"十五五"时期是我国基本实现社会主义现代化的关键承启阶段，政策以高质量发展为主线，锚定"七大 发展目标"与2035年远景目标，通过"六个坚持"筑牢治理基石。 在形势判断方面，全会认为，"十五五"时期我国发展环境面临深刻复杂变化，我国发展处于战略机遇和 风险挑战并存、不确定性难以预料因素增多的时期。 东方金诚首席宏观分析师王青表示，在外部环境方面，主要受科技与产业变革驱动，一段时期以来世界 各国经济发展态势、国际力量格局对比发生深刻调整，我国经济社会发展面临的外部环境也趋于复杂， 挑战性上升。 "这主要包括美国在全球范围内大幅上调关税，对我国的高科技限制措施越来越多，一些国家强调'去风 险'，经济全球化遭遇逆风逆流。这意味着'十五五'期间我国必须实现科技自立自强，强化产业链安全， 更多依靠内需拉动经济增长，加强国家安全体系和能力建设，重点是粮食安全、能源安全和金融安全， 把'安全'上升到新的高度。"王青对《华夏时报》记者分析称。 本报（chinatimes.net.cn）记者刘佳 北京报道 2025年10月20日至23日，党的二十届四中全会在北京举行。会议明确提出 "十五五" 时期经济社会发展 主要目标，既明确 ...

本报（chinatimes.net.cn）记者温冲 于建平 北京报道 10月23日，中国共产党第二十届中央委员会第四次全体会议公报正式发布。公报中关于"建设现代化产 业体系，巩固壮大实体经济根基""加快高水平科技自立自强，引领发展新质生产力"等宏观战略方向， 为汽车产业发展提供了顶层指引，为"新汽车"产业高质量发展指明了前进方向。 汽车产业作为实体经济和先进制造业的重要组成部分，可依托这一重要指引继续推动智能化、绿色化转 型，并促进汽车产业与交通、网络、能源等领域融合的创新，为建设"交通强国"贡献力量。同时加强自 动驾驶算法、共性支撑技术等关键技术的攻关，推动科技创新和产业创新深度融合发展，提升自主创新 能力，抢占科技发展制高点，催生汽车产业新质生产力。 坚持智能化、绿色化、融合化发展方向 全会提出，建设现代化产业体系，巩固壮大实体经济根基。坚持把发展经济的着力点放在实体经济上， 坚持智能化、绿色化、融合化方向，加快建设制造强国、质量强国、航天强国、交通强国、网络强国， 保持制造业合理比重，构建以先进制造业为骨干的现代化产业体系。要优化提升传统产业，培育壮大新 兴产业和未来产业，促进服务业优质高效发展，构建现 ...

Core Viewpoint - The surge in demand for AI computing power has positioned Shenghong Technology as a focal point in the capital market, with its stock price increasing by over 637% this year, attracting significant institutional investment in its private placement offerings [2][5]. Group 1: Company Performance - Shenghong Technology's stock price reached 308.98 CNY per share as of October 24, 2024, marking a cumulative increase of 637.07% since the end of 2023, with a market capitalization of 268.9 billion CNY [5]. - The company has shown consistent growth, with stock price increases of 128.89% in 2024 and 44.05% in 2023, indicating strong market performance [5]. Group 2: Institutional Investment - Major public funds, including Xingzheng Global Fund and Ruiyuan Fund, have heavily invested in Shenghong Technology's private placement, with a total investment of nearly 1 billion CNY [2][3]. - The private placement attracted 270 investors, with 9 final recipients, including two securities firms and one foreign institution, highlighting strong institutional interest [4]. Group 3: Market Trends - The enthusiasm for public fund private placements has rebounded significantly this year, with 37 public institutions participating in 74 A-share company placements, totaling 30.29 billion CNY, a 28.50% increase from the previous year [7]. - The overall floating profit from public fund private placements reached 10.845 billion CNY, with a floating profit ratio of 35.80%, indicating a favorable investment environment [8]. Group 4: Industry Outlook - The growth in AI technology and applications is expected to drive demand for PCB products, with projections indicating a compound annual growth rate of 5.2% from 2024 to 2029, reaching a global PCB market value of 94.661 billion USD by 2029 [5][6]. - Shenghong Technology's strategic overseas capacity expansion, particularly in Thailand and Vietnam, aims to enhance its production capabilities for high-end PCB products, aligning with the increasing demand from global tech companies [6].

