新华社日内瓦11月15日电 专访：中国市场对瑞士企业重要性更加凸显——访瑞士中心董事会主席戴尚 贤 新华社记者马汝轩 瑞士中心董事会主席、瑞士前驻华大使戴尚贤近日在接受新华社记者专访时表示，在当前国际经贸环境 面临更大不确定性背景下，瑞士企业正加快市场多元化布局，而中国市场的重要性更加凸显。 戴尚贤说，美国先前对瑞士加征高关税，"对我们这样一个出口导向型经济体来说打击非常大"，中国市 场因此变得更加重要。"中国市场整体保持快速增长，依然是瑞士产品的主要目的地之一，尤其是在高 端医疗制造等领域。" 瑞士中心近期发布的调查结果显示，瑞士企业在华投资意愿强劲，近一半受访企业将中国列为前三大投 资优先市场。 据他介绍，瑞士中心连续8年参加进博会，并不断扩大瑞士展馆的规模和影响力。今年，瑞士中心组织 的瑞士企业参展数量和展台面积均创历届新高。 戴尚贤认为，进博会是瑞士企业进入中国市场的重要平台，为深化瑞中经贸合作注入了持续动力。所有 海外参展商都能借此平台找到潜在合作伙伴。 戴尚贤特别提到瑞中在可持续发展和创新领域的合作潜力。中国政府近年来大力推动环保与清洁能源产 业发展，而瑞士在创新和绿色发展方面处于全球领先地位。世 ...

一是优化竞争生态。《指引》强调"宽严相济"的监管思路，致力于厚植公平竞争文化，引导平台经营者 用好超大规模市场的优势，改变"圈地"竞争思路，走出排除、限制竞争有利于"幸存者"更好发展的误 区，并呼吁各领域平台经营者建立起"共同体"思维，通过合作开放推动竞争升级、企业转型和互利共 赢。 二是集中创新力量。《指引》有针对性地对多类新型垄断风险作出提示，主要目的在于增强平台经营者 公平竞争发展信心，有能力、有动力摆脱低水平同质竞争的桎梏，释放更多开展前瞻性研发的潜能，推 动平台企业将力量向优质创新倾斜，布局更多新兴产业，将力量进一步集中到积极服务民生福祉、深度 参与国家战略的科技创新中，更好把握新一轮科技革命和产业变革带来的机遇。 三是赢得更多青睐。在当下动态性较强的市场环境中，合规经营已成为企业赢得各方认可的关键"通行 证"。消费者愈发理性，为优质平台的商品和服务买单的意愿更强；从业人员重视权益保障，平台合规 口碑直接影响岗位吸引力；合作商、投资者倾向于与合规企业携手，降低不确定性引起的商业风险。同 时，符合国际反垄断标准的合规企业，能更顺利地进入海外市场、拓展国际版图。 （文章来源：每日经济新闻） 每经AI快讯 ...

Core Insights - The 15th National Games showcased China's economic development and the spirit of its people, while also providing a significant boost to the host cities' development momentum [1] - The event served as a pressure test for urban operational capabilities, enhancing the cities' infrastructure and public service systems [1] - Hosting high-level events increases city visibility and reputation, stimulating diverse consumption in hotels, dining, tourism, and cultural sectors [1] - The innovative co-hosting model of the Guangdong-Hong Kong-Macao Greater Bay Area promotes deep integration of economy, technology, and culture [1] - The event fostered emotional connections among the 19 host cities, creating a shared sense of achievement and future development potential [2] Summary by Sections Economic Impact - The National Games activated direct consumption in various sectors, including hotels, restaurants, and cultural industries, benefiting local businesses [1] - The event's hosting in the Greater Bay Area, known for its high openness and economic vitality, is expected to elevate the level of event services and competitive standards [1] Social and Cultural Integration - The event fostered emotional connections among participants and spectators, enhancing a sense of pride and belonging in the Greater Bay Area [2] - Local residents engaged with visitors, promoting a unique tourism experience and cultural exchange [2] Innovation and Collaboration - The collaboration among the 19 host cities resulted in innovative measures and shared benefits, creating a valuable asset for future development [2] - The event exemplified a new model of co-hosting that integrates sports with economic and cultural dimensions [1]

