2025世界机器人大会正在北京亦创国际会展中心如火如荼地举行。展馆内人流如潮，参观者摩肩接踵， 各大企业展台前挤满了来自全球的客商、投资人和技术专家。 这场科技盛会不仅展现了机器人技术的最新突破，更显现出行业发展的重要趋势，机器人正向复合式、 AI具身化、场景化加速演进。同时，中国机器人产业链"出海"进入新阶段。 向"全能型"机器人进化 "今年展位紧张，公司要订到去年的展出面积非常难，行业的火爆程度可见一斑。"上海清宝引擎机器人 有限公司（以下简称"清宝机器人"）董事长王磊在大会上向《证券日报》记者表示。 与往届相比，今年大会上的机器人除了可以完成打拳击、跳舞、踢足球等更多高难度动作之外，还呈现 出多种形态与技术的复合发展趋势，可以在多场景应用、具有协作能力的"全能型"机器人成为主角。传 统分类界限被彻底打破，工业、服务、特种机器人加速融合，具备多任务处理能力的复合式解决方案大 放异彩。机器人已经从"各种花式整活"真正变为"真干活"。 专注于研发仿人机器人的清宝机器人，今年也在应用于多场景的复合式机器人方面持续发力。据了解， 公司研发的人形机器人已经在文旅、安保、直播、教育等多个领域落地，同时公司还正在积极布 ...

Core Viewpoint - The traditional supermarket industry is under significant pressure for transformation, with many companies exploring quality retail as a key strategy for upgrading and improving sales performance [1][4]. Group 1: Industry Performance and Trends - As of August 10, 2023, four listed companies in the A-share supermarket sector have disclosed earnings forecasts, with one company expecting a net profit increase of 50% to 100%, another anticipating a return to profitability, while two others are projecting losses [1]. - According to the China Chain Store & Franchise Association, by the first half of 2025, chain supermarkets will continue to face substantial development pressures, with less than half of the supermarkets achieving year-on-year sales growth [1][3]. - A survey indicated that 75% of supermarkets attempted transformation in 2024, with 75% of those reporting varying degrees of sales growth [3]. Group 2: Company-Specific Developments - Yonghui Supermarket has initiated a strategic transformation focused on "quality retail," with significant upgrades to store environments and product offerings, including the removal of over 3,900 existing products and the introduction of 1,201 high-quality items [2]. - As of now, Yonghui has completed upgrades in over 150 stores and aims to reach 200 by the end of September 2023, emphasizing high quality and diverse product offerings to meet consumer demands [2]. - Despite facing challenges, including a projected net loss of 240 million yuan for the first half of 2025 due to extensive store renovations, Yonghui remains committed to its reform efforts and plans to raise up to 3.992 billion yuan for further store upgrades [5]. Group 3: Market Dynamics and Challenges - The retail market in China is characterized by significant scale and a multitude of operators, leading to imbalances and intense competition, necessitating optimization and adjustment within the industry [4]. - The shift towards quality retail is seen as both a challenge and a necessary evolution for traditional supermarkets to enhance profitability and brand influence in a competitive landscape [4].

Core Viewpoint - Recent announcements from the State Administration for Market Regulation highlight multiple vehicle recalls by automakers including Ferrari, GAC Toyota, FAW Toyota, BMW, and Stellantis due to safety hazards, emphasizing the importance of China's vehicle defect recall mechanism in protecting consumer rights and ensuring road safety [1][5][7] Group 1: Recall Details - BMW's recall involves over 230,000 vehicles, focusing on electrical safety and high-voltage system risks, with issues stemming from improperly manufactured starter generator connectors that could lead to engine stalling or fire [2] - GAC Toyota's recall includes over 90,000 vehicles, with issues related to instrument panel control program settings causing blackouts and insufficient strength in spiral springs due to improper heat treatment during manufacturing [3] - FAW Toyota's recall affects over 96,000 vehicles, addressing similar instrument panel program issues, with solutions involving program upgrades and inspections [3] - Stellantis is recalling 3,339 imported vehicles due to safety-related issues with the air conditioning system, while Ferrari is recalling 381 imported Purosangue vehicles due to potential short circuits in the fuse box [4] Group 2: Recall Mechanism and Communication - The recent recalls reflect the effective operation of China's vehicle defect recall system, supported by regulations that define defective products, recall procedures, and corporate responsibilities [5] - Automakers have demonstrated prompt responses and targeted solutions, offering free services such as part replacements and software upgrades to minimize consumer costs and ensure safety [5][6] - Effective communication channels are crucial for the success of recalls, with automakers notifying affected owners directly and providing platforms for information queries, enhancing transparency and consumer awareness [6]

