做强国内大循环，是把握国家发展进步的命运和主导权的需要。从国际比较来看，大国经济发 展的普遍规律在于具有较强的国内大循环内生动力和可靠性。我国作为全球第二大经济体、制 造业第一大国、货物贸易第一大国，有条件、也必然要走向内需为主导、内部可循环的大国经 济。在外部环境不稳定性不确定性增强的背景下，当前和今后一个时期需要坚持做强国内大循 环，加快形成强大国内经济循环体系，才能以国内大循环的内在稳定性和长期成长性对冲国际 循环的不确定性，牢牢把握发展主动权。 强大国内市场是中国式现代化的战略依托。做强国内大循环不是只追求规模和增速，而是以新 需求引领新供给，以新供给创造新需求，促进消费和投资、供给和需求良性互动，增强国内大 循环内生动力和可靠性。这是一个将扩大内需战略同深化供给侧结构性改革有机结合起来的过 程，是高质量发展的表现。 因此，做强国内大循环意味着需要经济增长保持在合理区间，全要素生产率稳步提升，居民消 费率明显提高，内需拉动经济增长主动力作用持续增强，经济增长潜力得到充分释放，全国统 一大市场建设纵深推进，超大规模市场优势持续显现。 做强国内大循环需要大力提振消费，坚持将惠民生和促消费、投资于物和投资于 ...

Core Viewpoint - Xi'an Yiswei Materials Technology Co., Ltd. (referred to as Xi'an Yicai) has successfully listed on the Sci-Tech Innovation Board, marking a significant milestone as one of the first companies registered under the new Sci-Tech Growth Tier, aimed at supporting technology firms that are not yet profitable but have substantial technological breakthroughs and commercial prospects [1][3]. Group 1: Company Overview - Xi'an Yicai's initial public offering (IPO) price was set at 8.62 yuan per share, with a total of 537.8 million shares issued, raising approximately 4.636 billion yuan [1]. - On its first trading day, the stock price surged by 361.48% to 39.78 yuan per share, closing at 25.75 yuan, representing a 198.72% increase, resulting in a total market capitalization of approximately 103.973 billion yuan [1]. - The company is currently in a phase of continuous losses, with projected net profits of -533 million yuan, -683 million yuan, and -738 million yuan for the years 2022 to 2024, respectively [3]. Group 2: Management and Background - The management team of Xi'an Yicai has a notable "BOE System" background, with key figures having held executive positions at BOE Technology Group [7][8]. - The founder of BOE, Wang Dongsheng, has been instrumental in the establishment of Xi'an Yicai, serving as the chairman of its parent company, Yiswei Group, and has a significant influence on the company's strategic direction [7][8]. Group 3: Market Position and Strategy - Xi'an Yicai is positioned as a leading manufacturer of 12-inch silicon wafers in China and ranks sixth globally, with a market share of approximately 6% in monthly shipments and 7% in production capacity [11]. - The company aims to challenge the current oligopolistic market dominated by Japanese firms, with a focus on expanding production capacity to meet the growing demand driven by advancements in artificial intelligence and the recovery of the consumer electronics market [10][11]. - The total investment for Xi'an Yicai's first and second factories is projected to be 110 billion yuan and 125 billion yuan, respectively, with the second factory expected to commence production in 2024 [11]. Group 4: Financial Projections and Challenges - The company anticipates a prolonged period of gross margin losses, typically lasting 4 to 6 years for new market entrants, with expectations of achieving profitability around 2027 [12]. - Xi'an Yicai's management has committed to extending the lock-up period for their shares if the company fails to achieve profitability by 2027 or if the net profit declines by more than 50% compared to the previous year [12].

记者丨 李益文 编辑丨叶映橙 视频丨曾婷芳 见习编辑陈泽锴 估值仍具潜力 尽管点位重回10年前，但各主要指数长期估值仍有上升潜力。据21财经·南财快讯记者统计， 截至10月28日，上证指数市盈率（PE-TTM）为17倍，虽位于近十年99.96%分位点（即比近 十年来0.04%的时间都低），但上市以来分位点仅为44.03%（即比上市以来55.97%的时间都 低），其长期估值水平仍处于历史相对低位。 深 证 成 指 市 盈 率 30.96 倍 ， 位 于 近 十 年 分 位 点 83% ， 市 净 率 （ PB-LF ） 近 十 年 分 位 点 仅 49.88%，估值压力有限。以沪深300为代表的大盘蓝筹估值同样较为稳健，其市盈率14.62 倍，处指数上市以来分位点69.48%，显著低于历史高点。 | | | | 各主要指数市盈率与市净率以及所处历史分位数 | | | | --- | --- | --- | --- | --- | --- | | 证券简称 | 年初至今 | 当前市盈率 | 上市以来市盈率 | 当前市净率 | 上市以来市净率 | | | 涨跌幅(%) | (倍) | 分位数(%) | (倍) | ...

