更多消息，点击下方专题↓↓↓ 记者丨 吴立洋 编辑丨黎雨桐 视频丨 柳润瑛 10月10日晚间，多家媒体报道，宗馥莉已于9月12日向娃哈哈集团有限公司辞去公司法人代 表、董事及董事长等相关职务并已通过集团股东会和董事会的相关程序， 对此娃哈哈相关人 士回应21世纪经济报道："属实"。 SFC 来源丨2 1财经客户端 2 1世纪经济报道 21君荐读 无锡草根工程师，卖锂电装备身价超250亿，公司市值突破850亿 大量助贷平台停发年化利率超24%产品 ...

Core Viewpoint - The article commemorates the life and contributions of Guan Jinsheng, a pioneer in the Chinese securities industry, who passed away on October 7, 2025, due to a sudden illness. His legacy includes founding the first securities company in New China and later establishing a private equity fund management company, demonstrating resilience and innovation in the financial sector [1][2]. Group 1: Life and Career of Guan Jinsheng - Guan Jinsheng was born on May 19, 1947, in a poor village in Jiangxi Province and rose to prominence in the financial industry [3]. - He graduated with a master's degree in French literature from Shanghai International Studies University in 1982 and later obtained dual master's degrees in law and business administration from a university in Belgium [4]. - In 1988, he founded the first securities company in Shanghai, Wangguo Securities, with a capital of 35 million RMB, and played a crucial role in establishing the Shanghai Stock Exchange [6][7]. Group 2: Achievements and Challenges - Under Guan's leadership, Wangguo Securities grew to manage assets worth tens of billions and was a significant player in the A-share and B-share markets, holding over 60% of the underwriting business in China by 1994 [7]. - He was known for his ambition to position Wangguo as a leading firm comparable to international giants like Merrill Lynch, emphasizing the recruitment of highly educated professionals [7]. - The "327 bond incident" in 1995 marked a significant downturn in his career, leading to substantial losses for Wangguo Securities and resulting in his imprisonment for 17 years [9][11]. Group 3: Later Ventures - At the age of 69, Guan Jinsheng founded Shanghai Jiusu Mountain River Equity Investment Fund Management Co., Ltd. in 2016, focusing on private equity investments in new technologies and materials [12][13]. - The company was established with a registered capital of 15 million RMB and has a management scale ranging from 0 to 500 million RMB, with 23 private fund products registered [13][15]. - Guan held an 82% stake in the company, indicating his continued influence and commitment to the investment sector [14].

Core Viewpoint - The article highlights the significant rise of XianDao Intelligent (先导智能) in the solid-state battery sector, showcasing its stock price surge and market capitalization growth, while emphasizing the company's strategic positioning and technological advancements in the lithium battery equipment industry [1][3]. Company Overview - XianDao Intelligent's stock price increased by 80% within a month, reaching a closing price of 54.79 yuan per share and a market capitalization of 858.1 billion yuan [1]. - The founder, Wang Yanqing, holds a 29.31% stake in the company, making his net worth exceed 251 billion yuan [3]. - The company has transitioned from a small workshop to a major player in the global new energy equipment sector, covering lithium batteries, photovoltaics, and hydrogen energy [6]. Technological Advancements - XianDao Intelligent was the first to deliver a complete solid-state battery line solution, positioning itself to benefit from the upcoming industrialization of solid-state batteries [3]. - The company has invested heavily in R&D, increasing its R&D expenses from 1.4 billion yuan in 2022 to 1.676 billion yuan in 2024, with R&D personnel now making up 30.03% of its workforce [10]. - The company has developed key technologies for solid-state battery equipment, including dry coating and solid electrolyte coating, and has entered the supply chains of leading global battery manufacturers [11]. Market Position and Performance - In 2024, XianDao Intelligent achieved a global market share of 22.4% in lithium battery equipment, with a gross margin of 36%, significantly higher than the industry average [7]. - The company has maintained strong performance in the photovoltaic sector, with revenue from photovoltaic equipment reaching 3.2 billion yuan in 2023, a 45% year-on-year increase [10]. - The strategic partnership with CATL (宁德时代) has solidified XianDao Intelligent's position as a core supplier, contributing to its revenue stability and growth [7]. Global Expansion - XianDao Intelligent's overseas revenue reached 2.831 billion yuan in 2024, marking a 26.31% increase, with international business accounting for 23.88% of total revenue [12]. - The company has established a European technology center through the acquisition of Ontec, enhancing its global technological capabilities [12]. - Plans for a secondary listing in Hong Kong aim to raise 10 billion HKD for overseas R&D and acquisitions, indicating a commitment to global expansion [12][13].

