（日前，中建东孚发布了"好房子Joylife"价值系统。受访者/图） 日前，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。其中，房地产相关的表述置 于"加大保障和改善民生力度"部分，明确提出要"推动房地产高质量发展"。 《中国经营报》记者注意到，今年以来，在房地产领域"好房子"频频被提及。今年5月，住房和城乡建 设部相关负责人透露，有关部门正在组织编制《好房子建设指南》。 此外，今年5月1日起开始实施的《住宅项目规范》也以住宅项目整体为对象，规定了住宅项目的规模、 布局、功能、性能和关键技术措施，有力支撑城镇住宅项目高质量发展。 对此，龙头房企也开始加速布局谋篇。记者从中建东孚方面获悉，日前中建东孚已经发布了Joylife好房 子价值系统。该系统满足中建好房子营造体系中101项基础需求，完善59项提升需求，定制27项特色需 求，能够显著升级居住舒适度与功能完善度。 中经记者 杨让晨 上海报道 中建东孚党委副书记、总经理张涛表示，中建东孚凝聚全国多个重点城市的丰富开发经验，聚焦人居体 验本质、回归家庭生活本真，此次精心定制、全新打造推出了好房子Joylife系统，将为"好房子"衷心奉 上中建东孚的答案 ...

华泰柏瑞基金成立于2004年11月18日，华泰证券、柏瑞投资并列第一大股东。截至今年三季度末，旗下 公募基金管理规模超8000亿元。作为最早涉足ETF业务的基金公司之一，华泰柏瑞基金的指数业务持续 发展。截至2025年9月底，其ETF管理规模超5978亿元，较去年同期增长超1186亿元。 （编辑：郭婧婷 审核：夏欣 校对：翟军） 崔春拥有超过20年的金融从业经验，加入华泰证券资管之前，曾供职于光大证券、中国建设银行、嘉实 基金、中国国际金融公司等知名金融机构，履历覆盖证券、基金、银行等多领域。 中经记者 罗辑 北京报道 10月28日，华泰柏瑞基金发布公告，华泰证券资管原董事长崔春自10月28日起担任公司总经理，董事长 贾波不再代行总经理职责。 ...

Core Viewpoint - Major personnel changes at Dongfeng Motor Group's subsidiary, Shenlong Automobile, occur at a critical time for the company's focus on revitalization and transition to new energy vehicles [1][2]. Group 1: Personnel Changes - Lü Haitao has been appointed as the new General Manager of Shenlong Automobile, replacing Song Hanming, who will take on another role [1]. - Cheng Jun is now the Party Secretary and Deputy General Manager, while Shi Jianxing has been appointed as the Deputy Party Secretary [1]. - Lü Haitao has extensive experience within Shenlong Automobile, having joined the company in 1992 and held various leadership roles over the years [2]. Group 2: Strategic Focus - Shenlong Automobile aims to enhance its capabilities in product, marketing, and manufacturing, with a focus on new energy vehicle projects [1]. - The company plans to leverage both Chinese standards and supply chains to meet customer demands and accelerate its transition to new energy vehicles [1]. - The launch of the first model under its new electric vehicle brand, HEDMOS, marks a significant step in Shenlong's transition to new energy [3]. Group 3: Future Goals - The year 2025 is identified as a critical year for Shenlong's strategic transformation, with goals to stabilize its domestic market and expand into overseas markets [3]. - The HEDMOS brand is seen as a key initiative to help Shenlong integrate into Dongfeng's new energy vehicle strategy and establish a new model for joint venture transformation [3].

Core Insights - The outbound tax refund policy in China allows foreign travelers to reclaim VAT on purchases made in designated stores, which has been progressively implemented nationwide since its pilot in Hainan in 2011 [1][2] - In the first nine months of this year, the number of foreign travelers processing tax refunds increased by 229.8%, while the total refund amount rose by 97.4% compared to the previous year [1] - The tax authorities are enhancing the efficiency of the refund process by integrating tax information systems and introducing QR code functionalities, resulting in a 45% increase in refund processing efficiency [1] Group 1 - The tax refund policy has been optimized this year to stimulate foreign traveler spending in China [1] - New measures include the establishment of "immediate refund" services for travelers whose shopping and departure locations differ, with mutual recognition of refund processing between various regions [1][2] - The tax authorities are setting up centralized refund points in major shopping districts in cities like Beijing, Shanghai, and Guangzhou, allowing travelers to shop at multiple locations and process refunds at a single point [2] Group 2 - New features such as "mobile refund" and "one-click refund" through platforms like Alipay have been introduced to enhance the efficiency of the refund process [2] - The tax authorities aim to continuously improve the convenience of the outbound tax refund service to attract more foreign travelers to shop in China, thereby boosting inbound tourism consumption [2]

