本报记者郝飞 日前，贵州金融控股集团有限责任公司（以下简称"贵州金控集团"）与贵州省农村信用社联合社（以下 简称"贵州省农信联社"）围绕推进贵州农信改革、深化银企合作、协同服务全省经济社会发展等方面进 行深入交流。贵州金控集团党委书记、董事长胡凯，贵州省农信联社党委书记、理事长杨松出席座谈并 讲话。 科技部国家科技专家库专家周迪对《农村金融时报》记者表示，组建农商联合银行的责任单位可以从如 下几方面推进相关工作：一是共同制定组建方案，明确改革目标、组织架构、股权结构等核心要素，确 保改革方向与国家金融政策保持一致。二是建立常态化沟通机制，定期召开工作协调会，及时解决改革 过程中遇到的各类问题，确保各参与方形成合力。三是统筹协调各方资源，做好不良资产处置工作，为 农商联合银行组建创造良好条件。 新社汇平台联合创始人煜阳认为，组建农商联合银行的责任单位应共同推进新机构建立"三会一层"制 度，明确各治理主体的权责边界。同时，多渠道引入战略投资者，形成多元化股权结构，增强资本实力 与市场活力。 （文章来源：证券日报） 胡凯对杨松一行的到访表示欢迎。他表示，贵州金控集团与贵州省农信联社作为省属金融企业，在服务 全省经济 ...

"行业智付通"特色支付工具可以提供支付订单管理、批量支付、买方管理等核心功能，有效解决传统交 易模式下结算效率低、管理成本高、信息不对称等问题，显著提升资金流转效率和客户体验。 针对不同地域、不同行业的封闭结算市场特点，邮储银行精准实施"一圈一策"服务策略，构建集支付结 算、信贷融资、财富管理于一体的综合金融服务。 自封闭结算市场拓展3个月以来，邮储银行各地分支机构已触达全国160多个地市，涵盖粮食、果蔬、畜 牧、水产等行业超200个不同品类，服务客户超2万户，累计交易金额突破43亿元。比如，今年6月4日， 邮储银行甘肃省金塔县支行成功落地一户封闭结算市场，并在当日成功交易玉米款5万元。此业务是邮 储银行甘肃省酒泉市分行系统内首笔封闭结算市场结算场景项目，该项目年交易规模预计突破50万元。 本报记者郝飞 在推进乡村全面振兴、加快建设农业强国的战略背景下，邮储银行充分发挥网络下沉、深耕县域的独特 优势，创新打造了"行业智付通"封闭结算市场支付结算工具，为农、林、牧、副、渔等生态场景提供高 效、智能的金融服务。 邮储银行相关负责人表示，将继续坚守服务"三农"、城乡居民和中小企业的定位，打造更具行业特色的 支付结算 ...

记者了解到，《征求意见稿》共十六条，主要明确了办法适用范围和定义、残缺污损人民币兑换标准、 异议处理及鉴定程序、监督管理等四个方面内容。 所谓"残缺、污损人民币"，是指票面撕裂、损缺，或外观、质地受损，颜色变化，图案不清晰，防伪特 征受损，不宜再继续流通使用的人民币。 残缺、污损人民币如何在银行兑换？这是日常生活中不少人会遇到的问题。 为进一步做好残缺、污损人民币兑换工作，7月18日，中国人民银行发布《中国人民银行残缺污损人民 币兑换办法（征求意见稿）》（简称《征求意见稿》），并面向社会公开征求意见。 "残缺、污损人民币兑换，关系到金融消费者合法权益的维护。《征求意见稿》不仅明确了兑换标准， 便于人民群众去兑换；也更便于银行机构按照标准来执行，还能减少一些纠纷。"招联首席研究员、上 海金融与发展实验室副主任董希淼告诉《农村金融时报》记者，"这也是一项金融便民惠民的具体举 措。" 《征求意见稿》明确，金融机构应当无偿为公众办理残缺、污损人民币兑换业务，不得拒绝办理。因火 烧、侵蚀、霉烂等特殊原因形成的残缺、污损人民币（以下简称"特殊残缺、污损人民币"）的兑换业 务，由中国人民银行分支机构指定的金融机构办理。 根 ...

博雅全健联合创始人、COO丁亮表示，"羲和一号"大模型结合大规模临床数据，覆盖上百个科室、万余 种疾病，通过人工脱敏与自研无损转换算法，既保障隐私安全，又能模拟真实医患对话场景。在前期试 点中，该大模型在基层分诊准确率、影像分析效率等指标上表现突出，为此次健康管理引导预问诊大模 型落地奠定基础。 构建医疗智能化闭环 宁夏项目的落地，标志着当地在国家卫生健康委员会指导下，系统性推动健康管理人工智能化提 升。"医疗健康AI不是孤军奋战，需要数据、算力、临床资源的深度协同。"栗琳强调，选择宁夏，是基 于技术适配与生态契合的双重考量，产业园提供的不仅是物理空间，更是生态"黏合剂"。 7月18日，智启健康创领未来——宁夏人工智能医疗健康产业园开园暨首批企业入驻签约仪式在宁夏银 川隆重举行。作为此次开园仪式的联合主办方和核心签约企业，北京博雅全健智算科技有限公司(以下 简称"博雅全健")与宁夏人工智能医疗健康产业园签署战略合作协议，宣布将其"宁夏健康管理引导预问 诊大模型"核心研发及运营中心落地园区。 博雅全健控股股东为港股上市公司天津泰达生物医学工程股份有限公司。博雅全健作为首批入驻的头部 企业，其带来的不仅是一个技术 ...