记者丨 李金萍 编辑丨陈洁 国庆中秋假期去哪里玩？广东是重要的旅游目的地之一。 据广东省文化和旅游厅初步测算，2025年国庆中秋假期全省接待游客6517.6万人次，较2024年 国庆假期增长11.5%；旅游收入攀升至613.2亿元，增幅达14.2%。 21世纪经济报道记者梳理广东各城市今年国庆中秋假期的旅游项目发现，深圳的工业游、佛山 的龙舟文化游、汕头的美食体验游、梅州的乡村生态游等一系列城市各具特色文旅项目涌现， 已成为广东文旅的发展新趋势。 华南理工大学旅游发展与规划研究院院长吴志才教授告诉21世纪经济报道记者，广东多座城市 探索城市特色旅游项目，反映了地方文旅市场促消费模式正在发生三大新变化，即 从"资源依 赖"到"创意驱动"的转变、从"景点观光休闲"到"生活方式消费"的转变、从"客群泛化"到"精 准圈层"的转变。 其中关键在于本地文化活态传承与烟火气、文化产品体验化与产业链构建、 文化品牌打造与可持续发展。 这个项目是深圳推出的 "最in十大工业科技旅游路线" 的其中一个地点。今年7月，深圳市举行 了2025年工业旅游资源点推介会，现场新发布了"最in十大工业科技旅游路线"，包括大国重 器、科创智造 ...

Core Viewpoint - The article discusses the challenges in financing the cultural industry and emphasizes the importance of connecting capital with cultural enterprises to drive high-quality development [1]. Group 1: Investment Strategy - Haitong Creative has been deeply involved in cultural industry investment for 13 years, focusing on the "Cultural+" and "AI+" sectors, leveraging the advantages of Guotai Junan Group to provide comprehensive financial services beyond just funding [1][3]. - The company manages several large cultural industry funds, with actual funds in place nearing 12 billion yuan, making it one of the few cultural investment platforms with over 10 billion yuan in RMB fund size [3]. - Current investment directions include a strong focus on non-material cultural heritage, IP, new consumption, and AI, with nearly 70% of investments in the AI full industry chain [3]. Group 2: Investment Challenges and Solutions - Investing in cultural entrepreneurial projects is challenging due to the diversity of cultural enterprises, which vary in business models, operational modes, and team backgrounds [4]. - Haitong Creative aims to provide not only financial support but also to introduce industrial resources and offer full lifecycle service support to the invested enterprises [4]. Group 3: Regional Focus and Collaboration - The company has closely collaborated with the Greater Bay Area over the past three years, aiming to leverage regional synergies to enhance project and business applications [4]. - A notable case is the collaboration between Haitong Creative's invested company, Jianwei Liba Technology, and Guangdong Nanxiu Ancient Architecture Stone Carving Garden Engineering Co., which strengthened their partnership in cultural heritage protection [4]. Group 4: Capital Movement and Industry Events - The keywords for Haitong Creative's operations this year are "southward movement" and "going global," aligning with the national strategy to support enterprises in international expansion [6]. - The Greater Bay Area Cultural Industry Investment Conference has become a crucial platform for Haitong Creative to discover quality projects and facilitate business scene implementation [6][7]. - The conference has seen a significant increase in signed intention amounts, from 2 billion yuan in 2023 to 5.6 billion yuan in 2024, with actual financing reaching 6.387 billion yuan [7].

Core Viewpoint - Mango Super Media has recently attracted market attention due to executive changes and a significant decrease in the number of shareholders, leading to a notable decline in stock price and market capitalization [1][2]. Group 1: Executive Changes - On October 9, Mango Super Media announced the resignation of Vice President Luo Zejun due to "work adjustment," with no further information provided regarding his future role [1]. - This is not the first executive change, as another Vice President, Shen Yadong, resigned on August 13 for "personal reasons" [1]. - Both Luo Zejun and Shen Yadong received pre-tax compensation of 2.36 million yuan and 2.40 million yuan, respectively, in 2024 [2]. Group 2: Shareholder Dynamics - As of September 30, 2025, the number of shareholders for Mango Super Media was reported at 37,900, a decrease of 15,400 from the previous month, representing a reduction of 28.92% [2]. Group 3: Stock Performance - The stock price of Mango Super Media fell by 5.12% on October 10, closing at 31.66 yuan per share, following a 6.68% drop on October 9, resulting in a total decline of over 11% within two days and a market value loss of approximately 7.67 billion yuan [1]. - Despite recent declines, Mango Super Media's stock price has increased by 18.96% year-to-date, reaching a peak of 36.42 yuan per share on September 26 [2]. - In the past six months, 32 institutions have rated Mango Super Media, with 24 giving a "buy" rating, accounting for 75% of the ratings [2].

记者丨 余纪昕 编辑丨方海平 9月30日，天安财险发布债券违约公告。作为国内首例保险公司债券违约事件，该案例也因其 市场化化险路径而备受业界关注。 具体来看，天安财产保险股份有限公司发布公告称，其发行的资本补充债券"15天安财险"应于 2025年9月30日到期兑付。据《天安财产保险股份有限公司2015年资本补充债券发行公告》， 公司只有在确保偿还本息后偿付能力充足率不低于100%，且有能力清偿其他负债的本金和利 息的前提下才能偿付本期债券本息。 然而，截至今年9月30日，公司无法满足这一条件，因偿付能力不足，预计无法还本付息。公 告内容指出，公司已与本期债券的债券持有人开展积极沟通,全力配合债券持有人的相关诉 求，后续将在公司的风险处置工作中对本期债券统筹安排、处理。 21世纪经济报道记者注意到，原因主要在于发行主体类型特殊，其发行机构为信用资质较高、 业界信赖度较强的保险企业，此类主体发行的债券通常评级优异。 并且，该债券票面利率较高、发行规模较大。它于2015年9月20日发行，据公开资料显示，前 5年票面利率为5.97%，后5年跳升至6.97%。在当前利率中枢下行的市场环境中，这一高利率 结构尤为突出，虽 ...

