【导读】上海景谷基金注销公募基金销售牌照 中国基金报记者 张燕北 又一家销售机构注销基金销售牌照。 8 月 29 日，上海证监局发布公告表示，近期， 上海景谷基金销售有限公司 （以下简称景谷 基金）向中国证券监督管理委员会提交了注销公开募集证券投资基金销售业务许可证的申 请。 景谷基金注销基金销售业务许可证已有前兆。近期，多家基金公司密集发布公告，宣布终止 与该机构的基金代销业务合作。 天眼查信息显示，景谷基金销售公司成立于 2014 年，江苏中宏投资实业有限公司是其全资 控股股东，注册资本为 2000 万元，公司经营范围为基金销售。从企业经营状态来看，目前 该公司显示 " 停业 " ，公司网站也已经注销。 值得注意的是，基金销售 " 马太效应 " 加剧，多家小型销售机构举步维艰。据不完全统计， 去年以来，已有阜新银行、中民财富、喜鹊财富、青岛乐弘基金、北京恒宇天泽、成都华羿 恒信、华融融达期货、资舟基金、民商基金、财咖啡等注销基金销售牌照，其中多数为第三 方独立基金销售机构。 业内人士坦言，过去几年，虽然部分基金公司同时和很多家第三方基金销售机构签了代销协 议，但是除了头部互联网平台，真正能将基金销售业务做 ...

中共中央总书记、国家主席、中央军委主席习近平近日作出重要指示强调，党的作风就是党 的形象，关系人心向背，关系党的生死存亡。要持续抓好中央八项规定精神贯彻落实，进一 步下大气力把党建设好，打造一支党性纯洁的队伍、纪律严明的队伍，使我们党始终不负人 民，团结带领人民顺利完成所肩负的历史使命。 习近平指出，这次深入贯彻中央八项规定精神学习教育，坚持学查改一体推进，坚持从上到 下一贯到底，坚持严的基调不动摇，坚持务实精准组织实施，工作开展扎实，取得明显成 效。 习近平强调，"四风"问题具有顽固性、反复性，必须以打攻坚战、持久战的决心和恒心，锲 而不舍落实中央八项规定精神，推进作风建设常态化长效化，以优良作风凝心聚力、真抓实 干，不断开创事业发展新局面。要增强作风教育针对性实效性，突出新提拔干部、年轻干 部、关键岗位干部的教育引导。要建立健全经常性发现问题、解决问题机制，动真格整改整 治，持续释放一抓到底、一严到底的强烈信号。要强化监督执纪，抓实党组织日常监督，有 效发挥群众监督作用，对顶风违纪的速查严处。要落实作风建设政治责任，严负其责、严管 所辖，以铁规矩锻造好作风，推动党员干部干事创业、担当作为、为民造福。 会议 ...

【导读】华为公布 2025 半年报：上半年营收达 4270 亿元，同比增长 3.94% ；净利润为 371 亿元，同比下降 32% 中国基金报记者 张燕北 报告显示，华为上半年营收为 4270.39 亿元，同比增长 3.95% ；净利润为 371.95 亿元， 同比下降 32% 。归母净利润为 370.54 亿元，同比下降 32.19% 。 上半年，公司研发费用投入 969.50 亿元，较去年同期的 889.09 亿元增幅为 9.04% ，占营 收的 22.7% 。同时，公司的销售费用、管理费用、财务费用同比均有所增加。 据半年报，华为上半年的 " 公允价值变动收益 " 为 -58.36 亿元，而在去年同期，该收益为 -3532.7 万元。 | 项目 | 2025年1-6月 | 2024年1-6月 | | --- | --- | --- | | 营业收入 | 427,039,035 | 410,823,227 | | 咸:营业成本 | 224,332,314 | 205,179,824 | | 税金及附加 | 2,948,775 | 3,125,464 | | 销售费用 | 39,376,170 | 35,4 ...

Group 1 - The core theme of the Air Force open event is "Chasing Dreams in Air and Space, Winning the Future" [3] - The event will showcase over a hundred types of active Air Force aircraft, ground equipment, and retired classic equipment, including the first static display of the J-20 and a bomber formation [3] - Interactive experiences will be enhanced with simulation flying, drone control, and parachuting areas, along with military camp open activities for the public to gain a deeper understanding of the Air Force [3] Group 2 - An Air Force-themed exhibition hall will be created, featuring recruitment areas for pilots, air traffic control, and ground school admissions, along with cultural events such as drone conferences and military band performances [3] - Outstanding Air Force pilots will engage with the public to foster a strong atmosphere of "Love Our Air Force, Wings Spread in Changchun" [3]

