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 ...

Core Viewpoint - Guanghui Logistics has experienced a significant decline in stock price and financial performance, indicating potential challenges in its operations and market position [1][2]. Financial Performance - As of September 30, 2025, Guanghui Logistics reported a revenue of 2.051 billion yuan, a year-on-year decrease of 20.09% [2]. - The net profit attributable to shareholders for the same period was 318 million yuan, down 24.55% year-on-year [2]. - The company's stock price has dropped 29.11% year-to-date, with a 9.07% decline over the last five trading days [1]. Stock Market Activity - On November 24, Guanghui Logistics' stock fell by 2.01%, trading at 6.82 yuan per share with a total market capitalization of 8.139 billion yuan [1]. - The stock has seen a net outflow of 3.0745 million yuan in principal funds, with significant selling pressure [1]. - The company has appeared on the stock market's "龙虎榜" (top trading list) twice this year, with the most recent occurrence on April 23 [1]. Business Segments - Guanghui Logistics' main business segments include energy logistics services (79.11% of revenue), real estate sales (16.38%), logistics park operations (3.00%), and other minor segments [1]. - The company is involved in various industry concepts such as smart logistics and the Belt and Road Initiative [2]. Shareholder Information - As of September 30, 2025, the number of shareholders increased to 19,000, with an average of 62,909 circulating shares per shareholder, a decrease of 3.06% from the previous period [2]. - The company has not distributed any dividends in the last three years, with a total payout of 1.343 billion yuan since its A-share listing [3].

新华社澳门11月23日电（记者 刘刚 齐菲 郭雨祺）22日至23日，学习贯彻党的二十届四中全会精神 中央宣讲团在澳门特区为中央驻澳机构和中资企业代表、澳门特区管治团队、社会各界人士进行了三场 宣讲，并赴横琴粤澳深度合作区调研及交流。 中央宣讲团成员，中国科学院院长、党组书记侯建国分领域介绍"十五五"时期对推进中国式现代化 具有重大牵引、驱动、支撑作用的战略任务和重大举措。他表示，"十五五"规划建议提出加强原始创新 和关键核心技术攻关，推动科技创新和产业创新深度融合，一体推进教育科技人才发展、深入推进数字 中国建设等部署，建议澳门加强和大湾区其他城市协同合作，加大应用场景建设和开放力度，加快重大 科技成果高效转化利用，培育发展新质生产力。他还建议澳门充分发挥中葡商贸合作服务平台作用和自 由港、单独关税区优势，助力内地企业"走出去"，共同参与高质量共建"一带一路"，打造高水平对外开 放桥头堡，在畅通国内国际双循环中发挥更大作用。 中央宣讲团成员，中央财经委员会办公室副主任、中央农村工作领导小组办公室副主任祝卫东围绕 党的二十届四中全会的重大意义，"十五五"时期我国经济社会发展形势任务、指导方针和主要目标作出 全面 ...

Core Insights - The total value of goods trade imports and exports in Shenyang reached 114.78 billion RMB in the first ten months of 2025, with exports hitting a record high of 53.77 billion RMB, marking an 11.6% year-on-year growth, surpassing the provincial average by 2 percentage points [1] - Despite a decline in imports due to factors like bulk commodities, the overall decrease has narrowed by 2 percentage points compared to the previous nine months, indicating a stabilizing trend [1] Trade Structure Highlights - General trade, characterized by greater autonomy, dominates Shenyang's foreign trade, accounting for over 80% of the total import and export value, serving as a stabilizing force in the trade structure [1] - Private enterprises showed remarkable growth with a 36.2% year-on-year increase in imports and exports, significantly contributing to the overall growth alongside state-owned enterprises, which grew by 14.7% [1] Trade Partnerships and Product Insights - Shenyang's trade partners have become more diverse, with stable growth in trade with ASEAN countries, Belt and Road Initiative countries, and RCEP partners, including a trade value of 56 billion RMB with Belt and Road countries, growing by 4.6%, and 20.12 billion RMB with RCEP partners, growing by 8% [2] - The export product list from Shenyang is notable, with electromechanical products remaining the mainstay, particularly a 39.7% increase in electrical equipment exports and steady growth in automotive parts, showcasing Shenyang's advantages in related industrial chains [2] - Labor-intensive products have emerged as a surprising contributor to export growth, with an impressive increase of 86.4%, while imports of agricultural products and pharmaceuticals have also seen double-digit growth, meeting the rising domestic market demand [2]

