点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 近期腾讯音乐在对外投资、订阅功能创新尝试方面布局较多： 1、全资收购喜马拉雅，完善长音频布局 6月10日，腾讯音乐宣布与喜马拉雅及相关方签署合并协议，拟以：1）12.6亿美元现金，2）不超过腾讯音乐A 类普通股总股本5.1986%的新股，以及3）向创始股东发行不超过腾讯音乐 A类普通股总股本0.37%的新股为对 价，全资收购喜马拉雅。喜马拉雅作为长音频的领军平台，23年全场景月活用户超3.03亿，在有声书、知识付 费、播客等方面有很强的竞争力；本次收购后，腾讯音乐将获得喜马拉雅庞大的音频内容库，形成"音乐+长 音频"的内容矩阵。 2、强化K-POP版权优势，构建差异化壁垒 5月27日，韩国娱乐巨头HYBE宣布将持有的全部SM娱 ...

2025 年 7 月 8 日 公司研究 持续构建内容生态，创新订阅模式及功能 ——腾讯音乐（TME.N）业务更新点评 要点 近期腾讯音乐在对外投资、订阅功能创新尝试方面布局较多： 1、全资收购喜马拉雅，完善长音频布局。6 月 10 日，腾讯音乐宣布与喜 马拉雅及相关方签署合并协议，拟以：1）12.6 亿美元现金，2）不超过腾 讯音乐 A 类普通股总股本 5.1986%的新股，以及 3）向创始股东发行不超 过腾讯音乐 A 类普通股总股本 0.37%的新股为对价，全资收购喜马拉雅。 喜马拉雅作为长音频的领军平台，23 年全场景月活用户超 3.03 亿，在有 声书、知识付费、播客等方面有很强的竞争力；本次收购后，腾讯音乐将 获得喜马拉雅庞大的音频内容库，形成"音乐+长音频"的内容矩阵。 2、强化 K-POP 版权优势，构建差异化壁垒。5 月 27 日，韩国娱乐巨头 HYBE 宣布将持有的全部 SM 娱乐股份出售给腾讯音乐，交易完成后腾讯 音乐将成为 SM 娱乐第二大股东。自 19 年以来，SM 娱乐与腾讯音乐的合 作一直占据市场主导地位，22 年双方续签深度战略合作协议，腾讯音乐旗 下平台成为 SM 娱乐新歌国内唯 ...

"检查码"的诞生，源于对监管痛点的精准施治与数字赋能的高效破解，其更深层价值在于重构监管者与 被监管者的关系，铸就双向约束的"盾牌"。 今年起，一项名为"检查码"的创新举措在上海涉企行政检查中全面推行，这是上海优化营商环境8.0行 动方案中一项重点推广内容。通过"检查码"，多个检查任务被归并起来，大大减少了"重复查""多头 查""随意查"现象。 "检查码"的诞生，源于对监管痛点的精准施治与数字赋能的高效破解。"先赋码、再凭码检查、最后扫 码评价"，背后是对"多头查、重复查、随意查"沉疴的系统性破解。在技术层面，上海构建"行政检查业 务标准化模型"，研发"行政检查事项库"，以权责清单为源头统一规范管理，并制定统一技术规范和接 口标准，弥合了早期分散建设的信息化系统鸿沟。在制度层面，"检查码"如同一把钥匙，打开了联合监 管的大门。系统能自动"撮合"多个部门对同一企业的检查任务，将昔日动辄数次的"车轮战"，优化为高 效的一次联合检查。 "检查码"更深层价值在于重构监管者与被监管者的关系，铸就双向约束的"盾牌"。如今，执法人员到店 即亮码，企业通过"随申办APP"扫码即可核验任务合法性、人员资质及检查依据，透明化流程 ...

