Core Viewpoint - The article highlights the risks associated with purchasing liquor from unauthorized online retailers during major shopping events like Double 11 and 618, emphasizing the importance of buying from official channels to ensure product authenticity and quality [1][4]. Group 1: Consumer Warnings - Wuliangye issued a consumer notice warning about the risks of purchasing from unauthorized stores, including potential issues with product authenticity, quality assurance, and lack of official after-sales service [1][4]. - This is the fourth time Wuliangye has released such a notice during an online shopping event, indicating a persistent concern over counterfeit products [1][6]. Group 2: Unauthorized Retailers - Wuliangye disclosed a list of 46 unauthorized stores across various e-commerce platforms, including major players like Douyin, Meituan, and Tmall [1][2]. - The article notes that while consumers often trust official channels, there can be significant differences in reliability among different stores and channels on the same platform [4]. Group 3: Market Dynamics - E-commerce platforms' promotional channels, such as "Billion Subsidy" and "Famous Liquor Line," often source products from market vendors rather than directly from liquor companies, complicating the supply chain and increasing the risk of counterfeit products [5][6]. - The article mentions that during the 618 shopping event, Wuliangye provided 1,610 free product authentication services, discovering that 268 bottles, or 16.65%, were counterfeit [6]. Group 4: Industry Response - In response to the rising counterfeit issue, other liquor brands like Moutai and Xijiu have also begun to disclose their official authorized channels to consumers [5][6]. - The complexity of supply chains in the current e-commerce landscape, especially with the rise of instant retail, has made it more challenging to verify product authenticity [5].

Core Viewpoint - The Chinese real estate market is stabilizing, with luxury properties in Shanghai showing resilience and attracting high-net-worth individuals, particularly from the Yangtze River Delta region [1][9]. Group 1: Market Performance - The luxury real estate projects "Jinling Huating" and "Gaofuyun Jing" in Shanghai have set new sales records, with Jinling Huating achieving an average price of 80 million yuan per unit and selling out quickly [1][3]. - Gaofuyun Jing launched with 125 units, achieving a sales record for luxury properties in a single day, despite not selling out completely [4][7]. - The average price for Gaofuyun Jing reached 21,000 yuan per square meter, with some units priced between 130 million to 170 million yuan [4][9]. Group 2: Buyer Demographics - The primary buyers for these luxury properties are high-net-worth individuals from Shanghai and the surrounding Jiangsu and Zhejiang provinces, reflecting a strong local demand [10]. - In the case of Gaofuyun Jing, 34.78% of buyers were from Shanghai, with significant representation from Jiangsu and Zhejiang, indicating a trend of local wealth concentration [10]. Group 3: Competitive Landscape - The competition between Jinling Huating and Gaofuyun Jing highlights the differentiation in location and product positioning, with both projects appealing to affluent buyers but with distinct market performances [3][5]. - The luxury market is experiencing a bifurcation, with billion-yuan properties attracting significant interest while the demand for properties priced in the tens of millions is showing signs of weakness [7][9].

党的二十届四中全会 在北京开始举行 新华社国内部出品 中国共产党第二十届中央委员会第四次全体会议20日上午在北京开始举行。中央委员会总书记 习近平代表中央政治局向全会作工作报告，并就《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（讨论稿）》向全会作了说明。 来源丨新华社 编辑丨刘雪莹 SFC 新华社权威快报 ...

10月19日，中共广东省委组织部 、广东省人力资源和社会保障厅发布《广东省2026年考试录 用公务员公告》（以下简称《公告》），全省各级机关计划招考公务员11779名。《公告》全 文如下： 根据公务员法和公务员录用规定等法律法规，省委组织部、省人力资源社会保障厅将组织实施 2026年全省各级机关（含参照公务员法管理单位，下同） 考试录用一级主任科员以下及其他 相当职级层次公务员（含参照公务员法管理单位工作人员，下同）工作。现将有关事项公告如 下： 一、招考职位 全省各级机关计划招考公务员11779名。报考者可通过 广东组织工作网 、 广东省人力资源和 社会保障厅网 、 广东人事考试网 或"粤省事""广东发布"微信公众号查阅具体的招考单位、职 位、人数和报考资格条件。报考各地级以上市各级机关职位，也可通过登录当地公务员主管部 门门户网站进行查阅。 二、招考对象 报考公安机关特警类职位的年龄为18至25周岁（即1999年10月20日至2007年10月19日期间出 生）。 4．具有国家承认的大学专科以上文化程度。非广东省常住户口（生源）报考者应具有高等教 育本科以上学历并取得学士以上学位（报考"服务基层项目人员和退 ...

