小微市场主体经营状况与数字化转型调研 （2025 年三季度） 【主要发现】 经营状况有所下滑。停滞面环比收窄0.3个百分点，但亏损面环比扩大0.2个百分点；盈利 水平、营收指数环比下降0.3和0.5。 市场预期和投资倾向连续多季度回落。市场预期指数和投资倾向指数环比分别下降0.9 和 0.2，分别连续五个季度、四个季度下滑。 人力成本压力加剧，消费疲弱等问题突出。用工成本上升覆盖面最高且环比上升，店面租 金、原物料价格等困难点覆盖面环比下降；消费意愿低、同质化竞争等困难点覆盖面同比 上升明显。 政策支持力度持平，体感温度略有回暖。多数普惠型政策覆盖面环比回升，体感温度指数 环比0.6度至-6.0。 融资需求回升，融资成本抬高。有融资需求主体占比较上季度上升2.9个百分点，借贷综合 利率指数上升30个基点。银行渠道与非银行渠道利差扩大至252个基点。 线上化率、直播渗透率持续下滑，但线上销售缓慢恢复。48.7%的样本主体开设线上门 店，环比下降1.0个百分点；其中30.5% 已线上化主体进行了直播带货，环比下降1.1个百 分点；线上销售占比超过30% 的主体数量略有增加。 包括小微企业和个体工商户在内的小微市场 ...

● 本报记者刘丽靓 11月26日，国务院国资委研究中心党委副书记杜国功在2025年金牛企业可持续发展论坛上表示，作为国 民经济的"压舱石"和"稳定器"，央企控股上市公司在ESG实践与体系建设中肩负着引领示范的重要使 命。数据显示，截至2025年5月，379家央企控股上市公司已发布了2024年的ESG相关报告，披露率实现 了100%，远高于A股市场45.67%的整体披露水平。央企控股上市公司ESG评级多数集中于BBB级，在 国内主流ESG评级的表现均优于市场总体水平。 三是初步编制了中证央企ESG基准指数和中证国企ESG基准指数。测算结果显示，自2022年6月30日以 来，中证央企ESG基准指数和中证国企ESG基准指数的年化收益率分别为8.06%和8.34%，收益均高于同 类型中证指数，不仅彰显了国资央企ESG指数在平衡收益与控制风险方面的优势，还促进了投资价值与 功能价值的深度融合，进一步丰富了ESG相关ETF产品。 杜国功表示，中央企业是实现高质量发展，推动生态文明建设，促进人与自然和谐共生的重要力量。国 务院国资委研究中心诚挚地邀请更多的企业、智库、投资机构和国际组织共同参与中央企业可持续发展 研究，携手 ...

Core Viewpoint - Inner Mongolia is actively enhancing its business environment through a series of reforms and initiatives aimed at promoting high-quality development, as highlighted in the recent press conference on the "14th Five-Year Plan" [1] Group 1: Business Environment Optimization - Inner Mongolia has implemented four versions of action plans to optimize the business environment, introducing a total of 511 reform measures [3][4] - The satisfaction of enterprises regarding the business environment has steadily improved over five consecutive years, as indicated by monitoring from 2020 to 2024 [3] Group 2: Policy Implementation - A series of targeted policies, including tax reductions and financial support, have been effectively implemented, with the total amount of tax reductions and refunds exceeding 30 billion in 2024 [5] - Innovative financial products, such as "Tax E Loan," have been promoted to broaden financing channels for enterprises [5] Group 3: Innovation and Infrastructure - The "Technology-Driven Inner Mongolia" strategy has been deeply implemented, leading to significant improvements in innovation capabilities, with the number of effective invention patents per ten thousand people doubling since 2020 [6] - The reliability and stability of municipal facilities have been enhanced, contributing to a stronger foundational capacity [6] Group 4: Legal and Regulatory Framework - A new legal framework has been established to support the optimization of the business environment, focusing on market registration, social credit, and foreign trade [7] - The transparency of government actions has improved with the implementation of administrative power lists, ensuring that no permits are issued outside the established lists [8] Group 5: Regulatory Practices - Over 6,300 administrative enforcement entities in Inner Mongolia have adopted list-based management, increasing the proportion of minor violations exempt from penalties from 11% in 2020 to 26% [9] - A credit-based regulatory approach has been introduced, reducing interference with compliant enterprises while closely monitoring those with credit issues [9] Group 6: International Trade and Investment - The scale of foreign trade cooperation has expanded, with innovative investment attraction models and support for the private economy, resulting in over 600 cooperation agreements signed during the five sessions of the China-Mongolia Expo [10] - A comprehensive cross-border transportation network has been established, significantly enhancing the capacity of key ports and facilitating trade [11] Group 7: Customs and Clearance Efficiency - The construction of "smart ports" and "digital borders" has been actively promoted, leading to a significant increase in customs clearance efficiency, with some ports reducing clearance times from half a day to just 30 minutes [13] Group 8: Government Services - The efficiency of government services has improved, with the online processing rate of administrative matters rising from 52% in 2020 to 80% [14] - A comprehensive feedback mechanism for enterprise service requests has been established, ensuring effective resolution of issues faced by businesses [15]

