印度储备银行（RBI，即印度央行）在其半年外汇储备报告中表示，已大幅增加其在国内的 黄金储备比例，在本财年上半年（4月至9月）期间，已将约64吨黄金运回国内。 印度一直在逐步将黄金转移回国。去年10月，印度央行从英国央行和国际清算银行（BIS）转移了102 吨黄金。报道称，俄乌冲突后俄罗斯外汇储备被西方冻结，是导致印度将黄金储备带回国的一大原因。 有报道称，自2023年3月以来，印度已经将274吨黄金运回国内。 印度投资公司"松树宏"创始人里特什·贾恩表示："在这个时代，如果你没有黄金的保管权，它就不能算 是真正属于你的"。 受美国特朗普政府加征关税的不确定性影响，今年以来，美元兑所有主要货币均出现疲软。对冲基 金"城堡"创始人肯·格林芬指出，投资者越来越认为黄金比美元更安全，而美元长期以来一直被视为全 球储备资产。 ▲印度储备银行 资料图 根据RBI的数据，截至9月底，印度储备银行（RBI）的黄金总持有量为880.18吨，其中575.82吨存放在 印度境内。剩余部分中，290.37吨存放在英格兰银行（BoE）和国际清算银行（BIS），另有13.99吨以 黄金存款的形式持有。据报道，目前印度国内存放的黄金储备 ...

格隆汇10月30日丨华科智能投资(01140.HK)公告，于2025年10月30日，公司与七名认购人订立七份独立 认购协议，据此，公司已有条件同意向认购人配发及发行，而认购人已有条件同意认购合共11.37亿股 认购股份，认购价为每股认购股份0.23港元，较联交所所报收市价每股0.237港元折让约2.95%； 假设于本公告日期至完成日期期间已发行股份数目并无变动，认购事项项下合共11.37股认购股份相当 于公司于本公告日期现有已发行股本约10.81%及公司经配发及发行认购股份扩大后已发行股本约 9.75%。认购股份之总面值为1.14亿港元。 透过认购事项筹集之所得款项总额及所得款项净额将分别约为261,500,000港元及261,400,000港元。 作为上市规则第21章项下的投资公司，鉴于集团的投资策略，即(i) 以核心持股为中心的非上市权益投 资；(ii)基金投资；及(iii)上市股权投资，公司拟按以下方式动用所得款项：(a) 约165,000,000港元(即认 购事项所得款项净额之约63.12%)用于上市股权投资及基金投资(侧重上市股权)；及(b) 约55,000,000港元 (即认购事项所得款项净额之约 ...

Group 1 - The core point of the article is that Capital Venture (02324) announced its unaudited consolidated net asset value per share as of September 30, 2025, is approximately HKD 0.9631 [1]

Group 1 - KKR's stock experienced a significant increase of 4.60% on October 14, following a total rise of 6.93% over two days, driven by investor interest in the company's recent activities [1] - Sapporo Holdings is in advanced negotiations with KKR-PAG Group to sell its real estate business, which could allow Sapporo to focus more on its core beer and beverage operations, while KKR would acquire new real estate assets [1] - KKR completed the acquisition of 85% of Horizon International's shares through a special purpose vehicle, marking the end of a two-year capital struggle and reflecting the strategic restructuring of Chinese consumer brands in the globalization wave [1][2] Group 2 - KKR's strategy extends beyond capital operations, leveraging its global network to enhance the value of invested companies through supply chain integration and market resource restructuring [2] - The acquisition of Horizon International may serve as a springboard for its international market expansion, with KKR's experience in product development and market breakthroughs potentially accelerating the brand's transformation [2] - The deal has sparked concerns regarding the transfer of control over national brands, but Horizon International emphasizes the stability of its management team and strategic continuity to address market apprehensions [2] Group 3 - KKR's capital injection into Horizon International may prompt other domestic beverage brands to pursue capital partnerships to adapt to industry competition [2] - KKR's valuation of Horizon International reflects a bet on the potential for consumption upgrades in lower-tier markets, indicating higher market opportunities amid sustainable consumption growth [2][3] - The combination of KKR's supply chain management capabilities with Chinese consumer culture may contribute to a new chapter in the globalization of Chinese brands [3]

