Core Viewpoint - The State-owned Assets Supervision and Administration Commission (SASAC) emphasizes the importance of value creation for state-owned enterprises (SOEs) to achieve world-class status, highlighting that mere scale expansion is insufficient for sustainable competitive advantage [1][2]. Group 1: Value Creation Action - SASAC has noted significant progress in the value creation actions undertaken by SOEs, which support their advancement towards becoming world-class enterprises [1]. - The deepening of value creation actions is identified as a crucial task for SOEs in the current and future periods, focusing on consolidating previous achievements and enhancing functional value [1]. Group 2: Strategic Directions for World-Class Enterprises - SOEs are encouraged to enhance their capabilities in three key areas: fostering independent innovation, developing world-class products and services, and optimizing resource allocation and integration [2]. - The three strategic directions aim to create a seamless value chain from innovation to market value, establishing a complete value creation system that integrates innovation, product branding, and resource allocation [2]. Group 3: Research and Guidance - SASAC plans to deepen theoretical research on functional value, focusing on mechanisms that align functional value with economic value to ensure sustainable development of SOEs [3]. - There will be ongoing field research to understand the challenges faced by enterprises in fulfilling their functional value responsibilities and to coordinate solutions to these issues [3].

Core Viewpoint - The future development direction of Kweichow Moutai is outlined by Chairman Chen Hua, emphasizing value creation, operational vitality, and substantial value realization across five perspectives [1] Group 1: Consumer Perspective - The company aims to provide excellent products and services to consumers, focusing on enhancing their quality of life and overall experience as its core mission [1] Group 2: Employee Perspective - Kweichow Moutai intends to maintain its foundational business, becoming a nurturing environment for employee growth and a stable place for their livelihoods [1] Group 3: Investor Perspective - As a responsible publicly listed company, Kweichow Moutai is committed to creating sustainable value for its shareholders [1] Group 4: Partner Perspective - The company seeks to ensure that every participant in its supply chain finds development opportunities and achieves mutual benefits [1] Group 5: Social Perspective - As a national brand, Kweichow Moutai emphasizes its responsibility to practice accountability and maintain stable, healthy, and sustainable development [1]

● 大成基金管理有限公司总经理 谭晓冈 当前，我国经济正处在迈向高质量发展的关键时期。中央金融工作会议鲜明提出要做好金融"五篇大文 章"，系统擘画了建设金融强国的宏伟蓝图。新"国九条"的发布，为资本市场深化改革与稳健发展注入 了强劲动力。《推动公募基金高质量发展行动方案》的出台，系统校正行业发展定位，突出投资者回报 导向，为行业高质量发展指引了方向。在一系列顶层设计的引领下，高质量发展是公募基金行业持续健 康发展的必由之路，是回报投资者信任的内在要求，更是服务国家战略的根本体现。面对这场深刻的价 值观重塑，大成基金系统谋划、精准发力，全面推进一系列落实工作，力求在高质量发展新征程上走 稳、走实、走远，共筑行业高质量发展新生态。 深刻理解"长期主义"的丰富内涵，以恒心立恒业 资产管理之道，不在朝夕之功，而在长远之绩。大成基金深刻认识到，"长期主义"是一种融入血脉的投 资理念，是一种对于稳定投资风格的长期坚持，更是一种敢于包容短期波动的战略定力。 投资研究的长期视角：深度研究，摒弃浮躁。大成基金的投研理念是"长期回报、超额收益、产业视 角"，排在第一的就是"长期回报"。长期回报是指以长期为客户创造收益为目标，要求 ...

