随着中国宣布俄罗斯即将成为第76个实施免签政策的国家，以及俄罗斯方面承诺很快将予以中国对等待 遇，中俄两个有着漫长陆地边界的邻国终于开始进入更深层次的开放阶段。在"互免"政策刺激下，两国 的航空公司一个阶段以来庞大的航空网络布局也将真正迎来收获期。 在未实施免签政策之前，中国与俄罗斯之间的旅游市场本就已经开始显示出显著的"双向奔赴"特征。 全面开放 据央视新闻报道，俄罗斯总统普京9月5日在东方经济论坛全会上表示，俄罗斯相应也将对等实施对华免 签政策，作为对中方这一友好措施的回应。 在相关消息发布后1小时内，国内在线旅游服务平台同程旅行发布的数据显示，平台俄罗斯旅游相关产 品的瞬时搜索量环比增长了6倍多。 这一变化与此前中国宣布对俄罗斯免签之后的市场反应非常相似，可见免签政策对旅游出行相关行业所 带来立竿见影的刺激效应。 9月2日，中国外交部正式宣布：自2025年9月15日至2026年9月14日，对俄罗斯持普通护照人员试行免签 政策。俄罗斯持普通护照人员来华经商、旅游观光、探亲访友、交流访问，过境不超过30天，可免办签 证入境。 在线旅游服务平台去哪儿网发布的指数数据显示，以莫斯科、圣彼得堡为目的地的机票搜索量 ...

Core Viewpoint - Beijing Bank is entering a new phase of digital transformation, focusing on value creation and aiming to become a fully digital bank by 2025 [2][3]. Financial Performance - In the first half of the year, Beijing Bank achieved operating income of 36.218 billion yuan, a year-on-year increase of 1.02%; net profit attributable to shareholders was 15.053 billion yuan, up 1.12%; basic earnings per share reached 0.69 yuan, an increase of 1.47% [2]. - As of the end of June, total assets reached 4.75 trillion yuan, growing by 12.53% since the beginning of the year; total loans and advances amounted to 2.39 trillion yuan, an increase of 8.18% [4]. Interest Margin and Cost Control - The net interest margin and net interest spread were reported at 1.3% and 1.31%, respectively, both down by 18 and 16 basis points year-on-year [4]. - The bank is focusing on controlling liability costs to mitigate the pressure from declining asset yields and narrowing interest margins [5]. Risk Management and Asset Quality - As of June, the non-performing loan ratio was 1.3%, a slight decrease of 0.01 percentage points from the beginning of the year; the core Tier 1 capital adequacy ratio was 8.59% [5]. - The bank plans to enhance risk management by classifying potential risk clients and improving the recovery of non-performing assets [5]. Digital Transformation Initiatives - Beijing Bank is implementing an "All in AI" strategy, establishing an integrated AI system to support its digital transformation [7]. - The bank has developed over 300 AI applications across various business areas, enhancing risk control and asset management capabilities [7]. Support for Specialized Enterprises - As of June, the bank's technology finance loan balance reached 434.6 billion yuan, an increase of 70.3 billion yuan, with a growth rate of 19%; it serves over 26,000 specialized enterprises [8]. Future Plans - The bank aims to enhance its service efficiency through investment banking-driven methods and support technology enterprises with innovative financial products [9]. - The focus will be on long-term growth and maintaining strategic determination to achieve high-quality development [9].

Group 1 - The U.S. added only 22,000 non-farm jobs in August, significantly below the expected 75,000, with an unemployment rate of 4.3%, the highest in nearly four years [2] - The average monthly job growth over the past three months is only 29,000, marking the weakest period since the pandemic, with non-farm employment below 100,000 for four consecutive months [2][3] - The job growth in August was primarily driven by the healthcare sector, which added 31,000 jobs, while manufacturing jobs decreased by 12,000 [3] Group 2 - Former President Trump has been pressuring the Federal Reserve to lower interest rates, claiming that high borrowing costs are unnecessarily suppressing the economy [4] - Fed Chair Powell indicated a shift towards easing monetary policy, acknowledging a "peculiar balance" in the labor market due to significant slowdowns in both labor supply and demand [4] - The upcoming Federal Reserve meeting in September is expected to consider a rate cut of either 25 or 50 basis points, with market expectations leaning towards a larger cut [4][5]

本报（chinatimes.net.cn）记者卢梦雪 北京报道 辽沈银行原行长杨法德，正式获批担任辽沈银行董事长。 2025年9月3日，辽宁金融监管局发布批复，正式核准辽沈银行董事长杨法德的任职资格。 成立以来，由于吸收合并了部分"高风险银行"，辽沈银行不良贷款率长期高企，但资产质量呈好转趋 势，不过，2024年吸收三家村镇银行后，该行净利润暴跌230.77%。 招行老将升任辽沈银行董事长 根据公开资料，杨法德1964年8月出生，上海财经大学统计学专业，硕士研究生学历，高级经济师。 工作经历方面，杨法德于2013年10月获准担任招商银行银川分行行长；2015年7月出任招商银行佛山分 行行长；2018年10月转战招银金租担任董事；2018年12月至2022年10月，担任招商银行广州分行行长。 而在监管正式核准杨法德的任职资格前，据沈阳市沈河区委宣传部文章消息，今年7月，杨法德已以辽 沈银行董事长的身份进行接待。 2024年，杨法德进入辽沈银行，在8月至12月代为履行行长职责，后正式出任辽沈银行行长、执行董 事、董事会审计委员会委员、董事会提名委员会委员。 辽沈银行承担着金融改革化险的任务而生，成立当年就吸收合并 ...

