（作者 蔡越坤） "保罗·肯尼迪的《大国的兴衰》提到，历史上大国兴盛由于它的技术创新，衰败可能由于全球化的军事扩张。这个逻辑也适用于企业，不少的企业兴于创 新，最后衰于盲目地扩张。"12月18日，中国上市公司协会会长宋志平在2025光伏行业年度大会上表示。 宋志平主要从四个方面谈论了如何重塑企业的经营范式。 第一，从规模式扩张到内涵式发展。一是要从速度规模到质量效益。我国现在有130家世界500强企业，规模够大了。很多产业已经实现了或者超越了规模效 益，现在到了高质量发展的阶段。因此，我们必须重视企业内涵式的高质量发展，而不是简单的规模扩张；二是从做大做强到做强做优，现在"做强"和"做 优"是我们的核心，"强"是核心竞争力，"优"是企业效益，而不是盲目地去做规模；三是从盲目扩张到突出主业。如果企业是中小企业，建议还是做专业 化；如果是大一些的企业，觉得撞到天花板了，可以做相关多元化，以协同性的多元化；只有少部分投资型的大型企业集团可以做多元化。企业做专业化要 突出主业。 第二，从成本导向到价值导向。过去我们的企业实际上是经历了成本领先的过程，在这样一个过程里我们创造了繁荣、创造了成就，所以赢得了优势。坦率 来 ...

记者丨郑玮 编辑丨李博 12月4日，《广东省人民代表大会常务委员会关于促进粤港澳大湾区内地九市内涵式高质量发展的决定》（以下简称：《决定》）经 广东省第十四届人民代表大会常务委员会第二十二次会议审议全票通过。 今年7月中央城市工作会议定调未来城市发展路径，提出以建设创新、宜居、美丽、韧性、文明、智慧的现代化人民城市为目标，以 推动城市高质量发展为主题，以坚持城市内涵式发展为主线，以推进城市更新为重要抓手，大力推动城市结构优化、动能转换、品 质提升、绿色转型、文脉赓续、治理增效，牢牢守住城市安全底线，走出一条中国特色城市现代化新路子。 "十五五"规划建议提出，巩固提升京津冀、长三角、粤港澳大湾区高质量发展动力源作用。 此次《决定》通过，意味着 粤港澳大湾区内地九市在探索内涵式高质量发展方面迎来新一轮顶层规划。 其中，南方财经记者注意到，在产业布局方面，《决定》提出要加快集成电路、低空经济、新型储能、新能源、新材料等战略性新 兴产业集群发展，并前瞻布局未来产业，推动量子科技、生物制造、脑机接口、人工智能、智能机器人等成为新的经济增长点。 选准目标赛道后，更关键问题在于，这批新产业能否在城市群、都市圈内形成"1+1 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚賴該等內 容而引致的任何損失承擔任何責任。 上述累計原保險保費收入數據未經審計，提請投資者注意。 保費收入公告 根據中華人民共和國財政部《企業會計準則第 25 號——原保險合同》（財會〔2006〕3 號）及《保險 合同相關會計處理規定》（財會〔2009〕15 號），新華人壽保險股份有限公司（「公司」）於 2025 年 1 月 1 日至 2025 年 8 月 31 日期間累計原保險保費收入為人民幣 15,808,585 萬元，同比增長 21%。 公司堅持以客戶為中心的戰略導向，在產品、服務、生態、科技、運營等方面不斷提升競爭力，構建 市場化、專業化、體系化的整體協同能力；升級強基工程，加強服務基層一線，強化基層制度經營和 自主經營能力；聚焦價值增長、結構優化、品質提升做好經營管理，致力於公司內涵式、高質量發 展。 承董事會命 新華人壽保險股份有限公司 楊玉成 董事長 中國北京，2025年9月17日 於本公告日期，本公司董事長、執行董事為楊玉成；執行 ...

Core Viewpoint - The improvement in performance indicators reflects the transformation in the development path of the company, emphasizing "internal high-quality development" which balances social and economic benefits [2][22]. Financial Performance - In the first half of the year, the company achieved operating income of 385.9 billion yuan, a year-on-year increase of 2.95% [6]. - The net interest margin was reported at 1.4%, maintaining a leading position among comparable peers [6]. - The non-performing loan ratio decreased to 1.33%, marking a continuous decline over four years [9]. Digital Transformation - The company enhanced its system capabilities significantly, reducing daily batch processing time by approximately 30% and increasing online transaction processing capacity by about 1.6 times [3][10]. - The number of users for the mobile banking and "CCB Life" platforms reached 533 million, with monthly active users growing by 14.4% [10]. Loan and Credit Growth - Personal consumption loans increased by 16.34%, with a balance of 614.2 billion yuan as of mid-year [13]. - The company maintained its position as a major player in the personal housing loan market, with a balance of 6.15 trillion yuan [15]. Support for Foreign Trade - The company has actively supported foreign trade, with trade financing disbursements reaching 1.38 trillion yuan, a year-on-year increase of 21.55% [18]. - Cross-border RMB settlement volume grew by 23.21% year-on-year, totaling 3.14 trillion yuan [18].

Core Viewpoint - China Construction Bank (CCB) has demonstrated resilience in a low interest rate environment, achieving stable growth in key operational indicators for the first half of 2025, with total assets reaching 44.43 trillion yuan, a 9.52% increase year-on-year, and operating income of 385.9 billion yuan, up 2.95% [1][4]. Group 1: Financial Performance - As of June 30, 2025, CCB's total assets reached 44.43 trillion yuan, a 9.52% increase from the end of the previous year [4]. - Operating income was 385.9 billion yuan, reflecting a year-on-year growth of 2.95% [1]. - Net commission and fee income rose to 65.2 billion yuan, marking a 4.02% increase [1]. - Pre-provision profit was 290.1 billion yuan, up 3.37% year-on-year [1]. - The provision coverage ratio improved to 239.4%, an increase of 5.8 percentage points from the end of the previous year [1]. Group 2: Asset and Liability Management - CCB is focusing on optimizing asset structure, with a significant increase in loans and bonds, which now account for nearly 90% of total assets [4]. - The average daily growth rate of interest-earning assets was 7.45%, an increase of 1.53 percentage points compared to the first quarter [4]. - Retail loans, including personal consumption and business loans, saw growth rates exceeding 15% [4]. - CCB's loan balance in the manufacturing sector increased by 10.25% from the end of the previous year [4]. Group 3: Non-Interest Income Growth - Non-interest income grew by nearly 26% year-on-year, reaching 99.2 billion yuan, accounting for over 25% of total revenue [8][9]. - Fee and commission income constituted 16.9% of CCB's operating income, leading among peers [9]. - The number of credit card customers surpassed 100 million, with wealth management and private banking clients growing over 20% [9]. Group 4: Risk Management and Asset Quality - CCB maintained a non-performing loan (NPL) ratio of 1.33%, down 1 percentage point from the end of the previous year [10]. - The core Tier 1 capital adequacy ratio stood at 14.34%, indicating strong capital management [10]. - The NPL ratio in the real estate sector decreased by 0.05 percentage points, reflecting effective risk management [10]. - CCB is enhancing its risk management capabilities through a dynamic review of credit policies and credit structure adjustments [11].