作为制造业重镇与全球大港，宁波正将金融"活水"精准引向科技创新与产业升级，在国家多项金融改革 试点的赋能下，构建起服务新质生产力发展的现代金融生态。日前，宁波市委金融办相关负责人在接受 中国证券报记者专访时表示，宁波金融系统正着力推动金融资源与实体经济特别是先进制造业、未来产 业高效融合，通过深化改革与创新服务，强化"耐心资本"供给，为区域经济高质量发展构筑坚实的资本 支撑。 ● 本报记者杨梓岩 畅通血脉：融资攻坚与直融扩围 服务实体经济，是宁波金融改革的出发点和落脚点。宁波市委金融办相关负责人指出，过去几年，宁波 金融系统着力构建"大金融"生态，核心目标就是破解融资难题，推动社会融资规模实现量质双升。 他介绍，针对重大项目融资的堵点，宁波借助"甬金通"等数字化平台开展"投融攻坚"，2025年上半年即 支持重大项目融资1460亿元，并靠前参与政策性金融工具申报。强有力的金融支持，使得制造业贷款增 量稳居浙江省首位，稳固了实体经济的根基。 在间接融资持续发力的同时，宁波大力拓展直接融资渠道，改变过度依赖银行的传统格局。"我们支持 优质企业通过上市、发债、并购重组等多元工具融资发展。"宁波市委金融办相关负责人表示 ...

证券时报记者 孙璐璐 贺觉渊 深圳，中国改革开放的窗口，正在引领新兴产业与未来产业巨变。中央经济工作会议提出，要创新科技金融服 务。在这里，一场金融破局赋能科技创新的新探索再次跑出"深圳速度"。 证券时报记者近日走访深圳了解到，在政府搭台支持、金融机构深挖数据价值合力下，从种子萌芽的无资质科创 企业到发展腾飞的国家级专精特新企业，"投贷保担"等各类金融资源充分发挥各自优势，加强联动支持，不断更 新完善科技金融生态。 银行企业共享发展成果 助企加速腾飞 截至2025年10月末，深圳科技贷款余额2.2万亿元，居全国各城市前列。超2万亿元贷款的背后，既有庞大实体产业 支撑，也离不开金融业不断探索科技金融的创新实践。 高成长期科技型企业资金需求较大，但企业往往希望在不稀释股权的情况下，能够获得更高金额、更长期限的信 贷资金支持。但对银行而言，在传统信贷模式下难以实现风险收益平衡。 为解决企业与银行之间的"痛点"，中国人民银行深圳市分行指导辖内银行推出"腾飞贷"业务模式并持续迭代升级。 从1.0版的"贷款利率挂钩企业经营成果"，到2.0版的"贷款+未来长期金融服务"，再到2024年底推出的3.0版"贷款 +分享企业超额 ...

美国财政部最新数据发布，全球金融市场目光聚焦于东方——中国持有的美国国债规模已降至2008年以来的最低点，而这一趋势仍在继续。 中国持有的美国国债在2025年10月降至6887亿美元，这是自2008年10月以来的最低水平。与2013年逾1.3万亿美元的峰值相比，持仓规模已缩减近一半。 这一减持并非孤例。事实上，自2022年4月起，中国的美债持仓一直低于1万亿美元-1。2025年3月，中国更被英国超越，从美国第二大海外债主退居第三。 最新数据显示，中国在2025年10月减持了118亿美元美国国债，使总持仓降至6887亿美元。这是继7月后，中国美债持仓年内第二次跌破7000亿美元大关。 中国减持美债并非孤立行为，而是外汇储备多元化战略的一部分。 与减持美债同步进行的是中国央行连续12个月增持黄金储备。截至2025年10月末，中国黄金储备已达7409万盎司。 这种"减美债、增黄金"的调整，是中国优化外汇储备结构、减少对单一资产依赖的体现。法国外贸银行亚太区首席经济学家艾西亚指出："中国一直在缓慢 但稳定地抛售美债，这是对美国的一个警告。" 中国持续减持美债的背后有多重考量。 地缘政治与政策风险是重要因素。英国《金融 ...

