合景泰富集团(01813)发布公告，2025年11月，本集团及其合营企业及联营公司的预售额为人民币5.11亿 元，与去年同期相比减少21.4%。本集团及其合营企业及联营公司的预售建筑面积约为2.87万平方米， 与去年同期相比减少12.8%。 ...

Core Viewpoint - The article emphasizes the importance of establishing a comprehensive social security system in Tibet, focusing on various insurance and welfare programs to enhance the well-being of its residents [2] Group 1: Social Security System - The proposal includes improving basic pension, medical, unemployment, work injury, maternity, and nursing insurance policies to cover both urban and rural areas [2] - It aims to expand the coverage of unemployment, work injury, and maternity insurance, encouraging flexible workers, migrant workers, and new employment forms to participate in employee pension insurance [2] - The plan outlines the need to enhance the funding and benefit adjustment mechanisms for basic pension insurance for urban and rural residents [2] Group 2: Healthcare and Welfare - The initiative seeks to improve the multi-tiered medical security system and establish a comprehensive social welfare system along with a categorized social assistance framework [2] - It emphasizes the need to refine the social security system and care services for people with disabilities [2] - The proposal includes enhancing the service guarantee system for retired military personnel and actively safeguarding the legal rights of women and children [2] Group 3: Housing and Real Estate - The plan calls for continuous improvement of the housing system and guarantee mechanisms, aiming to accelerate the construction of a new model for real estate development [2] - It highlights the importance of promoting the construction of "good houses" to meet the housing needs of the population [2]

Economic Overview - The economic data for November indicates a significant lack of effective demand, with industrial added value year-on-year at 4.8%, slightly down by 0.1 percentage points from the previous value, primarily due to base effects [1][5][21] - The demand side shows a clear divergence, with export growth rebounding while domestic demand remains weak: fixed asset investment year-on-year is approximately flat at -11%, real estate sales area decline has slightly narrowed, but sales revenue decline has widened, and retail sales growth has significantly slowed to 1.3% year-on-year [1][5][21] Industrial Performance - The seasonally adjusted industrial added value month-on-month is 0.44%, higher than October and roughly in line with the average for the previous ten months, indicating little change in the real intensity of industrial production [17][24] - High-tech industries saw a year-on-year increase of 8.4%, leading the growth, with significant production increases in integrated circuits and industrial robots; however, production of smartphones and solar cells experienced negative year-on-year growth [8][25][23] Retail Sales - The seasonally adjusted retail sales month-on-month decreased by 0.42%, marking the lowest point of the year; the highest absolute growth was in communication equipment at 20.6% year-on-year, while durable goods like home appliances and automobiles showed the lowest growth due to high base effects and reduced promotional efforts [2][11][26] Fixed Asset Investment - The seasonally adjusted fixed asset investment month-on-month decreased by 1.03%, slightly better than the previous value of -1.5%, with a year-on-year decline of 11.1%, consistent with the previous value [3][12][27] - Manufacturing investment saw a narrowing decline, while real estate investment's decline widened; infrastructure investment remained relatively unchanged [3][12][27] Real Estate Sector - Real estate-related indicators remain at low levels, with a slight narrowing in the decline of sales area, but an expansion in the decline of sales revenue; new construction area also saw a slight narrowing in decline, while construction area decline expanded [4][14][29] - The price index for new residential properties in 70 large and medium-sized cities fell by 0.4% month-on-month, slightly better than October's 0.5% decline, but still at a high point for the year [4][14][29] GDP and Economic Policy - The actual GDP index simulated from industrial added value and service production index year-on-year was 4.31%, with a cumulative year-on-year growth of 5.02% for the first eleven months [15][30] - The latest central economic work conference highlighted the need to address the prominent contradiction of strong supply and weak demand, emphasizing the importance of stabilizing investment and boosting consumption [20][30]

