（原标题：【跨国公司在中国】"稳外资"政策加持 跨国企业在中国"投资未来"） 沈建缘/文 10月20日至23日，中国共产党第二十届中央委员会第四次全体会议在北京举行。会议公报提出，"扩大高水平对外开放，开创合作共赢新局面。稳 步扩大制度型开放，维护多边贸易体制，拓展国际循环，以开放促改革促发展，与世界各国共享机遇、共同发展。" 2021 年、2024 年，中国两次缩减外资准入负面清单，在外资准入上做 "减法"之外。《2025 年稳外资行动方案》进一步推出 20 条针对性措施，在 营商环境上做 "加法"。同时，《鼓励外商投资产业目录》的多次修订与国家服务业扩大开放综合试点示范的优化，持续吸引外资加大投入。商务 部数据显示，截至今年6月底，＂十四五＂期间中国实际使用外资累计达7087.3亿美元，2025 年上半年，全国新设立外商投资企业 30014 家，同比 增长 11.7%。 在全球经济"去全球化"形势加剧、国际经贸秩序受冲击的复杂背景下，作为全球第二大消费市场和进口市场。中国以超大规模的市场需求，产业 链的协同配套，和持续扩大开放的政策确定性，成为跨国企业"投资未来"的重要市场。近期，空客公司、太古可口可乐 ...

（原标题：周小川：养老保障政策制定要充分考虑企业的实际情况 |直击外滩年会） 10月23日下午，十二届全国政协副主席、中国人民银行原行长周小川在2025外滩年会圆桌论坛"多层次 养老保障中的政府、市场与社会协同"上就养老保障体系建设分享了他的看法。 周小川表示，有几个问题需要进一步厘清概念，以减少争议。中国的养老第一支柱并非简单的普惠性、 兜底性支出，在待遇计发公式中，其很大程度与缴费年限和缴费基数挂钩，并设有上下限。近期，领取 养老金最低缴费年限从15年延长至20年。这都表明，中国的养老第一支柱包含了很强的精算和贡献关联 成分，其性质并非纯粹的第一支柱，这与OECD（经合组织）和世界银行所定义的第一支柱在概念上并 不完全一致。 最后，周小川谈到了人工智能的影响。他表示，从目前的讨论来看，人工智能很可能显著加大而非缩小 收入分配差距。然而，目前尚未建立有效的渠道和机制，将人工智能带来的新增效率和GDP增量分配给 养老金体系。这是一个亟待研究的课题，并且与企业考量密切相关。他希望研究养老金的各界人士和政 策制定者，能对企业的感受和诉求给予更多关注。 周小川表示，养老第一支柱非常重要，不仅因其人口覆盖广，还关乎当 ...

Core Insights - The modernization of agriculture and rural areas is essential for the overall modernization of the country, as emphasized by President Xi Jinping [1][2] - The "14th Five-Year Plan" prioritizes agricultural and rural development, implementing the rural revitalization strategy to achieve significant historical progress [1][2] Agricultural Production and Technology - In 2024, China's summer grain production has stabilized, with autumn grain harvest entering a critical phase, contributing to three-quarters of the annual grain output [1] - The total number of agricultural machinery for grain production in 2024 is projected to exceed 73 million units, indicating a shift towards intelligent and digital farming [1] - The mechanization rate for crop planting and harvesting is expected to surpass 75% by the end of 2024, with agricultural technology contributing over 63% to productivity [3] Infrastructure and Connectivity - Over 71,600 kilometers of rural roads have been newly constructed or renovated during the first four years of the "14th Five-Year Plan," enhancing rural transportation networks [1] - By the end of 2024, the number of rural internet users is projected to reach 313 million, with over 90% of administrative villages having access to 5G networks, bridging the urban-rural digital divide [1] Economic Growth and Income - The total grain production in 2024 is expected to reach 1.413 trillion jin, marking a new milestone after nine consecutive years of stability above 1.3 trillion jin [3] - The per capita disposable income of rural residents in poverty-stricken counties increased from 14,051 yuan in 2021 to 17,522 yuan in 2024, outpacing the average growth rate of rural residents nationwide [3] Rural Revitalization and Future Goals - The "14th Five-Year Plan" has led to significant improvements in rural infrastructure and public services, with a 94% access rate for tap water and increased usage of sanitary toilets [4] - Looking ahead to the "15th Five-Year Plan," the focus will remain on prioritizing agricultural and rural development, aiming to build a strong agricultural nation and further advance rural revitalization [4]

