼(Bowman)和沃勒(Waller)表达异议，支持减息25个基点，这一立场在会前已有所透露，如 今获得确认。Dan Siluk 表示，市场可能会将此会议结果解读为美联储"观望"策略的延续，并通过异议 与较温和的措辞展现"鸽派"倾向。9月决策将具高度可变性。 声明中美联储对经济的评估略有下修。6月时的措辞为经济活动"持续稳健扩张"，而本次语气则转为谨 慎，指出"上半年经济活动出现放缓"。委员会仍形容通胀为"略高"，并承认来自关税与财政动态的上行 风险持续存在。 美联储主席鲍威尔在记者会上维持以数据为本的立场，不排除在9月采取行动的可能，但也不承诺减 息，由于本次并无更新的经济预测摘要(SEP)，市场焦点将迅速转向 Jackson Hole 研讨会及后续经济数 据。 ...

Core Insights - Wendel Group's net asset value (NAV) per share decreased to €167.7 as of June 30, 2025, reflecting a 5.1% decline from March 31, 2025, primarily due to foreign exchange impacts and dividend payments [11][12][13] - The company is implementing a semi-annual interim dividend policy starting in November 2025, with an interim dividend of €1.50 per share [5][10] - Wendel's asset management platform has reached €39 billion in assets under management (AUM), with significant fundraising momentum and revenue growth [7][25][30] Financial Performance - Consolidated net sales for H1 2025 amounted to €4,177.6 million, representing a 7.2% increase overall and a 3.9% organic growth year-to-date [6][66] - The net income from operations for H1 2025 was €4.3 million, a significant decrease from €388.2 million in H1 2024, largely due to a capital gain from the disposal of Constantia Flexibles in the previous year [68][67] - Management fees from asset management activities totaled €152 million, with fee-related earnings (FRE) reaching €59 million, reflecting a more than threefold increase compared to the previous year [27][26] Strategic Developments - Wendel's acquisition of Monroe Capital and the partnership with IK Partners are pivotal in expanding its third-party asset management capabilities, aiming for €150 million in pre-tax FRE by 2027 [10][25][72] - The company successfully executed a forward sale of 6.7% of Bureau Veritas' share capital, generating net proceeds of approximately €750 million, enhancing financial flexibility [22][4] - New leadership appointments at Crisis Prevention Institute and Scalian are part of Wendel's strategy to navigate complex market conditions and drive growth [4][57] Asset Management Insights - The asset management platform's AUM has increased by 187% year-to-date, with €4.3 billion raised in H1 2025 without any sponsor money from Wendel [30][27] - The platform is focused on mid-market private markets, with a strong pipeline of acquisition opportunities to further enhance its growth [7][30] - The contribution from asset management activities positively impacted NAV, with a total increase of €3.8 per share at constant exchange rates [15][30] Investment Portfolio Performance - Listed assets represented 38% of gross asset value, with a 5.0% increase in value driven by share price increases of Bureau Veritas, IHS, and Tarkett [4][33] - Unlisted assets saw a decline of 4.8% in value, primarily due to changes in multiples and operational performance [4][14] - Total sales of group companies increased by 3.9% organically, indicating a positive trend in operational performance [4][66]

Core Insights - The primary need for investors hiring investment managers is to avoid mistakes and manage emotional impulses rather than solely to maximize returns [3][28] - Long-term investment success requires a unique approach, while excessive differentiation can lead to failure [3] - The concept of "margin of safety" is crucial, allowing for potential errors by purchasing assets at a sufficiently low price [3][8] - Maintaining a calm, open mindset and readiness to act during challenging times can provide a competitive advantage [3][50] Group 1: Investment Philosophy - Seth Klarman emphasizes the importance of risk control over absolute returns, noting that Baupost has only experienced five years of negative returns in its 42-year history, with a maximum drawdown of 12% [5][74] - The investment strategy focuses on constructing a portfolio that effectively protects against downside risks, including cash reserves and prioritizing high-quality debt instruments [10][72] - Klarman's approach to value investing has evolved, now considering not just tangible asset values but also the potential for value realization and market recognition [8][13] Group 2: Decision-Making Process - Baupost's investment decision-making involves multiple team members, including partners and analysts, who rigorously evaluate potential investments [34][39] - Discussions often center around risk assessment, with team members encouraged to challenge assumptions and consider potential pitfalls [41][46] - The culture at Baupost promotes open dialogue, allowing team members to express differing opinions without fear of repercussions [45][46] Group 3: Market Conditions and Opportunities - Klarman notes that the current market environment, characterized by rising interest rates, presents both challenges and opportunities, particularly in the private credit sector [66][68] - The firm is currently focusing on distressed assets and credit opportunities, with a significant portion of its portfolio allocated to these areas [62][63] - The investment strategy remains flexible, adapting to market conditions without adhering to a rigid allocation framework [61][62] Group 4: Psychological Factors in Investing - Baupost places significant emphasis on psychological factors in investment decisions, aiming to avoid panic and emotional reactions during market downturns [47][50] - Klarman believes that maintaining composure and an open mindset during adverse market conditions can lead to advantageous investment opportunities [50][52] - The firm encourages a culture of resilience, where team members are trained to recover from investment setbacks and maintain a long-term perspective [71][72]

