功能性作用不断彰显 经营质效持续提升 国新证券表示，加入中国国新后，公司始终将把功能性放在首要位置，紧紧围绕"立足国有资本运营公 司服务国资央企改革大局"这一中心任务，充分发挥国有资本运营资本工具箱作用，探索打造特色化服 务国资央企新模式，有效助力国资央企布局优化和结构调整。截至2025年7月末，国新证券已对接服务 央企集团54家，央企服务覆盖面超50%；推进央企项目56项，成功落地37项，服务央企融资规模占同期 公司服务客户直接融资总规模的比例保持在30%以上。 公司主动融入中国国新"大协同"业务格局，服务好各业务板块资金募集、财务顾问、份额减持等业务需 求。完成中交地产和国新健康（000503）定向增发、中建材科技创新可续期公司债、国控租赁ABS等项 目发行，更好支持央企主业发展。完成中国通号科创债发行，创同品种央企债最低发行利率，也是科创 板首单央企科创债，获得发行人和监管部门高度认可。发行央企主题资管产品，引导社会资金投向优质 央企标的。成功投放国电投新能源项目，为中国中冶（601618）、中国机械科学研究总院提供并购基金 产品，助力央企"链长"建设。 中证报中证网讯（记者 赵中昊）2022年8月8日 ...

新华社北京7月24日电（记者王希）今年以来，各地国资委和国有企业奋力攻坚克难，推动改革发 展和党的建设各项工作取得新进展新成效。上半年，地方监管企业实现增加值3.7万亿元。 国务院国资委主任张玉卓在此次研讨班上表示，当前各地国资委和国有企业要突出抓好提质增效稳 增长，灵活运用考核激励手段，层层传导责任压力，强化降本节支、向内挖潜，确保完成全年目标任 务。 【纠错】 【责任编辑:焦鹏】 数据显示，1至6月，地方监管企业紧盯重点签约项目落地形成更多实物量，完成固定资产投资2.7 万亿元；研发经费投入稳定增长，上半年达到2655.5亿元。 今年是国有企业改革深化提升行动的收官之年。各地国资委创新工作方式、狠抓改革实效，推动改 革深化提升行动不断走深走实。截至今年6月底，地方重点任务平均完成率超过90%。 7月23日至24日，国务院国资委在京举办地方国资委负责人研讨班。这是记者从此次研讨班了解到 的信息。 ...

最新公布的一系列数据突显出国有企业经济运行面临的下行压力仍然较大，而在全球经济不确定性明显加剧的情况下，国有企业也正在采取多项举措以应对 经营压力。 国务院国资委网站周四发布消息，7月23日至24日，国资委举办地方国资委负责人研讨班。国资委主任张玉卓强调，要因地制宜大力发展新质生产力，加快 开启增长的"第二曲线"。 会议要求，要高质量完成国有企业改革深化提升行动，高起点谋划下一步改革举措。要紧紧围绕"三个集中"，优化国有资产增量投向，调整存量结构，带头 抵制"内卷式"竞争，加强重组整合，推动国有资本优化配置，形成新的国有资本布局结构。 记者 辛圆 7月29日，财政部公布了2025年1-6月全国国有及国有控股企业经济运行情况。 数据显示，1-6月，全国国有及国有控股企业营业总收入同比下降0.2%，降幅较1-5月扩大0.1个百分点；利润总额同比下降3.1%，降幅较1-5月扩大0.3个百分 点。 除了营业收入和利润总额数据，财政部当天发布数据显示，1-6月，国有企业应交税费30026.4亿元，同比下降0.8%。6月末，国有企业资产负债率65.2%，同 比上升0.3个百分点。 此前公布的1-5月工业企业利润同比下降1 ...

Market Overview - On July 24, 2025, A-shares saw collective gains with the Shanghai Composite Index closing above 3600 points, up 0.65%, while the Shenzhen Component rose 1.21% and the ChiNext Index increased by 1.5% [1] - Hong Kong's stock indices showed mixed results, with the Hang Seng Index rising 0.51% to 25667.18 points, marking a near four-year high, while the Hang Seng Tech Index slightly declined by 0.05% [1] - In the U.S. market, the Dow Jones fell by 0.7% to 44693.91 points, while the S&P 500 and Nasdaq gained 0.07% and 0.18% respectively, with both indices reaching historical highs [1] New Stock Offering - HanSang Technology, listed on the ChiNext with a stock code of 301491, has an offering price of 28.91 yuan per share and a price-to-earnings ratio of 14.9 times. The company specializes in high-end audio products and comprehensive audio technology solutions, serving globally recognized audio brands [3] Regulatory Developments - The State-owned Assets Supervision and Administration Commission (SASAC) emphasized the need to optimize the allocation of state-owned assets and resist "involution-style" competition, focusing on restructuring and integration of state-owned enterprises [4][5] - The SASAC aims to enhance corporate governance, market-oriented operational mechanisms, and regulatory methods to improve the efficiency and effectiveness of state-owned enterprise management [5] Industry Regulation - The State Administration for Market Regulation has initiated a three-month campaign to improve the quality and safety of power banks, focusing on five key areas including strengthening CCC certification oversight and increasing quality supervision [6] - The campaign will also enforce stricter regulations against the sale of non-compliant power banks and enhance recall efforts for defective products, ensuring consumer safety [6]

