Core Viewpoint - China's foreign trade has exceeded expectations in the face of global economic challenges, with significant growth in both exports and imports in the first three quarters of 2025, indicating resilience and structural improvements in trade dynamics [2][4]. Trade Performance - In the first three quarters of 2025, China's total goods trade reached 33.61 trillion yuan, a year-on-year increase of 4%, with exports at 19.95 trillion yuan, growing by 7.1% [2]. - In September alone, total trade amounted to 4.04 trillion yuan, reflecting an 8% increase [2]. - The trade surplus for September was 904.5 billion USD, marking an increase of 86.9 billion USD compared to the previous year [4]. Export Dynamics - September's export growth was driven by multiple favorable factors, with exports valued at 328.57 billion USD, an 8.3% increase year-on-year, marking the highest monthly export figure of the year [4]. - Exports to non-U.S. countries remained robust, with significant contributions from Africa, ASEAN, and the EU, which contributed 2.7, 2.4, and 2.0 percentage points to export growth, respectively [5]. - High-tech and electromechanical products dominated export growth, with electromechanical products accounting for over 63% of total exports in September [6]. Import Trends - Imports in September reached 238.12 billion USD, a 7.4% year-on-year increase, significantly higher than the previous month's growth of 1.3% [4][7]. - Key imports included integrated circuits, industrial metals, and aircraft, with integrated circuit imports rising by 14.1% [7]. - However, energy imports remained weak, with crude oil and coal imports declining by 7.4% and 28.1%, respectively [7]. Future Outlook - The export growth is expected to moderate in the fourth quarter but is likely to remain positive, supported by ongoing negotiations between China and the U.S. regarding tariffs [3]. - The "Belt and Road" initiative continues to bolster trade with partner countries, with imports from these nations growing by 6.2% in the first three quarters [6]. - Domestic economic policies are anticipated to support a gradual recovery in import growth, with expectations for continued improvement in 2025 [8].

面对金价的快速上涨和剧烈波动，近期工商银行、中国银行、农业银行等多家银行相继对黄金积存金和 代理贵金属交易业务启动调整，通过提高投资门槛、调整交易规则等方式强化风险防控。 尽管金价已处于历史高位，但投资者的热情并未减退。在社交平台上，关于黄金投资的讨论持续热 烈，"越涨越买"的情绪依然高涨。 近期，国际金价在突破4000美元/盎司后波动加剧，部分投资者的收益随之出现震荡。 本报（chinatimes.net.cn）记者卢梦雪 北京报道 10月14日，国际金价持续攀升并突破4179美元/盎司，创下历史新高。随后，在午后出现跳水，一度跌 破4100美元/盎司。 多家银行调整黄金相关业务 今年以来，纽约商品交易所黄金主力合约期货价格累计涨幅超过56%。世界黄金协会称，截至目前，今 年是1979年以来金价涨幅最大的一年。 随着金价的上涨，银行积存业务的起投门槛也"水涨船高"。在今年黄金价格的强势涨幅之下，银行已多 次上调积存金的最低投资额。 "昨天刚买了一大笔黄金，没想到价格这么快就下跌了。"有投资者在社交平台上感慨道。 其中，工商银行、建设银行、招商银行等多家银行均发布了贵金属业务市场风险提示的公告，提示近期 国内 ...

本报（chinatimes.net.cn）记者温冲 于建平 北京报道 10月14日，《华夏时报》记者从中国汽车工业协会（下称"中汽协"）获悉，今年9月及前三季度我国汽 车工业多项经济指标实现两位数增长。 最新数据显示，9月我国汽车产销量首次超过300万辆，分别达到327.6万辆和322.6万辆。今年前三季 度，我国汽车累计产销量分别达到2433.3万辆和2436.3万辆，同比分别增长13.3%和12.9%。 值得关注的是，新能源汽车产销量占比已经持续提升，出口也再上新台阶。中汽协数据显示，今年前三 季度，我国新能源汽车产销量均超过1100万辆，同比增长均超过30%，新能源汽车新车销量达到汽车新 车总销量的46.1%；汽车出口495万辆，同比增长14.8%。 9月汽车产销首超300万辆 中汽协数据显示，9月，我国汽车产销分别完成327.6万辆和322.6万辆，环比分别增长16.4%和12.9%， 同比分别增长17.1%和14.9%。中国汽车工业协会副秘书长陈士华对《华夏时报》记者表示，这是我国 汽车产销历史同期首次超过300万辆。 其中，乘用车9月份产销分别完成290万辆和285.9万辆，环比分别增长16%和1 ...

