点击按钮▲立即报名 上半年专项债发行同比增长四成 7月2日消息，数据统计，据Wind今年上半年，各地发行新增专项债规模约21607亿元，较2024年上半年的14935亿元，同比增长约44.7%。今年 的《政府工作报告》明确，拟安排地方政府专项债券4.4万亿元、比上年增加5000亿元，重点用于投资建设、土地收储和收购存量商品房、消化 地方政府拖欠企业账款等。 财政部部长蓝佛安此前表示，下一步，将用好用足更加积极的财政政策，根据形势变化及时推出增量储备政策，着力稳就业、稳企业、稳市场、 稳预期，全力巩固经济发展和社会稳定的基本面。财政靠前发力对投资端起到明显助推作用，国家统计局公布数据显示，1—5月，基础设施投资 同比增长5.6%，处于较高水平。（界面新闻） ｜点评｜ 今年在财政政策靠前发力的目标下，上半年专项债发行速度显著加快。今年专项债的募资用途逐渐丰富，不光是能用来支持地方经 济，提振消费，还能用来土地收储、收购存量商品房、消化地方政府拖欠企业账款等。搭配特别国债、置换存量隐性债务的再融资专项债，今 年上半年国内各级政府都加大了负债规模，为实体经济注入水，借助基建等方式激发有效需求。 三季度预计专项债发行将 ...

Core Viewpoint - The article discusses the rapid growth and transformation of the instant retail market in China, driven by advancements in logistics, technology, and changing consumer demands, with a projected market size of 1.5 trillion yuan by 2025 and potential growth to 2-3.6 trillion yuan by 2030 [7]. Group 1: Market Dynamics - Instant retail encompasses a wide range of products, from fresh produce to electronics, emphasizing the convenience of home delivery [4][3]. - Major players like Meituan, Alibaba, and JD.com are heavily investing in market share, with aggressive promotional strategies and significant subsidies [5]. - The competition is reshaping the consumer market, focusing on efficiency in delivery and logistics [8]. Group 2: Infrastructure Development - The "15-minute convenient living circle" initiative aims to meet daily needs within a short walking distance, with over 4,321 such circles established, covering approximately 107 million residents [12][13]. - Local governments are implementing cold chain logistics policies to enhance the supply chain for perishable goods, with subsidies for cold storage and transportation [14]. - By 2025, policies will ensure logistics centers in every county and express delivery stations in villages, increasing rural market accessibility [15]. Group 3: Technological Advancements - The integration of technologies like drones, autonomous driving, and AI scheduling is expected to lower supply chain and delivery costs, enhancing overall efficiency [18]. - Post-pandemic consumer behavior shows a heightened willingness to pay for immediate delivery, particularly among younger demographics [19]. Group 4: Competitive Landscape - The competition is primarily among three giants: Meituan, Alibaba (Ele.me), and JD.com, each leveraging their logistics capabilities to gain an edge [29]. - Meituan focuses on local life services with a vast network of over 6 million delivery personnel, while JD.com emphasizes quality and reliability through its self-built logistics [30][31]. - Alibaba combines its extensive user base with a robust delivery network, but faces challenges in operational efficiency and market penetration in rural areas [33]. Group 5: Future Outlook - The article suggests that the future of instant retail will be defined by the ability to deliver products quickly and efficiently, particularly in lower-tier markets [34]. - Meituan's "Lightning Warehouse" model aims for rapid urban coverage, while JD.com's "Shared Warehouse" focuses on quality and cost efficiency [36]. - Long-term success will depend on the integration of AI and other technologies, creating significant barriers to entry for new competitors [38].

Group 1 - The survival rate of entrepreneurs is low, with only 3% to 5% likely to survive after three to five years, and about 1% after ten years [2] - Business is fundamentally a game of survival, where even the most successful companies can fail unexpectedly [3] - Common mistakes and setbacks faced by companies have a high degree of universality [4] Group 2 - Entrepreneurs face significant challenges akin to climbing a building, where progress is difficult and the tolerance for failure in Chinese society is low [5] - Continuous failure is expected in the business world, and companies that have not experienced two economic cycles cannot be considered mature [6] - The number of entrepreneurs who self-terminate due to business challenges is significantly lower than those who do so in personal relationships, indicating that optimism is essential for entrepreneurship [6]

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].

点击上图▲立即收听 " 房地产行业的 ' 三道红线 ' 影响深远，但类比到车圈，不免有些 ' 望文生义 ' 之嫌。 " 文 / 巴九灵（微信公众号：吴晓波频道） 汽车行业似乎正走向一场前所未有的收紧。 带动这种氛围的，是一则寻不见来源的流言： "新能源车企或将面临三大限制。" 这三大限制分别是：严账期、降杠杆、控产能。 因形似房地产市场当年的 "三道红线"而引发不安。 2020年，我国监管部门为了遏制房企无序扩张，首次提出房地产"三道红线"：剔除预收款后的资产负债率不得大于70%、净负债率不得大于 100%、现金短债比不得小于1倍。 触及三道红线的房企，不得新增有息负债；触及两道红线的，负债年增速不得超过 5%；触及一道红线的，负债年增速不得超过10%；未触及红 线的，负债年增速不得超过15%。 这剂猛药，至今影响着房地产行业。 但类比到车圈，不免有些 "望文生义"之嫌。 车与房 过去十几年，房子被赋予了非常强的 "金融资产"属性。 即不少时候，买房是为了 "炒"。 在房价会持续上涨的预期之下，中国房地产行业发展至 "高负债、高杠杆、高周转"的极端模式。 建设中的楼盘 具体路径为：大量借款（高杠杆）拿地、快速 ...

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 ...