作为经济发展与文化振兴的重要引擎，文旅融合正焕发出蓬勃生机。党的二十大报告提出，坚持以文塑 旅、以旅彰文，推进文化和旅游深度融合发展。党的二十届三中全会强调，健全文化和旅游深度融合发 展体制机制。 （文章来源：中国经营报） 凌源市文化旅游和广播电视局局长张兴在"2025美好中国行·聚焦凌源"媒体采风活动上介绍，依托红山 文化、化石、温泉、红色"四大文化"优势，凌源市构建"一区一廊一园"产业布局：北部以牛河梁遗址博 物馆和热水汤温泉度假区为核心，打造文旅融合示范区；南部沿青龙河打造生态风景廊道，串联主城区 城市公园体系。 有关数据显示，2024年凌源创新举办的"百合之约向往的夏天"凌源夜市集，客流量突破100万人次，拉 动旅游及相关产业消费3.3亿元。2024年，接待游客380万人次（朝阳域外游客占比35%），旅游总收入 15亿元。 来自旅游部门的数据显示，2025年1～8月，凌源市旅游人数同比增长29%，旅游收入同比增长24%。 张兴表示，未来，凌源市将深入践行"13631"工作思路，以更大决心打造高品质文体旅融合产品体系， 奋力谱写特色旅游目的地建设新篇章。 在当前背景下，文旅融合不仅是培育消费新场景、激发 ...

近日，北京市规划和自然资源委员会发布修订后的《城市轨道交通工程设计标准》（DB11/T995- 2025）（以下简称"《标准》"）。修订后的《标准》将北京城市轨道交通列车最高运行速度由每小时 100公里提升至每小时120公里。 截至2024年年底，北京城市轨道交通运营总里程达到879公里，日均客运量接近1000万人次，已由高速 发展迈入了高质量发展阶段。北京市规划和自然资源委员会表示，本次《标准》修订总结北京轨道交通 发展经验，体现首都特色，全面提升人性化服务水平。 在提升服务品质上，《标准》提出，采用通道换乘的车站，当换乘通道的长度超过120米时，宜在通道 内设置自动步道，改善长距离换乘体验；旅游站点宜结合车站周边用地，围绕乘客进站路径，统筹设置 旅游服务中心和行李寄存处等设施，提升旅游服务温度；在车站站厅和换乘通道内的非乘客疏散区，可 设置一定面积的便民服务设施，包括零售商铺、自助服务区和展览场地等。 （文章来源：中国经营报） 在快慢车运行方面，《标准》明确，快慢车运营线路快车速度效率不宜低于60%，慢车速度效率不宜低 于40%。也就是说，如果列车最高设计速度为每小时120公里，快车旅行速度需至少达到每小 ...

中经记者 谭志娟 北京报道 近日，美国联邦储备委员会主席鲍威尔在美国杰克逊霍尔举办的全球央行年度经济政策研讨会上的表态 引发全球市场关注。 鲍威尔于当地时间8月22日在全球央行年会上表示："由于政策处于限制性区间，基准前景和不断变化的 风险平衡可能需要我们调整政策立场。"这一表态，被市场普遍解读为9月降息的明确信号。 鲍威尔在演讲中指出，今年，美联储实现就业和通胀双重使命面临的"风险平衡似乎正在发生转变"。鲍 威尔认为："当前经济状况对货币政策的影响是，失业率和其他劳动力市场指标的稳定使我们能谨慎考 虑政策立场的调整。" 对此，东方金诚研究发展部高级副总监白雪对《中国经营报》记者表示，鲍威尔本次讲话意味着近期就 业数据超预期降温加速了美联储对政策调整达成的共识。 上海交通大学上海高级金融学院兼聘教授、广开首席产业研究院院长兼首席经济学家连平认为，美联储 在降息问题上的鹰派立场趋于松动，主要是受到美国经济数据走弱、通胀反弹预期降温、外部政治因 素、内部结构变化等主客观因素的影响。 对于具体降息幅度，白雪预测，当前联邦基金利率处于4.25%—4.5%的限制性区间，降息25基点既能释 放宽松信号，又不至于引发市场对 ...

