再看一间铺子。上海定兴路6号，卖蛋饼的店铺外，不同肤色和国籍的人在排队。签证便利，食客云 集，小巷小店里富含"国际浓度"。人们品尝美食、品味中国，余味悠长。 空箱子映照大制造、大市场，小蛋饼散发烟火气、好味道。这从一个侧面展现了中国的开放与活力，以 内在发展的高质量，吸引外部融入的大流量。 统筹内与外，是观察发展的重要视角，也是推动发展的重要方法。内有活力，外有引力，让有利于发展 的要素为我所用，方能拓展出成长的大空间。 辩证地看，不同地域、领域的发展阶段、特点不尽相同，相互间存在差别也属正常。把"外部"的积极因 素，吸纳到自身发展之中，就能够打开发展的新维度，"内外有别"也会变为"内外一体"。 内外兼顾，向好发展，先要研判趋势、抓住机遇，在明确优势与短板中找准定位。这既要看自己有什 么，又要看区域有什么，更要看发展大势是什么。 当网购成常态，不做零售又不从事运输的企业，如何融入大潮、抢抓大机遇？背靠长三角"包邮区"的安 徽南陵县，瞄准市场空白，打造智能物流装备产业，仅物流分拣设备的国内市场占有率就超过35%。南 陵物流智能装备产业的"从无到有"，秘诀就在于"走开放的道路，跨出自己的小天地"。 "我"与"你" ...

Group 1 - The Guangdong Provincial Government has issued a work plan to promote sustained economic improvement and strengthen domestic circulation, focusing on stabilizing employment, enterprises, markets, and expectations [1] - The work plan outlines seven key tasks, including precise support for enterprises, stabilizing employment, and boosting consumption [1][5] - The plan emphasizes the efficient allocation of resources and the high-quality development of capital markets, particularly supporting the Shenzhen Stock Exchange's comprehensive reform of the ChiNext board [2] Group 2 - The work plan includes specific policies to support financial investments, such as pilot programs for bank financial asset investment companies and insurance funds for long-term equity investments [2] - It aims to enhance the technology innovation bond product system and optimize the issuance management process for these bonds [2] - The plan also mentions the establishment of data property registration trials and the development of data trading markets in Guangzhou and Shenzhen [2] Group 3 - The work plan focuses on fostering innovation by implementing major technology projects and enhancing the integration of technological and industrial innovation [3] - It proposes a series of technology special projects in fields like artificial intelligence, integrated circuits, and new energy [3] - The plan encourages the development of a "hardware + software" ecosystem and the application of artificial intelligence across various sectors [3] Group 4 - The work plan aims to identify high-growth and high-potential new sectors by September 2025, with specific policies for commercial aerospace, low-altitude economy, and nuclear medicine [4] Group 5 - The work plan emphasizes actions to boost consumption, including promoting upgrades in major consumption categories and stimulating service consumption [5] - It encourages local governments to provide housing subsidies and consumption vouchers to support first-time homebuyers and families with multiple children [5][6] - The plan also includes measures to facilitate the replacement of old products, such as cars and home appliances, and to expand the recycling channels [6]

Group 1 - The core viewpoint of the news is the release of the "Guiding Opinions on Financial Support for Boosting and Expanding Consumption" by six Chinese government departments, which outlines 19 specific measures to enhance consumption's foundational role in economic development [1] - The new policy is expected to boost investor confidence in the consumer sector, creating a favorable market atmosphere for consumer companies' IPOs and supporting the venture capital industry's cycle of fundraising and investment [1][2] - The policy encourages the development of equity financing for quality consumer enterprises, allowing them to choose to list on A-shares, Hong Kong stocks, or other markets, with a focus on brand and retail companies benefiting first [2][3] Group 2 - The improved expectations for consumer enterprise IPOs indicate support for service consumption, new consumption, and supply chain efficiency companies, which may lead to increased certainty for investor exits and enhance the attractiveness of domestic capital markets [3][4] - The policy aims to revitalize the investment landscape for consumer sectors, which have faced challenges in recent years, and is expected to enhance the confidence of investment institutions in this area [4][5] - Financial support is anticipated to facilitate industry consolidation and resource integration, providing more merger and acquisition exit opportunities for invested companies [5] Group 3 - Despite the positive signals from the policy, challenges remain for consumer enterprises seeking to list on A-shares, with suggestions for refining approval standards and methods to support the rapid development of quality consumer companies in the domestic market [6] - Recommendations include differentiating and enhancing inclusivity in the review standards for various boards, focusing on user scale quality, brand health, and cash flow potential rather than solely on short-term profitability [6]