Core Viewpoint - The "21st Century Gold Medal Investment Advisor" project aims to enhance the quality of investment advisory services in the wealth management industry by focusing on professional and innovative advisory teams, with a new category for "AI Investment Advisory" to explore the integration of technology in this field [2][4][9]. Group 1: Project Overview - The project is a collaboration between Southern Finance Media Group and 21st Century Economic Report, focusing on the collection of exemplary investment advisory cases [2]. - It aims to transition the wealth management industry from scale expansion to high-quality development, reflecting the evolving market dynamics [4][9]. - The evaluation criteria for the "Gold Medal Investment Advisor" will ensure objectivity and fairness, with a focus on both advisory capabilities and investment performance [5][9]. Group 2: AI Investment Advisory - The introduction of the "AI Investment Advisory" category is a significant highlight, encouraging the application of artificial intelligence in investment advisory practices to improve service efficiency and user experience [6][7]. - This initiative aligns with the broader trend of digital transformation in the wealth management sector, driven by advancements in generative AI technologies [7]. Group 3: Evaluation and Impact - The evaluation process will involve multiple dimensions, including business structure, team development, investor behavior improvement, and customer service quality [2][5]. - The project will leverage the extensive resources and expertise of Southern Finance Media Group to ensure credibility and professionalism in the collection and evaluation of cases [2][8]. - A series of forums and workshops will be organized to discuss the latest developments in investment advisory services and share successful case studies [7][8]. Group 4: Timeline and Participation - The project consists of three phases: registration, shortlist and expert evaluation, and the release of advisory reports along with forums to showcase exemplary cases [11]. - Registration is open until November 25, with the evaluation results expected in late November, followed by the Southern Finance Forum in December [11].

Market Performance - The Asia-Pacific stock market experienced a strong rebound on October 20, with the A-share indices showing significant gains, particularly the ChiNext Index which surged by 2.5% [1] - Major indices such as the Shanghai Composite Index and Shenzhen Component Index also reported increases of 0.69% and 1.38% respectively, indicating a broad-based market recovery [2] Sector Highlights - Technology stocks saw widespread gains, with leading companies in the optical module sector, such as Yuanjie Technology, rising over 15%, and others like Tianfu Communication and Zhongji Xuchuang increasing by more than 10% [2] - The robotics sector was notably active, with Huazhi Co. and Zhongwei Electronics both hitting the daily limit up [2] Precious Metals - Precious metals experienced a pullback but later rebounded, with gold prices reaching as high as $4,263 per ounce in London and $4,266 per ounce on COMEX, marking a 1.3% increase [5] - Despite the recent highs, analysts caution that short-term investment risks are increasing, particularly if U.S. economic data exceeds expectations, which could pressure gold prices [5] Trading Activity - The trading volume in the A-share market saw a significant year-on-year increase of 106.8% in the first three quarters, reflecting a boost in market confidence due to supportive policies [5] - The number of active users on securities trading apps reached approximately 175 million in September 2025, marking a 9.73% year-on-year growth and setting a new monthly record [5] Future Outlook - Analysts from Huajin Securities suggest that technology growth and core assets may dominate the market post-National Day, with sectors like artificial intelligence and robotics expected to continue their upward trend [3]

