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管涛:外资不是美债风暴的罪魁祸首︱汇海观涛
Di Yi Cai Jing· 2025-07-27 13:40
美国证券投资在短暂外流后大幅回流 TIC报告显示,4月份,在美国遭遇股债汇"三杀",美元指数单月下跌4.4%的背景下,国际资本(主要 是双向跨境证券投资)由上月净流入1712亿美元逆转为小幅净流出146亿美元。 5月份全球贸易紧张局势有所缓和。美国差额"对等关税"政策处于90天的缓冲期,同时中美双方根据日 内瓦贸易会谈联合声明大幅削减关税。当月美国贸易政策不确定性指数为5759,环比回落27.6%。 但一波未平一波又起。5月份,美国政府对美联储及美联储主席本人的攻击不断升级,以及穆迪取消美 国最后一个AAA主权信用评级,加剧了市场对美联储独立性和美债可持续性的担忧。当月,10年期和 30年期美国国债收益率分别多次升破4.5%和5.0%,全月分别收涨24和26个基点,美债价格暴跌。市场 上关于外资抛售美债的各种传闻不胫而走。然而,从美国财政部发布的国际资本流动报告(TIC)数据 看,5月份美债风暴的责任不在外资。 5月份,美国金融市场形势反转:标普500指数反弹6.1%,不仅收回了4月初宣布"对等关税"政策导致的 下跌,还收复了今年以来的失地,前5个月累计微涨0.5%;美元指数基本企稳,全月微跌0.2%。 同期 ...
保荐人(主承销商):国泰海通证券股份有限公司
Core Viewpoint - The article outlines the regulations and procedures for the upcoming IPO of Hanhigh Group Co., Ltd, detailing the requirements for both online and offline investors, including minimum holding values and subscription processes [1][2][3][4][5][6]. Group 1: Investor Eligibility and Subscription Limits - Offline investors must hold non-restricted A-shares and non-restricted depositary receipts with an average daily market value of at least 1 million yuan, while other participating investors must have at least 6 million yuan [1]. - Online investors must have a minimum holding of 10,000 yuan in non-restricted A-shares and depositary receipts to participate in the IPO, with a subscription limit of 500 shares for every 5,000 yuan held [2]. Group 2: Subscription Process and Payment - Both online and offline subscriptions will occur on the same day, July 21, 2025, with specific time slots for each type of subscription [3]. - Investors are not required to pay subscription funds at the time of application, but must ensure sufficient funds are available by July 23, 2025, to fulfill their subscription obligations [4]. Group 3: Allocation and Withdrawal Mechanisms - A mechanism is in place to adjust the allocation between online and offline subscriptions based on demand, which will be determined after the subscription period ends [3]. - If the total number of shares subscribed falls below 70% of the planned issuance, the IPO may be suspended, and reasons for this will be disclosed [5]. Group 4: Compliance and Penalties - Investors who fail to comply with payment obligations or who withdraw from their subscriptions may face penalties, including being reported to the China Securities Association [6]. - Continuous non-compliance by online investors may result in a temporary ban from participating in future IPOs and related securities offerings [6]. Group 5: Company and Underwriter Information - The issuer of the IPO is Hanhigh Group Co., Ltd, with Guotai Junan Securities Co., Ltd serving as the lead underwriter [6].
杭州高新: 董事、高级管理人员持有和买卖本公司股票管理制度
Zheng Quan Zhi Xing· 2025-06-17 13:25
公司董事、高级管理人员委托他人代行买卖股票,视作本人所为,也应遵守 本制度并履行相关询问和报告义务。 杭州高新材料科技股份有限公司 董事、高级管理人员持有和买卖本公司股票管理制度 杭州高新材料科技股份有限公司 第一章 总 则 第一条 为加强杭州高新材料科技股份有限公司(以下简称"公司")对董 事和高级管理人员持有及买卖本公司股票的管理,根据《中华人民共和国公司法》 (以下简称"《公司法》")、《中华人民共和国证券法》(以下简称"《证券 法》")、《上市公司股东减持股份管理暂行办法》《上市公司董事和高级管理 人员所持本公司股份及其变动管理规则》 《深圳证券交易所创业板股票上市规则》 (以下简称"《股票上市规则》")、《深圳证券交易所上市公司自律监管指引 第2号——创业板上市公司规范运作》《深圳证券交易所上市公司自律监管指引 第18号——股东及董事、高级管理人员减持股份》等法律、法规及规范性文件以 及《杭州高新材料科技股份有限公司章程》(以下简称《公司章程》)的有关规 定,并结合本公司的实际情况,制定本制度。 第二条 本制度适用于公司董事、高级管理人员及本制度第二十二条规定的 自然人、法人或其他组织持有及买卖公司 ...