Core Viewpoint - State-owned enterprises (SOEs) are crucial pillars of the socialist economy in China, and their foreign investment activities require stringent management and auditing to prevent risks and ensure sustainable development [1][3][4]. Group 1: Importance of Auditing - Conducting audits on SOEs' foreign investments is a fundamental responsibility of auditing agencies, as mandated by the Audit Law of the People's Republic of China [3]. - The government audit plays a vital role in safeguarding the rights and interests of state ownership by ensuring comprehensive oversight of SOEs and their capital [3][4]. - Auditing helps identify issues in investment decisions and enhances external supervision, thereby reducing the likelihood of misconduct [4][5]. Group 2: Issues in SOE Investments - Some SOEs exhibit hasty investment decisions without adequate feasibility studies, leading to significant financial losses, as evidenced by 11 central enterprises incurring an additional investment cost of 4.416 billion yuan due to improper decision-making [6][7]. - Diversified investments can dilute control over projects, resulting in a lack of focus on core competencies and increased investment risks [6][8]. - Post-investment management is often inadequate, leading to information asymmetry and potential losses in state assets [6][8]. Group 3: Recommendations for Strengthening Auditing - Establish a comprehensive supervision system that integrates various departments to enhance oversight of SOE investments [9]. - Strengthen the role of internal audits and social audits to improve the coverage and effectiveness of investment audits [10]. - Enhance the capabilities of auditing personnel to ensure they possess the necessary expertise to handle complex investment issues [11].

Core Insights - The 8th China Enterprise Forum was held in Beijing, focusing on "Chinese Enterprises: Strategic Determination and Innovation Enhancement" and released the "2025 China Enterprise Brand Value TOP 100 List" [1] - The "Suggestions on Formulating the 15th Five-Year Plan for National Economic and Social Development" emphasizes deepening state-owned enterprise reform and enhancing the core competitiveness of state-owned enterprises [1] Group 1 - The total brand value of the TOP 100 Chinese enterprises reached 19.35 trillion RMB, an increase of 8.48% year-on-year [1] - The brand value of central enterprises is projected to grow from 6.4 trillion RMB in 2022 to 8.6 trillion RMB by 2024, with an average annual growth rate exceeding 15% [1] Group 2 - Leading brands are accelerating their layout in artificial intelligence (AI), seizing opportunities from industrial transformation, with the AI industry in China expected to exceed 700 billion RMB in 2024, maintaining a growth rate of over 20% [2] - Chinese enterprises are actively expanding into overseas markets, with 2024 listed companies achieving overseas revenue of 9.44 trillion RMB, a year-on-year increase of 7.97% [2] - The Director of the State-owned Assets Supervision and Administration Commission emphasized the importance of development through openness and competition, focusing on core strengths and avoiding "involution" in competition [2]

