Core Viewpoint - The article emphasizes the importance of regular visits and communication between regulatory bodies and listed companies to facilitate high-quality development in the capital market [3][4][5][6][7][8][15][16]. Group 1: Shanxi Securities Regulatory Bureau Initiatives - Shanxi Securities Regulatory Bureau has implemented a regular visiting mechanism to listen to market voices and address challenges faced by listed companies [3]. - The bureau has collaborated with local government and financial authorities to enhance the effectiveness of the visiting program, focusing on understanding business models and operational difficulties [3][4]. - As of now, 22 listed companies have been visited, covering 57.89% of the region, with 29 issues raised and 13 effectively resolved, representing 44.83% of the total [4][5]. Group 2: Financial Performance and Corporate Actions - In 2024, listed companies in Shanxi have distributed cash dividends 47 times, totaling 48.227 billion yuan, with an average dividend per company of 11.76 million yuan, ranking fifth nationally [5]. - The companies have also engaged in share buybacks totaling 1.602 billion yuan and announced 13 rounds of shareholding increases amounting to 265 million yuan [5]. Group 3: Liaoning Securities Regulatory Bureau Initiatives - Liaoning Securities Regulatory Bureau has conducted in-depth visits to understand the actual difficulties faced by listed companies, promoting high-quality development [7][8]. - The bureau has reported over 62 restructuring plans since the implementation of the "merger and acquisition six guidelines," with 5 major asset restructuring cases [8][10]. - In 2024, the total dividends (including buybacks) reached 3.789 billion yuan, marking a 24.03% increase from the previous year [8]. Group 4: Inner Mongolia Securities Regulatory Bureau Initiatives - Inner Mongolia Securities Regulatory Bureau has been actively visiting companies to address urgent issues and promote high-quality development since 2024 [15][16]. - The bureau has facilitated 3 companies in conducting mergers and acquisitions, with 2 being major asset restructurings, and supported 10 companies in buybacks totaling 2.102 billion yuan [16]. - A total of 22 listed companies have announced cash dividends of 20.562 billion yuan, with 81% of the companies in the region participating in dividend distribution [16].

导读：我国正处在加快转型升级步伐、奋力推进高质量发展的关键阶段，接下来，我国机械工业的重点 改革方向需以培育和发展新质生产力为核心导向。 据新华社报道，中共中央政治局7月30日召开会议，会议指出，要坚定不移深化改革。坚持以科技创新 引领新质生产力发展，加快培育具有国际竞争力的新兴支柱产业，推动科技创新和产业创新深度融合发 展。依法依规治理企业无序竞争。推进重点行业产能治理。 关于会议提到的"推进重点行业产能治理"，近期，工业领域对此多有关注，7月28日召开的全国工业和 信息化主管部门负责同志座谈会，提到将巩固新能源汽车行业"内卷式"竞争综合整治成效，加强光伏等 重点行业治理，以标准提升倒逼落后产能退出。相关重点行业面临何种发展上的矛盾？下半年，我国机 械工业发展面临哪些有利条件与挑战？针对工业经济发展的现状、问题与趋势，21世纪经济报道记者专 访了中国机械工业联合会副会长叶定达。 叶定达表示，当前，我国机械工业部分领域仍存在亟待化解的结构性矛盾，与此同时，一些行业的"内 卷式"竞争日益加剧，已严重制约行业整体竞争力的提升和可持续高质量发展，妥善解决这些问题至关 重要。我国正处在加快转型升级步伐、奋力推进高质量 ...

Group 1 - Long-term funds are increasingly investing in A-shares, with a focus on advanced manufacturing companies that have strong performance [1][2] - Major foreign investors such as Barclays, UBS, and the Abu Dhabi Investment Authority have appeared in the top ten shareholders of several A-share companies [2] - Barclays has significantly increased its holdings, entering the top ten shareholders of nine companies and adding to two others, with a total market value of 160 million yuan [2] Group 2 - Advanced manufacturing is a key area for long-term fund investment, with companies like DingTong Technology attracting attention [3] - DingTong Technology reported a revenue of 785 million yuan, a year-on-year increase of 73.51%, and a net profit of 115 million yuan, up 134.06% [3] - SuShi Testing, a leader in third-party testing, also saw increased institutional investment, with a revenue of 991 million yuan, growing 8.09%, and a net profit of 117 million yuan, up 14.18% [3] Group 3 - Hongfa Technology has seen continuous investment from long-term funds, with significant increases in holdings by national social security funds [4] - Hongfa Technology reported a revenue of 8.347 billion yuan, a year-on-year increase of 15.43%, and a net profit of 964 million yuan, up 14.19% [4] - Analysts expect more long-term incremental funds to enter the market, with projections of over 500 billion yuan in new capital from social security funds over the next three years [4]

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 ...

