● 本报记者 熊彦莎 财政部11月17日发布的2025年1至10月财政收支情况显示，1至10月，全国一般公共预算收入18.65万亿 元，同比增长0.8%。全国一般公共预算支出22.58万亿元，同比增长2%。在主要税收收入项目中，印花 税收入3781亿元，同比增长29.5%；其中，证券交易印花税1629亿元，同比增长88.1%。 全国一般公共预算收入月度增幅继续提高，累计增幅稳步回升。10月份，全国一般公共预算收入2.26万 亿元，同比增长3.2%。其中，中央、地方收入分别增长2.3%、4%。1至10月，全国一般公共预算收入同 比增幅比1至9月提高0.3个百分点。装备制造业、现代服务业等行业税收表现良好。计算机通信设备制 造业税收收入增长12.7%，电气机械器材制造业税收收入增长7.9%，科学研究技术服务业税收收入增长 14.8%。 全国一般公共预算支出保持增长，重点领域支出得到保障。财政部表示，各级财政部门认真落实更加积 极的财政政策，加大支出强度，优化支出结构，持续加强对重点领域的支出保障。1至10月，在全国一 般公共预算支出中，社会保障和就业支出同比增长9.3%，教育支出同比增长4.7%，卫生健康支出同比 ...

● 新华社记者 冯冰 陈钢 张斌 亚欧大陆腹地，"钢铁驼队"疾驰不息；万里丝路之上，中欧班列续写新的传奇。 自2011年首列开行以来，这道流动的"钢铁动脉"从单一线路到织网结链，从基础联通到高效畅通，用十 余年光阴发展为横跨东西的物流通道与经济走廊。 2023年9月15日，国家主席习近平向首届中欧班列国际合作论坛致贺信指出，中欧班列开行以来，保持 安全稳定畅通运行，开创了亚欧国际运输新格局，搭建了沿线经贸合作新平台，有力保障了国际产业链 供应链稳定，为世界经济发展注入新动力。 如今，累计开行突破11万列的中欧班列，正在共建"一带一路"征程上书写互利共赢的时代华章，成为世 界经济发展中生机勃发的引擎。 通道建设：从"连线成片"到"织网结链" 清晨，西安国际港站的汽笛声响起，一列满载电子产品与日用百货的中欧班列（西安）启程西行，驶向 欧洲。 年开行量从46列到超5000列，累计开行量占全国中欧班列开行总量的约四分之一，不断增长的中欧班列 （西安）不仅是亚欧大陆上繁忙的贸易使者，更是中国对外开放新格局的生动缩影。 2011年3月19日，首列中欧班列"渝新欧"从重庆团结村站发出，开启亚欧铁路运输新纪元。这座曾经默 默 ...

● 本报记者傅苏颖 11月17日，国家药监局发布《关于深化化妆品监管改革促进产业高质量发展的意见》。《意见》旨在通 过全过程深化化妆品监管改革，全方位筑牢化妆品安全底线，全链条支持化妆品产业高质量发展。 考虑行业发展实际，《意见》提出，国家药监局将对新功效化妆品设置专门审评通道，实施即报即审， 并建立新功效化妆品注册申报前置咨询机制，在加强对企业服务指导的同时，优化审评审批程序，着力 适应社会消费新需求和行业发展新趋势。在此基础上，通过调整化妆品分类规则与分类目录，简化部分 产品管理要求，支持产业创新发展。 为培育我国化妆品领域首发经济，在严格保证产品安全的基础上，《意见》明确，允许符合相关要求的 国际化妆品新品免于提交已上市销售许可证明文件，有效破除"时间门槛"。既为国际新潮产品开辟 了"快速通道"，能够以更快的速度登陆中国市场，又能够让消费者第一时间体验到全球最新、最优质的 美妆产品，同时还能有效激发消费活力，推动国内美妆消费从"基础需求"向"品质升级"转变。 深化注册备案改革 为适应化妆品产业创新发展的新形势与新要求，《意见》围绕监管能力现代化与审评审批效率提升，系 统部署了三个方面改革举措，着力构建科 ...