Core Viewpoint - The risk of a U.S. federal government shutdown is increasing as bipartisan negotiations stall, potentially leading to significant economic losses, particularly in the tourism sector, estimated at up to $1 billion per week if the shutdown occurs [1][3]. Group 1: Impact on Tourism Industry - The American Tourism Association has warned that a government shutdown could result in weekly losses of up to $1 billion for the tourism industry [3]. - Specific impacts include longer wait times at airport security due to staff shortages, increased flight delays and cancellations, and the closure or reduced services of national parks and federally operated museums [5]. - A survey indicates that 60% of U.S. residents would cancel or avoid air travel during a shutdown, with over 80% believing it would harm the economy and inconvenience travelers [5]. Group 2: Market Conditions and Valuation - Historical patterns show that government shutdowns often lead to political stalemates, which markets typically overlook; however, current market conditions are different, with U.S. stock valuations at historical highs, making the market more susceptible to negative events [7]. - The "Buffett Indicator," which measures the total market capitalization against U.S. GDP, currently stands at 217%, significantly exceeding levels seen during the dot-com bubble and indicating that stock market expansion is outpacing economic growth [9]. Group 3: Employment Market Concerns - The impending government shutdown could lead to up to 900,000 federal employees being forced to take unpaid leave, impacting the labor market [11]. - There is concern that the shutdown may prevent the release of critical employment data, which is essential for market analysis [13].

Group 1 - Wendel announced an interim dividend of €1.50 per share for the 2025 financial year, with the balance to be approved at the next Shareholders' Meeting on May 21, 2026 [1] - The ex-dividend date is set for November 18, 2025, with the record date on November 19, 2025, and the payment date on November 20, 2025 [4] Group 2 - Wendel SE is one of the leading publicly traded investment companies in Europe, investing in sector-leading companies such as ACAMS, Bureau Veritas, and IHS Towers [3] - In 2023, Wendel announced plans to develop a private asset management platform in addition to its proprietary investment activities, having acquired 51% of IK Partners in May 2024 and 72% of Monroe Capital in March 2025 [3] - As of June 30, 2025, the Group manages €39 billion for third-party investors and approximately €6.2 billion invested for its own account [3] Group 3 - Wendel is listed on the Euronext Paris and has a long-term rating of BBB with a stable outlook and a short-term rating of A-2 from Standard & Poor's since January 25, 2019 [4]

Core Insights - Hu Tao Capital (00905) reported a mid-year performance for 2025, with revenue of 960,000 HKD, representing a year-on-year increase of 478% [1] - The company experienced a net loss of 26.747 million HKD, which is a year-on-year increase of 43.42% [1] - The loss per share was recorded at 2.55 HKD cents [1] Financial Performance - Revenue reached 960,000 HKD, marking a significant growth compared to the previous year [1] - The net loss expanded to 26.747 million HKD, primarily due to the recognition of impairment losses on cryptocurrencies amounting to 14.435 million HKD [1] - Administrative and other operating expenses increased by 2.732 million HKD [1] - The net loss was partially offset by a reduction in losses from financial assets measured at fair value through profit or loss, which decreased by 9.455 million HKD [1]

