Core Viewpoint - Shanghai's economy demonstrates strong resilience with a GDP growth of 5.5% in the first three quarters of the year, despite external pressures and a high growth base from the previous year [1] Group 1: Trade and Transportation - Shanghai's foreign trade performed better than expected, with total imports and exports increasing by 5.2% year-on-year from January to October, and exports rising by 10.5%, particularly to non-US markets which grew by 16.3% [2] - Airport passenger throughput increased by 8.2% due to holiday travel, while waterway and road freight turnover grew by 3.7% and 2.1% respectively [2] - The financial sector saw a total transaction volume of 29.678 trillion yuan in major financial markets, a year-on-year increase of 12.7%, with the issuance of technology innovation bonds exceeding 1 trillion yuan [2] Group 2: Economic Structure and Growth Drivers - The economic structure in Shanghai is transforming, with the three leading industries showing a manufacturing output growth of 7.6%, and specific sectors like integrated circuits and artificial intelligence growing by 10.9% and 11.1% respectively [4] - The strategic emerging industries in the industrial sector also saw a production value increase of 7.2%, indicating the growth of new productive forces [4][5] Group 3: Consumer and Investment Trends - Social retail sales in Shanghai increased by 4.8% year-on-year from January to October, surpassing the national average for the first time, with the "old for new" consumption policy driving over 120 billion yuan in social consumption [6] - Fixed asset investment in Shanghai grew by 5.8% year-on-year, with significant projects completing investments of 211.99 billion yuan, achieving 88.3% of the annual target [6] - Urban renewal projects are accelerating, with the completion of various housing renovations and the initiation of 25 "urban village" transformation projects [6] Group 4: Employment and Future Outlook - Employment remains stable, prices are generally steady, and the income gap between urban and rural residents is narrowing [7] - Despite ongoing external pressures and internal structural adjustments, Shanghai aims to maintain strategic focus on high-quality development and seize new opportunities for future growth [7]

龚正指出，做好经济工作首先要主动把握时与势、深刻洞察危与机。当前外部环境仍在深刻复杂变 化，上海经济长期向好的基本趋势仍在延续，支撑高质量发展的积极因素加快累积。我们既要增强忧患 意识，勇于应对新挑战，更要保持战略定力，着力把握新机遇，围绕推动高质量发展这个首要任务和构 建新发展格局这个战略任务，集中力量做好自己的事，努力取得更多实实在在的工作成效。 龚正指出，明年是实施"十五五"规划的开局之年。开局关乎全局，起步决定走势。要进一步提升稳 增长机制效能，用好经济运行调度等机制，做好提前预判和应对预案，采取更加有力有效举措，及时处 理好各种新情况、新问题。要进一步拓展内需市场空间，做强国内大循环，更加注重增加优质供给、扩 大服务消费和"投资于人"，引导企业开发更多优质新产品新服务，培育更多消费新增长点，在保障群众 基本服务需求的同时促进发展型消费、高品质服务消费。要进一步增强创新发展动能，大力发展新质生 产力，推动科技创新与产业创新深度融合，加紧攻关突破，加强平台赋能，加快集群建设，持续提升产 业韧性和竞争力。要进一步释放改革开放红利，增强高质量发展的动力活力，力争更多改革先行先试， 强化改革系统集成，放大改革 ...

鄢少为 第三，要坚持"量的增长"。统筹好质和量的关系，是我们党作好经济工作的重要经验，也是实现高 质量发展的内在要求。量的增长为质的提升提供重要基础，质的提升为量的增长提供持续动力。当前， 海南自由贸易港建设面临的很多问题也只有在做大"蛋糕"中才能得到合理解决，为此，必须通过量的合 理增长在较短时间里把经济总量做大。 高质量发展追求的是有"质"的"量"。在推动海南高质量发展过程中，要牢固树立正确的政绩观，统 筹在产业体系、基础设施、协调发展、民生福祉、安全稳定等方面取得明显成效。要从关注经济规模和 增长过程，转向关注增长的结果和增长的效益;从关注经济增长一个维度，转向关注经济发展、社会公 平、生态环境等多个维度;从片面重视高增长产业，转向关注产业协同发展、构建现代化产业体系;从关 注经济增长的要素投入，转向关注全要素生产率的提升和要素优化配置;从关注GDP，转向关注以人民 为中心的各项制度安排和城乡区域之间的协调发展。 最终，还是要坚持"发展"。"发展是党执政兴国的第一要务。没有坚实的物质技术基础，就不可能 全面建成社会主义现代化强国。"习近平总书记的重要论述深刻揭示了高质量发展与建设社会主义现代 化国家的内 ...

