11月16日，由中铁十局承建的济（南）青（岛）高铁潍东上行联络线跨省道222和潍坊市蓝天路连续梁 顺利合龙。据悉，潍东上行联络线是连接济青高铁和（天）津潍（坊）高铁的关键纽带，将为鲁北地区 和山东半岛地区的互联互通注入强劲动力。 新华社图文 图为11月16日由中铁十局承建的济（南）青（岛）高铁潍东上行联络线跨潍坊市蓝天路连续梁完成合龙 施工。 ...

● 本报记者 王舒嫄 随着自贸协定持续升级，中国开放的领域正从传统货物贸易向服务贸易领域延伸，数字贸易、绿色贸易 等成为新的增长点。 商务部介绍，在中国-瑞士自贸协定升级第三轮谈判中，中瑞双方就货物贸易、服务贸易、投资以及原 产地规则、竞争、电子商务、环境与贸易、经济技术合作等议题开展深入磋商，谈判取得积极进展。 在绿色贸易方面，商务部国际贸易谈判代表兼副部长李成钢表示，在已经签署的自贸协定中，我国推动 纳入了贸易与环境的相关内容。"比如，在10月28日签署的中国-东盟自贸区3.0版升级议定书中，就设 立了绿色经济专章，并将绿色贸易列为优先合作领域。"他说。 推动商签更多经贸协定 中国-瑞士自贸协定升级第三轮谈判举行，《关于结束〈中国和格鲁吉亚自由贸易协定〉升级谈判的谅 解备忘录》签署，中国-东盟自由贸易区3.0版升级议定书正式签署……近段时间，我国在推进自贸协定 提质升级方面取得诸多进展，不断扩大高水平对外开放，与世界共享发展机遇。 搭建互惠共赢平台 近期，专做水产出口的企业象山君泰贸易有限公司出口至泰国的冻鲭鱼凭借中国-东盟自贸区原产地证 书，享受了5%的关税减免。"一张证书就能实实在在节省成本，让我们在 ...

Core Viewpoint - The implementation of the "Guidelines for the Supervision of Listed Companies No. 10 - Market Value Management" has led to a significant increase in the use of various market value management tools by listed companies, including cash dividends, share buybacks, mergers and acquisitions, and equity incentives, to enhance investment value and return to investors [1][2]. Group 1: Market Value Management Tools - Cash dividends and share buybacks have become frequently used tools in the market value management toolbox, with companies encouraged to establish clear mechanisms for share repurchase and to develop and disclose medium- to long-term dividend plans [1][2]. - As of October 31, 2023, 1,195 companies in China's stock market have announced 1,525 share buyback plans for 2025, with a total buyback amount of 92.3 billion yuan, of which 36% was funded by self-owned capital and 26% was for cancellation [2]. - The total cash dividend amount across the market reached 734.9 billion yuan, with 89 companies distributing over 1 billion yuan in dividends within the year [2]. Group 2: Mergers and Acquisitions - The past year has seen a vibrant M&A market, particularly in the "hard technology" sector, with notable cases such as the acquisition of 72.33% of Chip Alliance's shares and the merger of Haiguang Information with Zhongke Shuguang [3]. - State-owned enterprises are also actively engaging in professional integration, exemplified by China Shenhua's plan to consolidate 13 energy companies and Guotai Junan's merger with Haitong Securities [3]. - Policy support has been a key driver for the active M&A market, with various reforms and guidelines aimed at enhancing the efficiency and vitality of mergers and acquisitions [3]. Group 3: Equity Incentives - Equity incentives have been highlighted as a significant market value management tool, with companies encouraged to establish long-term incentive mechanisms [4][5]. - By mid-2023, nearly 3,500 listed companies had implemented equity incentive or employee stock ownership plans, representing 64% of all A-share listed companies [5]. - The recognition of equity incentives as a market value management strategy has deepened, with more companies expected to adopt these tools to enhance long-term value [5].

Core Insights - The article emphasizes the critical role of insurance funds as "patient capital" in supporting the growth of technology innovation enterprises, aligning with their long-term financing needs [1][2][3] - It highlights the increasing importance of insurance capital in the context of China's "14th Five-Year Plan," which aims to accelerate high-level technological self-reliance and innovation-driven development [1][2] - The article discusses the diverse investment strategies employed by insurance institutions, including equity, debt, and alternative investments, to support technology innovation [3][4] Investment Characteristics - Insurance funds are characterized by their long duration, large scale, and stability, making them well-suited to meet the financing needs of technology innovation enterprises [2][4] - The total balance of insurance funds in China exceeds 36 trillion yuan, providing substantial resources for systematic investment in frontier fields [2][4] Investment Strategies - Insurance funds are diversifying their investment tools to cover various sectors, including artificial intelligence, semiconductors, advanced manufacturing, new materials, and renewable energy [3][4] - Different investment strategies are recommended for enterprises at various stages of development, from seed and startup phases to growth and maturity phases [4][5] Research and Assessment Framework - There is a need for insurance investment institutions to develop research and assessment frameworks that align with the characteristics of "early, small, and hard technology" investments [5][6] - The establishment of a three-part research system focusing on policy research, technology decoding, and value discovery is suggested to enhance the valuation and pricing capabilities for technology innovation enterprises [6][7] Regulatory and Taxation Recommendations - Suggestions include adjusting risk factors for investments in strategic emerging industries and expanding tax incentives for technology innovation investments [7] - The article advocates for the development of a secondary market for private equity and systematic improvements in transaction mechanisms to enhance transparency and efficiency [7]

