（原标题：经观头条丨香港宏福苑大火44小时） 经济观察报记者 郑晨烨 11月28日上午10时18分，香港特区政府消防处正式宣布，大埔宏福苑火灾的灭火及救援工作完成。此时，距离11月26日下午2时51分火灾开始，已 经过去了约44个小时。 28日下午，经济观察报记者重返事发现场。虽然明火已在数小时前被扑灭，但封锁线内的空气中，依然弥漫着一股浓烈刺鼻的、混合了化学塑胶 与建筑焦炭的气味。宏福苑东南侧的三栋大厦，外立面已完全呈焦黑色，曾包裹着大厦的绿色防护网与竹制脚手架已化为灰烬，仅剩部分扭曲的 棚架结构挂在墙体上。 在28日下午举行的官方发布会上，香港特区政府保安局局长邓炳强通报了最新的伤亡数据，截至目前，这场火灾已造成128人遇难。 随着搜救工作的结束，针对事故责任的刑事调查也在全面展开。香港警方已于28日凌晨采取行动，拘捕了涉事工程承建商"宏业建筑工程有限公 司"的3名负责人，包括2名董事及1名工程顾问，指控罪名为涉嫌"误杀"。 警方及消防处在初步调查中发现，起火大厦外墙铺设的防护网及部分单位窗户密封用的物料，存在严重的易燃隐患。同日，香港廉政公署宣布成 立专案小组，就该屋苑总额达3.3亿港元的大维修工程是否 ...

Core Viewpoint - The relative stability of China's aviation fuel market has been disrupted, initiating a transformation led by industry giants that aims to reshape the competitive landscape and industry structure [2][8]. Group 1: Announcement and Reorganization - On October 30, 2025, China Aviation Oil (Singapore) Co., Ltd. announced that its controlling shareholder, China Aviation Oil Group, is undergoing a reorganization with another enterprise group [3][9]. - The reorganization is characterized as a comprehensive integration of assets, channels, and personnel, indicating a significant shift beyond mere capital cooperation to a restructuring of the entire industry chain [4][5]. Group 2: Market Impact and Industry Response - Analysts suggest that if the reorganization is successful, it will reshape the domestic aviation fuel market's competitive dynamics, focusing on enhancing efficiency across the entire supply chain from refining to refueling [7][15]. - Various stakeholders in the industry, from major corporations to smaller firms, are reacting swiftly to the news, with concerns about pricing power and supply stability emerging as key issues [8][20]. Group 3: Strategic Goals and Future Outlook - The reorganization aims to create a "giant" capable of competing with international energy giants, driven by dual strategies of achieving carbon neutrality and ensuring supply chain autonomy [8][12]. - The integration of China Aviation Oil Group's extensive distribution network with the energy giant's refining capabilities is expected to optimize costs and enhance operational efficiency [11][13]. Group 4: Competitive Landscape and Challenges - The aviation fuel market, previously characterized by a stable triangular structure dominated by state-owned giants, is facing a potential shift towards a more competitive environment where efficiency and cost become the primary competitive factors [16][15]. - Smaller companies express concerns about being squeezed out of the market as a result of the emergence of a dominant player, leading to strategic reassessments and adaptations [18][19]. Group 5: Sustainable Aviation Fuel (SAF) Initiatives - China Aviation Oil Group is actively positioning itself in the sustainable aviation fuel (SAF) sector, with strategic investments and partnerships aimed at preparing for future regulatory requirements and market demands [25][26]. - The reorganization raises questions about how the new entity will approach the SAF market, particularly regarding the treatment of private sector players [26][27]. Group 6: Investment and Market Opportunities - Investors are reevaluating the energy sector landscape, focusing on the integration of companies within the newly formed industry ecosystem rather than solely on individual technological advancements [29].

Core Viewpoint - The issuance of capital supplementary bonds by China Merchants Renhe Life Insurance Co., Ltd. (招商仁和) reflects a trend among insurance companies to replace high-interest debt with lower-cost options, optimizing their financial structure amid a favorable interest rate environment [1][5]. Group 1: Bond Issuance and Financial Impact - China Merchants Renhe issued capital supplementary bonds with a coupon rate of 2.4%, replacing a previous bond with a 4.95% rate, resulting in annual interest savings of 20 million yuan [1][2][5]. - In 2025, 20 insurance companies have issued financial bonds totaling 74.1 billion yuan, indicating a continued high level of bond issuance despite a decrease from the previous years [2][3]. - The trend of issuing new bonds to refinance old ones is prevalent, with 19 insurance companies issuing subordinated bonds in 2025, an increase from 2024 [3]. Group 2: Interest Rate Trends and Market Conditions - The ongoing decline in medium to long-term risk-free interest rates has narrowed credit spreads, providing a window for insurance companies to issue bonds and refinance existing debt [4]. - The coupon rates for subordinated bonds have decreased significantly, with rates dropping below 3% in 2024 and 2025, compared to 3.6%-5.5% in 2020 and 2021 [4]. Group 3: Types of Bonds and Regulatory Environment - Insurance companies are primarily issuing capital supplementary bonds and perpetual bonds, with the latter being favored by larger firms due to their ability to enhance core capital ratios [6][7]. - Since 2023, there have been 23 issuances of perpetual bonds totaling 121.64 billion yuan, with a significant increase in issuance by life insurance companies [7]. Group 4: Challenges and Market Dynamics - Smaller insurance companies face greater challenges in maintaining solvency and capital adequacy, often relying on interest rate spreads for revenue, which is not sustainable long-term [9]. - The implementation of new accounting standards and regulatory frameworks has increased the volatility of net assets and profits for insurance companies, complicating asset-liability management [10].

