来源：新浪证券-红岸工作室 9月30日，白云山涨0.24%，成交额2.19亿元。两融数据显示，当日白云山获融资买入额2235.80万元， 融资偿还4527.56万元，融资净买入-2291.76万元。截至9月30日，白云山融资融券余额合计10.15亿元。 融资方面，白云山当日融资买入2235.80万元。当前融资余额10.13亿元，占流通市值的2.82%，融资余 额超过近一年90%分位水平，处于高位。 融券方面，白云山9月30日融券偿还2.12万股，融券卖出500.00股，按当日收盘价计算，卖出金额1.28万 元；融券余量7.80万股，融券余额199.29万元，超过近一年60%分位水平，处于较高位。 资料显示，广州白云山医药集团股份有限公司位于广东省广州市荔湾区沙面北街45号,香港金钟道89号 力宝中心第2座20楼2005室，成立日期1997年9月1日，上市日期2001年2月6日，公司主营业务涉及中西 成药、化学原料药、天然药物、生物医药、化学原料药中间体的研究开发、制造与销售;西药、中药和 医疗器械的批发、零售和进出口业务;大健康产品的研发、生产与销售;及医疗服务、健康管理、养生养 老等健康产业投资等。主营业务 ...

Economic Overview - The overall sentiment regarding China's economic situation is positive, with a belief in its resilience and potential for future growth [1] - Economic indicators such as growth, employment, prices, and international balance of payments are performing well, with GDP growth in the first half of the year significantly higher than most economies [1][3] - Exports have shown strong resilience, with an export growth rate of 6.9% in the first eight months, particularly in sectors like integrated circuits and new energy vehicles, which saw growth rates exceeding 20% [1] Innovation and Transformation - Innovation is highlighted as the primary driver of development, with significant advancements in key technologies and the emergence of notable tech products [2] - The transition from old to new economic drivers is accelerating, with high-tech manufacturing growth outpacing overall industrial growth [2] - The green and low-carbon transition is making progress, with a continued decrease in energy consumption per unit of GDP [2] Risk Management and Social Welfare - There are recognized risks in the current economic environment, including external uncertainties and domestic challenges such as weak consumer demand [3] - Despite these challenges, measures have been taken to safeguard livelihoods, with real disposable income growth for residents outpacing economic growth [3] - Social safety nets have been strengthened, with increases in pensions and healthcare subsidies, alongside efforts to ensure food and energy security [3] Sectoral Disparities - The process of industrial transformation is uneven, with some sectors and regions advancing more rapidly than others, leading to disparities in economic experiences [4] - Industries that effectively utilize technology, such as artificial intelligence, are seeing significant improvements in employee compensation compared to traditional sectors like real estate [4] - There is a call for policies to address these disparities and ensure broader access to economic benefits [4] Future Potential - China's economy still holds substantial potential in areas such as technology, labor, and capital, with a strong emphasis on research and development [5] - The complete and robust industrial system, along with significant consumer and investment potential, supports domestic circulation [5] - The leadership and institutional advantages of the socialist system are seen as critical for maintaining stable economic growth [5]

科学客观看待我国当前经济发展态势(习近平经济思想指引下的中国经济专论) 关于我国当前经济形势，主流是看好的，但也有唱衰的声音。我们认为，看经济要坚持两点论，用好辩 证法。总的看，我国经济形有分化、势在向好、未来可期。 底盘很稳固，韧性在增强。今年以来，在习近平新时代中国特色社会主义思想特别是习近平经济思想的 科学指引下，全国上下攻坚克难、努力拼搏，我国经济运行稳中有进、好于预期，高质量发展取得新成 效，宏观经济四大指标即经济增长、就业、物价和国际收支等表现良好。数据反映经济。上半年，我国 经济增速明显高于绝大部分经济体，仍是世界经济增长的稳定锚。就业和物价总体稳定。今年年初，中 美网友在社交平台上展开生活成本"大对账"，彰显我国商品和服务质优价廉，体现了人民群众生活水平 的"货真价实"。外贸展现强大韧性，出口竞争力持续提升，前8个月出口增速达6.9%，集成电路、新能 源汽车等新动能产品出口增速超过20%。社会信心增强，人民币汇率基本稳定，股市稳中有升，越来越 多国际资本看好中国市场前景、"做多"中国资产。重点领域风险有力有效防范化解，守住了不发生系统 性风险的底线。中国经济是一片大海，而不是一个小池塘，能够经 ...

