为贯彻落实党中央、国务院决策部署，促进平台经济健康发展，国家发展改革委、市场监管总局、国家网信办联合起草了《互联网平台价格 行为规则（征求意见稿）》（以下简称《行为规则》），近日公开征求社会意见。国家发展改革委有关负责同志就此接受采访，回答了记者 提问。 近年来，我国平台经济快速发展，在赋能实体经济、发展新质生产力、满足人民生活需要等方面发挥了积极作用。平台经济领域涉及的经营 者众多，其价格行为关系消费者切身利益，受到广泛关注。价格法、反不正当竞争法、电子商务法、消费者权益保护法等法律法规从不同角 度对经营者价格行为作出一般性规定，但在平台经济领域如何更好落实，还需要进一步细化实化监管要求，构建透明、可预期的常态化价格 监管机制，引导经营者依法合规经营。为此，国家发展改革委、市场监管总局、国家网信办在征求有关部门、地方、平台经营者和平台内经 营者、经济和法律领域专家、消费者、社会团体意见基础上，研究起草了《行为规则》。 一、《行为规则》出台的背景是什么？ 二、制定《行为规则》的总体思路是什么？ 《行为规则》坚持促进发展和监管规范并重，事前引导和事中事后监管相结合，根据现行法律法规规定，保持监管制度的稳定性，着 ...

证券研究报告 | 公司点评报告 2025 年 08 月 20 日 香港交易所（00388.HK） 交投热烈带动业绩创半年度历史新高 总量研究/非银行金融 港交所公布 25 年中报：25H1 营业总收入为 141 亿港元，同比+33%；归母净 利润为 85 亿港元，同比+39%；EBITDA 为 109 亿港元，同比+43%。 强烈推荐（维持） 目标估值：515.00 港元 当前股价：441.2 港元 基础数据 | 总股本（百万股） | 1268 | | --- | --- | | 香港股（百万股） | 1268 | | 总市值（十亿港元） | 559.4 | | 香港股市值（十亿港元） | 559.4 | | 每股净资产（港元） | 41.0 | | ROE（TTM） | 25.1 | | 资产负债率 | 86.2% | | 主要股东 | JPMorgan Chase & | | | Co. | | 主要股东持股比例 | 6.8756% | 股价表现 % 1m 6m 12m 绝对表现 2 29 95 相对表现 0 19 52 资料来源：公司数据、招商证券 -20 0 20 40 60 80 100 120 A ...

Core Insights - CWG Forex is enhancing its global strategy to capture diverse investment opportunities and improve wealth growth for investors [1][2] Group 1: Global Market Coverage and Strategic Expansion - The expansion of global market coverage is crucial for enhancing international competitiveness and brand influence [2] - CWG Forex strategically enters emerging markets to leverage local growth potential and expand business impact [2] - The company establishes offices in multiple regions to better serve a diverse customer base [2] Group 2: Diversified Investment Platform and Technological Innovation - A diversified investment platform is key to meeting the needs of different investors, offering various financial instruments and innovative technologies [4] - CWG Forex provides a wide range of trading products, including forex, CFDs, commodities, and indices, to enhance investor choice [4] - Continuous optimization of the trading platform ensures investors receive the best user experience and investment outcomes [4][6] Group 3: Localization and Compliance - The advantage of localized services lies in providing tailored financial solutions based on regional cultures and market demands [4] - CWG Forex collaborates closely with local regulatory bodies to ensure compliance and transparency, enhancing market credibility [4] Group 4: Risk Management Strategies - CWG Forex employs diversified risk management strategies to protect investor capital in volatile markets [10] - The company utilizes advanced technology platforms to monitor market dynamics and swiftly identify potential risks [10] - Regular stress testing is conducted to assess the robustness of investment portfolios under various economic scenarios [10] Group 5: International Partnerships and Technological Advancements - Strong relationships with international partners enable CWG Forex to effectively respond to global market changes and offer competitive trading conditions [5] - Collaborations with leading financial institutions and technology providers enhance the trading platform's technological advancements and market insights [5] Group 6: User Experience and Interface Innovation - Innovations in user interface play a crucial role in enhancing user trading experience, allowing investors to analyze markets more intuitively and efficiently [7] - Personalized dashboards and real-time market information simplify the decision-making process for investors [7] Group 7: Educational Resources for Investors - CWG Forex provides comprehensive educational resources for novice investors, including online courses and market analysis reports [14] - The company offers a professional customer support team to assist investors with inquiries and guidance [14]