（原标题：原生家庭创伤：在孩子面前吵架，负能量足以毁灭一个孩子） 世上极少有不吵架的父母，再恩爱的夫妻也难免会遇到矛盾，发生激烈的争吵。争吵过后，不管问题是 否得到解决，反正脾气是发完了，情绪也宣泄了，一切似乎又恢复了平静。 然而，父母经常吵架，对孩子的伤害最大！ 父母吵架时说的每一句攻击对方的狠话，对于夫妻双方来说，可能只是一时的气话，不放在心上，但孩 子会全盘接收并放在心上。 他们惶恐、着急而又无法理解，更不知道怎么做才能改变这个局面。于是，他们的潜意识就会制造一些 问题来换取父母的和谐，出现磨牙、做噩梦、经常生病、注意力不集中、爱发脾气、不听教导、学习散 漫等现象。 原来儿时父母吵架的经历，能够那么深远地影响着一个孩子，它所带来的巨大负能量足以毁灭孩子的一 生！甚至，超过父母离婚对孩子的伤害…… 很多人都不知道，「父母的争吵」常常会成为孩子痛苦的记忆，这种记忆甚至会跟随他们进入成年。 01 「争吵」刺激年幼记忆 在一次家庭治疗课程上，一位男士向我们讲述了自己和妻子的一次冲突。 有一天晚上，他和妻子因为一件家事的分歧发生了言语冲突，那段时间他工作不顺，父母又同时生病， 他和妻子在忙碌工作之余还要奔走照顾两 ...

Core Insights - The article emphasizes the importance of collaboration between parents and teachers to support children's return to school, highlighting that effective communication is essential for creating a seamless support network for children [1] Group 1: Communication Goals - Parents should focus on three core goals when communicating with teachers: understanding the child's unique situation, establishing a support plan, and maintaining regular information exchange [2] Group 2: Effective Communication Strategies - Choosing the right timing and method for communication is crucial, as teachers have busy schedules and may not respond well to interruptions during class or at dismissal [3] - Parents should avoid busy times and consider making appointments for discussions, tailoring their communication approach based on the context of the conversation [4] Group 3: Common Communication Pitfalls - Parents often fall into traps that hinder effective collaboration, such as only discussing problems without acknowledging the child's progress, which can demotivate teachers [5] - Failing to provide feedback on the effectiveness of the teacher's support can lead to a lack of continued assistance, and overprotecting the child can create challenges in managing classroom expectations [6] Group 4: The Essence of Collaboration - The ultimate goal of communication is to ensure that children perceive both parents and teachers as supportive allies rather than adversaries, fostering a cooperative environment for addressing challenges [7]

Core Points - The exhibition titled "Monet's Poetry: A Dialogue of Eastern and Western Aesthetics from Chicago to Sanjiangkou" will be held from December 5, 2025, to March 8, 2026, at the Ningbo Museum [1] - The exhibition will showcase over 60 exquisite pieces from the collections of the Ningbo Museum and the Art Institute of Chicago, featuring a remarkable juxtaposition of Chinese ceramics, paintings, and European glassware, sculptures, and prints [1] - Monet's late works, particularly the "Water Lilies" series, emphasize his growing focus on light and weather conditions, with the painting "Water Lily Pond" created between 1899 and 1900 being one of the 18 works in this series [1] Exhibition Details - Exhibition Title: "Monet's Poetry: A Dialogue of Eastern and Western Aesthetics from Chicago to Sanjiangkou" [1] - Exhibition Dates: December 5, 2025, to March 8, 2026 [1] - Exhibition Location: Ningbo Museum, First Floor, West Special Exhibition Hall [1]

Core Viewpoint - The Ministry of Science and Technology has announced the establishment of an annual report system for scientific integrity and academic style construction for 2025, aiming to enhance the innovation ecosystem and research environment in China [1]. Group 1: Report Requirements - The report is required from research institutions and relevant administrative departments involved in scientific activities, including those undertaking national science and technology projects [2]. - The main content of the report includes the establishment and responsibilities of integrity-related institutions, management systems, training and publicity, and handling of violations for research units [5]. Group 2: Reporting Process - The report will be submitted online through the National Science and Technology Management Information System, with specific procedures for units without existing accounts [6]. - The reporting period for the 2025 annual report is from January to November 2025, with deadlines for submission set for December 31, 2025, for research units and January 20, 2026, for administrative departments [7]. Group 3: Implementation and Oversight - Relevant departments and local science and technology administrative bodies are tasked with guiding and supervising the completion of the reports, ensuring all eligible units submit their reports [9]. - Research units are responsible for the authenticity and completeness of their reports, establishing a responsibility mechanism led by unit leaders [9]. - The annual report will serve as a key basis for monitoring and evaluating the performance of research units in fulfilling their responsibilities regarding scientific integrity [10].

