企查查数据显示，上海国茂控股有限公司已于11月20日注册成立，法定代表人为郑元湖，注册资本为130亿元人民币，注册地为上海市普陀区。 | 统一社会信用代码 | 91310000MAKOJLG73U | 企业名称 | 上海国茂控股有限公司 | | --- | --- | --- | --- | | 法定代表人 | 郑元湖 凉 关联企业 3 | 登记状态 | 存续 | | | | 注册资本 | 1300000万元 | | 组织机构代码 | MAK0JLG7-3 | 工商注册号 | 310000000201976 | | 企业家和 | 其他有限责任公司 | 营业期限 | 2025-11-20 至 无固定期限 | | 人员规模 | | 参保人数 | - | | 所属地区 | 上海市普陀区 | 登记机关 | 上海市市监局 | | 国标行业 | 批发业(F51) v | 英文名 | Shanghai Guomao Holding Co., I | | 注册地址 | 上海市普陀区西康路1255号13楼1306室（邮编200300） 附近企业 | | | | | 许可项目：港口经营;燃气经营;生物质燃气生产和供应;互联网信息 ...

Core Viewpoint - Southbound funds have increased their holdings in Zhi Yuan Holdings (00990.HK) significantly, indicating growing investor interest in the company [1] Group 1: Shareholding Changes - On November 18, 2025, southbound funds increased their holdings by 3.81 million shares, bringing the total to 1.47 billion shares, which represents a 0.26% increase [2] - Over the past five trading days, there have been four days of net increases in holdings, totaling 32.55 million shares [1][2] - In the last 20 trading days, there were 10 days of net increases, amounting to 14.21 million shares [1] Group 2: Current Shareholding Status - As of now, southbound funds hold 1.47 billion shares of Zhi Yuan Holdings, accounting for 10.28% of the company's total issued ordinary shares [1] Group 3: Company Overview - Zhi Yuan Holdings, formerly known as Ronghui International Group, is primarily engaged in the distribution, trading, and processing of metal products [2] - The company operates through two segments: the distribution, trading, and processing segment, which deals with commodities such as iron ore, coal, nickel ore, copper ore, steel, and chemical products; and the financial services segment, which provides securities and derivative financial services, margin financing, and fund management services [2]

Core Insights - The key term for Putuo District this year is "Yanghu-Ning Industrial Innovation Belt," which is a significant economic corridor connecting nine cities in the Yangtze River Delta region, projected to have a GDP exceeding 15.9 trillion yuan in 2024, accounting for 11.8% of the national economy [1][3] Group 1: Strategic Key - The Yanghu-Ning Industrial Innovation Belt serves as a vital artery for the national strategy of Yangtze River Delta integration, with Putuo acting as a key facilitator for innovation and collaboration [3] - Putuo District has initiated a series of industrial innovation "chain alliances" leveraging resources from major institutions along Wuning Road, enhancing the technological value of the "golden key" [3] - The establishment of the "Yangtze River Delta Isotope Technology Innovation Alliance" led by Shanghai Chemical Industry Research Institute marks a significant advancement in the biomedicine sector, breaking foreign monopolies on carbon-13 isotope technology [3] Group 2: Industrial Key - During the 14th Five-Year Plan, the four major industries of intelligent software, R&D services, technology finance, and life health have doubled their tax revenue contribution compared to the end of the 13th Five-Year Plan, yet a billion-level characteristic industrial cluster has not yet formed [5] - Putuo District has a long-standing reputation as a core area for bulk commodity trade, with its current bulk trade scale accounting for one-sixth of the city's total, and non-ferrous metals making up one-third of this trade [5] Group 3: Governance Key - The development goal is to enhance the quality of life for residents, with initiatives such as the comprehensive development of the Suzhou River and community engagement projects that allow residents to participate in local improvements [7] - The district encourages residents to undertake small community projects, fostering a sense of connection and warmth within the neighborhood, which reflects the underlying value of the "golden key" [7]