Group 1 - The State-owned Assets Supervision and Administration Commission (SASAC) has emphasized the need for local state-owned enterprises (SOEs) to resist "involution" competition and focus on restructuring and integration [1][2] - In the first half of the year, local regulatory enterprises achieved an added value of 3.7 trillion yuan and completed fixed asset investments of 2.7 trillion yuan, contributing significantly to macroeconomic stability and supporting the construction of a technology-driven nation [1] - SASAC's Secretary Zhang Yuzhuo highlighted the importance of developing new productive forces and enhancing the core competitiveness of state-owned capital and enterprises to better support national strategies [1][2] Group 2 - The meeting underscored the importance of the "14th Five-Year Plan" as a guide for local SOEs to focus on strategic orientation and long-term goals, particularly in fostering new productive forces [2] - Key areas of focus include tackling core technology challenges, transforming scientific achievements, and enhancing innovation capabilities within a modern industrial system [2] - By 2025, significant reforms in state-owned enterprises are expected, with a high completion rate of over 90% for key tasks as of June this year [2] Group 3 - The recent discussions by SASAC have repeatedly mentioned the need to combat "involution," with a focus on maintaining industrial value and promoting high-quality development [3] - The approach includes reallocating incremental funding, restructuring to alleviate existing competition, and integrating technological and industrial innovations to shift the focus from price and scale competition to innovation and value [3]

Group 1 - The State-owned Assets Supervision and Administration Commission (SASAC) emphasizes the importance of enhancing the core functions and competitiveness of state-owned enterprises (SOEs) to better support the national economy [1] - In the first half of the year, local state-owned enterprises achieved a value-added of 3.7 trillion yuan and total operating revenue of 19.8 trillion yuan, with fixed asset investments reaching 2.7 trillion yuan [1] - Local state-owned enterprises have shown significant performance in technological innovation and supporting the construction of a strong technological nation [2] Group 2 - Research and development (R&D) expenditure by local state-owned enterprises reached 265.55 billion yuan, indicating stable growth [2] - The average completion rate of key tasks for local state-owned enterprises exceeded 90% by the end of June [2] - The SASAC calls for high-quality completion of SOE reform actions and emphasizes the need for restructuring and optimizing the allocation of state-owned capital [2] Group 3 - The year 2025 is highlighted as a pivotal year for the conclusion of the 14th Five-Year Plan and the preparation of the 15th Five-Year Plan [3] - The focus is on enhancing technological innovation, addressing key core technology challenges, and transforming scientific achievements into practical applications [3] - There is a strong emphasis on cultivating new pillar industries that lead industrial upgrades and fostering an environment that encourages innovation and tolerates failure [3]

Core Viewpoint - The article emphasizes the importance of deepening the reform of state-owned enterprises (SOEs) and enhancing their core competitiveness through the cultivation of new productive forces, while also addressing the need for a modernized industrial system and effective governance mechanisms [5][7][9]. Group 1: Economic Contributions and Achievements - In the first half of the year, local regulatory enterprises achieved an added value of 3.7 trillion yuan and completed fixed asset investments of 2.7 trillion yuan, contributing significantly to macroeconomic stability [5][7]. - There has been an increase in R&D funding and collaborative innovation efforts, which have supported the construction of a strong technological nation [5][9]. Group 2: Reform and Governance - The meeting outlined the need for high-quality completion of the SOE reform and proposed three new focuses: a new structure for state capital layout, new governance and operational mechanisms for SOEs, and new regulatory methods for state assets [7][9]. - The emphasis is on resisting "involution" competition, enhancing restructuring and integration, and optimizing the allocation of state capital [6][7]. Group 3: Strategic Planning and Future Directions - The preparation and implementation of the "14th Five-Year Plan" is highlighted as a crucial task for local governments, aiming to guide SOEs in cultivating new productive forces and reshaping future core competitiveness [9]. - The article stresses the importance of fostering an environment that encourages innovation, tolerates failure, and allows for trial and error in the pursuit of technological and industrial advancements [9].