Core Viewpoint - Seres Group is on the verge of becoming the first luxury new energy vehicle company to be listed in both A-share and H-share markets, having passed the listing hearing on October 13, 2023 [2] Group 1: Company Strategy and Product Development - Seres plans to issue up to 331 million ordinary shares, with 70% of the funds allocated for R&D, 20% for diversified marketing channels, overseas sales, and charging network services, and the remaining 10% for working capital [2] - The company has transitioned from its initial focus on springs and shock absorbers to fully embracing the new energy vehicle sector since 2016, establishing a solid foundation for future growth [2] - A strategic partnership with Huawei in 2021 led to the launch of the high-end smart electric vehicle brand AITO Wenjie, positioning the company in the high-end market [2] - The product lineup includes models M5, M7, M9, and M8, with prices ranging from 200,000 to 500,000 yuan, creating a comprehensive high-end product system [2] Group 2: Sales Performance and Market Position - In the first half of 2025, Seres sold a total of 198,600 vehicles, with the Wenjie brand delivering 147,000 units and an average transaction price exceeding 400,000 yuan [3] - The Wenjie M9 model delivered 62,000 units, while the M8 model delivered 35,000 units in the same period [3] - For the full year of 2024, the Wenjie M7 delivered 200,000 units, and the M9 delivered 150,000 units, achieving the top sales position in the 500,000 yuan luxury car market [3] Group 3: R&D and Financial Performance - As of June 30, 2025, Seres had 6,984 R&D personnel, a 26.6% increase year-on-year, accounting for 36% of the total workforce [4] - R&D investment grew by 154.9% year-on-year, with expenditures increasing from 1.949 billion yuan in 2021 to 7.053 billion yuan in 2024, reflecting a commitment to technological innovation [4] - In 2024, the company achieved a revenue of 145.176 billion yuan, a year-on-year increase of 305.04%, and a net profit of 5.946 billion yuan, marking a successful turnaround [5] - For the first half of 2025, revenue reached 62.402 billion yuan, with a net profit of 2.941 billion yuan, an 81.03% increase year-on-year [5] Group 4: Capital Strategy and International Expansion - The dual listing strategy aims to enhance financing channels, with funds primarily directed towards R&D, marketing, overseas expansion, and charging network services [6] - The company reported overseas revenues of 3.922 billion yuan, 4.976 billion yuan, and 4.211 billion yuan from 2022 to 2024, indicating a focus on international market growth [6] - The IPO proceeds will allocate 20% to overseas sales and charging network services, emphasizing the commitment to international market expansion [6] Group 5: Financial Structure and Market Challenges - As of 2024, Seres had total assets of 94.364 billion yuan and total liabilities of 82.458 billion yuan, resulting in a high debt ratio of 87.38% [7] - The recent 5 billion yuan strategic investment and the upcoming H-share listing are expected to improve the company's capital structure and cash flow [7] - The company has diversified ownership, with major shareholders including Chongqing Sokon Holding Co., Ltd. and Dongfeng Motor Corporation [7] - The competitive landscape in the new energy vehicle sector is intensifying, and Seres must balance growth expectations with maintaining brand premium and profitability [9]

本报（chinatimes.net.cn）记者吴敏 北京报道 "中年人的最后出路是卖保险。"这句略带自嘲的调侃，曾折射出无数职场中年人的困境与无奈。但如 今，这个一度被视为"职场避难所"的行业，正悄然从社会就业的"蓄水池"蜕变为精英角逐的新赛道。 秋意渐浓，但保险代理人展业的热情却不减。10月12日早晨九点半，在北京海淀区一家五星级酒店的宴 会厅内，一场由某保险公司举办的养老金融规划主题讲座正在进行，该公司代理人告诉记者像这样的活 动几乎每周都会举办。 另一头部寿险公司资深代理人李薇，也常在这样的活动中以流利的双语向台下几十数百位企业主和高管 讲解家族信托与保险金信托的结合架构。"五年前，我们团队近八成成员是高中和大专学历，如今硕士 占比过半；过去我们带着宣传单页扫楼陌拜，现在我们在五星酒店举办财富论坛。"李薇表示，尽管团 队规模从巅峰时的200余人精简至如今的25人，但年度业务总量逆势增长三成。 这一缩影背后，是中国保险代理人队伍正在经历的一场脱胎换骨式的深度革命。根据中国保险行业协会 数据，截至2024年末，我国人身险公司保险营销员人数已从2019年历史峰值的912万人降至264万人，五 年间锐减超七成。 ...

