观点指数 产业升级化解落后产能，提升全要素生产率是关键报告期内，据观点指数不完全统计，共录得4起政策动态，聚焦在推动新质生产力发展、促进产 业升级等方面。7月1日，中央财经委员会第六次会议召开，其中会议强调，纵深推进全国统一大市场建设，要聚焦重点难点，依法依规治理企业低价无序竞 争，引导企业提升产品品质，推动落后产能有序退出。事实上，传统产业升级非一蹴而就，但化解落后产能的核心在于提升全要素生产率，而非简单关停。 产能过剩担忧仍存，以集约化化解无序竞争目前，对于产能过剩的担忧仍存，叠加表现一般的CPI和PPI，这也倒逼产业集约化，且其成为目前破局的关键。 产业集约化可以化解无序竞争，通过物理空间的集聚和产业链整合，减少重复建设，推动企业从"拼价格"转向"拼技术、拼服务"。此外，还可以提升资源效 率，如产业集群内的企业共享基础设施、人才池和创新资源，降低单个企业成本。 投资事件以高端智能制造为主，融资达年内小高峰报告期内，据观点指数不完全统计，共录得10起投资事件动态，其中园区类型以智能制造产业园为主。融 资方面，期内据观点指数不完全统计，共录得13起融资事件，达到年内小高峰，融资类型分别为债券和ABS。 二季 ...

Core Viewpoint - The article discusses the evolution of capital management tools in commercial banks, highlighting the shift from preferred shares to perpetual bonds as the primary means of capital supplementation due to changing market conditions and financial strategies [2][5][7]. Group 1: Preferred Shares Redemption - Recently, A-share listed banks have initiated a wave of preferred share redemptions, with Industrial Bank announcing the redemption of all its preferred shares totaling 56 billion yuan [2][3]. - The trend indicates that banks are moving away from issuing preferred shares as a primary capital supplement, despite their historical popularity [2][5]. - The high dividend rates of previously issued preferred shares are becoming less attractive in the current low-interest-rate environment, prompting banks to seek more cost-effective alternatives [4][5]. Group 2: Cost Savings and Financial Management - Industrial Bank's decision to redeem its preferred shares was influenced by the high financial costs associated with maintaining these shares, with expected dividend payments of 2.597 billion yuan in 2024 [3][4]. - The shift towards redeeming preferred shares is also driven by the lower costs associated with issuing perpetual bonds, which can save banks significant financial resources [3][5]. - Analysts suggest that banks can achieve substantial savings by redeeming preferred shares and issuing perpetual bonds instead, as the latter has a much lower issuance cost [3][5]. Group 3: Capital Management Strategies - The average core Tier 1 capital adequacy ratio for commercial banks was reported at 10.7% as of the first quarter of 2025, with many banks falling below this average [7]. - Banks are increasingly focusing on capital management strategies that prioritize reducing risk-weighted assets and enhancing asset returns, particularly in light of current profitability pressures [7][8]. - The implementation of advanced capital measurement methods poses additional challenges for banks, requiring them to adapt their risk-weighted asset calculations to meet regulatory standards [8].

21世纪经济报道记者李莎 北京报道 时隔十年，中央城市工作会议再度召开，为下一阶段城市工作划定重点。这场会议背 后，是中国城镇化从快速增长迈向稳定发展的深刻转折。 在当前召开中央城市工作会议有哪些考虑？城市发展有哪些新问题需要破解？如何理解会议作出的城市发展阶段变化的 判断？未来城市工作重点将如何转变？怎样理解人民城市建设目标？为什么优化现代化城市体系成为接下来城市工作的 首要重点任务？提高城市对人口和经济社会发展的综合承载能力应如何着力？怎样"高质量"开展城市更新？ 带着这些问题，21世纪经济报道专访了清华大学中国新型城镇化研究院执行副院长、建筑学院教授尹稚。尹稚认为，依 靠数量增长、资源扩张推动城市发展的时代已经结束，必须转向存量土地开发利用，通过提质增效实现新增长。地租经 济的黄金时代也已过去，新旧动能转换时代来临，其中的核心是培育和发展创新驱动的新质生产力新业态。综合全面的 宜居城市建设应当是城市发展的最终目标，这一点没有改变。 在尹稚看来，我国人地关系紧张、人均资源占有量偏低的问题将长期存在，城市必须走集约化发展道路。这也是在优化 现代化城市体系的过程中，提高城市对人口和经济社会发展的综合承载能力居 ...

