在本次年度股东大会，面对同样的问题，张伟并没有选择同样的回应方式。他说："格力电器的发展是 一脉相承的，既有变化，也没有变化。不变的是情怀、初衷，以及价值担当；需要变化的是公司的价值 增长。现在，我们可以看到，公司的管理团队更有活力与激情，主要的工作仍将围绕着公司的产品、销 售、品质，包括人才的建设。" 6月30日，格力电器2024年度股东大会在珠海举行。与以往不同，今年，格力电器董事长董明珠的话语 少了许多。虽然面对投资者的提问，董明珠仍然会在关键点接过话筒进行补充，但格力电器管理层中更 加年轻的面孔，开始更频繁地拿起话筒，他们从台下的第一排起身，再转身面向到场的股东，认真谨慎 地回答着问题。 董明珠在现场坦言："我会少些话语，给年轻人更多的机会。" 谈未来：格力的变与不变 作为一家以空调业务赢得市场尊重的传统家电巨头，格力电器如何摆脱空调业务收入过重，营收结构单 一的现状？格力电器下一步的重点究竟是什么？这些始终是投资者关注的首要问题。 今年，刚刚接任格力电器总裁职位的张伟在2024年度网上业绩说明会上表示："格力电器是一家多元 化、科技型的全球工业集团，产业覆盖家用消费品和工业装备两大领域。在消费电器板 ...

Core Insights - Insurance capital frequently acquiring stakes in Hong Kong-listed companies has become a market focus, with 17 acquisitions noted in the first half of the year, 14 of which were in Hong Kong stocks [1][3] - A survey indicates that 63% of insurance institutions plan to increase their investment in Hong Kong stocks by 2025, reflecting a strategic shift in asset allocation [1][3] Group 1: Motivations Behind Increased Investment - The first motivation is the value discovery in undervalued stocks, as the Hang Seng Index has outperformed the CSI 300 Index, with H-shares showing lower valuations and attractive dividend yields, such as around 5% for major state-owned banks and over 8% for some energy stocks [3] - The second motivation is the presence of high-quality enterprises in the Hong Kong market, with leading technology and consumer companies like Tencent and Anta enhancing their investment appeal through innovation and brand value [3] - The third motivation is the diversification of asset allocation and risk mitigation, as the international nature of the Hong Kong market allows for different price movements compared to A-shares, thus balancing the investment portfolio and improving risk-return ratios [3] - The fourth motivation is the financial adaptability under new accounting standards, with many leading insurance institutions implementing IFRS 9 and IFRS 17, allowing for the inclusion of high-dividend Hong Kong stocks in FVOCI accounts to stabilize earnings [3] Group 2: Broader Implications - The frequent acquisitions by insurance capital in Hong Kong-listed companies signify an adjustment in asset allocation and a vote of confidence in Chinese assets, enhancing return elasticity and promoting the revaluation of Hong Kong stocks [4]

Core Insights - The article discusses the strategic transformation of Green Source Group, focusing on its "All-Scenario Light Travel" strategy and the developments over the past 100 days [1][20] - The company aims to enhance its market position in the two-wheeled electric vehicle industry through a multi-brand approach and innovative product offerings [1][20] Group 1: First Curve - Stability and Change in Commuting - Green Source has transitioned from a single brand operation to a multi-brand structure, creating three systems: Green Source Electric Vehicles, LYVA, and Source Traveler [3][4] - The "First Curve" serves as the economic foundation for the company's growth, referred to as the "granary" by CEO Hu Jihong [3][4] - The company has implemented a dual-drive strategy focusing on product structure optimization and compliance with new national standards [6][9] - The "Smart Super Endurance" series launched in June addresses market demands for endurance and durability, achieving over 120 kilometers of real-world endurance even in extreme cold [6][8] Group 2: Second Curve - LYVA's Growth from 0 to 1 - The LYVA brand aims to lead the second curve of growth by shifting from functional competition to value competition in the electric bicycle sector [10][11] - LYVA has initiated the certification process for the European E-bike market, with expectations to capture high-end consumer demand [11][13] - The European E-bike market is projected to grow significantly, with annual purchases expected to rise from 3.7 million in 2019 to 17 million by 2030 [13] Group 3: Third Curve - Replicating the "West Lake Model" for Rental Services - The Source Traveler brand has introduced an integrated rental service model, successfully piloting smart rental points in popular tourist destinations [16][19] - The rental service offers a seamless user experience and has shown strong profitability, with daily rental income reaching thousands during peak seasons [16][19] - Future plans include partnerships with local businesses to create a service ecosystem that enhances user engagement and brand loyalty [18][19] Conclusion - Green Source's strategic transformation reflects a commitment to long-term growth and adaptability in a competitive market [20] - The company emphasizes the importance of understanding market dynamics and user needs to drive its strategic initiatives forward [20]

