重要新闻 1. 央行公布8月各项工具流动性投放情况，未进行公开市场国债买卖 央行公布8月各项工具流动性投放情况，中央银行贷款方面，中期借贷便利（MLF）净投放3000亿元， 抵押补充贷款（PSL）净回笼1608亿元；公开市场业务方面买断式逆回购净投放3000亿元，未进行公开 市场国债买卖。 2. 两部门发布关于划转充实社保基金国有股权及现金收益运作管理税收政策的通知 为支持划转充实社保基金国有股权及现金收益运作管理，现将相关税收政策通知如下：一、对承接主体 在运用划转的国有股权和现金收益投资过程中，贷款服务取得的全部利息及利息性质的收入和金融商品 转让收入，免征增值税。二、将转让划转的国有股权及现金收益投资取得的收入，作为企业所得税不征 税收入。三、承接主体转让划转的非上市公司国有股权，免征承接主体应缴纳的印花税。四、对承接主 体转让划转的上市公司国有股权，以及运用现金收益买卖证券应缴纳的证券交易印花税，实行先征后 返。本通知自2024年4月1日起执行。通知发布前已缴纳的税款，符合本通知规定的，可予以退还。 3. 宇树科技宣布将在四季度提交IPO申请 宇树科技在社交媒体平台X上发帖称，预计将在10月至12月向 ...

2025.09. 03 【今日推荐】 事关养老金，万亿级国资充实社保免征3项税收 工信部：前7个月我国软件业务收入83246亿元，同比增长12.3% 9月2日，财政部 税务总局公开《关于划转充实社保基金国有股权及现金收益运作管理税收政策的通 知》，为支持划转充实社保基金国有股权及现金收益运作管理，给出相关收入实际免征增值税、企业 所得税、印花税（及证券交易印花税）优惠政策，且这一优惠政策执行日期追溯至2024年4月1日， 此前已缴纳税款可退还。 中国对俄罗斯试行免签，俄罗斯入境游客量有望大幅提升 9月2日，外交部发言人郭嘉昆表示，为进一步便利中外人员往来，中方决定扩大免签国家范围，自 2025年9月15日至2026年9月14日，对俄罗斯持普通护照人员试行免签政策。俄罗斯持普通护照人 员来华经商、旅游观光、探亲访友、交流访问、过境不超过30天，可免办签证入境。在此次免签政 策加持下，来自俄罗斯的入境游旅客量有望大幅增加。 以色列总理：以军正在为进攻加沙城做准备 当地时间9月2日，以色列总理内塔尼亚胡发表视频讲话称，以军正在为进攻加沙城做准备。内塔尼 亚胡称，以色列不仅打击了巴勒斯坦伊斯兰抵抗运动（哈马斯），还打 ...

Overall Performance - In the first half of 2025, companies listed on the Beijing Stock Exchange achieved a total operating income of 92.064 billion yuan, with an average operating income of 336 million yuan, reflecting a year-on-year growth of 6.01% [2] - The total net profit attributable to shareholders was 5.909 billion yuan, with an average net profit of 21.5646 million yuan, showing a decline of 10.59%, although the decline rate has narrowed [2] - Over 60% of companies reported revenue growth, with 225 companies profitable, resulting in a profitability rate of 82.12% [2] - In Q2, companies reported a total operating income of 50.547 billion yuan, a quarter-on-quarter increase of 21.75%, and a net profit of 3.133 billion yuan, up 12.88% from the previous quarter [2] Industry Highlights - The automotive industry showed strong performance, with net profit growth of 23.63% in the first half of the year, driven by policies promoting vehicle upgrades [3] - Companies in the beauty and textile sectors also benefited from consumer trends, with net profit growth of 26.12% and 42.91%, respectively [3] - The equipment manufacturing sector maintained rapid growth, with net profit increasing by 15.95% [3] R&D Investment - Companies on the Beijing Stock Exchange increased R&D spending to 4.139 billion yuan, a year-on-year increase of 2.59%, with significant investments in information technology and biomedicine [4] - Eight companies had R&D expenditures exceeding 30% of their operating income, while four companies invested over 100 million yuan in R&D [4] - A total of 72 companies implemented equity incentive plans, covering 4,266 individuals, to attract and retain talent [4] Financing and M&A Activities - In 2025, 12 companies raised a total of 3.856 billion yuan through public offerings, while five companies announced targeted convertible bond issuances totaling 704 million yuan [5] - Eleven companies disclosed cash asset purchase announcements, with a total transaction amount of 2.650 billion yuan [6] - Significant mergers and acquisitions were noted, such as Xujie Technology's acquisition of a stake in a downstream photovoltaic power station investment and operation company [6] Investor Relations and Market Performance - Approximately 70% of listed companies implemented cash dividends, totaling 4.974 billion yuan, an increase of 5.35% year-on-year [7] - The number of qualified investors reached 8.6613 million, an increase of 675,600 from the previous year, with daily average trading participation of 343,700 investors [8] - The average daily trading volume was 29.625 billion yuan, with the market showing a positive trend following the launch of the Beijing Stock Exchange Specialized Index [8]

