本报（chinatimes.net.cn）记者帅可聪 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。全会提出了"十五五"时期经济社会发展的主 要目标，"科技自立自强水平大幅提高"是其中之一。 近期以来，A股IPO市场热潮涌动，摩尔线程、沐曦股份、宇树科技等一批具有核心技术和市场影响力 的科技独角兽纷至沓来。业内人士指出，从国产芯片的强势崛起，到人形机器人的惊艳亮相，资本市场 正以前所未有的热情拥抱硬科技，清晰地折射出中国经济结构转型升级的新图景。 深度科技研究院院长张孝荣在接受《华夏时报》记者采访时表示，A股市场的科技含量正在不断提升， 意味着A股的产业结构与投资逻辑正在重构。一家龙头科技公司的上市，不仅能壮大自身，还会带动产 业链壮大，催生和强化产业链集群效应。 独角兽摩肩接踵IPO 据上海证券交易所公告，上市审核委员会定于10月24日审议沐曦股份的首发申请。 公开资料显示，沐曦股份成立于2020年，主营业务是研发、设计和销售应用于人工智能训练和推理、通 用计算与图形渲染领域的全栈GPU产品，并围绕GPU芯片提供配套的软件栈与计算平台。 尽管成立仅5年时间，但截至2025年3月31 ...

Group 1 - The core message emphasizes China's commitment to expanding high-level opening-up and creating a win-win cooperation environment, with a focus on promoting trade innovation and high-quality development of the Belt and Road Initiative [2][3] - The Chinese economy has shown resilience, with an average GDP growth rate of 5.5% during the first four years of the 14th Five-Year Plan, providing vast opportunities for foreign enterprises [4] - Since the beginning of the 14th Five-Year Plan, China has attracted over $700 billion in foreign investment, surpassing its target six months ahead of schedule, with a notable increase in newly established foreign enterprises [4][5] Group 2 - The Ministry of Commerce has introduced practical measures to enhance the business environment and reduce foreign investment restrictions, including the release of the "2025 Action Plan for Stabilizing Foreign Investment" [5] - High-tech industries have seen significant foreign investment growth, with actual foreign investment in high-tech industries reaching 127.87 billion yuan, reflecting a shift towards innovation-driven investment [7] - Guangdong and Shandong provinces are leading in attracting foreign investment, with Guangdong reporting over 360,000 foreign-invested enterprises and Shandong eliminating restrictions on foreign investment in manufacturing [8]

本报（chinatimes.net.cn）记者赵奕 上海报道 根据华夏基金（香港）官网信息，由其发行的Solana（SOL）现货ETF即将于10月27日正式在港交所挂 牌。这不仅是香港虚拟资产市场内继比特币（BTC）、以太坊（ETH）之后获批的第三类加密货币现货 ETF，也是亚洲首个同类产品。 "亚洲首只SOL现货ETF即将在港交所上市标志着香港在虚拟资产领域的进一步创新。"薪火私募投资基 金管理有限公司总经理翟丹向《华夏时报》记者表示，SOL ETF的上市将为机构投资者提供一个合规且 便捷的渠道参与加密货币市场，从而吸引更多资金流入。此外，这一产品将进一步降低个人投资者的参 与门槛，通过熟悉的证券账户即可进行交易，增强了市场的流动性。从全球视角来看，香港的这一突破 也为其他亚洲市场提供了借鉴，推动了加密货币在传统金融体系中的接受度。 OSL负责交易与托管 2024年，全球首个Solana现货ETF在巴西证券交易所上市，让巴西成为第一个正式推出该代币ETF交易 的国家。今年4月，Solana现货ETF也在加拿大获批上市。而本次由华夏基金（香港）推出的基金则成为 亚洲首个SolanaETF。 "从制度和市场的视 ...

