洞见 （ DJ00123987 ） —— 不一样的观点，不一样的故事， 3000 万人订阅的微信大号。点击标题下蓝字 " 洞见 " 关注，我们将为您提供有价值、有意思的 延伸阅读。 作者：洞见Moon 种下好关系的种子，家才会越过越好。 ♬ 点上方播放按钮可收听洞见主播周周朗读音频 心理学家恒子曾说：家庭和睦比什么都重要，只要守护好它，其他一切都会慢慢变好。 然而现实生活中的很多家庭，却是整日争吵不休。 家庭成员把大部分精力都用在了处理家庭纠纷上，最终越过越落魄。 一个矛盾不断、内耗不止的家庭，就是一座逃不出去的围城，没有硝烟的战场。 只有把家庭关系处理好，家人拧成一股绳，这个家才能不断向上走。 想要家庭和谐美满，一定要警惕这七种行为。 01 把糗事当谈资 电视剧《离婚女人》中，妻子姜欣经常当着外人抖漏丈夫的糗事。 一次饭局上，姜欣又当着众人说丈夫动手能力差得不行，连饭都蒸不熟。 袜子也经常穿错，有一次还穿着两只不同颜色的袜子出门了…… 丈夫脸上挂不住，拉着她就要走。 朋友们也劝她别再说了。 姜欣非但不听，反而说丈夫在家里就像哈巴狗一样，只会舔着自己。 丈夫忍无可忍，当即就要和她离婚。 一个家庭，也因此变得支 ...

Core Viewpoint - The article discusses the proactive measures taken by the Guizhou Provincial Taxation Bureau to enhance tax compliance and support large enterprises in navigating tax policies and risks, thereby fostering a fair and transparent tax environment [1]. Group 1: Policy Services - The Guizhou Provincial Taxation Bureau has assigned "chief liaison officers" to large enterprises, providing tailored services and responding to specific tax-related inquiries [2]. - A total of 969 targeted policy notifications were sent to enterprises, shifting the approach from "enterprises seeking policies" to "policies seeking enterprises" [2]. - The bureau organized policy seminars to clarify common risks and provide guidance, promoting a culture of "honest taxation and compliant operations" among enterprises [2]. Group 2: Risk Prevention - The bureau utilizes tax collection data and financial information to review enterprises' tax situations during the income tax settlement period, identifying and addressing potential risks early [3]. - In the first half of 2025, 42 large enterprises received tax settlement services, identifying 89 risk points and issuing 16 risk prevention recommendations [3]. - Compliance agreements were signed with 9 enterprises, enhancing their self-governance capabilities regarding tax risks [3]. Group 3: Long-term Mechanisms - A regular communication mechanism between the tax authority and enterprises has been established, with 132 enterprises visited and 97 issues resolved in the first half of 2025 [4]. - The bureau promotes digital services to streamline tax processes, reducing compliance costs and improving the tax experience for enterprises [4]. - The Guizhou Provincial Taxation Bureau emphasizes that guiding enterprises towards compliance is a long-term and systematic effort, with plans to deepen regulatory precision and service innovation [4].

在产业园区的运营过程中，投融资扮演着至关重要的角色，是企业运营和发展的重要环节，贯穿于企业从创立到扩张的整个生命周期。了解投融资的相关 知识，对于企业经营者、投资者以及普通经济参与者都具有重要意义。 投融资的定义 投融资是一个双向的经济行为，具体指企业通过向外部资金提供者募集资金，或运用自身拥有的自有资金，进行企业经营活动所需的资金投放和融资的综 合行为。简单来说，它既包括企业为获取资金而开展的融资活动，也涵盖企业将所获资金投入到生产经营、项目开发等领域的投资活动，是资金在企业与 市场之间循环流动的重要过程。 根据企业资金需求和资金来源的差异，投融资主要分为直接融资和间接融资两大类。 1直接融资 直接融资是指企业不借助金融中介机构，直接与资金提供者进行资金融通的行为。在这种模式下，资金供求双方直接建立债权债务关系或所有权关系，金 融工具成为连接双方的直接纽带。常见的直接融资形式有股票融资、债券融资、私募股权融资、众筹等。股票融资中，企业通过上市或定向增发等方式发 行股票，投资者购买后成为股东，企业获得长期无需偿还的资本；债券融资则是企业发行债券，承诺在一定期限内还本付息，投资者通过购买债券成为债 权人。 2间 ...

