文/刘佳 10月27日下午，在2025金融街论坛年会开幕式上，中国人民银行行长潘功胜表示，一年多来，面对复杂 严峻的国内外形势，人民银行按照中央决策部署，坚持支持性的货币政策立场，综合运用数量、价格、 结构等多种货币政策工具，保持流动性充裕。反映金融运行的主要宏观金融指标也体现了适度宽松的货 币政策状态，为我国经济的回升向好和金融市场稳定运行创造了良好的货币金融环境。 潘功胜指出，人民银行将继续坚持支持性的货币政策立场，实施好适度宽松的货币政策，综合运用多种 货币政策工具，提供短期、中期、长期流动性安排，保持社会融资条件相对宽松。同时，继续完善货币 政策框架，强化货币政策执行和传导。 编辑：冯樱子 对于健全货币政策和宏观审慎政策双支柱调控框架，潘功胜表示，近年来，人民银行有序推进，取得重 要进展。 "货币政策、宏观审慎管理、微观审慎监管在工具形式上有一些交叉，同时又各有侧重、相互补充。"潘 功胜强调，货币政策主要针对宏观经济和总需求管理；微观审慎监管主要关注单体金融机构的稳健运 行；宏观审慎管理则维护金融体系整体稳定，阻断或弱化金融体系的顺周期自我强化和风险跨机构、跨 市场传染。 谈及重点工作方向，潘功胜表示 ...

当前，白酒行业整体仍处于调整期，在高端白酒价格普遍下探的背景下，如何应对价格压力，在坚守茅 台高端品牌价值的同时，切实找到新的消费场景与客群，将是新任掌门人面临的首要挑战。 文/黄兴利 2023年及2024年以来，虽然维持双位数增长，但经历多年的高速增长后，茅台正面临着增长动能转换的 关键节点。特别是在当前宏观经济承压、消费分级加剧的背景下，过去依赖提价、放量的增长模式已难 以为继。 值得关注的是，早在2024年底举行的经销商联谊会上，贵州茅台就2025年市场攻坚明确了方向，核心即 坚持以消费者为中心，持续推进"三个转型"：客群上聚焦新商务人群；场景上拓展契合不同行业特点的 宴饮新场景，同时鼓励经销商创新餐饮消费场景；服务上则从满足消费者多元化需求出发，倡导"从卖 酒向卖生活方式转变"，以进一步优化消费体验。随着茅台再次换帅，这一转型战略将如何延续和发 展，成为业界关注的焦点。 在三季报发布前夕，茅台集团再度发生人事变动。 10月27日下午，贵州省人民政府发布人事任免通知，推荐陈华为中国贵州茅台酒厂（集团）有限责任公 司董事、董事长，贵州茅台酒股份有限公司董事、董事长人选。建议张德芹不再担任中国贵州茅台酒厂 ...

Core Viewpoint - The Financial Regulatory Administration emphasizes the need to balance financial development and security to ensure a new development pattern, addressing the unprecedented challenges facing global economic and financial stability [2]. Group 1: Financial Risk Management - The Financial Regulatory Administration will prioritize risk prevention, aiming to maintain a bottom line against systemic financial risks [2]. - There will be a focus on consolidating risk disposal achievements and promoting the merger and restructuring of small and medium-sized financial institutions in a steady and orderly manner [2]. - Efforts will be made to enhance the disposal of non-performing assets and capital replenishment, ensuring a robust financial system [2]. Group 2: Regulatory Efficiency and Framework - The administration plans to accelerate the reform of financial laws and regulations, establishing a clear and effective tiered regulatory framework [2]. - There will be an emphasis on leveraging technology to optimize resource allocation and support the five major regulatory areas [2]. - Strengthening collaboration between central and local authorities, as well as inter-departmental coordination, is essential to enhance regulatory effectiveness [2]. Group 3: Global Financial Cooperation - The administration aims to strengthen multilateral and bilateral coordination to improve cross-border risk monitoring, early warning, and response mechanisms [2]. - Enhancing international regulatory cooperation and crisis management efficiency is crucial for addressing major risks and challenges [2]. - The ultimate goal is to work collectively to maintain global financial stability [2].

