（贵州茅台2025年第一次临时股东会 智通财经记者 朱万平摄） 此次股东会是茅台集团董事长陈华上任后，参加的首个股东会。"他（陈华）给人的第一印象是，随和、有亲和力；感觉挺有水平和高 度……"一位来自香港、与陈华有近距离接触的茅台股东表示。在股东交流环节，陈华也作了发言。他坦言，作为土生土长的贵州人，他对贵 州茅台并不陌生。 而此次临时股东会，贵州茅台亦延续上半年的做法——"不上酒"。不过，在今日下午股东会结束之后，茅台方面邀请参会股东出席当晚举行的 茅台1935推介会，某种程度上算是弥补了股东"回家"未能喝到酒的"遗憾"。 昨晚，茅台管理层现身，与林园、券商分析师等投资者进行了简单的交流。茅台管理层预计，未来一段时间内，白酒行业都将处于深度调整 期，短期内还是会比较艰难的，但公司坚定高质量发展，平衡好短期和长期利益。虽然目前行业承压，但酱香型白酒还是有成长空间。"茅台 面临的机遇仍大于挑战，茅台的未来依然信心十足。"陈华称。 此次临时股东会交流环节设置相对较简单，股东获得的提问机会也较少。公司管理层主要围绕客群转型、"十五五规划"、投产节奏、海外市场 等方面进行回答。 在飞天茅台价格持续下行，茅台酒经销商压 ...

Core Viewpoint - Despite the decline in stock prices and liquor prices this year, the attendance at the Guizhou Moutai's 2025 first extraordinary general meeting was still significant, indicating continued shareholder interest in the company [1]. Group 1: Shareholder Meeting Insights - The first extraordinary general meeting attended by the new chairman Chen Hua was characterized by a simple Q&A session with limited opportunities for shareholder questions [2]. - Chen Hua, a native of Guizhou, expressed confidence in Moutai's future, stating that the company will focus on high-quality development and balance short-term and long-term interests [2][3]. - Moutai will not prioritize short-term gains at the expense of long-term development and will adhere to the principle of quality over quantity [2]. Group 2: Industry Challenges and Pricing - Moutai's liquor prices have been declining, with the current price for 53-degree, 500ml Moutai dropping below 1600 yuan per bottle, representing a decline of over 30% from the peak prices earlier this year [3][4]. - The company acknowledges the pressure on distributors due to shrinking profit margins and operational challenges, but believes that the distributor base remains stable [3][4]. - During the "Double Eleven" shopping festival, some e-commerce platforms offered Moutai at prices as low as 1499 yuan per bottle, raising concerns about authenticity [5]. Group 3: Future Planning and Market Strategy - Moutai is currently formulating its "15th Five-Year Plan," emphasizing realistic and sustainable growth targets [3]. - The company is transitioning its customer base towards new economic demographics, with some positive results observed since August, as sales have shown a recovery trend [5]. - Moutai plans to enhance its anti-counterfeiting measures and has already taken action against numerous fraudulent accounts on various platforms [5].

埃及著名中国和亚洲问题专家艾哈迈德·阿卜杜·德拉比克日前在接受人民网记者采访时表示，全球决 策者高度关注中国即将实施的"十五五"规划。"'十五五'规划勾画了未来五年中国发展的顶层设计，涉及 中国经济与社会发展的重大决策，必将因中国经济体量巨大而对世界产生深远影响。" 在德拉比克看来，"十五五"规划建议的意义，首先建立在"十四五"时期中国取得的卓越成果基础 上：中国经济保持稳步增长，科技进步明显加快，对外开放水平不断深化。 德拉比克说，"十五五"规划建议展现出中国推进中国式现代化的坚定决心，也为动荡不定的国际形 势注入了宝贵的确定性。"向世界传递了一个明确信号，即中国政策稳健、经济增长持续、经济发展预期 长期稳定。" 德拉比克指出， 中国共产党善于通过中长期规划引领经济社会发展，"十四五"规划的成功就是证 明。 "十四五"时期，中国GDP从110万亿元增长到130万亿元，今年有望接近140万亿元。"中国对世界经 济增长贡献率长期保持在30%左右，2025年进入全球创新指数前十，是过去十年创新能力提升最快的经 济体之一。"德拉比克说。 他指出，中国战略性新兴产业迅速崛起，人工智能、新能源等领域取得突破性进展，已从 ...

