关注、加星，第一时间接收推送！ 文 | 赵伟、贾东旭、侯倩楠 联系人 | 贾东旭 摘要 中央财经委会议提出"统一政府行为尺度"，为"反内卷"赋予新内涵。相比过往，本轮 "内卷" 中地方政府 为何成为主要驱动因素，其行为逻辑具体表现在哪些制度性层面？系统分析，供参考。 一、本轮"反内卷"，有何不同？政策更聚焦地方政府行为规范。 相较于 2015 年中央财经领导小组第十一次会议，2025 年中央财经委尤其强调对地方政府行为的规范。 对比两份通稿，后者更侧重规范地方政府行为，提出 "规范地方招商引资" 等具体举措。同时，会议将 "五统一、一破除" 调整为 "五统一、一开放"，核心变化体现在地方政府行为规范尺度与对外开放维度。 上述差异的形成，一方面源于 2015 年产能过剩的全局性特征，另一方面与本轮 "内卷式" 竞争中地方政 府的深度参与直接相关。 2015 年问题源于 "四万亿" 刺激后上游产业过度投资及当时的房地产下行压 力；《求是》文章指出，本轮地方政府的行为表现为打造政策洼地、盲目上马项目、设置市场壁垒。 具体来看，本轮 "内卷式" 竞争涉及的行业中，绝大多数需求呈改善或稳定态势，而非恶化趋势。 电气 机 ...

每经记者｜陈晴 每经编辑｜魏官红 并购重组 达瑞电子：拟以增资及股权收购方式取得维斯德80%股权 中国石化公告，按中国企业会计准则，预计公司2025年上半年实现归属于母公司股东的净利润为201亿 元至216亿元，与上年同期相比，将下降39.5%至43.7%。 青岛银行：2025年上半年归母净利润30.65亿元，同比增长16.05% 青岛银行公告，2025年上半年营业收入76.62亿元，同比增长7.50%；归母净利润30.65亿元，同比增长 16.05%。 增减持 达瑞电子7月31日晚间公告，公司拟以3000万元认购东莞市维斯德新材料技术有限公司新增注册资本 171.43万元，并以1.34亿元受让麦德坤、饶熙怡本次交易前持有的维斯德76.57%股权。本次交易完成 后，公司将持有维斯德80%股权。 济川药业：曹飞完成要约收购交割，直接及间接控制公司56.07%股份 济川药业7月31日公告称，曹飞要约收购公司股份已完成交割。交割完成后，曹飞直接及间接控制公司 股份合计5.17亿股，占公司总股本的56.07%。曹飞及其一致行动人曹龙祥共同控制公司5.64亿股股份， 占公司总股本的61.15%。 业绩披露 捷佳伟创：上 ...

Core Viewpoint - As of July 31, 2025, Kangtai Biological (300601) reported a closing price of 17.42 yuan, experiencing a decline of 1.86% with a turnover rate of 3.05% and a trading volume of 274,300 hands, amounting to 484 million yuan in transaction value [1] Financial Performance - For the first quarter of 2025, the company reported total operating revenue of 645 million yuan, representing a year-on-year growth of 42.85% [1] - The net profit attributable to shareholders was 22.43 million yuan, a decrease of 58.51% year-on-year [1] - The non-recurring net profit was 16.91 million yuan, showing a year-on-year increase of 17.56% [1] - The current ratio stood at 2.677, the quick ratio at 2.365, and the debt-to-asset ratio at 32.07% [1] Capital Flow - On the reporting day, the net outflow of main funds was 61.05 million yuan, accounting for 12.6% of the transaction value [1] - The net outflow from large orders was 17.58 million yuan, representing 3.63% of the transaction value, while small orders saw a net inflow of 46.24 million yuan, accounting for 9.55% [1] Company Overview - Shenzhen Kangtai Biological Products Co., Ltd. was established in 1992 and is primarily engaged in the pharmaceutical manufacturing industry [2] - The company has a registered capital of 11.17 billion yuan and a paid-in capital of 1.75 billion yuan [1] - The legal representative of the company is Du Weimin [1] Investment and Intellectual Property - The company has made investments in 6 enterprises and participated in 1,088 bidding projects [2] - It holds 13 trademark registrations and 57 patents, along with 418 administrative licenses [2]