Core Viewpoint - Tianrun Dairy's performance in the first three quarters of 2025 shows a decline in revenue and net profit, attributed to a low milk price cycle in the Chinese dairy industry, despite an increase in product sales volume [1][2]. Financial Performance - For the first three quarters of 2025, the company's operating revenue was 2.074 billion yuan, a year-on-year decrease of 3.81% [1]. - The net profit attributable to shareholders was a loss of approximately 10.61 million yuan, a year-on-year decline of 147.7% [1]. - In Q3 2025, the operating revenue was 678 million yuan, down 4.8% year-on-year, while the net profit attributable to shareholders was 11.24 million yuan, a decrease of 77.6% [1]. - The non-recurring net profit was 18.75 million yuan, a year-on-year decline of 62.7% [1]. - As of the end of Q3, total assets were 5.767 billion yuan, a decrease of 6.9% from the end of the previous year, and the net assets attributable to shareholders were 2.397 billion yuan, down 0.7% [1]. Market and Product Development - Despite the challenging market conditions, the company achieved a sales volume of 230,000 tons of dairy products, an increase of 1.91% compared to the same period last year [1]. - The company has launched several new products to enrich its product matrix [1]. - The company is actively expanding its market channels, with its e-commerce subsidiary completing the setup of mainstream e-commerce platforms and live streaming rooms, and preparing for the "Double 11" shopping event [2]. - The company has also opened multiple direct-operated stores to enhance brand influence [2]. - The construction of a smart factory with an annual production capacity of 200,000 tons of dairy products has been largely completed and is in trial operation, marking significant progress in production intelligence and digitalization [2].

Core Viewpoint - The essence of both rewards and punishments is control, and while rewards may seem more humane, they can lead to a focus on external incentives rather than intrinsic motivation [3][12][24] Group 1: Nature of Rewards and Punishments - Rewards can create a power struggle between parents and children, as children may become more interested in the rewards than the value of the task itself [5][6][7] - The use of rewards can lead to a dependency on external validation, making it difficult for children to engage in activities for their own sake [4][11][24] Group 2: Autonomy and Cooperation - Children have a fundamental need for autonomy, and when parents impose control through rewards or punishments, it can lead to resistance and rebellious behavior [12][13][14] - Effective parenting should focus on understanding children's needs and finding cooperative solutions that respect both the child's and the parent's desires [16][17][24] Group 3: Alternative Approaches - Parents should avoid using rewards and punishments as a means of control and instead engage in open dialogue to help children reflect on their actions and feelings [20][21][23] - Building a respectful relationship with children can lead to genuine cooperation, where children recognize the intrinsic value of their actions rather than acting out of fear of punishment or desire for reward [24][25][26]

Group 1 - The Central Committee of the Communist Party of China will hold a press conference on October 24 to introduce and interpret the spirit of the Fourth Plenary Session of the 20th Central Committee [1] Group 2 - The 18th meeting of the Standing Committee of the 14th National People's Congress will be held from October 24 to 28 in Beijing, reviewing various legislative drafts including amendments to the Maritime Commercial Law and the Environmental Protection Tax Law [2] Group 3 - On October 24, a total of 13 companies will have their restricted shares unlocked, with a total unlock volume of 150 million shares, amounting to a market value of 5.903 billion yuan based on the latest closing prices [3] - Five companies will have over 10 million shares unlocked, with Yunmei Energy, Jinling Pharmaceutical, and Suzhou Tianmai leading in unlock volume at 50.0555 million shares, 31.4465 million shares, and 26.591 million shares respectively [3] - In terms of market value, five companies will have over 100 million yuan unlocked, with Suzhou Tianmai, Liujiu Yier, and Tianyi Medical leading at 3.307 billion yuan, 717 million yuan, and 484 million yuan respectively [3] Group 4 - On October 24, 17 companies disclosed progress on stock repurchases, with three companies announcing new repurchase plans and two companies having their plans approved by shareholders [4] - Among the new repurchase plans, one company announced a repurchase amount exceeding 10 million yuan, with the highest proposed amounts from Zhongtai Chemical, Fengyuan Pharmaceutical, and Supor at 66.5655 million yuan, 2.461 million yuan, and 1.738 million yuan respectively [4] - The companies with the highest repurchase amounts approved by shareholders are Xinlong Health and Taihe New Materials, proposing repurchases of up to 6.345 million yuan and 1.3625 million yuan respectively [4]

