谋篇布局"十五五"·热点问答 地方政府层面 企业层面 > 破除地方保护和市场分割,全面落实 公平竞争审查制度 > 严禁地方政府妨碍经营主体依法平等 准入、退出和迁移 > 整治政府采购最低价中标等突出问题 > 优化高质量发展综合绩效考核,着力 纠治政绩观偏差 > 鼓励企业通过科技创新提高产品质量 和竞争力 > 支持优势头部企业开展并购重组,适 当提高行业集中度 > 强化重点行业自律行为指导，引导企 业自觉抵制低价倾销等不正当行为 如何从"卷价格" 转向"优价值"? "十五五"规划建议提出 形成优质优价、良性竞争的市场秩序 "十五五"时期是经济发展动力、质量、 效率变革的关键时期,迫切需要建立"优 质优价优胜"的激励导向，引导企业从 "卷价格"转向"优价值"，促进高质量 产品和服务竞相胜出，推动企业加快形成 技术、质量和品牌等核心竞争优势。 文案 /制作：石兰 策划：张翀 监制：张益勇 责编：张靖雯、陈亚楠 ...

11月26日，中共武汉市委召开党外人士专题协商座谈会，深入学习贯彻习近平总书记在 中共二十届四中全会上的重要讲话精神，认真落实省委十二届十一次全体会议部署要求，就 编制好我市"十五五"规划建议听取各民主党派市委会、市工商联负责人和无党派人士代表的 意见建议。省委常委、市委书记、市"十五五"规划起草组组长盛阅春主持会议并讲话。 市委副书记孟祥伟出席会议。 座谈会上，彭富春、舒晓刚、穆书芹、孟晖、缪小平、徐旭东、梁鸣、刘江东、刘冬、 董建军、袁小山、国威等各民主党派、工商联负责人和无党派人士代表先后发言，围绕"十 五五"武汉经济社会发展重大问题提出意见建议。盛阅春认真倾听并表示，大家的意见建议 具有很强的前瞻性、专业性和针对性，有关方面要认真研究、充分吸纳。 盛阅春指出，中共二十届四中全会是在以中国式现代化全面推进强国建设、民族复兴伟 业的关键时期，召开的一次具有全局性、历史性意义的重要会议。学习好、贯彻好全会精 神，是当前和今后一个时期的重大政治任务。要学深悟透全会精神，深刻认识和把握全会的 重大意义，深刻感悟"十四五"时期我国经济社会发展取得的伟大成就，准确把握"十五五"时 期经济社会发展的指导方针、主要目标 ...

"十五五"规划建议提出 形成优质优价、良性竞争的市场秩序 "十五五"时期是经济发展动力、质量、 效率变革的关键时期,迫切需要建立"优 质优价优胜"的激励导向，引导企业从 "卷价格"转向"优价值"，促进高质量 产品和服务竞相胜出，推动企业加快形成 技术、质量和品牌等核心竞争优势。 地方政府层面 企业层面 > 破除地方保护和市场分割,全面落实 公平竞争审查制度 > 严禁地方政府妨碍经营主体依法平等 准入、退出和迁移 > 整治政府采购最低价中标等突出问题 > 优化高质量发展综合绩效考核,着力 纠治政绩观偏差 谋篇布局"十五五"·热点问答 如何从"卷价格" 转向"优价值"? > 鼓励企业通过科技创新提高产品质量 和竞争力 > 支持优势头部企业开展并购重组,适 当提高行业集中度 > 强化重点行业自律行为指导，引导企 业自觉抵制低价倾销等不正当行为 文案/制作：石兰 策划：张翀 监制：张益勇 ...

