2025.07. 07 作者 | 第一 财经 葛慧 2025年7月7日，第一财经从奇瑞汽车方面获悉，公司成立奇瑞品牌国内业务事业群，下设星途事业 部、艾虎事业部、风云事业部、QQ事业部四大事业部。 和此前的架构相比，这次调整的最大变化是，代表高端的星途品牌国内业务事业部的组织和职能，整 体纳入奇瑞品牌国内业务事业群。 微信编辑 | 小羊 推荐阅读 雷军回应友商"截胡"YU7 调整后的四大事业部中，星途事业部聚焦高端品牌星途，艾虎事业部聚焦经典产品艾瑞泽和瑞虎，风 云事业部聚焦新能源品牌风云，QQ事业部聚焦小车产品。奇瑞汽车执行副总裁李学用，兼任奇瑞品 牌国内业务事业群总经理。 此前奇瑞方面的品牌矩阵为"奢值野潮智"五大概念，分别对应星途、奇瑞、捷途、iCar和智界五个 品牌。奇瑞方面回应第一财经称，此次仅为内部机构调整，不涉及品牌定位。调整的主要原因是为了 实现战略聚焦、资源整合、强化协同、品牌向上。 ...

Market Overview - A-shares reached a new high for the year, driven by domestic policy initiatives and liquidity easing, with net purchases in margin trading hitting 18.9 billion CNY, a three-month high[4] - The Shanghai Composite Index approached 3500 points, led by bank stocks, reflecting effective growth stabilization policies and valuation recovery logic[4] - The Nasdaq index rose, driven by technology giants like Nvidia, despite weakened interest rate cut expectations and ongoing trade tensions[4] Commodity Performance - Structural rebound in commodities, with black metals (coking coal +3.76%, rebar +1.45%) and gold (+1.79%) leading gains, indicating improved domestic demand expectations[4] - However, the overall supply-demand balance remains weak, with futures market strategies under pressure (momentum -1.51%) due to a lack of fundamental support[4] Asset Allocation Recommendations - Bonds (score 6): Supported by liquidity easing and optimistic sentiment, focus on MLF renewal scale and seasonal recovery of wealth management products[5] - Overseas equities (score 6): Overweight non-US markets (e.g., Hong Kong, South Korea) to capitalize on a weaker dollar and resilient fundamentals[5] - Gold (score 5): Strengthened safe-haven appeal due to geopolitical conflicts and growth slowdown, though short-term performance may be suppressed by rising risk appetite[5] - A-shares (score 5): Valuation recovery supported by high dividend defensive attributes, while avoiding sectors with declining profit expectations[5] - Commodities (score 4): Overall underweight due to weak supply-demand dynamics[5] Risk Factors - Policy adjustment risks; market volatility risks; geopolitical shocks; economic data validation risks; liquidity transmission risks[6]

Group 1 - The Rongcheng City Craftsman College Alliance has been officially established, consisting of 16 colleges covering high-end equipment manufacturing, marine medicine and food, and rural revitalization, creating a new platform for regional skilled talent cultivation and industrial innovation [1] - The alliance has gathered a high-quality teaching team, including a significant proportion of graduate-educated and "dual-qualified" teachers, with 25 nationally certified part-time trainers and 41 internal certified trainers across 14 professional fields, developing over 600 internal courses and more than 1900 practical case studies [1] - The teaching approach emphasizes hands-on experience and cutting-edge technology, fostering a rich learning environment for talent development [1] Group 2 - The alliance collaborates deeply with over 240 municipal and higher-level industry chain innovation studios, forming a collaborative innovation "ecosystem" [2] - The Taixiang Group Craftsman College leads the establishment of an innovation studio alliance with 108 studios, achieving over 60 results transformation and solving more than 180 technical challenges [2] - Customized training programs are developed based on industry needs and worker characteristics, with over 20 specialized skill training sessions conducted for the marine food industry chain, integrating practical training in automated production processes [2]

Core Viewpoint - Shenzhen's Futian District is actively enhancing its foreign investment attraction and business stability efforts, aiming to become a preferred destination for international capital [1][4] Group 1: Foreign Investment Growth - Futian District currently hosts 17,500 foreign enterprises, leading the city in the number of multinational company headquarters recognized in the latest round of applications [1] - From January to May this year, 1,039 new foreign enterprises were established in Futian, representing a year-on-year growth of 28.91% and accounting for 23.57% of the city's total new foreign enterprises [1] Group 2: Foreign Business Service Initiatives - The newly established Foreign Business Service Station in March aims to create a comprehensive service network for foreign enterprises, providing a one-stop service for investment, policy consultation, and business operations [1][2] - The service station has completed 126 consultation services and hosted 8 events focused on policy promotion and investment financing, serving over 50 foreign enterprises [1] Group 3: Service Ecosystem Development - Futian District is building a "1+10+N" foreign investment service ecosystem, which includes one district-level service station, ten street-level service points, and multiple foreign enterprise headquarters [3] - The district's strategic location near Hong Kong and the establishment of the Hong Kong-Shenzhen Innovation and Technology Cooperation Zone enhance its attractiveness for foreign investment [3] Group 4: Policy and Talent Support - Recent policy documents have been issued to strengthen the district's appeal to foreign investment, including a three-year plan to improve living and working conditions for expatriates and create a comprehensive foreign investment service ecosystem [4] - Futian has also upgraded its talent policies, launching initiatives to support international talent and establishing the first international talent station in the Guangdong-Hong Kong-Macao Greater Bay Area [4]

