记者 辛圆 据国家外汇管理局官网周三发布消息，为进一步便利经营主体开展跨境投融资活动，优化营商环境，服务经济高质量发展，国家外汇管理局起草了《国家外 汇管理局关于深化跨境投融资外汇管理改革有关事宜的通知（征求意见稿）》（以下简称《通知》）。《通知》涉及投资端、融资端和支付便利三个方面9 项具体政策。 投资端方面，《通知》特别提到，取消外商投资企业境内再投资登记，将在部分省市试点的外商投资企业境内再投资免登记政策推广至全国。 智通财经记者查询发现，自2022年起，国家外汇管理局在上海市、江苏省、广东省等12地开展银行直接办理外债登记试点，并在12地及陕西省试点外商投资 企业境内再投资免登记，探索进一步便利经营主体办理跨境投融资业务。 商务部国际贸易谈判副代表李詠箑在6月13日的国新办新闻发布会上表示，商务部将进一步扩大开放，放宽外资市场准入。商务部将研究制定鼓励外资企业 境内再投资政策，为外资企业在中国投资新兴领域和未来产业提供更多的机遇。 此外，《通知》提到，允许外商直接投资项下外汇利润境内再投资。便利境内非企业科研机构接收境外资金，将在部分地区试点的境内非企业科研机构接收 境外资金试点政策（即"科汇通"）推 ...

Core Viewpoint - The article discusses the implications of a work-centered society and explores the concept of reducing work hours, referencing Keynes' prediction that by 2030, the average workweek would be reduced to 15 hours. It highlights the struggles and experiences of individuals who choose to live outside traditional work structures, as well as the societal perceptions and challenges they face [1][5][6]. Group 1: Work-Centered Society - The author argues that modern life is entirely centered around work, where identity and self-worth are derived from employment, leading to a pervasive work ethic that is passed down to future generations [3][4]. - The book "Against Work" critiques the absurdity of this work-centric existence, suggesting that most people rarely achieve their aspirations within the confines of paid labor, which is often characterized by drudgery and obedience [3][4]. Group 2: Alternative Lifestyles - The article introduces three individuals who have adopted a lifestyle of not working, emphasizing the freedom and challenges that come with it, such as managing low income and societal judgment [1][9]. - These individuals engage in various activities to sustain themselves, including freelance work and community projects, while maintaining a low-cost lifestyle [8][9]. Group 3: Theoretical Perspectives - The author references André Gorz's theory of time politics, advocating for a fair distribution of work hours to ensure everyone has the opportunity to work less and enjoy more free time [6]. - The concept of Universal Basic Income (UBI) is presented as a potential solution to provide individuals with a safety net, allowing them to pursue interests and improve their work conditions without the fear of financial instability [6]. Group 4: Societal Perceptions and Identity - The article discusses the identity crisis faced by those who do not conform to traditional work roles, highlighting the stigma associated with being unemployed and the pressure to justify their lifestyle choices [10][11]. - It emphasizes that not working does not equate to a lack of value creation, as individuals can still engage in meaningful activities outside of conventional employment [10][12].

市场消息：韩国将向低收入者提供额外援助。 ...

