第八届进博会11月5日至10日在沪举行。来自瑞士的艾可爱尔，在本届进博会上实现了Atem X 珐琅臻彩系列空气净化器的全球首发。记者走到展台前，还以为该展 台汇集了各类陶瓷艺术品。实际上，在优雅大气的祥瑞龙凤纹样的表象下，是饱含科技元素的空气净化器。 "中国瓷器声名远扬，我的父亲很早就开始收藏中国瓷器，这也让我耳濡目染。多年来，我们研究中国消费者喜欢什么，致力于把中华传统文化融进现代科技。我们 的这款展品，融合了瑞士技术、德国工艺和中国文化遗产。"弗兰克告诉记者，"公司团队已将Atem X 珐琅臻彩系列空气净化器的样品带到欧洲去，我们发现瑞士人 喜欢偏简洁的风格，意大利、西班牙的消费者则偏爱繁复的设计。" 对葡萄牙家庭清洁用品品牌茉汰而言，进博会带来的确定性是中国的供应链和产业链。 "每年的11月我们都要来中国参加进博会这一盛大的活动，见一见老朋友，结识一些'新面孔'，这已经成为了一种仪式。"艾可爱尔全球首席执行 官弗兰克·克里斯蒂安·哈姆斯（Frank Christian Hammes）对证券时报记者这样说道，在这个不确定的时代，人们需要确定性的仪式和共通的一 致性，而进博会提供了这样的机会。 版权声明 证 ...

Core Viewpoint - *ST Changyao has been under investigation by the China Securities Regulatory Commission (CSRC) for suspected false reporting of financial data, which could lead to significant legal consequences and potential delisting if major violations are confirmed [1]. Financial Performance Summary - As of December 31, 2024, *ST Changyao reported a negative net asset of -433 million yuan and an undistributed profit of -1.59 billion yuan [1]. - For the first three quarters of 2025, the company experienced a revenue increase of 4.40% year-on-year, reaching 105 million yuan; however, the net profit attributable to shareholders decreased by 15.89% to -210 million yuan, and the non-recurring net profit fell by 16.99% to -209 million yuan [1]. - The net asset value as of the reporting period was -643 million yuan [1]. Stock Market Performance - As of November 7, *ST Changyao's stock price was 3.45 yuan per share, reflecting a decrease of 0.58%, with a total market capitalization of 1.209 billion yuan [2]. - The trading volume was 75,300 shares, with a turnover rate of 2.15% [2]. - The stock has a price-to-earnings (PE) ratio of -4.32 and a price-to-book (PB) ratio of -1.88 [2].

Group 1 - The article reports a recent change in the corporate structure of Shanghai Bilibili Technology Co., Ltd., with Chen Rui resigning as General Manager and Financial Officer [1] - The company was established in December 2016, with a registered capital of 2.5 billion USD, and is fully owned by Hong Kong Huandian Co., Ltd. [1] - The business scope of the company includes sales of electronic products, telecommunications equipment, and toys [1]

11月7日电，海关总署公告：基于对美方整改措施的评估结果，依据我国相关法律法规和国际植物检疫措施标准，海关总署决定废止海关总署2025年第30号 公告（关于暂停美国CHS Inc.等3家企业大豆输华资质的公告），自2025年11月10日起恢复CHS Inc.等3家企业大豆输华资质。 END 点击关键字可查看 潜望系列深度报道丨 股事会专栏 丨 投资小红书 丨 e公司调查 丨 时报会客厅 丨 十大明星私募访谈 丨 突然爆发！这一板块，多股直拉涨停！ 丨 昨夜，全 线大跌！ 丨 利好！多只A股、港股被纳入→ 丨 爆发！多个板块，涨停潮 丨 一夜暴涨超600%！又有中概股爆发 丨 美联储，降息生变！特朗普：美股将再 创新高！ 丨 中央金融办发声 丨 中美关税，大消息！ 丨 午后，A股拉升！多股强势涨停！ 丨 A股、A50，强势翻红！这一板块，涨停潮！ 丨 突发暴跌！日 韩股市，大跳水！A股、港股低开 丨 昨夜！全线暴跌！ 证 券 时 报 新 媒 体 矩 阵 总|商 < 及 (9 毛當 中国 奶 券商中国 全景财经 人民财讯 e公司 数据宝 AD 北证 新財富 资讯 杂志 新财富 期货日报 北证资讯 信托百佬汇 创业 ...

