经济日报记者 宋美倩 日前，记者来到位于河北省廊坊市大城县留各庄镇的大城绝热节能材料产业基地，多家企业正在如 火如荼地生产。记者了解到，当地170余家企业直接带动3.2万余人就业。 目前，廊坊产业园区健康发展：固安县设立航空航天专业体验区，汇聚136家相关企业，涵盖航天 研发、零部件制造等领域，年产值超50亿元；香河县打造机器人小镇，吸引北京150多家疏解企业落 户，年产值达21亿元；三河市建设大健康产业园，集聚生物制药、医疗器械、医疗健康服务等企业782 家，年营业收入已突破50亿元。 智改数转上档次 在霸州市胜芳镇伊曼双新家具有限公司生产车间内，中央除尘设备持续运转，整条生产线异常洁 净。"我们投入1500万元用于数字化转型，对生产设备和软件系统进行了全面升级。"公司生产厂长王晓 雯对各个环节的变化如数家珍，"生产环节引进了大型封边机、数据加工中心、镂铣机、焊接机器人、 数控裁床等先进设备，设计和管理环节实现了工艺与业务的数字化，生产效率大幅提升。" 近年来，廊坊市大力推进特色产业集群数字化、智能化转型升级，推动产业向高端化、智能化、绿 色化发展。全市已建设重点实验室、技术创新中心等各类科技研发平台103 ...

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company experienced a high single-digit decline in total sales for FY2026Q3, with direct store sales area decreasing by 1.3% quarter-on-quarter and 13.4% year-on-year [1] - The retail environment remains volatile, with pressures from store closures and competition affecting offline sales [1] - E-commerce sales are expected to continue growing due to the company's strong operational capabilities and enhanced digital marketing strategies [2] - The company is focusing on expanding its brand portfolio in the outdoor and running segments, collaborating with various brands to meet diverse consumer needs [2] - The overall revenue is projected to decline by 7% and net profit by approximately 4% for FY2026, influenced by the current consumer environment and inventory management [2] Financial Summary - Revenue for FY2026 is estimated at 25,062 million, a decrease of 7.2% year-on-year [4] - Net profit for FY2026 is projected at 1,229 million, down 4.4% year-on-year [4] - The company’s earnings per share (EPS) for FY2026 is expected to be 0.20 [4] - The price-to-earnings (P/E) ratio for FY2026 is estimated at 14.3 [4] - The return on equity (ROE) is projected to be 13.6% for FY2026 [12]

Core Viewpoint - Dongwu Futures has experienced rapid development over the past year, achieving impressive operational performance while adhering to high-quality development and serving the real economy [1] Group 1: Focus on Core Business - In a complex market environment, Dongwu Futures achieved steady growth in key business indicators, with annual brokerage revenue reaching 22.831 million yuan, a year-on-year increase of 20.51% [2] - The client margin scale exceeded 13.5 billion yuan, reflecting a year-on-year growth of 12.59%, indicating strong market and client confidence [2] - The company implemented team-based management and differentiated assessment policies to enhance business vitality and expand business volume, resulting in a more than 20% increase in client equity compared to the previous year [2] Group 2: Asset Management and Risk Management - Dongwu Futures focused on wealth management, optimizing its product line around derivatives-based FOF products and CTA products, with total asset management products exceeding 1 billion yuan by the end of 2024 [2] - The risk management subsidiary maintained steady development across three business segments while controlling risks, with market-making and OTC derivatives businesses achieving profitability [3] Group 3: Industry Engagement - Dongwu Futures established a dedicated industry service department to enhance client development and service efficiency, providing professional services to over 100 industrial enterprises [4] - The company reported a significant 40% increase in industry client equity compared to the previous year [4] Group 4: Financial Futures and Client Services - The company focused on serving private equity funds and financial institutions, optimizing client scale and structure through customized research and strategy services [5] - A futures private equity investment competition attracted over 50 institutions, promoting healthy development in the derivatives market [5] Group 5: Technology Empowerment - Dongwu Futures invested approximately 30 million yuan annually in IT over the past three years to drive digital transformation [6] - The company upgraded its app, enhancing user experience and integrating features like simulated trading and account diagnostics, which received industry recognition for security and stability [7][8] Group 6: Social Responsibility and Rural Revitalization - Dongwu Futures actively engaged in rural revitalization efforts, investing over 6 million yuan in professional assistance projects and signing 20 pairing assistance agreements with various regions [9] - The company conducted 28 financial knowledge training sessions, reaching over 1,000 participants, to enhance financial literacy in assisted areas [10] - Dongwu Futures promoted its rural revitalization efforts through media, publishing over 80 articles and receiving awards for its initiatives [11]

