近日，A股市场行情渐渐升温，热点题材轮番上阵。多空对决、何去何从，成为市场关注的焦点。但 是，"价值几何"是比"接下来怎么走"更重要的问题。 从时间上来看，市场的悲观和狂热持续的时间或许会超越想象。尤其是当风口遇上上市公司发布业绩利好，股 价就如"鲜花着锦，烈火烹油"，在市场情绪高涨的时期，上市公司有更大的冲动发布业绩利好，也许此时正是 重要股东减持筹码或者募集资金的重要窗口。 然而，那些长期无法给股东拿出现金回报的公司都是虚的。基业长青的投资者心中一直有"一杆秤"，这让他们 不为眼前的风口和短期的业绩所迷惑，也不会将自己置于不可逆的风险之中。正如格雷厄姆所说，"我以自己 闯荡华尔街二十年的沉浮经验告诫读者，表面和眼前的现象是金融世界的梦幻泡影与无底深渊。" 什么样的公司才能富了股东？ 短期业绩的利好犹如火上浇油，让风口公司借势起飞。但衡量一家公司是否值得投资，不能只看短期业绩增 长，更要看公司质地，比如资本构成、商业模式，回报股东的能力和意愿等。那种没有护城河、不能产生充沛 现金流、不能回报股东的增长对股东来说是没有意义的增长。 《芒格之道》一书中提到，巴菲特在20世纪90年代给商学院学生讲课时，通常会用到 ...

界面荐书 每周为您提供一份好书单 曾经，办信用卡是成年人的入场券：出差订机票要它，商场分期要它，甚至租个车也要刷它。那是一 种"进入社会"的象征——有额度，就像有了未来的凭证。可到了今天，年轻人刷卡的动作越来越少，手 机里的"花呗""白条""先用后付"反而成了新宠。 除了受消费等宏观因素的影响，人们的持卡理念发生了巨大变化，多位持卡人表示，注销信用卡是因 为"太多了也没用，一两张就好。" 有人调侃：信用卡是"爸妈的宝贝"，花呗是"年轻人的标配"。信用卡积分换来的可能是一条毛巾，而分 期软件则能立刻把最新款手机送到手中。额度提升、年费规则、账单日与还款日的计算，在一键支付面 前显得格外"上个世纪"。最新数据显示，14家银行上半年信用卡余额"缩水"2000亿元，年轻人不爱用信 用卡了。 《主见》 信用卡的退场，并不是一个简单的"被淘汰"故事，而是消费文化的转向。超前消费的吸引力下降，理性 与自我掌控被放到更重要的位置。有人依然离不开信用卡的延迟支付功能，有人则乐于把生活调回储蓄 节奏。金融工具之争，其实是生活方式的选择。 正如《低欲望社会》所表达的，消费并非永远是社会进步的唯一指标，降低欲望同样是一种对抗焦虑的 ...

编号: GDH-25-02 时代出版会议文件 日期：2025-09-15 时代出版传媒股份有限公司 会议材料 二〇二五年九月 编号: GDH-25-02 时代出版会议文件 日期：2025-09-15 时代出版传媒股份有限公司 （一）宣布会议开始（本次会议采用现场投票与网络投票 相结合的方式，网络投票使用上海证券交易所网络投票系统， 通过交易系统投票平台的投票时间为股东大会召开当日的交 易时间段，即 9:15-9:25,9:30-11:30，13:00-15:00；通过互 联网投票平台的投票时间为股东大会召开当日的 。 （二）审议议案 编号: GDH-25-02 时代出版会议文件 日期：2025-09-15 《独立董事制度》及《独 立董事津贴管理办法》的议案 （八）由计票人、监票人对现场表决结果进行统计，上传 现场投票统计结果至上交所信息公司，并下载表决结果 编号: GDH-25-02 时代出版会议文件 日期：2025-09-15 议 案 目 录 议案九：关于修订《募集资金管理办法》《独立董事制度》及《独立 编号: GDH-25-02 时代出版会议文件 日期：2025-09-15 议案一 关于续聘会计师事务所的 ...

Core Viewpoint - The company intends to reappoint Tianjian Accounting Firm as its auditor for the 2025 fiscal year, following a thorough review of the firm's qualifications and compliance with relevant regulations [1][4]. Group 1: Auditor Information - The proposed accounting firm is Tianjian Accounting Firm (Special General Partnership) [1]. - The firm has a total of 241 partners and 904 employees as of the end of 2024 [1]. - Tianjian's total business revenue is reported at 2.969 billion yuan, with an audit fee total of 73.5 million yuan [1]. Group 2: Project Team - The project partner and signing CPA is Ma Zhangsong, who has been a CPA since 1998 and has experience with listed company audits [2][3]. - The signing CPA Liu Bobo has been a CPA since 2020 and has been involved in listed company audits since 2018 [2][3]. - The quality review personnel is Ye Xicheng, a CPA since 2003, with experience in auditing listed companies [3]. Group 3: Audit Fees - The audit fee for the 2025 fiscal year is set at 500,000 yuan, which is consistent with the fees for the 2024 fiscal year [3]. Group 4: Approval Process - The audit committee has reviewed Tianjian's qualifications and confirmed compliance with necessary audit procedures, recommending the reappointment to the board [3]. - The board of directors approved the reappointment with a unanimous vote of 8 in favor [4]. - The reappointment is subject to approval at the company's first extraordinary general meeting in 2025 [4].