【编者按】 在人工智能与人形机器人的一骑绝尘中，中国大学迎来2025。 2025年，注定要成为变革的年份。是以战略敏捷赢得战略主动，还是在延误中错失转型机遇，中国大学 踏上征途。 人工智能技术如何赋能学科建设？人工智能技术给创新人才培养带来哪些启示？智通财经特推出"大学 2025"专题，以深入探讨人工智能时代的大学之变。 日前，福建福耀科技大学常务副校长徐飞接受智通财经专访时表示，福耀科大通过民办公助模式整合资 源、以多元评价引导教育回归本质、借AI技术重构教学范式，正在探索一条产业需求驱动、科技赋 能、全球协作的新型研究型大学发展路径。 我想强调的是，"民办公助"模式的核心优势体现在三个方面：其一，资源聚焦与机制灵活。民间资本 （慈善基金）的投入，确保了学校在硬件设施、高端师资引进、前沿科研设备等方面的高起点投入，避 免了传统公办高校资源分散、审批链条长的问题。同时，非营利性定位保障了所有资源都用于办学本 身。公助则体现在政府在学校用地、政策支持、部分生均经费补贴等方面给予的保障，体现了国家对创 新型人才培养的重视。这种结合使我们既有充足的资源，又有相对灵活的办学自主权，能够快速响应科 技与产业变革。 在人 ...

Group 1 - The White House is promoting stablecoin legislation to boost the U.S. Treasury market and strengthen the dollar's position in trade settlements [1][2] - The proposed legislation requires stablecoin issuers to hold reserves exceeding one dollar for each coin issued, which must be backed by liquid assets like U.S. Treasury bonds [2][3] - The rise of stablecoins is expected to create new demand for U.S. Treasury bonds, potentially lowering short-term yields amid current selling pressures [2][3] Group 2 - Stablecoins aim to combine the efficiency of digital assets with the reliability of traditional currencies, reinforcing the dollar's dominance in the global monetary system [3][4] - The majority of stablecoins are pegged to the U.S. dollar, which may enhance dollar liquidity and demand, further solidifying its position [3][4] - Stablecoins could transform the international remittance market by offering near-zero transaction fees and instant settlements, thereby increasing the dollar's use in global trade [4][5] Group 3 - Despite the potential benefits, stablecoins cannot address the underlying issues of U.S. debt sustainability and the long-term decline of the dollar's share in global reserves [5] - The dollar's share in global foreign exchange reserves has decreased from 71% in 2000 to an estimated 57.8% by 2025, reflecting concerns over U.S. fiscal sustainability [5]

图为农民驾驶农机在浙江省玉环市漩门湾三期智慧农业示范基地内进行"海水稻"插秧作业。段俊利摄 （人民视觉） 中国"三农"即将迎来新一次全面摸底——国务院日前印发通知，决定于2026年开展第四次全国农业普 查。 为何选择在这一时点开展普查？具体查什么？与以往相比，这次普查有哪些新变化？ 时隔10年再次启动 农业普查是一项重大的国情国力调查，与经济普查、人口普查共同组成了中国的三大周期性普查项目。 1996年，中国开展了第一次全国农业普查。此后，分别于2006年、2016年实施了第二次、第三次全国农 业普查。国家统计局国民经济综合统计司司长付凌晖介绍，根据《中华人民共和国统计法》和《全国农 业普查条例》规定，农业普查每十年举行一次，尾数逢6的年份为普查年度。2026年，我国将开展第四 次全国农业普查。 农业普查是一个国际性的统计调查项目。数据显示，联合国粮食和农业组织（FAO）自1950年起，每10 年制定一个世界农业普查指导性方案，目前全世界有110多个国家和地区参照该方案进行了农业普查， 提交了农业普查成果。 第四次全国农业普查即将展开，主要查什么？有什么变化和创新？ 近日，山东省青岛市西海岸新区的马铃薯喜获丰 ...

Core Viewpoint - The 2024 annual shareholder meeting of Gree Electric Appliances highlighted a shift towards empowering younger management, with less emphasis on the traditional leadership style of Chairwoman Dong Mingzhu [2][3] Group 1: Management Changes - Dong Mingzhu expressed her intention to speak less and provide more opportunities for younger leaders within the company [3] - Zhang Wei, the newly appointed president, emphasized Gree's commitment to diversification and technological advancement across its product lines, including home appliances and industrial equipment [3][4] - The management team is described as more vibrant and passionate, focusing on product quality, sales, and talent development [3] Group 2: Financial Performance - Gree Electric Appliances reported a total revenue of 190.04 billion yuan for 2024, a year-on-year decrease of 7.31%, while net profit attributable to shareholders was 32.185 billion yuan, an increase of 10.91% [3] - In the first quarter of 2025, the company achieved a revenue of 41.639 billion yuan and a net profit of 5.904 billion yuan, reflecting year-on-year growth of 13.78% and 26.29% respectively, indicating a strong recovery after the revenue decline in 2024 [3] Group 3: Strategic Focus - Gree Titanium has completed a restructuring process, focusing on three key areas: lithium carbonate batteries, energy storage, and new energy vehicles [4] - Dong Mingzhu highlighted the importance of aligning Gree Titanium's operations with the company's culture and future competitiveness, particularly in areas such as motors, capacitors, and power control [4][5] - The company maintains a commitment to integrity, stating that Gree Titanium's challenges have not affected shareholder dividends or overall profitability [5]

