Core Viewpoint - The upcoming "15th Five-Year Plan" period is crucial for achieving socialist modernization and will provide a broader platform for innovation and creativity among entrepreneurs [1][5]. Group 1: Role of Entrepreneurs - Entrepreneurs play an irreplaceable role in the new development cycle, focusing on long-termism and considering the overall welfare of shareholders, employees, suppliers, and society [1][3]. - Respected companies and entrepreneurs pursue higher goals beyond mere commercial success, which can be seen as part of a company's premium [3]. Group 2: Media's Role in the AI Era - The media faces challenges from technological changes, including the proliferation of misinformation and the difficulty of verifying facts, which complicates maintaining public trust [4]. - Economic Observer aims to be a respected media institution in the AI era by adhering to media principles, verifying facts, and promoting rational discourse [4]. Group 3: Economic and Social Progress - The "15th Five-Year Plan" is expected to unleash economic growth potential, enhance technological self-reliance, and improve the quality of life for the people, all of which depend on the contributions of businesses and entrepreneurs [5]. - Economic Observer expresses its commitment to accompany Chinese enterprises in promoting business civilization and social progress [5].

（原标题：孩子有这些表现，暗示他的内心其实很脆弱） 当小伙伴们邀请一起玩耍时，有些孩子总是找各种借口拒绝。他们宁愿自己一个人待在家里看书、玩玩 具，也不愿意走出家门与他人互动。比如，生日聚会上，其他小朋友都开心地玩耍、分享蛋糕，他却默 默地坐在角落里，不参与任何游戏。这种社交退缩的行为，可能是因为孩子内心害怕在集体中表现不 好，担心被他人嘲笑或排斥，所以选择用逃避的方式来保护自己。 即使孩子勉强参与了社交活动，他们在场合中也会表现得非常拘谨和不自然。不敢主动与他人交流，说 话声音很小，眼神总是躲躲闪闪。当别人主动和他说话时，他只是简单地回答几个字，然后就再也不吭 声了。这反映出孩子内心缺乏社交自信，对社交场合存在恐惧和紧张情绪。 三、情绪波动大，难以自控 内心脆弱的孩子往往情绪比较不稳定，容易因为一点小事就哭闹发脾气。比如，想要的玩具没有买到， 或者吃饭时不喜欢吃的菜稍微多了一点，他们就会立刻大哭大闹。这种情绪的大起大落，说明孩子内心 缺乏情绪调节的能力，无法有效地应对生活中的挫折和不如意。 当孩子遇到困难或挫折时，他们可能会长时间陷入消极情绪中无法自拔。比如，考试没考好，孩子可能 会连续几天都情绪低落，对自 ...

Core Insights - The future five years will see core asset allocation directions focusing on self-controllable and trendy consumption, mergers and acquisitions of leading enterprises, innovation in traditional industries, and the relocation of quality enterprises [1] Group 1 - The significant investment in the future will stem from transformation and upgrading, which may be challenging for individuals due to a lack of professional experience and time [1] - Wealth management institutions will play a crucial role in helping individuals navigate asset allocation across cycles [1]

新浪声明：所有会议实录均为现场速记整理，未经演讲者审阅，新浪网登载此文出于传递更多信息之目 的，并不意味着赞同其观点或证实其描述。 责任编辑：王翔 专题：2025资产管理高峰论坛 11月26日，在经济观察报主办的"2025资产管理高峰论坛"上，中银证券全球首席经济学家管涛在主题演 讲中表示，中国长期资本市场前景看好但要关注警惕短期波动风险，在这个过程中，中国市场的机遇都 来自于经济的转型升级，转变就是改变，改变就是不确定，不确定就是风险，更需要我们倡导价值投 资，长期投资，不要想赚快钱。 ...

