桑顿以中美留学生的数量对比切入主题，并回顾了自己如何在课堂上激励学生深入地思考，强调在地缘政治紧张加剧的当下，沟通与理解尤为关键，世界 未来走向很大程度取决于年轻一代领导者如何应对中美关系。他表示，沟通是产生改变的桥梁，自从离开高盛集团，他一直致力于为改善中美关系贡献力 量。他以2050年全球人口结构为例，预测届时世界人口将达100亿，新增20亿主要来自非洲和中亚等发展中地区。他认为，面对全球贫富差距、气候、疾 病、恐怖主义等问题，中美作为最有实力、最具影响力的国家，应当和谐共处，共同寻求有效的解决之道。他指出，尽管世界已经发生深刻变革，但国家 间的互动模式却仍停滞不前。他期待这种改变能从每一位学生、每一位未来的领导者开始，由新一代肩负起推动全球合作与进步的责任。 活动现场 2025年10月17日，清华经管学院顾问委员会委员、红鸟资本合作伙伴董事长、亚洲协会联席理事长约翰·L·桑顿（John L. Thornton）走进清华经管课堂， 以"人才、教育和下一代全球领袖"为主题，与近百名经管学生进行交流，活动由MBA学生主持。 桑顿走进清华经管课堂 在随后的互动环节中，同学们就创新的本质和容错、领导力哲学的影响、 ...

Group 1 - The core viewpoint emphasizes China's proactive approach in exploring unknown territories in technology, particularly since the "14th Five-Year Plan" [5] - China is making significant advancements in micro-detection technology, positioning itself among the world's leaders with facilities like the "super microscope" at the China Spallation Neutron Source [3] - The construction of major scientific infrastructure, such as the Hefei Advanced Light Source, is accelerating, with the number of projects more than doubling compared to the previous five-year period [9] Group 2 - The "14th Five-Year Plan" highlights the importance of strategically positioning major technological infrastructure to drive high-quality development [6] - China is expected to enter the top ten of the Global Innovation Index by 2025, reflecting its growing influence in global innovation [8] - The country has the highest number of R&D personnel globally and over 500,000 high-tech enterprises, indicating a robust innovation ecosystem [13]

今天还看到一条消息，"全球最快高铁"CR450动车组目前正在开展运用考核。所谓"运用考核"就是"刷 里程"，进行各种达标考试。考核通过之后，离投入运营也就越来越近。试验期间，CR450动车组还跑 出了单列时速453公里的新纪录。CR450动车组之所以跑得又稳又快，一方面是因为动力强劲、科技含 量高，比如列车采用了新型复合材料，让车身整体上更轻；另一方面动车组的设计更潮更酷，比如车头 更尖更细，如离弦之箭，阻力更小。新动能不断累积的中国经济和"全球最快高铁"在不断创造新纪录、 取得新突破，两者都是以持续的创新跑出了发展的加速度。这也是一路向前的中国速度。 三个季度的经济总量就已突破百万亿，而我国年度GDP首次超百万亿是在五年前的2020年。五年来我国 经济连上新台阶，今年全年有望达到140万亿元。块头在变大，步伐则更稳更有劲，其中特别亮眼的是 关键核心技术不断取得突破、创新力大幅跃升，大国重器捷报频传，各种新模式、新业态层出不穷。就 以火热的人工智能为例，我国算力规模位居世界前列，生成式人工智能用户规模超5亿，半年内翻番。 百万亿这个数字里，"新"光闪耀，"稳"的格局、"进"的势头、"韧"的特性也都没有变。 今 ...

