1月9日，中建集团党组与中央纪委国家监委驻中国建筑纪检监察组召开全面从严治党专题会商会。集团 党组书记、董事长郑学选主持会议并讲话。集团党组副书记、董事单广袖通报集团党组2025年履行全面 从严治党主体责任情况，驻中国建筑纪检监察组组长、集团党组成员彭兴第通报派驻纪检监察组2025年 履行全面从严治党监督责任情况并作会商讲话。集团党组成员汇报"一岗双责"履职情况，股份公司领导 列席会议。 会上，驻中国建筑纪检监察组立足自身定位和职能职责，向集团党组分析通报了当前反腐败斗争总体形 势、履行全面从严治党监督责任情况，对于影响集团党风廉政建设和反腐败斗争成效、制约企业高质量 发展的重难点问题与集团党组进行会商，并提出意见建议，切实推动党组担负起管党治党主体责任，以 全面从严治党新成效保障集团高质量发展迈上新台阶。 会议要求，对派驻纪检监察组通报的问题和提出的建议，要制定针对性改进措施，逐一明确完成时限， 确保取得实效。 驻中国建筑纪检监察组，集团总部相关部门负责人列席会议。(企业文化部，驻中国建筑纪检监察组， 党组办公室供稿) 会议指出，本次会议是全面派驻改革以来第一次专题会商。过去一年，集团党组与驻中国建筑纪检监 ...

Economic Development and Key Industries - Yunnan Province emphasizes high-quality development and project work to drive economic growth, focusing on nine major initiatives [1] - Since the 14th Five-Year Plan, Yunnan has held 16 consecutive quarterly meetings to promote major industrial projects, leading to significant investment and project completion [4] - The province achieved a 39.22% support rate for overall investment, with private enterprise projects completing 86.36% of their annual investment plans [6] Project Implementation and Investment - Yunnan has successfully completed 102.67% of the annual investment plan for 72 key projects and 104.08% for 832 infrastructure projects [6] - The provincial government is concentrating on project-driven growth to enhance the real economy and establish a modern industrial system with Yunnan characteristics [8] Social Welfare and Insurance Initiatives - Yunnan is implementing a long-term care insurance system to support individuals with disabilities, with varying fund payment ratios based on employment status [11][13] - The province has announced an increase in living and care subsidies for disabled individuals, effective January 1, 2026, raising monthly support for certain categories of disabilities [16] Industry-Specific Developments - The nut industry in Yun County is projected to exceed 820 million yuan in output by 2025, with significant growth in planting area and production [23] - A national-level biopharmaceutical pilot platform has been launched in Kunming to enhance the biopharmaceutical industry's capabilities [25] - The first water asset securitization project in Qujing has been successfully established, marking a significant financial innovation in the region [26] - The first complete cost insurance for coffee cultivation has been implemented in Pu'er, providing substantial risk coverage for local farmers [27]

Core Viewpoint - The "Pudong Bank Risk Hedging 2026 Market Outlook Blue Book" emphasizes the need for a systematic understanding of financial logic, focusing on the interplay of credit, capital, and risk pricing cycles to support high-quality economic development [3][4]. Economic Overview - In 2025, China's GDP grew by 5.2% year-on-year in the first three quarters, marking an acceleration of 0.2 and 0.4 percentage points compared to the previous year and the same period last year, respectively [4]. - The blue book highlights that industrial upgrades and the cultivation of new productive forces are shaping a new growth curve, with industrial added value increasing by 6.2% in the same period [4]. - The economic growth target for 2026 is projected at around 5%, aligning with the average annual growth rate of 4.17% needed to achieve the 2035 long-term goals [4]. Financial Market Insights - The fixed income market is expected to see a downward trend in funding price centers, with bond markets likely to experience low-level fluctuations [6]. - In the foreign exchange market, the blue book anticipates a favorable environment for the Renminbi due to expected continued interest rate cuts by the Federal Reserve and improving domestic economic fundamentals [6]. - The commodity market is projected to see increased demand for gold due to geopolitical uncertainties, while the copper price is expected to rise driven by monetary easing and inflation expectations [6]. Company Developments - Since its launch in 2018, the "Pudong Bank Risk Hedging" brand has provided robust financial support for over 26,000 clients, facilitating the internationalization of Chinese enterprises [10]. - The bank aims to enhance its risk management services and expand application scenarios, continuing to promote classic cases of using interbank interest rate derivatives for risk management [10].

