服务消费与商品消费最显著的区别在于无形性，其生产与消费同时发生、不可分离，这意味着体验感是 影响服务消费的重要因素，更意味着扩大服务消费要从供需两端同时发力，以消费者为中心，提升供需 适配度。 今年"五一"假期，消费市场热力十足。5天假期，全社会跨区域人员流动量14.66亿人次，同比增长 7.9%。全国国内出游3.14亿人次，同比增长6.4%；国内游客出游总花费1802.69亿元，同比增长8%。以 文旅消费为代表的服务消费持续升温，映照出我国消费扩容提质的广阔空间。 服务消费与商品消费最显著的区别在于无形性，其生产与消费同时发生、不可分离，这意味着体验感是 影响服务消费的重要因素，更意味着扩大服务消费要从供需两端同时发力，以消费者为中心，提升供需 适配度。 扩大优质服务供给。高品质服务供给不足，是当前制约服务消费发展的主要矛盾。要顺应居民消费结构 升级趋势，改革、开放、创新齐头并进，增加高品质服务供给。深化重点领域和关键环节改革，扩大服 务业对外开放，鼓励更多民间资本和外资进入服务领域，在创新发展中更好满足消费需求。还有一类供 给不容忽视，那就是"时间"供给。"有钱"和"有闲"是扩大服务消费的基础，既要千方百 ...

中俄联合声明：深挖科技合作潜力，在创新、基础研究和应用研究等领域拓展新合作方向 金十数据5月8日讯，5月8日，中俄发布在纪念中国人民抗日战争、苏联伟大卫国战争胜利和联合国成立 80周年之际关于进一步深化中俄新时代全面战略协作伙伴关系的联合声明。其中提到，为进一步推动双 边互利合作，双方商定深挖科技合作潜力，在创新、基础研究和应用研究等领域拓展新的合作方向，定 期开展联合科技项目遴选，实施科研项目，支持新的科技合作模式。全面深化中俄经贸、海关、农业、 运输、财金、工业、环保、航天和卫星导航、核能、城市建设、卫生健康、信息和通信技术等各领域务 实合作，切实保障双边合作在2030年前实现提质升级。 （新华社） ...

Core Viewpoint - The China-Shanghai Cooperation Organization Local Economic and Trade Cooperation Demonstration Zone (referred to as "SCO Demonstration Zone") aims to address logistical and financial challenges in trade among SCO member countries by creating a "SCO toolbox" to facilitate economic cooperation [1][3]. Group 1: Key Initiatives and Tools - The "SCO toolbox" consists of three main categories: comprehensive services, professional services, and basic support, featuring 11 strong attribute platforms [3]. - Comprehensive service platforms include the SCO Economic Comprehensive Service Platform, SCO International Capital Port, SCO Economic and Trade Academy, and Shandong-Hong Kong Technology Innovation Center [3]. - Professional service platforms focus on areas such as the Qingdao International Energy Trading Center and the SCO International Green Agricultural Products Expo Center [3]. Group 2: Trade Facilitation and Support Measures - The SCO Demonstration Zone has launched the "Credit SCO" cross-border credit service system to assist enterprises with credit inquiries, providing over 110 million credit query services [3][4]. - The zone has improved shipping efficiency, with goods transported from Qingdao to Moscow in just 7 days, cutting transportation time by over half [3]. - The Shandong Provincial Government has issued 23 high-value support measures to enhance the SCO Demonstration Zone, focusing on comprehensive reforms, major platform construction, economic and trade cooperation, and optimizing the development environment [5]. Group 3: Economic Impact and Growth - The SCO Demonstration Zone is projected to drive Shandong Province's import and export volume with SCO countries to 531.62 billion RMB in 2024, a 3.1-fold increase from 2018, with an annual growth rate of 20.7% [6]. - Actual investment from Shandong Province to SCO countries is expected to reach 850 million USD in 2024, a 6.9-fold increase from 2018, with an annual growth rate of 38.3% [6].

本学期开学以来，西湖区颁布了《进一步加强西湖区教育系统校园体育工作的实施意见》，区内中 小学积极落实每天一节体育课以及每天2小时的综合体育活动锻炼。 "综合体育活动锻炼2小时，是不是由体育老师大包大揽？"活动现场，浙江省教育厅教研室余立峰 给出思考。"答案是否定的，这两小时不一定都要开展体育锻炼，学生可以自己走出教室，去操场上散 步。只要他心情能放松下来，任何活动都可以。"对此，中国科学教育研究院博士生导师于素梅也认 为，体育锻炼活动要因人而异，有的学生适合跑步、打球等运动，有的学生不适合激烈运动，过度运动 反而有害。这让老师们大受启发："学校目前体育活动锻炼确实主要由体育老师负责，接下去应让全校 老师都参与。" 杭州市上泗中学党委书记庞中治提到，在平时体育课的合班练习中，老师根据学生的不同水平重新 分成学习组、练习组以及比赛组三个班上课。学校老师初拟了篮球课的授课标准，下学期开始计划结合 会上专家分享的国家标准展开实践并持续完善。 作为全国教育教学改革实验区，西湖区的老师们最近又有新动作——200多名学校校长以及体育教 师聚焦体育提质，在西湖区中小学体育提质专题研讨会暨全国义务教育教学改革实验区阶段性成果展 ...

