本资料包括10科：经济基础、人力资源、财税、工商、金融、建筑、保险、旅游、农业、运输。 扫下方二维码免费领取 2025年中级经济师高频考点完整版↓↓ 免费领取，免费领取，免费领取 【经济基础】高频考点↓↓ 考点1：社会主义基本经济制度的内涵 （一）社会主义基本经济制度的内涵 《中共中央关于坚持和完善中国特色社会主义制度、推进国家治理体系和治理能力现代化若干重大问题的决定》：公有制为主体、多种所有制经济共同发 展，按劳分配为主体、多种分配方式并存，社会主义市场经济体制。 社会主义基本经济制度体现了社会主义制度的优越性，同我国社会主义初级阶段社会生产力发展水平相适应。 考点2：社会主义市场经济体制 （一）资源配置的含义及方式 狭义的资源是指自然资源；广义的资源（经济资源或生产要素）包括自然资源、劳动力、资本、企业家才能、知识、数据等。 资源配置就是指一个地区、一个国家，甚至全球范围内，对所拥有的各种资源在不同用途上的分配。资源配置的实质是社会总劳动时间在各种产品生产上 分配的问题，或分配社会劳动的问题。 将经济资源有效地分配到各种社会生产部门是人类社会生产活动的首要任务。社会的发展阶段不同，社会生产力发展水平不同 ...

Core Viewpoint - The launch of pure benzene futures and options on July 8 marks a significant development in the aromatic industry chain, providing essential risk management tools for raw materials [1] Group 1: Market Dynamics - Pure benzene prices have shown extreme volatility, with an average price increase from 3,927 yuan/ton in 2020 to 8,446 yuan/ton in 2024, peaking over 10,000 yuan/ton in 2022 [2] - The price of pure benzene has fluctuated significantly, with a drop from 7,780 yuan/ton to 5,375 yuan/ton, representing a decline of 31% [2] - The volatility has led to substantial financial losses for companies, with one industry participant reporting losses exceeding 20 million yuan in a single week [2] Group 2: Risk Management and Pricing Mechanisms - The introduction of pure benzene futures is expected to enhance price discovery, risk management, and resource allocation within the industry [1] - Current pricing models for pure benzene include annual average contracts, spot market pricing, and styrene price differential pricing, with imports primarily referencing Korean offshore prices [3] - The establishment of standardized pure benzene futures contracts in China aims to create authoritative price signals, potentially increasing China's influence on international pricing [3] Group 3: Future Outlook - The futures and options market is anticipated to provide a more comprehensive risk management tool for industry players, reducing the occurrence of defaults in over-the-counter transactions [4] - Companies plan to adopt a hedging strategy based on monthly production and sales plans, transitioning from fixed-price contracts to a "futures price + premium/discount" model [4] - The goal is to enhance pricing transparency and facilitate a shift from fixed pricing to a futures-linked pricing mechanism, positioning China as a pricing center for pure benzene in Asia [4]

Core Insights - The Chinese futures market experienced active trading in the first half of the year, with a total trading volume of 4.076 billion contracts and a trading value of 339.73 trillion yuan, representing year-on-year increases of 17.82% and 20.68% respectively [1] Group 1: Market Performance - The precious metals sector led all commodities, followed by agricultural products, while industrial products showed overall weak performance, dragging down the overall performance of commodities [1] - Despite increased market price volatility, the futures market effectively played its roles in risk management, price discovery, and resource allocation [1] Group 2: Financial Futures - The China Financial Futures Exchange recorded a total trading value of 112.55 trillion yuan, with significant growth driven by active trading in 30-year government bond futures and CSI 1000 index futures [1] - Financial futures played a crucial role in serving capital market risk management, becoming an important tool for investors to avoid systemic risks [1] Group 3: Macro Environment - In the context of a weakening US dollar, China's macro liquidity remained positive, providing strong support for the stock and bond markets [1] - Continued activity in technology-related themes boosted the trading volume of CSI 1000 index futures [1]

