Core Viewpoint - The sudden leadership change at Kweichow Moutai, with Zhang Deqin resigning and Chen Hua being appointed as the new chairman, raises questions about the company's strategic direction amidst a challenging market environment [1][3]. Leadership Change - On October 27, 2025, Kweichow Moutai announced the resignation of chairman Zhang Deqin, effective immediately upon submission of his resignation report [1]. - Chen Hua, previously involved in the energy sector, has been recommended as the new chairman [2][3]. - This leadership change comes just 18 months after Zhang Deqin's return to the company, which was seen as a balancing act following previous management strategies [5][6]. Chen Hua's Background - Chen Hua has a strong background in the energy sector, having served in various roles within the Guizhou energy system before joining Moutai [2][3]. - His experience includes positions such as the head of the Guizhou Provincial Energy Bureau and general manager of Guizhou Panjiang State-owned Capital Operation Co., Ltd. [3]. Zhang Deqin's Tenure - Zhang Deqin's brief tenure was marked by efforts to balance the interests of Moutai's direct sales and distributor channels, leading to a 26.5% year-on-year revenue growth in the wholesale distribution channel [6][7]. - He emphasized the importance of integrating Moutai with local culture and tourism, launching initiatives to appeal to younger consumers [7][8]. - Despite these efforts, Moutai faced challenges with declining terminal prices and a slowdown in growth [8][10]. Industry Challenges - The white liquor industry is undergoing significant adjustments, with Moutai needing to balance performance growth with government expectations [10]. - Many companies are relaxing inventory pressure on distributors to stabilize prices, which may impact growth targets [10]. - Moutai remains a strong player in the market, with its flagship product, Feitian Moutai, still commanding high prices despite market fluctuations [10].

Core Viewpoint - The "1+6" reform policy announced by the CSRC aims to enhance the inclusiveness and adaptability of the Sci-Tech Innovation Board, particularly through the establishment of the Sci-Tech Growth Tier, which allows unprofitable companies to list on the A-share market [1][5][14]. Group 1: Policy Implementation - The Sci-Tech Growth Tier officially launched on October 28, 2023, with the first batch of unprofitable companies, including Xian Yicai, Heyuan Bio, and Bibet, successfully listed [1]. - The CSRC's guidelines and the Shanghai Stock Exchange's supporting rules have been established to facilitate the listing of unprofitable companies, allowing them to access public capital markets earlier [5][6]. - The reform does not impose additional listing thresholds for unprofitable companies, enabling existing unprofitable firms to transition into the Sci-Tech Growth Tier [6][14]. Group 2: Accelerated Review Process - Since the announcement of the reform, the review process for unprofitable companies has significantly accelerated, with five new unprofitable companies receiving IPO application acceptance [8][9]. - The review of unprofitable companies has been expedited, with some companies, like Moer Thread and Muxi Co., completing the process in under four months [9][10]. - The introduction of a pre-review mechanism for technology companies has further streamlined the process, allowing for proactive communication with regulators [2][7]. Group 3: Market Response and Growth - The existing 32 companies in the Sci-Tech Growth Tier have raised a total of 105.2 billion yuan through IPOs, facilitating their R&D and commercialization efforts [12]. - The total market capitalization of these growth-tier companies has reached 1.09 trillion yuan, with 19 companies valued over 10 billion yuan [12]. - Despite being generally unprofitable, these companies are showing signs of reduced losses, with 19 companies expected to narrow their losses year-on-year in 2024 [12][13]. Group 4: Future Outlook - The establishment of the Sci-Tech Growth Tier provides a unique opportunity for technology companies at various stages of development to access capital markets earlier [13]. - Industry experts anticipate that the market may see the first listings of unprofitable companies in the commercial aerospace sector within the next 12-18 months, as investor understanding of the sector matures [11][14]. - The reform aims to support high-quality technology companies rather than merely increasing the number of listings, ensuring that only firms with substantial technological attributes can qualify [14].

