Core Insights - Hong Kong's financial market demonstrated robust vitality and resilience in 2025, with record transaction volumes across multiple projects, leading to a significant increase in new stock market financing, which ranked first globally [2] Group 1: Market Performance - The average daily trading volume in the cash market reached HKD 230.7 billion in the first 11 months, representing a 43% year-on-year increase [2] - A total of 117 companies were listed on the Hong Kong Stock Exchange (HKEX) in 2025, raising a total of HKD 285.7 billion, with four companies making it to the global top ten new stocks [2] - HKEX-listed companies raised USD 66 billion through refinancing, highlighting the expansive nature of Hong Kong's capital market [2] Group 2: Factors Driving Growth - The first key factor is the surge in major technological innovations from mainland China, particularly in artificial intelligence, quantum information, biotechnology, new energy, and new materials, which have significantly boosted global investor confidence [3] - The second key factor is the facilitation of financing for technology companies through modified listing rules, including the launch of the "Tech Company Fast Track" in May 2025, which allows innovative firms to raise funds more effectively [4] - The third key factor is the expansion of international financial connections, with HKEX attracting issuers from various regions, including Kazakhstan, Singapore, Thailand, and the UAE, and establishing partnerships to enhance its global presence [5]

Group 1: Core Insights - The article highlights significant advancements in China's manufacturing sector, showcasing achievements such as the CR450 train setting a speed record and the successful launch of the reusable Zhuque-3 rocket, emphasizing the global impact of Chinese manufacturing by 2025 [1] - The "14th Five-Year Plan" emphasizes the integration of technological and industrial innovation, aiming to foster emerging pillar industries and promote the "AI + manufacturing" initiative, marking a critical phase for China's industrial transformation [2] Group 2: Manufacturing Industry Development - The manufacturing sector is identified as the foundation of the national economy, with a focus on high-quality development and breakthroughs in key technologies and products by 2025, while maintaining a balance between stability and progress in the face of complex economic conditions [2][3] - The "14th Five-Year Plan" suggests accelerating the construction of a manufacturing powerhouse, maintaining a reasonable proportion of manufacturing, and building a modern industrial system centered on advanced manufacturing [2] Group 3: Advanced Manufacturing - Advanced manufacturing is characterized by the deep integration of technological advancement, innovative models, and high-value outputs, shifting from scale expansion to quality enhancement and from factor-driven to innovation-driven growth [3] - A three-in-one ecosystem of "technological innovation, industrial ecology, and institutional support" is essential for the development of advanced manufacturing, focusing on foundational and original innovations, cluster cultivation, and supportive policies [3] Group 4: Traditional Industry Optimization - The article discusses the significant improvements in traditional industries through the application of new information technologies, leading to enhanced intelligence in various sectors such as steel and chemicals, and promoting green transformation [4] - The focus for 2026 includes optimizing traditional industries through equipment upgrades, process enhancements, and management innovations, with an emphasis on high-end, intelligent, green, integrated, and clustered development [4] Group 5: Digital Transformation - The digital transformation of manufacturing is progressing, with significant achievements in building intelligent factories and enhancing service capabilities through industrial internet platforms, with over 7,000 advanced and 500 excellent smart factories established [6] - Despite progress, the digital transformation remains at a superficial stage, with a need for deeper industry model innovation and organizational changes to meet diverse consumer demands and improve operational efficiency [7]

