Core Viewpoint - The Financial Regulatory Bureau has issued the "Interim Measures for the Supervision and Administration of Local Asset Management Companies" to enhance supervision and promote healthy industry development, aiming to mitigate regional financial and real economy risks [3][4]. Group 1: Regulatory Requirements - Local asset management companies are required to limit their investment balances in equity and debt for a single client or group client to no more than 10% and 15% of their net assets, respectively [3]. - The measures specify liquidity risk management, mandating that the quality liquid assets held by local asset management companies must not be less than the net cash outflow expected in the next 30 days [3]. - The regulation also sets limits on related party transactions, stating that the total debt balance owed to all related parties cannot exceed 50% of the company's net assets at the end of the previous quarter [3]. Group 2: Business Scope and Conduct - The measures define the business scope, business ratios, operational areas, and types of assets that local asset management companies can acquire, encouraging them to focus on their primary responsibilities and effectively serve local needs [3]. - The regulation outlines the proper conduct for handling non-performing assets, including debt recovery and external transfer processes [3]. - It prohibits local asset management companies from engaging in practices such as guaranteed principal returns, fixed income commitments, or concealing non-performing assets through false off-balance-sheet transactions [3]. Group 3: Regulatory Responsibilities - Provincial-level local financial management institutions are assigned overall responsibility for the supervision and risk management of local asset management companies within their jurisdictions [4]. - The Financial Regulatory Bureau and its local branches are tasked with enhancing information sharing and collaboration with local authorities to guide the industry towards standardized and healthy development [4].

// 债市综述 // 1. 公开市场操作 央行公告称，7月16日以固定利率、数量招标方式开展了5201亿元逆回购操作，操作利率为1.4%，投标量5201亿元，中标量5201亿元。Wind数据显示，当 日755亿元逆回购到期，据此计算，单日净投放4446亿元。 （*数据来源：Wind-央行动态PBOC） 2. 资金面 资金面重回平衡局面，存款类机构隔夜质押式回购利率下行超6个bp，目前位于1.46%位置。七天质押式回购利率则下行超4个bp，现位于1.52%位置。 海外方面，最新美国隔夜融资担保利率为4.33%。 （IMM） （*数据来源：Wind-利差分析） 6. 国债期货收盘 多数下跌 3. 同业存单 （*数据来源：Wind-国际货币资金情绪指数、资金综合屏） 全国和主要股份制银行一年期同业存单最新成交在1.63%附近，较上日变化不大。 （*数据来源：Wind-同业存单-发行结果） 4. 银行间主要利率债收益率 涨跌不一 | （*数据来源：Wind-成交统计BMW） | | --- | 5. 近期城投债（AAA）各期限利差走势及数据 30年期主力合约跌0.05% 10年期主力合约跌0.05% 5年期主力合约跌 ...

Core Viewpoint - The introduction of the "Interim Measures for the Supervision and Administration of Local Asset Management Companies" is a significant step in enhancing the regulatory framework for local asset management companies (AMCs) in China, aimed at improving risk management and compliance within the industry [1][2]. Summary by Sections Regulatory Framework - The new measures establish a unified regulatory framework for local AMCs, clarifying their business scope, operational regions, and primary responsibilities [1][3]. - The measures emphasize the importance of corporate governance, internal control systems, and risk management frameworks for local AMCs [1]. Business Operations - Local AMCs are permitted to engage in various activities, including the acquisition, management, and disposal of non-performing assets, as well as acting as bankruptcy administrators and providing consulting services [2]. - The measures set clear operational boundaries, prohibiting local AMCs from engaging in practices such as guaranteeing principal and fixed returns, facilitating false asset reporting, and creating hidden local government debts [2]. Industry Trends - The introduction of these measures is expected to lead to a higher level of industry standardization and a return to core responsibilities for local AMCs, focusing on the management of non-performing assets [3]. - The measures are anticipated to drive local AMCs to innovate their business models and enhance their internal and compliance management capabilities, thereby playing a unique role in revitalizing assets and supporting the real economy [3].

