Core Viewpoint - The leadership of Shenwan Hongyuan's research institute is undergoing a significant change, with Wang Sheng set to take over as the new head, reflecting the company's internal talent development strategy and a shift towards younger leadership [2][4][12]. Group 1: Leadership Transition - Wang Sheng, a veteran researcher who joined the company in 2009, is being appointed as the head of the research institute, succeeding Zhou Haichen, who has moved into a higher executive role [2][4]. - Zhou Haichen, who has been with the company since 2006, has transitioned to a senior management position, indicating a trend of promoting internal talent within Shenwan Hongyuan [3][4]. - The appointment of Wang Sheng signifies a new phase for the research institute, emphasizing the importance of internal talent cultivation and continuity in leadership [3][4]. Group 2: Research Institute's Historical Context - Shenwan Hongyuan's research institute has a rich history, tracing back to 1992, and has been recognized as a leading research entity in China's securities market [7][8]. - The institute has been pivotal in developing a systematic industry classification standard, which has become a benchmark for investment research in China [7][8]. - The research institute has evolved through various mergers and reforms, enhancing its operational capabilities and expanding its research coverage [8][9]. Group 3: Focus on Young Talent - The leadership transition is part of a broader trend towards younger management, with Wang Sheng and other key figures being from the post-80s generation [12][13]. - The emphasis on internal promotion and the integration of younger professionals is expected to bring vitality and innovative perspectives to the research institute [12][14]. - The company is also facing challenges, such as declining commission revenues, which necessitate effective leadership and strategic direction from the new generation of leaders [14]. Group 4: Dual Chief Economists - Shenwan Hongyuan currently has two chief economists, Yang Chenguang and Zhao Wei, which is uncommon in the industry [15][16]. - Yang Chenguang, a long-standing member since 2001, focuses on policy research, while Zhao Wei, who joined in 2024, is responsible for macroeconomic research [15][17]. - This dual leadership structure aims to enhance the research capabilities of the institute, ensuring a smooth transition as Zhao Wei prepares to take on more responsibilities [17].

2025年五一假期前夕，清华大学经济学家李稻葵的一则建议引发热议：他呼吁政府发放1万亿元消费补贴，消费者凭身份证消费即可享受25%的折扣。这一 提议迅速登上热搜，支持者认为这是"精准救市"，反对者则质疑其"治标不治本"。在出口受限、内需疲软的当下，这一政策究竟能否撬动消费引擎？北京、 上海等富裕城市的消费数据为何逆势下滑？刺激消费的关键是"发钱"还是"增收"？本文将结合宏观经济数据与政策逻辑，深度剖析这一争议性议题。 一、1元补贴撬动4元消费：乘数效应是否足够？ 李稻葵的核心逻辑在于"补贴乘数效应"。他认为，1元财政补贴可带动4元居民消费，中央财政若投入2000亿元，最终可拉动1万亿元消费规模，并通过税收 回流实现财政平衡。这一模型基于地方经验：杭州、上海等地消费券的乘数效应达3-4倍，欠发达地区甚至更高。 然而，这一逻辑面临两大质疑： 1. 消费意愿的"天花板"：2024年数据显示，北京、上海社会消费品零售总额同比下滑13%-14%，即使在高补贴刺激下，耐用品消费（如汽车、家电）仍低 迷。若居民对未来的收入预期不改善，补贴可能仅用于必需品，难以激活大宗消费。 2.结构失衡的"隐形门槛"：高收入群体边际消费倾 ...

