（原标题：上合组织前秘书长：多元合作为区域发展注入新动能｜全球财经连线） 南方财经记者 施诗 天津报道 发表《天津宣言》，制定上合组织未来10年发展战略，做出成立上合组织开发银行的政治决定，设立六 个务实合作平台，发表关于促进能源可持续发展、绿色产业、数字经济、人工智能、科技创新合作5份 声明，发表关于支持多边贸易体制的声明，推动上合组织改革实现新的突破......海河之滨，2025年上海 合作组织（上合组织）天津峰会成果丰硕。 当前，百年变局加速演进，世界面临贸易摩擦、地缘政治、战略竞争多重挑战。在此背景下，作为世界 上幅员最广、人口最多的区域合作组织，上合组织的发展备受关注。 上海合作组织前秘书长弗拉基米尔·诺罗夫在接受南方财经记者独家专访时表示，《天津宣言》的发表 将对上合组织成员国产生直接且深远的影响。上合组织的未来前景十分光明，并已深度融入多极化世界 的架构之中。 他强调，随着各成员国进一步系统化推进可持续发展议程，上合组织将进一步巩固其作为欧亚地区负责 任增长中心的地位。 诺罗夫曾于2006年6月至2010年12月、2022年1月至2022年12月两次出任乌兹别克斯坦外交部长，并于 2019年至2 ...

Group 1: Performance of Henan A-Share Listed Companies - In the first half of 2025, 111 Henan A-share listed companies reported that nearly 80% achieved profitability, with overall revenue and net profit reaching new highs [2] - The number of companies with revenue exceeding 10 billion yuan increased to 13, indicating strong growth in the region [2] - Among these, Muyuan Foods achieved a revenue of 76.463 billion yuan, a year-on-year increase of 34.46%, and a net profit of 10.53 billion yuan, up 1169.77% [4] Group 2: Innovations in Traditional Industries - Muyuan Foods has transformed traditional pig farming through technology, leading to significant improvements in efficiency and productivity [4] - The company has developed smart pig farming facilities that maintain optimal conditions for pig health, contributing to its market leadership [4] - Other companies in Henan are also focusing on enhancing traditional industries, gaining attention from capital markets [4] Group 3: Growth in Green Industries - The green industry in Henan has seen significant growth, with sales revenue in ecological protection and environmental governance increasing by 16.1% [11] - The sales revenue of the energy-saving and environmental protection industry grew by 21.9%, indicating a shift towards sustainable practices [11] - Jin Dan Technology is leveraging modern biotechnology to convert corn into high-value biodegradable materials, showcasing innovation in the green sector [8][10] Group 4: New Quality Industries - Companies like Zhongchuang Zhiling are advancing in new quality industries, with a revenue of 19.982 billion yuan, a year-on-year increase of 5.42% [12] - The company is investing in AI chip technology to enhance its capabilities in smart mining and digital factories [12] - The focus on R&D is evident, with Henan A-share companies collectively spending 10.861 billion yuan on research and development in the first half of 2025 [13] Group 5: Mergers and Acquisitions Policy - The Henan provincial government has introduced policies to support mergers and acquisitions among listed companies, aiming to optimize resource allocation and promote high-quality development [14] - This initiative is expected to facilitate the transformation and upgrading of traditional industries while fostering the growth of emerging sectors [14] - The emphasis on mergers and acquisitions aligns with the strategic goals of economic transformation in Henan [14]

