对话金融专家： 十五五规划后，金融政策和金融行业格局 展望 20251205 摘要 未来十年中国经济增长压力相对较小，GDP 增速或保持在 4.5%-5%之 间，金融机构应关注质量提升和可持续发展，特别是利润和风险调整后 的利润指标。 十五规划将推动高水平科技自立自强和构建现代化产业体系，科技引领 的企业端业务将成为金融机构的重要关注点，相关领域的流动性支持将 加强。 十五期间监管环境相对宽松，重点围绕提高经济与金融的适配性，强化 对实体经济特别是高质量发展的支持，金融机构应在新领域构建核心能 力。 金融机构需关注收入分配结构优化带来的消费格局变化，以及跨境业务 和人民币国际化进程加快带来的国际化业务需求。 为确保健康公平的金融秩序，需引导树立正确经营观、业绩观和风险观， 坚决纠正无序竞争行为，缓解银行净息差压力，改善整体市场环境。 Q&A 十五规划对未来 5 年金融机构的发展有何影响？ 十五规划是一个承前启后的阶段，它不仅仅是独立的 5 年计划，而是 2035 远 景目标中的第二个 5 年计划。十四五期间主要打基础，十五期间则需要全面发 力，十六五期间将进入收官阶段。因此，十五规划在延续十四五方向的同时， ...

Group 1: New Stock Offerings - Two new stocks are launching for subscription today: Chuangye Ban Nachuan with an issue price of 22.63 yuan per share and a price-to-earnings ratio of 28.7 times, with a subscription limit of 6,500 shares. The company focuses on thermal management products for new energy vehicle power batteries, with major clients including CATL [1] - The second stock, Kexin Co., has an issue price of 51.66 yuan per share and a price-to-earnings ratio of 60.27 times, with a subscription limit of 4,500 shares. The company is recognized as a national champion in the manufacturing of front-end optical communication chips, with products widely used in optical modules [1] Group 2: Policy Developments - The China Securities Regulatory Commission has announced the implementation of the "Securities Settlement Risk Fund Management Measures," effective today. This measure aims to enhance the infrastructure of the securities market and improve market operational efficiency [1] Group 3: Industry Conferences - The 2025 Integration of Informatization and Industrialization and Digital Transformation Conference will be held from December 8 to 9 in Shenyang, Liaoning, focusing on trends in digital transformation [1] - Concurrently, the 2025 Artificial Intelligence + Future Industry Development Conference will explore the integration paths of artificial intelligence technology with various industries [1] Group 4: International Events - The 7th United Nations Environment Assembly in Kenya is scheduled for December 8 to 12, highlighting environmental issues as a global focus [2] Group 5: Corporate Developments - Zhiyuan will hold a ceremony today for the mass production of its 5,000th general-purpose embodied robot, marking a significant advancement in the industrialization of robotics [2] - Naxinwei's H-shares are expected to be listed on the Hong Kong Stock Exchange today, providing new investment opportunities for investors [2] Group 6: Market Conditions - A total of 107.6 billion yuan in 7-day reverse repos will mature today, indicating a need to monitor market liquidity conditions [2] - A new round of domestic refined oil price adjustments is set to begin, which will impact related sectors [2] Group 7: Economic Data Release - Important economic data, including the Eurozone's December Sentix Investor Confidence Index, will be released today, serving as a reference for market economic performance [2]