Core Viewpoint - Ansh Biotech is facing significant financial challenges despite rapid revenue growth from its core product, Beruatinib, which has been listed and included in the medical insurance catalog. The company is heavily reliant on external financing to sustain operations due to ongoing losses and cash flow pressures [1][12]. Financial Performance - Ansh Biotech's revenue has shown a sharp increase, from 12.96 million yuan in 2023 to 71.66 million yuan in 2024, and 64.04 million yuan in the first quarter of 2025. However, the company has reported continuous net losses, with figures of -1.64 billion yuan, -2.83 billion yuan, -4.79 billion yuan, and -916.53 million yuan for the respective periods [2][3]. - Cumulative losses reached 7.82 billion yuan by the end of the first quarter of 2025, indicating a severe financial strain [2][4]. Cost Structure - The company has been experiencing high costs in both research and sales. R&D expenses increased from 145 million yuan in 2022 to 326 million yuan in 2024, with a significant portion of costs attributed to clinical trial services and employee salaries [6][10]. - Sales expenses surged from 3.61 million yuan in 2022 to 102 million yuan in 2024, reflecting aggressive marketing strategies [6][10]. Cash Flow and Financing - Operating cash flow has consistently been negative, with figures of -166 million yuan, -294 million yuan, -356 million yuan, and -74 million yuan over the reporting periods, indicating reliance on external financing [10][12]. - As of March 2025, the company had cash reserves of 529 million yuan, which may only sustain operations for one to two years at the current loss rate [10]. Inventory and Sales Efficiency - The company faces challenges in sales efficiency, with a sales expense of 102 million yuan in 2024, significantly exceeding the revenue of 71.66 million yuan for that year. The accounts receivable turnover rate was only 3.94 times, below the industry average of 7.02 times [11][12]. - High inventory levels have been noted, with inventory amounting to 74.65 million yuan by the end of 2024, representing 4.3% of total assets, compared to just 0.3% in 2022 [13][14]. Market Strategy and Risks - The company's strategy of "price for volume" has led to a significant price reduction of over 60% for Beruatinib, which has resulted in increased sales volume but has also compressed profit margins, with gross margins declining from 84.93% to 80.28% [13][14]. - Ansh Biotech is also facing competition from multiple approved MET-TKI drugs in the market, which could further impact its market share and revenue potential [15]. Goodwill and Financial Health - The company has a substantial goodwill of 927 million yuan, which constitutes 56.64% of total assets. This raises concerns about potential impairment risks that could adversely affect financial performance [15].

Group 1 - Inner Mongolia Energy Group has announced the start of its 2026 autumn recruitment, with a deadline for applications set for October 24 and an examination date on November 8 [1] - The recruitment is aimed at graduates from national higher education institutions, specifically targeting those who have not been employed within two years of graduation [1] - The company plans to recruit over 6,400 positions across its 81 subsidiaries, covering various fields such as electrical engineering, mechanical engineering, and chemical engineering [2][5] Group 2 - A recent statement from Inner Mongolia Energy Group clarified that it has not released any official recruitment information for 2026, and any such claims made by third parties are false [3] - The company emphasized that it does not charge any fees for recruitment and has not authorized any training or recruitment agencies [3] - Legal actions may be pursued against individuals or organizations disseminating false recruitment information [3][4] Group 3 - Inner Mongolia Energy Group is a major energy enterprise in Inner Mongolia, with a registered capital of 20.8 billion and significant operational capabilities across various energy sectors [6] - The company reported a 10.3% increase in revenue and a 331% increase in operating profit for 2024, marking record highs in its financial performance [6] - As of the end of 2024, the company's total assets exceeded 150 billion, reflecting a 50% year-on-year growth [6] Group 4 - The company primarily relies on thermal power generation, with a reported total generation of 630.96 billion kilowatt-hours in 2024, a 26.31% increase from the previous year [7] - The coal power segment generated 521.55 billion kilowatt-hours, while renewable energy generation reached 109.41 billion kilowatt-hours, showing significant growth in both areas [7]

