Group 1 - The core point of the article is that Jingyuntong (SH 601908) announced its sixth board meeting on August 28, 2025, where it reviewed the semi-annual report for 2025 [1] - For the fiscal year 2024, Jingyuntong's revenue composition is as follows: new materials business accounts for 61.37%, electricity for 24.06%, other businesses for 10.76%, energy-saving and environmental protection for 2.91%, and equipment for 0.9% [1] - As of the report, Jingyuntong's market capitalization is 9.3 billion yuan [1]

| 冰山冷热科技股份有限公司 | 公司章程 | | | --- | --- | --- | | | 冰山冷热科技股份有限公司 | | | | 公司章程 | | | 尚需 | 2025 年第一次临时股东大会审议 | | | 冰山冷热科技股份有限公司 | 公司章程 | | | | 目 录 | | | 第一章 | 总则………………………………………… 2 | | | 第二章 | 经营宗旨、范围和方式…………………… 5 | | | 第三章 | 注册资本、股份与股票…………………… 6 | | | 第四章 | 股东…………………………………………12 | | | 第五章 | 股东会………………………………………16 | | | 第六章 | 董事会………………………………………27 | | | 第七章 | 董事会专门委员会…………………………38 | | | 第八章 | 经营管理机构………………………………39 | | | 第九章 | 劳动与人事…………………………………41 | | | 第十章 | 财务、会计与审计…………………………43 | | | 第十一章 | 利润分配……………………………………46 | | | ...

消费品以旧换新是今年提振消费的重要举措。今年，我国安排3000亿元超长期特别国债资金支持消费品 以旧换新，持续释放消费潜能。截至目前，已分3批下达了2310亿元，剩余资金将在10月下达。下一 步，财政部将加快出台提振消费增量政策举措，引导地方提升消费环境，优化消费供给。 财政运行总体平稳 7月25日，财政部举行新闻发布会介绍了今年上半年我国财政收支情况。数据显示，上半年，全国一般 公共预算收入为115566亿元，同比下降0.3%；全国政府性基金预算收入为19442亿元，同比下降2.4%。 上半年，全国一般公共预算支出为141271亿元，同比增长3.4%；全国政府性基金预算支出为46273亿 元，同比增长30%。其中，社会保障和就业、教育、科学技术、节能环保等支出同比增长均超过5%。 "财政收入小幅收缩但支出保持扩张，印证了积极财政政策持续发力，通过适度扩大赤字有效对冲经济 下行压力。"苏商银行特约研究员武泽伟对记者表示。 对于上半年财政运行情况，财政部国库支付中心副主任唐龙生在会上总结称，今年以来，财政运行总体 平稳。其中，全国一般公共预算收入中的税收收入逐步回升，非税收入增幅回落。上半年全国27个省份 收入 ...

Core Viewpoint - The July Purchasing Managers' Index (PMI) for strategic emerging industries shows a seasonal decline but has turned positive year-on-year, indicating resilience in industrial prosperity despite a slight month-on-month decrease [1][5][6]. Group 1: PMI Overview - The July EPMI decreased by 1.1 points to 46.8, with only the new materials sector remaining in the expansion zone among seven sub-industries, reflecting a reduction in the number of expanding sectors [1][5][9]. - The absolute prosperity level is 0.7 points higher than the same period last year, marking a transition from negative to positive year-on-year growth [1][8]. Group 2: Sub-Indicators Analysis - In July, production, product orders, and export orders in emerging industries fell by 1.3, 1.5, and 2.2 points respectively, with export orders declining for two consecutive months [2][9]. - The production-to-demand ratio remained stable at 2.2, fluctuating within a narrow range for five months [2][12]. - Financing conditions improved, with the difficulty of obtaining loans decreasing by 1.4 points in July [2][14]. - A notable positive signal is the stabilization of sales prices, which increased by 1.7 points, while purchase prices continued to decline [2][14]. Group 3: Sector-Specific Insights - The new materials sector has shown a continuous increase in prosperity for three months, with a July index above 50, indicating strong performance compared to other sectors [3][17]. - High-end equipment manufacturing and energy-saving environmental protection sectors maintained resilience, while the biotechnology and new energy vehicle sectors saw a decline in prosperity [3][17]. - Export orders for biotechnology and new energy vehicles fell significantly, by 17.7 and 10.1 points respectively [3][20]. Group 4: Market Implications - The EPMI data suggests a generally positive impact on the market, with the month-on-month decline being anticipated and the year-on-year increase indicating a slope lower than seasonal averages [4][22]. - The shift in key industry sales price indices from decline to increase reflects the effectiveness of "anti-involution" policies in stabilizing nominal growth [4][22].

Core Insights - The "trade-in" policy is undergoing a comprehensive upgrade in 2025, driven by coordinated fiscal policies and local support measures, resulting in significant consumer subsidies and sales growth [1][2] - The ultimate goal of the "trade-in" initiative is to stimulate consumer demand, which in turn promotes technological innovation and supply optimization in the industry, creating a dual-driven model of "consumption leading to industrial upgrade" [1][4] Group 1: Policy Implementation - The collaboration between central fiscal leverage and local initiatives is a key highlight of the policy upgrade, effectively activating diverse local funding mechanisms [2][3] - Various regions have introduced innovative measures based on local industrial characteristics and consumer needs, such as targeted subsidies for smart appliances and expanding coverage to include smartphones and products for the elderly [2][3] - The "central coordination + local innovation" approach has significantly enhanced policy effectiveness, with millions of subsidy applications processed and a focus on long-term market dynamics rather than short-term boosts [3] Group 2: Market Impact - The "trade-in" policy has become a core engine for driving market circulation, shifting consumer demand from mere functionality to quality experience, and accelerating technological iteration and supply innovation in the industry [3][4] - The policy has led to substantial sales figures, including 77.618 million home appliances and 56.629 million digital products sold, indicating a strong market response [3] - The initiative is facilitating a deep transformation in consumer concepts and lifestyles towards greener, smarter, and more human-centered products, aligning with future trends [4] Group 3: Economic Transformation - The strategic guidance of fiscal funds is fostering a positive interaction between industrial and consumer upgrades, encouraging the elimination of outdated products while promoting high-value, high-tech manufacturing [4][5] - The strong market pull from consumer spending on smart and energy-efficient products is providing direct and robust driving force for industrial transformation [4][5] - The synergy between policy innovation and market vitality is positioning the "trade-in" initiative as a strategic lever for high-quality development, creating a dynamic balance between demand and supply [5]