Group 1 - Overseas investors net bought Japanese stocks (spot) of 573.7 billion yen in the second week of August, with futures net purchases reaching 1.1 trillion yen, the largest scale in about six years [2][4] - The net buying scale of spot stocks is the highest level in three weeks since the fourth week of July (602.3 billion yen) and the fifth highest since 2025 [4] - The Nikkei average index rose by 1,557 points (4%) in the second week of August, reaching a peak of 43,378 points on the 15th [4] Group 2 - The TOPIX Core 30 index, favored by overseas investors for its large-cap stocks, increased by 4% in the second week of August, outperforming the TOPIX index which rose by 3% [4] - SoftBank Group's stock price continued to rise, reflecting the trend of US tech stocks, with its market capitalization exceeding 24 trillion yen [6] - Bank stocks attracted significant buying interest due to better-than-expected GDP data, with some stocks hitting all-time highs [6] Group 3 - Overseas investors are shifting their focus to Japan, previously seen as a "low-growth" country, now recognizing new economic growth stories such as inflation [6] - Futures net purchases reached 1.1765 trillion yen, the largest scale since September 2019 [6] - Individual investors net sold stocks worth 1.1253 trillion yen, the largest scale since the fourth week of July, possibly taking profits amid market highs [7]

Group 1 - The core point of the article is that Capital Venture (02324) announced its unaudited consolidated net asset value per share as of July 31, 2025, is approximately HKD 0.8507 [1] Group 2 - The stock performance shows a daily increase of 0.63% and a weekly increase of 5.66% [1] - The trading volume reached a peak of 17,000 shares during the day [1]

Financial Data and Key Metrics Changes - The profit for the year decreased to CHF 7.9 million from CHF 10.7 million, attributed to a decline in dividend income and option income [7] - The management expense ratio improved slightly to 0.54% from 0.56%, indicating good value for an investment vehicle in this sector [8] - The ordinary dividend was maintained at €0.65, representing a yield of 6.5% [9] Business Line Data and Key Metrics Changes - The portfolio return was reported at 11.4%, underperforming the benchmark of 15.2% [11] - The previous year saw a strong outperformance with a portfolio return of 17.4% compared to the benchmark of 8.7% [13] Market Data and Key Metrics Changes - The company noted that certain sectors, particularly gold, performed well, but the company chose not to invest in that area due to the belief that it is more of a trading sector [14] - The company experienced volatility in stock performance, with some holdings significantly outperforming while others lagged [25] Company Strategy and Development Direction - The company undertook a one-for-seven rights issue to raise capital, which was well-received with a take-up of 119% [21] - The capital raising was aimed at providing additional capital to rebalance positions and reduce the management expense ratio [17] - The company emphasized a long-term investment approach, focusing on solid outperformance over longer timeframes [16] Management's Comments on Operating Environment and Future Outlook - Management expressed a cautious outlook, noting that while cash positions are healthy, they will take a patient approach to deploying capital [60] - The company highlighted the importance of focusing on good businesses to ensure long-term returns, despite short-term market volatility [59] Other Important Information - The company reported a divergence in portfolio contributions, with significant gains from top holdings like Temple and Webster, which was up 127% [26] - The company acknowledged challenges with certain holdings, such as IDP, which faced pressures in the international education sector [29] Q&A Session Summary Question: Where is the Australian market developing? - The company noted that earnings growth is not robust across large economies, making it challenging to predict share price movements based on valuations alone [63] Question: What percentage of portfolio revenue comes from global sources? - Approximately 35% of revenue from the top 20 stocks comes from offshore sources, with a mix of domestic and international businesses [66] Question: Why is Technology One not invested in? - The company cited valuation concerns despite recognizing Technology One's strong earnings profile and management [70] Question: Why does the company still hold IDP? - The company believes IDP remains the market leader in its space, despite current pressures, and aims to weather the downturn [72] Question: What is the outlook for Macquarie Technology Group? - The company expressed confidence in Macquarie's long-term prospects, despite current challenges in obtaining development approvals [76] Question: Why was Sigma Healthcare exited? - The decision was based on portfolio management reasons, as Sigma's valuation increased significantly post-merger, moving it out of the investment universe [80] Question: Thoughts on Gentrack? - The company views Gentrack as a turnaround story that has grown significantly but needs time to consolidate its position [85]