转存！骄傲！ 阅兵完整视频来了 今天的中国 江山壮丽、人民豪迈 更无惧任何风浪 让我们一起铭记历史 从伟大胜利走向伟大复兴 来源：央视新闻 ...

Core Viewpoint - The strategic cooperation between China Petroleum and China Mobile aims to enhance collaboration in digital transformation and technology integration, optimizing the equity structure and achieving mutual benefits [6][8]. Group 1: Shareholding and Market Impact - After the share transfer, China Mobile Group and its subsidiaries will hold approximately 720 million shares of China Petroleum, accounting for 0.39% of the total share capital [3]. - As of September 2, China Petroleum's A-share price closed at 9.08 yuan per share, valuing China Mobile's stake at approximately 6.538 billion yuan, making it the sixth-largest shareholder of China Petroleum [3]. Group 2: Strategic Cooperation and Agreements - On January 4, 2024, China Petroleum Group and China Mobile signed a strategic cooperation agreement, focusing on integrating new-generation information technology with the energy industry [6]. - The cooperation aims to enhance collaboration in areas such as digital transformation, 5G innovation applications, computing power, and artificial intelligence [6]. Group 3: AI Model Development - The Kunlun AI model, developed for the energy and chemical sector, includes industry, professional, and scenario-specific models, with an upgrade planned for May 2025 [7]. - China Mobile serves as the general integrator for the Kunlun AI model project, establishing a "cloud-edge-end" three-tier computing power network with a peak computing power of 1950P [7]. Group 4: Business Integration and Performance - In the first half of the year, China Petroleum achieved operating revenue of 1.45 trillion yuan and a net profit attributable to shareholders of 84.01 billion yuan [8]. - The company is actively integrating digitalization and intelligence into its operations, enhancing efficiency in exploration, refining, and sales through AI applications [8].

Core Viewpoint - The head city commercial banks in the Yangtze River Delta region have shown strong performance in the first half of the year, achieving growth in both revenue and net profit despite challenges such as narrowing interest margins and weakened credit demand [1][4]. Group 1: Financial Performance - Jiangsu Bank has become the largest city commercial bank by total assets, reaching 4.79 trillion yuan, with a year-on-year growth of 26.99% [2][6]. - Ningbo Bank and Shanghai Bank also reported total assets exceeding 3 trillion yuan, with figures of 3.47 trillion yuan and 3.29 trillion yuan respectively [1]. - The non-performing loan (NPL) ratios for these banks are below 1%, with Ningbo Bank having the lowest at 0.76% [1][2]. Group 2: Revenue and Profit Growth - Jiangsu Bank led in revenue with 448.64 billion yuan, followed by Ningbo Bank at 371.60 billion yuan, and Nanjing Bank at 284.80 billion yuan [2]. - All four banks maintained a positive growth trend in revenue, with Jiangsu Bank's revenue increasing by 7.78% year-on-year [2]. Group 3: Loan Growth and Composition - The growth in asset scale is primarily driven by loans, particularly corporate loans, with Jiangsu Bank's corporate loan growth significantly outpacing retail loans [7][8]. - Jiangsu Bank's corporate loans increased by approximately 3 billion yuan, reaching 1.63 trillion yuan, while retail loans grew by only 200 million yuan [7]. - Ningbo Bank's corporate loans also showed strong growth, with a total of 998.20 billion yuan, reflecting a 21.34% increase [8]. Group 4: Interest Margin and Market Performance - Nanjing Bank reported the highest interest margin at 1.86%, followed by Jiangsu Bank at 1.78% [4]. - The stock prices of these banks have generally trended upward, with Ningbo Bank showing a year-to-date increase of 23.18% [4]. Group 5: Capital Adequacy Concerns - There are concerns regarding the capital adequacy ratios due to significant asset expansion, prompting bank executives to address these issues during earnings calls [10][11]. - Jiangsu Bank emphasized maintaining stable capital adequacy through internal growth and optimizing asset-liability structures [11]. Group 6: Retail Business Performance - Retail banking performance has lagged behind corporate banking, with retail deposits primarily driven by fixed-term deposits rather than demand deposits [12][13]. - For instance, Jiangsu Bank's retail demand deposits increased by only 80 million yuan, while fixed-term deposits grew by approximately 1 billion yuan [13].

