智通财经7月18日电，今天《新闻联播》主要内容有： 1、【新思想引领新征程】奋力打开改革开放新天地； 2、全国政协召开2025年上半年宏观经济形势分析座谈会 王沪宁出席并讲话； 3、韩正会见出席"可持续市场倡议"中国论坛代表团； 4、【"十四五"高质量发展答卷】"十四五"期间消费外贸外资等主要目标指标进展符合预期； 5、上半年我国工业经济稳步提升； 6、【锲而不舍落实中央八项规定精神】一体推进学查改 确保学习教育取得成效； 7、【铭记历史 缅怀先烈】《为了民族解放与世界和平》主题展览展现抗战光辉历程； 8、各地多措并举应对高温天气 全力保障秋粮生产； 9、我国加快构建高质量儿童医疗服务体系； 10、我国野生生物种质资源保护成效显著； 11、中国—上海合作组织地方经贸合作大会在青岛开幕； 12、中老铁路昆明与万象间增开一对国际旅客列车； 13、《中央广播电视总台主持人大赛（新闻主播季）》今晚播出； 14、《高端访谈》今晚播出联合国人居署执行主任罗斯巴赫独家专访； 15、多方在二十国集团财长会呼吁合作应对贸易壁垒等挑战 巴西总统卢拉指责美国敲诈勒索 不可接 受； 16、俄称控制三个居民点 乌称摧毁俄无人机 俄称欧 ...

新疆立新能源股份有限公司 Xinjiang Lixin Energy Co., LTD. （新疆维吾尔自治区乌鲁木齐市头屯河区经济技术开发区玄武湖路 477 号新疆 能源大厦 10 层） 并在主板上市 募集说明书（修订稿） 保荐机构（主承销商） 新疆乌鲁木齐市高新区（新市区）北京南路 358 号大成国际大厦 20 楼 2004 室 新疆立新能源股份有限公司 募集说明书 声明 本公司及全体董事、监事、高级管理人员承诺募集说明书及其他信息披露资 料不存在任何虚假记载、误导性陈述或重大遗漏，并对其真实性、准确性及完整 性承担相应的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人保证募集说明书中财务 会计资料真实、完整。 上述政策预计将导致公司发电项目尤其是增量项目未来售电均价呈下降趋 势，如果公司未能采取有效的售电策略，并快速降本增效适应新的竞争格局， 未能打造出自身的核心竞争力，将对公司业务发展造成较大的不利影响。 报告期内，公司保障性收购电价（不含补贴）分别为 0.20 元/千瓦时、0.21 元/千瓦时、0.21 元/千瓦时和 0.22 元/千瓦时，公司参与市场化交易电量占上 网电量比重分别为 22. ...

2025.07. 18 本文字数：1903，阅读时长大约4分钟 作者 | 第一财经 祝嫣然 今年上半年，中央企业实现增加值5.2万亿元，完成固定资产投资2万亿元，战略性新兴产业投资保 持在较高水平，发售电量、原油产量、航空运输周转量、集装箱吞吐量等均同比稳步提升，有效发挥 了国民经济顶梁柱、压舱石作用。 7月16日至17日，国务院国资委举办中央企业负责人研讨班，总结上半年工作，明确下半年重点任 务。 国资委主任张玉卓表示，要在供给提档、转化提速、产业提质、改革提效上下更大功夫，不断增强核 心功能、提升核心竞争力，全面完成今年各项目标任务，有力有效应变局稳大局开新局，为经济社会 发展稳定提供有力支撑。 优化投资结构 今年以来，外部环境更趋复杂严峻。作为国民经济"顶梁柱"，中央企业迎难而上，扎实开展提质增 效、价值创造等专项行动，保持了稳中有进的运行态势。 张玉卓表示，现阶段，中央企业高质量发展正处在船到中流、不进则退的关键期。既要正视困难压 力，也要保持战略定力，坚定不移办好自己的事，以央企高质量发展助推经济持续向好。 2025年国资委确立的央企"一利五率"经营目标是："一增一稳四提升"，即利润总额稳定增长，资 ...

