会议指出，一年多来各地区各部门认真贯彻全国教育大会精神，有力推进各项任务落 实，教育强国建设迈出坚实步伐。要接续奋进，久久为功，建立健全教育科技人才一体推进 的协调机制，围绕科技创新、产业发展和国家战略需求，培养更多国家急需的创新人才。要 着力解决教育领域群众关心的突出问题，适应学龄人口变化，统筹促进公平、提高质量和优 化布局，不断增加优质教育资源供给。 李强主持召开国务院常务会议 研究深入实施"两重"建设有关工作 部署增强消费品供需适配性进一步促进消费政策措施 听取贯彻落实全国教育大会精神加快建设教育强国情况的汇报 讨论《中华人民共和国商标法（修订草案）》 审议通过《殡葬管理条例（修订草案）》 国务院总理李强11月14日主持召开国务院常务会议，研究深入实施"两重"建设有关工 作，部署增强消费品供需适配性进一步促进消费政策措施，听取贯彻落实全国教育大会精神 加快建设教育强国情况的汇报，讨论《中华人民共和国商标法（修订草案）》，审议通过 《殡葬管理条例（修订草案）》。 会议指出，要把"两重"建设放在"十五五"全局中谋划和推进，牢牢把握战略性、前瞻 性、全局性要求，强化部门协同，注重软硬结合，推动国家重大战略深入 ...

【导读】走进工银瑞信基金 | 第2期：主动权益谈 文：陈梦 在瞬息万变的市场当中，有人用被动策略追踪指数，有人用量化模型捕捉机会。主动权益基金则是通 过团队的深入研究和动态决策，力争为持有人挖掘每一分超额收益的可能。 不过，近年来随着被动投资工具受到广泛关注，主动权益投资也面临着诸多挑战。如何在复杂的宏观 和市场环境中持续创造阿尔法，以满足不断变化和日益多样化的投资需求，已成为行业热议的焦点。 在市场的震荡波动下，工银瑞信基金主动权益团队坚持长期投资理念，通过系统化的投资流程和纪律 严明的投资框架，不仅努力实现了跨越周期的稳健回报，也凸显了穿越牛熊的投资实力。 国泰海通证券数据显示，截至2025年9月30日，工银瑞信基金在13家权益类大型公司中近7年、近5 年、近3年的绝对收益排名均为第3（3/13）；近7年、近5年、近3年权益类基金大型公司超额收益 排名分别为第2（2/13）、第3（3/13）和第2（2/13）。 出色的主动投资业绩离不开工银瑞信基金的一体化投研模式和资深投资团队。独特的"平台型"机制， 不仅助力了老将与新秀之间的传承与交融，也推动了整个团队的不断进化与成长；高效的投研体系和 团队合作，也使 ...

Core Viewpoint - The 华夏安博仓储 REIT experienced a highly successful issuance, selling out in one day and initiating a proportional allocation for investors, indicating strong market confidence in logistics assets in the Guangdong-Hong Kong-Macao Greater Bay Area [2][4][6]. Summary by Sections Issuance and Subscription Details - The public investor subscription confirmation ratio for 华夏安博仓储 REIT was 5.83%, with offline investors at a low of 0.68%, reflecting high demand [4][6]. - The total effective subscription amount reached 617.2682 million shares, exceeding the initial fundraising cap, leading to an early closure of the fundraising period [4][6]. - The subscription price was set at 6.121 yuan per share, with a total expected fundraising amount of 2.4484 billion yuan [6]. Market Performance - The 中证 REITs total return index rose by 0.86% this week, showing signs of stabilization in the secondary market [3][8]. - As of November 14, the index closed at 1050.45 points, with a year-to-date increase of 8.53% despite a previous decline of over 6.6% since June [8]. - Among the 77 listed public REITs, 56 saw weekly gains, particularly in sectors like parks, highways, rental housing, and logistics [8][11]. Notable Performers - The top performer for the week was 中金联东科创 REIT, with a weekly increase of 6.24%, followed by 中金山东高速 REIT and 招商基金蛇口租赁住房 REIT with increases of 5.18% and 4.10%, respectively [11]. - Several REITs have shown significant annual gains, with 9 exceeding 30% growth, and 嘉实物美消费 REIT surpassing 50% [11].