郑栅洁主任表示，服务业融通产供运销、千行百业，关乎衣食住行、千家万户，服务业高质量发展对稳 就业、扩投资、促消费、惠民生等具有重要作用。"十五五"时期，我国服务业发展空间和潜力巨大，希 望企业坚定信心、把握机遇，进一步做强主业、做精专业，积极扩大有效投资，提高服务供给水平，助 推产业转型升级，更好满足人民群众美好生活需要。对企业提出的好的意见建议，将在"十五五"规划 《纲要》编制工作中予以吸收采纳。国家发展改革委将深入贯彻落实党的二十届四中全会精神，按照党 中央、国务院决策部署，会同有关方面加快完善服务业发展体制机制和政策支撑，深入实施服务业扩能 提质行动，统筹整合资源、深化产教融合，通过人才、技术赋能持续降低企业创新成本，扩大优质经营 主体，持续推动物流业降本增效，推进现代服务业与先进制造业更好融合，促进服务业优质高效发展。 同时，加强政企常态化沟通交流，积极回应企业关切、解决企业难题，促进民营经济健康发展、高质量 发展。 人民财讯11月28日电，11月28日，国家发展改革委主任郑栅洁再次主持召开服务业民营企业座谈会，围 绕"十五五"规划《纲要》编制，听取关于促进服务业高质量发展的意见建议。 ...

魏晓东总领事还回答了来宾提问，交流会现场气氛热烈。 魏晓东总领事发表主旨演讲。人民网记者 李明摄 交流会现场。人民网记者 李明摄 交流会举办"十五五"规划与中国式现代化、四大全球倡议与构建人类命运共同体、中土关系三个主题分论 坛。论坛嘉宾分享访华体会、畅谈土中合作，表示愿同中方深化交流合作，积极致力于土中友好。 人民网伊斯坦布尔11月27日电 （记者李明）当地时间11月26日，中国驻伊斯坦布尔总领事馆举办"解码中国 之治"——总领事同土耳其各界交流会。中国驻伊斯坦布尔总领事魏晓东出席并发表主旨演讲。土工商界、智库、 媒体、高校代表，领区中资企业和机构负责人等160余人出席。 魏晓东总领事向土各界全面展示中国在民生建设、经济发展、全球治理等领域的贡献担当，解码五年规划这 一中国发展奇迹的制度密码，强调"十五五"规划将为包括土耳其在内的各国带来巨大发展机遇，中方愿以两国元 首天津会晤共识为引领，持续推动同土方交流合作，开创中土关系更美好未来，为构建人类命运共同体作出不懈 努力。 ...

Investment Rating - The report indicates a focus on promoting high-quality development in the real estate sector, suggesting a positive long-term outlook for the industry [2][5]. Core Insights - The "14th Five-Year Plan" emphasizes the need for a new development model in real estate, focusing on optimizing supply structures and enhancing living quality, which is a strategic move to address deep-rooted issues in the sector [2][3]. - The report highlights a shift from short-term regulatory measures to long-term mechanisms, indicating a more sustainable approach to managing the real estate market [5]. - The emphasis on "good housing" reflects a commitment to improving housing quality and meeting diverse housing needs, which is expected to enhance consumer confidence and stabilize the market [3][5]. Market Tracking Summary - In October, new home prices continued to decline, with a year-on-year drop of 19.60% in sales area and 25.06% in sales amount, indicating significant downward pressure [6]. - The report notes that the inventory of unsold properties remains high, despite a continuous decrease in the area of unsold properties for eight months [6][8]. - The financing environment for real estate companies is showing signs of improvement, with a net inflow of funds in the bond market, although market sentiment remains cautious [9]. Supply and Demand Dynamics - The report indicates a significant decline in land transaction volumes and prices, with a 13% decrease in land area and a 20% drop in transaction value in October [7]. - The focus on revitalizing underutilized land and properties is highlighted as a key strategy for addressing supply-side challenges [3][5]. - The report emphasizes the need for a multi-tiered housing supply system to meet the diverse needs of different demographic groups, particularly for affordable and improved housing [5].