● 本报记者陈露 2025年三季度，保险资金运用余额保持增长，险资继续增持权益类资产，固收类资产的配置占比有所下 降。金融监管总局最新数据显示，截至三季度末，人身险公司和财产险公司股票投资余额合计3.62万亿 元，规模和占比均较二季度末进一步提升；此外，人身险公司的债券配置占比环比下降，人身险公司和 财产险公司的银行存款配置规模和占比均环比下降。 权益投资规模和占比双提升 金融监管总局近日披露2025年三季度保险公司资金运用情况表，截至三季度末，保险公司资金运用余额 37.46万亿元，同比增长16.52%。 其中，人身险公司资金运用余额在保险行业占比约90%。截至三季度末，人身险公司资金运用余额 33.73万亿元，同比增长16.55%；财产险公司资金运用余额2.39万亿元，同比增长11.79%。 对于保险资金运用余额增长的原因，国金证券非银金融首席分析师舒思勤认为，权益市场表现较好使得 险企资产增值。此外，保险预定利率下调刺激消费者的投保需求提前释放，推动行业保费收入实现较好 增长。 三季度，人身险公司和财产险公司对股票的配置规模和比例均有所提升。金融监管总局数据显示，截至 三季度末，人身险公司股票投资余额3 ...

● 本报记者欧阳剑环 国家发展改革委11月17日消息，国家发展改革委近日联合财政部、人力资源社会保障部、自然资源部、 交通运输部、国家林草局印发《关于加快建设现代化国有林场的意见》，旨在进一步巩固国有林场改革 成果、加快国有林场现代化建设，明确现代化国有林场的发展方向、主要目标和重点任务。 国家发展改革委新闻发言人介绍，意见明确提出四大体系建设。一是全面构筑现代化生态保护体系，提 出明晰林场资源管理制度、提高生态保护管理能力、推进林草资源提质增效等重要举措。二是大力发展 现代化特色产业体系，明确了深度服务生态工程建设、挖掘特色产业发展潜力、带动周边产业集群发展 等相关政策。三是加快升级现代化技术装备体系，部署了推动适用装备升级换代、打造技术创新实践基 地、加快补齐基础设施短板等具体任务。四是探索健全现代化经营制度体系，细化了分类完善林场管理 体制、加快健全人才培养体系、鼓励建立分配激励机制等具体要求。 围绕创新产业（300832）发展模式，意见支持国有林场受地方政府委托作为"三北"等重点生态工程的项 目建设主体、后期管护主体，鼓励开展林草社会化服务，发展相关生态产业和业态，通过场村合作带动 集体林地适度规模经 ...

Core Viewpoint - The automotive industry is entering a critical phase next year, where only companies with strong profitability will survive, as stated by Geely's CEO [1] Group 1: Company Performance - XPeng Motors reported a significant revenue increase of 101.8% year-on-year to 20.38 billion yuan in Q3, with a narrowed net loss of 380 million yuan [3] - Li Auto achieved a revenue of 19.45 billion yuan in Q3, a year-on-year growth of 97.3%, and a net profit of 150 million yuan [3] - Geely's Q3 revenue reached 89.19 billion yuan, up 27% year-on-year, with a net profit of 3.82 billion yuan, reflecting a 59% increase [4] Group 2: Market Outlook - All three companies expressed optimism about the market outlook despite the upcoming reduction in new energy vehicle purchase tax incentives [1] - Geely's CEO indicated that 2026 will be a pivotal year for the company's exports, with expectations that new energy vehicles will account for 45%-50% of overseas sales by 2027 [5] Group 3: International Expansion - XPeng Motors has delivered 29,700 vehicles overseas from January to September, marking a year-on-year growth of over 125% [6] - Li Auto's overseas sales are projected to reach between 100,000 to 150,000 units next year [7] - XPeng plans to launch three new models for international markets in 2026, including a highly anticipated compact SUV [6]

Core Viewpoint - The company, Huaxia Happiness, has received a court decision to appoint a temporary administrator for its pre-restructuring process, indicating potential financial distress and the initiation of a restructuring procedure [2][3]. Group 1: Court Decision and Temporary Management - On November 17, Huaxia Happiness announced that the Langfang Intermediate People's Court has appointed a judicial restructuring team to act as the temporary administrator during the company's pre-restructuring period [2][3]. - The court's decision to accept the pre-restructuring application does not equate to a formal acceptance of the restructuring application, leaving significant uncertainty regarding the company's future restructuring process [3]. Group 2: Debt Claims Notification - The temporary administrator will issue a debt claim notification to creditors, requiring them to submit their claims by December 18, including details such as claim amount and nature [5]. - If the court later accepts the restructuring application, claims submitted during the pre-restructuring period will remain valid without needing to be resubmitted [5]. Group 3: Financial Performance - For the first three quarters, Huaxia Happiness reported a revenue of approximately 3.882 billion yuan, a year-on-year decrease of 72.09%, and a net loss of approximately 9.829 billion yuan [6]. - As of the end of the third quarter, the company's net assets stood at -4.738 billion yuan [6].