Core Viewpoint - The "14th Five-Year Plan" aims to establish a high-quality Western Land-Sea New Corridor by 2025, enhancing economic, efficient, convenient, green, and safe transportation in the region [2]. Group 1: Performance and Achievements - As of September 4, 2023, the Western Land-Sea New Corridor has sent over 1 million TEUs (Twenty-foot Equivalent Units) of container cargo, reaching 1,001,455 TEUs, a year-on-year increase of 72.5% [3]. - The railway department has made significant progress in constructing the main corridor, with the East Line completing electrification, the Central Line opening the Gui-Nan High-Speed Railway ahead of schedule, and the West Line advancing the Huang-Bai Railway [3]. - The total cargo throughput at Qinzhou Port East Station reached 10.572 million tons, a year-on-year increase of 29.7%, with a notable rise in automobile exports [6]. Group 2: Transportation Demand and Cargo Structure - The Western Land-Sea New Corridor has seen strong transportation demand, with container cargo shipments in both upstream and downstream directions increasing by 74.7% and 70.2% respectively [7]. - The cargo structure has diversified, including bulk commodities like coal and minerals, as well as chemical products, agricultural products, and machinery [7]. - Since the launch of the corridor in 2017, a total of 4.7 million TEUs have been sent, maintaining an annual growth rate in double digits [7]. Group 3: Infrastructure and Technological Advancements - The railway department has organized stable train flows and increased the number of scheduled train lines to 24, enhancing the efficiency of the transportation network [9]. - Efforts are being made to integrate smart technologies in port operations, with significant advancements in automated and digital management systems, improving operational efficiency by over 30% [10]. - The construction of smart ports along the China-Vietnam border is underway, aiming for 24/7 automated customs clearance [10].

Core Viewpoint - The white card paper industry is experiencing a price increase due to operational pressures and anticipated seasonal demand, following a trend of price declines earlier in the year [1][3][6]. Price Increase Announcement - Six major white card paper companies announced a price increase of 100 yuan/ton effective September 1, 2025, following previous price adjustments earlier in the year [1][2]. - This marks the third price increase notification for white card paper in 2025 [2]. Reasons for Price Increase - The price adjustments are attributed to rising operational costs and a recovery in demand, particularly as the traditional demand season approaches [3][6]. - APP (China) cited the need to maintain normal operations and product quality as a reason for the price hike, while Nine Dragons Paper pointed to improving market demand [3][6]. Market Conditions - The white card paper market has been under pressure, with prices at a low point for the year and theoretical profitability in a negative state [1][6]. - The overall performance of the paper industry has been declining, with only 6 out of 20 listed paper companies reporting profit growth in the first half of 2025 [1][6]. Impact of Corrugated Paper Prices - The increase in white card paper prices is influenced by the rising prices of corrugated paper, which saw significant price hikes in August due to increased raw material costs [4][6]. - The average gross margin for the corrugated paper industry improved slightly in August, indicating a potential positive trend for the overall paper market [4]. Future Outlook - The sustainability of the price increase remains uncertain, as the market is still expanding, and demand recovery is crucial for the success of the price hikes [7]. - Analysts suggest that if demand does not improve, there may be downward pressure on prices, with expectations of a potential decline of 0.15% to 0.53% in average prices for September compared to August [7].

Core Viewpoint - The resignation of the chairman of Zhonglai Co., Ltd. is attributed to age, and the company asserts that this decision is unrelated to its financial performance, which has seen losses in 2024 and the first half of 2025 [2][6]. Company Overview - Zhonglai Co., Ltd. specializes in photovoltaic materials, high-efficiency batteries, and components, and was established in 2008, going public in 2014 [5]. - The company is currently facing financial difficulties, with losses of 8.56 billion in 2024 and a net loss of 1.69 billion in the first half of 2025, although this represents a 44.83% improvement year-on-year [6][7]. Leadership Changes - The former chairman, Cao Lu, who held the position for over two years, resigned due to age, and will not hold any position in the company post-resignation [2][3]. - The largest shareholder is Lin Jianwei, who holds 16.36% of the shares, while Zhejiang Zheneng Electric Power Co., Ltd. is the second-largest shareholder with 9.75% [3]. Financial Performance - The company reported a revenue of 33.04 billion in the first half of 2025, a year-on-year increase of 7.25%, but still recorded a net loss [6][7]. - The photovoltaic application system business generated the highest revenue of 18.29 billion, with a gross margin of 19.84% [7]. Debt and Financial Structure - Zhonglai Co., Ltd. has a high debt ratio of 75.9%, with total liabilities amounting to 124.25 billion [8][9]. - The company plans to improve its financial structure by enhancing profitability, optimizing financing, and managing funds more efficiently [9].