关于我国当前经济形势，主流是看好的，但也有唱衰的声音。我们认为，看经济要坚持两点论，用 好辩证法。总的看，我国经济形有分化、势在向好、未来可期。 前景有支撑，潜力在释放。展望未来，在科技、劳动力、资本等方面，我国经济发展仍然具有很大 潜力。我国研发人员总量连续多年保持世界第一，研发支出占国内生产总值的比重超过很多发达国家水 平，科技创新厚积薄发。人民勤劳智慧，企业敢闯敢拼，适应环境变化的能力强。我国产业体系完整、 配套能力强，消费和投资潜力巨大，供给和需求两侧能够支撑国内大循环。人类命运共同体理念得到国 际社会广泛认同，我国国际影响力、感召力、塑造力显著提升。最重要的是，我们有党的坚强领导和社 会主义制度集中力量办大事的优势，能够确保我国经济航船行稳致远。 《 人民日报 》（ 2025年10月02日 02 版） 相关链接： 从全球视角看新时代中国经济的跨越与蝶变（习近平经济思想指引下的中国经济专论） 底盘很稳固，韧性在增强。今年以来，在习近平新时代中国特色社会主义思想特别是习近平经济思 想的科学指引下，全国上下攻坚克难、努力拼搏，我国经济运行稳中有进、好于预期，高质量发展取得 新成效，宏观经济四大指标即经济增 ...

Economic Growth and Achievements - Since the establishment of New China and especially after the reform and opening up, China's economic development has been remarkable, with GDP growing from 367.9 billion yuan in 1978 to an expected 134.9 trillion yuan in 2024, averaging an annual growth rate of 8.8%, significantly higher than the global average of about 3% during the same period [1] - During the 14th Five-Year Plan period, China's GDP surpassed 100 trillion yuan in 2020 and has since crossed the thresholds of 110 trillion, 120 trillion, and 130 trillion yuan, with an expectation to reach 140 trillion yuan this year [1] Leadership and Governance - The leadership of the Communist Party of China (CPC) provides fundamental guarantees for economic and social development through top-level design, overall layout, coordination, and implementation [1] - The CPC's long-term governance avoids policy shortsightedness and instability seen in Western multi-party systems, serving as a "stability anchor" for China's economic development [1] Theoretical Framework and Innovation - The CPC continuously innovates its theoretical framework to provide scientific guidance for economic and social development, adhering to the principles of "liberating thoughts, seeking truth from facts, and maintaining integrity while innovating" [2] - Xi Jinping's economic thought introduces new concepts such as "new development concepts" and "new development patterns," which build upon traditional socialist models while adapting to contemporary needs [2] Strategic Planning and Macro Control - The combination of strategic planning and effective macroeconomic control is a unique advantage for long-term economic stability, guiding resource allocation and ensuring orderly implementation of development goals [2] - China emphasizes the importance of macroeconomic control systems to manage economic fluctuations and maintain operations within a reasonable range [2] People-Centric Development - A people-centered development approach is crucial for long-term economic stability, focusing on improving living standards and ensuring that development benefits are equitably shared among the population [3] - The successful poverty alleviation of nearly 100 million people and the establishment of the world's largest social security system reflect the commitment to shared development [3] Market Economy and Production Relations - The integration of socialism with a market economy has injected continuous vitality into China's economic development, with a focus on balancing government and market roles [4] - Recent efforts have been made to optimize production relations to align with new productive forces, enhancing resource allocation efficiency and promoting high-quality economic development [4] Innovation and Market Potential - China's vast domestic market, with over 1.4 billion people and more than 400 million middle-income individuals, creates significant potential for innovation and economic growth [5] - The interaction between supply and demand fosters a conducive environment for innovation, reducing costs and accelerating technological advancements to meet the evolving needs of the population [5] Conclusion - The long-term stable development of China's economy is a result of strong leadership from the CPC and the synergistic effects of various factors, indicating a robust trend and logic behind the rapid economic growth and social stability [5]

