本报（chinatimes.net.cn）记者温冲 于建平 北京报道 多位"老将"回归，神龙汽车领导班子调整。 10月28日，神龙汽车有限公司（下称"神龙汽车"）召开干部大会，并宣布了涉及5人的公司领导班子成 员调整：吕海涛任神龙汽车总经理；宋汉明不再担任神龙汽车董事、总经理、党委书记，另有任用；程 军任神龙汽车党委书记、副总经理；师建兴任神龙汽车党委副书记；叶永青任神龙汽车总经理助理；相 关职务任免，按有关法定程序办理。 《华夏时报》记者注意到，此次领导班子调整，吕海涛、程军和师建兴都属于"老将"回归，均在神龙汽 车有过任职经历。正如东风汽车集团有限公司董事长、党委书记杨青所讲："新班子成员都对神龙事业 充满感情，是一个专业能力突出、管理经验丰富、推动转型有力的团队。" 多位"老将"回归 时隔八年，重回神龙汽车并掌舵的吕海涛，有着超过33年的从业经历。 早在1992年8月，大学刚毕业的吕海涛便加入东风公司轿车办，并在同年8月调任神龙汽车，开始了长达 22年的神龙汽车之旅。2011年1月，吕海涛担任神龙汽车公关行政部部长、公关总监；2012年5月任东风 标致品牌部总经理，推动品牌销量大幅增长；2014年6月升 ...

Core Viewpoint - ST Zhangjiajie has reported a single-quarter profit for the first time in years, but the overall financial situation remains precarious due to high debt levels and ongoing losses [2][3][4]. Financial Performance - In Q3 2025, ST Zhangjiajie achieved revenue of 143 million yuan, a year-on-year increase of 4.82%, and a net profit of 10.87 million yuan, marking a significant year-on-year growth of 405.29% [2][3]. - Despite the quarterly profit, the company recorded a cumulative net loss of 22.40 million yuan for the first three quarters of 2025, continuing a six-year trend of losses [4][5]. Debt and Financial Health - As of September 30, 2025, ST Zhangjiajie had total assets of 2.099 billion yuan and total liabilities of 1.831 billion yuan, resulting in a debt-to-asset ratio of 87.24% [4][5]. - The company's cash and current liabilities ratio is only 11.84%, with a current ratio of 0.14, indicating significant short-term repayment pressure [4][5]. Impact of Tourism Market - The recovery of the inbound tourism market has contributed to ST Zhangjiajie's improved performance, with 722,300 inbound visitors and total spending of 376 million USD from January to July 2025, reflecting year-on-year increases of 14.2% and 16.42% respectively [3][4]. - The Tianmen Mountain scenic area alone welcomed 370,000 foreign tourists in the first half of 2025, setting a record [3][4]. Challenges and Risks - The company's financial difficulties are largely attributed to the Duyong Ancient City project, which has incurred significant losses, totaling over 1 billion yuan from 2020 to 2024 [5][6]. - The reliance on non-recurring income, such as government subsidies, raises concerns about the sustainability of the reported profits [5][6]. Restructuring Efforts - ST Zhangjiajie is currently undergoing a pre-restructuring process, with the latest deadline extended to January 16, 2026, amid ongoing challenges in reaching consensus with creditors and attracting strategic investors [7][9]. - The company’s ability to successfully restructure and manage its debt will be crucial for its survival and future growth [9][11]. Industry Context - The challenges faced by ST Zhangjiajie are reflective of broader issues within the traditional tourism sector, where many companies are grappling with high debt levels and changing consumer behaviors post-pandemic [8][11]. - The case of ST Zhangjiajie serves as a cautionary tale for the industry, highlighting the importance of sound financial management and strategic investment decisions [8][11].