Core Viewpoint - The railway investment in China has accelerated significantly in 2023, with a total fixed asset investment of 433 billion yuan in the first seven months, marking a year-on-year increase of 5.6% [1] Investment Growth - The railway investment growth rates for the first quarter and first half of 2023 were 5.2% and 5.5% respectively, indicating a continuous upward trend [1] - The forecast for total railway investment in 2025 is projected to exceed 898 billion yuan based on the current growth rate [2] Infrastructure and Equipment Investment - The railway investment consists of infrastructure and equipment investments, with a target of 590 billion yuan for infrastructure investment by 2025 [2] - In the first seven months of 2023, the China National Railway Group (CNRG) conducted significant equipment investments, including two large tenders for the Fuxing bullet train totaling approximately 47.2 billion yuan [2] New Railway Lines and Operations - As of mid-2023, 301 kilometers of new railway lines have been put into operation, with an expectation of nearly 3,000 kilometers of new lines opening in the second half of the year, including over 2,000 kilometers of high-speed rail [2][3] - The Xiangjing High-speed Railway officially began trial operations on August 23, 2023, with additional high-speed rail lines expected to open in the third and fourth quarters [3] Future Projections - By the end of 2025, the total railway operating mileage is expected to reach over 165,000 kilometers, with high-speed rail mileage exceeding 50,000 kilometers [3] - By the end of 2024, the total railway operating mileage is projected to be 162,000 kilometers, including 48,000 kilometers of high-speed rail [4]

Core Viewpoint - Ping An Bank's 2025 semi-annual report indicates a strategic focus on strengthening retail, refining corporate services, and specializing in interbank operations, while maintaining stable overall operations through digital transformation, asset structure optimization, and risk management [2] Financial Performance - For the first half of 2025, Ping An Bank reported operating income of 69.385 billion yuan, a year-on-year decrease of 10.0%, and net profit of 24.870 billion yuan, down 3.9% year-on-year, with the decline in revenue and profit narrowing compared to the first quarter [2] - Retail loans decreased by 5.2% year-on-year, a reduction of 2.7 percentage points compared to the same period last year, while corporate loans grew by 9.0% year-on-year [2] Loan Structure - Mortgage loans showed a 12.9% year-on-year increase, becoming the main growth driver in retail loans, while credit cards, consumer loans, and business loans still experienced negative growth but with reduced declines [2] - The bank's strategy of "volume and price balance" is reflected in the significant reduction of bill discounting by 20.4% [2] Risk Management - The bank's retail loan risk structure has significantly changed, with a notable decline in non-performing loans (NPLs) due to proactive adjustments made two years ago [2] - The NPL generation rate for the first half of the year was 1.64%, down 0.16 percentage points from the previous year, indicating a continuous decline in NPL generation for six consecutive quarters [3] Strategic Initiatives - Ping An Bank is focusing on reducing the scale of high-risk businesses such as "New One Loan" and credit cards, with credit card balances reduced by over 100 billion yuan from peak levels [3] - The bank aims to enhance its product offerings by developing differentiated products based on customer needs and improving risk pricing and comprehensive service capabilities [4] Future Outlook - The bank plans to continue deepening its retail strategic transformation, balancing loan business in terms of volume, price, and risk, while optimizing customer segments and asset structures [4] - With the gradual introduction of medium-risk and medium-yield products, Ping An Bank is expected to establish a more sustainable growth model in its retail business [4]

