（来源：千龙网） 制",创新优化营商环境 E F T I 全省利润再投资规模 位居全国前列 持续深化制度改革 夯实高水平开放的制度根基 产业升级 "创新大脑" "制造车间" 高质量供给实现"引进来"、 一,"走出去 双向赋能 类/7 1317 让科技车间拥有 "硬制造" 国际高水平技术 翡声世界 开辟"软服务"的 中医的疗效 产业开放新赛i 令人惊喜! 实现文化、旅游、康养融合发 夯实产业内核 在全球价值链中占据更加主动的位置 平台 向建 搭建全球要素对接载体,让开放生态更具活力 "买全球"→"卖全球" 类几ア 1317 上午展台试用 2024 下午直播间上新 依托进博会溢出效应打造的虹桥品汇，已汇集120 个国家的6000多个品牌，2024年交易额达300亿元 赋能产业带 "上下楼就是上下游 来新订单了，是发 往墨西哥的"提花 楼里就有坯布厂定 乱格"冲锋衣。 制，从纹路设计到成 品制作仅用10天,比 以前快多啦! 平台构建优生态 拓展开放"新维度" 以制度、产业、平台"三轮驱动",不断推动中 国开放型经济向更高质量、更有效率、更加公平、 更可持续的方向迈进,携手开创合作共赢新局面。 (素材来源:人民日报) ...

德勤预测，在超过300宗上市申请的支持下，2026年香港新股市场融资额有望达到至少3000亿港元。 全年募资额创三年新高，重回全球冠军宝座 2025年全年，香港新上市公司共119家，较去年增加63%，募资总额达2858.18亿港元，领跑全球各大交 易所，较去年暴增2.25倍。 香港资本市场在2025年迎来全面复苏，全年IPO募资额超过2858亿港元，重回全球交易所榜首位置，标 志着香港作为国际金融中心的吸引力显著回升。 12月30日，英矽智能、卧安机器人、林清轩、美联股份、迅策、五一视界六家公司同日登陆港股市场， 创下五年来首次六家公司同日上市的纪录。市场人士戏称"港交所的锣又要不够用了"，港交所交易大厅 在上市仪式当天人潮汹涌，几乎容纳不下所有参与者。 这一盛况成为2025年港股IPO市场火热的缩影——全年共有119家公司在港上市，较2024年增长63%。 其中，12月成为香港IPO市场自2019年11月以来最繁忙的月份，至少25家公司在当月上市。 推动这轮IPO热潮的主要力量包括中国科技企业的集中上市、A股公司赴港上市潮以及市场流动性的大 幅改善。此外，港交所推出的"科企专线"服务机制以及《上市规则》第十 ...

美联储主席鲍威尔与特朗普之间的关系一直紧张，主要原因是两人的经济政策不合。特朗普曾希望美联储能降息以刺激经济，但鲍威尔却一直坚持经济的长 期稳定，尤其是通胀和物价问题。经历了11个月的博弈后，美联储主席终于要更换，特朗普看到了插手的机会。然而，美国刚松了口气，却迎来了另一波挑 战——美国五大债主开始大规模抛售美债，尤其是中国，抛售了118亿美元的美国国债。这个变化对市场的影响不容小觑，尤其是美国的四大盟友不得不接 盘，救市行动随之展开。 根据美国财政部12月18日公布的数据，2025年10月，中国减持了118亿美元美债，使得中国的美债持仓量降到了2008年金融危机以来的最低水平。作为美国 美债的第二大海外持有者，中国的这一动作引发了市场的强烈反应。紧随其后，加拿大也加入了减持大军，仅在一个月内便抛售了587亿美元的美债，动作 迅速且果断。 此外，卢森堡和开曼群岛等金融中心也开始调整美债持仓比例，将资金转投到欧洲资产和其他低风险领域，这使得美债市场承受了更大的压 力。然而，市场并非没有接手者，尽管抛售潮汹涌而至，依然有四个国家挺身而出，成为接盘的主力。日本、英国、比利时和法国这四个国家不仅没有减 持，反而选择增 ...