日产汽车的追浜工厂（神奈川县横须贺市） 日产车体的湘南工厂到2026年度也将停产。日本国内5家整车工厂中，2家将停产…… 正在实施经营重建的日产汽车7月15日宣布，将于2027年度末停止在追浜工厂（神奈川县横 须贺市）的生产。车辆生产将转移到日产汽车九州（福冈县苅田町）。日产车体的湘南工厂 （神奈川县平塚市）到2026年度也将停产。伴随销售低迷的过剩生产一直压迫着日产的经 营，在做出整合国内工厂的决定后，经营重建将得以推进。 日产的追浜工厂是一个拥有约2400名员工的大型主力工厂。该地区整体不会关闭，研究所和 碰撞测试场等将保留。员工将在2027年度末之前继续工作。之后将根据确定的方针另行通 知。 追浜工厂于1961年启动运营。目前生产"Note"和"Note Aura"两款车型。计划2025年度下 半年在追浜工厂启动生产的SUV车型"Kicks"也将随着停产转移到九州。 日产车体7月15日表示，湘南工厂也在考虑承担特装车等辅助业务，并表示"将优先考虑就 业，研究各种可能性"。日产国内工厂的开工率目前只有60%左右。通过停产追浜工厂和湘南 工厂，将把开工率提升到100%，并将日本国内生产成本降低15%。 版权 ...

尊敬的各位投资者大家好欢迎参加康美药业2024年度暨2025年第一季度业绩说明会我是本次业绩说明会的主持人康美药业董事副总经理兼董事会秘书周云峰非常感谢各位投资者朋友 一直以来对康美药业的关注和支持也非常感谢上海证券交易所上证录影中心为公司搭建这样一个与投资者交流的平台增进投资者对公司的了解公司2024年零度报告2025年第一季度报告已经 分别于2025年4月19日2025年4月30日在指定的信息披露媒体披露各位投资者可以登陆上海证券交易所官方网站查看相关的内容本次说明会采用上证录影中心 视频录播和网络互动的方式举行出席说明会的嘉宾领导有公司董事长赖自坚先生公司董事总经理欧国雄先生公司独立董事审计委员会召集人骆涛先生公司副总经理财务总监 龚贵博先生以及我本人本次会议议程安排如下一是董事长致辞二是总经理介绍公司经营情况三是财务总监解读财务数据四是独立董事分享履职情况最后是网络文字互动答疑环节首先 新增人参单身等9款核心中药产品通过国家专利产品备案认定国家专利产品总数达26件拥有红参饮片人参饮片柴胡饮片等11件广东省高新技术产品以及广货箱穿胸触胃止 有请董事长赖志坚先生致辞尊敬的各位投资者大家好我是康伟耀业董事长 ...

Summary of X Financial Q1 2025 Earnings Conference Call Company Overview - **Company**: X Financial - **Industry**: Financial Services, specifically focused on loan origination and management Key Financial Metrics - **Loan Originations**: RMB 35.15 billion in Q1 2025, an 8.8% sequential increase and 63.4% year-over-year growth [3][4] - **Total Revenue**: RMB 1.94 billion, up 13.4% sequentially and over 60% year-over-year [3][4] - **Income from Operations**: RMB 573 million, a 52% year-over-year increase [4] - **Total Loan Outstanding Balance**: RMB 58.4 billion, growing by more than 33% from Q1 2024 [4] - **Average Loan Amount**: Approximately RMB 11,181 [4] - **Non-GAAP Adjusted Net Income**: RMB 457 million, a 44.9% year-over-year increase [5] - **Basic Earnings per ADS**: USD 1.50, a 45.6% year-over-year increase [5] - **Return on Equity**: 25.5%, up 1.4 percentage points year-over-year [5] Operational Highlights - **Delinquency Rates**: - 31 to 60 days delinquency rate: 1.25%, down from 1.61% a year ago, reflecting a 22% improvement [3][4] - 91 to 180 days delinquency rate: 2.7%, down from 4.7% in Q1 2024, a 37% reduction [4] - **Customer Engagement**: Enhanced borrower experience through faster decisions and simplified application processes [3] Strategic Initiatives - **Share Repurchase Plan**: Authorized a new plan to buy back up to USD 100 million worth of Class A shares and ADS, effective from January 1, 2025, to November 30, 2026 [5] - **Regulatory Compliance**: Commitment to align with evolving regulations in China, viewing increased oversight as a positive for long-term industry development [6][12] Growth Outlook - **Q2 2025 Loan Facilitation Expectation**: Anticipated to be between RMB 37.5 billion to RMB 39.5 billion, indicating continued strong demand [6] - **2025 Volume Growth Target**: Aiming for a 30% volume growth for the year, with cautious optimism regarding regulatory impacts in Q4 [12][13] Additional Insights - **Market Environment**: The company remains confident in the current macroeconomic environment for portfolio growth, despite potential regulatory shocks [8][12] - **Customer Acquisition Strategy**: Focused on acquiring new customers and enhancing their experience to foster long-term relationships [8][12] Conclusion - **Management's Confidence**: The management team expressed strong confidence in the company's strategic direction, risk management practices, and operational improvements, positioning X Financial for sustainable and profitable growth in 2025 [6][12]

