与此同时，基础设施建设与房地产投资增速放缓，传统制造业在转型升级中经历优胜劣汰，商 业领域因数字化转型而进行了大量岗位调整。过去一些吸纳就业的领域动力减弱，而新兴产业 面临"人才荒"，由此形成人力资源供需错配的结构性就业问题。 应当认识到，构建就业友好型发展方式还面临诸多挑战：相关政策协调的复杂性可能因部门目 标差异而加剧，技术变革可能对就业形成冲击等等。然而，若不构建就业友好型发展方式，就 难以形成内需为主导、内部可循环的大国经济，从而影响产业升级与社会进步。因此，需要着 眼于"就业友好"，在高质量发展中筑牢民生根基，进而实现经济发展与社会稳定的有机统一。 在传统发展路径中，GDP高速增长往往能通过投资与消费的"涓滴效应"自然带动就业扩张，尤 其是大型基建和房地产投资，其就业拉动作用更为显著。然而，随着经济步入结构调整与产业 升级阶段，产业政策与企业战略更倾向于资本密集型和技术密集型方向，这类项目的"涓滴效 应"逐步减弱。 这就要求我们彻底改变过去依赖"涓滴效应"的就业创造模式，转而将就业政策主动嵌入宏观政 策（财政、货币、产业、区域等）的规划、制定与评估全流程，把"能创造多少高质量就业岗 位"作为政策决策 ...

Core Insights - The financial performance of Guangxi's public budget shows a steady increase in both revenue and expenditure, with a year-on-year growth of 3% and 4.1% respectively, indicating effective support for key spending areas [1][2] - The region has actively expanded government investment and consumer spending, issuing new government bonds totaling 349.33 billion yuan for project construction and allocating 183.71 billion yuan for special bonds to support major projects [1] - Guangxi has implemented various measures to stabilize enterprises and employment, including reducing financing costs for private enterprises and providing substantial financial support for job creation and training [2] Financial Performance - From January to October, Guangxi's general public budget revenue reached 1509.93 billion yuan, while expenditure totaled 5314.9 billion yuan, with expenditure growth consistently exceeding initial budget targets for ten consecutive months [1] - The region's fiscal spending on people's livelihoods amounted to 4274.19 billion yuan, marking a year-on-year increase of 4.3% and accounting for 80.4% of the general public budget expenditure, the highest proportion in nearly seven years [2] Investment and Economic Support - Guangxi has issued 349.33 billion yuan in new government bonds and allocated 75 billion yuan for major industrial and infrastructure projects, facilitating the acceleration of significant project implementations [1] - A total of 35 billion yuan has been allocated to support a new round of industrial revitalization, with over 90 billion yuan in special bonds directed towards industrial park development [2] Employment and Innovation - Financial support for private enterprises included 635.44 billion yuan in loans, benefiting 23,500 private businesses and reducing their financing costs by 6.84 billion yuan [2] - The region's technology expenditure reached 57.62 billion yuan, reflecting a commitment to fostering innovation and upgrading industries [2]

Core Viewpoint - Changwu County is focusing on high-quality project promotion, improving the business environment, and enhancing the capabilities of its workforce to drive industrial upgrades, project construction, and improvements in people's livelihoods, aiming to write a new chapter in the practice of Chinese-style modernization [1] Group 1: Industrial Development - Changwu County is concentrating on three main directions: high-end fine chemicals, equipment manufacturing, and the entire apple industry chain, promoting industrial agglomeration, intelligence, and green development [2] - The apple industry has a stable planting area of 225,000 acres, generating an annual output value exceeding 3 billion yuan and a brand value surpassing 5 billion yuan [2] - The coal industry continues to play a stabilizing role, with four coal mines producing 14.809 million tons of raw coal and generating 3.11 billion kilowatt-hours of electricity in the first three quarters of 2025 [2] Group 2: Project Investment - Changwu County has planned 54 key projects with a total investment of 13.1 billion yuan for 2025, with an annual planned investment of 4.67 billion yuan [4] - As of October 2025, 4.48 billion yuan has been invested, accounting for 96% of the annual plan [4] - Major projects include the Yangjiaping Coal Mine with an investment of 8.89 billion yuan, expected to be operational by 2029, and the Yaar Valley Bridge, which will benefit 50,000 residents from 34 villages [4] Group 3: Infrastructure and Urban Development - Changwu County has invested 1.434 billion yuan since 2022 to improve infrastructure, completing 147,200 square meters of standardized factory buildings [3] - The industrial concentration area has been upgraded to a provincial-level economic development zone, with an expected industrial output value exceeding 18 billion yuan by 2025 [3] - Urban construction includes the new construction of eight roads, improvement of nine municipal roads, and the establishment of five convenience markets and six public parking lots [6] Group 4: Social Welfare and Livelihood Improvement - Changwu County has invested 776 million yuan in 20 livelihood projects, focusing on education and healthcare improvements [5] - The education sector has seen an investment of 1.141 billion yuan, resulting in the completion of seven schools and the addition of 7,070 new student places [5] - The healthcare system has improved with the establishment of a tightly-knit county medical community and the enhancement of medical facilities [5]

