Group 1 - The Congolese economy is expected to show positive growth, with a projected real GDP growth rate of 2.8% in Q3 2025, up from 1.5% in 2024, driven by increased investment in the oil sector and strong performance in non-oil industries [1] - Inflation is anticipated to remain around 3.0%, slightly lower than the 3.1% forecasted for 2024, influenced by rising food prices and power supply disruptions [1] - As of August 2025, the total outstanding loans issued by Congolese banks increased by 27.9% to 1,816.4 billion Central African Francs, while non-performing loans rose by 15.7% to 264.8 billion Central African Francs [1] Group 2 - The economic development composite index for the Central African Economic Community (CEMAC) grew by 6.7% year-on-year, with a quarterly growth of 8.0%, compared to 9.3% in the same period last year [2] - The average annual inflation rate for the region stood at 2.8%, down from 4.3% in the previous year, while the GDP growth rate is projected at 2.6%, slightly lower than the 2.7% expected for 2024 [2] - Despite challenges from U.S. trade protectionism and ongoing geopolitical tensions, the economies of CEMAC member states have demonstrated resilience [2]

2025.12. 23 本文字数：1807，阅读时长大约3分钟 作者 | 第一财经 秦新安 近日，山西省政府发布《关于宣布废止124件行政规范性文件的决定》，其中包含《关于禁止生产、 经营、储存、运输和燃放烟花爆竹的通告（2020年8月17日）》。这一决定得到民众、企业广泛好 评，成为地方治理顺应民意、与时俱进的新样本。 而从民意支持度角度观察，包括山西在内，各地之前的烟花爆竹禁令一直存在一定争议，老百姓支持 度一般。偷产偷运偷销偷放事实上从未停止，监管的"猫"始终捉不完违规的"鼠"。这背后的主要原因 显而易见——老百姓对传统民俗的渴求，大过了对燃放烟花爆竹导致环境污染和安全风险的担忧。尤 其对于除夕、春节禁放烟花爆竹，许多人觉得是禁掉了年味。人们渴望能够适度"开禁"，以寻回那份 记忆中的节日感觉。近年来，全国多地陆续放松烟花爆竹禁令，取得良好的政策效果，山西此举可谓 大势所趋。 值得指出的是，山西废止原管控文件并不是简单的"开禁"，而是将管理方式从"全面禁止"转为"科学管 控"。据报道，山西在2023年已新增了烟花爆竹生产、储存、经营等一系列行政许可事项，搭建起从 生产源头到经营环节的全链条监管框架。山西省 ...

Group 1: Policy Changes - Shanxi Province has announced the repeal of 124 administrative normative documents, including the ban on the production, operation, storage, transportation, and use of fireworks, which was previously implemented in August 2020 [1] - The repeal is a response to significant changes in the legal framework and aims to transition from a comprehensive ban to a scientifically managed control model for fireworks [1][2] - The new management approach reflects a balance between public safety, environmental concerns, and cultural traditions, indicating a shift in governance philosophy [4] Group 2: Economic Impact - The fireworks industry in China involves over 7,000 existing companies and has a market size exceeding 60 billion yuan [2] - The previous comprehensive ban had a detrimental effect on the industry, but the repeal is expected to lead to a rapid recovery, as evidenced by increased inquiries about fireworks sales in Taiyuan City [2] - The policy change is anticipated to positively impact the local economy and may serve as a catalyst for broader industry recovery across the country [2] Group 3: Public Sentiment - There has been general public discontent with previous bans on fireworks, as many citizens prioritize cultural traditions over concerns about safety and environmental pollution [3] - The desire for a return to traditional customs, especially during festive seasons, has driven the demand for a more flexible approach to fireworks regulation [3] - The shift to a scientifically managed control system is seen as a way to respect public opinion while ensuring safety and environmental standards are maintained [3][4]

