Core Insights - The railway sector has focused on ensuring winter coal supply transportation, with a total coal dispatch of 184 million tons in November, reflecting a year-on-year increase of 0.3% [1] - Among the total, thermal coal accounted for 128 million tons, maintaining a high level to support winter heating and power generation needs across regions [1] - As of the end of November, the stockpile of coal directly supplied to power plants reached 88.23 million tons, with a consumption duration of 35.8 days, which is an increase of 1 day year-on-year [1] - Power plants with coal reserves below 15 days have achieved a dynamic clearance, indicating improved supply stability [1]

经济观察网OpenAI与澳大利亚数据中心运营商NextDC Ltd.开展人工智能(AI)基础设施合作，包括在悉 尼建设价值70亿澳元(46亿美元)的大型计算集群，以加速其在亚太地区的扩张。该消息推动NextDC股价 在悉尼交易时段一度飙升11%，市值突破90亿澳元。澳大利亚政府本月发布了国家人工智能路线图框 架，旨在促进投资、扩大基础设施和充实人才储备，并将人工智能融入公共服务。 ...

经济观察网据国家发改委消息，近日，国家发展改革委下达2025年第四批以工代赈中央预算内投资60亿 元，全年中央投资规模达到355亿元，预计吸纳超过110万名低收入群众就近务工，同步指导地方在其他 领域重点工程项目中推广以工代赈方式，今年将带动超过400万名低收入群众就近务工。下一步，国家 发展改革委将立足当前就业形势，积极主动作为，督促指导地方推动已下达投资的以工代赈项目开工建 设，抓实抓牢重点群体务工组织和劳务报酬发放等关键环节，同步做好项目常态化滚动式储备，推动以 工代赈切实发挥稳就业、促增收的逆周期调节作用。 ...

2025年12月1日，国家发展改革委办公厅关于印发《基础设施领域不动产投资信托基金（REITs）项目行业范围清单（2025年版）》（下简称"991号文"）。 该文件进一步拓宽了REITs可发行行业范围，新增商业办公设施、四星级以上酒店、体育场馆项目以及城市更新项目。其中酒店、办公用房在原政策（发改 委1014号文）中仅能作为园区和消费基础设施不可分割的附属设施一并发行，此次政策可使酒店、办公用房独立发行，激活广阔的酒店商办存量市场，同时 也为REITs市场规模扩张注入新的动力。 根据戴德梁行对资本化率的调研得出，一线城市甲级写字楼的资本化率介于4.5%-6.4%，广发证券研究部取平均值5.5%进行测算，得出全国重点城市甲级写 字楼的存量价值约为1.30万亿元。 激活存量资产市场，拓宽融资渠道 原政策中酒店、办公用房需作为园区或消费基础设施的附属设施捆绑发行，而991号文允许其独立发行，直接盘活商业不动产存量资产。例如，四星级以上 酒店和体育场馆项目可单独申报，解决过去因资产类型限制导致的流动性不足问题，为房企和商业机构提供新的权益融资工具。 新增城市更新设施入REITs范围，支持存量商业不动产（如老旧商圈、写 ...

经济观察报 记者 刘晓诺 每月花1500元~4500元打针减肥，一年瘦15%~20%，你愿意吗？ 全球至少有几千万人愿意。他们真金白银的消费，让减肥针超越抗癌药成为全球销售额最高的药物，也让美国公司礼来成为史上第一家市值破万亿美元的医 药公司。 此前，能跻身万亿美元俱乐部的只有英伟达、苹果等科技公司，以及巴菲特打造的伯克希尔。 11月初，礼来首席执行官戴文睿（Dave Ricks）在播客中坦言，礼来现在与辉瑞等大公司营收相仿，但市值比它们高4倍，区别就在于礼来赶上了GLP-1现 象。 礼来的减肥针替尔泊肽是GLP-1药物的代表。2025年6月—9月，替尔泊肽卖了101.03亿美元，是当季度全球"药王"。 几十年后，GLP-1成为了糖尿病治疗的下一站，礼来再次把握住时代风向。 1982年，科学家们发现了GLP-1激素具有降低血糖的效果。2005年，礼来与Amylin公司合作推出艾塞那肽注射液，这是全球首个GLP-1药物，用于控制血 糖。 2006年礼来的财报封面上，记录了一位使用艾塞那肽的患者的话："我的血糖得到控制了，我也瘦了，我感觉不错……" 最初，连发现GLP-1激素的科学家都没想到GLP-1还可以开发成 ...

