在沙漠中构建起"光伏长城"，草原的"风光无限"点亮万家灯火……地处祖国北疆的内蒙古自治区，是我 国重要的能源基地。近年来，内蒙古加快改造提升传统产业，培育壮大新兴产业，产业转型发展动能澎 湃。 走进位于呼和浩特市的伊利现代智慧健康谷，全自动、智慧化生产加工场景让人眼前一亮。伊利集团副 总裁韩飞介绍，目前，液态奶基地日处理鲜奶6500吨，奶粉基地年产6万吨，奶酪基地年产20万吨，产 能和品质同步领跑。今年，将力争15万吨原制奶酪三期、6.3万吨奶粉三期项目投产，"从一棵草到一杯 奶，再到一块奶酪"的产业布局初具规模，现代化奶业发展前景广阔。 在呼和浩特市东部的敕勒川草原，绿草如茵，风景秀美。而在10多年前，这里却面临土地沙化、水土流 失的困境。蒙草集团副总经理陈睿珏介绍，该集团专注生态草、饲草、草坪草的育种、加工和推广应 用，收存植物种质资源2300种、6.5万份，标本17万余份，土壤165万份，拥有自主知识产权及使用权品 种105个，同时联合百余家科研院所、高校、企业筹建国家草业技术创新中心。"草业的科技创新为产业 转型发展不断赋能，我们已累计修复草原、矿山、沙地、盐碱地等各生态类型近3300万亩。"陈睿珏 ...

Group 1: Industrial Transformation and Green Development - The city of Jiaozuo is exploring a new path for resource-based urban transformation, focusing on green development technologies to drive industrial change and promote environmentally friendly and resource-saving products [2] - Liu Ning emphasized the importance of integrating green development throughout the production process, advocating for the elimination of inefficient capacity and the cultivation of green dynamics in the chemical new materials industry [2] - The focus is on creating a high-value chemical new materials industry chain that is characterized by low investment, high output, and low pollution, promoting a circular development model [2] Group 2: Agricultural Modernization - Liu Ning highlighted the need for collaboration in agricultural production, emphasizing the importance of high-quality farmland, seeds, methods, opportunities, and systems to achieve breakthroughs in grain production [3] - The focus is on enhancing local resource advantages to develop specialty industries and extend the modern agricultural industry chain, thereby increasing the added value of agricultural products [3] - The aim is to effectively integrate small farmers into larger markets through the promotion of deep processing of agricultural products [3] Group 3: Environmental Protection and Sustainable Development - Liu Ning called for the implementation of Xi Jinping's ecological civilization thoughts and the promotion of high-quality development through advanced manufacturing that is high-end, intelligent, and green [4] - The emphasis is on adhering to the "dual responsibility" principle in environmental protection, tackling pollution, and promoting green production and lifestyle transformations [4] - The goal is to achieve a greener and more sustainable environment in the Central Plains region, ensuring cleaner air, water, and soil [4]

日本内阁府在《地域课题分析报告》中明确指出：与十年前的水平相比，日本制造业（包括出口）的竞争力出现了较为明显的下降。与制造体系庞大、应用 场景丰富、迭代速度快、规模与升级并重的中国。 Assice Loss 「 I 2 te. n 11 24 P | 目 | | --- | | はじめに. | | 第１章 我が国製造業と地域経済 | | （１）我が国の製造業の推移 | | １．日本の産業構造 . | | 2．出荷・輸出動向 | | （２）地域経済における製造業 | | 1．地域の産業構造 2．地域の輸出構造… 南生分享： 日本公布制造业调研报告 | | ３．製造業の集積に関する理論. | | 第２章 業種別にみた地域の特徴 | | （１）輸送用機械 | | 1．概況 | | ２．愛知県の自動車及び自動車部品 | | ３．群馬県の自動車及び自動車部品. | | （２）一般・精密機械 | | 1. 概况 | | ２．茨城県・大阪府の建設機械・鉱山機械. | | ３．宮城県・熊本県の半導体等製造装置. | | 11 - 1 = = 1/1/ 1 - 1 | | がにしたことがあります。 はエリアルバルサロット ロノ ...

