本报（chinatimes.net.cn）记者夏高琴 南京报道 在收到证监会处罚决定一周后，*ST苏吴（600200.SH）的退市终局正式落定。 12月1日晚间，*ST苏吴发布公告，因触及重大违法强制退市情形，公司收到上海证券交易所出具的 《关于江苏吴中医药发展股份有限公司股票终止上市的决定》（下称《决定》），决定终止公司股票上 市，12月9日，其股票将进入退市整理期。 "退市后我们正常挂到三板股转系统的退市板块，公司依旧是正常生产经营的。"对于上交所的《决 定》，*ST苏吴工作人员在回应《华夏时报》记者采访时表示。 针对上述违法行为，证监会作出严厉处罚：对*ST苏吴责令改正、警告并处1000万元罚款；实际控制人 钱群山被警告、罚款1500万元并实施10年证券市场禁入；其他4名相关责任人合计被罚款550万元，罚单 总额达3550万元。并且已然触及重大违法强制退市情形。 12月1日，公司收到上海证券交易所出具的《关于江苏吴中医药发展股份有限公司股票终止上市的决 定》，根据中国证监会行政处罚认定的事实，公司披露的2020年至2023年年度报告存在虚假记载。上述 情形属于重大违法强制退市情形，交易所决定终止公司股票 ...

Group 1 - The core viewpoint of the article highlights that the Hong Kong IPO market is expected to maintain its leading position globally, driven by the surge of technology companies from mainland China going public [2][3]. - In 2025, the IPO activities in mainland China and Hong Kong accounted for 16% and 33% of the global total in terms of number and fundraising amount, respectively, with Hong Kong's fundraising amount reaching $36 billion, making it the top exchange globally [2][3]. - The report indicates that the A-share market has shifted from quantity-driven growth to a focus on high-quality development, emphasizing technological innovation and institutional inclusiveness [2][3]. Group 2 - The report notes that the A-share IPO market has transitioned to prioritize quality over quantity, with the number of IPOs remaining stable while fundraising amounts have increased, placing Chinese companies in five of the top ten global IPOs [3][4]. - The active sectors for IPOs include strategic emerging industries such as artificial intelligence, robotics, semiconductors, new energy, and biomedicine, indicating a more mature development stage for the A-share market [4][6]. - The Hong Kong IPO market is expected to remain robust, with a structural deepening characteristic, driven by the A+H model and the return of Chinese concept stocks [4][6]. Group 3 - The report highlights a significant decrease in the first-day IPO failure rate in Hong Kong, dropping to 24%, the lowest in five years, while the average return rate for new listings reached 253%, a five-year high [5][6]. - The introduction of new IPO pricing and allocation regulations in Hong Kong has led to a marked improvement in the profitability of new listings, with only 6 out of 36 new stocks experiencing a failure to list [5][6]. - The influx of international capital into the Hong Kong market has shifted the investor structure from being predominantly foreign to a dual-driven model of domestic and foreign investment [6][7]. Group 4 - The report indicates that the positive effects of mainland companies going public in Hong Kong are diminishing, with the number of mainland enterprises and their fundraising amounts constituting 88.5% and 83.5% of the total, respectively [7][8]. - The phenomenon of A-share companies announcing plans to list in Hong Kong has led to a decrease in stock prices for some firms, indicating a potential over-saturation of such announcements [7][8]. - The report emphasizes the need for companies to embrace technology and build a governance system that aligns with future trends to enhance their competitiveness in the IPO market [8][9].

他希望中国盲文出版社不断汇聚各方资源和力量，持续提升盲人群体的阅读能力、文化素养和教育水 平，真正让每一个视障孩子都能通过优质文化资源汲取成长力量。 研修班由中国盲文出版社主办，中国视障文化资讯服务中心、金钥匙视障教育研究中心协办。全国政协 常委、中国残联主席程凯出席活动并讲话，中国残联党组成员、副主席张卫星，中国残联执行理事会理 事、中国盲人协会主席李庆忠等同志出席活动。本次研修班以"向新向智拥抱未来"为主题，来自全国各 地的盲校（特校）校长、骨干教师代表聚焦AI赋能盲校教育高质量发展、青少年人工智能教育、智慧 校园建设等热点问题，围绕数智时代视障群体阅读现状、视障教育改革实践等主题进行深入交流研讨。 教育是视力残疾人提高文化素养、全面发展的关键路径，更是他们平等就业、全面融入社会的重要基 石。 中国盲文出版社党委书记、社长赖伟表示，人工智能技术正深度重构知识生产与传播方式，全面重塑出 版、教育等领域的底层逻辑，视障文化教育领域亟待整合资源、精准对接需求。 12月2日，我国首个"视障教育校社服务联合体"在京成立。作为视障文化教育高质量发展研修班的重要 落地成果，联合体的成立将实现全国视障文化教育资源动态对接 ...

