炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 财通证券党委书记、董事长 章启诚 近日，中国证监会吴清主席在中国证券业协会第八次会员大会上发表讲话。吴清主席深刻总结近年来行业发展成 就，精准研判形势变化，并对"十五五"时期证券行业提出"四大使命"与"五点希望"。 作为中国资本市场改革发展的见证者、参与者，财通证券认真学习贯彻吴清主席的讲话精神，我们认为，吴清主 席的讲话立足"十五五"发展全局，高屋建瓴、内涵丰富，系统阐明了证券行业在加快建设金融强国中的使命责 任，为证券行业高质量发展擘画了战略蓝图、提供了行动指南。证券行业必须坚持把功能性放在首位，聚焦服务 新质生产力发展、助力居民财富增长、促进高水平开放三大方向全面发力，加快推进金融强国建设。作为浙江省 属金融国企，我们将始终紧扣落实习近平总书记"4+1"重要要求和浙江省委"132"总体工作部署，锚定"争创与浙江 经济地位相匹配的一流省属证券机构，建设一流现代投资银行"的使命目标，以"四型财通"为战略路径，聚焦"五 化"战略任务，坚定不移走中国特色金融发展之路。 一是打造"科创型财通"，落实服务实体经济和新质生产力发展的重要使命。近 ...

《中国发展报告2025》记录了2024年推进中国式现代化进程中所形成的思想成果、制度成果、实践成果，并收录了4项国务院发展研究中心的重要研究成 果。《全球发展报告2025》以"携手为全球发展注入稳定性和确定性"为主题，分析当前世界面临的主要不稳定、不确定因素及其对全球发展的深刻影响， 重点分析全球贸易、气候变化、卫生健康、粮食安全和减贫、发展中国家工业化、数智技术、全球南方发展合作以及共同维护以联合国为核心的国际体系 等议题。 《问道"十五五"》《"十五五"名家谈：于变局中开新局》《聚焦"十五五"：经济大省挑大梁》带你在未来五年的不确定性中寻找确定性。 一是坚持内需主导，建设强大国内市场 中央经济工作会议12月10日至11日在北京举行，会议总结2025年经济工作，分析当前经济形势，部署2026年经济工作。2026年，八项重点任务怎么干？现 整理如下书单，供您参考。 明年要坚持稳中求进、提质增效，发挥存量政策和增量政策集成效应，加大逆周期和跨周期调节力度，提升宏观经济治理效能。 《首发经济：理论、实践与政策》从首发经济的核心内涵与特征、面临的问题与挑战、推进思路及政策体系等方面进行理论阐述，同时结合优秀地方实践 ...

Core Insights - Lege Ergonomics Technology Co., Ltd. has recently been recognized in four provincial enterprise lists in Zhejiang, indicating strong official acknowledgment of its development capabilities in various sectors [1] Group 1: Recognition and Awards - The company has been included in the "Third Batch of Eagle Enterprises in Zhejiang," "2025 Leading Enterprises of Zhejiang Private Multinational Companies," "2025 Leading Enterprises in Zhejiang Service Industry," and "2025 Leading Enterprises of Zhejiang Private Economy Headquarters" [1] - These recognitions are organized by different provincial departments and evaluate aspects such as industry leadership, international operation level, service innovation capability, and headquarters capacity [1] Group 2: Strategic Focus - The achievements are linked to the company's dual-driven strategy of "smart home + public overseas warehouse," which has shown effective results [1] - The "Eagle Enterprise" recognition reflects the company's accumulation and influence in advanced manufacturing, while the "Leading Enterprise" recognition points to its global operational success [1] - The "Leading Enterprise in Service Industry" acknowledgment indicates the success of its "manufacturing + service" integration transformation, and the "Headquarters Leading Enterprise" recognition affirms its resource integration model based in Ningbo [1] Group 3: Future Plans - The company aims to leverage these recognitions as a catalyst to continue focusing on its core businesses in smart home and cross-border services, enhancing competitiveness through technological innovation and global operations for sustainable high-quality development [1]

对话人： 逯海涛：这既是"还景于民"理念的延续深化，更是城市治理的主动升级。免票并不等于免管理。结合大 数据分析制定每日限额，通过实名预约、分时游览等综合施策，在普惠公众的同时，杭州也在探索实现 客流错峰游览新路径。同步推进"免费"与"优享"，让更多游客共享文化遗产魅力，彰显城市开放普惠的 底色。 如果说，当年的免费开放是"第一次吃螃蟹"的大胆尝试，效果更突出体现在经济账上；如今再次还景于 民，则是探索从"经营景区"到"运营城市"的文旅发展新模式，是更高质量的开放、更加自信主动的开 放、更能体现城市运营理念的开放。 周珊珊：跳出景区看治理，开放成为杭州一种独特的城市气质，形成了发展的"强磁场"、创新的"催化 剂"，这在"杭州六小龙"的孕育中也有映照。 逯海涛：杭州不仅有旖旎风景，更有开放风尚。这种风尚首先转化为强大的人才吸引力——近5年累计 引进青年人才超200万人，人才净流入率全国领先。快递小哥获评高层次人才，大学生求职享免费驿 站、工作享购房补贴……一系列暖心政策，让城市成为人才"蓄水池"。 这种风尚也滋润营商土壤。政府决不以地域设壁垒，而是为所有经营主体提供"有求必应、无事不扰"的 服务，甚至可以为引进 ...

