本报（chinatimes.net.cn）记者卢梦雪 北京报道 理财公司正通过农商行争夺下沉市场客群。 近期，招银理财、农银理财、北银理财、宁银理财等多家理财公司陆续"官宣"，与农商行、农信社等中 小银行进行代销合作。其中兴银理财与300多家农商行及诸多村镇银行、外资银行等建立了代销合作关 系。 这一数据背后，是理财公司与中小银行的一场"双向奔赴"。有理财公司在接受《华夏时报》记者采访时 直言，农商行渠道竞争相对较少且合作潜力较大，能让理财公司获得与大行代销渠道有所差异的客户 群。而对于农商行而言，在资管新规约束下，其自营理财业务发展空间受到局限，丰富代销产品矩阵能 补全自营理财业务收缩剩余的空间，成为其应对监管要求和市场竞争的现实路径。 2025年上市银行半年报数据显示，中小银行代销理财规模正迅速增长。 理财公司积极拓展代销"朋友圈" 在理财公司新增的代销合作银行名单中，中小银行的名字出现得愈发频繁。 通过扩展代销版图，理财公司有望触达更广阔的客户群体。另有股份行理财公司人员告诉《华夏时报》 记者，当前理财公司仍在持续拓展代销渠道，"理财公司产品整体的差异化程度不高，但农商行、农信 社的代销渠道往往能获得与 ...

Core Viewpoint - The photovoltaic industry is currently facing significant challenges due to "involution," characterized by overcapacity, declining prices, and severe technological homogenization, prompting discussions on capacity exit and industry regulation [2][3][4]. Group 1: Industry Challenges - The photovoltaic industry has experienced "involution" driven by three key factors: capacity mismatch, continuous price declines, and severe technological homogenization [2]. - The initial expectation for capacity exit was around one year, but current trends indicate a downward adjustment in industry expectations [2]. - The exit of capacity is hindered by the interests of various stakeholders, including companies, capital markets, and local governments, making the process challenging [2]. Group 2: Regulatory Interventions - Recent changes indicate a shift from self-regulation to active government intervention, with multiple government departments convening to address competition order in the photovoltaic industry [3]. - A meeting on August 19 outlined four key requirements: strengthening industry regulation, curbing low-price competition, standardizing product quality, and supporting industry self-regulation [3]. - The Ministry of Industry and Information Technology (MIIT) is working with relevant departments to address irrational competition in key industries, including photovoltaics [3]. Group 3: Market Recovery - The photovoltaic market is showing signs of recovery, with significant price rebounds, particularly in silicon materials, which are now around 50,000 RMB per ton [4]. - The Wind photovoltaic index has risen significantly, from a low of 2210.32 points last August to over 3400 points, indicating strong market performance [4]. - Despite the recovery, the industry still faces the common challenge of effectively exiting excess capacity across various segments [4]. Group 4: Capacity Exit Standards - There is currently no clear standard for capacity exit, leading to discussions on whether to adopt a "leading enterprise" approach or a more uniform method [4][6]. - The industry is calling for stricter standards to ensure that only efficient producers remain in the market, which is crucial for the overall health of the sector [5][6]. - The "leading enterprise" plan, which was previously implemented, is being revisited as a potential solution to promote high-efficiency products and technologies [6][7]. Group 5: Quality Concerns - Recent issues regarding the quality of photovoltaic products, including power mislabeling and safety concerns, have emerged, potentially impacting efficiency and returns [8]. - The industry is urged to establish quality thresholds and mechanisms to guide resources towards higher quality production [8]. - A long-term imbalance in supply and demand could stifle innovation and investment in the sector, threatening its competitive edge [8][9]. Group 6: International Implications - The challenges faced by the photovoltaic industry are not limited to domestic markets but are also affecting international customers, leading to hesitance in order placements [9]. - Price pressures have resulted in significant drops, with some customers experiencing price reductions of up to 20% shortly after stocking [9]. - The extended shipping times due to geopolitical issues have further complicated supply chain planning for international clients [9].

"企业、产业的培育可谓千辛万苦，而非理性竞争毁掉一个企业、毁掉一个产业可能就在一夜之间，我 们绝不能容忍这种事情发生。"9月9日，在国新办发布会上，工信部部长李乐成铿锵有力地向包括《华 夏时报》记者在内的媒体说道。 在这场以介绍"十四五"期间大力推进新型工业化、巩固壮大实体经济根基有关情况为主题的发布会 上，"行业治理"两次被提到。一次是在介绍过去五年新能源汽车行业的发展时，工信部副部长辛国斌指 出，目前新能源产业发展还存在着一些不容忽视的问题，比如产业非理性竞争的问题还比较突出等，下 一步将进一步完善支持政策，加强关键核心技术突破，规范产业竞争秩序；另一次则是李乐成在回答行 业治理有关问题时，谈及近期治理新能源汽车、光伏等重点行业的非理性竞争时，旗帜鲜明地作出"绝 不容忍"的表态。 自7月初中央财经委员会明确推动落后产能有序退出、7月底政治局会议再提推进重点行业产能治理后， 过去一个多月里，"反内卷"席卷了从新能源汽车到光伏、钢铁、水泥、煤炭、建材等多个重点工业行 业。相关行业研报认为，重申"反内卷"仍将是中国市场未来18至24个月的主题交易。 四提"反内卷" 自7月份以来，工信部等部门至少召开了三次新能源 ...

