本文来自微信公众号：经济观察报 （ID：eeo-com-cn），作者：田进，题图来自：AI生成 在一次因琐事和儿媳妇争吵几句后，50多岁的商英负气回了老家，留下一句"我下次来，如果你还甩脸 子，不知道感恩，我就没有义务带孩子。" 2021年暑假，为了帮儿子儿媳照顾刚上学的孙子，商英从陕西农村赶赴西安，开启了老漂生活。三代人 共同生活，矛盾逐渐凸显。除了照顾一家人的生活起居外，商英还得适应儿媳妇的生活消费习惯。比 如，"忍受"儿媳妇把衣服四处乱丢或者购买一万多元的化妆品等。 除了每天都忙得心里发慌，商英也感觉失去了自我，浑身不舒适。 回到家后，邻居问她为何突然回来，她只能以"住不惯"来搪塞。但只在老家待了几天，她又开始操心孙 子的生活起居，计划着要重返"漂着"的生活。 "老漂族"是指从外地来到子女所在城市，帮子女看孩子、做家务的老人。2015年，国家卫计委（现国家 卫健委）发布的流动老人健康服务专题调查显示，流动老人占流动人口总量的7.2%。其中，照顾晚辈 生活的老漂族比例达43%。2020年，中国流动人口总量为3.76亿，如果依旧按照2015年比例计算，中国 老漂族超过1100万人。 他们是子女所在城市的陌生 ...

Group 1: Core Insights - The document outlines the new strategic direction for urban development in China, emphasizing a shift from rapid growth to stable development and from large-scale expansion to quality and efficiency improvements [2][3] - The goal of modernizing cities is highlighted, focusing on enhancing citizen satisfaction as a key measure of high-quality urban development [2] Group 2: Urban Development Trends - Cities are expected to experience differentiation, with some expanding and others facing population decline and potential consolidation [4][6] - The urbanization rate in China has reached 67%, indicating a significant level of urban development [6] Group 3: Economic Transition - The reliance on land finance for urban development is deemed unsustainable, necessitating a search for new development drivers [7][8] - Urban renewal is identified as a critical strategy for revitalizing cities, involving the optimization of existing spaces and the enhancement of living conditions [8][10] Group 4: Urban System Optimization - The need for a differentiated approach to urban planning is emphasized, taking into account regional disparities and the unique characteristics of different cities [12][13] - The document stresses the importance of balancing the development of mega cities with the needs of smaller towns and cities [13] Group 5: Historical Context and Future Outlook - The document reflects on the progress made over the past decade in addressing urban issues, while acknowledging that challenges remain [14][15] - It highlights the importance of sustainable urban planning to prevent issues such as urban sprawl and administrative boundary adjustments that do not align with practical needs [15]

值得一提的是，奥克斯电气海外市场发展迅猛，对整体业绩贡献很大，截至2025年3月31日止三个月， 其海外收入占比达57.1%。 在乡村振兴政策、城镇化进程带来的下沉市场增量需求以及消费者对产品性价比愈加关注等因素的推动 下，大众市场已经成为中国空调行业增长的重要引擎。奥克斯电气把握行业发展机遇，依靠销售覆盖面 和高性价比的产品，持续扩大市场份额和品牌影响力。 招股书显示，奥克斯电气香港IPO募资金额计划用于新产品的研发及现有产品的持续升级、设立海外研 发中心及扩充全球研发团队、投入长期研发工作(重点聚焦持续研究及升级空调的基础技术)、升级智能 制造体系及供应链管理、加强销售及经销渠道、营运资金及一般公司用途。 此次招股，奥克斯电气有望借助资本市场的力量进一步提升品牌影响力，拓展市场份额，完善产业链布 局。对于投资者而言，奥克斯电气在行业内的地位以及未来的发展潜力，或将带来新的投资机遇。 智通财经APP获悉，8月25日，全球前五大空调提供商之一——奥克斯电气有限公司(02580)(以下简 称"奥克斯电气")正式开启招股。公司拟发行约2.07亿股，其中香港发售约占5%，国际发售约占95%， 最高发行价为每股17. ...