Group 1 - The core viewpoint of the article is that China Citic Press (300788.SZ) reported its 2025 semi-annual results, showing a revenue of 822 million yuan, which represents a year-on-year growth of 2.16% [1] - The net profit attributable to shareholders of the listed company was 121 million yuan, reflecting a year-on-year increase of 30.48% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 115 million yuan, marking a year-on-year growth of 26.30% [1] - The basic earnings per share were reported at 0.64 yuan [1]

Core Insights - CITIC Publishing (300788.SZ) reported a revenue of 822 million RMB for the first half of 2025, representing a year-on-year growth of 2.16% [1] - The net profit attributable to shareholders of the listed company was 121 million RMB, showing a significant year-on-year increase of 30.48% [1] - Basic earnings per share stood at 0.64 RMB [1]

Core Viewpoint - The company reported a revenue of 822 million yuan for the first half of the year, reflecting a year-on-year growth of 2.16% and a net profit attributable to shareholders of 121 million yuan, which represents a significant increase of 30.48% [1] Financial Performance - The company's operating revenue for the first half of the year was 822 million yuan, showing a growth of 2.16% compared to the previous year [1] - The net profit attributable to shareholders reached 121 million yuan, marking a year-on-year increase of 30.48% [1] - Basic earnings per share were reported at 0.64 yuan [1]

Core Insights - The company reported a revenue of 624 million yuan for the first half of 2025, representing a year-on-year decrease of 24.01% [1] - The net profit attributable to shareholders was 120 million yuan, showing a year-on-year increase of 13.28% [1] - The non-recurring net profit was 67.36 million yuan, which reflects a year-on-year decline of 30.94% [1] - The basic earnings per share stood at 0.2701 yuan [1]

Core Viewpoint - The company will hold a half-year performance briefing on September 2, 2025, to discuss its operational results and financial indicators for the first half of 2025, allowing for interactive communication with investors [1][2]. Group 1: Meeting Details - Meeting Date and Time: September 2, 2025, from 09:00 to 10:00 [2]. - Meeting Location: Shanghai Stock Exchange Roadshow Center [2]. - Meeting Format: Online interactive session via the Shanghai Stock Exchange Roadshow Center [2]. Group 2: Participation Information - Investors can participate online on the day of the meeting through the Shanghai Stock Exchange Roadshow Center [2][3]. - Investors can submit questions from August 26, 2025, to September 1, 2025, before 16:00 [2][3]. Group 3: Company Representatives - Participants include the Chairman, Dong Lei; Vice Chairman and General Manager, Zheng Ke; and other key executives [2]. Group 4: Contact Information - Contact for inquiries: Securities Investment Department, with provided phone numbers and email [3]. Group 5: Post-Meeting Access - After the meeting, investors can view the meeting details and main content on the Shanghai Stock Exchange Roadshow Center [4].

Group 1 - The People's Bank of China Guangxi Autonomous Region Branch has issued measures to support the high-quality development of the cultural tourism and sports industry in Guangxi, focusing on expanding financial supply, innovative financial services, strengthening government-bank-enterprise connections, and enhancing security measures [1][3] - As of the end of Q2 2025, the loan balance for Guangxi's cultural and sports industry reached 201.33 billion yuan, with a year-on-year growth of 6.63% [1] - In the first seven months of this year, the total loan issuance for the cultural and sports industry in Guangxi reached 45.94 billion yuan [1] Group 2 - Guangxi banks are innovating by incorporating "soft" indicators such as profitability, development prospects, and social welfare into customer ratings and credit approvals, addressing the issue of lack of fixed asset collateral in the cultural and sports industry [2] - Guangxi Rural Commercial Bank has introduced a loan secured by the right to charge for sightseeing vehicles, providing 50 million yuan for the Beihai Weizhou Island tourism project [2] - As of the end of Q2, the balances of credit loans, future income rights pledge loans, and trademark pledge loans in Guangxi's cultural and sports industry were 44.4 billion yuan, 3 billion yuan, and 0.875 million yuan, respectively, with growth rates of 17.7%, 11.5%, and 414.7% [2] Group 3 - The People's Bank of China Guangxi Branch has established a financing demand list for key cultural and sports enterprises and a bank list to enhance financing service efficiency [3] - In the first half of the year, Guangxi banks facilitated the issuance of 2.12 billion yuan in loans for cultural and sports projects, benefiting 347 enterprises [3] - A total of 46,800 cultural and sports industry entities were connected by Guangxi banks this year, an increase of 2,266 compared to the same period last year [3] Group 4 - The People's Bank of China Guangxi Branch is enhancing payment services in key cultural and sports consumption areas, improving the acceptance environment for bank cards [4] - As of the end of May, the proportion of key merchants in Guilin accepting foreign cards increased from 51.04% to 97.17% [4] - Various banks in Guangxi are launching themed debit and credit cards, providing financial services such as installment loans and low-threshold small credit loans to enhance consumer experience [4]