编辑丨周上祺 人力资源社会保障部10月29日举行2025年三季度新闻发布会，介绍今年以来人力资源和社会保障工作进展情况。 图/人社部官网 记者丨王峰 各地落实城乡居民养老保险帮扶政策，1—9月共为2015万低保对象、特困人员、返贫致贫人口、重度残疾人等困难群体代缴城乡居 民养老保险费。 持续做好失业保险金等保生活待遇发放工作，对大龄领金人员续发失业保险待遇并按规定为其缴纳养老保险费，1—9月，发放失业 保险待遇1174亿元。 截至9月底，基本养老保险基金委托投资规模超过2.72万亿元，企业（职业）年金投资运营规模超过7.7万亿元。 前三季度我国就业形势保持总体稳定，1—9月全国城镇新增就业1057万人，完成全年目标任务的88%。9月份城镇调查失业率 5.2%，比上月下降0.1个百分点。 今年以来，我国就业支持政策持续加力。前三季度，阶段性降低失业保险费率政策为企业减少用工成本1384亿元，发放稳岗返还资 金196亿元，支持培训等促就业支出166亿元。延续实施一次性扩岗补助政策，向14万户企业发放扩岗补助9亿元，惠及60万高校毕 业生等青年群体。 截至9月底，全国基本养老、失业、工伤保险参保人数分别为10.74 ...

Group 1 - The article discusses the recent volatility in gold prices, with fluctuations reaching nearly $500 per ounce, and current spot gold prices above $3900 per ounce [1] - Several banks, including Bank of Communications and Agricultural Bank of China, are shifting to a floating mechanism for gold accumulation plans, allowing investment amounts to adjust with real-time gold prices [3][4] - The article highlights that despite the trend towards floating mechanisms, many banks still maintain fixed investment thresholds, with recent adjustments in minimum investment amounts across various banks [4][5] Group 2 - In Q3, global gold demand reached a record high of 1313 tons, a 5% year-on-year increase, with total demand exceeding $100 billion for the first time [6][8] - Central bank gold purchases have slowed but remain strong at 186 tons for the quarter, with total purchases for the year at 694 tons, consistent with the previous year [8] - The article notes a 12% decline in gold jewelry consumption, yet its total value increased by 13% to over $360 billion, indicating a shift towards lighter gold products [8]

记者丨杨娜娜 编辑丨姜诗蔷 10月29日，A股市场延续强势震荡格局，截至收盘，上证指数报4016.33点，创下近十年新 高。这是A股历史上第三次收盘站上4000点关口，前两次分别发生在2007年5月和2015年4 月，均为市场情绪较为亢奋的时期。 然而，就在市场为之振奋的同时，有百亿私募却悄然拉响了"警报"。 10月29日，宁泉资产发布公告称， 自2025年10月30日起，暂停接受旗下所有基金的新客户申 购，老客户追加申购不受影响。 这一决定立即引发市场广泛关注。值得注意的是，此次针对 新客的限购范围覆盖公司全部产品，且未设任何过渡期，重新开放申购亦无明确时间表。 目前公司总人数为27人，投资研究团队共19人。其中基金经理5人，研究员14人，重点覆盖新 能源产业链、TMT、半导体、医药生物、大消费、大金融等行业。 为何本次限购备受关注？ 杨东的"隐身"与"克制" 杨东曾任兴全基金总经理，是国内第一代股票投资人，2018年1月卸任后，"奔私"创立了宁泉 资产，目前任宁泉资产执行董事。 杨东以对宏观市场的前瞻性判断著称，一度被誉为"业界良心"。他曾在重要的周期拐点发 声，比如在2007年沪指站上6000点时劝基民 ...

这一成果迅速在产业界引发热烈讨论。 日 前 ， DeepSeek 在 人 工 智 能 开 源 社 区 Hugging Face 上 发 布 了 一 个 全 新 的 多 模 态 模 型 DeepSeek-OCR 。 在华为旗下的学术平台"黄大年茶思屋"上，有技术专家甚至指出，该模型的核心构件视觉 encoder的高效解码，为光计算和量子计算在LLM（注：大语言模型）领域的引入提供了明确 的技术路径。 10月29日，图灵量子相关负责人在接受21世纪经济报道记者采访时表示， DeepSeek-OCR技 术能更有效地将光计算高并行性和低功耗优势发挥出来，相信很快便会有光计算芯片结合大 模型的应用出现 。 光学压缩破局 一直以来，上下文的长度是困扰大模型性能的重要瓶颈 。比如，上下文窗口过小，会导致模 型无法一次性阅读用户之前的输入信息（比如文章），影响推理的准确性。 针 对 这 个 痛 点 ， 业 内 提 出 了 稀 疏 注 意 力 、 检 索 增 强 生 成 等 多 种 技 术 来 应 对 。 这 一 次 ， DeepSeek首次提出"上下文光学压缩"（Contexts Optical Compression）技术 ...