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - In November, the growth rates of fixed - asset investment and social consumer goods retail总额 were lower than market expectations, while the export growth rate exceeded expectations [4][23]. - The year - on - year decline of real estate sales volume and price continued in November, and the data in early December also showed the same trend [4][23]. - As of the end of October, 5000 billion yuan of new policy - based financial instruments had been fully invested, but the investment data in October and November did not show obvious improvement [4][23]. - The relatively stable international environment after the China - US summit at the end of October is beneficial to China's exports, and stable export confidence is conducive to the growth of private investment [4][23]. - The Central Economic Work Conference in December proposed to implement a more proactive fiscal policy and a moderately loose monetary policy next year to promote investment to stop falling and rebound and boost consumption [23]. 3. Summary by Relevant Catalogs 3.1 Fixed - Asset Investment - From January to November, the national fixed - asset investment decreased by 2.6% year - on - year, worse than the market expectation of a 2.2% decline [1][5]. - From January to November, the broad infrastructure investment (including electricity) increased by 0.1% year - on - year, lower than the market expectation of 1.5% [1][5]. - From January to November, the manufacturing investment increased by 1.9% year - on - year, higher than the market expectation of 0.6% [1][5]. - From January to November, the national real estate development investment decreased by 15.9% year - on - year, worse than the market expectation of a 15.4% decline [1][5]. - From January to November, private fixed - asset investment decreased by 5.3% year - on - year [5]. - In November, manufacturing investment decreased by 4.5% year - on - year, and narrow - sense infrastructure investment (excluding electricity) decreased by 9.7% year - on - year [5]. - In November, the national fixed - asset investment decreased by 1.03% month - on - month, showing a continuous decline for ten consecutive months [5]. 3.2 Real Estate - From January to November, the sales area of new commercial housing decreased by 7.8% year - on - year, and the sales volume decreased by 11.1% year - on - year [2][9]. - In the fourth quarter, the daily average transaction area of commercial housing in 30 large and medium - sized cities decreased significantly year - on - year, and the national real estate sales were still at the bottom [10]. - In November, the second - hand housing prices in first - tier cities decreased by 1.1% month - on - month, with the decline expanding [2][10]. - In November, the real estate development enterprise's available funds decreased by 32.6% year - on - year [11]. - In November, the new housing start - up area decreased by 28% year - on - year, and the housing completion area decreased by 25% year - on - year [11]. 3.3 Industrial Added Value - In November, the value - added of industrial enterprises above designated size increased by 4.8% year - on - year, lower than the market expectation of 5.0% [2][12]. - In November, the value - added of high - tech manufacturing increased by 8.4% year - on - year, maintaining rapid growth [2][12]. 3.4 Foreign Trade - In November, China's exports denominated in US dollars increased by 5.9% year - on - year, exceeding expectations, and imports increased by 1.9% year - on - year [2][14]. - From January to November, China's cumulative export amount increased by 5.4% year - on - year, and the cumulative import amount decreased by 0.6% year - on - year [14]. 3.5 Consumption - In November, the total retail sales of social consumer goods increased by 1.3% year - on - year, lower than the market expectation of 2.9% [3][18]. - In November, among the retail sales of consumer goods by units above the quota, categories with relatively fast year - on - year growth included communication equipment, cultural and office supplies, etc. Categories with relatively fast year - on - year decline included household appliances and audio - visual equipment, building and decoration materials, etc. [19]. 3.6 Service Industry and Employment - In November, the national service industry production index increased by 4.2% year - on - year, hitting a new low for the year [3][21]. - In November, the national urban surveyed unemployment rate was 5.1%, remaining the same as the previous month and 0.1 percentage point higher than the same month of the previous year [3][21].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - In 2025, the number and scale of credit bond defaults decreased significantly, and the credit environment improved. The number of defaulted bonds was 16, with a total default amount of 15.084 billion yuan, a year-on-year decrease of 54 bonds and 77.145 billion yuan respectively [1][11]. - All first - time defaulting entities in 2025 were non - state - owned enterprises, and the number of defaults in the real estate industry decreased. Looking ahead to 2026, real estate may still be the main risk point in the credit bond market, and local risks of some weak - qualified small and medium - sized financial institutions should be vigilant, but the probability of a systemic impact on the market is low [1][13]. - The default rate dropped to a historically low level. In 2025, the marginal default rate was 0.22%, the second - lowest since 2014 [1][22]. - Last week, after an important meeting released a signal of monetary easing, credit bond yields turned downward in the second half of the week but the repair momentum was weak. