西藏自治区拉萨市当雄县，克隆牦牛"纳木错1#"不久前降生；阿里地区改则县，野血牦牛产业2024年获 得"全国名特优新农产品"和"国家生态原产地保护产品"双认证；那曲市聂荣县，玛尔杂村驻村工作队队 长尼玛顿珠打开手机APP就能实时掌控数百头牦牛的动态…… 牦牛产业蝶变，是西藏立足高原资源禀赋、完整准确全面贯彻新发展理念的缩影。 文化旅游、清洁能源、绿色工业、现代服务、高原特色农牧、藏医药、高新数字、边贸物流、通用航空 ——西藏锚定九大产业，切实推进高原经济高质量发展。今年上半年，全区实现生产总值1382.72亿 元，同比增长7.2%；规模以上工业增加值同比增长14.8%，固定资产投资同比增长24.8%，全体居民人 均可支配收入同比增长7.6%。 雪域高原，正以澎湃动能驶入发展快车道。 "绿色是西藏外贸的底色。"拉萨海关副关长李崧介绍，1965年，西藏对外贸易总值约693万元，如今年 均规模已达百亿元。今年上半年，西藏出口羊毛羊绒、鲜苹果、青稞制品、藏香等绿色产品近3000万 元。 动能焕新：绿色引擎驱动增长 山南市措美县，哲古草原上一台台巨大的风机叶片不停转动；那曲市色尼区，甘丹康桑清洁能源产业园 内连片的光伏 ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company has seen a positive turnaround in Q2 revenue, particularly in direct sales and children's clothing, and is looking forward to improvements in winter clothing sales [2][8] - The company has been adjusting its operations for three years, closing unprofitable stores and focusing on enhancing brand image and store efficiency [3][8] - The company aims to implement a "2-5-10" strategy focusing on product innovation, channel restructuring, technology empowerment, and digital transformation to drive brand upgrades [8] Financial Performance Summary - For H1 2025, the company's revenue, net profit attributable to the parent, net profit excluding non-recurring items, and operating cash flow were 2.898 billion, 78 million, 14 million, and -262 million yuan, respectively, showing year-on-year declines of 7.86%, 54.61%, 78.91%, and 1425.54% [2] - In Q2 2025, the company's revenue was 1.23 billion yuan, with a year-on-year decrease of 8.17%, while net profit was a loss of 46 million yuan [2] - The company's gross margin for H1 2025 was 59.8%, an increase of 3.7 percentage points year-on-year, while the net profit margin decreased by 2.8 percentage points to 2.7% [5] Revenue Breakdown - In H1 2025, revenue from women's wear, men's wear, and children's wear was 1.06 billion, 1.18 billion, and 380 million yuan, respectively, with year-on-year declines of 10.45%, 7.42%, and 3.73% [3] - The company closed 194 stores in H1 2025, with a net closure of 137 stores in Q2 [4] Inventory and Cash Flow - The company's inventory as of H1 2025 was 1.515 billion yuan, a year-on-year increase of 9.84%, with inventory to revenue ratio at 52.28%, up 8.43 percentage points [6] - The cash flow from operating activities was negative due to increased settlements with suppliers, leading to a decrease in accounts payable [2][7] Earnings Forecast and Valuation - The earnings forecast for 2025 has been revised down, with projected revenues of 6.912 billion yuan and net profit of 247 million yuan [10] - The projected EPS for 2025 is 0.52 yuan, with corresponding PE ratios for 2025, 2026, and 2027 being 28, 17, and 13 times, respectively [8][10]

新华社合肥8月22日电（记者何晓）立秋已过，安徽多地仍处于高温模式，而在位于大别山腹地的安庆市岳西县石关乡，晨雾中已透出些许 凉意。50岁的岳西县丰收种养专业合作社负责人刘三一头戴草帽、手握镰刀，穿行在近一米高的茭白田里加紧采收。 得益于平均海拔600米以上的高地势，这里的气候冷凉湿润，"反季节"的高山蔬菜正值收获旺季。 这是位于安徽省安庆市岳西县石关乡马畈村的茭白田。新华社记者 何晓 摄 "从前种水稻产量少、效益低，如今我们依托当地高海拔的地理优势种植高山茭白等蔬菜，腰包鼓了起来。乡亲们靠种菜致富，盖起了宽敞 明亮的新楼房，日子越过越红火。"刘三一笑着说。顺着他手指的方向望去，一座座白色小楼掩映在远处的青山绿水间，勾勒出一幅山清水秀、 民富业兴的乡村新图景。 岳西县位于安徽省西南边陲，近年来，当地政府将群山环绕的地理劣势变发展优势，充分利用山区独特的气候资源，积极引导农民大力发 展高山蔬菜。经过40多年的不懈努力，以露地茭白和设施瓜菜为主的高山蔬菜产业已成为岳西县农村经济发展的特色主导产业之一。 岳西的高山蔬菜有何"高"招？除了高海拔带来的纯净空气与低温环境之外，科技赋能是关键。 这是由安徽省农科院培育的不 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [6] Core Views - The company's performance in H1 2025 showed significant growth, with revenue reaching HKD 14.076 billion, a year-on-year increase of 32.5%, and net profit attributable to shareholders at HKD 8.519 billion, up 39.1% [1][9] - The increase in trading volume, particularly from southbound funds, has been a key driver of the company's performance, with the average daily trading (ADT) for H1 2025 reaching HKD 222.8 billion, a 122.1% increase year-on-year [2][13] - The company has maintained a high EBITDA margin of 77.7% in H1 2025, reflecting its efficient business model and strong profitability [1][3] Summary by Sections Financial Performance - In H1 2025, the company achieved an EBITDA margin of 77.7%, with operating expenses of HKD 2.973 billion, of which staff costs accounted for 65.6% [3][24] - The annualized return on equity (ROE) increased to 30.76%, nearing the peak levels seen in 2015 [1][9] Market Dynamics - The southbound trading activity has significantly contributed to the trading volume, with southbound funds showing strong buying power, while international intermediaries have reduced net selling since early July [2][18] - The IPO market in Hong Kong has rebounded, with H1 2025 IPO amounts reaching HKD 109 billion, reclaiming the top position globally [2][13] Investment Recommendations - The company has adjusted its profit forecasts for 2025-2027 upwards by 3.99%, 5.37%, and 5.53% respectively, based on the strong performance in H1 2025 [4][26] - The ongoing dual opening of capital markets and the company's strategic initiatives are expected to enhance its revenue and profit growth potential [4][24]