Group 1: Industry Trends - The Chinese film industry is heavily reliant on box office revenue, with approximately 90% of income coming from ticket sales, compared to a 40% reliance on box office revenue in Hollywood [1] - Industry leaders emphasize the need to diversify revenue streams and reduce dependence on box office income, focusing on non-box office revenue growth [1][2] - The decline in box office performance after the peak of the Spring Festival has highlighted the challenges faced by the film industry in maintaining growth [1] Group 2: IP and Merchandise Development - The success of the film "Ne Zha" has led to significant sales in licensed merchandise, with one category exceeding 10 billion yuan, and projections for future sales to surpass 100 billion yuan [2] - Companies are actively developing various merchandise categories, including toys and collectibles, to capitalize on popular IP [2][3] - The Chinese潮玩 (trendy toy) market is experiencing rapid growth, with a market value of approximately 60 billion yuan in 2023, accounting for about 20% of the global market [3] Group 3: Strategic Initiatives - Wanda Film is implementing a "1+2+5" strategic framework to innovate and develop a new entertainment ecosystem, focusing on creating super IP and brands [2][5] - Light Media aims to transition from a high-end content provider to an IP creator and operator, with plans to develop a "Chinese Mythology Universe" [4] - Shanghai Film is enhancing its capabilities by integrating classic IP with cutting-edge technology, aiming to create a new model of industry convergence [4][5] Group 4: Consumer Experience and Engagement - The establishment of themed cinemas and interactive entertainment spaces is part of the strategy to enhance consumer engagement and emotional value through IP [5] - The integration of AI and digital platforms in merchandise development is expected to enhance consumer interaction and experience [3][5] - The focus on creating immersive entertainment experiences reflects a shift towards emotional consumption in the film industry [5]

Core Viewpoint - The company maintains a strong sales performance, ranking third in the industry, with stable rental income growth and a "buy" rating from the institution [1][2] Sales Performance - In May 2025, the company achieved total contract sales of 18.35 billion yuan, a year-on-year decrease of 11.4% but a month-on-month increase of 6.1% - The total contract sales area was 649,000 square meters, down 26.6% year-on-year - From January to May, cumulative contract sales amounted to 86.85 billion yuan, a year-on-year decline of 6.3%, with a total sales area of 3.222 million square meters, down 19.0% - The average sales price reached 26,955 yuan per square meter, reflecting a year-on-year increase of 15.8% [1] Land Acquisition - The company ranked fourth in land acquisition amount from January to May, with a total of 33.16 billion yuan, representing a year-on-year increase of 53% - The newly acquired land has a value of 65.03 billion yuan and a building area of 10.57 billion square meters, with an average acquisition price of 31,381 yuan per square meter, which is higher than the sales price - The land acquisition is primarily concentrated in high-tier cities such as Beijing, Shanghai, Hangzhou, and Ningbo, indicating a significant improvement in land quality [2] Regular Income Growth - In May 2025, the company's regular income was 4.09 billion yuan, up 6.2% year-on-year, with rental income from operational real estate reaching 2.69 billion yuan, an increase of 13.0% - From January to May, cumulative regular income was 20.44 billion yuan, a year-on-year increase of 9.6%, with cumulative rental income of 13.28 billion yuan, up 12.9% - The company plans to sell the Nanxiang Wucai City project in Jiading District, Shanghai, with an expected sale price of 300 to 400 million yuan, focusing on core quality assets by exiting low-efficiency assets [2]

简历显示，马志伟出生于1984年，本科学历。曾任浙江省永安期货经纪有限公司计划财务总部员工，永安期货余杭营业部经理，财富管理服务中心经理， 杭州分公司总经理，党委委员、总经理助理兼杭州分公司总经理，党委委员、副总经理。获聘公司总经理前，任永安期货党委副书记、副总经理，兼任浙 江永安资本管理有限公司董事长。 【导读】1984年出生的马志伟获聘为永安期货（600927）的总经理 永安期货表示，经股东财通证券（601108）研究决定，提名马志伟为永安期货董事候选人，公司董事会已通过增补董事的议案，尚需提交股东大会审议。 龙头期货公司永安期货，高管团队更为年轻化。永安期货聘任"80后"副总经理马志伟为公司总经理，聘任1985年出生的史品为公司首席风险官。 永安期货创办于1992年9月，是一家国有控股的专业期货公司，注册资本为人民币14.56亿元，2021年12月23日在A股主板上市。公司实际控制人为浙江省 财政厅，主要股东包括财通证券、浙江省产业基金有限公司、浙江东方（600120）金融控股集团等。 6月17日晚间，永安期货发布聘任高管的公告，经董事长提名，公司聘任马志伟为公司总经理，黄志明不再担任总经理职务。经总经 ...