7月19日，雅鲁藏布江下游水电工程开工仪式在西藏自治区林芝市举行。该工程位于西藏自治区林芝 市，将建设5座梯级电站，总投资约1.2万亿元。该工程电力以外送消纳为主，兼顾西藏本地自用需求。 努曼陀罗商业战略咨询创始人霍虹屹表示："雅鲁藏布江下游水电工程不仅是一项重大水利水电工程， 更是一项具有战略全局意义的国家级基础设施。该工程不仅有助于优化全国能源结构、提升非化石能源 占比，也将极大增强我国西南水电的战略调度能力，为构建'全国一张网'的统一电力市场提供强大支 撑。同时，该工程的实施将大幅拉动西藏及其周边区域的产业发展，创造大量就业机会，并有效提升西 藏自身能源保障水平与自我造血能力，它是一次真正意义上的'以大工程促大发展'。" 从产业经济方面来看，雅鲁藏布江下游水电工程的开工建设将为多个行业的发展产生积极影响。 科技部国家科技专家库专家周迪向《证券日报》记者表示，工程建设将带动多个行业受益。首先是电力 设备制造业，包括水轮发电机组、变压器等需求将会激增；其次是工程建设行业，包括建筑施工、工程 机械等；最后是输变电行业，需要建设大规模电力外送通道。此外，该工程还将带动当地旅游、交通、 物流等配套产业发展，为西藏 ...

Core Viewpoint - *ST 恒久 is expanding its presence in the photovoltaic sector by acquiring a significant stake in Shanghai Jingxin Technology Co., Ltd. (Jingxin Technology), which is expected to enhance its business scale and profitability [2][3]. Group 1: Investment Details - *ST 恒久 plans to acquire a total of 43.04% equity in Jingxin Technology through a combination of capital increase and share purchase, with an investment of 8 million yuan [2]. - The company will directly hold 28.57% of Jingxin Technology's shares and will control 14.47% through its wholly-owned subsidiary [2]. - The transaction allows *ST 恒久 to have two-thirds of the board seats at Jingxin Technology, enabling it to influence major governance decisions [2]. Group 2: Financial Performance and Projections - Jingxin Technology's projected revenue for 2024 is 7.70 million yuan, with a net loss of 11.72 million yuan [3]. - For the first four months of 2025, Jingxin Technology's revenue is expected to be 10.01 million yuan, with a net loss of 4.96 million yuan [3]. - The valuation report indicates that Jingxin Technology's net asset value is 1.06 million yuan, with a total equity value of 21.20 million yuan, reflecting a substantial increase of 19,842.27% [3]. Group 3: Strategic Rationale - The acquisition is seen as a strategic move for *ST 恒久 to diversify into the high-growth photovoltaic sector, especially as its core laser business faces stagnation [3]. - The partnership with Jingxin Technology is expected to leverage digital tools and services in the commercial distributed photovoltaic market, enhancing operational efficiency for clients [3]. Group 4: Performance Commitments - The agreement includes performance commitments from Jingxin Technology's shareholders, requiring service revenues to reach 30 million yuan, 60 million yuan, and 90 million yuan for the years 2025 to 2027, respectively [6]. - If performance targets are not met, *ST 恒久 has the right to adjust the valuation of its acquired shares and may require a buyback of shares from the shareholders [7]. Group 5: Risk Mitigation Measures - The performance commitments are designed to create a "safety net" and "incentive" for both parties, aiming to minimize investment risks for *ST 恒久 while motivating Jingxin Technology's team to focus on achieving performance goals [7]. - The effectiveness of these measures will depend on the efficient integration of resources between *ST 恒久 and Jingxin Technology [7].

Core Viewpoint - The insurance industry is increasingly concentrating its investments in high dividend yield assets, particularly in the banking and public utility sectors, reflecting a market-driven strategy aligned with the industry's risk-averse investment logic [1] Group 1: Current Trends in Insurance Investment - In 2023, insurance institutions have made 21 stake acquisitions, surpassing the total of 20 from the previous year [1] - The focus on high dividend yield stocks is consistent with the overall holding style of insurance funds in the stock market [1] Group 2: Challenges of Current Investment Strategy - The current trend of insurance funds clustering around high dividend assets is a passive choice under multiple pressures, including declining interest rates and the need to cover liability costs [2] - There are three main concerns with this strategy: high opportunity costs from missing growth in emerging sectors, the potential for high dividend yields to decrease over time, and the risk of concentrated investments leading to systemic risks [2] Group 3: Recommendations for Asset Allocation - Insurance funds should seek to identify and allocate more resources to high-growth sectors to achieve better long-term returns [3] - There is a need for strategic alignment between investments and core business areas, particularly in light of demographic trends such as aging populations, which can create synergies in sectors like healthcare and pensions [3] Group 4: Importance of Investment Capability - Enhancing investment capabilities is crucial for insurance companies, especially given the rapid decline in fixed-income asset yields and the pressure from long-duration liabilities [4] - Regulatory bodies have introduced policies to support insurance institutions in improving their investment capabilities, including increasing equity asset allocation limits [4] - The shift from a defensive to a proactive investment approach is essential for the insurance sector to contribute effectively to capital market health and support the real economy [4]

