商务部国际贸易经济合作研究院研究员徐德顺指出，国际货币因国际贸易而生，其体系形成发展受货币 规律、市场需求及地缘政治等影响，历经国际金本位、布雷顿森林及后布雷顿森林体系三阶段。国际金 本位体系有单一稳定特点，但也存在总量供给刚性等缺陷，一战后逐渐终结。布雷顿森林体系终结了二 战前货币秩序紊乱，却遭遇特里芬难题。后布雷顿森林体系属脱锚信用货币时代，美元特权、超发等问 题突出，组织保障机制也不完善。当前，国际货币体系面临三方面挑战：一是内生改革动力增强，信用 货币担当国际货币存在风险；二是地缘政治博弈，货币受主权影响，俄乌冲突中SWIFT系统被政治化； 三是科技金融创新加速，稳定币倒逼国际货币体系改革。未来改革方向一是促进体系更稳健，维护IMF 等权威，推行有管理的浮动汇率制度，完善货币金融安全网；二是提升效率，提高跨境支付效率，发挥 多边平台优势；三是推动更公平合理，探索超主权货币功能，探索多元化货币体系，减少对单一主权货 币依赖；四是中国要展现担当，践行全球倡议，稳慎推进人民币国际化。另外，美联储政策最终服务于 美国利益最大化，如今要在平衡国内通胀、就业与全球利益间艰难抉择。 大金融思想沙龙是中国人民大学国际 ...

Group 1 - The core viewpoint of the news is that Changchun High-tech Industry (Group) Co., Ltd. has submitted a listing application, with CITIC Securities International as the sole sponsor [1] - Established in 1993, the company initially focused on infrastructure and real estate development in Changchun, and strategically shifted its focus to the pharmaceutical industry in 1996 [1] - Changchun High-tech has developed a comprehensive capability in research, manufacturing, and commercialization through investments in subsidiaries such as Jinsai Pharmaceutical, Baike Biological, and Huakang Pharmaceutical [1] Group 2 - The company has become a leading innovation-driven pharmaceutical group in China, covering therapeutic biological agents, chemical drugs, vaccines, and traditional Chinese medicine [1] - According to Frost & Sullivan, Changchun High-tech is one of the few pharmaceutical companies in China that has achieved full industry chain capabilities in the aforementioned drug types [1] - The product portfolio includes over 45 commercialized drugs, with more than 20 being first-in-class products globally and/or in China [1] Group 3 - Recently, the company has faced short-term pressure, with over 90% of its drug sales revenue coming from six major products [2] - A projected revenue decline of 7.5% year-on-year for 2024 is attributed to the normalization of shingles vaccine sales and a decrease in sales of the company's water injection product [2] - Financial data shows that the company achieved revenues of 12.63 billion, 14.57 billion, 13.47 billion, and 6.60 billion RMB for the years 2022, 2023, 2024, and the first half of 2025, respectively, with significant profit declines [2]

（原标题：江苏汽车置换更新补贴政策今起暂停） 9月29日讯，江苏省商务厅9月27日发布《关于调整江苏省2025年汽车以旧换新政策的公告》，对2025年 汽车以旧换新政策进行调整，核心变化是暂停汽车置换更新补贴，并对汽车报废更新实施限额管理。根 据公告，汽车置换更新补贴政策已于2025年9月28日24:00起暂停实施。 在2025年1月1日至9月28日期间购车且符合补贴条件的消费者，需在2025年10月20日24:00前提交完整申 报资料。已提交申请的消费者需及时关注审核进度。若需修改或补正申请材料，必须在2025年10月31日 24:00前完成提交，逾期未按要求完成将被视为放弃申请。 ...

