Core Viewpoint - The performance report for listed property companies in the first half of 2025 shows a slowdown in growth and further industry differentiation, with 63 companies having released their mid-year results, except for two that delayed their reports [1] Group 1: Company Performance Metrics - Country Garden Services leads in managed area with 1.063 billion square meters, earning the title of "scale king" [2][5] - Poly Property ranks first in contracted area with 996 million square meters, while Country Garden Services tops in revenue at 23.185 billion yuan [2][4] - China Resources Vientiane Life achieved the highest net profit at 2.068 billion yuan, marking it as the most profitable property company [2][4] Group 2: Industry Growth Trends - The total managed area of 53 listed property companies reached approximately 7.79 billion square meters, reflecting a year-on-year growth of 3.8%, but a decline of 5.3 percentage points compared to the previous year [5] - The fastest growth in managed and contracted areas was seen in Su Xin Services, with increases of 62.81% and 57.20% respectively [8] - The proportion of third-party managed area decreased to about 65.0%, down 0.4 percentage points from the previous year [9] Group 3: Revenue Insights - The total revenue of 63 listed property companies grew to 148.79 billion yuan, a year-on-year increase of 4.1%, but a decline of 0.5 percentage points compared to the previous year [10] - Basic property services accounted for 72.4% of revenue, indicating a stronger emphasis on core services, while community value-added services saw a decline [10] - Country Garden Services reported a revenue increase of 2.139 billion yuan, maintaining its leading position in the industry [10] Group 4: Profitability Analysis - The average net profit for 63 listed property companies reached 170 million yuan, a year-on-year increase of 20%, with a net profit margin of 7.2% [14] - China Resources Vientiane Life led in net profit at 2.068 billion yuan, while Zhujiang Shares experienced the highest growth rate in net profit at 857.31% [14] - The overall decline in gross profit and gross margin reflects ongoing pressures in the industry, with the average gross margin dropping to 19.4% [14][17]

新京报贝壳财经讯（记者王琳琳）9月4日，新京报贝壳财经记者从天眼查获悉，日产进出口（广州）有 限公司近日成立，法定代表人为市川敦，注册资本10亿元，经营范围包括货物进出口，技术进出口，国 内贸易代理等。该公司由日产（中国）投资有限公司（简称"日产中国"）、东风汽车集团股份有限公司 （简称"东风集团福分"）分别持股60%、40%。 今年6月25日，东风集团股份发布公告称与日产中国订立合资合同，双方同意成立合资公司，共同从事 汽车出口业，东风集团股份和日产中国将向合资公司的注册资本分别出资4亿元和6亿元。8月29日，市 场监管总局发布2025年8月18日-8月24日无条件批准经营者集中案件列表，其中包括日产（中国）投资 有限公司与东风汽车集团股份有限公司新设合营企业案等。 此外，日产汽车也在"The Arc日产电弧计划"中提出今年开始在中国市场进行整车出口，第一阶段实现 出口10万辆的目标。马智欣曾表示日产汽车在中国研发、设计、生产的车型，都会考虑不只在中国销 售，也要实现出口。 编辑 陈莉 校对 柳宝庆 从合资公司股权比例来看，日产占比主导地位，业内认为此举能让日产在出口方面占据主导权。实际 上，日产中国与东风 ...

Core Viewpoint - Credit cards, once a symbol of consumer freedom, are gradually losing popularity among younger consumers, who prefer alternative payment methods like Huabei and Meituan Monthly Payment due to concerns over fees and debt risks [1][2][3] Group 1: Consumer Behavior - Young consumers express dissatisfaction with credit cards due to annual fees and the risk of overspending, leading them to favor more manageable payment options [2][4] - The shift in consumer preferences is evident as younger generations find credit cards less appealing compared to newer financial products that offer smaller, more controllable credit limits [8][10] - Concerns about falling into debt traps and the perception that credit cards are primarily used by older generations contribute to the decline in credit card usage [10][11] Group 2: Banking Sector Impact - The decline in credit card usage is reflected in the financial reports of banks, with a total reduction of 200 billion yuan in credit card balances among 14 banks in the first half of 2025 [3][11] - Major banks are experiencing pressure on credit card account openings, leading to increased promotional efforts, including attractive gifts for new cardholders [11][12] - Despite these efforts, most banks report a decrease in credit card loan balances, with notable declines at institutions like Bank of China and Ping An Bank [12][13] Group 3: Financial Performance - As of mid-2025, the total credit card loan balance across 14 banks stands at 7.52 trillion yuan, a year-on-year decrease of 2.56% [13] - Banks like China Merchants Bank and CITIC Bank report significant drops in credit card transaction volumes and revenues, indicating a broader trend of declining profitability in credit card services [13][14] - The rising non-performing loan rates in credit card portfolios signal increasing risks for banks, with several institutions reporting higher rates compared to the beginning of the year [14] Group 4: Industry Trends and Recommendations - The overall decline in credit card issuance is attributed to changing consumer behaviors and regulatory impacts, pushing banks to adapt to a more specialized and high-quality development model [15][16] - Experts suggest that banks should focus on creating differentiated credit card products that cater to specific consumer needs, leveraging technology to enhance user experience and engagement [16][18] - Recommendations include improving the adaptability of credit card products to consumer scenarios, simplifying approval processes, and enhancing repayment reminders to better compete with internet-based credit tools [17][18]