Core Insights - The A-share market is experiencing a peak in the disclosure of Q3 reports and forecasts, with 146 companies having released their forecasts by October 22, 2025, of which 121 companies reported positive earnings expectations, indicating a strong operational signal for the market [2][3] Company Performance - Among the 121 companies with positive earnings forecasts, 60 companies expect their net profits to double, and 5 companies anticipate profit increases exceeding 10 times, including XianDa Co., ChuJiang New Materials, YingLian Co., ShuoBeiDe, and Guangdong Ming [3][4] - XianDa Co. expects a net profit of 180 million to 205 million yuan, representing a year-on-year increase of 2807.87% to 3211.74%, driven by significant price increases of its main product, and operational reforms [4] - ChuJiang New Materials forecasts a net profit of 350 million to 380 million yuan, with a year-on-year increase of 2057.62% to 2242.56%, attributed to product upgrades and capacity release [4] Turnaround Companies - Nine companies successfully transitioned from losses to profits, including BingChuan Network, Shandong Steel, and GuangSheng Nonferrous, with BingChuan Network reporting a net profit of 435 million to 565 million yuan [5][6] - Shandong Steel's profit is around 140 million yuan, while GuangSheng Nonferrous expects a profit of 100 million to 130 million yuan, with improvements in efficiency and cost reductions driving their performance [5] Industry Highlights - The non-ferrous metals and chemical industries are leading the positive earnings forecasts, with companies benefiting from price increases and demand recovery [7][8] - Notable performers in the non-ferrous metals sector include YaHua Group, which expects a net profit of 320 million to 360 million yuan, and BeiFang Rare Earth, with a forecast of 1.51 billion to 1.57 billion yuan, reflecting significant year-on-year growth [7] - In the chemical sector, LiMin Co. anticipates a net profit of 384 million to 394 million yuan, while BaTian Co. expects 676 million to 736 million yuan, both showing substantial year-on-year increases [8]

Core Viewpoint - Hualing Precision Technology Co., Ltd. has experienced a significant decline in revenue and profit in the first half of the year, prompting concerns about its future strategic adjustments and operational performance [2][3][4]. Financial Performance - In the first half of the year, Hualing Precision reported a revenue of 445 million yuan, a year-on-year decrease of 20.48%, primarily due to a decline in market orders and sales prices [3]. - The net profit attributable to shareholders was -46.11 million yuan, a decrease of 17.39% year-on-year, while the net profit excluding non-recurring items was -46.29 million yuan, down 20.32% [3][4]. - The company's operating cash flow was -48.38 million yuan, although this was an improvement from -76.20 million yuan in the same period last year [4]. Market Conditions - The elevator parts industry is facing increased competition and a slowdown in demand, particularly influenced by the downturn in the real estate market [3][4]. - Hualing Precision's revenue from elevator parts was 380 million yuan, which constitutes its primary revenue source [3]. Strategic Adjustments - The company plans to actively seek new business opportunities and markets while reducing external investments and optimizing idle assets to enhance competitiveness and profitability [2][4]. - Hualing Precision aims to expand into new energy sectors, including wind power components and photovoltaic support structures, to find new growth points [5][6]. Recent Developments - The company recently terminated its planned private placement and control change, which was influenced by changes in the capital market environment and internal strategic considerations [6][7]. - The termination of the private placement means that the proposed acquisition of control by a specific partner will not proceed, maintaining the current control structure [7].