Core Viewpoint - Yingxin Development (000620.SZ) has announced a plan to acquire 81.81% of Changxing Semiconductor Technology Co., Ltd., which will allow the company to enter the memory packaging and testing sector, despite previous commitments to focus on cultural tourism [2][4]. Group 1: Company Strategy and Financial Performance - The acquisition is seen as a shift in strategy, raising questions about the coherence of Yingxin Development's business direction, especially since it recently rebranded from "Xinhua Group" and aimed to focus on cultural tourism [2][4]. - Yingxin Development has reported negative net profits for the past five and a half years, with revenue declining for three and a half years, casting doubt on the funding sources for the cash acquisition [2][6]. - In 2024, the company reported revenue of 3.043 billion yuan, a year-on-year decline of 21.47%, and a net loss of 533 million yuan, a 251.50% year-on-year drop [7]. Group 2: Market Reaction and Expert Analysis - The stock price surge is attributed to market speculation regarding the cross-industry transformation rather than a rational valuation based on Yingxin Development's fundamentals or the true value of Changxing Semiconductor [3][9]. - Experts express skepticism about the practicality of a cultural tourism and semiconductor packaging integration, highlighting the lack of synergy between the two sectors and the high difficulty of integration [5][6]. - The acquisition agreement lacks specific details on pricing and performance commitments, raising concerns about potential overpayment for low-quality assets [5][6]. Group 3: Industry Context and Competitive Landscape - Changxing Semiconductor, established in 2012, specializes in memory chip packaging and testing, but its competitive position is questioned as it lags behind leading firms in advanced packaging technologies [4][5]. - The customer base for memory packaging is concentrated, and if Changxing Semiconductor is not integrated into established supply chains, it may face intense price competition [5][6]. - The transaction is not classified as a related party transaction and is not expected to constitute a major asset restructuring, which may affect regulatory scrutiny [4].

Core Viewpoint - Shenzhen aims to enhance the quality of listed companies and achieve a total market capitalization of over 20 trillion yuan by the end of 2027, along with completing over 200 merger and acquisition (M&A) projects totaling over 100 billion yuan, and nurturing 20 companies with a market value of over 100 billion yuan [2][3]. Summary by Relevant Sections Strategic Focus - The action plan emphasizes strategic emerging industries such as integrated circuits, artificial intelligence, new energy, and biomedicine, supporting leading companies in conducting upstream and downstream M&A to strengthen supply chains and acquire quality unprofitable technology assets [3][4]. Key Tasks - The plan outlines several key tasks, including focusing on new productive forces for M&A, establishing a project database for M&A targets, expanding financing channels, and creating a supportive capital system for M&A activities [4][6]. Market Dynamics - The M&A landscape in Shenzhen is expected to evolve, with a focus on new productive forces leading to the formation of industry clusters centered around integrated circuits and biomedicine, while enhancing the resilience of the capital market [6][7]. Financing Solutions - To address funding challenges in M&A, the plan encourages the use of various financing methods, including cash, shares, and bonds, and promotes bank support through loans and guarantees [7][8]. Capital System Development - The establishment of a "patient capital" system is highlighted as crucial for activating the M&A market, with an emphasis on long-term investment performance evaluation and enhancing information disclosure to boost investor confidence [8].

Core Points - The control battle between Wu Shichun, the founding partner of Meihua Venture Capital, and the current management of ST Luton has intensified, with Wu's board nominations being repeatedly rejected by the board [2][3] - Wu Shichun pledged 75% of his shares in the company, which accounts for 7.85% of the total share capital, with an unusual pledge expiration date set to 9999-01-01, indicating a strategic move to mitigate risks and maintain influence despite losing board seats [2][8] Group 1: Board Dynamics - Wu Shichun's nominations for two non-independent directors were rejected by the board, while the nominations from the third-largest shareholder, Wu Aijun, were approved unanimously [3][4] - The board's rejection of Wu's nominees was based on concerns regarding their qualifications and past performance, highlighting a significant divide in the board's opinions [4][5] - This marks the second time in 2023 that Wu Shichun has faced setbacks in his board nominations, indicating a growing complexity in the control dynamics of the board [4][5] Group 2: Share Pledge and Financial Strategy - Wu Shichun's pledge of 75% of his shares is seen as a financial maneuver to reduce pressure from margin calls and to potentially fund external investments [2][8] - The pledge is characterized as a "long-term" risk mitigation tool, commonly used by major shareholders to lower financial costs and maintain voting rights [2][8] - The funds from this pledge are explicitly stated not to be used for the company's operational needs, suggesting a strategy focused on external financial maneuvers rather than internal company growth [8] Group 3: Upcoming Shareholder Meeting - The upcoming shareholder meeting is expected to be contentious, with significant discussions around the cancellation of the supervisory board and changes to the company's governance structure [2][7] - The board structure will expand from five to seven members, including three independent directors and one employee representative, reflecting a shift in governance strategy [7]

Core Insights - Yakult will close its first factory in Guangzhou on November 30, 2023, marking a significant shift in its operations in China, where it has been a prominent player since entering the market in 2002 [2][3] - The closure is part of a broader strategic adjustment aimed at enhancing competitiveness and sustainable growth in the Chinese market, despite ongoing challenges in the industry [2][4] Company Performance - Yakult's daily sales in China have declined for three consecutive years, dropping from 625.7 million bottles in 2022 to an estimated 443.9 million bottles in 2024 [3][4] - In Guangzhou, daily sales decreased from 259.6 million bottles in 2022 to 184.6 million bottles in 2024, reflecting a significant contraction in its core market [3] Industry Trends - The traditional yogurt drink market is facing challenges due to rising health consciousness among consumers, leading to a shift towards low-sugar and functional beverages [5][7] - The market for sugar-free beverages in China has grown from 3.12 billion yuan in 2016 to an estimated 19.96 billion yuan in 2022, with projections to reach 61.56 billion yuan by 2025 [5] Strategic Adjustments - The closure of the Guangzhou factory is part of a structural adjustment strategy to improve production efficiency and resource allocation in response to slowing growth, rising costs, and intensified competition [4][6] - Yakult is attempting to innovate its product offerings, introducing new variants such as a high-fiber, high-calcium drink and a sugar-free option to cater to evolving consumer preferences [6][7] Market Challenges - The competitive landscape has intensified, with similar products now offering features like zero sugar and high fiber, which have become standard in the market [6][7] - If Yakult cannot transition from a focus on sweetened probiotic drinks to a more diversified product line that emphasizes low sugar and functional benefits, it risks stagnation or marginalization in the market [7]

