IPO审核监管新动态。 近年来，资本市场加大对科技创新类IPO企业的支持力度，"研发投入"已成为衡量企业科技属性的关键指 标之一。 然而，部分IPO企业为迎合上市板板块定位要求而对研发投入"注水"，引起监管持续关注。券商中国记者 注意到，此前已有部分IPO企业及中介机构因研发数据"失真"而被处罚。 根据券商中国记者从券商投行人士处求证获悉，深交所在最新一期的《发行上市审核动态》中，针对创业 板IPO企业研发投入违规行为时表示，落实"严而有度"监管要求，对故意粉饰研发投入且扣除违规金额后 不再满足创业板定位指标的，将严肃处理；对违规金额较小且扣除后仍符合研发投入指标，或者违规行为 发生在《研发投入指引》出台之前且IPO企业已采取整改措施的，予以适当包容，对其或中介机构主要实 施自律监管措施等。 要求投行对"贴线"企业针对性核查 当"研发投入"成为考察IPO企业是否符合板块定位的重要指标之一，其真实性、准确性以及研发活动相关 内控管理的规范性是交易所审核时的重点关注事项。 有券商投行人士向记者表示，确有部分IPO企业为做高"研发投入"，在研发人员数量、薪酬金额、研发费 用、研发内控、研发材料等方面进行"操作"。券 ...

Core Viewpoint - Vanke A has signed a loan framework agreement with its largest shareholder, Shenzhen Metro Group, for a maximum loan amount of 22 billion yuan, aimed at repaying bond principal and interest [1][2][3] Financial Performance - For Q3, Vanke A reported revenue of 56.065 billion yuan and a net loss of 16.069 billion yuan, with total revenue for the first nine months at 161.39 billion yuan and a net loss of 28.02 billion yuan [5][6] - The company’s cash holdings were 65.68 billion yuan, with total interest-bearing liabilities of 362.93 billion yuan and a debt-to-asset ratio of 73.5%, a slight decrease of 0.1 percentage points from the end of the previous year [6][7] Loan Agreement Details - The loan framework agreement allows Shenzhen Metro Group to provide up to 22 billion yuan, which includes previously issued loans without collateral and loans that may not have guaranteed support [2][3] - As of the announcement date, Shenzhen Metro Group had already provided 20.373 billion yuan in unsecured loans, with actual withdrawals amounting to 19.71 billion yuan [2] Market Context and Support - The loan will be used to repay Vanke A's publicly issued bonds and will follow market-based interest rates, not worse than current rates from financial institutions [3] - Shenzhen Metro Group, a state-owned enterprise responsible for over 90% of Shenzhen's urban rail transit construction and operation, holds a 27.18% stake in Vanke A, indicating strong support for the company [4][3] Sales and Operational Challenges - In Q3, Vanke A's contracted sales area decreased by 39.7% year-on-year, with a total sales amount of 31.34 billion yuan, reflecting ongoing operational pressures [7] - The company has faced significant challenges, including a decline in sales and increased financial strain, despite achieving a stable delivery of 74,000 housing units in the first nine months [8]

01 国常会：研究深化重点领域改革扩大制度型开放工作 国务院总理李强10月31日主持召开国务院常务会议，研究深化重点领域改革扩大制度型开放工作，部署加快场景培育和开放推动新场景大规模应 用有关举措，审议通过《森林草原防灭火条例（草案）》。 其中会议指出，要着力深化重点领域改革，带动高水平对外开放，提升商品市场开放水平，优化服务市场准入规则，完善要素市场开放监管制 度。要主动对接国际高标准经贸规则，积极扩大自主开放，稳步扩大规则、规制、管理、标准等制度型开放。要注重发挥自由贸易试验区、自由 贸易港等高能级开放平台优势，探索形成更多可复制可推广的改革成果，持续提升制度型开放效能。 02 证监会、中基协，重磅发布！公募重要文件出炉 10月31日，证监会发布了《公开募集证券投资基金业绩比较基准指引（征求意见稿）》，基金业协会同步发布了《公开募集证券投资基金业绩比 较基准操作细则（征求意见稿）》，向社会公开征求意见。两份征求意见稿以增强公募投资行为稳定性、明晰产品投资风格、提升投资者获得感 为目标，从基金管理人内部明确业绩比较基准设定、变更、披露规范，完善内部控制机制方面；到外部加强托管、销售、评价等方面，全链条、 多 ...

