2025年上半年，白酒行业景气度持续承压，存量竞争的格局加速演进，行业集中、分化趋势进一步凸 显。 8月28日晚间，山西汾酒（600809）正式发布2025年半年报，今年1-6月期间，该上市公司实现营业收入 239.64亿元，同比增长5.35%；实现净利润85.05亿元，同比增长1.13%。 在白酒行业普遍下行的背景下，山西汾酒能为投资者带来一份正增长的半年度"成绩单"实属不易，该上 市公司实现了各项经营工作稳中有进、质效双升。 山西汾酒表示，公司强化供应链韧性建设，建立原材料备份采购渠道，优化储运平台及批量采购机制， 严格原材料质量管理与供应商风控体系，确保供应链高效安全运转；同时，加速核心产能布局，推进汾 酒"2030"产储能及汾青原酒基地等项目建设；此外，赋能数字化转型，成功部署全面预算管理系统，通 过优化配置与关键人员专项培训，推动数字化管理模式落地见效。 进一步看，山西汾酒持续拓展全国化布局，激发市场增长新动能。上半年，山西汾酒全面推进全国化 2.0战略，围绕"一轮红日、五星灿烂、清香天下"的市场布局深耕细作、成效显著，长三角、珠三角等 潜力区域保持高速增长态势。渠道管理上，通过"汾享礼遇"建立终端 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示概不會就因本公告全部或任何部分內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 （於中華人民共和國註冊成立的股份有限公司） （股份代號：00753） 海外市場公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條的規定而發表。 附件為中國國際航空股份有限公司於上海證券交易所刊發之 中國國際航空股份有限公司 2025年半年度報告 承董事會命 中國國際航空股份有限公司 公司秘書 肖烽 中國北京，二零二五年八月二十八日 於本公告日期，本公司的董事為馬崇賢先生、王明遠先生、崔曉峰先生、Patrick Healy （賀以禮）先生、肖鵬先生、徐念沙先生*、禾雲先生*、譚允芝女士*及高春雷先生*。 * 本公司獨立非執行董事 半年度报告 AIR CHINA 圈圈降航空公司 中国国际航空股份有限公司简称中国国航，英文名称为 Air China Limited，简称 Air China， 是中国唯一载国旗飞行的航空公司。 "凤凰者，仁鸟也""见则天下宁"。中国国航的企业标识由一只艺术化的 ...

Core Insights - The "2025 China Top 500 Private Enterprises" list was released, with JD Group, Alibaba (China) Co., Ltd., and Hengli Group Limited taking the top three spots [2][3] - The threshold for entry increased from 26.313 billion to 27.023 billion yuan, indicating a shift towards quality over mere scale in private enterprises [3][4] - Total revenue of the listed companies reached 4.305 trillion yuan, with an average revenue of 86.102 billion yuan, reflecting a year-on-year growth of 2.72% [3][4] Group 1: Financial Performance - The total net profit of the top 500 private enterprises amounted to 1.8 trillion yuan, with an average net profit growth of 6.48% year-on-year [4][6] - The number of companies with revenue exceeding 100 billion yuan increased to 105, with 11 companies surpassing 500 billion yuan [4][5] - The total assets of these enterprises reached 51.15 trillion yuan, with an average asset value of 102.309 billion yuan, marking a 2.62% increase [3][4] Group 2: Digital Transformation and Innovation - 92% of the top 500 private enterprises have initiated digital transformation, with 65% achieving full-chain intelligent management [4][6] - The total R&D expenditure of the reporting enterprises reached 1.13 trillion yuan, with 171 companies investing over 1 billion yuan in R&D [7] - 83% of the enterprises are advancing green and low-carbon transformations, employing various measures to enhance sustainability [6][7] Group 3: Strategic Development - The report indicates that 64.2% of the enterprises have developed digital transformation strategies, while 60.2% are implementing management-level digital initiatives [6][7] - The focus on strategic emerging industries is evident, with 309 companies investing in 627 projects across key sectors such as new materials and renewable energy [6][7] - The private sector is recognized as a crucial driver of high-quality economic development, with calls for enhanced roles in fostering new productive forces [8]

