海南省发展和改革委员会党组成员、副主任丛劲松表示，海南省将着力构建具有海南特色和优势的现代 化产业体系，全力推进如期顺利封关，在发展中保障和改善民生。 2025年是"十四五"规划收官之年，也是海南自由贸易港封关运作、扩大开放之年。12月18日，海南自贸 港将封关运作。 9月22日，"活力中国调研行"海南主题采访活动情况介绍会在海口召开。海南省委常委、宣传部长王斌 表示："目前，海南自贸港建设已进入成型起势、即将全岛封关运作的新阶段。海南自贸港政策制度体 系已初步建立。" 目前，自贸港进口征税商品目录、禁限进出口货物物品清单、海关监管办法、加工增值货物内销税收征 管办法、个人所得税优惠政策等封关核心政策及配套制度已印发实施，标志着海南在构建更自由、便 利、开放的政策制度体系进程中迈出关键一步。 海南自贸港第一批封关运作31个项目全部建成，8个对外开放口岸和10个"二线口岸"基础设施及查验设 施设备基本完备，压力测试和实战化演练压茬推进。海南自由贸易港海关智慧监管平台正式上线运行， 可有力支撑封关运作后"零关税"、加工增值内销等特色业务"一线、二线、岛内"便捷通关和高效监管需 求。 自贸港核心政策效果显著。过去5 ...

根据中央气象台消息，"桦加沙"已于9月21日08时加强为超强台风级，预计9月24日前后以强台风级或超 强台风级（14-16级）在广东省中西部沿海地区登陆。 记者丨王达毓 编辑丨蒋韵 启动二级（重大）应急响应 织密灾害防护网 南方财经记者了解到，按照广东省防台风工作研判部署会精神，广东保险业协会第一时间向辖内保险机 构发布了台风预警，同步启动行业Ⅱ级响应，并组建"省级-地市-片区"三级应急专班，明确各环节责任 人及响应时限，确保指令1小时内传达至全行业。 与此同时，针对"桦加沙"的到来，广东各家保险公司也积极在事前采取多项措施，构筑防台风坚实防 线。 比如，人保财险广东省分公司启动二级（重大）应急响应，成立以省分公司主要负责人任组长的应急领 导小组，统筹调度本次台风的防灾防损和灾后理赔工作。据了解，该公司共分类组建理赔支援团队共 200个，储备外部专家50人、公估机构30家共600人、专业施救及检测机构13家，统筹全省77台无人机及 67名飞手、340台施救车辆、可停放1.2万台车的122个保全场地用于紧急调度，确保灾害发生后可快速 响应。 中国人寿财险广东省分公司则依托"安心防"智慧防灾防损云平台，实现线上数 ...

这里是《21健讯Daily》，欢迎与21世纪经济报道新健康团队共同关注医药健康行业最新事件！ 天士力的普佑克新增适应症获批 9月22日，天士力(600535.SH)公告称，公司全资子公司天士力生物收到国家药品监督管理局核准签发的 《药品注册证书》，批准注射用重组人尿激酶原（普佑克）新增急性缺血性脑卒中的溶栓治疗适应症。 普佑克作为国内目前唯一获批上市的重组人尿激酶原产品，也是首个获批"十一五"规划期间国家"重大 新药创制"科技重大专项支持下的1类生物创新药。该药已上市适应症为急性ST段抬高型心肌梗死，本 次新增急性缺血性脑卒中溶栓治疗适应症的获批丰富了公司神经/精神领域产品线。 资本市场 政策动向 驻国家卫生健康委纪检监察组聚焦整治重点 加力推进医药领域纠风治乱 9月22日，中央纪委国家监委网站发布《驻国家卫生健康委纪检监察组聚焦整治重点 加力推进医药领域 纠风治乱》一文，指出持续净化医药领域政治生态和行业生态，是维护人民群众切身利益的必然要求。 记者近日从中央纪委国家监委驻国家卫生健康委纪检监察组了解到，该纪检监察组今年以来加力推进医 药领域纠风治乱，督促综合监督单位重点纠治医务人员收受"红包"、假借学术交 ...

Core Viewpoint - The Hainan Free Trade Port is entering a new phase with the upcoming closure operation on December 18, 2025, marking a significant step in its development and policy implementation [1][3]. Policy and Infrastructure Development - Hainan has established a preliminary policy system for the Free Trade Port, including core policies on import taxation, prohibited and restricted goods, customs supervision, and personal income tax incentives [3][4]. - The first batch of 31 projects for the Free Trade Port has been completed, with infrastructure for 8 open ports and 10 "second-line ports" nearly ready [3][4]. - A smart customs supervision platform has been launched to support efficient customs clearance and regulatory needs post-closure [3][4]. Economic Performance - Over the past five years, Hainan has attracted a total of 102.5 billion yuan in foreign investment, with an annual growth rate of 14.6% [4]. - The number of countries eligible for visa-free entry to Hainan has expanded to 85, and trade with emerging markets has seen significant growth [4][5]. - The total import value under the three "zero tariff" lists reached 2.505 billion yuan, an increase of 86.4%, with tax reductions amounting to 518 million yuan, up 109.1% [4][5]. Taxation and Policy Optimization - The tax policy framework for the Free Trade Port is characterized by stability, uniqueness, systematization, and gradualism, with ongoing updates to ensure continuous policy benefits [5][6]. - After the closure operation, the "zero tariff" level is expected to rise from just over 20% to 74.1%, reflecting a significant enhancement in openness [5][6]. Industry Growth and Social Welfare - Hainan's GDP reached 370.2 billion yuan in the first half of the year, with industrial value-added growth leading the nation at 11.4% [7]. - The four main industries—tourism, modern services, high-tech industries, and tropical agriculture—account for 68.6% of the province's GDP [7]. - The average disposable income of residents has increased, with rural residents experiencing a growth rate higher than that of urban residents [7][8].