Group 1 - The 2025 Hurun Women Entrepreneurs List was released, highlighting the top 50 female entrepreneurs in China [1] - Zhong Huijuan and her daughter Sun Yuan ranked first with a wealth of 141 billion RMB, marking them as the richest women in China for the first time [2] - Zhou Qunfei, founder of Lens Technology, saw her wealth increase by 47 billion RMB, placing her second with a total of 110 billion RMB [2] Group 2 - Zong Fuli ranked third with a wealth of 87.5 billion RMB, experiencing a decline of two positions compared to the previous year [2] - Wang Laichun from Luxshare Precision ranked fourth with a wealth of 82.2 billion RMB, showing a 38% increase [2] - The list reflects significant wealth changes among female entrepreneurs, with notable increases for several individuals [2][3]

Core Viewpoint - The storage chip industry is experiencing a significant price surge, driven primarily by the increasing demand for AI computing power, leading to a "super cycle" in the market [6][8][10]. Group 1: Market Performance - The storage index in the A-share market has risen by 59.42% over the past three months, with notable increases in individual stocks such as Jiangbolong (up 210.89%) and Demingli (up 160.95%) [5][12]. - The price of DRAM and NAND Flash products has seen substantial increases, with DRAM prices rising by 47.7% and NAND Flash by 9.2% in the first half of 2025 [8][10]. Group 2: Drivers of Price Surge - The primary driver of the current price surge is the robust demand for HBM (High Bandwidth Memory) from global tech giants due to AI advancements, which has created a supply-demand imbalance [6][8][10]. - Major companies like Nvidia, Amazon, Google, and AMD account for 95% of HBM demand, with domestic firms also increasing their investments in AI infrastructure [8][10]. Group 3: Supply Constraints - Supply constraints are evident as major manufacturers like Micron, Samsung, and SK Hynix have initiated production cuts due to weak NAND Flash demand and pricing pressures [9][10]. - The shift in production focus from traditional DRAM to higher-margin products like HBM and DDR5 has led to shortages in older DRAM products [10][12]. Group 4: Future Outlook - Analysts predict that the price increases will continue into the next year, with expectations of an 8% to 13% rise in older DRAM prices and a 13% to 18% rise in HBM prices in Q4 [10][20]. - The market sentiment remains optimistic, with industry leaders expressing confidence in sustained growth through 2025, driven by ongoing AI-related demand [20][21].

国际金价方面，现货黄金短线走高，一度触及3982美元/盎司，截至发稿，最新报3964.38美元/盎司，日内涨幅收窄至0.88%。 记者 | 金珊 编辑 | 曾静娇 10月30日，A股市场震荡调整，三大指数盘中跳水，创业板指跌近2%，沪指失守4000点。 截至收盘，沪指跌0.73%，深成指跌1.16%，创业板 指跌1.84%。 市场成交额2.46万亿。 | 上证指数 | 深证成指 | 北证50 | | --- | --- | --- | | 3986.90 | 13532.13 | 1553.32 | | -29.43 -0.73% -159.26 -1.16% -20.39 -1.30% | | | | 科创50 | 创业板指 | 万得全A | | 1461.30 | 3263.02 | 6379.87 | | -27.82 -1.87% -61.25 -1.84% -67.88 -1.05% | | | | 沪深300 | 中证500 | 中证A500 | | 4709.91 | 7385.71 | 5653.75 | | -37.93 -0.80% -95.26 -1.27% -50.24 -0.88% ...