Core Viewpoint - China Southern Airlines' stock price has experienced fluctuations, with a year-to-date increase of 6.78% but a recent decline of 4.68% over the past five trading days [2] Financial Performance - For the period from January to September 2025, China Southern Airlines reported a revenue of 137.67 billion yuan, representing a year-on-year growth of 2.23%, and a net profit attributable to shareholders of 2.31 billion yuan, which is a 17.40% increase compared to the previous year [2] - The company has cumulatively distributed 6.63 billion yuan in dividends since its A-share listing, with no dividends paid in the last three years [3] Stock Market Activity - As of November 24, the stock price of China Southern Airlines was 6.93 yuan per share, with a market capitalization of 125.58 billion yuan [1] - The stock experienced a net outflow of 27.99 million yuan in principal funds, with significant selling pressure observed [1] Shareholder Structure - As of September 30, 2025, the number of shareholders for China Southern Airlines was 133,300, a decrease of 4.76% from the previous period [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited and China Securities Finance Corporation, with notable changes in their holdings [3]

Core Viewpoint - Longteng Optoelectronics has experienced a decline in stock price and revenue, with a significant drop in net profit, indicating potential challenges in the market [1][2]. Financial Performance - As of September 30, 2025, Longteng Optoelectronics reported a revenue of 1.903 billion yuan, a year-on-year decrease of 27.85% [2]. - The company recorded a net profit of -180 million yuan, reflecting a year-on-year decrease of 6.98% [2]. - Year-to-date, the stock price has decreased by 5.81%, with a 4.89% drop over the last five trading days and a 10.57% decline over the last 60 days [1]. Shareholder Information - The number of shareholders as of September 30, 2025, is 19,900, a decrease of 4.53% from the previous period [2]. - The average number of circulating shares per shareholder has increased by 4.74% to 167,892 shares [2]. - The company has distributed a total of 159 million yuan in dividends since its A-share listing, with 33.33 million yuan distributed in the last three years [3]. Major Shareholders - Hong Kong Central Clearing Limited is the third-largest circulating shareholder, holding 4.0532 million shares, an increase of 644,900 shares from the previous period [3]. - Huaxia Zhisheng Pioneer Stock (LOF) A is the fifth-largest circulating shareholder, holding 3.0005 million shares as a new shareholder [3]. - The Kexin 100 ETF Fund is the ninth-largest circulating shareholder, holding 2.2011 million shares, a decrease of 34,600 shares from the previous period [3].

2025 年 11 月 24 日 建筑 证券研究报告 投资评级 领先大市-A 维持评级 | | | 行业表现 chenyf4@essence.com.cn 低估值基建央企具备稳健防御属性，出 海/洁净室工程延续高景气度 本周投资建议： 受大盘调整影响，本周建筑板块下跌 6.11%，传统建筑央企板块下跌 3.63%。年初以来，受下游基建投资增速放缓及房地产投资持续下滑 等因素影响，传统建筑央企经营承压，年初至今股价下跌 10.70%， 目前建筑板块及传统建筑央企估值位居低位，截至目前，SW 建筑装 饰板块市盈率（TTM）为 9.0 倍，传统建筑央企板块市盈率（TTM） 为 5.4 倍。基建央企板块营收业绩成长仍承压，但关键性经营指标有 所改善，且多家企业提升分红比例，财政政策维持积极基调，化债效 果或于 2026 年逐步体现，板块整体具备稳健防御属性，建议关注 Q4 低估值传统建筑央企板块投资机会。此外，西部区域建设及洁净室板 块维持高景气，需求持续上行驱动龙头企业成长。 2023 年以来，八大建筑央企海外新签订单维持两位数快速增长，2023 年、2024 年、2025Q1-Q3 合计海外新签订单增速分别为 1 ...