Core Viewpoint - The Shanghai Pudong Development Bank's convertible bond (浦发转债) will be delisted on October 28, marking the end of its conversion period, with a conversion rate reaching 99.67%, significantly higher than market expectations [2][5]. Group 1: Convertible Bond Details - The浦发转债 was issued in November 2019 with a total scale of 50 billion yuan, making it the largest convertible bond issuance at that time [2]. - As of October 27, the未转股 (unconverted) proportion was only 0.33%, indicating a successful conversion process [5]. - The bond faced challenges earlier in the year, with a未转股 proportion of 99.9971% as of March 31, and 49.14% as of September 30 [3]. Group 2: Capital Support and Conversion - Major investors, including China Mobile and China Orient Asset Management, have actively participated in the conversion process, providing capital support to浦发银行 [4][5]. - China Mobile increased its stake in浦发银行 from 17% to 18.18% after converting 56.31 million convertible bonds into 450 million shares [4][5]. - The conversion of浦发转债 is expected to enhance浦发银行's core Tier 1 capital adequacy ratio, which stood at 8.91% as of June 30, 2025 [5]. Group 3: Market Impact - Following the delisting of浦发转债, only six bank convertible bonds will remain in the market, with a total market size reduction of over 90 billion yuan since the beginning of the year [6]. - The trend of convertible bonds in the banking sector has seen no new issuances in 2023, with several bonds exiting the market due to strong redemption clauses being triggered [6][7]. - The conversion of convertible bonds is viewed as a strategic move to bolster banks' capital strength and support business expansion [7].

首届ESG国际博览会现场 本报（chinatimes.net.cn）记者李明会 北京摄影报道 比普通玻璃瓶更轻便的轻量化啤酒玻璃瓶，只需轻推两侧就能快速收起的"折纸"帐篷，还有通过钢渣捕 集钢厂废气中的二氧化碳制作而成的"渣鹅"摆件……这不是什么遥远的未来生活，而是首届ESG国际博 览会现场展出的创意低碳产品，它们通过"小而美"的创新，让"低碳"从抽象概念落地为可触摸、可使用 的日常生活用品。 而这些产品背后，更藏着企业对ESG理念的深度思考与扎实践行。 近日，中国企业改革与发展研究会（下称：中企研），国务院国资委原党委委员、秘书长彭华岗对《华 夏时报》等媒体记者表示，当前全球可持续发展遭遇逆风，而中国始终保持战略定力，推动ESG从"合 规要求"升级为"发展引擎"，从"单点突破"迈向"全链协同"。 "近年来，我们欣喜地看到，越来越多链主企业牵头构建ESG产业生态，通过技术共享、标准共建、资 源互通，带动中小企业突破绿色转型瓶颈；《供应商ESG评价指南》等团体标准的落地，更让产业链上 下游的协同发展有了明确参考。"彭华岗如是说。 从"附加题"到"必答题" 链主企业牵头构建ESG产业生态 今年是ESG中国·创新年 ...

同时，证监会将强化"零容忍"执法震慑，对财务造假、操纵市场、内幕交易等各类违法违规行为依法严 打、打准打疼，持续增强投资者信任和信心。 编辑：麻晓超 文/帅可聪 中国证监会主席吴清10月27日在2025金融街论坛年会上表示，证监会将强化跨市场、跨行业、跨境风险 监测，健全长效化稳市机制，防范市场大幅波动。 ...

Core Viewpoint - Poly Developments' stock price has dropped 13% year-to-date, reflecting a significant contrast with its status as a "central enterprise leader" in the A-share real estate sector [2] Financial Performance - In the third quarter of 2025, Poly Developments reported revenue of 568.65 billion yuan, a year-on-year increase of 30.65%, but total profit turned to a loss of 0.6 billion yuan, with net profit attributable to shareholders dropping to a loss of 7.82 billion yuan, a nearly 300% decline [4] - The company's net profit margin has been severely impacted, with a 75.31% year-on-year decrease in net profit attributable to the parent company, indicating weakened core business profitability [2][4] Project and Cost Structure - The shift in project delivery and high costs from previous acquisitions are contributing to financial strain, with a reported loss of 10 billion yuan from non-consolidated projects in Q3 [6][12] - The average land acquisition cost has surged from 0.68 million yuan per square meter in 2021 to 2.08 million yuan per square meter by the end of 2024, a 205.88% increase, while the average selling price only rose by 12.15% during the same period [13] Market Dynamics and Strategy - The company continues to acquire land aggressively, with 290 million square meters added in the first three quarters of 2025, indicating a structural confidence in high-tier cities despite current profitability challenges [7][8] - The industry is shifting focus from mere sales expansion to prioritizing project profitability and product structure adaptability, reflecting a broader trend in the real estate sector [8] Shareholder Dynamics - The share of net profit attributable to minority shareholders has increased significantly, with the ratio reaching 7:3, indicating a fundamental shift in profit distribution [10][11] - This structural challenge has been exacerbated by the ongoing market adjustments, where cooperative development projects have become a hidden risk source, diluting the company's profit margins [15]

