记者丨 唐婧 编辑丨张星 未来五年如何规划？下半年经济怎么干？ 据新华社，中共中央政治局7月30日召开会议，决定今年10月在北京召开中国共产党第二十届 中央委员会第四次全体会议，主要议程是，中共中央政治局向中央委员会报告工作， 研究关 于制定国民经济和社会发展第十五个五年规划的建议。会议分析研究当前经济形势，部署下半 年经济工作。 对比4月中央政治局会议相关表述来看，财政政策更加积极和货币政策适度宽松的定调并 未改变，但 7月中央政治局会议明确宏观政策要持续发力、适时加力，且更加强调"落实 落细"，并要"充分释放政策效应" 。 财政政策方面，本次会议要求" 加快政府债券发行使用，提高资金使用效率" ；货币政策 方面， 未提及"适时降准降息" ，而是 要"促进社会综合融资成本下行"，并强调要"用好 各项结构性货币政策工具" 。 会议还强调，要有效释放内需潜力 。深入实施提振消费专项行动，在扩大商品消费的同时， 培育服务消费新的增长点。在保障改善民生中扩大消费需求。高质量推动"两重"建设，激发民 间投资活力，扩大有效投资。 中国社会科学院金融研究所日前在《2025年第二季度中国宏观金融分析报告》中表示，不同于 一 ...

在美联储公布利率决议前数小时，美国总统特朗普再次呼吁降低利率，"美联储必须降息"。 截至23:00发稿，美股三大指数涨跌不一，纳斯达克中国金龙指数下挫1%。 美元直线拉升！黄金跳水 30日晚间美股高开后小幅震荡。美元指数突然拉升，现货黄金跳水跌破3300美元。 金融市场即将迎来"美联储之夜"。 北京时间7月31日凌晨，美联储将公布利率决议，外界普遍预计，美联储政策制定者将连续第五次会议维持利率目标区间在4.25%～4.5%不 变。 据CME"美联储观察"：美联储7月维持利率不变的概率为97.4%，降息25个基点的概率为2.6%。美联储9月维持利率不变的概率为34.6%， 累计降息25个基点的概率为63.7%，累计降息50个基点的概率为1.7%。 | NYSE USD 11:11:55 | | | | | | ADR / 2 + | | --- | --- | --- | --- | --- | --- | --- | | 盘前价 | 41.750 涨幅篇 | -10.70% | 交生 | -30.49% 120日 | | -5.57% | | 涨跌量前 | -5.000 盘前量 | 60.49万 | 5日 | ...

Core Viewpoint - The Chinese MPV market is undergoing a significant reshuffle in 2025, with a retail volume of 509,000 units in the first half of the year, marking a 5.9% year-on-year increase, and a notable 14.3% increase in June alone [1] Market Dynamics - The MPV market is becoming increasingly competitive, featuring both traditional strongholds and emerging players in the new energy sector [1] - The price segment of 200,000 to 300,000 yuan is identified as a "blank space," lacking competitive joint venture models and domestic brands that meet both business and family comfort needs [7] GAC Trumpchi's Positioning - GAC Trumpchi has established itself as a "Chinese intelligent MPV expert" by accurately capturing market trends and integrating strong intelligent features into its MPV offerings [3][4] - The launch of the first-generation Trumpchi M8 successfully filled the market gap in the mid-to-high-end MPV segment, achieving a sales increase of nearly 200% in the second year and surpassing 80,000 units in the third year [7] Sales Milestones - By November 2024, the cumulative sales of the Trumpchi MPV family exceeded 700,000 units, setting a record for Chinese brand MPVs [8] - The M8 family achieved a significant milestone with 450,000 units produced in 2025, solidifying its status as "China's luxury MPV" [8] Product Innovation and Safety - Trumpchi's success is attributed to its understanding of user needs and innovative design, including unique safety features like a 3.2-meter long side air curtain and a 360° airbag matrix [9] - The M8 series incorporates advanced manufacturing standards and a rigorous quality management system, ensuring high reliability and durability [12][14] Technological Advancements - The launch of the Trumpchi M8 Hongmeng version integrates Huawei's HarmonyOS, enhancing user interaction and experience with features like seamless mobile integration [19] - The M8 series also emphasizes battery safety, utilizing advanced battery technology from CATL, ensuring a high level of safety with extensive testing protocols [20] Strategic Collaborations - The collaboration with Huawei and CATL marks a shift from functional addition to system-level integration, enhancing the overall product offering of the M8 series [16][17] - This strategic partnership aims to redefine the MPV segment, positioning Trumpchi as a leader in the intelligent electric vehicle era [21]

