从业者向记者表示，第三季度整体表现预计跟去年同期相当，下半年市场行情或将企稳，但再次出现大 幅增长的可能性并不大。因此，进行更多元的布局将成为未来数年的行业主旋律之一。 上游：光线传媒成最大赢家 进入8月下旬，影视行业各大上市公司纷纷公布自己的财报。《中国经营报》记者发现，上游的制作出 品公司仅有光线传媒（300251.SZ）、中国儒意（00136.HK）等几家企业实现营收和净利润的增长；在 下游的影院、院线端，得益于今年春节档爆发和《哪吒之魔童闹海》（以下简称《哪吒2》）极为优异 的票房与观影人次，万达电影（002739.SZ）、横店影视（603103.SH）、金逸影视（002905.SZ）等多 家公司实现增长或扭亏为盈。 值得注意的是，今年第二季度，随着《哪吒2》热度大幅降低，电影市场再次陷入低迷，这使得多家公 司上半年的业绩增速明显低于第一季度。"春节档之后，截至目前还没有一部影片取得5亿元以上的票 房。头部大片相对缺乏，也使得电影市场自春节档之后，始终处在不温不火的状态。" 猫眼娱乐市场分 析师赖力向记者表示。 中经记者 张靖超 北京报道 作为兼具上游制作出品、中游宣发的影视公司，光线传媒因为《哪吒2 ...

中经记者 吴静 卢志坤 北京报道 从地铁房山线良乡大学城北站走出，映入眼帘的不再是冷清的闲置建筑，而是人流如织的下沉广场、飘 着咖啡香味的网红店铺、充满设计感的休闲空间和满足年轻人居住的长租公寓。几年前，这里的部分区 域还是寂寥无声的"沉睡资产"。 "我们团队刚来时，这个项目面临的最大挑战是如何盘活闲置资源并实现全流程闭环。"站在熙悦天街· 熙悦荟项目沙盘前，龙湖集团华北公司商办营销负责人方灿向《中国经营报》记者介绍道，受2017年3 月商办政策影响，该项目部分楼宇竣工后即闲置，招商、销售均受阻。 面对这一难题，如何唤醒这片总建筑面积约11万平方米的"沉睡资产"，成为摆在项目方面前的一道必答 题。近两年来，项目团队并未选择简单的散售或盲目招商，而是通过对业态的精准重组和对功能的创新 再造，写就了一个资产焕活重生、资金闭环融通的故事，并因此成为2024年北京城市更新中备受瞩目的 实践案例。 业态协调保证项目长久活力 "围绕着这个项目的更新方案，我们在过程中也是改了又改，反复地推倒重来。"当问及最初如何为项目 定位时，受访者坦言道。 熙悦天街·熙悦荟项目位于房山区长阳镇，地处良乡大学城商圈及长阳休闲购物板块的交汇 ...

Economic Growth - Shaanxi Xixian New Area's GDP is projected to exceed 103 billion yuan in 2024, marking a 68.4% increase from the end of the 13th Five-Year Plan, with per capita GDP rising from 47,100 yuan to 75,400 yuan [3][4] - The resident population has increased to 1.3666 million, reflecting a synchronization of economic development and improved living standards [4] - The area aims to achieve "three 100 billion" goals in 2025, targeting GDP, industrial output, and fixed asset investment to each surpass 100 billion yuan [3] Innovation and Technology - Technological innovation is identified as the core engine for high-quality regional economic development, with significant reforms in talent evaluation and investment models to enhance technology transfer [7][10] - By the end of 2024, the number of high-tech enterprises in the area is expected to reach 4,100, a 17-fold increase from the end of the 13th Five-Year Plan [10] - The introduction of 114,000 talents has been pivotal in supporting technological innovation [9] Industry Development - The Xixian New Area is focusing on the "4+1" leading industry strategy, with significant growth in hydrogen energy, photovoltaic, low-altitude economy, and agricultural technology sectors [4][12] - The hydrogen energy sector has attracted 87 enterprises, accounting for over half of the province's total, establishing a complete industrial chain [13] - The photovoltaic industry has become a "100 billion-level pillar," with output reaching 19.73 billion yuan in the first half of the year, a 65% year-on-year increase [14]