Core Insights - The national railway system in China has achieved a record high of 3.95 billion passenger trips from January to October this year, marking a 6.4% year-on-year increase, with a significant peak of 23.13 million trips on October 1 [1] - The China National Railway Group is actively adapting to diverse passenger travel needs and enhancing service offerings through structural reforms and improved transportation organization [1][2] Group 1: Passenger Volume and Safety - From January to October, the national railway sent 3.95 billion passengers, the highest for the same period in history, with a daily record of 23.13 million passengers on October 1 [1] - The railway transportation has maintained safety and order throughout the year [1] Group 2: Service Enhancements and Product Offerings - The railway group is promoting the integration of rail and tourism, launching various themed trains such as family tours, red tourism, and wellness trips, resulting in a 28.1% increase in the number of tourist trains operated, totaling 2,049 trains from January to October [1][2] - Customized trains for events and activities, such as "fan trains" and "study tour trains," are being introduced to stimulate service consumption [2] Group 3: Customer Service Improvements - The railway group has implemented several measures to enhance customer convenience, including discounts for students, children, and disabled veterans, as well as a loyalty program that offers increased points for senior and young travelers [2] - New services include group ticket processing via phone and an increase in the maximum number of tickets purchased online to 19, facilitating group travel [2] Group 4: Future Plans - The railway group plans to closely monitor passenger flow and market demand to dynamically optimize train schedules and continue refining the pricing mechanism for high-speed trains [3]

近日，杰瑞股份董事长李慧涛接受了中国证券报记者专访。其从业务增长逻辑到海外布局成果，从研发 创新方向到新能源赛道突破，深入剖析了企业发展战略，也为行业未来趋势提供了独到见解。 ● 本报记者张鹏飞 业务破局：油气主业高速增长 全球化布局筑牢根基 谈及业绩表现，李慧涛开门见山："今年上半年公司油气工程、技术服务业务营收同比增长超88%，天 然气相关业务收入同比增长112.69%——这样的增长速度并非偶然，而是杰瑞长期布局与全球能源需求 共振的结果。"当前各国重视能源安全，天然气作为清洁高效的过渡能源，成为能源结构转型的关键选 择，而杰瑞早已构建"前端工艺开发—设备制造—技术服务—地面工程"的全产业链布局，恰好契合全球 清洁低碳转型需求。 在全球能源格局深度调整、绿色转型加速推进的当下，中国能源装备企业正迎来前所未有的发展机遇与 挑战。作为国内油气装备及技术服务领域的龙头企业，杰瑞股份（002353）近年来在油气工程、天然气 业务领域实现爆发式增长，以"油气产业+新能源产业"双主业战略快速发展，引发市场广泛关注。 公司2025年前三季度营收达104.2亿元，同比增长显著，但毛利率同比下降3.43个百分点，李慧涛将此 ...

● 本报记者郑萃颖 在智慧城市的地下管廊中，化工企业的生产车间里，普通家庭的厨房角落，一枚枚气体安全监测设备如 同敏锐的"侦察兵"，24小时捕捉着易燃易爆、有毒有害气体的踪迹。作为守护这份安全的幕后企业，驰 诚股份已深耕气体检测领域21年，业务覆盖气体传感、监测设备研发制造及物联网平台服务等环节，从 初创企业成长为国家级专精特新"小巨人"企业，并于2023年在北交所上市。 近日，驰诚股份董事长徐卫锋在接受中国证券报记者采访时分析了企业创新对长期发展的关键价值，并 分享了气体检测行业的技术变革、市场机遇以及企业战略布局。 构建核心竞争力 "气体检测行业正处于技术快速变革阶段，人工智能、物联网、大数据等技术的深度融合，推动行业从 被动防护向主动安全转型。"徐卫锋表示。 在此背景下，创新能力成为企业长期发展的重要支撑。徐卫锋认为："一家企业的研发能力，是其未来 发展有没有爆发力、有没有后劲的重要支撑。"基于这一认知，驰诚股份长期重视研发投入，研发投入 占比持续保持在6.5%以上，逐步构建起从传感器研发到传感仪表制造、再到平台开发的完整技术链。 在技术攻坚层面，公司以技术积累为基础，对标国际先进水平，突破关键领域。徐 ...

