10月10日，兴民智通（集团）股份有限公司（证券代码：002355，证券简称：兴民智通）发布公告称，其全资 子公司深圳市联兴永盛投资企业（有限合伙）（以下简称"联兴永盛"）拟出售其所持有的广联科技控股有限公 司（以下简称"广联科技"，股票代码：H02531）约1200万股股份。 此次出售股票资产旨在实现股东价值的最大化，进一步优化公司资产结构，提高资产流动性及使用效率。根据 公告，本次交易应在公司董事会处置资产权限内进行，公司董事会已同意授权公司管理层及授权人士办理本次 股份出售事宜。授权范围包括但不限于根据交易市场情况确定具体出售时机、交易方式、交易数量、交易价 格、签署相关协议等，授权期限自董事会审议通过之日起12个月内。若在授权期限内，广联科技发生送股、资 本公积转增股本等情况，出售数量将相应变动。 公告显示，交易标的为联兴永盛持有的广联科技的股票，标的资产权属清晰，不存在抵押、质押或者其他第三 人权利，不存在涉及重大争议、诉讼或仲裁事项，不存在查封、冻结等司法措施，亦不存在妨碍权属转移的其 他情况。 广联科技控股有限公司是一家面向中国汽车后市场行业参与者的车载硬件以及SaaS营销及管理服务提供商，专 ...

记者 俱鹤飞 从芯片的迭代到新药的问世，从工厂的智能大脑到港口的无人驾驶卡车，在上海这片创新热土上， 无数民营企业的奋斗身影，组成了高质量发展的生动图景。 10月11日，由上海市发展改革委指导、解放日报社主办的"新征程 新作为：上海民企的信心与动力 ——'民企发展正当时'座谈会"举行。22位登上解放日报"民企发展正当时"栏目的上海民营经济领军人 物，与政府职能部门、金融机构代表、媒体负责人齐聚一堂，围绕发展信心、创新路径、政策支持、舆 论环境等话题深入交流，共谋未来。 厚植发展沃土 一座城市的活力，很大程度上源于民营经济的生命力。 上海市发展改革委副主任陈彦峰表示，市委、市政府一直以来高度重视民营企业发展。市发展改革 委正谋划营商环境9.0版行动方案，未来将不断提升企业"获得感"，让民营企业与全市经济发展更好同 频共振。 金融"活水"是民企成长的关键支撑。上海国投公司党委书记、董事长袁国华介绍，上海国投瞄准科 技创新领域前沿投资，投早、投小、投硬、投重，管理基金规模增至2800亿元，今年出资金额450亿 元。他强调，上海国投将保持战略主动和敏捷，与企业"同在一起发展"。 展望"十五五"，民营企业不仅是高质量发 ...

Core Insights - The strategic partnership between Tuhu Car Maintenance and Alashan Hero Conference aims to innovate service forms and optimize service experiences around off-road activities and desert cultural tourism [1][7] Group 1: Strategic Collaboration - Tuhu Car Maintenance and Alashan Hero Conference have upgraded their strategic cooperation, combining their strengths to enhance off-road service offerings [1][7] - The collaboration is described as a deep integration of "professional services" and "cultural IP," addressing "user needs" and "scene innovation" [7] Group 2: Service Offerings - Tuhu Car Maintenance launched the "Hardcore Off-Road Worry-Free Guarantee Plan," providing customized support for off-road users during the 2025 Alashan Hero Conference [3] - The plan includes services covering the journey, competition, and daily maintenance for all off-road players [3][5] - A dedicated "Guarantee Center" was established on-site, offering quick maintenance services such as tire inflation, oil replenishment, and engine cleaning [5] Group 3: Event Experience - Tuhu Car Maintenance created a closed-loop service system for off-road enthusiasts, featuring a 5,000 square meter "Off-Road Camp" showcasing products from 20 international brands [3][5] - The event allows participants to experience high-quality products from brands like Michelin, Goodyear, and Mobil [3] Group 4: Future Outlook - Both companies expressed a commitment to enhancing off-road service guarantees and leveraging Tuhu's platform advantages for richer technical and product experiences in future events [7] - The partnership aims to elevate the Alashan Hero Conference into a comprehensive event that combines professional off-road competitions, automotive technology, and high-quality desert cultural tourism [7]