中经记者 孙汝祥 夏欣 北京报道 "退市不免责"原则再次得到彰显。 8月下旬，已退市一年的华铁股份、已退市两年的泰禾集团，分别披露收到"罚单"。其中，广东证监局 拟对华铁股份及高管处以2415万元罚款；泰禾集团及高管被福建证监局处以1740万元罚款。 同月，在泽达易盛退市前配合其进行财务造假的第三方，被已承担泽达易盛案赔偿责任的三家中介起诉 追偿。 今年5月，证监会披露，美尚生态退市后被移送公安机关追究刑事责任，相关特别代表人诉讼案件也已 正式进入司法程序。 接受《中国经营报》记者采访的专家认为，当前，对存在违法行为的退市公司及相关责任方，构建全链 条立体化追责体系，已取得多维度突出进展，成效逐步显现。退市不再是违法行为的终点或庇护所，而 成为追责的新起点。 专家同时指出，如何更加切实有效地保护投资者合法权益是当下重要工作，应多措并举进一步提升追责 效率与执行力度。 行政处罚全覆盖 清华大学国家金融研究院院长、清华大学五道口金融学院副院长田轩表示，针对"带病"退市公司及相关 责任方的全链条立体化追责体系，有效提升了市场各方的合规意识，增强了投资者信心，为资本市场高 质量发展提供了坚实保障。 8月21日，华铁股 ...

Core Viewpoint - The "Opinions on Deepening the Implementation of 'Artificial Intelligence+' Action" was officially released on August 26, emphasizing the integration of artificial intelligence with the economy and society, aiming to reshape human production and lifestyle paradigms, and drive a revolutionary leap in productivity and deep changes in production relations [1] Group 1: Goals and Roadmap - The document outlines a systematic and actionable roadmap for advancing the "Artificial Intelligence+" initiative, focusing on six key areas: technology, industry, consumption, livelihood, governance, and global cooperation, with three progressive goals set for 2027, 2030, and 2035 [2] - By 2027, the goal is to achieve widespread integration of artificial intelligence in the six key areas, with the application penetration rate of new intelligent terminals and agents exceeding 70% [2] - By 2030, artificial intelligence is expected to fully empower high-quality development, with application penetration rates exceeding 90%, making the intelligent economy a significant growth driver for China's economic development [2] - By 2035, China aims to fully enter a new stage of intelligent economy and society development, providing strong support for the basic realization of socialist modernization [2] Group 2: Technological Maturity and Data Infrastructure - China's artificial intelligence technology has reached a critical maturity point, with significant breakthroughs in deep learning, enabling capabilities in image recognition, natural language processing, and predictive analysis to meet or exceed human levels [2] - As of June 2025, over 35,000 high-quality datasets have been established in China, totaling over 400PB, providing ample "fuel" for training and iterating artificial intelligence models [3] - The continuous decrease in domestic computing power costs provides a solid infrastructure for the "Artificial Intelligence+" initiative, with 10.85 million standard racks in use and a computing power scale of 788 EFLOPS, ranking second globally [3] Group 3: Global Cooperation and Competitive Landscape - The document emphasizes the importance of viewing artificial intelligence as an international public good, promoting an open ecosystem for capacity building based on equality, mutual trust, diversity, and win-win cooperation [4] - China aims to share the benefits of artificial intelligence development with the global community and assist countries in participating equally in the intelligent development process, bridging the global intelligence gap [4] - The global consensus on accelerating artificial intelligence development has formed, with major countries viewing it as a strategic high ground, leading to intense international competition [4]

