Core Viewpoint - The Ministry of Education has introduced 10 measures aimed at addressing the psychological health of middle and primary school students, including the implementation of a "no homework day" each week to alleviate exam-related anxiety [1][2]. Group 1: Measures to Alleviate Academic Pressure - The measures propose reducing the burden of homework by strictly controlling the total amount of written assignments and prohibiting repetitive or punitive tasks, while encouraging a weekly "no homework day" [1]. - Examination management will be standardized, with a reduction in the frequency of daily tests and a reasonable setting of exam difficulty, prohibiting ranking students based on exam scores [1]. - The initiative aims to consolidate the achievements in regulating off-campus training, continuing to strictly control subject-based training during compulsory education, and regulating non-subject training [1]. Group 2: Enhancing Student Well-being - The measures include a push for comprehensive health and safety education in school curricula, mandating at least one comprehensive educational practice activity per month to enhance students' resilience and emotional regulation [1]. - The initiative emphasizes the importance of physical activity, advocating for "two hours of physical activity every day" and encouraging schools to collaborate with communities to provide sports facilities for after-school activities [1]. - There is a focus on ensuring adequate sleep for students by strictly enforcing sleep management regulations and incorporating sleep status into health monitoring and educational quality assessment systems [2]. Group 3: Support for Special Student Groups - The measures call for attention to special student groups, establishing monitoring and intervention mechanisms, and promoting a comprehensive approach to nurturing students' mental health [2]. - The initiative includes optimizing the psychological support environment on campuses and fostering harmonious parent-child relationships [2]. - There is a requirement for inter-departmental collaboration to enhance protective mechanisms for students [2].

Core Viewpoint - The article discusses the key outcomes of the Fourth Plenary Session of the 20th Central Committee of the Communist Party of China, particularly focusing on the approval of the "Suggestions on Formulating the 15th Five-Year Plan for National Economic and Social Development" which outlines strategic tasks and major initiatives for the upcoming five years [3][7][9]. Summary by Sections General Overview - The "Suggestions" consist of 15 parts and 61 articles, divided into three main sections: general principles, specific strategies, and concluding remarks [3][9]. - The first section highlights significant achievements during the "14th Five-Year" period and the importance of the upcoming "15th Five-Year" period for economic and social development [9]. Strategic Tasks - The "Suggestions" emphasize building a modern industrial system and strengthening the foundation of the real economy, focusing on intelligent, green, and integrated development [4][20]. - Key tasks include upgrading traditional industries, nurturing emerging industries, and promoting high-quality development in the service sector [4][22]. Economic and Social Development Goals - The main goals for the "15th Five-Year" period include achieving significant results in high-quality development, enhancing self-reliance in technology, and improving social civilization levels [16]. - The plan aims to ensure that by 2035, China will have fundamentally achieved socialist modernization, with the "15th Five-Year" period being crucial for laying the groundwork [17]. Agricultural Modernization - Agricultural modernization is identified as a critical area needing priority attention, with a focus on addressing rural issues and promoting urban-rural integration [18]. Infrastructure Development - The "Suggestions" call for the construction of a modern infrastructure system, enhancing connectivity and efficiency across various sectors [23]. Domestic Market Strengthening - The article highlights the importance of a strong domestic market as a strategic foundation for modernization, with efforts to eliminate market barriers and enhance regulatory frameworks [25][26]. Technological Innovation - Emphasis is placed on strengthening original innovation and tackling key core technologies, with a focus on strategic sectors such as integrated circuits and high-end equipment [29]. Open Economy - The "Suggestions" advocate for expanding autonomous openness, enhancing market access, and fostering international trade relationships [32][33]. Population Development - The plan includes initiatives to promote a family-friendly society, improve elderly care, and enhance the quality of life for the aging population [35][37]. Anti-Corruption Measures - The article concludes with a commitment to maintaining a robust anti-corruption stance, ensuring strict oversight of power and governance [39].

记者丨 余纪昕 编辑丨方海平 10月22日，央行上海总部发布2025年9月份境外机构投资银行间债券市场简报。 内容显示，截至2025年9月末，境外机构持有银行间市场债券3.78万亿元，约占银行间债券市 场总托管量的2.2%。从券种看，境外机构持有国债2.00万亿元、占比52.9%，同业存单0.86万 亿元、占比22.8%，政策性金融债0.77万亿元、占比20.4%，其他品种债券0.15万亿元、占比 3.9%。 9月份，新增11家境外机构主体进入银行间债券市场。 截至9月末，共有1176家境外机构主体 入市，其中612家通过结算代理渠道入市，837家通过"债券通"渠道入市，273家同时通过两个 渠道入市。境外机构9月在银行间债券市场的现券交易量约为0.96万亿元，日均交易量约为417 亿元。 从持仓品种类别来看，今年9月境外机构持有国债达2.00万亿元、政策性金融债0.77万亿元， 和前两个月规模基本持平。但持有同业存单明显下降，规模从7月的0.98万亿元、8月的0.91万 亿元下降到了9月的0.86万亿元。 不过从银行间市场各类机构的参与规模看，记者注意到，不同类型债市投资机构行为倾向正呈 现一定结构性变化。 ...