Core Insights - The Chinese glass industry is undergoing a profound transformation, with Hebei Zhengda Glass leveraging the futures market to provide a valuable model for the industry’s upgrade [1] - Traditional glass manufacturing has been hindered by price volatility, overcapacity, and thin profit margins, but the futures market has injected new momentum into the industry [1] - Zhengda Glass has effectively utilized futures and options to mitigate market risks and optimize operational strategies, transitioning from passive responses to proactive management [1] Industry Developments - Glass companies in the Shijiazhuang region are advancing towards high-end production, empowered by the futures market's price discovery function [2] - These companies are employing innovative models such as basis trading and "futures pricing + flexible supply" to enhance sales channels and customer service quality, thereby increasing market competitiveness [2] - The integration of the futures market with the glass industry represents a significant step in the transformation and upgrading of China's real economy [2] Future Outlook - As the integration of production and finance deepens, the futures market will serve as a "safety lock" for hedging, a "navigation instrument" for price discovery, and an "accelerator" for resource allocation [2] - The Chinese glass industry is expected to progress steadily and further along the path of transformation and upgrading [2]

Core Insights - The article emphasizes the importance of CEOs developing their own "toolbox" of thinking strategies to navigate the complexities and uncertainties of today's business environment, drawing parallels to the crisis faced by Apollo 13 [1][2]. Group 1: CEO Mindsets - Top CEOs share a common mindset when fulfilling six core responsibilities, such as being bold in setting direction and prioritizing team dynamics over rigid management structures [2]. - Continuous interviews with successful CEOs have confirmed previous research findings and provided additional practical insights [2]. Group 2: Stephen Schwarzman (Blackstone Group) - Schwarzman co-founded Blackstone Group in 1985, growing it into one of the largest investment firms globally, managing nearly $1 trillion in assets across various sectors [6]. - He utilized a systematic approach to investment analysis, achieving a 64% annualized return during a downturn in the real estate market by applying a cash flow-based valuation method [7]. - Schwarzman emphasizes that success in finance relies more on talent allocation than on capital, advocating for the recruitment of top talent for critical roles [8]. Group 3: Ken Frazier (Merck) - Frazier reaffirmed Merck's commitment to research and development, prioritizing patient welfare over profits, which led to the development of significant drugs like the cancer treatment Pembrolizumab [12]. - He faced multiple crises, including the Vioxx litigation, by prioritizing the company's values and maintaining public trust, even rejecting settlement offers [13]. - Frazier believes that while specific crisis plans are impractical, organizations can enhance their resilience through training and simulations [14]. Group 4: James Gorman (Morgan Stanley) - Gorman transformed Morgan Stanley post-2008 financial crisis by focusing on wealth management, which he viewed as undervalued due to poor management [17][18]. - He established a strategic framework that involved assessing industry risks and ensuring a balanced approach to growth and risk management [19][20]. - Gorman emphasizes the importance of team dynamics, evaluating executives based on competence and collaboration to ensure a unified approach to challenges [23].

Core Viewpoint - Xinhau Optoelectronics plans to transfer 100% equity of Anhui Xinguang to Luxshare Precision, which may provide financial support to Xinhau Optoelectronics as it faces losses in 2024 and the first quarter of 2025 [2][6][11]. Group 1: Transaction Details - On June 22, Xinhau Optoelectronics announced the signing of an equity transfer intention agreement with Luxshare Precision for the cash acquisition of Anhui Xinguang [6]. - This transaction is classified as a related party transaction due to the familial relationship between major shareholders of Xinhau Optoelectronics and Luxshare Precision [2][19]. Group 2: Financial Performance - Xinhau Optoelectronics reported significant losses in 2024, with a net profit attributable to shareholders of -353.38 million yuan and a non-recurring net profit of -364.77 million yuan [11][12]. - The company's revenue for 2024 was approximately 1.69 billion yuan, reflecting a decrease of 2.72% compared to 2023 [12]. Group 3: Business Challenges - The company has faced challenges in its photovoltaic business, primarily due to an oversupply in the market leading to declining prices and increased costs [9][10]. - Xinhau Optoelectronics aims to focus on its glass protection screen business and develop hybrid energy storage projects following the asset transfer [13]. Group 4: Market Position and Strategy - Xinhau Optoelectronics is attempting to expand its domestic market presence, but high industry barriers have limited its competitiveness and revenue generation [10]. - The company has been actively restructuring its asset portfolio to optimize resource allocation and improve overall performance [13].

