21世纪经济报道记者贺泓源、实习生李音桦 光明乳业在大本营上海越来越被动了。 该公司财报显示，在2025年上半年，光明营收同比下滑1.9%至124.7亿元；归母净利润同比下滑22.5%至 2.2亿元。 其中，液态奶、其他乳制品、牧业产品的营收分别为66.1亿元、44.5亿元、5.2亿元，同比增速分别为下 滑8.6%、增长8.8%、下滑13.8%。 分地区看，上半年光明在上海、外地、境外区域营收分别为 34.9亿元、49.9亿元、39.4 亿元，同比增速 分别为下滑6.9%、下滑1.5%、增长1.9% 。 甚至，光明在上海的营收下滑幅度大于其总体营收下滑幅度。 背后是，乳业需求整体性收缩。 尼尔森IQ数据披露显示，在2025年6月，乳品全渠道销售额同比下滑9.6%。具体到乳业巨头，在上半 年，蒙牛营收同比下滑6.9%至 415.7亿元；伊利关键的液体乳收入同比下滑2.1%至361.3亿元。 回到巨头必争之地的上海，伊利、蒙牛乃至新乳业，都投入颇多。比如，在2024年，新乳业靠着"唯 品"等品牌，在华东区域营收同比增长1.52%至30.66亿元。 作为对比，新乳业在大本营成都就要主动得多。据21世纪经济报道记者了 ...

编辑丨陈思颖 叶映橙 包芳鸣 9月26日，A股市场早间震荡调整。截至收盘，沪指跌0.18%，深成指跌0.79%，创业板指跌1.17%。沪深 两市半日成交额1.37万亿，较上个交易日缩量1733亿。全市场超2500股下跌。 | 上证指数 | 深证成指 | 北证50 | | --- | --- | --- | | 3846.33 | 13339.82 | 1542.11 | | -6.97 -0.18% -106.08 -0.79% -15.11 -0.97% | | | | 科创50 | 创业板指 | 万得全A | | 1466.84 | 3198.02 | 6274.39 | | -7.64 -0.52% -37.75 -1.17% -26.25 -0.42% | | | | 沪深300 | 中证500 | 中证A500 | | 4574.03 | 7307.40 | 5535.04 | | -19.46 -0.42% -33.92 -0.46% -26.10 -0.47% | | | | 中证1000 | 深证100 | 中证红利 | | 7468.87 | 5881.87 | 5458.67 | | -3 ...

9月26日，"六个核桃"母公司养元饮品（603156.SH）一字涨停，报28.14元/股，总市值来到354.6亿元， 实现三连板。 消息面上，养元饮品投资的长存集团有了最新动向。9月25日消息，国内唯一一家3D NAND原厂长江存 储的母公司长存集团，日前举行股份公司成立大会，选举产生了股份公司首届董事会成员，此举或意味 着长存集团全面完成股份制改革，市场猜测其上市进程或加速。 不过，与当前资本市场的火热形成反差，养元饮品近期业绩承压明显。2025年上半年，公司营收24.65 亿元，同比下滑16.19%；归母净利润7.44亿元，降幅达27.76%，创近三年同期新低。分区域看，养元饮 品在华东、华中、华北、西南、西北、东北、华南七个大区的销售收入全线下滑。其中，营收规模最大 的三大片区销售收入的降幅均为双位数。 饮料业务增长乏力，养元饮品却热衷跨界投资。2025年上半年财报显示，养元饮品对外投资共11家公 司，涵盖新能源、传媒等与其主业并不相关的领域。不过，从业绩来看，养元饮品的对外投资并不理 想，2021年公司的投资收益只有219.61万元。2023、2024年更是出现连续亏损，投资收益分别为-1.29亿 元 ...

南财智讯9月26日电，矩子科技公告，公司控股股东、实际控制人杨勇先生将其持有的500万股公司股份 解除质押，占其所持股份比例为5.43%，占公司总股本比例为1.73%。截至公告披露日，杨勇先生及其 一致行动人所持质押股份总数为4898.60万股，占其所持股份比例为53.20%，占公司总股本比例为 16.93%。 ...