距离谈判完成5个多月，中国—东盟自贸区3.0版升级议定书正式签署。 据央视新闻报道，当地时间10月28日，在马来西亚举行第47届东盟峰会期间，中国和东盟在马 来西亚吉隆坡签署了中国—东盟自贸区3.0版升级议定书。 华南师范大学东南亚研究中心特聘副研究员夏梦真表示，中国—东盟自贸区3.0版具有三个方 面的重要意义。"首先，近年来，逆全球化潮流抬头，美国也祭出贸易保护主义大旗，在此背 景下，中国和东盟达成了中国—东盟自贸区3.0版升级议定书，体现了中国维护多边贸易体 系，希望跟东盟共同推动区域经济一体化的决心；其次，中国—东盟自贸区3.0版有助对冲外 部风险，因为该协定本质是通过不断深化区域内的制度性合作以强化区域经济韧性，为双方中 小企业提供更稳定的发展空间。在当前基于规则的国际经贸体系面临严峻挑战的背景下，中国 和东盟都有强化区域经济合作的需求，以降低对外部市场的依赖和风险。再者，中国—东盟自 贸区3.0版不仅是关税层面的减免，它还体现出规则、标准和治理机制的整合，是更高层次、 更高维度的制度性突破和升级，是解决贸易壁垒和冲突的'亚洲方案'，体现出制度性创新的优 势。" 从聚焦货物贸易降关税，到拓展服务贸易扩 ...

记者丨 曾静娇 见习记者张嘉钰 编辑丨刘巷 当地时间10月28日， 欧美股市多数收涨，其中 美国三大股指均 续创历史新高 ，道指涨0.34%，标普500指数 涨0.23%，纳指涨0.8%。 | 道琼斯 | 纳斯达克 | 标普500 | | --- | --- | --- | | 47706.37 | 23827.49 | 6890.89 | | +161.78 +0.34% | +190.03 +0.80% | +15.73 +0.23% | | 多伦多300 | 巴西IBOVESPA | 墨西哥MXX | | 30419.68 | 147428.90 | 61860.30 | | +143.92 +0.48% | +459.90 +0.31% +714.81 +1.17% | | | 欧非中东 △ | | | | 英国富时100 | 法国CAC40 | 德国DAX | | 9696.74 | 8216.58 | 24278.63 | | +42.92 +0.44% | -22.60 -0.27% | -30.15 -0.12% | 大型科技股普涨，英伟达涨近5%，总市值逼近5万亿美元，领涨道指。消息面上，当 ...

回顾2025年，促消费、扩内需是国家重要战略部署。在商品消费端，商户通过以旧换新、消费贷 补贴等挖掘商品消费升级潜力，着力稳住消费大盘；在新型消费领域，数字、绿色、智能、健康 等业态呈现蓬勃发展态势。 在此背景下，金融机构作为提振和扩大消费的"主力军"，从居民需求与企业供给两端发力，打 通"金融让利-消费扩容-产业升级"的良性循环，为我国经济从投资驱动向消费驱动转型提供支 撑。交通银行信用卡积极响应号召，在诸多消费场景中抢抓汽车消费升级换代的机遇，践行普惠 金融与绿色金融两篇"大文章"，搭建完整汽车金融生态圈，助力实体经济发展。 谱写两篇"大文章" 彰显大行责任 2 0 2 4年8月，国务院《关于促进服务消费高质量发展的意见》明确，引导金融机构优化信贷产 品、提供差异化服务，加大对服务消费重点领域信贷支持力度。恰逢新能源汽车成为汽车消 费市场的主流趋势，交通银行信用卡紧跟市场需求，将绿色金融作为汽车金融业务的重点发 力方向，通过"扩大合作版图 + 加大投放力度"双举措，推动新能源汽车消费扩容。 在服务广度上，交通银行信用卡重点扩展新能源汽车品牌总对总合作，覆盖理想、阿维塔、 岚图、广汽本田、路特斯等主流车企， ...

Core Viewpoint - The report by the People's Bank of China emphasizes the importance of maintaining a stable and progressive financial system, enhancing support for the real economy, and ensuring financial stability and security while deepening financial reforms and opening up [2]. Group 1: Monetary Policy - The implementation of a moderately loose monetary policy is prioritized, with a focus on structural support for technology innovation, consumption, small and micro enterprises, and stabilizing foreign trade [4][5]. - By the end of September 2025, loans for technology, green, inclusive, elderly care, and digital economy industries grew by 11.8%, 22.9%, 11.2%, 58.2%, and 12.9% respectively, all significantly outpacing the overall loan growth [5]. - The goal is to create a conducive monetary environment to support economic recovery, ensuring that the growth of social financing and money supply aligns with economic growth and price expectations [5][6]. Group 2: Financial Services to the Real Economy - The focus is on providing high-quality financial services, particularly in areas such as technology innovation, consumption stimulation, small and micro enterprises, and stabilizing foreign trade [6]. - Financial institutions are encouraged to enhance their specialized and refined service capabilities, ensuring effective use of existing structural monetary policy tools [6]. Group 3: Financial Opening and International Cooperation - A multi-channel, comprehensive cross-border payment system for the RMB has been established, with significant progress in internationalization and cooperation [8][9]. - The RMB has become the largest currency for cross-border payments in China and ranks among the top three currencies for trade financing globally [8]. - The report outlines plans to further promote the internationalization of the RMB and enhance its functions in pricing, payment, investment, financing, and reserves [9][10]. Group 4: Risk Prevention and Financial Stability - Significant achievements have been made in preventing and mitigating financial risks, particularly in addressing the risks of small and medium-sized financial institutions [12]. - By the end of September 2025, the number of financing platforms and the scale of operating financial debt decreased by 71% and 62% respectively compared to March 2023, indicating a notable reduction in risk [12]. - Future efforts will focus on monitoring systemic financial risks and supporting the market-oriented transformation of financing platforms [12].

