天安财险表示，公司已与本期债券的债券持有人开展积极沟 通，全力配合债券持有人的相关诉求，后续将在公司的风险处 置工作中对本期债券统筹安排处理。 作者： 陈植 封图：图虫创意 保险行业首现企业资本补充债兑付违约。 9月30日，天安财产保险股份有限公司（下称"天安财险"）发布公告称，公司2015年资本补充债券（下 称"15天安财险债"）应于2025年9月30日到期兑付，本期债券预计无法还本付息。 记者注意到，2024年天安财险的风险处置工作取得明显进展。2024年7月，申能财险与天安财险签署《收 购承接协议》，收购天安财险保险业务资产包。两个月后，国家金融监管总局同意申能财险受让天安财险 的保险业务。 资料显示，天安财险在2015年9月29日发行规模为53亿元、期限为10年期的"15天安财险债"，其票面利 率采用分段式计息方式，前5年的票面利率为5.97%，若发行人在第5年末不行使赎回权，后5年的票面利 率为原前5个计息年度票面利率加100个基点（1%），即6.97%。 数据显示，2016年—2019年期间，"15天安财险债"均按期付息。 但是，随着当时天安财险实控人——"明天系"出现经营问题，原银保监会在202 ...

Group 1 - The current economic situation in China is characterized by insufficient demand, necessitating new incremental policies to stimulate growth [3][20][32] - The real estate market is identified as a crucial area for implementing incremental policies due to its strong impact on the economy [5][18][28] - The need for deep reforms in three key areas: income distribution reform, fiscal and tax system reform, and investment system reform to encourage private sector investment [7][43][45] Group 2 - The "anti-involution" policy is aimed at addressing excessive competition in certain industries, particularly in emerging sectors like renewable energy and technology [3][10][12] - The importance of preventing the misinterpretation of "anti-involution" as a move against platform economies or private enterprises [3][12][16] - The necessity for a balanced approach to market competition, emphasizing legal frameworks to guide behavior rather than administrative controls [11][12][14] Group 3 - The need for macroeconomic policies to focus on stimulating demand, with suggestions for lowering interest rates and potentially implementing a form of quantitative easing [8][45] - The role of local governments in maintaining redundant capacities and the challenges they pose to market dynamics [16][17] - The potential for urbanization to drive economic growth, with a focus on improving public services and reducing administrative barriers [29][30]

编者按 在制药界，人们用"10年10亿美元"来形容做成一款原研创新药需要付出的成本，AI正在改变这一 切。 任峰透露，通过传统的药物研发方式，做出一款有资格接受人体临床试验评估的"临床前候选化合 物"（PCC）需要合成数百到两千个分子，在英矽智能，只需要合成数十到两百个分子就够了，试 错成本降低到十分之一；传统制药方式找到PCC需要两年半到四年半，英矽智能只需要9到18个 月，时间缩短到三分之一；传统制药方式找到PCC需要耗资上千万美元，英矽智能只需要200万美 元—300万美元，成本降低到五分之一。 在制药界，人们用"10年10亿美元"来形容做成一款原研创新 药需要付出的成本，AI正在改变这一切。 作者： 张铃 封图：图虫创意 2025年，创新药已成为最具活力与突破性的产业领域之一，也掀起了股市投资热潮。在这股 浪潮之中，一批中国药企正悄然转身——它们不再满足于快速跟进，而是勇敢挺进前沿领域， 探索原创研发的深水区。我们试图探寻，这些企业如何在全球竞合、资本起伏与政策引导的复 杂生态中淬炼核心竞争力，走出一条属于中国的创新突围之路。 2025年，明星AI制药公司英矽智能忙着做两件事，一是推进临床管线，在达成 ...

Core Viewpoint - The article highlights the life and contributions of Guan Jingsheng, a pivotal figure in the development of China's capital markets, detailing his achievements, challenges, and the impact of his work on the industry [2][4]. Group 1: Early Life and Career - Guan Jingsheng was born on May 19, 1947, in a poor farming family in Jiangxi Province and later graduated with a master's degree in French literature from Shanghai International Studies University [4]. - He began his career at Shanghai International Trust Investment Company after struggling to find a job in his field [4]. Group 2: Founding of WanGuo Securities - In February 1988, Guan was appointed to establish China's first securities company, WanGuo Securities [5]. - Under his leadership, WanGuo Securities quickly rose to prominence, capturing 70% of domestic A-share trading volume and nearly all B-share trading volume, making it the largest brokerage in China at the time [6]. Group 3: Contributions to Market Infrastructure - Guan played a significant role in the establishment of the Shanghai Stock Exchange, contributing to the design of trading rules, equipment, and training for traders [7]. - WanGuo Securities was the first to enable cross-regional trading and promote paperless transactions [7]. Group 4: Challenges and Setbacks - The "327 bond incident" in February 1995 marked a turning point in Guan's career, where he heavily invested WanGuo Securities' assets in government bonds, leading to significant losses [9]. - Following the incident, Guan resigned and was imprisoned for 17 years, which severely impacted WanGuo Securities, leading to its merger with ShenYin & WanGuo Securities in 1996 [10][11]. Group 5: Later Life and New Ventures - After being released in 2003, Guan publicly reflected on his past mistakes and the importance of humility in leadership [11]. - In June 2016, at the age of 69, he launched a new venture, Jiu Song Fund, marking his third entrepreneurial endeavor [11][12]. - Jiu Song Fund was positioned as a parallel fund aimed at fostering Sino-foreign cooperation and innovation in the private equity sector [12].