Core Viewpoint - The event on October 13 marked the 36th International Day for Disaster Reduction, where China Ping An, in collaboration with various organizations, launched initiatives to enhance disaster resilience and public disaster response capabilities, including the release of the "Typhoon Disaster Prevention and Mitigation System and Guidelines" [1][4]. Group 1: New Tools and Models - Ping An Property & Casualty Insurance introduced the "Ping An Typhoon Risk Map" and "Ping An Typhoon Catastrophe Model," utilizing AI tools for scientific disaster prevention and control [2]. - The "Ping An Typhoon Risk Map" consists of three digital maps that quantify typhoon risks based on historical and observational data, achieving kilometer-level simulation accuracy [2]. - The "Ping An Typhoon Catastrophe Model" estimates the probability and potential losses from typhoon disasters, aiding in catastrophe insurance pricing [2]. Group 2: Emergency Resource Warehouses - Ping An is establishing five emergency resource warehouses across key regions in China, ensuring a 100% response rate to major disasters and covering the entire disaster management process [3]. - The warehouses will provide over 30 types of emergency supplies, including water barriers and pumps, to meet various disaster response needs [3]. - The warehouses are designed for rapid response, with next-day delivery capabilities during disasters [3]. Group 3: Collaborative Efforts and Knowledge Sharing - A collaborative effort led to the publication of a guidebook aimed at enhancing disaster resilience, using case studies from past typhoons to develop a comprehensive knowledge system [4]. - The guidebook offers practical risk assessment and reduction measures tailored for different environments, promoting actionable disaster preparedness [4]. - A strategic partnership was formed between Ping An and the Hainan Meteorological Bureau to enhance data sharing and collaborative development in the meteorological field [5]. Group 4: Community Engagement and Volunteerism - An emergency rescue team composed of volunteers from Ping An pledged to protect public safety through coordinated disaster response efforts [6]. - The event is part of Ping An's broader "Risk Reduction + Public Welfare" initiative, which aims to enhance community disaster preparedness and response capabilities [6]. - The company emphasizes that improving grassroots emergency capabilities is a systematic project, committing to leverage its strengths in insurance, technology, and services for public safety [6].

本报（chinatimes.net.cn）记者张萌 卢梦雪 北京报道 10月12日，国家金融监督管理总局吉林监管局发布批复，同意延边农商银行、吉林龙井农商银行、吉林 敦化农商银行的102家网点更名为农业银行相关支行、分理处。 记者注意到，在社交媒体平台上，多个上述农商行的员工发布文字或视频，告别原工作单位。有人表 示，其所在网点已于当日进行招牌更替。 事实上，自9月26日起，已有多项相关批复陆续公布，涉及5家农商行、1家县级农信社及2家村镇银行， 共192家营业网点已获批更名为农业银行分支机构。 "农业银行以承接吉林农信系统部分机构资产等方式，参与吉林农信系统改革化险工作。这是本轮农村 信用社改革化险工作启动以来，首次出现的新现象。"招联首席研究员董希淼向《华夏时报》记者表 示。 农信改革新现象 在不到一个月时间内，吉林监管局密集发布了多份机构更名批复。 9月26日，白山金融监管分局向农业银行白山分行批复，同意白山江源农商银行金鼎支行等12家机构更 名为农业银行相关支行；同日，松原金融监管分局向农业银行松原分行批复，同意延边农商银行松原分 行等19家机构更名为农业银行相关支行或分理处。此外，通化金融监管分局也 ...

本报（chinatimes.net.cn）记者何一华 李未来 北京报道 连续两次调价搁浅后，国内油价迎来了下调。10月13日下午，国家发改委发布公告称，自10月13日24时 起，国内汽、柴油价格每吨分别降低75元和70元。 本轮调价后，全国大多数地区车柴价格为6.7—6.9元/升，92号汽油零售限价在7—7.1元/升。此次调价会 使私家车主用油成本减少。 根据隆众资讯测算，按市区百公里耗油7—8L的车型，平均每行驶一百公里费用减少0.4元左右。而对满 载50吨的大型物流运输车辆而言平均每行驶一百公里，燃油费用减少2.4元左右。 卓创资讯测算显示，私家车方面，以月跑2000公里、百公里平均油耗8L的燃油汽车为例，下次调价窗 口开启前，单辆车的燃油成本将下降4元左右。物流行业以月跑10000公里，百公里油耗在38L的重型卡 车为例，在下次调价窗口开启前，单辆车的燃油成本将下降106元左右。 国际油价下行 金联创成品油分析师徐鹏在10月13日接受《华夏时报》记者采访时表示，"受国际油价回落影响，国内 成品油所对应的原油综合变化率由正转负，最终兑现小幅下调。按油箱容量为50L的小型家用车计算， 加满一箱油将大约少花3 ...