Core Viewpoint - The performance of A-share listed companies in Henan province for the first half of 2025 shows resilience and growth, with nearly 80% achieving profitability and record high revenue and net profit levels [8][9]. Group 1: Traditional Industries - Muyuan Foods has transformed traditional pig farming through technology, achieving a revenue of 76.463 billion yuan, a year-on-year increase of 34.46%, and a net profit of 10.53 billion yuan, up 1169.77% [10]. - The company’s growth is attributed to increased pig sales and reduced breeding costs, positioning it favorably in the market after the elimination of inefficient production capacity [10]. - Other leading companies in Henan, such as Shuanghui Development and Yuguang Gold Lead, also reported strong revenue figures, reinforcing the stability of the local economy [12]. Group 2: Green Industries - JinDan Technology is focusing on the circular economy by converting corn starch into biodegradable materials, achieving a revenue of 0.777 billion yuan, a 5.43% increase, and a net profit of 0.096 billion yuan, up 56.31% [13][14]. - The green industry in Henan is experiencing significant growth, with sales in ecological protection and environmental governance increasing by 16.1% and in energy-saving and environmental protection by 21.9% [15]. - Companies like Jinguang Electric and Chengfa Environment are also seeing revenue growth due to their focus on new energy products and innovative business models [15]. Group 3: New Quality Industries - Zhongchuang Zhiling reported a total revenue of 19.982 billion yuan, a 5.42% increase, and a net profit of 2.515 billion yuan, up 16.36% [16]. - The company is investing in AI and digital systems to enhance its operations, indicating a shift towards high-quality production and innovation [16][17]. - R&D investment among Henan A-share companies reached 10.861 billion yuan, with Muyuan Foods leading at 0.921 billion yuan [17]. Group 4: Mergers and Acquisitions - The Henan provincial government has introduced policies to support mergers and acquisitions, aiming to enhance the quality and innovation capabilities of listed companies [18]. - This strategy is expected to facilitate the transformation and sustainable development of enterprises, aligning with the province's economic goals [18]. Group 5: Overall Economic Outlook - The performance of Henan A-share companies reflects a transition from manufacturing to intelligent manufacturing and from homogeneous to differentiated products, indicating a proactive approach to innovation [19].

Group 1 - The central government has implemented a series of fiscal, monetary, and industrial policies aimed at stabilizing employment, which has shown foundational and critical effects in promoting job stability [2][3] - In the first half of the year, 6.95 million new urban jobs were created, achieving 58% of the annual target, supported by measures such as increased unemployment insurance and social insurance subsidies [4][5] - The State Council has issued a notice with 19 policy measures to further enhance employment support, focusing on increasing unemployment insurance returns, deferring social insurance payments, and strengthening skills training [4][5] Group 2 - Local governments have accelerated the implementation of employment stabilization measures, with specific plans in cities like Beijing and Guizhou to create new job opportunities in emerging sectors [6] - Experts predict that the employment situation is likely to improve further due to ongoing economic recovery and the release of policy effectiveness, particularly in the service and manufacturing sectors [6] - There is a call for increased investment in education and training to address structural employment issues and support high-quality employment in the future [7]

Core Viewpoint - The company, Yanpai Co., Ltd., reported a revenue of 429 million yuan for the first half of 2025, marking a year-on-year growth of 19.77%, driven by strong market demand for its non-woven and woven product series [1] Group 1: Financial Performance - The company achieved a net profit attributable to shareholders of 21.52 million yuan and a net profit of 17.92 million yuan after deducting non-recurring gains and losses [1] - The revenue from non-woven and woven series reached 210 million yuan and 160 million yuan, with year-on-year growth rates of 12.88% and 15.44% respectively [1] - The gross profit margins for these segments were reported at 21.60% and 29.99% [1] Group 2: Industry Context - The global filtration materials industry is entering a new growth cycle, driven by tightening environmental regulations, industrial upgrades, and increasing public health awareness [2] - The global filtration materials market is expected to exceed 100 billion USD by 2025, with a compound annual growth rate (CAGR) of over 6% [2] - China currently accounts for over 40% of the global filtration materials production, but there is significant room for domestic products to replace imports [2] Group 3: Competitive Strategy - The company maintains a high level of R&D investment, with 15.79 million yuan allocated in the first half of 2025, representing over 4% of its revenue from 2022 to 2024 [3] - Yanpai Co., Ltd. has been recognized as a national high-tech enterprise and a "specialized and innovative" small giant, enabling it to meet diverse customer needs effectively [3] - The company employs a "production cost + reasonable profit" pricing model to enhance market competitiveness while maintaining cost advantages [4] Group 4: Global Expansion and M&A - The company has established a multi-regional overseas layout, with 155 million yuan in overseas revenue in the first half of 2025, reflecting a year-on-year growth of 14.45% [5] - Yanpai Co., Ltd. announced plans to acquire Technische Textilien Lörrach GmbH & Co. KG (TTL), enhancing its capabilities in the laundry textile sector and expanding its global market presence [6] - The acquisition will allow the company to leverage TTL's established customer relationships and regional expertise to enhance service delivery in Europe and North America [6] Group 5: Supply Chain and Production Capacity - The company is focused on extending its supply chain by establishing subsidiaries for raw material R&D and production, which will stabilize supply and reduce production costs [7] - Recent strategic investments include entering the synthetic leather sector and expanding into consumer-grade filtration and high-permeability materials [7] - The company raised 468 million yuan through convertible bonds to fund high-performance filtration material projects, expected to enhance production capacity and product diversity by the end of 2026 [8]