中共中央今天（24日）上午举行新闻发布会，介绍和解读党的二十届四中全会精神。 国家发展改革委党组书记、主任郑栅洁介绍，创新育新，就是要培育壮大新兴产业和未来产 业。2024年，我国"三新"经济增加值占GDP比重超过18%。《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》提出打造新兴支柱产业，加快新能源、新材料、航空航天、 低空经济等战略性新兴产业集群发展，将催生数个万亿元级甚至更大规模的市场；《建议》还 提出前瞻布局未来产业， 推动量子科技、生物制造、氢能和核聚变能、脑机接口、具身智 能、第六代移动通信等成为新的经济增长点。这些产业蓄势发力，未来10年将再造一个中国高 技术产业。 来源丨央视新闻 编辑丨黎雨桐 一文看懂党的二十届四中全会公报，信息量太大 四中全会重要部署，释放关键信号 SFC 21君荐读 视频编辑丨许婷婷 ...

Market Overview - The A-share market experienced a significant upward movement on October 24, with the Shanghai Composite Index breaking previous highs, reaching 3946.16 points, a new annual high. The index closed up 0.42%, while the Shenzhen Component Index rose by 1.3% and the ChiNext Index increased by 2.09% [1][2]. Sector Performance - The storage chip sector saw substantial gains, with companies like Changsha Chip and Puran Co. achieving new highs. The commercial aerospace sector also experienced a strong surge, with multiple stocks hitting the daily limit [1][4]. - Conversely, the coal sector faced a collective decline, with companies such as Antai Group and Yunmei Energy hitting the daily limit down [3]. Commercial Aerospace Developments - The commercial aerospace sector is witnessing a boom, with several stocks, including Tongyi Aerospace and Aerospace Intelligent Equipment, experiencing significant price increases. The sector is expected to benefit from the acceleration of domestic commercial rocket launches and IPO processes for various companies [4][7]. Storage Chip Market Dynamics - The storage chip market is on an upward trajectory, driven by increased capital expenditure from major internet companies like Alibaba and ByteDance in AI infrastructure. This trend is expected to enhance the market share of domestic storage manufacturers [9]. Foreign Investment Sentiment - Foreign institutions are optimistic about the A-share market's future. Analysts from Zhongyin Securities and Galaxy Securities highlight the potential for a market rebound supported by macroeconomic policies and improved investor confidence [11][12]. - Major foreign investment firms, including Goldman Sachs and Morgan Stanley, have expressed positive outlooks for the Chinese market, predicting a slow bull market and increased allocations to Chinese equities by global investors [13][14].

Core Viewpoint - The cross-border e-commerce industry in China is undergoing a significant compliance transformation, driven by new tax reporting regulations from major platforms like Amazon, AliExpress, and SHEIN, which will impact sellers' operations and the overall market landscape [1][3][4]. Group 1: Regulatory Changes - In October, Amazon announced it would report Chinese sellers' tax information quarterly to the Chinese tax authorities, with the first report due by October 31, covering transactions from July to September 2025 [1][4]. - The regulatory framework for tax information reporting was established by the State Council and the National Tax Administration, mandating all foreign platforms providing services to Chinese operators to fulfill reporting obligations [3][4]. - Major platforms, including Walmart, Shopee, and TikTok Shop, have begun reporting seller data, indicating a widespread compliance trend across the industry [4][5]. Group 2: Impact on Sellers - The compliance requirements will significantly affect cross-border e-commerce sellers, particularly small and medium-sized enterprises (SMEs), which often lack robust financial systems and have operated in tax gray areas [5][6]. - Increased compliance costs, including direct tax payments and indirect costs related to systems, personnel, and operational adjustments, will pressure sellers, especially those with low profit margins [5][6]. - Sellers are exploring various strategies to adapt, with some seeking advice from tax consulting firms while others remain uncertain about future regulatory developments [5][6]. Group 3: Industry Evolution - The shift towards tax transparency is expected to reshape the competitive landscape, potentially leading to a market consolidation where non-compliant sellers are eliminated, creating opportunities for compliant businesses [6][7]. - Platforms will face new responsibilities to manage and report seller data accurately, necessitating the development of robust internal data management systems [6][7]. - The industry is transitioning from a phase of rapid growth to one focused on quality and compliance, emphasizing the need for innovation, brand development, and customer service as key competitive factors [7][8].

