点击按钮▲立即报名 三部门发布外资税收优惠政策 6月30日，财政部、国家税务总局、商务部等三部门发布《关于境外投资者以分配利润直接投资税收抵免政策的公告》。公告提到，境外投资者 以中国境内居民企业分配的利润，在2025年1月1日至2028年12月31日期间用于境内直接投资符合条件的，可按照投资额的10%抵免境外投资者 当年的应纳税额，当年不足抵免的准予向以后结转。中华人民共和国政府同外国政府订立的税收协定中关于股息、红利等权益性投资收益适用税 率低于10%的，按照协定税率执行。 《公告》明确要求，境外投资者境内再投资需连续持有至少 5年（60个月）以上。商务部最新发布发布数据显示，2025年1—5月份，全国新设 立外商投资企业24018家，同比增长10.4%；实际使用外资金额3581.9亿元人民币，同比下降13.2%。（界面新闻） ｜点评｜ 这次税收抵免政策，既鼓励外资加大对华投资，又给予长期资本更多回馈。 2017年国内也出台过类似的政策，当时规定利润再投资可 享受"暂不征收预提所得税"，将所得税延后征收。这次的政策明确可以进行税收抵免，永久性地减免了部分应缴纳税款，对外资的吸引力更 大。 对于外资在 A股 ...

Core Viewpoint - The era of globalization led by Chinese companies is emerging, characterized by a new approach to international expansion that emphasizes low-risk strategies and adaptability [3][9][10]. Group 1: Globalization and Market Strategy - The current wave of international expansion for Chinese companies is not about whether to go global, but rather how to do so effectively and with minimal risk [3][9]. - Chinese companies are increasingly adopting a "digital strategy × global brand" approach to their international ventures, leveraging advanced manufacturing and technology [10][12]. - The establishment of a dual circulation system is crucial for Chinese companies, balancing domestic market stability with the potential for growth in global markets [9][10]. Group 2: Brand Development and Market Positioning - Brand marketing has become essential for Chinese companies venturing abroad, as local support and recognition are critical for success in foreign markets [17][27]. - Different market strategies are required depending on whether companies choose to target emerging markets or developed markets, influencing their branding and operational approaches [18][21]. - The three primary profit models for Chinese companies going global include trade, product sales, and brand development, each with varying levels of risk and reward [23][24][25]. Group 3: Competitive Landscape and Innovation - The competitive advantage for Chinese companies in the global market lies in their ability to innovate products based on local market insights and consumer understanding [31][32]. - The emergence of new brands with Chinese origins in Southeast Asia reflects a unique opportunity for Chinese companies to establish a presence in diverse markets [14][15]. - The shift from traditional single-brand strategies to a more diversified approach is redefining global consumption trends, with a focus on meeting personalized consumer needs [29][30]. Group 4: Future Directions and Training Initiatives - The future of Chinese companies' international competitiveness will depend on their ability to innovate and adapt to local markets while leveraging China's manufacturing capabilities [31][36]. - Training programs such as the "Enterprise Outbound Navigator Class" are being introduced to enhance the strategic and operational capabilities of executives in international markets [37].

Core Viewpoint - The article discusses the evolving landscape of Hong Kong's entertainment and financial sectors, highlighting the resilience and adaptability of its people in the face of changing economic conditions and opportunities. Group 1: Entertainment Industry - The trend of Hong Kong entertainers, including TVB stars, engaging in live streaming and promotional activities reflects a shift towards "re-employment" in the face of economic challenges [2][4][10]. - Notable figures like Wu Zhaoxu and Guo Jinan, despite their wealth, are actively participating in these new ventures, showcasing a blend of nostalgia and modernity in their approach [10][11]. - The "Lion Rock Spirit" embodies the hardworking and resilient nature of Hong Kong people, driving them to seize opportunities even in later stages of their careers [11][12]. Group 2: Financial Environment - According to the UBS Global Wealth Report, Hong Kong ranks third globally in terms of per capita wealth, with an average of 4.72 million HKD [8]. - The financial landscape in Hong Kong is characterized by high financial freedom, allowing investors to engage in various investment opportunities, including stocks and derivatives [17][18]. - The "Carry Trade" strategy, referred to as "港男港女" trading, capitalizes on the interest rate differentials between HKD and USD, providing significant profit opportunities for financial institutions [27][30]. Group 3: Digital Asset Market - Hong Kong is positioning itself as a global hub for digital assets, with government initiatives supporting the development of a compliant ecosystem for cryptocurrencies [46][50]. - The introduction of regulatory frameworks for digital currencies, including stablecoins, is set to create new investment avenues for local investors [49][50]. - The government's proactive stance in fostering a digital asset market contrasts with the restrictions in mainland China, highlighting Hong Kong's unique position in the financial landscape [45][49].