立足实体经济，意味着央企的发展方向、资源配置和创新活动，必须紧紧围绕工业制造等实体部门。我 国发展过程中，曾出现资本脱实向虚的错误苗头，带来巨大风险。国务院国资委近日发文，明确对服务 主业不力、脱实向虚等行为追究相应责任，给央企经营划定了红线。央企应落实相关要求，坚持有所为 有所不为，完善主责主业管理，进一步提高国有资本配置和运行效率。重视发展制造业，引领构建以先 进制造业为骨干的现代化产业体系。因企制宜培育新质生产力，更大力度布局新兴产业和未来产业，超 前谋划具身智能、生物制造等前沿赛道。着力打造市场化、专业化国有资本运作平台，当好发展实体经 济的长期资本、耐心资本和战略资本。 中国式现代化的物质技术基础是产业现代化。央企只有深耕实体经济，强化关键核心技术攻关，才能引 领现代化产业体系建设。必须强化科技创新主体地位，加强原始创新和关键核心技术攻关，提高基础研 究投入占比，特别是在研发周期长、投入大、其他企业涉足意愿不强或缺乏能力的领域坚定投入。紧盯 未来必争领域，勇当原创技术策源地和现代产业链"链长"，集中力量攻克一批辐射性、全局性、战略性 技术，产出一批原创性、引领性重大科技成果。着力打破创新成果转化运用 ...

Core Viewpoint - The "2026 Tariff Adjustment Plan" aims to scientifically adjust import provisional tax rates, optimize tariff categories, and continue implementing agreement and preferential tax rates, which will support the development of new productive forces and meet the growing needs of the people while promoting high-quality development [1]. Group 1: Import Provisional Tax Rate Adjustments - The plan will implement provisional tax rates lower than the most-favored-nation rate for 935 items to enhance the linkage between domestic and international markets and expand the supply of quality goods [1]. - Key components include reducing import tariffs on critical components and advanced materials to promote high-level technological self-reliance and the construction of a modern industrial system [1]. - Tariff reductions will also support the green transformation of the economy and society by lowering tariffs on resource-based products like lithium-ion battery recycled black powder [2]. Group 2: Support for Healthcare and Living Standards - The adjustment will lower import tariffs on medical products such as artificial blood vessels and diagnostic kits for certain infectious diseases, reflecting a people-centered development philosophy [2]. - This move is expected to enhance public health and improve the well-being of citizens, particularly in addressing cardiovascular diseases [2]. - The tariff reductions on medical devices and pharmaceuticals aim to increase the supply of quality goods and reduce the medical burden on consumers [2]. Group 3: Optimization of Tariff Categories - The plan will add new tariff categories for emerging products like intelligent bionic robots and bio-aviation kerosene, increasing the total number of tariff categories to 8,972 [3]. - This adjustment will help industries and companies accurately grasp trade data and assess overseas market trends, facilitating the formulation of effective development strategies [3]. - The plan continues to implement agreement rates for certain imported goods from 34 trade partners, promoting regional integration and economic cooperation [3]. Group 4: Support for Least Developed Countries - The plan will maintain zero tariff treatment for 100% of products from 43 least developed countries, supporting their development [3]. - It will also continue to apply preferential tax rates for certain imported goods from countries like Bangladesh, Laos, Cambodia, and Myanmar under relevant trade agreements [3]. - This approach demonstrates China's commitment to responding to global uncertainties with determined policies, showcasing its role as a contributor to global development [3].

