Group 1 - The National Cyberspace Administration of China is conducting a special action to improve the business network environment by addressing issues related to malicious online activities targeting enterprises [1][2] - Several accounts have been identified for coercing companies into "business cooperation" and extorting high fees under false pretenses, leading to their closure and blacklisting [1] - Accounts have been reported for distorting public information about companies, damaging their reputation by spreading false claims about financial performance, resulting in penalties such as account suspension [1][2] Group 2 - Certain accounts have been found to fabricate false information that harms the reputation of financial institutions, disrupting normal operations and affecting market stability, leading to their closure or suspension [2] - Accounts associated with misleading product evaluations have been identified, which mislead consumers and disrupt market order due to undisclosed commercial interests, resulting in penalties such as account suspension [2]

三是创新力强，候选人积极投身培育长期耐心资本、推动金融高水平开放等前沿实践，以实际行动 书写科技金融、绿色金融、普惠金融、养老金融、数字金融"五篇大文章"。 本届评选采用自主报名、推举委员会提名，媒体评审、网络投票、专家评审相结合的方式。后续将 综合媒体评审、网络投票与专家评审意见，评出本年度奖项。评选结果将于2025年9月揭晓。 一是覆盖面广，除银行、证券、保险、信托、期货、公募基金、私募基金、交易所、金融租赁等传 统领域外，绿色金融、金融信息等新兴业态代表也积极参与； 二是国际范足，候选人中不乏外籍金融专业人士，或具有丰富境外金融机构工作经验者，在"一带 一路"、自贸区金融服务、跨境金融基础设施建设等领域持续深耕； 8月20日，第十四届"沪上金融家"评选启动媒体评审，来自50家主流媒体和专业媒体的财经记者对 参选人进行了投票。据悉，本届评选设立"上海国际金融中心建设年度人物""沪上金融行业领军人 物""沪上金融行业创新人物"三个奖项，参评者原则上须来自持牌金融机构，全职在上海工作不少于2 年。 强大的金融人才队伍是金融强国应具备的关键核心金融要素之一。2024年新修订的《上海市推进国 际金融中心建设条例》 ...

Core Viewpoint - The 14th "Shanghai Financial Talent" selection has been launched, emphasizing the importance of a strong financial talent pool for building a financial powerhouse [1][2] Group 1: Event Overview - The selection attracted nearly 100 financial professionals, with three awards established: "Annual Person of the Shanghai International Financial Center Construction," "Leading Figures in Shanghai's Financial Industry," and "Innovative Figures in Shanghai's Financial Industry" [1] - Participants must be from licensed financial institutions and have worked full-time in Shanghai for at least two years [1] Group 2: Talent Characteristics - The candidates exhibit three distinct characteristics: broad coverage across traditional and emerging financial sectors, international representation including foreign financial professionals, and strong innovation capabilities in areas like green finance and digital finance [2] - The selection process combines self-nomination, committee recommendations, media reviews, online voting, and expert evaluations, with results to be announced in September 2025 [2] Group 3: Historical Context - The "Shanghai Financial Talent" selection has been held for thirteen consecutive years, with over 200 financial talents recognized, significantly enhancing Shanghai's international financial center's soft power and cultural atmosphere [2]

Group 1 - The 14th "Shanghai Financial Talent" selection has commenced, with media evaluation involving 50 mainstream and professional financial journalists voting on candidates [1] - This year's selection features three awards: "Annual Person of the Shanghai International Financial Center Construction," "Leading Figures in Shanghai's Financial Industry," and "Innovative Figures in Shanghai's Financial Industry," with candidates required to be from licensed financial institutions and have worked full-time in Shanghai for at least two years [1][2] - The selection process includes self-nomination, committee nominations, media evaluation, online voting, and expert reviews, with results to be announced in September 2025 [3] Group 2 - A strong financial talent pool is identified as a key element for a financial powerhouse, with the revised 2024 "Shanghai International Financial Center Construction Regulations" emphasizing the need for policies that support financial talent development and evaluation [2] - Nearly 100 financial professionals have registered for this year's selection, showcasing a broad representation across traditional sectors like banking, securities, and insurance, as well as emerging fields such as green finance and financial information [2] - The candidates exhibit international diversity, including foreign financial professionals and those with extensive overseas experience, contributing to initiatives like the Belt and Road and cross-border financial infrastructure [2] Group 3 - The event is organized by several prominent institutions, including the China Economic Information Service and Xinhua News Agency, with support from various financial regulatory bodies and organizations [4] - The selection has been held for thirteen consecutive years, with over 200 financial talents recognized, enhancing Shanghai's international financial center's soft power and cultural atmosphere [3]