2025 年 6 月 17 日 医药: 超配 证券研究报告 / 公司更新报告 石药 (1093 HK, 买入, 目标价: HK$10.59) | 买入 | | --- | | 目标价: HK$10.59 | 当前股价: HK$8.84 | | --- | --- | | 股价上行/下行空间 | +20% | | 52 周最高/最低价 (HK$) | 9.48/4.27 | | 市值 (US$mn) | 13,462 | | 当前发行数量(百万股) | 11,954 | | 三个月平均日交易額 | 164 | | (US$mn) | | | 流通盘占比 (%) | 41 | | 主要股东 (%) | | | 鼎大集团有限公司 | 10 | | 联诚控股有限公司 | 8 | | 共成国际 | 6 | | 按 2025 年 6 月 13 日收市数据 | | | 资料来源: FactSet | | 主要调整 | | 现值 | 原值 | 变动 | | --- | --- | --- | --- | | 评级 | 买入 | 买入 | N/A | | 目标价 (HK$) | 10.59 | 8.88 | 19% | | 2 ...

Core Viewpoint - Recent adjustments in service fees by multiple banks are aimed at increasing non-interest income in response to narrowing net interest margins [1][4]. Group 1: Fee Adjustments - Several banks, including Wuhai Bank and Zhejiang Chouzhou Commercial Bank, have announced new service fees for various banking services, such as credit verification and account management [2][3]. - For instance, Wuhai Bank will charge 20 yuan for personal deposit certificates and 200 yuan for credit verification, while Zhejiang Chouzhou will introduce fees for domestic and overseas mailing services [2]. - A state-owned bank has also adjusted its credit card transaction fees, increasing the maximum fee for cash withdrawals from 50 yuan to 100 yuan [3]. Group 2: Reasons for Fee Adjustments - The primary reasons for these fee adjustments include the need to supplement income due to shrinking net interest margins and the rising costs associated with providing banking services [4][5]. - Banks are also motivated to enhance service quality and efficiency by implementing fees, which can help manage customer usage and reduce unnecessary costs [4]. - The adjustments are seen as a response to previous regulatory pressures that encouraged banks to reduce fees, which inadvertently limited their non-interest income potential [4]. Group 3: Strategies for Increasing Non-Interest Income - Banks are exploring various strategies to enhance non-interest income, such as expanding service offerings beyond traditional lending to include payment services, wealth management, and investment banking [5]. - Increasing customer loyalty through bundled service offerings and personalized service is also a focus to prevent customer attrition due to rising service fees [5]. - Additionally, banks are encouraged to innovate and differentiate their products to meet emerging market demands and avoid price wars [5].

"政策红包"后如何"治本"? 5 月消费增长超预期, 2024 年底中央经济工作会议首次将"着力扩大内需、提振消费"列为年度首要任 务,2025 年政府工作报告进一步明确"把恢复和扩大消费摆在优先位置"的政策导 向。随后出台的《提振消费专项行动方案》,围绕增收减负、消费补贴、信贷支持等 关键领域推出20余项具体举措,持续加大刺激力度。2025年5月社零同比增长6.4%, 大幅超出市场预期值(4.85%),为近年来较高增速水平,大规模消费品以旧换新等 补贴政策短期内直接刺激了商品消费,形成"政策红包"效应,但消费意愿低迷的深 层根源仍待化解,激活长期消费动能更需依赖机制性保障。 一、补贴政策提振商品消费 消费品以旧换新政策进一步升级。2025年,政策使用超长期特别国债资金加力 扩围,补贴额度从2024年的1500亿大幅增加至3000亿。覆盖范围也显著扩大,以 北京为例,在原 8 类电器补贴范围基础上,新增了微波炉、洗碗机、净水器、电饭煲 等 4 类产品。截至 5 月底,2025年消费品以旧换新 5 大品类合计带动销售额 1.1 万亿 元,发放直达消费者的补贴约 1.75亿份,政策撬动效应显著。 www.lhra ...

美国总统特朗普：美国与欧盟有公平的协议，以创造就业和收入。 ...