今年上半年人民币存款增加了17.94万亿，24年上半年的人民币存款增加金额是11.46万亿元，意味着今 年比去年的新增存款更多，在存款利率持续下降的背景下，大家不仅没有减少存钱的意愿，反而变得更 愿意存钱了。 从企业端的角度分析，今年上半年非金融企业存款增加了1.77万亿元，去年上半年非金融企业存款减少 了1.45万亿元。把去年和今年的数据进行比较，数据一增一减的背后，说明了今年企业存款意愿更高 了。 今年以来，我国存款利率持续处于低位运行的水平。以某国有大行为例，一年期整存整取的存款利率只 有0.95%，大额存单利率已经全面进入"1时代"。受到存款利率持续下降的影响，银行现金类产品的收益 率持续走低，资金流失的速度比较快。 存款利率持续下降，但反映在居民端和企业端，大家的存款意愿却不降反升，背后反映出什么问题？ 在存款利率持续走低的背景下，房地产市场的持续低迷和股票市场的长期震荡也导致了大量资金难寻靠 谱的投资出路。于是，更多的资金留在了银行存款、银行理财以及银行现金类产品等投资渠道，保值与 避险成为了更多资金的首要选择。 最直接反映的问题是，当前靠谱且保值的投资渠道比较有限，不少资金的风险偏好较低，不愿意 ...

Group 1 - The A-share market has recently experienced a "anti-involution" theme rally, with sectors such as steel, polysilicon, and glass seeing significant growth. The "anti-involution" theme is expected to become one of the main investment lines in the near future as it spreads across various industries [1] - Securities firms have shown considerable interest in the "anti-involution" theme, with dozens of firms publishing over a hundred reports and articles related to it since July. The most covered industries include building materials, steel, photovoltaics, and coal [1] - Analysts suggest that the implementation of "anti-involution" policies is likely to accelerate the exit of outdated production capacity, improving the net asset return rates in related industries, which would be a significant benefit for the stock market [1] Group 2 - "Expectation management" is the primary method of the current "anti-involution" policy. Traditional cyclical industries like coal and steel have largely cleared their outdated production capacity, and the concentration of industries has significantly increased [2] - The impact of the "anti-involution" policy may vary by industry. Some sectors, such as photovoltaics and lithium batteries, still have growth potential, making direct capacity clearance less likely, while traditional industries with higher capacity utilization and low product prices may see more significant effects on profitability [2] - A report from Huachuang Securities identified potential beneficiary industries of the "anti-involution" measures, with coal mining, coke, and ordinary steel being the most frequently mentioned. Other industries like passenger vehicles and wind power equipment were also highlighted as potential beneficiaries [2]

沱江边美食一条街。 □乔陆/文 牟科/图在泸州老窖国宝窖池群旁，一座形似巨型酒樽的建筑——中国白酒博物馆正拔地 而起。这座总投资15亿元的地标性建筑，将成为泸州新的"城市封面"。泸州，这座因酒而兴的城 市，正在重构酒城消费新生态。今年1—5月，泸州市社会消费品零售总额实现605.6亿元，同比增 长6.8%，增速位居全省第三位。然而，泸州清醒地认识到："酒香也怕巷子深"。如何持续擦亮"中 国酒城"的金字招牌？如何让两江四岸的商业资源高效联动？如何培育新的消费增长点，激发消费 潜能？泸州的答案是——以"酒"为媒，推进文旅商深度融合发展，着力打造具有全球影响力的白 酒文化旅游目的地，具有区域集聚力的休闲度假区、健康活力区、时尚赛演区，建成文旅融合科 技创新走廊。空间再造、场景上新、市场培育，泸州以"三新"实践助力高质量建设区域消费中心 城市。空间再造"酒要会·在泸州"点亮城市新地标"过去游客来泸州，大多只是看看窖池、买瓶 酒，消费链条单一。由于老窖景区面积限制，游客停留时间也相对短暂。"泸州市文化广播电视和 旅游局相关负责人坦言。以2024年国庆假期的数据为例，泸州老窖旅游区接待游客2.6万余人次， 而位于合江县的 ...