Group 1 - The core viewpoint indicates that domestic equity allocation is being reduced while waiting for policy and profit recovery in late August [1] - Commodity allocation is maintained with a focus on infrastructure and export chains, while gold remains a part of the allocation strategy [1] - In the overseas market, U.S. stocks are being reduced due to high valuations, while U.S. Treasury bonds are still being allocated [1] Group 2 - There is a slight increase in allocation to RMB funds to alleviate pressure from a weak dollar, while a reduction in allocation to dollar-denominated funds is noted due to concerns over interest rate cuts [1] - The overall strategy remains defensive, with a focus on the policy and data turning points expected in late August [1]

Xponential Fitness (XPOF) reported $76.21 million in revenue for the quarter ended June 2025, representing a year-over-year decline of 0.4%. EPS of $0.26 for the same period compares to -$0.03 a year ago.The reported revenue represents a surprise of -1.23% over the Zacks Consensus Estimate of $77.16 million. With the consensus EPS estimate being $0.19, the EPS surprise was +36.84%.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to det ...

轻资本属性保证高利润率和高ROE，业绩与交投活跃度高度关联。现货、股本证券及金融衍生品、商品 分部、数据业务为公司主要来源，前两者收入贡献较大、24 年占比达七成；与交投活跃度关联较高的 交易费及系统使用费、结算及交收费用收入占比达到53%。平台化轻资本的商业模式和高水平的股东派 息率，一方面保证了港交所成本相对收入较为刚性、规模优势显著，使得港交所净利润率、EBITDA 利 润率长年维持在58%、75%左右；另一方面使得港交所净资产增速相对温和、保证了ROE 维持在相对高 位，近十余年ROE 中位数可达23%。 资产、资金的双重共振，驱动港交所估值提升。资产端，港股资产结构更优、多数行业基本面更佳，加 之"新经济"叙事逻辑为资金接受、盈利改善/兑现预期渐强，带动港股相关板块交投热度和估值提升； 政策支持A 股公司赴港二次上市、香港市场桥头堡地位凸显；中美潜在的地缘政治压力持续加强在美优 质资产回流预期，有效增厚港股市值和成交。资金端，互联互通持续畅通、港股估值折价优势，吸引高 换手率的南向资金涌入；联系汇率制下，美联储降息周期将近保证HIBOR 维持较低水平，充裕的市场 流动性一方面支持市场活跃度持续、另一 ...

Core Viewpoint - Federal Reserve Chairman Powell stated that tariffs have increased prices on certain goods [1] Group 1 - Tariffs have contributed to higher prices for some consumer products [1] - The impact of tariffs is being closely monitored by the Federal Reserve [1]

Group 1: Current Characteristics of Social Retail Growth - Social group consumption is slowly recovering, but resident consumption remains dominant, with a growth rate of 5.0% compared to 2.5% for social group consumption in Q2 2025[5] - The gap in growth rates between resident and social group consumption has narrowed from 4.2 percentage points to 2.5 percentage points in the first half of the year[5] - Social retail growth is primarily driven by commodity consumption, with commodity retail growth rising from 4.6% to 5.1% in Q2 2025, while catering retail has declined[7] Group 2: Consumer Sentiment and Policy Impact - Consumer sentiment is recovering, supported by stable employment, with the urban unemployment rate decreasing from 5.2% to 5.0% in Q2 2025[11] - The "old-for-new" policy has driven sales exceeding 2.9 trillion yuan in the first half of the year, indicating a positive impact on consumer willingness across various categories[12] - The remaining central funds for the "old-for-new" policy in the second half of the year are estimated to generate 1.4 trillion yuan in sales, comparable to last year's 1.3 trillion yuan[18] Group 3: Outlook and Risks - The growth rate of social retail may slow in the second half of the year, but the decline is expected to be limited due to the resilience of resident consumption against stricter regulations on social group dining[17] - The central government's funding for the "old-for-new" policy is expected to be distributed evenly, with 1,620 billion yuan allocated in the first half and 1,380 billion yuan planned for the second half[17] - Risks include slow recovery of consumer confidence and potential delays in policy implementation[24]

