10 月 22 日，工业和信息化部发布通报，曝光20 款存在侵害用户权益的智能终端产品， 涉及 摄像头、智能锁、音箱、学习终端等主流电子产品品类 。 值得注意的是，这是中央网信办、工信部、公安部、市场监管总局联合发布《关于开展2025年 个人信息保护专项行动的公告》以来，首次通报针对智能终端设备开展的专项处罚案例。 此前，国务院于近日印发的《关于深入实施"人工智能+"行动的意见》提出了明确的发展目 标：到2027年，率先实现人工智能与6大重点领域广泛深度融合，新一代智能终端、智能体等 应用普及率超70%。 在智能终端不断普及应用的趋势下，其侵权危害需要引起社会范围内的重视，随着监管框架的 不断完善，各类软硬件厂商在加速推广智能终端设备的同时，其合规要求也随之加快收紧。 共性问题 作者丨 吴立洋 实习生涂玥 编辑丨章驰 从具体的合规问题来看，20 款问题产品暴露出的违规类别有着高度共性。 | 序 | 产品名称 | 产品型号 | 生产厂商 | 控制端 | 应用 | 样品 | 阿慶項 | | --- | --- | --- | --- | --- | --- | --- | --- | | 号 | | | | AP ...

Core Viewpoint - Tesla's Q3 financial results reveal a paradox of record revenue growth alongside significant profit decline, indicating a shift in the company's growth dynamics and strategic focus towards AI and robotics rather than solely automotive sales [5][10][13]. Financial Performance - Tesla reported a total revenue of $28.1 billion for Q3, a 12% year-over-year increase, marking a historical high [5][13]. - Net income fell to $1.37 billion, a 37% decrease compared to the previous year, with an operating margin of 5.8%, the lowest in nearly five years [5][13]. - Automotive revenues reached $20.02 billion, while energy generation and storage revenue surged by 44% to $2.38 billion [6][10]. Automotive Business Dynamics - Global vehicle deliveries reached 497,000 units, a 7.4% increase year-over-year, but the growth rate has slowed significantly [10][11]. - The production volume was 447,000 units, indicating a reduction in inventory levels [10][11]. - The Chinese market showed strong recovery with nearly 170,000 units sold, a 31% increase quarter-over-quarter, solidifying Shanghai's role as a global export hub [11][12]. Strategic Shift Towards AI - CEO Elon Musk emphasized a shift towards AI, stating that Tesla's future value will largely derive from AI and robotics rather than traditional automotive manufacturing [7][17]. - The company is expanding its Robotaxi service and has begun deploying its Full Self-Driving (FSD) technology, although only 12% of users have paid for the FSD feature, indicating skepticism about its maturity [19][18]. Competitive Landscape - Tesla faces increasing competition from local Chinese brands like BYD and NIO, as well as traditional automakers in Europe and the U.S. [15][16]. - The company has had to lower prices to maintain market share, which has further compressed profit margins [15][13]. Future Outlook - Tesla is at a critical juncture, transitioning from a high-margin automotive manufacturer to a broader AI-focused company, with significant investments in AI and robotics expected to shape its future [17][20]. - The success of this strategic pivot will depend on balancing short-term profitability with long-term investments in technology [20].

Core Viewpoint - The article highlights the strategic elevation of China's aerospace industry, particularly with the inclusion of "aerospace power" in the recent government report, signaling a significant policy shift and potential investment opportunities in the commercial aerospace sector [1][5]. Policy and Market Dynamics - The upcoming "14th Five-Year Plan" is expected to drive a new round of valuation restructuring in the commercial aerospace sector, with policies increasingly favoring the development of aerospace as a key growth engine [5][6]. - Local governments are integrating aerospace into their long-term development plans, with initiatives such as Shanghai's plan to achieve a space information industry scale exceeding 200 billion yuan by 2025 [5][6]. Industry Growth and Infrastructure - The Chinese aerospace industry is entering a growth phase, with anticipated policy support and resource allocation focusing on space infrastructure, particularly rockets and satellites [6][8]. - The frequency of satellite launches is increasing, with 68 orbital launches expected in 2024, indicating a rapid acceleration in satellite constellation deployment [8][9]. Technological Advancements - New rocket technologies are being developed, with several reusable or partially reusable rockets expected to conduct test flights between late 2025 and 2026, addressing the current supply-demand imbalance in launch capacity [9][11]. - Companies like Blue Arrow Aerospace are focusing on improving launch capacity and reducing costs, with predictions that launch costs could drop below 30,000 yuan per kilogram within three years [11]. Capital Market Activity - The commercial aerospace sector is experiencing heightened interest from capital markets, with several companies completing financing rounds and initiating IPO preparations, reflecting a shift towards commercialization and market maturity [12][13]. - A total of eight commercial aerospace companies are currently in the IPO counseling process, indicating a critical transition from technology validation to commercial operations requiring substantial capital investment [13].