Core Insights - The Hainan Free Trade Port has established strategic cooperation with 69 central enterprises, covering a wide range of sectors within the "4+3+3" modern industrial system [1] - Since the implementation of the "Hundred Central Enterprises Enter Hainan" initiative in 2020, central enterprises have accelerated their strategic layout in Hainan, contributing significantly to the region's economic development [1] - The "Policy Express" mechanism aims to enhance communication between the government and enterprises, ensuring timely updates on policies related to the free trade port [2] Group 1 - A total of 69 central enterprises have formed targeted and project-based strategic partnerships with the Hainan provincial government, including many from the Fortune Global 500 [1] - The investment scale and operational efficiency of central enterprises in Hainan have shown significant growth, ranking among the top in the country [1] - The "Policy Express" initiative is designed to provide direct communication regarding the latest developments and policies of the Hainan Free Trade Port [2] Group 2 - The "Policy Express" mechanism includes targeted notifications, thematic interpretations, regular updates, stable contact channels, and interactive feedback to ensure effective communication with enterprises [2] - The provincial government has established a database to ensure comprehensive and accurate communication with central, private, and foreign enterprises [2] - Recent updates indicate that the overall progress of the port's closure operations is on track, with infrastructure completed and policy frameworks being developed [3]

Core Insights - The report highlights the positive performance of state-owned enterprises (SOEs) in terms of asset preservation and appreciation during the 14th Five-Year Plan period, with significant growth in total assets and equity [2] - The progress of SOE reform is on track, with confidence in achieving high-quality completion of key tasks by the end of 2025 [3] - There is a focus on optimizing the layout and structure of state-owned economy to enhance its strategic functions and improve resource allocation [4] - SOEs have made notable advancements in technological innovation, contributing to high-quality development and national security [6] Group 1: State-Owned Capital Performance - The total assets of national SOEs increased from 268.5 trillion yuan at the end of the 13th Five-Year Plan to 401.7 trillion yuan by the end of 2024, while owners' equity rose from 97 trillion yuan to 141 trillion yuan [2] - National SOE capital equity grew from 76 trillion yuan to 109.4 trillion yuan, with total operating revenue consistently above 80 trillion yuan in recent years [2] - Overall, the preservation and appreciation of state capital during the 14th Five-Year Plan period is deemed satisfactory, with improved asset quality and financial strength [2] Group 2: SOE Reform Progress - The State-owned Assets Supervision and Administration Commission (SASAC) has been actively implementing reform measures to enhance the core functions and competitiveness of SOEs, with progress aligning with expectations [3] - Key achievements include promoting the rational flow and optimization of state capital, activating the development potential of SOEs, and improving the overall effectiveness of state asset supervision [3] Group 3: Economic Layout Optimization - The optimization of the state-owned economy's layout and structure is essential for strengthening and expanding state capital and enterprises [4] - The focus is on concentrating state capital in critical industries related to national security and public services, as well as in strategic emerging industries [4] - Significant progress has been made in optimizing industrial and regional layouts, with ongoing efforts to enhance the mechanisms for layout optimization and structural adjustment [4] Group 4: Technological Innovation in SOEs - The government has introduced various policies to support technological innovation in SOEs, leading to significant improvements in their innovation capabilities and core competitiveness [6] - SOEs have successfully tackled key technologies and contributed to the national innovation system, supporting high-quality development and security [6] - Future initiatives will focus on integrating innovation, industry, and talent chains, enhancing resource allocation, and addressing critical technology challenges [6]