Macro Dynamics - The State Administration for Market Regulation will convert the pilot commission into a formal commission for conducting antitrust reviews of certain operator concentrations from August 1, 2025, after a successful pilot period from August 1, 2022, to July 31, 2025 [1] Financial Institutions - Zheng Yu has officially taken on the roles of Party Secretary, Chairman, and General Manager of Wukuang Securities, having previously served in various positions within the company [5] - Qingdao Bank reported a net profit of 3.065 billion yuan for the first half of 2025, representing a year-on-year increase of 16.05%, with total operating income of 7.662 billion yuan, up 7.5% [6] Market Data - On July 31, the three major indices fell by over 1%, with the Shanghai Composite Index down 1.18%, the Shenzhen Component Index down 1.73%, and the ChiNext Index down 1.66%. The total market turnover approached 2 trillion yuan, with over 4,200 stocks declining [7] - The financing balance of the two markets increased by 2.168 billion yuan, with the Shanghai Stock Exchange's balance at 1,001.228 billion yuan and the Shenzhen Stock Exchange's balance at 963.026 billion yuan [9] Company Dynamics - Industrial Fulian announced that there have been no significant changes in its main customers and products amid recent stock price fluctuations [13] - Sinopec expects a net profit of 20.1 billion to 21.6 billion yuan for the first half of 2025, a decrease of 39.5% to 43.7% year-on-year, due to factors such as a significant drop in international oil prices and intense market competition [14] - Heng Rui Medicine received approval for clinical trials of HRS-5041, a new drug for prostate cancer treatment, which shows potential in overcoming resistance compared to second-generation AR inhibitors [16]

Group 1 - Dazhengda plans to acquire 30% equity in Thailand Far East for a total consideration of 204 million Thai Baht, with an additional capital increase of 670 million Thai Baht [1][3] - Fuanan intends to repurchase shares worth between 55.85 million and 104 million yuan for employee stock ownership plans or equity incentive plans, with a maximum repurchase price of 11 yuan per share [1][6] - Siquan New Materials plans to raise no more than 466 million yuan through a private placement, with proceeds allocated to various projects including a cooling product project in Vietnam [1][8] Group 2 - Zhengdan Co. reported a 120.35% year-on-year increase in net profit for the first half of the year, with a proposed cash dividend of 3 yuan per 10 shares [1][9] - Darui Electronics plans to acquire 80% of Weiste's equity through capital increase and share purchase, aiming to enhance its strategic layout in lightweight materials [1][10] - Shandong Highway intends to participate in a capital increase project for Weihai Bank, with a total investment not exceeding 348 million yuan [2] Group 3 - Ankai Micro plans to launch a low-power lock control SoC chip series designed for smart locks, featuring high integration and low power consumption [3] - Industrial Fulian announced that its main customers and products have not undergone significant changes, despite recent stock price fluctuations [4] - Zhishang Technology will invest 180 million yuan of over-raised funds into a smart manufacturing base in Vietnam to expand its product line and capacity [1][7] Group 4 - Aoxin plans to issue convertible bonds not exceeding 1 billion yuan for high-end printed circuit board projects [1][11] - Dalian Friendship reached a settlement in a lawsuit with its controlling shareholder, with the case being withdrawn from court [1][12]

Group 1 - The core viewpoint of the articles highlights the financial performance and market activity of Shanghai Medicilon Inc. as of July 31, 2025, with a closing price of 63.4 yuan, reflecting a 1.04% increase [1] - The company reported total revenue of 267 million yuan for Q1 2025, representing a year-on-year growth of 2.92%, while net profit attributable to shareholders was 14.55 million yuan, up 61.27% year-on-year [1] - The company has a current ratio of 2.759, a quick ratio of 2.601, and a debt-to-asset ratio of 25.11%, indicating a strong liquidity position [1] Group 2 - Shanghai Medicilon has made investments in 9 companies and participated in 65 bidding projects, showcasing its active engagement in the market [2] - The company holds 10 trademark registrations and 74 patents, reflecting its commitment to intellectual property development [2] - Medicilon has obtained 322 administrative licenses, indicating its compliance and operational capabilities within the industry [2]