Core Viewpoint - The automotive industry is facing tightening conditions similar to the "three red lines" policy in the real estate sector, but the implications may be misunderstood due to the fundamental differences between the two industries [2][4][12]. Group 1: Impact of "Three Red Lines" on Real Estate - The "three red lines" policy introduced in 2020 aimed to curb excessive expansion in the real estate sector by imposing strict limits on debt levels, which significantly restricted funding sources for real estate companies [2][11]. - Companies that breach these lines face severe restrictions on new debt, leading to rapid financial distress and potential systemic risks [10][11]. Group 2: Differences Between Automotive and Real Estate Industries - Unlike real estate, automobiles are primarily consumer goods, and consumers do not expect vehicles to appreciate in value, which reduces the risk of large-scale financial distress in the automotive sector [12][13]. - Automotive companies typically have lower levels of interest-bearing debt, with major firms reporting less than 10% of their liabilities as interest-bearing, contrasting sharply with the high leverage seen in real estate [13]. Group 3: Current Industry Sentiment and Challenges - Recent rumors about potential restrictions in the automotive sector have created a tense atmosphere, with companies focusing on cost reduction and cash flow management [19][20]. - The automotive industry has been experiencing a shift in discussions from sales and technology to financial management and funding constraints, indicating a growing concern over cash flow and operational sustainability [19][20]. Group 4: Regulatory Environment and Future Outlook - Experts believe that the automotive industry will not face strict "deleveraging" or "capacity control" policies, as it operates under market principles rather than state planning [25][34]. - The focus will likely shift towards stricter industry standards, particularly in areas like intelligent driving and vehicle safety, rather than imposing blanket financial restrictions [37][49]. Group 5: Market Dynamics and Competitive Landscape - The automotive market is characterized by overcapacity, with many companies having production capabilities that exceed actual sales, leading to inefficiencies [45]. - The ongoing price wars in the industry reflect both advancements in production efficiency and the risks of compromising safety and quality standards, highlighting the need for better regulation [50][51]. Group 6: Recommendations for Industry Players - Companies are advised to consider mergers and acquisitions to enhance their market position and spread high R&D costs more effectively [52].

1—5月份，单位与居民物品物流总额同比增长6.4%，较1—4月份提高0.5个百分点。即时零售等消费新业态日趋成熟，实物商品网上零售额同比 增长6.3%。1—5月份，工业品物流总额同比增长5.6%，增速较1—4月回落0.1个百分点。5月份同比增长5.5%，增速环比回落0.1个百分点。1— 5月份，进口物流总额同比下降4.1%，降幅与1—4月基本持平。5月当月，进口物流总额同比下降3.8%，降幅较4月扩大2.7个百分点。（综合央 视网） 点击按钮▲立即报名 6月官方制造业PMI回升至49.7 6月30日，国家统计局公布数据显示，6月份，制造业采购经理指数（PMI）为49.7%，比上月上升0.2%，制造业景气水平继续改善。在调查的 21个行业中有11个位于扩张区间，比上月增加4个，制造业景气面有所扩大。产需指数均位于扩张区间。生产指数和新订单指数分别为51.0%和 50.2%，比上月上升0.3%和0.4%。 6月份，非制造业商务活动指数为50.5%，比上月上升0.2%，非制造业总体继续保持扩张。服务业景气度基本稳定。服务业商务活动指数为 50.1%，比上月略降0.1%。建筑业扩张加快。建筑业商务活动指数为52.8% ...