Core Viewpoint - The company, Zhongcheng Consulting, emphasizes the importance of comprehensive engineering consulting services, integrating various stages of project management to enhance efficiency and reduce costs in construction projects [1][2]. Group 1: Comprehensive Consulting Services - Zhongcheng Consulting provides a full range of engineering consulting services, including cost estimation, bidding agency, project supervision, management, BIM (Building Information Modeling), and engineering design, playing a crucial role at every stage of construction [1][2]. - The company has established itself as a pioneer in comprehensive consulting by integrating all aspects of the industry, reducing the need for multiple consulting firms and thereby lowering communication costs [1][2]. - Since its inception as a pilot project management enterprise in Jiangsu Province in 2006, the company has expanded its capabilities through mergers and acquisitions, including the acquisition of a design firm in 2021, enabling it to offer integrated solutions [1][2]. Group 2: Digitalization and BIM Integration - The rise of BIM services is attributed to the increasing complexity of building types and the growing demands for engineering consulting services, positioning BIM as a core direction for digital transformation in the construction industry [3][4]. - Zhongcheng Consulting has developed its own BIM management platform and has integrated BIM with traditional consulting services, achieving real-time cost updates and reducing error rates by over 50% and material waste by 15% [3][4]. - The company has built a comprehensive service system that combines a three-dimensional database, collaborative platform, and full-process control, enhancing its competitive edge in the market [4]. Group 3: Business Expansion and Future Goals - In November, Zhongcheng Consulting successfully listed on the Beijing Stock Exchange, marking a significant milestone that brings both opportunities and challenges, including compliance and market management [4][5]. - The company aims to expand its operations beyond Suzhou to the Yangtze River Delta and nationwide, leveraging capital to accelerate this strategy through local team acquisitions and resource integration [4][5]. - Future plans include upgrading digital systems for improved data sharing and efficiency, as well as incorporating AI to automate repetitive tasks, allowing engineers to focus on higher-value work [5].

Group 1 - The core viewpoint emphasizes that technology is not an abstract concept but a practical solution to real-life challenges, enhancing efficiency and user experience [2] - Meituan, founded in March 2010, operates under a "retail + technology" strategy, aiming to improve food and living standards through digital upgrades in service and product retail [4] - The company has been listed on the Hong Kong Stock Exchange since September 20, 2018, and focuses on customer-centric innovation and social responsibility [4] Group 2 - The visit to Meituan's Shanghai headquarters included a tour of the Meituan Display Center and the Digital Command Center, showcasing innovations in instant retail and community e-commerce [6] - The theme sharing session covered topics such as Meituan's digital growth and transformation practices, trends in enterprise consumption digitization, and strategies for overcoming challenges in digital transformation [6] - The event concluded with an emphasis on the importance of continuous learning in a competitive landscape, quoting Jack Welch [6]

"企业出海需全链路服务支持，但现有服务存在'真空地带'，企业遇到数据合规、跨国纠纷等问题时， 缺乏专业、系统的服务支持。我们就是要尽可能吸取经验，指导企业少走弯路。"贺仁龙说。 6日，上海市数字企业出海服务协会揭牌。谢梦圆摄 中新网上海12月7日电 (谢梦圆)"企业出海其实就是企业全球化，当前，出海的数字企业就像一支'远征 军'，要经历路途艰辛，所以我们要为它们备齐'粮草'。"近日，上海市数字企业出海服务协会秘书长贺 仁龙接受中新网专访时表示，中资数字企业出海之路布满荆棘，既要应对各国数据监管差异、地缘政治 风险等挑战，也要破解合规体系适配、本地化需求对接等难题。在此背景下，该协会应运而生，聚焦数 字企业出海需求提供服务，旨在将企业"扶上马送一程"。 德勤中国数字安全战略与转型合伙人江玮6日在2025上海数字城市活动月主题日活动上表示，未来5年， 全球经济增速会持续放缓，但新兴经济体特别是亚太发展中国家会继续保持增长优势。值得关注的是， 人工智能、绿色能源和数字化转型将成为全球经济增长的关键驱动力。 因此，在国内竞争格局、全球市场趋势与技术迭代浪潮的多重驱动下，出海已从数字企业的"可选项"转 变为"必选项"。 ...