Core Viewpoint - The article discusses the competitive landscape of instant retail, highlighting Meituan's strategic shift from online to offline operations through the launch of "Raccoon Canteen" and its implications for the supply chain and business models in the food delivery industry [1][5][11]. Group 1: Meituan's Raccoon Canteen - Meituan officially launched "Raccoon Canteen" in July, with plans to open 1,200 locations nationwide over the next three years, following a trial phase that began in December [2]. - The operational model of Raccoon Canteen resembles a food delivery hub, allowing consumers to order from multiple vendors through Meituan's platform without dine-in options [2]. - Meituan emphasizes a non-self-operated model, focusing on providing a platform for various food vendors while ensuring compliance with food safety standards [2][4]. Group 2: Supply Chain Integration - Meituan aims to enhance transparency in food sourcing with features like "Food Safety Diary," allowing consumers to trace the supply chain from source to table [3]. - The company plans to offer comprehensive supply chain services through its platform "Fast Donkey Procurement," connecting vendors with over 200 food suppliers for direct sourcing [6][7]. - This supply chain strategy aligns with industry trends, as competitors like JD.com also focus on supply chain optimization as a core business model [8][10]. Group 3: Competitive Landscape - The competition between Meituan and JD.com is intensifying, with JD.com confirming its entry into the hospitality sector and planning to offer supply chain services to optimize costs [9][10]. - JD.com is also launching its own food service infrastructure, indicating a shift towards innovative business models that prioritize food safety and cost efficiency [10]. - The ongoing competition is not merely about pricing but involves innovation in business models and supply chain management [11]. Group 4: Additional Initiatives - Meituan is expanding its offerings with the launch of a discount supermarket project named "Happy Monkey," set to open in August, which will also rely on a robust supply chain [13]. - The company is implementing a pension insurance subsidy plan for delivery riders, aiming to enhance worker welfare and address fatigue issues [13].

推进公立医院高质量发展，学科是基础、人才是关键。侯旭敏就医院人才培养的有关举措做了介 绍："医院秉持'引育留用'理念，在积极引进关键人才的同时，重视内部人才的系统化培养。针对医疗 人才培养周期长的特点，医院为不同年龄段人才设定清晰的五年周期发展目标，实施分阶段的'英才计 划'。医院重点培养的复合型人才主要包括三类，一是临床诊疗、临床研究与基础科研能力兼备的人 才；二是临床与管理能力并重的人才，鼓励临床骨干轮转管理岗位；三是具备卓越临床技能、战略眼 光、沟通表达能力的未来学科带头人。此外，医院尤其注重青年人才的系统性培养和文化价值认同，这 是实现人才接力、保障医院可持续发展的根本动力。" 近日，上海市胸科医院院长、党委副书记侯旭敏与心内科行政主任李若谷做客人民好医生客户端 《院长谈》栏目时，围绕公立医院高质量发展相关话题分享了各自的看法。她们认为，公立医院高质量 发展不仅仅是规模的扩张和技术的创新，在具体的实践上，要坚持以人为本，以群众健康为中心，不断 提升医院医疗服务的品质和效率。 "在国家深化医疗卫生改革的大背景下，上海市胸科医院正着力提升专科诊疗与创新转化能力。"侯 旭敏介绍，针对肿瘤与心血管疾病两大高发 ...

在这里，他和他的团队专注于各类农作物种苗的培育，从蔬菜、瓜果到花卉，每一颗种苗都凝聚着他们 的汗水与智慧。该公司采用科学的育苗技术，实行工厂化育苗，供应的种苗有卷心菜、花菜、包菜、甘 蓝、杭白菜等十几个品种，共计2000多万株。然而，随着企业规模不断扩大和技术持续升级，资金问题 逐渐成为制约其进一步发展的瓶颈。 在这个关键时刻，交行上海市分行以其创新产品"神农e贷"，为王春涛的农业梦想插上了翅膀，满足他 们对资本的周转需求。分行充分发挥金融科技优势，通过外部数据赋能，根据农业经营主体的生产实际 经营情况进行在线评估、自动核额及审批，完成从申请到放款全部流程，随借随还。通过手机银行在线 办理，王春涛迅速获得了贷款，采购了急需的农资，解决了资金问题。 "春耕夏耘，秋收冬藏，四者不失时，故五谷不绝。"在农业生产的长周期里，夏季耕耘宛如关键齿轮， 不仅推动着农作物茁壮成长，更直接决定着秋季丰收的成色。交通银行密切关注农业生产的季节律动， 精准把握农民实际需求，全方位、多层次支持夏耘工作，为有力有效推进乡村全面振兴战略注入源源不 断的强劲动力。截至2025年5月末，该行涉农贷款余额超7000亿元。 精准滴灌化解经营燃眉 ...