Market Overview - The Shanghai Composite Index fell by 0.01% to 3853.3 points, while the Shenzhen Component Index rose by 0.67% to 13445.9 points, and the ChiNext Index increased by 1.58% to 3235.76 points [1] ETF Market Performance 1. Stock ETF Overall Performance - The median return of stock ETFs was 0.6%, with the highest return from the Xinhua CSI Cloud Computing 50 ETF at 4.02% [2] 2. Stock ETF Gain and Loss Rankings - The top three performing ETFs were: Xinhua CSI Cloud Computing 50 ETF (4.02%), Huabao CSI Big Data Industry ETF (3.6%), and China Merchants CSI Cloud Computing and Big Data Theme ETF (3.6%) [4][5] - The three ETFs with the largest declines were: Dacheng CSI Engineering Machinery Theme ETF (-1.56%), Guotai CSI Semiconductor Materials and Equipment Theme ETF (-1.42%), and China Merchants CSI Semiconductor Industry ETF (-1.39%) [4][5] ETF Fund Flow 1. Fund Inflows - The top three ETFs by fund inflow were: Huatai-PB CSI A500 ETF (11.18 billion yuan), Fuguo CSI A500 ETF (9.93 billion yuan), and Harvest SSE Sci-Tech Innovation Board Chip ETF (7.1 billion yuan) [6][7] 2. Fund Outflows - The top three ETFs by fund outflow were: Southern CSI 1000 ETF (5.48 billion yuan), Guotai CSI All-Index Communication Equipment ETF (5.31 billion yuan), and Harvest CSI Rare Earth Industry ETF (3.44 billion yuan) [6][7] ETF Margin Trading Overview 1. Margin Buying - The top three ETFs by margin buying were: Huaxia SSE Sci-Tech Innovation Board 50 Component ETF (7.01 billion yuan), E Fund ChiNext ETF (4.91 billion yuan), and Guotai CSI All-Index Securities Company ETF (4.5 billion yuan) [8][9] 2. Margin Selling - The top three ETFs by margin selling were: Huatai-PB SSE 300 ETF (32.26 million yuan), Huaxia SSE 50 ETF (15.57 million yuan), and Huaxia CSI 1000 ETF (9.71 million yuan) [8][9] Institutional Insights 1. Long-term Investment in Internet and Software Sectors - The industry is advised to focus on the long-term investment value of China's internet and software sectors, with a positive outlook on Alibaba Cloud's revenue growth [10] 2. Focus on Hardware Infrastructure and Software Applications - The third quarter should emphasize strong performance in hardware infrastructure and practical software applications, balancing innovation and profitability [11]

全市场超2500只个股下跌。 从板块来看，风电概念股集体走强，吉鑫科技晋级两连板，威力传动20cm涨停； 半导体产业链局部回暖，赛微微电触及20cm涨停续创历史新高，紫光国微触及涨停； 汽车板块表现活跃，曙光股份涨停，赛力斯触及涨停。 下跌方面，游戏股集体退潮，吉比特跌停。 沪深两市半日成交额1.37万亿元，较上个交易日缩量1733亿。 市场早间震荡调整，创业板指盘中跌超1%。南财金融终端显示，截至早盘收盘，沪指跌0.18%，深成 指跌0.79%，创业板指跌1.17%。 | 沪深A股 | 上证A股 | 深证A股 | 创业板 | 科创板 风险警示 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1435 | | 名称 | | 原價 | 最新给 | 源跌 | 淑逸 | 盘比 | 换手率 | 張陽 | 成交额 ▼ | | 1 002475 | | 立讯精密 | | -4.15% | 65.89 | 2.85 | +0.12% | 0.41 | 2.62% | 4.64% | 127 ...

（原标题：三项社会保险基金累计结余9.81万亿元，基金支撑能力稳中有升） 9月26日，人力资源社会保障部部长王晓萍在国新办举行的"高质量完成'十四五'规划"系列主题新闻发 布会上介绍，"十四五"以来，三项社会保险基金收支总规模69.27万亿元，基金累计结余9.81万亿元，基 金支撑能力稳中有升，为广大人民群众提供了更可靠更充分的社会保障。 ...