（来源：法治日报） 转自：法治日报 □ 钟 燃 北宋元祐七年（公元1092年）十一月初七日，时任龙图阁学士、左朝奉郎、兵部尚书兼侍读的 苏轼给宋哲宗上了一份奏章，即《乞免五谷力胜税钱札子》。此时，苏轼因"乌台诗案"被贬黄州已过去 十余年，年近六十岁的他被重新起用，回到朝廷中枢。多年的外放经历使他深谙民间疾苦和地方积弊， 岁月不仅没有消磨掉他的情怀和锐气，反而使他更具远见卓识。 五谷力胜税钱，是指商民用车船载运 米谷等粮食入市售卖时，官府按车船所载重量征收税钱。表面上看，这是一项普通的商税，但苏轼深知 其中利害。他在札子中开宗明义，指出了一个贯穿中国农耕社会始终的矛盾："臣闻谷太贱则伤农，太 贵则伤末。"这里的"末"指工商业者。近年征收五谷力胜税钱，使得商贾不愿再从事粮食贩运，农民和 商人都深受其害。为了论证自己的观点，苏轼列举了亲身见闻：他在黄州时，看到连年丰收，农夫们用 车满载粮食入市，却连盐、茶等最基本的生活费用都挣不回来；而那些囤积粮食的富户，却日夜祈祷发 生饥荒，好让粮价上涨。他又在浙西多年，见到水灾之年，中等人家有钱却买不到粮食，身穿珠金华服 饿死在街头。他认为，理想的治国之法应当"不税五谷"，利用 ...

"有了它，停摆的项目终于'活'了！"日前，东营科源新材料有限公司副总经理刘桂华手持崭新的《施工 许可证》，难掩激动。这张许可证，意味着公司年产4500吨氨基酸类食品添加剂的新材料项目得以"复 活"。 作为一家医药中间体研发生产企业，东营科源新材料有限公司老厂区的产品就是新项目的原料。所以他 们斥资买入了紧邻老厂区的30亩闲置用地，并做了规划。电力、热源等设施都可以与老厂共用，节省投 资。 但问题恰恰出在这块地上，它是用子公司的名义买下的。"按照当时的政策，只能'谁的地办给谁'。"广 饶县行政审批服务局党组副书记、副局长李达解释道，没有土地的所有权就无法办理后续的项目手 续，"即使两个企业的法定代表人是同一个人，也无法办理。" "项目在2023年就立了项，但因为土地问题无法推进，最终过期失效。"董事长刘桂忠道出了当时的无 奈。摆在企业面前的两条路都是"死胡同"：子公司申请项目立项，但业务经营范围和项目不符；将土地 卖给母公司，则需承担高额的税费，成本难以承受。 经当地行政审批、发改、自然资源等多部门深入论证后，2024年底，东营市出台《工业项目租赁土地办 理审批手续实施方案》。"就是把办理工程建设项目手续的主体 ...

Group 1 - The article suggests that a recovery trend may be emerging in the macroeconomic environment, indicating a potential wealth reshuffling opportunity that occurs approximately every ten years [1][11]. - It emphasizes the importance of the macroeconomic environment in determining individual investment success, highlighting that ordinary investors can benefit from aligning with prevailing trends [1][3]. - The current international environment is described as tense, which, while seemingly negative, may also signal opportunities for economic intervention and recovery [2][3]. Group 2 - Governments typically respond to economic downturns with intervention strategies, which can create investment opportunities. These strategies include monetary policy adjustments, fiscal stimulus, and institutional reforms [3][4]. - The article notes that liquidity is crucial for market performance, with historical examples showing that increased liquidity often leads to rising asset valuations [3][6]. - The discussion includes the importance of institutional reforms in capital markets, suggesting that these reforms are necessary for a healthy market cycle and can lead to a more favorable investment environment [4][10]. Group 3 - The article identifies a third signal of a turning point: the potential for an industrial upgrade, particularly in the AI sector, which is expected to experience significant growth due to technological convergence [16][29]. - It highlights that the current technological revolution is unique because it involves multiple disruptive technologies maturing simultaneously, which could lead to substantial economic growth [18][19]. - Predictions indicate that if these technologies succeed, global GDP growth could double, with inflation potentially decreasing to zero or even negative levels [29][41]. Group 4 - The article stresses the need for investors to adapt their strategies in response to market changes, emphasizing that the market is not linear and can be influenced by various factors [46][48]. - It warns against the risks of holding a single type of asset in a volatile environment, suggesting that diversification is essential for managing risk [52][54]. - The article concludes by encouraging investors to prepare for upcoming market shifts and to consider joining membership programs that provide insights and strategies for navigating these changes [56][68].

