以下文章来源于瞎说职场 ，作者Sean Ye 瞎说职场 . 时代变了，职场的规则也在变，但很多人的思维方式却没有变。 知乎80万人关注的职场话题优秀回答 者，人力资源行业浸淫10年+，先后服务于顶级人力资源招聘和咨询公司，Sean和你一起破除职场毒鸡 汤，把最真实的职场展现出来 本文来自微信公众号： 瞎说职场 ，作者：Sean Ye，原文标题：《"广进"时代的生存逻辑：为何"好 员工"可能失业，"差员工"反而幸存？》，题图来自：视觉中国 今年上半年，因为业绩问题不少互联网公司裁了一波，而外企这边，从花旗、微软到奔驰，无论哪个 行业，外企也在做调整。 很多打工人面对裁员的第一反应往往是："为什么被裁的是我？" 我能理解这种心情，但事实上，答案并不在你我个人的能力，而藏在公司启动裁员程序的"第一 因"里。 裁员，是一道复杂的公司生存逻辑题。当它发生的时候，你我作为个体的能力如何，并不是能让我们 逃脱裁员名单的决定性因素。 管理层不同的解题思路，决定了截然不同的裁员对象和方式，也深刻影响着留下的每一个人。 裁员的'第一因'，就是那只看不见的"筛子"，决定了最终漏下去的是哪些人，也决定了留下来的那些 人会有怎样的前途 ...

Core Viewpoint - The conference held in Zhengzhou aimed to facilitate the connection between local enterprises and international capital markets, specifically focusing on the Hong Kong Stock Exchange listing policies and opportunities for companies from Zhengzhou to access the capital market [1][3]. Group 1: Conference Objectives and Participants - The event titled "Set Sail for Hong Kong, Capital Set Off" attracted representatives from well-known investment and financial institutions, along with over 50 local enterprise leaders [1]. - The conference was organized by the Zhengzhou Municipal Committee Financial Office, with support from various local investment and management companies [1]. Group 2: Importance of Overseas Listing - Overseas listing is a crucial aspect of capital market openness, supporting enterprises in integrating into global development and enhancing the open economy [3]. - The case of local enterprise Mixue Ice Cream, which saw its stock price rise from HKD 202.5 at IPO to HKD 533 by June 12, 2023, exemplifies the potential success of Zhengzhou companies in the Hong Kong market [3]. Group 3: Future Plans for Local Enterprises - Zhengzhou aims to create a financial market that is standardized, transparent, open, vibrant, and resilient, focusing on policy, service, and environmental improvements to support enterprises seeking international development [4]. Group 4: Expert Insights and Practical Guidance - Experts from leading financial institutions provided insights on the Hong Kong listing process, including regulatory requirements and tax compliance considerations [6][7]. - The average timeline for a Hong Kong IPO is approximately 8 to 10 months, with recommendations for early communication with regulatory bodies during the restructuring phase [6]. Group 5: Additional Activities and Focus Areas - A parallel event focused on the challenges of mergers and acquisitions in the renewable energy sector, discussing new paths for industry and capital operations [8].

Group 1: Foreign Investment Policies - The Ministry of Commerce will further relax foreign investment market access and revise the "Encouraging Foreign Investment Industry Catalog" to provide more opportunities for foreign enterprises in emerging fields and future industries [1] - The implementation of the "2025 Action Plan for Stabilizing Foreign Investment" will accelerate pilot openings in cloud computing, biotechnology, and wholly-owned hospitals [2] Group 2: Housing Fund Policy - Several cities have initiated mutual recognition and lending of housing provident funds, allowing for cross-city loan approvals and fund disbursement [3] - The push for mutual recognition and lending of housing funds is aimed at stabilizing the real estate market and facilitating talent mobility across regions [4] Group 3: Guangzhou Consumption Policy - Guangzhou's draft plan proposes to fully lift restrictions on housing purchases, sales, and prices, and to lower down payment ratios and interest rates to better meet housing consumption needs [5] - The plan emphasizes increasing residents' income and enhancing consumption capacity as prerequisites for stimulating consumption and expanding domestic demand [6] Group 4: AMD AI Chip Launch - AMD launched the new MI350 AI chip series, claiming it outperforms NVIDIA's GB200 in various computational tasks, with a memory capacity 1.6 times greater than that of GB200 [7] - The MI350 series is positioned as a competitive alternative to NVIDIA's offerings, particularly in terms of cost-effectiveness and operational efficiency [8] Group 5: Early Childhood Education and Elderly Care - Many kindergartens are exploring a new model of combined care for the elderly and children, with some transforming into community nursing homes due to declining enrollment [9] - The concept of "old-young co-care" faces practical challenges, as the needs of children and the elderly differ significantly [10] Group 6: Burger King's Strategic Adjustments - RBI, the parent company of Burger King, plans to close underperforming stores while opening 40 to 60 new locations in key urban areas [11] - The company aims to enhance its local management team and adapt its offerings to better meet the preferences of Chinese consumers [12] Group 7: UBS and ICBC Credit Suisse Fund - UBS has become the second-largest shareholder of ICBC Credit Suisse Fund, holding a 20% stake, following its acquisition of Credit Suisse [13] - UBS's investment in the Chinese market has been ongoing since 1989, and it continues to expand its presence in the asset management sector [14] Group 8: Stock Market Performance - The stock market experienced a decline, with the Shanghai Composite Index falling by 0.75% amid geopolitical tensions affecting investor sentiment [15] - The market's performance reflects a lack of confidence in continued upward movement, with expectations for potential positive developments from upcoming financial meetings [16]