在新能源汽车渗透率持续升高的大背景下，汽车后市场正迎来新变局。 中国汽车流通协会乘用车市场信息联席分会(以下简称"乘联分会")数据显示，8月份，新能源车在国内 总体乘用车的零售渗透率为55.2%，较去年同期提升1.5个百分点。而公开信息更显示，这一数据创下年 内新高。 《中国经营报》记者注意到，在新能源汽车保有量不断攀升的情形下，除了以途虎养车为代表的独立汽 车服务平台外，包括车企、汽车零部件公司等在内的多方势力正纷纷加码汽车后市场，如在车企方面， 公开信息显示，上汽集团将布局1000家"上汽养车"网点。 "当前汽车产业正经历深刻变革，新能源汽车保有量已超3600万辆，且仍在持续增长，这一趋势意味着 新能源车后市场即将迎来爆发期，行业发展机遇广阔。"9月12日，途虎养车总裁胡晓东在2025泰达汽车 论坛上如此表示。 新能源"带火"万亿赛道 拥有万亿级空间的汽车后市场赛道，近年来持续成为各方关注焦点。 罗兰贝格曾预测，中国汽车后市场总体规模在2025年将达到1.9万亿元，2022—2025年平均复合增速达 5%。10年后，2032年的中国汽车后市场总价值规模将超过2.2万亿元。 行业痛点亟待破局 在多方角逐的背 ...

Core Insights - The automotive aftermarket in China is projected to reach a scale of 2.9 trillion yuan by 2029, driven by an increase in vehicle ownership and a growing demand for services [1][2] - Tuhu Car, as a representative of the automotive aftermarket chain brands, is establishing a standardized ecosystem to fill the market gap left by the exit of traditional service channels [1][2] Market Overview - As of June 2025, 101 cities in China are expected to have over 1 million vehicles, with new energy vehicles accounting for 10.27% of the total vehicle ownership [1] - The exit of over 4,000 traditional 4S stores by 2024 highlights the imbalance between service capacity and consumer demand in the automotive aftermarket [1] Company Performance - Tuhu Car went public on the Hong Kong Stock Exchange in September 2023, becoming the first independent automotive aftermarket service company listed in Hong Kong [2] - In the first half of the year, Tuhu Car reported a revenue of 7.88 billion yuan, a year-on-year increase of 10.5%, and an adjusted net profit of 410 million yuan, up 14.6% [2] Network Expansion - Tuhu Car has established a network of 7,205 service centers across 320 prefecture-level cities and 1,855 county-level areas, achieving a 70% coverage rate in counties with over 20,000 passenger vehicles [2][3] - The company is recognized for setting new industry standards and integrating online and offline services to enhance consumer trust in the aftermarket [2][4] Adaptation to New Energy Vehicles - Tuhu Car is expanding its services to include battery health maintenance and related services for new energy vehicles, positioning itself as a potential consolidator in the evolving market [3] - The shift in the industry value from manufacturing to service is seen as an opportunity for Tuhu Car to leverage its advantages in repair qualifications and supply chain innovation [3] Competitive Advantages - Tuhu Car's competitive edge is derived from its strong brand trust, financial advantages from being a listed company, professional operational capabilities, and sustainable development through standardization [4] - The company is moving from price competition to brand and system competition, gradually replacing traditional, inefficient service models [4] Entrepreneurial Support - Tuhu Car's ecosystem allows entrepreneurs to benefit from a standardized supply chain and digital management tools, with over 90% of stores operating for more than six months achieving profitability [5][6] - The company has introduced a tiered and regionalized franchise policy to lower entry barriers for entrepreneurs, with initial investments starting as low as 30,000 yuan in certain markets [6] Future Outlook - The automotive aftermarket in China is expected to see a trend towards concentration, with chain brands like Tuhu Car leveraging technology and supply chain advantages to outcompete smaller players [6] - Tuhu Car's leading position in offline store numbers and penetration in first- and second-tier cities is anticipated to be sustained through its standardized service system and supply chain management capabilities [6]

