财政部副部长廖岷出席中国-世界银行集团全球生态系统与转型中心首次高级别研讨会 金十数据6月19日讯，2025年6月17日，中国-世界银行集团全球生态系统与转型中心以"立足国家优先发 展领域推动生态系统修复"为主题，在京举办首次高级别研讨会。财政部副部长廖岷出席会议开幕式并 致辞。廖岷表示，多年来，中国深入践行"绿水青山就是金山银山"的"两山论"，以绿色技术、绿色投资 等为重要支撑，持续优化产业结构、加快发展模式转型，在保持经济快速增长的同时，实现了能耗以及 污染排放的显著下降。 （财政部） 相关链接 ...

2025年第一季度，国内消费市场呈现出结构优化、渠道多元、区域分化的新特征。新能源汽车、家电以旧换新等红利持续 释放，直播电商与兴趣电商成为线上增长引擎，而服务消费与质价比竞争则标志着市场进入高质量发展阶段。 2025年第一季度，社会消费品零售总额前三名是江苏、广东和山东。这三座省份凭借人口和经济优势，成为推动社会消费 品零售额增长的重要力量。今年一季度，江苏社会消费品零售总额达到1.24万亿，位居榜首。江苏的消费市场不仅规模庞 大，而且消费结构多元化，涵盖了汽车、家电、餐饮、旅游等多个领域。据了解，江苏的线上消费市场呈现出繁荣景象， 各类商品琳琅满目，促销活动丰富多彩。消费者通过电商平台购买了大量的服装、食品、日用品等商品，推动了社会消费 品零售额的增长。 消费的底气来自收入。从人均消费支出排名靠前的上海、北京、浙江。这些地方一季度人均消费支出与人均可支配收入排 名保持一致。这充分说明了收入是消费的基础和前提，只有居民收入增加了，才有更多的资金用于消费。今年一季度，上 海人均消费支出排名全国第一，达到1.4万元人民币。上海的消费者注重生活品质，追求时尚和个性化，在餐饮、潮玩、旅 游等方面的消费支出较高。 从 ...

"央企系"地产公司陆续开启地产开发业务剥离之路。最新案例为中交房地产集团旗下的*ST中地 （000736）。公司日前筹划以1元价格将持有的房地产开发业务相关资产及负债转让至中交房地产集 团。 此前推出类似运作模式的还有中国电建（601669）地产集团旗下的*ST南置（002305）。公司将持有的 房地产开发业务等相关资产及负债转让至控股股东方。 其二，战略转型。从目前披露来看，通过地产开发业务剥离，央企系地产公司未来会主要锚定在物业服 务和资产管理与运营等轻资产业务，实现从重到轻的战略转型。 同时还有更具"脱胎换骨"转型意味的格力地产，在主业转向免税业务的背景下，公司更名为珠免集团 （600185）。 启动轻资产化转型的以国资企业和大中型企业为主，背后原因在于这一运作模式考验大股东实力。例 如，地产债务剥离，债权人的首肯前提就是负债的转移不能影响到债务偿还。 但这一模式也会给上市公司带来新挑战。例如，地产业务剥离后，上市公司往往会将面临资产和营收的 收缩。尤其对于没有新资产注入的案例来说，将带来一些衍生问题。 这些地产公司剥离开发业务，主要指向包括两点。其一，资产负债结构优化。行业周期演进下，央企系 地产公司 ...

与此同时，广西财政厅统筹工业振兴专项资金7005万元，对19项先进制造业集群项目给予支持，预计带 动项目2025年完成投资超10亿元，推动先进制造业集群项目加快建设。 广西还着力支持重大产业项目，2025年，广西财政厅统筹工业振兴专项资金7170万元，对广西钢铁 3800mm宽厚板生产线项目(一期)及其配套连铸系统、广西宏旺新材料科技有限公司高性能硅钢项目(一 期)予以重点支持，推动重大产业项目带动上下游企业投资并形成产业集聚，进一步提高重大产业项目 对工业投资增长的拉动力。(完) 中新网南宁6月18日电(韦佳秀)广西壮族自治区财政厅最新发布的消息称，今年以来，广西财政厅下达 工业项目资金4.89亿元，大力推动工业新兴产业培育、产业优化升级、先进制造业集群及重大产业项目 加快建设。今年1月至4月，广西规上工业总产值同比增长7.6%，比上年同期高1.5个百分点；规上工业 增加值同比增长8%，比上年同期高0.3个百分点，高于全国1.6个百分点。 据介绍，2025年，广西财政厅统筹工业振兴专项资金2.81亿元，支持64项工业产业项目优化升级，鼓励 引导企业加大工业投入和优化投资方向，预计2025年带动项目完成投资超 ...