Leadership Changes - Shanxi Bank announced a significant leadership change on December 1, with former president Li Yingyao stepping down for other work commitments, and Xing Yi appointed as the new president, pending regulatory approval [2][3] - The bank's first president, Ren Kai, returned in a new role as party secretary, marking a notable shift in the bank's leadership dynamics [2][3] Financial Performance - As of June 30, 2025, Shanxi Bank's total assets decreased to 350.197 billion yuan from 359.088 billion yuan at the end of 2024, indicating a decline in financial strength [5] - The bank's capital adequacy ratio fell to 10.51%, just above the regulatory minimum of 10.5%, with core tier one capital adequacy and tier one capital adequacy ratios also declining [5][6] Capital Adequacy Concerns - The bank's capital adequacy ratios have been on a downward trend, with core tier one capital adequacy at 9.9% and tier one capital adequacy at 9.9%, both down from 10.2% at the end of 2024 [5][6] - The bank's capital adequacy ratio has been under pressure, raising concerns about its ability to expand business and maintain investor confidence [5][6] Strategic Initiatives - Xing Yi, in his role as acting president, emphasized the bank's commitment to supporting key enterprises and major projects in Shanxi province to align with the region's high-quality development goals [4][6] - The bank is under pressure to enhance its capital base, with a plan approved to issue capital supplement tools not exceeding 9.5 billion yuan within 24 months [7]

Core Viewpoint - The manufacturing Purchasing Managers' Index (PMI) in November shows a slight recovery to 49.2%, indicating improvements in both domestic and overseas demand, although it remains in a contraction zone for the eighth consecutive month [2][5]. Economic Indicators - The November PMI reflects improvements in 11 sub-indices, including new orders and production expectations, with a composite PMI output index at 49.7%, suggesting overall economic stability [2][5]. - The new orders index increased by 0.4 percentage points to 49.2%, while the production index rose to the critical point of 50.0%, indicating a return to expansion after a contraction [5][6]. Policy Impact - Recent government policies, including the introduction of 500 billion yuan in new policy financial tools and an additional 500 billion yuan in special bonds, are expected to stimulate domestic market demand and infrastructure investment [5][8]. - The positive outcomes from recent US-China trade talks have also contributed to a marginal increase in export orders, with the new export orders index rising by 1.7 percentage points to 47.6%, marking the largest increase in six months [5][6]. Sector Performance - High-tech manufacturing sectors continue to show strong demand, with their PMIs remaining above the critical point for ten consecutive months, while traditional energy-intensive industries are still in contraction [6]. - Specific industries such as agricultural processing and non-ferrous metal smelting are experiencing active demand, whereas sectors like petroleum and chemical manufacturing are lagging [6][7]. Price Trends - The main raw material price index rose by 1.1 percentage points to 53.6%, indicating ongoing expansion since the implementation of "anti-involution" policies [7]. - The Producer Price Index (PPI) is expected to see a slight month-on-month increase, although year-on-year comparisons may still reflect a decline due to higher base effects from the previous year [7][8]. Future Outlook - The construction PMI is anticipated to rise into the expansion zone as the effects of the new policy financial tools and special bonds materialize [8]. - The overall industrial product prices remain subdued, influenced by weak consumer demand and declining real estate investments, with the long-term effects of "anti-involution" policies on prices still under observation [8].

Core Insights - The article emphasizes the growing importance of ESG (Environmental, Social, and Governance) information disclosure as a key measure of corporate value and high-quality development in the context of global sustainable development trends [2][4]. Group 1: ESG Disclosure and Research Findings - A special research group led by the Beijing Institute of Certified Public Accountants has released a report on the current state of ESG information disclosure and practices in China, based on surveys of 136 listed companies and 29 non-listed companies, along with in-depth interviews with 8 firms [2]. - The report identifies key challenges in ESG management and information disclosure, focusing on the quality of disclosure and internal coordination mechanisms [2][5]. Group 2: Policy and Regulatory Framework - Beijing has become the first pilot region in China for sustainable information disclosure, aiming to enhance the credibility of disclosures and integrate sustainable performance into government procurement considerations [3]. - The Chinese Institute of Certified Public Accountants has introduced a draft guideline for sustainable information assurance, which is expected to be formally released by the end of the year, providing a framework to improve the quality of ESG disclosures [6]. Group 3: Challenges and Recommendations - Two main challenges in ESG practices are highlighted: the need for improved quality of information disclosure and insufficient coordination between ESG management and disclosure [5]. - Recommendations include enhancing mandatory disclosure requirements, integrating ESG into corporate strategies, and establishing standardized ESG consulting and assurance services [5].