南方财经全媒体记者李金萍 深圳报道 支持外贸企业拓展国内市场，深圳出招不断。 在支持企业组团参加展会方面，对深圳企业组团参加展会的展位费、装修费、配套经贸活动费、承办费 等给予最高80万元资助。 《政策要点十条》提出支持企业参加消费品以旧换新补贴活动、投保国内贸易信用保险、数字化升级等 10条具体措施，进一步助力企业稳订单、开拓国内市场。 记者梳理发现，在十条举措中，有八条举措将给予企业真金白银支持。 其中支持企业触网上线开店的补贴最多，《政策要点十条》明确对首次纳入限额以上网络零售统计且达 到相关条件的企业给予一次性最高50万元奖励；对年度限额以上网络零售额增长达到一定规模的，按网 络零售增长额的0.5%给予最高2500万元奖励。 同时，对投保国内贸易信用保险且符合条件的企业，按其实际缴纳保险费用给予25%的资金补助，单家 企业每年累计资助金额最高50万元，以此降低企业交易风险； 深圳也支持商圈、行业协会、企业举办系列促消费活动，对纳入 "深圳购物季" 市级重点活动项目，按 实际投入的50%给予最高200万元资助；支持商贸企业数字化改造，对商贸企业消费场景数字化和信息 化投入，按实际投入的20%给予最高30 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company's Q1 2025 performance showed strong growth, with operating revenue reaching 822 million yuan, a year-on-year increase of 20.00%, and net profit attributable to shareholders of 116 million yuan, up 28.45% year-on-year [4][6] - The company is actively building a pet ecosystem, enhancing its second growth curve through a strategic restructuring of its industrial chain [6] - The company has achieved a gross margin of 41.23% and a net profit margin of 14.62% in Q1 2025, indicating improved profitability [6] Summary by Sections Financial Performance - In Q1 2025, the company reported operating revenue of 822 million yuan, a 20.00% increase year-on-year, and a net profit of 116 million yuan, up 28.45% year-on-year [4][6] - The gross margin improved to 41.23%, an increase of 0.47 percentage points year-on-year, while the net profit margin rose to 14.62%, up 0.13 percentage points year-on-year [6] Business Strategy - The company is implementing a "Three-Rui Synergy" strategy to reconstruct its industrial chain, focusing on deep collaboration among its three core segments: RuiPu Bio, RuiPai Pet Hospital, and ZhongRui Supply Chain [6] - The pet segment achieved sales revenue of 689 million yuan in 2024, accounting for 22.47% of total revenue, an increase of 4.35 percentage points year-on-year [6] Future Outlook - Revenue forecasts for 2025-2027 have been adjusted to 3.658 billion, 4.203 billion, and 4.709 billion yuan, representing year-on-year growth rates of 19.14%, 14.92%, and 12.04% respectively [6][7] - Net profit forecasts for the same period are 498 million, 561 million, and 637 million yuan, with year-on-year growth rates of 65.64%, 12.70%, and 13.49% respectively [6][7]

特约评论员/刘纯银 一季度，江苏货物贸易出口9049.9亿元，同比增长9.6%。面对复杂多变的国际贸易形势，作为开放大 省，江苏省外贸在压力下展现了强劲的韧性。一季度平稳开局的背后，凝聚着众多企业对于国际国内市 场的敏锐观察和快速反应，也离不开政府部门的周到服务和政策托举。 外贸是拉动经济增长的"三驾马车"之一，是经济发展的"晴雨表"。一季度江苏外贸在逆全球化浪潮与贸 易保护主义抬头的背景下，同比增长9.6%很不容易。这不仅是数据的增长，更是中国外贸转型升级的 缩影。从原产地证书到出境加工政策，从"小单快反"到内外贸同船运输，江苏外贸的突围之路，揭示了 中国制造在变局中的生存逻辑：政策工具与企业创新形成合力，方能在全球产业链重构中站稳脚跟。 政策红利是降本增效的"及时雨"。2024年以来，我国进一步优化货物贸易外汇业务流程；持续推进本外 币一体化，促进跨境贸易投资便利化；对优质企业的贸易外汇收支，指导审慎合规的银行给予更多便 利；出台优化外贸企业名录登记管理、简化海关特殊监管区域企业贸易收支手续等6项政策措施。一季 度江苏对东盟进出口同比增长22.3%，这一亮眼成绩的背后，是自贸协定政策红利的持续释放。如，金 ...

文 | 新华社客户端 随着可再生能源在电力系统中的占比逐年提高，以新能源为主体的新型电力系统正在加速构建。 近期，国家发改委、国家能源局联合发布的《关于深化新能源上网电价市场化改革促进新能源高 质量发展的通知》(发改价格〔2025〕136号）（以下简称"136号文"）指出，推动新能源上网电 量参与市场交易，上网电价通过市场交易形成，并建立"新能源可持续发展价格结算机制"，电力 市场化交易成为现实。 在"双碳"目标驱动能源变革的浪潮中，光伏储能领军企业固德威以"双循环"战略为引擎，通 过"源网荷储智"全场景解决方案创新，不仅领跑国内市场，更加速国际化发展步伐。成立十五 载、深耕新能源领域的固德威，以储能技术撬动万亿级市场机遇。 双循环战略锻造核心竞争力 王英歌指出："面对百年未有之大变局，中国提出了双循环战略，固德威积极响应，一方面高度 重视国内市场，坚持重金投入，取得了显著成效。在2025年第一季度，固德威在国内户用光伏逆 变器市场取得了排名第一的好成绩，固德威在国内光伏市场份额较之2024年有大幅度提升。此 外，国内光电建材业务一季度表现优异，同比大幅增长；昱德、智慧能源、固德热等也取得了傲 人的成绩，各项 ...