● 本报记者 马爽 期现融合：破局传统贸易的转型密码 近年来，在杭州这片创新的热土上，以热联集团、物产中大化工、嘉悦物产集团为代表的企业，正通过 将期现结合基因深度植入企业"血液"，完成从传统贸易商到现代产业服务商的蜕变。 作为浙江省属大型国有控股企业物产中大集团的核心成员，物产中大化工自2005年成立以来，始终深耕 化工、粮油、轮胎等领域的供应链与产业链服务。据公司交易管理部负责人高泉都介绍，作为国内期现 结合领域的创新实践者，物产中大化工自2007年涉足期货市场后，在集团及期货交易所的专业支持下， 走出了一条独具特色的发展道路。 "从最初单一期货套期保值的探索，到如今构建起涵盖基差贸易、场内外期权交易、虚拟工厂运营、产 业链加工费锁定等多元化业务模式，我们完成了从工具应用到体系构建的跨越。"高泉都如是说。 "没有风险管理的贸易是'裸露的冲锋'。"嘉悦物产集团有限公司总经理助理叶辰的这句话，道出了企业 将期现结合基因植入发展血脉的初心。作为专注能化、黑色、农产品等大宗商品领域的现代产业综合服 务商，嘉悦物产集团上游连接国内外生产商，下游服务中小型加工制造企业。 叶辰回忆，企业创立的契机源于对产业客户痛点的深 ...

Core Insights - The seminar highlighted the strategic importance of the Putuo District in Shanghai as a core area for bulk commodity trade, emphasizing its historical strengths and future potential in this sector [1][2]. Group 1: Economic and Trade Development - Putuo District is recognized as a significant hub for bulk commodity trade in Shanghai, with a strong foundation in various sectors including non-ferrous metal trade and a leading position in total commodity sales [1][2]. - The district aims to enhance its industrial competitiveness and risk resilience by exploring cross-regional collaboration in bulk trade, optimizing supply chains, industrial chains, and value chains [1][2]. Group 2: Academic and Policy Support - The seminar emphasized the importance of leveraging academic insights from universities and policy research from party schools to support the development of bulk commodity trade in Putuo [2][4]. - Future initiatives will focus on improving policies, strengthening party leadership, and providing practical services to create a more influential bulk trade industry in the district [2]. Group 3: Future Directions - Putuo District plans to contribute to the construction of Shanghai as an international trade center by attracting talent, enhancing party leadership, and optimizing the business environment [5]. - The district is committed to advancing the digital and green transformation of bulk commodity trade, aligning with broader economic goals [5].

Group 1 - The private economy is a strong engine for Qingdao's development, contributing 60.3% of the city's tax revenue, 86.2% of urban new employment, and 99.5% of business entities by the third quarter of 2025 [2] - The "2025 Qingdao Top 100 Private Enterprises" list serves as an important observation window for the private economy, with the West Coast New Area leading with 24 companies [2] - The top ten companies have seen significant changes, with Qingjian Group and JD Qingdao dropping out of the top ten, while Nengchain Group and Riri Shun Supply Chain entered the top ten [6][7] Group 2 - Nengchain Group, established in May 2016, focuses on energy digitization and achieved a revenue of 41.089 billion yuan last year, serving over 250 million users [6] - Riri Shun, originally Haier Logistics, has become the third-largest end-to-end supply chain management service provider in China, expanding its services to various industries [6] - Sailun Group ranked sixth with a revenue of 31.802 billion yuan, showing a year-on-year growth of 22.42%, and is investing 291 million USD in a new tire project in Egypt [9] Group 3 - Century Ruifeng, engaged in international trade of bulk commodities, saw a revenue decline of 17.6% to 38.988 billion yuan, while Xinhua Jin Group moved from fifth to third place with a revenue of 44.326 billion yuan [11] - Wanda Guomao Group became the leader among Qingdao's private enterprises with a revenue of 57.647 billion yuan, marking a 5.1% increase [11] - The Qingdao West Coast International Energy Free Trade Port was officially launched, with Wanda Guomao Group among the first batch of 48 enterprises to settle there [12]