关注、加星，第一时间接收推送！ 文 | 赵伟、贾东旭、侯倩楠 联系人 | 侯倩楠 报告正文 一、 李强总理：高质量建设雅鲁藏布江下游水电工程 7月18日至19日，李强总理在西藏调研。他强调，雅下水电工程体量大、周期长、影响远，堪称世纪工 程。要积极应用先进技术、装备、工艺、材料等，为高质量建设提供有力支撑，并引领相关领域科技创新和 产业创新。7月20日至22日，刘国中副总理前往广西调研，并强调要不误农时抓紧抓好农业生产工作，毫不 懈怠巩固拓展脱贫攻坚成果。7月21日至23日，国务委员谌贻琴到内蒙古自治区调研，她强调，要持续铸牢 中华民族共同体意识，推动退役军人工作高质量发展。 二、《住房租赁条例》公布 7月21日，李强总理签署国务院令，公布《住房租赁条例》。《条例》共7章50条，涉及规范出租承租活 动、规范住房租赁企业行为、规范经纪机构行为、强化监督管理、严格责任追究等内容。《条例》对非居住 空间的使用、住房租赁经纪机构企业资质、住房租赁相关信息安全、资金监管、住房租赁网络平台和经纪机 构等做出了详细的规定。包含住房租赁经纪机构不得发布虚假或者误导性房源信息、住房租赁企业要按照规 定设立住房租赁资金监管账户并 ...

宏 观 研 究 "反内卷"系列 2025 年 07 月 31 日 反内卷：为何需关注地方政府？ ——"反内卷"系列之七 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。 地方政府 "内卷式" 竞争首先体现在产业规划高度重合，尤其集中在医药生物、 ...

Industry News - The State Council held a press conference announcing that starting from January 1, 2022, eligible infants can receive childcare subsidies, with a preliminary budget of approximately 90 billion yuan for this year [6] - A national teleconference on the prevention and control of the Chikungunya virus was held, emphasizing the need for environmental sanitation and effective mosquito control measures [6] - The Chinese medicine industry will implement labeling regulations for medicinal herbs starting August 1, 2023, requiring labels to include expiration dates [7] - The China Coking Industry Association held a market analysis meeting, where representatives agreed to raise coking prices by 50 to 75 yuan per ton starting July 31 [7] - A successful launch of low-orbit satellite internet satellites was conducted using the Long March 8 rocket, marking advancements in automated launch technology [8] Company News - Upwind New Materials announced a suspension of trading due to abnormal stock price fluctuations [3] - CATL reported a net profit of 30.5 billion yuan for the first half of the year, a year-on-year increase of 33.02%, and plans to distribute a cash dividend of 10.07 yuan per share [9] - Vanke A announced that Shenzhen Metro Group will provide a loan of up to 869 million yuan to the company [9] - XGIMI Technology projected a net profit increase of 2062% year-on-year for the first half of the year [9] - Yonghui Supermarket plans to raise no more than 3.992 billion yuan through a private placement for store upgrades [9] - Yangtze Power announced plans to invest approximately 26.6 billion yuan in the construction of the Gezhouba shipping capacity expansion project [9] - Digital Certification announced that its controlling shareholder intends to transfer shares without compensation, changing the controlling shareholder to Beijing Data Group [9] - Chip products from Shanghai Lisan are undergoing optimization, with no revenue generated yet [9] - Zhongwang Software is facing a copyright infringement lawsuit from Autodesk in a U.S. court [9] - Chipsea Technology is planning to issue H-shares and list on the Hong Kong Stock Exchange [9] - Sunshine Dairy announced that its controlling shareholder sold a total of 1.1452 million shares in the past two days [9]

