距离2025年12月18日海南自由贸易港全岛封关运作已不足一个月时间，央企紧抓封关机遇，加快入琼投 资步伐。近日，中国黄金集团黄金珠宝股份有限公司（股票简称：中国黄金，股票代码：600916）发布 公告，公司拟于海南省出资设立全资子公司，暂定名为中金珠宝国际有限公司（以下简称"国际公 司"），注册资本5亿元。 作为集团国际化战略的核心载体，国际公司将深度融入国家"双循环"新发展格局，在"一带一路"倡议与 文化出海战略的双重驱动下，国际公司的设立标志着中国黄金产业从"规模扩张"向"规则输出"的关键转 型。国际公司扎根海南自贸港，依托"零关税、低税率、简税制"政策优势，与自贸港"国内国际双循环 交汇点"功能深度融合，打造"境内政策红利转化枢纽"；立足"国际金融、航运、贸易中心"定位，聚焦 海外供应链管理、国际资本运作及全球品牌推广，实现全球资源优化配置与资本互联互通。 随着国际公司正式设立运营，中国黄金将加速构建"境内筑基、境外拓展"的全球化格局，在服务国家战 略的同时，为自身建设世界一流黄金企业注入强劲动能。这不仅将实现境内外的优势互补，更是对国 家"国内国际双循环"战略在黄金珠宝产业层面的具体践行。 央企总对 ...

据介绍，该国际公司成立后将立即启动与中国中免（601888）、澳门南光集团等战略伙伴在渠道深耕、 文创产品开发、跨境赛事营销等方面的深度合作。例如，双方将共同推出具有国际视野的文创珠宝产 品，并探索在粤港澳大湾区的大型文化体育活动中展示推广，将中国黄金的匠心工艺与区域的文旅资源 创造性结合，讲好中国品牌的国际故事。 公告显示，中国黄金本次设立全资子公司是深度融入国家"双循环"新发展格局的重要举措，其将作为中 国黄金国际化业务统筹平台和相关境内外合作、投资运作主要载体，有利于充分利用海南自贸港政策和 区位优势，拓展境外市场与渠道，服务中国黄金国际化战略布局和高质量发展。 本报讯(记者贺王娟)11月22日，中国黄金（600916）集团黄金珠宝股份有限公司(以下简称"中国黄金") 发布会议决议公告称，公司审议通过《关于成立中金珠宝国际有限公司(暂定名)的议案》，拟于海南省 出资设立全资子公司，中金珠宝国际有限公司(暂定名)，注册资本5亿元。 中国黄金表示，国际公司的成立是公司战略升级的重要里程碑。未来，公司将继续聚焦战新产业 （300832）孵化与国际化创新业务拓展，协同国际公司不断探索新模式、新路径，为中国黄金的 ...

中美贸易摩擦进入2025年，已从单纯关税博弈演变为全球供应链的全面重塑。年初，美国政府签署行政 令，对中国商品加征10%额外关税，到4月总税率攀升至54%，涵盖电子元件、机械设备和汽车零部 件。中国则以对等措施回应，5月启动对美进口商品关税调整，重点针对农产品和能源。 10月30日，两国领导人在釜山会晤，达成涵盖关税调整、出口管制和农产品采购的协议，美国同意降低 部分电子产品税率至30%，中国承诺增加能源进口20万吨。目前，协议执行平稳，首批大豆船货抵达中 国港口，价格稳定在每吨420美元左右。这种进展显示，贸易摩擦虽未彻底结束，但已从对抗转向有限 缓和。 从经济数据看，美国的关税策略并未如预期般重振制造业。2025年上半年，美国对华出口下降25%，大 豆和能源类产品积压严重，中西部农场库存创历史新高。通胀率升至4.5%，消费者支出增速放缓0.8个 百分点。 相比之下，中国出口结构优化，对"一带一路"沿线国家贸易额同比增长15%，高科技产品占比升至 28%。欧洲国家对美实施25%农产品反制关税，导致美国鸡肉出口受阻，中西部"蛋荒"现象频发。 东南亚虽承接部分转移订单，但物流延误和质量不稳问题突出，实际成本仅降 ...

第一财经记者在现场看到，西班牙进口依挑火腿展位前客流涌动。"这款火腿在进博会上就备受青睐，今日四星款已近乎售罄。"展区负责人介绍。科技互动 区则是打卡胜地，机器人掌勺炒菜、AI 智能售卖热干面、机器狗灵动舞狮等趣味表演，引得现场欢呼声此起彼伏。 九大市场展区则以"全产业链联动、全场景服务"为特色，联动国内外超1000家展商、3000家采购商、100余家行业商协会及汉口北5万家商户，覆盖药食同 源、汽车、家居、纺织服装、酒店用品、文化用品、国际花卉等全产业链。 踏入国际花卉与花艺交流展区，南非霸王花、日本醉木、秘鲁郁金香与云南牡丹菊同台竞艳，馥郁花香萦绕整个展区；咖啡茶饮展区内，一场咖啡拉花人机 （AI）对决正火热开展；药食同源展区的AI体质检测服务前，体验市民排起长队……各展区同样亮点纷呈，满足全龄段多元消费需求。 武汉的"新比较优势" 武汉的"新比较优势"正在转化为现实的开放动能 2025武汉（汉口北）商品交易会（下称"汉交会"）20日在武汉市黄陂区开幕，约50个国家和地区的外交使节、海外侨领以及商协会代表，超3000家中外企业 参展、参会。 本届汉交会现场设置1个主展区和9大市场展区，19万平方米的总展览 ...

