Core Points - The 8th China International Import Expo (CIIE) opened on November 5, 2023, in Shanghai, showcasing China's commitment to high-level opening-up and global cooperation [1][4][6] - This year's expo features a record number of participating companies, highlighting the vitality of China's large-scale market [1][4][6] - The expo serves as a "catalyst" for high-quality development in China and a "firewall" against anti-globalization trends, providing certainty to the global economy [1][10][12] Group 1: Event Overview - The CIIE is themed "Open Cooperation for New Opportunities and Shared Future," emphasizing its role as a bridge between the world economy and China's economy [1][4] - The exhibition area exceeds 367,000 square meters, with over 4,100 participating companies, including 290 Fortune 500 and industry-leading firms [6][10] - The event runs from November 5 to 10, 2023, and includes six major exhibition areas and an innovation incubation zone [6][8] Group 2: Key Themes and Innovations - The expo focuses on innovation, with 461 new products, technologies, and services being showcased, making China a testing ground for global innovation [6][7] - Notable global companies are participating, including those in the medical field, highlighting advancements in chronic and rare disease treatments [7] - The introduction of a "cross-border e-commerce preferred platform" and enhanced digital services aims to create new business models and improve visitor experience [7][10] Group 3: International Participation - A total of 67 countries and international organizations are participating, with six countries serving as guest countries for the first time [8] - Countries like the UAE and Nigeria are showcasing their unique cultural and economic contributions, enhancing international cooperation [8][9] - The event also features bilateral cooperation achievements and celebrations of diplomatic anniversaries with several countries [9] Group 4: Economic Impact - The CIIE is positioned as a significant platform for observing China's high-level opening-up and experiencing its vast market advantages [10] - China has been the world's second-largest import market for 16 consecutive years, with imports expected to exceed $15 trillion during the 14th Five-Year Plan [10] - The expo has generated over $500 billion in intended transaction value over its first seven editions, reinforcing its role in trade facilitation and investment [10][11]

三十五载春秋，将昔日的阡陌稻田，谱写成一座现代化新城的宏伟交响。在这片热土上，地区生产总值 的数据见证了翻天覆地的变迁：从1990年的60亿元，到2024年的近1.8万亿元，浦东以惊人的速度向上 生长。 这里，是机遇的"强磁场"：众多跨国企业在此扎根，共享发展红利；这里，是改革的"试验田"：一系列 创新举措在此破土，进而推广全国。当全球普遍认为创新成为可持续增长的源头，上海浦东新区再次成 为关注的焦点。 聚光灯下，浦东正以实践诠释这一全球经济发展的核心逻辑，其已把理论搬进实验室和工厂，用今天的 跑道，为明天的增长热身。2025年11月6日，第八届虹桥国际经济论坛"浦东与世界：共筑开放之路 共 绘产业新图景"分论坛在国家会展中心（上海）举办，该分论坛聚焦全球供应链管理中心建设、"引进 来"与"走出去"双向互动等热点话题，共同探讨浦东在全球经济治理中的角色和发展路径。 上海市决策咨询专家、上海浦东新区张江平台经济研究院院长陈炜分析指出，浦东的发展核心在于创新 驱动促进产业经济可持续发展，以制度性开放培植枢纽功能，带动投资、出口、内需。比如，浦东生物 医药、人工智能产业规模全球领先，且创新成果稳居全国前列。其创新动 ...

Core Viewpoint - The event held during the China International Import Expo emphasizes Beijing's commitment to creating a favorable environment for foreign investment, showcasing the city's openness and policy advantages [1][2]. Group 1: Foreign Investment Environment - Beijing has 35,000 foreign enterprises and 221 foreign R&D centers, which are crucial for the city's high-quality development [1]. - The city is the only one in China that serves as both a national comprehensive demonstration zone for expanding service industry openness and a free trade pilot zone, highlighting its significant policy advantages [1]. - Since the establishment of the "two zones," over 140 groundbreaking policies have been implemented, with more than 70 being national firsts [1]. Group 2: Future Plans and Policies - Beijing plans to deepen the "two zones" construction and introduce a 3.0 plan for expanding service industry openness, aligning with international high-standard trade rules [1]. - The city will fully implement the Beijing Foreign Investment Regulations and the Beijing Business Environment Optimization Regulations to enhance the service guarantee system for foreign investment [1]. Group 3: Feedback from Participating Enterprises - Participating enterprise representatives highly praised the event, noting it demonstrated Beijing's sincerity and strength in expanding openness, which boosts their confidence in investing and deepening operations in the city [2]. - The Beijing Investment Promotion Center and district promotion agencies will maintain close contact with participating enterprises to promote the city's business environment and investment opportunities [2].