转自：北京日报客户端 "十四五"以来，石景山地区生产总值一年迈上一个百亿元台阶，从2020年的973.8亿元，增加至2024年 的1312.9亿元。今年上半年，实现地区生产总值696.6亿元、同比增长7.6%，增速居中心城区第一。 "石景山因首钢而生，因奥运而兴。近年来，全区深入实施城市更新和产业转型两大战略，走出了一条 从'复兴愿景'到'幸福实景'的创新之路。"日前，石景山区区长万隆在"一把手发布·京华巡礼"系列主题新 闻发布会石景山专场上介绍。 二三产业占比从7:3到1:9 今年，服贸会以"一会一址"形式永久落户首钢园，石景山区将工业遗存改造与现代会展需求相结合，打 造面积近2平方公里，集办展、游玩、购物、住宿等多功能于一体的特色"会展小镇"，迎接广大来宾到 石景山区做客。 城市面貌焕新升级 石景山区副区长曹世辉介绍，"十四五"期间，石景山区统筹实施481个城市更新项目，带动投资超900亿 元；开展老旧小区改造，提前完成楼本体改造任务；实施五大棚改，惠及14200余户居民；推进老旧厂 房更新，首钢园成为首都城市复兴新地标，2024年游客量达到1300万人次。 尤其是针对作为老工业基地时代遗留的老厂房、老旧 ...

二级市场上，外资机构巨头也大举买入。港交所数据显示，欧美基金年内多次出手增持港股。例如，继 众安在线7月份完成39亿港元配售后，挪威主权财富基金继续增持，对该公司的持股比例提升至 5.07%。全球资管巨头贝莱德7月22日大手笔增持中金公司港股126.24万股，持股比例升至5.01%。 究其原因，全球资本再平衡下，中国优质资产愈发成为外资的选择。高盛首席中国股票策略分析师刘劲 津表示，今年以来，欧美大型投资者担心美股估值太高以及美元持续走弱，分散投资的需求愈来愈大， 中资股流动性高、存在高增长空间，由此吸引欧美资金重仓。 今年以来，港股市场表现亮眼。与此同时，中外机构巨头密集抢筹港股，不仅在一级市场积极认购港股 IPO项目，更在二级市场大举买入高股息股、AI股等。 欧美资金重仓港股资产 一级市场上，外资机构积极参与港股IPO认购。参与港股IPO的外资主体不仅包括主权基金和对冲基 金，还包括家族办公室、产业资本及国际投行附属机构。数据显示，年初至今，基石投资者贡献了港股 四成以上的IPO募资额，其中三分之二来自外国投资者，凸显国际资本对中国资产的配置需求显著回 升。 瑞银财富管理投资总监办公室认为，今年上半年通过 ...

Core Viewpoint - The article highlights the transformation of the East River Anti-Japanese Base from a wartime stronghold into a modern economic and technological hub, particularly within the Guangdong-Hong Kong-Macau Greater Bay Area, showcasing its significant contributions to China's economic growth and innovation [1][21]. Historical Context - The East River Anti-Japanese Base, comprising areas like Dongguan, Shenzhen, and Huizhou, was established during the Anti-Japanese War under the leadership of the Guangdong People's Anti-Japanese Guerrilla Force [1][5]. - The Guangdong People's Anti-Japanese Guerrilla Force East River Column was formed in December 1943, significantly boosting the morale and fighting spirit of the local population [6][5]. Military Achievements - The East River Column engaged in over 1,400 operations against Japanese and puppet forces, inflicting thousands of casualties [8][6]. - Notable operations included the attack on the New Tang Railway Station, which disrupted Japanese supply lines for two weeks [8][9]. Economic Development - The region has evolved into a vibrant economic area, contributing to the Greater Bay Area's status as one of the most open and economically dynamic regions in China, generating one-ninth of the national economic output despite occupying only 0.6% of the country's land [21]. - Dongguan has transformed its industrial landscape, focusing on innovation in toy production and digital creativity, with over 4,000 toy manufacturers and nearly 1,500 supporting enterprises [15][17]. Infrastructure and Connectivity - The historical significance of the Guangzhou-Shenzhen-Hong Kong railway has been succeeded by the Guangzhou-Shenzhen-Hong Kong High-Speed Railway, which operates 325 trains daily, connecting major cities and serving over 70 million people [17][21]. - The region is home to world-class ports, including Guangzhou and Shenzhen, forming one of the largest port clusters globally, with an annual container throughput exceeding 77 million TEUs [22]. Tourism and Cultural Heritage - The former command post of the East River Column has been preserved as a key cultural heritage site and patriotic education base, attracting over 30,000 visitors annually [8][11]. - The development of "red tourism" and coastal vacation industries has significantly increased local residents' incomes [11].