Core Viewpoint - The white card paper market is experiencing a price increase due to operational pressures and an anticipated demand recovery, following a period of price decline and industry losses [1][7][8]. Group 1: Price Adjustments - Six major white card paper companies announced a price increase of 100 yuan/ton effective September 1, 2025, following previous price hikes earlier in the year [1][2]. - This marks the third price adjustment for white card paper in 2025, with earlier increases attributed to rising operational costs and a need to align prices with actual usage value [2][8]. - The price of corrugated paper has also risen significantly, with increases ranging from 130 to 260 yuan/ton since August, driven by higher raw material costs [4]. Group 2: Market Conditions - The white card paper market has been under pressure, with theoretical profitability in the industry being negative, leading to operational challenges for companies [1][7]. - Demand is expected to increase due to seasonal factors, including upcoming holidays and specific orders, which may help alleviate supply-demand imbalances [3][8]. - The overall performance of the paper industry has been poor, with only 6 out of 20 listed companies reporting profit growth in the first half of 2025, while others faced significant declines [1][7]. Group 3: Future Outlook - The success of the recent price increases will depend on the improvement of market demand and the willingness of downstream buyers to accept higher prices [8]. - Despite rising costs supporting price increases, demand remains weak, leading to cautious market sentiment and potential downward pressure on prices [8].

Core Viewpoint - The resignation of the chairman of Suzhou Zhonglai Photovoltaic New Materials Co., Ltd. (Zhonglai) has raised market concerns, particularly regarding its timing in relation to the company's ongoing losses in 2024 and the first half of 2025 [2][5]. Company Overview - Zhonglai was established in 2008 and went public on the Growth Enterprise Market in 2014, focusing on photovoltaic auxiliary materials, high-efficiency batteries, components, and photovoltaic applications [5]. - The company is currently facing significant financial challenges, with reported losses of 8.56 billion yuan in 2024 and a net loss of 1.69 billion yuan in the first half of 2025, despite a 7.25% year-on-year increase in revenue to 33.04 billion yuan [5][7]. Leadership Changes - Chairman Cao Lu resigned due to age-related reasons, and his departure is stated to be unrelated to the company's financial performance [2][3]. - The company plans to complete the election of a new chairman and board members in accordance with legal procedures [2]. Financial Performance - Zhonglai's financial performance has been volatile, with a net loss of 3.13 billion yuan in 2021, followed by profits of 4.01 billion yuan in 2022 and 5.27 billion yuan in 2023, before returning to losses in 2024 [5]. - The company reported a significant reduction in losses in the first half of 2025 compared to the previous year, indicating some operational improvements [5]. Debt and Financial Structure - Zhonglai's debt levels are high, with a debt-to-asset ratio of 75.9% as of June 2025, reflecting the company's aggressive expansion and technology upgrades [8][9]. - The company has a total guarantee amount of approximately 1.998 billion yuan, with actual guarantees totaling about 908 million yuan, which is 269.39% of its latest audited net assets [8]. Market Position and Strategy - The company is focusing on its core business and aims to improve its financial structure through enhanced profitability, optimized financing, and better management of fund usage [9]. - Zhonglai is committed to continuous technological innovation and expanding its global market presence to maintain its leading position in the photovoltaic industry [6][7].

Core Viewpoint - The development of urban infrastructure is expanding beyond traditional construction to include digital, networked, and intelligent systems, with a focus on creating resilient cities capable of rapid recovery and enhanced risk management [2]. Group 1: Urban Infrastructure and New Technologies - The logistics unmanned vehicle industry is seen as an extension of new urban infrastructure, which can drive the growth of related industries [2]. - The introduction of unmanned logistics vehicles has improved delivery efficiency by 27%, with approximately 80,000 packages delivered in three months by a specific logistics center [4]. - The commercial application of unmanned logistics vehicles is still in its early stages, with over 7,000 units expected to be delivered by August 2025 [4]. Group 2: Industry Development in Suzhou - Suzhou has a strong industrial foundation and ecosystem, with the potential for significant economic growth, comparable to that of Hangzhou [3][10]. - Suzhou's GDP reached 1,300.235 billion yuan in the first half of the year, leading the province, while Hangzhou's GDP was 1,130.3 billion yuan [7]. - The Suzhou Industrial Park ranks 4th in the national high-tech zone evaluation, indicating its strong performance in fostering innovation [7]. Group 3: Policy Support and Collaboration - The local government in Suzhou has implemented supportive policies for autonomous driving, facilitating the development of companies like Jiushi Intelligent [8]. - Jiushi Intelligent has accumulated extensive road condition data, with over 30 million kilometers of safe operation recorded, enhancing its operational capabilities [5]. - The company collaborates with Shanghai Jiao Tong University to establish a joint laboratory, aiming to attract talented individuals and promote high-quality development [9].