与上一季度的榜单相比，第二季度的榜单排名呈现出较大变化，前三名席位均发生更替，多家券商的排 名显著提升。具体来看，申万宏源从上一季度的第6名跃升至第1名，国投证券从上一季度的第15名跃升 至第2名，东兴证券从上一季度的第68名大幅上升至第3名。 头部券商优势地位保持稳固，多家中小券商排名大幅跃升 7月18日晚间，北交所、全国股转公司公布证券公司2025年第二季度执业质量情况评价结果，全面反映 出券商在北交所、新三板市场的执业质量及在各细分领域的业务实力。整体来看，第二季度，头部券商 优势地位保持稳固，多家中小券商凭借在细分赛道的突破推动排名大幅跃升。 与一季度相比变化较大 为督促券商勤勉尽责，提高执业质量，北交所、全国股转公司定期对券商业务执业质量进行评价并公布 结果，评价体系主要包括专业质量得分和合规质量扣分，再加上基础分100分，最终以合计分值进行排 名。 评价结果显示，第二季度，共有103家券商参与评价，其中，申万宏源（000166）以149.3分夺得榜首； 国投证券紧随其后，得分为140.55分；东兴证券（601198）、中信建投（601066）得分分别为134.6分、 132.75分；此外，中信证券 ...

可交换债券一般会约定触发交换的条件。若标的股价大涨，则债券持有人所获转股的收益远超债券收 益。以阿里巴巴发行的零息可交换债券为例，债券持有人拥有灵活交易权，可在特定时间内将债券交换 为阿里健康股份、现金或二者组合。债券的初始交换比率为每100万港元本金额的债券可交换约16万股 阿里健康股份，初始交换价格为每股6.23港元，较对冲配售的阿里健康每股4.21港元溢价48%。 其次，港股市场流动性显著改善，部分港股公司股价表现大幅提升，为转股创造有利条件。 今年以来，港股公司可交换债券发行活跃，零息可交换债券更是频频涌现。7月9日，阿里巴巴完成 120.23亿港元的零息可交换债券发行。据不完全统计，截至7月20日，年内港股可交换债发行规模已超 472亿港元。这些大额债券成功发行，离不开包括国际头部长线机构在内的资本踊跃认购。 可交换债券是上市公司股东发行的、可以交换成该股东所持有的上市公司股份的债券品种。可交换的标 的一般是发行人的子公司、母公司或者关联企业。 资本为何追捧港股可交换债券？在笔者看来，这主要缘于全球资金愈发青睐香港市场。在港股IPO认购 配额竞争激烈的情况下，可交换债券作为挂钩优质股票资产的工具，逐 ...

Core Insights - In the first half of 2025, consumption contributed 52% to China's economic growth, becoming the main engine driving the economy [1] - The retail sales of consumer goods reached 24.5 trillion yuan, a year-on-year increase of 5.0%, with online retail sales growing by 8.5% [1] - New consumption models and trends, such as self-care and emotional consumption, are emerging, indicating a vibrant consumption market [1][2] Expansion - The consumer market is showing robust growth, with retail sales expected to exceed 50 trillion yuan this year [1] - The sales of new energy vehicles surpassed 5 million units, marking a 33.3% year-on-year increase [1] - The retail sales of sports and entertainment goods, as well as gold and jewelry, saw double-digit growth [1] Quality Improvement - Consumer preferences have shifted from merely acquiring products to seeking quality, with a notable rise in green and smart products [1] - The "old-for-new" policy has stimulated rapid growth in energy-efficient and smart home appliances [1] Renewal - New consumption trends are flourishing, with various new models and business formats emerging, such as night economy and "IP + consumption" [1] - The popularity of collectible blind boxes, like "Labubu," has gained global traction [1] Openness - The expansion of visa-free travel has attracted more foreign tourists, with a significant increase in foreign visitors during holidays [2] - The number of foreign tourists entering China during the May Day and Dragon Boat festivals increased by 72.7% and 59.4% respectively [2] Future Strategies - To further enhance consumption's role as an economic stabilizer, increasing residents' income levels is crucial [3] - Improving the consumption environment through better market regulation and infrastructure is essential [3] - The government plans to optimize funding for the "old-for-new" policy and maintain a moderately loose monetary policy [3]