Group 1: Bilateral Trade and Investment - In 2024, the bilateral trade volume between China and Italy reached 72.543 billion USD, marking a year-on-year increase of 1.1% [1] - Italy has become China's fourth-largest trading partner in the EU, while China is Italy's largest trading partner in Asia [1] - Chinese enterprises are steadily investing in Italy, with multiple projects already operating successfully, indicating potential for further cooperation [1] Group 2: Green Transition and Cooperation - Italy prioritizes green transition as a national development agenda, aligning with China's manufacturing green transformation [2] - The 2024-2027 action plan signed between China and Italy emphasizes green and sustainable development as key cooperation areas [2] - Chinese companies are not only exporting photovoltaic products to Italy but also investing directly in local solar power plants and related infrastructure [2] Group 3: Electric Vehicle Market - Chinese brands such as BYD and SAIC MG are experiencing continuous sales growth in Italy's electric vehicle market [3] - Geely has recently partnered with local dealers to jointly develop the Italian market [3] Group 4: Challenges for Chinese Enterprises - Chinese enterprises face challenges in Italy, including high uncertainty in the investment environment and complex administrative approval processes [4] - The "Golden Power" law has been used to scrutinize investments in traditional industries and critical infrastructure, affecting Chinese companies' investment enthusiasm [4] - Differences in policies across regions and a complicated tax system contribute to operational uncertainties for Chinese firms [4] Group 5: Compliance and Support - Compliance is deemed essential for Chinese enterprises looking to invest in Italy, necessitating thorough understanding of local policies and potential risks [5] - Companies are advised to conduct market research and prepare for possible operational challenges before investment [5] - The Italy China Chamber of Commerce provides targeted training and consulting services to help Chinese enterprises navigate local regulations and reduce compliance costs [6]

Core Points - The Guangzhou Municipal Standing Committee will hold its 40th meeting from July 21 to 22, 2023, to discuss various legislative proposals and government reports [2][3] Group 1: Legislative Proposals - The agenda includes the review and voting on the revised draft of the Guangzhou Land Spatial Planning Regulations and the revised draft of the Guangzhou Housing Safety Management Regulations [2][3] - Additional proposals for review include the second draft of the Guangzhou Patent Protection and Promotion Regulations, the second draft of the Guangzhou Vocational Education Promotion Regulations, and the draft of the Guangzhou Gas Management Regulations [3] Group 2: Government Reports - The meeting will hear reports from the municipal government regarding the execution of the national economic and social development plan for the first half of 2025 and the execution of the municipal budget for the same period [3] - The government will also present the first budget adjustment plan for 2025 and reports on local government debt management for 2024 and the first half of 2025, as well as the status of drug safety and the management of rural homestays [3] Group 3: Court and Committee Reports - Reports from the Guangzhou Maritime Court, Guangzhou Intellectual Property Court, and Guangzhou Internet Court will be presented, focusing on their roles in supporting the development of modern urban construction and cultural industries [3] - The Standing Committee will also review the implementation of the Guangzhou Support for Private Economic Development Regulations [3]