Core Viewpoint - The article discusses the evolving nature of sales as a profession, highlighting its increasing appeal among young graduates and the skills required for success in this field [1][34]. Group 1: Job Market Trends - The number of college graduates in 2023 is expected to reach a record 12.22 million [4]. - Sales positions have surpassed traditional roles like management trainees and software developers in terms of resume submissions from graduates [5]. - A diverse range of academic backgrounds, including English, advertising, psychology, literature, and journalism, are now entering sales roles [7]. Group 2: Young People's Career Choices - The phrase "salary first, ideal job later" reflects the pragmatic job-seeking mindset of many young people [9]. - According to a report, the priority for post-2000 graduates is economic security, followed by learning and personal achievement, contrasting with the preferences of older professionals [10]. - Sales roles are perceived as a viable option due to their low entry barriers, quick feedback on performance, and clear compensation structures [14]. Group 3: Salary Insights - A recent survey indicated that e-commerce sales average starting salaries of 9,000 yuan, while fast-moving consumer goods sales range from 7,000 to 10,000 yuan [15]. - Medical representatives, despite higher entry requirements, can achieve annual salaries of up to 150,000 yuan, and fluent English speakers in cross-border e-commerce can earn 300,000 yuan in their first year [15]. Group 4: Evolution of Sales Roles - The sales profession is evolving, with new roles emerging such as live-streaming salespeople, insurance consultants, and education advisors [27]. - The skills required for modern sales roles now include data analysis, content marketing, and social media management, surpassing traditional sales techniques [33]. - A significant portion of respondents view roles like live-streaming hosts and consulting advisors as part of the sales profession [36]. Group 5: Job Stability and Demand - Sales positions consistently rank among the most in-demand jobs, with marketing roles leading the list of occupations with the highest labor shortages [41]. - The turnover rate for sales professionals is lower compared to other fields, indicating a degree of job stability [45]. - The demand for sales roles spans various industries, including real estate, fast-moving consumer goods, and technology [41].

点击上图▲立即报名 上世纪八九十年代，日本企业曾经发生过与当今中国非常相似的出海浪潮。 一方面，当时的日本遭遇了国内产能饱和困局；另一方面，美国对日本发动了贸易 战， 对其半导体和汽车产业进行关税打击 。 为了破局，日本企业踏上出海之路。经历数十年的出海发展，日本已构建起庞大的跨 国生产与经营网络，在海外的法人主体多达2.22万家，海外净资产规模占GDP比重 高达75%。 如今，中国企业也在相似的经贸环境下，掀起了新一轮出海浪潮。尽管充满挑战，却 可以通过向前路者学习，从而获取经验、少交学费。 第二届出海全球峰会上，我们邀请日本著名国际经济学者和中国问题专家津上俊哉， 为大家带来《向前路者学习：日本经验启示》主题演讲，分享了日本企业70年出海经 验与启示。 津上老师出生于1957年，经历了日本从贸易战到企业大规模出海的整个经济周期， 曾在日本驻华使馆从事协助中国入关工作之后在日本经济产业省历任东北亚课课长 ，并对现代中国和中国经济发展有深刻研究。 以下是津上老师在峰会上的演讲精华，与你分享。 演讲 / 津上俊哉 整理 / 巴九灵（微信公众号： 吴晓波频道） 第四，中国企业已经具备足够的竞争优势，出海的时间到了 ...

Core Viewpoint - The article emphasizes China's dominant position in the global drone industry, highlighting its full-process manufacturing capabilities and the geopolitical implications of drone technology [7][10][40]. Group 1: Market Dynamics - DJI, a leading Chinese drone manufacturer, has faced challenges in the U.S. market, with its products disappearing from major retailers due to customs issues, despite holding 90% of the U.S. drone market share [1][4]. - The U.S. has implemented various restrictions on Chinese drones since 2017, citing data security concerns, which have escalated over the years [2][3]. - Despite these restrictions, DJI continues to dominate the U.S. market, indicating a complex relationship characterized by both fear and reliance [4][6]. Group 2: Industry Structure - The global drone supply chain is characterized by a "China-led, multi-country collaborative" model, with China controlling the entire process from R&D to production [8][12]. - China holds over 70% of global patent applications in the drone sector and dominates the production of key components such as lithium batteries and sensors [10][14]. - As of last year, China had approximately 14,000 drone companies, with a significant increase in registered products, showcasing rapid industry growth [12][16]. Group 3: Military Applications - China's military drone capabilities are advancing, with the potential to switch civilian production lines to military use within 48 hours, and an estimated annual production capacity of 30 million military drones [25][26]. - The article notes that while China leads in many aspects of drone technology, other countries like the U.S. and Israel also possess advanced military drone capabilities [40]. - The ongoing conflicts in regions like Ukraine and the Middle East have accelerated the innovation and deployment of military drones, demonstrating the evolving nature of warfare [28][29]. Group 4: Geopolitical Implications - The article discusses the tension between China's dominant supply chain position and the U.S. and its allies' desire for technological independence, leading to efforts to control critical components [17][19]. - Despite attempts at decoupling, the U.S. still finds it challenging to procure drones without relying on Chinese components, indicating the depth of China's integration into the global supply chain [18][40]. - The article concludes that the future of warfare will be defined by industrial strength across the entire supply chain, from raw materials to advanced algorithms [41].