Core Viewpoint - Under the regulatory call to "increase shareholder returns and promote multiple dividends within a year," listed securities firms are establishing a sustainable and stable shareholder return mechanism [1] Summary by Sections Dividend Distribution - Five securities firms, including Shouchao Securities, Industrial Securities, Western Securities, Southwestern Securities, and Northeast Securities, plan to distribute a total cash dividend of approximately 1.095 billion yuan for the first three quarters [2][3] - A total of 16 listed securities firms have completed mid-year dividends, distributing a total of 7.908 billion yuan, with another 13 firms pending distribution, indicating an additional 11.196 billion yuan in cash dividends forthcoming [2][8] Financial Performance - The securities industry has seen a significant increase in revenue, with 43 listed firms achieving total revenue of 421.416 billion yuan, a year-on-year increase of 42.57%, and a net profit of 169.291 billion yuan, up 62.48% [3][4] - Among the five firms proposing dividends, all except Shouchao Securities reported a net profit growth of over 40%, with Northeast Securities showing the highest growth at 125.21% [4][5] Dividend Details - Shouchao Securities plans to distribute a cash dividend of 0.1 yuan per share, totaling 273 million yuan; Industrial Securities plans 0.5 yuan per share, totaling 432 million yuan; and Northeast Securities plans 1.00 yuan per share, totaling 234 million yuan [3][4][5] - The dividend payout ratios indicate that Shouchao Securities has the highest payout ratio at 34.01%, followed by Northeast Securities at 21.94% [5][6] Historical Context - Last year marked the first instance of quarterly dividends among listed securities firms, with several firms continuing this trend into the current year [7] - The regulatory framework established by the China Securities Regulatory Commission emphasizes the importance of shareholder returns, encouraging firms to balance profit reinvestment and shareholder payouts [8]

据"清廉海南"微信公众号11月2日消息，三亚市崖州区委原副书记、区政府原区长冯强严重违纪违法被开 除党籍和公职， 其涉嫌犯罪问题移送检察机关依法审查起诉。 通报指出，冯强工作时间沉迷打高尔夫球、 酒后驾驶机动车、收受巨额财物、 滥用职权造成国有资产重 大损失。 公开报道显示，冯强出生于1964年，海南乐东人，2016年任崖州区区长，2021年任三亚市国资委主 任，2023年10月卸任，2025年4月21日通报被查。 经查，冯强丧失理想信念，背弃初心使命，对抗组织审查； 无视中央八项规定精神，违规收受礼品、礼金，接受可能影响公正执行公务的宴请，工作时间沉迷打高尔 夫球； 违反组织纪律，不按规定报告个人有关事项； 违反工作纪律，违规干预和插手市场经济活动； 违反生活纪律，对家人失管失教； 违反国家法律法规，酒后驾驶机动车； 利用职务便利为他人在工程项目承揽等方面谋利，并收受巨额财物； 滥用职权造成国有资产重大损失。 冯强严重违反党的政治纪律、组织纪律、廉洁纪律、工作纪律和生活纪律，构成严重职务违法并涉嫌受 贿、滥用职权犯罪，且在党的十八大后不收敛、不收手，性质严重，影响恶劣，应予严肃处理。 与冯强同日官宣被查的， ...

寒武纪10月31日晚间发布的公告显示，收到北京市海淀区人民法院送达的关于公司前高管梁军起诉公司的 《起诉状》。原告梁军的核心诉求为：请求确认梁军与寒武纪自2017年10月18日至2022年2月10日期间存在 劳动关系；请求寒武纪赔偿所谓股权激励损失42.87亿元。梁军为公司原副总经理、首席技术官。 据悉，这场诉讼起源于2019年签署的《持股计划》。梁军主张寒武纪应赔偿其股权激励损失42.87亿元，而寒 武纪则坚持应按照约定的程序和价格回购股份。此前，寒武纪的股权激励相关主体于2023年先行起诉梁军，要 求其配合办理股权回购手续，该"回购案件"目前正在等待法院判决。 2022年2月10日，梁军因与公司存在分歧，通知寒武纪解除劳动合同。但梁军至今仍拒绝配合办理回购手续。 此次诉讼看似双方各执己见，但上述两份文件在时间上呈现出先后签署的关系，此前的法院判决，均支持了后 者关于双方持股权益的约定。 从梁军离职寒武纪到此次诉讼前，梁军关于其持股权益，先后提起两起诉讼或仲裁案件，但均以梁军败诉结 案。 对此，第三方知名法律专家认为，原告梁军签署的《持股计划》，已经变更了《入职意向书》的相关约定，如 今再依据《入职意向书》 ...

据央视财经消息，11月1日，在韩国庆州出席亚太经合组织第三十二次领导人非正式会议的加拿大总理卡 尼表示，他已就反关税广告向美国总统特朗普致歉。 这则惹怒特朗普的广告来自安大略省，近日 在美国多家电视台播出 。据报道，这则 广告时长约1分钟， 配以美国家庭和工人的画面，并用美国前总统里根批评高关税危害美国经济的演讲片段作旁白。 当地时间10月23日深夜，特朗普发文批评该广告，并宣布将中止与加拿大的贸易谈判。 对于特朗普的言论，加拿大总理卡尼在24日表示，加拿大随时准备与美国重启并推进贸易谈判，但无法 控制美国的贸易政策。 10月25日，特朗普再度威胁称，由于加拿大方面未能及时下架广告，他计划对进口自加拿大的商品在现 有关税基础上再加征10%关税。 10月27日，安大略省撤下该广告。 美国是加拿大最大的贸易伙伴。 目前，特朗普政府对现有自贸协定未涵盖的所有加拿大商品征收35%的 关税，对钢铁和铝征收50%的关税，对汽车征收25%的关税。 深夜，暴跌！超21万人爆仓！黄金，直线拉升！ 刚刚！证监会、中基协，重磅发布！公募重要文件出炉！ 刚刚，暴涨超1000点！特朗普，大消息！ 违法和不良信息举报电话：0755-83 ...