转自：草原云 八月，包头白云鄂博矿区的风掠过新栽的沙棘苗，智能喷淋系统在矿坡上织出薄薄水雾。8月19日，记 者在现场看到，不远处，矿坑深处电铲车精准作业，苜蓿草在修复后的边坡上连成绿浪。 白云鄂博矿区地质环境治理项目区。 内蒙古的矿山转型是一场刀刃向内的革命。作为国家能源与战略资源的"压舱石"，这里矿产种类丰富， 矿山数量众多，最多时达数千个，计划经济时期粗放的开发也留下了生态旧痕。而如今，398座绿色矿 山星罗棋布，数量跃居全国前列。从包钢白云鄂博铁矿覆土育新苗，到宝山矿业封闭车间内粉尘监测仪 闪烁，绿色变革已渗透至采矿的毛细血管。 包钢集团矿山治理项目。 转型的引擎是制度创新与科技赋能。内蒙古出台了关于进一步加强绿色矿山建设的通知，明确政府主 导、部门联动、企业主建、社会监督的绿色矿业发展机制，自治区13个部门联动构建"绿色矿山支持措 施"，9个部门协同强化小型矿山参照绿色矿山管理，九大行业地方标准精准落地。政策工具箱层层打 开：金融创新推出"绿色矿山治理贷"，资源、节能、环保等税务减免助力企业前行，科技资金直指绿色 开采技术痛点。赤峰吉隆矿业以6400万科技创新投入实现井下充填节水40%，包钢白云鄂博铁 ...

Core Viewpoint - The article discusses the challenges faced by the Xiyang watermelon industry in Henan Province and highlights the innovative solutions provided by the Chinese Academy of Agricultural Sciences' polyploid genetic breeding team to enhance the industry's quality and competitiveness [1][2][3]. Group 1: Industry Challenges - The Xiyang watermelon industry is facing severe challenges due to a single variety structure, outdated cultivation methods, and declining fruit quality, which restrict further development [1][2]. - The traditional variety "Early Jia 8424" dominates with over 80% planting share but has shown weaknesses such as thin skin, low yield, and poor market competitiveness over time [2][3]. Group 2: Innovative Solutions - The breeding team has developed several new high-quality watermelon varieties, including "Zhongmi No. 1" and "Zhongyu 22," which have strong disease resistance and high sugar content, significantly improving farmers' income [3][5]. - The introduction of the hanging vine cultivation model has increased planting density from 900 to 2200-2500 plants per acre, doubling the income potential compared to traditional methods [6][7]. Group 3: Technological Empowerment - The establishment of a smart seedling greenhouse with an investment of 16 million yuan has supported the production of over 3 million seedlings annually, addressing seedling loss and providing quality seedlings for the new cultivation model [6][7]. - The implementation of standardized management systems and expert guidance has led to significant improvements in watermelon quality and yield, with farmers reporting income increases of several times [7][8]. Group 4: Market and Brand Development - Despite achieving a brand value of 2.553 billion yuan and national geographical indication certification, the Xiyang watermelon market still relies heavily on bulk wholesale, limiting premium pricing opportunities [8][9]. - The county is exploring order agriculture and brand grading sales models to enhance the market value of Xiyang watermelons and improve overall industry competitiveness [8][9]. Group 5: Future Directions - The local government is focusing on four key areas: variety updates, innovative cultivation models, complete industry chain development, and quality upgrades to transition the industry from scale expansion to quality and efficiency improvement [9].