这里，我们将围绕上述挑战展开一些分析，并提出面向未来的中国大学改革思路，希望为教育政策制定者和高校管理者提供一些有益的思考。 少子化社会：从规模扩张走向质量为本 引言 今天，中国的高等教育正站在前所未有的十字路口。大学是整体社会的一部分，大学的发展必须直接反映社会的变迁，否则不仅会发生危机，甚至会被淘 汰。 当前，中国社会正在经历三大剧变，即少子化社会、量化和人工智能化。 第一，在少子化时代，大学面临人口出生率急剧下降带来的生源减少的现实压力。近年来小学、初中出现"关停潮"，几年之后大学也将面临同样困境，即 适龄学生大幅度减少； 第二，在算法时代，大学面临"一切都被量化"的压力，这导致其学术评价过度依赖量化指标，进而导致"内卷"盛行，教师为发论文疲于奔命； 第三，在人工智能时代，人文社会科学学科发展乏力，一个极端是流于心灵鸡汤式的空洞说教或刻板僵化的教条，另一个极端则流于毫无意义且可以轻易 被人工智能取代的数字游戏，而真正有洞见、有价值的成果凤毛麟角。 在三重冲击下，中国大学该何去何从？追求规模数量的老路已难以为继，唯有转向以质量和创新为核心的新路。高校决策者需要重新审视大学的人才培养 目标，打破固有的评价桎 ...

Core Viewpoint - The third China International Supply Chain Promotion Expo highlights the critical role of finance in empowering industrial chain upgrades and ensuring supply chain security, serving as a platform for global industrial collaboration and innovation [1] Group 1: Economic Indicators and Financial Support - In the first half of 2025, China's GDP grew by 5.3%, with the tertiary sector contributing 5.5% [2] - Social financing increased to 12.74 trillion yuan, indicating a steady rise in financial support for the real economy [2] - The People's Bank of China reported a reasonable growth in total financial volume and a decline in comprehensive financing costs, emphasizing the importance of financial supply-side structural reform [2] Group 2: Policy Innovations and Risk Management - The central bank's "Technology Innovation Re-loan" policy aims to support technology-oriented SMEs and key technological transformations, with nearly 400 billion yuan signed with 1,737 enterprises by November 2024 [3] - The release of the "2025 Industry Chain Risk Research White Paper" focuses on nine key industrial chains, providing systematic risk solutions and marking a shift towards comprehensive risk management [3][6] Group 3: Financial Products and Services - The "Science and Technology Enterprise Financing Chain" product system by China Construction Bank enhances credit accessibility for medium-sized enterprises, exemplified by a 98 million yuan loan to a technology company [5] - The launch of the first green ABCP product in the Guangdong-Hong Kong-Macao Greater Bay Area by China Merchants Bank demonstrates the integration of green finance with capital markets [6] Group 4: International Financial Cooperation - The "Cross-border Wealth Management Connect 2.0" initiative has significantly increased cross-border transactions, with a 386 billion yuan turnover and a sixfold growth compared to the previous version [8] - The trade volume between China and ASEAN reached 6.99 trillion yuan, with cross-border RMB settlements growing by 35%, indicating a strengthening of the RMB's role in international trade [8] Group 5: Ethical Technology and Inclusive Finance - The AIREngine developed by Ant Group exemplifies the application of responsible AI in financial risk management, promoting fairness and reducing bias [9] - The "Dazhanque" system by MyBank ensures data privacy for farmers, showcasing the integration of technology and ethical governance in financial services [9][10] Group 6: Future Directions for Financial Development - The interplay of institutional innovation and technological transformation is crucial for achieving high-quality financial development, with five key areas driving this momentum [11]