Core Viewpoint - The acquisition of Xian Dao Electronic Technology Co., Ltd. (Xian Dao Dian Ke) by Quzhou Development marks a significant step in the company's strategy to enter the high-tech sector through mergers and acquisitions, with a total estimated transaction value of approximately 114.55 billion yuan [1][2][3]. Company Overview - Xian Dao Dian Ke, established in 2017, has a registered capital of 477.90 million yuan and holds over 30% of the global market share in ITO target materials, ranking first in the industry [2][4]. - Quzhou Development, previously known as Xinhu Zhongbao, has undergone a transformation since state-owned assets took control, with total assets of 966.41 billion yuan and a market capitalization exceeding 350 billion yuan as of early 2025 [8][12]. Acquisition Details - Quzhou Development plans to acquire 95.4559% of Xian Dao Dian Ke's shares from over 40 companies, raising up to 3 billion yuan in supporting funds [1][2]. - The estimated valuation for 100% equity of Xian Dao Dian Ke is capped at 12 billion yuan, reflecting a significant decrease of over 40% from previous valuations [8][9]. Market Context - The acquisition comes after a failed attempt by another company, Guangzhi Technology, to acquire Xian Dao Dian Ke, which faced challenges due to external conditions and disagreements among stakeholders [5][6]. - The market response to Quzhou Development's acquisition has been positive, with the company's stock experiencing a surge, indicating investor confidence compared to previous attempts [3][7]. Strategic Implications - The acquisition is part of Quzhou Development's broader strategy to establish itself as a benchmark for mergers and acquisitions in the high-tech sector, aligning with local government initiatives to enhance industrial development [10][15]. - Xian Dao Dian Ke's products are crucial for various high-tech applications, including display panels and semiconductors, which will enhance Quzhou Development's business portfolio and support its transition towards high-tech manufacturing [14][16].

Report Summary 1. Report Industry Investment Rating The document does not mention the industry investment rating. 2. Core Viewpoints - Guizhou is a typical key province with relatively weak economic and fiscal strength, but the debt burden has been significantly relieved after debt resolution. The progress of debt resolution is approaching the end, and there is still a demand for new financing at the provincial, municipal, and high - tech district levels, mainly relying on industrialization entities [4][19][21]. - The debt pressure in Guizhou has been alleviated, and the public - market debt issuance is cautious. The debt structure is relatively balanced. The transformation progress of listed and second - type urban investment companies is not fast, and there is no clear provincial coordination time for delisting [4][19]. - For bond selection, short - term varieties of both traditional urban investment and newly emerged market - oriented entities can be considered. Traditional urban investment's standard - bond market is shrinking, and the remaining part has a stronger safety margin. Market - oriented entities are currently the key recommended targets in the region, with relatively controllable credit risks in the short term. A cautious attitude is still maintained towards medium - and long - term credit products [4][21]. 3. Summary by Relevant Catalogs 3.1 Economic and Fiscal Situation - In 2024, Guizhou's GDP was 2.266712 trillion yuan, ranking tenth from the bottom among provinces; the general budget revenue was 216.962 billion yuan, also ranking relatively low nationwide. However, the government - funded revenue was 231.528 billion yuan, ranking 8th in the country. Since 2020, Guizhou has had a government - funded revenue scale of over 200 billion yuan for four consecutive years [2][9]. - Among Guizhou's prefecture - level cities, Guiyang and Zunyi are in the first echelon. In 2024, their GDP exceeded 50 billion yuan, while other prefecture - level cities and autonomous prefectures were between 10 billion and 25 billion yuan. In 2024, the general budget revenues of Guiyang and Zunyi were 47.205 billion yuan and 34.776 billion yuan respectively, and the land transfer revenues were 64.325 billion yuan and 28.308 billion yuan respectively [3][13]. 3.2 Debt Situation - In 2024, Guizhou's government debt balance was 1.753709 trillion yuan, and the outstanding urban investment interest - bearing debt was only 1.590627 trillion yuan, with a relatively balanced debt structure [2][10]. - In 2024, the government debt balances of Guiyang and Zunyi were 376.955 billion yuan and 278.841 billion yuan respectively, and the outstanding urban investment interest - bearing debts were 385.355 billion yuan and 191.134 billion yuan respectively [3][13]. 3.3 Debt Resolution Progress - With limited financial resources in the province, the debt resolution support is strong. Substantial progress has been made in high - interest debt replacement with the help of special bond debt - resolution funds. Banks are more willing to participate in high - interest debt replacement, mainly replacing high - interest bank loans, while the progress of non - standard debt replacement is relatively slow [3][16]. - From 2024 to the present in 2025, Guizhou has issued 184.619 billion yuan and 105.944 billion yuan of special refinancing replacement bonds respectively, with the issuance scale always in the top five in the country. The scale of special new special bonds is also not small [16]. 3.4 Development and Bond Financing - Guizhou's debt resolution is approaching the end, and there is a demand for new financing at the provincial, municipal, and high - tech district levels, mainly relying on the subsequent appearance of industrialization entities in the capital market [4][19]. - The transformation progress of listed and second - type urban investment companies in Guizhou is not fast, and there is no clear provincial coordination time for delisting. Currently, the publicly - traded bond - issuing entities strongly recommended in the region are mainly state - owned enterprises that have successfully transformed into market - oriented operations [4][19]. 3.5 Industrial Situation - Guian New Area aims to build "three major industrial bases": a national computing power guarantee base, a new - energy power battery and material R & D and production base, and an important national industrial backup base. Many major projects have been put into production, but the contribution of data computing centers to tax revenue is not strong [14]. - Guizhou has established a "6 + 3" industrial system and a "3533" industrial cluster, with key support for industries such as new energy and aerospace high - tech industries, as well as other projects like urbanization, tourism, agriculture, and ecological environmental protection [20][21].

