有什么样的发展理念，就有什么样的发展实践。 发展观连着政绩观。纵深推进全国统一大市场建设，破除"内卷式"招商引资乱象，尤须校正政绩观偏 差。 起步于1992年的湖南株洲高新区，用2021年下半年的一场主动变革，换来"破茧"新生。 有舍，挤掉水分，数据断崖式下跌—— 引进项目数、合同引资额分别由2021年上半年的51个、401亿元骤降至下半年的14个、33.38亿元。 表与里—— 求真务实，践行正确政绩观 有得，筑牢底盘，发展步子更稳当—— 合同引资额持续反弹，从2022年的128.03亿元增至2024年的220.56亿元；履约率连年攀升，2021年至 2024年分别为52.31%、88.46%、100%、100%。 增减之间，照见发展观之变、政绩观之变。 "地方在推动经济发展特别是招商引资时，哪些能干哪些不能干有明确规矩，不能各行其是"。 "不要搞急功近利的政绩工程，多做一些功在当代、利在长远、惠及子孙的事情"。 ………… 习近平总书记的谆谆教诲，领航定向。 保持定力，拒绝"内卷"，株洲高新区坚持以正确政绩观、发展观引领招商引资工作，加快融入全国统一 大市场。 湘水浩荡，逶迤北去，激起高质量发展新的浪涛。 不 ...

Market Overview - On November 12, A-shares experienced a "V" shaped recovery, with the Shanghai Composite Index down by 0.07%, the Shenzhen Component Index down by 0.36%, and the ChiNext Index down by 0.39% [2][3] - A total of 1,758 stocks rose, while 3,563 stocks fell, with a total trading volume of 19,648.13 billion and a total trading amount of 132,600.4 million [5] Sector Performance - The pharmaceutical sector saw a collective surge, particularly in cell immunotherapy, with stocks like Kaineng Health and Jimin Health hitting the daily limit [5][6] - Oil and gas stocks remained strong, with companies like Sinopec Oilfield Service and Zhun Oil Co. reaching their daily limits [6] Solar Industry Impact - A circulating article regarding "anti-involution" in the photovoltaic sector negatively impacted market sentiment, leading to significant declines in solar and energy storage stocks [9] - Notable declines included Tongwei Co. hitting the daily limit down, and other companies like Canadian Solar and Aiko Energy dropping over 10% [9][10] Industry Response - The China Photovoltaic Industry Association (CPIA) issued a statement to counter the circulating rumors, emphasizing their commitment to industry self-regulation and the importance of maintaining national and industry interests [11][12] - Following the CPIA's clarification, the main contract for polysilicon futures rebounded strongly after previously declining nearly 4% [14]

在创新驱动发展战略引领下，我国正着力强化企业科技创新主体地位，推动创新资源向优质企业集聚， 实现科技与产业创新的深度融合。《若干措施》提出，引导民间资本有序参与低空经济基础设施建设， 并在商业航天频率许可、发射审批等环节对民间资本项目一视同仁，优化卫星通信业务准入政策。同 时，加快公布并向民营企业开放国家重大科研基础设施清单，支持有能力的民营企业牵头承担国家重大 技术攻关任务。 "十五五"规划建议将服务业置于更加突出的战略位置，强调推动服务业提质增效，扩大优质消费品和服 务供给，以放宽准入和业态融合为抓手，扩大服务消费和服务业开放。作为服务业的绝对主力，民营企 业的深度参与是服务业高质量发展的关键前提。《若干措施》明确要求清理不合理的服务业准入限制， 严禁在环保、安全、质检等领域违规增设门槛，并特别提出"支持民间资本更多投向工业设计、共性技 术服务、检验检测、质量认证、数字化转型等生产性服务业"。 "十五五"期间，我国还将大力推进全国统一大市场建设，破除要素获取、资质认定、招标投标、政府采 购等环节的隐性壁垒，规范地方政府经济行为，从法律制度层面保障民营企业平等使用生产要素、公平 参与市场竞争、合法权益得到有 ...

