来源：上海证券报·中国证券网 上证报中国证券网讯（记者 韩宋辉）上证报记者获悉，渤海人寿近期披露，因到达退休年龄等原因， 该公司原董事长吕英博辞任公司第二届董事会董事、董事长等职务。渤海人寿董事长由寇江华接任。 资料显示，寇江华，1976年出生，经济学硕士研究生学历。据了解，寇江华具备多年金融监管工作经 验，2000年8月起，他曾在原中国保监会办公厅、消费者权益保护局等多个部门任职；2015年至2017年 期间，寇江华挂职天津市滨海新区中心商务区管理委员会副主任；2018年4月开始，他出任天津港保税 区管理委员会副巡视员、天津市滨海新区金融工作局局长、中国（天津）自由贸易试验区管理委员会办 公室党组成员等职务。 据渤海人寿今年5月发布的2024年社会责任报告，截至2024年底，渤海人寿总资产达505.70亿元，服务 客户约170万人，为社会累计提供保额超1.2万亿元的保险保障，累计受理客户理赔申请并结案逾60万 件。 渤海人寿对记者表示，2024年末渤海人寿成功完成天津国资10亿元首批增资，实现国资控股。后续天津 国资股东还将进一步注资。目前，渤海人寿正在推进国资控股后的二轮增资相关准备工作。通过补充资 本， ...

在高管变动以及市场化招募高管之外，渤海人寿近期还将总部迁至天津空港经济区。"作为首家注册于 天津自贸区的寿险企业，此次总公司办公地址回归至天津空港经济区，不仅是职场环境的变化，更是发 展模式的转型升级，是企业形象的全面焕新。"渤海人寿称，将聚焦"金融五篇大文章"，深度融入天津 港（600717）保税区现代产业体系，服务国家重大战略与重点产业，在京津冀产业协同、产品创新、科 技赋能等领域输出保险能量，为天津金融创新运营示范区建设注入新动能。 渤海人寿透露，在完成首批增资后，天津国资股东还将进一步注资，以推进公司稳健发展、支持其长远 战略。目前，该公司正在推进国资控股后的二轮增资相关准备工作。通过补充资本，其净资产及偿付能 力充足率将得到有效提高，整体抗风险能力及治理水平也将得到显著改善。 在提升盈利能力方面，目前渤海人寿正从负债端、投资端、内部管理等方面多管齐下，经营态势企稳向 好：一是在保险业务方面坚持以价值为导向，在保持现金流和业务规模稳定的同时，深化业务转型，加 快风险化解；二是在资金运用方面，健全风险防控机制、优化资产配置结构、加强投资能力建设，提高 投资收益率；三是持续推进精细化管理，合理控制销售费用 ...

南方财经全媒体记者林汉垚、孙诗卉 10月9日，21世纪经济报道记者注意到，渤海人寿最新信息披露，因到达退休年龄等原因，原董事长吕 英博辞任公司第二届董事会董事、董事长及董事会下设专门委员会职务。 另据21世纪经济报道记者独家获悉，目前渤海人寿高管选聘工作已进入候选人甄选阶段。 随着2024年底10亿元国资首轮增资落地，渤海人寿正式脱离"海航系"标签，迈入天津国资控股新阶段。 渤海人寿介绍，后续天津国资股东还将进一步注资，以推进公司稳健发展、支持公司长远战略。 董事长到位 1976年出生的寇江华接任渤海人寿董事长职务，这是寇江华今年3月接任渤海人寿党委书记以来的又一 重要职务任命落地。 同时引人关注的是渤海人寿近期的高管选聘机制改革。渤海人寿9月9日通过官微等渠道发布了面向社会 公开选聘高级管理人员的公告，拟选聘两名副总经理，分别负责分管保险业务渠道，以及战略企划、资 本运营工作。 选聘条件具体为：分管保险业务的副总经理需具有15年及以上保险工作经验，且担任寿险公司副总经 理、总经理助理相当管理职务2年及以上，或者担任寿险公司省级分公司负责人或总公司保险业务部门 负责人8年及以上。 而分管战略企划、资本运营的副 ...

布柳巴希奇表示，波黑电力公司与德国复兴信贷银行共同实施的这一项目，是加 速能源转型、加强公司可持续市场机制的重要一步。此举体现了波黑电力公司对可持 续脱碳以及通过投资绿色技术提升能源市场竞争力的承诺。这笔赠款将用于二氧化碳 排放监测、脱碳路线图制定、企业可持续发展及建立虚拟电厂系统等技术提供支持及 专业顾问服务。此外，部分资金还将为《波黑电力公司2050年能源转型与脱碳战略》 提供技术支持。 德国复兴信贷银行代表巴勃罗·奥布拉多尔强调，此协议的签署标志着波黑与欧盟 合作的新篇章。她表示德国复兴信贷银行愿意支持波黑电力公司拓展新商业模式。 （驻波黑使馆经商处） （原标题：欧盟提供200万欧元赠款支持波黑电力公司的绿色转型及市场化改革） 波黑《新闻报》9月23日报道。波黑电力公司总经理布柳巴希奇、波黑电力公司经 济事务执行董事尤里希奇与德国复兴信贷银行东南欧及土耳其能源部门负责人巴勃罗· 奥布拉多尔，共同签署了一份价值200万欧元的赠款协议。该资金来自受欧盟支持 的"西巴尔干地区及欧洲东部区域市场化绿色转型框架"计划，以增强波黑电力公司管理 绿色转型和市场化改革。 ...

