Core Viewpoint - The wealth management industry is facing challenges such as compressed returns, increased risk volatility, and diversified customer demands, necessitating a transformation towards a "buy-side advisory" model for high-quality development [4][6]. Group 1: Transformation Breakthrough - Asset management institutions are shifting from a product-driven model to a customer-centric value creation approach, emphasizing the importance of aligning asset and liability management in the insurance sector [6][7]. - The banking wealth management sector must transition from external expansion to internal development, moving towards a "fixed income plus" strategy that embraces multi-asset and multi-strategy approaches [7][8]. - Public fund companies need to enhance their research capabilities and innovate products, such as REITs and overseas allocations, to meet the growing wealth management demands of residents [8][9]. Group 2: Ecological Reconstruction - Building a "buy-side advisory" ecosystem requires both institutional transformation and collaboration among industry players, focusing on long-term value creation for clients rather than short-term profits [10][11]. - The core of investor education should be to help clients understand their investment cognitive limitations, thereby transferring trading authority to professional advisors [10][11]. - Key points for constructing a buy-side advisory model include strengthening the buy-side positioning, establishing a customer-centric advisory system, optimizing assessment models, enhancing channel collaboration, and leveraging financial technology [11][12].

导语 剔除央企后房企经营性现金流净额收缩 16.8%、民企与混合制承压，投资活动连续四年净流出且2024年达 443亿，融资性现金流净流出3434亿但规模收缩，同时房企持有现金持续减少，亟需提升竞争力转型发 展。 ◎ 文 /房玲、易天宇、 洪宇桁、陈家凤 研究视点 近年来，房地产行业进入深度调整期，在面临销售回款萎缩、融资渠道收窄、债务压力攀升等多重困境下，房企 的现金流管理面临前所未有的挑战。尤其是2023-2024年，房地产行业分化进一步加剧，央国企凭借信用优势维持 资金链相对稳定，而民营及混合所有制房企在流动性危机中持续承压。本文选取50家样本房企 ¹ （含11家央企、8 家国企、6家混合制及25家民企）的现金流量表数据，系统追踪2021-2024年经营性、投资性与筹资性现金流变 化。 0 1 剔除央企后经营性现金流净额收缩16.8% 民企与混合制承压 1、销售萎缩叠加回款拉长，民企、混合制现金流入断崖式下跌 56%， 三年复合增速低至-24%。 而相比之下， 央国企销售回款表现出较强韧性。 2024年央企销售商品、提供劳 务收到的现金总额为10743亿元，持续处于高位，三年复合增速仅-6.2%，而国企 ...

高纯度 Omega-3丨 白皮书 核心摘要： 在健康中国战略全面推进的背景下，国民健康管理意识显著提升，健康需求从 "被动治疗"向"主动预防"加 速转型。随着慢性病防控与亚健康改善成为全民健康的核心议题，膳食营养补充剂已成为全民健康管理的重 要工具，其市场发展与科学认知深化同步推进。基于这一现状，本白皮书旨在深入探讨高纯度 Omega-3 在中国居民健康管理中的作用及应用现状，加强公众对其生理功效的认知，为公众提供更加专业的营养指 导。白皮书从以下五个章节展开： 一、中国居民健康管理现状 国家政策推动全民健康管理向主动预防转型，面对慢性病年轻化与全周期防护挑战，需构建监测、干预与营 养支持体系。膳食营养补充剂通过定向支持和免疫力提升，成为公众践行主动健康管理的核心工具，助力实 现从治疗到预防的跨越。 二、膳食营养补充剂市场认知及应用表现 在国民健康管理需求升级与膳食营养补充剂市场快速发展的双轮驱动下，服用膳食营养补充剂已进阶为现代 人健康管理的核心方案。在消费者决策矩阵中，产品本身与品牌背书构成购买双引擎。但不同人群对成分需 求呈现差异化特征，折射精准健康管理趋势。 三、 Omega-3 产品与应用现状 Om ...