金诚信: 金诚信关于第二期员工持股计划存续期即将届满的提示性公告
Zheng Quan Zhi Xing· 2025-06-12 09:16
证券代码:603979 证券简称:金诚信 公告编号:2025-053 转债代码:113615 转债简称:金诚转债 金诚信矿业管理股份有限公司 关于第二期员工持股计划存续期即将届满 的提示性公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏,并对其内容的真实性、准确性和完整性承担个别及连带责任。 金诚信矿业管理股份有限公司(简称"公司")第二期员工持股计划的存续 期将于 2025 年 12 月 13 日届满。根据《关于上市公司实施员工持股计划试点的 指导意见》《上海证券交易所上市公司自律监管指引第 1 号——规范运作》等要 求,上市公司应当在员工持股计划届满前 6 个月公告到期计划持有的股票数量以 及占公司股本总额的比例。现将相关情况公告如下: 一、本次员工持股计划的基本情况 (一)公司于 2021 年 10 月 7 日、2021 年 10 月 25 日分别召开第四届董事 会第十三次会议、第四届监事会第十二次会议以及 2021 年第三次临时股东大会, 审议通过了《金诚信矿业管理股份有限公司第二期员工持股计划(草案)及其摘 要》(以下简称"《第二期员工持股计划草案》")及相关议 ...
甘肃亚太实业发展股份有限公司 关于持股5%以上股东部分股份将被司法拍卖的提示性公告
(1)拍卖标的:亚太矿业持有的公司(证券代码:000691)580万股股票。 登录新浪财经APP 搜索【信披】查看更多考评等级 本公司及董事会全体成员保证信息披露的内容真实、准确、完整,没有虚假记载、误导性陈述或重大遗 漏。 甘肃亚太实业发展股份有限公司(以下简称"公司")于2025年5月24日在巨潮资讯网 (www.cninfo.com.cn)披露了《关于持股5%以上股东部分股份将被法院强制变卖、变现的提示公告》 (公告编号:2025-047),兰州市城关区人民法院将依法对公司持股5%以上股东兰州亚太矿业集团有 限公司(以下简称"亚太矿业")持有的公司9,000,000股股票进行司法处置,对其中3,200,000股股票进行 集合竞价处置,剩余的5,800,000股股票通过网络司法拍卖进行强制变价、变卖、变现。 今日,公司通过淘宝网司法拍卖网络平台查询获悉,兰州市城关区人民法院将于2025年06月11日10时至 2025年06月12日10时止(延时的除外)在淘宝网司法拍卖网络平台上(网址 https://sf.taobao.com/0931/13,户名:兰州市城关区人民法院)公开拍卖亚太矿业持有的公司580万 ...
科思科技: 关于回购股份事项前十名股东和前十名无限售条件股东持股情况的公告
Zheng Quan Zhi Xing· 2025-05-13 10:47
Core Viewpoint - Shenzhen Kesi Technology Co., Ltd. has announced a share repurchase plan approved by its board of directors, indicating a strategic move to enhance shareholder value and potentially stabilize the stock price [1]. Group 1: Share Repurchase Announcement - The company held its 21st meeting of the 3rd board of directors on May 5, 2025, where it approved the share repurchase plan [1]. - The announcement regarding the share repurchase plan was disclosed on May 6, 2025, on the Shanghai Stock Exchange [1]. Group 2: Shareholder Information - The company provided details on the top ten shareholders and their respective shareholding proportions as of the equity registration date of May 12, 2025 [1]. - The shareholding data includes both ordinary accounts and margin trading accounts, reflecting the total holdings of the shareholders [2].
