Group 1 - The rapid development of AI technology is impacting employment opportunities, with recent arbitration cases indicating that replacing jobs with AI does not qualify as "significant changes in objective circumstances" [1] - The increase in AI replacing human jobs is particularly notable in sectors such as finance, manufacturing, and customer service, highlighting the need for a balance between technological advancement and worker rights [1] - Companies are encouraged to take social responsibility by facilitating employee transitions through internal job transfers, skills training, and flexible work arrangements, which are essential for maintaining harmonious labor relations [1] Group 2 - The essence of AI should be to assist, liberate, and empower humans rather than replace them, emphasizing a "technology for good" approach [2] - There is a need for clearer legal definitions regarding "significant changes in objective circumstances" to hold companies accountable during technological transformations [2] - Social support systems, including flexible vocational education and potential training funds, should be enhanced to help workers adapt to technological changes, fostering inclusive development [2]

Core Insights - The article emphasizes the political advantages and practical experiences of China's five-year planning system, highlighting its effectiveness in governance and development [1][2][4] Group 1: Political Advantages - The five-year planning system is recognized internationally as a powerful planning framework, showcasing China's ability to implement long-term strategies effectively [1] - The system has evolved to address significant issues at different stages of development, ensuring historical continuity and forward-looking strategies [1] Group 2: Institutional Advantages - The five-year planning system allows for the concentration of resources to tackle major projects, which has been crucial for foundational industrial development and technological advancements [2] - The system facilitates a better balance between an effective market and a proactive government, addressing the complex relationship between the two [2] Group 3: Historical Patience - The five-year plans serve as milestones in China's journey towards modernization and national rejuvenation, emphasizing the importance of continuity and strategic execution [3] - Each plan builds upon the previous one, ensuring that strategic tasks are effectively implemented to support modernization efforts [3] Group 4: Leadership and Implementation - The role of leadership is critical in the successful implementation of the five-year plans, with a focus on aligning local initiatives with national strategies [4] - Engaging with societal expectations and local conditions is essential for the effective execution of planning, ensuring that projects meet public needs and leverage regional advantages [4]

(责任编辑：武晓娟) 江苏洪泽湖、骆马湖是南水北调东线重要调蓄湖泊，拥有国家级水产种质资源保护区。自2020年、 2021年先后实施禁捕退捕以来，渔业资源日趋丰富，也引起不法分子觊觎。近期，有媒体调查发现，在 相关部门严打严控的形势下，仍有不法分子从事非法捕捞，一晚动辄获利数千元乃至上万元。且近两 年，非法捕捞趋于组织化团伙化，捕捞、转运、销赃等环节分工明确。必须进一步加大对偷捕的打击力 度，重点加大"三无"快艇清理取缔力度。强化市场销售端监管，加强对水产品交易市场及相关生产经营 主体的日常检查，严厉查处销售非法捕捞水产品的违法行为。(本文来源：经济日报 作者：时 锋) ...

近日，财政部会同央行等有关部门"六箭齐发"，部署一系列财政金融协同促内需政策。这套"组合 拳"创新政策工具，加强财政政策与金融政策联动配合，精准激发民间投资、促进居民消费，推动内需 成为经济发展的主动力。 (责任编辑：武晓娟) 一揽子政策充分创新。针对企业和市场的实际需要，组合运用贷款贴息、担保补偿等政策工具，新 推出中小微企业贷款贴息、民间投资专项担保计划、支持民营企业债券风险分担机制三项重要政策。从 支持民间投资政策看，既瞄准降低融资门槛，又着力降低融资成本，体现了对解决融资难、融资贵问题 的总体考量。在以贴息、担保等方式支持间接融资的同时，又以风险补偿方式助力直接融资，中央财政 安排风险分担资金，与央行相关政策工具协同配合，为民营企业和私募股权投资机构发行债券提供增信 支持。加强财政金融协同创新，聚焦支持关键领域和重点群体，更好发挥扩大内需效能，丰富了宏观政 策工具箱。 一揽子政策着力优化。推出增量政策能够向经济注入新动能，实施好存量政策则可持续发挥政策效 能。财政金融协同，需要重视发挥存量政策和增量政策集成效应。此次发布的六项政策中，有三项属 于"优化实施"，即设备更新贷款贴息政策、服务业经营主体贷款 ...

