记者丨李莎 编辑丨李果 日前，《中共中央关于制定国民经济和社会发展第十五个五年规划的建议》（后简称《建 议》）公布。 与"十四五"规划纲要在新型城镇化的框架中部署房地产工作不同， 《建议》对房地产的安排 主要集中在民生保障部分内容 ，核心任务是推动房地产高质量发展。 为落地这一方向，《建议》部署了五方面具体任务：加快构建房地产发展新模式，完善商品房 开发、融资、销售等基础制度。优化保障性住房供给，满足城镇工薪群体和各类困难家庭基本 住房需求。因城施策增加改善性住房供给。建设安全舒适绿色智慧的"好房子"，实施房屋品质 提升工程和物业服务质量提升行动。建立房屋全生命周期安全管理制度。 清华大学土木水利学院院长吴璟向21世纪经济报道记者表示， 《建议》单独用一段话来论述 推动房地产高质量发展，而且将其放在保障和改善民生部分，这释放出重要信号 ："十五 五"时期房地产高质量发展，将回归住房相关产业的初心与使命，即服务居民家庭对更高品质 居住生活的需求。这是"十五五"时期房地产业发展的首要目标，也是理解和把握房地产高质量 发展的首要出发点。 吴璟认为，《建议》对房地产的部署，总体延续了近期有关部门已在开展的工作思路，" ...

Core Insights - The article discusses the recently released "Suggestions on Formulating the 15th Five-Year Plan for National Economic and Social Development," which outlines a strategic vision for China's development during the 15th Five-Year period [1] - It emphasizes the need to cultivate and expand emerging industries and future industries, focusing on creating new pillar industries and implementing industrial innovation projects [1][2] - The transition from traditional growth models to new growth drivers is highlighted as essential for maintaining competitiveness in a changing global environment [1][2] Emerging Industries - The plan identifies key areas for future economic growth, including quantum technology, biomanufacturing, hydrogen energy, nuclear fusion, brain-computer interfaces, embodied intelligence, and sixth-generation mobile communications [1] - Emerging industries are characterized by innovation as the primary driving force, higher technical barriers, and the potential for creating significant added value compared to traditional industries [2] Industrial Transformation - The shift towards high-end equipment manufacturing and high-tech industries is seen as a crucial step in transitioning from a "manufacturing giant" to a "manufacturing power" [2][3] - The rise of artificial intelligence, particularly large models, is identified as a core engine driving industrial transformation, impacting various sectors and creating extensive industrial ecosystems [2][3] Innovation and Growth Paradigm - The article describes a new growth paradigm defined by innovation, which does not rely on simple market expansion but instead focuses on technological iteration and industrial collaboration to create new demand and value [3] - China's increasing investment in research and development, along with the emergence of specialized enterprises, is seen as a sign of growing innovation capacity [3] Challenges and Opportunities - Despite the strong momentum of new productive forces, challenges remain in integrating innovation chains with industrial chains, as well as addressing structural employment issues during the transition [3][4] - The article posits that the 15th Five-Year Plan will be a critical period for accelerating the growth of new productive forces and providing continuous innovative momentum for high-quality economic development [4][5]

记者丨刘雪莹 骆轶琪 编辑丨曾静娇 据财联社报道， OpenAI据悉计划最早于 2026年下半年提交上市申请 ，并于2027年上市。 此 次IPO的估值可能高达约1万亿美元。 OpenAI计划筹集至少600亿美元。 Op e n A I已完成重组 当地时间10月28日， 微软与OpenAI宣布签署新协议 ，微软宣布将支持OpenAI推进其营利部 门OpenAI Group PBC（OpenAI集团公共利益公司）的组建和资本重组。 根据协议，股权方面，微软目前持有该营利部门的投资权益约为1350亿美元，按稀释后转换的 股份比例约为27%。在不考虑OpenAI最近几轮融资的情况下，微软在该营利实体中的持股比 例为32.5%，仍旧是重要股东。 同时，OpenAI宣布，非营利组织OpenAI基金会将继续控制营利性组织OpenAI，目前OpenAI 基金会股权估值约1300亿美元。后续，OpenAI将额外购买价值2500亿美元的微软Azure云服 务，作为交换，微软不再拥有为OpenAI提供计算服务的优先选择权。 （声明：文章内容仅供参考，不构成投资建议。投资者据此操作，风险自担。） 出品 | 2 1财经客户端 南财快 ...