Group 1 - The Shanghai Urban Infrastructure Index (H50034) rose by 0.67% to 1272.83 points, with a trading volume of 20.635 billion yuan [1] - Over the past month, the index has increased by 1.45%, by 7.37% over the last three months, and by 0.56% year-to-date [1] - The index reflects the performance of listed companies influenced by changes in economic and consumption structures, focusing on themes such as intensive, intelligent, and green low-carbon development [1] Group 2 - The top ten weighted stocks in the Shanghai Urban Infrastructure Index include China State Construction (9.11%), China Railway (6.93%), and Anhui Conch Cement (6.81%) [1] - The index is composed entirely of stocks listed on the Shanghai Stock Exchange, with industrial companies making up 56.81%, real estate 32.23%, and materials 10.95% [2] - The index samples are adjusted biannually, with changes implemented on the next trading day after the second Friday of June and December [2]

Group 1 - The Shanghai Intelligent Transportation Index (H50035) increased by 1.97%, closing at 2032.52 points with a trading volume of 24.764 billion yuan [1] - The index has risen by 11.80% over the past month, 14.94% over the past three months, and 18.87% year-to-date [1] - The index series reflects the performance of listed companies influenced by changes in economic and consumption structures during the urbanization process, focusing on themes such as intensive, intelligent, and green low-carbon development [1] Group 2 - The top ten weighted companies in the Shanghai Intelligent Transportation Index include SAIC Motor (10.86%), Hongfa Technology (8.6%), Aerospace Electronics (8.53%), and others [1] - The index is composed entirely of companies listed on the Shanghai Stock Exchange, with a 100% representation [1] - The sample industries of the index show that consumer discretionary accounts for 29.67%, information technology for 29.62%, industrials for 29.11%, and communication services for 11.60% [2] Group 3 - The index sample is adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [2] - Weight factors are generally fixed until the next scheduled adjustment, with special circumstances allowing for temporary adjustments [2] - Companies that are delisted or undergo mergers, acquisitions, or splits are handled according to specific calculation and maintenance guidelines [2]

金融界8月14日消息，上证指数高开低走，上证绿色城镇指数 (沪绿色城，H50031)下跌1.03%，报 2455.67点，成交额328.45亿元。 数据统计显示，上证绿色城镇指数近一个月上涨9.19%，近三个月上涨11.54%，年至今上涨6.05%。 从指数持仓来看，上证绿色城镇指数十大权重分别为：万华化学（10.15%）、国电南瑞（8.75%）、上 汽集团（8.55%）、江淮汽车（8.3%）、三安光电（4.55%）、宇通客车（3.61%）、云天化（3.3%）、 士兰微（3.2%）、宏发股份（3.13%）、北汽蓝谷（2.95%）。 从上证绿色城镇指数持仓的市场板块来看，上海证券交易所占比100.00%。 据了解，上证城镇化指数系列主要围绕集约、智能、绿色低碳等主题，多角度反映城镇化进程中受经济 结构和消费结构变化影响的上市公司证券的表现。城镇化指数系列包括1条城镇化指数和6条子指数，分 别为智慧城镇、智能交通、绿色城镇、城镇基建、城镇交通、城镇消费。该指数以2012年06月29日为基 日，以1000.0点为基点。 从上证绿色城镇指数持仓样本的行业来看，工业占比40.53%、可选消费占比21.59%、原材料占比 ...

Group 1 - The Shanghai Intelligent Transportation Index (H50035) rose by 0.44% to 1892.42 points, with a trading volume of 17.419 billion yuan [1] - The index has increased by 8.14% over the past month, 10.83% over the past three months, and 12.35% year-to-date [1] - The index series reflects the performance of listed companies influenced by changes in economic and consumption structures during the urbanization process, focusing on themes such as intensive, intelligent, and green low-carbon development [1] Group 2 - The top ten weighted companies in the Shanghai Intelligent Transportation Index include SAIC Motor (10.39%), Hongfa Technology (9.56%), Aerospace Electronics (9.15%), and others [1] - The index is composed entirely of companies listed on the Shanghai Stock Exchange, with a 100% representation [1] - The industry composition of the index sample shows that industrial companies account for 31.00%, consumer discretionary for 29.43%, information technology for 28.24%, and communication services for 11.33% [2] Group 3 - The index sample is adjusted biannually, with changes implemented on the next trading day following the second Friday of June and December [2] - Weight factors are generally fixed until the next scheduled adjustment, with special circumstances allowing for temporary adjustments [2] - Companies that are delisted or undergo mergers, acquisitions, or splits are handled according to specific calculation and maintenance guidelines [2]