2025年是中国期货市场践行金融强国战略、深化服务实体经济功能的关键之年，期货行业肩负着更为重 要的历史使命。作为植根长江经济带、辐射全国的综合性期货公司，长江期货始终坚持以习近平新时代 中国特色社会主义思想为指导，深刻把握金融工作的政治性和人民性，以党建引领发展全局，以专业锻 造服务优势，以创新驱动能级提升，在服务国家战略、赋能实体经济、助力乡村振兴等方面取得了显著 成效，走出了一条具有"长江特色"的高质量发展之路。 作为专业的资产管理人，长江期货致力于为投资者提供全面的理财产品和优质的投资服务，满足机构投 资者及高净值客户的个性化、定制化资产配置需求，通过设计投资策略、构建投资组合、跟踪市场动 态、严格风险管控，提供一站式资产管理服务，确保客户资产的安全与稳健回报。近年来，公司进一步 丰富拓展产品线，发挥期货资产管理特色，布局固收、权益、商品混合、FOF、CTA等，致力于形成覆 盖不同风险收益特征的全策略产品谱系。服务对象覆盖广泛，涉及公募、私募、券商、银行、保险公 司、公益机构等。资管团队投研力量不断加强，固收产品收益率继续保持高水准，衍生品类产品业绩表 现亮眼，进一步加强系统建设、运营管理及效能提升， ...

Core Insights - The global MBA enrollment has decreased by 6%, indicating a shift in student preferences towards more specialized and skills-oriented business education [1][2] Group 1: Changing Student Preferences - Students are moving away from traditional MBA programs and opting for more targeted, flexible, and employment-oriented business specializations, such as "business + technology" [2] - Despite the decline in MBA enrollment, interest in management education remains strong, with students becoming more selective in their choices [2][3] Group 2: Internal Balance Shift in Business Education - There is a notable shift in the internal balance of business education, with traditional MBA programs seeing a decline while specialized master's degrees in areas like business analytics, financial management, and fintech are expanding [3] - The report suggests that business degrees are increasingly being positioned for professionals with work experience rather than fresh graduates, emphasizing skills over titles [3] Group 3: Strategic International Education Choices - The number of international students pursuing master's degrees is on the rise, particularly in business-related fields, but their mobility is influenced by visa regulations and job prospects [4] - Students are now more focused on return on investment when evaluating study destinations and institutions, favoring shorter, skill-oriented programs with high employment rates [4] Group 4: Flexibility as a Competitive Advantage - Flexible learning formats are becoming a significant advantage, with online and hybrid learning models gaining popularity, especially among employers [4] - The evolving landscape of business education highlights the need for students to align their degrees with career stages, skill demands, and long-term goals to achieve success [5]

Core Viewpoint - The development of characteristic industrial clusters in Langfang City is accelerating, driven by strategic initiatives to enhance scale, technological upgrades, and marketing efforts, resulting in significant employment and economic growth [3][4][10]. Group 1: Employment and Economic Impact - Over 170 enterprises in Dacheng County have directly created employment for more than 32,000 people [3]. - The clothing industry cluster in Yunshang Town has generated over 100 billion yuan in output value and over 50,000 jobs [3]. - The furniture industry in Bazhou City has over 4,000 enterprises, producing 100 million sets of furniture annually, with an output value exceeding 50 billion yuan [9]. Group 2: Industrial Cluster Development - Langfang City has implemented a "leader" enterprise cultivation action to promote 27 characteristic industrial clusters, focusing on high-quality development [3][10]. - The Daxing Red Wood Culture brand in Dacheng County integrates industry, culture, and tourism, establishing a comprehensive market for redwood products [10]. - The introduction of major operating companies in Wen'an County has led to the establishment of five industrial parks, each with investments exceeding 2 billion yuan [5]. Group 3: Technological and Digital Transformation - Langfang City has invested over 20 billion yuan in research and development, establishing 1,031 technology innovation platforms [6][8]. - The digital transformation initiatives have led to significant improvements in production efficiency, with companies reporting up to a 20% reduction in production costs [7]. - The city has facilitated the digital upgrade of over 8,000 enterprises, with 49 key digital transformation projects in progress [8]. Group 4: Market Expansion Strategies - Bazhou City is actively promoting the "Shengfang Furniture" collective trademark to enhance product visibility and market reach [9]. - The establishment of a cross-border e-commerce industrial park aims to expand export opportunities through new business models [9]. - The investment of 10 billion yuan in Xianghe County aims to create the "Northern Smart Furniture Capital," attracting numerous brands and stores [9].