Core Insights - The Federal Reserve's decision to cut interest rates by 25 basis points amid a $38 trillion debt crisis indicates a significant shift in U.S. monetary policy, contrasting with China's successful issuance of $4 billion in sovereign bonds that attracted $40 billion in global capital [1][3][5] Group 1: U.S. Economic Challenges - The U.S. is facing a systemic crisis with a projected debt-to-GDP ratio of 133% by 2025, the highest since World War II, while the Federal Reserve struggles between raising and lowering interest rates [7][11] - The Fed's attempts to create dollar scarcity through quantitative tightening have backfired, as global liquidity remains stable due to China's actions [15][35] Group 2: China's Strategic Moves - China's issuance of sovereign bonds is not merely a financial maneuver but a strategic play to challenge U.S. dollar dominance, effectively positioning itself as a more reliable source of liquidity for countries in need [5][17][22] - The successful $4 billion bond issuance in Hong Kong reflects China's ability to attract international capital, showcasing its financial stability and credibility [20][46] Group 3: Global Capital Flows - There is a noticeable shift in global capital flows towards China, with significant foreign investment in Chinese assets, driven by favorable valuations and stable policies [28][30] - Countries like Argentina and Turkey are increasingly looking to China for financial support, indicating a growing reliance on Chinese financial mechanisms over traditional U.S. dollar-based systems [19][32] Group 4: Future Implications - If China continues to normalize the issuance of dollar-denominated sovereign bonds, it could reshape global dollar liquidity and reduce the Federal Reserve's control over global interest rates [35][42] - The evolving financial landscape suggests a transition towards a more multipolar and equitable global financial order, with China leading through cooperation rather than coercion [38][48]

Core Viewpoint - The Federal Reserve has lowered the federal funds rate target range by 25 basis points to between 3.75% and 4.00%, while signaling a cautious approach towards future rate cuts due to economic uncertainties [2][4][6]. Group 1: Economic Conditions - Current U.S. economic activity is experiencing moderate growth, with a slight increase in unemployment and inflation levels remaining high despite a decrease from earlier in the year [4][6]. - The September Consumer Price Index (CPI) showed a year-on-year increase of 3%, lower than the expected 3.1%, indicating a mixed inflation outlook [6][9]. Group 2: Federal Reserve's Decision-Making - The decision to cut rates was supported by 10 out of 12 voting members, indicating some internal disagreement on the extent of the cut [6]. - Future rate adjustments will depend on the latest economic data and the balance of various risks, with the Fed prepared to adjust policies if new risks emerge [4][9]. Group 3: Impact of Government Shutdown - The ongoing government shutdown has delayed the release of key economic data, complicating the Fed's decision-making process [9][14]. - The Congressional Budget Office warned that the shutdown could reduce U.S. GDP growth by 1 to 2 percentage points in the fourth quarter, leading to significant economic losses [9]. Group 4: Market Reactions - The Fed's rate cut is expected to weaken the dollar, potentially leading to a relative appreciation of the Chinese yuan and affecting global capital flows [16][18]. - The cut is likely to lower U.S. Treasury yields, making U.S. dollar-denominated assets less attractive, which could increase the appeal of Chinese assets [16]. Group 5: Future Projections - Analysts predict that the Fed may continue to lower rates until early 2026, but concerns about inflation may limit the extent of future cuts [13][14]. - The Fed's decision to stop balance sheet reduction on December 1 is seen as a move to ease liquidity in the market [11][12].

Core Viewpoint - Zheng Zhigang, a member of the Zheng family, is establishing a new investment company named "Hong Kong Shanghe Development," focusing on digital sectors and emerging markets, while continuing to operate and develop the K11 brand [1][5]. Group 1: Business Developments - Zheng Zhigang's new investment company will cover various industries, including culture, entertainment, sports, traditional Chinese medicine globalization, and finance [1]. - The concept for this new business has been in development for two years, with plans to announce more projects soon [3]. - Zheng Zhigang has prior experience in investment, having co-founded a private investment platform in 2017 and invested in companies like SenseTime, SHEIN, Xiaopeng Motors, and NIO [3]. Group 2: K11 Brand Management - Zheng Zhigang has retained control over the K11 brand, having signed an agreement for the sale of shares related to K11 operations for HKD 209 million, while also establishing a 30-year trademark licensing agreement [5]. - K11 by AC Group, under Hong Kong Shanghe Development, will manage retail assets and cultural art districts, serving multiple stakeholders [5]. Group 3: Corporate Restructuring - Zheng Zhigang has stepped down from various positions within the Zheng family’s companies, including New World Development and Chow Tai Fook, marking a significant shift in his career focus [4][6]. - Following his resignation as CEO of New World Development in September 2024, he has gradually distanced himself from family business roles, culminating in his departure from all positions within the family enterprises [6].

