21 July 2025 | 4:04PM CST China Healthcare: 1H25 preview: UIH bottom out/MR still in trough; Weak IVD/cataract, strong insulin Per our recent conversations with clients, we see focus areas for investors include: Medtech: 1) The progress of capital equipment VBP and the subsequent stimulus strength of the trade-in policy, 2) progress of channel destocking, 3) import substitution trend post VBPs (incl. IOLs and IVD); Retail pharmacies: 1) market-clearing trend, 2) policy impact from Four-Same policy; Hospital ...

为什么在有些企业中财务BP和HRBP沦为鸡肋？ 在部分企业中，财务 BP（业务伙伴）和 HRBP（人力资源业务伙伴）沦为鸡肋，核心原因在于其价值创造机制未能有效落地，具体可从以下几个维度展开 分析。 一、角色定位与组织设计的偏差 （一）三支柱模型的形式化 企业虽引入 COE（专家中心）、SSC（共享服务中心）和 BP 的三支柱架构，但常将 BP 简单视为传统职能的延伸。例如，财务 BP 被要求专注于预算管控 和风险合规，沦为 "政策警察"，而 HRBP 则被定位为 "员工关系调解员"，缺乏参与战略决策的权限。这种定位导致 BP 既无法获得业务部门的信任，也难 以突破职能部门的传统边界。 （二）授权与管控的失衡 企业常陷入 "一放就乱、一管就死" 的困境。BP 作为总部特派员，需在授权与风险控制间寻找平衡，但实际操作中往往偏向管控。例如，财务 BP 因总部未 开放数据权限，只能依赖业务部门提供的碎片化信息，导致分析结论脱离实际。这种 "夹心层" 处境使 BP 既无法代表业务发声，也难以推动总部政策优 化。 BP 对业务的理解常停留在 "走马观花" 层面，缺乏系统性分析。例如，HRBP 可能仅通过参加业务会议和浏 ...

The House Oversight Committee said it will subpoena the Justice Department for those Epstein files. That's according to a committee spokesperson. Well, a group of Republicans join Democrats to pass the motion.It was introduced by Democratic Representative Summerly. This was an 8 to2 vote yesterday. The committee will also issue subpoenas to several other people including Bill and Hillary Clinton, James Comey, Merrick Garland, and William Bar.This comes after the committee subpoenaed longtime Epstein accompl ...

文 | 穆胜 当下，很多企业都让职能部门向前台派出了BP（Business Partner，业务伙伴），将职能部门改造为COE（专家中心）、SSC（共享服务中心）和BP的三支 柱结构。这种结构最早源于80年代时福特的财务部门建第一个共享中心后，形成的三支柱形态，而后在90年代，以人力资源学者尤里奇教授提出了仿照财 务三支柱建立人力三支柱的构想。 最初在建立的时候，其实老板肯定是想通过这种三支柱的改造去改变人、财两个部门传统、官僚化、不接地气、不理解业务的状态。他们设想，BP可以 基于COE给出的政策方向、SSC提供的强力服务支持，根据对现实业务场景的理解，对业务部门进行专项赋能。 这显然也解决了他们心中关于"一管就死，一放就乱"的焦虑。他们在顶层用COE和SSC来进行"管"，而后让BP再授权下去"放"。他们希望通过BP这个分 支，能够起到"控制一线，赋能一线"的作用。 01 业务部门为何抵制BP？ 企业对业务部门的宣传一般是："我们派出BP，目的不是要管你们，而是要赋能你们，是要帮你们提供本地化政策，给你们人力和财务的专业方法。"但 事实上，无论总部把话说得多漂亮，业务部门负责人可有自己的一套内心戏。 第一阶 ...

The House Oversight subcommittee has voted to subpoena the Department of Justice for files related to Jeffrey Epstein. https://t.co/wWYaAeOXx9 https://t.co/FTd4kGmma0 ...

The GOP-led House Oversight Committee on Tuesday advanced a motion to subpoena Maxwell and depose her “as expeditiously as possible.” https://t.co/3mbgBEfblY https://t.co/6dM4iOMbzP ...

The GOP-led House Oversight Committee on Tuesday advanced a motion to subpoena Ghislaine Maxwell and depose her “as expeditiously as possible.” https://t.co/3mbgBEfblY https://t.co/WYQYFMTrXc ...

A House Oversight subcommittee has approved a motion to direct the full committee chairman, James Comer (R-KY) to issue a subpoena for Jeffrey Epstein's accomplice, Ghislaine Maxwell. For more context and news coverage of the most important stories of our day click here: https://www.msnbc.com/ » Subscribe to MSNBC: https://www.youtube.com/msnbc » Subscribe to MSNBC on TikTok https://www.tiktok.com/@msnbc » Subscribe to MSNBC on Instagram https://www.instagram.com/msnbc Download our new MSNBC app for the lat ...

金融工程 | 金工定期报告 多头组合方面，最近一周，标准化预期外盈利、标准化预期外收入、90 天分析师覆盖度等因子表现较好，bp、股息率、季度 ep 一年分位数等因 子表现较差；最近一月，标准化预期外盈利、Beta、季度净利润同比增长 等因子表现较好，财报超研报预期程度、bp 三年分位数、基于一致预期 的标准化预期外盈利等因子表现较差；最近一年，小市值、1 个月换手率 波动、1 个月日均换手率等因子表现较好，基于一致预期的标准化预期外 盈利、一年动量、90 天内预期调整均值等因子表现较差。 风险提示：市场环境变动风险，模型基于历史数据。 作者 吴先兴 分析师 SAC 执业证书编号：S1110516120001 wuxianxing@tfzq.com 相关报告 1 《金融工程：金融工程-量化择时周 报：关键指标如期触发，后续如何应 对？》 2025-07-13 2 《金融工程：金工定期报告-净利润 断层本周超额基准 1.35%》 2025-07- 13 金融工程 证券研究报告 因子跟踪周报： 成长、换手率因子表现较好 - 20250719 因子 IC 跟踪 IC 方面，最近一周，1 个月换手率与均价的相关性、一 ...

