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 ...

Core Points - Two additional financial asset investment companies (AIC) under joint-stock banks have been approved to commence operations, namely 招银金投 (Zhaoyin Financial Investment) and 信银金投 (Xinyin Financial Investment) [1][2] - The establishment of these AICs is part of a broader trend to enhance market-oriented debt-to-equity swaps and equity investments, particularly aimed at supporting technological innovation [2][3] Summary by Sections Approval and Capitalization - 招银金投 has a registered capital of 15 billion RMB, while the other two AICs have a capital of 10 billion RMB each [2] - All three AICs are located in South China, with 兴银金投 (Xingyin Financial Investment) in Fuzhou, 招银金投 in Shenzhen, and 信银金投 in Guangzhou [2] Focus on Technology and Innovation - The AICs are targeting market-oriented debt-to-equity swap businesses and aim to empower the development of technology innovation [2][3] - AICs are seen as a crucial component in providing "patient capital" to support technology-driven enterprises, addressing the limitations of traditional bank credit [3][5] Expansion and Future Prospects - The AIC initiative has expanded since its inception in 2018, with regulatory bodies now allowing more banks to establish AICs, including six major state-owned commercial banks and three joint-stock banks [4][6] - The expansion of AICs is expected to enhance the flow of funds towards technology innovation and improve the efficiency of financial resource allocation [6] Internal Coordination and Risk Management - The internal coordination between lending and investment within banks is expected to improve efficiency and unify risk preferences, thereby better serving major national technology projects and small to medium-sized tech enterprises [5][6] - The strategy of investing early, in smaller amounts, and focusing on long-term and hard technology is anticipated to diversify income sources and mitigate the pressure from narrowing net interest margins [6]

日照创达产业集团为市级国有资产运营主体，主要负责山东省日照市万平口景区、东夷小镇等重要 文旅景区及五星级酒店的运营管理，具备独特的区域文旅资源优势。公司依托日照海滨城市旅游产业优 势，推动文旅产业升级，促进产业协同与融合，赋能城市发展。公司通过产业转型，以"景区+酒店"为 核心，向上下游延伸，整合开发海洋文旅业态，形成彼此赋能、协同发展的产业链闭环，全面提升公司 盈利能力和抗风险能力。 中证报中证网讯（记者 林倩）近日，由国泰海通证券股份有限公司担任独家主承销商的日照创达 产业集团有限公司2025年面向专业投资者非公开发行公司债券（第一期）（高成长产业债）在上海证券 交易所成功发行。本期债券发行规模6亿元，票面利率2.54%。 本次高成长产业债成功发行是日照创达产业集团自身发展的关键一步，更是对日照市文旅产业发展 的一次有力赋能。日照创达产业集团表示，将以此次高成长产业债发行为契机，构筑产业升级新格局， 向"新"而行，向"海"图强，不断为日照市文旅产业高质量发展注入澎湃动力。 ...

中国南方五省区10月用电量实现两位数增长 中新社广州11月24日电(王华 蓝旺)据中国南方电网公司24日消息，10月份，中国南方五省区(广东、广 西、云南、贵州、海南)全社会用电量达到1603亿千瓦时，同比增长10%，是该区域自今年2月以来，单 月用电量首次实现两位数增长，印证区域经济持续稳中有进。 分产业看，10月份，南方五省区第一、二、三产业及城乡居民生活用电量同比分别增长6.6%、6.5%、 12%和21.7%。 "10月份用电量的较快增长，离不开经济增长的正向拉动。"南网能源院供需协同研究部项目经理董楠分 析，数据显示，该区域内超七成行业用电量实现正增长，其中近四成行业增速超过10%。 来源：中国新闻网 编辑：陈俊明 广告等商务合作，请点击这里 本文为转载内容，授权事宜请联系原著作权人 中新经纬版权所有，未经书面授权，任何单位及个人不得转载、摘编或以其它方式使用。 关注中新经纬微信公众号(微信搜索"中新经纬"或"jwview")，看更多精彩财经资讯。 从行业用电情况看，产业升级与消费复苏共同构成增长主线，高技术及装备制造业与数字经济领域表现 亮眼。10月份，高技术及装备制造业用电量同比增长6.7%，其 ...