Investment Rating - The report maintains a "Market Perform" investment rating for the consumer services industry, indicating that the industry index is expected to perform within ±10% of the market index over the next six months [34]. Core Insights - The consumer services industry index rose by 2.02% from May 30, 2025, to June 12, 2025, outperforming the Shanghai and Shenzhen 300 index by approximately 1.15 percentage points [9]. - The report highlights that domestic travel during the Dragon Boat Festival saw 119 million trips, a year-on-year increase of 5.7%, with total spending reaching 42.73 billion yuan, up 5.9% year-on-year [22]. - The upcoming summer travel season is expected to reverse the subdued performance observed during the Dragon Boat Festival, with a projected 70% increase in summer travel numbers and an 80% increase in gross merchandise value (GMV) compared to the previous year [34]. Summary by Sections Market Review - The consumer services industry index outperformed the Shanghai and Shenzhen 300 index, with a rise of 2.02% during the reporting period [9]. - The tourism and education sectors showed recovery, while the hotel and comprehensive services sectors experienced declines [10]. - A total of 38 listed companies in the industry reported positive returns, with the top five performers being ST United, Qujiang Cultural Tourism, Jinling Hotel, Changbai Mountain, and Tianmu Lake, with increases ranging from 11.86% to 55.13% [14]. - The overall price-to-earnings (PE) ratio for the consumer services industry was approximately 30.92 times, reflecting an increase compared to previous periods [18]. Industry News - The report notes significant trends in the tourism market, including a focus on family-oriented travel and deep experiential offerings, as highlighted in the 2025 Summer Travel Trend Report by Zhongxin Tourism [24]. - The popularity of the Jiangsu Super League has led to a surge in tourism bookings in Jiangsu, with an increase of over 300% in reservations [26]. - Haichang Ocean Park announced plans to introduce Xiangyuan Holdings as a new controlling shareholder [27]. Company Announcements - The report suggests monitoring specific companies such as Jinjiang Hotel, Changbai Mountain, Emei Mountain A, Xiangyuan Cultural Tourism, Jiuhua Tourism, Zhongxin Tourism, and Songcheng Performing Arts for potential investment opportunities due to their favorable positioning in the upcoming summer season [35].

Core Viewpoint - The article discusses the release of the "Opinions on Deepening Reform and Innovation in Shenzhen's Comprehensive Reform Pilot," which aims to enhance Shenzhen's role as a key engine in the Guangdong-Hong Kong-Macao Greater Bay Area and its influence on national reform efforts [1][7][8] Group 1: Education and Talent Reform - Shenzhen will promote integrated reforms in education, technology, and talent systems to address systemic barriers [1][3] - The city aims to strengthen the role of enterprises in technological innovation and optimize the management of new research institutions [2] - There will be a focus on cultivating high-quality, interdisciplinary engineering talent through collaboration between universities and industries [2] Group 2: Financial and Economic Empowerment - The "Opinions" emphasize the need to enhance financial services for the real economy, including the integration of technology and finance [4] - Shenzhen will support the development of a comprehensive service system for the transfer and transformation of technological achievements [4] - The city will explore mechanisms for data marketization and improve the management of public data across various sectors [5][6] Group 3: Innovation and Infrastructure - The document outlines plans to innovate in emerging industries and improve the regulatory framework for artificial intelligence and drone management [4][8] - Shenzhen will work on establishing a robust data governance framework to facilitate safe and efficient cross-border data flows [6] - The city aims to create a conducive environment for the development of new production capacities and standards in international industries [4][8] Group 4: National Impact and Experience Sharing - The "Opinions" are seen as a significant step in affirming Shenzhen's previous reform achievements and setting the stage for future initiatives [7][8] - The document is expected to provide valuable "Shenzhen experience" for national reform efforts, with 48 innovative measures already promoted across the country [7] - Experts believe that the new measures will further enhance Shenzhen's role in the Greater Bay Area and its influence on national development strategies [8]