Core Insights - A new investment partnership named Jinxiangyuanduo No. 4 (Shenzhen) Investment Partnership (Limited Partnership) has been established with a capital contribution of approximately 140 million RMB [1][2] - The partnership is managed by Jinhuihong Lake (Shenzhen) Enterprise Management Co., Ltd., and its business scope includes investment activities, enterprise management, and consulting services [1][2] Group 1 - The partnership was formed with contributions from Sichuan Jinjue Investment Co., Ltd., Jinhuihong Lake (Shenzhen) Enterprise Management Co., Ltd., and Zhuhai Xiangyuan No. 3 Investment Partnership (Limited Partnership) [1][2] - The registered status of the partnership is active, with a business duration set until July 30, 2025, and no fixed expiration date thereafter [2] - The main operating location is in Nanshan District, Shenzhen, and it is classified under capital market services [2]

Group 1 - Novo Nordisk significantly lowered its fiscal year performance guidance, reducing sales growth expectations for 2025 from 13-21% to 8-14% and EBIT profit growth from 16-24% to 10-16% due to lower GLP-1 sales expectations in the U.S. and asset impairment impacts [7][8] - Following the announcement, Novo Nordisk's stock price plummeted over 26% in pre-market trading, resulting in a market value loss exceeding $60 billion (approximately 430 billion RMB) within two hours [8] - The company appointed Maqziar Mike Dusseldorp as the new CEO [8] Group 2 - The U.S. stock market showed resilience, with the Nasdaq 100 futures up 0.37%, S&P 500 futures up 0.17%, and Dow futures up 0.02%, despite the volatility caused by Novo Nordisk [2] - Nvidia's stock price increased over 1% in pre-market trading, driven by demand rumors, indicating its continued leadership in the U.S. market [2] - The U.S. dollar strengthened, reaching a nearly five-week high, as market participants shifted focus from trade uncertainties to the resilience of the U.S. economy [4] Group 3 - Upcoming events include central bank meetings, earnings reports from major companies like Apple, and key economic data such as U.S. non-farm payrolls and PCE inflation, which are expected to create further market fluctuations [6] - The U.S. government’s tariff policy will face legal scrutiny on July 31, ahead of the August 1 tariff implementation date [6]

Group 1 - International silver is currently trading below $38.16, with a slight increase of 0.02% from the opening price of $38.14 per ounce, indicating a short-term sideways trend [1] - The highest price reached today was $38.18, while the lowest was $38.04, reflecting limited volatility in the market [1] Group 2 - Billionaire investor Ray Dalio has expressed concerns about the sustainability of government deficit spending, suggesting that investors allocate about 15% of their portfolios to alternative currencies like gold [3] - Dalio highlighted that the U.S. government's revenue is approximately $5 trillion, while its spending is around $7 trillion, leading to a 40% overspend [3] - He noted that the accumulated debt is six times the government's revenue, which poses risks to the economic system [3] - Dalio warned that due to ongoing deficits, the U.S. government may need to issue nearly $12 trillion in bonds next year to service its debt [4] - He emphasized that the only remaining option for the government is to borrow more and rely on central bank money printing, with indicators of capital controls beginning to emerge [4] Group 3 - International silver experienced slight declines on Monday, with a low of $37.90, and a bullish outlook is maintained with a defensive level set at $37.50 [5] - The potential for significant price increases is limited, with a focus on the previous high of $39.50, and market participants are advised to monitor the impact of non-farm payroll data [5]

Core Viewpoint - The A-share market presents a "dumbbell" characteristic in the first half of the year, with value dividend assets underperforming overall but showing internal differentiation, while emerging growth assets exhibit rapid rotation [1][2] Group 1: Market Opportunities - The company is optimistic about three structural opportunities for the second half of the year: 1. Revaluation of quality Chinese assets due to market changes and increased global capital allocation [1] 2. Global development of China's advantageous industries, with leading companies showing strong alpha opportunities [1] 3. Investment opportunities arising from technological self-sufficiency and breakthroughs in AI [1] Group 2: Focus Areas - Key focus areas include: 1. New consumption trends and opportunities in the consumer sector, particularly in overseas markets [2] 2. The AI industry chain and domestic substitution within the technology sector, with AI expected to remain a significant investment theme [2] 3. The automotive sector, emphasizing high-end and intelligent vehicles, with mid-to-high-end domestic brands entering a golden period of growth [2] Group 3: Industry Insights - In the new energy vehicle supply chain, future opportunities are concentrated among leading companies, while mid-tier and lower-tier companies may face significant pressure [2] - China holds a dominant position in the global new energy vehicle supply chain, particularly in battery materials and upstream resources, which is unlikely to be disrupted in the short term [2]