中国人民抗日战争暨世界反法西斯战争，是正义和邪恶、光明和黑暗、进步和反动的大决战。中国 人民以巨大的民族牺牲支撑起了世界反法西斯战争的东方主战场，为赢得世界反法西斯战争胜利作出了 历史性贡献。 至今，我国先后公布四批国家级抗战纪念设施、遗址294处和著名抗日英烈、英雄群体1128名。"十 四五"期间，我国15个抗战纪念馆新建改扩建、68个抗战纪念馆展陈提升，抗战纪念馆体系基本形成。 全国年均举办抗战主题展览500余个，逾6000万人次走进抗战遗址和纪念场馆。 我们谨就抗战主要历史事件和抗战根据地银行，梳理出重大事件与红色金融旧址，与读者一道"走 遍大好河山，探访抗战旧址"，重温伟大抗战精神。 九一八事变 淞沪抗战 一·二八淞沪抗战：1932年1月28日夜，日军突然向驻守上海闸北的第十九路军下辖部队发起进攻， 双方激烈交战，淞沪抗战爆发。持续36天的淞沪抗战，中国军民同仇敌忾，给予侵华日军自九一八事变 以来最沉重的打击。一·二八淞沪抗战是十四年抗战中，中国军队第一次与日军的全面对抗和较量。 八一三淞沪会战：1937年8月13日，日军大举进攻上海，八一三淞沪会战爆发。淞沪会战是中国全 民族抗战爆发后的首场大型会战 ...

中国信达坚守金融资产管理公司职责定位，持续巩固不良资产主业优势，业务规模稳步提升，资产 质量整体稳定，在复杂多变的市场环境中保持较好的发展韧性和成长性。 业务结构持续优化。不良资产经营主业优势持续巩固，市场竞争力不断强化。数据显示，截至2025 年6月末，不良资产经营业务总资产9382.29亿元，较上年末增长2.51%；收入总额184.91亿元，同比增 长0.30%。推动有效投放，紧抓资产周转，母公司新增投放、现金回收较上年同期实现"双增长"，新增 投放创近5年最好水平。 转型发展加快推进。上半年，新增投放其他不良资产业务304.15亿元，同比增长88.19%。其中，能 源及基础产业结构调整、不动产风险化解、新质生产力转型升级、央地国企改革提升领域不良资产新增 投放占比分别为32.7%、17.8%、21.5%、27.8%，新增投放配置均衡合理。 发挥功能作用 风险化解有力有效 中国信达充分发挥金融资产管理公司金融救助和逆周期调节功能，持续提升风险化解和纾困能力， 深度参与重点领域风险化解，为维护经济金融稳定贡献力量。 资产管理股份有限公司（以下简称"中国信达"）日前发布2025年中期业绩报告。数据显示，截至 ...

Core Viewpoint - China Orient Asset Management Co., Ltd. focuses on providing financial support for the high-quality development of the manufacturing industry, aiming to be a "resolver" of financial risks, a "promoter" of industrial transformation, and a "guardian" of healthy corporate development [1] Group 1: Financial Support and Services - Over the past five years, China Orient has invested in 122 manufacturing projects with a total investment exceeding 45 billion yuan [1] - The company employs various business models such as non-performing asset acquisition and market-oriented debt-to-equity swaps to provide comprehensive financial services throughout different stages of manufacturing enterprises [2] - China Orient has supported a leading domestic drone manufacturer by alleviating financial crises through non-performing asset acquisition and restructuring, thus stabilizing the company's equity structure [2] Group 2: Supporting Key Industries - China Orient participated in a capital increase for Seres, a leading domestic new energy vehicle company, to help it strengthen its capital base and control its debt ratio [3] - The company established a special fund to support Zhongxin Innovation, a third-ranked power battery manufacturer, in reducing its debt ratio and accelerating innovation [3] - China Orient has played a crucial role in the bankruptcy restructuring of Jiangsu Zhongli Group, helping the company offload nearly 10 billion yuan in debt and retain over 2,600 jobs [4] Group 3: Industry Transformation and Upgrading - The company focuses on supporting high-end, intelligent, and green manufacturing goals, utilizing regional advantages to allocate resources effectively [7] - China Orient has assisted in the development of the integrated circuit industry in Hefei, helping to secure financial channels and reduce leverage for key enterprises [7] - The company invested in InnoSemiconductor, a leading third-generation semiconductor firm, to alleviate its debt pressure and support its expansion and listing [7] Group 4: Regional Economic Support - China Orient has supported a key local state-owned enterprise in the salt lake industry in Qinghai, helping to improve the regional credit environment and facilitate the high-quality development of lithium carbonate projects [8]