Core Viewpoint - The performance of the securities industry is recovering, with a notable increase in revenue and net profit for many firms, despite a trend of employee reduction among leading brokerages [6][15][21]. Group 1: Employee Trends - As of mid-2023, the total number of employees in 50 listed brokerages reached 319,452, showing a slight increase year-on-year, primarily due to the merger of Guotai Junan and Haitong Securities [3][7]. - The merger of Guotai Junan and Haitong Securities resulted in a significant increase in employee count, with Guotai Haitong leading with 27,200 employees [4][9]. - Over 70% of listed brokerages have reduced their workforce in the past year, while some smaller firms have increased hiring, contributing to improved performance [11][12]. Group 2: Financial Performance - In the first half of 2023, 150 securities firms reported total revenue of 251.04 billion yuan, a 23% increase year-on-year, with total assets rising from 11.75 trillion yuan to 13.46 trillion yuan [6][15]. - Many brokerages experienced significant net profit growth, with firms like Huaxi Securities and Guolian Minsheng seeing their net profits double [15][21]. - Despite some firms expanding their workforce, not all saw corresponding revenue growth; for instance, Huachuang Yuxin increased its staff by over 3,000 but reported a 12% decline in revenue [14]. Group 3: Market Trends and Outlook - The securities industry is witnessing a recovery in market sentiment, with increased trading activity and a rise in IPOs and fundraising [18][19]. - Key trends include accelerated mergers and acquisitions, the rise of cross-border business, and advancements in digital finance [20]. - The outlook for the brokerage sector remains optimistic, with expectations of continued profit growth, although potential risks from market adjustments and reduced trading activity are acknowledged [21].

新京报贝壳财经讯（记者胡萌）私募产品发行热情持续升温。新京报贝壳财经记者从私募排排网获悉， 截至8月31日，今年以来私募市场合计备案私募证券产品7907只，较2024年同期增长82.19%。 今年3月以来私募证券产品备案明显回暖，单月备案产品数量突破1000只大关，5月受假期影响略有下 滑，但接下来的6-8月，连续3个月单月备案产品数量维持在1100只上方，表明私募证券产品发行热情持 续升温。 融智投资FOF基金经理李春瑜认为，年内私募证券产品备案数量同比大幅增长主要是因为A股市场稳步 回升，人工智能等战略性新兴产业持续走强，带动市场风险偏好提升，吸引更多投资者借助私募产品参 与市场；同时，私募基金行业监管体系不断完善，信息披露透明度显著提高，运作更加规范，为行业健 康发展营造了稳定的制度环境，增强了投资者信心。其中，私募证券产品表现出较强的赚钱效应，进一 步提振了投资者的参与热情。 编辑 杨娟娟 校对 杨利 值得注意的是，股票策略成为备案主力。今年以来私募市场合计备案股票策略产品5173只，占到备案产 品总量的65.42%，同比增长91.31%。同时，百亿量化私募成为备案主力军。今年以来有产品备案的私 募管 ...

【金价上涨行业分化：#老铺黄金净利增超2倍##周大生营收腰斩#】近日，国际金价延续涨势，现货黄 金价格于9月2日突破3500美元/盎司，3日收盘报3560.48美元/盎司。品牌首饰金价随之走高，周大福4日 金价已达1060元/克。 尽管金价持续上涨，黄金饰品企业业绩却呈现明显分化。老铺黄金表现突出，上半年营收和净利润分别 大幅增长251.0%和285.8%，但毛利率微降至38.1%。 在新京报贝壳财经记者统计的七家金饰品牌中，老 凤祥、周大生和周生生营收出现下滑，其中周大生营收同比下降43.9%，净利润微降1.3%；老凤祥营 收、净利润分别下降16.5%、13.1%。潮宏基和周六福则逆势增长，前者营收41.02亿元、增长19.54%， 净利润增长44.34%；后者营收31.5亿元、增长5.2%，净利润增长11.9%，其线上收入占比高达52%。 渠道方面，多家企业加盟店数量收缩，老凤祥、周六福、周大生分别减少279、274和344家，线上销售 与海外扩张成为新增长点。行业消费结构发生转变，上半年全国黄金首饰消费量同比下降26%，而金条 金币等投资需求增长23.69%。消费者偏好转向轻克重、高附加值产品，头部品牌 ...