中证报中证网讯(王珞)8月12日，*ST松发（603268）重大资产重组项目收官，越秀资本（000987）控股 子公司广州资产管理有限公司(简称"广州资产")作为该项目最大的内资机构投资人，参与*ST松发增发 认购，将成为*ST松发第八大股东。 *ST松发成立于2002年，2015年在上交所主板上市，原主营业务为日用陶瓷制造，近年来，由于行业竞 争加剧、市场需求萎缩，公司多次转型尝试仍未能扭转困境。2025年1月，*ST松发因触发财务类退市 指标被实施退市风险警示。为化解退市风险、实现产业跃迁，公司通过重大资产重组，置出陶瓷制造产 能并注入恒力集团持有的恒力重工集团有限公司(简称"恒力重工")100%股权。 恒力重工主要业务涵盖大型船舶建造、海洋工程装备及高端重型机械制造，是国家战略新兴产业中海洋 装备制造业的民营企业标杆。本次重大资产重组推动了*ST松发从传统陶瓷制造向海洋高端装备制造赛 道转型，配套募集资金将用于高端船舶智能制造与研发设计项目，有助于提升公司的整体实力及行业竞 争力。 近年来，广州资产作为广东省地方资产管理公司，坚定推动投行化转型战略，聚焦上市公司纾困与产业 价值提升，为维护区域金融稳定提 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company reported significant improvements in performance and cash flow, with overseas business expected to continue its breakthrough [2][6]. - In the first half of 2025, the company achieved total revenue of 6.901 billion yuan, a year-on-year increase of 39.21%, and a net profit attributable to shareholders of 1.241 billion yuan, up 14.04% year-on-year [2][6]. - The second quarter saw total revenue of 4.214 billion yuan, a 49.12% increase year-on-year, and a net profit of 775 million yuan, an 8.78% increase year-on-year [2][6]. Summary by Sections Financial Performance - The company's main business revenue significantly increased, with a notable performance in the first half and Q2 [2][6]. - The high-end equipment manufacturing segment maintained its leading position, with revenue growth of 22.42% [2][6]. - The oil and gas engineering and technical services business saw an 88.14% increase in revenue, with a gross margin improvement of 6.62% [2][6]. Cash Flow and Profitability - The company's gross profit margin for the first half of 2025 was 32.19%, a decrease of 3.64 percentage points year-on-year, while the net profit margin was 18.4%, down 4.07 percentage points year-on-year [2][6]. - Operating cash flow for the first half of 2025 was 3.14 billion yuan, a 196% increase year-on-year, with a cash flow to performance ratio of 253%, up 156% year-on-year [2][6]. International Strategy - The company is actively pursuing an international strategy, with overseas market revenue reaching 3.295 billion yuan, a 38.38% increase year-on-year [2][6]. - New orders from overseas markets increased by 24.16% year-on-year, indicating strong growth momentum [2][6]. Order Backlog and Management Confidence - The company secured new orders worth 9.881 billion yuan in the first half of 2025, a 37.65% increase year-on-year, with a backlog of 12.386 billion yuan, up 34.76% year-on-year [2][6]. - The company has repurchased shares worth 106 million yuan and the controlling shareholder has increased holdings by 6 million yuan, reflecting confidence in future development [2][6].