一个领域、一条赛道、一种行业，如果为了多吸引一些客户，多抢占一点份额，各路人马纷纷"站起 来"，一门心思打"价格战"，不仅无法创造新的价值，还会干扰正常的市场秩序。 来源：滚动播报 （来源：千龙网） 前段时间，下班后，我像往常一样点外卖，满屏的"0元购""1分钱抢购"让人眼前一亮，可当我兴冲冲地 点了几份"特价套餐"后，却发现有的套餐分量缩水、味道平平。 这不禁让我思考：我们究竟是在"薅羊毛"，还是陷入了一场没有赢家的游戏？ 记得小时候跟着父亲去看露天电影，开始大家都坐着看，电影快结束的时候，前排观众突然站了起来， 于是后面的人也不得不起身，最后全场人只能站着看剧了。这就是"剧场效应"——当所有人都选择"站 起来"，反而谁都看不好了。 有人说，市场有竞争不是常态吗？的确，有竞争才有动力，有竞争才有进步，这是市场配置资源的一种 有效形式。但过度"内卷"让竞争变了味儿。 站着看与坐着看相比，观看体验差了不说，还扰乱了现场秩序。换句话讲，为了争夺有限资源，每个人 都作出了更多努力，可结果不仅让个体的付出"通货膨胀"，还导致了集体秩序失衡、整体利益受损。 我听说过一句很有哲理的话，"学我者生，似我者死"。就企业发展而 ...

放眼更广阔的商业图景，企业的价值实现有多重维度。上市只是企业发展的一种方式，更重要的是企业能否在专业 领域持续深耕，能否构建独特的竞争优势，能否在时代变革中保持创新活力。这些深层次的追求，往往比上市本身 更能定义企业的未来。 在资本市场的舞台上，企业的上市进程总是牵动人心。这不仅关乎企业自身的发展阶段，也折射出市场对优质企业 的期待与认可。对于关注企业成长的人们而言，上市既是一个里程碑，更是一段新征程的起点。 在当下的市场环境中，投资者展现出更加理性的判断力。他们不仅关注企业的规模与增速，更看重其商业模式的可 持性、创新能力的持续性，以及治理结构的规范性。那些在这些方面表现出色的企业，自然会获得资本市场的青 睐。 对于关注企业发展的各方而言，与其执着于某个具体时点，不如将目光投向更深远的价值创造。企业的真正价值， 不仅体现在是否上市这个形式，更在于其能否持续为行业带来创新，为客户创造价值，为员工提供成长空间。 在创新驱动发展的时代背景下，资本市场始终向优质企业敞开怀抱。那些坚持长期主义、专注主业创新、恪守商业 道德的企业，终将在资本市场上找到属于自己的位置。这个过程需要耐心，也需要各方给予更多的理解与支持。 ...

Core Insights - The "Double 11" shopping festival continues to be a significant indicator of consumer sentiment and market dynamics in China, despite facing challenges such as slowing growth and increased competition from other platforms [4][15] - Taobao and Tmall have maintained their market leadership, capturing 50.1% of total transaction volume during the festival period, with a year-on-year growth rate of 9.3% [2][4] - The festival's success is attributed to strategic initiatives including the introduction of "Flash Sale" and the integration of AI technology to enhance user experience and operational efficiency [5][8][12] Group 1: Market Performance - National express delivery volume reached 20.3 billion during the "Double 11" period, marking a year-on-year increase of 1.2 billion packages [1] - The peak delivery period coincided with the official start of Tmall's sales on October 20, indicating that Tmall remains a central player in the festival despite early promotions from competitors [1] - The Consumer Price Index (CPI) rose by 0.2% in October, reaching its highest level in eight months, reflecting a broader context of consumer spending [2] Group 2: Strategic Initiatives - Taobao and Tmall have adopted a "three-line battle" strategy focusing on consolidating high-value products, expanding into instant retail, and leveraging AI for future growth [4][12] - The "Flash Sale" initiative has successfully increased user engagement, with a 20% rise in daily active users in August, and significant sales growth for participating brands during the festival [6][12] - AI technology has been integrated into various aspects of the shopping experience, enhancing personalized recommendations and improving customer service efficiency [8][10] Group 3: Consumer Engagement - The introduction of simplified promotional strategies, such as eliminating complex discount rules, has lowered decision-making costs for consumers and encouraged participation from previously disengaged shoppers [12][14] - The focus on high-frequency consumption categories like food delivery and daily necessities aims to redefine the shopping experience and encourage habitual use of the platform [6][15] - The shift from price competition to value competition is evident, as brands are encouraged to innovate and differentiate their offerings, supported by Taobao's strategic initiatives [12][14]