Core Viewpoint - Dashiang Co., Ltd. is undergoing a leadership change with the appointment of new directors and senior management, marking a new phase of innovative development in the retail industry [1] Group 1: Leadership Changes - The board has nominated Lv Weishun, Liu Jing, and Gao Changming as non-independent director candidates, with Lv expected to become chairman and Liu appointed as general manager [1] - The new management team is characterized by a blend of industry expertise, local depth, and execution capability, reflecting the company's commitment to strategic deployment and operational efficiency [1] Group 2: Team Composition - The new management team exhibits a trend towards youthfulness, with an average age of under 48 years, ensuring a balance of experienced leadership and fresh perspectives [3] - Key members include Lv Weishun, who has extensive experience in retail and has held various senior positions within the company, and Wang Peng, who has a strong background in finance and business management [2][3] Group 3: Performance and Strategy - The new management team possesses significant frontline business experience, which is expected to enhance operational effectiveness and strategic alignment with market demands [4][6] - Dashiang Co., Ltd. plans to initiate preparations for an H-share listing in Hong Kong, demonstrating confidence in future growth amid evolving consumer trends towards experience-based consumption [7] Group 4: Financial Outlook - The company anticipates achieving a net profit of 586 million yuan in 2024, representing a year-on-year growth of 16.05%, indicating robust operational resilience [7] - Dashiang Co., Ltd. holds a substantial portfolio of prime properties in key commercial areas, which may lead to a revaluation of its assets under refined operational strategies [7]

Group 1 - The global manufacturing industry is undergoing profound changes, with digitalization, networking, and intelligence becoming essential for survival and long-term development [1] - High-end intelligent equipment is the fundamental cornerstone for upgrading the manufacturing industry, with industrial software acting as its "brain" and "soul" [1] - Artificial intelligence is a new means applied in industrial and manufacturing sectors, driving the formation of a new ecosystem of "AI and advanced manufacturing" [1] Group 2 - Digital transformation in the manufacturing sector is a deep cognitive and thinking revolution, requiring managers to integrate digital capabilities into core business operations [2] - AI is driving the industry towards a new phase of autonomous intelligent entities and physical intelligence, enhancing efficiency and reducing costs [2] - The practice of digital transformation in oil detection technology is being pioneered domestically, providing condition monitoring and operational guidance for large equipment [2] Group 3 - Equipment manufacturing companies are facing new challenges and opportunities in the new development cycle, with strategic focuses on refined management, globalization, and service-oriented transformation [3] - The essence of digitalization in high-end equipment manufacturing lies in the deep integration of information technology and manufacturing technology, enhancing precision, efficiency, and reliability [3] - The approach of cluster-based entrepreneurship in small and micro-special robots aims to address industry challenges and promote efficient collaboration across the supply chain [3]

《中国民航报》、中国民航网 记者钱擘、胡夕姮 通讯员陆赛杰、黄金 报道：2014年，中国东航旗下东方航空技术有限公司自黄浦江畔启航，见证了中国民 航维修力量向着"专业化、产业化、市场化、国际化"的目标奋进。十一年，在历史长河中或许只是短暂一瞬，但对矢志建设成为"世界一流"航空维修企业的 东航技术而言，这是一段从整合蜕变到引领发展的壮阔征程。 从最初的飞机维修基地，到整合升级为工程技术公司，再到今天成为独立运行、布局全球的现代化航空维修服务企业，东航技术的每一次跨越，都与中国民 航业的蓬勃脉动同频共振。2025年，东航技术走过了承前启后的第十一个年头，在十年辉煌积淀之上，整装再出发，面向未来深化发展、奋力改革攻坚。 安全基石，匠心护航：以更高标准守护航路坦途 安全，是刻入东航技术基因的信仰，是全体机务人至高无上的职责。迈入第十一年，这份对安全的执着从未因时间流逝而褪色，反而在风雨洗礼中愈发厚重 深沉。这绝非仅仅是数字指标的达成，而是一场关于责任、匠心与生命敬畏的永恒考验。 远见，是引领企业穿越周期的灯塔；定力，是支撑宏大蓝图化为现实的基石。迈入第十一年，东航技术在十年积淀的雄厚基础上，将发展的罗盘校准至更为 辽 ...

