上周，到江苏待了几天，此行不是为了南京，也不是为了苏州。 而是南京边上一个"不起眼"的城市——镇江。 说它不起眼，是因为这是江苏省最小的地级市，它的面积是3843平方公里，人口是322.8万人，两个指 标都在"江苏十三太保"的倒数第一。 但要说到GDP，这座小城可千万不能"小看"。 2024年，镇江的GDP达到5540亿元，超过太原、乌鲁木齐、呼和浩特、兰州、银川、海口等多个省会城 市。人均GDP更是高达17.17万元，全省排名第五，仅次于苏锡常和南京，全国排名第17。 苏大强不愧是苏大强，随便扔出一个小城市，都是能征善战的学霸。 01. 镇江是国家历史文化名城，地理位置优越，坐落于长江与京杭大运河的"十"字交汇点，这种独一无二的 地理位置，使其自古就成为扼守南北的交通枢纽和军事重镇。 同时，镇江市区内拥有235座山体，宋代词人陈亮在他的《念奴娇·登多景楼》用"一水横陈，连岗三 面，做出争雄势"来形容镇江的雄浑之美。 山水交融的环境，孕育了镇江丰富多彩的历史文化。三国时期孙权曾在此筑铁瓮城作为创业基地之一， 南宋韩世忠在此抗金，鸦片战争时期这里发生过英勇的镇江保卫战，民国时期镇江甚至还做过江苏省的 省会。 另 ...

Group 1: Central-Local Fiscal Relations - The report discusses the historical, current, and future analysis of central-local fiscal relations, indicating that reforms may focus on cultivating local tax sources, moderately centralizing fiscal responsibilities, and promoting fiscal system reforms below the provincial level [5]. - It highlights that the macro tax burden is decreasing and land finance is waning, making it essential to cultivate new tax sources for local governments, with a projected increase in local revenue of approximately 209.3 billion yuan from consumption tax reforms [5]. - The report suggests that the central government may take on more fiscal responsibilities in areas with broader impacts, such as higher education, public health, and social security, to alleviate local fiscal pressures [5]. Group 2: Computer Industry - Cambrian Technology - Cambrian Technology reported a significant revenue increase of 4,348% year-on-year for H1 2025, reaching 28.81 billion yuan, with a net profit of 1.038 billion yuan, reflecting a 296% increase [9][10]. - The company maintained a gross margin of 55.88% in Q2 2025, indicating stable profitability despite rapid revenue growth, with expectations for strong cash flow and inventory recovery in Q3 [10][11]. - The report anticipates that the AI wave will significantly boost demand for computing power, with Cambrian positioned to benefit from increased domestic market share in the face of geopolitical challenges [11][12]. Group 3: Food and Beverage Industry - Nongfu Spring - Nongfu Spring reported a revenue of 25.622 billion yuan for H1 2025, a year-on-year increase of 15.6%, with a net profit of 7.622 billion yuan, up 22.1% [20]. - The company is expected to continue recovering market share in packaged water and is focused on innovation in beverage products, projecting net profits of 14.6 billion yuan by 2027 [20]. Group 4: Environmental Sector - Huahong Technology - Huahong Technology experienced significant profit growth in H1 2025, driven by improved cost control and the recovery of rare earth prices, with expectations for rapid growth as new capacities come online [21]. - The report maintains a "buy" rating, emphasizing the company's strong position in the recycling of rare earths and the anticipated demand from the automotive sector [21]. Group 5: Real Estate Sector - China Overseas Property - China Overseas Property reported a revenue increase of 3.7% in H1 2025, with a net profit of 7.69 billion yuan, reflecting a 4.3% growth [24]. - The company is focusing on optimizing its service structure and expanding its management area, with expectations for continued growth in the property management sector [25].

Core Viewpoint - The Jiangsu Hengshun Group aims to integrate party leadership with business operations over the next five years, emphasizing the importance of political construction and quality development as foundational elements for the company's growth [1][4][5]. Group 1: Party Leadership and Governance - The company will maintain unwavering party leadership, ensuring that the party's political advantages are effectively transformed into business development advantages [4][5]. - A clear delineation of responsibilities among the party committee, board of directors, and management will be established to enhance governance and decision-making processes [4][5]. - The company will implement a robust internal supervision system to embed risk prevention into all business processes, thereby improving operational compliance [12]. Group 2: Innovation and Product Development - Hengshun is committed to deepening its traditional vinegar production while integrating modern technology to enhance product quality and flavor [6][9]. - The company is focusing on the health benefits of vinegar, expanding its product line to include functional and organic vinegar options [7][9]. - Hengshun plans to leverage digital transformation through IoT, big data, and AI to optimize production processes and enhance product lifecycle management [11]. Group 3: Talent Development and Corporate Culture - The company will implement a dual-channel promotion system to ensure competitive opportunities for both technical and management personnel, fostering a versatile talent pool [13]. - Hengshun aims to create a harmonious labor relationship and improve employee welfare through various initiatives, including health care programs and volunteer services [12][14]. - The company will continue to promote its cultural heritage and engage in charitable activities to enhance its corporate image and social responsibility [14]. Group 4: Market Strategy and Brand Development - Hengshun is focused on enhancing its brand image and market share by building a comprehensive brand communication matrix and emphasizing quality assurance [9]. - The company is planning to break through sales channel limitations by enhancing its presence in dining, specialty, and e-commerce channels [9][11]. - Hengshun's commitment to innovation and reform is seen as essential for navigating the challenges of the current market environment [9][11].