记者丨 郭莎 实习生苏磊 编辑丨蒋韵 近日，国家统计局编著出版的《中国统计年鉴2025》公布了2024年31个省份的人口出生率、 死亡率和自然增长率数据。 数据显示，广东2024年出生人口比上一年增加了10万人，达113万人。 这也是广东连续7年成 为第一生育大省，连续5年成为唯一出生人口超100万的省份。 尤其在全国多地面临人口增长 放缓的背景下，像广东这样，既能保持较高自然增长率，又能拥有强大的人口虹吸能力，难能 可贵。 图源：2 1世纪经济报道 梁远浩摄 同 为 人 口 增 量 大 省 的 浙 江 ， 增 长 逻 辑 就 有 所 不 同 ： 2024 年 ， 浙 江 人 口 自 然 增 长 率 为 负 （-0.36‰），其人口增长主要来源于外来人口流入的机械增长（净流入45.4万人）。去年，北 京、上海也出现常住人口减少与自然增长率偏低的局面。 广东的常住人口增加了74万，达到1.28亿，则属于自然增长和迁移增长"双轮驱动"的结果。 2024年，广东全年自然增长人口为47万，机械增长贡献了27万的人口增量。受年轻人口流入 以及传统生育文化的影响，广东表现尤为突出。 全国老龄化、少子化趋势下，为何广东人口 ...

Group 1 - The Shanghai Stock Exchange (SSE) announced the appointment of the third Technology Innovation Advisory Committee, consisting of 60 members primarily from research institutions, leading enterprises, and government agencies, with a focus on continuity and expertise in future industries such as artificial intelligence, robotics, commercial aerospace, and low-altitude economy [2][3] - Notable new members include Wang Xingxing, CEO of Yushu Technology, and Peng Zhihui, co-founder and CTO of Zhiyuan Robotics, indicating a strong representation from the AI and robotics sectors [2] - The proportion of experts from the integrated circuit and chip industries has significantly increased, with new members including Zhang Xin, Chairman and President of the National Integrated Circuit Industry Investment Fund, and Yin Zhiyao, Chairman and General Manager of Zhongwei Company [2] Group 2 - The SSE Technology Innovation Advisory Committee serves as an expert body to provide professional opinions for the construction and development of the Sci-Tech Innovation Board, focusing on the technological innovation attributes of issuers and the dynamics of domestic and international technological innovation and industrial application [3]

10月28日，新华社刊发钟台文署名文章《祖国必然统一势不可挡》，全文如下： 题：祖国必然统一势不可挡 钟台文 解决台湾问题、实现祖国完全统一，是全体中华儿女的共同愿望，也是中华民族伟大复兴的应 有之义。两岸同属一个中国，祖国统一大势不可阻挡，这是中华民族走向伟大复兴的时、势、 义所决定的。统一不是一种选择，而是一种必然。在中华民族走向伟大复兴的历史征程中，两 岸中华儿女一定能够早日解决台湾问题，实现祖国完全统一，共享民族复兴荣耀。 两岸统一是民心所向 在中华民族几千年的历史长河中，统一始终是历史发展的主流。中华民族书写了辉煌的历史， 创造了灿烂的文明，深刻认识到"统则强、分则乱"的兴衰规律，形成了追求"大一统"的共同价 值取向。自宋元以来，台湾绝大多数时间都是统一的多民族国家的一部分。即便是在被日本非 法侵占的50年里，台湾同胞武装、非武装反抗日本殖民统治从未停止，更有数万人胸怀"欲救 台湾，必先救祖国"的信念，奔赴祖国大陆参加抗日战争，最终与大陆同胞共同取得抗战的伟 大胜利，台湾随之光复、回归祖国。这充分表明，台湾同胞具有光荣的爱国主义传统。两岸同 胞同属中华民族，都是中国人，完成国家统一是全体中华儿女孜孜 ...