□本报记者王辉 上周A股与港股市场高位震荡，呈现结构性行情。尽管部分热门科技赛道出现回调，资金却逆势涌入科 创板、人工智能等ETF，释放出对科技成长板块的信心。与此同时，港股创新药与黄金板块领涨市场， 恒生红利等高股息资产也持续吸引资金关注。在"成长"与"价值"双双获青睐的背景下，兼顾"科技进 攻"与"红利防御"的"哑铃策略"再度进入投资者视野，成为当下不少机构把握机遇、控制风险的关键布 局思路。 创新药、黄金等板块领涨 上周，A股、港股市场高位震荡，市场分化与结构性行情特征突出。在ETF市场上，恒生创新药 ETF(159316)等多只跟踪港股医药板块的ETF，单周涨幅均有7%左右。在A股方面，黄金、中药等板块 ETF当周涨幅居前。 招商证券认为，当前公募基金对TMT板块的持仓占比已达历史高位，超配比例达17.45%，交易热度与 股价已处于阶段性顶峰，科技成长风格面临阶段性回摆，但中长期抱团未瓦解，核心仍依赖AI产业趋 势与业绩兑现。同时，市场资金结构转向再平衡，融资资金净流入的趋势或阶段性放缓，但私募量化资 金可能重新主导市场部分领域的结构性机会，相关资金可能仍偏好小盘风格。 此外，华泰证券策略团队认为，近 ...

Core Viewpoint - Liu Zheng's investment strategy emphasizes a low-valuation value investment approach, which has shown resilience and adaptability, achieving over 50% annual returns as of November 7 this year [1][5]. Investment Strategy - Liu Zheng's investment framework is rooted in a "low-valuation value investment strategy," which has been validated through multiple market cycles and is considered scientifically sound and sustainable [2]. - Stock selection alpha is deemed the lifeline of the portfolio, focusing on fundamental clues and valuation safety margins to identify undervalued stocks with high implied returns and clear risk-reward characteristics [2]. - The strategy is not static; it evolves through practice, incorporating risk management indicators, especially after expanding into Hong Kong stocks [2]. Market Perspective - Liu Zheng maintains a cautious stance towards high-growth sectors like AI, questioning the sustainability of high ROE in such environments and emphasizing a return to fundamental business logic [3]. - The core of the strategy is not about "left-side" or "right-side" buying but ensuring a "low valuation throughout the entire lifecycle" with a favorable risk-reward ratio [3]. Current Market Outlook - Liu Zheng is optimistic about the equity market, believing that active equity funds are experiencing a cyclical return as the economy begins to recover [5]. - He identifies structural opportunities in domestic demand, resources, midstream manufacturing, and technology sectors, despite ongoing macroeconomic pressures [5]. - The investment team uses a dynamic assessment model based on equity risk premium, indicating that the current valuation remains within a reasonable range despite recent market increases [5]. Hong Kong Market Analysis - The Hong Kong market is characterized by a low equity risk premium, with the Hang Seng Index's risk-free rate benchmark remaining high compared to U.S. Treasury yields [6]. - Liu Zheng highlights three considerations for investing in Hong Kong stocks: significant discounts of 30%-50% for H-shares compared to A-shares, unique high-quality assets in the Hong Kong market, and the relative undervaluation of certain stocks due to structural market factors [6].

Core Insights - The article highlights the investment strategy of Chen Yunzong, a fund manager at GF Fund, focusing on the dual-track approach of "traditional growth" and "emerging growth" in identifying investment opportunities in growth stocks [1][2]. Investment Strategy - Chen Yunzong emphasizes a systematic approach to understanding industry attributes, identifying industry cycle stages, and selecting quality growth stocks [1][2]. - The investment framework includes a focus on both traditional growth sectors (like new energy, semiconductors, and military industry) and emerging growth sectors (such as robotics, embodied intelligence, and quantum computing) [2][5]. - The strategy involves dynamic adjustment of the allocation between traditional and emerging growth based on market liquidity and risk appetite [3][4]. Performance Metrics - As of October 31, the GF Growth Initiation A fund managed by Chen Yunzong achieved a one-year return of 88.81%, ranking in the top 3 out of 1,876 similar funds [1]. Sector Focus - Key sectors of interest include computing power, storage, edge innovation, brand globalization, robotics, satellite internet, and solid-state batteries [6][7]. - The computing power sector is particularly highlighted, with a focus on both overseas and domestic opportunities, as domestic cloud service providers are expected to significantly increase capital expenditures [6]. Emerging Trends - The article discusses the importance of understanding the lifecycle of growth assets, which typically transition from thematic phases to technological implementation and then to scale expansion [5]. - Solid-state batteries are identified as a critical component for the development of robotics and drones, with expectations for early breakthroughs in this area [7].