"我和在硅谷的投资人交流过，硅谷的科技企业认为，谁能提前完成这轮调整，谁就可以抢占先机，最 近的裁员都是上万人规模的，第一波裁员刚结束，第二波估计很快也会到来。"武建勇表示，硅谷科技 公司这波操作的核心逻辑是"拿钱砸未来"，关键点是未来确定性更强、前瞻性更突出，同时具备硬科技 属性。 从目前进行裁员的科技公司来看，这些公司具有共同的特征：无论在IPO市场、并购市场、融资市场、 A股市场，都很可能更受追捧。 向来以现金流充沛闻名的科技巨头，如今却纷纷大举借债，这反映出科技巨头需要资金来做一项"大事 情"： 投入巨资来建设AI基础设施。数据显示，今年以来，美国企业为推进AI项目发行的公司债规模已 突破2000亿美元，远超往年同期水平。摩根大通预测，这一趋势将推动明年美国公司债券发行量攀升至 1.8万亿美元的历史峰值。 如此庞大的融资规模，引发市场对AI投资回报前景的广泛质疑。近期，关于AI投资泡沫的讨论分歧加 大。 全球科技巨头都在发债，是预警还是将要出现下一个风口？亚马逊、谷歌、Meta、甲骨文这四家科技 巨头近期疯狂发债近900亿美元，其中，Meta发行300亿美元，谷歌母公司发行250亿美元，甲骨文发行 1 ...

Core Viewpoint - The "15th Five-Year Plan" period is crucial for Beijing to achieve socialist modernization, focusing on institutional development and optimizing the modern industrial system [1][3]. Group 1: Economic and Social Development Goals - The "15th Five-Year Plan" aims for decisive progress in achieving socialist modernization, emphasizing the need for a modern industrial system as a key support for high-quality development [3][5]. - The plan highlights the importance of institutional construction as a fundamental guarantee for optimizing the development environment of the modern industrial system [3][4]. Group 2: Institutional Development - Key areas for institutional development include enhancing the system for technological innovation, optimizing industrial policy frameworks, and improving the market-oriented allocation of resources [4][7]. - The plan stresses the need for systemic changes and development leaps across various fields to significantly enhance total factor productivity, which is a hallmark of new quality productivity [3][4]. Group 3: Technological Innovation - Technological innovation is identified as the core element of new quality productivity, essential for building a modern industrial system [5][6]. - Recommendations include promoting independent technological innovation, deepening reforms in the technological system, and fostering collaboration between industry, academia, and research [6][7]. Group 4: Green Development - The plan emphasizes green development as a guiding principle, aiming to enhance the overall quality of the modern industrial system [8][10]. - Strategies include innovating green development methods, promoting the transformation of traditional manufacturing, and advancing the digitalization of industries [8][9]. Group 5: Talent Development - Talent cultivation is highlighted as a key support for stimulating innovation within the modern industrial system, addressing structural imbalances in talent supply and demand [11][12]. - The plan calls for flexible adjustments in higher education to align with emerging industry needs, enhancing the supply of high-quality, composite talents [11][12].

（原标题：21专访｜久安首席刘洛：会计师事务所不止于做"财务把关人"） 21世纪经济报道记者 吴佳楠 深圳报道 会计师是上市公司财务治理的核心参与者，在上市公司的全生命周期和可持续发展中发挥重要作用。 当众多新兴科技公司开始涌向资本市场，传统审计与估值方法一度面临"收入确认难"、"资产计量 难"和"估值逻辑失灵"的三重挑战。如何构建新的财务估值模型，让财务报表更能反应创新公司的真实 价值，成为会计师事务所面临的挑战。 深圳久安会计师事务所（特殊普通合伙）首席合伙人刘洛向21世纪经济报道记者表示，每一次产业升级 都离不开专业服务的支撑，而会计师事务所正是这一生态中不可或缺的价值守护者与风险预警者。在企 业奔赴"A+H"上市、谋划创新驱动型并购等关键节点，会计师的角色从确保历史财务数据真实的"后 卫"，转变为洞察未来风险、识别核心价值的"前哨"。 21世纪：你认为，会计师事务所在贯穿企业"诞生-成长-上市-持续发展"的全生命周期中，在各个环节中 都分别承担怎样的角色？除了出具年度审计报告，会计师事务所应如何帮助上市公司在重大风险节点 上，提供前瞻性的分析和预警？ 刘洛：企业从诞生到持续发展的每个阶段，都需要专业力 ...