南都湾财社记者梳理发现，以披露日期为准，今年以来，渤海银行已经累计收到机构罚单9张、个人罚 单16张，被罚金额合计超500万元。罚单频现之下，渤海银行未来将采取哪些整改措施以加强合规管 理？南都湾财社记者就此联系渤海银行，截至发稿，尚未获得回复。 分支行接连收3张罚单 一分行曾承诺合规运营 渤海银行罚单不断。国家金融监督管理总局山西监管局7月23日发布的行政处罚信息公开表显示，渤海 银行太原分行和太原幸福里支行分别被罚95万元、70万元。而就在前一天，渤海银行南宁分行也被央行 广西壮族自治区分行罚款32.8万元。 罚单显示，渤海银行太原分行被罚95万元，原因包括授信调查不尽职、员工行为管理不到位和流动资金 贷款管理不尽职。渤海银行太原幸福里支行（原渤海银行太原亲贤支行）被罚70万元，原因包括未真实 反映风险状况、贷后管理不到位。 同时，多名相关负责人也被处罚：时任渤海银行太原亲贤支行副行长（主持工作）范华，时任渤海银行 太原亲贤支行客户经理郭宇涛，时任渤海银行太原亲贤支行客户经理任民，时任渤海银行太原分行中小 企业部副总经理（主持工作）刘伟和时任渤海银行太原分行公司业务营销团队一部客户经理、原渤海银 行太原亲 ...

Core Viewpoint - The article discusses the optimization of planning and management for new energy storage projects on the grid side in Jiangsu Province, emphasizing the simplification of processes, encouragement of innovation, and the establishment of supportive local policies for sustainable development [1][4][6]. Group 1: Simplification of Processes - The Jiangsu Provincial Development and Reform Commission has issued guidelines to simplify the project registration process for new energy storage projects, requiring local authorities to develop planning schemes based on regional energy needs [1][4]. - Projects with a rated power of 300,000 kW or below will be managed at the municipal level, while those above this threshold will require provincial-level oversight [1][4][5]. Group 2: Coordinated Planning - Local development and reform commissions are encouraged to assess and optimize the scale of energy storage projects based on local energy development and consumption needs [5]. - Projects not included in specified provincial plans will not benefit from certain price policies but can still participate in electricity markets under relevant policies [5][6]. Group 3: Encouragement of Innovation - Local authorities are urged to create supportive policies that promote innovative business models for energy storage, particularly in conjunction with wind and solar projects [6]. - The focus is on developing high-safety, low-cost, long-duration energy storage technologies, including solid-state and long-duration flow batteries, to enhance energy conversion efficiency and support local industry development [6].

一、修订背景及必要性 习近平总书记对应急预案工作多次作出重要指示批示，强调要加强应急预案管理，健全应急预案体 系，落实各环节责任和措施。此次修订是贯彻落实习近平总书记重要指示批示的具体举措，必要性 主要体现在三方面。 一是落实法律及上位文件的需要。2024年，国务院办公厅修订出台《突发事件应急预案管理办 法》，首次对中央企业集团及其所属单位、权属企业应急预案备案提出具体要求；《能源法》也对 能源企业编制本单位能源应急预案提出要求。这些新部署、新要求，需要及时贯彻落实。 二是推进落实电力应急属地责任的需要。《突发事件应急预案管理办法》规定"县级以上地方人民 政府及其有关部门应对本行政区域、本部门（行业、领域）应急预案管理工作加强指导和监督"； 《能源法》规定"国家建立统一领导、分级负责、协调联动的能源应急管理体制""县级以上人民政 府应当采取有效措施，加强能源应急体系建设，定期开展能源应急演练和培训，提高能源应急能 力"。这些规定对地方人民政府及其电力管理部门落实电力应急责任提出了要求，但原《管理办 法》未提及地方电力管理部门责任，亟需进行补充明确。 三是提升电力应急预案实用性的需要。近年来我国重特大自然灾害等 ...

国家能源局关于印发《电力企业涉电应急预案管理办法》的通知 国能发安全规〔2025〕66号 各省（自治区、直辖市）能源局，有关省（自治区、直辖市）及新疆生产建设兵团发展改革委，北 京市城市管理委、天津市工业和信息化局、辽宁省工业和信息化厅、重庆市经济和信息化委员会， 各派出机构，全国电力安委会各企业成员单位： 为落实《中华人民共和国突发事件应对法》《中华人民共和国能源法》《中华人民共和国安全生产 法》《突发事件应急预案管理办法》等法律法规及有关文件规定，规范电力企业涉电应急预案管理 工作，增强电力企业涉电应急预案科学性、针对性、实效性和可操作性，国家能源局组织修订形成 了《电力企业涉电应急预案管理办法》，现印发给你们，请遵照执行。 国家能源局 2025年7月16日 附：《电力企业涉电应急预案管理办法》 ▼点击阅读原文，查看附件详情 ...