Core Viewpoint - The Supreme People's Court and the Ministry of Justice have released 10 typical cases to standardize the enforcement of laws related to enterprises, providing guidance for courts and administrative review bodies in handling administrative cases involving the private economy [1][2] Group 1: Administrative Review Cases - A case from Jiangsu Province involved the housing and urban-rural development department revoking qualifications from 656 construction companies, totaling 768 qualifications, due to non-compliance with asset and professional standards [1] - 103 companies whose qualifications were revoked filed for administrative review, claiming they did not receive necessary notifications, which led to a significant procedural violation in the revocation process [1] - The administrative review body found that the evidence provided by the respondent did not prove effective delivery of relevant documents to the affected companies, leading to the revocation of the qualification withdrawal decision [1] Group 2: Licensing Issues - An investment company obtained rental rights through public bidding and completed renovations, but faced refusal from a local police bureau for a special industry license based on the property’s designated use [1] - The investment company argued that the local government had changed the property’s operational requirements after the renovations were completed, claiming the new conditions violated higher legal standards [2] - Following discussions between the court, provincial public security department, and local police bureau, the relevant document was adjusted, allowing the investment company to obtain the special industry license and subsequently withdraw its lawsuit [2] Group 3: Future Implications - The Supreme Court indicated that courts and administrative review bodies will ensure fair hearings and effectively resolve administrative disputes involving enterprises, promoting strict and fair law enforcement by administrative agencies to support the healthy and high-quality development of the private economy [2]

Core Insights - The Chinese government emphasizes the need to address financing difficulties for private enterprises, highlighting the importance of the private economy in Jiangsu for job creation, technological innovation, and fiscal revenue [1] Group 1: Financial Support for Private Enterprises - Jiangsu's private economy loan balance reached 7.02 trillion yuan, with an 8% year-on-year increase [1] - The province has 712 listed companies, with over 70% being private enterprises, indicating a strong presence of private firms in the capital market [1] - Financial institutions in Jiangsu are innovating products to support private enterprises, including various loan types and insurance products [2][3] Group 2: Innovation in Financial Products - Jiangsu Bank launched "Equipment Update Loans," providing 6.5 billion yuan across 317 transactions to support equipment upgrades [2] - The "1650" industry chain digital customer acquisition system has facilitated 779.8 billion yuan in credit for 30,500 industry chain clients [3] - New insurance products have been developed to mitigate risks for technology companies, with over 800 million yuan in coverage for low-speed unmanned driving equipment [3] Group 3: Capital Market Developments - The A-share market has seen significant growth, with 52 Jiangsu-listed companies doubling their stock prices this year [4] - Jiangsu Bank introduced "Equity Option Loans" to support high-growth technology companies while addressing concerns about early equity dilution [4] Group 4: Policy and Collaborative Efforts - Financial service centers have been established to provide comprehensive support to private enterprises, including financial consulting and policy promotion [6] - The provincial financial office has organized nearly 100 events to promote financial services for the real economy across 13 cities [6][7] - The "Jiangsu Small and Micro Enterprises Financing One-Stop" system has been developed to streamline financing processes for small enterprises [7]

Group 1 - The U.S. labor market showed significant cooling in August, with non-farm payrolls increasing by only 22,000, well below the expected 75,000 [5][8] - The unemployment rate rose to 4.3%, the highest level in nearly four years, with the number of unemployed increasing from 7.236 million to 7.384 million [8][11] - The healthcare sector led job growth with an addition of 31,000 jobs, while durable goods and business services saw the largest losses, with declines of 19,000 and 17,000 jobs respectively [5][6] Group 2 - The market is now betting heavily on the Federal Reserve's interest rate cuts, with the probability of a 25 basis point cut in September at 88% and a 50 basis point cut at 12% [9][11] - The likelihood of three rate cuts by the end of the year has increased to 71%, up from 46% the previous day [11][12] - The report has solidified expectations for a rate cut in September, with analysts suggesting that the weak job growth will influence the Fed's decision [11][12]

Group 1 - The company reported revenue of HKD 69.2 million for the six months ending June 30, 2025, representing a year-on-year decrease of 16.31% [1] - The profit attributable to owners of the company was HKD 5.107 million, marking a turnaround from a loss in the previous period [1] - Basic earnings per share were HKD 0.018 [1]