Core Viewpoint - The A-share market is experiencing a surge in leveraged funds, with financing balances reaching a new high, indicating increased investor optimism and risk appetite [1][4][5]. Group 1: Market Activity and Fund Flows - As of July 29, the financing balance of A-shares reached 1.97 trillion yuan, marking a significant increase and reflecting a bullish sentiment among investors [1][4]. - The proportion of daily financing purchases to total A-share trading volume has exceeded 10% for seven consecutive trading days, signaling heightened market risk appetite [6][8]. - Institutional funds are also showing positive signals, with a notable increase in the issuance of equity public funds since June, indicating a recovery in the equity market [2][7]. Group 2: Investor Sentiment and Market Dynamics - The continuous growth in financing balances suggests that investors are willing to leverage their positions, which may lead to increased market volatility if adjustments occur [5][11]. - The reduction in the scale of share reductions by industrial capital by approximately 40% compared to the previous month indicates a decrease in selling pressure on the market [2][8]. - The overall market is characterized by active trading, with daily trading volumes remaining high and turnover rates exceeding 3%, reflecting a phase of active speculation [8][10]. Group 3: Future Outlook - Analysts expect core indices to challenge their yearly highs, although the path may not be smooth, necessitating close attention to policy implementation and economic data [2][11]. - The ongoing policies aimed at stabilizing growth and expanding domestic demand are likely to support the market, with expectations of improved macroeconomic data in the second half of the year [12]. - The market's long-term upward trend is supported by factors such as declining risk-free rates and improved investor risk appetite, although external risks remain a concern [11][12].

Core Viewpoint - The emergence of new research-oriented universities in China is reshaping the landscape of higher education, attracting high-scoring students and challenging traditional 985 universities [1][2][5]. Group 1: New Research-Oriented Universities - Eight new research-oriented universities have been established in China, including Southern University of Science and Technology, ShanghaiTech University, and others, with some like Fuyou University and Ningbo Oriental University recently enrolling their first undergraduate students [1][2]. - These universities have shown impressive admission scores, with some surpassing traditional 985 universities in terms of minimum admission scores [2][5]. Group 2: Admission Performance - New research-oriented universities have successfully attracted high-scoring candidates, with institutions like Westlake University and Fuyou University recording minimum scores that are competitive with top-tier universities [5][6]. - In Guangdong, Southern University of Science and Technology and Shenzhen University of Technology have achieved high admission scores, surpassing established universities like Sun Yat-sen University [7]. Group 3: Educational Approach - New research-oriented universities emphasize a "small but elite" model, focusing on popular and emerging fields of study, which influences their admission performance [10]. - Institutions like Shenzhen University of Technology implement innovative educational models, allowing students to engage in research from the first semester and spend significant time in laboratories [14][15]. Group 4: Industry Collaboration - New research-oriented universities are actively engaging in industry collaboration, with Fuyou University and Ningbo Oriental University partnering with major companies to enhance their educational offerings and research capabilities [18][19]. - The focus on practical engineering skills is evident, with a strong emphasis on producing graduates who are ready to tackle real-world challenges in the industry [20].