Group 1 - The core objective of the "15th Five-Year Plan" is to achieve significant results in high-quality development, enhance self-reliance in technology, deepen reforms, improve social civilization, and elevate the quality of life for the people [1][2] - The "15th Five-Year Plan" is a critical period for solidifying the foundation for achieving socialist modernization by 2035, with a focus on stability and progress amid external challenges [2][3] - The external environment for China's development is becoming increasingly complex, with rising challenges such as increased tariffs from the U.S. and a global trend towards "de-risking," necessitating a focus on technological self-reliance and domestic demand [3][4] Group 2 - The main policy focus during the "15th Five-Year Plan" will be on self-innovation and technological self-reliance, which are seen as the three pillars for high-quality development alongside expanding domestic demand [4][5] - The manufacturing sector will remain a key focus, with an emphasis on maintaining a reasonable proportion of manufacturing in the economy, which currently accounts for about 25% of GDP [6][7] - The fiscal and monetary policies during the "15th Five-Year Plan" will aim to support major national strategies and provide resources for modern industrial system construction while implementing counter-cyclical adjustments to stabilize the economy [8][9] Group 3 - The "15th Five-Year Plan" emphasizes the importance of investing in people, with a focus on improving public services and addressing social issues to enhance consumption capacity and willingness [11][12] - Future fiscal resources are expected to shift from investment-focused spending to more balanced investments in employment, social security, education, and healthcare, aligning with the goal of improving living standards [12]

（原标题：经观月度观察|经济韧性显现，提高资金向实体传导效率） 麦高证券研究发展部宏观首席研究员刘娟秀点评：9月CPI同比降幅较8月收窄0.1个百分点至-0.3%，环 比由平转涨0.1%，扣除食品和能源价格的核心CPI同比升至1.0%，为近19个月以来的最高点，且连续5 个月保持涨幅扩大态势，充分反映经济内生动能持续修复。 经济观察网 李晓丹 实习生 朱嫡 魏琛琪 王明飞 何抒澄/文 经济韧性显现但压力犹存，扩内需政策需要 进一步加码，既要有效拉动制造业和服务业的真实需求，也要在满足实体经济的金融需求的同时，提高 资金向实体经济传导的效率。 宏观数据显示，2025年9月CPI由-0.4%上升至-0.3%；PPI从-2.9%上升至-2.3%；制造业PMI由49.4%上涨 至49.8%；新增人民币贷款12900亿元，较上月增加7000亿元；同上月相比，M2增速下降，增速为 8.4%。 由《经济观察报》发起的"经济观察报月度观察"，每月发布一次。本次共有11家机构参与月度宏观数据 预测。 CPI：内生动能持续修复 CPI公布值（同比）：-0.3% 前值：-0.4% CPI预测值（同比）：-0.2% 核心CPI突破" ...

（原标题：肖远企：必须关注AI对金融结构变化的潜在影响|直击外滩年会） 2025年10月23日，国家金融监督管理总局副局长肖远企在2025外滩年会首场圆桌论坛——"金融领域的 AI治理与国际合作"上谈到了人工智能（AI）在金融领域的应用，以及对金融行业的影响。 肖远企表示，金融与科技的互动历来是相辅相成、相互促进的。回顾历史，过去款项的支付需要依靠人 背马驮。电气时代解决了汇款难题。互联网时代，金融业务实现了24小时运营。因此，人们对于金融行 业成为AI等新科技的领先应用者，并不感到意外。 肖远企表示，目前，AI在金融行业主要用于优化业务流程和对外服务，主要集中在三个领域：首先是 中后台运营的智能化。银行等金融机构内部已经应用得比较广泛，覆盖了数据收集、加工、信息甄别与 识别，以及客户评估等多个环节。其次是在客户交流方面。许多金融机构在客户关系管理，包括营销、 维护和问题解答等方面，都普遍应用了AI技术。第三是在金融产品提供方面。AI的应用带来了双重效 益：对内，帮助金融机构降低成本、提高效率；对外，能够为客户和利益相关者提供更个性化、更精准 的金融产品与服务，更有效地解答问题和满足需求。 在AI应用深入金融 ...

（原标题：周小川：人与机器的关系发生了巨大变化 |直击外滩年会） AI（人工智能）是在历史上信息处理、IT（信息技术）和自动化基础上的又一次新的、很大的边际变 化。 周小川表示，AI对货币政策的影响，可能还需要更长时间地观察和研究。国际清算银行（BIS）曾在一 次会议上专门讨论过AI相关模型是否对货币政策产生影响。当时讨论的最终结论是，这种影响尚不明 显。一方面，AI可以在物价和微观行为的数据收集、处理、模式识别和推理方面影响货币政策决定。 但另一方面，货币政策基本上是慢变量，它随经济周期或经济变化而调整，而这个变化不会太快。 周小川同时提到，金融市场的反应，尤其是金融不稳定风险的发生，一般来得非常迅速。是否可以从历 史上的金融稳定数据、金融机构健康性变化中，通过机器学习和深度学习，推理预知金融不稳定的出 现，会是一个很重要的方向。 周小川提醒道，如果AI模型大量运用短期高频数据，学习结果很可能也是高频、短期、技术性的，可 能与金融稳健和宏观调控所需要的面向基础面、长期稳定性的要求不一致。这个问题需要认真对待和解 决。 周小川表示，在此基础之上，现在又出现了AI。过去，金融系统积累了海量数据，这些数据可用于机 ...