创新是引领发展的第一动力，而知识产权是对创新的一项重要保障。党的二十届四中全会审议通过的 《中共中央关于制定国民经济和社会发展第十五个五年规划的建议》提出，加快重大科技成果高效转化 应用；加强知识产权保护和运用。这为我们新阶段做好知识产权工作提供了指引。 知识产权是对创新的一项重要保障。发挥好知识产权支持创新作用，应强化法治根基，优化营商环境， 着重推动知识产权转化运用。 经辽宁省人大常委会批准，《大连市知识产权保护与促进条例》（以下简称《条例》）将于2025年12月 1日起正式施行。作为东北地区首个专门规范知识产权保护与促进工作的市级地方性法规，《条例》将 对大连优化创新生态、促进新质生产力发展、推动国家知识产权保护高地建设起到积极的推动作用，同 时也引发了强化知识产权保护的关注和共鸣。 优化营商环境，以高质量的知识产权工作服务地方经济社会高质量发展。良好的营商环境，有助于充分 激发各类经营主体创新创造的内生动力和活力。经营主体是我国经济活动的主要参与者、就业机会的重 要提供者，经营主体活力代表着经济发展活力。要以增强经营主体服务为切入点优化营商环境，依法平 等保护各类经营主体的知识产权，提升企业敢干、敢闯 ...

创新一头连着实验室，一头连着市场。努力打造新技术新产品的"试验场"，培育新兴产业发展的"加速 器"，加快推动新技术新产品大规模产业化应用和发展，定能进一步激发创新活力和发展动力，加快形 成推动经济高质量发展的新引擎。 创新的根本价值，在于将技术潜力转化为现实生产力。展望"十五五"，团队瞄准的刚柔耦合结构、长时 序任务规划等目标，直指现实应用中面临的真实痛点。一项技术需要在这样的真实场景中验证其可靠 性，才能确保既能满足性能要求，又能适应规模化应用。 "当玻璃瓶被仿生双臂机器人稳稳放置在医药光谱检测仪上时，团队成员长舒了一口气。"这个实验场 景，让"大模型赋能具身智能"变得可感可知。从技术构想到现实验证，离不开创新的持续推动。研究团 队将"物理反馈学习"机制引入大模型训练，这种真实物理环境中的训练机制，恰恰是未来在实验室自动 化、精密制造等场景中实现规模化应用的有力支撑。 （文章来源：人民日报） ...

Core Insights - Alstom reports strong first-half performance driven by steady execution of its strategy and balanced growth across regions and product lines, with a focus on innovation and sustainability [2][3] - The company has a healthy backlog and anticipates continued momentum in the second half of the fiscal year [2][3] Orders - Alstom achieved an order intake of €10.5 billion in the first half of fiscal year 2025/26, a 4% decrease from €10.9 billion in the same period last year, attributed to the timing of several awards [7][8] - In Europe, order intake was €5.2 billion, down from €8.5 billion year-on-year [8] - Significant contracts in the Americas included €2.0 billion for 316 commuter rail cars and €1.0 billion for 200 Multilevel III commuter rail cars and locomotives [12] - The backlog as of 30 September 2025 stood at €96.1 billion, reflecting a solid book-to-bill ratio of 1.2x [16] Sales - Total sales for the first half reached €9.1 billion, representing a 3% increase on a reported basis and 8% on an organic basis compared to the previous year [17] - Rolling stock sales were €4,665 million, up 3% reported and 6% organic, driven by strong performances in France, the US, and Italy [18] - Services sales increased to €2,266 million, also up 3% reported and 6% organic, with notable growth in Italy and Australia [19] Profitability - Adjusted EBIT reached €580 million, with an adjusted EBIT margin of 6.4%, up from 5.9% in the previous year [28][29] - The increase in adjusted EBIT margin was supported by improved volume and mix, lower selling and administrative costs, and R&D phasing [29][30] - Net profit for the group share was €220 million, compared to €53 million in the first half of the previous fiscal year [33] Free Cash Flow - Free Cash Flow for the first half was €(740) million, reflecting expected working capital seasonality [34] - Funds from Operations stood at €411 million, up from €282 million in the same period last year [36] Financial Structure - As of 30 September 2025, Alstom's net debt position was €1,399 million, an increase from €434 million as of 31 March 2025 [36] - The company maintains strong liquidity with available cash and cash equivalents of €1,686 million [38] Innovation and Sustainability - Alstom is committed to reducing emissions and aims to use 100% renewable energy in its operations by the end of 2025, with 87% achieved by September 2025 [40][41] - The company has improved its sustainability ratings, achieving a score of 93/100 from ECOVADIS and moving to AAA with MSCI [42]

Group 1 - The core viewpoint is that the revaluation of Chinese assets is just beginning, with past challenges being addressed through innovation, restructuring, and international expansion [1] - The recent policy measures in China, including interest rate cuts and consumption subsidies, have mitigated economic tail risks, prompting investors to reassess the capital market [2] - The emergence of DeepSeek has shifted investor perceptions regarding China's innovation capabilities, highlighting an increase in the educated workforce contributing to economic growth [2] Group 2 - Chinese companies are adapting to global uncertainties by seeking new modes of international expansion, focusing on localized production rather than simple supply chain restructuring [2] - There is a growing skepticism towards the "American exceptionalism," leading investors to explore non-dollar assets, with Asian countries accounting for two-thirds of investments outside the U.S. [3] - The competitive advantages of Chinese manufacturing are becoming evident in GDP defined by the renminbi, with improvements in corporate profitability and balance sheets being observed [3]