刚刚过去的周末，武汉数澜科技有限公司总经理刘勇没有休息，而是赶赴外地，洽谈一笔新业务。不久前，这家总部位于浙江杭州的 企业，承担了一项国家重点研发计划课题，推出一套针对重点人群的风险预警服务系统，并在汉阳建桥街道试点。 数澜科技是一家致力于帮助企业完成数字化转型的数字经济企业，也是国内头部数据中台供应商。尽管2023年才落户武汉，但在此之 前武汉数澜就在华中地区拓展并服务了大量央国企与头部企业。 "湖北省的数据市场体量至少在千亿级别，军工、教育、水利行业的优势更是其他城市少有的，而武汉的创新机会更多。"数澜科技董 事长甘云锋说。 2022年，汉阳区筹备第二届"知音云上"创投大赛的消息传到数澜科技，团队认为这是一个有利于企业发展的好机会，当即决定在武汉 成立子公司，投入这次创投大赛。 2023年5月，数澜科技在创投大赛上获得冠军，赛后即收到2000万元股权投资，迅速盘活了武汉业务。赛后一个月，数澜科技就在武 汉光明中心大楼落地"双总部"，开始将积累的资源转变为实实在在的业务。 当年6月，武汉高规格赴杭州招商，举办2023杭州知名企业投资恳谈会，数澜科技还作为企业代表，参与推介。 这些年，一批总部位于浙江的企业， ...

Group 1 - The core viewpoint emphasizes the importance of advancing the rule of law in national governance and addressing challenges through legal thinking and methods [1][2][20] - The construction of a socialist rule of law state is a key goal for the 14th Five-Year Plan, highlighting the need for comprehensive legal governance [1][3] - The introduction of the Private Economy Promotion Law aims to eliminate barriers to private sector development and ensure fair market competition [2][3] Group 2 - The National Development Planning Law draft emphasizes public participation and the necessity of adhering to legal procedures in the formulation and implementation of national development plans [4][5] - The law aims to ensure a stable and predictable environment for economic and social development through legal frameworks [5][6] - The establishment of a legal basis for the Hainan Free Trade Port reflects the integration of reform and legal governance [6][7] Group 3 - The implementation of the revised Supervision Law enhances the legal framework for anti-corruption efforts and the accountability of public officials [6][7] - The focus on grassroots governance through legal education and the promotion of "legal literate" individuals in rural areas aims to resolve local disputes effectively [9][10] - The exploration of ecological compensation mechanisms demonstrates the application of legal frameworks to address environmental issues [10][11] Group 4 - The emphasis on urban governance through legal means aims to address long-standing issues, such as inadequate sanitation facilities in urban areas [11][12] - The introduction of tailored occupational injury protections for new employment forms reflects the adaptation of legal frameworks to modern labor market challenges [12][13] - The integration of socialist core values into legal construction aims to enhance societal norms and legal compliance [14][15] Group 5 - The need for leadership to enhance their ability to apply legal thinking in governance is highlighted as crucial for effective law-based governance [15][16] - The implementation of new regulations aims to prevent corruption and ensure fair enforcement of laws [19][20] - The overall approach emphasizes the necessity of using legal frameworks to address complex governance challenges and enhance national stability [19][20]

"推进全面依法治国是国家治理的一场深刻变革"。 习近平总书记近日对全面依法治国工作作出重要指示强调，"全面推进国家各方面工作法治化""各部门 各领域要严格依法办事，合力开创法治中国建设新局面"。 党的二十届四中全会通过的《建议》把"社会主义法治国家建设达到更高水平"写入"十五五"时期经济社 会发展的主要目标，并对坚持全面依法治国作出一系列重大部署。 以历史主动精神克难关、战风险、迎挑战，必须掌握科学的思想方法和工作方法，提高驾驭复杂局面、 处理复杂问题的本领。 "各级党组织和党员、干部要强化依法治国、依法执政观念，提高运用法治思维和法治方式深化改革、 推动发展、化解矛盾、维护稳定、应对风险的能力。" 新时代新征程，党员、干部学思践悟习近平法治思想，以法治思维和法治方式破解难题，补齐治理短 板，不断推进全面依法治国伟大实践。 运用法治思维和法治方式解决经济社会发展面临的深层次问题 "在法治轨道上全面建设社会主义现代化国家""在法治轨道上推进国家治理体系和治理能力现代化""在 法治轨道上深化改革，做到改革和法治相统一"…… 把法治思维和法治方式贯穿党治国理政各方面、全过程，让国家和社会生活真正实现在法治轨道上运 ...