Core Viewpoint - The article highlights the ongoing efforts by the State Administration for Market Regulation to combat fraudulent testing practices, with a focus on the industry's shift towards concentration and high-end development trends in 2024 [1][2]. Group 1: Industry Overview - In 2023, the inspection and testing industry achieved a revenue of 487.6 billion yuan, representing a year-on-year growth of 4.41% [2]. - The number of inspection and testing institutions decreased to 53,057, marking the first decline in recent years, while the number of reports issued fell by 8.66% to 553 million [2][3]. - The average revenue per institution increased by 515,100 yuan, and the average revenue per report rose by 110.89 yuan, indicating a significant enhancement in the "value" of inspection and testing services [2]. Group 2: Regulatory Actions - In 2024, a total of 3,615 illegal institutions were penalized, with 214 institutions having their qualifications revoked or canceled, resulting in fines totaling 35.71 million yuan [2][3]. - The crackdown on fraudulent activities included the issuance of false reports and the fabrication of testing data, reinforcing the integrity of the industry [3]. Group 3: Industry Development Trends - The industry is experiencing a "three rises and three declines" trend: rising revenue and unit value, increasing proportion of large-scale institutions, and enhanced high-end supply capabilities, while the number of institutions and reports is declining [2][3]. - The structural optimization and quality improvement in the industry are evident, with a shift away from small and weak institutions towards a more concentrated and professional landscape [3]. Group 4: Regional Economic Development - The Beijing-Tianjin-Hebei region has established an integrated service model for vehicle inspection and environmental monitoring, while the Yangtze River Delta is developing high-tech inspection and testing capabilities in biomedicine and smart manufacturing [4]. - The Pearl River Delta is creating a national electronic and electrical testing industry cluster, generating revenue of 66 billion yuan [4].

Core Insights - The article highlights the significant increase in lychee production in Guangdong, attributed to favorable weather conditions and the popularity of the TV series "The Lychee of Chang'an" [1][2][3] - Despite the bumper harvest, farmers are facing challenges due to rising transportation and labor costs, which are impacting profitability [4][5][6] Production and Pricing - Guangdong's lychee production has more than doubled compared to last year, with estimates of 206.26 million tons for 2025, a 135.34% increase from the previous year [2][3] - The wholesale price of lychee dropped from a peak of 30 yuan per kilogram in May to as low as 3 yuan per kilogram in June, before slightly rising to 5-8 yuan per kilogram in July [1][2] Market Dynamics - The lychee market is characterized by short sales seasons, with different varieties peaking at different times; for instance, the "Xianjinfeng" variety is currently being sold at 23 yuan per pound [2][3] - The supply-demand imbalance, influenced by weather and production cycles, has led to significant price fluctuations [3] Transportation and Logistics - Transportation costs are a major concern, with cold chain logistics being 2-3 times more expensive than regular logistics; air freight costs can account for 30% of the selling price [5][6] - Farmers are exploring direct sales and live-streaming to reduce costs and reach consumers more effectively [6] Consumer Trends - There has been a notable increase in online orders for lychee, with a 1509% year-on-year growth in orders on Douyin from May 20 to June 25 [6] - Beverage brands are increasingly incorporating lychee into their products, indicating a growing consumer interest in lychee-flavored items [6]

Core Viewpoint - The company is a leading MRO (Maintenance, Repair, and Operations) provider, capitalizing on the trend of centralized and digital procurement in state-owned enterprises, with significant growth potential by expanding from the electric power sector into oil and gas, power generation, and other strategic industries [1][2]. Investment Highlights - The company is expected to see continuous revenue and profit growth as it expands into multiple strategic fields, with projected EPS of 0.70, 0.86, and 1.06 yuan for 2025-2027. A target price of 17.71 yuan is set based on a 4.08X PB for 2025, corresponding to a 25.3X PE [2]. Market Potential - The Chinese MRO market shows significant growth potential, with MRO procurement demand accounting for approximately 4-7% of industrial output value. In 2020, the MRO market size reached 2.57 trillion yuan, growing by 15.7% year-on-year. MRO procurement represents only 10% of total procurement but consumes about 80% of procurement departments' time and effort [3]. Business Expansion - The company has developed over 170,000 SKUs across 12 categories of MRO products, primarily serving large state-owned enterprises in the energy sector. In 2024, revenue from the electric power sector is projected to be 1.863 billion yuan, accounting for 51.68% of total revenue [3][4]. Strategic Industry Growth - The company is actively expanding into strategic industries such as oil and gas, power generation, nuclear industry, transportation, and government emergency services, with projected revenue of approximately 1.091 billion yuan from these sectors in 2024, reflecting a year-on-year growth of about 70.97% [4]. Product Development and Profitability - The company has increased investment in self-developed products, with revenue from these products expected to grow from 520 million yuan in 2023 to 671 million yuan in 2024, increasing its revenue share from 17.77% to 18.62%. The gross margin for self-developed products is projected at 51.57%, significantly higher than the 20.32% for distributed products [4].