Investment Rating - The report indicates a positive investment outlook for Chinese enterprises going global, with a projected increase in foreign direct investment (FDI) to 1.16 trillion RMB in 2024, reflecting an 11.30% year-on-year growth [8]. Core Insights - Chinese enterprises are actively exploring new pathways for international expansion, adapting strategies in response to geopolitical challenges and evolving market conditions [4][8]. - The ASEAN region has emerged as a key destination for Chinese investment, with its share of China's outbound investment rising from 6.34% in 2014 to 17.88% in 2024 [8]. - The structure of China's outbound investment is shifting, with significant increases in the wholesale, retail, and manufacturing sectors, indicating a deeper integration into global value chains [8][52]. Summary by Sections Part A: Challenges and Pathways for Chinese Enterprises Going Global - The Chinese government is committed to high-quality outbound investment, emphasizing the importance of maintaining a stable international economic environment despite rising geopolitical tensions [18][19]. - The share of China's exports in global trade is projected to reach 14.64% in 2024, maintaining its position as the world's largest exporter [19][23]. - Chinese enterprises are increasingly focusing on the ASEAN region for investment, with a notable rise in direct investment since the implementation of the RCEP [44][52]. Part B: Financial Support for Outbound Expansion - Chinese financial institutions are enhancing their overseas presence, with major banks establishing branches in numerous countries to support outbound enterprises [9]. - There is a strong emphasis on integrating domestic and international resources, with banks providing cross-border credit and financing solutions for projects under the Belt and Road Initiative [9][11]. - Innovative financial products and services are being developed to support overseas investments, including specialized loans for infrastructure projects and comprehensive solutions for cross-border e-commerce [9][11]. Part C: Future Outlook and Recommendations - Recommendations include optimizing overseas network construction, enhancing multi-tiered financial service systems, and expanding the use of cross-border RMB [12][13]. - A comprehensive risk management system is suggested to help enterprises navigate geopolitical uncertainties and market volatility [12][13]. - Strengthening collaboration between financial institutions and industries is crucial for supporting enterprises in their global expansion efforts [12][13].

Core Insights - The Zhejiang Securities 2026 Capital Market Summit was held in Shanghai, focusing on investment strategies and market outlook as China embarks on its 14th Five-Year Plan [1] - Keynote speeches highlighted the structural shifts in China's capital market, emphasizing high-quality development and innovation as fundamental drivers [2][3] Group 1: Trends and Opportunities - Three major trends were identified: 1. "Confidence Opportunity" due to the global rebalancing and reassessment of Chinese asset values 2. "Innovation Opportunity" driven by technological revolutions in AI, biotechnology, and renewable energy 3. "Reform Opportunity" through institutional optimization improving market ecology [2] - The capital market is experiencing a structural turning point, with a focus on high-quality development and reform innovation [2] Group 2: Economic Outlook - The chief economist of Zhejiang Securities forecasts a "good start" for China's economy in 2026, with expectations of a structural market characterized by low volatility dividends and technological growth [3] - The A-share market is entering a "systematic slow bull" phase, with an anticipated "N" shaped trend for the Shanghai Composite Index, balancing cyclical and technological growth styles [3] Group 3: Industry Development - The public fund industry is poised for high-quality development, emphasizing the need to expand equity asset management, deepen registration system reforms, and optimize fund governance [3] - The summit served as a platform for over 500 listed companies to engage in closed-door discussions, promoting deep dialogue and collaboration among global investors, industry representatives, and experts [4]

中国社会科学院大学经济学院博士研究生 制造业"内卷式"竞争是一种复杂的经济现象。已有的大量研究关注到企业间过度竞争对资源的无效消耗，关注到 供需失衡和产业链重整，关注到中国制造业面临着"创新驱动-效率提升"与"资源错配-内卷加剧"的双重压力，但对 制造业"内卷式"竞争现象的形成机制还缺少一个全面的理论解释框架，特别是缺少将宏观供需失衡、中观产业链 重构与微观企业规模数量变化等各个层面的市场结构变化有机整合的综合理论框架。 黄群慧 中国社会科学院经济研究所研究员、教授 叶其楚 这不仅阻碍了资源的优化配置，还抑制了技术进步和组织效率的提升，使得企业或行业整体无法获得质的突破， 最终陷入"多劳少得"或"多投无果"的困境。更为严重的是，"内卷式"竞争常常伴随着非理性乃至扭曲的企业行 为，催生诸如恶性价格战、排他性协议、滥用市场支配地位、虚假宣传等不正当竞争手段，而这破坏了正常的市 场秩序和资源配置效率。更进一步，行业内的大型企业往往凭借其在技术积累、数据资源、平台控制力、资本运 作等方面的综合优势，形成事实上的市场垄断地位，显著压缩中小企业的生存空间，进而削弱市场的开放性、公 平性和创新活力。 本文基于产业组织理论中 ...

