Core Insights - The 19th meeting of the Singapore-Jiangsu Cooperation Council was held in Nanjing, highlighting significant achievements in trade, investment, innovation, and cultural exchanges over the past year [1] - Future cooperation will focus on digital economy, biomedicine, service industry openness, and cultural tourism to deepen collaboration [1] - A memorandum of understanding was signed, and discussions were held on cooperation in modern services, biomedicine, and platform carriers, resulting in the signing of several key projects [1] Group 1 - The meeting was chaired by Liu Xiaotao, the Governor of Jiangsu, and attended by Singapore's Minister of State for Finance and National Development, Indranee Rajah [1] - The council aims to leverage the cooperation platform to enhance bilateral relations and achieve mutual benefits [1] - Key officials from both sides, including vice-chairpersons and ambassadors, participated in the meeting, indicating strong diplomatic engagement [1]

Industry News - The Cyberspace Administration has guided relevant platforms to address illegal activities by internet celebrities, including the closure of accounts that spread divisive rhetoric and the suspension of accounts for inappropriate content [39][39] - FTSE Russell announced changes to the FTSE China indices, effective after the close on December 19, 2025, which will include Luoyang Molybdenum and Sungrow Power, while removing Jiangsu Bank and SF Express [39][39] - Volcano Engine officially launched the Doubao image creation model Doubao-Seedream-4.5, which supports various applications including advertising, e-commerce, film production, digital entertainment, and education [40][40] - The Invesco Nasdaq Technology ETF has seen its market trading price significantly exceed its reference net asset value, leading to a warning from the fund manager about potential trading risks due to premium pricing [41][41] - As the year-end approaches, over 20 cities have suspended or adjusted their vehicle trade-in subsidy programs due to the consumption of the fourth batch of 69 billion yuan in national subsidies [41][41] Company News - Moer Thread announced that its stock will be listed on the Sci-Tech Innovation Board on December 5, 2025 [42][42] - Baiwei Storage reported that its second-largest shareholder, the National Integrated Circuit Industry Investment Fund II, reduced its holdings by 4.646 million shares from October 9 to December 2, 2025 [43][43] - Muxi Co., Ltd. announced an issuance price of 104.66 yuan per share for its upcoming offering [44][44] - Degu Technology announced the termination of its major asset restructuring plan [45][45] - China Aluminum International announced that its subsidiary won a bid for a 3.03 billion yuan electrolytic aluminum project [46][46] - Shanxi Fenjiu reported that its second-largest shareholder, Huachuang Xinrui, has completed a reduction of 1.33% of its shares [47][47] - Guizhou Bailin announced that its actual controller, Jiang Wei, is under investigation by the China Securities Regulatory Commission for insider trading and information disclosure violations [48][48] - Kuaiji Elevator announced the cancellation of its high-tech enterprise qualification for 2021-2023, which will impact its operating performance [49][49] - Grinda announced an investment of 80 million yuan to subscribe for strategic placement shares in Muxi Co., Ltd. [50][50] - Wanlong Optoelectronics is planning to acquire control of Zhongkong Information, leading to a stock suspension [51][51] - Pulu Tong announced plans to issue shares and pay cash to acquire assets, resulting in a stock suspension starting December 4, 2025 [52][52]

Group 1 - The Ministry of Culture and Tourism and the Civil Aviation Administration of China issued an action plan to enhance the integration of cultural tourism and civil aviation, aiming for significant improvements in travel service levels by 2027 [1][5][21] - The action plan includes 15 measures across five areas to stimulate growth in niche markets such as silver tourism, family tourism, and ice and snow tourism [5][21] - The plan emphasizes a deeper, broader, and higher-quality integration of cultural tourism and civil aviation, creating a virtuous cycle of demand and supply [1][5][21] Group 2 - The Ministry of Industry and Information Technology is promoting innovation in shipbuilding and marine engineering equipment, with a focus on maintaining a leading global market share [2][18] - The shipbuilding sector has successfully delivered high-end equipment, supporting global shipping, international trade, and marine resource development [2][18] Group 3 - Nearly 30 provinces in China have released their "14th Five-Year" plans, with a strong emphasis on emerging industries such as artificial intelligence and renewable energy [3][19] - Experts suggest that regional development should focus on supporting emerging industries and fostering new economic growth points through technological breakthroughs and institutional innovation [3][19] Group 4 - Recent disclosures from listed companies regarding share buybacks have revealed significant shifts in institutional investment strategies, with a clear preference for technology, military, and pharmaceutical sectors [4][20] - Some traditional industry stocks are facing reductions in holdings, indicating a divergence in institutional views [4][20] Group 5 - The logistics industry in China showed a slight recovery in November, with a logistics prosperity index of 50.9%, indicating expansion in logistics demand [14][30] - The report highlights sectoral differences, with energy logistics demand slowing while industrial manufacturing logistics demand remains strong [14][30] Group 6 - China's service trade saw a steady increase in the first ten months of 2025, with total service trade reaching 65,844.3 billion yuan, a year-on-year growth of 7.5% [15][31] - Exports grew by 14.3%, while imports increased by 2.6%, leading to a reduced service trade deficit [15][31] Group 7 - The human-shaped robot industry is experiencing rapid commercialization, with leading companies moving from research and development to mass supply [27][28] - This shift indicates a significant advancement in the human-shaped robot sector, with potential implications for various applications in the market [27][28] Group 8 - Foreign investment institutions have conducted over 9,000 research visits to A-share listed companies this year, signaling a positive outlook on Chinese assets [8][23] - The focus of these investigations is primarily on technological innovation and high-end manufacturing sectors [8][23]