Group 1 - The article highlights the active participation of youth from various universities in Guangxi in social practice activities, emphasizing their role in rural revitalization and community service [2][3][9] - The "Walking Ideological and Political Class" initiative is presented as a platform for students to engage with historical and cultural education while applying their professional skills in real-world settings [3][4] - The integration of technology, such as drones, into agricultural practices is showcased as a means to enhance efficiency and reduce costs for local farmers [4][5] Group 2 - The article discusses the importance of cultural heritage and the role of youth in preserving and promoting intangible cultural assets through innovative methods like digital archiving and live streaming [6][7] - Various university teams are involved in health education and community service, providing medical knowledge and support to local populations, thereby enhancing public health awareness [8][9] - The overall narrative emphasizes the commitment of students to serve the community and contribute positively to society, reflecting a strong sense of responsibility and purpose [9]

Core Viewpoint - The recent Central Urban Work Conference emphasizes enhancing urban biodiversity as a key to addressing "urban diseases" and improving urban ecological health and resilience [1] Group 1: Importance of Urban Biodiversity - Biodiversity is a critical indicator of urban ecological health and is essential for the stability and functionality of urban ecosystems, enhancing their adaptability and recovery capabilities [1] - It serves as a vital carrier for optimizing urban ecological environment quality and is a key factor in increasing residents' happiness [1] - Biodiversity supports emerging industries such as ecological tourism and green economy, promoting low-carbon urban economic development [1] Group 2: Progress in Biodiversity Protection - China has made significant progress in urban biodiversity protection, with the "China Biodiversity Protection Strategy and Action Plan (2023-2030)" prioritizing urban biodiversity [1] - Local legislation has been enacted in regions like Hunan and Guangdong, while cities like Shenzhen and Qingdao have revised local planning to enhance policy frameworks [1] - Innovative practices include integrating biodiversity evaluation indicators into national garden and forest city assessments, and exploring concepts like "habitat gardens" in Shanghai [1] Group 3: Challenges in Biodiversity Protection - Many cities still lack sufficient emphasis on biodiversity protection, with fragmented blue-green spaces and inadequate connectivity [2] - The biodiversity monitoring system has not achieved full coverage, hindering precise data support for biodiversity protection [2] Group 4: Recommendations for Improvement - Strengthening technological support by building a comprehensive smart monitoring network using remote sensing, sensors, and AI algorithms for real-time tracking and analysis of biological communities [2] - Establishing a cross-departmental cooperation mechanism to clarify responsibilities and avoid regulatory blind spots, while enhancing public participation through various channels [2] - Integrating biodiversity protection goals into overall and specialized planning, creating a land development intensity zoning mechanism, and ensuring biodiversity impact assessments are part of project approval processes [3]

Investment Rating - The report maintains a "Buy" rating for the company, Lexin Group (LX US), with a target price of $11.80, indicating a potential upside of 84.1% from the current price of $6.41 [1][2][9]. Core Insights - The company's profitability is on a continuous improvement path, driven by a decrease in provisioning costs and an increase in technology-enabled revenue [5]. - The net profit for Q2 2025 reached 511 million RMB, showing a significant year-on-year increase of 126% and a quarter-on-quarter increase of 19% [5]. - The report highlights the company's strong performance in the e-commerce sector, with transaction amounts significantly increasing year-on-year and quarter-on-quarter [5]. - Shareholder returns are expected to improve, with a dividend payout ratio increasing from 25% in the first half of 2025 to 30% in the second half [5]. - The asset quality is showing a positive trend, with a decrease in the overdue rate [5]. Financial Overview - Revenue projections for Lexin Group are as follows: 13,057 million RMB in 2023, 14,204 million RMB in 2024, and an estimated 13,871 million RMB in 2025, reflecting a year-on-year growth of 32.3% in 2023 and a decline of 2.3% in 2025 [4][13]. - The net profit is projected to be 2,008 million RMB in 2025, representing a year-on-year increase of 82.4% [5][8]. - The company's price-to-earnings ratio is expected to be below 4 times in 2025, indicating an attractive valuation [5]. - The report anticipates a net take rate improvement, with projections of 1.88% for 2025 and 2.47% for 2026 [8]. Market Performance - The stock has shown a year-to-date change of 10.52% and has a market capitalization of approximately 849.90 million USD [4]. - The stock's 52-week high and low are 11.43 USD and 1.63 USD, respectively, indicating significant volatility and potential for growth [4]. Conclusion - The report concludes that Lexin Group's improving profitability, strong revenue growth in technology-enabled services, and attractive valuation make it a compelling investment opportunity [5][8].

Core Viewpoint - The 2025 Service Trade Fair will be held from September 10 to 14 at Shougang Park, showcasing six key features that highlight the event's focus on technology, local services, interactive experiences, cultural creativity, town exhibitions, and technology-driven exhibitions [1] Group 1 - The event is scheduled to take place at Shougang Park, emphasizing its strategic location [1] - The preparation for the 2025 Service Trade Fair is progressing efficiently and orderly [1] - Six main characteristics of the fair have been identified: technology empowerment, Beijing services, interactive experiences, cultural creativity, town exhibitions, and technology-based exhibitions [1]