Trade and Economy - Since the signing of the China–New Zealand Free Trade Agreement (FTA) in 2008, New Zealand's exports to China have surged from $2.5 billion to $20.85 billion in 2024, with an average annual growth rate of 14.1%, significantly higher than the 7.7% growth rate for New Zealand's exports to the rest of the world [1] - Bilateral goods trade has expanded by nearly $30 billion since the FTA took effect, with the first $10 billion increase taking eight years (2008-2016) and the second $10 billion achieved in just three years (2016-2019). New Zealand has recorded a trade surplus in goods with China for eight consecutive years from 2017 to 2024 [2] - The upgraded protocol of the China–NZ FTA took effect on April 7, 2022, granting New Zealand expanded market access in 22 new service sectors and enhancing access in 17 existing sectors [3] - As of January 1, 2024, all New Zealand dairy products can enter China tariff-free and without quotas, marking the full implementation of the FTA, with over 98% of New Zealand's exports to China enjoying zero-tariff access [4] - In 2024, trade between China and New Zealand reached 38.26 billion New Zealand dollars, with exports to China accounting for 20.6% of New Zealand's total exports and 25% of its total goods exports, supporting over 100,000 jobs [5] - In the first quarter of 2025, total trade between China and New Zealand reached $10.51 billion, with New Zealand's exports to China amounting to $6.29 billion, up 12.5% year-on-year [6] - In April 2025, goods trade totaled $3.41 billion, with New Zealand's exports to China reaching $2.07 billion, up 29.9% year-on-year [8] - New Zealand participated in the China International Import Expo for seven consecutive years, sending its largest-ever delegation in 2024 and signing 24 cooperation agreements expected to generate 340 million New Zealand dollars in trade over the next three years [9] Tourism and People to People Exchanges - China is New Zealand's third-largest source of international visitors, with 248,300 mainland Chinese tourists visiting New Zealand in the year ending March 2025, spending 1.414 billion New Zealand dollars [10] - In June 2024, a unilateral visa waiver policy for New Zealand citizens was announced, leading to 86,200 New Zealanders entering China in the first three quarters of the year [10] - The number of sister-city relationships between China and New Zealand has increased to 42, with the China–New Zealand Mayoral Forum serving as a key platform for local-level exchanges [12] Education - China has been New Zealand's largest source of international students for several years, with 25,175 out of 73,535 international students in New Zealand coming from China, accounting for 34% of the total [13] - High-level academic cooperation in key fields such as food science and environmental protection has been pursued by universities in both countries, exemplified by the establishment of the Peking University New Zealand Center [14] - The China-NZ Tripartite Partnership Programme, launched in 2005, has supported nearly 60 collaborative research and academic exchange projects over its 20-year history [15] Agriculture - China is New Zealand's largest market for food and fibre exports, with New Zealand earning 16.815 billion New Zealand dollars from food and fibre exports to China in the year ending March 2024, accounting for 33% of its total export revenue in this sector [17] Science and Technology - The China–NZ collaborative dive expedition to the Puysegur Trench marked the first scientific exploration of the trench and involved scientists from ten institutions across eight countries [20] - The China–NZ Belt and Road Joint Laboratory on Biomedicine and Health has facilitated the transfer of CAR-T immunotherapy to New Zealand for clinical trials, offering new hope for cancer patients [22] - Collaborative research in food quality testing and coastal wetland conservation has provided practical benefits for both countries, with initiatives like the China–NZ Belt and Road Joint Laboratory on Kiwifruit promoting New Zealand's kiwifruit in global markets [23]

Group 1: Capital Expenditure Cycle Analysis - The capital expenditure (CAPEX) cycle is a dominant driver of industry cycles in China, influencing the relationship between CAPEX, price-to-book (PB) ratio, and return on equity (ROE) [4] - The CAPEX cycle is divided into three stages: Stage 1 (oversupply leads to declining ROE and poor market performance), Stage 2 (declining CAPEX results in rising free cash flow and market rebound), and Stage 3 (supply-side clearing leads to improved ROE and better market performance) [4][14][15] - The PB-ROE model indicates significant investment value in Stage 2 (low PB and improving ROE) and Stage 3 (reasonable PB and steadily rising ROE) [16] Group 2: Market and Industry Comparisons - In Q4 2024 and Q1 2025, the overall capital expenditure of A-share companies (excluding finance and real estate) is contracting, while free cash flow is improving [20] - The median CAPEX/depreciation ratio for secondary industries decreased from 1.35 to 1.29, while the median free cash flow/equity ratio increased from 4.4% to 4.8% [21] - The proportion of secondary industries with free cash flow greater than 0 has significantly increased, indicating a positive trend in cash flow [21][24] Group 3: Sector-Specific Insights - The consumer sector shows overall CAPEX contraction and slight decline in free cash flow, with CAPEX levels below market averages and free cash flow above market averages [26] - The advanced manufacturing sector also experiences CAPEX contraction, while free cash flow shows slight improvement [4][26] - Eight industries within the consumer sector are highlighted as potential investment opportunities based on supply-side improvements [4][26]

