经济观察报记者郑晨烨 编者按：2025年，经济观察报以"我们的四分之一世纪"为年终特刊主题，旨在通过数十位时代亲历者的 故事，共绘一幅属于这段岁月的集体记忆图谱。 1997年，在宁波做业务员的陈凯峰，拥有了人生第一部手机。 那时候，手机是纯粹的奢侈品，当时实行的是双向收费，不仅打出去要钱，接听电话也要按分钟扣钱， 而陈凯峰当时一个月的工资还不到3000元，但他每个月报销的话费账单通常在2000元到3000元之间。 那是中国电子通信产业爆发的前夜，在那之前，陈凯峰腰里别着传呼机，手里拿着像砖头一样的移动电 话，在公共场合甚至还需要使用磁卡电话亭。 二十八年后，陈凯峰坐在深圳的办公室里，作为酷赛智能的董事长向记者讲述这段往事。他现在的生 意，是把智能手机卖到全球七十多个国家。 从1997年那个拿着昂贵手机的年轻人，到2025年把超600万台手机卖遍全球的操盘手，陈凯峰完整地经 历了中国手机产业从无到有、从草根到正规、从狂热到冷静的全过程。 21世纪的第一个25年，他做过功能机的特色创新，也在鸟巢开过群星璀璨的品牌发布会，最终在巨头林 立的市场缝隙中，找到了一条看似不显眼但却足够宽阔的生存道路。 跑马灯与三个大喇叭 ...

在中国家庭的装修清单里，全屋智能正在成为一个新的"标配"。 对于许多花费数百万甚至上千万装修房子的业主来说，他们安装智能系统的初衷非常简单，花钱买省心， 用户希望自己新家的灯光能懂氛围，该关就关，该亮就亮，空调能自动调节到舒适温度，不用反复寻找遥 控器，离家时，安防系统也能自动布防，省去检查门窗的繁琐。 但在现实中，这份"省心"往往变成了一场赌博。 在社交媒体上，能看到许多关于全屋智能的吐槽，许多用户将全屋智能戏称为"人工智障"，有人在半夜被 自动打开的窗帘吓醒，有人因为断网导致全屋开关失灵，还有人因为装修工接错了一根线，入住半年还在 不停地报修。 花费不菲只为买个省心，结果却买回了一堆麻烦。 这种巨大的心理落差，折射出行业一个长期被忽视的市场痛点，全屋智能的体验，并不止于安装交付，长 期的维护和持续升级才是关键。 然而，建立一套专业的全屋智能交付体系，并非没有代价，背后有着不可压缩的人力与资源成本，因此， 许多头部的全屋智能家居企业以往都会选择收取一笔20%到25%的服务费，来保障交付质量。 但在全屋智能行业"内卷"日趋严重，"价格战"愈演愈烈的当下，不少厂商为了抢单，选择免除或降低这笔 费用。 相比之下， ...

经济观察网 据央视网消息，今天（25日），中央网信办、工业和信息化部、国家市场监督管理总局、 国家数据局等部门 联合召开发布会。中央网信办有关负责人介绍，"十四五"期间，我国加快构建智能 化综合性信息基础设施，已建成全球规模最大、技术领先的光纤宽带和移动通信网络，5G用户普及率 从15%增至83.9%，信息基础设施跨越式发展，经济社会信息"大动脉"更加通畅。 ...

Group 1 - The Ministry of Housing and Urban-Rural Development reported that from January to November 2025, 25,800 urban old community renovation projects were initiated, exceeding the annual target of 25,000 by 800 projects, achieving a completion rate of 103% [1] - The ministry emphasized the "Four Goods" construction (good houses, good communities, good neighborhoods, good urban areas) during the national urban renewal promotion meeting in November 2025, linking urban renewal with stabilizing the real estate market and addressing safety hazards to release housing demand [1] - Local governments, including Guangdong, Shanghai, and Chongqing, are actively responding with detailed policies to support urban renewal initiatives [1] Group 2 - The Ministry of Finance has pre-allocated 56.6 billion yuan for urban affordable housing projects for 2026 and encouraged local special bonds for urban renewal [2] - The National Development and Reform Commission included urban renewal facilities in the REITs issuance scope, expanding long-term financing channels by adding asset types such as commercial offices, hotels, and sports venues [2] - Central economic work meetings may promote special bonds and ultra-long-term special treasury bonds to support urban renewal, with potential policy financial tools reaching a leverage ratio of 14 times in 2026 [2] Group 3 - The focus on "high-quality urban renewal" is a key aspect of the 14th Five-Year Plan, with a shift in policy from "large-scale implementation" to "high-quality advancement," emphasizing localized and sustainable operations [3] - Investment in underground pipelines related to urban renewal is expected to exceed 5 trillion yuan by 2026, driving demand in construction and renovation sectors [3] - The current urban renewal landscape is characterized by increased policy support, diversified funding, and leading participation from major state-owned construction enterprises, with a completion rate of approximately 86.8% for 2025 and an acceleration expected in 2026 [3]