Core Viewpoint - Baiyang Pharmaceutical (301015.SZ) is experiencing a significant decline in financial performance, with a 6% drop in revenue and a 55.8% decrease in net profit for the first half of 2025, raising concerns about its growth sustainability and financial health [2][4]. Financial Performance - For the first half of 2025, Baiyang Pharmaceutical reported revenue of 3.75 billion yuan, down 6% year-on-year, and a net profit of 163 million yuan, down 55.8% year-on-year [2]. - The company plans to distribute a cash dividend of 7.62 yuan per 10 shares, totaling 400 million yuan, despite the declining profits [2]. Debt Situation - As of June 30, 2025, the company's debt-to-asset ratio reached 65.88%, significantly higher than its peers, indicating substantial repayment pressure [4]. - Baiyang Pharmaceutical's interest-bearing debt has surged, with short-term loans increasing to 1.797 billion yuan and long-term loans reaching 495 million yuan [4]. Acquisition Concerns - The company made a high-premium acquisition of 60.2% of Baiyang Pharmaceutical for 880 million yuan, raising regulatory scrutiny regarding the necessity and valuation of the deal [5]. - The Shenzhen Stock Exchange has issued a letter of concern regarding the acquisition, questioning the rationale and potential for profit transfer [5]. Product Performance - The sales of the "Dijiao" calcium series products fell by 14.22% to 905 million yuan in the first half of 2025, indicating a slowdown in growth momentum [7]. - The "Hailu" artificial tear product, once a popular item, saw its sales growth decelerate, with revenue of 376 million yuan in the first half of 2025, a 14.86% increase, down from previous years' growth rates [7]. Cost Management - Despite declining revenues, sales expenses have risen sharply, with 1.517 billion yuan and 807 million yuan in sales expenses for 2024 and the first half of 2025, respectively, reflecting a 15.4% and 22.94% increase [8]. - The company's growth challenges highlight the broader issues faced by the pharmaceutical CSO model in a competitive market environment [8].

当天，泰国宪法法院成为媒体关注焦点，法院在媒体区设置了电子屏幕播放相关画面，并将 在网络上直播宣读裁决。宪法法院共有9名法官，每名法官将在合议会议上口头陈述其立场， 经过讨论后进行投票表决，获得超过半数法官支持，裁决即可成立。 据泰国媒体此前报道，佩通坦当天不会前往法院，而是在总理府通过直播听取裁决。裁决宣 读后，她将举行新闻发布会。随后，她计划前往为泰党总部，与党内议员及其他支持者见 面。 来 源：新华社 泰国宪法法院29日裁定，被暂停总理职务的佩通坦在与柬埔寨参议院主席洪森通话事件中的 有关做法违反宪法相关规定，即日起解除其总理职务。 泰国宪法法院29日上午开始就被暂停总理职务的佩通坦·钦那瓦涉嫌违宪进行口头陈述、讨论 和表决，裁决结果将于当日当地时间15时（北京时间16时）宣布。 6月中旬，佩通坦同柬埔寨参议院主席洪森关于泰柬边境局势的一段通话录音流出，在泰国引 发争议。泰国宪法法院7月1日宣布，受理有关调查总理佩通坦是否存在违宪行为的请愿书， 并当即暂停佩通坦行使总理职权。本月21日，佩通坦亲自出庭接受质询，并按法院要求在25 日前提交了最后陈词。 les & FR 点击下载中国基金报客户端 ■ 中国 ...

Core Viewpoint - The appointment of Zhou Xinhai as the new General Manager and Deputy Secretary of the Party Committee of China National Petroleum Corporation (CNPC) marks a significant leadership change within the "Big Three" oil companies in China, indicating a strategic shift in management [1][6]. Group 1: Leadership Change - Zhou Xinhai has been appointed as the Director, General Manager, and Deputy Secretary of the Party Committee of CNPC, effective August 29 [1]. - Zhou Xinhai previously held the position of Director, General Manager, and Deputy Secretary of the Party Committee at China National Offshore Oil Corporation (CNOOC) [1][5]. - This leadership change follows the announcement that Hou Qijun will no longer serve as the General Manager of CNPC, indicating a restructuring within the organization [6][7]. Group 2: Background of Zhou Xinhai - Zhou Xinhai was born in December 1970 in Yifeng, Jiangxi, and is a member of the Communist Party of China [3]. - He holds multiple degrees, including a Bachelor's in Petroleum Geology, a Master's in Coalfield Oil and Gas Geology and Exploration, and a Ph.D. in Energy Geology Engineering [3]. - Zhou has extensive experience in the oil and gas industry, having worked at CNOOC since 1996 and held various leadership roles [5]. Group 3: CNPC Overview - CNPC is a major state-owned enterprise and one of the world's leading oil and gas producers and suppliers, involved in various sectors including exploration, development, and new energy [6]. - In 2024, CNPC ranked third among the world's top oil companies and sixth in the Fortune Global 500 list [6].