Group 1 - Apple plans to initiate a significant design overhaul for its iPhone series starting with the iPhone 17, aiming to enhance the flagship product's appeal over the next three years [2][3] - The iPhone 17 series is expected to include four models: standard, Air, Pro, and Pro Max, with the iPhone 17 Air featuring a record thickness of only 5.5mm, but potentially compromising on battery capacity [3][4] - The upcoming iPhone 17 will shift to eSIM technology, eliminate the physical SIM card slot, and introduce a high refresh rate screen for the standard version [3][4] Group 2 - Apple is set to launch its first foldable iPhone in 2026, featuring a flip design with an external screen of approximately 5.5 inches and an expanded size of 7.8 inches when opened [4] - The foldable iPhone will include four cameras and utilize Apple's self-developed C2 baseband, while also reintroducing Touch ID [4][5] - The iPhone 18 Pro series is expected to have minimal design changes, while the 20th anniversary iPhone in 2027 will feature a curved glass design [4][5] Group 3 - Apple's iPhone revenue for the third fiscal quarter ending June 29, 2025, was $40.26 billion, reflecting a year-over-year growth of 5.8%, despite increasing competition from domestic brands [5] - In the second quarter of 2025, Apple's shipment volume in China was 9.6 million units, a year-over-year decline of 1.3%, ranking fifth behind Huawei, Vivo, OPPO, and Xiaomi [5] - Analysts suggest that the slow pace of design updates has diminished consumer excitement for new iPhone models, prompting Apple to initiate a major design overhaul to rekindle interest [5] Group 4 - Apple is actively pursuing partnerships with AI leaders like OpenAI and Anthropic to enhance its AI capabilities, while also developing a new team focused on creating a ChatGPT-like "answer engine" [6][7] - The company plans to diversify its AI product line over the next three years, including a touchscreen HomePod, a second-generation Vision headset, smart glasses, and a large foldable computer [6][7] - Apple's strategy emphasizes leveraging its ecosystem and user experience to compete in the smart glasses market, with pricing being a critical factor for success [6][7]

Core Viewpoint - The insurance debt investment plans (referred to as "debt plans") have experienced significant contraction over the past four years, impacting insurance asset management companies like Huatai Asset Management, which is facing challenges in both scale and yield [1][3][6]. Group 1: Industry Overview - The debt plans are non-standard asset management products that have seen a decline in both the number of registered plans and total registered scale from 2021 to 2024, with figures dropping from 528 plans and 9,650 billion yuan in 2021 to 375 plans and 6,177 billion yuan in 2024 [3]. - In the first half of 2025, Huatai Asset registered 17 debt plans with a total scale of 245 billion yuan, maintaining the leading position in the industry despite a significant reduction compared to previous years [1][2]. - The average investment yield for newly registered debt plans has decreased to "3%+" in 2023, with some high-quality asset projects yielding as low as "2%+" [6][7]. Group 2: Company Performance - Huatai Asset Management has historically led the industry in debt plans, with a registered scale of over 400 billion yuan in the first half of 2024 and a total of 750 billion yuan for the entire year [2]. - The company has seen its debt plan registration scale in the first half of 2025 drop to approximately 32.67% of the total scale for 2024, reflecting broader industry trends [3][6]. - As of the end of 2024, Huatai Asset managed assets exceeding 900 billion yuan, indicating a substantial scale despite the challenges faced in the debt plan segment [5]. Group 3: Future Directions - Industry experts suggest that the future of debt plans may focus on specific scenarios such as green infrastructure and data centers, but overall growth in scale is unlikely as the insurance asset management sector shifts towards a dual-driven model of equity investment and asset-backed securities (ABS) [7][8]. - In the first half of 2025, the total scale of insurance ABS reached 1,800.96 billion yuan, marking a 46.15% increase year-on-year, indicating a growing interest in this area compared to debt plans [8].

