Group 1 - The 2025 Artificial Intelligence + Conference held a hiring ceremony for the Artificial Intelligence Hundred Talents Association, which includes renowned experts and scholars in the AI field [1][3] - The association aims to create a systematic AI+ full lifecycle ecological service system, promoting a collaborative innovation system that integrates government, industry, academia, research, finance, and application [3] - The "AI China Plan," authored by the association's team, was released at the conference, focusing on summarizing "China's practices" and contributing "China's wisdom" with future action proposals [3] Group 2 - Beijing is recognized as a national hub for the AI industry, having developed a number of internationally competitive AI companies [4] - The Beijing Municipal Science and Technology Commission and the Zhongguancun Management Committee are establishing multiple overseas service ports and stations for AI companies, targeting regions such as Hong Kong, Singapore, the UAE, and the EU [4]

Group 1 - The report highlights the steady expansion of the Beijing Stock Exchange (BSE) market, with the number of listed companies increasing to 282 and total market capitalization approaching 1 trillion yuan, with over 50% being national-level "little giant" enterprises in specialized and innovative sectors [2][5][22] - Daily trading volume has surged from 2 billion yuan to nearly 30 billion yuan, indicating improved pricing efficiency and liquidity [2][5][22] - The number of qualified investors has reached nearly 9.5 million, with institutional funds such as public funds and social security funds accelerating their investments, marking a significant shift towards long-term capital in the market [2][5][22] Group 2 - The BSE has entered a new phase with the simultaneous operation of the North Certificate 50 and specialized and innovative indices, with expectations for the early issuance of specialized and innovative index funds [2][5][22] - The report suggests continued focus on the construction of the BSE index system and the launch of the North Certificate 50 ETF, which is anticipated to attract incremental capital [2][5][22] - The report identifies several key investment themes, including the promotion of public fund products targeting small and medium-sized stocks, and sectors with strong policy support and growth certainty, such as lithium batteries, energy storage, and AI power [2][5][22] Group 3 - The overall price-to-earnings (PE) ratio for BSE A-shares remains at 49X, with a slight decline in PE ratios across various boards, indicating a cooling market sentiment [10][11][22] - The average PE ratio for newly listed companies from January 1, 2024, to November 14, 2025, is 13.76X, with an average first-day price fluctuation of 264% [21][24][22] - The report notes that two companies passed the review and one company registered during the week, indicating a normalization in the IPO process on the BSE [22][16]

Domestic Economic Overview - In October, China's economic data showed contractions in both supply and demand, but structural highlights remain in consumption upgrades and new productivity[1] - The retail sales of passenger cars in the first week of November dropped by 18.8% year-on-year, while metro passenger volume increased by 4.0% year-on-year[2] - Fixed asset investment from January to October decreased by 1.7% year-on-year, indicating a need for increased investment to support economic growth[7] Production and Pricing Trends - As of November 16, the operating rate of blast furnaces was 82.79%, down 0.36 percentage points from the previous month, indicating a seasonal decline in production[3] - The Consumer Price Index (CPI) showed a 0.19% week-on-week drop in pork prices, while vegetable prices stabilized with a 0.14% increase[4] - The Producer Price Index (PPI) reflected mixed performance in black commodities, with coking coal prices down by 3.86% and iron ore prices up by 0.53%[7] Fiscal and Monetary Policy - The issuance of special refinancing bonds has been completed, with general government bonds issued amounting to 3093.2 billion yuan, achieving 89.5% of the issuance target[7] - The People's Bank of China conducted a 800 billion yuan reverse repurchase operation, indicating a policy intent to maintain liquidity in the banking system[7] - The yield curve for government bonds has flattened, with the 10-year yield at 1.8140% and the 30-year yield at 2.1481%[7] International Economic Context - The U.S. government ended a 43-day shutdown, with potential losses estimated at 1.5 trillion USD, impacting economic data releases[8] - New tariffs have been signed by Trump, adjusting the scope of "reciprocal tariffs" and affecting trade relations with multiple countries[8] - The Federal Reserve faces uncertainty regarding inflation data due to the risk of missing October's CPI release, complicating monetary policy decisions[8]

薛鹤翔、陈梦赟（薛鹤翔系申银万国期货研究所所长、中国首席经济学家论坛成员） + 摘要 新动能领航，工业生产稳增显转型韧性。10月份工业生产延续稳增态势，规上工业增加值同比增长4.9%，1-10月累计增长6.1%，核心凸显"新质生产力引 领、结构优化升级"的鲜明特征。装备制造业与高技术制造业以超8%和7%的增速大幅领跑，3D打印设备、新能源汽车等新产品产量保持两位数高增，成 为工业增长的核心引擎。当前工业经济正加速从规模扩张向质量效益转型，但同时需关注中小私营企业发展活力不足的问题，后续需通过精准化融资支 持、技改补贴、产业链协同对接等政策，破解其发展瓶颈，进一步释放全产业链增长潜力。 服务领跑+结构焕新，消费市场韧性持续凸显。10月消费市场延续规模扩容、质效提升态势，核心呈现"服务引领增长、结构优化升级"的鲜明特征。社零 总额单月同比增长2.9%，1-10月累计增长4.3%，服务零售额增速进一步加快至5.3%，文体休闲、交通出行等体验式服务消费快速增长，印证消费需求从 商品向服务延伸的升级趋势，也反映消费场景持续拓展的成效。虽然单月商品零售增速温和，反映部分传统品类仍受需求分化影响，但服务消费的强劲动 能、城 ...