Core Insights - The health insurance sector is experiencing significant growth, with an annual growth rate of 12.75%, and projected original premium income expected to exceed 1 trillion yuan by Q2 2025 [2] - In contrast, the pension insurance protection index remains low at 0.4706, indicating that pension insurance is the weakest link in China's multi-tiered protection system [2][5] - The report emphasizes the need for integration between health and pension insurance to improve resource efficiency and address the challenges posed by an aging population [5][7] Health Insurance Trends - The commercial health insurance penetration rate has reached 77.51%, with medical insurance and critical illness insurance coverage at 45.38% and 41.24%, respectively [3] - High-end medical insurance is experiencing explosive growth, transitioning from a high-net-worth exclusive product to a choice for urban middle-class consumers [3] - Conversely, critical illness insurance has seen single-digit growth for four consecutive years, indicating a saturation point in the market [3][4] Policy and Market Dynamics - Recent policy changes are directing resources towards innovative drugs and medical insurance data settlement, creating growth opportunities for medical insurance and inclusive commercial insurance [3][7] - The establishment of a commercial health insurance directory and the "three exclusions" policy are expected to enhance the provision of quality medical services covered by commercial insurance [7] Pension Insurance Challenges - The current pension system heavily relies on the first pillar of basic pension insurance, with a coverage rate of 74.38%, while the second and third pillars are underdeveloped [5] - The structural imbalance in the pension system poses significant challenges amid an aging population and rising dependency ratios [5] Industry Innovations - Companies are exploring innovative models, such as the "insurance product + ecosystem + service" approach, to provide comprehensive solutions for health and pension needs [6][8] - The "City Center Pension" model focuses on integrating insurance products with community services, achieving high occupancy rates in related facilities [6] Future Outlook - The future development of health and pension insurance will focus on inclusivity, requiring government investment and targeted product design to benefit vulnerable groups [8] - Technological advancements are expected to transform service models and efficiency in the insurance sector, particularly in health management and wealth management [9]

2025年10月20日，泉果旭源三年持有期混合基金（下称"泉果旭源"）迎来成立后首个开放日。这个本应 见证投资回报的时刻，却让不少基民陷入纠结。 在投资互动平台上，持有人的发言尽显复杂情绪。有人透露出对收益未达预期的失落："三年前申购买 入泉果旭源C，如今回报率跟当年存银行定期相差无几"；有人直言劝诫："奉劝大家千万不要买锁定三 年的产品。"还有人在看到今年第三季度收益大幅反弹后表示"当年后悔不该买，现在后悔买少了"。 一些基民的失落与三年前的热烈追捧形成鲜明对比。公开资料显示，该基金由明星基金经理赵诣执掌， 首发规模逼近百亿并实现比例配售。然而历经三年，根据Choice数据，截至2025年10月21日，其A份额 净值累计增长5.83%，C类份额增长4.56%。尽管为基民实现正收益，但显著落后于近3年同类基金 15.49%的平均收益率。 重仓新能源，赵诣临考"狂奔" 泉果旭源的表现低迷，与其重仓板块的选择密不可分。泉果旭源股票仓位自2022年四季度建仓完成后持 续提升，于2024年三季度达到峰值94.82%。同时前十大重仓股集中度从2022年四季度的47.54%逐步攀 升至2025年二季度末的67.64%。这 ...

Core Viewpoint - Huayou Cobalt's profit growth is showing signs of fatigue after a strong performance over the past six months, with third-quarter results indicating a slowdown in profit growth despite a significant increase in revenue [2][9]. Financial Performance - In Q3 2025, Huayou Cobalt achieved revenue of 21.744 billion yuan, a year-on-year increase of 40.85%, and a net profit attributable to shareholders of 1.505 billion yuan, up 11.53% year-on-year [2][9]. - For the first three quarters of 2025, the company reported revenue of 58.941 billion yuan, a 29.57% increase, and a net profit of 4.216 billion yuan, up 39.59% year-on-year [9]. - The company's gross profit margin for the first three quarters was 16.18%, slightly down from 17.53% in the same period last year [10]. Market Dynamics - The surge in Huayou Cobalt's stock price, which reached a historical high of 73 yuan per share, is attributed to macroeconomic cycles, geopolitical factors, and fundamental industry dynamics, with a significant influence from cobalt price increases [3][4]. - The Congolese government's cobalt export ban, which has been extended multiple times, has led to a tightening of global cobalt supply, contributing to rising cobalt prices [4][7]. Cobalt Supply and Pricing - The new export quota system from the Democratic Republic of Congo (DRC) limits cobalt exports to 18,125 tons for the remainder of 2025, with Huayou Cobalt receiving only 1.2% of the total quota [4][6]. - Cobalt prices have risen significantly, from $37,787 per ton at the end of September to $44,290 per ton by October 20, marking a 17.2% increase and over 121.5% rise compared to the average price of $20,000 per ton at the beginning of the year [4][6]. Competitive Position - Huayou Cobalt's reliance on Indonesian nickel projects for cobalt supply means it is less affected by the DRC's quota policies, but it can still benefit from higher cobalt prices due to supply constraints [6][7]. - Compared to competitors like Luoyang Molybdenum, Huayou Cobalt's cobalt product revenue and profit contributions are lower, indicating a difference in industry structure and sensitivity to price cycles [10]. Future Outlook - The company plans to continue engaging in overseas resource allocation and integrating into international industrial divisions to drive high-quality development amid a complex macro environment [12].