Report Summary 1. Report Industry Investment Rating - No industry investment rating is provided in the report. 2. Core Viewpoints - The nickel and stainless - steel markets are facing a situation of weak supply and demand, with poor inventory reduction, and are under oscillatory pressure [9]. - For nickel, macro - factors include the US retail sales growth and potential EU - US trade war. Fundamentally, supply costs are rising, and some non - integrated smelters are reducing production due to profit losses. Demand from the stainless - steel and battery sectors is weak, and inventories are rising [9]. - For stainless steel, although the cost of raw materials is decreasing, steel mills are increasing production cuts due to losses. Demand is weak in the traditional off - season, and inventory reduction is not ideal [9]. 3. Summary by Directory 3.1. Week - on - Week Summary - **Nickel**: This week, the main contract of Shanghai nickel oscillated and adjusted, with a weekly decline of 0.73% and an amplitude of 2.38%. The closing price was 120,500 yuan/ton. It is recommended to wait and see or short lightly on rallies [9]. - **Stainless Steel**: This week, stainless steel oscillated and adjusted, with a weekly increase of 0.12% and an amplitude of 1.42%. The closing price was 12,725 yuan/ton. It is recommended to wait and see [9]. 3.2. Futures and Spot Market - **Price**: As of July 18, the average price of nickel pig iron (1.5 - 1.7%) was 3,200 yuan/ton, down 50 yuan/ton from last week; the average price of nickel iron (7 - 10%) was 900 yuan/nickel, unchanged from last week. The closing price of Shanghai nickel was 120,500 yuan/ton, down 890 yuan/ton from last week; the closing price of stainless steel was 12,725 yuan/ton, up 15 yuan/ton from last week [15]. - **Basis**: As of July 18, the electrolytic nickel spot price was 121,500 yuan/ton, with a basis of 1,000 yuan/ton; the stainless - steel basis was 600 yuan/ton [19]. - **Price Ratio**: As of July 18, the price ratio of Shanghai nickel to stainless steel was 9.47, down 0.08 from last week; the price ratio of Shanghai tin to nickel was 2.2 yuan/ton, up 0.02 from last week [23]. - **Net Long Positions**: As of July 18, the net long positions of the top 20 in Shanghai nickel decreased by 6,436 lots compared to July 14, and the net long positions of the top 20 in stainless steel increased by 5,070 lots [31]. 3.3. Industry Chain - **Supply Side** - **Nickel Ore**: As of July 11, the nickel ore inventory at major ports was 896,490 wet tons, up 2.83% from last week [34]. - **Electrolytic Nickel**: In April 2025, the electrolytic nickel output was 36,450 tons, a year - on - year increase of 0.46%. In May 2025, the import volume of refined nickel and alloys was 17,687.576 tons, a year - on - year decrease of 5.65%, and the cumulative import from January to May was 78,738.983 tons, a year - on - year increase of 121.39% [39]. - **Inventory**: As of July 18, the LME nickel inventory was 21,560 tons, up 1,118 tons from last week; the Shanghai Futures Exchange nickel inventory was 25,277 tons, up 230 tons from last week [41][44]. - **Demand Side** - **Stainless Steel Production**: In June 2025, the total output of stainless crude steel was 329.16 million tons, a month - on - month decrease of 4.95%. Among them, the output of 400 - series was 558,300 tons, a month - on - month decrease of 20.48%; the output of 300 - series was 1.744 million tons, a month - on - month decrease of 2.28%; the output of 200 - series was 989,300 tons, a month - on - month increase of 1.35% [48]. - **Stainless Steel Trade**: In May 2025, the stainless - steel import volume was 122,000 tons, a month - on - month decrease of 15,000 tons; the export volume was 360,700 tons, a month - on - month decrease of 20,100 tons [48]. - **Regional Inventory**: As of July 18, the stainless - steel inventory in Foshan was 320,410 tons, down 20,449 tons from last week; the inventory in Wuxi was 595,917 tons, up 6,112 tons from last week [52]. - **Stainless Steel Profit**: As of July 18, the stainless - steel production profit was - 8 yuan/ton, up 11 yuan/ton from last week [56]. - **Downstream Industries** - **Real Estate**: From January to June 2025, the new housing construction area was 303.6432 million square meters, a year - on - year decrease of 20%; the housing completion area was 225.6661 million square meters, a year - on - year decrease of 14.8% [60]. - **Home Appliances**: In June 2025, the air - conditioner output was 28.3831 million units, a year - on - year increase of 1.18%; the refrigerator output was 9.0474 million units, a year - on - year increase of 3.78%; the washing - machine output was 9.5079 million units, a year - on - year increase of 16.57%; the freezer output was 2.4139 million units, a year - on - year increase of 18.82% [60]. - **Automotive**: In June 2025, the output of new - energy vehicles was 2.794 million, a year - on - year increase of 28.7%; the sales volume was 2.904 million, a year - on - year increase of 35.2% [64]. - **Machinery**: In June 2025, the excavator output was 26,810 units, a year - on - year increase of 9.4%; the output of large and medium - sized tractors was 21,662 units, a year - on - year decrease of 1.55%; the output of small tractors was 10,000 units, unchanged year - on - year [64].