中国经济周刊-经济网讯 两市午后走势分化，沪指、深证成指继续走低，创指午后走强。截至今日 收盘，上证综指报3813.56点，跌幅1.16%，成交额10122.96亿元；深证成指报12472.00点，跌幅0.65%， 成交额13517.90亿元；创业板指报2899.37点，涨幅0.95%，成交额6526.56亿元。 盘面上，芯片概念股活跃，博杰股份、长飞光纤等多股涨停；医药板块走势稍强，百花医药、人福 医药等涨停；另外，BC电池概念、电气设备等板块涨幅居前；国防军工、多元金融、证券等多数板块 下跌。 编辑：何颖曦 ...

近日，中联重科发布2025年半年度报告。报告期内，公司实现营业收入248.55亿元，同比增长 1.30%；归母净利润27.65亿元，同比增长21%，扣非归母净利润19.25亿元，同比增长30%。其中，二季 度扣非归母净利润10.51亿元，同比增长50%，环比呈现进一步提速态势。报告披露，公司拟进行中期 分红，每10股派发现金红利2元（含税）。 中联重科持续践行独具特色的"端对端、数字化、本土化"海外业务体系，加大对全球市场资源投 入。上半年，公司海外收入138.15亿元，同比增长15%，占营收比重55.58%，同比提升6.48个百分点。 公司产品已覆盖全球170多个国家和地区，海外市场区域结构均衡，有效规避单一市场风险。非 洲、中东、澳新、东亚等区域增速突出，东南亚、南美市场表现优于公司整体水平，欧洲、北美本地化 供应链资源整合加速，各区域市场协同发展推动公司海外市场销售结构持续优化。 分板块看，中联重科混凝土机械、工程起重机械内销回暖超预期、外销市占率持续提升，建筑起重 机械市场份额稳居第一。土方机械营收增长22%，占总营收比重近20%，出口增速已连续三年多超过行 业平均水平。矿山机械（矿挖+矿机）同比高速 ...

Group 1: Market Environment Improvement - The establishment of a unified national market has led to clearer rules, more efficient circulation, fairer competition, and better resource allocation [1] - The "negative list" for market access has been reduced from 117 items in 2022 to 106 items, with national management measures decreasing from 486 to 469 [2] - The optimization of the business environment has been felt by enterprises, with significant improvements in operational efficiency reported by leading companies like Juhua Home [2][3] Group 2: Infrastructure and Logistics Enhancement - The construction of a comprehensive infrastructure network has been a focus during the "14th Five-Year Plan," resulting in the world's largest high-speed rail, highway, and postal networks [4] - Logistics costs are projected to decrease by over 400 billion yuan, with transportation costs alone reduced by approximately 280 billion yuan [4] - The opening of special trains has significantly shortened transportation times and reduced logistics costs, leading to a more than 30% increase in foreign trade orders for some companies [4] Group 3: Fair Competition and Regulatory Framework - The implementation of the "Fair Competition Review Regulations" aims to eliminate behaviors that hinder fair competition, with a comprehensive framework established for oversight [6] - Local governments, such as Zhejiang Province, have actively responded to these regulations, reviewing over 2,000 major policy measures to ensure fairness in competition [6][7] - The continuous improvement of regulatory enforcement is expected to further enhance the unified market, facilitating economic circulation and supporting high-quality development [7]