Core Insights - The article discusses the release of the "Suggestions on Formulating the 15th Five-Year Plan for National Economic and Social Development," emphasizing the promotion of high-quality development in the real estate sector, linking it closely with common prosperity and improving people's livelihoods [2][9]. Group 1: Housing Supply Optimization - The focus on optimizing the supply of affordable housing aims to meet the basic housing needs of urban wage earners and various disadvantaged families [3][4]. - The "15th Five-Year Plan" emphasizes increasing the supply of improvement housing, marking a significant shift in policy direction [4][7]. - The article highlights the importance of local conditions in determining the scale, structure, and quality of affordable housing supply [4]. Group 2: Quality Housing Development - The concept of "good housing" is introduced, with an emphasis on safety, comfort, sustainability, and smart features [5]. - Initiatives for enhancing housing quality and property service standards are outlined, including the establishment of a comprehensive safety management system for housing [5]. - Pilot programs in cities like Shanghai are being implemented to improve housing safety management [5]. Group 3: Urban Renewal Initiatives - The article notes a shift from "implementing urban renewal actions" to "vigorously implementing urban renewal," indicating a stronger commitment to urban development [5]. - The need for a sustainable urban renewal model is emphasized, with a focus on integrating urban inspections and renewal processes [5][6]. - Challenges in urban renewal, such as land use rights and funding pressures, are acknowledged, with suggestions for innovative financing models to encourage market participation [6]. Group 4: Policy Adjustments and Market Dynamics - The article discusses the need for policy adjustments to support the new real estate development model, including reforms in property development, financing, and sales [7]. - The removal of unreasonable restrictions in the housing market is highlighted, suggesting a clearer exit for certain restrictive policies to facilitate housing consumption [7]. - The article indicates that core cities may see a gradual easing of purchase restrictions during the "15th Five-Year Plan" period [7]. Group 5: Risk Management - The article mentions the importance of enhancing risk prevention and resolution capabilities in key areas such as real estate, local government debt, and small financial institutions [8][9]. - The need for effective management of second-hand housing listings is identified as a crucial measure to mitigate real estate risks and promote market health [9].

Core Viewpoint - The recent "15th Five-Year Plan" emphasizes the repositioning of real estate as a consumer good, aiming to stimulate consumption and improve living standards by removing unreasonable restrictions on housing consumption [2][4]. Group 1: Policy Changes - The "15th Five-Year Plan" suggests the removal of unreasonable restrictions on housing consumption, highlighting the importance of boosting consumption as a core strategy for domestic economic circulation [2][4]. - The plan indicates a shift from managing housing as an investment to treating it as a consumer good, aligning with the goal of creating a strong domestic market [3][4]. Group 2: Real Estate as a Consumer Good - Real estate is increasingly recognized as a consumer product, with the plan advocating for the promotion of healthy housing consumption and the establishment of a management framework that accommodates new consumption patterns [2][3]. - The focus on housing as a consumer good is part of a broader strategy to enhance the quality of life and ensure that housing meets the needs of the population [4][5]. Group 3: Market Dynamics - The plan calls for a systematic review of existing restrictive policies in the housing market, aiming to enhance market fluidity and promote resource allocation across different regions and housing types [6][7]. - There is an emphasis on addressing hidden restrictions that limit housing consumption, such as stringent regulations on the use of housing funds, which hinder cross-regional mobility [6][7].

Core Viewpoint - The Shanghai Securities Regulatory Commission has publicly announced an administrative penalty against fund manager Yang Ningjia for engaging in "rat trading," resulting in a fine of 500,000 yuan while managing products that suffered nearly 40% losses [2][3][4]. Group 1: Case Details - Yang Ningjia, previously a fund manager at Hai Fu Tong Fund Management Co., was found to have used his position to guide others in synchronized trading, which is a typical "rat trading" behavior [3][4]. - The penalty decision revealed that Yang had access to non-public information regarding fund holdings and trading details, which he exploited for personal gain [3][4]. - The regulatory framework explicitly prohibits fund personnel from leaking non-public information obtained through their positions for trading purposes [4]. Group 2: Performance Issues - During Yang Ningjia's tenure, the funds he managed, such as Hai Fu Tong Electronic Media A and C, reported significant underperformance, with returns of -37.79% and -39.31% respectively, falling far short of performance benchmarks [5][6]. - The Hai Fu Tong New Domestic Demand Mixed Fund, which Yang managed for over a year, also showed poor performance with returns of -19.69% and -19.84% [5][6]. Group 3: Compliance and Regulatory Concerns - The incident has raised concerns about compliance shortcomings at Hai Fu Tong Fund Management, which has faced similar scandals in the past, including a previous case involving another fund manager, Xie Zhigang, who was penalized for similar violations [8]. - Despite advancements in monitoring technologies like AI and big data, violations continue to occur, indicating potential systemic issues within the company's internal controls [8]. - The recent appointment of a new chairman, Xie Lebin, who is recognized as a risk management expert, has led to expectations for improved governance and compliance within the firm [8].