值得一提的是，近期，多家中央企业持续积极发声，全力支持控股上市公司高质量发展，持续巩固投资 者信心，充分彰显央企责任担当。例如，中国船舶所属中船汉光（300847）近日发布《关于"质量回报 双提升"行动方案的公告》，表示公司始终践行央企使命责任，聚焦公司高质量发展目标，结合公司发 展战略、经营管理等情况，制定"质量回报双提升"行动方案。未来，公司将继续建立更加科学、合理的 投资者回报机制，在充分考虑股东要求和意愿的基础上，平衡股东回报与公司未来发展的关系，保证股 利分配政策的稳定性和可行性，保证股东长期利益的最大化。 同时，在新"国九条"大力推动分红的背景下，上市公司分红回购再创新高，回报投资者力度持续加大。 统计显示，2024年，3472家沪深上市公司宣告年报现金分红，金额合计1.66万亿元；叠加前期中期分 红，2024财年分红金额合计2.39万亿元，同比增长7.2%；近5年来，两市累计分红超10万亿元，分红金 额连续5年超过当年再融资额。 以科创板为例，科创板公司在兼顾研发投入、可持续发展的同时，增加投资者回报的意识和行动显著提 高。超六成公司推出2024年现金分红方案，合计分红总额达386.82亿元。其 ...

Core Viewpoint - The Shandong provincial government has introduced 23 measures to enhance the China-Shanghai Cooperation Organization (SCO) local economic and trade cooperation demonstration zone, focusing on comprehensive reform, major platform construction, economic and trade industry cooperation, and optimizing the development environment [2][4]. Group 1: Comprehensive Reform - The measures emphasize strengthening the planning and layout of comprehensive reforms, enhancing the autonomy and innovation of reforms, and improving the relevance, systematization, and overall effectiveness of comprehensive reforms [2][3]. - An annual list of innovative items supporting comprehensive reforms will be generated [2]. Group 2: Major Platform Construction - Support will be provided for hosting significant events such as the China-SCO Local Economic and Trade Cooperation Conference and accelerating the construction of the SCO International Hub Port [3]. - Initiatives include enhancing the SCO economic and trade comprehensive service platform, establishing cross-border data pilot projects, and developing various service bases such as the "Silk Road E-commerce" base and the Qingdao International Energy Trading Center [3]. Group 3: Economic and Trade Industry Cooperation - The measures aim to leverage the industrial advantages of SCO member states, focusing on manufacturing development and establishing overseas operation centers and border cooperation parks [3]. - The establishment of the SCO Customs Promotion Center and enhancing customs facilitation for cross-border e-commerce are also highlighted [3]. Group 4: Development Environment Optimization - The construction capabilities of major platforms such as the SCO economic and trade comprehensive service platform and the international energy trading center will be improved, alongside infrastructure development and resource guarantee enhancements [4]. - The SCO demonstration zone has already introduced 118 institutional innovation results, with 30 being promoted nationally, facilitating better utilization of domestic and international markets [4].

Group 1 - The core focus of Yunnan's government is to accelerate the construction of major industrial projects, with plans to start 767 new projects in Q2, totaling an investment of 83.805 billion yuan, and to complete 313 projects with an expected annual output value of 13.247 billion yuan [1][2] - Since 2022, the provincial government has held 14 consecutive quarterly meetings to monitor major industrial projects, achieving a remarkable opening rate of 95.2% for 9,017 planned projects, with 5,700 projects completed, generating over 460 billion yuan in annual output value and creating more than 340,000 jobs [1][2] - Yunnan's fixed asset investment increased by 2.5% year-on-year in Q1, reversing a trend of seven consecutive quarters of negative growth, and improving its national ranking from last to 27th [2][3] Group 2 - The provincial government emphasizes the importance of project management and investment, focusing on key industries such as non-ferrous and rare metals, green aluminum, and new energy batteries to drive high-quality development [3][4] - Yunnan aims to optimize its business environment and support leading enterprises, implementing tailored solutions for companies to encourage them to establish a presence in the province [3][4] - The government is committed to long-term industrial development and structural adjustment, aiming to strengthen resource-based industries and promote economic transformation through industrial upgrades [3][4]