Core Insights - The forum highlighted the transition in China's real estate sector from a focus on property as a wealth generator to a more sustainable model that prioritizes living quality and community needs [2][16] - The "14th Five-Year Plan" emphasizes the need for diversified income sources for urban residents, signaling a shift away from the "property-centric" wealth logic [7][10] Group 1: Real Estate Market Trends - 70% of urban household wealth is tied to real estate, meaning a 10% fluctuation in property prices can impact trillions in household assets [7] - New residential prices in 70 major cities have been declining, with a 0.4% month-on-month drop in September and a 0.6% drop in second-hand housing prices, marking the largest decline since last year's fourth quarter [7][10] - In first-tier cities, second-hand housing prices have decreased by 3.2% year-on-year, with some hot school district properties in Guangzhou and Shenzhen seeing price drops exceeding 20% from peak values [7] Group 2: Land Finance Transformation - Local governments are shifting from "incremental land sales" to "stock operation," indicating a move away from reliance on land finance, which has historically been a significant revenue source [4][10] - Over 80% of local government revenue comes from land sales, but there has been a 10% year-on-year decline in land transfer fees in key cities, while some core cities like Shanghai and Beijing have seen a 19.7% increase in land sales revenue [10][11] - The new model proposed in the "14th Five-Year Plan" focuses on improving existing properties and enhancing their quality and efficiency, such as converting idle office buildings into residential spaces [11] Group 3: Youth Housing Challenges - Young people, particularly those born in the 1990s and 2000s, are increasingly rejecting traditional milestones like homeownership, marriage, and parenthood due to financial pressures, with housing costs consuming over 70% of their average income [12][13] - The "14th Five-Year Plan" aims to address youth housing issues by optimizing affordable housing supply and ensuring quality living conditions, which could encourage young people to consider marriage and family [13][14] - A survey indicated that 68% of young people would consider marriage and children if stable affordable housing were available, highlighting the need for housing solutions that do not compromise their financial freedom [13] Group 4: Future Outlook - The future of real estate will focus on understanding and meeting the needs of residents rather than merely increasing the quantity of housing [15][16] - The "14th Five-Year Plan" serves as a guiding framework for transitioning the real estate sector towards a model that supports sustainable living and community well-being, moving away from the "land myth" [15][16]

谋篇布局"十五五"·热点问答 如何从"卷价格" 转向"优价值"? "十五五"规划建议提出 形成优质优价、良性竞争的市场秩序 "十五五"时期是经济发展动力、质量、 效率变革的关键时期,迫切需要建立"优 质优价优胜"的激励导向，引导企业从 "卷价格"转向"优价值"，促进高质量 产品和服务竞相胜出,推动企业加快形成 技术、质量和品牌等核心竞争优势。 地方政府层面 企业局面 文案/制作：石兰 策划：张翀 > 破除地方保护和市场分割,全面落实 公平竞争审查制度 > 严禁地方政府妨碍经营主体依法平等 准入、退出和迁移 > 整治政府采购最低价中标等突出问题 > 优化高质量发展综合绩效考核,着力 纠治政绩观偏差 > 鼓励企业通过科技创新提高产品质量 和竞争力 > 支持优势头部企业开展并购重组,适 当提高行业集中度 > 强化重点行业自律行为指导，引导企 业自觉抵制低价倾销等不正当行为 监制：张益勇 （责任编辑：张晓波 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容的准确性、可靠性或完整性提供任何明示或暗示的保证。请 读者仅作参考，并请自行承担全部责任。邮箱：news_ ...