Core Insights - The article highlights the outstanding performance of actively managed equity funds in the first three quarters of 2025, particularly those focused on technology and emerging industries, driven by the strong performance of the AI sector [2][3] Fund Performance - Yongying Technology Smart A Fund achieved a remarkable net value growth rate of 194.49%, making it the top performer among actively managed equity funds [2] - Other notable funds include China Europe Digital Economy A with a growth rate of 140.86%, and Hengyue Advantage Selection and China Aviation Opportunity Navigation A with growth rates of 128.21% and 127.17%, respectively [2] Fund Size Growth - Yongying Technology Smart A Fund's asset net value surged to 11.521 billion, an increase of 888.08% from the previous quarter and nearly 45 times from the first quarter [3] - The fund's top holdings include high-performing stocks in the optical module sector, such as Xinyisheng, Zhongji Xuchuang, and Tianfu Communication [3] Investment Strategy - The fund manager of Yongying Technology Smart A, Ren Jie, emphasizes the importance of the global cloud computing industry and the increasing value of AI models, which have seen a 100% quarter-on-quarter growth in token numbers and a 10%-20% growth in computing power investment [3] - China Europe Digital Economy A Fund focuses on five core investment areas: AI infrastructure, intelligent robotics and driving, AI applications, edge AI, and domestic AI industry chains [4] Market Trends - The current AI investment landscape shows a dual nature of opportunities and risks, with high valuations and potential for market volatility [7] - The AI sector is experiencing a clear differentiation, with strong performance in applications that have real use cases, while some smaller models are showing signs of decline [7][8] Structural Challenges - The A-share market faces a scarcity of quality AI-related stocks, with many innovative companies yet to be listed, contributing to structural shortages in the market [8]

同时，着力提高资本市场制度的包容性、适应性。深化科创板、创业板改革，充分发挥新三板、私募股 权和创业投资等多层次股权市场培育功能，强化债券和期货市场功能发挥。 此外，着力提升监管执法的有效性和震慑力；推动资本市场开放迈向更深层次、更高水平。加快建设世 界一流交易所，支持香港巩固提升国际金融中心地位。深化国际监管合作，切实提升开放环境下的风险 防控水平和监管能力。 文/王兆寰 编辑：麻晓超 10月24日晚间，证监会发布消息称，要进一步深化投融资综合改革，持续增强我国资本市场的包容性、 适应性和吸引力、竞争力，更好服务"十五五"发展目标和金融强国建设。 当天，中国证监会党委书记、主席吴清主持召开党委（扩大）会议，认真传达学习党的二十届四中全会 精神，研究部署贯彻落实举措。 会议强调，要着力增强资本市场的韧性和抗风险能力。培育和发展高质量的上市公司群体，完善"长钱 长投"的市场生态，加强长效化稳市机制建设，持续夯实市场稳定的内在基础。 ...

本报（chinatimes.net.cn）记者赵奕 上海报道 近日，周杰伦在社交平台上公开"寻人"，点名多年好友、魔术师蔡威泽。据多家媒体报道，事件原因或 涉及高达上亿元新台币的比特币代投纠纷。在周杰伦本人的影响力下，此次事件吸引了多方关注，也 让"熟人代投"的信任陷阱与加密市场的剧烈波动暴露在公众面前。 "近年来以比特币为代表的加密货币领域爆雷事件屡有发生，不仅给投资者带来巨大损失，也扰乱了正 常的经济秩序，甚至还会衍生出其他问题。"北京市京师律师事务所律师孟博向《华夏时报》记者表 示，对于新事物，投资者要保持理性，不要被所谓的暴利迷惑，更不要盲目追求高收益而忽视了高风 险，以免落入不法分子利用信息不对称所设置的各类陷阱。 北京大成律师事务所高级合伙人肖飒向《华夏时报》记者表示，根据2017年9月发布的《关于防范代币 发行融资风险的公告》，买卖虚拟货币的投资行为，在我国不受法律保护，因此委托他人投资虚拟货 币，在该投资行为中产生的损失是无法受到法律保护的。这一原则在2021年9月多部委联合发布的《关 于进一步防范和处置虚拟货币交易炒作风险的通知》进一步被强调，投资虚拟货币及相关衍生品，违背 公序良俗的，相关 ...