继上半年汽车、光伏、钢铁、水泥等行业纷纷高举起"反内卷"大旗后，这一政策指向仍将成为下半年的 重点。 7月30日，中共中央政治局召开会议，分析研究当前经济形势，部署下半年经济工作。会议明确，要纵 深推进全国统一大市场建设，推动市场竞争秩序持续优化。依法依规治理企业无序竞争，推进重点行业 产能治理，规范地方招商引资行为。坚持"两个毫不动摇"，激发各类经营主体活力。 部委层面，5月下旬，发改委新闻发布会上，发言人李超明确提到，针对内卷式竞争问题症结，发改委 因业施策、对症下药、标本兼治，化解重点产业结构性矛盾，促进产业健康发展和升级。5月底至6月 初，在中汽协发布"维护公平竞争秩序，促进行业健康发展"倡议书后，工信部随即发声，指出车企无 序"价格战"是"内卷式"竞争的典型表现，将加大整治力度，配合相关部门开展反不正当竞争执法。随 后，一汽、东风等17家重点车企作出的"支付账期不超过60天"承诺，工信部亦在7月初开通重点车企账 期问题反映窗口。7月3日，工信部召集14家光伏企业及行业协会负责人座谈，明确提出依法整治光伏行 业无序竞争，推动企业提升产品品质，促进落后产能有序退出。7月24日，国家发改委、国家市场监管 ...

Group 1 - The South Korean National Assembly is accelerating the review of the "Yellow Envelope Bill," which aims to expand employer liability and restrict companies from filing claims against strike actions, raising concerns about its impact on labor relations and investment attractiveness [1][2] - The bill is led by the ruling Democratic Party and seeks to break the dual labor market structure between large and small enterprises, enhancing protections for outsourced workers [1] - The bill includes provisions to redefine "employer," grant collective bargaining rights to subcontracted workers, limit companies' ability to sue for damages during strikes, and hold management accountable for non-participation in negotiations [1] Group 2 - The Korean business community, including major industry groups such as automotive, shipbuilding, construction, semiconductor, and battery sectors, has expressed strong opposition, warning that the bill could disrupt normal business operations and lead to a chain reaction of strikes [1][2] - The American Chamber of Commerce in Korea has highlighted that the flexible labor system is a key advantage for attracting foreign investment, and the bill's rushed progression without adequate industry consultation could increase regulatory uncertainty [2] - The European Chamber of Commerce in Korea criticized the bill for its vague and dangerous expansion of employer definitions, which may lead foreign companies to view South Korean businesses as potential lawbreakers, potentially driving them to markets with clearer regulations [2] Group 3 - The bill is expected to be submitted for a vote in the National Assembly on August 4, and if passed, will take effect in February next year, with a six-month buffer period for gathering feedback and coordinating implementation details [2] - In response to the growing opposition, the South Korean government is introducing a series of investment incentive policies, including discussions on reforming laws related to corporate misconduct to restore private investment confidence [2][3] - President Lee Jae-myung is actively engaging with business leaders to address concerns about the misuse of power by prosecutors and to provide institutional guarantees for investment recovery [2]

证券日报网讯志特新材7月31日在互动平台回答投资者提问时表示，公司与中国电建的现有项目合作暂 不涉及雅鲁藏布江下游水电工程项目，其他业务进展请以后续公告为准。 （文章来源：证券日报） ...

Core Viewpoint - Macau's economy is experiencing a recovery driven by an increase in tourist arrivals and stable local consumption, with GDP showing positive growth in the second quarter of 2025 compared to the previous year [1] Economic Performance - In the second quarter of 2025, Macau's preliminary GDP reached 100.38 billion MOP, reflecting a real growth of 5.1% year-on-year, recovering to 88.8% of the economic scale compared to the same period in 2019 [1] - The overall service exports increased by 5.8% year-on-year, supported by a nearly 20% rise in the number of visitors to Macau during the second quarter [1] Domestic Consumption - Government final consumption expenditure and private consumption expenditure recorded increases of 1.1% and 0.3%, respectively [1] Investment Trends - Fixed capital formation decreased by 3.6% due to a reduction in private construction projects [1] Half-Year Overview - For the first half of the year, Macau's preliminary GDP was 200.14 billion MOP, showing a real increase of 1.8% year-on-year, with the total economic output recovering to 87.0% of the level seen in the same period of 2019 [1]

据披露，此次划转前，济南市国资委持有济南建工70.20%股权，济南先行投资集团有限公司持有 29.80%股权。上述股权划转事项已于7月28日完成工商变更登记，济南工控成为济南建工新的控股股 东。 经济导报了解到，济南建工组建于2022年1月，为济南市市属一级竞争类国有企业，注册资本金40亿 元。 此前就有济南媒体报道称，济南产发集团、济南二机床、济钢集团3家企业营收体量在七八百亿元，济 南工控成为其控股股东后，济南一个千亿级新国企或将在未来诞生。 现在看，这个千亿级新国企的诞生速度或将超出大众预期。 经济导报查阅年度报告获悉，济南建工截至2024年12月31日的总资产为480.07亿元，远超官网介绍的 350亿元，其中，仅流动资产合计就达到408.64亿元。 转自：经济导报 文|经济导报 段海涛 济南工业投资控股有限公司(下称"济南工控")即将成为济南新的市属千亿级别国企。 在宣布将济南产发集团、济南二机床、济钢集团纳入旗下后，济南工控再迎新成员，济南建工集团有限 公司(下称"济南建工")控股权也将被转移到其名下。 济南建工7月29日公告称，为进一步深化国有企业改革，优化国有资本布局，提高国有资产的运营效 率 ...

