中经记者 杨让晨 上海报道 在公布2025年中期业绩的同时，国泰集团宣布将增购14架波音777-9飞机。 日前，国泰集团发布2025年中期业绩。数据显示，国泰集团于2025年上半年录得应占溢利为港币37亿 元，与2024年上半年水平相近。"集团上半年的业绩主要得益于客运运力及客运量增长，货运业务保持 韧性及燃油价格降低。"国泰集团方面表示。 此外，国泰集团将进一步深耕内地市场。国泰集团行政总裁林绍波表示，近年来公司发展有"植根香 港，背靠祖国，联通世界"的独特定位，在员工的组成方面，过去两年公司积极在内地招聘乘务员和见 习飞行员。"在内地的员工，年底将达到4000人左右，在公司3万多人的团队中占据很重要的位置。通过 招聘内地乘务员令公司的服务更多元化。总体而言，希望公司可以成为最国际化的中国航司，也是最中 国化的国际航司。" 增购飞机继续开拓内地航线 "国泰集团将会再行使购买权增购14架波音777-9飞机，这使公司的总订购数量将达到35架，这让大家能 看到，公司把香港作为国际航空枢纽的地位巩固的努力。"贺以礼表示，香港机场的三跑正值运营之 时，这是一个促进增长的好机会。 与此同时，集团联属公司业绩（其中大部分 ...

Market Overview - On August 15, A-shares experienced a rebound in early trading, with the ChiNext index leading the gains. The market showed significant divergence, with small and mid-cap stocks generally rising. The total trading volume in the Shanghai and Shenzhen markets reached 1.31 trillion yuan, a decrease of 103.8 billion yuan compared to the previous trading day, with over 4,400 stocks rising across the market [1][3]. Index Performance - By midday, the Shanghai Composite Index rose by 0.47%, the Shenzhen Component Index increased by 1.19%, and the ChiNext Index surged by 2.14%. The leading sectors included brokerage firms and financial technology, while bank stocks showed notable declines, and themes related to CPO and military industries weakened [3]. Financial Data Insights - According to data released by the People's Bank of China on August 13, July saw a significant increase in non-bank deposits, with a total increase of 2.14 trillion yuan, which is a year-on-year increase of 1.39 trillion yuan. In contrast, household deposits decreased by 1.1 trillion yuan, a year-on-year decline of 780 billion yuan. This shift indicates a trend of residents moving their savings into financial products, likely influenced by the recent "slow bull" market in stocks [4]. Market Activity and Investor Sentiment - The stock market's recovery and declining interest rates have driven the increase in non-bank deposits, creating a "seesaw effect" between household and non-bank deposits. The trading volume in the stock market remains high, with new account openings in July reaching 1.9636 million, a year-on-year increase of 70.54% and a month-on-month increase of 19.27% [4]. Investor Behavior - Investors are showing a sense of urgency to enter the market, as indicated by anecdotal evidence from new investors expressing a fear of missing out on potential gains. For instance, one investor noted that a colleague's investment in a pharmaceutical fund yielded a 15% return in just one month [4]. Cautionary Notes - Experts suggest that while the current market sentiment appears positive, investors should remain cautious of potential short-term corrections influenced by policy changes or external factors. They emphasize the importance of a long-term perspective in asset allocation and the need for new investors to respect market dynamics and focus on structural opportunities [5].

8月13日，第三方机构InfoLink Consulting发布数据显示，2025年上半年，全球储能电芯实现出货规模 240.21GWh，同比增长106.1%。 InfoLink Consulting指出，北美市场因关税问题抢出货、中国市场因"强配取消"抢装，市场需求前置， 整体呈现淡季不淡、旺季更旺的特点。 《中国经营报》记者注意到，今年上半年，全球出货量前十强企业首次全部由中国企业包揽。其中，宁 德时代（300750.SZ、03750.HK）稳居榜首，海辰储能则从一季度的第四位跃升至第二位，随后分别为 亿纬锂能（300014.SZ）、中创新航（03931.HK）、比亚迪（002594.SZ）、瑞浦兰钧（00666.HK）、 国轩高科（002074.SZ）、远景动力、鹏辉能源（300438.SZ）和欣旺达（300207.SZ）。前十强合计占 据全球市场份额91.2%。 海辰储能是过去几年快速崛起的一家储能新锐企业，通过专注储能、全球化布局、技术创新驱动三大核 心战略迅速打开局面，规模与业绩呈现逐年递增趋势，如今正赴港IPO。 值得一提的是，近两年，储能电芯市场"内卷"加剧，宁德时代与海辰储能的竞争变得"白热 ...