引言：数字化浪潮下的B2B系统选型新挑战 在数字经济时代，企业间的交易模式正经历深刻变革。传统B2B系统因功能僵化、扩展性不足、数据孤 岛等问题，已难以满足企业全球化竞争与供应链协同需求。据Gartner《2023年供应链数字化趋势报 告》显示，采用先进B2B系统的企业，供应链协同效率平均提升30%，订单处理周期缩短25%。在此背 景下，如何选择兼具技术前瞻性与行业适配性的B2B系统，成为企业数字化转型的核心命题。 本文以数商云为例，深度解析其如何通过微服务架构、区块链、AI中台等创新技术，重构B2B系统选型 标准，为制造业、快消品、农业等30余个行业提供全链路数字化解决方案。 一、B2B系统选型的核心维度：从功能满足到生态赋能 1.1 功能需求匹配度：行业定制化能力决定落地价值 不同行业对B2B系统的需求差异显著： 数商云通过模块化设计与低代码开发平台，实现功能的快速定制与迭代。例如，为某大型机械设备制造 企业定制的供应链协同平台，集成供应商信息、采购订单、库存数据的实时共享，使采购周期缩短 40%，库存周转率提升25%。 1.2 系统性能与稳定性：高并发场景下的技术硬实力 B2B系统需应对交易高峰期的海量 ...

凤凰网财经讯 6月28-29日，"2025中国企业出海高峰论坛"在深圳举行，本次论坛由凤凰网主办，雪花超高端系列品牌-醴首席赞助合作，中国企业出海全球 化理事会联合主办，以"为开放的世界"为主题，旨在全球产业链深度重构之际，为中国企业搭建思想碰撞、资源对接、规则对话的高端平台，系统性破解出 海难题，共探生态共赢转型路径。 金砖国家技术转移中心负责人、北京国际技术交易联盟执行理事长张璋在论坛上表示："我们今天讨论出海肯定不是出口。中国企业在海外的诉求是什么 呢？有时候不是拿市场，而是拿钱。" 张璋表示，近年来国内科技领域投资环境遇冷，众多中小企业面临融资难题。在此背景下，寻求海外资金支持成为破局之道。以金砖国家技术转移中心为 例，其将目光投向中东市场，致力于推动中国企业主体入驻阿联酋，通过在当地上市等方式获取投资，这一模式为中小企业拓宽融资渠道提供了新思路。 海外市场并非处处是机遇，部分地区存在诸多挑战。以印度市场为例，小米等企业在当地的发展遭遇困境。张璋介绍到，在企业海外发展的实践中商业模式 创新不断涌现。比如企业可以通过与国际化程度较高的本土企业合作，将技术输出，由当地企业负责市场运营，收益按约定分成。以滴 ...

Group 1 - The core idea of the news is the Air Force Early Warning Academy's innovative training model aimed at enhancing combat readiness and bridging the gap between academic learning and battlefield application [1][2][4] - The academy has selected a group of senior students to form a pilot class for teaching reform, focusing on practical skills and real combat scenarios [1][5] - The curriculum has been restructured to include new courses such as multi-sensor application and leadership, with an emphasis on practical training and real-world applications [4][5] Group 2 - The teaching reform addresses five key aspects: what to teach, how to teach, who teaches, support for teaching, and assessment of teaching [2] - The new curriculum has increased course hours and added seven new subjects compared to previous years, reflecting a shift towards practical and combat-oriented training [5][6] - The academy has implemented a dual mentorship model for thesis guidance, pairing students with frontline commanders to enhance the relevance and applicability of their research [9]

Core Viewpoint - NIO has introduced a clue collection feature in its official app to address the misuse of its free battery swap rights, highlighting the risks and challenges within the electric vehicle industry [1] Group 1: Company Actions and Responses - NIO emphasizes that certain rights, such as warranty services and free battery swaps, are limited to personal non-operational use, reflecting a need to manage user expectations and rights [1] - The company is facing significant financial pressure due to the misuse of its battery swap rights, which has led to an 80% year-on-year increase in losses in its battery swap business, with an annual deficit reaching 1.2 billion yuan [1] - NIO is taking decisive measures to address the misuse of rights, but faces challenges in accurately defining misuse without negatively impacting compliant users [2] Group 2: Industry Implications - The misuse of rights in the electric vehicle sector serves as a warning for the industry, as attractive policies like "lifetime warranty" and "free charging" can become burdensome as market penetration increases [2] - The industry lacks a robust risk management system to match the scale of rights offered, leading to a governance dilemma characterized by "hands-off management" [3] - The crisis highlights the need for companies to balance user growth with the establishment of resilient rule systems to ensure the sustainability of their business models [3] Group 3: Recommendations for Improvement - Strengthening education on rights and responsibilities is crucial, as misunderstandings among users contribute to misuse [4] - The exit of national subsidies and increasing market competition are underlying factors contributing to the current challenges faced by the industry [4] - Companies must develop risk management systems that align with their business scale to achieve sustainable development, moving towards a high-quality development phase in the electric vehicle industry [4]