Core Viewpoint - GAC Group is undergoing significant reforms to enhance its autonomous vehicle segment, aiming for 60% of total sales from self-owned brands by 2027, with Aion as a key player in this strategy [1][12]. Group 1: GAC's Reform and Strategy - GAC has shortened its new car development cycle to 18-21 months and improved market response efficiency by over 600% [1]. - The company aims to increase the number of self-owned brand models by 20% and enhance procurement efficiency by approximately 50% [1]. - The shift from "engineer thinking" to "user thinking" is highlighted as a major transformation within GAC [1]. Group 2: Partnership with Huawei - GAC and Huawei have launched the "Qijing" model, marking a new collaboration approach where GAC retains brand control while leveraging Huawei's technology [2][5]. - The "Qijing" model is a result of deep collaboration across product, technology, and marketing, with significant input from Huawei's R&D teams [7]. - GAC's organizational structure has shifted from a functional model to a matrix structure, focusing on project-based product development [9]. Group 3: Aion's Market Positioning - Aion is transitioning from a B2B focus to a B2C strategy, with the launch of the Aion UT Super, which has already received over 16,000 orders since its launch [12][13]. - The Aion i60 is being marketed with a focus on youth and modernity, aiming to redefine its brand image [13]. - Aion's past performance issues are acknowledged, with a commitment to improve sales and market presence through strategic marketing and product positioning [12][14]. Group 4: Overall Market Challenges - The high-end sedan market, where the "Qijing" is positioned, is competitive, with limited capacity, making it crucial for GAC and Huawei to effectively execute their product and marketing strategies [10]. - GAC's other brands, including Haobo and Trumpchi, are also undergoing rebranding and repositioning to enhance their market competitiveness [14].

Core Viewpoint - The article emphasizes the strategic importance of technological self-reliance and innovation in China's modernization process, as outlined in the "14th Five-Year Plan" [2][3]. Group 1: Technological Self-Reliance and Innovation - The "14th Five-Year Plan" prioritizes technological self-reliance, establishing a comprehensive framework for enhancing the national innovation system and integrating technological and industrial innovation [2][3]. - The focus on foundational software as a key area highlights both the risks from external supply chain controls and the strategic opportunities for improvement in usability and functionality [3]. - The plan encourages enterprises to take a leading role in innovation, promoting collaboration between research institutions and industry to enhance the efficiency of resource allocation and innovation outcomes [4]. Group 2: Talent Development and Education - The "14th Five-Year Plan" proposes a mechanism for integrated development of education, technology, and talent, focusing on key talent groups such as strategic scientists and engineers [5]. - Reforms aimed at breaking down barriers to talent mobility are expected to stimulate innovation and creativity across various sectors [5]. Group 3: Future Industries and Infrastructure - The plan outlines a forward-looking approach to future industries, identifying key areas such as quantum technology, biomanufacturing, and 6G as focal points for development [6][7]. - New infrastructure construction is deemed essential for supporting future industries, with a focus on building a robust digital economy framework [7][8]. Group 4: Institutional Reforms - The "14th Five-Year Plan" emphasizes institutional reforms to eliminate barriers to high-quality development, particularly in finance and taxation, which are expected to create new market demands [8][9]. - The financial sector is set to undergo significant changes, including upgrades to trading systems and enhanced risk monitoring capabilities [8]. Group 5: Global Cooperation and Market Expansion - The plan advocates for high-level openness and cooperation, particularly in technology export and global collaboration, creating opportunities for domestic companies to expand internationally [10]. - The focus on digital infrastructure development in countries along the "Belt and Road" initiative aligns with China's strengths in digital technology, facilitating market entry for Chinese firms [10].