维持"25 天原 K1" 信用等级为 AAA，评级展望为稳定。 特此公告 联合资信评估股份有限公司 评级总监： 二〇二五年六月二十五日 声 明 一、本报告是联合资信基于评级方法和评级程序得出的截至发表之日的 独立意见陈述，未受任何机构或个人影响。评级结论及相关分析为联合资信 基于相关信息和资料对评级对象所发表的前瞻性观点，而非对评级对象的事 实陈述或鉴证意见。联合资信有充分理由保证所出具的评级报告遵循了真 实、客观、公正的原则。鉴于信用评级工作特性及受客观条件影响，本报告 在资料信息获取、评级方法与模型、未来事项预测评估等方面存在局限性。 二、本报告系联合资信接受宜宾天原集团股份有限公司（以下简称"该 公司"）委托所出具，除因本次评级事项联合资信与该公司构成评级委托关 系外，联合资信、评级人员与该公司不存在任何影响评级行为独立、客观、 公正的关联关系。 宜宾天原集团股份有限公司 www.lhratings.com 联合〔2025〕5320 号 联合资信评估股份有限公司通过对宜宾天原集团股份有限公司 主体及其相关债券的信用状况进行跟踪分析和评估，确定维持宜宾 天原集团股份有限公司主体长期信用等级为 AA+， 三 ...

（原标题：意大利-印度商业论坛在意布雷西亚举行） Decode39网6月5日报道，4日，意大利副总理兼外长塔亚尼与印度商业和工业部长戈亚尔在意大利布雷西亚共同 主持了高级别经济对话及意大利-印度商业论坛。这是意印两国首次在非首都城市举行此类高级别双边峰会，选址意大 利制造业和创新重镇布雷西亚，具有象征意义。活动汇聚了100多位印度CEO、众多意大利企业领袖以及两国政府官 员和贸易机构代表，旨在深化双边经济联系。 意印领导人强调了贸易、创新和共同全球雄心的强烈一致性。塔亚尼称印度是"关键伙伴"，希望吸引更多印度投 资意大利并扩大意企在印存在。戈亚尔则强调了将两国联系得更紧密的"共同文化、遗产和价值观"，对共同建设更强 的经济未来充满信心。 在重大战略基础设施方面，双方确认将加倍努力推进印度-中东-欧洲经济走廊（IMEC，意方称"棉花之路"）。塔 亚尼宣布将在印度和意大利东北部的里雅斯特举办两场活动以彰显其重要性，该走廊将连接印度、海湾、以色列和南 欧，的里雅斯特是欧洲关键门户，毗邻布雷西亚等北部工业中心。 此外，罗马明确支持更广泛的欧盟-印度自由贸易协定谈判。塔亚尼承诺加速谈判进程，目标是年底前达成"平衡 的协 ...

Core Viewpoint - Anhui Linping Circular Development Co., Ltd. is seeking to raise 1.2 billion yuan through an IPO on the Shanghai Stock Exchange, focusing on the production of packaging paper products [1][5]. Company Overview - Linping Development specializes in the research, production, and sales of corrugated paper and boxboard, recognized as a high-tech enterprise with independent R&D capabilities [3]. - The company integrates waste paper utilization, cogeneration, and green paper-making, emphasizing environmental protection and resource recycling [3]. Market Position - Linping Development has a current production capacity of 1.2 million tons and ranks among the top 30 paper production companies in China, with a projected output of 1.0197 million tons in 2024 [4]. - The company holds a significant market share in Anhui Province, accounting for 35.65% of the province's paper and board production and 0.75% of the national total [4]. Financial Performance - The company reported revenues of 2.879 billion yuan, 2.8 billion yuan, and 2.485 billion yuan for the years 2022 to 2024, with net profits of 154 million yuan, 212 million yuan, and 153 million yuan respectively [5]. Future Growth Plans - The IPO proceeds will be allocated to projects aimed at producing 900,000 tons of green intelligent manufacturing materials and 600,000 tons of bio-based fiber materials [5]. - The investment projects are expected to enhance product upgrades, production capacity, and market share, thereby improving profitability [6]. - The company plans to phase out outdated production lines and invest in new intelligent production lines to enhance efficiency and product quality [6].

破解"重流量、轻存量"难题，需从认知、制度、政策和考核等维度进行系统性改革，构建"流量带动存 量、存量反哺流量"的良性循环机制。 在人民币国际化进程中，跨境人民币流量与存量的结构性失衡问题已成为关键制约因素。截至2024年 底，我国跨境人民币结算规模（流量）达96万亿元，而境外人民币存款仅3.5万亿元、债券存量不足1.2 万亿元，流量与存量之比高达27︰1，显著高于美元5︰1的国际水平。这种"重流量、轻存量"的发展模 式，暴露出人民币国际化战略执行中的深层问题。 流量与存量的结构性失衡：人民币国际化的核心问题 从实践来看，流量指标（如跨境结算规模）因可通过政策引导短期提升，成为政绩考核的"显绩"；而存 量指标（如境外人民币资产持有规模）需依赖市场自发的长期资产配置需求，见效周期长、考核难度 大，导致地方政府与金融机构普遍存在"重结算规模、轻资产沉淀"的倾向。 这种失衡不仅制约人民币从"贸易结算工具"向"价值储藏手段"的功能升级，更潜藏三大系统性风险：一 是货币职能残缺风险。单纯依赖流量扩张使人民币长期停留在"贸易结算工具"层面，境外主体因缺乏多 元化资产配置渠道，往往在收到人民币后迅速兑换为其他货币，导致人民 ...