中国中信金融资产管理股份有限公司（以下简称"中信金融资产"）日前举行2025年中期业绩发布 会。数据显示，2025年上半年，公司实现归母净利润61.68亿元，同比增长15.7%，剔除金租出表影响后 同比增长27.5%。 中信金融资产向上向好发展态势持续巩固，充分发挥逆周期调节和金融救助功能，发挥了不良资产 行业的"国家队"和"主力军"作用。 持续深耕主业 提升发展动能 纾困房企 助力构建房地产发展新模式 中信金融资产聚焦房地产领域风险化解，积极发挥逆周期调节和金融救助功能，服务"保交楼、保 民生、保稳定"。 2022年以来，中信金融资产累计投放房地产纾困项目93个，累计实现保交房7.59万套。 中信集团党委委员、副总经理兼中信金融资产董事长、执行董事刘正均表示，上半年，中信金融资 产实现"四个显著提升"：一是经营业绩显著提升，二是主业能力显著提升，三是品牌形象显著提升，四 是队伍能力显著提升。 "作为持牌的金融机构，不良资产主责主业是我们的主战场，也是我们的'护城河'。核心竞争力是 人和能力的表现，上半年，公司不良资产经营主业不断取得突破，成为公司业绩的主要来源。"中信金 融资产总裁、执行董事李子民说。 数据 ...

Core Insights - Chengdu has become a significant hub for "first stores," with over 4,000 first stores, ranking third in China after Beijing and Shanghai [1] - The "first economy" has emerged as a new driver for urban consumption vitality, with 395 first stores established and over 180 high-profile events held in the first half of the year [1][2] - The Jinjiang District, as the core area of Chengdu's international consumption center, has attracted more than 600 first stores, with nearly 2,000 international brands, accounting for over 30% of the city's first launch resources [1] Government Initiatives - The Jinjiang District government has formed a professional investment promotion team to attract businesses, reducing approval times from 7-10 days to as fast as 2-3 days [2] - A "gold medal service specialist" system has been implemented to provide one-on-one support for businesses, covering all aspects from site selection to operational coordination [2] - The local government has introduced various policies and support measures to stimulate the first economy, focusing on mechanism innovation, service upgrades, and creating engaging consumer scenarios [2][3] Economic Impact - The Jinjiang District government launched the "First Economy High-Quality Development Leading Plan (Spring Action)" in early 2025, establishing a first economy promotion alliance and creating benchmark projects [3] - The Spring Street business district hosts a new first store or event approximately every two days, contributing to a year-on-year consumption growth of 6.8%, leading the nation [3] - Future plans include enhancing the business environment for first economy development and launching the first national first information index to promote sustainable growth [3]

上半年，半导体行业发展韧性凸显。在国产替代与市场回暖的双重推动下，中芯国际、华虹公司等 头部晶圆制造企业保持满产运行，中微公司等半导体设备企业订单充足，瑞芯微、泰凌微等9家芯片设 计企业盈利同比翻倍，构筑行业增长"压舱石"。 人工智能技术的快速渗透成为集成电路产业升级的关键变量，为行业发展开拓了广阔增量空间。一 批AI算力企业凭借独特技术优势迎来经营质量的快速提升。 浙商证券在近期研报中表示，关键半导体设备研发突破、送样验证，推动半导体设备板块业绩实现 增长。国内半导体设备各细分环节正不断研发突破，快速积累自主IP，并逐步具备"出海"可能性。此 外，随着国内供应链在零部件、材料领域的加强，机台稳定性一致性正快速提升，头部晶圆厂采购设备 国产化有望提速。 设备企业积极扩大产能 同花顺iFinD数据显示，按申万二级行业分类，半导体行业整体营业收入同比增长15.54%，归属于 上市公司股东的净利润同比增长32.41%。在半导体行业的165家上市公司中，有120家上市公司报告期 内实现盈利，100家上市公司归属于上市公司股东的净利润实现同比增长。 今年上半年，寒武纪实现营业收入28.81亿元，同比增长4347.82% ...

以濮阳市银行业协会为例，该协会在近日发文时表示，"内卷"是一把"双刃剑"，它在短期内或许能 带来表面繁荣，但其代价是扭曲了市场资源配置，削弱了金融体系的服务效能，挫伤了从业者的职业尊 严与热情，最终损害的是整个行业的形象与未来。 民银研究发布的报告提出，7月份，中央财经委员会第六次会议聚焦"纵深推进全国统一大市场建 设"，要求"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"，预示 着下半年综合整治"内卷式"竞争将会进一步落实。 在金融管理部门的指导下，银行业金融机构正在跳出 " 内卷式 " 恶性竞争、转变对产能过剩行业的融 资供给思路。 " 反内卷 " 带动的不仅仅是银行业金融机构经营思路与经营策略的调整，更是行业生态的优 化和发展质量的提升。 "今年以来，'反内卷'要求逐步推行，有利于规范银行业有序竞争，引导银行业把握好金融支持实 体经济和保持自身健康发展。"日前，在中信银行召开的2025年中期业绩发布会上，中信银行行长芦苇 表示。 今年以来，多地金融监管局、银行业协会先后发声，呼吁辖内银行业金融机构摒弃"内卷式"竞争， 规范发展、稳健运行。 今年7月，平安银行广州分行率先开始推 ...