Core Insights - Ray Dalio emphasizes the importance of diversifying asset portfolios, suggesting a 10%-15% allocation to gold as a balance and risk hedge for individual investors [1][14] - He highlights the structural risks associated with high national debt, rising interest rates, and imbalances in bond supply and demand, using the U.S. as a case study [1][2] - Dalio identifies five driving forces behind the rise and fall of nations: debt/credit/money/economic cycles, domestic political order cycles, international geopolitical cycles, natural forces, and human learning and new technologies [1][2] Debt and Economic Implications - Dalio argues that debt issues are not just economic but also political and social problems, as rising debt servicing costs can lead to economic decline and internal conflict [2][3] - He critiques GDP as a measure of debt scale, advocating for a focus on the relationship between government revenue and debt repayment capacity [2][3] - In discussing China's debt, Dalio notes that it is primarily denominated in local currency and held domestically, providing some policy buffer, but warns of challenges from local government debt and real estate adjustments [2][12] Historical Context and Lessons - Dalio's analysis draws on historical debt cycles, asserting that economic issues often lead to political crises, as seen in the 1930s [3][4] - He emphasizes the importance of understanding historical patterns in debt cycles to inform current economic strategies [4][5] - The discussion includes insights from other experts on the interplay between capital markets, political systems, and global geopolitical dynamics [4][5] Investment Strategies - Dalio advocates for a diversified investment approach, particularly in the context of current economic volatility, suggesting that understanding the underlying mechanisms of asset performance is crucial [13][14] - He stresses the need for individuals to avoid speculative behavior and instead focus on maintaining a balanced asset allocation to mitigate risks [10][11] - The conversation highlights the significance of learning from historical financial principles to navigate contemporary investment challenges [14][15]

Core Viewpoint - Guizhou Bank demonstrates resilience and vitality in high-quality development, achieving a stable performance amid a complex macroeconomic environment and industry challenges, with significant growth in both operating income and net profit while maintaining a declining non-performing loan ratio [1][2]. Financial Performance - As of June 2025, Guizhou Bank's total assets exceeded 600 billion yuan, reaching 603.75 billion yuan, a 2.33% increase from the beginning of the year [2] - The bank's net interest margin increased by 0.22 percentage points year-on-year to 1.90%, driven by optimized asset structure and controlled liability costs [2] - Interest income reached 4.918 billion yuan, a 13.25% increase year-on-year, contributing to an operating income of 6.102 billion yuan, up 2.26%, and a net profit of 2.129 billion yuan, growing by 0.31% [2] Asset Quality - The non-performing loan ratio improved to 1.69%, with the provision coverage ratio rising to 331.87%, indicating enhanced risk mitigation capabilities [3] - The non-performing loan ratio for corporate loans decreased to 1.12%, with various sectors experiencing reductions in non-performing rates [3] Regional Development Support - Guizhou Bank focuses on supporting local economic development, aligning with the province's "Four Modernizations" initiatives, including new industrialization and urbanization [4] - As of June 2025, the bank's loans for new industrialization reached 36.199 billion yuan, with total disbursements of 12.427 billion yuan [4] - Loans for new urbanization amounted to 149.814 billion yuan, with cumulative disbursements of 13.033 billion yuan [4] Inclusive Finance and Rural Revitalization - The bank has issued 18.864 billion yuan in loans to small and micro enterprises, serving 18,500 clients, with a total balance of 54.067 billion yuan [5] - In rural revitalization, the bank's agricultural modernization loan balance grew by 3.221 billion yuan to 32.411 billion yuan by mid-2025 [5] Consumer Finance - Guizhou Bank's consumer finance assets reached 36.765 billion yuan, reflecting an increase of 1.156 billion yuan, contributing to the recovery of local consumption [6]

南方财经9月26日电，*ST美谷(000615.SZ)于2025年9月25日发布公告，宣布公司与临时管理人已同八家 重整投资人签署《重整投资协议之补充协议》，对原投资方案进行重要调整，以妥善处理关联担保债务 问题，最大限度保障上市公司及中小投资者利益，推动预重整及重整程序顺利实施。根据补充协议，产 业投资人湖北九州产业园区运营管理有限公司和天津信美通成股权投资合伙企业（有限合伙）的受让股 份价格统一调整为1.62元/股，分别受让435,930,312股和121,091,754股。其余六家财务投资人——包括 中国对外经济贸易信托有限公司、深圳市吉富启瑞投资合伙企业等——股份受让价格则调整为2.08元/ 股，受让股份数量在1,816万股至9,687万股不等。值得关注的是，为化解关联担保债务，部分受让股份 将直接用于以股抵债。例如，湖北九州需拿出75,930,312股、天津信美拿出21,091,754股用于清偿债权 人，其他投资人也按相应比例拿出股票进行抵债。所有投资款需在法院批准重整计划后三个工作日内支 付，最迟不晚于2025年12月31日。此外，重整投资人也作出了股份锁定期承诺。两家产业投资人承诺锁 定36个月 ...