投资一生学习一生,世间不会有第二个巴菲特
Di Yi Cai Jing· 2025-05-11 12:33
Group 1 - Warren Buffett announced his intention to retire by the end of the year, with Abel set to take over as CEO in 2026, marking the end of Buffett's 60-year investment career [1] - Buffett's net worth has seen remarkable growth, reaching $134.9 billion by April 2024 and projected to hit $168 billion by May 2025 [2] - Berkshire Hathaway's stock market value has grown at an average annual rate of 19.9% from 1965 to 2024, significantly outperforming the S&P 500's average return of 10.4% during the same period [3] Group 2 - Buffett's investment philosophy emphasizes continuous learning and the importance of avoiding foolish mistakes over mere talent [4] - Value investing, a strategy learned from Benjamin Graham, has been a cornerstone of Buffett's success, exemplified by his long-term investment in Coca-Cola, which is valued at approximately $25 billion by the end of 2024 [5] - Buffett's investment in Apple, initiated in 2016, has become one of his most profitable ventures, with the value of shares exceeding $150 billion when half were sold in 2024 [6][7] Group 3 - Buffett's strategy of holding cash during uncertain times, particularly in anticipation of market volatility, has proven effective, with Berkshire holding $325.2 billion in cash and equivalents by the third quarter of 2024 [9] - The stock market's performance following Trump's election highlighted the wisdom of Buffett's cash strategy, as major indices experienced significant declines [10] - Acknowledging mistakes and learning from them is a key aspect of Buffett's investment approach, with numerous documented errors leading to valuable lessons [11][12] Group 4 - Buffett's unique investment framework through Berkshire Hathaway allows for a diverse range of asset holdings, providing structural advantages that are not available to typical investors [14] - The combination of Buffett's innate investment acumen, the timing of his career, and the distinctive structure of Berkshire Hathaway contribute to his unparalleled success in the investment world [13][14]
管涛:拜登政府时期中美双向跨境证券投资状况
Di Yi Cai Jing· 2025-04-27 12:40
Core Viewpoint - The analysis of cross-border securities investment between China and the U.S. reveals a significant decline in Chinese investments in U.S. long-term securities, particularly U.S. Treasury bonds, while investments in U.S. company stocks have increased, indicating a shift in investment strategy [1][2][3][4][5][6]. Group 1: Chinese Investment in U.S. Long-term Securities - As of the end of 2024, Chinese investors held $1,309.3 billion in U.S. long-term securities, a decrease of $220.8 billion or 14.4% from the end of 2020, accounting for 4.1% of foreign holdings [2]. - The balance of Chinese holdings in long-term U.S. Treasury bonds was $698.6 billion, down $334 billion or 32.3%, contributing significantly to the overall decline in Chinese long-term securities investments [2][5]. - In contrast, Chinese holdings of U.S. company stocks increased to $375.1 billion, a rise of $113.9 billion or 43.6%, offsetting some of the declines in other areas [3]. Group 2: Changes in Specific Securities - Chinese holdings of U.S. government agency bonds remained relatively stable, with a slight increase of $4 billion or 1.9%, while holdings of U.S. corporate bonds decreased by $4.7 billion or 19.6% [4][6]. - The overall reduction in Chinese long-term securities was influenced by a net reduction of $1,722 billion in U.S. long-term securities, with non-transactional changes accounting for $692 billion [4][6]. Group 3: U.S. Investment in Chinese Securities - As of the end of 2024, U.S. investors held $246 billion in Chinese long-term securities, a decrease of $39.6 billion or 13.9% from the end of 2020, representing 1.6% of U.S. foreign long-term securities holdings [7]. - The primary reason for this decline was a reduction in U.S. holdings of Chinese company stocks, which fell by $21.3 billion or 8.5% [7][9]. - U.S. holdings of Chinese government bonds decreased significantly by $15.6 billion or 52.7%, contributing to the overall decline in U.S. investments in Chinese long-term securities [8][9]. Group 4: Comparative Analysis of Investment Trends - Despite the differences in scale, both Chinese and U.S. investments in their respective long-term securities show similar proportions, each around 2% of their total foreign securities investments [8]. - The data indicates that while U.S. investors have been reducing their exposure to Chinese securities, Chinese investors have been diversifying their investments, particularly increasing their stakes in U.S. equities [12][13].