Core Viewpoint - The article discusses the recognition of Hungarian author László Krasznahorkai as the 2025 Nobel Prize in Literature winner, highlighting his unique narrative style and thematic focus on apocalyptic and existential themes [2][5]. Summary by Sections Author Background - László Krasznahorkai, born in 1954 in Gyula, Hungary, gained prominence with his debut novel "Satan's Tango" in 1989, which established his position in contemporary Hungarian literature [2]. - His works often depict a world shrouded in apocalyptic atmospheres, featuring desolate villages and civilizations on the brink of destruction [2]. Narrative Style - Krasznahorkai employs long sentences and an omniscient perspective to create a suffocating sense of doom, with his writing often lacking clear punctuation, resembling "slow-moving lava" [3]. - His narrative technique includes a "narrative within a narrative," where the text itself becomes a reflection of the void it attempts to describe, leading to a collapse of reality into a moment of imagination [3]. Thematic Elements - The motif of "angels" recurs in Krasznahorkai's work, representing a force of scrutiny amidst historical ruins, compelling individuals to confront the gap between harsh reality and transcendence [4]. - His latest novel, "An Angel Passed Above Us," directly incorporates the theme of angels, exploring their role in the context of ongoing war and existential crises [4]. Artistic Philosophy - Krasznahorkai's "artistic power" is characterized by a relentless confrontation with harsh truths, avoiding simplistic comforts and demanding readers to face the ruins of civilization [5]. - He emphasizes a "non-compromising humanistic stance," advocating for a deep engagement with the present reality rather than escaping into future fantasies [5]. Writing Ethics - Krasznahorkai believes that the fragmented nature of modern life requires a continuous narrative style to express the complexities of love and pain, which cannot be adequately conveyed through short, fragmented sentences [6]. - His writing aims to penetrate the fog of history and individual memory in search of elusive truths, questioning what literature can leave behind in the unresolved gaps of existence [6].

时至今日，在消费者心中，"大闸蟹"几乎与"阳澄湖"画等 号，一个来自山东的品牌，如何才能在蟹的市场撕开一道口 子？ 作者： 陈月芹 封图： 本报资料室 微山湖，是中国北方最大的淡水湖，水质优良，南水北调东线工程的输水干道穿湖而过。得天独厚的地理位置和气候，赋予这里的大闸蟹独特的优势。 原永贺解释："螃蟹是冷的时候囤膏囤黄，热的时候长个蜕壳。我们地处北方，天凉得早，所以每年9月到10月中旬，在南方蟹还没完全成熟的时候， 微山湖的螃蟹品质就是全国最好的。" 然而，这份时间差带来的品质优势，在过去很长一段时间里，并未转化为品牌优势。当地的养殖户多是老一辈，习惯了传统的批发模式：一手交钱，一 手交货，稳赚不赔，不想承担风险，更不懂电商的玩法。于是，优质的微山湖大闸蟹被大量运往江苏等南方市场，贴上别家的标签，以更高的价格出 售，微山湖自己的品牌却寂寂无闻。 改变始于2024年，韩庄湾品牌负责人张贤明和原永贺想要打破这种局面。他们看到了电商的潜力，更看到了微山湖大闸蟹这个区域品牌被埋没的价 值。 这并不容易。时至今日，在消费者心中，"大闸蟹"几乎与"阳澄湖"画等号，一个来自山东的品牌，如何才能在蟹的市场撕开一道口子？ 2 ...

