估值模型表明，风险资产价格远高于基本面，增加了发生不利冲击时无序修正的可能性。银行和非银行金融机构相 互联系日益紧密，期限错配持续存在，可能会放大冲击。 在本周的国际货币基金组织（IMF）和世界银行秋季年会上，全球央行行长和财长将重点讨论股市泡沫及如何应对一 场潜在的市场崩盘及其对全球经济的冲击。 IMF总裁格奥尔基耶娃（Kristalina Georgieva）在稍早的演讲中已为讨论定下基调。她警告称，当前资产估值正逼近 25年前在互联网热潮中看到情况，如果市场发生急剧回调，金融环境收紧可能会拖累世界经济增长，暴露脆弱性， 并使发展中国家的处境尤为艰难。美联储、欧洲央行、英国央行等已对市场估值过高和回调风险表示担忧。这一警 示比她在2000年10月会议上的评论更加直白。彼时，IMF称股权估值"仍然很高"，并提示失衡可能"以无序方式"释 放。 在此基调下，在当地时间10月14日发布的最新《全球金融稳定报告》（GFSR）中，IMF提到了多个全球金融风险 点。IMF称，近几个月来，尽管贸易紧张、地缘政治不确定性和对主权债务的担忧加剧，但资产价格已恢复到过高 的估值，金融状况也普遍缓解。风险资产价格持续上涨，美元贬 ...

Core Viewpoint - The meeting held by the mayor of Jilin City, Wang Ji, at the China National Petroleum Corporation Financial Co., Ltd. Jilin Branch emphasizes the importance of financial services in supporting local economic development and the transformation of the petrochemical industry [1][2]. Group 1: Company Overview - China National Petroleum Corporation Financial Co., Ltd. is a non-bank financial institution established with the approval of the People's Bank of China, serving the main business of China National Petroleum [2]. - The Jilin Branch was established in 2008 and has played a significant role in the financial management and services for the petrochemical industry in Northeast China [2]. Group 2: Economic Contribution - The Jilin Branch has provided efficient fund settlement and precise financial services, significantly supporting the transformation and development of the local chemical industry [2]. - The mayor expressed gratitude for the company's long-term support of local economic development and encouraged it to leverage development opportunities to enhance its financial product offerings [2]. Group 3: Future Directions - The company is encouraged to expand its business in settlement, credit, and bills, and to improve the quality and efficiency of its financial services [2]. - Financial regulatory agencies and relevant departments are urged to strengthen communication with the Jilin Branch to support its business operations and enhance the standardization and safety of financial services [2].

Group 1 - The People's Bank of China reported that as of the end of August, the broad money supply (M2) reached 331.98 trillion yuan, with a year-on-year growth of 8.8% [2][6] - The narrow money supply (M1) stood at 111.23 trillion yuan, showing a year-on-year increase of 6%, with a month-on-month acceleration of 0.4 percentage points, marking four consecutive months of growth [2][6] - The phenomenon of "deposit migration" has become a hot topic, with individual deposits increasing by 110 billion yuan in August, although this is still 600 billion yuan less than the same month last year [2][7] Group 2 - In August, new RMB loans amounted to 590 billion yuan, recovering from negative growth in the previous month, but still 310 billion yuan less year-on-year [6] - The analysis indicates that the narrowing "scissors gap" between M1 and M2 growth rates suggests ample market liquidity and increased activity in corporate current funds, but weak credit generation efficiency [6][8] - The increase in deposits at non-bank financial institutions by 1.18 trillion yuan in August, which is 550 billion yuan more than the previous year, highlights the ongoing trend of "deposit migration" [7][8] Group 3 - Factors contributing to the current wave of deposit migration include reduced deposit interest rates, regulatory restrictions on manual interest supplementation, and rising stock market performance [8] - Popular investment products during this period include fixed-income products and equity funds, as they continue to attract significant capital despite the decline in net growth rates of money market and bond funds [9][10]

山西华阳集团新能股份有限公司 关于阳泉煤业集团财务有限责任公司 的风险持续评估报告 根据《关于规范上市公司与企业集团财务公司业务往来的通知》 （证监 发〔2022〕48 号） ，《上海证券交易所上市公司自律监管指引第 5 号——交 易与关联交易（2023 年 1 月修订）》（上证发〔2023〕6 号）等文件要求， 上市公司应当每半年取得并审阅财务公司的财务报告，出具风险持续评估 报告，山西华阳集团新能股份有限公司（以下简称"本公司" ）通过查验阳 泉煤业集团财务有限责任公司（以下简称"财务公司" ）《金融许可证》 、《营 业执照》等证件资料，并审阅了财务公司 2025 年 6 月 30 日资产负债表和 营资质、业务和风险状况进行了评估，现将有关风险评估情况报告如下： 一、财务公司基本情况 财务公司是由华阳新材料科技集团有限公司（以下简称"华阳集团"） 、 立，接受国家金融监督管理总局监管的非银行金融机构。截至 2025 年 6 月 出 资 1,165,797,791.76 元 ， 占 注 册 资 本 的 65.51% ， 本 公 司 出 资 本公司及山西三维华邦集团有限公司共同收购原四通集团财务公司重组设 资 ...

Core Viewpoint - Shanxi Coking Coal Group Financial Co., Ltd. is a non-banking financial institution established by Shanxi Coking Coal Group Co., Ltd. and Shanxi Coking Energy Group Co., Ltd., with a registered capital of 3.55 billion RMB, and has undergone a comprehensive risk assessment [1][9]. Group 1: Company Overview - The financial company was established on December 15, 2009, and is located in Taiyuan, Shanxi Province [1]. - The company is jointly funded by Shanxi Coking Coal Group (80% stake) and Shanxi Coking Energy Group (20% stake) [1]. - The financial company has a registered capital of 3.55 billion RMB [1]. Group 2: Organizational Structure - The highest authority of the financial company is the shareholders' meeting, which is supported by a board of directors and a supervisory board [2]. - The board of directors includes several committees: Risk Management Committee, Compensation and Assessment Committee, and Audit Committee [3]. Group 3: Business Scope - The financial company engages in various financial services, including accepting deposits, providing loans, bill discounting, and financial consulting for member units [4]. Group 4: Internal Control - The financial company has established a comprehensive internal control system, including governance structures and internal control measures to ensure effective risk management [4][5]. - The company emphasizes a culture of risk management and regularly conducts internal training to enhance employee skills [4]. Group 5: Financial Performance - As of June 30, 2025, the financial company reported total assets of approximately 45.65 billion RMB and total liabilities of approximately 39.92 billion RMB, with a liquidity ratio of 45.97% and a capital adequacy ratio of 16.97% [7]. - The company achieved an operating income of approximately 572.96 million RMB and a net profit of approximately 283.87 million RMB in the first half of 2025 [7]. Group 6: Risk Management - The financial company has maintained a good risk management status, with no significant risk events reported since its establishment [8]. - The company has established a comprehensive risk management framework to control various types of risks, including credit and liquidity risks [8]. Group 7: Regulatory Compliance - The financial company meets all regulatory requirements as per the "Enterprise Group Financial Company Management Measures" [9]. - The company has not encountered any major issues that could affect its normal operations or financial stability [8][10].

Group 1 - As of the end of July, the broad money supply (M2) reached 329.94 trillion yuan, with a year-on-year growth of 8.8% [2][5] - The narrow money supply (M1) stood at 111.06 trillion yuan, showing a year-on-year increase of 5.6%, marking a continuous acceleration for three months [2][5] - The total RMB deposits amounted to 320.67 trillion yuan, reflecting a year-on-year growth of 8.7% [5][6] Group 2 - In July, household deposits decreased by 1.11 trillion yuan, which is a reduction of 780 billion yuan compared to the same month last year [5] - Non-bank financial institutions saw an increase in deposits of 2.14 trillion yuan in July, reaching a near ten-year high and surpassing the level of 1.81 trillion yuan in the same period of 2015 [5][6] - The rise in M1 growth is attributed to multiple factors, including a low interest rate environment, accelerated fiscal spending, and improved cash flow for enterprises [5]

央行：启动2025年度系统重要性金融机构评估工作 稳步拓宽附加监管覆盖范围至非银领域 智通财经5月9日电，央行发布2025年第一季度中国货币政策执行报告。其中提到，下一阶段，积极稳妥 防范化解金融风险。探索拓展中央银行宏观审慎与金融稳定功能，创新金融工具，维护金融市场稳定。 进一步完善宏观审慎政策框架，提高系统性风险监测、评估与预警能力，丰富宏观审慎政策工具箱。强 化系统重要性金融机构宏观审慎管理，督促系统重要性银行落实附加资本和杠杆率要求，持续提升恢复 与处置计划的操作性和有效性，加强全球系统重要性银行跨境危机管理合作。启动2025年度系统重要性 金融机构评估工作，稳步拓宽附加监管覆盖范围至非银领域。稳妥有序推进重点风险项目和重点领域风 险处置，按照市场化、法治化原则，支持中小银行风险处置。加强金融风险监测、预警和评估，强化系 统性金融风险研判。夯实金融稳定机制保障，推动扩大存款保险基金和金融稳定保障基金积累，强化存 款保险专业化金融风险处置职能。 ...