Group 1 - The meeting emphasized the importance of the "Regulations on Ideological and Political Work of the Communist Party of China" for strengthening the Party's leadership and improving the scientific, institutional, and standardized level of ideological and political work [1][2] - It was highlighted that ideological and political work should focus on Xi Jinping's Thought on Socialism with Chinese Characteristics for a New Era, with an emphasis on education in ideals and beliefs to unify thoughts and strengthen confidence [1][2] - The meeting called for enhancing the effectiveness and relevance of ideological and political work in response to social changes, ensuring comprehensive leadership by the Party [1][2] Group 2 - The purpose of the "Law on Promoting National Unity and Progress" is to transform significant theoretical and practical achievements in ethnic work into national will through legislation, enhancing the sense of community among the Chinese nation [2] - The meeting stressed the need to consolidate the common ideological and political foundation for the unity and struggle of all ethnic groups, adhering to the Party's comprehensive leadership and the correct path to solve ethnic issues with Chinese characteristics [2] - It was also noted that safety production and disaster prevention measures must prioritize the safety of people's lives, ensuring that development does not come at the cost of safety [2]

Core Viewpoint - A-shares continue to rise significantly, with major indices reaching new highs, while the STAR Market experiences adjustments. Goldman Sachs raises its target for the Chinese stock market, indicating a positive outlook despite potential short-term profit-taking pressures [2][17][18]. Market Performance - In August, the Shanghai Composite Index increased by 7.97%, surpassing 3800 points, marking a 10-year high. The Shenzhen Component rose by 15.32%, the ChiNext Index by 24.13%, and the STAR 50 Index surged by 28% [2]. - On August 29, all three major indices closed higher, with the Shanghai Composite up 0.37%, the Shenzhen Component up 0.99%, and the ChiNext Index up 2.23% [2]. Stock Movement - A total of 1997 stocks rose, while 3309 stocks fell. Notably, 157 stocks hit the daily limit up, and 119 stocks increased by more than 5% [3]. - The lithium battery sector rebounded, with CATL rising over 10% and several other stocks hitting the daily limit up [4]. Sector Analysis - The semiconductor sector faced adjustments following a concerning announcement from Cambricon, which projected revenues of 5 to 7 billion yuan for 2025, raising concerns about stock prices deviating from fundamentals [5]. - The STAR 50 Index fell nearly 2% due to this announcement, reflecting investor caution in the semiconductor space [5][6]. Analyst Insights - Goldman Sachs raised its 12-month target for the CSI 300 Index from 4500 to 4900, citing supportive valuation metrics and favorable market positioning [18][21]. - Morgan Stanley remains cautious, warning of potential overheating in the market and emphasizing the need for improved corporate fundamentals and policy support [22]. - JPMorgan sees strong support from global policy easing and increased liquidity in China, predicting a 24% upside for the CSI 300 Index by the end of 2026 [22].

Core Viewpoint - Zhengzhou Bank has achieved simultaneous growth in scale and quality, with revenue and profit increasing for the second consecutive financial quarter, reflecting its commitment to serving the local economy and small and medium-sized enterprises [2][4]. Group 1: Steady Growth in Scale - As of June 30, 2025, Zhengzhou Bank's total assets reached 719.738 billion yuan, a year-on-year increase of 11.47%, marking the highest growth rate since 2018 [2][4]. - The bank's loan and advance total reached 406.094 billion yuan, with a year-on-year increase of 4.75%, driven by both corporate and retail lending [4]. Group 2: Continuous Improvement in Efficiency - Zhengzhou Bank's investment income reached 1.229 billion yuan, a year-on-year increase of 111.10%, indicating successful diversification in its business operations [6]. - The bank reduced its business and management expenses to 1.468 billion yuan, a decrease of 6.82% year-on-year, achieved through various efficiency-enhancing measures [6]. Group 3: Effective Risk Management - As of June 30, 2025, Zhengzhou Bank's non-performing loan balance was 7.165 billion yuan, with a non-performing loan ratio of 1.76%, down 0.11 percentage points from the previous year [8]. - The bank's provision coverage ratio stood at 179.20%, demonstrating strong risk resistance capabilities [8]. Group 4: Retail Business Development - Zhengzhou Bank's retail business generated 1.236 billion yuan in revenue, a historical high with a year-on-year growth of 3.56% [10]. - Personal deposit balances reached 258.098 billion yuan, with an increase of 39.918 billion yuan, reflecting an 18.3% growth rate [10].