七年前，美国要求我们自毁长城，不准中国搞制造2025，不准中国进行产业升级，不准中国威胁到美国在高科技行业的霸主地位。 你们以前用8亿件衬衫换一架波音客机，以后也只能是打工的命。 不允许你翻身做老板，更不允许你14亿中国人过上像美国那样的好日子。 七年后，美国参众两院的议员看着眼前报告，发出不可思议的呐喊： 中国已成全球高端制造强国、美国失去了科技霸主的宝座、人类科技的皇冠迎来新王。 这是一个关于误判、傲慢与反转的故事。故事的开头并非现在，而是七年前那场声势浩大的"围剿"。 当时，华盛顿的政客们在办公桌上甩出一份极具侮辱性的清单，试图为东方大国的工业发展按下暂停键。 而七年后的今天，当一份来自美国国会核心机构的重磅报告摆在他们面前时，那原本充满优越感的空气中，如今只弥漫着令人窒息的沉默与难以置信的错 愕。 哪怕是国内曾经也不乏悲观的声音，有人曾断言如果不举起双手投降，科技倒退回封建时代只是时间问题，交通变回马车，通讯靠吼，仿佛现代化的大门是 由西方人把守的，一旦关上，屋内便是黑暗。 然而，历史最爱开这种充满讽刺意味的玩笑。美中经济与安全评估委员会这份最新的调查结论，就像是一记响亮的耳光，打在了当年所有鼓吹"投 ...

Core Insights - The article discusses the significant economic decline of Germany, attributing it to a combination of long-term structural issues and external pressures, particularly from the trade policies initiated during Trump's administration [1][3][20] - Germany's industrial output has reverted to levels not seen in 20 years, indicating a severe downturn in its manufacturing sector [3][19] - The shift from trade surplus to trade deficit with China by 2025 raises concerns about Germany's economic standing globally [5][19] Economic Decline - Germany's GDP has been in decline since 2022, marking four consecutive years of negative growth, which is indicative of deeper economic issues rather than short-term fluctuations [3][20] - The industrial production level has fallen back to 2005 standards, highlighting a significant regression in Germany's manufacturing capabilities [3][19] Trade Dynamics - Germany has transitioned from a trade surplus with China to a trade deficit by 2025, which poses challenges to its economic stability and raises questions about its global economic position [5][19] - The rising costs of logistics and energy have further exacerbated the situation, leading to increased industrial costs and reduced profits for German companies [10][19] Competitive Pressures - The slow pace of industrial upgrades in Germany has allowed Chinese manufacturing to catch up rapidly, with significant price advantages and improving product quality [6][15] - German companies are facing increased competition from Chinese firms, which have demonstrated faster innovation cycles and adaptability in emerging sectors like renewable energy and smart manufacturing [11][13][15] Policy Impact - Trump's tariffs have disrupted global supply chains, particularly affecting German manufacturers who rely heavily on international sourcing for materials and components [8][10] - The combination of external trade barriers and internal policy pressures has constrained the operational space for German businesses, especially small and medium-sized enterprises [11][13] Future Outlook - The article suggests that Germany must adapt its industrial and policy strategies to regain its competitive edge, as the global economic focus shifts eastward [22] - Without significant changes in approach, Germany risks falling further behind in the next industrial revolution, highlighting the urgency for transformation in its economic model [22]

在全面推进中国式现代化的新征程上，共同富裕被明确为国家发展的重要目标。如何让政策更透明？如 何让百姓真正参与并共享国家发展红利？如何让社会各界理解供应链安全、数字经济和产业升级对国家 长远未来的重要意义？ 为回应这些关切，在有关部门指导下，国际智链大讲堂正式开播，面向全国公众提供权威、系统、通俗 的政策解读与知识普及服务。 推动共同富裕，让红利走向百姓 共同富裕不是一句口号，而是实实在在的国家战略。它既需要顶层设计，也离不开全民参与。国际智链 大讲堂的开播，就是为了让更多普通群众看懂国家政策、理解时代方向、掌握发展机遇。 作为扎根供应链数字化领域的综合平台，国际智链长期参与产业链补链强链、数字人民币跨境流通、农 产品出海扶持、小微企业贸易赋能等项目，在推动"产业增效""企业增收""百姓增益"方面积累了大量的 实践经验。 大讲堂将以公开、普惠、低门槛的形式向社会开放，帮助老百姓理解： 国家为什么大力推进共同富裕？ 普通群众能从产业升级中获得什么？ 国家在供应链、数字经济、消费促进等领域推出了哪些新政策？ 这一系列面向民生的核心议题，将在大讲堂中逐步展开。 国际智链大讲堂将严格遵守国家法律法规，坚持正确舆论导向， ...