Core Insights - Public libraries are evolving into multifunctional cultural spaces, leading to increased foot traffic during summer vacations due to factors such as family visits, cultural activities, and study needs [1] Group 1: Increased Foot Traffic - The rise in visitor numbers during summer is attributed to three main factors: the vacation of middle and primary school students, the appeal of cultural activities, and the need for study spaces among students and professionals [1] - Cultural activities in July and August are more than double those in other months, attracting diverse reader groups [1] Group 2: Space Expansion and Optimization - To address the seating shortage, libraries are restructuring existing spaces to create open reading areas, adding 108 new seats [2] - New functional areas such as children's picture book sections and digital experience zones are being established to cater to different reading needs and disperse crowds [2] - Community book-sharing systems are being implemented in various locations to extend library services beyond traditional settings [2] Group 3: Time Management and Service Innovation - Libraries are optimizing study room hours from 9 AM to 9 PM to accommodate peak study times, effectively reducing pressure on traditional reading areas [3] - Strict regulations against seat reservation abuse are being enforced to ensure fair access for all readers [3] - Digital transformation is being leveraged to reduce reliance on physical seating, with upgrades to digital resource libraries and inter-library cooperation agreements to enhance resource sharing [3]

首先，银行实体网点收缩是中小银行改革化险的主动选择。近年来，部分村镇银行、农商行风险逐渐暴 露，内控缺失、公司治理薄弱、区域经营受限等问题突出。监管部门自上而下推动合并重组，加速了高 风险机构的市场化退出。截至12月初，年内因合并或解散注销的银行已超370家，其中近六成为村镇银 行。内蒙古、四川、吉林等地通过组建省级农商行、推进市级统一法人改革，整合区域内农信机构，实 现规模效应与风险化解。这一过程虽然在一定程度上造成了网点的裁撤，但也是行业挤水分、提质量的 必经阶段。 证券时报记者谢忠翔 今年以来，银行网点"关停潮"引发市场广泛关注。 据证券时报记者统计，截至发稿前，年内已有超9900家银行网点终止营业。其中，农商行网点占比超 55%，农村信用社网点和村镇银行网点占比分别为20%、9%。这一趋势背后，不仅是金融科技深化带来 的渠道重构，更是中小银行尤其是农村金融机构在改革化险与数字化转型双重施压下的真实写照。 其次，金融科技的深度渗透从根本上改变了银行业的服务生态。当前，手机银行渗透率已接近90%，超 八成个人业务可在线完成。从智能柜台、远程云柜，到AI数字员工、大模型赋能风控与营销，技术替 代人工已成为不 ...

潜在增资事项符合公司致力于以数位化、智能化不断提升企业运营效率的经营理念，符合公司加快建成 中国优秀的综合环境服务商和资源循环产业领军企业战略定位。有利于公司融入省级产业创新生态，充 分发挥股东资源优势，通过参与训练场建设有助于打通"技术-场景-应用"闭环，为公司环保业务数位化 转型提供战略支点。 格隆汇12月22日丨东江环保(00895.HK)公告，公司拟通过在广东联合产权交易中心参与公开摘牌方式增 资具身智能。公司拟对具身智能增资不超过人民币1200万元的金额，认购具身智能不超过4%的股权。 根据广东财兴资产评估土地房地产估价有限公司出具的评估报告，具身智能股东全部权益于2025年11月 15日的估值为人民币41,999,900元。潜在增资事项的价格将参考(且不低于)具身智能股权的估值，并按 公平基准磋商通过签订增资合同或进入竞争性谈判而厘定。 ...

转自：新华财经 12月19日，以"聚彩虹引力·让世界看见"为主题的河北省女企业家协会巾帼共创高质量发展峰会在石家庄召开。来自政府、高校、商协会、国际组织等部门 以及全省各地的优秀女企业家代表近四百人齐聚一堂，共谋高质量发展新篇，共启协会发展新程。 编辑：穆皓 此次峰会还启动了河北省女企业家协会"科技共创空间站"。这一平台旨在汇聚政、产、学、研多方力量，成为驱动会员企业数字化转型与科技创新的核心引 擎。河北对外经贸职业学院、河北女子职业技术学院现场颁发了产业导师、创业导师聘书，宣告"智校企"合作进入深化实践的新阶段，为产业人才培养奠定 坚实基础。 据了解，河北省女企业家协会已成立36年，拥有会员企业6700家，她们深耕河北、拥抱世界，成为全国女企业家领域有影响力的社会团体，打造的"彩虹冀 商"品牌也成为河北的一张靓丽名片。截至目前，协会已与海内外51家商协会建立战略合作关系，构建了开放协同的产业生态。（秦华） 巾帼共创高质量发展峰会现场 会上，河北省女企业家协会与联合国环境规划署世界基金会、柬埔寨中国河北总商会等国际组织及商协会签署了《国际战略合作》协议；与中国旅游协会、 北京旅游商会、天津旅游商会等国内机构签 ...