下一步，苏州将全力做好3项国家职业标准的开发指导和服务保障，推动评价资源快速应用到重点 产业领域技能人才的评价中，促进技能链与产业链、人才链深度融合，为苏州打造全球领先的"智造之 城"提供技能人才支撑。 据苏州市人社局消息，江苏省职业技能鉴定中心近日发布《关于委托苏州上海大学创新中心等单位 承担国家职业标准开发任务的函》，全省共有5个项目列入国家职业标准开发计划，其中苏州有3个项目 入选，为全省最多。 国家职业标准是在国家职业分类基础上，根据职业活动内容，对从事本职业应具备的知识和技能要 求提出的综合性水平规定，是开展职业教育培训和技能人才评价的基本依据。国家职业标准由人社部会 同相关行业主管部门发布，具有权威性和通用性，对规范职业市场、提升从业人员素质、促进职业培训 和技能评价开展具有重要意义。此次苏州入选的3个开发项目，是苏州工业园区生物产业发展有限公司 申报的实验动物养殖员和苏州上海大学创新中心申报的医用材料产品生产工、医疗器械装配工，均 属"1030"产业体系中生物医药及大健康产业集群。 一直以来，苏州鼓励支持龙头企业、行业组织、科研院所积极参与开发国家职业标准、省行业评价 规范和省职业技能等级认定题 ...

Core Viewpoint - WuXi AppTec (02268) has entered into a subscription agreement with its controlling shareholder WuXi Biologics (02269) to issue 24.134 million subscription shares at a price of HKD 58.85 per share, raising approximately HKD 1.42 billion [1] Group 1 - The net proceeds from the subscription are approximately HKD 1.414 billion [1] - About 90% of the proceeds will be used to further expand the group's service capabilities and production capacity, including but not limited to clinical and commercial production capacity for bioconjugated drugs, active pharmaceutical ingredients, and pharmaceuticals [1] - Approximately 10% of the proceeds will be allocated for the group's working capital needs and general corporate purposes [1] Group 2 - The subscriber is the controlling shareholder of the company, thus classified as a related party under the listing rules [1]

国务院国资委9月2日消息，8月27日至30日，国务院国资委与中国科学院联合举办中央企业生物科技产 业高级研修班。国务院国资委副主任谭作钧表示，要围绕服务健康中国建设，加快发展中央企业生物医 药产业，坚持创新驱动发展、长周期发展、差异化发展，通过深度学习、思想碰撞、头脑风暴，更加清 晰研判生物医药产业发展大势，更加精准把握中央企业发展重点方向及实施路径，更加积极推动与中国 科学院院所的产学研用协同创新，加快打造生物医药领域的国家队，推动我国生物医药产业高质量发 展。 近期，国药集团先后宣布收购血液制品行业的领军企业派林生物和药用玻璃行业龙头企业山东药玻，成 为医药行业并购的典型案例。 (责任编辑：王晨曦) 今年3月，国务院国资委党委在《民主与法制》周刊发表署名文章称，对于生物医药等产业基础比较薄 弱的领域，鼓励国有企业运用并购重组、股权投资、产业基金等多种方式，加快形成产业影响力。 ...

Core Insights - Hubei Province is committed to enhancing its industrial economy during the "14th Five-Year Plan" period, aiming for significant growth in industrial output and modernization of its industrial structure [1][2][7] Industrial Growth and Structure - By 2024, Hubei's industrial enterprises are projected to generate revenues of 4.7 trillion yuan, ranking second in Central China, with a manufacturing value added of 1.76 trillion yuan [1] - The province has over 20,000 industrial enterprises, with 19 industries expected to reach a scale of 100 billion yuan [2] - Hubei's strategic focus includes upgrading traditional industries, nurturing emerging sectors, and planning for future industries [2][9] Technological Innovation - Hubei has been recognized as one of five provinces in the "National Action to Stimulate Industrial Innovation" initiative, with significant advancements in manufacturing innovation centers and R&D capabilities [3][8] - The province's R&D investment is expected to grow by 12.2% in 2024, with a strong emphasis on patent generation and technology breakthroughs [8] Digital Transformation - The number of 5G base stations in Hubei has increased from 31,000 at the end of the "13th Five-Year Plan" to 176,000, marking a 4.6-fold increase [4] - Over 58,000 industrial enterprises have adopted cloud computing, representing nearly 60% of the total, with significant growth in the digital economy [4] Green Manufacturing - Hubei has achieved an 11.8% reduction in energy consumption per unit of industrial value added, with a strong focus on green manufacturing practices [5] - The province has created 268 national-level green factories, contributing to 24.72% of the total industrial output [5] Emerging Industries - Strategic emerging industries are expected to play a crucial role in Hubei's economic future, with high-tech manufacturing value added growing at an annual rate of 19.7% [7] - By 2024, the value added from the digital economy is projected to exceed 50% of the total, maintaining Hubei's leading position in Central China [7] Investment and Support - Hubei plans to continue its support for strategic emerging industries during the "15th Five-Year Plan," focusing on enhancing innovation capabilities and promoting the integration of technology and industry [9]