（原标题：专访斐济旅游局董事 Josaia Rayawa：在"自然之喜"中重塑长线海岛游竞争力） 近年来，全球长线海岛游市场正在悄然发生结构性变化。随着人们对深度旅行和个性化体验的需求日益 增长，短途观光和标准化度假产品逐渐失去吸引力，而那些能够提供独特文化体验、原生态自然景观以 及高质量服务的目的地，正在成为新一轮长线旅游市场的焦点。特别是在亚太及中国市场，游客更倾向 于选择"值得飞十小时以上"的海岛目的地，他们希望的不仅是美丽的海滩和度假村，更是可以亲身触碰 的当地生活、文化故事和人文情感。 在这样的趋势下，斐济凭借其丰富的自然资源、独特的文化氛围以及"人本精神"而脱颖而出。相比其他 长线海岛目的地，斐济不仅拥有连绵的珊瑚礁、宁静的泻湖和原生态村落，更在旅游服务中融入了深厚 的文化价值——从当地人的热情接待，到社区参与的民宿体验，游客能够感受到岛屿"自然的快 乐"与"人与人之间的真诚连接"。 正是在这样的大背景下，《现代广告》采访到斐济旅游局董事Josaia Rayawa。作为在旅游行业拥有逾三 十年经验的资深专家，他不仅见证了斐济旅游从欧洲殖民时代走向全球化的历程，也深度参与了斐济在 国际市场，尤其是中 ...

Core Viewpoint - Longbai Group's subsidiary, Longbai Xiangyang, has been fined 1.49 million yuan due to a flash explosion accident that resulted in 5 deaths and 1 injury, highlighting significant safety management issues within the company [1][2]. Group 1: Incident Details - The flash explosion occurred on September 2, 2025, at 19:02, leading to direct economic losses of 6.4816 million yuan [1]. - The accident was attributed to violations of operational protocols and inadequate oversight by local authorities, marking it as a major production safety responsibility incident [1]. Group 2: Regulatory Response - The fine of 1.49 million yuan was determined based on regulations that stipulate penalties for incidents resulting in 5 to 7 deaths or significant economic losses [2]. - Longbai Group has acknowledged the penalty and committed to enhancing safety measures and compliance with relevant laws and regulations [2]. Group 3: Company Background - Longbai Group, headquartered in the western industrial cluster of Jiaozuo, Henan, is a large diversified enterprise focused on new material research and manufacturing, primarily producing titanium dioxide, sponge titanium, zirconium products, and lithium battery materials [2]. - The company reported a titanium dioxide production capacity of 1.51 million tons per year and sponge titanium capacity of 80,000 tons per year, both ranking first globally [2].

Core Viewpoint - The story of Sun Gao, a contestant in the extreme wilderness survival challenge, highlights the emotional connection between the local community and the Gujinggong liquor brand, showcasing how the brand transcends its product identity to become a symbol of hometown pride and cultural heritage [1][3][4]. Group 1: Brand and Community Connection - Gujinggong liquor has become a living carrier of hometown memories and emotions, deeply integrated into the lives of local people, symbolizing reunion and blessings during festive occasions [3]. - The gesture of Gujing Group sending a farewell gift to Sun Gao's wife, which includes Gujinggong liquor, reflects the brand's commitment to emotional engagement with consumers and recognition of ordinary people's struggles [4]. - Sun Gao's determination and the support from his wife illustrate the ordinary person's courage and dedication, further enhancing the brand's narrative [4]. Group 2: Cultural Empowerment and Global Expansion - Gujinggong liquor is not limited to domestic market development but is accelerating its global expansion, using culture as a bridge to create new growth opportunities amidst structural adjustments in the domestic liquor industry [5][8]. - The "Global Reading of Bo" initiative invites global audiences to engage with the rich cultural heritage of Bozhou, enhancing the understanding and appreciation of Chinese liquor culture [6][8]. - This dual approach of "product + culture" strengthens the brand's cultural depth and showcases the craftsmanship and heritage of Chinese liquor on the world stage [8].