上市公司"并购潮"正在呈现新变化。自"并购六条"实施一年多来，A股首次披露的重大资产重组交易数 量、金额均同比增长超100%。从并购案例来看，价值创造优先、产业深度整合、私募深度参与成为新 趋势。 "并购重组市场正成为资本循环的重要枢纽，为多元主体创造了新机遇。"德恒上海办公室合伙人杨敏接 受上证报记者采访时表示，未上市企业能够借助并购重组，通过反向合并或资产注入A股上市公司以实 现资本市场间接登陆，获取融资能力与产业资源，追求可持续发展；上市企业能够依托并购重组横向整 合与纵向优化突破增长瓶颈，剥离低效资产，进而提高资本配置效率；投资者能够通过多元化、并购退 出机制收回投资本金和收益，加速投资资本高效流动。 从规模扩张转向价值创造是本轮"并购潮"的显著特征。其中，既有以产业协同为目标的并购重组，比如 中国船舶拟换股吸收合并中国重工；也有科技创新驱动的"硬科技"并购重组，比如华虹公司拟收购华力 微股权；还有助力"走出去"的境外并购重组，比如立讯精密收购Leoni AG（莱尼公司）及其下属全资子 公司股权。 "并购重组作为优化资源配置的重要手段，是推动提高上市公司质量和投资价值的重要引擎。"日前，上 海证券交易 ...

Core Insights - The overall performance of the home appliance market during this year's Double 11 shopping festival has been lackluster, with significant price competition and a shift towards mid-to-high-end products due to reduced government subsidies and a high base from last year [2][3][5] Group 1: Market Trends - The price of 55-inch Mini LED TVs has dropped to around 3000-4000 yuan, reflecting a 20% decrease compared to the previous shopping event [2] - Online and offline retail markets for televisions, refrigerators, and air conditioners have shown a year-on-year decline from November 3 to November 9 [2] - The demand for home appliances has been dispersed rather than concentrated, leading to a subdued sales environment [3] Group 2: Sales Performance - Some small appliance companies reported a 20% year-on-year increase in overall sales during Double 11, with e-commerce sales rising from 65% to 70% of total revenue [4] - A small appliance company noted that their sales on Double 11 were lower than the sales on October 20, indicating a lack of excitement during the event [3] Group 3: Pricing and Competition - The air conditioning industry saw an overall price decline of 5%-15% during Double 11, with companies like Meibang focusing on smart features to differentiate their products [3] - Some retailers reported significant declines in revenue, with one retailer experiencing a double-digit percentage drop in sales [5] Group 4: Growth Opportunities - Growth opportunities in the home appliance market are becoming more structured, with specific categories like AI products and health-oriented appliances showing significant growth [6] - JD's Double 11 report indicated a 150% increase in sales for home appliance and home goods flash new products, while Su Ning reported that smart appliances accounted for over 55% of sales [6] Group 5: Consumer Behavior - Consumers are increasingly seeking value and quality over low prices, prompting brands to focus on product quality and customer service rather than traditional low-price strategies [7] - The market is characterized by a shift away from price-based promotions towards guiding consumption through new and trendy products [7]

