8月22日，香港上市公司大洋集团（01991.HK）股价盘中大涨超过6%，收盘上涨4.03%，报收1.55港元/ 每股，若把时间拉长，8月1日至今，大洋集团股价累计涨幅已经超过115%。 从消息面看，8月20日，大洋集团举办Web 4.0战略发布会，对外发布Web 4.0转型蓝图，并启动现实世 界资产代币化(RWA)生态建设。 大洋集团董事会主席施琦在会上表示，Web 4.0不仅是技术的演进，更是生态的重构。大洋集团将以AI 数字人为引擎，以RWA为价值通道，以全球流量为纽带，构建智能、自主、可持续的数字经济新范 式。 发布会上，大洋集团阐述了其Web 4.0战略的核心架构：以"数据标准化（Data Standardization）、资产 代币化（Asset Tokenization）、价值全球化（Transnational Value）"为三大支柱，通过AI数字人赋能教 育、游戏、大健康三大赛道，实现资产智能化管理与全球流通。 其中，教育赛道是通过AI数字人技术生成个性化内容，将教研成果RWA化，实现知识资产的链上共享 与现金流稳定化；游戏赛道，是利用AI数字人技术提升游戏沉浸感，将虚拟道具、土地等虚拟资产 ...

近日，记者从国家统计局永州调查队获悉，7月份，永州市食品市场供应总体充足，全市居民消费价格 指数（CPI）同比下跌0.9%，环比上涨0.2%。 八大类商品价格同比呈现"三涨三跌二平"态势：其他用品及服务价格上涨9.3%，生活用品及服务价格上 涨1.1%，医疗保健价格上涨0.1%；食品烟酒价格下跌2.8%，交通通信价格下跌2.2%，居住价格下跌 1.5%；衣着和教育文化娱乐价格同比持平。 鲜活食品价格以跌为主：鲜菜价格环比上涨1.1%，猪肉价格环比下跌0.9%，鲜果价格环比下跌3.7%。 非食品类价格有所上涨，环比上涨0.4%，拉动CPI上涨约0.34个百分点。其中，服务价格环比上涨 0.3%，影响CPI上涨约0.13个百分点，主要因暑假旅游旺季来临，亲子游、学生团、教师团等出行热度 攀升，带动飞机票价格上涨15.7%，旅行社收费上涨4.5%；能源价格环比上涨1.9%，影响CPI上涨约 0.14个百分点，受国际油价上行拉动，国内汽油、柴油环比价格分别上涨3.6%、3.8%，合计影响CPI上 涨约0.14个百分点；受国际金价波动影响，国内铂金饰品价格上涨9.3%，影响CPI环比上涨约0.02个百 分点。 八大类商 ...

Market Overview - A-shares experienced a broad-based rally last week (July 7 to July 11), with small-cap stocks significantly outperforming, as micro-cap stocks saw a weekly increase of nearly 3%, leading major indices [2] - The market is gradually adapting to new quantitative trading regulations, with capital shifting towards stocks with clearer fundamentals [2] - Positive mid-year earnings expectations in sectors such as technology innovation, high-end manufacturing, and marine engineering boosted the performance of the ChiNext Index and the Wind Innovation Index [2] Industry Performance - The average increase of Wind's first-level industry indices was close to 2%, with 92% of the top 100 concept indices rising [9] - The real estate sector led with a 6.29% increase, followed by telecommunications services (2.27%), information technology (1.86%), and materials (1.83%) [9] - Defensive sectors like utilities (1.22%) and energy (1.07%) also recorded steady gains, indicating a rise in market risk appetite [9] Fund Issuance - A total of 26 funds were issued last week, including 13 equity funds, 4 mixed funds, 8 bond funds, and 1 fund of funds (FOF), with total issuance of 24.819 billion units [13] Fund Performance - The Wind All-Fund Index rose by 0.54% last week, with the ordinary equity fund index increasing by 0.88% and the mixed equity fund index rising by 0.84% [3] - In the international equity market, European markets showed significant rebounds, while Asian markets were mixed, with Vietnam and South Korea rising notably, while Russia and Brazil declined [3] Bond Market Overview - The domestic 10-year and 30-year government bond futures contracts fell by 0.26% and 0.49%, respectively, indicating a downward trend [12] - The China convertible bond index rose by 0.76%, showing relative resilience in the convertible bond market [12]

Financial Data and Key Metrics Changes - Fundings totaled $46 million, with exits and repayments at $81 million, resulting in net originations of negative $35 million [6] - Interest income remained unchanged at $21.3 million, while the weighted average portfolio yield fell to 12.6% due to a decline in SOFR rates [7][12] - Net investment income was $11.2 million, with net realized gains of $7.7 million for the quarter [8][13] - Total assets decreased to $777 million, with net assets declining to $478 million [13][14] - NAV per share fell from $21.51 to $21.41, reflecting unrealized depreciation [14] Business Line Data and Key Metrics Changes - The portfolio turnover did not materially impact the investment mix, with senior debt representing 71% of the fair value of the portfolio [8] - Non-earning asset investments remained unchanged at four companies totaling $53.7 million at cost [9] Market Data and Key Metrics Changes - The company experienced a healthy pipeline of expected fundings, with a total of $289 million in portfolio liquidity events since September [10] - The current pipeline includes 8 to 10 deals in advanced stages, potentially totaling $100 million to $150 million [39] Company Strategy and Development Direction - The company continues to focus on investing in growth-oriented lower middle market businesses with strong management [18] - The strategy includes supporting midsized private equity funds in buyouts and growth opportunities [18] - The company aims to increase leverage towards $1 billion in total assets under management while maintaining yield and leverage discipline [58] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the portfolio's resilience despite market volatility and widening credit spreads [22] - The company is optimistic about the performance of its investments in sectors like precision manufacturing and lab testing, expecting improvements over the year [46][51] - Management noted that domestic-focused businesses are benefiting from supply chain shifts due to tariffs [26][30] Other Important Information - Monthly distributions for May and June are set at $0.165 per common share, with an annual run rate of $1.98 per share, yielding approximately 7.8% [15] - The company has absorbed much of the anticipated surge in portfolio liquidity events, indicating a strong position for future growth [10] Q&A Session Summary Question: How do you see the portfolio and NAV performing with both broadly syndicated loan and private credit spreads widening in April? - Management indicated that they do not have syndicated loans and expect minimal degradation in value due to their portfolio's leverage profile and yield [21][22] Question: How do you see SeaLink and RPM freight performing as tariffs impact shipping volumes? - Management noted that domestically focused companies are adapting well to changes, with RPM's business actually up due to their responsiveness [25][26] Question: Is the EG's restructuring going to generate a realized loss for you? - Management anticipates a very small loss from the restructuring, with a significant equity investment going forward [34] Question: Can you provide an update on the pipeline and its size relative to three months ago? - Management reported a healthy backlog with 8 to 10 deals in advanced stages, potentially totaling $100 million to $150 million [39] Question: Do you have any exposure to government contracts given potential cuts? - Management stated they do not have significant exposure to government contracts, focusing instead on defense-oriented suppliers and healthcare [43][45] Question: Where do you see leverage going for the rest of the year? - Management aims to increase leverage towards 90% to 100% over the next few quarters, working to achieve $1 billion in total assets under management [58]