中经记者 郝亚娟 夏欣 上海 北京报道 近日，《人民日报》报道，我国芯片领域取得了新突破。 在芯片研发和投产的产业链上，活跃着大量中小微企业。科技型小微企业是科技创新的"生力军"，在集 成电路等战略性新兴产业发展中发挥着关键作用。然而，这些企业普遍面临研发周期长、资金需求急、 可抵押资产少等难题，融资困境成为制约其成长的重要瓶颈。 针对这一痛点，上海华瑞银行构建完善的科创普惠产品体系，助力科技型小微企业高质量发展。通过精 准对接芯片产业链科技企业需求，依托科创普惠金融产品，提供低成本的融资支持。 科技金融进阶：从"重资产"到"重价值" 清华大学五道口金融学院金融安全研究中心发布的《专精特新企业融资实践路径与安全策略报告 （2025）》显示，很多科技企业的资产负债表呈现出典型的"轻资产"特征，其核心价值体现为知识产 权、研发团队等无形资产。固定资产占比低于传统制造业企业，核心资产难以通过传统抵押方式融资。 对于银行而言，传统模型依赖历史现金流、利润率等指标，无法衡量技术潜力与未来价值，导致成长期 企业被判定为高风险。在以有形资产为核心的抵押文化下，科技企业最有价值的资产——知识产权，却 因其估值难、流动性差，导 ...

Core Insights - The 8th China International Import Expo (CIIE) will be held from November 5 to 10 in Shanghai, featuring participation from 155 countries, regions, and international organizations [2][4] - The event will showcase 4,108 overseas enterprises, with an exhibition area exceeding 430,000 square meters, marking a significant increase in participation compared to previous years [2][3] - The event aims to promote global cooperation and open markets, with a focus on new consumption growth points and innovative products [3][4] Group 1: Event Overview - The CIIE will host 8 Nobel laureates and over 400 distinguished figures from politics, business, and academia at the Hongqiao International Economic Forum [2] - The forum will feature 33 sub-forums and closed-door meetings, along with over 80 supporting activities [2] - The event will introduce the "Shared Market · Export China" brand and will have six countries, including Thailand, as guest countries [2][3] Group 2: Exhibitor and Product Highlights - This year's expo will present 461 new products, technologies, and services, covering future industries such as low-altitude economy and humanoid robots [3] - The number of participating enterprises has increased by over 600 compared to the previous year, reaching a total of 4,108, including 290 Fortune 500 and industry-leading companies [3][4] - The expo will also feature a special area for African products, with a significant increase in participation from African enterprises, up by 80% [4] Group 3: Economic and Cultural Cooperation - The event will deepen cooperation between local governments, featuring international friendship city exhibitions and a new "Charming Friendship City" area [3][4] - The expo will launch the "2025 China International Boutique Consumption Month" and host various themed activities to promote consumption [4] - The Hongqiao Forum will address topics such as enhancing economic resilience in the Global South and sustainable agricultural development [4]

