人民网里约热内卢11月22日电 （记者时元皓）当地时间11月22日，由广州城市职业学院、巴西里 约热内卢州立大学、巴西里约华人联谊会及巴西新征程商务中心等共同主办的"巴西红棉学堂"揭牌暨开 班仪式在里约热内卢举行。巴西红棉学堂旨在通过开展中文与职业技能培训深化中巴双方职业教育合 作。 中国驻里约热内卢总领馆副总领事王海涛在致辞中表示，红棉学堂是中巴携手推动人才共育、文明 互鉴的全新平台，也是双方打造的又一个民心相通工程，其设立不仅服务高质量共建"一带一路"，也为 两国人民共同拥抱未来产业和新技术打开了新窗口。总领馆将继续发挥桥梁纽带作用，支持中国地方政 府、教育机构和中资企业与里约各界深化合作，推动务实成果落地见效，推动中巴命运共同体建设走深 走实。 广州城市职业学院副校长王军表示，自广州与里约热内卢缔结友好城市以来，双方合作不断深化。 中巴两国作为金砖国家成员，正积极推进协同发展，职业教育交流是促进两国人民友谊与共同繁荣的重 要纽带。巴西红棉学堂将分享中国职业教育经验与技术，系统开展中文与职业技能培训，助力巴西本土 技能人才培养，为两国合作夯实人才基础。 活动中，广州城市职业学院、里约热内卢州立大学及巴西里 ...

Core Viewpoint - Anjie Technology's stock has experienced a decline of 15.08% year-to-date, with recent trading showing a slight recovery, indicating potential investor interest despite overall negative performance [1][2]. Company Overview - Anjie Technology, established on December 16, 1999, and listed on November 25, 2011, is located in Suzhou, Jiangsu Province. The company specializes in the research, production, and sales of precision functional components, precision structural parts, and module products for smart terminals [1]. - The company's main revenue sources include smart terminal functional components and precision structural parts (55.99%), new energy vehicle products (32.89%), information storage products (9.51%), and others (1.61%) [1]. Financial Performance - For the period from January to September 2025, Anjie Technology reported a revenue of 3.483 billion yuan, a year-on-year decrease of 3.06%. The net profit attributable to shareholders was 101 million yuan, reflecting a significant decline of 54.62% year-on-year [2]. - Since its A-share listing, Anjie Technology has distributed a total of 1.281 billion yuan in dividends, with 465 million yuan distributed over the past three years [2]. Shareholder Structure - As of November 10, 2025, Anjie Technology had 52,600 shareholders, an increase of 0.19% from the previous period. The average number of tradable shares per shareholder was 7,516, a decrease of 0.19% [2]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which holds 5.8664 million shares (an increase of 1.5096 million shares), and Southern CSI 1000 ETF, which holds 3.0159 million shares (a decrease of 43,200 shares) [2].

Core Viewpoint - Kelu Electronics has shown significant stock performance with a year-to-date increase of 77.70%, despite recent declines in the last five and twenty trading days [1][2]. Financial Performance - For the period from January to September 2025, Kelu Electronics achieved a revenue of 3.586 billion yuan, representing a year-on-year growth of 23.42%. The net profit attributable to shareholders was 232 million yuan, marking a substantial increase of 251.10% [2]. Stock Market Activity - As of November 24, Kelu Electronics' stock price was 7.73 yuan per share, with a trading volume of 1.81 billion yuan and a turnover rate of 1.70%. The total market capitalization stood at 12.838 billion yuan [1]. - The stock has appeared on the "Dragon and Tiger List" twice this year, with the most recent instance on October 27, where it recorded a net buy of -104 million yuan [1]. Shareholder Information - As of September 30, 2025, Kelu Electronics had 75,000 shareholders, an increase of 7.23% from the previous period. The average number of circulating shares per shareholder was 18,664, a decrease of 6.74% [2][3]. - The third-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 57.6314 million shares, which increased by 35.0651 million shares compared to the previous period [3]. Business Segments - Kelu Electronics' main business segments include energy storage (49.83% of revenue), smart grid (48.74%), property (0.91%), and comprehensive energy management and services (0.43%) [2].