记者丨董鹏 编辑丨骆一帆 随着更多细节的披露，紫金黄金国际的市值、估值已经可以大致确定。 上周五，紫金矿业发布分拆上市进展公告，其子公司紫金黄金国际此次计划发行3.49亿股至4.01亿股 （约占全球发售完成后13.3%至15%），发行价格则确定为71.59港元/股。 由此计算，紫金黄金国际上市后市值有望达到1878.5亿港元。此前，紫金矿业所希望达到的"推动公司 黄金资产价值重估"，也将取得明显成效。 根据公告，此次紫金黄金国际全球发售基础发行股数为3.49亿股，占全球发售完成后已发行的紫金黄金 国际股份总数13.3%。如若代表国际承销商行使超额配售权，公司此次全球最大发行股数可以达到4.01 亿股，约占其发行后股份总数的15%。 在不考虑超额配售权的情况下，此次港股发行完成后，紫金黄金国际股份总数将达到26.24亿股。 如果按照紫金黄金国际上半年归母净利润年化后估算，公司全年净利润约为10.4亿美元，上述发行价所 对应的市盈率可以达到23倍左右，显著高于紫金矿业A股当前15倍左右的动态估值。 而以上超过200亿港元的融资规模，在创下今年港股市场第二大IPO的同时，也将为高度依赖外部并购 的紫金矿业、紫金黄金 ...

Company Movements - Xiaomi Group's Chairman and CEO Lei Jun announced the launch of the Xiaomi 17 series on September 25, which will include a sixth annual speech themed "Change," sharing stories about Xiaomi's玄戒 chip and Xiaomi's automotive developments [8] - OpenAI and NVIDIA announced a strategic partnership to deploy a 10-gigawatt NVIDIA system, with NVIDIA planning to invest up to $100 billion in OpenAI [8] - Hangzhou Dianzi's optical communication business is currently in a loss state, while its copper foil business is still in the early stages [9] - Shoukai Co., Ltd. holds a low equity stake of approximately 0.3% in Yushu Technology through its controlling subsidiary [10] - Changchuan Technology expects a net profit of 827 million to 877 million yuan for the first three quarters, representing a year-on-year growth of 131% to 145% [11] Industry Insights - The China Securities Regulatory Commission (CSRC) announced plans to accelerate the implementation of a new round of comprehensive capital market reforms, focusing on the Science and Technology Innovation Board, Growth Enterprise Market, and Beijing Stock Exchange [6] - On September 22, the three major A-share indices collectively rose, with funds continuing to favor technology stocks, leading to new highs for companies like SMIC and Haiguang Information [6] - The Hong Kong Stock Exchange's Hang Seng Index closed down 0.76% on September 22, with significant declines in energy and port stocks, while the consumer electronics sector saw a surge [6] - The Hong Kong Securities and Futures Commission is consulting on the implementation of an investor identification code system for the derivatives market to enhance market integrity and sustainability [6]

Core Viewpoint - The company, YouSheng Co., Ltd. (603418.SH), is set to be listed on the Shanghai Stock Exchange, focusing on the manufacturing of aluminum alloy automotive components, particularly in the lightweight and new energy vehicle sectors [1]. Group 1: Company Overview - YouSheng Co., Ltd. specializes in the design, development, production, sales, and service of aluminum alloy automotive parts, with a product range that includes threshold beams, battery trays, bumpers, and subframes [1]. - The main revenue sources for the company are the threshold beam series, contributing 1.748 billion yuan (48.90%), and the battery tray series, contributing 1.064 billion yuan (29.77%), together accounting for over 75% of total revenue [1]. Group 2: Market Position and Client Relationships - The company holds a domestic market share of 64.25% for threshold beams and 12.30% for bumpers, with significant growth potential for battery trays as they begin supplying major clients like CATL and Volvo in 2024 [1]. - YouSheng has established stable partnerships with leading global new energy vehicle manufacturers, including Tesla, GAC Group, NIO, and others, with a supply share exceeding 60% for many of its products in key models [2]. Group 3: Financial Performance - The net cash flow from operating activities for YouSheng from 2022 to 2024 is projected to be 49.116 million yuan, 38.022 million yuan, and a negative 253 million yuan, indicating a rising trend in cash outflow [3]. - The company has highlighted liquidity risks related to working capital, as it primarily uses prepayment for raw material purchases while facing longer payment cycles from customers [2].