Core Points - National Investment Corporation (国投资本) has undergone significant leadership changes, with General Manager Lu Jun resigning on July 2, 2024, and Chairman Cui Hongqin taking over his responsibilities temporarily [2][3] - The company has four major financial segments: securities, trust, fund, and futures, with National Investment Securities (国投证券) reversing a two-year profit decline due to strong proprietary trading performance [2][11] - The trust and futures segments continue to face profit declines, while the fund business is experiencing both scale and performance pressures [2][11] Leadership Changes - Lu Jun, who served as General Manager for only 1 year and 2 months, has left for a work transfer, and Cui Hongqin has been elected as the new Chairman [3][24] - Cui Hongqin has extensive financial management experience and previously held various senior positions within the National Development Investment Group [3][24] - The former Chairman, Duan Wenwu, has transitioned to a role at China Minmetals and is expected to resign from his position as Chairman of National Investment Securities soon [5][24] Business Performance - National Investment Securities reported a revenue of 10.78 billion yuan in 2024, a 1.95% increase year-on-year, with a net profit of 2.53 billion yuan, up 30.49% [11][23] - The significant profit increase is attributed to a remarkable 834.62% rise in proprietary trading income, while other business segments like brokerage and asset management saw declines [11][12] - The overall revenue for National Investment Corporation in 2024 was 15.06 billion yuan, a decrease of 13.76%, marking the lowest level in four years [23] Segment Analysis - National Investment Securities accounts for over 71.62% of National Investment Corporation's revenue, highlighting its critical role in the overall business [11][23] - The trust segment, National Investment Taikang Trust, reported a revenue decline of 22.17% to 1.466 billion yuan, and net profit fell by 29.75% [16][23] - National Investment Futures has faced a continuous decline in net profit for three consecutive years, with a reported net profit of 215 million yuan in 2024, down 15.69% [20][21] Market Environment - The performance of National Investment Corporation's various segments reflects the broader market conditions, with the securities sector benefiting from a recovering market while trust and futures face challenges [23][24] - The recent leadership changes may impact the company's strategic direction and operational stability, raising concerns about team cohesion and market confidence [23][24]

Core Viewpoint - Despite a slowdown in insurance capital investments over the past two years, nearly 20 insurance companies have made significant investments since the beginning of the year, indicating a potential shift in market sentiment [1][8]. Investment Activity - Insurance capital investments in private equity funds have significantly decreased in 2024, with large investments also declining. The largest single investment from insurance capital in 2024 was 4 billion RMB, down from 10 billion RMB in 2023 [2][6]. - Recently, a new equity investment partnership was established with a registered capital of 13 billion RMB, marking a notable investment activity from two insurance companies, breaking the silence in the primary market over the past two years [3][5]. Market Environment - The primary market has faced severe challenges in the past two years, leading to a deteriorating fundraising environment. The main contributors to funding have shifted to state-owned limited partners, while the number of insurance institutions jointly investing in a single fund has decreased [5][6]. - The lack of long-term capital remains a significant bottleneck for the development of China's venture capital market, with ongoing issues related to funding shortages and exit mechanisms [6]. Policy Support - Since 2023, the government has encouraged long-term capital to enter the venture capital sector, emphasizing the development of patient capital. Recent policy documents have aimed to increase the equity asset allocation ratio for insurance funds, allowing for greater investment in primary equity markets [7][8]. - The increase in the proportion of insurance companies' investments in venture capital funds is expected to inject more long-term capital into the industry, potentially easing previous restrictions on insurance capital investments [7]. Market Outlook - The primary market has shown signs of revitalization due to policy incentives and technological advancements, with sectors like AI and robotics gaining traction. This has reignited investment enthusiasm among VC/PE institutions and limited partners [8].

Financial Data and Key Metrics Changes - Revenue reached CNY 752.9 billion, up by 10.6% year-on-year [6] - Profit attributable to ordinary shareholders was CNY 58.2 billion, an increase of 1.1% [6] - Dividend payout ratio increased to 27.5%, with a proposed final dividend of CNY 0.36 per share [10][41] Business Segment Data and Key Metrics Changes - Financial segment revenue was CNY 279.469 billion, with profit at CNY 26.49 billion [14] - Non-financial segment revenue grew by 14.7%, contributing to a profit of CNY 14.4 billion [6][8] - Advanced manufacturing revenue increased by 50.793 billion, with profit at $865 million [22] - Advanced materials revenue for Citi Pacific Special Steel was CNY 5.1 billion, down 4.2% year-on-year [26] Market Data and Key Metrics Changes - Overseas revenue grew by 21.8%, accounting for 15.1% of total revenue [73] - International business revenue increased by 16%, ranking first in offshore Chinese bond underwriting [18] - The proportion of overseas assets reached CNY 1.15 trillion, up by 13.7% [73] Company Strategy and Development Direction - The company focuses on steady growth and resilience amid geopolitical tensions and economic challenges [5] - Emphasis on innovation-driven high-quality development, with significant investments in technology [12][13] - Plans to deepen reforms and improve management efficiency while optimizing business structure [50][52] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in seizing opportunities from macroeconomic policies and improving market conditions [44][45] - The company aims to enhance communication with investors and analysts to improve market evaluation [55] - Future strategies include focusing on emerging sectors and maintaining a strong dividend policy [41][52] Other Important Information - The company achieved a long-term issuer credit rating upgrade to A- with a stable outlook [13] - R&D investment was CNY 25.2 billion, accounting for 3.34% of total revenue [93] - The company has registered over 10,000 valid patents, showcasing its commitment to innovation [93] Q&A Session Summary Question: What are the plans for the dividend payout at your company? - The company has a stable dividend policy, with a payout ratio not lower than 30% by 2026 and a 2024 payout ratio of 27.5% [41] Question: What kind of work has your company done regarding market value management? - The company has seen a 27.5% growth in market value this year, with a total growth of 124% over the past four years [43] Question: What is the progress of the deepening reform and opening up? - The company is enhancing core competitiveness and focusing on financial services to outperform the market [58][60] Question: How will the company respond to geopolitical tensions and protectionism? - The company plans to deepen international collaboration and enhance its global competitiveness [66][74]