Group 1: Company Performance - Pianzaihuang Pharmaceutical Co., Ltd. reported revenue of 5.379 billion yuan and net profit of 1.442 billion yuan for the first half of 2025, reflecting the company's strong performance in the traditional Chinese medicine sector [1] - The company is expanding its product offerings to include functional health foods and daily chemical products, aligning with the rising demand for health and wellness products in China [1] - The overall performance of Pianzaihuang is indicative of the resilience and vitality of China's consumer market, which is shifting towards quality, personalization, greenness, and health [1] Group 2: Consumer Market Trends - The "old for new" policy has effectively stimulated growth in the consumer market, with 2.8 billion people applying for subsidies, leading to sales exceeding 1.6 trillion yuan [2] - The automotive sector saw a 6% increase in revenue for listed companies, with new energy vehicle sales rising nearly 30% [2] - The home appliance sector also experienced a 10% increase in net profit among listed companies, with Haier and Hisense leading in market share and sales growth [2] Group 3: Basic and New Consumption - Basic consumption categories such as dining, accommodation, and household services showed steady growth, with retail sales of consumer goods reaching 24.5458 trillion yuan, a 5% increase year-on-year [4] - Companies in the beverage and seasoning sectors reported significant growth, with East Peak Beverage's electrolyte drink revenue increasing by 214% [4] - New consumption trends, particularly in beauty and fashion, have led to substantial profit increases for companies in these sectors, with net profits rising by 26.12% and 42.91% respectively [4] Group 4: Tourism and Travel - Domestic tourism saw 3.285 billion trips in the first half of 2025, a 20.6% increase, with spending reaching 3.15 trillion yuan, up 15.2% [7] - Listed tourism companies reported a 58% increase in net profit, driven by innovative experiences and cultural tourism [7] - Airports such as Shanghai and Baiyun reported net profit increases of 28% and 71% respectively, reflecting the recovery in international travel [8]

Core Viewpoint - The recent announcements of interim dividend plans by A-share listed banks highlight a trend towards increased shareholder returns, with a total proposed dividend amount exceeding 200 billion yuan from major state-owned banks and several joint-stock banks [1][4]. Group 1: State-Owned Banks - Six major state-owned banks have announced their interim dividend plans for 2025, with a total proposed dividend amount exceeding 200 billion yuan [1]. - Industrial and Commercial Bank of China leads with a proposed dividend of 1.414 yuan per 10 shares, totaling 503.96 billion yuan [1]. - Other state-owned banks, including Agricultural Bank of China, Bank of China, China Construction Bank, Bank of Communications, and Postal Savings Bank, have proposed dividends of 418.23 billion yuan, 352.50 billion yuan, 486.05 billion yuan, 138.11 billion yuan, and 147.72 billion yuan respectively [1]. Group 2: Joint-Stock Banks - Several joint-stock banks, including China Merchants Bank, CITIC Bank, Minsheng Bank, Ping An Bank, and Huaxia Bank, have confirmed their interim dividend plans for 2025 [1][2]. - China Merchants Bank announced its first interim profit distribution plan since its listing, with a cash dividend amounting to 35% of its net profit attributable to ordinary shareholders for the first half of 2025 [1][2]. - CITIC Bank plans to increase its interim dividend payout ratio to 30.7%, enhancing investor return expectations [2]. Group 3: New Participants in Interim Dividends - New entrants to the interim dividend group include Ningbo Bank, Changsha Bank, Su Nong Bank, and Jiangyin Bank, indicating a growing trend among listed banks to adopt interim dividends [2][4]. - Su Nong Bank announced its first interim dividend plan, proposing a cash dividend of 0.9 yuan per 10 shares, totaling 1.82 billion yuan [2][3]. Group 4: Overall Market Trends - A total of 23 A-share listed banks implemented interim dividends in 2024, distributing over 250 billion yuan, with the number of banks participating expected to increase in 2025 [4]. - The push for interim dividends is seen as a response to regulatory guidance aimed at enhancing shareholder returns and stabilizing market expectations [5].

Group 1 - The Chinese new energy vehicle (NEV) industry continues to experience rapid growth, with over 8.2 million units produced and sold in the first seven months of the year [1] - BYD, a leading domestic NEV manufacturer, reported a revenue of 371.3 billion yuan, a year-on-year increase of 23.3%, and a net profit of 15.511 billion yuan, up 13.79% [2] - The global battery industry, represented by CATL, showed resilience with a revenue of 178.9 billion yuan, a 7.27% increase, and a net profit of 30.485 billion yuan, up 33.33% [3] Group 2 - CATL's overseas revenue reached 61.208 billion yuan, accounting for 34.22% of total revenue, with a year-on-year growth of 21.14% [4] - BYD's R&D investment reached 30.88 billion yuan, a 53% increase, making it the highest in A-shares for the first half of the year [5] - The NEV industry is expected to maintain growth due to new model launches, continuous technological innovations, and accelerated overseas market expansion [6] Group 3 - The complete industrial chain of China's NEV sector, from materials to batteries to vehicles, provides a solid foundation for resilient development [7] - The export of Chinese NEVs is showing a positive trend in both quantity and quality, driven by technological innovations and precise market demand understanding [7]