Group 1 - The core viewpoint of the report maintains a "recommend" rating for Tuhu-W (09690), with adjusted net profit estimates for 2025-2027 at 8.09 billion, 9.92 billion, and 12.03 billion respectively, and a target price of 23.62 HKD [1] - The company achieved a revenue of 78.77 billion in the first half of 2025, representing a year-on-year growth of 10.5%, with a gross profit of 19.82 billion and a gross margin of 25.2% [1] - The revenue growth is attributed to the expansion of the store network and the contribution from high-growth businesses such as new energy and quick repair services, with core businesses like tires and automotive maintenance also showing approximately 11% year-on-year growth [1] Group 2 - The company's new energy service ecosystem is rapidly expanding, with platform users reaching 3.4 million, a year-on-year increase of 83.5%, and a penetration rate exceeding 12% [2] - The total number of stores has reached 7,205, covering 70% of counties with more than 20,000 passenger vehicles, indicating a strong presence in lower-tier markets [2] - User operations are being strengthened, with 26.5 million transaction users and a repurchase rate of 64%, showcasing significant ecological synergy [2] Group 3 - The company is enhancing efficiency through supply chain intelligence upgrades and AI technology, with automation warehouse efficiency in Guangzhou increasing by 2.5 times and the introduction of unmanned delivery vehicles [3] - The intelligent customer service system, based on the DeepSeek model, has improved pre-sale conversion rates by 2 percentage points while reducing labor costs by 18% [3] - The company is actively leveraging the "old-for-new" policy benefits, achieving a single-day sales record of over 1.5 billion during the 618 shopping festival [3]

Group 1 - The company maintains a "recommended" rating with projected adjusted net profits of 8.09 billion, 9.92 billion, and 12.03 billion for 2025-2027, and a target price of 23.62 HKD [1] - In the first half of 2025, the company achieved revenue of 78.77 billion, a year-on-year increase of 10.5%, with a gross profit of 19.82 billion and a gross margin of 25.2% [1] - The revenue growth is attributed to the expansion of the store network and contributions from high-growth sectors such as new energy and quick repair services [1] Group 2 - The company's new energy service ecosystem is rapidly expanding, with platform users reaching 3.4 million, a year-on-year increase of 83.5%, and a penetration rate exceeding 12% [2] - The total number of stores has reached 7,205, covering 70% of counties with more than 20,000 passenger vehicles [2] - User operations are being strengthened, with 26.5 million transaction users and a repurchase rate of 64% [2] Group 3 - The company is enhancing efficiency through supply chain intelligence upgrades and AI technology, significantly improving overall operational efficiency [3] - The automation warehouse efficiency in Guangzhou has increased by 2.5 times, and the introduction of unmanned delivery vehicles is underway [3] - The intelligent customer service system, based on the DeepSeek model, has improved pre-sale conversion rates by 2 percentage points while reducing labor costs by 18% [3]