Core Viewpoint - The ecological protection red line established in 2022 has led to continuous improvement in the quality of ecosystems within its boundaries, indicating positive environmental impacts and effective conservation measures [1] Group 1: Ecosystem Quality Improvement - Average vegetation coverage within the ecological protection red line has increased by 1.29% [1] - Both forest coverage rate and forest stock volume have achieved growth [1] - The overall condition of wetland water source security is reported to be good [1] Group 2: Spatial Structure and Area Changes - The area of forest land within the red line has increased by 3,344 square kilometers [1] - The area of water bodies has increased by 320 square kilometers [1] - There has been a noticeable decrease in marine utilization intensity within the marine ecological protection red line [1]

Group 1 - The core viewpoint of the news is that Bank of Communications has launched the "Rui Shan" charitable financial service plan to meet the growing demand for "wealth for good" among customers, focusing on various dimensions such as model, scenario, experience, channel, and ecosystem [2] - The "Rui Shan" plan includes three main categories of services: public welfare charitable trusts, asset service trusts, and asset management products, totaling nine service models that cover six public welfare directions including rural revitalization, assistance for the disabled, elderly care, education funding, medical aid, and nature conservation [2] - The bank plans to launch a charitable section in its mobile banking app, creating a one-stop platform for information display, project donations, and progress tracking, aiming to expand the "finance + public welfare" cooperation ecosystem [2] Group 2 - Since establishing its first charitable trust in 2019, the bank has set up over 60 charitable trusts, gathering nearly 4,000 caring customers and donating approximately 26 million yuan, with significant growth in charitable trusts since 2025 [2] - The bank has donated a total of 250 million yuan in targeted assistance programs in regions such as Gansu, Shanxi, and Sichuan, and has collaborated with organizations like the China Disabled Persons' Federation to support disabled youth education, contributing 120 million yuan [3] - The bank aims to further expand its charitable service ecosystem and explore new paths for promoting "finance + charity" on a larger and more professional scale, contributing to the concept of common prosperity [3]

Group 1 - The 2025 Shanghai Marathon was inaugurated at the Bund Jin Niu Square, with China Pacific Insurance (CPIC) serving as the official insurance sponsor for the fourth consecutive year [2] - CPIC provided comprehensive risk coverage with a total insurance amount of nearly 20 billion yuan, including personal accident insurance, public liability insurance, and accidental medical insurance for all participants and staff [2] - A dedicated claims team and a green claims channel were established, offering a bilingual service hotline and simplified paperless real-time compensation for claims under 10,000 yuan, enhancing the overall service experience [2] Group 2 - Changjiang Pension Insurance launched a creative mini-game called "Life Track Simulator" on WeChat, allowing users to input their age and income to generate a personalized retirement financial handbook [2] - The company designed a visual comparison of "Corporate Annuity Growth Curve" and "Marathon Champion Completion Time," illustrating the value of early accumulation and long-term savings in retirement financial planning [2] - CPIC and Changjiang Pension will continue to uphold their service philosophy of responsibility, wisdom, and warmth, supporting participants in their life marathons [3]

12月3日晚间，贵州百灵（002424）企业集团制药股份有限公司（002424.SZ，简称：贵州百灵）发布公告，披露公司实际控制人姜伟近日收到 中国证券监督管理委员会（以下简称"证监会"）下发的《立案告知书》。告知书显示，姜伟因涉嫌内幕交易、信息披露违法、违反限制性规定 转让股票等行为，根据《中华人民共和国证券法》《中华人民共和国行政处罚法》等法律法规，被证监会正式立案调查。 来源：贵州百灵公告 公告强调，本次立案系对姜伟个人的调查，与公司日常经营管理和业务活动无关，不会对上市公司及子公司生产经营活动产生影响。 然而，这一声明的市场说服力正面临严峻考验。姜伟作为贵州百灵的实际控制人、董事长、法定代表人，并且在原董事会秘书辞职后长期代行 董事会秘书职责（根据公司2024年12月13日公告，原董秘辞职后，董事长姜伟自2024年12月13日起代行董秘职责），其个人行为的合法合规性 与上市公司的治理质量、信息披露质量紧密相连。尤其是在"信息披露违法"这一指控上，实控人个人行为与上市公司法定披露义务之间是否存 在关联，是后续调查的关键，也是市场疑虑的焦点。 此次针对"掌门人"个人的立案，距离贵州百灵自身因涉嫌信息披露违 ...

Group 1 - The forum "2025 New Consumption Summit for a Better Life" focused on high-quality and upgraded consumption in China's market, emphasizing the need for a healthier and more sustainable future [1] - Infinitus (China) Co., Ltd. was awarded the "Health Life Guardian" award for its systematic innovation in the health consumption sector [1] Group 2 - Infinitus has developed a quality control system that breaks the traditional health food industry's focus on end products rather than sourcing, implementing a "Seven Unification" planting management system across over 20 production areas [2] - The company uses DNA identification technology to ensure the purity of its mushroom strains, avoids chemical fertilizers and pesticides, and employs innovative techniques to enhance the stability and quality of its products [2] - Infinitus has established a dual inspection system in collaboration with institutions like Cambridge University and Zhejiang University, covering 38 testing indicators, and utilizes IoT technology for real-time data collection on its products [2] Group 3 - Infinitus creatively integrates traditional Chinese herbal wisdom with digital technology to meet the evolving consumer demand for holistic health, proposing health concepts that can be quantified through smart hardware and algorithms [3] - The company has transformed digital health services into a core value creation vehicle, allowing users to engage in health assessments and receive personalized recommendations, which in turn drives product iteration and service optimization [3] - Infinitus's systematic innovations not only enhance its market reputation and consumer trust but also exemplify the responsibility of Chinese enterprises in promoting high-quality development [3]