Core Viewpoint - The joint issuance of the "Notice on Strengthening Business and Financial Coordination to Boost Consumption" by the Ministry of Commerce, the People's Bank of China, and the Financial Regulatory Bureau aims to enhance financial support for key consumption areas through various measures [1] Group 1: Boosting Consumption - Multiple departments have implemented targeted measures to boost consumption, integrating benefits for people's livelihoods with consumption promotion [2] - Banks are leveraging the "Boost Consumption and Expand Domestic Demand" initiative to enhance the integration of credit, scenarios, payment, and derivative services, thereby expanding domestic demand comprehensively [2] - The Notice encourages financial institutions to collaborate with platforms and key merchants to improve services like installment payments and digital currency, catering to consumer upgrade needs [2] Group 2: Support for Upgrading Consumption - State-owned banks are actively supporting the "old-for-new" consumption model, optimizing financial services for automobiles and home appliances [3] - The construction bank is enhancing consumer loan products to support home renovation and smart home choices, addressing comprehensive consumer needs [3] Group 3: Innovative Application Scenarios - The Notice proposes developing specialized loan products to enhance rural e-commerce and improve payment convenience for inbound consumption [4] - The integration of consumption finance into various scenarios, such as shopping and home improvement, facilitates consumer convenience and helps merchants expand their markets [4] - A partnership with Shanghai Lego Land promotes the use of digital RMB, creating a typical application scenario for large theme parks [4] Group 4: Cultivating New Consumption Formats - The Notice emphasizes promoting new consumption formats based on local conditions, exploring financial support for emerging economic models like green consumption and digital consumption [5] Group 5: Strengthening Supply and Demand Alignment - Financial institutions are encouraged to optimize product services to enhance alignment between supply and demand in key areas like upgraded goods consumption and innovative consumption scenarios [6] - The transition from standardized to personalized consumption credit services is necessary to meet diverse consumer needs effectively [6] Group 6: Policy Coordination - A collaborative approach among business, finance, and industrial policies is essential for a healthy consumption finance market, enabling various entities to complement each other's strengths and reduce financing costs for consumers [7]

安全是低空经济发展的首要前提。而在这片低空之下，大风、暴雨、大雾、强对流等气象条件直接影响 低空航路规划和飞行时间安排等。 2025年初，国家气象信息中心数据研究室副主任谷军霞接受了一项新任务：践行"观测即服务"理念，带 领团队研发低空经济气象服务保障实况产品。 低空飞行离地面近，易受城市建筑、植被、山地等影响，这决定了低空飞行在很大程度上依赖于精密气 象监测和精细气象服务。起初，团队预计把这款气象实况产品的水平分辨率做到50米。可深入调研后发 现，对于低空飞行器来说，50米还是太"粗糙"了。"无人机一次作业时间可能只有十几分钟，其间还可 能需要在城市建筑之间穿行，原本我们业务应用的公里级小时级气象实况产品都派不上用场了。"谷军 霞说。 最终，团队将目标定在垂直分辨率2米、水平分辨率5米、5分钟更新的低空三维实况场。谷军霞坦言， 自己当初认为这个目标"几乎不可能完成"。 "压力特别大，要在短时间内做出这样的产品，我们少不了反复地试验、验证和改进，每个人都付出了 心血。"令谷军霞自豪的是，在团队协同合作下，米级分辨率的低空三维风场实况已经支撑了广州、武 汉、西安等16个城市低空经济示范场景应用。"不可能完成的任 ...

Core Insights - The "Golden Shoulder" cooperative live-streaming project in Qingdao's Xihai'an New District is successfully promoting rural e-commerce and helping farmers sell their products through live broadcasts [1][2][3] - The initiative has led to the establishment of a rural live-streaming e-commerce association, aiming to standardize and professionalize the industry while enhancing logistics and distribution [2][3] Group 1: Project Overview - The "Golden Shoulder" live-streaming project has conducted over 1,200 live broadcasts and trained more than 3,600 participants, successfully marketing over 50 types of local agricultural products nationwide [1] - The project has revitalized idle rural properties and attracted 12 professionals in the live-streaming e-commerce field to support its development [1] Group 2: Future Plans and Developments - The newly formed rural live-streaming e-commerce association will focus on resource integration, platform development, and standardization to guide the industry towards a more organized and professional direction [2] - Future initiatives include exploring a "cloud warehouse" logistics model and establishing a regional agricultural product distribution center to improve rural logistics [2][3] - The project aims to implement diverse models such as "live-streaming + cultural tourism" and "live-streaming + educational experiences" to enhance local employment and increase collective and individual incomes by over 3 million yuan annually [2]