Core Viewpoint - The acquisition of 51% stake in Anhui Huiru Technology by Jiujiang Defu Technology marks a significant strategic move to enhance the company's position in the global electrolytic copper foil industry, aiming for high-quality development and increased industry concentration [1] Group 1: Cost and Operational Advantages - Anhui Huiru's production base in Chuzhou benefits from significant electricity cost advantages due to a dual peak-valley pricing system, which allows for substantial cost reductions in production [2] - The company has established its own substation, further lowering electricity costs and enhancing Defu Technology's overall cost leadership [2] Group 2: Strategic Location and Market Reach - The Chuzhou production base is strategically located in the core area of the Yangtze River Delta, providing natural advantages for rapid response to customer needs, particularly in the PCB and lithium battery sectors [3] - This location enhances Defu Technology's coverage in the East China region and improves service response capabilities to core customers [3] Group 3: Capacity and Demand - Defu Technology has maintained a 100% operating rate since Q4 2025, indicating full capacity utilization, necessitating the acquisition to meet growing demand from downstream industries such as new energy vehicles and energy storage [4] - The acquisition will increase effective production capacity, allowing for revenue growth and improved operational profits [4] Group 4: Technological and Operational Synergies - Defu Technology plans to leverage its superior production management and supply chain resources to optimize Anhui Huiru's production processes, aiming to enhance energy efficiency and operational effectiveness [5] - The company will support the development of high-end products at Anhui Huiru, maximizing the integration value through shared technology and innovation [5] Group 5: Market Position and Industry Impact - Post-acquisition, Defu Technology's total electrolytic copper foil capacity will rise from 175,000 tons per year to 195,000 tons per year, solidifying its position as the largest producer globally [6] - The acquisition will optimize domestic capacity layout and enhance service capabilities, contributing to a comprehensive supply chain network [7] Group 6: Industry Leadership and Transformation - The strategic acquisition reflects Defu Technology's commitment to leading the transformation of the copper foil industry from scale expansion to quality enhancement [8] - By integrating quality capacity and promoting advanced management practices, Defu Technology aims to set a benchmark for industry consolidation and drive the market towards high-quality development [8] Group 7: Growth and Value Creation - The acquisition is expected to significantly enhance Defu Technology's performance and open new avenues for market capitalization growth [9] - With the backdrop of rapid growth in the global new energy and electronic information sectors, Defu Technology is positioned to expand its scale and technological barriers through both organic growth and acquisitions [9]

来源：商务部新闻办公室 1⽉10⽇⾄11⽇，全国商务⼯作会议在京召开。会议以习近平新时代中国特⾊社会主义思 想为指导，深⼊贯彻落实党的⼆⼗⼤和⼆⼗届历次全会精神，认真落实中央经济⼯作会议部 署，坚持稳中求进⼯作总基调，⽴⾜商务⼯作"三个重要"定位，总结2025年和"⼗四五"⼯ 作，研究"⼗五五"⽬标任务，部署2026年⼯作。商务部党组书记、部⻓王⽂涛作⼯作报告， 商务部党组副书记、国际贸易谈判代表兼副部⻓李成钢主持会议。 会议指出，2025年是很不平凡的⼀年。在以习近平同志为核⼼的党中央坚强领导 下，全国商务系统迎难⽽上、奋⼒拼搏，推动党中央、国务院决策部署在商务领域落地⻅ 效，实现商务发展总体平稳、稳中有进，提振消费加⼒显效，对外贸易顶压增⻓，利⽤外 资结构优化，对外投资有序推进，为经济持续回升向好作出积极贡献。 设强⼤国内市场，积极扩⼤⾃主开放，推动贸易创新发展，拓展双向投资合作空间，实 现"⼗五五"商务⾼质量发展良好开局。 会议指出，2026年全国商务系统要⾃觉把思想和⾏动统⼀到党中央决策部署上来， 学习好、运⽤好中央经济⼯作会议关于"五个必须"的规律性认识，重点做好⼋个⽅⾯⼯ 作：⼀是深⼊实施提振消费 ...

