Core Viewpoint - The Ministry of Finance and the Ministry of Commerce have initiated a pilot program to stimulate consumption potential and expand domestic demand, with 50 cities selected for the trial [1][3]. Funding and Support - The pilot program will last for two years, with a maximum financial subsidy of 400 million yuan per city based on city size, aimed at enhancing the service system for new consumption [3][4]. - The funding will be distributed in two batches, with remaining funds allocated based on performance evaluations [4]. Focus Areas - The program emphasizes three main areas: 1. Supporting the establishment of a service system for new consumption, including the creation of launch centers and platforms for new product releases [4][5]. 2. Promoting innovative and diverse service consumption scenarios, enhancing cultural, health, and entertainment offerings in key commercial areas [5][6]. 3. Encouraging collaboration between quality consumption resources and well-known IPs to create engaging and innovative consumption experiences [5][6]. Economic Impact - The pilot aims to enrich consumption supply and stimulate industry innovation while stabilizing employment, with expectations to create numerous job opportunities across various service sectors [6][7]. - The program is designed to meet the differentiated and quality demands of consumers, fostering new growth points in service consumption [7].

Core Viewpoint - The article discusses the significant progress in the pilot program for new consumption formats, models, and scenarios initiated by the Ministry of Finance and the Ministry of Commerce to stimulate domestic demand and unleash consumer potential [1][2]. Group 1: Pilot Program Details - On November 20, 50 cities were officially announced as candidates for the pilot program, including all four direct-controlled municipalities and five cities with independent planning, covering major provinces [2]. - The pilot program will last for two years, with the central government providing up to 400 million yuan per city in financial subsidies based on city size, aimed at enhancing the consumption market [4][6]. - The funding will be allocated in two batches, with remaining funds distributed based on performance evaluations [6]. Group 2: Focus Areas of Support - The program emphasizes three main areas for support: 1. Establishing a robust first-release economic service system, including the creation of first-release centers and platforms for product launches in key commercial areas [7]. 2. Innovating diverse service consumption scenarios, promoting the transformation of traditional shopping areas into multi-functional consumption hubs [7]. 3. Supporting collaborations between quality consumption resources and well-known intellectual properties (IPs) to create engaging consumption experiences [8]. Group 3: Economic and Employment Impact - The pilot program aims to enrich consumption supply while activating industry innovation and stabilizing employment, with expectations to create numerous job opportunities across various service sectors [10][11]. - The initiative will focus on high-quality, innovative consumption offerings to meet diverse consumer demands and promote typical experiences to stimulate innovation in the consumption sector [11].

不过，在首发经济"火热"的背后，一些挑战同样不容忽视。同质化竞争削减了新业态红利。当越来 越多的城市开始关注"首发经济"时，很容易出现同质化竞争。每个城市都希望引进更多的"首店""首 发"，但如果缺乏差异化发展路径和特色，很容易导致"千城一面"的局面。另外，"首发"只是一种手 段，而不是目的。一个城市不能过度依赖"首发"来拉动消费，不能以首店的"一哄而上"开始，又以"昙 花一现"结束，而是要构建更完善的产业结构和更具活力的创新生态。 接下来，积极培育和发展首发经济，一方面，要致力于打造优质的商业环境。这离不开统筹实施一 系列扶持政策，从而提升产业能级并引领消费潮流。要探索规划先行，坚持高起点谋划，在研究制 定"十五五"城市发展规划的过程中，科学布局首发经济总部、首发经济商圈、首发经济街区。高水平设 计集商务、消费、娱乐、休闲、旅游于一体的首发经济聚集区，打造一批高端"五新"成果首发经济的推 广平台和体验平台。 另一方面，在持续推进城市更新、开发建设的过程中，还应把推进首发经济与提升城市功能品质有 机结合起来。在主题打造、场景设计、环境融合等方面巧妙融入地域文化符号，彰显主导产业特色优 势，在实践中探索从"网红 ...

Core Viewpoint - The stock of Yaowang Technology has experienced fluctuations, with a recent decline of 2.08% and a year-to-date increase of 11.73%, indicating volatility in market performance [1][2]. Company Overview - Yaowang Technology, established on July 25, 2002, and listed on September 3, 2009, is based in Nanhai District, Foshan, Guangdong. The company specializes in the production and sales of mid-to-high-end fashion footwear and offers diversified fashion products through wholesale and retail channels [2]. - The company's revenue composition includes 58.70% from social e-commerce, 32.33% from new media advertising, 4.56% from clothing and footwear, 3.97% from self-owned brands and brand distribution, and 0.45% from other sources [2]. Financial Performance - For the period from January to September 2025, Yaowang Technology reported a revenue of 2.613 billion yuan, a year-on-year decrease of 34.65%. The net profit attributable to the parent company was -415 million yuan, reflecting a slight decrease of 1.57% year-on-year [2]. - The company has cumulatively distributed 80.195 million yuan in dividends since its A-share listing, with no dividends distributed in the past three years [3]. Shareholder Information - As of September 30, 2025, the number of shareholders for Yaowang Technology was 97,500, a decrease of 9.49% from the previous period. The average circulating shares per person increased by 9.41% to 8,917 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited is the third-largest, holding 17.4123 million shares, an increase of 7.9924 million shares from the previous period. Noan Flexible Allocation Mixed Fund (320006) is a new shareholder, holding 2.7025 million shares [3].

