Group 1: Manufacturing PMI Insights - The manufacturing Purchasing Managers' Index (PMI) rose to 49.2% in November, indicating a slight improvement in economic conditions [2][3] - Both production index and new orders index improved, reaching 50.0% and 49.2% respectively, with production index crossing the critical point [3] - Small enterprises showed significant recovery with a PMI of 49.1%, up 2.0 percentage points, marking a six-month high [3] - High-tech manufacturing PMI remained above the critical point at 50.1%, indicating continued growth in this sector [3] Group 2: Non-Manufacturing PMI Insights - The non-manufacturing business activity index fell to 49.5%, a decrease of 0.6 percentage points, reflecting a decline in economic activity [2][5] - The service sector's business activity index dropped to 49.5%, influenced by the end of holiday effects, with some industries like real estate showing weaker activity [5] - The construction sector's business activity index improved to 49.6%, with a business activity expectation index of 57.9%, indicating increased confidence in future growth [5] Group 3: Composite PMI Insights - The composite PMI output index decreased to 49.7%, down 0.3 percentage points, with manufacturing and non-manufacturing indices at 50.0% and 49.5% respectively [6]

Group 1 - The core viewpoint of the articles highlights the optimization of the engineering construction sector's "one-stop service" model in Hainan Province, which has processed a total of 22,200 cases benefiting 9,561 enterprises [1][2] - The Hainan Provincial Housing and Urban-Rural Development Department has established a dedicated task force to efficiently handle multiple cross-departmental matters, ensuring uniform application materials and guidelines across the province [1] - The "Haiyi Ban" government service platform has been enhanced to allow applicants to submit a single application form, leading to automated backend processing, data sharing, and result generation, which has reduced average approval time by 71.4% [1] Group 2 - The provincial department is working on strengthening the collaborative work mechanism for approval and management, enhancing data sharing between various platforms to support industry regulation and decision-making [2] - There is a commitment to further innovate the "one-stop service" scenarios in the housing and urban construction sector, focusing on the application of "artificial intelligence + governance capabilities" [2] - The establishment of a credit and AI-based collaborative mechanism for approval and management aims to improve services and optimize the business environment in Hainan Free Trade Port [2]

（原标题：乌拉圭就业率创十年新高） 乌拉圭《界限》2025年11月26日报道，乌拉圭10月就业率达到60%的十年新高，约177.1万人就业，同比增加2万 人。与去年同期相比，就业结构出现明显分化，商业部门流失超2.7万个岗位，建筑和运输业分别减少约1.1万和9000 个岗位；服务业和农业部门成为就业增长的主要支撑力量。 ...

经济观察报是专注于财经新闻与经济分析的全国性综合财经类媒体，创办于2001年。聚焦商道、商技和 商机，以锐度、悦度、广度、深度的报道形成了权威的媒体公信力和影响力。 以下文章来源于经济观察报 ，作者吴晨 经济观察报 . 本文来自微信公众号： 经济观察报 ，作者：吴晨，题图来自：AI生成 1882年3月19日，巴塞罗那的春日还带着一丝寒意，圣家堂的第一块基石在瓜尔迪亚夫河附近的空地 上埋下。当时没人能想到，这座教堂会成为跨越三个世纪的工程奇迹。 1883年，年仅31岁的建筑师安东尼·高迪接手设计圣家堂，从此将自己的余生与这座建筑牢牢绑定。 高迪对圣家堂的愿景，从来不仅仅是一座教堂。他要让石头说话，让建筑成为自然与信仰的对话：外 墙每一块石材的弧度模仿树干的生长、海浪的起伏，内部立柱如森林中的树干般向上分叉；顶部的彩 色玻璃透过阳光，会在地面投下如彩虹般的光影…… 为了实现这个愿景，高迪几乎倾注了全部心血。他住在教堂工地旁的小屋里，每天带着草图和量尺在 脚手架上攀爬，甚至会亲自去采石场挑选石材。这种对完美的执着，让圣家堂的建设进度异常缓慢 ——到1926年7月26日，高迪突然被叮当车撞倒去世时，教堂只完成了不到四 ...

"规模性返乡滞乡"看似是挑战，实则蕴含着推动城乡融合发展、促进乡村振兴的契机。 当前，农民工就业确实存在压力。一方面，宏观经济波动和城镇化速度放缓，导致部分行业收缩，就业 岗位减少。这在农民工就业集中的建筑、装修、城市基建等行业尤为显著。另一方面，随着农业机械化 率和集约化程度提高，农村富余劳动力持续增加，数量庞大。与此同时，高校毕业生数量也处在高峰， 加上工业自动化技术释放出新的劳动力，求职需求水涨船高，这些因素也对农民工就业形成挤压。 不难发现，城镇化进程放缓、农业现代化加快、工业自动化技术进步等，都属于长期趋势，它们将不可 避免地吞噬传统就业岗位。但同时可以看到，新兴行业如数字经济、绿色能源等的崛起，乃至人们生活 方式、需求的变化，又为劳动力消纳提供了新的机会。理解了这一趋势，也就为应对潜在的"规模性返 乡滞乡"问题，找到了解题路径。 结合各地实践经验，笔者认为，至少可以采取三方面对策： 一是加强对农民工的职业技能培训，帮助他们掌握新技术、新工种所需的能力，提高在新兴产业中的求 职竞争力。2025年以来，重庆和山东两地开展劳务协作，其中巫溪县立足本地十大特色产业，联合泰安 企业和培训机构，开展订单、定岗 ...