Core Viewpoint - The article emphasizes the increasing importance of R&D investment among Chinese listed companies, indicating a structural shift in the growth engine of the Chinese economy from traditional drivers to innovation-driven growth [1][4]. Group 1: R&D Investment Trends - In the first half of the year, the total operating revenue of listed companies reached 35.01 trillion yuan, with a slight year-on-year growth of 0.16%, while R&D investment amounted to 745.69 billion yuan, growing by 2.68% [1]. - Many leading companies, especially in strategic emerging industries, have maintained double-digit growth in R&D expenses despite challenges such as demand fluctuations and rising costs [1][2]. - The focus on R&D is seen as a necessary shift for companies to build a "technological moat" and remain competitive globally, moving away from reliance on scale expansion and cost advantages [1][3]. Group 2: Market and Investor Perspectives - The article notes a change in investor valuation models, where traditional PE ratios are becoming less effective for evaluating high R&D investment tech companies. Investors are increasingly willing to pay a premium for companies that prioritize long-term technological leadership over short-term profits [2][3]. - This shift in perspective encourages a positive cycle for companies that commit to long-term R&D, providing them with essential capital support [3]. Group 3: Implications for the Chinese Economy - The collective increase in R&D investment among A-share listed companies is not just a strategy for individual growth but also contributes to national industrial upgrading and economic transformation [4]. - The article highlights the transition from "Made in China" to "Created in China," aiming for a more advantageous position in the global value chain [4].

今天来看，答案或许就隐藏在那些不断攀升的研发投入数据背后。面对部分关键领域的"卡脖子"问题， 无论是国家战略的引导，还是企业求生存、谋发展的内生需求，都驱动着资本与人才以前所未有的决心 流向研发一线。 近日，中国上市公司协会(简称"中上协")发布的数据显示，今年上半年，全市场上市公司实现营业收入 35.01万亿元，同比增长0.16%。值得注意的是，同期，全市场的研发投入为7456.87亿元，同比增长 2.68%。 而再从具体公司的中报数据来看，尽管部分行业面临需求波动与成本上涨的挑战，但相当数量的头部企 业，尤其是在战略性新兴产业领域的公司，其研发费用依然保持了两位数甚至更高比例的增长。 从半导体、新能源、生物医药到高端装备制造，一条以技术创新为核心的投资主线清晰可见。这种大量 的投入，超越了简单的财务考量，它传递出一个强烈的信号：中国最优秀的一批企业家已经达成共识， 单纯依赖规模扩张与成本优势的增长模式已触及天花板，唯有通过持续的高强度研发，构筑起深厚 的"技术护城河"，才能在未来的全球竞争中立于不败之地。 21社论丨企业重视研发投入，长期主义必会带来更多增量 这一转变，标志着中国经济增长的动力引擎正在发生 ...

Core Viewpoint - Shenzhen's village collective economy is undergoing a significant transformation, with the establishment of venture capital funds aimed at investing in strategic emerging industries, particularly in artificial intelligence [2][3][4]. Group 1: Fund Establishment and Scale - Two venture capital funds, the Sakata Artificial Intelligence Venture Capital Fund and the Longgang Longxing Venture Capital Fund, have been launched with a total scale of 300 million yuan, with a 10-year duration and a focus on AI and strategic emerging industries in Shenzhen [2][5]. - Nearly 40 village cooperative companies in various districts of Shenzhen have engaged in venture capital activities, indicating a broader trend beyond just these two funds [2]. Group 2: Transition from Rental to Investment - The traditional rental income model has reached its limits, prompting village collectives to seek new growth avenues through venture capital, which presents a higher risk-reward profile compared to stable rental income [3][4]. - The South Ling Village has pioneered this transition by establishing the first venture capital fund management company controlled by a village collective in 2017, leading to multiple investments in high-tech sectors [4][5]. Group 3: Challenges and Governance - The shift from being landlords to shareholders involves not only changes in funding allocation but also a fundamental rethinking of governance and decision-making processes [6][7]. - Experts emphasize the need for proper fund isolation, a dual revenue model combining rental and equity, and the establishment of a scientific decision-making mechanism to mitigate risks associated with venture capital investments [6][7]. Group 4: Unique Advantages and Collaboration - The collaboration model involving state-owned assets, village collectives, and professional institutions is seen as a unique approach, leveraging the village collectives' proximity to enterprises for better oversight and resource allocation [8][9]. - Village collectives are positioned as limited partners in the funds, allowing professional teams to manage investments while providing local insights and support [8]. Group 5: Limitations and Future Outlook - The scale of venture capital investments from village collectives remains small compared to their overall assets, indicating that this is still a tentative exploration rather than a full-scale shift [9][10]. - The transformation of Shenzhen's village collectives from rental income to venture capital is a response to economic realities, policy changes, and industry dynamics, requiring careful risk management and governance to ensure stability [9][10].