Group 1 - The importance of developing the real economy is emphasized as a strategic choice for a large country like China [2][3] - The manufacturing sector is highlighted as a crucial pillar of the national economy, with a focus on maintaining a reasonable proportion of manufacturing in the modernization process [1][3] - The transformation and innovation of traditional industries, such as the case of Yangquan Valve Company, illustrate the historical significance and evolution of national industry [1][3] Group 2 - The concept of "consolidation" in the context of developing the real economy is underscored, with examples from the steel industry, particularly the advancements in "hand-tear steel" [4][5] - Companies are encouraged to focus on their core business and avoid distractions from capital operations, as seen in the textile and footwear industries in Fujian [5][6] - Innovation is identified as a key competitive advantage, with companies like XCMG and LiuGong leading in engineering machinery through innovative products [6][7] Group 3 - The growth of the manufacturing sector is evident, with industrial added value increasing from 31.3 trillion yuan to 40.5 trillion yuan during the 14th Five-Year Plan period, maintaining the largest manufacturing scale globally for 15 consecutive years [8] - The resilience of the real economy is supported by over 63 million enterprises in China, including a significant number of high-tech and specialized small and medium-sized enterprises [8] - China's contribution to global manufacturing growth exceeds 30%, and it is set to remain the largest automobile exporter in 2024, enhancing its international competitiveness [8][9]

Core Insights - China is actively pursuing technological advancements and innovation, particularly in high-tech fields, as part of its "14th Five-Year Plan" [5][9][11] - The country has made significant strides in scientific research and infrastructure, with a focus on major technological projects that enhance foundational research capabilities [11][13] - China has achieved a notable position in the global innovation landscape, with its innovation clusters ranking among the best worldwide [6][21] Group 1: Technological Advancements - The high-altitude cosmic ray observatory at 4,410 meters has provided key insights into the origins of cosmic rays in the Milky Way for the first time in history [1] - The China Spallation Neutron Source has emerged as a leading facility in the field of micro-detection, enhancing China's global standing in this area [3] - The Hefei Advanced Light Source, one of the most advanced fourth-generation synchrotron radiation sources, is under construction to enable observations at the molecular and atomic levels [8] Group 2: Innovation and Research - The World Intellectual Property Organization's Global Innovation Index indicates that China has climbed significantly, aiming to enter the top ten globally by 2025 [6] - Over the past five years, the number of major technological infrastructure projects has more than doubled compared to the previous five-year period, marking a record high [11] - China has the highest number of R&D personnel globally, with over 500,000 high-tech enterprises, driving economic vitality through innovation [21] Group 3: Breakthroughs and Applications - The domestic brain pacemaker has been fully commercialized, benefiting 30,000 Parkinson's disease patients [19] - A quantum communication metropolitan area network has been established in over 20 key cities, creating the world's largest quantum communication network [19] - Recent research on lunar soil samples from the Chang'e 6 mission has revealed the presence of water-rich materials from carbonaceous chondrites, providing insights into the moon's water sources [22]

Core Insights - The Chengdu-Chongqing economic circle is experiencing unprecedented development vitality, with the economic total increasing from 6.3 trillion to 8.7 trillion yuan over five years, showcasing its significant support for high-quality development in the western region and nationwide [1] Industry and Company Developments Biopharmaceutical Sector - Companies like Olin Bio are focusing on innovative vaccine development, achieving significant sales in their tetanus vaccine and leading global research in recombinant Staphylococcus aureus vaccines, demonstrating that high R&D investment is crucial for core competitiveness [2] - Yuandong Bio is transforming through a combination of imitation and innovation, progressing from high-end generics to innovative drug development, providing a model for small and medium-sized pharmaceutical companies [2] Traditional Industry Transformation - Chongqing Pharmaceutical Holdings exemplifies traditional enterprise transformation through identity, business, and digital changes, enhancing growth and efficiency [3] - Huaxi Securities is strategically integrating into the Chengdu-Chongqing economic circle, focusing on unique business offerings to leverage local policy benefits and industry characteristics [3] Advanced Technology Sector - Zhongzi Technology has evolved over 20 years, turning laboratory innovations into market-ready products, and has established a business matrix encompassing catalysts, new energy, and new materials [3] - Reascent Technology is developing core technologies in ultra-fine fiber materials, expanding applications in air purification and insulation [4] - Silica Treasure Technology has become a leader in organic silicon sealing materials, achieving a comprehensive product system and multi-field layout [4] Niche Market Leaders - Shanwaishan has achieved international advanced levels in blood purification equipment, expanding its market presence both domestically and internationally [5] - Zhongguang Lightning Protection has built a unique technological moat through a full-chain approach to lightning protection, supported by a legacy of technical expertise [6] Conclusion - Companies across various sectors in the Chengdu-Chongqing region are leveraging innovation and resilience to contribute significantly to the economic landscape, marking a vibrant chapter in the development of the dual-city economic circle [6]