Core Viewpoint - The article highlights the significant outperformance of foreign public funds in the A-share market, driven by proactive industry positioning and robust investment strategies, with some funds achieving returns exceeding 50% year-to-date [2][3]. Fund Performance and Strategies - Several foreign public funds have shown remarkable performance this year, with some flagship products achieving returns over 50%. The focus has been on sectors such as technology manufacturing and resource energy, which are expected to continue performing well in the fourth quarter due to low interest rates and ample liquidity [2][3]. - As of October 31, BlackRock Advanced Manufacturing Fund reported a year-to-date return of 66.44%, with a significant allocation of 92.52% of its stock investments in the manufacturing sector. The top holdings include companies like CATL and Hikvision, with notable stock price increases contributing to the fund's performance [3]. - The Robeco Resource Select Fund achieved a year-to-date return of 79.00%, diversifying its investments across manufacturing, raw materials, and energy sectors. Key holdings include Zijin Mining and Ganfeng Lithium, both of which saw stock price increases exceeding 80% [3][4]. - Allianz China Select Fund reported a year-to-date return of 54.48%, focusing on manufacturing, information technology, and healthcare sectors, reflecting confidence in China's technological innovation and industrial upgrades [4]. Market Outlook - Fund managers maintain a positive outlook for the fourth quarter, anticipating that low interest rates and liquidity will support the A-share market's medium to long-term performance. However, they caution about potential short-term disruptions from geopolitical factors and overseas policy changes [5][6]. - The BlackRock fund managers emphasize that the current weak growth in the real estate market will anchor a low interest rate environment, which may drive investors towards riskier assets with positive cash flows. They foresee a mid-term bull market for stocks, particularly large and mid-cap assets [6][7]. - Robeco's fund manager expresses optimism about the resource sector, indicating that resource prices are at the beginning of a new upward cycle with significant growth potential [6][7]. - Allianz's fund manager expects the macroeconomic growth to remain resilient, with the technology sector likely to accelerate. The market is anticipated to experience a range-bound upward trend in the fourth quarter, with quality tech assets expected to perform well [7].

深圳市教育局 11月1日 发布" 关于深圳市中考道法科目开卷考试材料携带的说明"，全文如下： 关于深圳市中考道法科目开卷考试材料携带的说明 根据2024年《深圳市教育局关于深化高中阶段学校考试招生制度改革的实施意见》，自2026年起，中考道德与 法治科目实行开卷考试，允许学生携带教科书等纸质材料入场，不得携带手机等通讯工具或电子存储记忆录放 设备等违禁物品。目前，市教育局无其他规定。 提醒： 最近网络平台有关中考道法科目开卷考试禁止携带教科书之外材料的传言系谣言 ，请不要相信和传 播。 深圳市教育局 2025年11月1日 刚刚！证监会、中基协，重磅发布！公募重要文件出炉！ 刚刚，暴涨超1000点！特朗普，大消息！ 违法和不良信息举报电话：0755-83514034 邮箱：bwb@stcn.com 来源：深圳教育 责编： 刘珺宇 校 对： 高源 百万用户都在看 周末突发！财政部、税务总局，刚刚公告！ A股，突发！"牛市旗手"爆发，发生了什么？ 深夜，暴跌！超21万人爆仓！黄金，直线拉升！ ...

Core Viewpoint - The October performance of the new energy vehicle (NEV) market has shown significant growth, marking a strong sales season that contrasts with the overall automotive market's decline [2][7][8]. Group 1: Sales Performance - Multiple NEV brands reported record-high delivery numbers in October, with Leap Motor delivering 70,289 vehicles, a year-on-year increase of over 84% [2][5]. - BYD achieved sales of 441,706 vehicles in October, the highest for the year, with cumulative sales from January to October reaching 3,701,852 vehicles, and over 14.2 million NEVs sold cumulatively [3]. - Geely's passenger car sales reached 307,133 units in October, a year-on-year increase of 35%, maintaining an upward trend for eight consecutive months [3]. - Changan's Avita Technology reported sales of 13,500 units in October, a year-on-year increase of 34%, marking a historical high [6]. Group 2: Market Dynamics - The NEV market's robust performance is attributed to supportive policies and the launch of new models, positioning it as a key driver for growth in the automotive industry [2][9]. - Despite the NEV market's growth, the overall passenger car market saw a decline, with retail sales dropping by 7% year-on-year in October [7][8]. - The China Passenger Car Association anticipates that the NEV penetration rate will reach new heights, driven by ongoing policy support and new model launches [9]. Group 3: Future Outlook - The fourth quarter is expected to see continued support from vehicle scrappage and replacement, as well as demand driven by the upcoming reduction in NEV purchase tax subsidies [9]. - Analysts suggest focusing on leading companies in the NEV industry and those with international market presence, as well as component suppliers and infrastructure firms benefiting from the NEV growth [9].