Core Viewpoint - The frequent acquisition of Hong Kong-listed companies by insurance capital has drawn significant market attention, driven by factors such as valuation opportunities, high-quality enterprises, diversification strategies, and new accounting standards [1][2][3][4] Group 1: Valuation Opportunities - Insurance capital is attracted to the low valuation of Hong Kong stocks, with the Hang Seng Index's price-to-earnings ratio at 10.7, lower than the 13.1 ratio of the CSI 300 Index as of June 30 [1] - The AH premium index, despite a 9.13% decline in the first half of the year, remains at 129.94, indicating that A-shares are priced 29.94% higher than H-shares, suggesting H-shares are undervalued [1] Group 2: High-Quality Enterprises - The influx of high-quality mainland companies listing in Hong Kong, along with the active performance of technology and consumer stocks, enhances the attractiveness of the Hong Kong market [3] - Leading technology firms like Tencent and Meituan are driving innovation, while consumer brands like Anta and Haidilao are capitalizing on global growth opportunities, creating unique investment value [3] Group 3: Diversification Strategies - The high internationalization of the Hong Kong market allows insurance capital to reduce overall portfolio volatility and improve risk-return ratios through dynamic balance between A-shares and H-shares [3] - Hong Kong's mature financial infrastructure and legal environment serve as a key hub for international asset allocation, aligning with the global expansion needs of insurance companies [3] Group 4: New Accounting Standards - The implementation of IFRS 9 and IFRS 17 by leading insurance firms necessitates a strategic approach to asset classification, with a preference for high-dividend Hong Kong stocks to stabilize earnings and enhance returns [4] - By classifying stock assets under FVOCI, insurance companies can smooth out performance fluctuations while benefiting from stable dividend income [4]

中东专场上，亚投行阿布扎比业务中心首席代表、商务部国际经贸关系司原副司长孙元江以亚投行在阿 联酋阿布扎比设立办公室的经历为切入点，分析了中东地区成为全球投资热土的多重因素。 凤凰网财经讯 6月28-29日，"2025中国企业出海高峰论坛"在深圳举行，本次论坛由凤凰网主办，雪花超 高端系列品牌-醴首席赞助合作，中国企业出海全球化理事会联合主办，以"为开放的世界"为主题，旨 在全球产业链深度重构之际，为中国企业搭建思想碰撞、资源对接、规则对话的高端平台，系统性破解 出海难题，共探生态共赢转型路径。 亚投行阿布扎比业务中心首席代表、商务部国际经贸关系司原副司长孙元江 孙元江指出，沙特、阿联酋等国正积极推进经济多元化战略，他们很注重再生能源的领域，还有一些高 科技的，AI技术、数据的基础设施、生物，"我觉得这些领域包括物流、房地产都是企业可以关注的领 域和方向。" 点击 " 阅读原文 " 了解更多详情 ！ 孙元江透露，亚投行选择在阿布扎比设立首个海外办公室，最初是出于疫情期间国际旅行的实际需求。 阿联酋早早放开旅行限制，加之其地处亚非欧交汇处的8小时航空圈核心位置，可高效覆盖非洲、中 东、中亚和南亚等关键市场，最终促 ...

Core Viewpoint - Qi Yunshan Food has submitted an application for listing on the Hong Kong Stock Exchange, with a strong reliance on its flagship product, South Jujube Cake, which accounts for over 80% of its revenue [1][3][4]. Group 1: Financial Performance - Qi Yunshan Food reported revenues of 217 million yuan, 247 million yuan, and 339 million yuan for the years 2022, 2023, and 2024, respectively, with net profits of 25.63 million yuan, 23.70 million yuan, and 53.20 million yuan during the same period [3][4]. - The flagship product, South Jujube Cake, generated revenues of 193 million yuan, 209 million yuan, and 294 million yuan from 2022 to 2024, representing 88.7%, 84.7%, and 86.7% of total revenue for those years [3][4]. Group 2: Product and Market Strategy - Qi Yunshan Food has launched five types of South Jujube products, including South Jujube Cake, South Jujube Granules, and South Jujube Soft Candy, among others [3]. - The company plans to diversify its product offerings and has introduced seven flavors of South Jujube Cake and various fruit and vegetable cakes to address market demand [4][5]. Group 3: Sales Channels - The company primarily relies on offline sales channels, with 199 out of 230 distributors being offline, generating 1.89 billion yuan, 2.11 billion yuan, and 3.03 billion yuan in revenue from 2022 to 2024, accounting for approximately 86.9%, 85.6%, and 89.3% of total revenue [6][7]. - Online direct sales generated revenues of 25.84 million yuan, 31.66 million yuan, and 32.93 million yuan during the same period, representing about 11.9%, 12.8%, and 9.7% of total revenue [7]. Group 4: Market Position - As of 2024, Qi Yunshan Food holds a 32.4% market share in the South Jujube food market in China, ranking first in the industry, while its overall market share in the fruit snack market is only 0.6%, placing it ninth [9].