Core Viewpoint - The report emphasizes that since 2025, China's fiscal policy has become more proactive, focusing on stabilizing employment, businesses, markets, and expectations, while enhancing coordination with other policies to promote sustained economic recovery [2][3]. Fiscal Policy Execution - The fiscal operation in the first half of 2025 was generally stable, with good budget execution and a continuous recovery in fiscal revenue, particularly in tax income [3]. - The central government allocated 300 billion yuan for long-term special bonds to support consumption, alongside 7.279 billion yuan for service industry development, aimed at stimulating consumption in rural areas [4]. Investment and Consumption - The fiscal policy has been working to boost consumption and expand investment, with the issuance of long-term special bonds starting in April, completing 42.7% of the annual issuance target in the first half, which is 17.7 percentage points faster than the previous year [4]. - A new special debt limit of 4.4 trillion yuan was fully allocated to local governments by April, achieving 49.1% of the annual limit in the first half, which is 11 percentage points faster than the previous year [4]. Foreign Trade and Investment - The Ministry of Finance has effectively utilized tariff adjustments to stabilize foreign trade and investment, implementing temporary import tariff rates lower than the most-favored-nation rates on 935 items since January 1, 2025 [5]. - The expansion of high-standard free trade zones and cooperation with trade partners on tax reductions has been highlighted as a strategy to enhance market confidence [5]. Fiscal Management Pilot - The Ministry of Finance has initiated a pilot program for fiscal management in 12 provinces, focusing on improving resource allocation and budget management, with 11 key tasks set to achieve breakthroughs in two years [7][8]. - A national platform for the sharing of state-owned assets has been established, facilitating over 200 asset adjustments and saving more than 40 million yuan in budget funds [8]. Future Fiscal Policy Directions - The report outlines six key areas for future fiscal policy, including the effective use of proactive fiscal measures, support for employment and foreign trade, fostering new growth drivers, improving living standards, risk prevention, and enhancing fiscal governance [11][12][13].

Market Overview - The A-share market experienced an overall decline on November 7, with the Shanghai Composite Index closing at 3997.56 points, down 0.25%, the Shenzhen Component Index at 13404.06 points, down 0.36%, and the ChiNext Index at 3208.21 points, down 0.51% [1] - The total trading volume for both markets was 19990.53 billion, a decrease of 561.94 billion compared to the previous trading day [1] Capital Flow - The net outflow of main funds from the Shanghai and Shenzhen markets reached nearly 300 billion, with a net outflow of 185.42 billion at the opening and 44.36 billion at the close, totaling 297.4 billion for the day [2][3] - In the last five trading days, the main funds have consistently shown a net outflow trend, particularly in the ChiNext, which saw a net outflow of 127.46 billion on November 7 [2][4] Sector Performance - The basic chemical industry saw a net inflow of 63.07 billion, with a growth of 1.53%, making it the top sector for capital inflow [5][6] - Other sectors with net inflows included building materials (13.39 billion, up 0.86%) and petroleum and petrochemicals (8.33 billion, up 0.67%) [6] - Conversely, the computer sector experienced the largest net outflow of 154.80 billion, down 1.34%, followed by the electronics sector with a net outflow of 153.61 billion, down 0.70% [6] Top Stocks by Fund Flow - The top stocks with significant net inflows included Duofluor (43.83 million), Huasheng Lithium (24.64 million), and Shengxin Lithium Energy (21.90 million) [7][9] - Notable stocks with net outflows included Zhongke Electric (25.93 million) and Yunnan Mingye (12.19 million) [7][9] Institutional Focus - Institutions have shown interest in stocks such as China Nuclear Power, Great Wall Motors, and Sifang Co., with target prices indicating potential upside [10]

Core Viewpoint - The article highlights the significant decline in pig prices in October 2023, which fell below 12 yuan/kg for the first time this year, representing a drop of over 30% compared to the same period last year. This decline is attributed to an oversupply in the market, driven by advancements in production techniques and cost reductions in pig farming [1][2]. Group 1: Price Trends and Market Conditions - In October 2023, the average price of pigs in the national market also dropped below 12 yuan/kg, with no clear signs of recovery observed [1]. - The fundamental reason for the continuous decline in pig prices is the supply exceeding demand, influenced by large-scale production and improved breeding techniques [1]. Group 2: Cost Structure and Profitability - Some pig farming companies have reported that their total breeding costs have fallen below 12 yuan/kg, with the best-performing farms achieving costs below 11 yuan/kg. This cost reduction allows certain companies to remain profitable despite falling prices [1]. - The ongoing decline in pig prices has started to impact the revenue and profits of related companies, with 6 out of 12 listed pig farming companies reporting a year-on-year decline in revenue for the first three quarters of the year [2]. - Among these companies, 9 reported a decrease in net profit, with over half experiencing a profit cut of 50% or more, and some have even transitioned from profit to loss [2]. Group 3: Industry Outlook and Recommendations - If pig prices continue to decline significantly, widespread losses among pig farming companies could occur, negatively affecting sustainable operations and the overall development of the industry [2]. - The article suggests that government intervention may be necessary to guide the market, while companies should focus on enhancing technology and management to ensure quality and cost control, promoting high-quality development in the industry [2].