Core Viewpoint - Innovation Industry (02788) has successfully listed its shares at a price of HKD 10.99 per share, raising approximately HKD 5.313 billion, with a notable initial increase of 38.31% to HKD 15.2 per share, reflecting strong market interest [1] Company Overview - Innovation Industry focuses on the upstream aluminum industry chain, specifically in alumina refining and electrolytic aluminum smelting [1] - The company operates a significant electrolytic aluminum smelting plant in Hohhot, Inner Mongolia, which is the fourth largest in North China based on 2024 production capacity [1] - According to CRU's report, Innovation Industry ranks as the twelfth largest electrolytic aluminum producer in China by 2024 production capacity [1] Market Expansion - The company is actively responding to the "Belt and Road" initiative by strategically planning a 500,000-ton electrolytic aluminum comprehensive project in Saudi Arabia, which is expected to provide new growth momentum [1] - The Middle East's electrolytic aluminum demand is projected to maintain a compound annual growth rate of approximately 4.6% from 2025 to 2028, indicating a high-growth market opportunity for the company [1] - By entering this high-growth market, the company aims to benefit from regional development dividends and enhance operational stability through global capacity allocation, thereby mitigating geopolitical and single-market risks [1]

Group 1 - The core viewpoint of the article is that the relationship between China and the United States has entered a phase of structural tension, with both parties viewing each other as the "only" competitor, leading to a comprehensive competitive relationship [1][2][5] - The historical context of China-U.S. relations is divided into several stages, with the first stage being absolute hostility from 1949 to 1972, followed by a period of strategic cooperation against the Soviet Union after the Shanghai Communiqué [2][4] - The Trump administration marked a turning point in U.S.-China relations, officially designating China as the "only strategic competitor" in its national security strategy, leading to a phase of comprehensive strategic competition [5][6] Group 2 - The article discusses the mixed warfare strategy employed by the U.S. against China, which includes trade wars, technology restrictions, and financial pressures, indicating a shift from a defensive to a more aggressive stance by China [6][10] - The recent trade war has seen China adopting a more assertive response, with significant retaliatory tariffs that demonstrate a shift in strategy from previous years [8][10] - The U.S. has faced supply shortages as a result of the trade conflict, leading to a reconsideration of its approach, which highlights the interdependence of the two economies [10][11] Group 3 - The article emphasizes the importance of domestic stability for both China and the U.S., noting that internal challenges such as economic downturns and social issues could impact their international standing [15][16] - China's foreign policy is evolving, moving away from "keeping a low profile" to a more assertive stance, particularly in military capabilities and regional influence [19][20] - The article outlines China's strategic focus on building a unified domestic market and enhancing its international relationships, particularly through initiatives like the Belt and Road [32][34]