Core Insights - The article discusses the concept of "one-person enterprises" and how individuals can leverage technology, particularly AI, to create independent business models that offer flexibility and autonomy [4][6][30]. Group 1: Industry Trends - Since 2017, industries have shifted from rapid growth to a more stable or even declining phase, leading to a reevaluation of work-life balance and the traditional "996" work culture [2][3]. - The rise of AI technology has empowered individuals to operate independently, allowing them to create products and services without needing extensive programming skills [4][5]. Group 2: One-Person Enterprise Model - The one-person enterprise model offers significant freedom compared to traditional employment, as there are no bosses or subordinates, but it also comes with challenges such as the need for self-motivation and goal-setting [10][12][13]. - Individuals must be prepared for the lack of stable income and the responsibility of managing all aspects of their business, from identifying customers to product development and revenue generation [14][15]. Group 3: Work-Life Balance and Retirement - The article emphasizes the importance of defining one's lifestyle and work-life balance rather than solely focusing on career achievements [18][19]. - It critiques the traditional retirement model, suggesting a "gradual retirement" approach where individuals can start reducing their work commitments earlier in life [22][24]. Group 4: Practical Steps for Transition - To transition into a one-person enterprise, starting with a side business is recommended, allowing individuals to build resources and experience before fully committing [30][31]. - Leveraging AI and technology can significantly enhance the efficiency and output of a one-person enterprise, enabling individuals to maximize their potential [33][37].

Group 1: Industrial Profit Trends - In the first five months of the year, the total profit of large-scale industrial enterprises in China reached 27,204.3 billion yuan, a year-on-year decline of 1.1%. In May alone, profits dropped by 9.1% year-on-year [1][2] - State-owned enterprises experienced a profit total of 8,709.5 billion yuan, down 7.4% year-on-year, while private enterprises saw a profit increase of 3.4% to 7,592.5 billion yuan [1][2] Group 2: Private Enterprises' Role - Private enterprises play a crucial role in supporting economic growth, contributing significantly to tax revenue, job creation, and innovation. There is a need to optimize the business environment for private enterprises to address operational challenges [3] Group 3: Alibaba's Restructuring - Alibaba Group reduced its partner count from 26 to 17, indicating a focus on frontline business leaders to enhance adaptability in the current market environment. The company reported a revenue of 996.347 billion yuan for the fiscal year 2025, with a net profit increase of 77% to 125.976 billion yuan [4][5] Group 4: Xiaomi's Product Launch - Xiaomi launched multiple new products, including the YU7 car, which saw over 200,000 pre-orders within three minutes. The pricing of the YU7 ranges from 253,500 yuan to 329,900 yuan [6][7] Group 5: Vanke's Financial Situation - Vanke reported a revenue of over 340 billion yuan, with a net loss of nearly 50 billion yuan for the year. The company is focusing on asset sales and expanding financing channels to manage debt repayment pressures [8][9] Group 6: Zara Home's Market Exit - Zara Home is closing its last stores in Changsha and Hangzhou, reflecting the decline of fast fashion brands in the Chinese market. The brand's high rental costs and consumer preference for cost-effective products have contributed to its struggles [10][11] Group 7: Honor's IPO Plans - Honor has initiated the process for an A-share IPO, with plans to invest 100 billion yuan in AI over the next five years. The company aims to transition from a smartphone manufacturer to a leading AI terminal ecosystem provider [14][15]