以下文章来源于LP波谱 ，作者王满华 LP波谱 . 本账号专注LP市场报道。"波浪、谱系"是识别市场的维度，也是定义市场的坐标；此外，波谱（Pop Art）也意为放低意义与史诗的执念，认同商业的日常之美。 将投中网设为"星标⭐"，第一时间收获最新推送 过去两年，包括黑石、KKR和贝莱德等在内的PE巨头都在扩大其在基础设施投资的业务规模和影响 力。 作者丨王满华 来源丨LP波谱 万亿PE巨头黑石，本周又传来重磅消息。 9月9日，黑石宣布，其最新基础设施二级份额基金Strategic Partners Infrastructure IV L.P.及相关承 诺计划基金的最终募资完成，总规模达55亿美元（约合人民币392亿元）。 据悉，该基金是目前全球规模最大的专注于基础设施领域的二级份额基金。 基础设施资产具有抗经济周期、现金流稳定、与通胀挂钩等特点，在全球经济不确定性增加的当下显 得尤为珍贵。根据麦肯锡数据预测，到2030年，全球基础设施资金缺口将高达57-67万亿美元。 过去两年，包括黑石、KKR和贝莱德等在内的PE巨头都在扩大其在基础设施投资的业务规模和影响 力。此次，黑石战略合作伙伴新基金创历史地募集到了5 ...

Core Viewpoint - The company, Yueda Investment, is facing significant financial challenges despite a reported increase in net profit, primarily due to soaring financial expenses and a substantial debt burden [1][2][6]. Financial Performance - In the first half of 2025, Yueda Investment reported operating revenue of 1.358 billion yuan, a year-on-year decline of 22.01%, while the net profit attributable to shareholders was 14.02 million yuan, an increase of 27.62% [2]. - The company’s net profit growth was largely attributed to a decrease in losses from previous periods, with a notable increase in non-recurring net profit by 120.92% [2][4]. - The first quarter of 2025 saw revenue of 683 million yuan, down 11.87%, while the second quarter experienced a more significant decline in revenue by 30.15% [3][4]. Debt and Financial Pressure - Yueda Investment's financial expenses surged by 64.5% to 45.25 million yuan, primarily due to increased bank loans and capitalized interest from construction projects [2][8]. - The company’s short-term debt exceeded 800 million yuan, indicating a clear repayment pressure, with the debt-to-asset ratio rising to 49.11%, the highest since 2013 [1][8][9]. - The company has seen a reduction in institutional investors from 14 to 9, reflecting growing concerns about its financial outlook [5]. Strategic Direction - Since 2022, Yueda Investment has focused on "new energy, new materials, and intelligent manufacturing," with significant investments in renewable energy projects [7]. - The company has initiated several large-scale projects, including a 100MW/200MWh shared energy storage project and various solar energy initiatives, with total investments reaching approximately 2.6 billion yuan [7][8]. Profitability of New Ventures - Despite multiple subsidiaries in the new energy sector, the net profits generated remain relatively small and insufficient to offset the pressures from rising debts [10]. - The net profits from various new energy subsidiaries were reported as follows: 17.99 million yuan, 2.26 million yuan, and others, indicating limited financial impact [9][10].

Core Insights - China has completed the protection and restoration of over 8.3 million hectares through integrated conservation projects, contributing approximately 25% of the world's new greening area [1] - The country is gaining international recognition as a leader in desertification control, exemplified by the recent training program held in Gansu for officials from Arab nations [1][2] Group 1: Desertification Control Initiatives - The training program in Gansu attracted 36 officials from countries like Egypt and Saudi Arabia, focusing on vegetation restoration and ecological protection [1] - The program is part of a broader initiative, with 41 training sessions conducted since last year, involving over 1,000 participants from 59 countries [2] - The successful implementation of desertification control techniques has led to the establishment of modern agricultural practices in arid regions, such as the cultivation of vegetables in Gansu [2][3] Group 2: Agricultural Development - In Gansu, the Suwu Modern Agricultural Industrial Park produces various vegetable types, achieving an annual output value of approximately 20 million yuan from 60 tons of vegetables shipped to the Guangdong-Hong Kong-Macao Greater Bay Area [2][3] - The introduction of new technologies, such as the "sand membrane" technique in Xinjiang, has enabled the cultivation of alfalfa in desert areas, significantly improving agricultural productivity [4][5] - In Liaoning's Changtu County, desertification control efforts have transformed previously unproductive land into fertile agricultural areas, maintaining a stable grain output of over 5 billion jin since 2019 [6]