Core Insights - The 18th meeting of the 14th National People's Congress Standing Committee reviewed the State Council's special report on the management of state-owned assets for 2024, addressing the preservation and appreciation of state capital and the progress of state-owned enterprise reforms [1] Group 1: State-Owned Capital Preservation and Appreciation - The total assets of state-owned enterprises increased from 268.5 trillion yuan at the end of the 13th Five-Year Plan to 401.7 trillion yuan by the end of 2024, with owners' equity rising from 97 trillion yuan to 141 trillion yuan and state capital equity from 76 trillion yuan to 109.4 trillion yuan [2] - The total operating revenue of state-owned enterprises has consistently remained above 8 trillion yuan in the last three years, with stable total profits [2] - Overall, the preservation and appreciation of state capital during the 14th Five-Year Plan period is considered good, with improved asset quality and a stronger financial foundation for state-owned enterprises [2] Group 2: Progress in State-Owned Enterprise Reform - The deepening reform of state-owned enterprises is expected to conclude in 2025, with the State-owned Assets Supervision and Administration Commission (SASAC) reporting that the progress of key tasks is in line with expectations [3] - The main achievements include enhancing the strategic functions of state-owned capital, promoting the reasonable flow and optimization of state capital, and improving the overall effectiveness of state asset supervision [3] Group 3: Optimization of State-Owned Economic Layout and Structural Adjustment - The optimization of the state-owned economic layout and structural adjustment is essential for advancing the reform of state-owned assets and enterprises [4] - The focus is on adjusting the existing structure and optimizing new investments, with a strategy to concentrate state capital in key industries related to national security and public services [4] - Significant progress has been made in optimizing the industrial layout and restructuring state-owned enterprises since the 18th National Congress [4] Group 4: Technological Innovation in State-Owned Enterprises - The government has implemented various policies to support technological innovation in state-owned enterprises, leading to significant advancements in their innovation capabilities and core competitiveness [6] - State-owned enterprises have made breakthroughs in key technologies and have become a vital part of the national innovation system, supporting high-quality development and security [6] - The focus for the 15th Five-Year Plan period will be on enhancing the role of state-owned enterprises in stabilizing and strengthening industrial supply chains [6]

Group 1 - The core viewpoint emphasizes the importance of listed companies in the capital market, with 5,167 companies in the Shanghai and Shenzhen exchanges having a market value exceeding 100 trillion yuan, ranking second globally [1] - By the end of 2024, 1,869 companies disclosed sustainability reports, representing a disclosure rate of 34.7%, indicating a significant portion of companies are systematically reporting sustainability-related information [5] - The establishment of a mandatory sustainability information disclosure system marks a significant step in promoting sustainable development and enhancing the long-term sustainability capabilities of listed companies [2][3] Group 2 - The new "National Nine Articles" introduced in April 2024 aims to improve the sustainability information disclosure system for listed companies, combining mandatory and reference guidelines [2] - The quality of disclosures has improved, with 99.3% of reports including quantitative indicators, and 62.1% of companies identifying climate risks and opportunities [5] - The international recognition of Chinese companies' sustainability efforts is increasing, with about one-third of companies in the Shanghai and Shenzhen markets receiving improved MSCI ESG ratings by the end of 2024 [6] Group 3 - The sustainable disclosure system is designed to align with international standards while considering China's unique circumstances, promoting a gradual and flexible approach to implementation [7] - The shift from disclosure to governance reflects a broader trend where ESG principles are increasingly integrated into corporate strategy and risk management [8] - The next steps involve guiding companies to implement new development concepts and continuously improving disclosure standards to achieve more balanced and focused sustainability reporting [9]

Core Insights - The aging population of small and medium-sized enterprises (SMEs) in Germany is leading to a significant succession crisis, with many owners unable to find suitable successors [1][2] - The number of SMEs planning to close due to lack of successors has increased by 67,500 compared to the previous year, highlighting the urgency of the issue [1] - Government measures to support succession planning have been largely ineffective, prompting calls for more substantial actions to enhance the attractiveness of SMEs [3] Group 1: Current Situation - Over half of SME owners in Germany are over the age of 55, a significant increase from 20% a decade ago [2] - 39% of SME owners are aged 60 and above, compared to 30% of the total German population [2] - Approximately 42% of SMEs are unable to find family members willing to take over the business [2] Group 2: Economic Impact - SMEs account for more than half of Germany's economic output and provide nearly 60% of employment [1] - The lack of successors threatens not only employment but also the overall economic position of Germany [2] Group 3: Government Response - The German government has implemented measures such as low-interest loans and free platforms for finding successors, but these have not yielded significant results [3] - Experts suggest that private equity acquisitions are not a viable solution for smaller enterprises, indicating a lack of systematic solutions for succession [3] - Calls for urgent government action to improve the attractiveness of SMEs and assist in finding successors have been made by industry leaders [3]