Core Insights - The beer and beverage industries are experiencing unprecedented cross-industry collaboration, with beer giants entering the beverage market and beverage companies venturing into alcoholic drinks, blurring traditional boundaries [1][3][6] Market Potential - The beer industry has been in a decline since reaching its peak production in 2013, with a projected 0.6% decrease in production in 2024 compared to the previous year, and a total decline of 29.3% since 2013 [7][9] - In contrast, the beverage market is on an upward trajectory, with a total production of 18,816.9 million tons in 2024, reflecting a 7.5% year-on-year growth [9][11] - Yanjing Beer’s tea beverage segment generated revenue of 106 million yuan in 2024, marking a 48.43% increase, while Qingdao Beer’s related products saw sales growth of 74% and 47% respectively [11] Synergy Effects - Beer companies are leveraging existing distribution channels and production facilities to enter the beverage market, resulting in low-cost and high-efficiency cross-industry operations [12][13] - The production processes of beer and beverages share similarities, allowing for quick transitions in production lines and reduced capital expenditures [16] Consumer Trends - Beverage companies are tapping into the preferences of Generation Z, who seek diverse and health-conscious options, such as low-sugar and low-fat alcoholic beverages [15][18] - The cross-industry movement is driven by the need to connect emotionally with younger consumers and adapt to their evolving consumption patterns [18] Opportunities and Challenges - The cross-industry collaboration presents opportunities for both beer and beverage companies to overcome traditional market limitations and optimize resource allocation [20] - However, the beverage market is highly competitive, with established players like Coca-Cola and emerging brands like Yuanqi Forest posing significant challenges [20][22] - Beer brands must adapt their product strategies to navigate the beverage market's complexities, while beverage companies need to rethink their approach to entering the beer market [22][24]

初夏时节，《中国化工报》社有限公司江苏省化工科技创新与产业创新融合发展调研组走进泰兴经济开 发区，创新的气息扑面而来。在总投资5亿元的中试孵化产业园现场，工人们正在紧张进行公辅设施联 动调试。"基地已完成竣工验收，首批9个中试项目即将入驻。"泰兴经济开发区中试基地负责人王昌尧 说。 还有一串令人兴奋的数据：2024年，泰兴经济开发区企业研发机构总数达140个，高新技术企业增至55 家；战略性新兴产业产值突破500亿元，占规上工业总产值比重达41.2%；研发经费投入首次突破22亿 元。这些数字背后，是园区构建的"五位一体"协同创新体系正在释放强大动能。 科技"的新模式。近几年园区累计引进夏禾科技、京腾昊桦、兴普泰、赛瑞克等科技含量高、发展前景 好的海外高层次人才回国创业项目，一批代表未来产业发展方向的科创项目正蓄势待发。 人才基地建设为创新体系提供了智力支撑。泰兴经济开发区与南京工业大学合作共建泰兴产业学 院，"订单式"培养应用型人才。为解决化工行业特殊人才需求，该园区还建设了化工安全技能实训基 地，被列入全国首批化工行业"十佳"争创名单。 "我们就像在下一盘创新大棋。"泰兴经济开发区管委会主任潘明荣形象地比喻 ...

Core Insights - The project aims to significantly reduce pollution from aquaculture by implementing a tail water treatment system, enhancing ecological balance in the local marine environment [1][3] - The initiative has led to increased rental income for local fishponds, with rental prices doubling and an expected income of over 3 million yuan by 2025, compared to the previous year [2] - The project has also created job opportunities for local residents, particularly for those who have transitioned from other forms of employment [2] Group 1: Project Overview - The tail water treatment demonstration project covers an area of 467,000 square meters (approximately 700 acres), with a dedicated treatment area of 81,800 square meters (approximately 123 acres) [1] - The project utilizes a "three ponds and two dams" treatment process, integrating biological technology and equipment to effectively manage aquaculture waste [1] Group 2: Economic and Social Impact - The project has transformed the rental terms for fishponds, extending lease periods from 5 to 7 years, which has encouraged more investment from local aquaculture operators [2] - The local community has seen tangible benefits, including improved environmental conditions and enhanced livelihoods, as the project addresses both ecological and economic challenges [2][3] Group 3: Future Developments - The second phase of the tail water treatment project is expected to be completed within the year, further improving water quality and promoting sustainable development in the aquaculture sector [3] - The initiative aligns with broader governmental efforts to enhance work practices and address key issues in the aquaculture industry [3]