Group 1 - The first foreign-funded consumer REIT, Huaxia CapitaLand Commercial REIT, was launched on the Shanghai Stock Exchange with a fundraising target of 2.2872 billion yuan and received over 309.17 billion yuan in subscriptions, achieving a subscription multiple of 535.2 times for public investors and 252.6 times for institutional investors [1] - The fund is managed by CapitaLand, the largest REIT manager in the Asia-Pacific region, with underlying assets including CapitaLand Yunshang and CapitaLand Yuhua Pavilion [1] - CapitaLand's CEO emphasized the integration of international REIT management experience with the Chinese market, providing domestic investors with a new channel for quality asset allocation in a low-interest-rate environment [1][2] Group 2 - The issuance of public REITs is seen as beneficial for CapitaLand to revitalize existing assets and optimize capital structure, supporting new project investments and creating a positive cycle of fundraising, investment, management, and exit [2] - The Chinese public REIT market is expanding, with increasing market size and product diversity, particularly in the consumer REIT sector, which presents significant growth potential [1]

Core Insights - China's basic education has reached the average level of high-income countries, with significant improvements in enrollment rates and educational funding [1] Education Statistics - In 2024, the gross enrollment rate for preschool education is projected to be 92.0%, an increase of 6.8 percentage points from 2020 [1] - The retention rate for nine-year compulsory education is expected to be 95.9%, up by 0.7 percentage points from 2020 [1] - The gross enrollment rate for high school education is anticipated to be 92.0%, reflecting an increase of 0.8 percentage points since 2020 [1] - The total enrollment in higher education has reached 48.46 million, an increase of 6.63 million from 2020, establishing the world's largest higher education system [1] Educational Funding - In 2023, total education expenditure reached 6.5 trillion yuan, representing a growth of 21.8% compared to 2020 [1] - The proportion of government education funding to GDP has remained above 4% for 12 consecutive years, supporting the high-quality development of the education sector [1] - By 2024, the total number of full-time teachers is expected to reach 18.85 million, indicating ongoing improvements in teacher workforce development [1]

据了解，斯年智驾作为全球场景物流无人驾驶解决方案提供商，专注于用无人驾驶技术赋能智慧物流。 公司提供无人驾驶集卡、无人智能平板运输设备及运力运营服务，重点研发港口全栈式无人集卡运输解 决方案。 针对此次融资，斯年智驾创始人兼董事长何贝表示，"资金将重点投入到三大方向：一是做实、做深技 术与产品，开发适应多元场景、更高性能的下一代无人驾驶系统；二是加快定制底盘和自研底盘的双轨 适配，保障系统稳定与安全的同时，有效降低单车成本；三是推动规模化量产，通过降低单位成本摊 销、维持高毛利率，从而实现收入的高速增长与盈利能力的稳步提升。" （原标题：斯年智驾完成数亿元B+轮融资，新老股东共同加持） 9月29日，斯年智驾宣布完成数亿元B轮融资，本轮融资由郑州高新产投基金、浙江省创新投资私募基 金管理有限公司、华融等投资机构与产业资本联合投资，资金将重点用于无人驾驶产品的研发和市场开 拓等布局。 ...

Core Viewpoint - The article discusses effective ways for parents to interact with their adolescent children, emphasizing the importance of silence, companionship, and empathy in fostering a positive relationship during this challenging developmental stage [1][31]. Group 1: Standard Interaction - The first essential approach is to "close the mouth," meaning parents should avoid harsh words and criticism, as this can provoke rebellious behavior in teenagers [2][6][11]. - An example is provided where a teenager's behavior improved significantly when parents shifted from a confrontational approach to one of understanding and support [12][14]. Group 2: High-Level Interaction - The second approach is "companionship," highlighting that adolescents, while seeking independence, still require parental support and understanding [15][18]. - Parents are encouraged to manage their emotions, help their children build resilience against stress, and establish clear boundaries to guide behavior [22][25][27]. Group 3: Top-Level Interaction - The final and most crucial approach is "empathy," which involves understanding and validating the child's feelings and perspectives [28][29]. - Parents should recognize that they are shaping an independent individual rather than a mini-version of themselves, fostering a relationship built on trust and love [30][31].