Core Insights - The economic cooperation between China and ASEAN has become increasingly active, with China's imports and exports to ASEAN reaching 3.67 trillion yuan in the first half of the year, a year-on-year increase of 9.6%, surpassing the overall growth rate of China's goods trade [1] - The completion of the China-ASEAN Free Trade Area 3.0 negotiations is expected to lower the entry barriers for Chinese companies into the ASEAN market, enhance connectivity, and reduce operational costs, ultimately establishing a more resilient regional supply chain [1][2] Economic Cooperation - The China-ASEAN Free Trade Area 3.0 significantly expands the original framework by adding nine new chapters, including digital economy, green economy, and supply chain connectivity, which will facilitate deeper regional cooperation [2] - The completion of the negotiations sends a clear signal of deepening regional cooperation and strengthening connectivity amid rising global protectionism [2] Investment Trends - ASEAN has become a preferred destination for Chinese foreign direct investment (ODI), with a projected growth of 12.6% in 2024 [4] - The region's appeal lies in its proximity to China, lower operational costs, and a young population, providing a substantial consumer market [5] - Chinese investment in ASEAN is transitioning from infrastructure to innovation, with a focus on technology, consumer goods, clean energy, and digital services [5] Financial Needs and Challenges - Chinese companies expanding into ASEAN have evolving financial needs, including understanding local business environments, liquidity management, and risk hedging [8] - Different stages of development present unique challenges, from understanding legal and tax frameworks to maximizing capital efficiency during the investment phase [8] Digital Economy Development - ASEAN's digital economy is projected to reach $1 trillion by 2030, with potential to double if the ASEAN Digital Framework Agreement is successfully implemented [11] - Standard Chartered Bank aims to be a key partner in ASEAN's digital transformation, leveraging its global network and expertise [12] Currency Usage - The use of the renminbi in ASEAN has shown strong growth, with cross-border renminbi settlement volume expected to increase by 35% in 2024 [14] - The establishment of local currency settlement frameworks and the integration of local banks into the renminbi cross-border payment system are enhancing transaction efficiency [15]

Core Viewpoint - Greenland Holdings Group Co., Ltd. reported significant declines in revenue and profit for the first half of 2025, reflecting challenges in the real estate market and broader economic conditions [1][2]. Financial Performance - The company achieved operating revenue of approximately 94.5 billion RMB, a decrease of 18.06% compared to the same period last year [2]. - Total profit for the period was a loss of approximately 3.59 billion RMB, a decline of 466.14% year-on-year [2]. - The net profit attributable to shareholders was approximately -3.51 billion RMB, down 1,772.40% from the previous year [2]. - The net cash flow from operating activities was approximately -2.48 billion RMB, an improvement of 52.48% compared to the previous year [2]. - As of June 30, 2025, the net assets attributable to shareholders were approximately 60.68 billion RMB, a decrease of 5.23% from the end of the previous year [2]. Industry Overview - The company operates primarily in real estate and infrastructure, with a strong presence in both domestic and international markets [3][4]. - In the real estate sector, the company reported a contract sales amount of 33.9 billion RMB, a year-on-year increase of 6.6% [4]. - The real estate market is experiencing a gradual recovery, supported by government policies aimed at stabilizing expectations and activating demand [4][5]. - The infrastructure sector is benefiting from national initiatives to strengthen infrastructure construction, with the company involved in various projects across over 20 countries [6][7]. Business Segments - The real estate segment remains the core business, with a diverse portfolio including residential and commercial properties [4]. - The infrastructure segment has a total project value of approximately 628.2 billion RMB, with a focus on both housing construction and infrastructure projects [6]. - The financial segment is evolving with a focus on supply chain finance, digital finance, and special opportunity investments [9][10]. Market Conditions - The overall real estate market is showing signs of recovery, but the pace is uneven across different regions, with lower-tier cities lagging behind [5][8]. - Infrastructure investment is maintaining steady growth, with a year-on-year increase of 4.6% in the first half of 2025 [8]. - The energy sector is also a key focus, with the company positioned as a coal supply platform in Shanghai, ensuring stable supply and cost control [12][13]. Strategic Initiatives - The company is actively pursuing new business opportunities in consumption, including trade, tourism, and automotive sectors, to diversify its revenue streams [15][19]. - The establishment of the Greenland Global Commodity Trade Port aims to enhance international trade and logistics capabilities [15]. - The company is leveraging its strengths in technology and design within the infrastructure sector to maintain a competitive edge [7].