Group 1 - The core viewpoint of the news is that Shangtai Technology (001301.SZ) has reported its semi-annual results for 2025, highlighting significant institutional investor interest and changes in shareholding patterns [1] Group 2 - As of August 19, 2025, a total of 20 institutional investors disclosed holdings in Shangtai Technology, with a combined shareholding of 57.0734 million shares, representing 21.88% of the total share capital [1] - The top ten institutional investors collectively hold 20.64% of the shares, which is a decrease of 2.94 percentage points compared to the previous quarter [1] Group 3 - In the public fund sector, one fund, namely Jiashi Clean Energy Stock A, reduced its holdings slightly, while six new public funds disclosed their holdings, including Hongde Strategic Transformation Stock and Jianxin Environmental Industry Stock A [2] - One new social security fund, the National Social Security Fund 418 Combination, disclosed its holdings in Shangtai Technology, while one fund, the National Social Security Fund 602 Combination, was no longer disclosed [2] - In the insurance sector, one insurance company, Taikang Life Insurance Co., Ltd., increased its holdings by 0.2%, and one new insurance investor was disclosed [2] - Foreign investment sentiment showed a decrease in holdings from Hong Kong Central Clearing Limited by 1.54% compared to the previous quarter [2]

7月29日，晶澳科技（002459）与菲律宾企业Advance Prime Power Corporation在北京正式签署战略合作 备忘录，标志着晶澳科技东南亚市场布局再获重要突破。Advance Prime Power Corporation是菲律宾本 地快速成长的新能源投资企业，专注于光伏、风电、水电与储能等绿色能源领域，拥有丰富的项目开发 经验与区域资源优势，目前正在积极拓展菲律宾及东南亚地区的布局和影响力。(人民财讯) ...

Group 1: Financial Performance - In 2024, Yuexiu Leasing achieved operating income of CNY 5.989 billion, a year-on-year increase of 39.00% [1] - Net profit reached CNY 1.632 billion, growing by 17.74% year-on-year [1] - The company distributed cash dividends totaling CNY 8.50 billion, with a cash dividend rate of 37.04% for 2024 [6] Group 2: Business Strategy - Yuexiu Leasing is focusing on a "financing leasing + new energy" dual-driven strategy, significantly enhancing its green transformation [1] - The company has invested CNY 23.402 billion in new energy projects in 2024, with a total installed capacity of household photovoltaic systems reaching 11.72 GW by the end of the year [2] - The company is exploring high-end equipment and emerging business areas to diversify its asset structure [1] Group 3: Green Energy Initiatives - The household photovoltaic installed capacity increased from 10.60 GW in June 2024 to 11.77 GW by June 2025, representing an approximate growth of 85% [2] - Electricity revenue from photovoltaic business reached CNY 3.069 billion, a remarkable year-on-year growth of 552% [2] - The company is enhancing operational efficiency and asset returns through standardized and systematic development of new energy products [3] Group 4: Investment Strategy - In the first half of 2025, the investment business saw significant returns by collaborating with leading companies in aerospace, automotive, integrated circuits, and artificial intelligence [5] - The company is actively exploring H-share IPOs and private placements to enhance performance stability [5] - A dual return mechanism of "defensive + growth" has been established through investments in high-dividend quality assets [5]

Group 1: Share Buyback Plans - The company has implemented two phases of share buyback plans from 2024 to date, repurchasing a total of 9,721.53 million shares, which accounts for 6.55% of the current total share capital, with a total transaction amount of RMB 299,969,000 [1] - Out of the repurchased shares, 8,011.53 million shares are planned to be canceled, representing 5.40% of the current total share capital, while 1,710.00 million shares will be used for employee stock ownership plans [1] - From April to June 2025, the company repurchased an additional 650.80 million shares, accounting for 0.44% of the current total share capital, with a transaction amount of RMB 22,929,400 [1] Group 2: Current and Planned Projects - The company is currently constructing the "Yupin Luanshan" project, a residential project above a subway station, with a planned construction area of 79,600 m² and a total building area of approximately 120,000 m², which commenced in October 2024 and is expected to start pre-sales by the end of 2025 [2] - The planned project "Hualian Nanshan A District" focuses on urban renewal, with a demolition area of 77,800 m², and the planning proposal was approved in April 2025 [2] Group 3: Future Development and Industry Transformation - The company's strategic focus is on "stabilizing real estate while promoting transformation," with no new land reserves or real estate development projects planned beyond the two mentioned [2] - The company is actively pursuing an industrial transformation strategy, having invested RMB 430 million in establishing the "Zhongbao Qingyuan Huihai Industrial Fund," holding 24% and 36% stakes in Shenzhen Juneng and Zhuhai Juneng, respectively [2] - The company is also exploring investment opportunities in the new energy industry chain, leveraging the technical and management platforms of its invested companies [2]

4月22日，普洛斯中国发布的2024年可持续发展报告显示，2024年普洛斯中国与国家绿色发展基金及国 家能源集团旗下绿色低碳基金合作设立的综合性绿色能源投资平台，预计总投资规模近200亿元，对应 开发规模约4-5GW。与保碧新能源合作的洛能资本，在2024年完成新能源开发基金一期首轮关账，专注 于对工商业分布式光伏、分散式风电等新能源基础设施资产进行投资，预计总投资规模100亿元，对应 开发规模约3GW。2024年，普洛斯中国及其管理基金对中国市场的新增资本金达22.4亿美元，普洛斯 REIT也在当年完成第10次分红，累计分红超10亿元。此外，截至2024年末，普洛斯中国在中国23个城 市运营32座冷链物流中心，总体仓储容积增至480万立方米。(智通财经) ...