2025年上市公司现金分红榜单以现金分红客观数据为基础，综合考量多维因素，最终形成近三年现金分 红总额榜单、近五年股利支付率榜单、近三年股息率榜单，每个榜单100家公司。 业内人士表示，与一般榜单不同的是，中上协的分红榜单更注重对公司3年至5年分红情况的评价，中长 期评价有助于引导上市公司增强分红的稳定性和可预期性，也有助于企业在一定期限内更合理安排分 红。榜单既关注分红的绝对额，也关注投资者关心的股利支付率和股息率，让愿意与投资者分享成长红 利的中小企业也有上榜机会。 中国人民大学财政金融学院教授郑志刚在接受《证券日报》记者采访时表示，中上协推出的榜单，从不 同维度客观评价了上市公司实际发放的股利，关注股利发放的持续性和稳定性，每个榜单100家企业， 相较于A股公司总数来看体量并不大，对重视红利投资的投资者具有一定指引作用。 8月8日，为引导上市公司树立回报投资者的理念，增强分红意识，中国上市公司协会（以下简称"中上 协"）结合现金分红规则要求，编制发布2025年上市公司现金分红榜单。 自2020年以来，中上协已经连续多年发布现金分红榜单。"现金分红榜单通过多维度、长周期机制引导 市场建立可持续分红文化。" ...

自2005年汇率形成机制改革以来，人民币汇率中间价作为基准汇率，对于引导市场预期、稳定市场汇率 发挥了重要作用。但这一段时间，人民币汇率中间价偏离市场汇率幅度较大，持续时间较长，影响了中 间价的市场基准地位和权威性。 为避免失衡过度累积，需要通过增强中间价的市场化程度和基准性加以调整，于是也就有了"8·11汇 改"。2015年8月11日，为增强人民币对美元汇率中间价的市场化程度和基准性，央行宣布完善人民币对 美元汇率中间价报价。自当日起，做市商在每日银行间外汇市场开盘前，参考上日银行间外汇市场收盘 汇率，综合考虑外汇供求情况以及国际主要货币汇率变化向中国外汇交易中心提供中间价报价。 对于此次完善人民币汇率中间价形成机制，央行在2015年第三季度中国货币政策执行报告中提到，一方 面在机制上加大市场供求对汇率形成的决定性作用，提高中间价的市场化程度；另一方面则顺应市场的 力量对人民币汇率适当调整，使汇率向合理均衡水平回归。中间价与市场汇率之间的偏离得到校正，中 间价的基准作用明显增强。 本报记者刘琪韩昱 10年前的8月11日，中国人民银行（以下简称"央行"）宣布完善人民币对美元汇率中间价报价（即"8·11 汇改" ...

Core Viewpoint - The recent optimization of housing purchase restrictions in major cities like Beijing signals a potential trend for other cities to follow, indicating a shift in real estate policies across China [1][3]. Group 1: Policy Changes - Beijing's recent notification allows eligible families to purchase an unlimited number of properties outside the Fifth Ring Road, while maintaining existing restrictions for properties within the Fifth Ring Road [2][4]. - Guangzhou has already lifted its purchase restrictions, leading to a notable increase in the real estate market activity, with a 9.03% increase in second-hand residential transactions from January to July 2025 [2]. - Shanghai and Shenzhen have also made adjustments to their purchase restrictions, with Shanghai easing requirements for non-local residents and Shenzhen maintaining certain conditions for non-local buyers [2][3]. Group 2: Market Impact - The adjustments in Beijing's policies are expected to stimulate the market, particularly in areas outside the Fifth Ring Road, which accounted for over 80% of new residential sales in the first half of the year [4][5]. - The easing of restrictions is anticipated to alleviate inventory pressure in high-stock areas, supporting the overall market recovery and aligning with population distribution strategies [5]. - Analysts predict that the differentiated strategy of strict controls in core areas while relaxing restrictions in suburban regions will cater to genuine housing needs and help balance supply and demand in the real estate market [5].