Core Viewpoint - The company, Zhongtung High-tech, plans to acquire a 99.9733% stake in Hunan Yuanjing Tungsten Industry Co., Ltd. from Minmetals Tungsten Industry Group for a transaction price of 821 million yuan, aiming to resolve competition issues and enhance business independence [2][3]. Group 1: Acquisition Details - The acquisition is motivated by the commitment of the actual controller, China Minmetals, to avoid competition in the capital market and to integrate the tungsten industry chain [2]. - The transaction constitutes a related party transaction but does not qualify as a major asset restructuring [2]. - Yuanjing Tungsten Industry, established in January 2003, has a registered capital of 305 million yuan and primarily engages in tungsten metal mining and sales [2]. Group 2: Financial Performance of Yuanjing Tungsten - For the period from January to May 2025, Yuanjing Tungsten reported revenues of 142 million yuan and a net profit of 34 million yuan, with a negative cash flow from operating activities of 17 million yuan [3]. - As of May 31, 2025, Yuanjing Tungsten's total assets were 409 million yuan, total liabilities were 105 million yuan, and net assets were 304 million yuan [3]. - The company holds approximately 154,500 tons of tungsten metal, with an annual production capacity of 2,600 tons [3]. Group 3: Impact on Zhongtung High-tech - The acquisition is expected to enhance the tungsten resource self-sufficiency rate of Zhongtung High-tech, improve asset quality and profitability, and strengthen the company's risk resistance capabilities [3]. - Zhongtung High-tech operates as the tungsten industry management platform under China Minmetals, managing a complete tungsten industry chain from mining to trading [3]. - In the first three quarters of 2025, Zhongtung High-tech reported revenues of 4.906 billion yuan, a year-on-year increase of 13.39%, and a net profit of 335 million yuan, up 18.26% year-on-year [4].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has introduced two documents aimed at enhancing the protection of small and medium-sized investors and optimizing the Qualified Foreign Institutional Investor (QFII) system, thereby boosting market confidence and international participation in China's financial markets [1][6]. Group 1: Protection of Small and Medium-sized Investors - The "Opinions" document outlines 23 specific measures focusing on eight key areas to strengthen the protection of small and medium-sized investors, including enhancing the issuance and listing process, ensuring fair trading environments, and increasing legal protections [2][3]. - The measures include optimizing the new stock issuance pricing mechanism, improving the quality of prospectus disclosures, and encouraging companies to adopt stable dividend policies [3][4]. - The CSRC aims to enhance investor education and ensure that financial institutions adequately inform investors about risks associated with high-risk products [4][5]. Group 2: QFII System Optimization - The "Work Plan" aims to improve the QFII system by streamlining the approval process, expanding investment scope, and clarifying policy expectations to create a more transparent and efficient environment for foreign investors [6][7]. - As of now, there are 913 qualified foreign investors in China's capital market, with total domestic asset scale exceeding 1 trillion RMB [6]. - The plan includes allowing the use of ETF options for risk management and providing equal treatment for foreign public funds in short-term trading [7][8]. Group 3: Implementation and Future Goals - The CSRC plans to implement these measures within two years, aiming to enhance the attractiveness of the QFII system and promote a balanced development of onshore and offshore investment channels [6][7]. - The optimization of the QFII system is expected to significantly increase foreign participation in China's capital markets, contributing to the overall internationalization and marketization of the financial sector [8][9].

值得一提的是，在行业"反内卷"行动持续推进的背景下，多家光伏硅料企业的经营状况已出现积极信 号。 除大全能源外，协鑫科技（03800.HK）也在同期实现光伏材料业务利润约9.6亿元。尽管其中包含出售 联营公司带来的税后收益约6.4亿元，但剔除该非经常性收益后，其光伏材料业务仍实现盈利。中经记 者 张英英 吴可仲 北京报道 2025年上半年，受硅料市场供需不平衡，多晶硅价格大幅下跌影响，大全能源亏损11.47亿元。这也导 致2025年前三季度仍亏损10.73亿元。 行业数据显示，当前多晶硅价格趋于平稳。据中国有色金属工业协会硅业分会10月22日发布的数据，周 内多晶硅n型复投料成交均价为5.32万元/吨，n型颗粒硅成交均价为5.05万元/吨，环比均持平。 中国有色金属工业协会硅业分会同时指出，目前多晶硅行业仍处于产业结构重塑的关键时期，即便供应 同比显著收缩，库存仍小幅累积，反映出终端需求相对疲软。在供需均偏弱的背景下，产业政策与市场 预期将成为短期内支撑多晶硅市场平稳运行的主要因素。 【净赚7000多万元！又一光伏硅料龙头第三季度扭亏】10月27日，光伏硅料龙头大全能源 （688303.SH）发布2025年第 ...

中经记者 孙汝祥 夏欣 北京报道 10月27日，上交所公布第三届科技创新咨询委员会（以下简称"咨询委"）委员名单。其中，王兴兴（宇 树科技创始人、CEO、CTO）、彭志辉（智元机器人联合创始人、CTO）等21人为新增补委员，尹志尧 （中微公司董事长）、邓中翰（中星微电子）等39人为连任委员。 据上交所介绍，第三届咨询委委员主要来自科研院所、链主企业、国家部委机关等，以连任委员为主， 同时增补人工智能、机器人、商业航天、低空经济等未来产业领域专家，委员来源分布广泛，具有较强 的代表性。 咨询委委员将按照《上海证券交易所科技创新咨询委员会工作规则》要求，以个人专家身份兼职参与咨 询委工作，主要就发行上市审核工作中的企业科创属性、业务与技术相关事项等提供咨询意见，为上交 所板块建设和相关规则制定提供政策建议。 上交所第三届咨询委委员（按姓氏笔画排序）包括：万军、王卫东、王兆魁、王兴兴、王宝友、王健 伟、王海峰、王鹤、文力、方向、尹志尧、孔元中、邓中翰、邓红元、邓志东、任宏军、庄越挺、刘冬 梅、刘红军、米磊、李化义、李金山、李炜、李瑞峰、杨小康、杨为民、杨波、吴明红、何小龙、何金 良、张永明、张连山、张波、张建华、张 ...