新华社北京11月7日电 日前，国务院办公厅印发《关于加快场景培育和开放推动新场景大规模应用的实施意 见》（以下简称《意见》），对相关工作作出部署。 《意见》指出，场景是用于系统性验证新技术、新产品、新业态产业化应用以及配套基础设施、商业模式、制 度政策的具体情境，是连接技术和产业、打通研发和市场的桥梁，是推动科技创新和产业创新融合发展的重要 载体，对促进新技术新产品规模化商业化应用具有重要牵引作用。 《意见》要求，坚持以习近平新时代中国特色社会主义思想为指导，深入贯彻党的二十大和二十届历次全会精 神，完整准确全面贯彻新发展理念，坚持创新引领、改革推动、因地制宜、安全有序、系统推进、融合发展， 充分发挥我国超大规模市场和丰富应用场景优势，支持建设一批综合性重大场景、行业领域集成式场景、高价 值小切口场景，扩大生产场景、工作场景、生活场景供给，推动场景资源开放，促进场景资源公平高效配置， 推动新场景大规模应用，形成"技术突破－场景验证－产业应用－体系升级"的路径，为加快培育发展新质生产 力、推动经济社会高质量发展提供有力支撑。 《意见》聚焦打造一批新领域新赛道应用场景、建设一批产业转型升级的新业态应用场景、推出一 ...

Core Viewpoint - As of the end of October 2025, China's foreign exchange reserves reached $33,433 billion, marking a $47 billion increase from the end of September, the highest level since December 2015, with reserves remaining above $3.3 trillion for three consecutive months [1][4][5]. Group 1: Foreign Exchange Reserves - The increase in foreign exchange reserves in October was influenced by the monetary policies and expectations of major economies, as well as macroeconomic data, leading to a rise in the US dollar index and overall global financial asset prices [1][5]. - The US dollar index rose approximately 1.95% in the past month, while the euro, yen, and pound depreciated against the dollar by 1.7%, 4%, and 2.2% respectively [5][6]. - Despite the Federal Reserve's interest rate cut in October, the dollar strengthened due to market expectations regarding future rate cuts and geopolitical uncertainties [5][6]. Group 2: Gold Reserves - As of the end of October, China's official gold reserves stood at 7,409 million ounces, with a monthly increase of 3,000 ounces, the lowest growth rate since the resumption of gold purchases in November 2024 [1][9]. - The People's Bank of China has been incrementally increasing its gold reserves for 12 consecutive months, signaling a strategy to optimize international reserves [8][10]. - Recent fluctuations in the gold market saw prices briefly exceed $4,000 per ounce before retreating, with expectations of a slowdown in gold purchases by central banks due to various market factors [11].

Core Viewpoint - JD Logistics has achieved warehouse automation through 10 years of technological accumulation, with plans to establish the world's first fully automated delivery station by April next year [1][3]. Group 1: Technological Advancements - JD Logistics has successfully implemented warehouse automation, with over 700,000 kilometers of internal testing for unmanned trucks and millions of kilometers for last-mile delivery vehicles [3]. - The company plans to purchase 3 million robots, 1 million unmanned vehicles, and 100,000 drones over the next five years to enhance its logistics supply chain [3][4]. - The development of high-density solid-state batteries is expected to trigger a new wave of growth in the robotics and drone industries [3]. Group 2: Employment and Job Creation - Automation will not conflict with employment; instead, it will free workers from heavy labor and create new job opportunities [1][4]. - Future employees may only need to work one day a week or even just one hour, as automation reduces the physical demands of their roles [3][4]. - The development of technology will lead to new demands and services, potentially increasing the global tourism market tenfold in the next five years [4]. Group 3: Logistics Cost Reduction - JD's entry into the logistics sector aimed to reduce China's social logistics costs, which were significantly higher than those in developed countries due to disorganized cargo movement [6][7]. - The company believes that social logistics costs as a percentage of GDP can decrease from over 14% to below 10% within five years, saving enterprises trillions of yuan in net profits annually [6][7][8]. - In 2007, the logistics cost in China was over 18% of GDP, compared to 6-8% in Europe and under 6% in Japan, indicating a significant inefficiency in the logistics sector [6][8].