Core Viewpoint - The Federal Reserve has lowered the federal funds rate target range by 25 basis points to 3.75% to 4.00%, marking the fifth rate cut since September 2024 and a cumulative reduction of 150 basis points in this cycle [1][3]. Market Impact - The U.S. stock market is expected to continue rising, with potential fluctuations before the end of the year; foreign capital is generally optimistic [6]. - Following comments from Fed Chair Jerome Powell regarding uncertainty around December's rate actions, U.S. stocks experienced a drop, although tech stocks like NVIDIA and Apple showed strong performance [12]. - The yield on two-year U.S. Treasury bonds surged to 3.59%, while the dollar index rose slightly, and the onshore RMB depreciated against the dollar [13]. Economic Outlook - Powell indicated that the December rate cut is not guaranteed, and uncertainties such as a government shutdown could impact economic activity [10][11]. - The probability of a rate cut in December has decreased to 65%, down from 90% prior to the meeting [11]. - The Fed plans to end its balance sheet reduction on December 1, with indications that it may be time to halt quantitative tightening [11]. Emerging Markets - The attractiveness of emerging markets is expected to increase as U.S. Treasury yields decline, which may lower global financing costs and support better performance in global stock markets [19].

记者丨 吴斌 倪雨晴 编辑丨 李莹亮 张伟贤 黎雨桐 10月29日，美股高开，道琼斯指数一度向上触及48000点，再创记录新高，纳斯达克综合指数一度向上触及24000点，截至北京时间22：30左 右，三大指数涨幅收窄。 | 道琼斯 纳斯达克 | 标普500 | | --- | --- | | 47976.34 23978.93 | 6911.35 | | +269.97 +0.57% +151.44 +0.64% | +20.46 +0.30% | 英伟达成史上首家5万亿美元市值公司 美股存储板块继续狂飙，希捷科技大涨13%，西部数据涨超8%，SanDisk涨超7%，美光科技、Rambus涨超2%。 英伟达公司股价开盘上涨3.2%，市值站上5万亿美元，成为史上第一家市值跨越这一里程碑的上市公司。 随着英伟达股价的大幅上涨，福布斯 实时富豪榜显示， 黄仁勋的个人财富突破了1800亿美元，成为全球第八有钱的人。 | < ロ | 英伟达(NVIDIA) | | | | --- | --- | --- | --- | | | NVDA.O | | | | 210.310 | 量 1.1亿 股本 243.00亿 市盈 ...

Core Viewpoint - The "15th Five-Year Plan" emphasizes accelerating the construction of a financial powerhouse, building upon the framework established in the Central Financial Work Conference at the end of 2023, with a focus on various financial systems and regulatory measures [1][3]. Group 1: Monetary Policy System - The "15th Five-Year Plan" suggests the establishment of a scientific and robust monetary policy system, enhancing the transmission mechanism of monetary policy to support stable economic growth and high-quality development [3][5]. - The People's Bank of China aims to balance short-term and long-term goals, support real economic growth while maintaining the health of the financial sector, and dynamically improve the monetary policy framework [5][8]. Group 2: Financial Regulation - The plan calls for comprehensive strengthening of financial regulation, enhancing collaboration between central and local regulators, and developing a risk prevention and resolution system to ensure financial stability [5][6]. - The China Securities Regulatory Commission emphasizes the importance of risk prevention and enhancing the ability to monitor risks across markets and industries [6]. Group 3: Macro-Prudential Management - The "15th Five-Year Plan" proposes the construction of a comprehensive macro-prudential management system, focusing on the interconnections between macroeconomic operations and financial risks [8][10]. - The central bank will prioritize monitoring systemic financial risks, improving risk prevention measures for key institutions, and enhancing the governance mechanism for macro-prudential management [10]. Group 4: Internationalization of the Renminbi - The plan promotes the internationalization of the Renminbi, enhancing the openness of capital accounts, and establishing a self-controlled cross-border payment system for the Renminbi [6][10]. - The State Administration of Foreign Exchange aims to steadily expand high-level institutional openness in the foreign exchange sector while supporting trade innovation and investment cooperation [6].

Core Viewpoint - The luxury real estate market in Shanghai is experiencing a cooling trend, with a significant slowdown in sales and changing consumer behavior due to various factors including demand exhaustion, increased supply, and a shift in investment focus towards the stock market [3][5][9]. Group 1: Market Performance - The luxury project Feiyun Yufu launched 32 units at a starting price of 17.27 million, with an average price exceeding 110,000 per square meter, but only half of the units were sold in the latest release [1]. - Another luxury project, Jinmao Puyuan, had a subscription rate of approximately 102% for its second batch, with over 80 units sold, contrasting with its first batch that sold out in 26 minutes [3]. - Many luxury projects in Shanghai are seeing sales rates below 100%, with some popular developments achieving a maximum sales rate of around 80% and a minimum of 50% [5]. Group 2: Supply and Demand Dynamics - The luxury market is facing a supply influx, with numerous projects being launched simultaneously, leading to a broader selection for buyers and extended decision-making periods [3][5]. - The high transaction volume in the previous year has led to demand exhaustion, reducing current market momentum [3][5]. - The shift of high-net-worth individuals' investment from real estate to the stock market is contributing to the observed market slowdown [3][5]. Group 3: Competitive Landscape - State-owned enterprises are increasingly dominating the luxury market in Shanghai, with 80% of land transactions in 2025 being acquired by these entities [5][7]. - The competitive strategies among luxury developers are intensifying, with price wars emerging as companies like Jinmao and China Resources engage in competitive pricing to attract buyers [9][11]. - The focus on product differentiation is becoming crucial, as buyers are now more concerned with the actual presentation of properties, leading to increased investment in product quality by developers [13][15]. Group 4: Consumer Behavior - The luxury buyer demographic is exhibiting a trend towards slower decision-making, influenced by the variety of options available and the current market conditions [9][16]. - The presence of ample second-hand housing options is affecting the purchasing decisions of potential buyers, leading to a cautious approach in the luxury segment [16]. - The market for suburban new developments remains robust, indicating that demand for well-positioned properties still exists despite the overall slowdown in the luxury segment [16].