就业是民生之本。《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》明确提出，深入 实施就业优先战略，健全就业促进机制，构建就业友好型发展方式。这是"构建就业友好型发展方式"首 次被写入国家五年规划，标志着高质量发展进程将与就业提质扩容紧密结合，不断增强经济发展对就业 的带动能力。 构建就业友好型发展方式，必须强化产业与就业协同，推动财政、货币、投资、消费、产业、区域等政 策与就业政策协调联动、同向发力。我国在因地制宜发展新质生产力、培育壮大新兴产业、布局未来产 业的过程中，应着力扩大高质量就业供给。同时，要科学研判人力资源发展趋势，动态优化高等教育专 业与资源结构，加大技术技能人才培养力度。 在推进制造业转型升级的同时，需大力发展服务业这一就业最大"容纳器"。应推动传统制造业向服务型 制造转型，通过提升产业价值链，在研发、设计、营销、售后等环节创造更多专业岗位。此外，为顺应 人民美好生活需要与消费升级趋势，应重点支持文旅康养等需求旺盛的服务业发展。 激发民间投资活力、发展壮大民营经济同样关键。企业是就业的基本载体，民营企业更是创造就业的主 力军。除营造有利于企业稳岗扩岗的政策环境外，还应加大对创业活 ...

Core Insights - The article discusses how advancements in agricultural technology and industry upgrades have led to affordable and high-quality poultry products, such as roasted chicken and duck, priced around 20 yuan each [1][2]. Group 1: Technological Advancements - Continuous agricultural technology innovations have significantly reduced production costs, exemplified by the breeding of Cherry Valley ducks, which can be raised from hatch to market in 40 to 50 days, with each duck costing less than 10 yuan to produce [1]. - The development of domestically bred white-feathered chickens with independent intellectual property rights has broken the long-standing foreign monopoly on poultry breeding, ensuring a stable supply of quality products [1]. Group 2: Industry Integration and Efficiency - The deep integration of the supply chain, from feed processing to cold chain logistics, has unified production standards and improved efficiency, leading to lower costs and stable product quality [1][2]. - Large retail chains leverage their purchasing power to order directly from manufacturers, eliminating brand premiums and multiple distribution layers, which further stabilizes prices and enhances efficiency through digital systems [2]. Group 3: Economic Impact - The optimization of costs in poultry production translates into tangible benefits for consumers in a market with over 1.4 billion people, demonstrating a significant impact on living standards [2]. - The combination of effective production, sales, and affordability reflects a new landscape for high-quality economic development in China [2].

Core Viewpoint - The article discusses the significant decline in housing prices in China, which has shifted from a period of continuous growth to a substantial downturn, with average prices in first and second-tier cities expected to drop by approximately 40% by 2025 compared to their peak in 2021, and some third and fourth-tier cities experiencing declines exceeding 50% [1][3]. Impact of Housing Price Decline - The decline in housing prices has unexpectedly affected consumer sentiment, leading to a decrease in consumption despite lower prices, with retail sales growth dropping to 4.5% in the first three quarters of 2025, while household savings reached a historical high of 151.2 trillion yuan [3][5]. - The phenomenon of "reverse wealth effect" is at play, where falling property values, which constitute nearly 70% of household assets, make residents feel poorer, prompting them to cut back on spending and increase savings [3][5]. Generational Impact - Families that purchased homes during the price peak from 2016 to 2021, particularly those born in the 1980s and 1990s, are facing significant wealth losses, with an estimated total loss of 9 trillion yuan if each property is valued at an average decline of 1 million yuan [5][7]. - Older generations, such as those born in the 1960s and 1970s, who bought properties at lower prices, still retain profits despite the downturn, while younger generations have yet to purchase homes and may benefit from lower entry prices [7]. Market Dynamics and Structural Changes - The real estate market is undergoing a fundamental shift from being an "economic engine" to a "livelihood guarantee," with a focus on housing as a necessity rather than an investment, as indicated by the government's "housing is for living, not for speculation" policy [9][11]. - The urbanization rate in China has increased from 36% in 2000 to 68% in 2025, indicating a shift in market dynamics where the primary concern has moved from availability to quality of housing [9][11]. Changes in Land Supply and Demand - Local governments are adopting a "reduce quantity, improve quality" strategy, with a 20% year-on-year decrease in planned residential land supply for 2025, leading to a widening price gap between core and non-core urban areas [11][13]. - The demand structure is also evolving, with traditional "just need" housing demand softening as purchasing decisions are delayed due to unstable income expectations [11][13]. Transition to Innovation-Driven Economy - The decline in housing prices and the contraction of the real estate sector are seen as corrections to a distorted wealth distribution model, shifting resources from real estate to support the development of the manufacturing sector [15][17]. - Investment in high-tech manufacturing has increased by 22.3% year-on-year in the first nine months of 2025, indicating a significant shift in economic focus [15][17]. Long-term Economic Implications - The transition from a reliance on real estate to an innovation-driven economy is expected to enhance China's position in the global value chain and promote sustainable growth, with a focus on supporting technological self-reliance and high-end manufacturing [17][19]. - Although this adjustment may cause short-term pain, it is anticipated to lead to better resource allocation and high-quality economic development in the long run, as the real estate sector returns to its fundamental role in providing housing [19][21].

