21世纪资管研究院 . 以下文章来源于21世纪资管研究院 ，作者21世纪资管研究院 首先是3月国家金融监督管理总局发布的《商业银行代理销售业务管理办法》（以下简称"代销 办法"），将自今年10月1日起正式实施。在相关监管制度不断压实金融产品发行人、管理人责 任的基础上，代销办法进一步明确了商业银行作为代销机构的义务。 21世纪资管研究院是南方财经全媒体集团旗下致力于资管领域政策和业务研究的独立智库，研究院宗 旨：探索全球资管发展新趋势，求解国内资管发展新问题，搭建资管人才成长大平台，促进资管行业健 康长远发展。 作者丨 李览青 编辑丨方海平 2025年对于财富管理行业而言，是重要的转型之年。 一方面，银行代销办法、金融机构适当性管理办法等一系列政策出台，监管多次强调适当 性原则，细化信披要求，各类财富管理产品代销业务合规趋严；另一方面，无论是基金销 售机构还是银行理财代销渠道，都面临着较大的竞争压力。 随着公募基金改革步入深水区，基金销售机构正面临着收入空间缩窄与专业服务不足的双重困 境，亟需重构商业模式与服务理念；与此同时，越来越多的商业银行在净息差下行压力下，拓 展中间收入需求旺盛，加入理财产品代销市场， ...

先说几组数字大家感受一下："玻璃大王" 曹德旺创办的福耀科技大学今年第一次招生就爆 了！在河南录取的最高分683分，全省857名——这分数，够上好多985了！ 什么？深圳理工的分数线，居然超过了985名校中山大学！ 高考本科批次录取刚结束，今年的"黑马高校"出现了！八所刚办没几年的新型研究型大学，被 称为"高校八小龙"，它们的最低投档分不仅超过很多985高校，甚至可以直接叫板浙江大学、 上海交通大学、中山大学等顶尖985名校！ 今天一口气带你读懂这几家新型研究型大学，为什么这么牛？ 同样也是第一年招生，宁波东方理工大学分数线656，跟浙江大学就差2分！而西湖大学在浙江 录取了很多个680以上的考生，这个分数在浙大可是能选好多专业呢！ 再看广东，南科大、深圳理工的分数线，都超过了传统985名校中大和华工。 "八小龙"分数线为什么这么高？我们总结了三方面原因： 第一，招生走的是"少而精"路线！ 南科大（通过普通高考）在广东就招38人，而中大要招 2500 人。这类新型大学和传统985高校的培养定位本身就不一样。招生规模越大，最高分和最 低分之间的跨度自然越大，而新大学的投档分数高并不意味着在综合实力上超过了985 ...

8月8日，沪指盘中再探阶段新高，站稳3600点，三大股指一度全线飘红，截至收盘A股三大指 数小幅回调， 上证指数收跌0.12%报3635.13点，深证成指跌0.26%，创业板指跌0.38%，北证 50跌1.22%，科创50跌1.39%，万得全A跌0.22%，万得A500跌0.25%。 沪深两市全天成交额1.74万亿，较上个交易日缩量1162亿。 盘面上，市场热点较为杂乱，个 股跌多涨少，全市场近2800只个股下跌。个股方面，上涨股票数量超过2400只，逾70只股票 涨停。 | 内地股票 △ | | | | --- | --- | --- | | 行情 | 资金净流入 | 涨跌分布 | | 上证指数 | 深证成指 | 北证50 | | 3635.13 | 11128.67 | 1441.72 | | -4.54 -0.12% -29.27 -0.26% -17.74 -1.22% | | | | 科创50 | 创业板指 | 万得全A | | 1043.54 | 2333.96 | 5667.68 | | -14.67 -1.39% -8.90 -8.90 -0.38% -12.24 -12.22% | | | ...