Core Points - The implementation of the "Private Economy Promotion Law" has led to over 140 supporting systems aimed at fostering a fair competitive market environment and enhancing support for private enterprises [1][3] - The law emphasizes equal treatment and protection for private enterprises, aiming to create a high-level socialist market economy and promote the healthy development of the private economy [3][4] - The law has already resulted in significant judicial actions, including a recent case where a government department was ordered to compensate a private enterprise over 8 million yuan [2] Group 1: Promotion and Implementation - The National Development and Reform Commission (NDRC) has organized over 3,300 learning sessions and 11,000 training sessions to promote the law, reaching nearly 60,000 enterprises [1][2] - A communication mechanism has been established to regularly gather feedback from private enterprises regarding economic conditions and industry development [2][5] Group 2: Supporting Measures - The supporting systems address key concerns of private enterprises, such as illegal fees, by establishing a long-term regulatory mechanism for enterprise-related charges [1][4] - Measures have been introduced to alleviate resource constraints for private enterprises, including optimizing credit approval processes and promoting intellectual property pledge financing [4][5] Group 3: Legal and Regulatory Framework - The law includes provisions to hold accountable those responsible for illegal actions against private enterprises, ensuring that losses incurred are compensated [4][6] - There is a need for improved coordination among the various departments involved in implementing the supporting systems to avoid policy fragmentation [6] Group 4: Future Directions - The NDRC plans to enhance efforts in promoting the law's implementation and ensure that the benefits reach market participants effectively [6]

Core Insights - The article discusses the acquisition intention of Wuhan Jiangtun Digital Technology Co., Ltd., a wholly-owned subsidiary of Wushang Group, to acquire Hangzhou Xiaodian Technology Co., Ltd. to facilitate the company's transformation from traditional retail to a commercial technology company [1][2] Group 1: Acquisition Details - The acquisition agreement was signed on November 28, 2025, with the intention to acquire between 70% to 100% of Xiaodian Technology's shares, pending legal and financial compliance [1] - The final transaction price has not yet been determined as of the announcement date [1] Group 2: Strategic Objectives - The acquisition aims to integrate Xiaodian Technology's extensive offline traffic network and digital capabilities to support Wushang Group's strategic shift towards becoming a commercial technology company [2] - The core investment goal is to acquire key digital assets to address challenges in traffic conversion and intelligent management, thereby reconstructing the "people-goods-scene" ecosystem and extending consumption scenarios [2] Group 3: Market Performance - On November 28, Wushang Group's stock closed at 10.17 CNY per share, reflecting a 5.72% increase [3]

Core Insights - Shandong province is implementing a "regionalization" approach to rural revitalization, focusing on integrating nearby villages with similar functions and development potential to enhance rural development [1][2] - The initiative aims to address common challenges in rural areas, such as small village sizes, limited resources, and population outflow, by promoting collaborative development [1][2] Group 1: Regionalization Approach - The "regionalization" strategy breaks down administrative barriers and promotes collaboration among villages, allowing for resource integration and coordinated development [2] - Shandong has initiated the construction of 2,070 regional units covering over 18,000 administrative villages, showing positive development momentum [1] Group 2: Case Studies of Successful Implementation - The "Golden Mountain Silver Sea" rural revitalization area in Yantai has established 17 supporting companies around the gold industry, generating over 6 million yuan in collective income and providing jobs for over 1,000 villagers [3] - The area has also developed a modern fishery park benefiting 17 villages and 6,500 households, with collective and individual income from land transfers reaching 70 million yuan [3] Group 3: Infrastructure and Community Services - The "Golden Mountain Silver Sea" area has invested 50 million yuan in infrastructure improvements, including road upgrades and community facilities, enhancing living conditions for residents [5][6] - Community services such as free meals for seniors, affordable healthcare, and educational facilities have been established, improving the quality of life for villagers [5] Group 4: Innovative Mechanisms and Economic Growth - The integration of resources has led to the establishment of a rural revitalization platform in Qingdao, promoting tourism and local businesses, with annual tourist visits exceeding 600,000 and tourism revenue surpassing 100 million yuan [8][9] - The "Golden Egg" industry in Feixian has transformed into a significant market player, producing 3 billion eggs annually and generating 800 million yuan in revenue, showcasing the potential of localized industry clusters [11][12] Group 5: Youth Engagement and Sustainable Development - The "Colorful Tomato" project in Shouguang has created a comprehensive tomato industry chain, with annual production reaching 350,000 tons and generating over 150 million yuan in sales [13][14] - The initiative has attracted young entrepreneurs back to rural areas, significantly increasing their income and contributing to sustainable rural development [13][14]