Group 1 - The strategic cooperation agreement was signed between Bank of China Beijing Branch and Beijing Capital Tourism Group at the 2025 Service Trade Fair [1][3] - Bank of China has been the exclusive "Global Partner" for the banking industry at the Service Trade Fair for five consecutive years, emphasizing its commitment to supporting Beijing's development [3] - Beijing Capital Tourism Group is a leading comprehensive large-scale tourism group in China, focusing on five strategic business units: commerce, accommodation, entertainment, dining, and transportation [3] Group 2 - The signing aims to deepen the strategic cooperation between the bank and the tourism group, leveraging their respective advantages and resources for mutual benefit [3] - Future collaboration will focus on tourism consumption development, financial innovation, and investment financing to contribute to the high-quality development of the capital's economy and society [3]

9月9日晚间，已经停产的宁德时代（300750.SZ）宜春枧下窝锂矿传出复产消息。据称，宁德时代子公 司正在推进矿区复工，预计复产速度将快于市场预期。 一石激起千层浪。对于股民来说，锂矿复产消息当属利空，不少人表示锂矿要跌了。当晚亦有券商投顾 在交流群中表示，"明天的锂矿股票小心点。"9月10日开盘，碳酸锂期货、现货、锂矿股全部大跌。不 仅如此，市场恐慌情绪还蔓延到了其他锂电板块，多只锂电概念指数同时下跌。 9月10日，《华夏时报》记者向宁德时代方核实此事，截至发稿未得回复。有业内人士告诉记者，宁德 时代该矿并非马上复产，不能说此事打破了其他锂矿停产的预期。 复产速度有望快于预期 今年7月7日，宜春8座涉锂矿山企业收到整改通知，此前按照瓷土矿、瓷石矿审批、设立的项目需要按 照锂矿程序重新审批，若未能在9月30日之前获得新证，则有可能面临停产、罚款等风险。 其中，宁德时代手握江西省宜丰县圳口里—奉新县枧下窝陶瓷土（含锂）矿的采矿证，采矿证已于2025 年8月9日到期，并于当日暂停开采作业。8月11日，宁德时代在深交所互动平台表示，"在宜春项目采矿 许可证8月9日到期后已暂停了开采作业，正按相关规定尽快办理采矿证 ...

Core Insights - The A-share market has seen a surge in institutional research activities since August, with over 1,600 listed companies being investigated by market institutions, particularly in the medical equipment and electronic components sectors [2][3] - Four companies have attracted significant attention, receiving over 300 institutional visits: Mindray Medical, Desay SV, Crystal Optoelectronics, and United Imaging [3] Company Performance - Mindray Medical's projected revenues for 2022, 2023, and 2024 are 30.366 billion, 34.932 billion, and 36.726 billion respectively [3] - Desay SV's projected revenues for the same period are 14.933 billion, 21.908 billion, and 27.618 billion [3] - Crystal Optoelectronics is expected to generate revenues of 4.376 billion, 5.076 billion, and 6.278 billion [3] - United Imaging's projected revenues are 9.238 billion, 11.411 billion, and 10.3 billion [4] Industry Focus - The most favored sectors for institutional research include industrial machinery, electronic components, and medical equipment, with 135, 89, and 53 companies respectively being investigated [5] - Companies in these sectors have reported strong financial performance, contributing to their attractiveness for institutional investors [6] Future Growth Potential - Institutions are increasingly interested in the unique business models and growth potential of companies, focusing on high-potential business segments [7] - Mindray Medical highlighted three high-potential business areas: minimally invasive surgery, animal healthcare, and cardiovascular, which collectively exceeded 4 billion in revenue last year [7] - Crystal Optoelectronics is focusing on enhancing its capabilities in chip design and 3D visual perception, particularly in AI applications [7] Investment Evaluation - Investors are advised to closely monitor the latest business developments and technological advancements of companies, especially those that create competitive barriers or new growth points [8] - Observing how companies respond to industry challenges and market fluctuations can provide insights into their adaptability and innovation [8]