近日， 河南周口市第六人民医院邵医生坠亡一事引起社会高度关注。 有报道指出，邵医生生 前曾遭遇医疗纠纷当事人及家属的网暴，许多网友表示相关网络平台应发挥一定作用。 8月8日，@抖音黑板报 发布说明： 除去疑似三起医疗纠纷的当事人及家属账号外，未发现其他用户有持续规模化攻击或不友善言 论。 目前，平台正积极配合有关部门的调查工作。我们深知平台治理工作的重要，打击网暴、治理 违规内容，是平台义不容辞的责任和义务。我们也知道相关工作仍有不足，需要不断完善，对 于用户的保护需要做得更好。我们将继续强化对平台上违规、不友善、攻击性内容的治理。 对于可能遭遇到网络暴力的用户，可通过在抖音里搜索关键词"网暴"，使用"一键防网暴"功 能，开启防打扰保护。如发现侵犯权益的内容，用户可在举报界面选择"侵犯权益"发起投诉， 平台将第一时间处理。平台也将持续优化服务能力，与各方一道，为被网暴者提供更有力的保 护与支持。 抖音将始终谨记"开放、积极、多元、友善"的社区价值倡导，努力为广大用户创建安全与信任 的平台环境，打造更良好的网络生态。 来源丨抖音黑板报 编辑丨江佩佩 实习生沙昕湲 近日，周口市第六人民医院妇产科邵医生坠楼身亡引起 ...

Core Viewpoint - China's foreign trade shows a positive trend with a total import and export value of 25.7 trillion yuan in the first seven months, reflecting a year-on-year growth of 3.5% [1][2] Trade Performance - In July, the monthly import and export value reached 3.91 trillion yuan, marking a 6.7% year-on-year increase, which is the highest growth rate this year [1][2] - The import of key raw materials such as metal ores and crude oil has significantly increased, indicating robust domestic production activity and rising demand [1] - Exports of electromechanical products in July amounted to 1.3887 trillion yuan, up 8.8% from the previous year, while integrated circuit exports grew by 30.2% to 128.37 billion yuan [1] Trade Structure - General trade accounted for 64% of total foreign trade, with a value of 16.44 trillion yuan, growing by 2.1% [5] - Trade with ASEAN countries reached 4.29 trillion yuan, a growth of 9.4%, making it China's largest trading partner [5][6] - Trade with countries involved in the Belt and Road Initiative totaled 13.29 trillion yuan, increasing by 5.5%, showcasing a diversified trade partnership [6] Business Entities - Private enterprises and foreign-invested enterprises have shown growth in imports and exports, with 570,000 private enterprises engaged in foreign trade, an increase of 8.5% [6] - Private enterprises accounted for 57.1% of total imports and exports, with a value of 14.68 trillion yuan, growing by 7.4% [6] Structural Optimization - The export of electromechanical products reached 9.18 trillion yuan, representing 60% of total exports, with significant growth in high-tech products such as integrated circuits and electric vehicles [8] - High-tech product exports exceeded 5 trillion yuan, with notable increases in high-end machine tools and industrial robots [8] - Labor-intensive product exports decreased by 0.8%, indicating a shift towards high-value, high-tech industries [8] Future Outlook - The expansion of domestic demand is expected to drive import growth, while external uncertainties may affect exports [9] - Strengthening economic ties with Belt and Road countries is anticipated to provide strategic support for stabilizing external demand [9]

这也意味着，在"反内卷"的集采新原则下，中国药品采购机制正经历一场兼顾效率与临床需求 的深度改革。 记者丨季媛媛 编辑丨包芳鸣 药品集采进入第十一批， 政策规则正从"唯低价"向"质量优先"悄然转身， 一场兼顾效率与临 床需求的改革新试验正在展开。 8月6日，全国医疗机构正式启动第十一批国家组织药品集中采购需求量填报工作。根据国家医 保局披露的信息，本次集采共涉及55个品种，梳理报量工作特点不难看出，一方面，与以往不 同， 此次集采报量首次允许医疗机构按厂牌报量， 改变了以往只能按药品通用名报量的规 则；另一方面， 设置了80%的报量红线， 要求医疗机构报量不得低于两年平均用量的80%。 此外，对于存在临床需求明显减少、业务调整等因素导致预期用量显著减少的， 医疗机构可 作出书面说明后按实际需求报量。 此次报量工作也明确需要与基本药物、儿童用药等政策保 持衔接，对于基本药物规格，报量系统中专门作出标注，如该规格未通过质量和疗效一致性评 价，医疗机构可自行确定折算比例，并在报量时作出说明。对于儿童适宜品规，如未通过一致 性评价，医疗机构认为难以替代、报量无法折算的，可根据实际需要报量并作出说明。 国家医保局在填报 ...