公司报告 | 年报点评报告 瑞联新材（688550） 证券研究报告 显示材料贡献收入增量，成本管控显著，利润高增 事件：瑞联新材公布 2024 年年度报告，2024 年公司实现营业收入 14.59 亿元，同比+20.7%，实现归母净利润 2.52 亿元，同比+87.6%，其中第四季 度实现营业收入 3.65 亿元，同比+32.3%，环比-8.68%，实现归母净利润 0.66 亿元，同比+83.9%，环比-26.2%。公司发布 2025 年一季报，一季度实现营 业收入 3.44 亿元，同比+4.8%，环比-5.83%，实现归母净利润 0.46 亿元， 同比+32.9%，环比-31.3%。 2024 年显示材料贡献收入增长，公司收入结构变化、成本管控显著 公司 2024 年营业收入中，显示材料/医药板块/电子材料分别实现营业收入 12.8/1.5/0.3 亿元，三大板块同比分别+23.69%/13.59%/-29.90%。 显示材料板块中，随着 OLED 面板在中大尺寸屏幕领域渗透率的稳步攀升， 市场潜力持续释放。公司紧抓市场机遇，通过提升订单响应速度、稳定产 品质量、严控生产成本等手段，2024 年 OLED ...

Group 1 - Guosheng Securities is seeking to appoint a new general manager through a market-oriented selection process, indicating a strategic move towards establishing New Guosheng Securities after the absorption of its wholly-owned subsidiary [1][2] - The selection criteria for the new general manager include prior experience in provincial-level securities firms or equivalent, with a minimum of two years in a senior management role, and candidates must be 55 years old or younger as of May 31, 2025 [1] - The current acting president, Tang Wenfeng, meets the age requirement and has been fulfilling the role since the resignation of the previous president due to age reasons [1] Group 2 - The update of the D-class list by the China Securities Association has increased the number of suspended representatives to 17, reflecting stricter regulatory oversight on IPO project quality [3][4] - The inclusion of two representatives from Guojin Securities in the suspended list raises concerns about the risk management capabilities of the involved firms, prompting investors to reassess project quality [3] - The tightening of regulations may lead to a competitive shakeout in the brokerage industry, encouraging a more rational flow of capital in the stock market [3] Group 3 - Recent changes in fund managers, particularly those managing underperforming products, highlight the industry's talent mobility and growing concerns over fund performance [4] - The departure of several well-known fund managers from poor-performing funds may impact investor confidence in those funds, necessitating close monitoring of future performance [4] - This trend could drive a competitive environment within the fund industry, promoting a selection process that favors higher-performing funds [4] Group 4 - Guotai Junan has repurchased 4.66 million shares for a total amount of 86.58 million yuan, reflecting the company's confidence in its own value [5][6] - The total funds spent on share repurchases since early June amount to approximately 557 million yuan, excluding transaction costs [5] - This action may influence investor expectations regarding the company's future development and could lead to stock price fluctuations, potentially serving as a positive signal for the brokerage sector [5][6]

Financial Data and Key Metrics Changes - In the second quarter, the company started over 24,000 homes, delivered over 20,000 homes, and sold 22,601 homes, indicating a focus on volume despite challenging market conditions [23][25] - Sales incentives rose to 13.3%, resulting in a gross margin reduction to 18% excluding purchase accounting, attributed to lower than expected average sales prices [23][24] - The company ended the quarter with $1.2 billion in cash and $5.4 billion in total liquidity, reflecting a strong balance sheet [49][50] Business Line Data and Key Metrics Changes - The financial services team reported operating earnings of $157 million, primarily driven by the mortgage business due to higher profit per loan and a higher capture rate [47] - The average sales price for Q3 is expected to be between $380,000 and $385,000, with gross margin anticipated at approximately 18% [53] Market Data and Key Metrics Changes - The housing market remains soft, with median sales prices hovering around $400,000 in many markets, driven by affordability challenges and consumer confidence issues [10][11] - Inventory levels have increased slightly from last year's lower levels, but remain constrained, contributing to high home prices [11][12] Company Strategy and Development Direction - The company is focused on maintaining volume and driving efficiencies through technology integration, aiming to build a stronger margin-driving platform [8][17] - The strategy includes an asset-light, land-light balance sheet to efficiently manage land assets and improve cash flow [15][21] - The company is investing in technology solutions to enhance productivity and efficiency, drawing parallels to successful transformations in other industries [18][19] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the challenging economic environment, with higher interest rates and declining consumer confidence impacting demand [9][10] - The company believes it is close to finding a floor for margins and is optimistic about future growth despite current market softness [16][34] Other Important Information - The company is transitioning its ERP system to JD Edwards eOne, which is expected to modernize its financial platform and improve operational efficiency [30][31] - The company is committed to maintaining a disciplined approach to land acquisitions, focusing on just-in-time purchases to optimize costs [88][90] Q&A Session Questions and Answers Question: What is the current quality of the consumer and any shifts in credit quality? - Management noted that while the market has softened, credit scores have remained consistent, with a shift towards more government loans helping some buyers qualify [60][62] Question: Are there markets where demand is inelastic despite incentives? - Management indicated that there is variability in market performance, with some markets experiencing challenges, but adjustments are made based on real-time data [64][66] Question: What are the expected margins and returns on new capital investments? - Management aims for around a 20% gross margin on new investments, with a focus on driving down costs to buffer against market conditions [87][90] Question: What is the outlook for cash flow given the recent outflows? - Management explained that cash flow was impacted by lower average sales prices and ongoing adjustments related to the Mill Road spin-off, but they are focused on generating consistent cash flow [91][92]