Profit Trends - In June, the decline in industrial enterprise profits narrowed, with a year-on-year decrease of -4.3%, an improvement of 4.8 percentage points from May's decline[3] - Cumulative profit growth for industrial enterprises from January to June was -1.8%, lower than the -1.1% recorded from January to May[3] Profit Margins and Industry Performance - The profit margin for June was 6.0%, showing a slight recovery from May, while the cumulative profit margin was 5.2%[6] - The automotive industry experienced the most significant profit recovery, benefiting from lower raw material prices and policy support[7] Demand and Inventory Dynamics - Industrial product inventory growth was 3.1% from January to June, indicating a passive destocking phase for enterprises[13] - Revenue growth for industrial enterprises in June was 1.6%, reflecting a slight recovery compared to the previous month[13] Future Outlook - Upcoming policies, including the "old-for-new" subsidy program, are expected to stimulate consumption and investment, potentially improving enterprise profits[17] - The "anti-involution" actions in various industries may help restore profit margins by reducing price competition[17] Risks - Uncertainties in trade relations and the effectiveness of policy measures such as "anti-involution" and "old-for-new" initiatives pose risks to profit recovery[18]

Core Viewpoint - The recovery in June's profit growth is primarily due to improved cost pressures and a rebound in revenue's contribution to profit year-on-year. The profit growth rate for industrial enterprises in June increased by 4.6 percentage points to -4.4% [3][8][55] - The "anti-involution" policy is expected to limit the downward space for profits, as it helps alleviate cost pressures and supports the recovery of internal demand [4][24][56] Revenue and Profit Analysis - In June, industrial enterprises' cumulative revenue year-on-year was 2.5%, slightly down from the previous value of 2.7%. Meanwhile, cumulative profit year-on-year decreased by 1.8%, compared to a previous decline of 1.1% [2][7] - The actual revenue growth rate in June saw a rebound, with the consumption manufacturing chain benefiting significantly from exports, rising by 1 percentage point to 8.8% year-on-year. However, the coal and metallurgy chain's revenue growth continued to decline, falling by 0.3 percentage points to -0.9% [4][20][56] Cost Structure and Pressure - The cost pressure for industrial enterprises eased in June, primarily due to lower costs in the petrochemical and metallurgy chains. The cost rate for industrial enterprises was 85.2%, down 32.3 basis points year-on-year [3][13][55] - The cost rate for the petrochemical chain saw a significant decline, down 37.5 basis points to -0.1%. In contrast, the downstream consumer manufacturing sector faced higher cost rates, which increased by 82.1 basis points to 83.1% [3][13][55] Inventory Trends - The nominal inventory of industrial enterprises decreased by 0.4 percentage points year-on-year to 3.1% in June. However, the actual inventory, excluding price factors, increased by 0.3 percentage points to 7.3% year-on-year [42][57] - Upstream inventory growth showed a notable increase, rising by 3.9 percentage points to 21.5% [42][57] Sector Performance - The profit growth rate for state-owned and foreign enterprises showed significant improvement in June, with year-on-year increases of 12.5 percentage points to -8.4% and 17.9 percentage points to 10.9%, respectively [36][57] - In terms of revenue, the industrial sectors such as instruments, automobiles, and petroleum coal processing experienced substantial growth, with year-on-year increases of 7.2, 4.2, and 3.6 percentage points, respectively [34][57]

Group 1 - The core viewpoint of the article is that the profit growth rate of industrial enterprises in June has narrowed its decline, indicating a potential stabilization in the return on assets (ROA) [1][19] - In June, the profit of industrial enterprises decreased by 4.3% year-on-year, an improvement from the previous decline of 9.1% [19] - The inventory level as of June increased by 3.1% year-on-year, slightly down from 3.5% in the previous month [19] Group 2 - The overall industrial profit margin in June was 5.96%, compared to 6.33% in the same period last year [19] - The manufacturing sector showed a profit growth of 1.43% in June, a significant recovery from the previous decline of 4.05% [23] - The automotive industry experienced a remarkable profit increase of 96.8% due to promotional activities and investment returns [23] Group 3 - The ROA for industrial enterprises in June was 4.14%, down from 4.18% in the previous month, indicating a cumulative decline of 0.16% for the year [3][8] - Factors affecting ROA include a 5.1% growth in asset speed and a 1.8% decline in profit growth from January to June [3][8] - The manufacturing upstream profit margin was 4.13% in June, lower than the 4.2% recorded in the same month last year [10][11] Group 4 - The manufacturing midstream profit margin improved to 6.35% in June, compared to 6.27% in the same period last year [10][11] - The manufacturing downstream profit margin was 5.51% in June, down from 6.63% a year earlier, indicating a need for monitoring consumer behavior [11][19] - The overall revenue growth for industrial enterprises was 1.0% in June, remaining stable compared to May [10][19]