Group 1: Industry Investment Rating - The report maintains a positive outlook on the overseas education sector, indicating a favorable investment rating due to the maturation of profit-oriented classification management and market reforms driving the expansion of higher education institutions [1][2]. Group 2: Core Insights - The conditions for profit-oriented classification management in private education are gradually maturing, with quality improvement in private schools being a crucial prerequisite for this transition. The report anticipates an acceleration in the implementation of profit-oriented policies for private schools, which will enhance the supply of higher education while ensuring quality [1][9]. - The establishment of profit distribution rights for private schools has led to increased certainty in asset returns. The average profit margin for the six listed private higher education companies is approximately 30.9%, with an average ROE of 12%. This indicates a robust commercial model that seeks to expand scale and revenue [2][10]. - The report highlights a significant mismatch between supply and demand in the higher education sector, with the number of college admissions only increasing from 10.36 million in 2021 to 10.69 million in 2024, while the number of high school graduates entering the college entrance examination has risen from 10.78 million in 2021 to 13.42 million in 2024. This has resulted in a declining college admission rate from 96.1% in 2021 to 79.6% in 2024 [2][10]. - The report suggests that the current quality standards achieved by listed private higher education companies will lay a solid foundation for the reintroduction of profit-oriented choices, which is expected to enhance the valuation of the higher education sector [2][11]. Group 3: Company Focus - The report recommends focusing on several key companies in the overseas education sector, including Yuhua Education, Zhongjiao Holdings, China Kepei, Neusoft Ruixin, Zhonghui Group, New Higher Education, Xijiao International Holdings, and Huaxia Holdings, as they are well-positioned to benefit from the anticipated policy changes [3][11][14].

Economic Structure Imbalance - Since the reform and opening up, China's economic structure has shown imbalances in certain sectors due to excessive government intervention during the catch-up phase (1978-1992 and 2012-present) [1] - The economic growth theory divides growth into two phases: catch-up and balanced growth, with the former relying on capital accumulation and learning effects [1] - Empirical analysis indicates that excessive intervention has led to a situation where actual social capital returns are significantly lower than fitted values, indicating capital surplus [1] Government Intervention - Government intervention is necessary to internalize learning externalities and achieve socially optimal capital accumulation [1] - However, insufficient or excessive intervention can lead to economic imbalances, depending on the rationality of policies and accurate estimation of learning elasticity coefficients [1] - The report suggests that the capital income share has been increasing, indicating a need for reform in income distribution to correct structural imbalances [1] Reform Measures - Continuous market-oriented reforms and reduction of unnecessary interventions are essential to correct structural imbalances and promote long-term economic growth [1] - Key reform measures include standardizing investment attraction behaviors, allowing inefficient firms to exit the market, and deepening financial reforms to reflect true capital costs [1] - The income distribution system needs to shift from capital-biased to labor-friendly to enhance domestic consumption and economic resilience [1]

彭森指出，宏观政策只能缓解短期压力，真正破解深层次矛盾仍需依靠制度型开放和市场化改革。要素 配置市场化、新质生产力培育、高水平社会主义市场经济体制建设等，是未来五到十年必须完成的硬任 务。 结合多领域发展脉络，彭森总结出多条改革基本经验： 第一，必须始终坚持解放思想、实事求是。"思想解放是改革的前提和先导。没有持续的思想突破，就 难以实现改革的纵深推进。"彭森称，党的二十届三中全会明确提出"三个进一步解放"，为新时代改革 指明了思想路径。 新华财经北京9月14日电（王菁）金秋聚首话改革，砥砺奋进新征程。9月14日，第二十二届中国改革论 坛在京举行，与会嘉宾共议"进一步全面深化改革 推动'十五五'时期高质量发展"的多元化路径。 会议期间，中国经济体制改革研究会原会长彭森发表致辞演讲，系统总结我国改革开放四十多年来的宝 贵经验，强调坚持市场化的改革方向与以人民为中心的改革宗旨，呼吁在新征程上进一步推进全面深化 改革，加快建设高水平社会主义市场经济体制。 彭森呼吁，"改革战线的同志应不忘初心、牢记使命，以更大决心和魄力推动新一轮全面深化改革，尤 其要在要素市场化配置、产权制度改革、公平竞争制度完善等领域实现实质性突 ...