（原标题：专访澳门招商局主席谢永强：以多元文化构筑澳门会展独特竞争力） 南方财经 21世纪经济报道记者田静 澳门报道 澳门特区统计暨普查局最新数据显示，澳门特区2025年前三季旅客非博彩总消费达582.5亿澳门元，同 比增长3.6%。其中，以参加会展为目的的旅客人均消费表现尤为亮眼，高达4,398澳门元，显著高于平 均水平。这组数据印证了会展业作为澳门经济多元化重要引擎的地位正不断增强。 近日，南方财经记者专访了澳门特区招商投资促进局行政管理委员会主席谢永强，围绕会展业如何通过 国际化、专业化提升核心竞争力，其在"1+4"经济适度多元战略中的角色，以及在全球竞争中打造差异 化优势等话题，进行了深入交流。 "让参会不仅是'商务行为'，更是'文化体验'。"采访过程中，谢永强详细阐述了澳门会展业已构建的四 大发展基础，并表示将通过一系列优化措施与重磅活动，持续推动会展业高质量发展，助力澳门打造联 通内外的国际会展中心。 （澳门特区招商投资促进局行政管理委员会主席谢永强。） 四大基石支撑会展业提质增效 南方财经： 2025 年上半年澳门共举办了 918 项会展活动，专业展览观众同比增长近三成，海外专业观众 增长两成。 ...

Core Viewpoint - The provincial government is focused on enhancing economic resilience and promoting high-quality development through various initiatives, including technological innovation and improved service sectors [1][2]. Economic Development - The provincial government recognizes the long-term potential and resilience of the economy, emphasizing the need for confidence and targeted efforts to achieve optimal results during the "14th Five-Year Plan" and to set a strong foundation for the "15th Five-Year Plan" [2]. - Key areas of focus include stabilizing key industries such as steel and oil, supporting enterprises in digital transformation, and fostering the integration of technological and industrial innovation [2]. Technological Innovation - Higher education institutions are encouraged to strengthen organized research and enhance the conversion of scientific achievements into productive forces by improving talent supply and establishing technology parks and pilot bases [3]. Service Sector Enhancement - The government plans to implement actions to boost service sector capacity and quality, maintain stable commercial circulation, and expand the scale of the platform economy [2]. - New consumption models such as event economy, silver economy, and national trend economy are to be developed to stimulate service consumption [2]. Investment and Business Environment - The government aims to enhance the role of public investment to stimulate private investment, improve project planning, and increase efforts in attracting investment [2]. - A comprehensive approach will be taken to optimize the business environment, focusing on public services, access to resources, fair competition, and legal frameworks [2]. Education and Workforce Development - Vocational schools are urged to align their educational direction with industry needs and improve their management to promote high-quality development in modern vocational education [3].

Core Viewpoint - The stock of Yaowang Technology has shown a positive trend with a 14.26% increase year-to-date, reflecting strong market interest and trading activity [1][2]. Company Overview - Yaowang Technology, established on July 25, 2002, and listed on September 3, 2009, is based in Nanhai District, Foshan, Guangdong Province. The company specializes in the production and sales of multi-brand mid-to-high-end fashion footwear and offers diversified fashion products through wholesale and retail channels. Its core business also includes information technology services focused on mobile internet precision marketing [2]. - The revenue composition of Yaowang Technology includes: social e-commerce (58.70%), new media advertising (32.33%), clothing and footwear (4.56%), self-owned brands and brand distribution (3.97%), and others (0.45%) [2]. Financial Performance - For the period from January to September 2025, Yaowang Technology reported a revenue of 2.613 billion yuan, a year-on-year decrease of 34.65%. The net profit attributable to the parent company was -415 million yuan, reflecting a slight decrease of 1.57% year-on-year [2]. - The company has cumulatively distributed 80.195 million yuan in dividends since its A-share listing, with no dividends paid in the last three years [3]. Shareholder Information - As of September 30, 2025, the number of shareholders for Yaowang Technology was 97,500, a decrease of 9.49% from the previous period. The average circulating shares per person increased by 9.41% to 8,917 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 17.4123 million shares, an increase of 7.9924 million shares from the previous period. Noan Flexible Allocation Mixed Fund (320006) is a new entrant, holding 2.7025 million shares [3].