Group 1: Economic Indicators - The U.S. June CPI rose by 2.7% year-on-year, the highest since February, slightly exceeding expectations of 2.6% and up from 2.4% in the previous month [1] - Core CPI for June increased by 2.9% year-on-year, meeting expectations but slightly higher than the previous value of 2.8% [1] - The probability of a 25 basis point rate cut by the Federal Reserve in September is estimated at 62%, with expectations of nearly two cuts by the end of the year [1] Group 2: Smartphone Market in China - In Q2 2025, China's smartphone market shipments declined by 4% year-on-year, ending six consecutive quarters of growth, with total shipments at 69 million units [3] - Huawei regained the top position with 12.5 million units shipped, holding an 18.1% market share, while other major brands like Vivo, OPPO, and Apple saw declines in shipments [3][4] - The decline in shipments is attributed to cautious market sentiment and the end of government subsidies, leading manufacturers to reduce inventory pressure [4] Group 3: Local Asset Management Companies - The Financial Regulatory Bureau released new regulations for local asset management companies (AMCs) to clarify business scope and improve risk management [5][6] - The regulations aim to prevent AMCs from engaging in activities that could increase financial risks, such as facilitating new hidden debts [7] - The focus is on ensuring AMCs serve local economies effectively while adhering to defined operational boundaries [6][7] Group 4: Geely's Acquisition of Zeekr - Geely announced the acquisition of all remaining shares of Zeekr, with a total cash consideration of approximately $2.399 billion [8] - Zeekr is projected to achieve revenues of 75.913 billion yuan in 2024, a 46.9% increase year-on-year, while its net loss is expected to narrow by 29.9% [8] - The acquisition is part of Geely's strategy to consolidate its electric vehicle brands and reduce internal competition [9] Group 5: Apple’s Foldable iPhone Development - Apple has decided to use Samsung's display technology for its first foldable iPhone, moving away from in-house development due to slow progress [10][11] - The foldable iPhone is expected to enter production by late 2025, with Samsung providing the core display components [10] - This shift reflects Apple's cautious approach to emerging technologies and the need to maintain its competitive edge in the market [11] Group 6: Sam's Club Brand Strategy - Sam's Club has introduced mainstream brands like Haoliyou and Weilong, causing dissatisfaction among members who expect unique product offerings [12][13] - The expansion of Sam's Club is projected to increase the number of stores significantly, with sales exceeding 5 billion USD in some locations [13] - Consumer reactions indicate that even with branding adjustments, acceptance of mainstream products may take time, challenging Sam's Club's brand positioning [14] Group 7: A-Share Market Trends - As of June 2025, the total number of A-share investors surpassed 240 million, with a significant increase in individual investors [15] - The market is transitioning towards a more mature structure, with a decline in individual investor holdings and an increase in institutional participation [16] - Recent market activity shows a lack of clear trends, with various sectors experiencing mixed performance amid ongoing adjustments [17][18]

Core Viewpoint - The report from Wellington Management highlights that "China" is emerging as a key investment opportunity as the narrative of "American exceptionalism" fades, evidenced by global fund managers reducing their allocations to U.S. stocks [1]. Group 1: Reasons to Reassess Chinese Stock Allocation - Attractive valuations and upside potential: Chinese stocks are currently trading at potentially attractive prices, with early signs of profit turning points and low foreign ownership ratios, which may attract international investors [2]. - Continuous improvement in fundamentals: Chinese companies are optimizing capital allocation according to global best practices, reflected in increased dividend payout ratios, stock buybacks, and stricter debt management, enhancing the resilience of balance sheets [3]. - More resilient economic model: The ongoing deleveraging in the real estate market and the government's willingness to use policy tools are reducing systemic financial risks, particularly in the banking sector [4]. Group 2: Policy and Economic Support - Policy shift supporting the private sector: Chinese policymakers are increasingly focusing on the development of private enterprises, enhancing support for innovation, and accelerating the transition to a knowledge-intensive economy [5]. - Counter-cyclical consumer resilience: Although consumer confidence is still recovering, there are signs of improvement, with Chinese households maintaining high savings rates to support consumption [6]. - Stabilization of the real estate market: The downward trend in the real estate market appears to have bottomed out, with signs of stability and even recovery in major cities [8]. Group 3: Financial and Investment Opportunities - Fiscal support from local governments: With local government finances stabilizing, an increase in local government bond issuance is expected to support infrastructure construction and consumption, thereby boosting domestic demand [9]. - Advantages of diversified investments: Chinese stocks have a low correlation with global markets, providing significant diversification benefits for investment portfolios, which may intensify with the ongoing trend of de-globalization [10]. - Reduced reliance on U.S. capital markets: Chinese companies are systematically decreasing their dependence on U.S. capital markets, shifting their listing locations to domestic markets or Hong Kong, creating more diversified investment opportunities [11]. - Deepening global trade ties beyond the U.S.: China is actively seeking to diversify its trade partners, particularly strengthening economic ties with Europe, with a consensus reached on deepening bilateral economic relations by early 2025 [12].