Group 1: Digital Economy Development - The development of the digital economy requires breakthroughs in technology, industrial collaboration, and international governance to build new advantages [1] - The digital economy era is driving profound changes in production factors, industrial forms, and competitive paradigms, with companies that possess technological foresight and agile transformation capabilities being able to seize development opportunities [1] - Key characteristics of digital economy development include innovation and market collaboration, deep restructuring of factor structures, and emerging enterprises having stronger innovation vitality and competitive advantages [1] Group 2: Infrastructure and Innovation Ecosystem - China aims to consolidate and further develop its advantages in the digital economy by advancing new infrastructure construction such as 5G networks and intelligent computing power [2] - The establishment of a unified data factor market is essential to support the innovation and development of technology-based enterprises [2] - Regional collaborative development should focus on promoting distinctive digital industries based on local advantages to form a differentiated development pattern [2] Group 3: Embodied Intelligence - Embodied intelligence aims to break the limitations of traditional artificial intelligence by endowing intelligent agents with physical perception and action capabilities [3] - The global embodied intelligence industry is significant, with applications enhancing productivity, such as the use of 80 intelligent transport vehicles at Shanghai Yangshan Port, which increased throughput by 130% [3] - Embodied intelligence is leading to revolutionary changes in production, service, and innovation ecosystems, while also facing challenges such as physical safety and data sovereignty [3][4] Group 4: Data Factor Market Development - Data is a crucial production factor in the digital economy, and balancing value release with privacy protection is key to market development [5] - Hunan Province has been proactive in building a data factor market, with plans for a national data factor comprehensive pilot zone by 2025 [5][6] - There is a need to enhance personal data rights, improve data trading mechanisms, and strengthen privacy protection to promote high-quality development of the data factor market [6] Group 5: Artificial Intelligence and Robotics - Alibaba Cloud is actively promoting the development of AGI (Artificial General Intelligence) and has made significant advancements in large model training technology [7][8] - The demand for intelligent robots in various sectors, including elderly care, is increasing, necessitating higher computational power for tasks such as perception and decision-making [9][10] - Domestic AI chips are becoming critical for the advancement of intelligent robots, with companies like Zhongke Yihai Microelectronics focusing on developing integrated AI chip architectures [11][12] Group 6: Smart Elderly Care Solutions - The aging population in China necessitates innovative solutions in the healthcare and elderly care sectors, with companies like Yanda Group integrating AI technology into their services [13][14] - Yanda International Health City is leveraging AI for personalized healthcare and rehabilitation solutions, aiming to set a replicable model for smart elderly care [14] Group 7: Digital Transformation in Traditional Industries - Xifeng Liquor is utilizing digital technology to enhance production processes and quality control, implementing a comprehensive digital management system [15][16] - The company is exploring new marketing models and integrating digital technology into its green production system to improve efficiency and sustainability [15] Group 8: Robotics in Households - The robotics industry is expected to accelerate, with companies like Yuanluobo focusing on making intelligent robots accessible to ordinary households [17][18] - The introduction of affordable household robots has the potential to address various family needs, achieving significant market recognition with over 100,000 units sold globally [18][19] Group 9: Digital Freight and Logistics - Digital freight is reshaping the logistics industry, enhancing efficiency and reducing costs through platforms like Manbang Group's "Yunmanman" [20][21] - The Ministry of Transport anticipates a reduction in logistics costs by 300 billion yuan by 2025, with a focus on optimizing transportation organization and resource allocation [21]

Core Viewpoint - The company, Hainan Yedao (Group) Co., Ltd., is forecasting a significant net loss for the first half of 2025, primarily due to adverse market conditions in the liquor industry and increased operational costs [2][5]. Performance Forecast - The company expects a net profit attributable to shareholders of -13.8 million yuan for the first half of 2025 [2]. - The net profit attributable to shareholders, after deducting non-recurring gains and losses, is projected to be -12.4 million yuan [3]. Performance Period - The performance forecast covers the period from January 1, 2025, to June 30, 2025 [4]. Reasons for Performance Decline - The decline in high-end liquor revenue due to market fluctuations has significantly impacted overall profitability, despite an increase in revenue from Yedao Haiwang liquor [5]. - The previous year's financials included a one-time gain from a lawsuit settlement, which is not expected to recur, leading to increased operational losses this period [5]. Previous Year Comparison - In the same period last year, the company reported a net profit attributable to shareholders of 4.6283 million yuan [6]. - The net profit after deducting non-recurring gains and losses was -5.3299 million yuan in the previous year [6].

Core Viewpoint - The company expects a significant decline in net profit and revenue for the first half of 2025 compared to the same period last year, primarily due to ongoing challenges in the liquor industry and reduced consumer demand [1][9][10]. Group 1: Performance Forecast - The company anticipates a net profit attributable to shareholders of 105.41 million yuan for the first half of 2025, a decrease of 137.01 million yuan or 56.52% year-on-year [3][9]. - The expected operating revenue for the same period is 1.4978 billion yuan, down 220.72 million yuan or 12.84% compared to the previous year [3][9]. - Sales volume is projected to increase by 543 thousand liters, representing a year-on-year growth of 14.54%, with all sales coming from mid-to-high-end liquor [3][9]. Group 2: Previous Year’s Performance - In the same period last year, the company reported a total profit of 329.50 million yuan and a net profit attributable to shareholders of 242.42 million yuan [5]. - The net profit after excluding non-recurring gains and losses was 228.03 million yuan [5]. - The operating revenue for the previous year was 1.71852 billion yuan, with a sales volume of 3.735 million liters [7][8]. Group 3: Reasons for Performance Changes - The liquor industry is undergoing a deep adjustment phase, with traditional consumption scenarios like business banquets facing significant pressure, leading to a slowdown in market recovery [9]. - The overall consumption performance during the Spring Festival was below expectations, resulting in higher-than-expected channel inventory levels, which affected shipment volumes in the following months [10]. - The trend of weak consumer demand further intensified in the second quarter, impacting the inventory reduction process and slowing down the recovery of shipments [10].