中经记者 郭阳琛 张家振 上海报道 8月26日，上海市楼市新政实施首日，保利·海上印和金茂棠前两个外环外项目加推房源均实现"日光"。 就在前一天，上海市住房城乡建设管理委、房屋管理局等六部门联合印发《关于优化调整本市房地产政 策措施的通知》（以下简称"《通知》"），涉及调整住房限购政策、优化住房公积金、优化个人住房信 贷以及完善个人住房房产税等多项政策。 楼市传统旺季"金九银十"将至，新政效应也正持续释放。保利发展是今年上海市销量冠军，其上海公司 相关负责人在接受《中国经营报》记者采访时表示，新政实施后，公司外环外项目整体访客量与成交量 均有显著提升。例如，光合TOD项目8月25日迎来20多组复访客户，并成交3套；位于浦东唐镇的保利 天奕也新增了6组认筹。 "此次上海市楼市新政不仅放宽了购房资格，还降低了首付和贷款成本。"上海易居房地产研究院副院长 严跃进分析认为，这将更好促进住房消费需求释放，尤其是对活跃外环外新房和二手房市场有明显利 好。上海市购房政策将更加宽松，结合即将到来的"金九银十"，购房的最佳窗口期已开启，将实实在在 促进市场交易活跃。 精准松绑外环外限购 此次出台的上海楼市新政，最受关注的便是松 ...

Core Viewpoint - The 2025 A-share banking mid-year report reveals significant profit differentiation among banks, with some city commercial banks achieving double-digit profit growth while others face negative growth due to narrowing interest margins and market volatility [1] Group 1: Profit Growth of City Commercial Banks - City commercial banks have emerged as the main contributors to profit growth among listed banks in the first half of 2025, with Hangzhou Bank reporting a net profit of 11.662 billion yuan, a year-on-year increase of 16.66% [2] - Factors contributing to the rapid profit growth of city commercial banks include stable asset scale growth, continuous optimization of asset-liability structure, and a recovery in fee and commission income driven by low base and wealth management growth [2][3] - Other city commercial banks such as Jiangyin Bank, Qilu Bank, and Qingdao Bank reported net profit growth rates of 16.63%, 16.48%, and 16.05% respectively [2] Group 2: Challenges Faced by Some Banks - In contrast, some banks like Guiyang Bank experienced negative profit growth, with a net profit of 2.474 billion yuan, a decrease of 7.20% year-on-year, attributed to declining interest income and weaker bond market performance [4] - The differentiation in profit performance among banks is largely due to variations in customer base, financing capabilities, risk preferences, and asset quality [4] Group 3: Interest Income and Margin Trends - The net interest margin for commercial banks narrowed to 1.42% in the first half of 2025, reflecting ongoing pressure on interest margins [7] - Strategies to manage interest margins include increasing the proportion of low-cost deposits and optimizing asset-liability management to improve net interest income [8][9] Group 4: Non-Interest Income and Business Diversification - Expanding non-interest income is seen as a crucial strategy for banks to mitigate the impact of declining interest margins, with a focus on enhancing middle business services such as custody, agency sales, and settlement [9] - Currently, non-interest income accounts for less than 30% of major listed banks in China, which is significantly lower than that of large international banks [9]

Core Insights - The AI computing power sector has recently strengthened, with key stocks like New Yisheng, Zhongji Xuchuang, and Tianfu Communication reaching new highs, leading to significant fund performance in this area [1][2] - As of August 28, 25 funds have doubled their net value in the last three months, with 50 funds showing over 90% growth, primarily due to heavy investments in the AI computing power sector [1][2] - The surge in fund performance is attributed to accelerated AI commercialization, increased capital expenditure from overseas cloud providers, and strong demand from the supply chain [1][5] Fund Performance - The "doubling funds" list has seen a significant reshuffle, with seven active equity funds achieving over 100% net value growth in the last three months [2] - The top three funds in this category are Yongying Technology Smart Selection A, AVIC Opportunity Navigation A, and Xin'ao Performance Driven A, with growth rates of 139.25%, 132.12%, and 127.12% respectively [2] - A total of 21 active equity funds have shown net value growth rates exceeding 90%, all heavily invested in the AI computing power sector [2][3] Investment Focus - The 21 funds with over 90% growth all hold New Yisheng, with 20 holding Zhongji Xuchuang and 19 holding Tianfu Communication, indicating a strong focus on these stocks [3] - The market for CPO technology, which is crucial for AI computing, is expected to grow significantly, with a projected annual growth rate of 172% from 2023 to 2030 [4] - Domestic companies in high-end optical modules hold a 70% global market share, positioning them well to benefit from the current AI computing wave [4] Policy and Demand Dynamics - The resurgence of the AI computing sector is driven by a combination of policy support and surging demand, as funds shift focus from the previously hot innovative drug sector to AI [5][6] - The Chinese government has introduced policies to promote AI across various industries, creating a favorable environment for the development of the AI industry chain [6] - The demand for AI computing is expected to explode, driven by advancements in generative AI products and increased capital expenditure from major cloud providers [7] Future Outlook - Industry experts predict potential differentiation among AI-themed funds, with some funds likely to take profits [8] - The concentration of investments in leading stocks like "Easy Zhong Tian" may lead to significant benefits during market upswings but could also pose risks during downturns [8] - Long-term investment opportunities remain in the AI computing power sector, with expectations of sustained growth in demand [9][10]

