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。 ...

Group 1 - European stock markets are recovering from a period of stagnation, with some stocks showing tactical overbought signals as investors recognize the region's investment potential [1] - Germany has announced a significant fiscal policy reboot, planning to allocate approximately 25% of its GDP to infrastructure and defense projects over the next decade, which is expected to boost economic growth in Germany and Europe [1] - The European monetary environment is signaling improved economic momentum, with inflation declining and more easing policies likely to be introduced, supporting local economic growth [1] Group 2 - Caution is advised regarding the strengthening of the euro and high interest rates, which could negatively impact European companies that derive most of their revenue from overseas [2] - Local European companies are showing stronger earnings momentum compared to multinational peers, particularly in sectors like telecommunications, banking, and construction, as well as defense stocks and utilities with high entry barriers [2]

证券之星消息，根据天眼查APP数据整理，近日，中际旭创(上海)投资有限公司成立，法定代表人为王 军，注册资本30000万元，经营范围包含：一般项目：投资管理；企业管理；以自有资金从事投资活 动；自有资金投资的资产管理服务；信息咨询服务(不含许可类信息咨询服务)；财务咨询。(除依法须经 批准的项目外，凭营业执照依法自主开展经营活动)。天眼查APP股权穿透显示，该公司由中际旭创全 资持股。 数据来源：天眼查APP ...

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]

经核查，中金公司就本次询价转让的出让方、受让方是否符合《上海证券交 易所科创板上市公司自律监管指引第 4 号——询价转让和配售》 （以下简称"《询 价转让和配售指引》"）要求，本次询价转让的询价、转让过程与结果是否公平、 公正，是否符合《询价转让和配售指引》的规定作出如下报告说明。 一、本次询价转让概述 中国国际金融股份有限公司 关于德马科技集团股份有限公司 股东向特定机构投资者询价转让股份的核查报告 中国国际金融股份有限公司（以下简称"中金公司"）受德马科技集团股份 有限公司（以下简称"德马科技"）股东湖州德马投资咨询有限公司（以下简称 "德马投资"）、湖州创德投资咨询合伙企业（有限合伙）（以下简称"创德投 资"）、湖州力固管理咨询有限公司（以下简称"湖州力固"）（以下合称"出 让方"）委托，组织实施本次德马科技股东向特定机构投资者询价转让（以下简 称"本次询价转让"）。 截至 2025 年 7 月 20 日，出让方所持德马科技股份数量及比例情况如下： 序号 股东名称 持股数量（股） 持股比例 （一）本次询价转让出让方 | 拟转让股东 | 转让股份数量 | 占总股本 | 占截至 | 2025 年 7 月 | ...

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]

该公司成立于1997年4月，法定代表人为侯海峰，经营范围含水产养殖、水产苗种生产、检验检测服 务、农产品质量安全检测、以自有资金从事投资活动、自有资金投资的资产管理服务、股权投资、企业 管理咨询等。股东信息显示，该公司由江苏省沿海开发集团有限公司全资持股。 天眼查App显示，7月24日，江苏省沿海开发投资有限公司发生工商变更，注册资本由12.28亿人民币增 至21.08亿人民币，增幅约72%，同时，多位主要人员也发生变更。 ...

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]

本次跟踪维持主体及债项上次评级结论，其中"24国经01"债项级别充分考虑了四川发展融资担保股份有 限公司（以下简称"四川发展担保"）提供的无条件不可撤销的连带责任保证担保，"24国经02"债项级别 充分考虑了天府信用增进股份有限公司（以下简称"天府信用增进"）提供的不可撤销的连带责任保证担 保。中诚信国际认为，跟踪期内，四川省经济财政实力不断增强，综合实力在西部地区领先，潜在的支 持能力很强；四川省国有资产经营投资管理有限责任公司（以下简称"四川国经"或"公司"）为四川省以 农业和科技产业为重点领域的国有资本运营公司，职能定位重要，继续获得政府大力的支持。同时中诚 信国际也关注到公司利润总额对个别股权投资收益依赖较大、担保业务扩张较快带来的代偿风险、存量 逾期委托贷款本息尚未收回以及参股公司股权拟无偿划出等因素对其经营和整体信用状况造成的影响。 中诚信国际认为，四川省国有资产经营投资管理有限责任公司信用水平在未来12~18个月内将保持稳 定。 2025年7月29日，中诚信国际公布评级报告，四川省国有资产经营投资管理有限责任公司2024年面向专 业投资者公开发行公司债券(第一期)跟踪评级获"AAA"评级。 来源 ...

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]