人福医药最新一期业绩显示，截至2025一季报，公司营业总收入61.37亿元、同比减少3.61%，归属净利 润5.40亿元，同比增长11.09%，扣非净利润5.31亿元，同比增长14.35%，流动比率1.494、速动比率 1.239、资产负债率42.59%。 金融界消息 截至2025年7月31日收盘，人福医药（600079）报收于21.78元，下跌0.91%，换手率 1.18%，成交量18.19万手，成交金额3.98亿元。 通过天眼查大数据分析，人福医药集团股份公司共对外投资了51家企业，参与招投标项目17次，知识产 权方面有商标信息364条，专利信息263条，此外企业还拥有行政许可14个。 资金流向方面，今日主力资金净流出4340.53万元，占比成交额10.92%。其中，超大单净流出993.30万 元、占成交额2.5%，大单净流出3347.23万元、占成交额8.42%，中单净流出流入4336.61万元、占成交 额10.91%，小单净流入3.92万元、占成交额0.01%。 来源：金融界 天眼查商业履历信息显示，人福医药集团股份公司，成立于1993年，位于武汉市，是一家以从事医药制 造业为主的企业。企业注册资本1 ...

Group 1 - The stock price of Jimin Health is reported at 6.92 yuan, down 0.15 yuan from the previous trading day, representing a decline of 2.12% [1] - The trading volume for the day was 89,780 hands, with a transaction amount of 0.63 million yuan [1] - Jimin Health operates in the pharmaceutical manufacturing industry, with its main business segments including pharmaceutical manufacturing, medical services, and pharmaceutical trade [1] Group 2 - According to the 2024 annual report, the pharmaceutical manufacturing business accounts for 55.95% of total revenue, while medical services contribute 41.43% [1] - As of July 31, the company has repurchased 2.01 million shares, representing 0.38% of the total share capital, with a repurchase amount of 12.09 million yuan [1] - In the first quarter of 2025, the company reported revenue of 181 million yuan, with a net profit loss of 13.64 million yuan [1] Group 3 - Data shows that on July 31, Jimin Health experienced a net outflow of main funds amounting to 16.57 million yuan, which is 0.46% of the circulating market value [1]

Group 1 - The core point of the article is that Jimin Health has announced a share buyback program, repurchasing approximately 2.01 million shares, which accounts for 0.3819% of the total share capital, with a total expenditure of about 12.09 million yuan [2] Group 2 - As of July 31, 2025, the company has conducted the share buyback through centralized bidding, with the highest purchase price being 6.13 yuan per share and the lowest at 5.87 yuan per share [2] - For the fiscal year 2024, the revenue composition of Jimin Health is as follows: pharmaceutical manufacturing accounts for 55.95%, medical services for 41.43%, pharmaceutical trading for 1.75%, and other businesses for 0.87% [2]

金融界消息 截至2025年7月31日收盘，博苑股份（301617）报收于38.4元，下跌1.49%，换手率4.43%， 成交量1.48万手，成交金额5714.26万元。 资金流向方面，今日主力资金净流出1137.30万元，占比成交额19.9%。其中，超大单净流出136.53万 元、占成交额2.39%，大单净流出1000.77万元、占成交额17.51%，中单净流出流出33.10万元、占成交 额0.58%，小单净流入1170.40万元、占成交额20.48%。 通过天眼查大数据分析，山东博苑医药化学股份有限公司共对外投资了2家企业，参与招投标项目85 次，知识产权方面有商标信息47条，专利信息71条，此外企业还拥有行政许可119个。 来源：金融界 博苑股份最新一期业绩显示，截至2025一季报，公司营业总收入3.20亿元、同比增长4.02%，归属净利 润4907.75万元，同比减少4.05%，扣非净利润4849.16万元，同比减少4.87%，流动比率6.461、速动比率 5.255、资产负债率11.22%。 天眼查商业履历信息显示，山东博苑医药化学股份有限公司，成立于2008年，位于潍坊市，是一家以从 事医药制造业为 ...