Core Viewpoint - The meeting emphasized the importance of implementing Xi Jinping's recent important speech on economic development and safety production, focusing on high-quality planning and task management for the upcoming years [1] Group 1: Economic Development - The meeting highlighted the need to thoroughly study and implement Xi Jinping's important speech at the Central Economic Work Conference, aiming for high-quality preparation of the "14th Five-Year Plan" and ensuring a good start for the "15th Five-Year Plan" [1] - It was stressed that a project-based, checklist-oriented, and responsibility-driven approach should be adopted for next year's key task list to ensure the successful completion of the "14th Five-Year Plan" [1] Group 2: Legal and Safety Measures - The meeting pointed out the necessity of implementing Xi Jinping's directives on comprehensive rule of law, enhancing the ability to use legal thinking and methods to deepen reforms, resolve conflicts, and maintain stability, thereby providing legal guarantees for high-quality development [1] - There was a strong emphasis on the need to address safety risks, particularly in high-rise buildings, forests, mines, and hazardous chemicals, following Xi Jinping's instructions regarding a major fire incident in Hong Kong [1] Group 3: Statistical Work - The meeting conveyed the spirit of the newly revised Statistical Law and other policy documents, urging leaders at all levels in the New District to lead in learning, understanding, and utilizing statistics to ensure high-quality statistical work that supports high-quality development [1]

新华社莫斯科12月19日电 热点问答｜普京"年度盘点"说了什么？ 新华社记者 俄罗斯总统普京19日在莫斯科举行"年度盘点"活动，现场回答包括新华社记者在内的国内外记者以 及俄罗斯民众提出的约80个问题，内容涵盖国际关系、地缘局势、俄经济军事发展等话题。活动持续约 4个半小时。 俄中关系 普京回答新华社记者提问时说，俄中关系不断发展，俄中关系是全球稳定的极重要因素。 普京表示，俄中两国在各领域开展了一系列务实合作，贸易额达到2400亿到2500亿美元的水平。俄 中合作在高科技制造业、科学教育、人文、太空探索领域也取得发展，这恰恰体现了两国间高水平互 信。 "所有这些都表明，正如我多次强调的，俄中关系是全球稳定的极重要因素。"普京说，俄方愿在未 来继续与中国朋友发展关系。 普京说，乌克兰对俄油轮的袭击不会产生任何效果，也不会扰乱石油供应，但俄方必将对袭击行为 作出回应。他表示，袭击俄罗斯油轮的目的之一是为了提高保险费。 普京表示，如果乌克兰举行选举，俄罗斯愿考虑在选举当天停止对乌克兰纵深地区的空袭。他表 示，乌克兰政府必须获得合法性，而没有选举，这一点是不可能实现的。 "和平计划" 对于俄乌"和平计划"，普京表示 ...

中新网北京12月17日电 (记者 陈溯)中国国际经济交流中心17日组织发布的《中国可持续发展报告 (2025)》(以下简称"报告")显示，中国可持续发展综合指数连续9年呈现稳步增长。 从治理保护看，近年来，中国大力推进污染物减排和环境基础设施补短板，2025年度治理保护指数提升 至80.4，同比增长2.6%，较2016年度提高了25.3%。 2015年起，中国可持续发展评价报告课题组构建了一套可持续发展评估框架体系，对中国可持续发展水 平作出较为客观的评价。从综合指数看，中国可持续发展综合指数从2016年度的56.2攀升至2025年度的 83，累计增幅达到47.7%，连续9年呈现稳步增长，多个年份增速在5%以上。 在省级层面，今年首次根据得分情况进行可持续评价，并将结果分为五级，由低到高分别为B、B+、 H、A和A+。经评估，北京和上海获评A+级，综合发展保持领先地位，海南、青海、天津、浙江获评A 级，其他多数省份位于H级与B+级。 今年的报告在原有评估框架体系基础上进行了优化，修改后的评估框架涵盖经济发展、社会民生、生态 环境和治理保护4个维度。研究显示，各维度分项指标呈现持续上升态势。 综合来看，东部地区 ...