Core Viewpoint - The company, Kexin Information, is under investigation by the China Securities Regulatory Commission (CSRC) for suspected violations of information disclosure laws, while its business operations continue normally [2]. Group 1: Regulatory Investigation - Kexin Information received a notice from the CSRC regarding the initiation of an investigation due to suspected information disclosure violations [2]. - The company will actively cooperate with the CSRC during the investigation and will adhere to relevant regulations for timely information disclosure [2]. Group 2: Financial Adjustments - In April 2023, Kexin Information corrected financial statements for 13 reports from Q3 2022 to Q3 2024 due to accounting errors related to a contract with Haikou Tianyi Galaxy Network Technology Co., Ltd. [5][6]. - The adjustments included a reduction in accounts receivable for 2022 from 283 million to 275 million yuan, a decrease in revenue from 538 million to 528 million yuan, and a drop in net profit from 24.78 million to 23.94 million yuan [6]. Group 3: Legal Issues - The company is involved in an ongoing investigation regarding a contract fraud case exceeding 100 million yuan, which was reported to the police in April 2024 [6][7]. - Kexin Information signed two contracts with Dayou Technology in April 2023, totaling 111 million yuan, but faced issues with payment collection, leading to a police report [6]. Group 4: Financial Performance - Kexin Information reported a net loss of 162 million yuan in 2023, reversing from profit, and projected a further loss of 63.82 million yuan in 2024 [7]. - For the first three quarters of 2025, the company recorded revenue of 93.65 million yuan, a year-on-year decline of 36.58%, with a net loss of 58.84 million yuan [7].

Core Viewpoint - The recent actions of prominent investors, including Peter Thiel, raise concerns about a potential bubble in AI stocks, particularly following Thiel Macro's complete divestment from Nvidia. Group 1: Peter Thiel's Actions - Peter Thiel's hedge fund, Thiel Macro, has sold all 537,700 shares of Nvidia, which previously constituted approximately 40% of its stock portfolio, reducing its total stock holdings from $212 million to about $74 million by the end of September 2025 [1][3] - Thiel Macro also reduced its Tesla holdings by approximately 210,000 shares but still maintains a 39% allocation to Tesla in its portfolio [3] Group 2: Institutional Selling Trends - Major investment firms, including Bridgewater, have significantly reduced their Nvidia holdings, with Bridgewater cutting its stake by 65.3%, from 7.23 million shares to 2.51 million shares by the end of the third quarter [4] - SoftBank has sold all its Nvidia shares, realizing $5.8 billion from the sale [5] - Other notable institutions such as Barclays, Bank of America, UBS, and Citigroup have also reduced their positions in Nvidia during the third quarter [6] Group 3: Market Sentiment on AI Stocks - There is a growing debate regarding the potential bubble in AI stocks, with 54% of global fund managers expressing concerns that AI concept stocks have entered bubble territory, according to a Bank of America survey [7] - Conversely, some analysts, like Brian Levitt from Invesco, argue that while there are bubble-like characteristics in the market, it has not yet reached a typical bubble state, distinguishing it from the previous internet bubble [7] Group 4: Other Institutional Investments - Berkshire Hathaway has disclosed a holding of approximately $4.3 billion in Google-A shares, marking it as the tenth largest position in its portfolio, which is seen as a positive endorsement for the AI sector by top investment institutions [8]

11月17日晚，小鹏汽车、零跑汽车、吉利汽车三家港股上市车企披露三季报。小鹏汽车亏损大幅收窄， 零跑汽车持续盈利，吉利汽车盈利能力大幅提升。 "明年，汽车行业将迎来'大浪淘沙'的关键阶段。如果没有强大的盈利能力，企业生存将会非常艰 难。"吉利汽车控股有限公司行政总裁桂生悦在业绩会上表示。 "2025年第三季度，小鹏汽车的各项关键经营指标，包括销量、收入、毛利率、在手现金，再创新 高。"小鹏汽车董事长及首席执行官何小鹏表示，公司的销量规模和市场份额正处在高速扩张的早期阶 段，Robotaxi和人形机器人面向规模量产的目标加速前进。 另外，今年第三季度，零跑汽车实现营收194.5亿元，同比增长97.3%；净利润为1.5亿元；毛利率为 14.5%，较今年第二季度提升0.9个百分点；经营活动产生的现金净额为48.8亿元，自由现金流为38.4亿 元。 今年第三季度，零跑汽车销量为17.39万辆。目前，零跑汽车已提前完成2025年50万辆销量目标；2026 年将冲刺百万辆销量新目标。 谈及新势力车企的发展，桂生悦表示，新势力车企中，发展最短的已有五六年，部分长达八九年，但截 至目前，能够实现盈利的仍凤毛麟角。今年以来，在 ...