Summary of China Tobacco Hong Kong Conference Call Company Overview - **Company**: China Tobacco Hong Kong - **Industry**: Tobacco - **Role**: Overseas capital operation platform for China National Tobacco Corporation, benefiting from policy support and demonstrating stable performance Key Financial Metrics - **Revenue Growth**: Expected compound annual growth rate (CAGR) of 11% from 2018 to 2024, increasing from HKD 7 billion to HKD 13.07 billion [2][9] - **Net Profit Growth**: CAGR of 22% from HKD 260 million in 2018 to HKD 850 million in 2024 [11] - **Return on Equity (ROE)**: Increased from over 20% before 2021 to over 30% by 2024 [9] Business Segments Core Business - **Import and Export**: - Import accounts for over 50% of China's tobacco imports, with revenue expected to reach HKD 8.25 billion in 2024 [8][14] - Export primarily to Southeast Asia and regions like Hong Kong and Macau, accounting for 40-50% of China's tobacco exports [2][8] Growth Business - **New Tobacco Products**: - Heat-not-burn (HNB) products have maintained a CAGR of around 20% over the past six years, with revenue growth from HKD 0.2 million in 2018 to HKD 1.35 million in 2024 [20][21] - HNB market share in non-core markets shows potential for growth, with current penetration at less than 1% [23] Market Positioning - **Unique Position**: The only publicly listed tobacco company within the China Tobacco system, enjoying a monopoly and stable profit margins due to lack of direct competition [4] - **Capital Operation Potential**: Positioned as a platform for international business expansion, with plans for future acquisitions and asset integration [6][30] Recent Developments - **Acquisition of China Tobacco Brazil**: - Revenue growth from HKD 315 million in 2021 to HKD 1.05 billion in 2024, with a CAGR of nearly 50% [5][24] - Expansion into non-China markets and increased tobacco planting area are key growth drivers [25] Challenges and Outlook - **Impact of COVID-19**: - Cigarette export business stagnated from 2021 to 2023 due to the pandemic, but recovery is expected in 2024 [10] - **2025 Forecast**: - Anticipated revenue stability or slight increase, with net profit projected at under HKD 900 million, reflecting a growth rate of about 5% [29] Valuation and Market Sentiment - **Market Valuation**: - Current valuation range estimated between HKD 29.8 to HKD 36.2, with a market cap potential of HKD 20.6 billion to HKD 25.1 billion [30] - **Investment Rating**: Given an "outperform" rating based on growth potential from capital operations and market positioning [30] Additional Insights - **Pricing Strategy**: The company employs a pricing strategy based on procurement costs plus a markup, which has been adjusted in response to market demand [15][18] - **Future Growth Areas**: Significant growth potential in both import/export operations and new tobacco products, with expectations of doubling growth in certain segments [26] This summary encapsulates the key points from the conference call, highlighting the company's financial performance, market positioning, growth opportunities, and challenges ahead.

Investment Rating - The report indicates a positive outlook for the Chinese hotel industry, highlighting significant growth potential in brand penetration and market expansion Core Insights - The total number of hotels in China has reached 350,000, with branded hotels increasing from 16% in 2017 to 40% currently, reflecting a compound annual growth rate of 12% over five years, yet still below the global average of 72% [1][4] - The economy hotel segment constitutes 78% of the total hotel count but contributes less than 50% to market value, while high-end and mid-to-high-end hotels account for a higher proportion of room numbers, reaching 38% [1][5] - The market is highly fragmented, with even leading hotel groups holding relatively small market shares, such as 4%-8% in regions like Xinjiang [1][8] - The franchise model dominates, with over 90% of large hotel groups operating under this model, although this is still lower than international brands like Marriott and InterContinental, which operate at 99% [1][10] - The average room price for chain hotels in China is projected to be 235 RMB (approximately 30 USD) in 2024, influenced by hotel tier and city classification [1][11] Summary by Sections Market Supply - The supply of hotels in China has seen significant changes over the past decades, with a peak in growth around 2018, followed by a decline in 2019 exacerbated by the pandemic, but a rapid rebound has occurred since 2023 [3] Brand Development - The growth of branded hotels has been robust, maintaining an upward trajectory even during the pandemic, with expectations for further increases in brand penetration to 50%-60% in the future [4] Hotel Distribution - Economic hotels dominate the total property count at 78%, while high-end and mid-range hotels have a higher share in terms of room numbers, with high-end hotels making up 38% [5] City-Level Penetration - Brand penetration rates vary by city tier, with first-tier cities like Beijing and Shanghai at 60% and over 50% respectively, while second-tier cities are at 48% and third-tier cities at 33% [6] Revenue Channels - In terms of booking channels, OTAs account for 27% (possibly exceeding 30%), direct sales for 18%, and offline bookings for 55% [2][12][13] Performance Trends - The hotel market is expected to see stable occupancy rates in 2025, but average daily rates may decline, indicating a potential decrease in overall revenue despite stable guest flow [16] - The leisure segment is projected to perform well in 2025, while business demand is expected to decline by 4%-5% year-on-year [17] Company Performance - Among major listed hotel companies, HTST leads the market, while BTGM Xinjiang and ATPSD show relatively weaker performance, highlighting a divergence in post-pandemic recovery [19] International Brands - International hotel brands like Marriott and Hilton are rapidly expanding in China, with a significant portion of their global pipeline located in the country, reflecting a strong growth trajectory [20]