Core Viewpoint - The article discusses the transformation of tourism and cultural industries in China, highlighting a shift from "internet-famous cities" to a more sustainable and localized approach to tourism, driven by changing consumer preferences and government involvement [4][6][34]. Group 1: Changes in Consumer Preferences - There is a noticeable shift in consumer demand for tourism, moving away from a "traffic-oriented" model to a desire for more personalized and culturally rich experiences [6][10]. - Despite the changes, domestic travel and consumption continue to grow, with record numbers during key holidays [5]. Group 2: Government Involvement and Support - Successful tourism events, such as the "Su Super League," have been supported by active government participation, including free access to attractions and public transport [8][9]. - However, there is a trend of government departments becoming more restrained in their promotional efforts for tourism, indicating a shift in focus [9][22]. Group 3: Economic Context and Challenges - The article outlines the decline of the real estate economy and its impact on local government revenues, leading to a re-evaluation of tourism as a transitional economic strategy [10][14]. - The rise of green economy initiatives and environmental regulations has made it more challenging for traditional industries to thrive, further complicating the economic landscape [15][16]. Group 4: The Future of Tourism - The era of "internet-famous cities" is seen as coming to an end, with a more cautious approach to tourism development expected in the future [34]. - Local governments are likely to prioritize investments in high-tech industries over tourism, reflecting a broader strategic shift in resource allocation [23][24][26].

Group 1 - The electric equipment and photovoltaic equipment industries are currently in a phase of supply contraction and increased concentration [1] - The supply contraction of wind power and photovoltaic equipment is similar, while the supply of grid equipment is low but showing signs of marginal recovery [1] - From a capital cycle perspective, these industries have experienced long periods of low profitability and lack of expansion motivation, now entering a recovery phase for profitability [1] Group 2 - Under the "anti-involution" logic, industry supply expansion has peaked, and capital expenditure is declining, while demand remains relatively stable, improving the supply-demand balance and driving a rebound in profitability [1] - The thermal power sector within the electric equipment industry shows significant cyclical profit characteristics, and the industry structure is expected to improve further due to self-discipline and price constraints from distributors [1] Group 3 - The Carbon Neutrality 50 ETF (159861) tracks the Environmental Protection 50 Index (930614), which selects outstanding listed companies in environmental protection, pollution control, and clean energy sectors from the Shanghai and Shenzhen markets [1] - This index covers multiple sub-industries, including new energy and energy-saving technologies, demonstrating strong industry representation and growth potential [1] - Investors without stock accounts can consider the Guotai CSI Environmental Industry 50 ETF Connect C (012504) and Connect A (012503) [1]

Core Viewpoint - The phenomenon of "internet celebrity cities" has diminished, with a shift in focus from tourism-driven economic models to more sustainable and diversified economic strategies, particularly in the context of local government resource allocation and attention [49][54]. Group 1: Changes in Tourism Demand - The demand for tourism has evolved, with consumers seeking personalized and culturally rich experiences rather than just popular attractions [4][12]. - Despite the changes, domestic travel and consumption continue to grow, with record numbers during key holidays [3][4]. Group 2: Government Involvement in Tourism - Successful tourism events, such as "Su Chao," have been supported by active government participation, which has been crucial for transforming lesser-known cities into popular destinations [5][6]. - However, there is a noticeable decline in government enthusiasm and involvement in promoting tourism compared to previous years [7][9]. Group 3: Economic Transition and Challenges - The shift from a real estate-driven economy to a focus on "new quality productivity" has led to a reevaluation of tourism's role in local economies [12][41]. - The rise of green economy initiatives and regulatory challenges have made it more difficult for traditional industries to thrive, further complicating the landscape for tourism [22][24]. Group 4: Resource Allocation and Strategic Focus - Local governments are increasingly prioritizing investments in high-tech industries over tourism, reflecting a broader strategic shift in resource allocation [42][46]. - The competition for attention and resources has led to a decline in the prominence of tourism in government agendas, as officials focus on attracting high-tech enterprises [44][46]. Group 5: Future of Tourism - While tourism remains a viable source of revenue, its role has shifted from a primary driver of economic growth to a supplementary component in local economic strategies [52][54]. - The era of "internet celebrity cities" is considered over, with expectations for future tourism phenomena being significantly tempered [53][54].