此前一度空缺的经济部及投资、贸易和工业部两部部长分别由人民公正党的阿克马·纳斯鲁拉及马来民 族统一机构(巫统)的佐哈里出任。此外，企业发展和合作社部、种植园企业和商品部、人力资源部、天 然资源和环境永续部等都更换了新部长。财政部、经济部及投资、贸易和工业部等与经济事务相关部门 的副部长也发生变动。 安瓦尔执政以来，多次强调其政府在发展经济、吸引投资上取得的成果。此次改组名单出炉后，马来西 亚中华大会堂总会总会长林家全表示，希望政府将重心放在稳经济、护民生、促投资、保就业上，华人 社会愿支持有利国家发展的改革措施。马来西亚中华总商会总会长吴逸平表示，希望新上任的各经济事 务相关部门负责人落实国家发展计划和相关利商举措，支持企业应对挑战。(完) 中新社吉隆坡12月16日电 (记者 陈悦)马来西亚总理安瓦尔16日宣布改组内阁，有近三分之一部长职位 和过半数副部长职位发生变动，尤以与经济事务相关的部门变动较大。 这是安瓦尔执政3年来第二次大规模改组内阁。新内阁设置32名部长和30名副部长，和两年前首度改组 后的内阁相比，有10个部长职位和18个副部长职位换上新面孔。 ...

会议强调，要深入学习贯彻习近平法治思想，把党领导立法、保证执法、支持司法、带头守法落到 实处，弘扬法治精神，强化法治思维，系统推进"立改废释"，立足特大城市转型发展需要做好"小切 口"立法工作，完善市域法治体系，不断提高全面依法治市水平。 会议强调，要强化行业部门管理职能，着力解决行业领域群众身边突出问题，加强重点领域制度建 设和权力约束，推动全面从严治党向基层延伸。要发挥监督执纪问责的利器作用，纵深推进群众身边不 正之风和腐败问题集中整治，不断增强群众获得感幸福感安全感。 会议强调，要依法有序清理拖欠企业账款，认真摸清底数，严格结算审计，积极拓宽偿还渠道，持 续规范政府行为和市场经济秩序，坚决遏制新增拖欠账款，增强资产运营管理效益，打造良好营商环 境。 市委副书记、市长叶牛平主持会议。 会议强调，要深入学习贯彻习近平经济思想，准确把握党中央对经济形势的科学判断，扎实抓好经 济稳增长工作，坚决完成全年发展目标任务，塑造更好发展预期。要深刻理解"八个坚持"部署要求，凝 聚社会各界智慧力量，谋深谋实2026年经济工作，做细做好前瞻性基础性准备，确保"十五五"开好局、 起好步。 会议强调，要深刻把握不同领域区域信访 ...

Core Viewpoint - The Hong Kong government is preparing to launch public consultations for the upcoming fiscal budget, focusing on expanding economic development, accelerating innovation and technology, optimizing industrial structure, and creating quality jobs to enhance high-quality growth [1] Economic Performance - Hong Kong's merchandise exports have recorded double-digit growth year-on-year, supported by improved local demand and a slight increase in private consumption [1] - The economy grew by 3.3% year-on-year in the first three quarters of this year, with the government raising its full-year growth forecast to 3.2% [1] - Service exports benefited from a robust financial market and an increase in visitor arrivals, which reached over 45 million in the first 11 months, surpassing last year's total and marking a 12% year-on-year increase [1] Future Outlook - The Financial Secretary hopes that the upcoming New Year holidays, various events, and industry promotions will attract more visitors, injecting greater momentum into Hong Kong's consumer market and overall economy [2]

证券研究报告 | 2025年12月14日 资本周期与产业更迭专题 从美股产业更替看 A 股投资主线 策略研究·策略解读 | 证券分析师： | 王开 | 021-60933132 | wangkai8@guosen.com.cn | 执证编码：S0980521030001 | | --- | --- | --- | --- | --- | | 证券分析师： | 陈凯畅 | 021-60375429 | chenkaichang@guosen.com.cn | 执证编码：S0980523090002 | 事项： 解读： 一、从美股市值结构看产业周期兴衰更迭 进入 21 世纪后，美国经济历经互联网泡沫破裂和金融危机，能源、原材料行业一度回潮，市值占比显著 提升；2011 年以来，移动互联网和平台经济崛起，信息技术行业市值占比从 11%飙升至 27%，成为市场主 导力量，能源行业市值占比则大幅下降超 10 个百分点。纵观百年变迁，美国股市行业市值分布从以能源、 工业为主导，逐步过渡到以信息技术、金融为核心，这既反映技术革命对产业结构的深刻影响，也体现美 国经济从制造业主导向服务业和知识经济主导的转型，为理解产业升级与 ...