央视网消息：人才是产业升级和创新发展的关键。"十五五"规划建议提到，加快建设国家战略人才 力量，培养造就更多战略科学家、科技领军人才、卓越工程师、大国工匠、高技能人才等各类人才。各 地也不断推出新举措，打造人才培养新生态，激活发展新动能。 ...

Group 1 - MSCI completed its largest index adjustment of the year on November 24, 2023, adding 26 Chinese stocks (17 A-shares and 9 Hong Kong stocks) and removing 20 stocks, reflecting a significant optimization of its index composition [1] - The newly added stocks span key sectors such as semiconductors and high-end manufacturing, as well as strategic resources like gold, lithium, and copper, indicating a dual focus on technological innovation and resource value [1] - The adjustment trend aligns with MSCI's earlier index optimizations in 2023, which favored stocks with high growth potential, strong technological capabilities, and scarce industrial value [1] Group 2 - The adjustments signal three core preferences in global capital allocation: the importance of independent innovation and supply chain security, the strategic reassessment of resource assets, and a pragmatic focus on sustainable profitability and cash flow [2] - Companies with core technologies in critical areas like semiconductors and high-end manufacturing are being assigned higher "certainty premiums" amid increasing global tech competition [2] - The valuation logic for resource companies is shifting from traditional price cycles to "strategic scarcity," particularly for those with sustainable mining capabilities in high-demand metals like lithium and copper [2] Group 3 - Chinese assets are emerging as a core focus for foreign capital due to significant valuation gaps, ongoing policy liberalization, and strong industrial upgrade momentum, highlighting their long-term investment value [3] - The index adjustments are expected to guide social resources towards technology innovation and core resource sectors, while the "survival of the fittest" mechanism will compel companies to enhance their core business and profitability [3] - As China continues to make breakthroughs in technology and resource security, and as capital market openness deepens, the interaction between global capital and high-quality Chinese assets is expected to strengthen [3]

11月24日晚间，粤开证券一口气发布多条公告，官宣启动新一轮战略布局。这一系列公告中，包括设立 战略协同部门、任命高级管理人员、设立40亿元产业基金等举措。 首席经济学家罗志恒获任副总裁 粤开证券公告显示，任命公司首席经济学家、研究院院长罗志恒为公司副总裁，总裁崔洪军代行首席信 息官职责，同时公司新设立一级战略协同部门。粤开证券表示，这一系列调整旨在进一步打破业务壁 垒，提升公司整体运营效率。 罗志恒成为又一位"研而优则仕"的券商首席经济学家。资料显示，罗志恒为经济学博士，主要研究方向 为宏观经济、财政理论与政策。近年来，粤开证券研究院率先走出了一条有别于传统卖方研究的、具有 粤开特色的研究之路，研究成果尤其是财政与地方债务研究成果展现出了良好的品牌效应与市场影响 力。 "此次晋升体现了粤开证券对研究业务的高度重视，研究支持业务的战略导向更加明确。"接近粤开证券 的人士透露，近年来粤开研究院在宏观、财税、大湾区和产业研究四大领域已形成鲜明特色，研究业务 正从传统的支持职能向价值创造中心转变。 同时，粤开证券披露联席总裁、首席信息官雷杰因个人原因辞任。据了解，雷杰拟赴平安证券任首席信 息官。 【导读】粤开证券启 ...

中国基金报记者 江右 粤开证券 还公告拟 通过子公司粤开资本设立总规模40亿元的产业升级股权投资合伙企业。该基金将重点布局电子信息、生物医药、新型储 能等战略性新兴产业，培育产业新动能。 【导读】粤开证券启动新一轮战略布局 11月24日晚间， 粤开证券 一口气发布多条公告，官宣 启动新一轮战略布局 。 这一系列公告中，包括 设立战略协同部门、 任命高级管理 人员 、设立40亿元产业基金等举措 。 首席经济学家罗志恒获任副总裁 粤开证券公告显示，任命公司首席经济学家、 研究院院长罗志恒 为 公司副总裁，总裁崔洪军 代行 首席信息官 职责 ，同时 公司 新设立 一级 战略协同部门。 粤开证券表示， 这一系列调整旨在进一步 打破 业务壁垒， 提升公司整体运营效率 。 罗志恒成为又一位"研而优则仕"的券商首席经济学家。资料显示，罗志恒为经济学博士，主要研究方向为宏观经济、财政理论与政策。 近 年来，粤开 证券 研究院率先走出了一条有别于传统卖方研究的、具有粤开特色的研究之路，研究成果尤其是财政与地方债务研究成果展现 出了良好的品牌效应与市场影响力。 " 此次 晋升体现了粤开证券对研究业务的高度重视，研究支持业务的战略 ...