此外，黄金投资具有良好的长期保值增值特性。从历史数据来看，尽管黄金价格在短期内会因市场情绪 等因素出现波动，但长期趋势是向上的。在全球通胀压力时有抬头的情况下，黄金能够有效抵御通胀风 险。当物价上涨、货币购买力下降时，黄金价格通常会随之上升，保证了资产的实际价值。因此，全球 官方黄金储备增加，也是基于资产配置的长远考虑，确保国家财富在长期内实现保值增值。 展望未来，全球购金的脚步大概率不会停歇，增持黄金趋势有望延续。 当前，全球经济面临的诸多不确定性因素在短期内难以彻底消除，黄金作为避险资产的吸引力就不会减 弱。而且在去美元化大趋势下，全球黄金储备仍有潜在提升空间。当然，全球增持黄金的节奏和规模可 能会受到金价波动等因素影响，但是基于黄金独特的避险和抗通胀功能，全球官方黄金储备或减速不减 势。 ■刘琪 在笔者看来，当前全球政治经济形势复杂多变，黄金作为避险资产的属性得以凸显。增持黄金，能够为 各国央行的资产组合提供有效风险对冲，在一定程度上减少全球经济不确定性带来的风险。 去美元化布局也是核心考量之一。长期以来，美元在全球外汇储备中占据主导地位。然而，近年来美元 信用的削弱引发了越来越多国家的担忧。增持黄金是 ...

从环比看，CPI环比上涨0.4%，涨幅高于季节性水平0.1个百分点。环比上涨主要受服务和工业消费品价 格上涨带动。7月份，服务价格环比上涨0.6%，影响CPI环比上涨约0.26个百分点，成为带动CPI环比增 速"转正"的重要因素。工业消费品价格环比上涨0.5%，涨幅比6月份扩大0.4个百分点，影响CPI环比上 涨约0.17个百分点。 "受暑期出游旺季影响，飞机票、旅游、宾馆住宿和交通工具租赁费价格环比涨幅均高于季节性水平， 合计影响CPI环比上涨约0.21个百分点。"国家统计局城市司首席统计师董莉娟说。 董莉娟分析，一系列提振消费政策带动需求端持续回暖，叠加"618"促销活动结束，扣除能源的工业消 费品价格上涨0.2%。其中，燃油小汽车、新能源小汽车价格均由连续5个月以上的下降转为持平，家用 器具、文娱耐用消费品等价格环比涨幅在0.5%至2.2%之间。 对此，中国民生银行首席经济学家温彬表示，今年以来，核心CPI持续回升，反映随着扩内需、促消费 政策持续显效，市场供求关系逐步改善，国内经济循环进一步畅通。 8月9日，国家统计局发布数据显示，7月份，全国居民消费价格指数（CPI）环比由降转涨，上涨 0.4%，同 ...

Group 1 - The Small and Medium Enterprises Development Index (SMEDI) in China remained stable at 89.0 in July, unchanged from June [1] - In July, the funding index and input index increased by 0.2 points and 0.1 points respectively compared to June, while the comprehensive operation index and efficiency index remained flat [1] - The construction, transportation, real estate, social services, information transmission software, and accommodation and catering industries showed significant increases in their development indices, rising by 0.6, 0.4, 0.3, 0.3, 0.3, and 0.3 points respectively [1] Group 2 - The development environment for small and medium enterprises in China is stabilizing, with improved funding conditions and reduced operational cost pressures [2] - There is an increasing willingness for investment among enterprises, supported by effective macroeconomic policies [2] - Future efforts will focus on deepening economic reforms, stimulating domestic demand, and supporting innovation and efficiency improvements in private and small enterprises [2]

在笔者看来，要实现从"流量"到"留量"的跨越，需从产业维度、服务维度和生态维度方面破题。 产业维度方面，要推动"展会热点"与"产业基点"深度融合。2025世界机器人大会的成功经验表明，当展 会主题与城市主导产业高度契合时，不仅能提升参展质量，更能促进产业集聚。服务维度方面，要构 建"硬设施+软环境"的双支撑体系。一方面要完善场馆、交通等基础设施，另一方面要优化政务服务、 知识产权保护等制度环境。生态维度方面，要打造"短期集聚—长期转化"的良性循环，通过建立企业需 求数据库、打造产学研合作平台、组建产业联盟等方式，将展会资源持续转化为产业发展动能。 正因如此，短短几天的展会往往能带来显著的成效。以5月9日开幕的第21届中国郑州工业装备博览会为 例，开展首日便吸引45620人次专业观众到场，达成360家企业的意向合作。 其次，展会具有不可替代的产业引领作用。从前沿科技趋势的集中亮相到行业发展方向的精准预判，展 会为企业提供了把握产业脉搏的关键窗口。如在2025世界机器人大会上，仿生机器人的柔性运动技术、 协作机器人的自主决策系统等突破性成果集中展示，不仅让参展企业清晰捕捉技术迭代方向，更推动了 产学研的即时联动。 ...