Core Viewpoint - Agricultural Bank of China is inviting employees and the public to contribute ideas for its 15th Five-Year Plan, aligning with the national economic and social development strategy outlined by the Communist Party [1] Group 1: National Strategy Alignment - State-owned banks are prioritizing national strategies, focusing on supporting the real economy, expanding domestic demand, and facilitating foreign trade during the 15th Five-Year Plan [2] - Agricultural Bank will enhance rural financial services and support agricultural modernization while promoting domestic consumption and effective investment [2] - China Bank aims to improve its global competitiveness and service capabilities, supporting the internationalization of the Renminbi and the Belt and Road Initiative [2] - Construction Bank will support infrastructure development and modern industrial systems, focusing on new industrialization and productivity [2] Group 2: Strategic Planning and Implementation - Transportation Bank emphasizes a seamless transition between the 14th and 15th Five-Year Plans, refining strategic focus and priorities [3] - Postal Savings Bank is committed to implementing its unique financial strategies and responding to the evolving financial needs of the public [3] Group 3: Differentiated Transformation - Joint-stock and local banks are identifying their unique positions and competitive advantages to create a multi-tiered financial service structure during the 15th Five-Year Plan [4] - Industrial Bank, as a leader in green finance, will enhance its services to support carbon reduction goals and promote green operations [4] - Citic Bank is focusing on technology finance, providing comprehensive financial services to support industrial upgrades and innovation [4] Group 4: Future Development Planning - The 15th Five-Year Plan is guided by the goal of building a strong financial nation, with banks actively developing their strategic plans [6] - Construction Bank is engaging with grassroots feedback to address high-priority issues and enhance operational efficiency [6] - Transportation Bank is incorporating public and expert opinions into its planning process for the 15th Five-Year Plan [6] - Regional banks are also developing their plans, focusing on key performance indicators like ROE and adjusting their business structures to enhance revenue [7]

Core Insights - The overall mechanical equipment index outperformed the market in 2025, with significant gains in humanoid robots, AI PCB equipment, and lithium battery equipment, particularly in solid-state battery technology [1][2] - The fundamentals of the mechanical equipment sector are showing steady growth, with a recovery in the lithium battery equipment and machine tool segments [1][2] Investment Opportunities for 2026 - Investment opportunities in the mechanical equipment sector for 2026 can be categorized into three main areas: 1. Focus on AI-related technology growth, including AI PCB equipment, gas turbines, and liquid cooling systems [2] 2. Emphasis on future and emerging industries as highlighted in the 14th Five-Year Plan, which includes humanoid robots, controllable nuclear fusion, low-altitude economy, deep-sea economy, and commercial aerospace [2] 3. Selection of high-quality stocks in cyclical industries with upward beta characteristics, such as engineering machinery, wind power equipment, and lithium battery equipment [2] AI Infrastructure and Equipment Demand - The demand for computing power is surging, with a focus on AI PCB equipment, AIDC equipment, and liquid cooling systems: 1. AI PCB equipment is expected to benefit from the AI computing revolution, leading to increased demand and higher value per unit [3] 2. AIDC equipment will see growth driven by the construction of AI data centers, with diverse power supply needs being met by gas turbines and nuclear power [3] 3. Liquid cooling systems are anticipated to become mainstream due to the limitations of traditional air cooling under high power demands, leading to explosive market growth [3] Future and Emerging Industries - Key areas of focus in future and emerging industries include: 1. Humanoid robots, with attention on Tesla's Gen3 release and domestic production ramp-up [4] 2. Controllable nuclear fusion, with significant projects entering critical construction phases [4] 3. Low-altitude economy, which is moving towards commercialization, necessitating investment in low-altitude infrastructure [4] 4. Deep-sea technology, with substantial potential for domestic substitution in equipment and key components [4] 5. Commercial aerospace, which is expected to drive demand for related equipment due to favorable policy directions [4] Industry Performance Expectations - The mechanical equipment sector is expected to perform well, with: 1. Engineering machinery benefiting from stable domestic demand and potential for increased market share for domestic brands [4] 2. Wind power equipment experiencing high growth due to clear domestic targets and accelerated international expansion [4] 3. Lithium battery equipment poised for a new round of expansion, with solid-state battery industrialization trends accelerating [4]