Core Viewpoint - The article discusses the transformation and strategic adjustments of Hengqin Life Insurance, a representative small and medium-sized life insurance company in China, amidst the industry's shift towards high-quality development due to new regulations and market challenges [1][5]. Group 1: Key Performance Indicators - As of the end of 2024, Hengqin Life's net assets reached 1.181 billion yuan, a year-on-year increase of 328%, even excluding the contribution from capital increase [2]. - The comprehensive solvency adequacy ratio was 192% at the end of 2024, up 38 percentage points year-on-year, while the core solvency adequacy ratio increased by 40 percentage points to 160% [2]. - Despite a reported loss of 560 million yuan in 2024, the company reduced its losses by 208 million yuan compared to the previous year, indicating an improvement in profitability [2][3]. Group 2: Strategic Adjustments - In 2024, Hengqin Life adjusted its core management team and established a new operational philosophy focused on customer value creation, risk control, and sustainable development [5][6]. - The company initiated the "Five Ones" project, which includes building a strong insurance headquarters, developing a diverse product line, and establishing a technology platform to adapt to digital trends [5][6]. - Hengqin Life emphasized the importance of its headquarters and talent development, enhancing governance and optimizing its management team [6][7]. Group 3: Market Positioning and Challenges - Hengqin Life is addressing common challenges faced by small and medium-sized insurance companies, such as high leverage and insufficient capital, by optimizing its business structure and focusing on personal insurance [10][11]. - The company is also tackling the adverse effects of declining interest rates on its profitability and net assets by adjusting its investment strategies and product offerings [11][12]. - Hengqin Life's operational efficiency has improved, with a reduction in fixed costs and management expenses, achieving profitability in its fee differential for the first time [12]. Group 4: Future Development Strategy - The company aims to become a "specialized, refined, unique, and innovative" small giant in the life insurance industry, focusing on niche markets and differentiated products [15][16]. - Hengqin Life plans to leverage its unique position in the Hengqin-Macau cooperation zone to develop cross-border insurance products and enhance its service offerings [16][17]. - The chairman expressed confidence in the company's sustainable development and the exploration of high-quality growth for small and medium-sized insurance firms [17].

Core Viewpoint - The establishment of the new China Changan Automobile Group marks a significant transition from a secondary state-owned enterprise to a primary state-owned enterprise directly managed by the State-owned Assets Supervision and Administration Commission (SASAC), enhancing its competitive position in the automotive industry [3][4][24]. Group 1: Company Structure and Changes - The new Changan Automobile Group retains its name but has undergone substantial changes in its governance structure, now being directly overseen by SASAC, similar to other major state-owned automotive enterprises like FAW Group and Dongfeng Motor [3][4]. - The new group comprises 117 subsidiaries related to automotive operations, integrating resources previously under the former China Changan Automobile Group, which was a wholly-owned subsidiary of the China Ordnance Industry Group [4][8]. - The leadership of the new group remains consistent, with Zhu Huarong continuing as the Party Secretary and Chairman, and Tan Benhong as the Deputy Party Secretary and Director [4][5]. Group 2: Strategic Goals and Future Plans - The new Changan Automobile Group aims to achieve an annual production and sales target of 5 million vehicles by 2030, with over 60% of sales coming from new energy vehicles and more than 30% from international markets [21][22]. - To support this ambitious goal, the group plans to invest 200 billion yuan over the next decade and expand its technology innovation team by 10,000 personnel [22][23]. - The company has set a target of producing 300,000 vehicles in 2023, with a focus on new energy vehicle sales reaching 1 million units [18][19]. Group 3: Market Position and Competitive Strategy - The establishment of the new group is part of a broader strategy to enhance the global competitiveness of state-owned enterprises in the automotive sector, responding to the need for faster development in the face of competition from companies like Tesla and BYD [23][24]. - The restructuring is expected to activate the group's operational efficiency and decision-making processes, allowing for a more agile response to market demands [23][25]. - Changan's strategy includes a focus on innovation, international expansion, and maximizing the commercial value of existing products, with plans to launch over 50 new energy products globally in the next five years [22][23].