Core Viewpoint - The Chinese stock market is experiencing a rise in risk appetite, characterized by the "New Four Bulls" framework, focusing on technological self-reliance, industrial upgrading, and resource security as the main themes for the medium to long term [1][6]. Group 1: Economic Context - The global economic landscape is undergoing significant restructuring, with emerging economies, particularly the BRICS nations, increasing their share of global GDP to approximately 34%, surpassing the G7's 29% [1][2]. - The debt-to-GDP ratio for G7 countries has risen to about 127%, while BRICS countries maintain a much lower ratio of around 36%, indicating differing policy spaces and potential shifts in global capital flows [2]. Group 2: Market Drivers - The "New Four Bulls" framework includes: 1. Capital inflow supported by foreign capital returning, long-term institutional investment, and shifts in household savings towards equity markets [3]. 2. Technological innovation in sectors like AI, semiconductors, and renewable energy, driven by both government support and market demand [3]. 3. Institutional reforms enhancing market efficiency and attractiveness through improvements in capital market systems [3]. 4. Consumer upgrades reflecting strong domestic demand, supported by rising income levels and changing consumption patterns [4]. Group 3: Investment Recommendations - In the stock market, sectors aligned with the "14th Five-Year Plan," such as AI, semiconductors, and high-end manufacturing, are expected to see significant growth opportunities [5]. - The bond market is entering a period of monetary easing, with long-term yield declines anticipated, although short-term fluctuations may occur due to inflation expectations [5]. - The currency market is expected to see a weakening of the US dollar, while the RMB is projected to remain stable and potentially appreciate [5]. - The real estate market is gradually resolving existing risks, creating opportunities in urban renewal and quality housing projects [5]. - Commodities like gold and silver may perform well due to geopolitical factors, while demand uncertainties may affect oil and copper prices [5]. Group 4: Future Outlook - The year 2026 marks the beginning of a new phase of technological and industrial revolution in China, with the "New Four Bulls" serving as a foundation for capital market development [6][7].

Core Insights - The article emphasizes that the true revolution in Britain during the Industrial Revolution was not merely technological but fundamentally institutional, which allowed innovation to become profitable and risks to be shared and priced [7][10]. Group 1: Historical Context - In the mid-18th century, the combination of technological advancements, such as the steam engine, and institutional reforms, like the establishment of the Bank of England, marked the beginning of the mechanization of energy in Britain [2][3]. - By 1850, Britain dominated global coal production and textile exports, with its population and GDP experiencing significant growth [2]. Group 2: Institutional Reforms - The Glorious Revolution of 1688 established parliamentary control over taxation and legislation, fostering a trust in the government and enabling the development of a capital market [3][4]. - The introduction of the modern patent system in the 17th century allowed inventors to profit from their innovations, leading to a surge in technological advancements [4]. Group 3: Capital, Land, and Labor Mobility - The establishment of the London Stock Exchange and the implementation of the Bubble Act laid the groundwork for a regulated capital market, allowing companies to raise funds through shares [5]. - The enclosure movement privatized land, increasing agricultural efficiency and providing food for urban industrialization [5][6]. - The migration of displaced farmers to cities created a labor market, transforming workers into free wage earners and enabling the emergence of a modern economy [6]. Group 4: Comparative Analysis - The article contrasts Britain's institutional success with the stagnation in China and the Ottoman Empire, where rigid systems stifled innovation and economic growth [8][10]. - The lack of inclusive institutions in China and the Ottoman Empire led to a failure to capitalize on technological advancements, resulting in significant disparities in economic performance [8][10]. Group 5: Long-term Implications - The article highlights that institutional differences manifest over time, leading to significant economic disparities, as seen in the GDP growth between Britain and the Ottoman Empire from 1500 to 1900 [12]. - The evolution of British political institutions allowed for continuous self-correction and adaptation, contributing to long-term stability and prosperity [12][16]. Group 6: Critical Reflection - While the article acknowledges the successes of Britain's institutions, it also points out the darker aspects of industrialization, such as exploitation and inequality, reminding that progress often comes at a cost [15][16].