首先表现在创新停滞上。过度金融化挤占了研发资源。有关咨询机构的数据显示，美国半导体产能全球 占比从1990年的37%降至2023年的12%。 6月3日，美国保守派智库"美国指南针"五周年庆典在华盛顿的国家建筑博物馆隆重举行，美国副总统万 斯和国务卿卢比奥出席活动并发表演讲。他们呼吁重建美国的工业基础，确保科技创新与本国制造业互 利互补，这一观点引发了广泛关注。 卢比奥之忧 卢比奥在演讲中强调，美国工业产能的下滑严重削弱了其经济基础和全球地位。他回顾历史，特别提 及"二战的胜利，无论是在欧洲还是在亚洲，都是美国强大工业能力的产物。"他举例说，在战争中，日 本一旦失去飞机，就难以迅速补充，而美国凭借强大的工业产能，能够在短时间内生产数百架飞机来替 代损失的战机。这种强大的工业能力，不仅为美国赢得了战争，也奠定了其在战后国际秩序中的主导地 位。 然而，卢比奥警告说，随着时间的推移，美国工业的衰退逐渐显现。他指出："工业产能对于国家安全 至关重要，这一点从未改变。但如今，由于多年的忽视和工业产能的流失，我们不仅破坏了国内经济和 社会的稳定，还削弱了美国在世界舞台上的影响力。"他呼吁，在未来的外交和贸易政策决策中，必须 ...

同时，监管层也需关注上市公司的理财问题，既要防止资金空转，也要避免一刀切的限制。可考虑建立 差异化监管体系，对研发投入占比较低而理财规模较大的上市公司多加关注，引导资金真正流向实体经 济。 上市公司自身更需重塑价值理念，将理财定位为现金管理的工具而非盈利核心。如果确实有大量闲置资 金找不到合适的投资渠道，可以考虑将资金用于现金分红或者回购股份，以提高股东的获得感，太多的 资金用于理财或者盲目投资都不可取。 投资者应辩证看待上市公司理财热的现象，既需要包容市场主体的财务自主权，也要警惕资金脱实向虚 的倾向。上市公司唯有坚持主业为本的发展路径，才能让理财资金真正成为企业成长的助推器，而非替 代品。这既是市场经济的必然要求，也是上市公司实现高质量发展的必由之路。 上市公司将闲置资金购买理财产品，本质上是市场化选择。从微观层面看，理财收益能够增厚企业利 润，尤其在主业增长乏力的周期中，成为稳定业绩的缓冲垫。企业通过配置低风险理财产品，有可能在 行业下行期仍能保持净利润的正增长，为技术研发和员工薪酬提供保障。这种"以钱生钱"的模式，展现 了企业财务管理的灵活性。 从行业视角观察，理财收益的稳定回报有助于平抑企业盈利波动 ...

Rating Adjustment - Moody's downgraded Shandong Water Development Group's issuer rating from Baa2 to Baa3 on June 17, 2025, citing concerns over financial disclosure and rising risks from affiliated enterprises[2] - The rating outlook was adjusted from negative to stable, reflecting the company's current pressures[2] Financial Performance - Revenue declined from CNY 745.32 billion in 2022 to CNY 641.77 billion in 2024, with a continuous downward trend due to various factors including a decrease in cotton trade[16] - Net profit figures were CNY -1.18 billion, CNY 1.17 billion, and CNY 3.05 billion for 2022, 2023, and 2024 respectively, indicating substantial losses when excluding government subsidies and asset disposals[17] Debt and Asset Management - The company's debt levels increased from CNY 939.67 billion in 2022 to CNY 1,022.79 billion by March 2025, indicating a rising debt burden[31] - Asset-liability ratio remained high at approximately 77.71% as of March 2025, despite a slight decrease over the years[32] Restructuring Efforts - The company has been actively divesting non-core assets, with a focus on its main businesses in water management, modern agriculture, and clean energy[10] - Internal restructuring involved 11 subsidiaries and an asset scale of CNY 245 billion, but the effectiveness of these efforts has been questioned[10] Government Support - The group received government subsidies of CNY 3.44 billion, CNY 3.93 billion, and CNY 2.28 billion from 2022 to 2024, which helped stabilize financial metrics despite operational cash flow weaknesses[9] - The Shandong Provincial State-owned Assets Supervision and Administration Commission has issued risk warnings regarding the company's debt situation, emphasizing the need for tighter control over expansion and financial management[14] Investment Strategy - Long-term equity investments surged from CNY 9.48 billion in 2022 to CNY 94.58 billion by the end of 2024, raising concerns about the shift from operational to investment assets[9] - The company’s strategy appears to involve holding assets through third-party investments rather than integrating them into its balance sheet, leading to a "virtual" asset structure[31]