Core Viewpoint - The property management industry is undergoing a transformation amid a downturn in the real estate sector, with listed property companies facing both growth opportunities and challenges in revenue and profitability [2][4][11]. Revenue Growth Trends - Several listed property companies, such as Binhai Service, reported revenue growth, with Binhai Service achieving 2.025 billion yuan, a year-on-year increase of 22.7% [2]. - Greentown Service reported revenue of 9.289 billion yuan, a 6.1% increase year-on-year, but its growth rate has slowed compared to the previous year [3]. - The average revenue growth rate for top property companies has dropped below 5%, with a significant decline in growth rates observed in 2024 compared to 2023 [4]. Profitability Challenges - Some companies, like Yongsheng Service, faced declining net profits, with a 19.4% year-on-year decrease despite a 2.7% increase in revenue [5]. - The overall profitability of property management companies is under pressure due to rising operational costs and a shift in business structure, leading to a low growth phase for earnings [4][10]. Market Dynamics and Competition - The property management industry is transitioning from an incremental growth phase to a stock market phase, intensifying competition and requiring companies to optimize project quality [2][6]. - Companies are responding to challenges such as project withdrawals and service fee reductions, with some reporting significant areas of contract withdrawal [6][7]. Strategic Adjustments - Companies are focusing on strategic adjustments, including optimizing regional layouts and enhancing service quality to cope with market pressures [7][8]. - The use of AI technology is becoming a key driver for cost reduction and efficiency improvement in property management [10]. Future Outlook - The property management industry is still considered to be in a golden development period, with future competition expected to focus on efficiency, quality, brand, and sustainable profitability rather than just scale [11].

中经记者 杨井鑫 北京报道 2025年上半年银行信用卡业务仍在持续"瘦身"中。随着上市银行上半年"成绩单"陆续公布，这一趋势得 到进一步印证。多家银行中报数据显示，尽管个人贷款业务规模有所增长，但是信用卡贷款规模的下滑 成为行业共性。 此外，今年多家银行陆续关停信用卡分中心，这些结构性调整明确释放出从规模扩张到价值重构的转型 信号。信用卡行业正在经历深层次变革，逐渐告别粗放增长模式，转向精细化、高价值的发展新阶段。 规模普降 8月27日，中信银行（601998.SH）公布2025年上半年业绩报告显示，截至6月末，该行信用卡累计发卡 1.26亿张，较上年年末增长2.12%；信用卡贷款余额4584.55亿元。报告期内，信用卡交易量10854.12亿 元，同比下降12.54%；实现信用卡业务收入244.86亿元，同比下降了14.61%。 对比中信银行2024年年报数据，中信银行信用卡在今年上半年的累计发卡量增加了300万张，但是信用 卡贷款余额却减少了294.27亿元。同时，信用卡的交易量和收入也处在下降通道中。 同日，浦发银行（600000.SH）2025年半年报显示，截至6月末，该行信用卡及透支余额3778.8 ...