Market Overview - The three major indices in Hong Kong experienced a collective decline, with the Hang Seng Index falling below 27,000 points, closing at 26,572.46 points, a drop of 1.85% [2] - The Hang Seng Tech Index reported a significant decrease of 2.82%, closing at 5,812.80 points, while the Hang Seng China Enterprises Index fell by 2.09% to 9,397.96 points [2][3] - The total market turnover for the day was 232.8 billion HKD, with net inflows from southbound funds amounting to 12.887 billion HKD [2] Individual Stock Performance - Major tech stocks saw substantial declines, with Baidu Group down 7.21% to 117.1 HKD per share, JD Group down 6.03% to 116.9 HKD per share, and Alibaba down 4.38% to 154.9 HKD per share [3] - The Hong Kong Stock Exchange fell by 2.61%, and China Life dropped by 3.25%, indicating a broader downturn in the market [4] Specific Company Updates - Xiaoma Zhixing (Pony.ai) experienced a significant drop of 13.89%, closing at 93.00 HKD per share, with a cumulative decline of over 30% since its IPO [6] - Tencent Holdings saw a decrease of 2.29%, but Goldman Sachs maintained a positive outlook on the company, citing its robust third-quarter performance and unique ecosystem [9] - JD Health bucked the trend with a rise of 6.59%, driven by strong revenue growth in self-operated drug sales and health product advertising, with a projected revenue of 17.1 billion RMB for Q3 2025, reflecting a year-on-year increase of 28.7% [12] Analyst Insights - UBS expressed a bullish stance on Chinese stocks within emerging markets, highlighting the early stage of the tech/AI cycle and the favorable microeconomic conditions [14] - The firm anticipates that AI demand will continue to drive revenue growth, particularly for companies with low leverage and reasonable valuations [15]

Core Viewpoint - Industrial Fulian addresses rumors regarding order or outlook downgrades, stating that customer project progress and delivery schedules are normal [5][6][10] Group 1: Company Performance and Market Response - Industrial Fulian's stock price closed at 64.27 yuan per share on November 14, with a decline of 5.47%, bringing the total market value to 1.28 trillion yuan [2] - The company has not issued any statements regarding order downgrades and emphasizes that key projects are progressing smoothly [5] - The company is focusing on enhancing product quality and expanding diversified cooperation with clients [5][10] Group 2: AI Server Market Outlook - Industrial Fulian anticipates a continuous increase in demand for AI servers, with strong customer interest in AI computing power [6][7] - The company expects that capital expenditures from major cloud service providers will rise significantly, with a projected increase of 40% in 2026, reaching over $600 billion [7][8] Group 3: Financial Performance and Shareholder Returns - Industrial Fulian's stock has seen a cumulative increase of 209.88% from July 1 to November 14 [9] - The company plans to distribute a cash dividend of 3.3 yuan per 10 shares, totaling 6.551 billion yuan, which represents 54.08% of the net profit attributable to shareholders for the first half of 2025 [10][11] - This marks the first time since its listing in 2018 that Industrial Fulian has announced a semi-annual profit distribution plan, signaling its commitment to enhancing shareholder returns [11]

【导读】 美联储12月降息预期骤变 中国基金报记者 泰勒 大家好，关注一下美联储降息的消息，市场预期，非常不明朗。 降息预期骤变 美联储官员对政策前景的谨慎表态促使交易员减少了对12月降息的押注，降息概率已跌破50%。不到一个月前，市场几乎已经完全消化了 降息25个基点的预期。 许多交易员指出，美联储12月再次降息 的可能性 正在降低，这很可能是引发抛售潮的导火索。截至发稿，欧洲股市全线跳水，美股盘前三 大指数大幅下挫。 明尼阿波利斯联邦储备银行行长尼尔·卡什卡利表示，他并不支持美联储上一次的降息决定，不过对于12月货币政策会议的最佳行动方案， 他目前仍未下定决心。 卡什卡利周四在接受采访时表示："从我们获得的轶事实证和数据来看，经济活动的内在韧性超出了我的预期。"在他看来，这些因素都指 向在美联储10月会议上应该暂停降息。 背后发生了什么事情 一个月前，市场预期降息的概率高达95%。 那发生了什么变化？市场分析认为，在官方数据发布因为政府停摆而一度中断的这段时间里，不确定性明显上升。一些美联储官员担心 在"数据盲飞"的情况下做决策，因为最近的数据显示劳动力市场正在走软，但通胀虽然略有回落，仍明显高于美联储2 ...