（原标题：时报观察丨发展数字经济 需先投资于人） 证券时报记者 韩忠楠 近日，国家发展改革委、国家数据局、教育部、科技部等部门联合印发《关于加强数据要素学科专业建 设和数字人才队伍建设的意见》（下称《意见》），明确提出促进数据领域教育链、人才链与产业链、 创新链深度融合，为数字人才培养搭建起制度框架。 这一政策的出台恰逢其时，与我国数字经济的发展态势形成有力呼应。数据显示，2024年我国数字经济 核心产业占GDP的比重已突破10%，数字经济规模稳居世界第二。根据预测，2025年，我国数字经济年 产值有望迈过80万亿元大关。 人才既是数据要素供给、流通与保障的核心参与者，更是数字经济高质量发展的根本驱动力，发展数字 经济，必先投资于人。"十五五"规划建议强调的投资于物和投资于人紧密结合，其深层逻辑也指向了人 才培养的重要意义。无论是新兴科技的突破，还是经济结构的转型，最终都要落脚于人才的综合素质提 升。 "投资于人"不仅是短期内缓解人才缺口的务实之举，更是筑牢长期发展根基的战略选择。数字技术迭代 速度快、应用场景广，只有保持高素质人才供给的充沛性与适配性，才能快速响应技术变革需求，持续 激活数据要素潜能。 数字 ...

Industry News - The internet regulatory department has guided relevant platforms to legally handle violations by internet celebrity accounts, including the closure of accounts that spread divisive rhetoric and the suspension of accounts that promoted inappropriate content [5][6] - The recent announcement by FTSE Russell regarding changes to various FTSE China indices will take effect after the market closes on December 19, 2025, with the inclusion of Luoyang Molybdenum and Sungrow Power, while removing Jiangsu Bank and SF Holding [7] - The launch of Doubao-Seedream-4.5 by Huoshan Engine, which supports various applications in advertising, e-commerce, film production, digital entertainment, and education, is now open for public testing [7] - The automotive industry is seeing adjustments in the vehicle trade-in subsidy program, with over 20 cities having suspended or modified their subsidy applications as the fourth batch of 690 billion yuan in national subsidies is being consumed [8] Company News - Moer Technology announced that its stock will be listed on the Sci-Tech Innovation Board on December 5 [9] - Baiwei Storage reported that its second-largest shareholder, the National Big Fund Phase II, reduced its holdings by 4.646 million shares from October 9 to December 2 [9] - Muxi Co., Ltd. announced an issuance price of 104.66 yuan per share for its upcoming offering [9] - The announcement from Invesco Great Wall Fund indicates that the trading price of the Nasdaq Technology ETF in the secondary market is significantly higher than the reference net asset value, leading to a reminder for investors about the risks associated with premium trading [7]

Group 1 - The forum focuses on the Greater Bay Area's intelligent computing and large model intelligent agents [2] - Guangming has numerous significant computing and innovation platforms and collaborates deeply with companies like Huawei [2] - The AI foundation is being established to support advancements in the sector [2] Group 2 - The Guangdong Provincial Laboratory for Artificial Intelligence and Digital Economy in Shenzhen has commenced operations [3] - Key projects such as Pengcheng Cloud Brain III and free electron lasers are accelerating construction as national priorities [3] - Guangming Laboratory is advancing the co-construction of the Greater Bay Area Ascend Computing Application Innovation Research Institute [3] - The company is taking the lead in the Agent industry, promoting the transformation of virtual algorithms into physical terminals [3]