Market Overview - The three major indices opened higher on June 11, with the Shanghai Composite Index up 0.02%, the Shenzhen Component Index up 0.14%, and the ChiNext Index up 0.34% [1] - The Shanghai Composite Index closed at 3,385.46 points, the Shenzhen Component Index at 10,176.50 points, and the ChiNext Index at 2,044.28 points [2] External Market - U.S. stock indices collectively rose, reaching new highs not seen in at least three months, with the Dow Jones up 0.25% to 42,866.87 points, the S&P 500 up 0.55% to 6,038.81 points, and the Nasdaq up 0.63% to 19,714.99 points [3] Institutional Insights - CITIC Securities expects investor sentiment in June to remain stable, with a balanced outlook despite concerns over domestic demand and price signals [4] - Huaxi Securities suggests a rotational strategy to capitalize on the technology sector's rebound, while remaining cautious of potential market volatility [5] - CICC highlights a trend of "consumption stratification" in China, indicating a shift towards quality and value-driven purchases rather than a simple downgrade in consumption [6] Strategic Recommendations - Huatai Securities emphasizes the importance of flexibility in asset operations, focusing on high-odds, low-correlation investments amid a changing global landscape [8] - China Galaxy Securities recommends focusing on stablecoin concept stocks with good growth prospects and reasonable valuations, as regulatory developments boost investor confidence [9] - Guosheng Securities advises two main lines for investment in the beverage sector: quality leaders and high safety margin improvement targets [10]

Group 1 - Xiamen has prioritized the implementation of the central eight regulations, focusing on addressing grassroots and public issues through concentrated rectification efforts [1] - A total of 2,805 issues were identified, with 4,860 corrective measures formulated, demonstrating a systematic approach to problem-solving [1] - Key areas of focus include alleviating pressure on grassroots reception and addressing issues related to elderly care, campus meals, property management, and medical insurance [1] Group 2 - The healthcare sector is a significant focus, with the Xiamen Health Commission implementing seven specific measures to optimize medical services [2] - Initiatives include the "Thousand Doctors Down to the Community" program, improving access to quality medical resources for residents [2] - The introduction of a "credit medical" model has reduced average waiting times for patients by 35 minutes, enhancing the overall healthcare experience [2] Group 3 - The satisfaction rate for school meal services in Xiamen reached 94.5%, indicating positive feedback from the community [3] - Approximately 20 million yuan in overdue village collective asset rents has been recovered, showcasing effective financial management [3] - The launch of an online refund feature for outpatient prepayments has been well-received, improving convenience for the public [3]

深交所。 IC供图 飞行管理制度改革创新 健全金融服务实体经济的激励约束机制。支持深圳开展科技产业金融一体化专项试点。健全科技型企业 信贷、知识产权证券化、科技成果和知识产权交易等实践场景和规则体系。优化科技型企业债权和股权 融资协同衔接机制。深化绿色金融改革。支持保险资金依法合规投资在深圳发起设立的主要投向特定领 域的私募股权投资基金和创业投资基金。允许在香港联合交易所上市的粤港澳大湾区企业，按照政策规 定在深圳证券交易所上市。 创新支持新兴产业发展的体制机制。依托深圳证券交易所科技成果与知识产权交易中心等，构建科技成 果转移转化全链条服务体系。探索人工智能辅助医疗设备准入应用机制，在安全可控前提下，探索人工 智能辅助医疗设备数据采集、集成共享、合规使用的规则及标准。支持深圳深化无人驾驶航空器飞行管 理制度改革创新，完善低空飞行监管规则，探索开展跨境直升机飞行、公益服务等通用航空业务。拓展 储能场景，探索源网荷储一体化商业模式。创新国际性产业与标准组织管理制度。 为深入推进深圳综合改革试点、深化改革创新扩大开放，中办、国办印发《关于深入推进深圳综合改革 试点 深化改革创新扩大开放的意见》。 意见要求坚持顶层 ...