社会工作事关党长期执政和国家长治久安，事关社会和谐稳定和人民幸福安康，面向最广泛的社会领 域、最广阔的基层组织、最广大的人民群众。 "十四五"圆满收官、"十五五"征程开启，在以习近平同志为核心的党中央坚强领导下，中央社会工作部 及各地党委社会工作部门认真学习习近平总书记关于社会工作的重要论述，围绕经济社会发展新变化、 新特点、新需求，持续推进完善社会治理体系，推动社会工作高质量发展，在中国特色社会主义社会治 理之路的探索征程上阔步前行。 管理服务向"新"，党在新兴领域的号召力凝聚力影响力不断增强 "社会工作一定要加强，对这些年出现的快递小哥、网约车司机、电商从业人员等，在管理服务上要跟 上，填补好这个空白。"2025年3月5日下午，习近平总书记到十四届全国人大三次会议江苏代表团参加 审议时，对社会工作提出要求。 回忆起当时聆听总书记重要讲话的场景，全国人大代表、江苏连云港市海连社区党委书记李肖娜仍心绪 激荡。"总书记的重要讲话，让我倍感振奋，既给了我思想上的启迪，也给了我行动上的指引。" "之前企业单打独斗，现在党组织发挥战斗堡垒作用，难题有人解、发展有人带，归属感和凝聚力不断 增强，我们干事创业更有信心了。 ...

Core Viewpoint - The securities firms are actively seizing market opportunities and increasing bond issuance to enhance capital strength and support the real economy, with a record bond issuance of 1.8 trillion yuan in 2025, a 45% year-on-year increase [1][2]. Group 1: Capital Strengthening - In 2025, securities firms showed heightened enthusiasm for bond issuance, with major firms like China Galaxy, Huatai Securities, and CITIC Securities each surpassing 100 billion yuan in issuance, collectively accounting for nearly 30% of the total industry issuance [2][3]. - The average bond issuance interest rate for securities firms dropped to 1.94% in 2025, with some short-term financing bonds as low as 1.52%, significantly reducing financing costs and encouraging firms to secure long-term funding [3][4]. - The funds raised through bond issuance are primarily used for repaying maturing debts, supplementing operational funds, optimizing capital structure, and meeting business operational needs [3][4]. Group 2: Empowering Technological Innovation - The bond types issued by securities firms are diversifying, with a notable increase in the issuance of technology innovation bonds, which reached 64 issues totaling approximately 74.5 billion yuan in 2025 [4][5]. - Securities firms are leveraging their expertise to create innovative bond products, such as convertible bonds, to support technology enterprises facing funding challenges [5][6]. - The development of new productive forces is accelerating, and securities firms are expected to enhance their service capabilities to better support technological innovation and the growth of new productive forces [6][7]. Group 3: Scientific Fund Utilization - While the enthusiasm for bond issuance meets capital and business development needs, there are potential challenges, such as inefficient fund allocation that could elevate industry leverage levels [7][8]. - The China Securities Regulatory Commission emphasizes the need for differentiated supervision, encouraging high-quality institutions while imposing stricter controls on weaker ones, which requires firms to carefully plan their financing scale and risk management [7][8]. - To improve bond issuance capabilities and fund utilization efficiency, securities firms are advised to adopt a dual approach focusing on precise financing and efficient fund allocation [8][9].

Core Insights - TSMC's advanced packaging capacity is severely undersupplied, prompting aggressive expansion efforts, including the unveiling of the AP7 facility in Chiayi, which will serve major clients like Apple [1][2] - The AP7 facility is set to enter its first phase of equipment installation, focusing on mass production of the SoIC technology platform, with a second phase expected to begin production this year [1] - The AP7 site has potential for at least six additional phases of expansion to meet the growing demands of clients and the AI market [1] Group 1 - AP7 is TSMC's sixth advanced packaging facility, previously undisclosed to the public, and was showcased during a media tour led by TSMC's senior vice president [1] - The first phase of AP7 is designed for SoIC technology mass production, while the second phase will support Apple's wafer-level multi-chip module (WMCM) technology [1] - AP7 is anticipated to become TSMC's largest advanced packaging facility, with future phases potentially incorporating new advanced packaging processes like CoPoS, expected to begin production by 2028-2029 [1] Group 2 - TSMC is expanding its advanced packaging capacity through both in-house production and outsourcing, with AP7 being the first facility located in Chiayi [2] - TSMC has integrated advanced packaging technology into the 3DFabric domain, including the SoIC platform, which consists of two stacking solutions: SoIC-P and SoIC-X [2] - The SoIC technology for N3-on-N4 stacking is projected to enter mass production in 2025, with a spacing of 6μm, while the next-generation SoIC A14-on-N2 is expected to be ready by 2029 [2]