Core Viewpoint - Chery Automobile is in talks with Renault to establish a manufacturing and sales partnership in South America, focusing on Colombia and Argentina, which could enhance both companies' market presence in the region [2][3]. Group 1: Partnership Details - Chery plans to utilize Renault's factory facilities in Colombia for producing fuel vehicles, with most vehicles branded as Renault and a smaller portion retaining the Chery brand [2][3]. - In Argentina, Chery is considering investing in a hybrid pickup production line at Renault's Córdoba factory, with Renault managing the distribution [2][3]. - The collaboration aims for Chery to provide products and technology while Renault offers factory space and sales channels, allowing Chery to operate with a light asset model [3][4]. Group 2: Market Context - The domestic automotive market in China is experiencing slower growth, prompting Chinese automakers to accelerate their global expansion, particularly in South America, which has significant market potential and a gap in the electric vehicle sector [2][3]. - Chery has been a leader in export sales among Chinese automakers, with overseas sales projected to reach 1.145 million units in 2024, a 21.4% increase year-on-year [3][5]. Group 3: Competitive Landscape - Renault is a key player in the South American market, with established factories in Colombia and Argentina, which could facilitate Chery's entry into these markets [3][4]. - The partnership is expected to enhance Renault's product line and reduce costs, helping it to compete more effectively in the rapidly growing South American electric vehicle market [4][5]. Group 4: Financial Performance - Chery's sales from January to August reached 1.727 million vehicles, a year-on-year increase of over 14%, with exports accounting for 798,800 units, up 10.8% [5]. - Chery's recent IPO on the Hong Kong Stock Exchange raised HKD 9.14 billion, marking it as the largest IPO for an automotive company in the Hong Kong market this year, which may further boost its interest in collaborating with Renault [5].

Market Performance - On October 9, A-shares opened high and closed higher, with the Shanghai Composite Index rising by 1.32% to 3933.97 points, marking the highest level since August 2015 [2][4] - The Shenzhen Component Index increased by 1.47% to 13725.56 points, and the ChiNext Index rose by 0.73% to 3261.82 points, both reaching new highs since February 2022 [2][4] - A total of 3115 stocks in the market saw gains, indicating a broad-based rally [2] Sector Performance - The non-ferrous metals sector emerged as a standout performer, with a year-to-date increase of 77.56%, outperforming hardware equipment (59.07%) and semiconductors (58.74%) [2] - On October 9, the non-ferrous metals sector surged by 6.67%, with stocks like Western Superconducting (688122.SH) and Northern Rare Earth (600111.SH) hitting the daily limit [6] - Other sectors such as power generation equipment and technology stocks also performed well, with notable gains in semiconductor stocks [4][6] Gold and Precious Metals - International spot gold prices reached a record high of over $4000 per ounce on October 8, leading to significant increases in domestic gold jewelry prices [7] - Multiple gold-related stocks, including Shandong Gold (600547.SH) and Zhongjin Gold (600589.SH), hit historical highs [7] - The rise in gold prices is attributed to global market conditions, including concerns over U.S. government shutdowns and expectations of interest rate cuts [7] Future Market Outlook - Analysts predict a "shaking upward" trend for the market in October, with continued inflow of incremental liquidity and a focus on structural characteristics [9] - The market is expected to maintain a bullish sentiment, with the upcoming Fourth Plenary Session of the 19th Central Committee anticipated to influence market expectations [9][10] - Overall, the market is likely to experience a rebound in earnings growth for most industries due to low base effects from the previous year, reinforcing market confidence [9]

洞察变化的商业世界 造机器人:一场"谁都能干"的"全 专访黄勇:行业"反内卷"需规避垄断风险 7 (0) 1/25 优质内容每日放送 扫码加入经观社群 [长按二维码加入] 深度 / 广度 / 锐度 / 悦度 信 扫 经观APP 下 载 经 观 A P P f G 2025年对于中国创新药行业来说是很特殊的一年，今年有多 笔重磅BD交易落地，催生了创新药的新一轮牛市。同时我国 在研新药的数量也已经跃居了全球第二位，这说明中国创新药 正在从跟跑者向领跑者转变。本期《产业领军者》我们有幸邀 请到Veeva研发与质量业务亚太总经理Chris Shim先生，我 们将一同探寻中国创新药行业的发展机遇与未来方向。 "> 数据来源：Veeva中国 经济观察报 封图：图片资料室 e 推荐阅读 ...

在经济转型升级的背景下，消费作为经济增长第一动力的地位 日益凸显，同时兼具"不动产的保值属性"和"证券的流动性优 势"的消费REITs，能够为投资者提供稳定的现金分红和资产 增值机会，已成为投资者分享消费升级红利的重要载体。 封图：图片资料室 华夏基金近日发布公告，华夏中海商业 REIT（基金代码： 180607 ）将于 2025年 10 月 13 日至 10 月 14 日正式发售，发售价格为 5.281 元 /份，拟募资总额为 15.843 亿元。其中，面 向公众发售 为 0.27亿份 。公众投资者可按发售价格，通过场内证券经营机构或基金管理人及其 委托的场外基金代销机构进行认购，认购金额 1000元起投（含认购费）。 华夏中海商业 REIT首发底层资产 佛山映月湖环宇城是中海旗下处于成熟运营阶段的标杆自持物 业。项目坐落于粤港澳大湾区广佛极核 ——国家改革平台"广佛高质量发展融合试验区"（映月湖 片区）先行区，区位优势显著，是区域内重点大型购物中心，兼具交通通达性及市场稀缺性。 凭 借优质底层资产的吸引力，在网下询价阶段，华夏中海商业 REIT共收到 149 家网下投资者管理 的 1014 个配售对象的询 ...