Core Viewpoint - The article emphasizes the importance of green development in China's economic and social transformation, highlighting the need for a dual drive of technology and policy to establish a new energy system and enhance global green competitiveness [2][3]. Policy Updates - The 20th Central Committee's Fourth Plenary Session outlines three accelerations for green development: accelerating the comprehensive green transformation of economic and social development, building a new energy system, and forming a green production and lifestyle [2]. - The fifth batch of CCER methodologies has been released, covering 16 categories of greenhouse gas voluntary reduction projects, with existing methodologies covering 8 categories, indicating significant progress [2]. - A new renewable energy consumption plan emphasizes minimum consumption targets for non-electric fields such as heating and hydrogen production, with green electricity direct connection and green certificate trading as key consumption methods [2]. Industry Insights - China's renewable energy installed capacity has increased by 86%, reflecting a commitment to ecological priority and high-quality green development [4]. - The green industry is projected to grow by 5 trillion yuan over the next five years, presenting both challenges and opportunities for low-carbon transformation [4]. - The contribution of clean energy investment to China's economic growth is steadily increasing, playing a crucial role in promoting technological innovation, investment, consumption, and trade [5]. - Over half of A-share fertilizer companies lack ESG disclosures, highlighting the need for dual approaches in agricultural non-carbon reduction [5]. - Approximately 11% of overseas green bonds are denominated in RMB, indicating a growing market for green bonds driven by policy and demand [5]. ESG Developments - A study on ESG evaluation covering 379 state-owned enterprises shows a disclosure rate significantly higher than the overall A-share market, indicating a trend towards greater transparency [6]. - The Guangdong region is leveraging nuclear power to drive green transformation, with a focus on filling gaps in nuclear power distribution [6]. - The upcoming Green Energy Development Conference in Yichang aims to promote the region as a strategic hub for green development [6]. Carbon Market Insights - The carbon market is expected to transition to a "paid allocation + total control" model, with early adopters in certain industries potentially benefiting from this approach [7]. - The trend of replacing traditional energy with solar and wind energy remains strong, although it has not yet reached a stage of large-scale replacement of fossil fuel power generation [7]. - The core of China's energy system transformation is to accelerate the shift from fossil to non-fossil energy, optimizing the energy mix to support carbon peak and neutrality goals [7].

银行网点正在发生更深层次的变革。不再是简单的关停并转，而是在"瘦身"的同时"增肌"。 国家金融监督管理总局网站数据显示， 截至10月24日，今年已有8592家银行网点获批退出， 相较去年的2677家，大增近200%，仅四季度伊始，就有601家银行网点获批退出，较上年同 期多增511家。 不过也有6859个网点新增，其中特色化、功能化成为主旋。整体来看，银行对网点的布局从最 开始的跑马圈地到逐步优化，在关闭一些城市网点的同时，也对一些乡镇进行了线下新增。 今年已有8 0 0 0多家网点关闭 数字化浪潮的冲击是银行网点加速退出的首要原因。 随着手机银行的普及，很多传统网点的业务量明显下降。某股份制银行网络金融部负责人指 出："随着手机银行、网上银行等电子渠道的普及，很多传统网点的业务量明显下降，尤其是 现金业务和基础柜面业务。" 银行"瘦身"速度加快，仅10月24日就有23家银行相继公告称要终止旗下网点。如国家金融监督 管理总局上海监管局发布关于邮储银行上海金山区亭林镇支行终止营业的批复，根据批复，同 意中国邮政储蓄银行股份有限公司上海金山区亭林镇支行终止营业。接此批复文件后，该支行 应立即停止一切经营活动，于1 ...