Core Viewpoint - Swiss businesses are actively engaging with the U.S. to negotiate a reduction in tariffs, moving closer to a potential agreement that could lower tariffs to 15%, aligning with the EU's tariff rates on U.S. exports [4][6]. Group 1: Trade Negotiations - Swiss enterprises have shifted from behind-the-scenes lobbying to direct engagement with the Trump administration, reflecting the urgency created by the recent imposition of a 39% tariff on Swiss goods [6][7]. - The Swiss delegation, led by President Keller-Sutter, initially aimed for a tariff agreement around 10%, but the unexpected increase to 39% shocked both political and business leaders in Switzerland [6][8]. - The private sector has emerged as a key player in breaking the negotiation deadlock, with prominent Swiss business leaders meeting with President Trump to discuss trade issues [7][8]. Group 2: Economic Context - The U.S. is Switzerland's largest export market, with significant exports including watches, chocolate, and machinery, and the trade deficit has been cited as a reason for the high tariffs [6][12]. - In 2024, the U.S. trade deficit with Switzerland reached $38.3 billion, a 56.1% increase from the previous year, while the U.S. maintained a $29.7 billion surplus in service trade with Switzerland [12][13]. - The gold refining industry in Switzerland, although a small part of the economy, has contributed significantly to the trade deficit, prompting discussions about Swiss investments in U.S. gold refining as a potential bargaining chip [12][14]. Group 3: Future Prospects - There is optimism that an agreement could be reached by January 2026 during the World Economic Forum in Davos, where President Trump is expected to attend [14][15]. - The involvement of the new U.S. ambassador to Switzerland may also provide additional momentum to the negotiations, although the situation remains uncertain [9][10].

A 发展历程概述 第一阶段（1993—2000年）： 贸易商初创期 1993年，创始人Claude Dauphin在荷兰注册成立托克集团。随后，托克集团进行了第一例资产收购——收购秘鲁仓库经营商Cormin。通过获取阿根廷及中国 的石油贸易合同，托克集团逐渐成长。 第二阶段（2000—2010年）： 物流资产布局期 托克集团从纯贸易商转向"贸易+物流"，陆续收购全球仓储、码头及下游分销资产（如Puma Energy、Impala），成立资产管理平台Galena Asset Management。通过控制物流节点，降低供应链成本，增强贸易灵活性。 第三阶段（2010年至今）： 新能源布局转型期 托克集团并购上游矿业资产，但后期战略性收缩矿业投资。 公司收购中国金川集团30%股份并达成战略购销协议，与Mubadala共同投资巴西铁矿山。后续成立新公司Nala Renewables，收购Greenergy、Cogentrix，布 局锂矿、碳交易等新能源领域，形成"贸易+物流+新能源"三支柱业务结构。 B 企业经营跟随时代步伐持续转型 从单纯贸易向"贸易+物流"综合运营商升级 自1993年托克集团在荷兰注册成立以来， ...

Core Insights - The conference focused on exploring a credible collaborative model for the resource allocation hub of bulk commodities, highlighting the importance of credit construction and collaborative innovation in the bulk commodity market [1][2] Group 1: Event Overview - The event was supported by the Shanghai Municipal Commission of Commerce and hosted by the National Bulk Commodity Warehouse Receipt Registration Center, featuring over a hundred representatives from various sectors including industry, finance, and media [1] - The conference is part of the 2025 China International Import Expo activities, emphasizing the integration of registration, warehousing, and finance in the bulk commodity sector [1] Group 2: Strategic Developments - The registration scope of the National Bulk Commodity Warehouse Receipt Registration Center has expanded from copper to include other non-ferrous metals such as aluminum, lead, zinc, tin, nickel, and silver, totaling 13 registered spot commodity varieties with over 12.1 million tons of registered weight as of November 9 [3] - The center has awarded licenses to major domestic logistics groups for warehouse management, establishing a credible warehousing network to ensure the safety and ownership of electronic warehouse receipts [3] Group 3: Financial Collaboration - A strategic cooperation agreement was signed between the National Bulk Commodity Warehouse Receipt Registration Center and the Shanghai Clearing House to enhance collaboration in warehouse receipt transfer registration and clearing, aiming for a secure and efficient clearing model [4] - Additional agreements were made with several banks to expand financing scenarios related to warehouse receipt pledges, thereby broadening financing channels for enterprises in the supply chain [4] Group 4: Industry Perspectives - A roundtable forum discussed new trends in the global bulk commodity market and the current state of Shanghai's bulk commodity trade, with participants emphasizing the need for a trade, finance, and data infrastructure centered around warehouse receipt registration to drive market transformation [5] Group 5: Future Directions - The National Bulk Commodity Warehouse Receipt Registration Center aims to continue building a credible trading environment for bulk commodities, supporting Shanghai's development as a global resource allocation hub and contributing to the construction of a unified national market [6]

Group 1 - The company Xiamen Xiangyu engages in derivative trading that aligns with its main commodities business, participating in hedging transactions for corn, aluminum, iron ore, rebar, and PTA [2]