Group 1 - The core viewpoint of the article emphasizes the importance of reforming and optimizing services to enhance efficiency in handling key matters, reflecting a commitment to improving people's livelihoods and promoting development [1] - The issuance of the "Opinions" document aims to establish a normalized mechanism for advancing key matters efficiently, focusing on the entire lifecycle of business entities and individuals [1] - The article highlights various "small-cut" reforms that have effectively addressed urgent issues faced by the public, such as community elderly care models and flexible employment insurance policies [1] Group 2 - The article discusses the challenges of meeting diverse public demands in the context of rapid economic and social development, stressing the need for efficient and user-friendly government services [3] - It advocates for the integration of multiple administrative processes into a single-window service to alleviate difficulties in public service delivery, addressing issues like "slow, difficult, and cumbersome" procedures [4] - The article reiterates the government's commitment to improving living standards through targeted reforms in areas such as education, healthcare, and social security, aiming to respond to the public's aspirations for a better life [4]

展望未来，周黑鸭有望凭借上半年积累的良好发展态势，继续深化战略布局。一方面，随着 "门店质量 改革"的持续推进，单店销售仍有较大提升空间，有望进一步推动利润增长。另一方面，原材料成本的 稳定控制以及费用率的持续优化，将为公司盈利能力的持续提升保驾护航。此外，周黑鸭在复合调味品 等新品类的积极探索，以及在新兴渠道、海外市场的稳步拓展，将为公司开辟全新的增长曲线，持续释 放长期价值，为消费赛道注入强心剂。 同时，原材料成本的下行趋势，直接推动了毛利率的上升，增强了集团的盈利空间。此外，通过精益管 理，集团成功优化了销售费用率，进一步提升了整体的盈利能力。 在消费市场逐渐回归理性、竞争愈发激烈的大环境下，周黑鸭通过精准的战略布局，实现了从注重规模 扩张到聚焦经营质量的转变，成功在行业普遍面临增长压力时，走出了一条以质取胜的差异化发展道 路，通过精细化运营，实现可持续的盈利增长。 7月18日，周黑鸭(01458)发布2025年上半年盈利预告，在休闲食品消费承压的背景下交出一份超预期答 卷，展现出强劲的盈利能力和发展韧性。 预告显示，周黑鸭预计于2025年上半年实现利润约9000万元至1.13亿元（不包括分占联营公司盈 ...

Core Viewpoint - The fiscal characteristics of 2025 include expansion in total scale, front-loaded issuance rhythm, and differentiated structural features, which can explain some economic phenomena in the first half of the year [1][10][45]. Group 1: Fiscal Characteristics - Characteristic one is the expansion of total scale and differentiation in narrow and broad structures. The narrow fiscal deficit target rate of 4.0% is the upper limit of market expectations, with the target deficit scale increasing by 39.4% compared to 2024, marking the highest growth in the past decade [13][14][45]. - Characteristic two is the front-loaded fiscal rhythm and differentiation between central and local structures. Local governments have been actively issuing debt, but the contribution of infrastructure projects has not been significant. Central fiscal measures, including national bond issuance and "national subsidies," have been the main support for various economic segments [2][16][19]. - Characteristic three indicates that both narrow and broad fiscal revenues are influenced by lagging effects, PPI levels, and land market conditions, with growth rates lower than initial budget targets. This has contributed to the widening fiscal deficit in the first half of the year [22][23][24]. Group 2: Fiscal Revenue Expectations - Looking ahead to the second half of 2025, favorable conditions for fiscal revenue include potential improvements in nominal growth due to "anti-involution" policies, which may boost tax revenue. However, adverse factors include a slowdown in real estate sales and a potential decline in land revenue [24][25][26]. Group 3: Government Debt Supply - In the second half of 2025, the government is expected to net increase about 5.8 trillion yuan in various types of government debt. The net financing pressure for government debt in the second half is relatively small compared to the first half [27][28][29]. Group 4: Fiscal Expenditure Projections - Broad fiscal expenditure is primarily determined by the scale of bond issuance and revenue. The expected growth rates for broad fiscal expenditure in optimistic, neutral, and cautious scenarios are approximately 8.4%, 7.8%, and 7.0%, respectively, all higher than the previous year's 2.7% [30][31][32]. Group 5: Infrastructure Performance - Infrastructure performance in the second half of 2025 is expected to improve compared to the first half, driven by the acceleration of long-term national bond funding and the introduction of new policy financial tools [5][33][34]. Group 6: Diverse Fiscal Support Areas - Beyond infrastructure, fiscal support is increasingly diverse, including "national subsidies" to boost retail sales, potential nationwide child-rearing subsidies, urban renewal initiatives, and measures to address corporate debt [35][36][37]. Group 7: Fiscal and Tax System Reforms - The focus of fiscal and tax system reforms during the "15th Five-Year Plan" period will include tax reforms, such as shifting consumption tax collection to local levels, and adjustments in the distribution of fiscal powers between central and local governments [39][40][41]. Group 8: Asset Pricing Implications - The fiscal clues for the second half of the year are expected to influence asset pricing, particularly benefiting construction-related industries and emerging sectors like low-altitude and digital economies [43].