Core Viewpoint - China's economy in 2025 is at a critical juncture, showcasing resilience and a strong foundation for sustainable growth despite global uncertainties [1] Group 1: Economic Performance - The economy achieved a growth rate of 5.2% in the first three quarters, reflecting its ability to navigate challenges and maintain momentum [1] - The focus is on high-quality development, emphasizing the need for vitality, resilience, innovation, and effective empowerment [1] Group 2: Forum Overview - The 19th Huaxia Institutional Investor Annual Conference will be held on December 12, 2025, in Beijing, centered around the theme "Vitality and Resilience, Innovation and Empowerment" [1] - The forum aims to gather insights from various experts to explore how to activate market vitality and enhance collaborative effects within the industrial ecosystem [2] Group 3: Resilience and Innovation - Resilience is defined as the ability to withstand pressure and adapt, stemming from a large domestic market, a complete industrial system, and flexible policy adjustments [3] - The forum will discuss how to build a more resilient financial system and industrial ecosystem to ensure stable long-term development [3] - Innovation is highlighted as a means to break traditional dependencies, with financial technology reshaping the industry and driving new products and services [3] Group 4: Empowerment - Empowerment involves optimizing resources and capabilities to enhance overall value, with financial institutions playing a crucial role in supporting economic growth and structural optimization [4] - The forum will feature high-level dialogues and case studies to analyze practical empowerment strategies and the creation of a new financial and industrial landscape [4] Group 5: Future Outlook - The conference serves as a platform for sharing insights on macroeconomic trends, financial technology, investment strategies, and collaborative value creation [5] - 2025 is seen as a pivotal year for adapting to changes in the global economy while maintaining a commitment to high-quality development and sustainable economic ecosystems [5]

据参考消息援引《日本经济新闻》网站12月2日报道，日本央行行长植田和男1日强烈暗示将于12月加 息，当天日经指数应声下跌近1000点，随后开市的美股同样延续震荡行情。 11月下旬，彭博社和路透社接连发表了题为"抛售日本"的文章，提及日本的财政困境。日本政府的债务 规模目前已超国内生产总值（GDP）的200%，在发达国家中最为严重。 日本两年期国债对货币政策预期尤为敏感，其收益率当天一度上升2.5个基点至1.015%。5年期和10年期 国债收益率分别上涨至1.382%和1.858%，涨幅至少6.5个基点。 另一方面，日元对美元汇率当天走强，一度上涨至1美元兑换155.4日元。 报道称，虽然日本央行终于再次开始加息，但看不到这与政府积极财政政策之间的一致性。 "都给我闭嘴！把钱都投到我这儿来！"在12月1日东京举行的国际投资会议上，日本首相高市早苗援引 了动漫《进击的巨人》中主角的一句台词。报道称，虽然她的本意是鼓励对日投资，但鉴于当前形势， 这番话也存在被错误解读的风险。 据极目新闻报道，记者注意到，高市早苗此言一出，引来不少网友反讽。有网友留言："动漫里说这句 话的人，下一幕就被别人踹了。"也有网友吐槽高市早 ...

| | 全国县域综合竞争力100强县(市)与400样本比较 | | | | --- | --- | --- | --- | | 指 标 | 单位 | 全国县域综合竞争力百强县(市) 全国400样本县(市) | | | GDP总额占全国比重 | કર | 10.15 | 20.74 | | 一般公共预算收入总额占全国比重 | તેર | 3.93 | 7.6 | | GDP平均规模 | 亿元 | 1369 | 700 | | GDP总体增长率 | તેર | 6.29 | 5.95 | | 人均GDP | 元 | 139249 | 94652 | | 人均一般公共预算收入 | 元 | 8785 | 5646 | | 一般公共预算收支比率 | 14 | 70.43 | 52.14 | | 一般公共预算收入占GDP比重 | રેર | 6.31 | 5.96 | | 城镇居民可支配收入 | 元 | 61752 | 49693 | | 中学在校生占常住人口比重 | તેર | 5.18 | 6.04 | | 小学在校生占常住人口比重 | તિ | 7.27 | 7.8 | | 千人医疗机构床位数 | ડેસ્ | 5 ...

| 全国综合竞争力百强主城区与百强新城区比较 | | | | | --- | --- | --- | --- | | 指 标 | 单位 | 全国百强主城区 全国百强新城区 | | | GDP总额占全国比重 | તેર | 19.11 | 11.49 | | 一般预算收入总额占全国比重 | તેર | 6.97 | 4.76 | | 一般预算支出总额占全国比重 | તેર | 5.72 | 5.63 | | GDP平均规模 | 亿元 | 2577.5 | 1550.7 | | GDP总体增长率 | તેર | 4.95 | 4.91 | | 人均GDP | 元 | 221,259 | 128.650 | | 人均一般公共预算收入 | 元 | 13.151 | 8.670 | | 一般公共预算收入占GDP比重 | તેર | 5.94 | 6.74 | | 一般公共预算收支比率 | તેર | 94.2 | 65.2 | | 城镇居民可支配收入 | 元 | 76.992 | 64.256 | | 小学在校生占常住人口比重 | તેર | 6.64 | 5.91 | | 中小学在校生比率 | 比率 | 0.58 | ...