9月9日，据国家网络安全通报中心消息，迪奥（上海）公司收到一则行政处罚，起因是客户数据安全防 线"失守"，存在三项违规行为。 而这在行业内并非个例。今年以来，包括卡地亚（Cartier）、路易威登（Louis Vuitton）在内的奢侈品 品牌都发生过数据安全泄露事件。奢侈品品牌在加速数字化的同时，面临严峻的数据安全挑战。 品牌营销专家路胜贞对《华夏时报》记者表示，迪奥数据泄露事件背后逻辑是企业对消费者信息数据的 采集、使用门槛太低，违法成本太低，也暴露了消费认知、社会监管等综合层面对消费者信息的不规范 采集、使用容忍度太高，整个社会个人信息保护意识不成熟。 北京瀛和律师事务所高级合伙人、数据要素中心主任陈双对本报记者分析认为，从公安网安部门查明的 三项违法事实来看，迪奥（上海）公司的行为并非偶然，而是跨国企业在数据管理中常见的合规缺位， 其本质是数据合规意识薄弱，未建立起全流程的数据合规管理体系。 迪奥数据安全防线失守 北京市京师律师事务所律师卢鼎亮对本报记者表示："迪奥数据泄露事件凸显了全球化运营与数据集中 管理需求的冲突，系全球化运营需求与本土数据合规要求之间的矛盾。" 卢鼎亮认为，迪奥总部公司在精准营 ...

Group 1 - Alibaba is intensifying its efforts in the local lifestyle market with the launch of the Gaode Street Ranking, emphasizing the importance of Gaode in its in-store strategy [2][3] - The Gaode Street Ranking project began in June 2023 and has grown from a team of about 20 to around 100 members, indicating significant investment in this initiative [3][4] - Gaode has reported coverage of over 7 million restaurant locations across China, with 120 million daily searches related to lifestyle services [3][4] Group 2 - The launch of the Gaode Street Ranking signals Alibaba's aggressive entry into the in-store market, supported by a substantial subsidy plan of over 1 billion to attract daily foot traffic to offline businesses [5][6] - The competitive landscape for in-store services has evolved, with new players like Douyin and Xiaohongshu entering the market, making it more challenging for Alibaba to establish dominance [5][6] - Industry experts suggest that Alibaba's future success may hinge on integrating its in-store and at-home services, leveraging user flow and supply chain efficiencies [6]

今年以来A股三大指数集体大涨，不少个股股价一路冲高至历史峰值，即便9月市场进入震荡调整阶 段，上证指数依旧稳稳站在历史高位区间。然而，和这一向好行情形成鲜明对比的是，9月以来上市公 司重要股东的减持动作显著升温，密集披露的减持公告持续牵动市场投资者神经。 从减持动态来看，Wind数据显示，截至9月10日收盘，9月已有400余家上市公司发布重要股东减持完成 公告，涉及股东数量超600名，合计减持股份约10亿股，累计减持金额达190亿元。 不过，在多名受访人士看来，股东减持是资本市场正常情况。从长期来看，股东减持有可能造成短期波 动，但并不会改变整体趋势。 多家公司"扎堆"披露减持计划 "股东减持的核心动机通常集中在几个方面：首先是基于对当前股价估值的判断，当股价处于高位或估 值偏高时，股东可能认为减持是锁定收益的合理选择。其次，资金用途也是重要考量，包括产业投资、 债务偿还、个人资金需求等。最后，政策变化、行业周期调整或公司基本面预期变化也可能促使股东减 持。"苏商银行特约研究员付一夫在接受《华夏时报》记者采访时表示。 累计减持金额约190亿元 进入9月以来，多家上市公司重要股东对外披露了减持公告，引起了市场投 ...

Core Viewpoint - The integration of artificial intelligence (AI) with the energy sector is becoming an inevitable trend, driven by the release of the "Implementation Opinions on Promoting High-Quality Development of 'Artificial Intelligence + Energy'" by the National Development and Reform Commission and the National Energy Administration [1][2] Group 1: Policy and Strategic Goals - By 2027, a preliminary framework for the integration of energy and AI is expected to be established, with significant breakthroughs in core technologies and broader applications [2][6] - The policy outlines the deployment of AI across various energy sectors, including electricity, coal, oil, and gas, aiming to enhance the digital and intelligent transformation of traditional fossil energy industries [2][3] Group 2: Industry Initiatives and Developments - Major state-owned power enterprises, such as State Power Investment Corporation and China Energy Group, are actively implementing AI technologies in areas like resource exploration, production operations, and safety monitoring [1][4] - The National Energy Group is focusing on AI for efficient and clean coal utilization, with AI algorithms optimizing boiler combustion parameters to reduce coal consumption by 3%-5% [5] - Huaneng Group is collaborating with China Telecom to enhance digital transformation and AI integration in the energy sector [5] Group 3: Technological Advancements - AI systems are being utilized to optimize coal combustion in traditional power plants, resulting in a reduction of coal consumption by 4.2 grams per kilowatt-hour [6] - The development of AI load forecasting systems has improved short-term load prediction accuracy to over 97%, significantly enhancing grid stability [6] Group 4: Future Outlook and Market Potential - The market for digitalization in the power sector is projected to reach approximately 180 billion yuan by 2030, driven by the implementation of AI technologies [5] - The establishment of a collaborative mechanism between computing power and electricity is expected to create a green, economical, safe, and efficient energy consumption model [2][6]