本报（chinatimes.net.cn）记者叶青 北京报道 作为国内增材制造行业的企业，杭州易加三维增材技术股份有限公司（下称"易加增材"）于2025年6月 30日IPO申请获得受理，中信证券担任保荐机构。据悉，易加增材是一家专注于研发、生产和销售工业 级增材制造（3D打印）设备的高新技术企业。 易加增材本次公开发行股票数量不超过2922.21万股，拟募集资金12.05亿元。尽管近年来营业收入和净 利润维持增长态势，但是记者发现，该公司面临核心元器件较为依赖进口、经营性现金流持续为负以及 应收账款增长较快等问题。 营业收入三连增 据了解，3D打印是一种通过逐层添加材料把数字模型直接转化为实物的制造技术，故又称增材制造。 与铣削、铸造等传统材料加工不同，3D打印能在无需模具情况下实现复杂结构的快速成型，具备轻量 化、个性化等特点，被广泛应用于航空航天、汽车制造、消费电子、建筑与基础设施等领域。 据天眼查，易加增材成立于2015年，位于浙江省杭州市，专注于研发、生产和销售工业级增材制造设 备，始终致力于降低增材技术的工业应用门槛，让3D打印走向直接制造，是全球范围内技术水平先进 的工业级增材设备制造商之一。 据 ...

四是推动金融机构和企业牢固树立可持续发展理念。随着国家ESG监管规则逐步完善，金融机构和上市 公司应持续深化对ESG重要性的认识，将其转化为自觉行动，并着力解决专业人才不足、数据基础薄 弱、披露质量不高等现实问题。 一是持续完善顶层设计，有序推动ESG各项政策落地实施。当前可持续信息披露已进入系统推进阶段， 需持续引导和推动相关准则实施应用。可持续信息披露不仅是披露主体自身的事情，更需要整个制度体 系不断完善、监管的有效实施、行业的共同发力。 二是夯实数据根基，建立和完善ESG数据治理体系。ESG数据涉及环境、社会、治理多个维度，结构复 杂、来源多样，必须从一开始就打好数据基础，避免后期治理成本过高。 金融科技大会作为论坛年会特定版块，与金融街论坛同期举行。10月28日下午，以"科技驱动ESG升 级：金融领域的责任创新与价值重塑"为主题的论坛上，中国人民银行原副行长李东荣表示，ESG已逐 步成为衡量企业长期价值的核心战略指标。当前我国ESG发展呈现快速发展的态势，但仍需从完善顶层 设计、建立数据治理体系、加大科技应用等方面持续推进。 摄影、文/刘佳 李东荣指出，近十年来，金融科技的快速发展，人工智能、大数据、 ...

文/黄指南 近日，厦门市制定下发了《厦门市人民政府关于完善优化落户条件的通知》（以下简称《通知》）。目 前《通知》已在厦门市人民政府门户网站上公布，定于2025年11月1日起正式实施。 《华夏时报》记者了解到，在思明区、湖里区的厦门岛内区域，连续缴纳社会保险满2年且申请时在 保，并在两区住房租赁备案且居住登记满2年的人员，可以申请在就业地所在区落户。 《通知》还明确符合上述落户条件的人员，应按就业单位集体户、就业地社区公共户、居住地社区公共 户的顺序申请落户，其配偶和未成年子女可随迁落户。 编辑：张蓓 《通知》内容显示，此次厦门户籍制度改革按照"全面放宽岛外落户条件、逐步放宽岛内落户限制"的思 路，新增岛外租房落户、放宽岛外就业落户、新增岛内就业人员租房落户以及无房人员应首先落户单位 集体户。 具体来看，在集美区、海沧区、同安区、翔安区住房租赁备案且居住登记满半年，并在本市连续缴纳社 会保险满3个月且申请时在保的人员，可以申请在居住地所在区落户。上述区域连续缴纳社会保险满半 年且申请时在保，并在本市居住登记满半年的人员，可以申请在就业地所在区落户。 ...