Core Viewpoint - The global economy is undergoing a transformation, prompting investors and policymakers to act cautiously amid uncertain policies and market volatility. Despite these challenges, major economies remain resilient, and central bank interest rate cuts are expected to create opportunities in global equities [1]. Group 1: Economic Outlook - The U.S. real GDP growth is projected to slow from nearly 3% in 2023-2024 to 1.6% in 2025, primarily due to weakening private demand and the impact of tariffs on prices and consumer confidence [2]. - Average tariffs of approximately 15% are expected to cause economic losses and a temporary rise in inflation, with the Federal Reserve anticipated to cut interest rates three times in the latter half of 2025 [2]. Group 2: Geopolitical Risks - The rising geopolitical tensions, exacerbated by U.S. tariffs and reduced commitments to European security, may lead to increased unity in Europe as countries seek new trade agreements and recognize the advantages of collective negotiation [3]. Group 3: Asset Allocation - Despite a bleak growth outlook, corporate performance is expected to remain strong, supporting a slightly aggressive asset allocation and inflation-hedging strategies. The focus will be on global equities, commodities, gold, and infrastructure investments for stable cash flows [4]. - The changing correlation between the dollar, stocks, and bonds highlights the importance of diversifying currency allocations [4]. Group 4: Bond Market Insights - Investors are likely to demand higher premiums on U.S. Treasuries due to unclear trade policies and rising public debt. The central bank's interest rate cuts will support short-term bonds, benefiting European and emerging market bonds [5]. Group 5: Stock Market Considerations - Stocks may record low single-digit returns in the latter half of the year, with industry selection becoming crucial. The attractiveness of the European market is expected to benefit small-cap stocks, with a focus on domestic-driven sectors to mitigate tariff risks [6]. Group 6: Emerging Markets Opportunities - Emerging market stocks are anticipated to gain traction in the latter half of 2025, with India and ASEAN becoming key beneficiaries of global supply chain shifts. The "Make in India" initiative is attracting multinational companies, particularly in defense and IT sectors [7]. Group 7: Alternative Investments - The challenging geopolitical environment is prompting investors to diversify into private and alternative assets, with private debt and infrastructure expected to remain attractive due to strong direct lending and fundraising [8].

Core Viewpoint - ST Shuntian (600287) has successfully removed the risk warning label and will resume trading under the name Jiangsu Shuntian starting July 16, 2024, following a self-assessment confirming compliance with the conditions for removal [1][2]. Group 1: Stock and Trading Information - The stock will be suspended for one day on July 15, 2024, and will resume trading with a change in the daily price fluctuation limit from 5% to 10% [1]. - The company was under risk warning due to an administrative penalty from the China Securities Regulatory Commission, which has now been resolved [1]. Group 2: Financial Adjustments and Liabilities - The company has corrected accounting errors and restated financial reports for the years 2009-2021 and the balance sheets for 2009-2022 and Q3 2023 [1]. - As of the announcement date, the company has recognized a provision for investor claims amounting to 3.77 million yuan, with an estimated liability of 331.20 million yuan recorded in the 2024 annual report [2]. Group 3: Business Segments and Revenue - The company's main business segments include commodity circulation, garment processing, and chemical warehousing, generating revenues of 3.069 billion yuan, 124 million yuan, and 20 million yuan respectively in 2024 [2]. - The gross profit margins for these segments are 14%, 3.56%, and 16.81% respectively, with domestic revenue at 1.203 billion yuan and overseas revenue at 2.009 billion yuan [2]. Group 4: Recent Performance - In Q1 2025, the company reported a revenue of 643 million yuan and a net profit attributable to shareholders of 8.27 million yuan [3].