Summary of Key Points from Conference Call Records Industry Overview - The focus is on the service consumption sector in China, particularly in comparison to developed countries like the US, Japan, and South Korea. The current service consumption in China is relatively low, even when GDP per capita reaches approximately $13,000, indicating significant room for growth in service consumption [1][2][11]. Core Insights and Arguments - **Drivers of Service Consumption Growth**: - Three main drivers identified: urbanization, aging population, and increased government spending on social welfare as GDP per capita exceeds $10,000, known as the Wagner's Law effect [1][4][17]. - Urbanization leads to increased demand for urban public services and lifestyle services [4][12]. - The aging population significantly boosts demand for healthcare and elderly care services [14][17]. - Government investment in social welfare is expected to rise, enhancing consumer spending [15][17]. - **Technological Gaps**: - There exists a technological gap between China and the US in productive services, particularly in information technology and software transmission. China needs to enhance its capabilities in these areas to close the gap and improve productivity, which in turn can lead to wage growth and service sector development [5][19]. - **Employment and Quality of Jobs**: - The rapid urbanization has not been matched by a corresponding increase in high-quality jobs in the service sector, leading to a situation where many workers are forced into low-quality service jobs, exacerbating the issue of "involution" in the service industry [6][7][24]. - **Price Dynamics**: - Service price growth in China has been lower than that of goods, indicating a broader low-price issue that extends beyond manufacturing to the service sector. This necessitates a focus on improving the quality of service supply to stimulate consumer willingness to pay [3][8][9]. - **Comparison with the US**: - The US has seen a significant increase in service sector contribution to GDP, reaching 76% by 2009, while China remains at a lower stage of development. The US has a more integrated productive service sector that supports various industries, while China's service sector is still developing [16][22]. Additional Important Insights - **Future Focus Areas**: - Over the next five years, China is expected to prioritize the development of both productive and lifestyle services, with an emphasis on technological advancements and improved income distribution mechanisms to enhance wages in the service sector [24][25]. - **Potential Growth Areas**: - Specific sectors identified for future growth include information technology, scientific research, wholesale and retail, and health and social work, which show strong demand elasticity with rising income levels [25][26]. - **Challenges in Service Sector**: - The service sector faces challenges such as insufficient high-quality job creation and the need for better integration of productive services with manufacturing to enhance overall economic growth [6][27]. This summary encapsulates the key points discussed in the conference call, highlighting the current state and future potential of the service consumption sector in China, along with the challenges it faces in comparison to developed economies.

Group 1 - The Shanghai Urban Infrastructure Index (H50034) experienced a slight decline of 0.01%, closing at 1237.17 points with a trading volume of 16.678 billion yuan [1] - Over the past month, the Shanghai Urban Infrastructure Index has increased by 6.04%, and by 6.76% over the last three months, while it has decreased by 1.59% year-to-date [1] - The index reflects the performance of listed companies influenced by changes in economic and consumption structures, focusing on themes such as intensive, intelligent, and green low-carbon development [1] Group 2 - The top ten weighted stocks in the Shanghai Urban Infrastructure Index include China State Construction (9.44%), China Railway (6.99%), and Poly Development (6.9%) among others [1] - The index is composed entirely of stocks listed on the Shanghai Stock Exchange, with the industrial sector accounting for 57.78%, real estate for 31.31%, and materials for 10.91% [2] - The index samples are adjusted biannually, with changes implemented on the next trading day following the second Friday of June and December [2]

Group 1 - The Shanghai Composite Index decreased by 0.37%, while the Shanghai Urban Infrastructure Index fell by 0.46%, closing at 1237.37 points with a trading volume of 20.049 billion yuan [1] - The Shanghai Urban Infrastructure Index has increased by 6.04% over the past month and 6.76% over the past three months, but has declined by 1.59% year-to-date [2] - The index series reflects the performance of listed companies influenced by changes in economic and consumption structures, focusing on themes such as intensive, intelligent, and green low-carbon development [2] Group 2 - The top ten weighted stocks in the Shanghai Urban Infrastructure Index include China State Construction (9.44%), China Railway (6.99%), and Poly Development (6.86%) [2] - The index is composed entirely of stocks listed on the Shanghai Stock Exchange, with the industrial sector accounting for 57.81%, real estate for 31.30%, and materials for 10.90% [3] - The index samples are adjusted biannually, with changes implemented on the next trading day following the second Friday of June and December [3]