Core Viewpoint - Guangzhou Mingluo Equipment Co., Ltd. has successfully established its first large-scale project in Mexico, providing a flexible welding production line for BMW's new factory, showcasing its leadership in the intelligent manufacturing sector for the automotive industry [3][12]. Group 1: Company Overview - Mingluo Equipment focuses on providing intelligent production lines that enhance efficiency and reduce costs for automotive manufacturers, positioning itself as a key player in this niche market [3][8]. - The company was founded with the vision of creating high-end automotive equipment in China and has been dedicated to this goal for over 17 years [6][7]. Group 2: Digital Transformation - The decision to pursue digital transformation was pivotal for Mingluo, transitioning from providing production line blueprints to developing a digital twin system that optimizes manufacturing processes [7][8]. - The upcoming "Standard Robot Magic Island" is set to revolutionize automotive production by integrating over 80 core workstations, improving production efficiency by 50% and reducing labor costs by 80% [8]. Group 3: Global Expansion - Mingluo's business has expanded to over 20 countries, with international sales accounting for over 90% of its revenue, securing contracts with major automotive brands like Mercedes-Benz and Toyota [9][12]. - The company has successfully transitioned from being a follower in the international market to a leader, emphasizing the importance of exporting technology and production standards for long-term competitive advantage [12][13]. Group 4: Innovation and R&D - Mingluo invests 6% of its annual revenue, exceeding 100 million yuan, into research and development to create differentiated products and maintain a competitive edge [13][14]. - The company has developed an industrial IoT platform that connects over 200 intelligent production lines and 40,000 devices globally, significantly reducing investment waste and lowering manufacturing costs [14][16]. Group 5: Future Directions - The company aims to deepen its focus on intelligent manufacturing, particularly in creating a third-party application evaluation center for automotive manufacturing equipment [16]. - Mingluo believes that there are substantial opportunities in manufacturing standards, management systems, and supply chain operations, which are crucial for enhancing China's manufacturing capabilities [16].

Core Objectives of Operations Management - The primary goal of operations management is to deliver the right quality of products or services to customers at the right time and cost while continuously optimizing processes [1] Core Modules of Operations Management - Strategic and goal setting involves translating the company's vision and mission into executable operational strategies such as cost leadership and differentiation [3] - Process management and optimization includes designing core business processes aligned with strategy, establishing standard operating procedures, and applying tools like Lean and Six Sigma for continuous improvement [3] - Resource management focuses on optimizing human capital, financial resources, physical assets, and information resources to enhance operational efficiency [3] - Quality and customer orientation emphasize comprehensive quality management and customer relationship management to improve satisfaction and loyalty [3] Operational Focus by Company Development Stage - Startups prioritize agility and survival, focusing on validating business models and building core teams [5] - Growth-stage companies emphasize scaling up by establishing standardized processes and introducing basic management systems [5] - Mature companies concentrate on efficiency and innovation, optimizing cost structures and driving organizational change [5] Current Trends in Operations Management - Digital transformation leverages big data, AI, and IoT for smart predictions and automated decision-making [7] - Agility and flexibility are emphasized to enable quick responses to market changes through small teams and cross-department collaboration [7] - Supply chain resilience shifts focus from efficiency to safety and robustness, promoting diversified supply chains [7] - Sustainable development integrates ESG principles into operations, focusing on green production and carbon footprint management [7] - A human-centered approach enhances employee experience and fosters a learning organization [7] Recommendations for Managers - A systems thinking approach is essential, recognizing the interconnections between processes [9] - Data-driven decision-making is preferred over intuition, necessitating robust data collection and analysis capabilities [9] - Customer-centric optimization of internal processes should aim to create more value for customers [9] - Investing in talent is crucial, as effective processes require skilled execution and optimization [9] - Cultivating a culture of continuous improvement encourages teams to adopt problem-solving and process optimization as habitual practices [9]