分红方面，白云山A股上市后累计派现109.06亿元。近三年，累计派现43.59亿元。 机构持仓方面，截止2025年6月30日，白云山十大流通股东中，香港中央结算有限公司位居第五大流通 股东，持股4044.81万股，相比上期增加936.01万股。华泰柏瑞沪深300ETF（510300）位居第七大流通 股东，持股1263.59万股，相比上期增加107.81万股。易方达沪深300医药ETF（512010）位居第八大流 通股东，持股1152.43万股，相比上期减少92.48万股。易方达沪深300ETF（510310）位居第九大流通股 东，持股893.66万股，为新进股东。 融券方面，白云山9月26日融券偿还7100.00股，融券卖出2.00万股，按当日收盘价计算，卖出金额50.76 万元；融券余量10.45万股，融券余额265.22万元，超过近一年90%分位水平，处于高位。 资料显示，广州白云山医药集团股份有限公司位于广东省广州市荔湾区沙面北街45号,香港金钟道89号 力宝中心第2座20楼2005室，成立日期1997年9月1日，上市日期2001年2月6日，公司主营业务涉及中西 成药、化学原料药、天然药物、生物医药、化 ...

Core Insights - The Gulf economy is a crucial and forward-looking area of modern marine economic development, requiring systematic research, top-level design, and planning guidance to support high-quality development of the marine economy [1] Group 1: Geographic and Economic Significance - China's coastline, including mainland and islands, exceeds 32,000 kilometers, with over 160 bays covering more than 10 square kilometers, including 11 large bays with favorable transportation and resource endowments [1] - Bays serve multiple functions such as economic engines, ecological barriers, and strategic points, with 70% of major global ports and 60% of international trade concentrated in these areas [1] Group 2: Lessons from Global Bay Areas - The development of world-class bay areas has historically benefited from the rise of maritime trade, with each bay area leveraging its unique advantages and industrial trends [2] - Examples include the Tokyo Bay area focusing on high-end manufacturing, the New York Bay area integrating finance and creative economy, and the San Francisco Bay area centered on technology and innovation [2] Group 3: Strategic Recommendations for Gulf Economic Development - Conduct comprehensive surveys and assessments to establish a dynamic database covering resource endowments, carrying capacity, and development potential, guiding the direction of different types of bay economic development [3] - Prioritize ecological safety and green development by establishing mechanisms for ecological protection compensation and promoting green industries such as clean energy and marine biotechnology [3] Group 4: Infrastructure and Innovation - Enhance integrated transportation and logistics networks to improve the economic carrying capacity of key bay areas, promoting coordinated development between land and sea [4] - Foster innovation-driven development by focusing on key industrial applications in marine ranching, offshore wind energy, and tidal energy, while exploring integration paths among various industries [5]