Core Viewpoint - The recent issuance of the "Several Measures to Further Promote the Development of Private Investment" by the State Council emphasizes the importance of private capital in key sectors, moving from encouragement to specific quantitative requirements for private investment participation [1][2]. Group 1: Policy Measures - The document outlines 13 targeted measures to expand market access and address investment bottlenecks, including encouraging private capital in critical areas such as railways and nuclear power with specific shareholding requirements [1]. - Private capital is now considered an "option that should be chosen," with allowed shareholding ratios exceeding 10% in eligible projects within sectors like railways, nuclear power, and water supply [1][2]. - The measures aim to eliminate unreasonable restrictions on service industry access, particularly in areas like environmental protection and quality inspection [3]. Group 2: Economic Impact - Private enterprises play a crucial role in China's economy, contributing over 80% of urban employment and 65% of patent inventions, highlighting their importance in driving innovation and economic resilience [1]. - The "14th Five-Year Plan" emphasizes the need for a long-term mechanism for private enterprises to participate in major project construction, enhancing the role of private investment in economic growth [2]. - The focus on service industry development and the removal of barriers for private enterprises is expected to lead to higher quality growth in the service sector [3]. Group 3: Strategic Development - The measures reflect a comprehensive strategy to promote private investment across various sectors, including infrastructure, scientific research, and modern services, indicating a multi-layered approach to economic development [4]. - The government aims to create a fair competitive environment by removing hidden barriers in areas such as resource acquisition and government procurement, thereby supporting the sustainable development of the private economy [3][4].

Core Viewpoint - Dalian Commodity Exchange (DCE) focuses on serving the real economy through innovation and technology, enhancing risk management services for high-quality economic development [1] Group 1: "Yin Qi Bao" Project - DCE launched the "Yin Qi Bao" project to address financing difficulties for farmers during spring planting and autumn harvest, providing a comprehensive risk solution covering the entire cycle of planting, harvesting, and selling [2] - The project has expanded to cover crops like soybeans and corn nationwide, with 25 projects established by September 2023, involving 1.2709 million acres and insurance premiums of 72.8608 million yuan [2] - Beneficiaries like Li Fuqiang reported significant financial benefits, including a 451,000 yuan payout and a 300,000 yuan loan at favorable rates, demonstrating the project's effectiveness in risk management [3] Group 2: "Qi Zhuan Xian" Business - DCE optimized its "Qi Zhuan Xian" (futures-to-spot) business to better meet industry needs, allowing for more flexible trading methods and expanding application scenarios [4] - The upgraded model has led to a significant increase in transaction volume, with 364,000 contracts traded from January to September 2025, a 3.7-fold increase year-on-year, covering 3.92 million tons and 14.6 billion yuan [4] - The integration of the "Qi Zhuan Xian" platform with the ethylene glycol delivery warehouse system facilitates efficient commodity circulation across the national market [5] Group 3: Temperature Index Application - DCE has developed a temperature index to mitigate agricultural risks due to climate change, collaborating with the China Meteorological Administration since 2002 [6] - Projects utilizing the temperature index, such as the "Cold Lake Index Insurance + Derivatives" in Hubei, achieved high payout rates, demonstrating the effectiveness of this risk management approach [6] - The application of the temperature index has led to increased financing for farmers and enhanced agricultural standardization, contributing to rural revitalization [6] Group 4: Digital Warehouse System - DCE is implementing a digital warehouse system to enhance the delivery ecosystem, promoting electronic processes and intelligent services in the futures market [7] - The system allows for online management of warehouse data and real-time monitoring, significantly improving operational efficiency and reducing costs for small and medium enterprises [7] - This digital transformation serves as a model for regulatory practices and can be replicated across other financial infrastructures [7] Group 5: Strategic Alignment - DCE's innovations align with national strategic needs, focusing on rural revitalization, risk prevention, digital transformation, and contributing to the construction of a unified national market [8] - The exchange aims to continue integrating its services with national strategies to support high-quality economic development through practical innovations [8]