全国商务工作会议在京召开 1月10日至11日，全国商务工作会议在京召开。会议以习近平新时代中国特色社会主义思想为指导，深 入贯彻落实党的二十大和二十届历次全会精神，认真落实中央经济工作会议部署，坚持稳中求进工作总 基调，立足商务工作"三个重要"定位，总结2025年和"十四五"工作，研究"十五五"目标任务，部署2026 年工作。商务部党组书记、部长王文涛作工作报告，商务部党组副书记、国际贸易谈判代表兼副部长李 成钢主持会议。 会议指出，2025年是很不平凡的一年。在以习近平同志为核心的党中央坚强领导下，全国商务系统迎难 而上、奋力拼搏，推动党中央、国务院决策部署在商务领域落地见效，实现商务发展总体平稳、稳中有 进，提振消费加力显效，对外贸易顶压增长，利用外资结构优化，对外投资有序推进，为经济持续回升 向好作出积极贡献。 全国商务工作会议在京召开 会议认为，过去一年，商务部同各地方各部门密切配合、协同发力，扎实推动以下工作：一是大力提振 消费，加力扩围实施消费品以旧换新，推动服务消费提质惠民，创新打造消费场景，健全流通和市场体 系。二是千方百计稳外贸，大力开拓多元化市场，发展外贸新动能，提升服务贸易和数字贸易。三 ...

Core Viewpoint - The national business work conference held on January 10-11 emphasizes the importance of implementing the spirit of the 20th National Congress and the Central Economic Work Conference, focusing on stabilizing and advancing business development while preparing for the 15th Five-Year Plan [1][3]. Group 1: Business Development Goals - The conference outlines that 2025 will be a significant year for business, aiming for stable and progressive development in consumption, foreign trade, foreign investment, and international cooperation [1][2]. - The "14th Five-Year" period has seen a notable enhancement in the role of consumption as a main driver, with solid foundations laid for the "15th Five-Year" period in terms of trade, investment, and international cooperation [2][3]. Group 2: Key Initiatives for 2026 - The conference identifies eight key areas for the national business system to focus on in 2026, including boosting consumption, enhancing the modern market and circulation system, and promoting trade innovation [4]. - Specific initiatives include creating a "Buy in China" brand, optimizing consumption policies, and developing digital and green consumption [4][5]. Group 3: Leadership and Governance - The conference stresses the need for strong party leadership in business, promoting high-quality development through strict governance and adherence to the central government's directives [5][6]. - It highlights the importance of fostering a correct performance view and ensuring that business efforts align with the needs of the people [5].