记者丨李益文 编辑丨叶映橙 10月28日，酒类行情监测平台"今日酒价"数据显示，2025年53度500ml飞天茅台散瓶批发参考 价报1690元，较前一日下跌25元， 首次跌破1700元/瓶大关，再创上市以来的新低； 原箱报 1715元，较前一日下跌20元。两款产品较上线时的2220元、2255元累计跌幅均已超过31%。 | | 嘉台大天 | | 2025年10月28日 (公众号: 今日酒价) | | | --- | --- | --- | --- | --- | | 品名 | | 规格 | 昨日行情 | 今日行情 | | 2 25年飞天(原) | | 53度/500ml | 1735 | 1715 I | | 3 25年飞天(散) | | 53度/500m | 1715 | 1690 1 | 回顾2025年以来的市场走势，飞天茅台零售价格呈现出单边下行态势。6月11日，茅台散瓶批 发价首次跌破2000元重要心理关口，随后价格一路走低。6月22日跌破1900元，6月25日再破 1800元。虽然7月7日价格一度反弹至1880元，但8月29日再度失守1800元关口，直至10月底跌 破1700元。 值得注意的是， 早 ...

Core Viewpoint - The article discusses the recent price increase by Laopu Gold, which has seen significant price hikes of over 20% for many products, with some items increasing by more than 40%, indicating a strong market demand and strategic pricing approach by the company [2][5][12]. Group 1: Price Adjustments and Market Response - Laopu Gold has raised prices for the third time in 2021, with many products experiencing price increases exceeding 20%, and some items seeing increases of up to 40% [2][8]. - The price adjustments have triggered a new wave of consumer demand, with long queues forming at the newly opened store in Shanghai's Henglong Plaza [6][8]. - Specific examples of price increases include the "Cross Gold Vajra No. 1" (8.39g) rising to 18,500 yuan, a 23.33% increase, and the "Rose Window No. 1 Gem" (14.8g) increasing to 30,610 yuan, a rise of over 25% [8][9]. Group 2: Financial Performance and Growth Strategy - Laopu Gold reported a revenue of 12.354 billion yuan and a net profit of 2.268 billion yuan for the first half of the year, marking a substantial increase of 285.8% [12]. - The company has a loyal customer base, with approximately 480,000 members as of June 2025, reflecting a growth of 130,000 members in just six months [9][12]. - The founder, Xu Gaoming, is actively raising funds, with a recent plan to raise about 2.7 billion HKD to stockpile gold in anticipation of peak sales seasons [5][13]. Group 3: Expansion and Store Development - As of now, Laopu Gold operates over 45 stores, with plans for further expansion in high-end commercial centers [5][15]. - The company has achieved an average revenue of 459 million yuan per store in major shopping centers, ranking first among all jewelry brands in terms of average revenue per store [15]. - Xu Gaoming has been focusing on optimizing existing stores and expanding the number of locations, particularly in prestigious shopping areas [15].

27日下午，许绍雄突传病危入院，他的家人以及苗侨伟、戚美珍、黎芷珊、黄子华、欧阳震 华、黄宗泽、林峯、吴卓羲、佘诗曼、麦长青、TVB监制文伟鸿和林志华等圈中好友紧急赶往 医院探望。许绍雄10月10日还在自己的社交平台上更新短视频内容，看着依然精神矍铄，怎料 短短两周后便传出病危的消息，令大家感到十分突然。 与许绍雄合作过《使徒行者》后一直关系不错的佘诗曼在出席活动时被问及许绍雄病危入院一 事，一度哽咽。她表示自己之前有去医院探望过许绍雄，并透露为此已修改行程，"本来今天 是要直接飞北京，但现在可能会赶去医院"。 10月28日，中国香港资深演员许绍雄因病离世，享年76岁。 公开资料显示，许绍雄1948年11月4日出生于中国香港，祖籍广东汕头。1972年，许绍雄在第 1期无线电视艺员训练班毕业后加入无线电视，曾在无线工作三年后转到丽的电视工作，四年 后再回到无线。1974年，许绍雄与许冠文、许冠杰兄弟主演的电影《鬼马双星》播出。许绍雄 在该片中饰演"小迷糊"，这是他参与拍摄的第一部电影。 此后，许绍雄在《网中人》《火凤凰》《射雕英雄传》《鹿鼎记》《倚天屠龙记》等众多TVB 电视剧中饰演配角，甘当绿叶。根据豆瓣统计 ...