Core Viewpoint - The construction of a national unified market in China is a significant strategic deployment aimed at improving resource allocation efficiency, releasing market potential, and enhancing international competitiveness, which is crucial for both current and long-term economic development [5][6][11]. Group 1: Importance of National Unified Market - The national unified market is essential for promoting domestic circulation, as it allows for the free and low-cost sale of products nationwide, creating opportunities for enterprises [5]. - It is necessary for developing new productive forces, as a larger market scale enhances specialization and technological innovation, leading to higher quality supply and demand [6]. - The unified market is critical for responding to global industrial chain adjustments, facilitating the transfer of production capacity from coastal to inland markets [6]. - It serves as a lever for international circulation and globalization, enhancing China's influence in global trade and attracting high-quality resources [6][11]. Group 2: Historical Context and Global Perspective - The concept of a unified market is not unique to China; it is a fundamental pattern observed in the rise of all major countries, which have established unified markets as part of their economic development [8]. - Historical examples include Germany's unification in the 19th century and the establishment of a national railway network in the U.S. post-Civil War, both of which facilitated economic growth and integration [8][9]. Group 3: Implications for Global Economy - The construction of a national unified market signifies a commitment to expanding both domestic and international openness, creating a fair and competitive environment for all market participants [11][12]. - It will attract foreign investment by leveraging the advantages of a large unified market, ensuring a conducive business environment for both domestic and foreign enterprises [11]. - The integration of domestic and foreign trade is vital for promoting dual circulation, addressing challenges faced by enterprises in standards, channels, and funding [12]. Group 4: Strategic Directions from Central Economic Meetings - The recent Central Economic Committee meeting emphasized the importance of standardizing government behavior to eliminate regional barriers and promote effective market functioning [14]. - It highlighted the need for continuous expansion of openness, indicating that the unified market is inherently open and aims to integrate with the global economic system [14][15]. - These developments reflect a deepening strategic focus on market mechanisms and a willingness to engage more openly with the global economy [15].

Core Points - The meeting held on November 6 in Shangqiu focused on promoting high-quality development in the Jiangsu, Anhui, Shandong, and Henan provinces, emphasizing collaboration among ten cities [1][2] - The ten cities involved are Xuzhou, Lianyungang, and Suqian from Jiangsu; Zaozhuang, Heze, Jining, and Linyi from Shandong; Huaibei and Suzhou from Anhui; and Shangqiu from Henan [1] - A comprehensive agreement was signed covering key areas such as logistics, social credit, circulation systems, social insurance, human resources, market regulation, bidding, medical testing mutual recognition, statistical reform, and ecological protection [1] Historical Context - The cooperation among the provinces has a long history, dating back to the 1980s with the establishment of regional economic cooperation organizations [2] - In December 2018, a meeting in Xuzhou led to the signing of the Huaihai Economic Zone Collaborative Development Strategic Cooperation Framework Agreement, marking a shift from loose to tight cooperation [2] - The "Action Plan for Collaborative Promotion of High-Quality Development in the Jiangsu, Anhui, Shandong, and Henan Provinces" is set to be released in 2024, outlining the goals and tasks for collaboration [2] Regional Advantages - The ten cities are strategically located, benefiting from major national strategies such as the rise of the central region, Yangtze River Delta integration, and ecological protection in the Yellow River basin [3] - Shangqiu is recognized as a national transportation hub and a significant coal base, with its counties developing unique industrial characteristics [3] - Notable industries in Shangqiu include diamond powder production, sports shoe manufacturing, and refrigerator production, contributing to the region's advanced manufacturing cluster [3] Development Initiatives - Shangqiu has actively engaged in building partnerships with various provinces and cities, signing cooperation agreements with 138 cities across 17 provinces [4] - The city is implementing a three-year action plan for cultural development, aiming to enhance its cultural brand and connectivity with major economic zones [4] - The collaborative efforts among the four provinces and ten cities are expected to create a vibrant picture of regional high-quality development through deep cooperation and breaking down administrative barriers [4]