Core Viewpoint - Guangdong Jintian Animation Co., Ltd. (Jintian Animation) is facing significant challenges as it relies heavily on external IP licensing for revenue, with its core IP, Ultraman, experiencing a decline in income, while also contending with rising copyright fees and increased pressure from large retail clients [2][4][5]. Group 1: Revenue Dependence and IP Challenges - Jintian Animation has been in the IP fun food industry for over 20 years, with its products heavily featuring popular IP elements, such as Ultraman [3]. - The company’s revenue is highly dependent on external IP licensing, with revenue figures for 2022 to 2025 showing a consistent increase in IP product income, reaching 4.42 billion yuan in the first half of 2025, accounting for 99.5% of total revenue [3][4]. - The company’s reliance on a few key IPs is evident, with Ultraman contributing significantly to revenue, but its income has declined from 3.73 billion yuan in 2022 to 1.95 billion yuan in the first half of 2025 [4]. Group 2: Financial and Operational Risks - Jintian Animation faces risks related to the termination of IP licenses and rising copyright fees, which could lead to significant financial impacts if relationships with IP owners deteriorate [5]. - The company’s financial structure is under pressure due to increased reliance on major clients, with the top five clients' sales proportion rising from 4.1% in 2022 to 40.7% in the first half of 2025, leading to a significant increase in trade receivables [7][9]. - The company’s liquidity position is concerning, with net current liabilities increasing and a current ratio of 1.2 as of June 30, 2025, indicating potential short-term solvency issues [9]. Group 3: Market Position and Future Strategies - Jintian Animation is recognized as the largest IP fun food company in China, holding a market share of 7.6% in the IP fun food sector as of 2024 [3]. - Industry experts suggest that the company should consider vertical integration to enhance profit margins and develop proprietary IP lines to reduce dependency on external licenses [5][6]. - The company’s strong association with IP fun food may hinder its ability to pivot towards non-IP health snacks due to high market education costs [6].

Core Points - The 20th Central Committee's Fourth Plenary Session was held from October 20 to 23, 2025, with 168 Central Committee members and 147 alternate members in attendance [2] - The session discussed a work report by Xi Jinping and approved the proposal for the 15th Five-Year Plan for national economic and social development [3][4] Group 1: Achievements during the 14th Five-Year Plan - The 14th Five-Year Plan period was marked by significant achievements despite complex international situations and domestic challenges, leading to new major accomplishments in the party and national endeavors [4] - China's economic strength, technological capabilities, and overall national power have reached new heights, marking a solid step towards Chinese-style modernization [4] Group 2: Principles for Economic and Social Development - The principles include upholding the party's comprehensive leadership, prioritizing the people, promoting high-quality development, deepening reforms, and balancing effective markets with proactive government [6][5] - The focus is on coordinating development and security, with significant improvements expected in high-quality development, technological self-reliance, and social civilization [7] Group 3: Key Initiatives for the 15th Five-Year Plan - Initiatives include building a modern industrial system, strengthening the foundation of the real economy, accelerating high-level technological self-reliance, and constructing a robust domestic market [8]