"下半年公司将更加注重效益优先，更加注重长期理念，更加注重防范化解风险。"中国人寿董事长蔡希良用三个"更加"，为该公司2025年中期业绩发布 会"开场"，同时也为下半年发展释放了信号。除此之外，该公司管理层还回应了投资策略、预定利率下调以及渠道转型等热点问题。 保险公司投资端表现至关重要，直接影响其盈利能力等。而投资收益是利润核心来源之一，高效资金运作可增强风险抵御能力，优质投资表现还能提升市场 竞争力。对于上半年总资产、投资资产双双突破7万亿元的中国人寿而言，该公司上半年实现总投资收益1275.06亿元，同比增长4.2%。 中国人寿副总裁兼董事会秘书刘晖表示，去年以来，公司坚定看好权益投资市场机会，加大了投资力度，上半年公司在权益资产规模配置方面新增超过1500 亿元。 据了解，在权益投资方面，该公司将持续优化权益配置结构，重点关注新质生产力和优质高股息股票配置，不断提升权益配置的稳健性和长期回报的潜 力。"公司在权益配置上会持续根据公司资产配置的需要，来继续开展稳健性的配置，优化权益投资结构。目前来看，权益投资的比例符合公司资产配置中 枢，下一步在权益配置上也会更加关注高股息股票的配置。"刘晖表示。 值得 ...

国芯网[原:中国半导体论坛] 振兴国产半导体产业！ 不拘中国、 放眼世界 ！ 关注 世界半导体论坛 ↓ ↓ ↓ 全国工商联28日在辽宁沈阳发布"2025中国民营企业500强"。京东集团、阿里巴巴（中国）有限公司、 恒力集团有限公司位居前三。 一、整体规模持续提升。2024年，民营企业500强入围门槛增至270.23亿元。营业收入总额达到43.05万 亿元；户均营业收入861.02亿元，较上年增长2.72%；营业收入超过千亿元的企业共105家，较上年增加 8家；其中超过5000亿元的企业有11家，较上年增加2家。资产总额共计51.15万亿元；户均资产1023.09 亿元，增长2.62%。资产总额超过千亿元的企业共97家，较上年增加8家；其中超过5000亿元的有16 家，较上年增加1家。民营企业500强中有29家企业入围今年的《财富》世界500强榜单。 民营企业500强中，有361家企业的营业收入较上年增长，其中，增幅超过5%的企业有237家，增幅超过 10%的企业有161家。营业收入超过千亿元的105家企业中，营业收入增幅超过5%的企业有64家，增幅 超过10%的企业有44家，增幅超过20%的企业有20家。有3 ...

Core Viewpoint - 中铝国际工程股份有限公司 reported a positive performance in the first half of 2025, with a revenue of 9.698 billion yuan and a net profit of 103 million yuan, driven by its "technology + international" development strategy and various reform initiatives [1] Group 1: Financial Performance - The company achieved a revenue of 9.698 billion yuan in the first half of 2025, with a net profit of 103 million yuan [1] - The total amount of contracts signed in the first half reached 16.401 billion yuan, with an uncompleted contract total of 45.838 billion yuan as of June 30, 2025 [2] - The overall gross profit margin for the main business was 10.84%, an increase of 1.26 percentage points year-on-year [3] Group 2: Business Development and Strategy - 中铝国际 focused on optimizing its business structure, with new contracts in the industrial sector amounting to 15.633 billion yuan, representing a 38% year-on-year increase [2] - The company plans to enhance its EPC (Engineering, Procurement, and Construction) capabilities and expand its market share, particularly in Southeast Asia, Africa, and Central Asia [1][6] - The company signed a significant overseas contract for the Guinea Simandou mining operation, valued at approximately 267 million USD, marking a milestone in its international business development [2] Group 3: Industry Position and Market Outlook - 中铝国际 is positioned as a key player in the domestic non-ferrous metal engineering construction sector, benefiting from the recovery of global non-ferrous metal prices [4] - The company is exploring new profit growth points in emerging industries, including new energy battery materials and lithium extraction technologies [5] - The outlook for the non-ferrous metal industry remains positive, with expectations of continued growth driven by high-end demand and green transformation initiatives [4]

Core Points - The Swiss Business Awards were announced on August 27, 2023, to celebrate Swiss enterprises' achievements in China and commemorate the 75th anniversary of Sino-Swiss diplomatic relations [2][4] - The awards focus on recognizing outstanding contributions in innovation, sustainable development, digital transformation, talent development, and Sino-Swiss business cooperation [4] - A new Heritage Award was introduced this year to honor companies with a strong Swiss brand identity that have operated in China for over 20 years [6] Event Highlights - The event was attended by over 400 distinguished guests, including leaders from both Swiss and Chinese political and business sectors [2] - Swiss Federal Council President Andrea Caroni emphasized the deepening relationship between Switzerland and China, highlighting Switzerland's role as the first European country to sign a free trade agreement with China [8][9] - Guo Shuqing, a member of the National People's Congress, noted China's strong economic resilience and potential, affirming the commitment to improve the business environment for foreign investments [11] Award Categories and Winners - Innovation Pioneer Award: - Small Enterprise: Bien-Air - Large Enterprise: Bühler [17] - Sustainable Development Award: - Small Enterprise: Cellcosmet - Large Enterprise: Nestlé [17] - Digital Transformation Award: - Small Enterprise: TeamWork - Large Enterprise: Swiss Re [17] - Talent Development Award: - Small Enterprise: Swisstouches - Large Enterprise: Sulzer [17] - Sino-Swiss Partnership Award: - Bank of China Limited Geneva Branch [17] - Heritage Award Winners include notable companies such as ABB, Nestlé, and UBS, among others [18]