从严退市政策的实施，犹如一把利剑，斩断了这些不良企业的生存根基，把它们清理出市场舞台，为优 质企业腾出发展空间。这不仅有助于提高市场的整体质量，还能引导投资者将资金投向更具发展潜力和 投资价值的企业，促进资源的优化配置。 从严退市政策还面临进一步优化的空间，比如，进一步加强对退市公司投资者的保护，减少其损失等。 监管部门需要进一步完善相关制度和规则，加强信息披露和监管执法力度，建立健全投资者赔偿机制， 为从严退市政策的顺利实施提供有力保障。 总之，从严退市是A股市场生态结构优化的关键之举。它有利于净化市场环境，提高市场质量，引导资 源优化配置，增强投资者信心，推动企业转型升级。虽然实施过程中会遇到一些困难和挑战，但只要我 们坚定信心，不断完善制度和机制，就一定能够实现A股市场的长期健康发展，为我国经济的高质量发 展提供有力支撑。 同时，从严退市也是市场的选择。在成熟的资本市场里，优胜劣汰是自然规律。A股市场作为我国经济 的重要组成部分，尽可能地遵循市场规律，才能实现可持续发展。而投资者是市场的主体，他们的选择 和偏好决定了市场的走向。 当市场出现大量低质量、高风险的企业时，投资者会逐渐失去信心，导致市场资金外 ...

Core Insights - Local government bond issuance is accelerating, with a total of approximately 45,322 billion yuan issued as of June 15, representing a 55% increase compared to 29,171 billion yuan in the same period of 2024 [1] - The increase in bond issuance indicates a more proactive fiscal policy aimed at optimizing debt structure and enhancing effective investment [1] Group 1: Local Government Bonds - The issuance of new special bonds reached 16,479 billion yuan, accounting for about 36% of total local bond issuance, which is a 39% increase from 11,871 billion yuan in the same period last year [1] - The issuance of replacement bonds has also progressed rapidly, with approximately 16,835 billion yuan issued, achieving about 84% of the 20,000 billion yuan quota for the year [2] - The issuance of land reserve special bonds has surpassed 1,000 billion yuan, contributing to stabilizing the real estate market [2][3] Group 2: Economic Impact - The funds from new special bonds and infrastructure investments are expected to attract significant social capital, driving effective investment and promoting related industry development [2] - The acceleration of replacement bond issuance is expected to alleviate local government debt risks and repayment pressures, leading to a more stable fiscal and economic environment [2] - The government plans to issue 4.4 trillion yuan in special bonds, an increase of 500 billion yuan from the previous year, focusing on investment construction, land acquisition, and settling local government debts [2] Group 3: Future Outlook - The second quarter is expected to see a high volume of local bond issuance, with June alone projected to reach around 10,000 billion yuan, including 5,364 billion yuan in new bonds [3] - The overall pace of local bond issuance is anticipated to accelerate, with a focus on infrastructure projects to stabilize economic growth and support related industries [3] - Local bonds are becoming a crucial tool for ensuring moderate investment growth and stabilizing local economic growth rates, with continued high issuance expected in the second half of the year [3]

后续金融数据有望延续较好态势，更好服务实体经济。一方面，我国利率水平目前处于较低水平。二季 度以来，企业发债成本总体呈低位下行态势，5月5年期AAA级企业债到期收益率平均为1.97%，在4月 较低水平上进一步下降。在低利率背景下有助于降低整体融资成本，企业在增加贷款提款的同时，也加 大债券融资力度。另一方面，国际上中美经贸关系短期缓和，国内"两重两新"政策持续发力，新增货币 政策等继续发力等，再加上6月份本来就是融资需求较大的月份，金融将有望延续向好的趋势，为经济 向新向好发展提供质优价低量足的服务。 文 / 娄飞鹏 中国邮政储蓄银行研究员 6月13日，人民银行公布5月金融数据。从货币供应看，广义货币余额（M2）同比增长7.9%，虽然略低 于4月，但明显高于一季度和去年同期。从社会融资规模看，存量社会融资规模同比增长8.7%，保持较 高水平。前5个月社会融资规模增量累计为18.63万亿元，比去年同期多3.83万亿元，这其中主要的贡献 来源是政府债券净融资同比增加3.81万亿元。5月当月社会融资规模增量为2.29万亿元，同比多增2247亿 元，同样主要是政府债券等直接融资拉动贡献。 今年我国政府债券发行节奏前置 ...