新华社里斯本10月18日电 专访：只要走进中国，就能切身体会到这个国家的巨大发展成就——访葡萄牙经济兼国土融合部长阿尔梅达 新华社记者荀伟 "只要走进中国，就能切身体会到其快速发展所取得的巨大成就。"葡萄牙经济兼国土融合部长曼努埃尔·卡斯特罗·阿尔梅达日前接受新华社记者专 访时说，"中国的发展令人钦佩。" 阿尔梅达对中国在高质量完成"十四五"规划方面取得的成就深有感触。他告诉记者："20年前、10年前以及上个月我都去过中国，每一次都能感受 到巨大的变化。" 他表示，葡萄牙已建立起完善的外国投资支持和合作体系，政府将在财政和税收方面为中国投资者提供支持和优惠政策，鼓励更多中国企业落户 葡萄牙，分享本地创新生态和欧洲市场机遇。 阿尔梅达说，葡萄牙愿继续做中国在欧洲稳定、可靠的伙伴，与中国一道在科技研发、人才培养和产业投资等领域拓展合作。 责编：李磊、王瑞景 阿尔梅达说，葡萄牙同样具备良好的创新基础，尤其是在该国北部奥瓦尔地区，周边聚集了阿威罗大学、波尔图大学等高校，科研力量雄厚，人 才培养体系完善。近年来，当地汇聚了大批科学家和研究人员，形成了活跃的创新生态。 "如果把葡萄牙在科研院校和人才方面的潜力与中国在技术 ...

Core Viewpoint - The leading domestic paint company, Sankeshu (603737.SH), is advancing its retail strategy transformation and cost optimization to break through in a fiercely competitive market environment. Financial Performance - For the first three quarters of 2025, the company achieved operating revenue of 9.392 billion yuan, a year-on-year increase of 2.69% [1][2] - The net profit attributable to shareholders reached 744 million yuan, up 81.22% year-on-year [1][2] - The net profit excluding non-recurring gains and losses was 565 million yuan, reflecting a growth of 126.37% [1][2] - The net cash flow from operating activities was 1.088 billion yuan, an increase of 18.73% [1][8] - The net profit for the first nine months has already reached 2.24 times that of the entire year of 2024 [3] Strategic Initiatives - The company is focusing on retail business, particularly the "Immediate Living" service and downstream dual-package service models for artistic and imitation stone paints, which have become its competitive advantages [1][4] - Sankeshu is enhancing its supply chain efficiency to reduce costs and improve profit margins [1][7] - The company has completed 1,323 R&D projects in the first half of 2025, surpassing the total for the entire year of 2024 [4] Product Development - The company is developing a comprehensive product solution in the retail sector, including latex paints, artistic paints, and adhesives, while also focusing on green building materials in the engineering sector [4] - In the industrial adhesive sector, Sankeshu is targeting the renewable energy, automotive, and home appliance industries with functional adhesive solutions [5] Cost Management - The company has implemented various measures to reduce costs, resulting in a decrease of approximately 67 million yuan in operating expenses [7][8] - The average procurement price of key raw materials has decreased, expanding profit margins [7][8] - The total sales, management, R&D, and financial expenses for the first nine months were approximately 2.129 billion yuan, a reduction of about 0.67 billion yuan year-on-year [8] Dividend Distribution - Based on stable performance, the company has announced a profit distribution plan for the first three quarters, proposing a cash dividend of 0.50 yuan per share, totaling 369 million yuan [1][8] - Including this distribution, the total cash dividends paid since its listing have exceeded 1.102 billion yuan, surpassing 50% of the total fundraising amount [1][8]

