Core Viewpoint - The Fourth Plenary Session of the 20th Central Committee of the Communist Party of China emphasizes the importance of achieving socialist modernization and outlines the strategic goals and principles for the upcoming "15th Five-Year Plan" period, focusing on high-quality development, technological self-reliance, and comprehensive reforms [3][4][5]. Summary by Sections Achievements and Challenges - The session highlights significant achievements during the "14th Five-Year" period, noting that China has faced complex international situations and domestic challenges, yet has made substantial progress in economic strength, technological capabilities, and overall national power [4]. - The leadership under Xi Jinping has effectively navigated through severe challenges, including the pandemic, leading to new major accomplishments in the party and national endeavors [4]. Strategic Goals for the "15th Five-Year Plan" - The "15th Five-Year Plan" is identified as a critical period for solidifying the foundation for socialist modernization, with a focus on high-quality development and addressing both opportunities and risks in a complex environment [5][6]. - The session sets ambitious goals for 2035, including significant improvements in economic, technological, and national defense capabilities, aiming for per capita GDP to reach the level of moderately developed countries [7]. Economic Development Principles - Key principles for economic and social development during the "15th Five-Year Plan" include maintaining the party's leadership, prioritizing high-quality development, and deepening reforms [7]. - The session emphasizes the need for a modern industrial system, focusing on the real economy, innovation, and sustainable development [8]. Technological and Market Development - The session calls for accelerating technological self-reliance and innovation, enhancing the national innovation system, and fostering a strong domestic market [8][9]. - It stresses the importance of expanding high-level opening-up and promoting international cooperation to create a win-win situation [9]. Social and Cultural Development - The session highlights the need to enhance cultural innovation and development, ensuring that socialist core values are promoted and that cultural industries are advanced [10]. - It emphasizes improving people's livelihoods and promoting common prosperity through effective social policies and public services [10]. Environmental and Safety Considerations - The session underscores the importance of green transformation and ecological protection, aiming for a beautiful China through sustainable practices [11]. - It also stresses the need for a robust national security system and effective governance to maintain social stability [11][12]. Party Leadership and Governance - The session reiterates the necessity of strong party leadership and the importance of self-reform within the party to ensure effective governance and economic development [12][13]. - It calls for a unified effort from all sectors of society to achieve the goals set forth in the "15th Five-Year Plan" [13][15].

Core Viewpoint - The State-owned Assets Supervision and Administration Commission (SASAC) convened a meeting to discuss the "14th Five-Year Plan" for central enterprises, emphasizing the importance of aligning with the strategic missions assigned by the Party Central Committee and the State Council [1] Group 1 - The meeting highlighted the need to deeply study and implement the important discourse of General Secretary Xi Jinping regarding the "14th Five-Year Plan" [1] - It was stressed to accurately grasp the overall tone of proactive progress, focusing on enhancing core functions and competitiveness of state-owned enterprises [1] - The planning should be industry-oriented, aiming at building a modern industrial system while considering national needs and enterprise capabilities [1] Group 2 - The meeting called for a strong focus on planning goal orientation, emphasizing the "five values" and optimizing the planning index system based on industry characteristics and enterprise needs [1] - There is a need to improve the quality of planning compilation by adopting an open approach, unifying thoughts, conducting in-depth research, and strengthening the connection between different levels of the planning system [1]

Core Viewpoint - The new consumption sector in Hong Kong experienced a significant sell-off, with leading stocks like Pop Mart and Mixue Group facing substantial declines, raising concerns about the sustainability of their future growth rates and valuations [1][3][5]. Market Performance - On October 23, Pop Mart's stock price dropped over 11% at one point, closing with a decline of 9.36%, resulting in a market capitalization of HKD 312.1 billion [3][4]. - The overall new consumption sector in Hong Kong saw widespread declines, with stocks like Guming down nearly 7% and others like Mixue Group and Weilong down over 4% [3][5]. Financial Performance of Pop Mart - Pop Mart reported a significant year-on-year revenue growth of 245%-250% for Q3 2025, continuing its strong performance from the first half of the year [5][7]. - The revenue growth was driven by a 185%-190% increase in the Chinese market and a remarkable 365%-370% increase in overseas markets, particularly in the Americas, which saw a staggering 1265%-1270% growth [5][6]. Analyst Insights - Concerns about Pop Mart's future revenue growth have emerged, particularly regarding the sustainability of demand for its Labubu products and the overall performance of new IPs [6][7]. - Analysts from Huatai Securities noted that the stock's decline was influenced by weak high-frequency data from North America and uncertainties regarding 2026 performance [6]. - Morgan Stanley upgraded Pop Mart's rating from "neutral" to "overweight," citing strong performance of popular IPs and improved valuation attractiveness [6][7]. Market Outlook - Multiple brokerage firms believe that the recent market adjustments are nearing an end, with positive changes in core disruptive factors and expectations of foreign capital inflow due to ongoing Fed rate cut expectations [1][8]. - The A-share and Hong Kong markets showed signs of recovery, with major indices rebounding, indicating potential for further upward movement in the market [8][9].