Core Insights - The efficient coordination and smooth connection of various links in the industrial chain are essential for stable economic operation [1] - The 2024 Central Economic Work Conference emphasizes the implementation of actions to reduce logistics costs across society, aiming to enhance core competitiveness and improve economic efficiency [1][2] Group 1: Logistics Cost Reduction - Reducing logistics costs is crucial for improving economic efficiency and constructing a high-level socialist market economy [2] - Achieving a substantial decrease in logistics costs will positively impact transportation, storage, and management costs, aiding in alleviating operational difficulties for enterprises and expanding domestic demand [2][4] Group 2: Transportation and Logistics Development - By the end of 2024, the national comprehensive transportation network is expected to exceed 6 million kilometers, with significant expansions in railways, highways, and logistics hubs [3] - The proportion of total logistics costs to GDP has decreased from 21.4% in 2003 to 14.1% in 2024, indicating improved efficiency in the logistics sector [3] Group 3: Challenges in Current Transportation System - Existing transportation systems face shortcomings, including inadequate infrastructure for multimodal transport and regional disparities in development [4] - The logistics industry is characterized by low digitalization levels, insufficient emergency logistics systems, and a lack of coordination across various transport modes [4][6] Group 4: Strategic Initiatives - The "Action Plan for Effectively Reducing Logistics Costs" aims to lower the logistics cost-to-GDP ratio to around 13.5% by 2027 [4] - Key initiatives include enhancing the layout of comprehensive transportation networks, promoting smart logistics hubs, and integrating modern circulation network resources [5][6] Group 5: Digital and Green Transformation - Encouraging the development of new business models in trade and logistics, and accelerating the digital and green transformation of the transportation industry are essential [6] - Establishing emergency logistics systems and promoting the use of smart and green logistics equipment are critical for improving logistics efficiency and resilience [6]

证券研究报告 海螺创业 (586 HK) 港股通 提质效果显现，分红大幅提升 华泰研究 更新报告 2025 年 5 月 06 日│中国香港 水泥 海螺创业 2024 年实现收入 62.7 亿元，同比-21.8%，系垃圾处置业务建设 收入减少；实现归母净利 20.2 亿元，同比-18.0%，低于我们预期（25.4 亿）。 若扣除应占联营公司海螺集团收益的影响，垃圾发电主业核心净利润 6.7 亿 元，同比+7.2%。公司积极推进主业提质增效，减少低毛利建设业务和新增 投资，我们看好公司运营性收入占比提升对盈利质量的改善，以及水泥投资 收益的稳定提升。公司有望延续压降资本开支、提升分红率，维持"买入"。 发电运营收入优异，盈利能力稳步提升 公司 2024 年垃圾处置主业实现收入 48.8 亿元，同比-20.8%；其中建设收 入 9.8 亿元，同比-63.8%；运营收入 39.0 亿元，同比+12.7%，炉排炉垃圾 发电收入 38.6 亿元，同比+13.4%。随着低毛利建设业务下降，公司 2024 年垃圾处置毛利率同比+9.0pct 至 37.6%。公司 24 年末在运炉排炉垃圾发 电项目 48100 吨/日，同比+ ...

2024年沪深交易所主板上市公司实现营业收入66.35万亿元，净利润4.95万亿元，展现出主板上市公司的 强大韧性。同时，主板上市公司产业结构不断向"新"发展，央国企竞争力不断提升，积极承担社会责任 等令人欣喜的变化，也随着数据的披露呈现在人们眼前。 主板上市公司业绩稳健 2024年，沪市主板公司合计实现营业收入49.57万亿元，同比保持稳定；净利润4.35万亿元、扣非后净利 润4.14万亿元，同比增长1.9%、2.4%。八成公司实现盈利，四成公司净利润同比增长，230余家净利润 增幅超30%，78家扭亏为盈。其中，金融、能源、建筑、交运等上证180公司发挥"压舱石"作用，贡献 超八成利润；以汽车、医药生物、智能制造、精细化工为代表的公司净利润三年复合增速达10%，成为 抵御外部冲击和经济周期波动的新兴力量。 深市主板公司2024年总市值合计超过20万亿元；合计实现营业收入16.78万亿元，占深市上市公司 80.64%；合计实现净利润5989.59亿元，占深市上市公司74.27%。其中，25家公司市值超过千亿元；32 家公司营业收入超过千亿元。这些上市公司行业汇聚新能源汽车、大消费、电子信息等支柱产业集群， ...