Group 1: Securities Industry - The securities industry is experiencing a significant performance increase, with a projected net profit growth of 94% year-on-year for 31 listed brokers in H1 2025, driven by a recovery in the capital market and policy support [6][7][21] - The number of new A-share accounts opened in H1 2025 reached 12.6 million, a year-on-year increase of 32.8%, indicating heightened market participation [7] - Daily trading volume in H1 2025 increased by 61% year-on-year to 1.39 trillion yuan, reflecting improved market activity [7] - The underwriting of IPOs and refinancing in H1 2025 saw a year-on-year increase of 4% and 26%, respectively, with total underwriting amounts reaching 355 billion yuan and 6.326 trillion yuan [7] - The bond underwriting market also showed robust activity, with a total underwriting scale of 7.5 trillion yuan in H1 2025, up 22.3% year-on-year [7] - Mergers and acquisitions in the industry have led to significant profit increases, with Guotai Junan and Haitong Securities reporting net profit growth of 205%-218% in H1 2025 due to consolidation effects [8][21] - Compliance and risk control measures have been effectively implemented, allowing firms like Huaxi Securities to return to profitability, with expected net profit growth of 1025%-1354% in H1 2025 [9][21] Group 2: Food and Beverage Industry - The food and beverage sector saw a 0.68% increase last week, underperforming the CSI 300 index by 0.41 percentage points, ranking 14th among 31 sectors [12][13] - The liquor industry is under pressure, with June retail sales of tobacco and alcohol declining by 0.7% year-on-year, indicating weak demand [13] - Major liquor companies are expected to report varying degrees of decline in H1 2025, with traditional consumption scenarios struggling [13] - The beer sector is anticipated to recover, with low inventory levels and improved sales expected due to seasonal demand and cost reductions [14] - The snack segment is experiencing high growth, driven by strong product categories and new channel developments, particularly in health-oriented products [15][16] Group 3: Agricultural Chemicals Industry - Guangxin Co., a major player in the agricultural chemicals sector, is optimizing its integrated production chain based on phosgene, with a production capacity of 320,000 tons per year [18][19] - The agricultural chemicals market is currently at a relative bottom, with prices expected to rise as global inventory levels decrease and outdated capacities are phased out [19] - The company has a strong cash flow position, with 8.685 billion yuan in liquid assets, supporting its long-term development and cost optimization [19][20]

Core Viewpoint - The "Weight Management Year" initiative is driving a national trend towards weight loss in response to the rising obesity rates among adults in China, which presents a significant market opportunity in the health sector [4][7]. Group 1: Obesity Statistics and Health Implications - Over half of Chinese adults are overweight or obese, with adult overweight rates at 34.3% and obesity rates at 16.4% as of 2018. Projections suggest that by 2030, these rates could rise to 70.5% and 31.8% respectively without intervention [4]. - Obesity is a major risk factor for chronic diseases such as hypertension, diabetes, and cardiovascular diseases, leading to increased healthcare costs and reduced quality of life for millions [4]. Group 2: Market Growth in Health and Fitness - The health market in China is rapidly expanding, with the organic food market reaching over 100 billion yuan in 2023. The light food market is expected to exceed 200 billion yuan by 2025, and the meal replacement market could surpass 350 billion yuan by 2027 [5]. - The sports industry in China generated a total output of 36,741 billion yuan in 2023, with a value-added contribution of 14,915 billion yuan, accounting for 1.15% of GDP [5]. Group 3: Fitness and Weight Management Industry - There are over 1.575 million fitness-related enterprises in China, indicating a vibrant market landscape. The weight loss drug and health supplement markets are also experiencing rapid growth, with projections suggesting the weight loss drug market could exceed 14.9 billion dollars by 2030 [6]. - The demand for professional weight management and health management personnel is high, providing new career opportunities in the industry [6]. Group 4: Overall Impact of the Initiative - The "Weight Management Year" initiative is not only raising public health awareness but also creating a new wave of opportunities and growth in the health industry, valued at trillions [7].

三部门联合开展车辆运输车专项治理行动 严格新增车辆市场准入管理 智通财经7月23日电，交通运输部办公厅、公安部办公厅、工业和信息化部办公厅印发《车辆运输车专 项治理行动方案》，自2025年7月起至2025年12月底，联合开展车辆运输车专项治理行动。严格新增车 辆市场准入管理。各地公安交通管理部门、交通运输主管部门要进一步加强对车辆注册登记、市场准入 的监管，强化对新增车辆运输车外廓尺寸查验，凡不符合国家标准的，公安交通管理部门不予注册登 记，交通运输主管部门不予配发道路运输证。工业和信息化主管部门要加强道路机动车辆生产企业的监 督管理，依法严肃处理生产不合规车辆运输车的企业。 ...