Core Viewpoint - The forum emphasizes the importance of strategic planning in the context of global modernization, highlighting the need for countries to align their development with shared human values while respecting unique national circumstances [1][2]. Group 1: Strategic Planning and Globalization - The Chinese Five-Year Plan is recognized for its continuity and adaptability, serving as a significant tool in modern governance [2]. - China's role in leading globalization is seen as a vital opportunity for Latin America, promoting a fairer and more inclusive global order [2]. - The successful Chinese model is attributed not only to technological advancements but also to strong social mobilization and collaborative capabilities, providing a significant "Chinese solution" to global challenges [2]. Group 2: Civilizational Exchange and Modernization - The concept of civilizational exchange is highlighted as essential for understanding the relationship between civilizations and world modernization, aiming to enhance the influence of Chinese civilization [3]. - Strategic planning is identified as a crucial method for governance, significantly impacting China's economic and social development [3]. - From 2026 to 2030, China aims to achieve sustained economic growth and comprehensive industrial upgrades through innovation and a "dual circulation" strategy [3]. Group 3: International Cooperation and Challenges - The UK and China are encouraged to deepen cooperation in various fields to address global challenges such as climate change and public health, despite current uncertainties in international relations [2]. - The forum provides a high-quality platform for understanding different modernization paths and promoting international academic exchange [3].

Core Insights - The Chinese cruise economy is experiencing a strong recovery after a "V"-shaped rebound, with significant increases in both the number of cruise ships and passenger arrivals in the first three quarters of the year [1][2] - The first "golden decade" of the Chinese cruise industry saw rapid growth, and there are questions about whether the current trends indicate the start of a second "golden decade" [1][2] - The growth logic in the new phase has shifted from scale expansion to structural upgrading and quality improvement, indicating a transition to high-quality development [2][3] Industry Performance - In the first three quarters of this year, 344 cruise ships entered and exited Chinese ports, accommodating 2.05 million passengers, representing year-on-year increases of 17% and 28% respectively [1] - The number of international travelers arriving via Shanghai's cruise port has surged by approximately 77% compared to the same period last year [1] - The first domestically built large cruise ship, "Aidah Magic City," has successfully completed over 140 commercial voyages, carrying more than 530,000 passengers [2] Market Dynamics - The new phase of growth is characterized by a focus on quality and efficiency rather than just scale, with a more diversified industrial ecosystem encompassing six key elements: ship, port, travel, manufacturing, education, and supply [3][4] - Digitalization and green technology are emerging as new engines for development, with cruise companies leveraging big data for targeted marketing and enhancing customer experience through digital means [4][5] Consumer Segmentation - The Chinese cruise market is witnessing a clear segmentation of consumer demographics, with distinct needs emerging among the elderly, Generation Z, and family units [5][6] - The current penetration rate of cruise consumption in China is only 0.08%, significantly lower than North America's 3.65% and Europe's 2%, indicating substantial growth potential [5][6] Challenges and Solutions - The cruise industry faces "bottleneck" issues in upstream design and construction, particularly in core technology and key component supply [7][8] - Solutions include enhancing policy support, fostering technological innovation, and promoting industry collaboration to build a self-sufficient cruise manufacturing ecosystem [7][8] Port Development - Shanghai's Wusongkou International Cruise Port is currently the largest in Asia and fourth globally, with expectations to accommodate 230 cruise ships by 2025 [9][10] - To enhance "home port stickiness," the port must evolve from a transit point to a "city living room," integrating more with urban life and tourism [9][10] - Improving the port's infrastructure and service capabilities is essential to transform the "transit economy" into a "stay economy," thereby increasing visitor engagement and satisfaction [10][11]

今年以来，在"双循环"新格局和区域协调发展战略的推动下，我国经济韧性凸显，前三季度GDP60强城市榜单迎来新一轮洗牌。上海以超过2000亿元的增量 稳居龙头，福州历史性突破万亿大关，金华则凭借产业转型成功反超临沂——这场城市竞赛背后，是政策红利、产业创新与区位优势的激烈碰撞。究竟哪些 城市在逆势中突围？它们的增长密码又是什么？ 作为经济领头羊，上海前三季度GDP达40721.17亿元，增量2005.17亿元，相当于日均创造7.4亿元财富。5.18%的增长率背后，是自贸区临港新片区和科创中 心建设的双重驱动。 值得注意的是，上海第三产业占比已突破75%，金融业与数字经济融合成为新增长极——这种"稳旧育新"的辩证逻辑，使其在复杂外部环境中保持了定力。 | | 地区 | 2025 | 2024 | 撸量 | 名义 | | --- | --- | --- | --- | --- | --- | | | | 前三季度 | 前三季度 | | 增长率 | | 1 | 上海市 | 40721.17 | 38716 | 2005.17 | 5.18% | | 2 | 北京市 | 38415.9 | 36393.2 | 2022 ...