Core Insights - Chinese enterprises are facing significant opportunities in the next five years as they expand globally, with a focus on diverse paths such as high-speed rail, new energy, and cross-border e-commerce [1][2] - The concept of "Chinese economy" is shifting towards "Chinese people economy," emphasizing the wealth created and owned by Chinese enterprises and individuals globally [2] Group 1: Opportunities for Chinese Enterprises - The "Chinese people economy" requires Chinese enterprises to actively and steadily "go out" to enhance global resource allocation capabilities and promote international cooperation in supply chains [2] - The report released at the Caixin Summit advocates for a "China + N" strategic layout, encouraging deep integration of Chinese enterprises into global markets [2][5] - Southeast Asia is emerging as a key market for Chinese brands, with a rapidly growing economy and significant opportunities in e-commerce and technology sectors [3][5] Group 2: Market Trends and Growth Areas - Southeast Asia, with a population of nearly 700 million and a GDP of $4 trillion, is expected to maintain an economic growth rate of around 7% over the next five years [5] - The e-commerce sector in Southeast Asia is experiencing rapid growth, with Chinese e-commerce platforms achieving significant profitability [5] - Future opportunities in Southeast Asia are anticipated in AI technology, new energy vehicles, and autonomous driving technology [5] Group 3: Localization Strategies - Companies face challenges such as market diversification, regulatory compliance, and local talent shortages when expanding internationally [6] - Effective localization involves adapting products to local needs, establishing local technical teams, and localizing manufacturing to reduce costs and enhance productivity [6] - The case of a Chinese company acquiring a bankrupt German firm illustrates the importance of local community engagement and stakeholder involvement in successful localization [7] Group 4: Global Integration and Resource Allocation - Lenovo exemplifies successful global operations with a high degree of localization, maintaining a significant portion of its resources and operations in China while expanding globally [9] - The company's strategy reflects the "sweet potato economy" concept, where global expansion supports and enhances domestic growth [9]

Core Insights - The discussion at the Caixin Summit focused on how Chinese companies can achieve long-term success in global markets, transitioning from "going out" to "moving up" in value [1] - Lenovo's global journey exemplifies this transition, showcasing significant growth and international presence, with nearly 80% of its revenue coming from overseas [1][2] Group 1: Lenovo's Globalization Journey - Lenovo operates in 180 markets globally, with over 30 production bases and 18 R&D centers, achieving a 22-fold revenue increase over 20 years [1] - The acquisition of IBM's PC business in 2004 marked a pivotal moment, transforming Lenovo into a globally competitive enterprise [1] - Lenovo became the world's top PC seller by 2013, validating the success of its integration strategy [1] Group 2: Strategic Characteristics of Globalization - Lenovo's strategy emphasizes "rooting in China," with 80% of production, 70% of R&D personnel, and 60% of employees based in China [2] - The "China + N" strategy involves establishing production bases in countries like Brazil, Hungary, and Mexico to enhance local service and supply chain resilience [2] - The company aims to create value for local customers and communities, promoting sustainable growth through symbiotic ecosystems [2] Group 3: Addressing Concerns of Industrial Hollowing - The practice of major Chinese companies like Lenovo demonstrates that international expansion does not lead to industrial hollowing but rather strengthens China's industrial capabilities [2][3] - For instance, Lenovo's global sales significantly contribute to its operations in China, highlighting the interconnectedness of domestic and international markets [2][3] - The competitive landscape necessitates global operational capabilities to respond swiftly to customer demands, enhancing market competitiveness [3]

Group 1 - The importance of cognitive ability, judgment, and decision-making is emphasized, particularly in critical situations where errors can have severe consequences [1] - Knowledge and experience are foundational to cognitive ability, and continuous learning is essential for improvement [2] - The need for practical application of knowledge to enhance cognitive understanding is highlighted, linking theory to real-world scenarios [2] Group 2 - Strong thinking abilities lead to better judgment, especially in complex situations, as demonstrated by the need for new development strategies in response to global challenges [4] - The success of cultural exhibitions, such as the Shanghai Museum's event, illustrates the importance of innovative thinking and creating unique experiences [4] - Effective decision-making relies on scientific and democratic methods, with an emphasis on adapting to local conditions for successful outcomes [5]