自2024年两会提出"房地产发展新模式"框架以来，2025年中央城市工作会议和近期的中央经济工作会议 都再次强调要"加快构建房地产发展新模式"。政策导向正深刻重构行业底层逻辑，推动市场从"增量扩 张"迈向"存量提质"与"结构优化"的新阶段。 在此背景下，房地产行业迎来新的发展机遇，商品房逐步回归居住属性，改善型需求持续引领市场，推 动产品向绿色、低碳、智慧化方向升级，为注重产品力、服务品质与资产运营能力的企业提供了差异化 发展空间。 "十四五"期间，我国城市人居环境和品质生活水平持续提升。在探索房地产发展新模式的过程中，典型 案例脱颖而出。中建玖合正是通过探索房地产发展新模式，构建独特差异化发展的代表性企业。 中建玖合通过硬件的品质提升、软件的社区人文温度和可持续服务体验，突破原有的粗放式开发逻辑， 转型到与城市融合发展的新模式。其"中心城市空间综合服务商"的战略定位，"服务幸福空间"的企业使 命，以及"以人为本，科技引领，创新驱动，绿色发展"的理念，系统构建了涵盖规划、建设、运营、服 务的全周期空间价值体系。 以人为核心 重构商业模式和产品体系 围绕战略定位、商业模式、产品逻辑等，中建玖合在"十四五"期间， ...

Core Insights - The article highlights the rapid success of the ZunJie S800, a luxury vehicle from a Chinese brand, which has established itself in the ultra-luxury market with a price point exceeding 700,000 yuan [1][3][4] - The ZunJie S800 has achieved over 10,000 units delivered within approximately 200 days since its launch, marking a new record for luxury vehicle deliveries in China [1][6] - The vehicle has not only excelled in sales but has also created a "ZunJie Effect," where existing owners recommend the car to peers, enhancing its reputation within high-net-worth circles [1][11] Market Performance - The ZunJie S800 was launched on May 30, with a starting price above 700,000 yuan, generating significant market interest [3] - By August, the vehicle had accumulated over 10,000 pre-orders, surpassing initial market expectations [4] - In October, the S800 achieved a monthly delivery of 1,970 units, leading the luxury sedan segment priced above 700,000 yuan [5] - By November, the monthly delivery stabilized above 2,000 units, outperforming competitors like the Porsche Panamera and BMW 7 Series [5] Production and Quality Control - The ZunJie S800's production emphasizes quality, with a "zero defects" goal in its manufacturing process, ensuring each vehicle undergoes rigorous testing [6][10] - The vehicle's manufacturing facility in Hefei implements strict quality control measures, achieving assembly precision of 0.5 mm for critical components [10] - Huawei's involvement in the supply chain has introduced advanced quality management systems, enhancing the overall production standards [14][15] User Experience and Technology - The ZunJie S800 integrates cutting-edge technology, including Huawei's advanced driving assistance systems, which enhance user experience in complex urban environments [9][10] - The vehicle's design and technology create a seamless driving experience, characterized by smooth performance and high safety standards [9][10] - Users perceive the S800 as a "mobile business card," reflecting their wealth and modern values, which fosters a strong identity connection [12][13] Industry Impact - The ZunJie S800 serves as a catalyst for innovation within the Chinese automotive supply chain, pushing the boundaries of luxury vehicle manufacturing [14][15] - The vehicle's success is seen as a systemic leap for the Chinese automotive industry, demonstrating the potential for domestic brands to compete in the ultra-luxury segment [7][16] - The article concludes that the ZunJie S800's achievements represent both a significant milestone and a starting point for future challenges in sustaining high-end market presence [16]