Core Points - The forum emphasized the need for countries to strengthen communication and cooperation to maintain the multilateral trade system and build a more resilient and sustainable global supply chain [1][2] - China expressed its commitment to participating in WTO reforms and expanding imports of quality products and services, aiming to inject momentum into global economic growth [1] - The WTO's role in global economic governance is deemed irreplaceable, and members are encouraged to collaborate on reforms to enhance the authority and relevance of the multilateral trade system [1][2] Summary by Sections Forum Overview - The forum was hosted by the Ministry of Commerce and organized by Shanghai University of International Business and Economics, with nearly 200 representatives from various sectors attending [3] Key Discussions - Participants discussed the impact of current trade turbulence, opportunities and challenges in global trade restructuring, and the need for WTO reforms [2] - There is a consensus that a rules-based multilateral trade system provides stability and predictability, and enhancing its authority aligns with the common interests of all parties [2] - Expectations were set for China to further expand institutional openness and play a more active role in improving the global governance system and promoting world development [2]

Core Insights - Beijing hosted a government and foreign enterprise exchange event in Shanghai, focusing on collaboration and development opportunities in various sectors including pharmaceuticals, financial services, and biopharmaceuticals [1] Group 1: Policy and Economic Development - Beijing is the only city in China with both a national service industry expansion pilot zone and a free trade pilot zone, implementing over 140 breakthrough policies since the establishment of these zones [1] - The city has introduced more than 70 innovative institutional results that are replicable nationwide, aiming to deepen the "two zones" construction and align with international high-standard trade rules [1] Group 2: Tourism and Innovation - In 2024, Beijing anticipates receiving 370 million tourists, generating a total tourism revenue of 672.24 billion yuan, reflecting a growth of 14.9% [1] - The number of unicorn companies in Beijing has ranked third globally for four consecutive years, with R&D expenditure intensity maintained at around 6%, positioning the city among the top global innovation hubs [1] Group 3: Foreign Investment - Currently, Beijing hosts 35,000 foreign enterprises and 221 foreign R&D centers, which play a crucial role in the capital's high-quality development and innovation [2]

■ 方明洋 河南省南召县位于伏牛山腹地，南阳盆地北缘，古有"北扼京洛，南控荆襄"之称。南召历史悠久，秦时设雉县，已有2300余年。依托境内丰富的自然人文 资源，南召牢记习近平总书记视察南阳的重要指示精神，发挥特色优势，着力打造三张产业名片，在高质量发展的道路上行稳致远。 第一张名片：钙基新材料产业 倾力打造"中国钙都"，共筑千亿级产业高地 当前，新材料产业正成为重塑区域竞争格局的战略基石，钙基新材料作为其中应用最广、潜力最大的基础材料，迎来前所未有的发展机遇。南召的钙基新 材料产业，起步于得天独厚的资源禀赋，崛起于全产业链布局，已成为中部地区最具竞争力的特色产业集群。 一是资源储备品高质优。南召县是全国四大重质碳酸钙基地之一，资源丰富、潜力巨大，资源总储量10亿吨，可开采利用的资源量为6亿吨，品位高，质 量优，碳酸钙含量达到98%，白度在92度—95度之间，在全国属中上等。丰富的资源造就了发展钙基新材料产业无可比拟的优势，使南召县成为我国中部 地区最大的碳酸钙生产基地。 二是产业发展独具特色。近年来，南召围绕打造"中原钙都""中国钙都"的宏伟蓝图，研发出超细钙粉及纳米重钙、轻质碳酸钙、食品钙、功能性母粒等产 ...

海内外政策要闻 "十五五"规划建议正式出炉。与"十三五"和"十四五"时期一样，会议结束 后 5 天左右，10 月 28 日新华社受权全文播发了《中共中央关于制定国民经济和 社会发展第十五个五年规划的建议》和中共中央总书记习近平所作的《关于<中 共中央关于制定国民经济和社会发展第十五个五年规划的建议>的说明》，详细介 绍了《建议》出炉的过程。 国务院召开常务会议，研究深化重点领域改革扩大制度型开放工作。10月31日， 国务院总理李强主持召开国务院常务会议，研究深化重点领域改革扩大制度型开 放工作，部署加快场景培育和开放推动新场景大规模应用有关举措，审议通过《森 林草原防灭火条例（草案）》。会议指出，要着力深化重点领域改革，带动高水平 对外开放，提升商品市场开放水平，优化服务市场准入规则，完善要素市场开放 监管制度。 习近平主席同美国总统特朗普在釜山举行会晤。当地时间10月30日，国家主席习 近平在釜山同美国总统特朗普举行会晤。习近平指出，面对风浪和挑战，两国元 首作为掌舵人，应当把握好方向、驾驭住大局，让中美关系这艘大船平稳前行。 国内外政策导向分析 策略报告 | 投资策略 "十五五"：以经济建设为中心 证券研 ...