记者丨 杨坪 编辑丨朱益民 江佩佩 A股年内10倍股停牌核查！ 7月30日晚间，上纬新材（688585.SH）公告称，公司股票自2025年7月9日至7月30日期间多次 触及股票交易异常波动及严重异常波动情形。 公司将于7月31日开市起停牌，预计停牌时间不 超过3个交易日 。公司基本面未发生重大变化，但股票交易价格已严重脱离基本面，投资者参 与交易可能面临较大市场风险。 公司主营业务和生产经营未发生重大变化，收购方未来十二个月内不存在资产重组计划，但控 制权变更事项仍存在重大不确定性风险。 股价严重脱离基本面 据21记者此前报道，凭借着华为天才少年入局加上炙手可热的具身智能概念，上纬新材股价自 7月9日至7月30日，16个交易日累计涨幅超1083%，成为A股年内首只10倍股。 （详细→） | | 92.07 +7.89 +9.37% | | | | 上纬新材 ① | 立即 | | --- | --- | --- | --- | --- | --- | --- | | | | | | | | 688585 公易 | | _SSE_CNY 15:30:29 闭市 | | | | | | 科 融 / ○ + | | ...

Core Viewpoint - The innovative drug sector in China is entering a phase of explosive growth, with a significant increase in the number of approved innovative drugs and a strong emphasis on international market expansion [1][2][4]. Group 1: Approval and Market Dynamics - In the first half of this year, China approved 43 innovative drugs, marking a 59% year-on-year increase and setting a record for the highest number of approvals in history [1][4]. - Among the approved drugs, 40 were developed by Chinese companies, highlighting the rapid transformation of policy benefits into strong industry growth [1][4]. - The approval process has become more efficient, with the average approval time for innovative drugs expected to reach 8.8 months by mid-2025, nearing the FDA's average of 7.9 months [6][7]. Group 2: Therapeutic Areas and Innovations - Antitumor drugs remain the dominant category, accounting for approximately 40% of the approved innovative drugs [5]. - Notable approvals include the first GCG/GLP-1 dual receptor agonist for weight loss and the first domestically developed high-selectivity JAK1 inhibitor for autoimmune diseases [5]. - The approval of several new drugs in various fields, including rare diseases, reflects the expanding therapeutic landscape in China [5][6]. Group 3: International Expansion and Collaboration - Chinese innovative drug companies are increasingly seeking opportunities in overseas markets, with the total amount of License-out transactions nearing $66 billion in the first half of 2025 [11]. - The establishment of new companies abroad has become a mainstream model for Chinese firms to enter the European and American markets, facilitating compliance with international standards [11][12]. - The global clinical trial landscape is also evolving, with Chinese companies conducting 39% of global oncology trials, a significant increase from previous years [10]. Group 4: Ecosystem and Policy Support - A complete ecosystem from basic research to clinical translation and payment innovation is essential for the sustainable development of China's innovative drugs [2][14]. - Recent policy initiatives, including the establishment of a commercial insurance directory for innovative drugs, aim to enhance payment mechanisms and support the industry [16]. - The focus on building a robust domestic innovation ecosystem is crucial for mitigating risks associated with over-reliance on external markets and capital [14][16].

中纪委连打三"虎"！今日（7月30日）上午11时，中央纪委国家监委网站同时公布了对今年2月 立案审查调查的3名中管干部的处分结果： 安徽省政协原党组成员、副主席周喜安严重违纪违法被开除党籍和公职， 内蒙古自治区政协原党组副书记、副主席王中和严重违纪违法被开除党籍， 国家药监局原党组成员、副局长陈时飞严重违纪违法被开除党籍。 这是中纪委又一次"N连发"通报对中管干部处分的结果。党的二十大以来，中央纪委国家监委 多次官宣打虎"N连发"。同时公布多名落马高官被处分的消息，体现纪检部门强力反腐的决 心，释放出全面从严、越来越严的强烈信号。 62岁的周喜安，早年在国家计委、国家发改委、国家能源局任职，2010年从中央"空降"四川， 相继出任巴中市长、资阳市委书记，2018年调任安徽副省长，2023年转任安徽省政协副主 席，今年1月他还参加了安徽省两会，春节假期后开工第二天，2月6日在任上落马。今次中纪 委通报，他被开除党籍和公职，通报说他"贪婪腐化，恣意妄为，将公权力作为谋取私利的工 具，大搞权钱交易"等。 68岁的王中和，长期在内蒙古工作，在多个盟、市担任过领导职务，曾任赤峰市委书记、包头 市委书记，2017年转任自 ...