来源：交汇点新闻客户端 中共中央批准：范波同志任江苏省委委员、常委。 江苏省委决定：范波同志任苏州市委委员、常委、书记。 ...

张文峰在国家电网的前任为庞骁刚。庞骁刚此前曾长期在南方电网工作，从 2020 年 7 月 起，先后任国家电网副总经理、总经理； 2025 年 10 月调任国务院国资委副主任。 公开资料显示，张文峰也曾长期在南方电网工作，曾任中国南方电网有限责任公司党组成 员、副总经理； 2023 年 6 月，任中国华能集团有限公司董事、党组副书记； 2024 年 8 月，任中国华能集团有限公司董事、总经理、党组副书记。 国家电网有限公司成立于 2002 年 12 月 29 日，是根据《公司法》设立的中央直接管理的 国有独资公司，注册资本为 8295 亿元，以投资建设运营电网为核心业务，是关系国家能源 安全和国民经济命脉的特大型国有重点骨干企业。 20 多年来，国家电网持续保持全球特大型电网最长安全纪录，建成 42 项特高压输电工程， 成为世界上输电能力最强、新能源并网规模最大的电网，公司专利拥有量持续排名央企第 【导读】张文峰任国家电网总经理 中国基金报记者 卢鸰 国家电网官方网站 11 月 14 日发文称， 2025 年 11 月 14 日，国家电网有限公司召开领导 班子（扩大）会议。受中央组织部领导委托，中央组织部有关干 ...

Core Viewpoint - The People's Bank of China (PBOC) is conducting a buyout reverse repurchase operation of 800 billion yuan to maintain ample liquidity in the banking system, marking the second such operation in November 2023 [2] Group 1: Reverse Repo Operations - On November 5, the PBOC conducted a buyout reverse repo operation of 700 billion yuan with a 3-month term, indicating a trend of increasing liquidity support [2] - The total amount of buyout reverse repos in November is 1.5 trillion yuan, which is an increase of 100 billion yuan compared to the previous month, reflecting a continuous expansion for six months [2][3] Group 2: Reasons for Increased Liquidity Support - The increase in liquidity support is attributed to three main factors: the issuance of 500 billion yuan in local government bonds to address existing debt and boost effective investment, the completion of 500 billion yuan in new policy financial tools, and a significant rise in the maturity of interbank certificates of deposit [3] - These factors are expected to tighten liquidity in the banking system, necessitating support from the PBOC [3] Group 3: Market Conditions and Future Expectations - The liquidity market in November is relatively loose, with overnight and 7-day rates at their lowest levels this year, and the PBOC's reverse repo operations are expected to result in a net injection of 500 billion yuan, the highest monthly net injection since February [4] - The PBOC is likely to continue using both buyout reverse repos and medium-term lending facilities (MLF) to inject liquidity into the market, although the scale of liquidity injection may decrease compared to previous months [4]

Core Viewpoint - The Hong Kong Securities and Futures Commission (SFC) has reappointed Ms. Ashley Liang as the Chief Executive Officer for another two-year term starting January 1, 2026, highlighting her leadership and commitment to maintaining Hong Kong's status as a leading international financial center [2][4]. Group 1 - Ms. Liang has demonstrated exceptional leadership, dedication, and professional knowledge during her previous term, earning widespread trust from both local and international financial sectors [4]. - Under her leadership, the SFC has focused on enhancing corporate governance and promoting market development, solidifying Hong Kong's position in the global financial landscape [4][5]. - The SFC Chairman, Dr. Huang Tianyou, emphasized Ms. Liang's strategic vision and contributions, particularly in areas such as data, talent, and succession planning, which are crucial for strengthening the SFC's capabilities [5]. Group 2 - Ms. Liang expressed her honor in continuing her role and highlighted the significant progress made in reinforcing Hong Kong's status as a leading international financial center during her first term [5]. - She aims to work closely with stakeholders to further protect investors, enhance market integrity, and drive innovation in the upcoming term [5].