从中期来看，我们认为，市场关注点将逐步转向财政刺激政策、（"反内卷"行动后的）通胀走势探讨及 房地产市场政策支持等方面。当前在岸股票市场与钢铁相关大宗商品价格表现稳健，中美关系近期趋于 稳定以及资产估值具备吸引力，我们认为长端利率将有更多的上行空间。 在流动性方面，我们预计资金面将保持充裕直至年末，月均七天期回购定盘利率与七天期逆回购利率 （OMO）的利差将与近几个月的水平基本持平。鉴于今年11-12月政府债券净供给规模可控且汇率走势 平稳，我们认为央行在未来数月没有充分理由收紧流动性。需要注意的是过去几周市场杠杆有所攀升， 若杠杆水平继续走高或维持在高位，央行亦有可能会适度收紧流动性。 我们预计市场对货币宽松政策的预期（如降息、降准或通过净买入国债实现更大规模流动性投放）将持 续。 高路延，野村亚洲利率策略师 中期市场关注点将逐步转向财政刺激政策、通胀走势探讨及房地产市场政策支持等方面 ...

Core Insights - The report highlights the "Five Forces of Responsibility Model," which evaluates corporate social responsibility (CSR) across five dimensions: environmental compliance, social contribution, governance standards, innovation drive, and communication impact [1] - The analysis indicates that over 83% of companies voluntarily disclose carbon emissions data, and 100% of companies fully disclose employee rights [1] - The report identifies nine major trends in corporate social responsibility for 2025, emphasizing the resilience of Chinese companies in maintaining responsibility competitiveness amid global governance adjustments and industry transformations [2][3] Group 1: Corporate Responsibility Performance - All sampled companies scored above the passing line in social responsibility competitiveness, with 33% rated as excellent, 40% as good, and 27% as satisfactory [1] - Companies generally performed well in social responsibility communication, while governance dimensions showed significant weaknesses, particularly in timely ESG report disclosures [2] Group 2: Future Trends and Directions - The report outlines that the next five years are crucial for China's economic transformation, with corporate responsibility becoming essential for survival and competitiveness [3] - The aging population presents a significant market opportunity, necessitating a shift in focus from infrastructure to human resources in the elderly care sector [3] Group 3: Evolution of Corporate Responsibility - The evolution of corporate social responsibility in China has transitioned from participation to leadership, with Chinese companies now positioned to offer solutions globally [4] - China's comprehensive score in the United Nations' 2025 Sustainable Development Goals report reached 74.4, improving its global ranking by 19 places [4]

公告显示，极客基因是一家以高通量组学数据调控细胞命运为特色的创新型细胞药物开发公司，主要从 事单细胞测序服务以及免疫细胞疗法开发业务，目前聚焦于开发长寿命肿瘤反应性 T 细胞药物用于治 疗中晚期实体肿瘤。 近日，博瑞医药发布公告称，拟向苏州极客基因科技有限公司增资5000万元，认缴新增注册资本43.71 万元，交易完成后将持有其12.8015%股权。 ...

而作为"零碳矿山机器人第一股"得博雷顿，从一开始就坚持实用主义。即将发布的这款矿卡不是改造而 来的车型，而是从一开始就为无人驾驶而生。整车从架构、线控到底层算法，全部为智能驾驶服务。零 碳矿山机器人不是简单去掉驾驶室的车，而是专属于无人驾驶的机器人。 取消驾驶室的设计代表了博雷顿对"无人化"的彻底理解，让车辆拥有更强的感知能力、更好的通过性能 和更高安全性。博雷顿以实用主义为导向，用"能用、好用、耐用"的标准定义矿山无人化的现实路径。 此前，无人驾驶常被视为"辅助"或"尝试"；而随着博雷顿新车发布，无人驾驶将成为真正意义上的效率 革命者。博雷顿自研E2E智驾系统，通过多维感知、路径规划与基于多模态智慧矿山大模型，使无人驾 驶车辆实现效率与安全双超越。 据博雷顿官方消息，11月21日，"零碳矿山机器人第一股"博雷顿打造的无人驾驶专用矿卡将全球首发。 本次博雷顿打造的无人驾驶专用电动矿卡，不仅是一台车，更是一种全新的理念与技术体系。它以"智 控、安全、高效"为核心理念，从零开始为无人驾驶而生，标志着矿山智能化迈入"真无人"时代。让零 碳矿山机器人实现了"无人驾驶"。 实际上无人驾驶并不罕见，那么博雷顿本次的无人驾 ...

据悉，此地块为三亚市中心城区控规HP02-03-05B地块，位于三亚市天涯区中心城区桶井村，土地使用 权面积为66615.24平方米(约合100亩)，土地用途为100%市场化商品住房建设用地，容积率为≤2.20。 此外，该地块主要有三处配建：一是HP02-03-05B地块需配建一处建筑面积2980㎡社区便民综合服务中 心； 二是根据《海南省养老服务条例》的规定，该地块应按照人均用地不少于0.1平方米、每百户不低于30 平方米的标准配套建设养老服务设施,且单处用房建筑面积不得少于300平方米； 三是该宗地竞得人需无偿配建三亚湾新城城市更新项目(一期)子单元红线范围内"新城支路"规划段，该 道路呈南北走向，用地面积约12.04亩，道路全长约300米(以实际数据为准)，红线宽度为24米，建设费 用不低于1284万元。 值得关注的是，出让公告还要求，竞买人或其关联企业须为《财富》杂志世界500强或中国房地产百强 企业或省、市属国有企业。 近日，海南三亚挂牌一宗中心城区约100亩的二类城镇住宅用地，起始总价高达202038万元，是今年以 来，三亚市商品住宅用地起始价最高的一宗地块。若以最大可规划计容建面测算，该地块挂牌 ...