Financial Performance - In Q1 2025, the company achieved a revenue of 8.22 billion yuan, representing a year-on-year growth of 20% [3] - The net profit attributable to shareholders was 1.16 billion yuan, with a year-on-year increase of 28.45% [3] - The non-recurring net profit reached 9.35 million yuan, showing a growth of 19.65% year-on-year [3] Business Strategy - The company is focusing on international brand strategy, marking its transition from a regional to a global brand [3] - A 56% stake acquisition in Zhongrui Supply Chain was completed, enhancing collaboration across core business segments [3] - The company is implementing a share repurchase plan, with a total repurchase amount of 120 million yuan as of March 31, 2025 [3] Product Development - The high pathogenic avian influenza vaccine generated 87 million yuan in revenue, a 16% increase year-on-year, while the Marek's vaccine revenue reached 26 million yuan, up 59% [4] - The company plans to launch new products, including a cat oral dewormer and various mRNA vaccines for pets, to enrich its product matrix [4][5] Market Expansion - The company has nearly 100% coverage of its top 100 customers in the traditional livestock sector and aims to deepen strategic cooperation with major clients [6][7] - The international strategy includes a dual circulation approach for product and technology, focusing on overseas market expansion and enhancing service capabilities [7] Impact of Tariffs - Export business accounts for approximately 3% of total revenue, indicating minimal direct impact from US-China tariffs [7] - The company is monitoring tariff policy changes to adjust its business layout and product strategies accordingly [7]

2025年4月25日，中共中央政治局召开会议，以"稳中求进"为基调，为当前复杂多变的全球经济环境注入一剂强心针。在全球复苏乏力、地缘冲突加剧的 背景下，中国经济一季度GDP同比增长5.5%，消费回暖、就业市场新增岗位超300万，展现出"韧性增长"的底色 。然而，会议亦清醒指出："经济持续回 升向好的基础仍需稳固，外部冲击影响加大。"如何以政策之力破局，以改革之姿突围？这场会议给出了清晰答案。 1. 财政与货币"双轮驱动" 2. 产业突围：新质生产力重塑竞争力 "内外贸一体化"与"关键核心技术攻关"成为关键词。以"科技板"债券市场为例，年内将推动100家硬科技企业上市融资，加速国产芯片、生物医药等领域 突破。而"两新一重"建设（新型基建、新型城镇化，重大工程）持续加码，5G基站、数据中心投资增速超20%，为数字经济夯实底座 。 1. 全国统一大市场：打破壁垒释放活力 会议提出"加快全国统一大市场建设"，剑指地方保护、市场分割顽疾。通过规范涉企执法、推广"负面清单"管理模式，预计年内降低制度性交易成本超千 亿元，让企业"轻装快跑"。 2. 高水平开放：从"跟跑"到"领跑" 扩大服务业开放试点、加强"一带一路"合作 ...

证券时报记者郭博昊贺觉渊 近日，境外旅客来华消费再迎便利举措，国家税务总局宣布将境外旅客购物离境退税"即买即退"服务推 广至全国。作为吸引入境消费、拉动内需的重要举措，"即买即退"政策通过即时退税提升消费体验，叠 加去年底实施的240小时过境免签政策，境外旅客的消费潜力有望进一步激发。 入境消费一揽子政策红利正在持续释放，受访专家预计，未来5年入境消费规模有望突破1.5万亿元，拉 动经济增长约0.8个百分点。同时，"即买即退"的政策设计有效规避偷漏税风险，进一步优化免税市场 环境。未来，随着商家数量增长和购物体验提升，中国有望成为全球游客的"消费目的地"，为"双循 环"战略注入新动力。 过去一年，我国办理离境退税的境外旅客数、退税商品销售额、退税额同比分别增长2.3倍、1.2倍、1.3 倍，充分反映出入境游的火爆正在带动入境消费整体升温。即将推广至全国的"即买即退"政策是离境退 税政策的升级优化，可为境外旅客提供更加便捷、多样化的退税选择。该政策允许境外旅客在"即买即 退"商店购买退税物品，并办理信用卡预授权后，即可在现场领取等额退税款。 值得一提的是，出口退税制度应基于商品全链条进项税额的精准返还。然而，受 ...

撰 文 / 陈建奇 郑浩钧 设 计 / 赵昊然 随着行业的发展，中国汽车在全球的影响越来越大。但随着全球经济的增速下降，逆全球化逐渐抬 头。美国也在持续对中国进行围堵打压，开展了贸易战、科技战、规则战。新任美国总统特朗普在 上台后，再次对中国商品加征关税。 造成这种情况的原因是什么？中国企业又该如何应对？ 1月11日，轩辕之学首期选修课以"2025预判：全球政治经济与汽车产业形势"为主题，在北京轩辕 之学总部举办。在此次选修课课堂上，中共中央党校（国家行政学院）教授、全球治理与国际组织 研究所所长陈建奇给出了上述问题的答案。 他认为，全球经济的增速下降主要是因为没有新的技术革命，经济没有新的增长动力。为了解决这 个问题，中国选择加快发展新质生产力，推动技术创新，推动技术革命。新能源行业的三大代表 ——电动汽车、光伏产品、锂电池——就是新质生产力取得突破的展现。 对于逆全球化的抬头，陈建奇认为主要是由于经济减速叠加各国发展不平衡，"蛋糕在缩小的情况 下，你要跟别人合作是非常困难的，因为不管怎么合作，总有人受到伤害。" 陈建奇表示，解决逆全球化的问题，关键在于六个字——共商共建共享。具体到汽车行业，就需要 在出海 ...