Investment Rating - The report maintains a "Positive" investment rating for the steel industry, consistent with the previous rating [3]. Core Viewpoints - The steel sector is showing signs of recovery with a slight increase in prices and production, despite facing supply-demand imbalances and overall profit declines. The report suggests that the implementation of "stability growth" policies will support demand in real estate and infrastructure, leading to a potential marginal improvement in steel demand [4][6]. - The report highlights that the steel industry is expected to maintain a stable supply-demand situation, with a tightening supply due to policy expectations and increasing industry concentration. This is anticipated to create structural investment opportunities, particularly for high-margin special steel companies and leading enterprises with strong cost control [4][6]. Supply Situation - As of November 14, the capacity utilization rate for blast furnaces in sample steel companies is 88.8%, an increase of 0.99 percentage points week-on-week. Electric furnace utilization stands at 53.2%, up by 2.31 percentage points [26]. - The total production of five major steel products is 7.261 million tons, a week-on-week decrease of 229,800 tons, or 3.07% [26]. Demand Situation - The consumption of five major steel products is 8.606 million tons, reflecting a week-on-week decline of 63,300 tons, or 0.73% [34]. - The transaction volume of construction steel by mainstream traders is 100,000 tons, which is an increase of 370 tons, or 3.87% week-on-week [34]. Inventory Situation - Social inventory of five major steel products is 10.614 million tons, a week-on-week decrease of 136,100 tons, or 1.27%, but an increase of 30.61% year-on-year [42]. - Factory inventory of five major steel products is 4.160 million tons, down by 126,100 tons, or 2.94% week-on-week, and up by 6.35% year-on-year [42]. Price & Profit Situation - The comprehensive index for ordinary steel is 3,422.3 yuan/ton, with a week-on-week increase of 2.47 yuan/ton, but a year-on-year decrease of 6.85% [48]. - The profit for rebar produced in blast furnaces is -29 yuan/ton, an increase of 10 yuan/ton week-on-week, while the profit for electric arc furnace-produced construction steel is -155 yuan/ton, up by 7 yuan/ton week-on-week [54]. Raw Material Situation - The spot price index for Australian iron ore (62% Fe) is 786 yuan/ton, with a week-on-week increase of 10 yuan/ton [71]. - The price of primary metallurgical coke is 1,935 yuan/ton, reflecting a week-on-week increase of 55 yuan/ton [71]. Investment Recommendations - The report suggests focusing on regional leading enterprises with advanced equipment and environmental standards, such as Shandong Steel and Hualing Steel, as well as companies with excellent growth potential like Baosteel and Nanjing Steel [4].

中国航天科技（000901）集团有限公司首次以"航天科技成果转化与产业化"为主题参展高交会，集中展 示了百余项航天前沿科技成果，全面展现航天技术在商业航天、低空经济、机器人、电子信息、新能源 等领域的"航天方案"与实践成果。 这是11月14日拍摄的第二十七届中国国际高新技术成果交易会现场。新华社发 深圳商报首席记者 陈小慧 亚太6D卫星、 柔性太阳翼、"深海一号"能源站、昇腾384超节点……从"上天入海"，到AI大模型技术。 第二十七届高交会9号馆里，都是备受关注的国之重器、科技巨头产业链展区。 本届高交会重点遴选"高、精、尖"技术与产品，实物展品比例超90%，举办首发首秀和路演推介活动百 余场，首发、首展展品占比达20%以上。 一馆尽览"上天入海" 据了解，整个9号馆是备受关注的国之重器、科技巨头产业链展区。一大批对国家安全和科技创新具有 重大意义的技术与产品藏身其中，涵盖航空航天、高端船舶与海洋工程装备、重大科学仪器设备、能源 装备制造、智能制造、大型工程装备等。展区内集结了中国航天、中国石化、中国海油（600938）、比 亚迪（002594）、荣耀、品胜、鸿蒙智行、中国科学院深圳先进院、光明实验室、深圳 ...