Financial Data and Key Metrics Changes - MetLife reported adjusted earnings of $1.6 billion, or $2.37 per share, up 22% per share from the prior year period [5] - Adjusted earnings totaled $1.6 billion, or $2.34 per share, a 21% increase from a year ago, driven by strong investment margins and volume growth [5][20] - The adjusted return on equity, excluding notable items, was 16.7%, near the top of the target range of 15%-17% [6] - The direct expense ratio was 11.6%, ahead of schedule relative to the new frontier commitment [6][28] Business Line Data and Key Metrics Changes - Group benefits adjusted earnings totaled $457 million, up 6% from a year ago, reflecting solid underwriting results [6][20] - Retirement and income solutions adjusted earnings totaled $423 million, up 15% from the prior year quarter, driven by higher variable investment income [8][22] - Asia adjusted earnings were $473 million, a 36% increase from the prior year quarter, with sales surging 34% on a constant currency basis [9][24] - Latin America adjusted earnings were $222 million, up 2%, with adjusted PFOs totaling $1.7 billion, up 11% [10][25] - EMEA adjusted earnings were $89 million, up 19% on a reported basis, primarily due to volume growth [11] Market Data and Key Metrics Changes - In Japan, sales increased by 31% year over year, driven by new product launches and enhancements [9][35] - Other Asia markets saw sales up 39% year over year, led by Korea and China [10][24] - The U.S. statutory adjusted capital stood at approximately $17.1 billion, unchanged from the prior quarter [31] Company Strategy and Development Direction - MetLife's new frontier strategy is focused on capital management, expense discipline, and leveraging technology for productivity gains [12][16] - The company is working towards closing two strategic transactions: the acquisition of PineBridge and the sale of a legacy block of variable annuities [13] - The annual Value of New Business (VNB) results indicate a disciplined approach to capital allocation, with $3.4 billion deployed in 2024 [11][30] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the operating environment, highlighting strong investment margins and a positive outlook for the pension risk transfer (PRT) business [9][12] - The company anticipates continued momentum in Asia and expects to see strong sales guidance for 2025 [35] - Management emphasized the importance of maintaining a disciplined approach to underwriting and capital deployment [41][52] Other Important Information - MetLife returned approximately $875 million to shareholders through dividends and share repurchases in the third quarter [12][31] - The company ended the quarter with cash and liquid assets of roughly $4.9 billion, exceeding its target cash buffer [13][31] - The effective tax rate on adjusted earnings was approximately 24%, at the bottom end of the guidance range [26] Q&A Session Summary Question: Can you provide additional color on the strength seen in Asia sales? - Management noted a 34% increase in the overall Asia market, with Japan sales up 31% due to new product launches and enhancements [34][35] Question: What is the expected magnitude of expense seasonality in Q4? - Management expects Q4 expenses to be somewhat higher than the first three quarters but still below the 12.1% target [38][39] Question: Can you comment on the $12 billion of PRTs won in Q4? - Management indicated that the $12 billion consists of a few large deals, emphasizing their competitive advantages in the jumbo end of the market [40][41] Question: What is the outlook for the base spread in RIS? - Management expects steady spread levels from Q3, with potential temporary headwinds from large PRT mandates [56]

Core Viewpoint - The banking industry is undergoing a profound transformation from competitive logic to development models, driven by policies aimed at preventing "involution" and promoting efficiency [1][3]. Group 1: Industry Response - Multiple banking associations and institutions are actively responding to the call to end "involution" by promoting self-regulation and discouraging blind expansion and price wars [3][4]. - The Baise Banking Association has initiated self-regulatory agreements among 27 member banks to prohibit malicious low-price competition and encourage innovation and service enhancement [3][4]. - Other regions, such as Qingyang, are also exploring local strategies to resist "involution" and promote sustainable development [4]. Group 2: Institutional Actions - Some banks are implementing specific measures to combat "involution," including commitments to compliance, stable growth, and reasonable pricing [5]. - Major banks like ICBC and Guangfa Bank have emphasized the importance of resisting "involution" and focusing on long-term value rather than short-term metrics [5][6]. Group 3: Challenges in Execution - Despite the industry's efforts, there are still significant challenges at the grassroots level, including the persistence of practices like indicator swapping among employees [6][7]. - The pressure of year-end performance assessments leads to aggressive marketing tactics, which can undermine the goals of reducing "involution" [6][8]. Group 4: Recommendations for Change - Experts suggest that the banking sector should shift from focusing on short-term metrics to long-term indicators such as customer retention and satisfaction [9][10]. - A three-dimensional governance framework is proposed, emphasizing regulatory guidance, industry collaboration, and institutional transformation to shift the competitive logic from "scale competition" to "value creation" [9][10]. Group 5: Strategic Transformation - Banks are encouraged to transition from being "funding intermediaries" to "service intermediaries," focusing on wealth management, supply chain finance, and digital finance [11]. - The transformation requires banks to leverage their core advantages and integrate into broader economic ecosystems while nurturing specialized talent [11].