Core Points - Renowned physicist and Nobel laureate Yang Zhenning passed away on October 18, 2025, in Beijing at the age of 103 [1] - A memorial service was held on October 24, 2025, at the Babaoshan Funeral Home in Beijing [3] - Yang Zhenning emphasized that his most significant contribution was helping to change the mindset of Chinese people who felt inferior [3]

Core Viewpoint - The article discusses the key tasks and goals for China's 15th Five-Year Plan, emphasizing the importance of high-quality development, technological self-reliance, and the construction of a modern industrial system to achieve socialist modernization by 2035 [1][14][20]. Group 1: Economic Goals and Development - The 15th Five-Year Plan aims for significant improvements in high-quality development, technological self-reliance, and social progress, with a focus on achieving a per capita GDP level comparable to that of moderately developed countries by 2035 [14][20]. - The expected GDP growth rate during the 15th Five-Year Plan is around 5%, with a target of maintaining a stable economic environment amidst global uncertainties [21][22]. - By 2035, the goal is to increase per capita GDP from $13,400 in 2024 to approximately $23,000, representing a significant economic leap [20][21]. Group 2: Key Tasks for the 15th Five-Year Plan - Key tasks include building a modern industrial system, accelerating high-level technological self-reliance, and enhancing domestic market strength [2][26]. - The plan emphasizes the need for comprehensive reforms, including optimizing regional economic layouts and promoting cultural innovation [2][12]. - There is a strong focus on improving people's livelihoods and ensuring common prosperity, with specific measures to enhance social welfare and environmental sustainability [12][19]. Group 3: Technological Development - The plan highlights the necessity of achieving a high level of technological self-reliance, particularly in critical areas such as artificial intelligence, semiconductors, and aerospace [28][29]. - Increased investment in research and development is projected, with R&D spending expected to exceed 3.6 trillion yuan by 2024, marking a 48% increase since 2020 [27]. - The emphasis on education, technology, and talent development is crucial for fostering a robust innovation ecosystem that supports sustainable economic growth [29].

记者丨彭新 编辑丨倪雨晴 10月24日， 沐曦集成电路（上海）股份有限公司（简称"沐曦"）的首次公开发行（IPO）申请将上会审议。中国GPU初创公司冲刺 资本市场再迎"关键一战"。 沐曦成立于2020年，五年来，先后推出用于智算推理的"曦思N"系列GPU、用于训推一体和通用计算的"曦云C"系列GPU。传统数据 中心GPU既要兼顾科学计算，又要满足AI训练需求，沐曦的GPU芯片针对云端AI训练和推理场景深度优化，旨在解决大规模人工智 能算力瓶颈。 进入2025年以来， 主要GPU初创企业沐曦、摩尔线程、壁仞等公司上市进程大幅加速，即将迎接更严格的考验。 创业以来，这些 公司曾吸引了前所未有的大额投资、高级人才和资源，剑指回报丰厚的GPU芯片市场，并誓言挑战英伟达在中国市场的垄断地位。 然而，在人工智能热潮带来的市场机会持续走高的情况下，市场环境却陡然发生变化。英伟达高端GPU在中国市场供应几乎"归 零"，这个被动形成的真空地带，成为国产GPU企业从未有过的历史性机遇。 IPO加速 9月26日，在各方期待下，中国GPU公司摩尔线程科创板IPO申请成功通过上交所上市委审议。从6月30日申请IPO到成功过会，仅用 了 ...

Core Viewpoint - The vitality of a city's night economy is positively correlated with the proportion of 24-hour convenience stores, as higher nighttime sales can encourage more businesses to operate around the clock [1][3]. Group 1: Night Economy and Convenience Stores - In 2018, a survey in Guangzhou indicated that nighttime sales at some 24-hour convenience stores accounted for up to 90% of their total sales [1]. - The "2025 China Urban Convenience Store Development Index" shows that Guangzhou has the highest proportion of 24-hour convenience stores at 78.0%, with approximately 5,150 out of over 6,600 stores operating 24 hours [3]. - Other cities with over 70% of convenience stores operating 24 hours include Chengdu, Shanghai, Xiamen, Haikou, and Nanchang [3]. Group 2: Long-term Trends - An analysis of data from 2020 to 2025 reveals that 11 cities consistently maintain a 24-hour convenience store proportion above 70%, with only Guangzhou, Shanghai, Chengdu, and Haikou achieving this for six consecutive years [3][4]. - The report indicates that the rapid growth of convenience stores in China began around 2019, driven by government policies promoting brand chain convenience stores [7]. Group 3: Growth Rates and Comparisons - Chengdu experienced the most significant increase in the proportion of 24-hour convenience stores, rising from 30.0% in 2019 to 76.9% in 2025, a growth of 46.9% [8]. - Other cities with notable increases include Dongguan (45.8%) and Qingdao (30.4%), while Guangzhou remains the leader in absolute proportion despite a smaller growth rate [8]. - The report also highlights that 14 out of 40 cities have a proportion of 24-hour convenience stores below 50%, particularly in central, northeastern, or northwestern regions [9].