Core Points - The National Local Foreign Affairs Work Conference was held in Beijing from November 27 to 28, emphasizing the importance of local foreign affairs work guided by Xi Jinping's thoughts and the spirit of the 20th Central Committee's fourth plenary session [1] - The conference highlighted the need for local foreign affairs to support the overall national diplomacy and high-quality development, leveraging local characteristics and advantages [1] - There is a focus on improving the quality and efficiency of local foreign affairs to effectively serve the "14th Five-Year Plan" [1] - The conference called for adherence to the central government's requirements, promoting frugality in foreign affairs, and ensuring that official overseas trips and international forums are practical and efficient [1]

Core Insights - The "14th Five-Year Plan" emphasizes enhancing the level of capital account openness as a crucial aspect of high-level opening-up [1] - The scale of China's foreign financial assets and liabilities is projected to reach $18.32 trillion by the end of Q2 2025, reflecting an 18% increase from the end of 2020 [1] - The proportion of capital account-related foreign exchange payments to GDP is expected to rise by 20 percentage points to 41% in the first half of 2025 compared to 2020 [1] Group 1 - The characteristics of China's capital account openness include a wide range of sectors and a steady process, with over 90% of projects achieving varying degrees of openness according to IMF and OECD standards [1] - In the past five years, China has actively optimized management and streamlined processes to broaden capital flow channels, enhancing policies to facilitate the use of domestic and international markets [1] - A robust cross-border capital flow management framework has been established to adapt to higher levels of openness, successfully addressing multiple external shocks [1] Group 2 - Future high-quality capital account openness should combine "bringing in" and "going out," encompassing a wide range of investments and comprehensive market access [2] - Compared to the relatively stable cross-border capital flows associated with the current account, capital account openness involves higher volatility and sensitivity in financial sectors, necessitating careful planning of opening steps [2] - The State Administration of Foreign Exchange aims to build a more convenient, open, secure, and intelligent foreign exchange management system, establishing a dual framework for macro-prudential and micro-regulatory management of cross-border capital flows [2]

Core Viewpoint - The meeting focused on the development of Wuhan's "14th Five-Year Plan," emphasizing the importance of expert contributions to shape a comprehensive development blueprint for the city [1][2]. Group 1: Expert Contributions - Experts provided suggestions on various themes including urban-rural integration, regional coordinated development, and the establishment of a modern industrial system [2]. - The discussions highlighted the need for strategic research on issues such as ecological environment protection and modern governance in mega cities [3]. Group 2: Development Opportunities and Challenges - The "14th Five-Year" period is seen as a critical time for Wuhan to solidify its modernization efforts and address challenges while leveraging significant opportunities [3]. - The city is currently in a favorable development phase characterized by rising status and expanded positioning, although it faces several challenges [3]. Group 3: Role of Experts and Institutions - Wuhan's numerous universities and research institutions are viewed as valuable assets, and there is a call for enhanced mechanisms to involve experts in decision-making processes [3]. - The government is encouraged to leverage the expertise of scholars to contribute to major tasks and policies affecting Wuhan's development [3].

Group 1 - The Hang Seng Index opened up 0.25% and the Hang Seng Tech Index rose 0.43%, with semiconductor and electrical equipment sectors leading the gains [1] - The largest ETF tracking the Hang Seng Tech Index (513180) has seen significant capital inflow, with a net inflow of 9.72 billion yuan over the last five trading days, indicating strong demand [1] - The Hang Seng Tech Index has shown a notable stabilization trend, attracting active capital allocation in the tech sector [1] Group 2 - Dongwu Securities suggests that short-term risk factors for Hong Kong stocks are decreasing, but a rebound confirmation requires catalysts [2] - The expectation of a potential interest rate cut by the Federal Reserve could benefit the recovery of Hong Kong stocks, as the narrative around the AI tech bubble in the US weakens [2] - CITIC Securities highlights the "14th Five-Year Plan" which emphasizes building a modern industrial system and accelerating high-level technological self-reliance, suggesting that strategic emerging industries may receive new policy support [2]