8月8日，据上海市人社局官网消息， 上海再推重磅生育支持政策 。 《通知》明确，产假社保补贴按照 "属地管理，先缴后补" 原则，采取"一次申领，打包发放"。用人单位可以在女职工产假及生育假结束后的1 年内向所在区人力资源社会保障部门提出申请，审核通过后一次性发放6个月补贴。目前，人社部门正在抓紧开发线上经办系统，方便用人单 位便捷高效申领补贴， 用人单位可于8月底起在线上申请补贴。 女职工生育子女不分孩次， 只要经女职工本人确认后，用人单位均可申领产假社保补贴；被派遣劳动者的补贴由劳务派遣单位负责申请，由其 全额拨付给实际提供岗位并承担工资和社会保险费的用工单位。 此外，《通知》还鼓励用人单位为产后返岗女职工设置"生育友好岗"，采取弹性上下班、居家或远程办公、灵活休假、绩效考核等柔性管理方 式，为女职工平衡家庭和工作提供便利。据统计， 自去年12月上海启动"生育友好岗"试点以来，已有5000余人受益。 生娃领钱的时代真的来了！ 据《21财料》统计，从怀孕到生娃的全流程里，有7笔钱可以申领：产检补贴、生育津贴、男方陪护津贴、育儿津贴、新生儿育儿退税、地方 生育奖励金……算下来，有人能一次性拿到数万元补贴，大大减 ...

Core Viewpoint - The article highlights the revival of traditional snack brands from Fujian, leveraging e-commerce platforms like Pinduoduo to innovate and reach consumers directly, thus adapting to new consumption trends and preferences [2][3][18]. Group 1: Industry Overview - Fujian is a significant hub for the snack industry, with major food industrial clusters in Xiamen, Fuzhou, Zhangzhou, and Quanzhou, collectively holding a substantial market share [1][18]. - Quanzhou Jinjiang alone has over 700 food enterprises, capturing 20% of the national snack market [1]. Group 2: Brand Revival and Innovation - Traditional snack brands from Fujian, such as Jinguang, Crayon Shin-chan, Yake, and Youchen, are experiencing a renaissance by adapting to e-commerce, particularly through Pinduoduo, achieving significant sales growth [4][6][18]. - Jinguang has transitioned from traditional candy to healthier options, responding to consumer feedback and preferences, resulting in annual sales reaching millions [6][18]. - Yake has innovated its product line by developing V9 vitamin soft candies, aligning with the growing consumer focus on health and wellness [7][18]. Group 3: Consumer Engagement and Feedback - Direct consumer engagement through Pinduoduo has allowed brands to quickly adapt products based on real-time feedback, significantly reducing the time from product launch to market response [6][12][20]. - The ability to gather consumer data has enabled brands to tailor their offerings, such as Jinguang's smaller candy sizes for sharing and Yake's functional soft candies [6][20]. Group 4: Differentiation and Market Strategy - Brands are focusing on differentiated supply strategies, such as Jinguang's unique coconut candy and Crayon Shin-chan's whole fruit jelly, to meet specific consumer needs [12][14][18]. - The article emphasizes the importance of emotional design in product development, with Jinguang introducing mood-testing candies that resonate with consumers' emotional needs [19][20]. Group 5: Future Outlook - The future of Fujian's snack brands looks promising, with plans for new product lines that cater to health trends and consumer preferences, supported by Pinduoduo's ongoing policies and market reach [20][21].