Core Viewpoint - The article emphasizes that the subsidy model of platforms like Taobao Flash Purchase aligns with the trend of consumption upgrading, contributing to high-quality economic development and alleviating intense price competition among merchants [1][2][3] Group 1: Economic Recovery and Consumer Demand - The key to China's economic recovery lies in boosting domestic demand, particularly expanding consumption [1] - Due to uncertainties in the economic environment, consumer confidence is low, and the upgrading of consumption structure is slow, necessitating new drivers for change [1] Group 2: Platform Subsidy Mechanism - The platform's subsidy model helps alleviate the previous intense "involution" price competition among merchants, reactivating their profit margins [1][3] - By providing substantial subsidies, platforms enable merchants to maintain reasonable profit margins without sacrificing quality for traffic [1][2] Group 3: Consumer Engagement and Market Dynamics - The platform's self-subsidy has significantly activated consumer willingness to spend, especially in new consumption scenarios like food delivery and instant retail [2] - Since May 2025, Taobao Flash Purchase has issued over 50 billion yuan in consumer benefits, leading to a rapid increase in order volume to tens of millions within a month [2] Group 4: Integration of Online and Offline Resources - The subsidy model not only boosts short-term consumption activity but also provides a new path for the integration of e-commerce and service industries [2] - Traditional offline stores collaborating with online platforms have seen their sales double and average order values increase significantly, showcasing effective resource integration [2] Group 5: Policy and Market Interaction - The synergy between platform subsidies and national consumption promotion policies serves as a model for healthy market competition [2][3] - The recent "Special Action Plan to Boost Consumption" by the central government aligns with the platform subsidy model, creating incremental demand in the consumer market [2] Group 6: Long-term Economic Development - The platform subsidy mechanism effectively curbs past price-cutting competition, allowing merchants and platforms to focus on quality and service improvement [3] - In the long run, the subsidy model aligns with the trend of consumption upgrading and supports high-quality economic development [3]

文：韦亚军 建立国资并购基金矩阵… 近日，上海市投资促进工作领导小组办公室印发《关于强服务优环境进一步打响"投资上海"品牌的若干举措》，其中提到，"加强金融资源高效供给，建 立国资并购基金矩阵，设立总规模500亿元产业转型升级二期基金"。 据悉，产业转型升级二期基金将重点加大对战略性项目和产业链关键环节的投资力度包括但不限于集成电路、人工智能、生物医药、高端制造等领域。这 些领域都是当前全球科技创新的热点，也是上海产业发展的重点方向。 以集成电路产业为例，上海作为我国集成电路产业的重要基地，已经形成了较为完整的产业链。但是与国际先进水平相比，仍存在一定的差距。通过设立 专项基金，可以进一步加大对集成电路设计、制造、封装测试等环节的投入，推动产业技术水平的提升，增强产业的自主可控能力。 为了确保基金的高效运作和良好效果，上海在基金的运作机制上也进行了大胆的创新。基金将采用"长期资本＋并购整合＋资源协同"的创新机制，通过长 期资本的投入，为企业提供稳定的资金支持；通过并购整合，推动产业资源的优化配置，提升产业的集中度；通过资源协同，促进产业链上下游企业的合 作，形成产业发展的合力。 此外，《若干举措》还发布了AI ...

爱旭股份 20250706 摘要 光伏行业目前处于基本面底部，面临供需压力和亏损现金状况，政策鼓 励技术创新以打破内卷，BC 技术路线因其高效率和美观度受到重视，并 与异质结、Topcon 等技术具有兼容性。 BC 产品在效率和美观度方面具有优势，在国内外招标中溢价明显，国内 分布式场景溢价约 10%，海外工商业场景溢价 10%-20%，户用场景溢 价 30%-40%，市场认可度较高。 爱旭股份持续投入研发，占比收入比例保持在 3.5%以上，2024 年超过 6%，拥有大量专利和技术发明，转化效率处于行业领先水平，满屏产品 逐步退出市场，交付效率可达 25%-25.2%。 爱旭股份已投产 ABC 产能 18GW，珠海和义乌均已满产，济南项目逐 步投产，良率、效率及成本均得到优化，电池片良率约 97%-98%，组 件良率 99%以上，与 Topcon 成本差距缩小至 3-5 分钱，济南基地投产 后有望持平。 爱旭股份 2024 年 BC 产品出货量达 6.3GW，2025 年第一季度超 4.5GW，获下游客户认可，尤其在欧洲、日本、澳大利亚等高价值市场， 双面率提升至 80%±5%，国内集中式项目中标增多。 Q ...