Core Viewpoint - China Gold Group Jewelry Co., Ltd. has announced the establishment of its wholly-owned subsidiary, International Company, as a key component of its internationalization strategy, aiming to integrate into the national "dual circulation" development pattern and leverage the "Belt and Road" initiative [1][2] Group 1 - The International Company will be based in Hainan and will create a comprehensive platform for cross-border supply chain management, duty-free business expansion, and cultural export, benefiting from Hainan's favorable tax policies [1] - The establishment of the International Company is supported by effective negotiations with local government, banks, and regulatory bodies, ensuring a smooth setup for cross-border capital flow [2] - The company plans to collaborate with strategic partners such as China Duty Free Group and Macau Nanguang Group to develop cultural and creative products and promote them through large cultural and sports events in the Guangdong-Hong Kong-Macao Greater Bay Area [2] Group 2 - The International Company is positioned as an "innovation engine" for China Gold to penetrate the global jewelry industry chain and drive this process forward [2] - Future plans include exploring new cross-border cooperation models based on regional characteristics to enhance the international presence of Chinese brands [2]

原标题：锂电池、光伏组件、风电叶片等持续热销海外 江苏发力填补世界"绿色缺口" 江苏制造为世界持续提供优质实惠的"绿色产品"，让越来越多的消费者买得起、用得起。11月3日，宿 迁阿特斯阳光能源科技有限公司生产的一批太阳能光伏组件产品快速通关，发往巴基斯坦。企业不断加 大技术研发力度、扩大产能布局规模。"2024年我们成功拓展了巴基斯坦市场，2025年前三季度出口超4 亿元，是2024年全年的3倍。"该公司关务苏茜说。 江苏不断深化与共建"一带一路"国家绿色经济等领域合作，携手推动绿色低碳可持续发展。日前，远景 能源有限公司江阴叶片工厂生产的15支风电叶片在江阴综合保税区完成集货后，将通过海运方式发往埃 及，这是2025年该企业发往共建"一带一路"国家的第15票风电叶片。"前9个月，公司出口共建'一带一 路'国家风机设备总值超过1.8亿元，在手订单已排至2026年12月。"江阴叶片工厂负责人黄伟告诉《新 华日报》记者。 在绿色经济出海的浪潮中，绿色装备的足迹不仅遍布全球风电赛场，更在新能源汽车产业链上加速延 伸。11月3日，安费诺汽车连接系统（常州）有限公司近500类新能源车辆连接器产品陆续下线，随后出 口至塞 ...

近日，全国31省份（不含港澳台）前三季度经济数据陆续发布。根据国内生产总值（GDP）由高至低排 列，经济前十强省份为：广东、江苏、山东、浙江、四川、河南、湖北、福建、上海和湖南。 | 排名 | 省份 | | 增速(%) | | --- | --- | --- | --- | | 1 | 广东 | 105176. 98 | 4.1 | | 2 | 江苏 | 102811 | 5.4 | | 3 | 山东 | 77115 | 5.6 | | 4 | 浙江 | 68495 | 5.7 | | ર | 四川 | 49322. 2 | 5.5 | | ୧ | 河南 | 48867. 57 | 5.6 | | 7 | 湖北 | 44875. 62 | 6.0 | | 8 | 福建 | 42339.86 | 5.2 | | 9 | 上海 | 40721. 17 | 5.5 | | 10 | 湖南 | 40240. 56 | 5.4 | | 11 | 安徽 | 39770 | 5.4 | | 12 | 北京 | 38415. 9 | 5.6 | | 13 | 河北 | 35547. 6 | 5.5 | | 14 | 陕西 | ...