Core Insights - The Chinese film market is projected to achieve a box office of 51.832 billion yuan and 1.238 billion viewers by 2025, both reflecting over 20% growth [1] - The film consumption market is characterized as "experiential" and "emotional," indicating a strong connection to consumer sentiment and cultural aspirations [1] Group 1: Market Dynamics - The film market's vitality showcases the resilience and potential of China's domestic demand, especially in the context of broader consumption challenges [1] - The "high" market consists of economically developed regions like Guangdong, Jiangsu, Zhejiang, and Shanghai, which are key contributors to box office revenue due to high income levels and mature viewing habits [2] - Guangdong has consistently been the top box office contributor, exemplified by its significant contribution of over 1.65 billion yuan to the record-breaking 15.4 billion yuan box office of "Ne Zha" [1][2] Group 2: Emerging Markets - The "deep" market refers to the growing influence of third and fourth-tier cities, which have seen an increasing share of box office revenue, reaching the highest contribution in five years by 2025 [2] - During the 2025 Spring Festival, box office revenue from third and fourth-tier cities exceeded 58%, establishing them as the primary revenue source [2] - The development of infrastructure and commercial activities in these areas is expected to further enhance viewing demand, transforming them into innovative spaces for new consumption habits and industry ecosystems [2] Group 3: Future Opportunities - To unlock further consumption potential, it is essential to understand the unique characteristics of both "high" and "deep" markets [3] - The high expectations for film quality in developed regions will drive the film industry towards higher production standards and content innovation [3] - The enthusiasm for local narratives in the deep market provides a solid foundation for domestic films, encouraging the emergence of diverse and relatable content [3] - Both market segments can mutually reinforce each other, creating a sustainable growth engine for film consumption and enhancing the market transformation of Chinese stories [3]

这些受表彰的集体和个人，是改革创新的排头兵，他们以敢为人先的勇气、求真务实的作风，在各 自领域闯出一片新天地。自治区党委、政府提出，全区各级各部门和广大干部群众要以他们为榜样，深 入贯彻落实习近平总书记关于广西工作论述的重要要求，解放思想、创新求变，向海图强、开放发展。 坚持实干为要、创新为魂，用业绩说话、让人民评价，聚焦制约高质量发展的体制机制障碍，持续深化 改革攻坚，不断塑造发展新动能新优势，推动经济社会高质量发展，为谱写中国式现代化广西篇章作出 新贡献。（岑琴） 此次表彰中，"南宁市以蟠龙社区为标杆打造互嵌式社区助力建设铸牢中华民族共同体意识示范 区"等30项成果荣获"广西壮族自治区改革创新优秀成果"称号；南宁市人力资源社会保障局等50个集体 被授予"广西壮族自治区改革创新先进集体"称号；文钟泳等200名同志荣获"广西壮族自治区改革创新先 进个人"称号。 近年来，广西进一步全面深化改革，加快推进高质量发展、高水平开放，形成了一批优秀制度成果 和实践成果，涌现出一大批勇于改革、善于创新的先进集体、先进个人。近日，自治区党委、政府决 定，对这些改革创新优秀成果、先进集体与个人进行隆重表彰，掀起学习先进、勇毅 ...

Group 1 - The central economic work conference has identified the "in-depth rectification of 'involutionary' competition" as a key task for economic work in 2026, continuing the "anti-involution" actions into the new year [1] - The Ministry of Industry and Information Technology, along with three other departments, held a meeting targeting irrational behaviors such as blind construction and low-price competition in the power and energy battery industry, aiming to regulate industry competition order [1] - "Involutionary" competition is characterized by low price, low quality, and low-level competition, which disrupts market signals, reduces resource allocation efficiency, and erodes long-term competitiveness of enterprises, ultimately hindering high-quality development [1] Group 2 - Since the 2024 central economic work conference proposed "comprehensive rectification of 'involutionary' competition," China has implemented a series of institutional constructions to guide key industries like steel, photovoltaics, and electric vehicles from low-quality involution to innovation and efficiency [2] - The National Development and Reform Commission plans to research and formulate regulations for the construction of a unified national market, while the State Administration for Market Regulation aims to promote amendments to foundational laws such as the pricing law to enhance the legal and policy tools against "involutionary" competition [2] - To effectively address "involutionary" competition, industries and enterprises must accelerate reforms, eliminate outdated momentum, and shift towards efficiency and innovation, thereby creating a true "moat" for their development through technology, branding, and service upgrades [2]