Core Insights - Shaanxi is leveraging its advantages to drive high-quality development through innovation, integrating technological and industrial innovation to build a modern industrial system [1][5] - The province is witnessing a surge in technology-driven enterprises and the transformation of scientific research achievements into marketable products [1][5] Group 1: Technological Innovations - Intelligent non-destructive testing technology developed by Xi'an Shuhua Information Technology Co., Ltd. can detect micro-defects in industrial equipment with a speed 40 times faster than traditional methods, achieving nearly 100% detection rate for defects [2][4] - The company has rapidly become a leader in multi-modal AI quality inspection solutions in the high-end manufacturing sector, supported by strategic partnerships and resource allocation from local initiatives [4][5] Group 2: Policy and Support - Shaanxi is implementing three reform policies to enhance the transformation of scientific achievements into products, focusing on investment, talent, and support for technology-driven enterprises [4][5] - By 2024, Shaanxi will have 201 pilot units for these reforms, with over 10.6 million scientific achievements recorded and 3.6 million successfully transferred to market applications [5] Group 3: Pharmaceutical Innovations - Xi'an New Tong Pharmaceutical Research Co., Ltd. has developed the world's first targeted innovative drug for hepatitis B, marking a significant breakthrough for Shaanxi's pharmaceutical industry [6][7] - The drug has shown superior efficacy compared to existing imported treatments, highlighting the province's potential in biopharmaceutical innovation [7][8] Group 4: Emerging Industries - Shaanxi is focusing on developing strategic emerging industries such as new energy vehicles and solar photovoltaics, aiming to enhance its industrial chain and promote high-quality growth [9][10] - The province's strategic emerging industries have seen rapid growth, contributing to the formation of a modern industrial system [9][10] Group 5: Entrepreneurial Ecosystem - The supportive policies in Shaanxi have fostered a conducive environment for innovation and entrepreneurship, leading to the rapid growth of technology-based enterprises [11][12] - The number of high-tech enterprises in Shaanxi has been growing at over 30% annually, indicating a robust innovation ecosystem [12]

□本报记者王雪青 王国辉，毕盛资产管理有限公司(APS)创始人、董事长兼首席策略官。拥有44年投资经验，曾任花旗信 托日本首席投资官、花旗银行香港高级基金经理及新加坡政府投资公司高级投资官。 "世界正重估中国资产，已经到了不可不投的阶段。"日前，在接受中国证券报记者专访时，毕盛资产 (APS)创始人、董事长兼首席策略官王国辉如是说。 毕盛资产是一家总部位于新加坡的外资机构。创始人王国辉出生于马来西亚，先后在新加坡政府投资公 司(GIC)、花旗等多家海外大型资管公司任职，拥有超过40年的投资经验。这位亲历日本股市泡沫、美 股互联网泡沫、全球金融危机等历史时刻，并屡次在逆向投资中获得成功的国际知名投资者，近年来坚 定地选择"专注中国投资"。 王国辉对中国证券报记者表示，中国经济发展具备"MIT"优势，即制造业(Manufacturing)、创新 (Innovation)和人才(Talent)，这是他持续看好中国市场的原因。 "我坚信，中国最辉煌的岁月还在前方，因为中国的'MIT'属于一流水平。"王国辉的话掷地有声，"今天 的中国已完全不同。这意味着中国资产的风险溢价已大幅下降，很多公司会出现20%-40%的市盈率 ...