Core Viewpoint - Yanzhou Coal Mining Company (兖矿能源) is experiencing a significant decline in net profit for the first half of 2025, primarily due to falling coal prices and a supply-demand imbalance in the coal market [1][2]. Group 1: Financial Performance - The company expects a net profit of approximately 4.65 billion yuan for the first half of 2025, a decrease of about 2.9 billion yuan compared to 7.6 billion yuan in the same period last year, representing a year-on-year decline of 38% [1]. - In the first quarter of 2025, the company's net profit was 2.71 billion yuan, down 27.89% from the previous year [2]. Group 2: Coal Market Analysis - The decline in performance is attributed to a downward trend in coal prices, with the domestic coal market experiencing a supply-demand imbalance since 2025 [2][4]. - The price of Q5000 thermal coal in Shandong dropped to 535-560 yuan per ton by June 27, 2025, a decrease of 162.5 yuan per ton (22.89%) from the end of 2024, with an average price of approximately 619.35 yuan per ton, down 184.37 yuan per ton (22.94%) year-on-year [2]. - Overall, coal prices fell by more than 20% in the first half of 2025 [3]. Group 3: Supply and Demand Factors - The oversupply in the coal market is due to high domestic coal production and record-high port coal inventories, despite a slight decrease in imported coal [4]. - Demand for coal is primarily driven by non-electric industries and fluctuating speculative demand from traders, with limited demand from the power sector [4]. Group 4: Future Outlook - Analysts predict that the coal market may see some improvement in the second half of 2025, with potential demand increases during peak seasons, although the overall supply-demand imbalance is expected to persist [4]. - The chemical business of Yanzhou Coal Mining Company is showing positive growth, with production of chemical products reaching 2.414 million tons, an increase of 11.59%, and sales of 2.018 million tons, up 7.27% year-on-year [5]. Group 5: Chemical Business Performance - The chemical segment, while smaller compared to coal operations, has been performing well, contributing approximately 500 million yuan in revenue in the first quarter of 2025 [5]. - The decline in coal prices has reduced costs for the chemical business, as about 70% of its costs are linked to coal prices, providing support for profitability [5].

Core Insights - The 2025 Beijing Transportation Development Annual Report indicates a continued growth in fixed asset investment in the transportation sector, reaching 83.37 billion yuan in 2024, a 6.2% increase from the previous year [1] - Investment in rail transit and related facilities decreased to 33.24 billion yuan, down 4.0%, accounting for 39.9% of total investment, while investment in roads and urban infrastructure rose to 42.25 billion yuan, up 16.7%, making up 50.7% of total investment [1] Investment Trends - The proportion of rail transit investment has declined for the second consecutive year, dropping from 44.1% to 39.9%, while the share of road and urban infrastructure investment increased from 46.1% to 50.7% [1] - The total operational mileage of Beijing's urban rail transit is expected to reach 879 kilometers by the end of 2024, maintaining the top position in the country [1] Passenger Transport Volume - In 2024, the total urban passenger transport volume in Beijing slightly increased to 7.347 billion trips, a 4.2% growth, with urban rail transit accounting for 3.622 billion trips, or 49.3% of the total [2] - The ridership of suburban railways grew by 13.3%, while public buses saw a modest increase of 1.3% [2] Traffic Management - The report highlights improvements in traffic management, with the average traffic index during peak hours in central urban areas decreasing to 6.08, a 3.8% reduction from the previous year [3] - The number of days with moderate or severe congestion decreased by 12 days to 241 days [3]

普华永道中国内地及香港媒体行业主管合伙人邱丽婷表示，目前中国和美国是全球两大电影市场，中国 电影的收入份额预计至2029年将占全球总收入的22%。"目前中国电影市场在银幕数量、观影人数及影 片产量等方面在全球都处于领先地位。2024年期间，我国城市院线新增了4658个银幕，银幕总数达到 90968块，城市院线观影人数为10.1亿人次，从目前情况看，预计这一增长将在整个预测期内保持持续 态势。" 与此同时，中国电影在全球电影票房的影响力也在逐步提升，2025年上半年，16部国产片票房过亿元， 国产影片票房达292.31亿元，同比增长22.91%，国产影片份额升至91.2%，去年同期这一数字为 77.93%。 邱丽婷认为，2024年全球娱乐及媒体行业产业逐渐恢复，从收入看，全球总收入达到2.9兆美元，预计 到2029年将达到3.5兆美元。"更为重要的是，生成式人工智能的应用不仅可以提高效率和生产力，也推 动了跨行业新业务的开展，这对全球娱乐与媒体行业发展都是一个利好。" （文章来源：中国经营报） "预计2029年的中国娱乐及媒体行业总收入约为5610亿美元，占全球的16%。中国娱乐及媒体行业市场 2024至202 ...