"十四五"时期，金融部门围绕为经济社会发展提供高质量服务，全面深化金融体制改革，提升金融治理 能力，健全金融机构、市场与产品体系，增强了金融业国际竞争力和影响力。截至今年6月末，我国银 行业总资产近470万亿元，位居世界第一，股票、债券市场规模位居世界第二；外汇储备规模连续20年 位居世界第一。 "十四五"期间，我国金融服务实体经济的能力与质效大幅提升。以服务实体经济作为根本，通过深化金 融供给侧结构性改革与金融创新发展，打造现代金融机构和市场体系，有效疏通资金进入实体经济的渠 道，把更多金融资源用于促进科技创新、先进制造、绿色发展和中小微企业等，做好科技金融、绿色金 融、普惠金融、养老金融、数字金融五篇大文章。 统计显示，5年来，银行业保险业通过信贷、债券、股权等多种方式，为实体经济提供新增资金170万亿 元，科研技术贷款、制造业中长期贷款、基础设施贷款年均增长27.2%、21.7%、10.1%。普惠型小微企 业贷款余额36万亿元，是"十三五"末的2.3倍。 我国金融体系着眼于支持科技创新的能力、强度和水平，积极满足科技型企业不同生命周期阶段的融资 需求。近年来，新上市企业中九成以上都是科技企业或者科技含量 ...

Core Insights - The Chinese real estate market is undergoing a deep adjustment period, with many unfinished projects posing significant challenges that need urgent solutions [1][3] - The Pingwen Fund in Nanning has emerged as a successful model for addressing these challenges, focusing on both "guaranteeing delivery" and "stabilizing assets" through market-oriented operations [1][4] Group 1: Pingwen Fund Overview - Established in May 2022, the Pingwen Fund is one of the earliest real estate relief funds in China, successfully delivering 5,127 housing units over three years [1][4] - The fund operates under principles of government guidance, market-oriented operations, and risk prevention, showcasing a unique approach to reviving stalled projects [4][7] Group 2: Challenges in Real Estate Delivery - Many projects face complex issues such as debt complications, asset freezes, and funding shortages, making traditional solutions inadequate [3][4] - Specific challenges include difficulties in project handover, funding disputes, and management issues due to prolonged construction halts [3][6] Group 3: Innovative Solutions by Pingwen Fund - The Pingwen Fund employs a dual isolation strategy involving equity transfer and asset transfer to mitigate risks associated with developer bankruptcies [5][7] - It has successfully navigated funding challenges by utilizing asset segmentation, special loans, and commercial development profits to cover funding gaps [6][8] Group 4: Replicable Model - The success of the Pingwen Fund has led to the development of a replicable model known as the "Nanning Experience," which emphasizes market-oriented and legal frameworks to resolve common industry issues [7][8] - This model highlights the importance of protecting homeowner rights throughout the entire process, from delivery to property management [8]

Core Viewpoint - Vietnam is launching an ambitious infrastructure investment plan with a total investment of 1,280 trillion VND (approximately 50 billion USD) for 250 large-scale projects, marking the beginning of a 10 to 20-year economic development and modernization phase [1][6]. Infrastructure Challenges - Vietnam's road quality ranks 109th globally, with only 60% of national roads being asphalted and many roads remaining in poor condition [2]. - The railway system largely consists of narrow-gauge tracks from the colonial era, limiting capacity and speed, with average speeds around 50 km/h [2]. - Power supply issues have led to nationwide blackouts, causing significant losses for major companies, with a reported loss of 1.4 billion USD for firms like Foxconn and Samsung [3]. Government Initiatives - The Vietnamese government is focusing on infrastructure to address economic challenges, with public investment spending increasing by 40% year-on-year in the first half of the year [6]. - As of June 30, public investment reached 268.1 trillion VND (approximately 10.3 billion USD), accounting for 32.5% of the approved budget for 2025 [6]. Investment Landscape - The government is funding 129 of the 250 projects, with a total investment of approximately 478 trillion VND (about 18 billion USD), while 121 projects are supported by private and foreign capital, totaling around 30.5 billion USD [7]. - Private and foreign investments account for 63% of the total investment in these projects [7]. Market Opportunities for Chinese Enterprises - Chinese companies are increasingly involved in Vietnam's infrastructure projects, with significant contracts awarded for metro and highway construction [10][11]. - The shift towards smaller, more manageable projects is noted as a strategy to mitigate risks associated with large-scale investments [11]. Strategic Considerations - Experts suggest that Chinese enterprises should form strategic alliances to avoid internal competition and price wars in the crowded Vietnamese market [11]. - Identifying new opportunities in sectors like renewable energy, electricity, and telecommunications is recommended, as traditional infrastructure sectors may face protectionist barriers [11].