当前，白酒行业仍处于深度调整期，但低度白酒正在重构行业新版图。尤其是头部酒企，纷纷在低度白 酒这一细分赛道，通过产品创新、场景创新争夺更多的消费者群体。 中国酒业协会数据显示，2025年低度酒市场规模将突破740亿元，年复合增长率达25%。 其中，泸州老窖表现亮眼。据悉，38度国窖1573或已成为破百亿的低度白酒大单品。 白酒行业分析师蔡学飞认为，对于泸州老窖这样的头部酒企来说，低度酒与现有产品结构及渠道都有一 定的互补性，满足了消费者自饮、朋聚等差异化饮酒需求，可以为企业开拓新的销售增量市场，同时低 度酒饮酒门槛比较低，有利于年轻消费群体对于白酒的口感培育以及认知培养，因此成为许多酒企在目 前存量挤压市场环境下寻找新增量的重要方向。 低度1573领跑低度酒市场 近年来，白酒行业的低度化趋势愈发明显。从市场数据来看，低度白酒市场份额持续攀升，年复合增长 率显著高于传统高度白酒。 "低度酒的推广，并非仅仅是拥抱年轻人，一定程度上也会解放'酒经饭局'的中年人。"白酒行业专家、 千里智库创始人欧阳千里认为，于年轻人而言，需要更多的是情绪价值，如"成图率"，他们会将美好的 体验上传至社交媒体，包括小红书、抖音、视频号 ...

8月5日，以"融合创生态一起向未来"为主题的2025年昌平优化营商环境大会在京举行。 《中国经营报》记者在现场了解到，昌平区不仅系统展示营商环境建设成果，更重磅推出全国首创的 AI政策计算器"昌慧达"及2025年优化营商环境"宜商十条"，标志着区域政务服务迈入智能化、精准化新 阶段。 营商环境的昌平样本 在本次大会上，北京市发展改革委党组副书记、副主任林剑华高度肯定昌平在营商环境改革中的实践。 他指出，昌平区在北京市率先建立"见投即贷"投后赋能服务机制，启动创建市级未来产业先导区，持续 擦亮"昌通办"营商品牌。2024年北京市营商环境监测评价中，昌平在监管执法、登记财产、产业创新等 关键领域成效突出，多项指标成为全市标杆。 "今天的昌平，是一座经济发展的繁荣之城、科创引领的未来之城、产业向新的活力之城、美丽宜居的 品质之城、昌盛平安的幸福之城。"昌平区委副书记、区长刘晓东用"五城"勾勒区域发展新图景。 据刘晓东介绍，近三年昌平年均供应产业用地超千亩，打造388万平方米"拎包入住"空间；迭代实施8个 版本、1242项改革措施，以政府服务"加法"换企业负担"减法"。创新推出的行政检查"白名单"制度实现 扫码检查率 ...

中经记者 郑瑜 北京报道 随着近期监管集中对消费金融行业提供会员权益服务情况（即"24%+会员权益"业务模式）进行调研摸 查，市场中一些模式变体正在浮现。 有律师告诉《中国经营报》记者，在贷款链条中，存在会员费抑或其他捆绑费用的问题。有的强制要求 借款人购买"借款会员"才能获批额度，把高额费用藏在"会员权益"的幌子下；有的将利息拆分成"服务 费""咨询费"等多个名目，让合同上的利率看起来合规，实际综合成本却悄悄"爆表"。 记者从一位头部助贷平台从业者处了解到，不论是"24%+会员权益"还是"24%+公证""24%+保 险""24%+担保"，甚至是"24%+AMC（资产管理公司）"，都已经受到监管关注。 多种方式绕过利率上限 "在助贷平台上借款13000元，又从我卡上扣款1456元会员费，一年总还款金额是14747元，但是加上会 员费，相当于需要还款16203元。"一位用户在消费者服务平台新浪黑猫上投诉道。 "要求借款人购买上百元的'征信报告'，虽然每种收费都是清晰明确的，但组合在一起后，都是借款人 为了获取贷款而付出的实质综合成本。会员费、信用报告等名目实际上都是借款平台为了突破24%利率 上限与达到表面合规 ...