Group 1 - The year 2025 marks the conclusion of the "14th Five-Year Plan" and the beginning of the "15th Five-Year Plan," with a focus on high-quality development and economic stability amid complex international and domestic challenges [2][10] - China's economy is expected to achieve a GDP of approximately 140 trillion yuan, with a year-on-year growth of 5.2% in the first three quarters, contributing about 30% to global economic growth [13][19] - The OECD has raised its forecast for China's economic growth in 2025 for the third time within the year, indicating a positive outlook for the Chinese economy [15] Group 2 - The automotive industry is undergoing significant transformation, with over 80% of manufacturing sectors adopting advanced technologies like AI and digital twins, leading to increased production efficiency [4] - The Hainan Free Trade Port is set to officially launch, enhancing China's high-level openness and serving as a crucial gateway for international trade [6] - The Guangdong-Hong Kong-Macao Greater Bay Area has emerged as the world's largest innovation cluster, attracting global innovation resources [7] Group 3 - Fiscal policy has shifted to a more proactive stance, with the issuance of 1.3 trillion yuan in long-term special bonds to support infrastructure projects and stimulate domestic demand [19] - The introduction of the "Private Economy Promotion Law" and the reduction of market access restrictions are part of ongoing reforms aimed at enhancing economic vitality [23] - The energy supply capacity has improved, with China maintaining its position as the world's largest goods trading nation, with a 3.6% year-on-year increase in trade volume [19][21] Group 4 - The transition towards greener energy is evident, with a decrease in energy consumption per unit of GDP and an increase in the share of non-fossil energy consumption [25] - The innovation index of China has entered the global top ten, with significant growth in high-tech manufacturing and digital industries, indicating a shift towards new productive forces [27] - Consumer spending continues to drive economic growth, with retail sales expected to exceed 50 trillion yuan, reflecting a robust recovery in consumption [28]

高效能宏观经济治理，提升了高质量发展的能力。高质量发展是全面建设社会主义现代化国家的首 要任务。不断完善宏观经济治理体系，通过改革发力、政策给力，把发展潜力充分释放出来，把各方面 积极因素转化为发展实绩，打开了高质量发展新天地。今年以来，发放育儿补贴、逐步推行免费学前教 育，注重"投资于人"；对个人消费贷款和服务业经营主体贷款进行补贴，实现财政金融政策协同联动； 有效降低全社会物流成本，纵深推进全国统一大市场建设……政策效能不断转化为澎湃发展动能，有力 巩固和增强了我国经济稳中向好态势。 对经济工作的规律性认识不断深化，增强了经济航船行稳致远的定力。新时代以来，我们党团结带 领人民以强大的组织力量、科学的应对策略、恰当的方式方法，化解一系列风险挑战，并及时作出经验 总结，提出理论创新成果，深化对经济工作的规律性认识，充分彰显了我们党在复杂多变的局面下驾驭 发展大局、总揽经济工作的战略智慧。坚持好、运用好理论创新成果，用以指导经济发展实践，将不断 增强战略定力，为我国经济平稳健康可持续发展提供更加坚强的保障。 今年是"十四五"规划收官之年。12月8日召开的中央政治局会议对今年及过去5年的经济社会发展作 出总结— ...

Core Viewpoint - The new regulations from the China Securities Investment Fund Industry Association aim to align the interests of fund managers and investors by implementing strict performance assessments and salary adjustments, marking a significant reform in the public fund industry [1][2]. Group 1: Key Changes in Regulations - The new guidelines introduce a performance assessment system that focuses solely on "investor returns," addressing the industry's issue of funds making profits while investors do not [3][8]. - A "mandatory co-investment" mechanism is established, requiring senior executives to invest at least 30% of their performance bonuses in the funds they manage, with a minimum of 60% in equity funds [5][18]. - A dynamic accountability system is created, including a tiered salary adjustment mechanism where fund managers with performance below benchmarks face mandatory salary reductions of at least 30% [6][20]. Group 2: Impact on Fund Managers - Fund managers who have underperformed against benchmarks for three consecutive years may see their salaries cut by over 30%, particularly affecting those managing actively managed equity funds [9][22]. - The new regulations are expected to discourage short-term speculative strategies, promoting a focus on long-term stable returns and increasing the proportion of profitable investors [11][24]. Group 3: Industry Transformation - The implementation of the new rules is likely to accelerate talent migration towards private equity, as top-performing fund managers may seek better opportunities outside public funds [25][26]. - The industry is expected to experience a "Matthew Effect," where leading fund companies benefit from their established research and performance stability, while smaller firms face increased pressure [26]. - The shift from a "star fund manager" model to a "team-based" approach is anticipated, emphasizing collective performance over individual accolades [26][27].

