在内需不足的同时，中国面对的另外一个问题是产能过剩。在未来一段时间，扩张海外市场可能是消化国内产能、增加企业利润和居民收入的一条可行途径

• As of May 8, 2024, the disclosed annual reports of 5,355 listed companies in China's A-share market for 2023 show a total revenue of 72.6 trillion yuan (up by 0.9% year-on-year) but a net profit decline of 2.7% to 5.3 trillion yuan. Excluding the financial sector, revenue was up by 2.3%, while net profits fell by 3.76%.
• In Q1 2024, both overall and non-financial A-share companies experienced further declines in net profits by approximately 4.74% and 5.44%, respectively, continuing the trend from the second half of 2023 which showed weak recovery signs despite slight improvements in revenue.
• The performance across sectors varied; service sectors related to travel and export-oriented industries performed relatively better due to increased overseas demand, while financial and real estate sectors faced significant pressures with continued pessimistic revenue and profit forecasts due to limited demand recovery and high operational costs relative to income.

年报和一季报数据显示，A股上市公司增收不增利，经营承压、投资收缩、融资低迷，盈利能力持续下滑

在绝大部分时候，企业盈利增长决定了市场涨跌的方向，而估值仅仅影响这个方向变动的幅度

【本文系数据通用户提前专享】年报和一季报数据显示，A股上市公司增收不增利，经营承压、投资收缩、融资低迷，盈利能力持续下滑

中国数字经济在国际上的领先优势正在减退，与最强者的差距有逐渐拉大之势。这与近些年中国对数字经济的整治、中美地缘政治等一系列问题都有关。我们必须紧跟领先国家的脚步快速发展，否则前有强敌后有追兵，压力会更大

在财政投入条件允许的情况下，建议以最低生活保障标准作为目标，稳步提升基础养老金水平，力争在2050年实现农村基础养老金水平与最低生活保障标准相当

多国都在推行延迟退休，中国的改革酝酿时间跨度之长，波及面之广，足见改革之难。与此同时，养老保险15年最低缴费年限的规定也面临调整。改革如何推进？

• In 2023, the growth rate of retail loans in the banking sector slowed due to a decline in personal housing mortgage loans, traditionally a major component of retail lending. By the end of Q3 2023, the year-over-year growth rate of domestic retail loans was 6.85%, a decrease of 32 basis points from the same period in 2022.
• The balance of personal housing loans nationwide by the end of 2023 was ¥38.17 trillion, marking a year-over-year decrease of 1.6% and the first negative growth since 1997. Major banks reported similar trends with a collective reduction in mortgage loan balances amounting to ¥5166.26 billion, or a decline of 1.95%.
• Amidst these challenges, banks have shifted focus towards consumer loans targeting high-quality customer groups and personal business loans aimed at individual entrepreneurs and rural households, seeing these as areas with potential for growth despite existing financing difficulties for these groups.

【本文系数据通用户提前专享】信用卡业务挣扎转型，消费贷和个人经营贷成为银行零售贷款转型的新赛道，但难以弥补按揭贷款下滑的缺口，且不良率有抬升的趋势。零售业务究竟是希望还是负累？

信用卡业务挣扎转型，消费贷和个人经营贷成为银行零售贷款转型的新赛道，但难以弥补按揭贷款下滑的缺口，且不良率有抬升的趋势。零售业务究竟是希望还是负累？

养老金储备充足的地区，涨费时更容易迟疑。虽然中央三令五申，至2023年，北京、江苏、湖北、广东仍有部分地区或单位的基数下限未实现统一标准，离终点尚一步之遥

到底靠消费拉动还是靠投资拉动？增加有效投资是协调长期经济增长与短期经济稳定的一致性的重要纽带

• Social security payment bases are increasing across various regions due to annual adjustments based on local average wages, which have been rising in recent years. This increase is causing higher costs for businesses and individuals, adding pressure to employment costs.
• In response to economic challenges and calls from businesses for reduced burdens, some local governments have implemented measures such as temporarily lowering medical insurance rates for employees. For example, Shanghai has reduced the rate from 10% to 9%, effective March 2024.
• Despite these reductions in medical insurance contributions, the overall burden of social security payments remains high due to the rigid increases in pension contribution bases. This situation is particularly challenging for small and medium-sized enterprises and flexible employment individuals who face significant financial strain from these adjustments.

【本文系数据通用户提前专享】企业减负和基本养老制度的可持续性如何兼顾？

个体层面的安全第一，加总到宏观层面恰恰没有安全可言。“搞钱”难，还钱难，正是通缩的症状。为防范通缩及其经济和金融风险，还需要更有力、更有想象力的政策

海外业务逐步加深对医药板块估值的影响，一方面授权转让交易显著增长，工程师红利逐步显现，另一方面，主要出海地创新药品价格高于国内，对于医药企业的利润端有正向作用

目前仅有广东和浙江两省的养老保险单位费率低于国家统一标准16%

当前实际利率处于历史绝对高位且下行趋势已确定、实际库存水平处于历史低位、修复趋势也已开启，加之政策加持，2024年中国经济表现较2023年或有所改善

技术进步下，中等技术人才的需求量不断下降，整个劳动力市场出现两极化，要么需求特别高端的人才，要么对技术的要求非常低