当前，证券零售业务正处在数字化转型升级的十字路口，外部面临代理买卖证券及基金净收入下降的困 境，内部受到粗放式运营模式和传统考核机制的掣肘。新增获客成本越来越高，证券行业进入了利用AI盘 活存量的时代，开展集约化、精细化运营成为各家券商零售业务的战略转型方向。 多家券商零售及数字金融部负责人在近日举办的第八届互联网金融研讨会上，分享了各自利用客群分层运营、 扩大服务半径覆盖长尾客户、总部与分公司联动等打法。一个直观的变化是，过去50万资产以上的投资者才可 能得到投资顾问的服务，而现在通过AI等数字化工具，5万甚至3万以上资产的投资者也能获得咨询和投资建 议。 客群分层，有效需求转化 证券行业的零售经纪业务，正在告别原本粗放式的发展模式，进入数字化集约运营时代。集约经营，意味着精 细化、差异化，需要捕捉客户的有效需求，还需要将需求转化成服务，而想要实现精准匹配投资者的需求，进 行客群分层是第一步。 券商中国记者了解到，最早证券行业大多按照个人投资者的资产规模来进行分层分类，进入互联网金融时代之 后，才开始按照年龄、交易行为、偏好等标签进行识别，正所谓"千人千面"，现在则更侧重客户需求的挖掘和 转化。 不过资产规 ...

Group 1 - The retail business of securities companies is at a crossroads of digital transformation, facing declining net income from agency trading and traditional operational constraints [1] - The traditional business model focused on account opening is outdated; companies need to provide full lifecycle services and leverage AI to activate existing clients [1][3] Group 2 - The retail brokerage business is transitioning from a rough development model to a digital and intensive operational era, emphasizing the need for precise customer demand capture and transformation [2] - Customer segmentation is evolving from asset-based classifications to more nuanced criteria such as age and trading behavior, although asset size remains a significant factor [2] Group 3 - Companies are expanding their service radius by utilizing internet finance and AI to engage with a broader range of investors, including those previously underserved [3] - Some large securities firms are now targeting clients with asset thresholds as low as 3,000 yuan, providing them with standardized information and consulting services through AI [3][4] Group 4 - A securities firm in South China has developed a "Smart Manufacturing+" product matrix, achieving a 70% retention rate for newly signed clients and an 82% year-on-year growth in signed client assets [4] Group 5 - There are three main challenges in implementing intensive operations: evaluating the effectiveness of digital operations, restructuring organizational frameworks, and establishing appropriate assessment and profit-sharing mechanisms [5][6] - The traditional structure of securities retail business limits flexibility, necessitating a more dynamic approach to client service and management [6]

Group 1 - The core viewpoint emphasizes the importance of advancing the construction of Digital Government 2.0 in Hangzhou, aligning with national directives and enhancing digital security measures [1][2] - The city aims to improve project management by categorizing existing projects and ensuring new projects meet strict standards for successful implementation [2] - There is a focus on creating impactful flagship projects that can serve as replicable models for other regions, enhancing the overall influence of Hangzhou's digital initiatives [2] Group 2 - The government is committed to accelerating the reform of centralized operations and management, with a clear target and a scientific implementation plan [2] - Efforts will be made to enhance data resource utilization, including expanding data collection channels and developing a corpus for data asset management [2] - A robust risk prevention system will be established to ensure the security of networks, data, algorithms, and content, thereby improving the safety of various government applications [2]

【导读】券商密集裁撤营业部，分支机构管理趋向"集约化" 见习记者 舍梨 6月18日，财通证券发布公告称，为了进一步优化营业网点布局，决定撤销3家营业部。虽然 今年以来市场交投维持活跃，但裁撤营业网点仍是行业主基调。据不完全统计，年内已有逾 20家券商发布公告，裁撤超50家营业部。 业内人士认为，一方面，传统经纪业务面临降本增效，分支机构管理更趋向"集约化"，另一 方面，券商财富管理业务主阵地转向"线上"是大势所趋。 券商网点持续"做减法" 西部证券此前在2024年至2026年营业网点规划方案中称，在财富管理需求旺盛的、公司有区 位优势的、公司网点空白但经济发达等地区增设营业网点，或根据业务发展需要，将现有营 业部升级为分公司；对连续三年亏损且扭亏无望的分支机构或区位设置不合理的分支机构， 公司根据实际情况综合评估后可进行撤并。 此外，近年来，券商通过金融科技手段加强线上获客，重塑新的管理模式，很大程度上替代 线下营业部的部分服务功能。 据悉，不少券商在推进零售客户集约化运营的转型，对客户进行分层，将"长尾客户"收归到 总部，由券商通过科技手段、整合资源等措施来提高服务效率，实现业务的集中化、规模化 管理。业内 ...