在巩固拓展脱贫攻坚成果同乡村振兴有效衔接过渡期的最后一年，乡村人才工作正面临从"广纳贤 才"向"系统育才、科学用才、诚意留才"的转型。当前，我国农村实用人才已超2300万人，累计培育高 素质农民逾900万人次，人才规模稳中向好。但对于基础相对薄弱的脱贫地区，如何破解人才"引得进、 留不住、用不好"的难题，依然是推进乡村全面振兴的重要命题。 近年来，各地通过"中央政策+地方细则"的探索，从单纯的资金输血转向了身份赋能与"柔性借智"。一 方面，通过实施乡村产业振兴带头人培育"头雁"项目，累计培育5.43万人，高素质农民结构持续优化， 获得农民技术人员职称、国家职业资格证书的比例分别达62.86%和24.83%，让"土专家""田秀才"有了职 业尊严与社会认可，培育了留得下的队伍。另一方面，面对高端智力匮乏的现实，科技小院等模式使专 家学者能以"候鸟"身份服务乡村，实现了不求所有、但求所用的柔性引才。 需要注意的是，脱贫地区人才工作仍受制于深层次的供需错位与产业特性。既懂诊疗又懂防疫的村医、 既懂产业又懂调解的村干部等，乡村基层治理与公共服务岗位往往需要这样的"全科型"人才，而现有培 养体系多偏向细分专业的人才供给， ...

Core Insights - The termination of the 50% VAT refund policy for onshore wind power by November 1, 2025, marks a significant shift in China's wind power industry from "policy support" to "market competition" [1][2] - The offshore wind power tax support policy will continue until the end of 2027, reflecting the different development stages and technological requirements of onshore and offshore wind power [1][2] Industry Transition - The end of the decade-long policy benefits indicates the maturity of the industry and the necessity for policy optimization, as onshore wind power has become a crucial part of the energy supply, contributing approximately 11% to the total electricity consumption [2] - The shift from broad-based support to more precise incentives aims to prevent excessive reliance on policy assistance and encourages a focus on key technological breakthroughs [2] Cost and Efficiency Challenges - The cancellation of tax incentives is expected to increase tax costs for onshore wind enterprises, potentially raising the levelized cost of electricity (LCOE) by 1% to 5% [4] - The cost pressure is transmitted throughout the industry chain, affecting manufacturers, service providers, and project developers, with a notable impact on smaller manufacturers [4][5] Technological Advancements - Leading companies are already leveraging technological innovations to enhance efficiency, such as the development of new technologies that reduce costs significantly [5] - The focus on improving LCOE will drive companies to optimize project planning, construction, and maintenance processes [5] Global Expansion - As domestic market profits decline, international expansion has become essential for sustained growth, with significant potential in overseas markets [7] - Chinese wind power companies, having honed their skills in the domestic market, are well-positioned to leverage their cost and technological advantages for global competitiveness [7][8] Market Valuation Shift - The transition from being mere equipment suppliers to comprehensive global renewable energy solution providers may reshape market valuation logic for wind power companies [8] - This shift towards diversified services and stable income streams enhances resilience against industry fluctuations and demonstrates stronger overall capabilities [8]

Core Insights - The Xinjiang Airport Group and the Hetian Management Company held a meeting to enhance work efficiency and reform practices within the organization [1] - The meeting addressed issues such as low efficiency, poor communication, and inadequate implementation, emphasizing a focus on "results-oriented" and "problem-oriented" approaches [1] Summary by Sections Meeting Objectives - The meeting aimed to implement the airport group's reform requirements and stimulate internal motivation for improving work efficiency and changing work styles [1] Identified Issues - Current challenges include inefficiency, communication barriers, and poor execution [1] Proposed Solutions - The focus will be on enhancing work efficiency, strengthening execution capabilities, and innovating mechanisms to improve service support and overall operational efficiency [1] Innovative Practices - The office shared the "Office Three Basic Team Meeting" system, which involves daily reviews at 18:45, allowing each member to report on their work progress and issues needing coordination [1] Future Directions - The company plans to encourage departments to adopt and innovate their own efficiency enhancement methods, aiming for a company-wide movement to improve execution, optimize workflows, and enhance work styles [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Views - The company has shown robust revenue growth and continuous improvement in operational quality, with a revenue of 2.07 billion yuan in H1 2025, representing a year-on-year increase of 16.20% [5] - The company is expected to benefit from the rapid growth of the baking industry and the diversification of sales channels, with projected revenues of 4.46 billion yuan, 5.04 billion yuan, and 5.58 billion yuan for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 16%, 13%, and 11% [5][6] Revenue and Profitability - The company's revenue for 2023 was 3.50 billion yuan, with a projected increase to 3.83 billion yuan in 2024, and further growth to 4.46 billion yuan in 2025 [3] - The net profit attributable to the parent company is forecasted to rise from 268 million yuan in 2024 to 343 million yuan in 2025, and 408 million yuan in 2026, indicating a year-on-year growth of 28% for 2025 [3][6] - The gross profit margin for H1 2025 was 30.35%, with a net profit margin of 8.25%, showing an improvement in profitability despite a slight decrease in gross margin compared to the previous year [5] Product and Channel Performance - The revenue structure indicates that frozen baked goods accounted for approximately 55% of total revenue, with a year-on-year growth of about 6%, while baking ingredients (cream, sauces, etc.) contributed around 45% with a growth of over 30% [5] - The company has successfully launched new products in key retail channels, achieving nearly 30% growth in supermarket sales, and over 40% growth in innovative channels such as restaurants and new retail [5] Financial Projections - The earnings per share (EPS) is projected to increase from 1.58 yuan in 2025 to 2.79 yuan in 2027, with corresponding price-to-earnings (P/E) ratios of 23.9, 20.0, and 17.3 for the respective years [3][6] - The company’s return on equity (ROE) is expected to improve from 10% in 2024 to 12.8% in 2027, indicating enhanced profitability and efficiency [6]