中经记者 何莎莎 北京报道 "反内卷"政策仍然在持续升温。 近期结束的中央政治局会议部署了一系列重要改革举措，包括"纵深推进全国统一大市场建设，推动市 场竞争秩序持续优化""依法依规治理企业无序竞争"等，凸显了国家已对这一现象予以充分重视。 在7月15日国新办发布会上，国家统计局回应了"反内卷"话题，表示"有关部门正在制定相关措施，进一 步加大市场秩序的规范治理"。7月1日中央财经委员会召开会议明确提出，要纵深推进全国统一大市场 建设，聚焦重点难点，依法依规治理企业低价无序竞争，引导企业提升产品品质，推动落后产能有序退 出。 从中央层面到部委层面政策加码的同时，多个行业也纷纷跟进"反内卷"。产业端，汽车、光伏、钢铁、 水泥等行业集中出台措施；金融行业，多地银行业、保险业协会发布"反内卷"自律公约。 与此同时，A股也掀起了"反内卷"主题行情。不少机构认为，这一主题有望成为接下来一段时间的主 线。"反内卷"行情背后的政策背景是什么？这一行情未来将如何发展？围绕一系列问题，《中国经营 报》触角"零观财经"与北京大学政府管理学院教授马亮、远东资信首席宏观研究员张林进行了访谈。 内卷现象冲击多个行业 内卷现象的愈演愈烈 ...

Core Insights - The global gaming market is transitioning from "incremental growth" to "efficiency competition," with a notable shift in focus from expansion to refined operations and efficiency [1][4] - The share of gaming apps in the overseas market is projected to decline from 57.5% in 2020 to 51.8% by 2025, indicating a competitive landscape [1] - China's self-developed games generated $18.557 billion in actual sales revenue in overseas markets in 2024, accounting for 10% of the global gaming market [1] Industry Trends - The global gaming app market has seen a 397% increase in total installations from 2016 to 2025, but growth momentum has weakened since 2023 [1] - The overseas market for self-developed games in China achieved actual sales revenue of $9.501 billion in the first half of 2025, reflecting a year-on-year growth of over 11.07% [2] - The emergence of "mixed monetization" as a mainstream trend, where both in-app purchases (IAP) and advertising monetization (IAA) are utilized [4][5] Company Strategies - Companies like DianDian Interactive have reported an 81% revenue increase in the first half of 2025, driven by successful titles like Whiteout Survival and Kingshot [3] - The focus on long-term operations is emphasized, with companies aiming for product lifecycles of 8-10 years and adopting mixed monetization strategies to enhance sustainability [6] - The need for Chinese gaming companies to overcome challenges in producing high-quality AAA games is highlighted as essential for global competitiveness [3][4] Government Support - Various countries are implementing supportive measures for the gaming industry, such as tax incentives and funding for startups, to enhance their gaming sectors [4]

Core Viewpoint - The A-share market is experiencing a significant increase in activity, with the Shanghai Composite Index reaching a new high for the year, driven by a shift of household savings into the capital market due to low bank deposit rates and attractive stock dividends [1][2]. Group 1: Market Activity - As of August 5, the A-share margin trading balance exceeded 2 trillion yuan, marking the first return to this level since July 2015 [1]. - The number of new A-share accounts surged to 1.96 million in July 2025, representing a 71% year-on-year increase and a 19% month-on-month increase, with a total of 14.56 million new accounts opened in 2025 [2]. Group 2: Investment Trends - There is a notable shift in household savings towards the capital market, driven by a lack of high-yield investment products and the appeal of stocks with cash dividend rates exceeding 3% [1][2]. - The decline in domestic risk-free interest rates and the reduced opportunity cost for households and enterprises investing in the stock market are prompting increased capital inflow into securities [2]. Group 3: Asset Preferences - Equity funds and equity-based financial products are gaining attention due to the improved profitability in the A-share market [3]. - The market is expected to experience fluctuations in early August, followed by a return to an upward trend later in the month, with leading companies likely to confirm improvements in free cash flow [3]. Group 4: Sector Opportunities - Sectors such as branded liquor, traditional Chinese medicine, and food and beverage are anticipated to see valuation recovery as market conditions improve [4]. - New energy sectors, including electric vehicles, lithium batteries, and photovoltaics, are expected to rebound due to the current industry adjustments and capacity reductions [4].