Core Viewpoint - Sichuan Shuangma's stock price has shown significant growth this year, with a year-to-date increase of 49.17%, indicating strong market performance and investor interest [1][2]. Financial Performance - For the first half of 2025, Sichuan Shuangma reported revenue of 629 million yuan, representing a year-on-year growth of 30.42% [2]. - The net profit attributable to shareholders for the same period was 129 million yuan, reflecting a year-on-year increase of 13.42% [2]. Stock Market Activity - As of September 25, Sichuan Shuangma's stock price was 21.60 yuan per share, with a market capitalization of 16.49 billion yuan [1]. - The stock experienced a decline of 2.04% on September 25, with a trading volume of approximately 75.28 million yuan and a turnover rate of 0.45% [1]. - The stock has seen a net outflow of 9.75 million yuan in principal funds, with significant selling pressure from large orders [1]. Shareholder Information - As of June 30, 2025, the number of shareholders increased to 30,900, with an average of 24,706 circulating shares per shareholder, a slight decrease of 0.72% [2][3]. - The company has distributed a total of 931 million yuan in dividends since its A-share listing, with 259 million yuan distributed in the last three years [3]. Business Segments - Sichuan Shuangma's main business segments include private equity fund management (33.36%), cement production (32.46%), biomedicine (23.08%), and aggregates (11.10%) [1]. - The company operates within the non-banking financial sector, specifically in diversified finance and asset management [1]. Institutional Holdings - As of June 30, 2025, Hong Kong Central Clearing Limited was the ninth largest circulating shareholder, holding 3.6282 million shares, a decrease of 326,100 shares from the previous period [3].

更重要的是，中国持续深化改革开放，不断提升营商环境市场化、法治化、国际化水平，从缩减外资准 入负面清单到落实《中华人民共和国外商投资法》，一系列扎实举措让外资企业信心倍增，更愿长远布 局。报告显示，71%的受访企业在2024年实现盈利。48%的企业认为中国市场监管环境透明度较高，较 去年大幅提升13个百分点；41%的企业对中国进一步开放市场充满信心。 事实上，不仅是在华美企，美国本土企业也越来越质疑美加征关税政策。他们清醒认识到，加征关税的 成本最终由美国企业和消费者承担，不仅削弱其产品竞争力，更导致供应链额外成本上升。以汽车行业 为例，2025年二季度，福特、通用和斯泰兰蒂斯因关税损失合计22.5亿美元，全年预计损失将达70亿美 元。利益受损的现实，促使更多企业呼吁取消不合理关税，正因为其违背市场规律、损害商业本质，是 保护主义短视之举。 上海美国商会9月中旬发布报告显示，尽管近年美国政府对华加征关税并推动所谓"供应链回流"，但绝 大多数在华美企仍选择深耕中国市场，这场单方面发起的贸易战并未触发大规模企业回流。这一客观事 实，无疑是对"脱钩断链"论调的有力反驳，凸显出中国市场在全球经济格局中不可替代的战略价 ...

Core Insights - The export value of the Beijing-Tianjin-Hebei region reached a historical high of 940.15 billion yuan from January to August, marking a year-on-year growth of 4.3% and surpassing the national growth rate by 0.8% [1] Group 1: Export Performance - The number of exporting enterprises in the Beijing-Tianjin-Hebei region exceeded 34,000, an increase of 12.2%, with export value surpassing 400 billion yuan for the first time, growing by 14.1% and accounting for 46% of the region's total exports [2] - The overall export growth of the region was boosted by 5.9 percentage points due to the performance of private enterprises [2] Group 2: High-Tech Product Exports - High-tech product exports from the Beijing-Tianjin-Hebei region approached 200 billion yuan, showcasing a significant increase in export value [4] - Key high-tech products such as marine engineering equipment, instruments, and medical devices achieved historical highs in trade volume, with respective export values of 22.81 billion yuan, 20.58 billion yuan, 7.94 billion yuan, and 1.58 billion yuan, reflecting growth rates of 118.5%, 15%, 18.7%, and 23.4% [4] Group 3: Open Platforms - The region's free trade pilot zone exports surpassed 150 billion yuan for the first time, reaching 154.76 billion yuan, with a growth of 4.4% [5] - The comprehensive bonded zone exports also exceeded 60 billion yuan, totaling 64.95 billion yuan, marking an 11.1% increase [5] - Both platforms contributed significantly to the region's overall export growth, with the free trade zone and bonded zone accounting for over 20% of the total export value [5]