记者丨刘雪莹 编辑丨吴桂兴 北京时间10月28日晚， 美股三大指数小幅上涨，均刷新历史新高。 英特尔盘中触及41.67美元，再创新高。 Paypal盘前涨幅扩大至14%，目前涨超10%。据财联社报道，Paypal据称与OpenAI达成合作协议，将支付钱包嵌入到ChatGPT中。 同样有AI大消息的还有高通，昨日其宣布推出两款AI芯片挑战英伟达，股价一度涨约20%，目前回调近4%。（详情： 高通挑战英伟达 ） 多只热门中概股下跌，纳斯达克金龙跌约1.7%，乐信、健永生技、嘉楠科技、奇富科技跌超15%，阿里、拼多多、京东、百度等均跌超1%。 | | | 现货白银收复日内所有跌幅，回升至46.97美元/盎司，此前一度大跌近3%。 对于贵金属的大跌，目前市场多数分析认为上涨形态还没有被破坏， 更多是急涨之后的"深蹲"。 东方金诚研究发展部高级副总监白雪的观点 表示，支撑金价的逻辑并没有被破坏，近期黄金出现剧烈调整属于暂时盘整，盘整后有望继续震荡上行，并不是见顶信号， 国际金价明年或将 上升至4500美元/盎司上方。 （ 黄金7天狂泻500美元，专家：倒车接人 ） 苹果盘初总市值一度首次升破4万亿美元 ，成为继英伟达和 ...

作者丨张敏 编辑丨张星 10月28日，《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》（以下简 称"'十五五'规划建议"）发布。"十五五"规划建议指出，"清理汽车、住房等消费不合理限制性 措施"，"大力实施城市更新"。 此外，" 推动房地产高质量发展"被单列为一项任务，并放在加大保障和改善民生的战略任务 中 。具体提出，"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。" "十五五"规划建议还提及，"盘活用好低效用地、闲置房产、存量基础设施。""统筹推进房地 产、地方政府债务、中小金融机构等风险有序化解。" 高质量发展的五大路径 房地产与固定资产投资和城市发展息息相关，又关乎消费与民生。因此，与房地产有关的内 容，经常被放在不同的任务中。 在"十四五"规划建议中，房地产有关的内容主要被放在"全面促进消费""推进以人为核心的新 型城镇化"任务中，并未单列。相较之下，在"十五五"规 ...

Core Viewpoint - The article discusses the results of the 11th batch of national organized drug procurement in China, highlighting the inclusion of 55 commonly used drugs across various therapeutic areas, aiming to enhance drug accessibility and affordability for patients [1][2]. Group 1: Procurement Results - The 11th batch of drug procurement included 55 drugs, with participation from 4.6 million medical institutions and 445 companies submitting bids, resulting in 453 products from 272 companies being shortlisted [1]. - Notable shortlisted drugs include Dapagliflozin, Pravastatin, and Metformin combined with Ertugliflozin, which are expected to further improve accessibility due to their inclusion in the procurement [1]. Group 2: Market Dynamics - The procurement aims to stabilize clinical use, ensure quality, and prevent excessive competition among companies, which has been a concern in previous rounds [5][6]. - The introduction of price anchors and measures to prevent collusion among related companies has led to a more stable pricing environment, with overall pricing reported as normal and stable [6][8]. Group 3: Clinical and Quality Assurance - The procurement process has been optimized to respect clinical needs, allowing institutions to report quantities based on either generic names or specific brands, with 77% of institutions opting for brand reporting [8][9]. - Measures to ensure drug quality include mandatory consistency evaluations and stringent penalties for non-compliance, ensuring that low prices do not compromise quality [10]. Group 4: Industry Impact - The procurement process is seen as a way to balance profits from generic drugs while encouraging innovation, as companies are now more inclined to invest in research and development due to stable cash flows from guaranteed procurement [11][12]. - The introduction of a "revival mechanism" allows companies that do not win bids to still secure a portion of the market, promoting a more competitive environment [11].