Group 1 - The core point of the announcement is that Three Gorges Energy plans to issue public REITs on the Shanghai Stock Exchange, using offshore wind power projects as underlying assets to enhance asset liquidity and improve capital structure [2] - The funds raised will primarily be used for repaying existing debts and investing in new projects, with a distribution ratio of no less than 90% of the annual distributable amount [2] - The underlying asset for the REITs is the Dalian Zhuanghe III offshore wind power project, which has a total installed capacity of 298.8 MW and was fully connected to the grid in November 2020 [2] Group 2 - Three Gorges Energy intends to subscribe for 34% of the fund shares, while its affiliate, Three Gorges Capital Holding Co., Ltd., plans to subscribe for 10%, leaving 56% for other investors [2]

中经记者 杨井鑫 北京报道 8月5日，中国人民银行、工业和信息化部、国家发展改革委、财政部、金融监管总局、中国证监会、国 家外汇局联合印发《关于金融支持新型工业化的指导意见》(以下简称《意见》)。 该《意见》聚焦新型工业化重大战略任务，以需求牵引深化金融供给侧结构性改革，强化产业政策和金 融政策协同，为推进新型工业化、加快发展新质生产力提供高质量金融服务，坚持分类施策、有扶有 控，推动产业加快迈向中高端，防止"内卷式"竞争。 信贷投放"有扶有控" "制造业近年一直是银行信贷投放的重点领域，尤其是对先进制造业的贷款在额度、利率上都有政策优 惠。"一家股份制银行人士接受《中国经营报》记者采访时表示，"制造业是经济的压舱石，国家近年对 制造业不断加大政策支持力度，取得了不错的成效，信贷投放的规模持续增长，融资成本持续降低，为 产业的升级打下了坚实基础。" 在国新办近期举行的新闻发布会上，中国人民银行调查统计司司长闫先东明确表示，上半年金融机构人 民币各项贷款新增12.92万亿元，从行业投向看，新增贷款主要投向制造业、基础设施业等重点领域。 其中，上半年制造业中长期贷款余额同比增长8.7%，增加9207亿元。 （编辑 ...

近日，网络犯罪组织"Tsar0Byte"声称成功入侵电信巨头诺基亚的内部网络，导致超过9.4万名员工的敏 感信息遭到泄露。业内人士指出，这起事件规模空前，根据已披露信息，被泄露的数据不仅包含各种员 工信息，还有公司内部文档、合作方日志等核心资料，诺基亚正遭遇公司发展史上最严重数据泄露事 件。 《中国经营报》记者注意到，这已是诺基亚在不到一年时间内第二次因第三方供应商安全漏洞而遭受重 大网络攻击。而过去几年诺基亚也多次传出公司数据泄露的消息。 对此，诺基亚方面回应称，正在对"Tsar0Byte"的攻击声明进行全面彻查。值得注意的是，诺基亚强调目 前其"主系统"暂时安全，公司正在持续密切关注事态发展，并加强与合作伙伴的安全协同工作。 业内人士认为，该事件为科技行业企业敲响了警钟。随着信息技术的快速发展，企业数字生态日益复 杂，传统的"城堡式"安全防护模式已经难以应对现代网络攻击的挑战。 迂回攻击大量敏感信息遭泄露 据安全研究人士分析，此次，"Tsar0Byte"组织并未选择直接攻击诺基亚的核心系统，而是采用了更为狡 猾的"迂回战术"。攻击者首先将目标锁定在与诺基亚有业务往来的第三方开发工具供应商，利用该供应 商网 ...

Core Viewpoint - The incident surrounding Nvidia's H20 chip highlights the dependency risks in China's core technology sectors and may accelerate the domestic chip industry's push for self-innovation [2][7]. Group 1: Nvidia's H20 Chip Situation - Nvidia's H20 chip, designed for AI acceleration in compliance with U.S. export restrictions, has faced significant challenges in the Chinese market, including a ban that resulted in over $1 billion in quarterly revenue loss [3][4]. - Following the approval of export licenses by the U.S. government, Nvidia's stock saw a brief uptick, but the subsequent security concerns led to renewed scrutiny from China's internet regulator [4][5]. - Nvidia has firmly denied the existence of backdoors or monitoring software in its chips, emphasizing the importance of building trustworthy systems [5][6]. Group 2: Domestic Industry Response - The H20 chip's security issues have prompted domestic companies to increase their testing and application of local chip alternatives, recognizing the importance of self-reliance in core technologies [7][9]. - Domestic chip manufacturers are rapidly developing competitive alternatives, with notable advancements in performance and capabilities [8][9]. - The incident has created a significant opportunity for domestic GPU solutions in data centers and AI training, potentially reshaping the market landscape [9].