Core Viewpoint - The article emphasizes the importance of the 20th Central Committee's Fourth Plenary Session in guiding China's economic and social development for the next five years, highlighting the need for the China Securities Regulatory Commission (CSRC) to align its actions with the central government's directives [2][3]. Group 1: Key Measures and Strategies - The CSRC aims to enhance the resilience and risk resistance of the capital market by fostering high-quality listed companies and establishing a stable market ecosystem [4]. - The focus will be on improving the inclusiveness and adaptability of capital market systems, including reforms in the Sci-Tech Innovation Board and the Growth Enterprise Market [4]. - The CSRC plans to increase the effectiveness and deterrence of regulatory enforcement by strictly combating various securities and futures violations [4]. - There is a commitment to advancing the opening of the capital market to a deeper and higher level, balancing openness with security, and enhancing international regulatory cooperation [4]. - Strengthening the party's integrity and the construction of the regulatory team is a priority, ensuring accountability and effective governance within the CSRC [5]. Group 2: Implementation and Training - The CSRC will prioritize the study and implementation of the Plenary Session's spirit as a major political task, organizing training and promoting understanding throughout the system [5]. - There will be a focus on aligning with the Plenary Session's directives, conducting thorough research, and planning strategic tasks for the capital market during the 15th Five-Year Plan [5]. - The CSRC is committed to achieving its annual work goals and ensuring a solid foundation for the high-quality development of the capital market in the upcoming 15th Five-Year Plan [5].

Group 1 - The core viewpoint of the article highlights the approval of Muxi Integrated Circuit (Shanghai) Co., Ltd.'s IPO application by the Shanghai Stock Exchange's listing review committee, marking a significant step for the company as it aims to enter the Sci-Tech Innovation Board [1] - Muxi's projected operating revenues for 2022 to 2024 are 426,400 yuan, 53,021,200 yuan, 743,071,600 yuan, and 320,415,300 yuan respectively, indicating a substantial growth trajectory [1] - The company is currently unprofitable, with net profits attributed to the parent company showing losses of -777,965,200 yuan, -871,158,200 yuan, -1,408,879,400 yuan, and -232,512,200 yuan over the same period [1] Group 2 - Muxi plans to raise 3.904 billion yuan through its IPO, which will be allocated to projects focused on the development and industrialization of new high-performance general-purpose GPUs, next-generation AI inference GPUs, and high-performance GPU technology for emerging applications [1]

| SFC | | | --- | --- | | 来源丨中国人民银行 | 编辑丨江佩佩 见习编辑张嘉钰 | | 21君荐读 | | | 广东刚刚公布：超10万亿元 | 权威解读四中全会精神，要点汇总 | | 一文看懂党的二十届四中全会公报，信息量太大 | | 10月24日，中国人民银行公告，为保持银行体系流动性充裕，2025年10月27日（周一），中 国人民银行将以固定数量、利率招标、多重价位中标方式开展9000亿元MLF操作，期限为1年 期。 ...

作者丨周潇枭 编辑丨陈洁 党的二十大确定到2035年基本实现社会主义现代化，"十五五"时期是夯实基础、全面发力的关 键时期。 10月20日至23日，中国共产党第二十届中央委员会第四次全体会议在北京召开，全会审议通过 了《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》（下文简称《建 议》），明确了"十五五"时期经济社会发展的指导方针和主要目标，擘画了未来五年发展的宏 伟蓝图，为深入推进中国式现代化指明了前进方向。 10月24日，中共中央举行新闻发布会，介绍和解读党的二十届四中全会精神。发布会邀请了中 央政策研究室主任江金权，中央财办分管日常工作的副主任、中央农办主任韩文秀，国家发展 改革委党组书记、主任郑栅洁，科技部党组书记、部长阴和俊，商务部党组书记、部长王文 涛，以及国家卫生健康委党组书记、主任雷海潮出席，介绍相关情况并答记者问。 21世纪经济报道记者从这场事关"十五五"规划的发布会上，梳理出八大重要的政策信号。 （发布会现场图 21世纪经济报道记者现场拍摄） 中央财经领导小组办公室原副主任杨伟民表示，"十五五"时期，要推动经济实现质的有效提 升，就是经济增长要带来结构优化、技术进步、效率提高、 ...