#果链大力招工上午应聘下午工作##有果链企业小时工时薪37元#【iPhone 17发售在即 部分果链企业大 力招工】智通财经记者走访深圳龙华汽车站招工市场了解到，目前富士康、蓝思科技、立讯精密等果链 企业工厂正大力招工。有人力中介告诉智通财经记者，目前上午应聘，如面试通过，不需要体检，下午 就可以进到富士康厂区开始工作。且由于目前处于产品生产旺季，要做好加班的心理准备。工价方面， 果链企业招工工价明显高于其他同类工厂，其中位于广东省外的蓝思科技工厂小时工价达到37元/h，位 于广东惠州的伯恩光学则达到33元/h，系省内最高，而其他非果链厂商在广东省内的小时工价则多在25 元/h以下。（智通财经） ...

方案明确，提升协同攻关效率，支持人工智能、先进存储、三维异构集成芯片、全固态电池等前沿技术 方向基础研究。面向光子领域重点环节开展技术攻关，加大对高速光芯片、光电共封等领域的研发投入 力度，推动光架构与现有电架构体系生态融合。谋篇布局时空信息产业，一体推进卫星定位、导航、授 时、遥感、地理信息系统(GIS)、通信、网络等协同发展，突破多源融合定位、室内外无缝定位、低轨 导航增强、自适应抗干扰防欺骗等北斗关键技术。加快网络化、开放化、智能化、协同化的新型工业控 制系统和操作系统架构体系研究。加快推动RISC-V产业发展，促进产品技术研发、标准体系建设、应 用落地和国际化合作。 编辑 杨娟娟 新京报贝壳财经讯 9月4日，据工信部官网消息，工业和信息化部、市场监督管理总局印发《电子信息 制造业2025-2026年稳增长行动方案》。 其中，方案指出，加强电子信息领域制造业创新中心等创新平台建设，强化行业关键共性技术供给。通 过国家重点研发计划相关领域重点专项，持续支持集成电路、先进计算、未来显示、新型工业控制系统 等领域科技创新。 ...

Core Viewpoint - The recent quarterly review by FTSE Russell on multiple indices involving China indicates a significant shift in fund flows, particularly favoring high-growth sectors such as innovative pharmaceuticals and AI computing power, while traditional sectors like utilities and telecommunications are being sidelined [1][12]. Group 1: Index Changes - The FTSE China A50 Index has added companies such as BeiGene, NewEase, WuXi AppTec, and Zhongji Xuchuang, while removing China Nuclear Power, China Unicom, Guodian NARI, and Wanhua Chemical [3][4]. - Newly included companies have market capitalizations exceeding 280 billion yuan, reflecting a preference for high-quality large-cap growth stocks [3]. - The passive funds tracking the FTSE China A50 Index exceed 10 billion USD, indicating that changes in index composition can lead to significant capital flows, potentially in the hundreds of millions or even billions [1]. Group 2: Market Performance - The newly added stocks have shown remarkable performance, with all four companies experiencing over 100% growth this year, and the highest growth reaching 350% [4]. - The market is currently favoring technology growth sectors, as evidenced by the inclusion of companies from the optical module sector and innovative pharmaceuticals [11][12]. Group 3: Industry Trends - The adjustments in the index reflect a broader trend of market funds embracing technology growth sectors while showing a decline in preference for cyclical sectors [12]. - The demand for high-speed optical modules has surged due to advancements in AI technology and increased computing power needs, benefiting companies like Zhongji Xuchuang and NewEase [13]. - The innovative pharmaceutical industry is gaining competitiveness in both domestic and international markets, supported by increased policy backing and enhanced R&D capabilities among domestic firms [14][15].

编辑 杨娟娟 新京报贝壳财经讯 9月4日，北部湾港发布公告称，2025年8月，货物吞吐量3206.68万吨，同比增长 4.97%；其中集装箱85.48万标准箱，同比增长12.36%。整体来看，2025年累计货物吞吐量约2.37亿吨， 同比增长10.14%；累计集装箱640.56万标准箱，同比增长10.12%。 ...