商务部新闻发言人就中美吉隆坡经贸磋商联合安排答记者问。 问：据了解，中美双方在吉隆坡经贸磋商就解决各自关切的经贸问题达成联合安排。请问商务 部能否介绍吉隆坡经贸磋商共识更多情况？ 三、美方将暂停实施其对华海事、物流和造船业301调查措施一年。美方暂停实施相关措施 后，中方也将相应暂停实施针对美方的反制措施一年。 此外，双方还就芬太尼禁毒合作、扩大农产品贸易、相关企业个案处理等问题达成共识。双方 进一步确认了马德里经贸磋商成果，美方在投资等领域作出积极承诺，中方将与美方妥善解决 TikTok相关问题。 中美吉隆坡经贸磋商取得积极成果，充分证明双方秉持平等、尊重和互惠的精神，通过开展对 话与合作，能找到解决问题的办法。经贸磋商成果来之不易，中方期待与美方共同做好落实工 作，为中美经贸合作与世界经济注入更多确定性和稳定性。 来源丨新华社 编辑丨金珊 SFC 答：中美两国元首刚刚在韩国釜山举行会晤，深入讨论了中美经贸关系等议题，同意加强经贸 等领域合作。中方愿与美方一道，共同维护好、落实好两国元首会晤重要共识。 中美经贸团队通过吉隆坡磋商，达成的成果共识主要有以下几方面： 一、美方将取消针对中国商品（包括香港特别行政 ...

特朗普表示，很荣幸同习近平主席会面。中国是伟大国家，习主席是受人尊敬的伟大领导人，也是我多年的好朋友，我们相处非常 愉快。美中关系一直很好，将来会更好，希望中国和美国的未来都更加美好。中国是美国最大的伙伴，两国携手可以在世界上做成 很多大事，未来美中合作会取得更大成就。中国将举办2026年亚太经合组织领导人非正式会议，美国将举办二十国集团峰会，乐见 双方取得成功。 两国元首同意加强双方在经贸、能源等领域合作，促进人文交流。 两国元首同意保持经常性交往。特朗普期待明年早些时候访华，邀请习近平主席访问美国。 习近平指出，中美关系在我们共同引领下，保持总体稳定。两国做伙伴、做朋友，这是历史的启示，也是现实的需要。两国国情不 同，难免有一些分歧，作为世界前两大经济体，时而也会有摩擦，这很正常。面对风浪和挑战，两国元首作为掌舵人，应当把握好 方向、驾驭住大局，让中美关系这艘大船平稳前行。我愿继续同特朗普总统一道，为中美关系打下一个稳固的基础，也为两国各自 发展营造良好的环境。 习近平强调，中国经济发展势头不错，今年前三季度增长率达5.2%，对全球的货物贸易进出口增长4%，这是克服内外困难实现的， 来之不易。中国经济是一 ...

Core Insights - The embodied intelligent robot industry is transitioning from "concept hype" to tangible commercial orders, with significant order volumes emerging as proof of accelerated commercialization [1][4] - The industry is experiencing a shift from "technology-driven" to "market-driven," marking a critical turning point as large orders are being secured [2][4] Group 1: Major Orders and Market Trends - In October, major companies like UBTECH and Yujian Technology secured large orders, with UBTECH winning a 126 million yuan project, bringing its total orders for the year to 630 million yuan [2][5] - Yujian Technology signed a procurement contract worth over 80.5 million yuan, becoming the first in the industry to introduce embodied intelligent robots into the core scenarios of new energy precision manufacturing [4][5] - Startups are also seeing significant orders, with Zhifang reaching a strategic cooperation worth over 400 million yuan in the global semiconductor display field [6][7] Group 2: Price Reduction and Market Accessibility - The price of humanoid robots is rapidly decreasing, transitioning from hundreds of thousands to the "ten-thousand yuan era," with products like the R1 humanoid robot priced at 39,990 yuan and the Bumi robot at 9,998 yuan [7][8] - Sales channels are expanding from B2B to direct-to-consumer platforms like Tmall and JD.com, lowering the entry barrier for potential users and paving the way for future large-scale applications [7][8] Group 3: Industry Challenges and Future Outlook - The industry is entering a phase where delivery capabilities and product quality will be critical, as companies face challenges in supply chain management, mass production, and after-sales support [10][11] - The focus is shifting from showcasing technology to efficiently delivering products, with a competitive landscape emerging based on the ability to fulfill orders reliably [10][11] - Companies that can successfully navigate this "delivery test" will be positioned to lead the next phase of product iteration and ecosystem development in the embodied robot industry [11]