以此来看，除了解决同业竞争外，扩充华虹半导体12英寸产能也是此次收购的另一个重要原因。 上接C2 在江苏无锡，华虹半导体还拥有两座12英寸晶圆厂（华虹七厂、华虹九厂），其中，华虹七厂工艺节点 覆盖90纳米—65/55纳米。华虹九厂为华虹无锡二期项目，2023年6月开工，聚焦车规级芯片制造，规划 月产能8.3万片。 作为中国第二大晶圆代工企业，华虹公司近年来不断提升工艺水平，从8英寸扩展至12英寸。华虹公司 总裁兼执行董事白鹏在二季度财报中提到："面对需求分化的半导体市场，公司坚持以特色工艺技术比 例为锚，力争在关键技术平台实现技术突破，丰富产品组合。随着无锡新12英寸产线产能稳步爬坡，公 司将实现从产能规模到技术生态的全面升级。" 随着无锡项目产能爬坡，华虹半导体来自12英寸晶圆的贡献已逐渐提升。2025年第二季度，华虹公司8 英寸晶圆营收占比为41.0%，12英寸晶圆营收占比为59.0%。2024年同期，8英寸占比为51.3%，12英寸 占比为48.7%。不仅营收占比提升，2025年第二季度，12英寸营收也从上年同期的2.33亿美元增至3.34 亿美元。 张思远向记者表示，华虹半导体当前12英寸产线包括七厂 ...

Core Viewpoint - Minsheng Bank is terminating its cooperation with third-party platforms "Yutong Life" and "Huawei Wallet" for the distribution of public money market funds, in response to the new regulatory framework set to take effect on October 1, 2025, which mandates banks to operate their own sales channels without relying on external institutions [3][5][6]. Group 1: Regulatory Changes - The new "Sales Agency Management Measures" issued by the National Financial Supervision Administration aims to clarify the responsibilities of commercial banks as sales agents and promote the healthy development of agency sales [6][8]. - Banks are required to establish a compliance framework, standardize sales behaviors, and enhance customer management to align with the new regulations [6][8]. Group 2: Operational Adjustments - Minsheng Bank will close its fund distribution channels on the "Yutong Life" platform starting August 25, 2025, and on the "Huawei Wallet" platform starting September 4, 2025, directing customers to use the Minsheng Bank mobile app for fund transactions [4][5]. - The bank's customer service indicated that the integration of third-party platform operations into the bank's mobile app is part of compliance with the new regulations [6]. Group 3: Challenges in Implementation - The implementation of the new sales regulations presents structural challenges, including product homogeneity among banks, which leads to low customer loyalty and increased competition [9][10]. - There is a gap between diverse customer needs and the banks' ability to respond effectively, particularly for different demographic groups such as the elderly and younger consumers [9][10]. Group 4: Strategic Recommendations - To address product homogeneity, banks should innovate and create differentiated product lines tailored to specific customer segments, such as specialized financial solutions for tech enterprises [11][12]. - Banks are encouraged to leverage big data for dynamic risk assessment and enhance customer service through personalized and digital offerings [11][12]. - Collaboration with fintech companies to share resources and reduce IT costs is recommended, especially for smaller banks [11][12].

Core Viewpoint - The new real estate policy in Shanghai aims to stimulate housing demand by relaxing purchase restrictions and lowering financing costs, particularly benefiting the outer ring housing market [4][6][9]. Group 1: Policy Changes - The new policy removes purchase limits for Shanghai residents and allows non-local residents to buy homes in the outer ring after one year of tax or social security contributions [6][7]. - Single residents are treated similarly to family units in terms of housing purchase limits, allowing them to buy without restrictions in the outer ring [7][8]. - The policy aligns with previous measures in Beijing, focusing on improving housing demand and balancing work and living conditions [6][7]. Group 2: Market Impact - The policy is expected to significantly boost housing transactions, especially in the outer ring, which accounted for over 60% of new home sales recently [6][9]. - The upcoming "Golden September and Silver October" sales period is anticipated to see increased activity due to these favorable policy changes [4][11]. - Analysts suggest that the policy will help alleviate inventory pressure in the outer ring and maintain a smooth transition between new and second-hand housing markets [7][8]. Group 3: Financial Adjustments - The policy increases the maximum loan limits for housing provident funds, with first-time buyers now eligible for up to 184 million yuan, and additional benefits for families with multiple children [9][10]. - It allows buyers to withdraw provident funds for down payments without affecting their loan limits, thereby easing the financial burden on homebuyers [10]. - The adjustment in commercial loan interest rates is expected to lower monthly payments for second homes, enhancing affordability for buyers [10][11].