Core Viewpoint - The recent "ban on alcohol" issued by the Central Committee and the State Council is expected to have significant impacts on the liquor industry and the restaurant sector, reminiscent of the effects of the "Eight Regulations" in 2012, although the direct impact on revenue may be limited due to the reduced proportion of government consumption in recent years [1][2][7]. Impact on the Liquor Industry - The ban has led to a decline in the stock prices of high-end liquor brands like Moutai and Wuliangye, as the demand for high-end liquor as a status symbol in government and business settings diminishes [2][6]. - The high-end restaurant sector, which relied heavily on government receptions and business banquets, has seen a drastic drop in occupancy rates from 70% to 30%, with average spending per table decreasing from 300-500 yuan to below 150 yuan [2][5]. Consumer Behavior Insights - The ban has revealed the actual consumer demographics in the liquor market, with 31-40 year-olds being the largest consumer group (nearly 40%), and a notable increase in young consumers aged 18-30 [5][6]. - Family gatherings (49.11%) and friends' gatherings (48.00%) are now the primary consumption scenarios for liquor, indicating a shift in consumption patterns away from formal business settings [6][7]. Broader Economic Implications - The new regulations have expanded the scope of restrictions from just government agencies to include state-owned enterprises and other organizations, significantly increasing the number of individuals affected [7][10]. - The liquor industry is facing challenges in recovery, including the need to manage inventory, stabilize pricing, and adapt to new consumption scenarios, all while waiting for a broader economic recovery [8][10]. Industry Transformation - The chairman of Moutai has expressed support for the new regulations, suggesting a shift towards a healthier consumption model and a focus on quality over status [10][11]. - The ban is seen as a potential "reshuffling" of the industry, pushing out brands that rely on government consumption and emphasizing those that focus on quality and reputation [10][11].

证券代码：600754/900934 证券简称：锦江酒店/锦江 B 股 公告编号：2025-041 上海锦江国际酒店股份有限公司 上。 归属于上市公司股东的净利润为36,000万元到40,000万元。 一、本期业绩预告情况 （一）业绩预告期间 （二）业绩预告情况 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 经财务部门初步测算，预计2025年半年度实现归属于上市公司股东的净利润 为36,000万元到40,000万元，与上年同期（法定披露数据）相比，将减少48,757 万元到44,757万元，同比下降57.53%到52.81%。 重要内容提示： 预计2025年半年度实现归属于上市公司股东的扣除非经常性损益后的净利润 为39,000万元到41,000万元，与上年同期（法定披露数据）相比，将增加148万元 到2,148万元，同比增长0.38%到5.53%。 （三）本业绩预告未经注册会计师审计。 二、上年同期经营业绩和财务状况 东的净利润为84,757.06万元；实现归属于上市公司股东的扣除非经常性损益后的 净利润为38,851.5 ...

本 次 回 购 注 销 后 ， 公 司 总 股 本 已 由 原 来 的 1,070,044,063 股 减 少 至 内容见下： 原条款内容 修订后条款内容 证券代码：600754/900934 证券简称：锦江酒店/锦江B股 公告编号：2025-039 上海锦江国际酒店股份有限公司 关于修订《公司章程》的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 上海锦江国际酒店股份有限公司（以下简称"公司"）于 2025 年 7 月 14 日召 开第十一届董事会第三次会议，审议通过了《关于修改公司章程的议案》，同意公 司减少注册资本，并对《公司章程》进行修订。具体情况如下： 鉴于公司 2024 年限制性股票激励计划第一个解除限售期公司层面业绩考核不 达标，及 2024 年限制性股票激励计划部分激励对象发生异动，公司已合计回购注 销激励对象持有的已获授但未解锁部分限制性股票 2,625,259 股。 第六条 公司注册资本为人民币壹拾亿零柒仟 第 六 条 公 司 注 册 资 本 为 人 民 币 零肆万肆仟零陆拾叁元。 1,067,418 ...

证券代码：600754/900934 证券简称：锦江酒店/锦江B股 公告编号：2025-040 上海锦江国际酒店股份有限公司 为规范公司募集资金管理，切实保护投资者权益，便于原"酒店装修升级项 目"的投入使用，同时鉴于公司对部分募投项目的实施增加了实施主体，根据有 关法律法规及中国证监会《上市公司监管指引第 2 号——上市公司募集资金管理 和使用的监管要求（2022 年修订）》、 《上海证券交易所上市公司自律监管指引第 公司于 2025 年 6 月 4 日召开第十届董事会第四十一次会议，审议通过了《关于 开立募集资金专项账户的议案》 于 2025 年 7 月 11 日，上海锦江都城酒店管理有限公司（以下简称"锦江都 城"）、公司、中国工商银行股份有限公司上海市外滩支行（以下简称"工行外 滩支行"）、申万宏源证券承销保荐有限责任公司（以下简称"申万宏源"）签 订了《募集资金专户存储三方监管协议》（以下简称"《三方监管协议》"）。 《三方监管协议》内容与上海证券交易所制订的《募集资金专户存储三方监管协 议（范本）》不存在重大差异。 关于签订募集资金专户存储三方监管协议的公告 本公司董事会及全体董事保证本公告内容不 ...