Core Insights - The 20th Central Committee's Fourth Plenary Session has outlined the direction for China's future development, emphasizing "high-quality development" as the core theme for the 15th Five-Year Plan, aiming for "qualitative effective improvement" and "reasonable quantitative growth" [1] Group 1: Transformation Core - The essence of China's economic transformation is a long marathon of market-oriented reforms that challenge and break through existing systemic barriers [2] - The current dilemma in the digital economy reflects a coexistence of arbitrary administrative intervention and a lack of institutional rules, necessitating continuous market-oriented reforms to replace policy arbitrariness with stable and transparent institutional certainty [2] Group 2: Growth Momentum - Sustainable growth must derive from "institutional dividends" rather than "policy dividends," focusing on enhancing fundamental institutional environments like property rights protection and fair competition to stimulate endogenous innovation [3] - The old approach of relying heavily on policy support while neglecting institutional guarantees has hindered innovation, indicating a need for deeper institutional reforms to allow market mechanisms to play a decisive role in resource allocation [3] Group 3: Development Goals - High-quality development is not merely about slowing down growth but involves a unified improvement of efficiency and fairness, requiring the dismantling of administrative dominance over resource allocation [4] - The focus should be on "opportunity fairness" and "result adjustment," ensuring that the benefits of reform and development are equitably shared among all citizens [4] Group 4: Open Wisdom - In the face of global challenges, true autonomy requires strengthening competitiveness through open competition, which involves aligning with international high-standard economic and trade rules to drive domestic institutional reforms [5] - Ensuring the security of industrial and supply chains relies on occupying an irreplaceable position in global division of labor, which necessitates institutional innovation to attract global talent, technology, and capital [6] Group 5: Roadmap for the 15th Five-Year Plan - Achieving "qualitative effective improvement" and "reasonable quantitative growth" requires a systematic support framework, focusing on technological self-reliance and breakthroughs in strategic fields like artificial intelligence and biomanufacturing [6] - Expanding domestic demand and deepening income distribution reforms are essential to stimulate consumer potential, while maintaining a stable macroeconomic policy to ensure economic operation within a reasonable range [6]

10 月我国制造业 PMI 为 49.0%；资金面持续宽松，债市延续暖势 【内容摘要】10 月 31 日，资金面持续宽松；债市延续暖势；转债市场主要指数集体收涨，转 债个券多数上涨；各期限美债收益率走势分化，主要欧洲经济体 10 年期国债收益率普遍下行。 一、债市要闻 （一）国内要闻 【习近平出席亚太经合组织第三十二次领导人非正式会议并发表重要讲话】当地时间 10 月 31 日上午，亚太经合组织第三十二次领导人非正式会议第一阶段会议在韩国庆州和白会议中心 举行。国家主席习近平出席会议并发表题为《共建普惠包容的开放型亚太经济》的重要讲话。 习近平在讲话中指出，亚太经合组织成立 30 多年来，引领亚太地区走在全球开放发展前列， 助力亚太成为全球经济最具活力的地区。当前，世界百年变局加速演进，亚太地区发展面临的 不稳定不确定因素增多。越是风高浪急，越要同舟共济。各方要坚守亚太经合组织促进经济增 长、增进人民福祉的初衷，坚持在开放发展中分享机遇、实现共赢，推进普惠包容的经济全球 化，构建亚太共同体。 【李强主持召开国常会，研究深化重点领域改革扩大制度型开放工作】国务院总理李强 10 月 31 日主持召开国务院常务会议 ...

Core Points - China's door to openness is widening, benefiting its people through various policies and trade initiatives [1][4] - The "14th Five-Year Plan" emphasizes expanding high-level openness, enhancing international cooperation, and sharing opportunities with the world [1][4] - The implementation of institutional openness includes aligning with international standards in areas like intellectual property and environmental regulations [3][5] Trade and Investment - In the first three quarters of this year, China's trade with Belt and Road countries reached 17.37 trillion yuan, a 6.2% increase, accounting for 51.7% of total trade [1] - The proposal includes expanding unilateral and regional openness, optimizing regional trade layouts, and enhancing free trade zones [4][5] - China's foreign direct investment flow in 2024 is projected to be $192.2 billion, an 8.4% increase from 2023, maintaining a global share of 11.9% [10] Service and Digital Trade - Service trade imports and exports totaled 38.87 billion yuan in the first half of 2025, with exports growing by 15% [7] - The focus on green trade is evident, with significant growth in exports of wind power and solar products, and electric vehicle exports surpassing 2 million units last year [7][8] - Cross-border e-commerce is also thriving, with imports and exports reaching 2.63 trillion yuan in 2024, a 10.8% increase [9] Overseas Investment Support - The government is enhancing the overseas comprehensive service system to support Chinese enterprises in global investments [10][11] - Local initiatives in regions like Zhejiang and Shanghai are providing platforms and services to facilitate overseas investments [11] - The complexity of the global investment environment necessitates improved risk management and resource allocation capabilities for Chinese companies [10][11]