11月18日，大悦城盘中下跌2.05%，截至09:39，报3.34元/股，成交1357.47万元，换手率0.09%，总市值 143.16亿元。 资金流向方面，主力资金净流出134.05万元，特大单买入109.91万元，占比8.10%，卖出0.00元，占比 0.00%；大单买入30.17万元，占比2.22%，卖出274.13万元，占比20.19%。 责任编辑：小浪快报 大悦城所属申万行业为：房地产-房地产开发-商业地产。所属概念板块包括：首发经济、中粮集团、新 型城镇化、低价、证金汇金等。 截至9月30日，大悦城股东户数8.97万，较上期减少7.16%；人均流通股47810股，较上期增加15.33%。 2025年1月-9月，大悦城实现营业收入206.48亿元，同比增长0.83%；归母净利润-5.33亿元，同比增长 9.17%。 分红方面，大悦城A股上市后累计派现20.54亿元。近三年，累计派现0.00元。 机构持仓方面，截止2025年9月30日，大悦城十大流通股东中，香港中央结算有限公司位居第五大流通 股东，持股5319.14万股，相比上期增加2859.41万股。工银价值精选混合A（019085）位居第六大流通 ...

Core Points - The "15th Five-Year Plan" emphasizes significantly increasing the resident consumption rate as a primary goal, focusing on expanding domestic demand and promoting consumption [1] - The plan proposes a combination of investments in goods and people, increasing public service spending, and removing unreasonable restrictions on consumption in sectors like housing and automobiles [1][4] Economic Growth Targets - The reasonable economic growth rate for China during the "15th Five-Year Plan" is projected to be between 4.5% and 5.5%, considering the large economic base and potential growth rate [4][5] - The plan aims to align with the long-term goal of achieving a per capita GDP comparable to that of moderately developed countries by 2035 [4] Resident Consumption Rate - To address the low resident consumption rate, strategies should focus on expanding the middle-income group and increasing public service spending to enhance consumer confidence [5][6] - New consumption patterns should prioritize human-centered consumption, with a focus on sectors like the silver economy, infant products, and women's economy [6] Role of Real Estate - The real estate market is expected to experience slight growth over the next five years, with its stability being crucial for consumer confidence and financial system stability [7][8] - The removal of unreasonable restrictions on housing and automobiles is aimed at releasing suppressed consumer demand, which is vital for economic growth [7] Consumption, Investment, and Export Dynamics - Consumption is projected to play a dual role as both a "ballast" and a "main engine" for economic growth, with expectations that it will contribute over 60% to GDP growth [12] - Investment will serve as an "incubator" and "accelerator," focusing on optimizing economic structure and transitioning to high-quality development [13] - Exports will act as a "stabilizer," maintaining their importance despite potential fluctuations, supported by China's comprehensive industrial system [12][13] Service Industry Development - The shift in focus towards expanding the service sector reflects a strategic change, with the service industry expected to drive future economic growth and competitiveness [19][20] - The growing middle-income group and the increasing share of services in GDP highlight the need for improved service quality and international engagement in service management [20]

Core Viewpoint - The National Medical Products Administration of China has issued a document aimed at transforming the country from a "cosmetics manufacturing giant" to a "cosmetics powerhouse," proposing 24 reform opinions and 48 specific measures to enhance the quality and safety of the cosmetics industry [1][2]. Group 1: Regulatory Reforms - The document introduces a dedicated review pathway for "new efficacy cosmetics," allowing for "immediate reporting and review," which significantly reduces the time required for technical reviews and registration [2]. - It encourages the launch of new cosmetics in China, aiming to make the country a global hub for new product launches, thus eliminating the need for proof of prior sales in the production country [2]. - The document promotes the development of cosmetics tailored for the aging population, recognizing the "silver economy" as a new market opportunity [3]. Group 2: Industry Efficiency - A series of measures are introduced to reduce burdens on companies, such as allowing similar products to share technical data and streamlining the review process for special cosmetics [3][4]. - The document emphasizes the reduction of animal testing requirements, prioritizing the development of alternative testing methods [3]. - It mandates the implementation of electronic labels for cosmetics, enhancing consumer access to product information and improving operational efficiency for companies [3]. Group 3: Customization and Innovation - The document encourages personalized services in cosmetics, allowing for on-site adjustments and repackaging based on consumer needs, aligning with the trend of personalized consumption [4]. - Overall, the 24 reform measures aim to liberate the industry from constraints, fostering innovation and development within the cosmetics sector [5].