Core Viewpoint - The article emphasizes the importance of deepening the reform of state-owned enterprises (SOEs) and enhancing their core competitiveness through innovation and strategic planning, particularly in the context of the "14th Five-Year Plan" [1][2][8]. Group 1: Economic Contributions and Achievements - In the first half of the year, local state-owned enterprises achieved an added value of 3.7 trillion yuan and completed fixed asset investments of 2.7 trillion yuan, contributing significantly to macroeconomic stability [3]. - There has been an increase in R&D expenditure and collaborative innovation efforts, supporting the construction of a strong technological nation [3]. Group 2: Reform and Development Strategies - The meeting highlighted the need for high-quality completion of the SOE reform and the planning of the next round of reforms, aiming to create innovative, efficient, and vibrant modern SOEs [4]. - A focus on optimizing the allocation of state-owned assets and resisting "involution" competition was emphasized, alongside the need for restructuring and integration of state capital [5]. Group 3: Governance and Regulatory Mechanisms - The establishment of new governance and operational mechanisms for SOEs is crucial, promoting scientific and standardized governance and flexible market-oriented management [6]. - New regulatory methods are to be developed, balancing active management with effective oversight to enhance the professionalism and efficiency of state asset supervision [7]. Group 4: Innovation and Future Competitiveness - The article stresses the importance of fostering new productive forces to reshape future core competitiveness, with a focus on key technology breakthroughs and the transformation of scientific achievements [8][9]. - Encouraging an environment that supports innovation, tolerates failure, and allows for trial and error is essential for the development of new productive forces [9].

Core Insights - In the first half of 2025, central enterprises achieved a value-added output of 5.2 trillion yuan, demonstrating a steady operational trend despite challenges [1] - The annualized labor productivity of central enterprises reached 816,000 yuan per person, reflecting a year-on-year increase of 2.3% [1] - Research and development expenditure by central enterprises amounted to 413.98 billion yuan, while fixed asset investment totaled 2 trillion yuan [1] - The year 2025 marks the concluding year of the deepening reform actions for state-owned enterprises, with a focus on enhancing operational quality and effectiveness [1] - The State-owned Assets Supervision and Administration Commission (SASAC) emphasizes the need for central enterprises to maintain strategic focus while addressing challenges, particularly in stable operations, investment optimization, national security, and collaborative development [1]

Group 1 - The year 2025 marks the conclusion of the deepening reform actions for state-owned enterprises, with multiple regions intensifying policies to support mergers and acquisitions of state-owned enterprises [1] - Nanjing Tourism Group is set to integrate with Nanjing Cultural Investment Holding Group and Nanjing Sports Industry Group to create a comprehensive development and operation platform for cultural tourism and sports in Nanjing [1] - The Nanjing municipal government has issued measures to promote high-quality development of mergers and acquisitions, focusing on optimizing equity structure and enhancing operational efficiency [1] Group 2 - Nanjing Tourism Group is advancing a capital injection plan into Nanjing Commercial Tourism Co., which includes acquiring 100% equity of Nanjing Huangpu Grand Hotel through a combination of share issuance and cash payment [2] - The strategic restructuring of Nanjing Commercial Tourism's controlling shareholder aligns with national directives for deepening state-owned enterprise reforms, aiming to enhance the integration of tourism, culture, and sports sectors [2] - The restructuring is expected to significantly influence Nanjing Commercial Tourism's future strategic positioning and business expansion, allowing for the exploration of synergies across industries [2] Group 3 - In addition to the cultural tourism sector, there have been frequent mergers and acquisitions in energy, high-end equipment, and electronic information sectors this year [3] - Inner Mongolia Electric Power Investment Co. announced plans to restructure assets by acquiring 100% equity of Baiyin Hua Coal Power Co. to optimize resource allocation in the region [3] - China Shipbuilding Industry Co. is merging with China Shipbuilding Heavy Industry Co., with the merger approved by the Shanghai Stock Exchange's review committee [3] Group 4 - In the electronic information sector, Guotou Zhonglu Juice Co. plans to acquire 100% equity of China Electronic Engineering Design Institute through share issuance, expanding its business scope beyond juice production [4] - The year 2025 is critical for the deepening reform of state-owned enterprises, emphasizing the need for clear restructuring objectives and effective coordination mechanisms [4]