（文章来源：经济日报） 李苍舒、俞敏、刘常瑜在《中国经济报告》2025年第19—20期《共同推动绿色低碳发展合作》一文中指 出，近年来，全球在应对气候变化和推动绿色低碳转型方面取得积极进展。全球社会公众和企业减排意 识明显提升，应对气候变化和绿色低碳发展正积聚新力量。然而，绿色低碳发展仍面临多重制约。面对 日益严峻的气候变化挑战，各国只有紧密协作、共同努力，才能如期实现碳中和目标，推动全球绿色低 碳发展。一是强化应对气候变化集体行动共识。发挥联合国主渠道作用，把气候谈判成果转化为具体行 动；加强大国间气候和经贸政策协调，在新技术合作研发上发挥引领作用；深化南南合作和绿色"一带 一路"合作，携手应对气候变化。二是加强全球气候、贸易与产业政策协同。减少绿色产品贸易壁垒， 促进清洁能源产品和技术在全球范围内更广泛流通和应用；鼓励清洁能源产业跨国投资和合作；推进主 要经济体碳市场互认和绿色产品国际认证。三是深化可再生能源、难减排行业等重点领域国际合作。推 动全球可再生能源大规模部署和能效大幅提升；加强南北合作、南南合作和三方合作，以成本最优和可 持续的组合方式提升发展中国家能源可及性。四是完善绿色技术合作机制。主要经 ...

来看这样一个试验： 如果您已经在心中吐槽，问高中生这种问题是不是太"小儿科"了，那么学生们的答案可能会让您惊掉下 巴：在场80%的学生竟然都回答了"固态"。 在美国某高中的化学课上，化学老师问学生："25摄氏度的水是什么形态？" 原来，"摄氏度"这个概念对美国学生而言实在是太陌生了，英制中的"华氏度"才是他们更为熟悉的概 念。 和利比里亚、缅甸一样，美国是目前全球范围内仅有的几个仍在官方层面或实际生活中使用英制的国 家，连英制的"祖国"英国都改用公制了。 在英制计量系统中，比较常见的长度单位包括英尺、英寸等，常用的重量单位则包括磅、盎司等，且大 多数单位都可以追溯到人体或者日常用品。比如，1英寸据说就是历史上某任国王拇指指节的长度，约 等于2.54厘米；而英尺则与脚的长度有关，后来才演变为30.48厘米的固定长度。 那英制单位间该怎么换算呢？与公制的"1千米"等于"1000米"这样超级简单的换算方式相比，英制单位 间的换算可就麻烦多了。比如，1英尺等于12英寸，1英里等于5280英尺。如果想要在英制和公制之间进 行换算，那就更让人眼花缭乱了——1英里约等于1.6千米、1磅约等于454克、0摄氏度等于32华氏 ...

陆洋、林容珍在《团结》2025年第4期《以绿色技术国际合作加强绿色"一带一路"建设》一文中指出， 跨国合作与技术共享是全球实现绿色低碳转型的必由之路，也是绿色"一带一路"的重要内容。发展中国 家普遍面临各类环境问题。如何利用绿色技术、实现绿色技术的转移和转化，推进各国逐步实现绿色转 型，成为共建"一带一路"国家绿色发展的关键性问题。共建"一带一路"国家在生态农业、绿色能源、节 能减排、绿色建筑、应对气候变化需要的环境治理和修复等可持续发展技术领域的转移转化需求与日俱 增。中国在绿色技术国际合作中，一方面作为绿色技术输出方积极支援共建"一带一路"国家以及不发达 国家可持续发展事业，另一方面也迫切需要发达国家的绿色技术转移来推动自身经济社会绿色转型。具 体可在以下几方面重点发力。一是绿色技术转移合作机制研究亟待深化。绿色技术国际合作涉及资金、 人才、法律法规、基础设施等各方面综合配套，需要系统的技术标准评价体系。二是加强绿色技术转移 转化的信息和网络平台搭建，推动共建"一带一路"国家间技术信息共享。三是加强绿色金融对绿色技术 国际合作的支持力度。通过扩展资金来源、保障资金可持续性等手段，完善绿色技术转移资金保障机 ...