Core Viewpoint - The 138th Canton Fair highlights the shift of foreign trade enterprises from product export to solution output, with an emphasis on technological innovation and market expansion to overcome challenges in the current trade environment [1]. Group 1: Company Performance and Strategy - Guangzhou Industrial Control Group showcased 26 booths at the fair, securing over 3 million USD in orders on the first day, demonstrating the appeal of "Guangzhou manufacturing" [1]. - Wanbao Refrigerator, a long-established brand, has adapted its exhibition strategy by incorporating more scenario-based displays and models tailored to local market needs [1]. - Wanbao has achieved a 7.5% year-on-year increase in total sales and a 4% increase in exports as of September 2025, positioning itself among the top four global sales [6][12]. Group 2: Technological Innovation - Wanbao's products at the fair are highlighted for their green and efficient technology, with the VSN140 deep-freezing compressor recognized for its international leading standards [3]. - The company has expanded its compressor speed range by 36%, allowing for faster cooling with lower energy consumption, addressing new energy consumption standards [6][8]. - Wanbao invests 3.5% of its revenue annually in R&D, establishing a regional technology database to ensure products are developed with local market needs in mind [7][8]. Group 3: Market Expansion and Global Strategy - Wanbao has received over 70 orders from "Belt and Road" buyers on the first day of the fair, with revenue from Southeast Asia and Africa markets growing over 20% year-on-year [12]. - The company aims for non-North American markets to account for over 65% of revenue by 2026, targeting a growth rate of over 25% in emerging markets [13]. - Wanbao's international marketing strategy includes direct engagement with local brands and factories to establish connections in new markets, demonstrating a hands-on approach to market entry [14].

确保基本实现社会主义现代化取得决定性进展——写在党的二十届四中全会召开之际 2021年—2025年，"十四五"时期是我国全面建成小康社会、实现第一个百年奋斗目标之后， 乘势而上开启全面建设社会主义现代化国家新征程、向第二个百年奋斗目标进军的第一个五 年。全国上下勠力同心、攻坚克难，我国经济社会发展取得新的开创性进展、突破性变革、历 史性成就。 2026年—2030年，围绕以中国式现代化全面推进强国建设、民族复兴伟业，"十五五"时期是 基本实现社会主义现代化夯实基础、全面发力的关键时期。 历史，正在书写新的篇章。 10月20日至23日，党的二十届四中全会在北京召开。会议将审议《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》，为未来五年中国发展擘画蓝图。 一以贯之的主题，始终不渝的初心，接力奋斗的足迹。 "十五五"新的征程即将开启，以习近平同志为核心的党中央团结带领全党全国各族人民，向着 全面建成社会主义现代化强国、实现第二个百年奋斗目标踔厉奋发、勇毅前行，必将确保基本 实现社会主义现代化取得决定性进展，开创中国式现代化崭新局面。 领航定向 驾驭发展全局创造新的历史伟业 "十四五"规划收官之际，"两 ...

国家统计局今天发布，初步核算， 前三季度国内生产总值1015036亿元，按不变价格计算，同比增长5.2%。 前三季度经济运行稳中有进，高 质量发展取得积极成效。 分产业看， 第一产业增加值58061亿元，同比增长3.8%；第二产业增加值364020亿元，增长4.9%；第三产业增加值592955亿元，增长5.4%。 分季度看， 一季度国内生产总值同比增长5.4%，二季度增长5.2%，三季度增长4.8%。从环比看，三季度国内生产总值增长1.1%。 更多内容请看↓ 聚焦｜解码2025年9月经济数据 来源丨新华社、央视新闻 编辑丨刘雪莹 LPR连续5个月不变 央行月内两次买断式逆回购，4000亿中期流动性呵护资金面 SFC 21君荐读 ...

记者丨边万莉 编辑丨刘雪莹 东方金诚首席宏观分析师王青预计， 四季度央行有可能实施新一轮降息降准 ，并带动两个期限品种的LPR报价跟进下调。另外，预计四季度 监管层有可能通过单独引导5年期以上LPR报价下行等方式， 推动居民房贷利率更大幅度下调。 出品 | 2 1财经客户端 2 1世纪经济报道 蔚来李斌内部讲话流出：抓住接下来的70多天 豪掷200亿元，500亿芯片龙头官宣要建高端生产线 首现国有大行关停信用卡App SFC 21君荐读 中信证券固定收益分析师赵诣指出，商业银行息差压力较大，未来逆回购利率引导LPR报价调降，或需存款利率先行走低。此外，三季度以来 股市情绪较好，降息等宽货币工具或有必要关注对市场情绪的合理引导。 不排除降息降准等政策工具跟进落地的可能性。 （ 详情 ） 10月20日，最新LPR报价出炉， 10月LPR报价依然不变，维持了5月以来的利率水平： 5年期以上LPR为3.5%，上月为3.5%。1年期LPR为 3%，上月为3%。 图：央行 ...