Core Viewpoint - The article highlights the significant growth of Yangguang Power (300274.SZ), which has achieved a market capitalization leap from 300 billion to 400 billion CNY within two months, driven by strong performance in both revenue and profit amidst a challenging photovoltaic market [1][3]. Financial Performance - In the first three quarters of 2025, Yangguang Power reported revenue of 664.02 billion CNY, a year-on-year increase of 32.95%, and a net profit attributable to shareholders of 118.81 billion CNY, up 56.34% [5]. - The third quarter alone saw revenue of 228.69 billion CNY, with a net profit of 41.47 billion CNY, marking the highest quarterly net profit since the company's listing [5]. - Operating cash flow significantly improved, with a net cash flow from operating activities of 99.14 billion CNY, reflecting a growth of over ten times year-on-year [5]. Inventory and Credit Management - The company has made provisions for credit and asset impairments totaling 12.80 billion CNY, which has impacted current profits [6]. - Inventory impairment losses accounted for 84.8% of total asset impairment, indicating ongoing challenges in inventory management [6]. Business Segmentation and Growth - Yangguang Power's growth focus has shifted towards energy storage, with a 70% year-on-year increase in energy storage shipments, aligning with market installation growth [8]. - The revenue from photovoltaic inverters grew approximately 6% year-on-year, with improved gross margins due to a shift in market structure [8]. International Market Dynamics - The company has seen a significant increase in overseas shipments, with the share of overseas shipments in energy storage rising from 63% to 83% year-on-year [8]. - The North American market has become a critical component of Yangguang Power's overseas business, contributing to 58.30% of total revenue in the first half of 2025, with a year-on-year growth of 88.32% [9]. Future Growth Drivers - The company is positioning itself for future growth in the data center power demand sector, with plans to deliver customized energy storage solutions by 2026 [10]. - The European market is expected to see substantial growth, driven by dynamic pricing and increased demand for energy storage solutions [10].

Core Viewpoint - Three squirrels announced a nationwide price increase on 35 products, effective November 1, due to rising raw material and import costs [1][6]. Price Adjustment Details - The price increase ranges from 0.2 to 10 yuan per item, with the smallest increase on 60g mango dried fruit and the largest on the pure nut gift box [5][6]. - Specific products affected include pistachios, almonds, dried mango, sunflower seeds, and various nut gift boxes [6]. Financial Performance - For the first three quarters, Three Squirrels reported revenue of 7.759 billion yuan, an 8.22% year-on-year increase, but a net profit of 161 million yuan, down 52.91% [6]. - The operating cash flow was -506 million yuan, compared to a positive 31.8 million yuan in the same period last year, indicating cash flow challenges [6]. Market Reaction - As of the latest close, Three Squirrels' stock price was 23.19 yuan per share, down 0.56%, with a total market capitalization of 9.3 billion yuan, reflecting a year-to-date decline of over 36% [7].

Core Viewpoint - A recent update in the CS2 game by Valve significantly altered the mechanism for obtaining rare virtual items, leading to a drastic decline in the market value of these items, with over $2 billion evaporating in just two days [1][4]. Group 1: Market Reaction - The update allowed players to combine five red items to create a gold item, drastically reducing the perceived scarcity of gold items, which were previously considered "digital gold" [3][12]. - The market index for CS2 items plummeted from 1663 points to 510 points, a drop of nearly 70% within two days [4]. - High-value items like the Butterfly Knife and Sports Gloves saw daily declines exceeding 50% on major trading platforms [5][8]. Group 2: Player Impact - Many players experienced significant financial losses, with some reporting losses of over $20,000 due to the sudden market shift [10]. - The trading rules imposed a "cooling-off" period for newly acquired items, preventing players from selling them immediately and exacerbating their losses [10]. - Professional traders, known as "guides," who had stockpiled these items faced the most severe impacts, with some losing substantial profits [13]. Group 3: Economic Implications - The incident highlighted the fragile value foundation of virtual items, which are not true assets but rather permissions granted by the platform [15]. - The market's rapid decline indicated that a significant portion of item prices was based on speculative expectations rather than intrinsic value [15]. - Experts suggest that the gaming industry needs to optimize its economic model to prevent such volatility in the future, proposing measures like reducing institutional uncertainty and implementing buffer mechanisms for extreme market conditions [16].