Core Viewpoint - The company reported a significant decline in revenue and an increase in losses for the six months ending September 30, 2025, primarily due to a reduction in large contract construction and renovation projects compared to the same period in 2024 [1] Financial Performance - Revenue from continuing operations was HKD 83.014 million, representing a year-on-year decrease of 72.2% [1] - The loss attributable to shareholders was HKD 24.854 million, which is an increase of 414.8% year-on-year [1] - Basic loss per share was HKD 0.0178 [1] Operational Insights - The decline in revenue is mainly attributed to a decrease in the number of large contract construction and renovation projects undertaken during the reporting period compared to the previous year [1]

证券研究报告 | 2025年11月28日 核心观点 金融工程周报 金融工程·数量化投资 证券分析师：张欣慰 证券分析师：胡志超 021-60933159 021-60375486 zhangxinwei1@guosen.com.cn huzhichao@guosen.com.cn S0980520060001 S0980524070001 热点追踪周报 由创新高个股看市场投资热点（第 221 期） 乘势而起：市场新高趋势追踪：截至 2025 年 11 月 28 日，上证指数、深 证成指、沪深 300、中证 500、中证 1000、中证 2000、创业板指、科创 50 指数 250 日新高距离分别为 3.50%、5.40%、4.66%、6.85%、4.10%、 2.78%、8.17%、13.77%。中信一级行业指数中家电、纺织服装、轻工制 造、基础化工、通信行业指数距离 250 日新高较近，食品饮料、综合金 融、非银行金融、医药、房地产行业指数距离 250 日新高较远。概念指 数中，家居用品、卫星导航、锂矿、林木、卫星互联网、万得微盘股日 频等权、操作系统等概念指数距离 250 日新高较近。 见微知著：利用创新 ...

Core Insights - The successful implementation of the first "Hangxin" electronic voucher reverse factoring financing by Industrial Bank Kunming Branch and Jin Network (Beijing) Digital Technology Co., Ltd. marks a new phase in their collaboration to support the real economy and enhance supply chain financial solutions in the construction industry [1][2] Group 1: Business Collaboration - Industrial Bank Kunming Branch and Jin Network have established a system connection with the "Hangxin" platform, enabling online transmission and approval of all business materials, leading to efficient service from application submission to fund disbursement on the same day [2] Group 2: Industry Impact - The construction group, a key state-owned enterprise in Yunnan, plays a significant role in local infrastructure and major project advancements, maintaining close cooperation with numerous upstream and downstream enterprises [1] - Upstream suppliers in the construction industry often face challenges such as long capital occupation cycles and limited financing channels, which affect their cash flow efficiency and the overall supply chain operation [1] - The construction group utilizes the "Hangxin" innovative payment tool to ensure timely and full settlement of accounts payable to suppliers, thereby fulfilling its social responsibility [1] Group 3: Future Prospects - The ongoing advancement of the supply chain digitalization system will allow both parties to deepen their collaboration based on the "Hangxin" platform, promoting a synergistic innovation of "technology + finance + industry" to support high-quality development of the industrial chain in Yunnan Province [2]

证券研究报告 | 2025年11月28日 热点追踪周报 由创新高个股看市场投资热点（第 221 期） 乘势而起：市场新高趋势追踪：截至 2025 年 11 月 28 日，上证指数、深 证成指、沪深 300、中证 500、中证 1000、中证 2000、创业板指、科创 50 指数 250 日新高距离分别为 3.50%、5.40%、4.66%、6.85%、4.10%、 2.78%、8.17%、13.77%。中信一级行业指数中家电、纺织服装、轻工制 造、基础化工、通信行业指数距离 250 日新高较近，食品饮料、综合金 融、非银行金融、医药、房地产行业指数距离 250 日新高较远。概念指 数中，家居用品、卫星导航、锂矿、林木、卫星互联网、万得微盘股日 频等权、操作系统等概念指数距离 250 日新高较近。 见微知著：利用创新高个股进行市场监测：截至 2025 年 11 月 28 日，共 1043 只股票在过去 20 个交易日间创出 250 日新高。其中创新高个股数量最多的 是基础化工、电力设备及新能源、机械行业，创新高个股数量占比最高的是 纺织服装、电力设备及新能源、煤炭行业。按照板块分布来看，本周周期、 制造板块创新 ...

Group 1: Market Trends and Highs - The report tracks stocks, industries, and sectors reaching new highs, serving as market indicators and highlighting the effectiveness of momentum and trend-following strategies [1][4] - As of November 28, 2025, the distance to the 250-day new highs for major indices are: Shanghai Composite Index at 3.50%, Shenzhen Component Index at 5.40%, CSI 300 at 4.66%, CSI 500 at 6.85%, CSI 1000 at 4.10%, CSI 2000 at 2.78%, ChiNext Index at 8.17%, and STAR Market 50 Index at 13.77% [6][24] Group 2: High-Performing Sectors - Among the CITIC first-level industry indices, the sectors closest to their 250-day new highs include home appliances, textiles and apparel, light industry manufacturing, basic chemicals, and communications [9][24] - Conversely, the sectors furthest from their 250-day new highs include food and beverage, comprehensive finance, non-bank finance, pharmaceuticals, and real estate [9][24] Group 3: New High Stocks Overview - A total of 1,043 stocks reached 250-day new highs in the past 20 trading days, with the highest numbers in the basic chemicals, electric equipment and new energy, and machinery sectors [2][14] - The highest proportion of new high stocks is found in textiles and apparel, electric equipment and new energy, and coal industries, with respective proportions of 39.39%, 36.45%, and 36.11% [14][24] Group 4: Stable New High Stocks - The report identifies 26 stable new high stocks, including Zhongji Xuchuang, Guangku Technology, and Zhongkuang Resources, selected based on analyst attention, relative strength, price path stability, and continuity of new highs [3][20] - The sectors with the most stable new high stocks are cyclical and manufacturing, with 10 and 8 stocks respectively, and the highest number in the cyclical sector is in non-ferrous metals [20][24]