Group 1 - Several Chinese chain restaurant brands are entering the U.S. market, opening dozens to hundreds of stores in multiple cities, despite structural pressures faced by Chinese companies operating in the U.S. [1] - The drive for Chinese companies to invest in the U.S. market stems from a strategic need to pursue technological influence, brand power, and market standard-setting, moving beyond mere trade and resource orientation [1][2] - Companies like Heytea and Nayuki are targeting the U.S. market to establish a second growth curve and achieve global brand elevation, shifting from cost advantages to model and efficiency advantages [2] Group 2 - Chinese companies face significant challenges in the U.S. market, including high localization costs, intense market competition, and political and policy risks from the U.S. government [2] - Despite the rhetoric of "decoupling," the economic relationship between China and the U.S. shows strong resilience, with mutual dependencies in supply chains that are difficult to sever [3] - The dynamic market structure allows for strategic depth and flexibility for Chinese companies, as they can leverage domestic e-commerce channels to buffer against external demand fluctuations [3] Group 3 - The journey of Chinese companies entering the U.S. market is complex, characterized by both opportunities and challenges, rooted in the internal demand for globalization and external geopolitical shocks [4] - Success for these companies relies on irreplaceable technological innovation, deep localization operations, and a high respect for global rules, which are essential for building true multinational competitiveness [4]

11月27日，记者从汉中市举行的高质量完成"十四五"规划首场新闻发布会上获悉："十四五"以来， 汉中市经济实现质的有效提升和量的合理增长，经济总量有望站上2000亿元台阶，经济规模稳居陕甘川 渝毗邻六市第二位，高质量发展综合绩效评价指数保持全省前列。 5年来，汉中市统筹推进深层次改革和高水平开放，发展环境不断优化，民营经济经营主体数量居 全省第二，民营经济增加值占比达58.7％，营商环境满意度位居全省前列。开放水平明显提升，中欧班 列"汉西欧"专列常态化运营，进口保税仓和出口监管仓挂牌运行，汉中经开区纳入陕西自贸试验区协同 创新区。（记者：杨露雅） 汉中市发展和改革委员会主任郝明森介绍，"十四五"以来，汉中市坚持大抓项目、抓大项目，累计 谋划实施重大工程项目1029个；全市固定资产投资年均增速稳居全省前列。全社会研发投入、规上工业 企业研发投入强度连续5年居全省第一方阵。装备制造、现代材料、绿色食药三大主导产业集中度超过 80%，创建省级中小企业特色产业集群7个，总量居全省第二。宝汉天工业母机集群获评国家先进制造 业集群，数字经济核心产业产值达54亿元。 ...

Core Insights - The IEEE SA has officially released two international standards in the blockchain field, namely IEEE Std3231.01-2025 and IEEE Std3231.02-2025, marking a significant breakthrough for China in the international standardization process of digital technology [1][2] - These standards are expected to enhance China's role in the global digital economy and provide a unified technical framework for blockchain service platforms and integrated systems [2] Group 1 - IEEE Std3231.01-2025 specifies the reference architecture for blockchain as a service in consortium chain scenarios, defining relevant terms, architectural models, and both functional and non-functional requirements [2] - IEEE Std3231.02-2025 outlines the technical architecture, core functions, and non-functional requirements for blockchain integrated machines, aiming to standardize the design and deployment principles of blockchain hardware and software systems [2] - The release of these standards fills the international standard gap in the service-oriented and integrated hardware-software blockchain fields, providing a practical example for China's deep participation in digital technology rule-making [2] Group 2 - The unified, standardized, and internationally compatible standard system is expected to significantly promote technological integration and healthy industrial ecosystem development as blockchain technology is widely applied in various sectors such as government, finance, supply chain, and public welfare [2] - The Hangzhou Free Trade Zone plans to continue using standard upgrades as a core engine to accelerate the cultivation of new productive forces and deepen alignment with international high-standard economic and trade rules [2] - With more "Hangzhou solutions" that combine Chinese characteristics and international perspectives, Hangzhou is poised to become a key participant and contributor to the global digital governance system, injecting continuous momentum into the high-quality development of the digital economy in China and worldwide [2]

会议期间，双方签署《新加坡-江苏合作理事会备忘录》，并围绕现代服务业、生物医药、平台载体等 领域合作进行研讨，一批重点合作项目签约。 副省长、理事会江苏方副主席赵岩，新加坡人力部兼卫生部高级政务部长、理事会新方副主席许宝琨作 会议总结。南京市代市长李忠军致辞。省政府秘书长赵建军，新加坡驻华大使陈海泉，新加坡驻沪总领 事罗德杰参加会议。 本报讯(记者王拓李嘉豪)12月3日，新加坡-江苏合作理事会第十九次会议在南京召开。省长、理事会江 苏方主席刘小涛主持会议并致辞，新加坡总理公署部长兼财政部和国家发展部第二部长、理事会新方主 席英兰妮出席会议并致辞。 会议指出，过去一年，依托新苏合作理事会这个重要平台，双方在贸易投资、创新合作、人文交流等领 域取得了丰硕成果。下一步要在数字经济、生物医药、服务业开放、文化旅游等方面深化合作、协同共 进，推动交流合作不断走深走实。 ...