城市是现代化建设的重要载体，也是观察中国式现代化的重要窗口。关于广州的两则新闻发人深思—— 今年前10个月，广州进出口总额破万亿元，创历史同期新高。 不久前，《自然》增刊公布全球十强科研城市排名，广州跃升至全球第六，超越美国旧金山湾区。 从"千年商都"到"科创高地"，广州的蝶变正是中国高质量发展的生动缩影。 习近平总书记指出："要紧紧抓住高质量发展这个首要任务，全面推进中国式现代化。"中国大地上， 690多座城市禀赋各异、产业多元，立足全国大局中的战略定位，各展其长，优势互补，走出一条中国 特色城市现代化新路子，必将汇聚成推进强国建设、民族复兴伟业的强大势能。 "中国发展前景是光明的，我们有这个底气和信心。" （一） 信心，在以科技创新引领发展新质生产力，为以高质量发展全面推进中国式现代化注入不竭动能。 前不久在广东考察时，习近平总书记强调："着眼发展新质生产力，强化科技创新和产业创新深度融 合，建设具有国际竞争力的现代化产业体系。" 科技创新是发展新质生产力的核心要素。推动科技创新这个"关键变量"转化为高质量发展的"最大增 量"，创新城市优势明显、活力满满。 十五运会"源火"来自深海可燃冰，这是一场产学研用 ...

党的二十届四中全会通过的"十五五"规划建议，提供了读懂"中国之治"的一扇窗口。 习近平总书记指出："科学制定和接续实施五年规划，是我们党治国理政一条重要经验，也是中国特色 社会主义一个重要政治优势。" 世界百年变局加速演进，"中国之治"风景这边独好。 "中国之治"的密码是什么，背后的逻辑是什么，未来的前景是什么？面对"世界怎么了、我们怎么办"这 一时代之问，人们一次次把目光投向中国。 从"一五"到"五五"，我国建立起独立的比较完整的工业体系和国民经济体系；"六五""七五"，推动基本 解决温饱问题；"八五""九五"，实现人民生活总体达到小康水平；"十五"到"十三五"，全面建成小康社 会；"十四五"时期，我国经济实力、科技实力、综合国力跃上新台阶，中国式现代化迈出新的坚实步 伐。 一步一个脚印，一程接着一程，在一个又一个五年规划（计划）的接力中，中国式现代化已经展开壮美 画卷并呈现出无比光明灿烂的前景。 "十五五"，承前启后的关键时期。回望十四个五年，展望新的五年，眺望伟大复兴的航程，我们更能深 刻理解"中国之制"的巨大优势，更能深刻感受"中国之治"的强大效能。 领导力—— 党的领导是中国特色社会主义制度的最大优 ...

城市是现代化建设的重要载体，也是观察中国式现代化的重要窗口。关于广州的两则新闻发人深思—— 今年前10个月，广州进出口总额破万亿元，创历史同期新高。 不久前，《自然》增刊公布全球十强科研城市排名，广州跃升至全球第六，超越美国旧金山湾区。 从"千年商都"到"科创高地"，广州的蝶变正是中国高质量发展的生动缩影。 习近平总书记指出："要紧紧抓住高质量发展这个首要任务，全面推进中国式现代化。"中国大地上， 690多座城市禀赋各异、产业多元，立足全国大局中的战略定位，各展其长，优势互补，走出一条中国 特色城市现代化新路子，必将汇聚成推进强国建设、民族复兴伟业的强大势能。 "中国发展前景是光明的，我们有这个底气和信心。" （一） 信心，在以科技创新引领发展新质生产力，为以高质量发展全面推进中国式现代化注入不竭动能。 前不久在广东考察时，习近平总书记强调："着眼发展新质生产力，强化科技创新和产业创新深度融 合，建设具有国际竞争力的现代化产业体系。" 科技创新是发展新质生产力的核心要素。推动科技创新这个"关键变量"转化为高质量发展的"最大增 量"，创新城市优势明显、活力满满。 十五运会"源火"来自深海可燃冰，这是一场产学研用 ...

今年是"十四五"规划收官之年。12月8日召开的中央政治局会议对今年及过去5年的经济社会发展作出总 结——我国经济运行总体平稳、稳中有进，新质生产力稳步发展，改革开放迈出新步伐，重点领域风险 化解取得积极进展，民生保障更加有力，社会大局保持稳定。过去5年，我们有效应对各种冲击挑战， 我国经济、科技、国防等硬实力和文化、制度、外交等软实力明显提升，"十四五"即将圆满收官，第二 个百年奋斗目标新征程实现良好开局。 这份成绩单充分证明：我国经济基础稳、优势多、韧性强、潜能大，长期向好的支撑条件和基本趋势没 有变。我们对中国经济发展前途充满信心！ 准确把握经济发展的基本面，必须超越短期的、扰动性的和局部的现象层面，着眼于主导性的趋势和宏 观层面，看到蕴藏其中的坚实支撑。 更加彰显的独特优势，强化了应对风浪的韧劲。我国经济长期向好，既是由我国高质量发展的历史方 位、发展基础、政治保障等基本条件造就的，也受益于优势因素的相辅相成、叠加放大。以组织动员能 力、统筹协调能力、贯彻执行能力，引导资源要素向关键领域汇聚集中，为超大规模市场优势的发挥、 产业体系动能的增强、人力资源要素活力的释放，提供了稳定的制度保障；超大规模市场优 ...