来源丨新华社 编辑丨江佩佩 见习编辑张嘉钰 SFC 决定指出，1945年，包括台湾同胞在内的全体中华儿女前仆后继、浴血奋战，取得中国人民抗 日战争暨世界反法西斯战争的伟大胜利，台湾随之光复，重回祖国怀抱。台湾光复是中国人民 抗日战争胜利的重要成果，是中国政府恢复对台湾行使主权的重要铁证，是台湾作为中国一部 分的历史事实和法理链条的重要一环，是两岸同胞的共同荣光和全体中华儿女的民族记忆。为 维护世界反法西斯战争胜利成果和战后国际秩序，展现坚持一个中国原则和捍卫国家主权、统 一、领土完整的坚定意志，强化两岸同胞共同民族历史记忆，弘扬爱国主义精神，激励两岸同 胞在新时代新征程中为国家统一、民族复兴作出新的贡献，根据《中华人民共和国宪法》，十 四届全国人大常委会第十八次会议作出设立台湾光复纪念日的决定。 十四届全国人大常委会第十八次会议24日经表决，通过了关于设立台湾光复纪念日的决定，以 法律形式将10月25日设立为台湾光复纪念日，并规定国家通过多种形式举行纪念活动。 全国人大常委会法制工作委员会主任沈春耀就决定草案向常委会作说明时介绍，1945年10月 25日中国战区台湾省受降仪式在台北举行，至此台湾、澎湖列岛重归 ...

Core Viewpoint - Guangdong's economy showed stable growth in the first three quarters of 2023, with a GDP of 10,517.698 billion yuan, reflecting a year-on-year increase of 4.1% [1] Group 1: Agricultural Production - The total output value of agriculture, forestry, animal husbandry, and fishery in Guangdong increased by 4.9% year-on-year, with early rice production rising by 1.0% [2] - Vegetable and edible fungus production grew by 3.1%, while garden fruit production increased by 6.3% [2] - Livestock production accelerated, with pig slaughter and pork production increasing by 4.6% and 4.7%, respectively [2] Group 2: Industrial Production - The industrial added value above designated size grew by 3.5% year-on-year, an increase of 1.3 percentage points compared to January-August [3] - Key industries such as computer, communication, and other electronic equipment manufacturing saw a 7.5% increase in added value [3] - New momentum industries, including advanced manufacturing and high-tech manufacturing, grew by 5.4% and 6.4%, respectively [3] Group 3: Service Industry - The added value of the service industry increased by 4.9% year-on-year, accelerating by 0.3 percentage points compared to the first half of the year [4] - The financial sector and transportation, storage, and postal services grew by 9.8% and 4.3%, respectively [4] - The revenue of the information transmission, software, and IT services sector increased by 9.5% [4] Group 4: Fixed Asset Investment - Fixed asset investment in Guangdong decreased by 14.1% year-on-year [5] - Equipment and tool purchases increased by 1.7%, supported by large-scale equipment renewal policies [5] - Infrastructure investments in railway, water, and air transport grew by 1.8%, 31.8%, and 28.9%, respectively [5] Group 5: Market Sales - The total retail sales of consumer goods increased by 2.8% year-on-year, with urban retail sales growing by 3.0% and rural retail sales by 0.9% [7] - Basic living and some upgraded consumption goods saw stable growth, with retail sales of grain, oil, and food increasing by 10.8% [7] - Online retail through public networks grew by 16.2%, outpacing overall retail growth by 13.3 percentage points [7] Group 6: Consumer Prices and Income - The consumer price index (CPI) decreased by 0.3% year-on-year, with a narrowing decline compared to the first half of the year [8] - The per capita disposable income in Guangdong reached 42,842 yuan, with a nominal growth of 4.4% [9] - Rural residents' income growth outpaced that of urban residents, with rural disposable income increasing by 5.5% [9]

Core Viewpoint - The rapid decline in gold and silver prices is attributed to multiple factors including policy expectations, technical breakdowns, a stronger dollar, and reduced geopolitical risks. Citigroup has turned bearish on gold prices, predicting a drop to $4,000 within the next three months. However, medium to long-term support for gold remains due to global recession risks and central bank gold purchases, which are expected to exceed 1,000 tons by 2025. Investors should closely monitor the October CPI data and the Federal Reserve's meeting statements to gauge market direction changes [3]. Price Movements - As of October 24, gold prices fell below $4,060 per ounce, with a daily decline of over 1.85%. Silver prices also dropped, touching $47 per ounce, down more than 2% [1]. - Current prices include: - London Gold: $4,050.228, down $76.262 (-1.85%) - London Silver: $47.850, down $0.996 (-2.04%) - COMEX Gold: $4,071.3, down $74.3 (-1.79%) - COMEX Silver: $47.615, down $1.089 (-2.24%) [2]. Market Reactions - U.S. gold stocks fell in pre-market trading, with notable declines including a drop of over 4% for Coeur Mining and declines exceeding 2% for both Kinross Gold and Harmony Gold [2].