1994 年财税改革仍有未竟之路。除了税收改革之外，还有非税领域也需要理顺改革关系。第一，省级以下财税权力上移1994 年分税制改革未明确省以下税收分配,过去地方一直在尝试各种分配改革方式，过去十余年撤县并区力度较大，未来省级以下财政体制改革方向预计是提升省级财事权。第二，费改税是大趋势所向过去有三个明显的费改税趋势，1、交通费改革，以税替费:2环保领域改革，由费改税:3、水资源费改税，试点逐步扩大。未来费改税范围或进一步扩大，全面推行水资源费改税，研究教育费附加费改税。第三，征税规范性不断提升2018 年省级和省级以下国税地税机构合并。2024 年6月，政策进一步明确，未来加大税费征管力度，做到应收尽收、颗粒归仓。

天然气产业链包括上游的勘探生产/海外进口，中游的输配，下游的终端消费等诸多环节。1）需求侧：2023 年我国天然气表观消费量 3916 亿立方米，过去十年复合增速约 8.6%，在我国一次能源消费结构中的占比约 8.5%；2024 年 1-5 月份我国天然气表观消费量 1793.1 亿立方米，同比增长 10.8%，需求恢复趋势明显。2）供给侧：2023 年国内产量约 2324 亿立方米，自 2017 年以来连续 7 年年增产超百亿立方米，产量十年复合增速约 6.8%，低于表观消费量增速，导致我国天然气对外依存度从 2014 年 的 29.2%提升至 2023 年的 40.6%。

关注比亚迪 DM5.0技术带来的先发优势，产业链垂直整合及规模效应带来成本优势，且加速布局海外渠道及产能建设空间广阔、智能化领域加大投入突破可期。长安方面，与华为合作的新公司落地在即，有望在华为合作车企中占据先发优势，且深蓝、阿维塔智能化新车将密集发布，带来多重有利催化。同时，享界S9正式发布在即，尊界品牌也有望于2024 年底或2025年初发布，华为系北汽蓝谷、江淮汽车有望打造智能化爆款车型，非常值得关注。而问界M9加速放量推动赛力斯Q2业绩高增，在手订单丰富，依旧值得期待。此外，关注长城坦克在硬派越野市场的超强竞争力、生态出海的扎实推进、智能化领域明显突破，发展可期。

本报告从 AI视角出发，梳理分析了腾讯在 AI方向的战略演进、组织架构、基础设施、底层模型、应用布局与投资版图六大维度，尝试去解释分析腾讯在 AI 浪潮下保持相对低调的原因和未来发展的方向。

本文站在不同所有制企业的视角，对上半年经济运行进行回顾，由于不同所有制企业的目标函数存在差异，私企可能以利润最大化为目标，国企可能承担了一部分社会责任，外企则存在机会成本、国际关系层面的考量，辨祈清楚经济指标背后的驱动力，有助于我们判断后续走势。

建议重点关注以下海外业务占比较大的日本消费公司。ASICS，主要受益于海外市场的高速扩张以及品牌力提升所带来的毛利率的提升，PPH，受兹于海外游客消费强动，折扣店客单价显著提升，迅销集团，本土销售表现优异，海外门店网络持续扩张。朝日集团，受益于本土啤酒产品结构改善和欧洲、大洋洲啤酒高端化。

The maintenance, repair, and overhaul (MRO) services are an essential and unavoidable aspect of every business. A proper MRO of an aircraft or its component can help businesses avoid significant risks to their survival. Thus, aviation industry players majorly focus on creating appropriate business processes and infrastructure to support industry growth. The rising demand for air travel worldwide is encouraging aircraft manufacturers such as Airbus and Boeing to increase their production volumes and offer maintenance services for these aircraft as well. With the constant growth in air traffic, carriers are more liable to maintain the optimum condition of the aircraft so as to extend their life span; otherwise, they would have to procure new aircraft.

The airborne pods are an external pod structure primarily fabricated to offer enhanced aerial recognition, identification, communication, targeting, data linking, and self-defensive potentials to an aircraft. High-end airborne pods with a wide range of advanced sensors and laser technologies can operate in extreme weather conditions, which is also one of the prime factors boosting the application of airborne pods in advanced fighter jets, aircraft, unmanned aerial vehicles, and helicopters. The changing modern warfare scenario has forced governments of various countries across the globe to allocate substantial funds and financial aid toward respective defense and military forces. The growing defense expenditure budget indicates the government's emphasis and importance on modernizing the defense sector to meet the mounting need for security, which is one of the major market drivers.

The global aesthetic lasers market is estimated to grow at a CAGR of 12.3% from 2022 to 2030. Key factors driving the market growth are growing adoption of non-invasive aesthetic procedures and increasing prevalence of skin disorders along with growing awareness about beauty devices. However, risks and complications associated with procedures and stringent safety regulations hinders the market growth.

Adhesive is a substance particularly used to bond two surfaces together. Adhesives have strong shear and tensile strength, making them viable bonding materials for high-pressure situations. There are two general types of adhesives i.e. structural and non-structural. Sealants are paste-like substances that block the flow of fluids through a surface, gap or joint by filling all the spaces between two separate substrates. Sealants usually consists of elastomer, which gives them a paste-like consistency. Examples of sealants can be acrylic systems, silicones, and urethane. Adhesives and sealants are applicable for bonding a wide range of materials, including plastics, metals, ceramics, and composites. Adhesives and sealants are highly preferred in packaging, construction, and automotive industry.