Core Insights - This year's Double 11 event marks Taobao's first global promotion across 20 countries and regions, transforming from a "Chinese shopping festival" to a global consumer holiday [1] - The "Overseas Growth Plan" has enabled merchants to enter international markets with zero barriers, resulting in over 20,000 signed merchants doubling their transaction volumes, with GMV growth three times that of Taobao's overall overseas performance [1] - The introduction of multiple language versions has significantly lowered the usage threshold for non-Chinese users, attracting a large number of local overseas consumers [2] Group 1 - Taobao achieved strong GMV growth in overseas markets such as Singapore, Malaysia, Australia, and Japan during Double 11, with several brands exceeding 10 million in overseas transaction volume [1] - The number of daily active users (DAC) placing orders from overseas during Double 11 saw double-digit growth, with nine key markets experiencing over 20% year-on-year growth [1] - The launch of furniture direct mail services and the inclusion of health products and travel services in the cross-border system have opened new growth opportunities [5] Group 2 - The AI translation model developed by Alibaba has enhanced the multilingual translation services for product exports, further strengthening Taobao's global reach [2] - The successful pilot of cross-border free shipping for perishable food products in Hong Kong resulted in over 50% year-on-year growth in transaction volume [5] - The cultural resonance of Double 11 has expanded, with products like gaming figurines and ergonomic chairs becoming popular in Japan and South Korea, respectively, showcasing the global appeal of Chinese consumer culture [5]

Core Viewpoint - Shanghai Guosheng Group plans to acquire a 12.99% stake in Fudan Microelectronics through a share transfer from Fudan Microelectronics' largest shareholder, Fuxin Vango, for a total consideration of 5.144 billion yuan, which is approximately 15% lower than the previous closing price [1][2]. Group 1 - The transaction involves the transfer of 106.73 million A-shares at a price of 48.20 yuan per share, resulting in Guosheng Investment becoming the largest shareholder of Fudan Microelectronics [1][3]. - Following the transaction, Fuxin Vango will no longer hold any shares in Fudan Microelectronics, and the company will maintain its status of having no controlling shareholder or actual controller [1][2]. - Fudan Microelectronics stated that the transaction will not significantly impact its management or operations and does not involve a takeover bid [1][2]. Group 2 - Fudan University will continue to support Fudan Microelectronics in strategic cooperation and collaborative research and development efforts after the share transfer [2]. - Guosheng Investment's parent company, Guosheng Group, is controlled by the Shanghai State-owned Assets Supervision and Administration Commission, and it holds over 5% stakes in nine other listed companies [2][4]. - The report details Guosheng Group's significant holdings in various companies, including 19.87% in Hu Silicon Industry and 28.11% in Shanghai Jianke [4].

11月10日-11月16日，北京市商品住宅成交471套，成交均价55099元/㎡，成交金额32.29亿元。其中，位 于海淀朱房村的建发.海晏以5套、0.13万㎡、1.79亿元的网签成绩，成为全市新房网签周度金额冠军。 建发.海晏共规划16栋7F-15层洋房+小高层，楼王栋高达3.6米。约435套房源，主力面积段185-220-265 ㎡，3栋单体平墅，一层一户，建面超300㎡。 主力面积段185-220-265㎡ ...

【#上金所设立工行三亚黄金指定仓库#】11月17日，上海黄金交易所公告，根据上海黄金交易所黄金业 务开展的实际情况，现决定设立中国工商银行股份有限公司三亚分行指定仓库开展黄金仓储业务。（每 经） ...

与此同时，宁德时代在钠离子电池技术上取得重大突破，其发布的"钠新电池"成为全球首款通过新国标 认证的钠离子电池产品，在低温、安全、低碳方面具备显著优势，有望实现规模化应用，可减少对锂资 源的依赖。 在全球能源转型的浪潮中，宁德时代新能源科技股份有限公司（以下简称"宁德时代"）正以技术突破、 生态构建与全球布局为核心动力，持续巩固其作为全球新能源领军企业的地位。从动力电池到储能系 统，从中国市场到全球舞台，宁德时代的发展路径不仅代表了中国制造的升级，更成为全球零碳转型的 重要典范。 技术引领：持续推动电池技术创新 宁德时代始终将技术创新视为企业发展的核心驱动力。2025年，公司第五代磷酸铁锂电池实现量产，全 固态电池研发进度全球领先；第三代"麒麟电池"已成为行业标杆，"神行超充电池"覆盖主流车企供应 链。在储能领域，面向全球市场的587Ah储能电芯凭借高能量密度、长寿命与高安全性，成为电网调 频、数据中心和可再生能源项目的关键支撑。 在安全技术方面，公司推出的全球首创NP3.0电池安全技术平台，整合八大核心技术创新，确保电池系 统在极端情况下"高压不断电、动力不丢失、无明火无烟"，为智能驾驶时代的电池安全树立新 ...