Core Insights - BYD's new flagship models, Han L and Tang L, were showcased at the Guangzhou Auto Show on November 21, featuring enhanced product capabilities in the segmented market [1] - The Han L EV and Tang L EV are equipped with the Super e-platform and "megawatt flash charging," while the Han L DM and Tang L DM come standard with fifth-generation DM technology, balancing performance and efficiency [1] - The new models introduce a "parking to parking" navigation assistance feature and upgrades in color options, smart ecosystem, and safety configurations [1] Pricing and Model Variants - Han L EV has three models priced between 204,800 to 264,800 yuan after super replacement subsidies; Han L DM models are priced from 194,800 to 244,800 yuan; Tang L EV models range from 224,800 to 274,800 yuan; Tang L DM models are priced between 214,800 to 270,800 yuan [1] Customization and Aesthetics - To cater to user preferences for personalization, Han L and Tang L introduced a new olive green color, with Han L also adding a new West Lake blue option; Han L features a blackened sports kit and the popular Liuguang silver color is now available for Tang L users [1] Intelligent Features and Ecosystem - The Han L and Tang L models received a comprehensive OTA upgrade for their intelligent cockpit and driver assistance systems, with the high-end version of the intelligent cockpit, DiLink 150, offering a complete visual and interactive overhaul [2] - The models are equipped with the DiPilot 300 driver assistance system, unlocking the "parking to parking" navigation feature [2] - BYD has partnered with various companies to create an integrated "human × car × home" ecosystem, allowing users to control home appliances through the vehicle and vice versa, enhancing the seamless connectivity experience [2] Collaborative Innovations - Collaborations with brands like Midea enable smart home integration, where users can check vehicle status and control home settings remotely [2] - Additional partnerships have led to the introduction of smart child safety seats, smart pet safety seats, and other connected devices that can interact with the vehicle's system through voice control [2]

Core Viewpoint - The global ESG regulations are reshaping the competitive landscape for Chinese companies going abroad, making ESG requirements a key consideration for core competitiveness in overseas markets [1][2]. Group 1: ESG Challenges and Opportunities - Chinese companies are transitioning from simple product exports to strategic global supply chain layouts, with ESG requirements becoming critical in this process [1]. - A private leader in the renewable energy sector faces multiple challenges such as compliance, taxation, and sustainability while expanding internationally, necessitating risk assessments and actionable strategies [1]. - The construction of a waste-to-energy plant in Southeast Asia illustrates the need for Chinese companies to understand strict ESG requirements tied to multilateral bank loans to ensure project funding and progress [2]. Group 2: Global Market Dynamics - The global market is forming new competitive rules centered around ESG principles, with over half of industries expected to have more than 10% of their revenue from overseas by 2024 [2]. - The EU and ASEAN are developing differentiated regulatory frameworks that impose both rigid and flexible constraints on Chinese companies, affecting their international operations [3]. - The EU employs a three-tiered regulatory framework focusing on disclosure, action, and access restrictions, while ASEAN adopts a localized approach to ESG policy development [3]. Group 3: Strategic Planning for International Expansion - The transition of Chinese companies going abroad has evolved from product export to global strategic industry chain layout, significantly increasing overseas profit contributions [3]. - Companies face three main risks in their international ventures: blind expansion, the need for systematic planning, and increased compliance pressures related to ESG [4]. - Strategic planning for global layouts, operational systems, supply chains, and international talent development is essential for successful international expansion [4].

Group 1 - BMW Group showcased over 20 core products from its BMW, MINI, and BMW Motorrad brands at the Guangzhou Auto Show, highlighting its product layout and technological breakthroughs in the luxury automotive market [1][3] - The new generation BMW iX3, a long-wheelbase version, is set to be mass-produced and launched in the second half of 2026, demonstrating BMW's commitment to the Chinese market [1][2] - The 2026 BMW X5 model features upgrades in intelligence, comfort, and luxury design, with standard configurations including a driving assistance system, ventilated front seats, heated rear seats, and high-end audio systems [1] Group 2 - The MINI brand presented seven unique models that embody the "mini to the max" design philosophy, including the electric MINI COOPER PAUL SMITH designer edition, which made its debut in China [2] - BMW's new generation technology cluster was highlighted, featuring the self-developed "Driving Control Super Brain" that integrates core functions and responds to driving intentions in 1 millisecond, recognized as a global innovation in electric vehicles [2] - The new generation electric drive system in the BMW iX3 boasts a 20% increase in energy density and a comprehensive range exceeding 900 kilometers, with a rapid charging capability of 400 kilometers in just 10 minutes [2] Group 3 - BMW Group's CEO for Greater China, Gao Xiang, emphasized the company's commitment to meeting local customer needs and leading the future of luxury mobility through innovation and deepening local engagement [3] - The exhibition lineup covers a wide range of market segments from entry-level compact to large luxury vehicles, showcasing BMW's product strength and forward-looking strategy in its core market [3]