Core Insights - The China Securities Regulatory Commission (CSRC) plans to deepen comprehensive reforms in investment and financing to enhance the inclusiveness, adaptability, attractiveness, and competitiveness of the capital market, better serving economic and social development [2][3] Group 1: Capital Market Reforms - The CSRC will implement reforms in the ChiNext board, setting listing standards that align with the characteristics of innovative enterprises in emerging fields and future industries [2][5] - The recent release of the "Suggestions for the 15th Five-Year Plan" emphasizes the cultivation of emerging industries and strategic clusters such as new energy and aerospace [2][4] - The focus on "inclusiveness, adaptability, and coordinated investment and financing" will be key themes for the future of China's capital market [2][3] Group 2: Multi-Layered Market Development - The CSRC aims to enhance the multi-layered market system, ensuring it serves as a platform for innovative small and medium-sized enterprises [7] - Policies will promote the high-quality development of the Beijing Stock Exchange and improve the differentiated listing and trading systems of the New Third Board [7] - The reforms are expected to address the mismatch between the current direct financing system and the needs of technology innovation enterprises [7] Group 3: Entrepreneurial Board Reform - The reform of the ChiNext board is seen as a critical measure to support the "modern industrial system" and accelerate high-level technological self-reliance [5][6] - The new listing standards may provide more opportunities for technology innovation companies, potentially blurring the lines between the ChiNext and Sci-Tech Innovation Board [6] - The emphasis on "precision" in the reforms suggests a more inclusive approach to listing criteria, possibly allowing loss-making tech companies to list [6]

Core Viewpoint - The A-share index has been strengthening since late October, with the Shanghai Composite Index surpassing 4000 points for the first time since August 2015, driven by significant stock performances, particularly by HuiLv Ecology, which has seen a remarkable rise in its stock price amid ongoing capital operations and market speculation [1][4]. Company Overview - HuiLv Ecology operates in two main sectors: optical modules and landscaping, providing a full range of services from research and production of optical communication products to landscaping project execution and maintenance [2]. - The company plans to acquire a 49% stake in Junheng Technology for 1.127 billion yuan, with a premium of 317.72%, enhancing its control and synergy in the optical module industry [2][3]. Financial Performance - HuiLv Ecology reported significant revenue growth, with projected revenues for Junheng Technology of 4.35 billion yuan, 6.66 billion yuan, and 6.10 billion yuan for 2023, 2024, and the first half of 2025, respectively, indicating year-on-year growth rates of 53.21% and 153.34% [2]. - The company’s revenue for 2022 to the first half of 2025 is reported as 6.11 billion yuan, 6.85 billion yuan, 5.87 billion yuan, and 6.96 billion yuan, with a notable increase in net profit for the first three quarters of 2023, reaching 51.72 million yuan, a 96.96% increase year-on-year [6]. Market Dynamics - The stock price of HuiLv Ecology has seen a substantial increase, with a 46.04% rise from 14.77 yuan to 21.57 yuan within a week, and it reached a historical high of 22.77 yuan on October 28 [4]. - The surge in stock prices is closely linked to the booming CPO (Co-Packaged Optics) concept, driven by AI computing demands and technological advancements, which have led to increased market interest in optical modules [5]. Strategic Investments - HuiLv Ecology has made significant investments in expanding its optical module production capacity, including a 2 billion yuan investment for a new production base with a capacity of 150 million optical modules per year [7].