Transaction Overview - Shenzhen Xinhao Optoelectronics Technology Co., Ltd. plans to transfer 100% equity of its wholly-owned subsidiary Anhui Xinguang to Luxshare Precision Industry Co., Ltd. [1][2] - The transaction is currently in the preliminary planning stage, and the final agreement is subject to further negotiation and approval processes [1][2]. Related Party Information - Luxshare Precision is considered a related party due to the connection of its actual controller with a significant shareholder of Xinhao Optoelectronics [2]. - Luxshare Precision has total assets of approximately 223.83 billion RMB and net profit of approximately 13.37 billion RMB as of the end of 2024 [2]. Transaction Details - The intention agreement was signed on June 22, 2025, and outlines the preliminary terms of the equity transfer [3][4]. - The transfer price will be determined after due diligence and evaluation processes are completed [5]. Agreement Provisions - The agreement includes a 60-day exclusivity period during which Xinhao Optoelectronics cannot negotiate with other potential buyers without Luxshare Precision's consent [5]. - Both parties are required to maintain confidentiality regarding the agreement and any related information [6]. Impact on Company - The transfer of Anhui Xinguang's equity is expected to optimize the company's industrial layout and resource allocation, allowing it to focus on its glass protective screen business and mixed energy storage projects [7]. - The final transaction price remains undetermined, and the completion of the transaction is subject to necessary approvals, which introduces uncertainty [7].

Group 1 - The core idea emphasizes that achieving success in team management is not solely based on effort or enthusiasm, but rather on having the right direction, methods, and execution [2][33] - Identifying the target audience is crucial; unclear customer targeting leads to ineffective products and marketing strategies [4][6] - Understanding what to offer to the identified audience is essential; without a clear value proposition, efforts may result in producing unwanted products [9][10] Group 2 - The importance of having a clear operational strategy is highlighted; a well-defined "battle map" is necessary to ensure effective execution [12][14] - Resource allocation should focus on the most promising areas to avoid spreading efforts too thin, which can lead to failure [15][18] - Maintaining the right pace in project execution is critical; balancing speed and thoroughness can prevent costly mistakes [19][23] Group 3 - Effective execution is vital; setting hard limits on costs, time, and quality is necessary to prevent project failure [27][33] - Identifying and focusing on the critical 20% of tasks that determine project success can leverage resources effectively [28][30] - Continuous motivation and recognition of achievements within the team are essential to maintain morale and drive towards project completion [31][33]

Core Viewpoint - The article emphasizes the importance of price mechanism in market economy and its role in resource allocation, highlighting the need for deepening price marketization reform to support high-quality development in China [1][2]. Importance of Price Marketization - Since the reform and opening up, China's price reform has made significant progress, with 97.5% of goods and services prices determined by the market, enhancing economic vitality [2]. - High marketization of prices leads to better resource allocation efficiency and stronger development vitality [2]. - Price signals guide resources to more efficient areas, promote innovation in enterprises, and provide momentum for economic transformation through improved ecological pricing mechanisms [2]. Key Reform Paths - Focus on deepening reforms in key areas such as energy resources, with a need for comprehensive competition in electricity pricing and improved market mechanisms [3]. - Enhance the legal framework for pricing, including updates to the Price Law to accommodate digital economy and green development [3]. - Innovate the price hearing system by introducing third-party evaluation and utilizing big data for better quality [3]. Government Regulation Optimization - The government should transition from "price control" to "order management," utilizing new technologies for smart regulation and enhancing market supervision [4]. - Strengthen anti-monopoly and anti-unfair competition enforcement, particularly in natural monopoly pricing [4]. - Establish automatic adjustment mechanisms for public utility prices linked to CPI and PPI to prevent price distortions [4]. Promotion Strategies - Systematic planning for price marketization reform through a "pilot-evaluation-promotion" approach, focusing on marketizing factor prices, energy prices, and ecological pricing systems [5]. - Prioritize comprehensive reform pilots in regions like the Guangdong-Hong Kong-Macao Greater Bay Area and the Yangtze River Delta [5]. Policy Coordination - Price reform should align with fiscal, financial, and industrial policies to create a cohesive reform effort [6]. - Establish a mechanism linking social assistance and price increases to ensure basic livelihood support [6].

Group 1 - The company plans to deregister its Xiangxiang branch to enhance overall strategic planning, optimize resource allocation, and reduce management costs, thereby improving operational efficiency and overall business performance [1][5] - The Xiangxiang branch was established on May 27, 2004, and its business scope included the breeding and sale of fat pigs and breeding pigs, as well as consulting on breeding technology and the sale of feed additives [2] - The board of directors approved the deregistration proposal with a unanimous vote of 7 in favor, 0 against, and 0 abstentions during the 17th meeting of the 6th board on June 6, 2025 [3] Group 2 - The deregistration of the Xiangxiang branch will not affect the company's business development or profitability and will not harm the interests of the company or its shareholders, especially minority shareholders [5] - The deregistration does not involve related transactions and does not constitute a major asset restructuring [4]