Group 1: Company Overview - The report highlights Nongfu Spring (09633.HK) as a leading player in the packaged water and beverage sector, emphasizing its sustainable growth driven by long-term management and strong channel barriers [7][9] - Since its IPO, Nongfu Spring has maintained a valuation average of 40x, indicating a significant premium due to its market leadership and growth potential in the packaged water and sugar-free tea segments [7][9] - The company has a concentrated shareholding structure and efficient management, which contributes to its competitive advantage in the beverage market [7] Group 2: Market Dynamics - The packaged water market is projected to grow, with a scale of 247 billion in 2024, driven by large packaging and bulk sales, indicating a continued mid-single-digit growth rate [8] - The soft drink sector is evolving, with Nongfu Spring positioned well to capitalize on the shift towards healthier, low-sugar beverages, enhancing its profitability over time [8][9] - The report notes that the competitive landscape is characterized by strong channel foundations and product endorsements, which Nongfu Spring has effectively leveraged to lead industry upgrades [9] Group 3: Financial Projections - Revenue forecasts for Nongfu Spring are set at 50.1 billion, 56.8 billion, and 63.2 billion for 2025, 2026, and 2027 respectively, with net profits projected at 14.79 billion, 16.97 billion, and 18.99 billion, reflecting growth rates of 22.0%, 14.7%, and 11.9% [9] - The expected earnings per share for 2025, 2026, and 2027 are 1.32, 1.51, and 1.69 respectively, with corresponding price-to-earnings ratios of 33, 29, and 26 [9] - The report assigns a target price range of 56.65 to 59.48 HKD for 2025, indicating a potential upside of 20% to 26% from the current stock price [9] Group 4: Industry Insights - The tungsten industry is highlighted as a strategic sector with supply constraints, where the first batch of mining quotas for 2025 is expected to decrease by 6.45% [15][16] - Demand for tungsten is anticipated to grow, particularly in the new energy vehicle and military sectors, supported by projects like the Yaxia project, which opens long-term market opportunities [17] - The report estimates a tungsten supply-demand gap of approximately 2,919 tons in 2025, suggesting that tungsten prices are likely to continue rising [18]

当前欧元区经济运行亦受到外部因素影响。自2025年4月起，美国新一轮关税政策正式实施，对欧洲汽 车、钢铁、铝等行业形成压力。尽管随后美欧双方围绕关税议题展开谈判，并于上周末达成初步贸易框 架协议，部分商品获得关税豁免，汽车关税回落至基准水平，但贸易政策的不确定性依然是制约投资与 生产的重要因素。 数据显示，欧元区多国经济增长分化明显。西班牙（+0.7%）、葡萄牙（+0.6%）和爱沙尼亚（+0.5%） 环比增长领跑。相比之下，德国和意大利GDP均小幅下滑0.1%。 欧盟统计局表示，此次发布的数据为初步估值，后续将在8月14日公布修正值。 德国联邦统计局当天早些时候发布的数据显示，2025年第二季度德国经济环比萎缩0.1%，符合市场预 期。该数据较第一季度修正后的0.3%增长相比明显放缓。 资讯编辑：沈一冰 021-26093395 资讯监督：乐卫扬 021-26093827 资讯投诉：陈跃进 021-26093100 欧盟统计局30日公布的初步数据显示，2025年第二季度，欧元区国内生产总值（GDP）环比增长 0.1%，好于此前"持平"的市场预期。欧盟整体GDP则环比增长0.2%。 德国联邦统计局指出，机械设备 ...

Group 1 - The core viewpoint of the article highlights the efforts of the Jiangsu Hai'an service team in addressing the issue of overdue project payments for local construction companies in Shaanxi [1] - The service team has provided judicial support nearly 500 times and resolved 169 legal cases related to construction enterprises over the past three years [1] - The team was formed by selecting experienced personnel and retired officials from legal departments to offer legal services focused on construction projects, labor disputes, and financial lending issues [1] Group 2 - This year, Hai'an established a sub-association of the municipal law society dedicated to protecting corporate rights, which has coordinated the resolution of 36 enterprise-related cases since its inception [1] - The sub-association has successfully helped enterprises recover over 90 million yuan in economic losses [1]

Group 1: Core Business Performance - In Q2 2025, the company signed a total of 52 new construction projects with a total contract value of RMB 327,784.44 million, representing a 1.89% decrease in project quantity and a 22.53% decrease in project value compared to the same period last year [1] - For the first half of 2025, the company signed a total of 112 new construction projects with a total contract value of RMB 859,962.89 million, showing a 19.15% increase in project quantity but a 14.60% decrease in project value year-on-year [1] Group 2: Service Sector Performance - In Q2 2025, the company signed a total of 199 new surveying and design consulting projects with a total contract value of RMB 5,087.62 million, reflecting a 19.76% decrease in project quantity and a 13.86% decrease in project value compared to the same period last year [2] - For the first half of 2025, the company signed a total of 284 new surveying and design consulting projects with a total contract value of RMB 8,466.22 million, indicating a 31.40% decrease in project quantity and a significant 53.86% decrease in project value year-on-year [2] Group 3: Project Execution Status - As of the end of Q2 2025, the company has no major projects signed but not yet executed [3]

证券代码：603388 证券简称：*ST 元成 公告编号：2025-077 元成环境股份有限公司 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。 合计金额为人民币 3,975.55 万元，上述合同均在执行中。 特此公告。 元成环境股份有限公司董事会 元成环境股份有限公司（以下简称"公司"）根据《上海证券交易所上市公 司自律监管指引第 3 号行业信息披露：第八号——建筑》的相关规定，现将 2025 年第二季度主要经营数据（未经审计）公告如下： 一、新签项目的数量、合计金额情况 计金额为人民币 221.85 万元。新签项目合同中，规划设计合同 4 项；其他合同 二、本年累计签订项目的数量及合计金额 ...