来源：上海证券报·中国证券网 上证报中国证券网讯（钱佳滢 记者 仲茜）8月28日晚，苏州工业园区企业凌志软件股份有限公司（简 称"凌志软件"）披露2025年半年度报告。报告期内，公司实现营业收入5.16亿元；归母净利润1.12亿 元，同比大增1002.20%；扣非净利润1.07亿元。 上半年，凌志软件"金融AIGC业务变更对应解决方案""基于AI全栈自动生成平台的系统自动化迁移与重 构项目""AI+老旧系统重构解决方案"等项目完成交付。公司称，在当前AI技术浪潮的推动下，日本产 业发展迎来了新动能，近年来持续推进人工智能技术及数字化转型的应用，使日本客户的应用需求得到 激发。 与此同时，国内证券行业正加速向专业化、数字化、智能化进阶。目前，公司紧抓行业信创向核心系统 纵深推进、买方投顾模式普惠化、机构服务精细化等战略机遇，持续深化"平台+生态"战略。以信创全 栈能力为基，助力券商实现相关系统安全可控与性能跃升；以数据智能为引擎，驱动财富管理从"产品 销售"向"资产配置"转型；以人工智能为支点，赋能券商投行合规效率、机构客户协同、线上运营提效 等。 上半年，凌志软件持续加大研发投入，构筑技术护城河。数据显示，报 ...

Core Insights - The company reported a revenue of 19.982 billion yuan for the first half of 2025, representing a year-on-year growth of 5.42% [1] - The net profit attributable to shareholders reached 2.515 billion yuan, showing a year-on-year increase of 16.36% [1] - The net profit excluding non-recurring items was 2.135 billion yuan, which is a year-on-year growth of 10.23% [1] Business Restructuring - The coal machinery business underwent a restructuring, with related assets, liabilities, and personnel transferred to a wholly-owned subsidiary [1] - The purpose of the restructuring is to enhance the specialized management of the coal machinery business and improve resource allocation efficiency [1] Digital Transformation - The company actively promoted digital transformation during the reporting period [1] - Efforts were made to enhance intelligent capabilities, aiming to improve internal management efficiency and customer service levels [1]

Investment Rating - The investment rating for the company is "Accumulate-A" [1][10]. Core Views - The company reported a revenue of 2.8 billion yuan in the first half of 2025, a year-on-year decrease of 5.37%, while the net profit attributable to shareholders increased by 23.65% to 237 million yuan [4][5]. - The company's gross margin improved to 87.79%, up 1.11 percentage points year-on-year, due to optimization of the business structure [5]. - The company is focusing on expanding its infrastructure business, overseas markets, and embracing AI technology, which is expected to provide revenue resilience in the future [5][6]. Financial Performance - In Q2 2025, the company achieved a revenue of 1.57 billion yuan, a year-on-year decrease of 5.24%, but the net profit attributable to shareholders grew by 11.63% to 207 million yuan [4][5]. - The company's net profit margin reached 9.20%, an increase of 2.25 percentage points year-on-year, driven by business structure optimization and cost control [5]. - The cash received from sales and services increased by 162 million yuan year-on-year, with a reduction in net cash outflow from operating activities by 19% [5]. Business Segments - The digital cost business generated 2.286 billion yuan in revenue, down 7.06% year-on-year, primarily due to a decrease in revenue from previously signed cloud contracts [6]. - The digital construction business saw revenue growth of 8.21% year-on-year, reaching 312 million yuan, with a significant increase in gross margin to 52.01%, up 26.03 percentage points [6]. - The overseas business generated 116 million yuan in revenue, a year-on-year increase of 9.62%, with Q2 growth reaching 21.62% [6]. AI Development - The company's AI platform has shown initial results, with over 40 million service calls in the first half of the year and significant contributions to revenue through AI-driven contracts exceeding 40 million yuan [7][9]. - The AI capabilities have improved product competitiveness, enhancing efficiency in project decision-making and cost estimation [9]. Future Outlook - The company is expected to benefit from the ongoing digital transformation in the construction industry, with adjusted earnings per share (EPS) forecasts of 0.29, 0.34, and 0.38 yuan for 2025, 2026, and 2027 respectively [10]. - The price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are projected to be 53.24, 45.51, and 40.31 respectively, based on the closing price of 15.38 yuan on August 28 [10].