Investment Rating - The report maintains a "Recommended" investment rating for the company, indicating an expected outperformance of the benchmark index by 10%-20% over the next six months [12]. Core Insights - The company achieved a revenue of 7.877 billion yuan in the first half of 2025, representing a year-on-year growth of 10.5%. The gross profit was 1.982 billion yuan, with a gross margin of 25.2%, slightly down from the previous year [1][7]. - Adjusted net profit reached 410 million yuan, reflecting a year-on-year increase of 14.6%. The growth in revenue is attributed to the expansion of the store network and the contribution from high-growth segments such as new energy and quick repair services [7]. - The company has expanded its new energy service ecosystem, with 3.4 million users of electric vehicles, a year-on-year increase of 83.5%, and a penetration rate exceeding 12% [7]. - The report highlights the company's operational efficiency improvements, with total operating expense ratio decreasing year-on-year, and AI technology reducing customer service labor costs by 18% [7]. - The company is expected to achieve adjusted net profits of 809 million yuan, 992 million yuan, and 1.203 billion yuan for the years 2025, 2026, and 2027, respectively [7]. Financial Summary - For 2025, the company is projected to have total revenue of 16.478 billion yuan, with a year-on-year growth rate of 11.7% [3]. - The adjusted net profit for 2025 is estimated at 809 million yuan, with a growth rate of 31.6% compared to the previous year [3]. - The earnings per share (EPS) is forecasted to be 0.74 yuan for 2025, with a price-to-earnings (P/E) ratio of 23.8 [3][4].

产业振兴是乡村振兴的重中之重。近年来，随着乡村振兴战略的深入推进，我国"三农"基础不断夯实，乡村产业蓬勃发展。但与此同时， 乡村产业同质化问题日益凸显，成为制约农业增效、农民增收的主要瓶颈。 在乡村产业振兴过程中，如何打破"千乡一面"，因地制宜发展特色产业？如何深耕"一乡一品"，联结上下游实现产业融合？如何通过政策 创新和要素保障，真正做好"土特产"大文章？围绕上述问题，中国民族贸易促进会会长蓝军日前接受了《经济参考报》记者专访。 同质化之困："一哄而上"丰产难丰收 乡村振兴，产业先行。近年来，乡村产业蓬勃发展的同时也出现了"同质化竞争"问题。产品大同小异，市场竞相压价，丰产却难丰收…… 成为不少农户面临的新"烦恼"，也制约了乡村产业和乡村经济的可持续发展。 在蓝军看来，在全国范围内，乡村产业同质化已不鲜见。"特别是在自然条件相近区域某个单一产品突然爆火后，大量种植农户盲目跟风 导致生产规模无序扩大、市场价格剧烈波动的现象频频发生。" "这种'模仿式''跟风式'的发展模式，导致许多地区乡村产业陷入'重复建设—低价竞争—效益低下'的恶性循环。"蓝军提醒，"如果不能有 效解决农村产业同质化问题，单靠农户盲目努力生 ...

汽车后市场正站在一个新的分水岭。随着流量红利的消退和新能源渗透的加快，单纯依赖价格竞争或短期战术已难以支撑门店持续增长。 加盟商最关心的问题是：如何在激烈的市场竞争中找到长期的确定性？ 9月16日，美孚1号车养护2025加盟商大会在珠海、西安、南京三地同步举行。这场大会系统地展示了其在体系建设和落地成效上的实践。孚创总经理 兼董事刘霄直言："未来，美孚1号车养护将继续以专业立身，在长期发展中走出优势，推动所有门店的生态升级与共同繁荣。" "星盟计划"让成功可复制 自2020年品牌焕新发布以来，美孚1号车养护在网臻选店数量已突破1300家。截至今年上半年，美孚1号车养护在网门店营业额与进店台次均实现逆势 增长，近半数的进店车辆为20万元及以上的中高端车型。 美孚1号车养护2025年6月推出的"星盟计划"再次成为此次大会的焦点。该计划一改以往"发布战略—静待效果"的传统路径，明确提出围绕品牌、营 销、运营三大核心竞争力的再进化，通过系统落地动作，有效助力门店实现能力升级和高质量发展。计划推行仅数月，便已初见成效。 品牌力方面，美孚1号车养护不断推进门店形象专业化建设与技师团队的能力升级，并为终端门店持续注入来自美 ...