"金九银十"是传统消费旺季，金秋时节成为各地促消费活动的黄金期。商务部此前表示，鼓励各地 举办特色鲜明的促消费活动，积极培育服务消费新热点。如今，全国各地纷纷响应，开启了各具特色的 金秋消费季，以丰富多样的形式、创新多元的场景，全力激发消费潜力，推动经济稳步增长。 激发消费潜力 值得关注的是，商务部强调要积极培育消费新热点，各地在金秋消费季中也着力在这方面发力。 近日，重庆市商务委召开新闻发布会表示，9月1日至10月31日，重庆市将举办"购在中国·爱尚重庆 2025金秋消费季"。活动期间，重庆将开展消费促进活动500多场，汇聚政府、企业、平台、银行等多方 资源，投入促销资金超17亿元，预计直接带动消费逾100亿元。 此次重庆金秋消费季系列活动按照"1+6+N"思路展开，"1"即围绕"购在中国·爱尚重庆"主题；"6"即 聚焦重点行业组织开展六大主题惠民消费活动；"N"即 N种场景、N场活动：融合山水、夜景、美食、 时尚、康养等特色场景，开展多场消费促进活动，打造一场"天天有惊喜、周周有爆点、月月有主题"的 金秋消费活动。 2025年吉林"金秋消费季"近日在长春举行启动仪式，历时63天的全省性大型促消费活动正式拉 ...

Core Viewpoint - The implementation of the personal consumption loan interest subsidy policy aims to reduce borrowing costs for consumers, stimulate consumption, and support economic growth through a collaboration between fiscal and financial mechanisms [1][5]. Group 1: Policy Implementation - The personal consumption loan interest subsidy policy was officially implemented on September 1, with participation from six major state-owned banks, twelve national joint-stock commercial banks, and five larger consumer finance companies [1]. - Many banks have completed preparations to ensure consumers can benefit from the new subsidy policy promptly [1][2]. Group 2: Loan Details and Subsidy Structure - The subsidy covers two types of consumption scenarios: daily consumption loans under 50,000 yuan and key area consumption loans of 50,000 yuan or more, including categories like home appliances, education, and healthcare [2]. - The subsidy standard is set at an annual interest rate reduction of 1 percentage point, with a maximum subsidy of 1,000 yuan for loans under 50,000 yuan and 3,000 yuan for loans above that amount [2][3]. Group 3: Application Process - Consumers can apply for the subsidy through regular loan processes, with banks automatically deducting the subsidy from the interest owed once eligibility is confirmed [3]. - If consumers believe they qualify for the subsidy but do not see it reflected, they can appeal at bank branches with supporting documents [3][4]. Group 4: Compliance and Risk Management - The subsidy is only applicable to the portion of loans that are actually used for consumption, and any misuse of funds for investment or real estate will result in penalties [4][6]. - Banks are advised to implement strict risk controls and compliance measures to ensure that funds are used appropriately and to prevent fraudulent activities [6]. Group 5: Impact on Banking Sector - The subsidy policy is expected to positively impact banks' consumer credit business, encouraging them to enhance service quality and operational efficiency [5][7]. - Banks are focusing on simplifying the subsidy process and improving customer experience to better align with consumer needs and government policy objectives [7].

Market Overview - The three major A-share indices experienced fluctuations and adjustments throughout the day, with the Shanghai Composite Index closing at 3858.13 points, down 0.45% and a trading volume of 12,227.78 billion [1] - The Shenzhen Component Index closed at 12,553.84 points, down 2.14% with a trading volume of 16,522.14 billion [1] - The ChiNext Index closed at 2872.22 points, down 2.85% with a trading volume of 7,973.41 billion [1] Sector Performance - The semiconductor sector saw a significant decline, while sectors such as military, pharmaceuticals, non-ferrous metals, liquor, and brokerage also experienced downturns [1] - Concepts related to CPO and liquid-cooled servers underwent corrections [1] - Conversely, the banking, power, and automotive sectors rose against the market trend, with industrial mother machines and robotics concepts showing active performance [1]

Group 1 - The personal consumption loan interest subsidy policy officially implemented on September 1 aims to provide financial support to consumers, allowing them to benefit from interest subsidies on loans taken for consumption purposes [1][2] - The policy is the first of its kind from the central government, running from September 1, 2023, to August 31, 2024, with eligible consumers able to receive up to 3,000 yuan in subsidies [1][2] - Banks have prepared for the implementation of this policy, ensuring that systems are in place to automatically identify eligible consumption transactions and apply the subsidies during the repayment process [2][3] Group 2 - The implementation of the subsidy policy requires banks to conduct extensive system testing to ensure accurate identification of loan usage, which includes analyzing large volumes of transaction data [2] - The policy is designed to support genuine consumption behavior, with eligibility limited to personal consumption loans from 18 designated banks and institutions, necessitating a supplementary agreement for transaction information access [2][3] - The policy is expected to lower borrowing costs for consumers and businesses, thereby stimulating growth in personal consumption loans and enhancing the overall consumer market [3]