Core Viewpoint - The Chinese government aims to continue reducing restrictive measures in the service consumption sector during the "15th Five-Year Plan" period, building on the achievements of the "14th Five-Year Plan" [1][2] Group 1: Economic Growth and Consumer Market - China's retail sales of consumer goods increased from 39.2 trillion yuan in 2020 to 48.3 trillion yuan in 2022, with an average annual growth rate of 5.5% [1] - In absolute terms, China's retail sales in 2022 were approximately 80% of the United States; however, in terms of purchasing power, China's retail sales exceeded that of the U.S., being 1.6 times greater according to World Bank data [1] Group 2: Service Consumption Trends - During the "14th Five-Year Plan," service consumption in China entered a rapid growth phase, with annual growth in residents' service consumption expenditure projected at 9.6% from 2020 to 2024 [1] - The primary challenge during this phase is a supply-side shortage, particularly in high-quality service offerings [1] Group 3: Policy Initiatives - The Ministry of Commerce plans to address the shortage of high-quality services through both external and internal measures, including expanding pilot programs in sectors like healthcare and reducing restrictive measures in service consumption [1] - The government intends to convert effective and popular policies from the "14th Five-Year Plan" into long-term, sustainable policies while introducing targeted measures to stimulate commodity consumption and unleash service consumption potential [2]

Core Viewpoint - The inheritance dispute within Wahaha Group, initiated by the founder Zong Qinghou's death over a year ago, reveals deeper family conflicts beyond mere financial disagreements [1][2]. Group 1: Inheritance Dispute - The inheritance battle centers around Zong Qinghou's promise of $700 million to each of his three illegitimate children, with complications arising from the trust account and the withdrawal of $1.1 million [3]. - The eldest daughter, Zong Fuli, is the primary instigator of the conflict, challenging the status quo established by her father and halting production lines associated with her stepmother [3][4]. - Zong Fuli's ambition to reform rather than merely inherit the family business indicates her desire to break free from her father's legacy and implement necessary changes within Wahaha [4][5]. Group 2: Zong Fuli's Leadership Aspirations - Zong Fuli's actions suggest a long-standing intention to assert her authority, as she began her campaign shortly after her father's death [6]. - The relationship between Zong Fuli and Zong Qinghou was complex, marked by public displays of affection contrasted with private conflicts, including intense arguments over inheritance matters [7][8]. - To be recognized as the legitimate heir, Zong Fuli must demonstrate her capability to manage the business, which involves holding positions in 200 companies and being a legal representative for 40 [11]. Group 3: Need for Reform - Zong Fuli recognizes that the fast-moving consumer goods sector requires innovation, as Wahaha's brand and product offerings have become outdated [14][16]. - Her admiration for competitors like Nongfu Spring highlights her understanding of the need for creative branding and product development to revitalize Wahaha [15][16]. - The ongoing power struggle may hinder Wahaha's progress, as the largest shareholder, Hangzhou Shoucheng State-owned Assets, is unlikely to support Zong Fuli's initiatives [18]. Group 4: Future Prospects - Zong Fuli's efforts to dismantle her father's legacy may be a necessary step towards establishing her own vision for the company, which could lead to revitalization if successful [19]. - The generational transition within the company emphasizes the importance of innovation alongside inheritance, suggesting that true progress requires the next generation to carve their own path [20].