Core Viewpoint - The Hong Kong IPO market has been active in 2023, with 80 IPOs raising over $26 billion, leading globally in fundraising [1] Group 1: IPO Performance - Innovation Industry (02788) officially listed on the Hong Kong Stock Exchange on November 24, with an issue price of HKD 10.99, aiming to raise approximately HKD 5.5 billion [1] - The company attracted 17 notable cornerstone investors, including Hillhouse, China Hongqiao, and others, with a total subscription amount of about $351 million, indicating strong institutional confidence in its fundamentals [1] - The IPO saw over 40 times subscription in international placement and nearly 450 times in public offering, marking it as one of the hottest new stocks this year [1] Group 2: Market Performance - The company's dark market trading was impressive, with significant increases in both Huida and Futu, rising by 30.57% and 26.02% respectively [2] - The average dark market increase for 42 new stocks listed in Hong Kong in the first half of the year was 15.9%, with an average first-day increase of 13.3% [2] Group 3: Financial Performance - Innovation Industry has shown strong financial performance, with revenue projected to grow from CNY 913 million in 2022 to CNY 2.63 billion in 2024, reflecting a compound annual growth rate of over 60% [2] - The company has a robust cost control capability, with sales costs as a percentage of total revenue decreasing from 84.9% to 71.8% from 2022 to 2024 [4] Group 4: Strategic Growth Drivers - The company is enhancing its "internal" growth through a fully integrated supply chain in the aluminum industry, achieving a self-sufficiency rate of approximately 84% for alumina by 2024 [3] - The company is also expanding "externally" by investing in a 500,000-ton electrolytic aluminum project in Saudi Arabia, tapping into a high-growth market with an expected CAGR of 4.6% from 2025 to 2028 [4][5] - The Saudi project benefits from low-cost and stable energy supply, which is expected to replicate and strengthen the company's energy cost competitiveness [5] Group 5: Investment Value - Innovation Industry is positioned as a rare investment opportunity with both "certainty" and "growth" potential, supported by strong financial metrics and a clear second growth curve from overseas expansion [5]

根据工程机械工业协会数据，10月工程机械内销整体表现不错，挖机增速有所放缓主要系库存影响，但 非挖同比继续保持较高增长水平，整体上工程机械内需继续向上。出口方面，整体看10月趋势继续向 好，其中挖机销售9628台，同比增长12.9%；装载机销售5301台，同比增长22.6%；压路机销售741台， 同比增长27.8%；摊铺机销售40台，同比增长48.1%；履带起重机销售239台，同比增长79.7%；随车起 重机销售379台，同比增长59.2%。 科创机械ETF(588850)紧密跟踪上证科创板工业机械指数，聚焦城轨铁路装备、工业自动化、工程机械 等领域投资机会。 太平洋研报观点认为，展望后续，国内随着资金端逐步到位，雅鲁藏布江重大水利工程的开工，地产、 基建端利好政策的推进，以及叠加工程机械更新周期，行业在政策端带来需求好转及更新周期启动双重 利好下，有望继续取得不错表现。出口随着海外景气度向上，尤其是海外矿山资本开支景气上行的影响 下，矿山机械需求向好，看好在"一带一路"政策的推动下，国产主机厂有望跟随中资矿企出海，同时随 着国产品牌在海外渠道的持续开拓以及产品力的不断提升，国内主机厂有望加速抢占海外市场，出 ...

Investment Rating - The report maintains an "Overweight" rating for the construction materials industry [1] Core Views - The construction materials sector is currently facing a high base effect in Q4 2024, which may challenge year-on-year comparisons. However, there are signs of potential alpha opportunities in the consumer segment and export industries if the sector can navigate this high base successfully [3][4] - The report highlights a mixed performance in the cement market, with prices showing slight fluctuations and regional disparities. The average price of high-standard cement is reported at 350.8 CNY/ton, down 1.5 CNY/ton from the previous week and down 77.7 CNY/ton year-on-year [3][11] - The glass market is experiencing downward pressure on prices due to high inventory levels and weak demand, with the average price of float glass at 1168.4 CNY/ton, down 27.0 CNY/ton from the previous week and down 289.7 CNY/ton year-on-year [3][42] - The report suggests focusing on renovation consumption and the export industry, recommending companies such as Arrow Home, SanKe Tree, and China Giant for potential investment opportunities [3][4] Summary by Sections 1. Bulk Construction Materials Fundamentals and High-Frequency Data - **Cement**: The national average cement price is 350.8 CNY/ton, with regional price changes varying significantly. The average cement inventory ratio is 69.2%, and the average shipment rate is 45.7% [3][11][18] - **Glass**: The float glass market is under pressure with prices declining and high inventory levels. The average price is reported at 1168.4 CNY/ton, with inventory increasing to 6005 million heavy boxes [3][42][45] - **Fiberglass**: The market is stable with slight price increases in high-end products. The average price for non-alkali fiberglass is around 3250-3700 CNY/ton [3][5] 2. Industry Dynamics Tracking - The report notes that the construction materials sector has seen a decline of 5.68% in the past week, underperforming compared to the broader market indices [3] - The report emphasizes the importance of supply-side reforms and the potential for recovery in profitability as demand stabilizes [3][4] 3. Weekly Market Review and Sector Valuation Table - The report provides a detailed analysis of price changes, inventory levels, and shipment rates across various regions, indicating a mixed outlook for the sector [3][21][38]