Core Viewpoint - The brokerage industry is experiencing a surge in bond issuance, with a total of 1.8 trillion yuan issued in 2025, marking a 45% year-on-year increase and setting a historical record. This trend reflects the brokers' efforts to enhance capital strength and support the real economy [1][2]. Group 1: Capital Strengthening - In 2025, there is a notable increase in large-scale bond issuances, with major brokerages like China Galaxy and CITIC Securities each surpassing 100 billion yuan in issuance, collectively accounting for nearly 30% of the total industry issuance [2]. - The average bond issuance interest rate for brokerages dropped to 1.94% in 2025, with some short-term financing bonds as low as 1.52%, significantly reducing financing costs and encouraging long-term funding [3]. - The primary uses of the funds raised through bond issuance include repaying maturing debts, supplementing operational funds, and optimizing capital structures to meet business operational needs [3]. Group 2: Empowering Technological Innovation - The bond types issued by brokerages are diversifying, with a growing focus on technology innovation bonds, which have seen a total issuance of 64 bonds amounting to approximately 745 million yuan in 2025 [4]. - The introduction of convertible bonds based on technology innovation bonds aims to attract patient capital, providing long-term low-cost funding to technology enterprises facing early-stage funding challenges [5]. - Brokerages are expected to enhance their service capabilities for technology innovation, covering the entire lifecycle of tech enterprises from incubation to public listing [6]. Group 3: Scientific Fund Utilization - While the surge in bond issuance meets capital needs, there are potential challenges, including the risk of inefficient fund allocation leading to increased industry leverage [7]. - Regulatory bodies are focusing on differentiated supervision, allowing quality institutions more flexibility while requiring prudent financing scale determination and risk management [7]. - Brokerages are encouraged to improve their risk management systems and optimize capital structures to enhance capital utilization efficiency and resilience against risks [7][8].

Core Viewpoint - In 2025, securities firms actively seized market opportunities and issued bonds to raise funds, with total bond issuance reaching 1.8 trillion yuan, a year-on-year increase of approximately 45%, marking a historical high [1] Group 1: Strengthening Capital Strength - The enthusiasm for bond issuance among securities firms increased in 2025, with large-scale bonds frequently appearing, such as China Merchants Securities planning to issue bonds up to 40 billion yuan and CITIC Securities up to 50 billion yuan [2] - Leading securities firms like China Galaxy, Huatai Securities, and CITIC Securities have issued over 100 billion yuan each, collectively accounting for nearly 30% of the total industry bond issuance [2] - The historical high in bond issuance is attributed to market demand, policy environment, and the industry's development stage, with a growing need for operational funds and capital [2] Group 2: Financing Costs and Uses - The average interest rate for bond issuance by securities firms dropped to 1.94% in 2025, with some short-term financing bonds as low as 1.52%, significantly reducing financing costs [3] - The primary uses of bond financing include repaying maturing debts, supplementing operational funds, optimizing capital structure, and meeting business operational needs [3] - As a capital-intensive industry, securities firms can use bond issuance to reduce reliance on short-term funds and support business expansion [3] Group 3: Empowering Technological Innovation - The types of bonds issued by securities firms have diversified, with a notable increase in the issuance of technology innovation bonds, totaling 64 bonds worth approximately 74.5 billion yuan in 2025 [4] - Securities firms are actively issuing technology innovation bonds to better support technological innovation and the development of new productive forces [4] - The issuance of convertible bonds linked to technology innovation is designed to attract patient capital and provide long-term low-cost funding for enterprises [5] Group 4: Efficient Use of Funds - While the active bond issuance by securities firms meets capital and business development needs, there are potential challenges regarding inefficient fund allocation [7] - The China Securities Regulatory Commission emphasizes the need for differentiated regulation, encouraging quality institutions while imposing restrictions on weaker ones [7] - Securities firms are advised to enhance their risk management and ensure prudent use of funds, with a focus on optimizing capital and debt structures [7][8]

英特尔与联电（2303）传将进行「世纪大合作」，英特尔要把独家用于下世代埃米级制程与先进封装关 键的独家技术「Super MIM」超级电容授权联电，联电技术能力将大跃进，双方并将携手抢攻AI世代大 商机，树立台美半导体合作新里程碑。 对于相关消息，联电表示，目前与英特尔的合作重心仍放在12奈米平台，持续强化制程竞争力与客户服 务，但未来不排除扩大合作范围，朝更多元技术领域发展。 该技术可在芯片内部即时提供瞬间电流支援、抑制电压下陷与电源杂讯，被视为18A等埃米级制程能否 顺利量产的关键电力基础模组之一。 消息人士透露，英特尔正规划优先将Super MIM超级电容技术向下导入与联电既有合作的12奈米／14奈 米制程平台，并延伸至先进封装相关应用。 业界分析，透过取得英特尔相关授权，联电在关键电力技术先行商品化与模组化再迈进大步，并建立其 成熟先进制程与先进封装领域差异化技术门槛。 若联电成功导入英特尔Super MIM超级电容技术，将不仅是单一制程优化，而是取得「先进电力模组」 这项跨世代关键能力，有助其切入AI加速器、高速运算、先进封装电源层等高附加价值应用，对联电 整体技术平台与客户结构具指标意义。 消息人 ...