Core Viewpoint - The article emphasizes the importance of the recently issued "Opinions on Promoting High-Quality Urban Development" as a roadmap for urban development and investment opportunities in China over the next decade, shifting focus from quantity to quality in urbanization [1] Investment Directions - The primary investment focus should be on three world-class city clusters: Beijing-Tianjin-Hebei, Yangtze River Delta, and Guangdong-Hong Kong-Macau Greater Bay Area, which together account for over 40% of the national economic output, with opportunities in cross-border financial infrastructure and industrial chain collaboration [2] - The development logic of mega cities is shifting from "expansion" to "strengthening," with cities like Beijing focusing on technological innovation and Shanghai on financial openness, creating investment hotspots in related national laboratories and high-end research platforms [2] - Emerging growth areas like Chengdu and the middle reaches of the Yangtze River will focus on urban integration, enhancing efficiency through cross-city commuting networks and industrial cooperation parks [2] Potential in Smaller Cities - Smaller cities and counties are also seen as significant investment opportunities, with some experiencing rapid population inflow, leading to high demand for schools, hospitals, and public services, ensuring high investment certainty [3] - Towns near urban clusters, such as Huqiao in Kunshan, are benefiting from industrial spillover from larger cities, presenting opportunities in supporting facilities like factories and talent housing [3] - Even shrinking cities, like Fuxin in Liaoning and Yichun in Heilongjiang, are exploring green transformation projects, such as wind power and eco-tourism, which, while slow in short-term returns, hold long-term value [3] Investment Logic Reconstruction - Future urban investments will not rely on land finance and scale dividends but will focus on "functional adaptation + efficiency enhancement," assessing projects based on their ability to improve urban capabilities [3] - Each investment must align with the "high-quality development" theme to find its place in the trillion-level urban investment market, whether through urban integration projects or public service enhancements in counties [3]

Group 1 - The article highlights the display of various military equipment, including the DF61 missile and the J-20S fighter jet, during the September 3 military parade [1][3]. - Multiple types of drones were also showcased, indicating advancements in unmanned aerial vehicle technology [5]. Group 2 - The presence of the KJ-600 airborne early warning and control aircraft was noted, emphasizing its role in enhancing aerial surveillance capabilities [4]. - The SFC (presumably a type of military vehicle or system) was mentioned, although specific details were not provided [4].

Core Viewpoint - The article highlights the significant display of the "Dongfeng-5C" liquid intercontinental strategic nuclear missile during the 80th anniversary of the victory in the Chinese People's Anti-Japanese War and the World Anti-Fascist War, emphasizing its role in China's strategic deterrence capabilities [2]. Summary by Sections - The "Dongfeng-5C" missile is a crucial component of China's strategic counterattack system, with a global strike range and is maintained in a state of full-time readiness for effective deterrence [2]. - The missile was showcased by the second nuclear missile formation, which was the last to appear in the parade, indicating its importance in the military display [2]. - The formation was led by a certain base of the Rocket Force, underscoring the organizational structure and military readiness of China's strategic forces [2].

来源丨央视新闻 编辑丨刘雪莹 SFC 信息主导，联合制胜。信息支援部队方队首次亮相天安门广场。 作为全新打造的战略性兵种，信息支援部队抢占信息高地、聚力向新图强，为打赢信息化智能 化战争全域赋能。 9月3日上午，纪念中国人民抗日战争暨世界反法西斯战争胜利80周年大会在北京天安门广场隆 重举行，以盛大阅兵仪式，同世界人民一道纪念这个伟大的日子。 这次阅兵，共有45个方（梯）队受阅，首先接受检阅的是13个徒步方队，人民军队全面深化改 革后形成新型军兵种结构布局，4个军种、4个兵种方队和武警部队方队，首次擎军兵种军旗和 武警部队旗集中亮相。 ...