[ 中国的TFP（全要素生产率）水平只有美国的0.37，增长潜力巨大。 ] 在过去四十多年里，中国经济的高速增长主要依靠资本与劳动的持续投入。无论是基础设施投资的扩 张，还是制造业产能的迅速聚集，增长的逻辑始终基于经典的生产函数框架Y=AF(K,L)中K（资本）和 L（劳动）的积累，全要素生产率A的贡献有限。但要素投入总是有极限的，根据世界表（PWT）2019 年的数据，中国的劳动参与率是美国的1.16倍，平均劳动时长是美国的1.23倍，资本产出比是美国的 1.18倍，要素增长的空间非常小。随着经济规模的扩大、人口红利的消退与资本边际收益的递减，这 一"加法式"的增长模式正面临很大的挑战。 与此同时，中国的TFP（全要素生产率）水平只有美国的0.37，增长潜力巨大。TFP代表在既定资本与 劳动投入下，由技术进步、制度优化、管理改进等带来的产出提升。在这一背景下，中国经济亟须完成 从要素投入驱动向效率提升驱动的结构性转变，未来中国经济增长的关键，不在于"投入更多"，而在于 提高全要素生产率，让现有投入"用得更好"。 "打开黑箱"的目的，不只是为了更精确的统计，而是为了更科学的发展和治理。全要素生产率的提升， 既 ...

Group 1 - The core argument emphasizes that the key to future economic growth in China lies in improving Total Factor Productivity (TFP) rather than merely increasing inputs of capital and labor [1] - China's TFP level is only 0.37 of that of the United States, indicating significant growth potential [1] - The traditional growth model based on capital and labor accumulation is facing challenges due to diminishing returns and the exhaustion of factor input growth [1] Group 2 - TFP has long been viewed as a "black box," with its definition and application lacking clarity, often treated as a residual that does not explain the sources of efficiency [2] - Existing research has primarily focused on measuring TFP changes without adequately analyzing the underlying mechanisms driving these changes [2] Group 3 - To understand TFP, it should be decomposed into measurable components such as innovation, digitalization, institutional and organizational management, and externalities [3] - Innovation and technological progress are traditional sources of TFP growth, with an emphasis on the diffusion and absorption of innovation rather than just research outcomes [3] - Digital assets are emerging as new production factors that can enhance TFP by reshaping production functions and improving overall efficiency [3] Group 4 - A conducive institutional and organizational management system is essential for fostering innovation and driving TFP growth [4] - Institutional arrangements determine the efficiency of resource allocation across different sectors and regions, highlighting the importance of management and governance improvements [4] Group 5 - External effects and social responsibility should redefine the boundaries of productivity, as improvements in one sector can enhance overall efficiency across supply chains [5] - Social responsibility costs, often seen as efficiency losses, should be recognized as contributions to systemic stability and sustainability [5] Group 6 - The goal of "opening the black box" is to create a more scientific approach to development and governance, with TFP enhancement serving as a starting point for policy design [6] - A unified TFP data and analysis system is necessary to break down data silos and provide a quantitative basis for policy evaluation [6] Group 7 - Expanding the assessment criteria for TFP to include social value and externalities is crucial for a comprehensive evaluation of efficiency [6] - Policies should focus on improving resource allocation efficiency rather than merely reducing inputs, with TFP as a guiding principle for reforms [6] Group 8 - TFP should transition from a statistical measure to a management tool, allowing policymakers to design targeted incentives for innovation and digitalization efforts [7] - Understanding TFP as a dynamic system connecting macroeconomic policies with micro-level behaviors is essential for enhancing China's economic competitiveness [7]

Group 1 - The core viewpoint is that China's innovation culture is deeply integrated into economic development, driving industrial upgrades and creating collaboration opportunities for multinational companies [2] - Glenn Heppell, Accenture's Global Vice President and COO for Asia Pacific, expressed admiration for the innovative power and open framework showcased at the China International Import Expo [2] - Heppell noted that the rapid implementation of new technologies by both local and multinational companies is impressive, highlighting sectors such as renewable energy, artificial intelligence, electric vehicles, and high-end manufacturing [2] Group 2 - Heppell recalled his experiences in Shenzhen over a decade ago, emphasizing the remarkable innovation vitality present at that time, which has now spread across the country [2] - The innovation spirit is seen as a crucial factor in sustaining China's economic growth, with Heppell stating that China is not just discussing innovation but is actively implementing it [2]