本报（chinatimes.net.cn）记者吴敏 北京报道 寒霜初降，保险股权交易市场的寒意却已在更早之前降临。近日，阿里司法拍卖平台上，两笔合计 1.815亿股的安诚财险股权即将于11月20日被公开拍卖，起拍价总计超过2.9亿元，股权所有人重庆市公 路工程集团，已是拍卖台的"常客"。 而就在不久前，重庆水务集团也挂出转让公告，拟以3.64亿元清仓其所持安诚财险5.1521%的股权。一 边是民营股东的接连退场，一边是重庆发展投资公司通过无偿划转成为第二大股东，安诚财险的股权棋 局，正在悄然重构。 这种微利状态直接影响了股权的市场定价。重庆水务转让的股权折合每股1.73元，这一价格水平在一定 程度上反映了市场对该公司价值的保守判断。当股东难以通过持股获得稳定回报，股权流动性的下降就 成为必然结果。 近几年，保险公司股权拍卖"流拍"渐成常态，在受访业内人士看来，一方面因非上市公司股权流动性 差，价值难以评估，最终评估价往往滞后于市场。另一方面，当前经济发展面临较多挑战，资本市场低 迷，买家观望情绪较浓。 股权流转困局 根据阿里拍卖平台信息，两则安诚财险股权拍卖出让方均为重庆公路工程集团，权利来源为破产拍卖。 第 ...

本报（chinatimes.net.cn）记者王晓慧 温州报道 科技，是创造残疾人美好生活、促进残疾人事业高质量发展的重要力量。科技助残，是回应时代命题、 履行社会责任、推动可持续发展的重要战略举措。 10月26日，2025世界青年科学家峰会科技助残论坛在浙江温州成功举办。中国残联第八届主席团主席程 凯出席并讲话，浙江省残疾人联合会党组书记、理事长吕林，中共温州市委副书记、市长张文杰，温州 医科大学党委书记金焕民分别致辞。 论坛由温州市政府副市长章月影主持。国内外康复界著名专家、学者，知名科技助残企业负责人，有关 高校、科研机构负责人，上海市、江苏省、安徽省、广东省及全国科技助残重点联系地区、温州市对口 帮扶地区残联负责人，温州市政府残工委成员单位、各县（市、区）政府有关负责人、残疾人代表等 300余人参加。 据记者了解，本届论坛以"科技点亮康复之光"为主题，聚焦贯彻落实党的二十届四中全会精神，推动落 实中国残联等9部委联合印发的《关于推进科技助残的指导意见》，深入研讨助残领域发展新质生产 力，促进残疾人工作与科技创新、产业创新深度融合的前沿话题。论坛期间，发布、启动了一系列科技 助残重要成果和重要项目，为残 ...

Core Viewpoint - Mango TV is facing challenges due to a decline in revenue and profit, attributed to strategic shifts in its traditional e-commerce business and increased investments in quality content and technology [3][6][8] Financial Performance - In Q3 2025, Mango TV reported revenue of 3.099 billion yuan, a year-on-year decrease of 6.58%, and a net profit of 252 million yuan, down 33.47% [3][6] - For the first three quarters of 2025, total revenue was 9.063 billion yuan, a decline of 11.82%, with a net profit of 1.016 billion yuan, down 29.67% [6] - The decline in revenue is primarily due to a strategic reduction in traditional e-commerce operations, while the core Mango TV platform's revenue remained stable [6][8] User Engagement - From January to September 2025, the average monthly active users of Mango TV increased by approximately 11.08% [3][7] - As of August 2025, the total user base reached 750 million, with significant growth in both app and OTT platforms [7] Advertising and Content Strategy - The advertising business showed signs of recovery in Q3, with revenue growth compared to previous periods [3][7] - Mango TV's strong content IP continues to attract brands, with notable collaborations in various popular shows [7][8] Industry Context - The challenges faced by Mango TV are reflective of broader issues within the long video consumption landscape, rather than being unique to the company [6] - The company is strategically refocusing on its core business while navigating the competitive e-commerce landscape [8]