Core Viewpoint - Sanmenxia is undergoing a transformation from a resource-dependent city to an innovation-driven city, showcasing significant economic growth and industrial upgrades during the "14th Five-Year Plan" period. Economic Growth - The city's GDP is projected to grow at an average annual rate of 4.8% from 2021 to 2024, with a per capita GDP exceeding 80,000 yuan in 2024, ranking 4th in the province [2] - In the first three quarters of 2025, the GDP grew by 5.6% year-on-year, indicating steady economic progress [2] - Major economic indicators show consistent improvement, with industrial added value and retail sales growing at annual rates of 7% and 5.8%, respectively [2] Innovation and Industrial Upgrade - R&D investment intensity has increased from 1.81% to 2.99%, maintaining a leading position in the province for five consecutive years [3] - The city has established 835 innovation platforms, including key laboratories and research bases, to support industrial innovation [3][4] - Breakthroughs in key technologies, such as ammonia-free molybdenum metallurgy and ultra-thin copper foil production, have been achieved [3] Structural Changes in Industry - The mining sector's contribution to the economy has decreased from nearly 40% to 20%, while manufacturing has increased from 50% to nearly 70% [5] - The city has invested 364 million yuan in special funds for industrial upgrades, resulting in an average production efficiency increase of 42% and cost reduction of over 26% for 846 industrial enterprises [5] Emerging Industries - The copper-based new materials sector has seen significant growth, with production capacity reaching 78,000 tons, making it the largest in the country [5] - New energy storage and superconducting materials are being developed, with projects like the energy storage equipment industrialization underway [6] Environmental and Ecological Initiatives - The city has implemented effective ecological governance, restoring 1.9 million mu of wetlands and achieving a forest coverage rate of 41.2% [8] - Air quality has improved, with PM10 and PM2.5 concentrations decreasing by 11.8% and 12.5%, respectively [8] Open Economy and Trade - Sanmenxia has enhanced its external trade capabilities, with a continuous increase in service trade by an average of 49.6% annually from 2021 to 2024 [9] - The establishment of the Sanmenxia Port and the operation of the Sanmenxia Customs have facilitated local trade [9] Social Development and Welfare - The per capita disposable income for rural residents is projected to reach 22,307 yuan in 2024, growing by 7.6% [10] - The city has implemented 105 key livelihood projects, expanding medical resources and improving social security [10] Governance and Leadership - The city emphasizes the role of party leadership in governance, enhancing grassroots organizational strength and promoting effective management [11][12] Future Goals - Sanmenxia aims to become a center for industrial strength, ecological sustainability, cultural richness, openness, and digital innovation, contributing to the modernization of the Central Plains [13]

Core Viewpoint - The merger and acquisition (M&A) market is experiencing a new trend focused on strategic collaboration and strengthening the industrial chain, with a significant increase in disclosed M&A activities this year compared to the previous year [1] Group 1: M&A Market Trends - As of November 23, 151 companies have disclosed M&A activities this year, significantly surpassing the same period last year [1] - Deep mergers driven by industrial integration have become mainstream, indicating a shift in M&A strategies [1] - Market participants expect that M&A activities driven by leading enterprises and "chain masters" in the industry will remain active [1] Group 2: Future Outlook - Future M&A will focus more on horizontal collaboration and vertical extension, suggesting a strategic shift in how companies approach mergers [1] - Qualifying high-quality enterprises are expected to receive more policy support, which may further enhance the activity level of industrial mergers [1] - State-owned enterprises (SOEs) are anticipated to play a significant role in industrial integration, with broader development opportunities ahead [1]

当前这轮下跌，从市场结构和资金行为角度看，更接近于： 在阶段性牛市框架下，高位品种的集中出货 + 指数维稳下的结构性换手。 不是典型的流动性危机式崩盘，而是： 通过"指数护住、个股先跌"的方式， 实现高位筹码向后手资金、尤其是中小投资者的有序转移， 为后续一轮指数级别的反弹乃至趋势延伸，腾出"空间"和"换手基础"。 "最后砸盘"更多是盈利兑现+筹码再分配的技术动作，而不是趋势逆转的根本性信号。 二、市场表象与核心差异：指数没怎么跌，持股体验很差 1. 指数层面：被权重股"托着"走 最近一段时间，上证指数在银行、保险、白酒等权重板块的轮番拉升下，表面波动有限： 银行、保险：估值在1倍PB附近，处于"政策维稳+高股息"功能性角色； 白酒、部分消费龙头：在盈利相对稳定+情绪修复下，阶段性担当"护盘工具"。 结果是： 指数回撤不深，看上去"风险不大"； 但权重护盘掩盖了中小市值、高弹性品种的持续阴跌。 2. 个股层面：提前下跌 + 指数跌时再补刀 这次大家难受在两点： 很多个股从 9 月起就开始阴跌，尤其是高位的科技资产； 当指数这几天开始补跌时，个股并不是提前跌完，而是"继续大跌"——体验远比指数曲线惨烈。 市场结 ...