Core Insights - China's GDP growth rate for the first half of the year reached 6.8%, with significant developments in foreign trade [1] - The total import and export volume reached 14.12 trillion yuan, with Guangdong, Jiangsu, Shanghai, and Zhejiang accounting for 58.3% of the total [1] - Despite leading in total trade volume, Guangdong experienced negative export growth, while Yunnan topped the national trade growth rankings [1][4] Trade Volume and Growth - The eastern coastal provinces dominate in trade volume, with Guangdong, Jiangsu, Shanghai, and Zhejiang being consistent members of the "trillion club" [2][3] - In the first half of 2018, Guangdong's total import and export value was 32,396.5 billion yuan, a year-on-year increase of 2.7%, maintaining its position as the largest [3] - Jiangsu led in growth rate among these provinces with a 9.4% increase, while Guangdong's export growth was negative at -3.3% [3] Western Provinces' Performance - Western provinces showed remarkable trade growth, with Yunnan, Shaanxi, and Gansu leading the national rankings [4][6] - Yunnan's import and export total reached 935.92 billion yuan, with a staggering year-on-year growth of 56% [6] - The disparity in growth rates among western provinces is notable, with Yunnan's growth significantly outpacing that of other regions like Qinghai, which saw a decline [4][6] Factors Influencing Trade Dynamics - The shift of production capacity from Guangdong to provinces like Sichuan and Chongqing is contributing to Guangdong's declining export growth [3][5] - The influx of outward-oriented enterprises into the central and western regions has led to explosive growth in trade, particularly in provinces like Sichuan [5] - Yunnan's impressive growth is attributed to increased imports of oil and gas through the China-Myanmar pipeline and the export of highland specialty agricultural products [6][7] Trade with Belt and Road Countries - Trade with ASEAN and other Belt and Road countries has shown significant growth, indicating the increasing importance of these regions in China's foreign trade [7][8] - The recent adjustments in foreign investment regulations may further influence trade dynamics, particularly in energy sectors [8]

每经记者｜杨弃非 每经编辑｜毕陆名 "塞舌尔希望，在中非合作论坛北京峰会上，能够与中国签署'一带一路'合作协议。"在7月23日于成都 开幕的第五届中非民间论坛上，塞舌尔人民党主席、副总统文森特·梅里顿说。 对于梅里顿而言，当务之急，是让更多中国人了解塞舌尔、提高其旅游吸引力。梅里顿提出的一种办法 是，将塞舌尔吞拿鱼打造成中国人认可的明星产品，吸引中国游客到当地品尝。 欧洲人的度假天堂塞舌尔，在中国似乎进入旅游合作的"瓶颈期"。 根据塞舌尔国家统计局公布的数据，去年，塞舌尔旅游业再创新高，入境塞舌尔的旅游人次将近35万人 次，同比增长15.4%；但与此形成鲜明对比的是，中国入境塞舌尔人数仅12006人，与2016年14549人相 比，同比下降17.5%。 5年前，情况则截然相反——当时，受金融危机影响，欧洲游客选择远距离旅游的意向大幅下降，中国 游客成了新的增长极。报道称，未来，中国游客将平衡塞舌尔在欧洲市场流失的游客。 图片来源：新华社 "我们与银行等相关机构探讨，希望吸引更多中国游客到塞舌尔旅游。塞舌尔将在酒店、餐饮、购物等 方面进行改进，提供符合中国游客需求的体验。"在总结中塞旅游业合作时，梅里顿说："塞 ...