Core Viewpoint - After three years of underperformance, active equity funds have rebounded significantly in 2024, with a notable performance divergence among top fund managers [1][3]. Performance Overview - The "Wande Mixed Equity Fund Index," representing active equity funds, showed a performance of -21.03% in 2022, -13.52% in 2023, and a positive 3.45% in 2024, compared to the Shanghai Composite Index's performance of -15.13%, -3.70%, and 12.67% respectively [3]. - As of August 6, 2024, the Wande Mixed Equity Fund Index has increased by 16.67%, outperforming the Shanghai Composite Index by over 8 percentage points and the CSI 300 Index by over 12 percentage points [3]. Star Fund Managers' Performance - Among 242 active equity funds managed by star fund managers with over 10 billion in assets, only 35% outperformed the Wande Mixed Equity Fund Index, while 68% outperformed the Shanghai Composite Index, and 85% outperformed the CSI 300 Index [4][5]. - Notably, over 60% of these funds underperformed the average of active equity funds, with 30% lagging behind the Shanghai Composite Index [5]. Sector Analysis - The underperformance of some star fund managers is attributed to their heavy investments in core stocks, particularly in the food and beverage sector, which has seen declines this year [5][11]. - The food and beverage sector index dropped by 6.06%, with the liquor index down by 8.41% as of August 7, 2024 [5]. Top Performers - Fund managers like Ge Lan and Zhao Bei have excelled, with Ge Lan's funds showing returns of 68.97% and 25.36% respectively, primarily due to heavy investments in innovative drugs, especially in Hong Kong stocks [7]. - Zhao Bei's funds have also performed well, with returns of 89.92% and 63.59%, benefiting from significant allocations to innovative drugs [7][8]. Growth Style Managers - A number of growth-oriented fund managers have also shown strong performance, with returns exceeding 30% for several funds managed by Du Meng and Li Xiaoxing [9]. - These managers have successfully navigated structural market changes by investing in emerging sectors such as AI, innovative drugs, and new consumption [9]. Underperformers - Some previously top-performing fund managers, such as Zheng Chengran and Liu Yanchun, have struggled, with several funds showing negative returns due to heavy exposure to underperforming sectors like liquor and renewable energy [11]. - The rapid market style shifts and the inability to adapt investment strategies have contributed to their underperformance [11]. Future Outlook - The public fund industry is expected to evolve towards a more team-oriented and systematic approach, with a shift away from reliance on star fund managers [12].

Core Viewpoint - The article discusses the recent transfer of control at Yonghe Fluid Intelligent Control Co., Ltd. (Yonghe Zhikong), highlighting the sale of shares by its controlling shareholder, which has led to significant stock price fluctuations and reflects ongoing challenges in the company's strategic direction and performance [1][4][10]. Group 1: Share Transfer Details - Yonghe Zhikong's controlling shareholder, Cao Deli, signed a share transfer agreement with Hangzhou Runfeng, transferring 35.66 million shares (8% of total shares) at a price of 8.9736 yuan per share, totaling approximately 320 million yuan [1][4]. - Following the transfer, Hangzhou Runfeng will hold 8% of Yonghe Zhikong's shares and 14.65% of voting rights, making it the new controlling shareholder [1][4]. - The share transfer price represents a premium of over 45% compared to Yonghe Zhikong's closing price on August 6 [4]. Group 2: Historical Context and Previous Attempts - This is not the first time Yonghe Zhikong has sought a new controlling shareholder; previous attempts included a planned transfer to Guangdong Pule Green Energy Holdings, which ultimately fell through [4][5][6]. - Cao Deli's persistent efforts to divest control indicate a strategic shift, as he has been involved in multiple capital operations since taking control in November 2019 [4][6]. Group 3: Business Performance and Challenges - Yonghe Zhikong's main business segments include plumbing valves (85% of revenue), precision radiation therapy (14.39%), and photovoltaic (0.24%) [8]. - The company's foray into the medical field has not yielded significant results, with medical revenue dropping by 19.77% in 2024 compared to 2023, and a low gross margin of 7.96% [9]. - The photovoltaic segment has also underperformed, generating less than 20 million yuan in revenue in 2024, with a gross margin of -3020.96% [9][10]. Group 4: Future Outlook - Cao Deli has committed to facilitating the divestment of Yonghe Zhikong's underperforming photovoltaic and medical assets by December 20, 2025, as part of the control transfer agreement [10].