Core Viewpoint - The recent issuance of the "Interim Measures for the Supervision and Administration of Local Asset Management Companies" marks a significant improvement in the regulatory framework for local AMCs in China, aiming to guide the industry towards more standardized and sustainable development [1][4]. Summary by Relevant Sections Regulatory Framework - The new measures comprehensively regulate the business boundaries, risk management, and supervisory mechanisms of local AMCs, clearly defining what is permissible and what is prohibited, thus enhancing risk management and compliance levels [1][3]. Business Operations - Local AMCs are primarily focused on preventing and resolving regional financial and real economy risks, with a defined scope of operations including the acquisition, management, and disposal of non-performing assets [3][4]. - The measures prohibit local AMCs from engaging in activities such as helping financial institutions conceal non-performing assets and providing financing channels for local government financing platforms [5][6]. Risk Management - Specific risk management requirements are established, including limits on exposure to single clients and groups, ensuring that local AMCs maintain a balanced risk profile [7][8]. - Local AMCs are required to hold a minimum amount of high-quality liquid assets to manage liquidity risks effectively [8]. Regulatory Responsibilities - The provincial local financial management institutions are designated as responsible for the supervision and risk management of local AMCs, ensuring a unified and authoritative regulatory approach [9]. - The measures emphasize the importance of collaboration between local and national regulatory bodies to promote healthy industry development [9]. Transition Period - A transition period is set for local AMCs to comply with the new regulations, which is expected to last no more than three years, allowing companies to adjust their business models accordingly [10][11].

印度证券交易委员会提议资产管理公司采用本地交易所的黄金/白银现货价格。 ...

根据香港特区政府网站报道，2025年6月27日，香港特区政府委任的34名特首顾问团成员之中，除了新增的三名成员之外，有一个人未能继任，他就是李嘉 诚旗下长和集团主席李泽钜。 在英国人的支持之下，在香港崛起并成为香港首富之后，李嘉诚麾下的长和集团，一直是香港最具影响力的财团之一。 也正是依靠这种影响力，李嘉诚不仅在香港如鱼得水、获得了海量的利润和影响力，同时，还在大陆乃至于全世界广泛投资，攫取高额利润。 如今的长和集团，依然拥有偌大的影响力，依然是香港最具影响力的房地产公司，在香港甚至稳坐头把交椅，李嘉诚家族的财富，也没有缩水迹象，在香港 乃至于全世界依然数一数二。 既然如此，作为长和集团主席的李泽钜，为什么反而成为唯一一个没有继任香港特首顾问团的前成员呢？ 也就是说，这其实是一个能够影响香港未来发展的高层智囊团，无论是对于香港的发展，还是香港财团本身的利益，都是十分重要的。 而对于这样如此重要的一个顾问团，李泽钜却并未当选，这很显然是一个十分明显的信号。 虽然无论是香港特首顾问团还是李泽钜都并未对于这件事发表言论，但是很显然，这件事，与去年长和集团不顾祖国的利益，向西方国家出售巴拿马运河港 口事件，密切相关。 ...

香港证监会发文，禁止汇福资管前负责人员汤浩然重投业界九年，由2025年7月16日起至2034年7月15日 止。同时对汤罚款35万港元。证监会调查发现，在汤的任期内，汇福三次为其管理的某只基金订立贷款 及股份借出协议时，没有顾及该基金最佳利益，也没有适当地管理利益冲突。最终令该基金蒙受2,560 万港元的重大财务损失，相当于其 资产净值的86%。 ...

这是第一个在全国层面关于地方AMC监管的办法，填补了监管制度空白，有助于完善地方AMC监管工作。 在市场看来，《办法》与去年颁布的《金融资产管理公司不良资产业务管理办法》秉承同一监管思路，体现出金融监管总局对不良资产行业的行为监管、主 体监管等要求，将有力推动不良资产行业的规范性发展。 "作为地方金融组织，地方AMC在发展过程中，自身存在一些问题和不足，如部分地方AMC偏离主业，脱实向虚，擅自扩大经营范围，以收购不良资产名义 为企业或项目提供融资；部分地方AMC帮助金融企业虚假出表，掩盖不良资产。"董希淼对第一财经表示。 国家金融监督管理总局（下称"金融监管总局"）近日发布《地方资产管理公司监督管理暂行办法》（下称《办法》），明确监管职责分工，划定五大经营红 线，约束规范地方AMC经营，严限跨区经营以遏制监管套利与风险外溢。 我国资产管理公司体系分为全国性金融资产管理公司和地方资产管理公司（AMC）两大类别。历经十余年发展的地方AMC行业，正面临从规模扩张到质效 提升的转型挑战，头部机构与尾部机构分化加剧。 招联首席研究员董希淼对第一财经表示，这是第一个在全国层面关于地方AMC监管的办法，填补了监管制度空白， ...