Core Insights - China National Railway Group Co., Ltd. (referred to as "the Company") reported a total operating revenue of 586.02 billion yuan for the first half of 2025, reflecting a year-on-year growth of 1.13%, while net profit decreased by 10.77% to 1.553 billion yuan [1] - The Company's total liabilities decreased for the first time in history, reaching 6.19 trillion yuan, a decline of 0.32% compared to the same period last year, while total assets grew to 9.85 trillion yuan, an increase of 2.39% [1] - The debt-to-asset ratio fell below 63% for the first time, currently at 62.84%, marking the fourth consecutive decline in this ratio [1] Financial Performance - The Company achieved a total revenue of 586.02 billion yuan, with a net profit of 1.553 billion yuan, indicating a decrease in profitability [1] - Total liabilities reached 6.19 trillion yuan, down 0.32% year-on-year, while total assets increased to 9.85 trillion yuan, up 2.39% [1] - The debt-to-asset ratio has decreased from 65.56% in 2023 to 63.52% in 2024, returning to levels not seen in 12 years [1] Operational Efficiency - The Company has improved cash flow through dual growth in passenger and freight transport, providing stable support for debt repayment [2] - Investment structure optimization has led to record-breaking fixed asset investments, focusing on network connectivity and efficiency [2] - Market-oriented reforms, including freight price liberalization and dynamic pricing for passenger tickets, have effectively revitalized existing assets [2] Growth Metrics - In 2024, the Company achieved a freight volume of 3.99 billion tons, a year-on-year increase of 1.9%, marking eight consecutive years of growth [2] - Passenger transport reached 4.31 billion trips, a significant year-on-year increase of 11.9%, setting a historical record [2] - Fixed asset investment reached 850.6 billion yuan, the highest in history, with a growth rate of 11.3% [2] Future Outlook - The Company anticipates continued growth in both passenger and freight transport as market reforms deepen and railway network benefits are gradually realized [2] - The operating performance is expected to improve further, with the debt ratio likely to narrow [2]

Group 1 - The core viewpoint of the article highlights the resilience and growth potential of China's economy, particularly in the high-tech manufacturing sector, despite overall industrial profit declines [2][4] - In the first seven months, profits of large-scale industrial enterprises decreased by 1.7% year-on-year, with a notable improvement in July where profits fell by only 1.5%, indicating a narrowing decline [2] - High-tech manufacturing saw a significant turnaround in July, with profits increasing by 18.9% compared to a 0.9% decline in June, contributing to an overall acceleration in profit growth for large-scale industrial enterprises [2][3] Group 2 - The article emphasizes the importance of market consensus and support for innovation, as evidenced by the rise of domestic AI chip company Cambricon, which surpassed Kweichow Moutai in stock price, reflecting investor confidence in technology-driven enterprises [3] - The current market environment, characterized by asset scarcity, has led investors to place higher expectations and valuations on companies pursuing technological advancements [3][4] - The article calls for a supportive environment for high-tech enterprises, advocating for reduced regulatory costs and protection of property rights to foster their growth and contribution to economic transformation [4][5] Group 3 - The performance of high-tech manufacturing indicates a structural divergence in the economy, with traditional sectors like upstream raw materials and consumer services still facing challenges [4] - The article stresses the need for a robust risk management framework to assist struggling industries, including legal and institutional preparations for market exits and restructuring [4][5] - It highlights the necessity of market-oriented reforms, particularly for state-owned enterprises, to ensure their modernization and competitiveness in the evolving economic landscape [5]

Core Viewpoint - The article emphasizes the resilience and growth potential of China's high-tech manufacturing sector, highlighting its role in driving overall industrial profits despite challenges faced by other industries [2][3]. Group 1: Industrial Profit Trends - In the first seven months, profits of large-scale industrial enterprises in China decreased by 1.7% year-on-year, with a slight improvement in the decline rate compared to the first half of the year [2]. - In July, profits fell by 1.5% year-on-year, but this marked a 2.8% improvement from June, indicating a narrowing of the contraction [2]. - High-tech manufacturing showed a significant turnaround, with profits growing by 18.9% in July, compared to a decline of 0.9% in June, contributing to an overall acceleration in profit growth for large-scale industrial enterprises [2]. Group 2: Emerging Industries - The biopharmaceutical industry has developed strong international competitiveness through years of resilience, while the artificial intelligence sector has maintained its leading position in international competition by seeking differentiated advantages [2]. - The article illustrates that Chinese enterprises possess the drive and innovation capabilities necessary for growth, provided they are given the appropriate space to operate freely [2]. Group 3: Market Support for Innovation - The rise of domestic AI chip company Cambricon, which surpassed Kweichow Moutai in stock price, reflects a market consensus supporting companies focused on technological advancement [3]. - Investors are willing to take risks on companies that demonstrate potential for upward technological breakthroughs, indicating a collaborative effort among market participants to drive growth [3]. Group 4: Structural Challenges - The performance of high-tech manufacturing highlights a growing structural divide in the economy, with upstream raw materials and consumer services still facing significant challenges [4]. - Industries that have not yet recovered from negative growth pose risks that need to be addressed through effective support mechanisms, including legal and institutional preparations for market exits and restructuring [4]. Group 5: State-Owned Enterprises and Market Reforms - Data shows that profits for state-owned enterprises have declined, while foreign and private enterprises have seen positive growth, underscoring the need for reform in state-owned enterprises [5]. - The article advocates for market-oriented reforms as essential for the modernization and profitability of state-owned enterprises, emphasizing the importance of maintaining a balance between power and rights in economic governance [5].