投资咨询业务资格：证监许可【2012】669号 中信期货研究（新能源⾦属每⽇报告） 2025-11-11 供需偏紧，碳酸锂继续领涨新能源金属 新能源观点：供需偏紧，碳酸锂继续领涨新能源⾦属 交易逻辑：碳酸锂供需双增，供需延续偏紧格局，库存去化加快；工 业硅和多晶硅供需也偏紧，主要是受益于西南地区枯水期减产；电解 钴产量快速下滑，过剩局面缓解。中短期来看，现实供需偏好，碳酸 锂去库加快，碳酸锂领涨新能源金属，关注碳酸锂短多机会。长期来 看，硅供应端收缩预期较强，尤其多晶硅，价格重心可能抬升；锂矿 产能还处于上升阶段，但需求预期也在不断拔高，碳酸锂长期供需走 向需要重新审视。 ⼯业硅观点：枯⽔期减产叠加仓单去化，硅价⽀撑较强。 多晶硅观点：产量边际下滑，多晶硅⾼位震荡。 碳酸锂观点：需求持续超预期，股期联动锂价⼤涨。 ⻛险提⽰：供应扰动；国内政策刺激超预期；美联储鸽派不及预期； 国内需求复苏不及预期；经济衰退。 有⾊与新材料团队 研究员： 郑非凡 从业资格号F03088415 投资咨询号Z0016667 白帅 从业资格号F03093201 投资咨询号Z0020543 杨飞 从业资格号F03108013 投资咨询号 ...

Core Insights - The China International Import Expo (CIIE) has demonstrated increasing attractiveness, reflecting a robust global interest amid challenges posed by unilateralism and protectionism [1][27] - China's consumer market is characterized by significant growth potential, with a retail sales total equivalent to approximately 80% of the United States, and a purchasing power parity that exceeds it by 60% [3][5] - The middle-income group in China is projected to grow from over 400 million to more than 800 million in the next decade, indicating a vast market opportunity [7][9] Market Characteristics - China boasts a diverse market with varying consumer needs, from high-end products to basic necessities, catering to different demographics across urban and rural areas [11][13] - The country is particularly receptive to technological innovations, with a notable increase in the adoption of new energy vehicles, which have seen a 5.4 times growth in ownership from 2020 to 2024 [17][19] - The CIIE featured 461 new products and technologies, many specifically developed for the Chinese market, highlighting China's role as a fertile ground for global innovation [19][21] Participation and Opportunities - The expo attracted a wide range of exhibitors, including multinational corporations and businesses from 123 Belt and Road Initiative countries, emphasizing the accessibility of the Chinese market for quality products [25] - Companies like Honeywell have consistently participated in the CIIE, showcasing numerous innovative technologies that have successfully entered the Chinese market [21] - The event serves as a platform for global businesses to explore opportunities in China, which is increasingly seen as a stable and promising market amid global uncertainties [27]

Core Viewpoint - The Ministry of Finance has issued an opinion to strengthen accounting responsibilities and enhance the implementation of accounting laws and regulations, aiming to clarify responsibilities across various entities involved in accounting work [1][2]. Summary by Sections Overall Requirements - The opinion outlines the guiding ideology and main objectives for enhancing accounting responsibilities [1]. Responsibilities of Accounting Entities - It specifies the responsibilities of units as accounting entities, including handling accounting affairs, organizing accounting work, and conducting internal and external supervision [1]. Responsibilities of Relevant Personnel - The opinion clarifies the accounting responsibilities of unit leaders, chief accountants, accounting personnel, and other staff members [1]. Responsibilities of Accounting Service Institutions - It defines the responsibilities of accounting service providers, including bookkeeping agencies, accounting firms, and software service providers [1]. Government Supervision Responsibilities - The opinion outlines the supervisory responsibilities of government departments, including financial and relevant supervisory bodies [1]. Self-Regulatory Responsibilities of Industry Associations - It specifies the self-regulatory responsibilities of associations such as the Certified Public Accountants Association and bookkeeping industry associations [1]. Strengthening Organizational Leadership - The opinion emphasizes the need for regional and departmental efforts in promoting training and ensuring the implementation of these responsibilities [1].