Core Viewpoint - Xi'an Yiswei Material Technology Co., Ltd. has received approval for its initial public offering (IPO) on the Sci-Tech Innovation Board, marking it as the first unprofitable company accepted by the Shanghai Stock Exchange after the release of the "New National Nine Articles" and "Science and Technology Eight Articles" [1] Company Summary - Xi'an Yiswei focuses on the research, production, and sales of 12-inch silicon wafers [1] - By the end of 2024, the company is projected to be the largest 12-inch silicon wafer manufacturer in mainland China and the sixth largest globally, with a monthly shipment volume and production capacity accounting for approximately 6% and 7% of the global market, respectively [1] - The company holds the most authorized domestic and international invention patents in the 12-inch silicon wafer sector in mainland China [1] - The funds raised from the IPO will be used entirely for the construction of a second factory, aimed at expanding production capacity, enhancing technological capabilities, and solidifying the company's position in the industry [1]

Financial Performance - Kodak's recent financial report indicates a continuous deterioration in financial metrics, with Q2 revenue at $263 million, a year-on-year decline of 1% [3][4] - The company reported a gross profit of $51 million, down 12%, and a net loss of $26 million, compared to a net income of $26 million in the same period last year, marking a significant shift from profit to loss [3][4] Debt and Financing Issues - Kodak has approximately $500 million in debt maturing soon, which it currently cannot repay due to a lack of viable financing channels or available liquidity [4][5] - To raise funds, Kodak plans to terminate pension payments and has announced a $500 million pension asset return plan to reduce debt [4][5] Operational Strategy - The company has expressed doubts about its ability to continue operations, emphasizing the need to focus on cost reduction and transforming investments into long-term growth [4] - Kodak is also advancing its pharmaceutical manufacturing capabilities and investing in growth areas such as film and electric vehicle battery coating [5] Historical Context - Kodak, once a dominant player in the photography market, held a 90% market share in film and 85% in cameras during the 1970s [6][7] - The company was disrupted by its own invention of the digital camera in 1975 and failed to capitalize on the digital transformation, leading to bankruptcy protection in 2012 [7] - After emerging from bankruptcy, Kodak shifted its focus to commercial printing, packaging, and materials science, with a restructuring of its revenue streams [7][8] Recent Developments - Kodak's film revenue has been gradually increasing, contributing to a total revenue of $1.15 billion in 2021, marking an 11.76% year-on-year growth and the first positive growth since restructuring [8]

（2024年9月，投资约80亿元的上海荟聚购物中心开业。郭阳琛/摄影） 8月9日，星期六，北京荟聚购物中心（以下简称"北京荟聚"）像往常一样热闹。下午3时，不少热门餐饮门店仍需排队叫号才能就餐。一旁的宜家店内更 是聚满顾客，只能推着购物车缓步向前。 和眼前的热闹景象形成对比的是，北京荟聚正传出将被出售的信息。日前，有消息称，英格卡集团正计划打包出售中国的10座荟聚购物中心。首批出售的 三座购物中心分别位于北京市、江苏省无锡市和湖北省武汉市，涉及资金约160亿元，接盘方或为泰康人寿领投的保险基金。 公开资料显示，北京荟聚于2014年开业，总建筑面积超过50万平方米，商业可租赁面积近21万平方米，入驻品牌约450家，被称为"北京南城吸客能力最强 大的购物中心"。相关数据显示，2024年，北京荟聚客流量突破3000万人次。 闫昊（化名）家住北京市海淀区，附近的五棵松商圈便开有宜家体验中心。但他每隔一两个月就会去逛一次北京荟聚，只因那里拥有北京市最大的宜家门 店。 "'荟聚'就像它的名字一样，很多朋友即使住在北京市的不同区，但都愿意约在北京荟聚聚会。那里的商业体量非常大，常见品牌一应俱全，经常会逛半 天。"闫昊感慨道 ...

"这个人形机器人主要应用在哪些场景中？"8月12日，为期五天的2025世界机器人大会（WRC）正式闭 幕。在WRC期间，5万平方米面积的展览馆中每天几乎都是人头攒动、火爆异常的状态。在每个展台 前，都能听到观众向工作人员提出的问题，大多是对人形机器人产业的场景落地拷问。 2025年一直被业界冠以"人形机器人商业化元年"之称，人形机器人的商业化进展到什么阶段了？从 2025WRC大会上可以找到可供参考的答案：人形机器人的商业化将迎来"破晓"，进入"场景验证+成本 临界点"的阶段。 在本次大会期间，据《中国经营报》记者不完全统计，至少有10家人形机器人企业公开披露了商业化的 进展信息，包括优必选、星动纪元、宇树科技、智平方、越疆科技、松延动力、银河通用、乐聚机器 人、智元机器人、穹彻智能等。与此同时，本报记者从WRC组委会获悉，大会在产业促进、应用推广 方面成果显著，其间售出机器人及相关产品1.9万台，销售额超过2亿元。 场景验证："能干活" 简单梳理下已披露场景落地进展的人形机器人企业：银河通用的"智慧药仓"在京沪签约数百家药店，按 计划到今年年底将落地100家智慧药仓，解决消费者购药尤其是夜间紧急购药的需求； ...