针对荷兰安世半导体警告客户无法保证来自其中国工厂的芯片质量的消息，10月23日，安世半导体中国有限公 司官微发布双语版《致客户信》驳斥了上述言论，并表示公司所有在华生产并交付的产品均符合中国法律法规 及相关监管部门的要求，完全满足安世一贯的技术标准、生产工艺及品质要求，符合与客户合同的各项约定。 目前，安世半导体中国实体各项生产经营正有序推进，公司董事会、管理层及全体员工正尽最大努力致力于保 障广大客户供应链稳定。 尽管当前外部环境空前复杂，安世半导体中国实体始终将客户利益置于首位，将保障客户生产连续性视为公司 现阶段最高追求。在此，公司郑重承诺：所有在华生产并交付的产品均符合中国法律法规及相关监管部门的要 求，完全满足安世一贯的技术标准、生产工艺及品质要求，符合与客户合同的各项约定，并在出厂检验环节通 过公司的严格质量检验。后续关于产品供应、生产工艺、技术标准等如有变更或调整，公司将会按照正常流程 与客户提前沟通。 最后，安世半导体中国表示，只有与客户并肩应对、共渡难关，才能将不确定因素降至最低。 坚决反对荷兰安世言论 这封落款为安世半导体（上海）有限公司的《致客户信》显示，目前，安世半导体中国实体各项生产 ...

智能作业、知识赋能，承做向标准化转型。 公司着力加强投行作业的过程管理，全面搭建覆盖全业务品类及 内控关键环节的制度体系，统筹建立统一的项目管理系统，扎实建设投行智能承做平台，持续沉淀核心环节和 行业的过往案例、传统经验、监管关注点、公司管控标准等，有效提升投行承做质效。通过梳理投行项目关键 尽调作业流程，建设成支持7大核心尽调程序、30+个步骤、120+个环节标准化作业的投行项目承做支持平 台，并在作业流程中融入20+智能化作业工具和数据分析模型及内外部八大类知识关联，推动尽调执行标准化 全方位落地实施。 协同作战，内外联动，承销向一体化转型。 公司加强协同承销，在做好ECM、DCM团队建设的同时，理顺投 行、财机业务协同承销机制，统筹境内外销售渠道，打造一体化、高质量的承销体系。股票承销注重育能力、 建体系，建立以发行人价值判断、发行时机选择、包销风险管理为核心的定价服务能力体系；搭建以完善的销 售网络体系、高效有序的销售组织、合理的分配机制为支撑的批发性销售体系。2019年至今，招商证券定增募 满家数占比（募满家数/总承销家数）为82.98%，较全市场高出7.60个百分点。债券销售专注强专业、推协 同， ...

Group 1 - The article discusses the European Union's decision to impose new sanctions on Russia due to the ongoing conflict, which includes sanctions on 12 Chinese companies and 3 Indian companies for allegedly helping Russia bypass Western restrictions on technology transfer, particularly in military production [1] - The Chinese Foreign Ministry expressed strong dissatisfaction and opposition to these unilateral sanctions, emphasizing that China is not a party to the Ukraine crisis and has not provided lethal weapons to any side in the conflict [1] - The Chinese government urged the EU to stop interfering in normal business relations between Chinese and Russian enterprises, stating that such actions are detrimental to the healthy and stable development of China-EU relations [1]

商务部新闻发言人就中美经贸磋商有关问题答记者问 有记者问：近日，何立峰副总理与美国财政部长贝森特和贸易代表格里尔进行视频通话，双方同意尽快举 行新一轮中美经贸磋商，请问商务部是否有进一步消息？ 答：经中美双方商定，中共中央政治局委员、国务院副总理何立峰将于10月24日至27日率团赴马来西亚 与美方举行经贸磋商。双方将按照今年以来两国元首历次通话重要共识，就中美经贸关系中的重要问题进 行磋商。 来源：商务部 责编：罗晓霞 校 对：王锦程 百万用户都在看 刚刚，利好来了！深圳，重磅发布！ 深夜，暴跌！黄金急速跳水，发生了什么？ 疯狂！大牛股，一夜暴涨超162%！ 暴涨1600点！日本股市，突然引爆！ 违法和不良信息举报电话：0755-83514034 邮箱：bwb@stcn.com ...