齐鲁晚报·齐鲁壹点 胡晓娟 近日，2025"好品金融"典型案例和产品名单公布，中国银行山东省分行（以下简称"山东中行"）报送的"2024'中银山东周'"，成功获评"金融服务高质量发展 突出贡献案例"。这场以金融为纽带、以开放为底色的国际盛会，在山东12城同步掀起跨越山海的合作浪潮。 Shandong Great Business Partner 据了解，活动聚焦山东省"走出去"和"引进来"重点领域，短短四天，三大主题、六大专场、百余场对接活动密集上演。来自13个国家和地区的47家海外机构 与106家山东企业深入洽谈，最终31个项目成功签约，签约金额高达367亿元。这场由中国银行与山东省人民政府联手打造的盛会，不仅是一场金融与产业的 盛宴，更成为山东向世界敞开怀抱、链接全球资源的关键枢纽。 作为齐鲁大地深度融入全球脉动的重要桥梁，"中银山东周"创新采用"N+1"模式——N个专场对接活动在全省多地同步开花，一场重磅主题发布会在济南压 轴登场。从去年9月2日至4日，"走出去"项目融资、"鲁港澳"合作交流、"引进来"投资山东、"乡村振兴"国际合作、资本产业对接、济南城市路演六大专场 活动如火如荼。通过主场推介、集中签 ...

Core Insights - The seminar focused on the development trends and policy evolution of global stablecoins, highlighting their operational models, impacts, and regulatory frameworks [1][2]. Group 1: Stablecoin Operational Models and Market Trends - Understanding stablecoins requires examining their technological foundations and operational models, which differentiate them from cryptocurrencies. Stablecoins combine the technological advantages of crypto assets with the value stability of fiat currencies, addressing incentive mechanisms for market participants [1][3]. - Stablecoins have entered a new phase of scaled and compliant development, becoming popular payment tools that integrate with traditional financial systems. The average transaction size of stablecoins has decreased, indicating a shift from investment settlements to cross-border trade and real-world transactions [1][6][7]. - As of June 20, 2025, the global market capitalization of stablecoins reached $261.5 billion, with USD stablecoins accounting for $253.3 billion. Projections suggest that by 2030, stablecoin market capitalization could reach between $1.6 trillion and $3.7 trillion, depending on regulatory clarity [6][7]. Group 2: Impact on International Payment and Currency Systems - The development of stablecoins, particularly USD stablecoins, is creating a new cycle of dollar circulation, reinforcing the dollar's dominance in the international monetary system. Over 95% of stablecoins are fiat-backed, with USD stablecoins making up 99% of that segment [2][11][13]. - The majority of stablecoin reserves are invested in U.S. Treasury securities, with Tether's USDT holding approximately $1.2 trillion in U.S. debt as of March 2025. This trend is expected to continue, potentially leading to stablecoin issuers holding over $1.2 trillion in U.S. Treasuries by 2030 [12][13]. Group 3: Regulatory Challenges and Frameworks - The governance challenges and potential risks associated with stablecoins are becoming increasingly apparent. The U.S. is leading a global shift towards supportive regulatory frameworks for compliant innovation in stablecoins [2][19]. - A "five-pillar framework" for stablecoin regulation has emerged, focusing on the functional positioning of stablecoins, issuer access, operational oversight, reserve fund management, and anti-money laundering measures [20][21]. - Future regulatory considerations include the applicability of existing frameworks to decentralized operations, the need for innovative regulatory approaches leveraging new technologies, and addressing the global nature of cryptocurrency against national governance [25].

Group 1: Economic Support Measures - The Guangdong Province has officially issued a work plan to promote sustained economic improvement, focusing on precise support for enterprises, stabilizing employment, boosting consumption, expanding effective investment, and ensuring the safety of industrial and supply chains [1][2][3] - Specific measures include supporting e-commerce companies to establish export-to-domestic sales zones and facilitating the participation of new export enterprises in trade fairs [2][3] Group 2: Employment Stabilization - The plan emphasizes stabilizing the workforce through various methods such as salary negotiations, job rotation, and on-the-job training, with specific support for businesses hiring recent graduates and unemployed youth [4][5] - It encourages local governments to provide housing subsidies and increase housing fund loan limits to support first-time homebuyers and families with multiple children [4] Group 3: Investment Expansion - The plan aims to enhance effective investment by leveraging a coordinated project management mechanism to accelerate investment in ongoing projects and expedite the commencement of new projects [5][6] - It includes initiatives to promote the issuance and utilization of special bonds, focusing on projects with high investment efficiency and potential [6] Group 4: Resource Allocation and Innovation - The plan proposes the implementation of the "Million Talents Gather in South Guangdong" initiative to improve the market-oriented allocation of resources, enhancing the efficiency of talent, capital, technology, and data [7] - It also emphasizes the need for technological and industrial innovation, aiming to create new economic growth points through major technology projects and brand innovation [6][7]