在纪念中国人民抗日战争暨世界反法西斯战争胜利80周年大会上的讲话 （2025年9月3日，上午） 习近平 全国同胞们， 尊敬的各位国家元首、政府首脑和国际组织代表， 尊敬的各位来宾， 全体受阅将士们， 同志们、朋友们： 今天，我们隆重集会，纪念中国人民抗日战争暨世界反法西斯战争胜利80周年，共同铭记历 史、缅怀先烈、珍爱和平、开创未来。 同志们、朋友们！ 中华民族是不畏强暴、自立自强的伟大民族。当年，面对正义与邪恶、光明与黑暗、进步与反 动的生死较量，中国人民同仇敌忾、奋起反抗，为国家生存而战，为民族复兴而战，为人类正 义而战。今天，人类又面临和平还是战争、对话还是对抗、共赢还是零和的抉择。中国人民坚 定站在历史正确一边、站在人类文明进步一边，坚持走和平发展道路，与各国人民携手构建人 类命运共同体。 中国人民解放军始终是党和人民完全可以信赖的英雄部队。全军将士要忠实履行神圣职责，加 快建设世界一流军队，坚决维护国家主权、统一、领土完整，为实现中华民族伟大复兴提供战 略支撑，为世界和平与发展作出更大贡献！ 历史承载过去，也启迪未来。新时代新征程，全国各族人民要在中国共产党坚强领导下，坚持 马克思列宁主义、毛泽东思 ...

暨世界反法西斯战争胜利80周年大会 9月3日上午 纪念中国人民抗日战争 6 J ) 6,@新华社 PROFESS s @新华 n A. B. B. B. 6 @新华社 cs @新华社 目前，受阅部队已在长安街列阵，准备就绪！ 将在北京天安门广场 隆重举行 3日凌晨4时30分左右，记者看到受阅部队整齐列队，抵达长安街开展演练。 据新华社消息，受阅部队已集结准备，战士们身如青松挺拔，战车如钢铁长城列阵。 广场设立了观众席，今天，长安街南北两侧共有5万多名各界代表和首都群众到现场观礼。从 空中可以清晰地看到，广场上观礼区的布局呈现出三个"人"字，构成了意象化的"众"字，体现 了众志成城的意涵。 9月3日清晨拍摄的天安门广场。图源：新华社 广场众多元素体现80周年 今天，广场上许多元素都体现了80，凸显纪念抗战胜利80周年的主题。 80年，从胜利走向胜利。人民英雄纪念碑的北面，矗立着年号台，钢铁长城烽燧托举起年号。 在天安门广场两侧，有80面红旗迎风飘扬。 5万多名各界代表和首都群众 到现场观礼 这是纪念大会开始前，受阅部队在准备。图源：新华社 56门礼炮以八字形列阵 从空中视角看，天安门广场南侧的正阳门和毛主席纪念 ...

Core Viewpoint - The low interest rate environment is testing the operational management capabilities of major banks, making precise strategies and efficient execution essential for stable growth [1] Group 1: Performance Highlights - In the first half of 2025, Bank of Communications (BoCom) showed outstanding performance among the six major state-owned banks, with a net profit attributable to shareholders increasing by 1.61% year-on-year [2][3] - The bank's total assets reached 15.44 trillion yuan, growing by 3.59% compared to the end of the previous year, indicating a steady expansion [3] - The non-performing loan (NPL) ratio decreased to 1.28%, and the provision coverage ratio improved to 209.56%, up by 7.62 percentage points from the end of the previous year [3][4] Group 2: Risk Management and Loan Recovery - The bank has emphasized risk control and significantly strengthened the disposal of non-performing loans, with a total of 37.83 billion yuan in NPLs disposed of, a year-on-year increase of 27.9% [4] - The net interest margin (NIM) decline was the smallest among the six major state-owned banks, attributed to measures such as optimizing the asset-liability structure and enhancing pricing management [4] Group 3: Strategic Focus Areas - BoCom is focusing on key sectors and regions, providing financial support for national strategies and key areas, while also reserving high-quality credit projects for itself [5] - The bank's technology finance loans exceeded 1.5 trillion yuan, supporting over 32,300 technology-based SMEs, with a year-on-year growth of 22.93% [5] - Green finance initiatives have led to a loan balance growth of 6.58% in energy-saving and carbon-reduction industries, with a total of 145 billion yuan in green bonds issued [5] Group 4: Digital Transformation - BoCom is advancing its digital transformation, establishing a digital operation center and implementing an AI framework to enhance operational efficiency [8] - The bank's core loans in the digital economy reached over 286 billion yuan, with internet loans growing by 8.52% compared to the end of the previous year [8] Group 5: Future Outlook and Dividends - The board approved a mid-term dividend policy, proposing a cash dividend of 0.1563 yuan per share, totaling 13.811 billion yuan, which accounts for 30% of the net profit attributable to shareholders [10] - The bank aims to maintain the continuity and stability of its dividend policy, sharing development results with shareholders [11]