Core Viewpoint - The article highlights the intensified regulatory scrutiny in the accounting industry, evidenced by the recent issuance of 33 penalties by the Ministry of Finance, targeting accounting firms, registered accountants, and companies, indicating a crackdown on audit quality and compliance [2][10]. Group 1: Regulatory Actions - The Ministry of Finance has issued penalties to 2 accounting firms, 18 registered accountants, and 9 companies, reflecting a stringent regulatory environment [2]. - One accounting firm, Henan Shouzheng Innovation Accounting Firm, received a three-month suspension of business operations due to serious violations in internal management and audit quality [4][5]. - The penalties stem from quality inspections conducted by the Ministry of Finance in 2024, revealing alarming violations such as auditors not performing on-site audits and relying on other firms' materials [2][5]. Group 2: Specific Violations - Henan Shouzheng Innovation Accounting Firm was found to have serious issues, including the illegal control by a non-registered accountant and the misrepresentation of financial statements, leading to inflated profits for audited companies [4][5]. - The firm was penalized for failing to conduct proper audit procedures, resulting in significant misstatements in financial reports for companies like Tianrui Group and Wuhan Bihui Group [5][6]. - Other firms, such as Beijing Xingronghua Accounting Firm, also faced penalties for inappropriate audit opinions and failure to maintain professional skepticism, leading to substantial financial misreporting [6][8]. Group 3: Impact on Registered Accountants - A total of 18 registered accountants received varying degrees of penalties, primarily for failures in executing audit procedures and maintaining independence [8][9]. - Specific cases include accountants from Deloitte and Tianjian Accounting Firm being suspended for three months due to inadequate audit practices that allowed for significant financial misstatements [8][9]. - The article emphasizes that these cases reveal a lack of diligence among some registered accountants, prompting a stronger signal from regulators to enhance accounting oversight and enforce accountability within intermediary institutions [10].

Core Viewpoint - Shenzhen state-owned concept stocks have shown significant upward movement, driven by the recent announcement of a high-quality development action plan for mergers and acquisitions, which aims to accelerate strategic restructuring and professional integration of state-owned enterprises [1][2][4]. Group 1: Market Performance - On October 23, a collective surge in Shenzhen state-owned concept stocks was observed, with over 10 stocks hitting the daily limit, including JianKexuan, Guotian Group, and Tianjian Group [2][3]. - The action plan aims for a comprehensive improvement in the quality of listed companies by the end of 2027, targeting a total market capitalization of over 20 trillion yuan and the establishment of 20 companies with a market value of over 100 billion yuan [3][4]. Group 2: Action Plan Details - The action plan emphasizes the need for strategic restructuring and professional integration of state-owned enterprises, enhancing the valuation tolerance for light asset technology companies in mergers and acquisitions [4][5]. - It sets a goal to complete over 200 merger projects with a total transaction value exceeding 100 billion yuan by 2027, while also promoting industry demonstration cases [3][5]. Group 3: Investment Initiatives - Recent establishment of the Shenzhen Semiconductor and Integrated Circuit Industry Investment Fund, with an initial scale of 5 billion yuan, focusing on semiconductor equipment, chip design, and advanced packaging [7][8]. - The launch of the JianYuan ZhengXing Equity Investment Fund, a 7 billion yuan mother fund, aims to enhance investment in artificial intelligence and semiconductor sectors, indicating a shift towards a more structured financial ecosystem in Shenzhen [8][9]. Group 4: Fund Development - Shenzhen has developed a comprehensive fund system, including seed funds, angel funds, venture capital funds, and industry funds, with over 500 funds totaling more than 700 billion yuan, primarily directed towards strategic emerging industries [9].

国务院任免国家工作人员。 任命谭权为公安部部长助理；任命段毅君为国家宗教事务局局长；任命高翔为大连理工大学校长（副部长 级）。 免去段毅君的国家民族事务委员会副主任职务；免去王东伟的财政部副部长职务；免去陈瑞峰的国家宗教 事务局局长职务；免去贾振元的大连理工大学校长职务；免去王树新的重庆大学校长职务。 来源：人力资源和社会保障部网站 责编：罗晓霞 校 对：王锦程 扫码关注券商中国公众号 扫码下载 券 中 社 A P P quanshangcn 舞#t 券中社APP qzs.stcn.com 券 商 中 国 是 证 券 市 场 权 威 媒 体 《 证 券 时 报 》 旗 下 新 媒 体 , 券 商 中 国 对 该 平 台 所 刊 载 的 原 创 内 容 享 有 著 作 权 , 未 经 授 权 禁 止 转 载 ， 否 则 将 追 究 相 应 法 律 责 任 。 百万用户都在看 突遭"断供"！美联储，大消息！ 刚刚，利好来了！深圳，重磅发布！ 深夜，暴跌！黄金急速跳水，发生了什么？ 暴涨1600点！日本股市，突然引爆！ 违法和不良信息举报电话：0755-83514034 邮箱：bwb@stcn.com 看券商中国 ...