Core Viewpoint - The company reported a decline in revenue but a significant increase in net profit, indicating a focus on innovation and international expansion as key growth strategies [1][2][5]. Financial Performance - In the first half of 2025, the company's operating revenue was 3.411 billion yuan, a year-on-year decrease of 6.32% [1]. - The net profit attributable to shareholders was 49.881 million yuan, reflecting a year-on-year increase of 46.12% [1]. Innovation and Development - The company has established a "leading innovation" model, applying for 102 patents in the first half of 2025, with 43 being inventions [2]. - The company undertook 115 projects and successfully launched 20 prototypes, with 9 products entering mass production [4]. - Key achievements include a significant reduction in fuel consumption and increased operational efficiency for new products [4]. International Expansion - The company has seen a substantial increase in overseas sales, with a 75% year-on-year growth in revenue from the African market [6]. - The company secured over 100 million yuan in orders in the European market, particularly for its rotary drilling rigs [6]. - The company's products are now sold in over 180 countries, with a 40% increase in sales of rotary drilling rigs [6].

Core Viewpoint - The establishment of effective governance mechanisms for artificial intelligence (AI) is crucial for promoting technological innovation while managing potential risks associated with its rapid development [1][6]. Group 1: AI Governance Dimensions - AI governance is a dynamic, multi-dimensional process involving various tools and stakeholders aimed at shaping the direction and boundaries of AI development to align with social values [3][4]. - The ethical and value dimension focuses on fundamental ethical principles that AI systems should adhere to, such as safety, transparency, fairness, and accountability [3][4]. - The policy support and market incentive dimension emphasizes the role of government in fostering AI innovation through financial investment, research funding, and regulatory frameworks [4][5]. - The regulation and standards dimension includes legal frameworks, technical standards, and compliance mechanisms essential for effective governance [5][6]. Group 2: Global AI Governance Challenges - The first challenge is the differentiation in governance due to varying technological paths across countries, leading to discrepancies in risk perception and governance tools [6][8]. - The second challenge is the mismatch between the rapid pace of AI technological advancement and the slower evolution of governance frameworks, resulting in a lag in regulatory responses [7][9]. - The third challenge involves the complexity of global governance mechanisms, which often lack coordination and can lead to inefficiencies and conflicts among different regulatory bodies [8][9]. - The fourth challenge is the impact of geopolitical factors, which can hinder international cooperation on AI governance, making it difficult to address cross-border risks effectively [10][11].

Core Insights - China's marine economy is entering a new phase of high-quality development, focusing on sustainable practices and technological advancements [1] Group 1: Marine Economy Development - The development of modern marine ranching and deep-sea food production is being emphasized, with initiatives like "耕海牧渔" and the creation of "deep blue granaries" [1] - The scale of offshore wind power in China is leading globally, contributing to the transition of ecological value in marine carbon sinks [1] - The manufacturing of marine engineering equipment is advancing towards high-end technology, with significant breakthroughs in technical barriers [1] Group 2: Policy and Industry Integration - Continuous policy benefits are being released under the goal of becoming a maritime power, promoting deep integration of industry, academia, and research in deep-sea technology [1] - Industries such as energy development, high-end equipment, biomedicine, and cultural tourism are experiencing rapid growth [1] Group 3: Infrastructure and Logistics - The intelligent transformation of ports and the upgrade of shipping service systems are enhancing global marine logistics connectivity [1] - The successful launch of China's first large cruise ship, "爱达·魔都," marks a new high in passenger traffic at the Qingdao cruise home port [13]