Core Viewpoint - The implementation of the new regulations in the lending industry, particularly the cap on annual interest rates at 24%, is leading to significant restructuring and challenges for smaller lending institutions as they compete for a shrinking pool of quality clients [1][3][27]. Group 1: Regulatory Changes - The new regulation effective from October 1 mandates that annual interest rates must not exceed 24%, prompting many lending platforms to stop offering products with higher rates [3][11]. - Major platforms have adjusted their offerings, with some like "Rongshu Loan" removing previous interest rate disclosures and now offering rates starting from 7.3% [3][5]. - The compliance adjustments are evident as many platforms now display interest rates within the 24% cap, with some offering rates as low as 3.6% for first-time borrowers [5][11]. Group 2: Market Dynamics - The competition for clients with interest rates below 24% has intensified, leading to increased customer acquisition costs, which have reportedly risen to over 1,000 yuan per user for smaller platforms [11][12]. - The overall transaction volume in the industry is declining, with some smaller institutions experiencing a halving of their transaction volumes due to both passive and active contractions in response to the new regulations [11][12]. - The pressure on asset quality is rising as many platforms are forced to tighten their lending criteria, particularly for clients with lower credit ratings [12][27]. Group 3: Impact on Business Models - The unbundling of "equity products" from the borrowing process is a significant trend, as platforms seek to comply with regulatory scrutiny while exploring new revenue models [13][14]. - Many platforms are now required to separate financial benefits from the borrowing process, which has led to operational challenges and customer complaints regarding refund policies for unused services [16][17]. - The industry is witnessing a clear divide, with larger platforms benefiting from regulatory compliance while smaller institutions struggle to survive amid tightening financial conditions [27][28]. Group 4: Future Outlook - The industry is awaiting further regulatory guidance to clarify compliance requirements and operational standards, which could shape the future landscape of the lending market [29][30]. - There is speculation that clearer self-regulatory policies regarding interest rates and fees will be introduced, providing more specific guidelines for compliance and operational practices [29].

Core Viewpoint - Zhang Yiming, the founder of ByteDance, emphasizes the importance of talent cultivation and innovation, highlighting the need for a shift in educational approaches to better prepare young talents for real-world challenges [1][2]. Group 1: Talent Cultivation - The newly established Xuhui Zhichun Innovation Center aims to recruit young individuals interested in computer science and artificial intelligence, reflecting Zhang's commitment to nurturing talent [1]. - Zhang draws a parallel between the concept of "overfitting" in machine learning and current talent training pitfalls, where individuals may excel in specific skills but struggle with innovation tasks [2]. - The center seeks to foster active thinking, passion, resilience, and a long-term perspective among youth, encouraging independent thought and practical experience [2]. Group 2: Zhang Yiming's Philosophy - Zhang's views on talent development are rooted in his entrepreneurial experience, particularly the founding of ByteDance in 2012, where he focused on solving fundamental problems rather than merely making incremental improvements [2]. - After stepping down as CEO in May 2021, Zhang expressed a desire for the company to continue innovating and becoming more meaningful, indicating a shift towards strategic thinking and long-term vision [4]. - He aims to dedicate time to learning and exploring new ideas, focusing on areas like virtual reality and life sciences, which he believes will significantly impact human life [4].

作者丨 2 1世纪经济研究院研究员 李果 编辑丨周上祺 随着国庆中秋"双节"假期结束，又到了各个城市文旅部门交"答卷"的时间。每逢此时，总免不 了对国内城市的假日消费进行一次横向的对比与排名，市场习惯看的数据有两个，一是旅游 总人数，二是旅游总花费，或者更细一点，是人均旅游花费。但21世纪经济研究院研究员认 为，这两项数据其实无法准确、全面地复盘当下的假日消费发展状况，我们需要从更多的维 度去观察每一座城市的消费吸引力、竞争力。 举例而言，可能已经有细心的读者发现，很多城市对旅游人数和旅游花费的统计口径并不 一样，直接横向比较数据有失公允。与此同时，随着高铁、高速公路的加密成网，都市圈 所形成的旅游消费聚集效应越来越强，游客也越来越倾向于利用超长假期在都市圈内的城 市逐一观光打卡，再仅仅去分析单一城市的旅游吸引力，就已经无法覆盖整体情况了。 为此，21世纪经济研究院梳理了6个关键词，来呈现国内城市在今年国庆中秋"双节"假期文旅 发展新趋势。 一、2000万人次 在纳入统计的11座城市中，有8个城市的2025年国庆中秋假期游客总量超过2000万人次，其中 成都的游客总量在2024—2025年国庆（中秋）假期连续 ...