岭南之西，西江之畔，在广东版图上，云浮静卧于粤桂交界处，因境内云浮山（今云雾山），终年云雾 缥缈、如絮浮空而得名。 作为地域之名，"云浮"最早见于唐朝，《新唐书·地理志》记载，唐武德四年（621年）设勤州，领铜 陵、富林二县。天宝元年（742年），勤州改称为云浮郡。"云浮"便由此而来。 此后，云浮郡历经名称更迭，直至明万历五年（1577年）置东安县，民国三年（1914年）改称云浮县， 奠定了现代行政框架。近代以来，云浮县多次撤并重组，最终于1994年经国务院批准，升格为地级市， 揭开了城市发展的崭新一页。 云浮，作为广东省最年轻的地级市，虽不像珠江三角洲城市群，有得天独厚的地理优势与资源禀赋，却 拥有独具一格的城市气象，在南粤大地上书写着不可替代的篇章。 这里，丘陵广布，以山为骨，因石闻名，以石立城。从街头巷尾至广袤世界，从粗砺厚重的花岗岩到质 地细腻的大理石，云浮石艺，匠心独运，刻写"点石成金"的产业传奇，恰如云浮人低调务实、不张扬之 性情。 这里，山水交织，绿脉文心，不繁华争胜，以静气立身。六祖惠能大师出生与圆寂皆于此，一句"本来 无一物，何处惹尘埃"，道出禅文化南派的智慧思想，影响千年东方文化。从龙山脚 ...

央视网消息：目前，第二十七届中国国际高新技术成果交易会正在举办，本次高交会上，具身智能机器人成为关注的热点。在现场，当灵巧手 遇上手语大模型，机器人手语交流员就"上岗"了。 高校科研成果加速创新 在中山大学展台，记者看到了这套"心脏性猝死综合防治人工智能可穿戴预警设备"，它不仅解决了传统设备穿戴不舒适、信号噪声大且弱等短 板，还可以通过深度学习算法，精准识别异常心电特征，预测猝死风险，为心血管疾病早期干预提供依据。 和记者互动的就是搭载了我国首个手语具身智能的手语交互系统的具身智能机器人，通过它搭载的具身智能模型，可以让普通的具备灵巧手功 能的机器人，拥有手语交互能力。 哈尔滨工业大学（深圳校区）计算机应用研究中心吕俊增介绍，手语库在国际上没有公开的数据集，他们通过手语合成系统，手工录入5000多 条手语到动作之间的交互。 作为科研项目，团队从2008年就开始设计这套手语库。随着具身智能的发展，他们将这套手语库同机器人灵巧手相结合，已经可以适配多款不 同自由度的机器人灵巧手。 此外，在本届高交会期间，超百所高校、科研院所也携前沿科研成果集中亮相。 这款彩色材料叫零功耗智能控温薄膜，是一种可以实现"冬暖夏凉"的 ...

据悉，中国植物园学术年会每年举办一次，是我国植物迁地保护领域最具影响力的全国性会议，旨 在探讨植物园的功能与社会责任，促进植物园的建设与长远发展。此次会议落地桂林，凸显广西独特的 植物资源优势。广西科学院院长李典鹏介绍，广西拥有9000多种高等植物，是全球生物多样性热点地 区，广西植物研究所已建成包括"国家苦苣苔科种质资源库"在内的三大国家级平台，在极小种群野生植 物保护、喀斯特石漠化生态修复、西南特色药用植物开发利用等领域取得了一系列突破性成果，为区域 生态安全与绿色发展提供了科技支撑。 会议期间还举行国家植物园体系建设理论与实践、植物多样性保护的机遇与挑战、植物园与新质生 产力、数据大模型与AI时代的植物园管理、植物园科普与科学教育等5个专题论坛，同时举办"AI时代 的植物保育与科普"能力建设培训班。80多位专家学者将聚焦国家植物园体系建设、植物多样性保护、 新质生产力、智慧植物园建设等前沿议题作专题报告，为国家植物园体系纵深推进数字化、智能化建设 建言献策。（付玮烨 欧阳萍） 11月12日，由中国植物学会主办的2025年中国植物园学术年会在广西桂林开幕。会议以"数实融合 助推植物园高质量发展"为主题，吸 ...

11月16日出版的《求是》杂志发表中共中央总书记、国家主席、中央军委主席习近平的重要文章《因地制宜发展新质生产 力》。这是习近平总书记2023年9月至2025年4月期间有关重要论述的节录。 关键在质优, 本质是先进生产力。 习近平 在二十届中央政治局第十一次集体学习时的讲话 2024年1月31日 网 机 网 据 口肝 以万展县会会 hina Internet Development Foundation 中国互联网发展基金会 中国正能量网络传播专项基金支持项目 新质生产力 主要由技术革命性突破催生而成。 科技创新能够催生 新产业、新模式、新动能, 是发展新质生产力的核心要素。 这就要求我们加强科技创新 特别是原创性、颠覆性科技创新, 加快实现高水平科技自立自强。 习近平 在二十届中央政治局第十一次集体学习时的讲话 2024年1月31日 白肝以方展县舍 中国互联网发展基金会 中国正能量网络传播专项基金支持项目 绿色发展是高质量发展的底色， 新质生产力本身就是绿色生产力。 我们必须加快发展方式绿色转型, 助力碳达峰碳中和。 要牢固树立和践行 绿水青山就是金山银山的理念, 坚定不移走生态优先、 绿色发展之路。 习近 ...