Group 1: Fiscal Performance - During the "14th Five-Year Plan" period, Shandong's general public budget revenue exceeded 700 billion yuan, increasing from 656 billion yuan at the end of the "13th Five-Year Plan" to 771.2 billion yuan in 2024, with an average annual growth of 4.1% [1] - The general public budget expenditure rose from 1.12 trillion yuan at the end of the "13th Five-Year Plan" to 1.31 trillion yuan in 2024, with an average annual growth of 3.9% [1] - Shandong implemented tax reduction and refund policies, with a cumulative reduction of over 700 billion yuan from 2021 to 2024 [1] Group 2: Investment and Support for Private Sector - Shandong has established 208 provincial government investment funds, investing in 1,858 projects with a total investment of 236.8 billion yuan, which has attracted 576.7 billion yuan in social capital [2] - The provincial finance department has directly invested over 36 billion yuan in support of private economic development during the "14th Five-Year Plan" [2] - A total of 976 projects in private enterprises received 97.2 billion yuan in investment, leading to over 240 billion yuan in social capital financing [2] Group 3: Social Welfare and Employment Support - Social welfare expenditure increased from 891.4 billion yuan in 2020 to over 1 trillion yuan in 2024, maintaining an 80% share of the budget [3] - A total of 161.54 billion yuan was spent on employment support, including 18.16 billion yuan in one-time entrepreneurial subsidies and 978.65 billion yuan in entrepreneurial guarantee loans [3] - The minimum standard for basic pensions reached 208 yuan per person per month, a 46.5% increase since 2020 [3]

《条例》明确，城市更新计划主要包括七个方面：一是推进城中村、老旧小区、危旧住房改造，提升人 居环境品质的居住类城市更新；二是推动老旧工业区、老旧厂区厂房、老旧商业区、旧市场、低效产业 园区、低效楼宇、传统商业设施等存量空间资源提质增效的产业类城市更新；三是改造和完善城市基础 设施、公共服务设施，提升城市功能的设施类城市更新；四是加强名泉、历史文化街区、传统风貌区、 不可移动文物、历史建筑等保护利用，彰显泉城特色风貌的名城保护类城市更新；五是推进山体、滨 水、湿地、公园、生态廊道以及城市生态基础设施修复完善，提升生态环境品质的生态类城市更新；六 是统筹多类存量空间资源配置、优化功能布局，实现片区可持续发展的综合类城市更新；七是济南市人 民政府确定的其他城市更新活动。 《条例》适用于城镇开发边界以内的城市更新活动，涵盖居住类、产业类、设施类、保护类、生态类、 综合类等更新类型，注重保留改善、改造提升与拆除重建并举，以保留利用提升为主。 下一步济南将采取哪些具体措施推动《条例》落地见效？济南市住房和城乡建设局二级巡视员陈红介 绍，《条例》正式实施后，济南将聚焦"机制、规划、政策、实施"四个关键环节，确保扎实落地、取 ...

经济观察网 据CCTV国际时讯消息，美国特朗普政府近期决定大规模召回驻外大使。当地时间12月24 日，美国参议院外交关系委员会公布了该委员会10名民主党成员联署的致特朗普的一封信。信中写道， 召回近30名大使的决定"前所未有"，在此之前已有80个大使职位空缺。"如今，美国驻外大使职位空缺 数量将显著超过100个，约占全球所有美国大使职位的一半"，这将"限制甚至损害美国的利益"。 ...

2025年，在市场回暖与低利率环境持续的双重驱动下，"固收+"基金凭借其"进可攻、退可守"的特性， 以及相对可控的回撤和波动风险，吸引了大量投资者关注并积极配置。今年第三季度，"固收+"基金规 模增速显著高于全市场基金整体水平。其中，一级债基与二级债基合计规模已突破2.1万亿元，尤其二 级债基增长势头更为显著。 "固收+"基金以债券资产构筑基础收益、以权益资产增厚弹性回报，今年以来表现不俗。一批在收益与 回撤控制方面表现突出的"固收+"产品脱颖而出。据数据统计，今年以来偏债混合型基金指数涨幅 6.51%，同期中长期纯债基金指数仅上涨0.85%。 12月以来，上证指数围绕3900点展开震荡。波动加剧的环境下，如何通过股债搭配实现更稳健的投资， 成为投资者广泛关注的议题。兼具收益潜力与风险控制能力的"固收+"策略产品，进一步成为投资者进 行资产配置的核心工具之一。 第三阶段（2024年以来）：策略优化与结构升级。"固收+"产品核心逻辑从追求收益转向精细化的波动 管理。产品设计趋于精细化，匹配不同风险偏好需求；资产配置也从传统的"固收+权益"拓展至涵盖 REITs、黄金、商品等多元资产，并运用量化工具进行风险管理。 ...