Group 1 - The eighth China Farmers' Harvest Festival was successfully held in Shandong, showcasing the theme "Celebrating Agricultural Harvest, Enjoying a Better Life" and highlighting its historical significance in the context of the "14th Five-Year Plan" [1] - The event featured various activities such as a rural food festival, cultural carnival, and marketing of national premium brands and local specialty agricultural products, with over 3,000 harvest celebration events conducted nationwide, attracting hundreds of millions of participants [1] - The festival serves as a platform to promote the integration of the entire agricultural industry chain, enhance production and sales connections, and stimulate rural vitality, contributing to the high-quality and sustainable development of Chinese agriculture [1] Group 2 - Shandong Province announced a new scientific and technological reward policy, increasing the maximum award from 3 million to 5 million yuan, and introducing a new youth award of 500,000 yuan [2] - The new policy raises the awards for natural science, technological invention, and scientific progress, with first-class awards now at 1 million yuan, and additional financial incentives for first completion units of national awards [2] Group 3 - The 2025 China International Confucius Culture Festival was held in Qufu, Shandong, focusing on the theme "Great Confucius, Harmony and Coexistence" to promote peaceful coexistence among different nations and cultures [3] - The festival has evolved over 40 years into a globally recognized cultural event, with Shandong being a significant birthplace of Chinese civilization and Confucian culture [4] Group 4 - The 2025 Jinan Provincial Universities Symposium was convened to enhance collaboration between local government and 37 provincial universities, focusing on addressing needs and challenges to promote integration [5] - The symposium aims to identify synergies between high-level university development and local high-quality growth, emphasizing collaborative innovation and talent cultivation [6] Group 5 - The 2025 Qingdao Venture Capital and Private Equity Conference was successfully held, transitioning from a venture capital event to a broader financial industry gathering, with the release of a new action plan to promote high-quality development [7] - The action plan proposes a "3+N" government-guided fund system, aiming to attract social capital to create a fund matrix of no less than 300 billion yuan [7]

Core Viewpoint - The bond market has experienced significant volatility since July, with rising yields and a clear downward trend, influenced by the upward movement in equity and commodity markets [1][2] Group 1: Market Trends - The 10-year government bond yield has risen over 5 basis points, while the 30-year yield has increased by more than 8 basis points, surpassing 1.9% [1] - The bond market adjustment is attributed to the strong performance of equity and commodity markets, driven by supportive fiscal and monetary policies [1] - The yield spread between 10-year and 1-year government bonds remains at a historical low of 20 basis points, indicating a crowded and fragile trading structure [1] Group 2: Economic Outlook - The macroeconomic fundamentals of the bond market remain stable, with structural issues in the Chinese economy still needing resolution [2] - The real estate market is stabilizing, but the overall economic growth rate is declining, suggesting a prolonged period of asset scarcity [2] - The expectation of continued accommodative monetary policy, including potential rate cuts, supports the bond market's fundamentals [2] Group 3: Investment Considerations - The dividend yield of the CSI All Share Index has dropped to around 2%, narrowing the gap with the 10-year government bond yield, which enhances the attractiveness of bonds [2] - The estimated reasonable pricing for the 10-year government bond is between 1.8% and 1.9%, based on the anticipated spread with policy rates [2] - A breakthrough above the 1.9% yield level may require effective demand-side stimulus policies to be implemented [2]

Core Viewpoint - The meeting emphasized the importance of supporting high-quality agricultural development in Xinjiang and advancing comprehensive rural revitalization efforts, as highlighted by President Xi Jinping's recent speeches [1][2][3] Group 1: Agricultural Development Initiatives - The meeting called for enhancing agricultural production capacity, implementing a new round of actions to increase grain production by 1 trillion jin, and promoting high-standard farmland construction [2] - There is a focus on improving grain yield through comprehensive technology integration and promoting efficient water-saving agriculture [3] - The meeting stressed the need to support the development of organic fruits and vegetables, high-quality livestock products, and modern facility agriculture in Xinjiang [3] Group 2: Rural Revitalization Efforts - The meeting highlighted the importance of improving rural infrastructure, including roads, sanitation, and waste management, to enhance the living environment for farmers [3] - It emphasized the need to consolidate and expand the achievements of poverty alleviation, ensuring that there is no large-scale return to poverty [3] - The meeting also called for the care and support of agricultural aid workers in Xinjiang, enhancing their role in project and industry support [3]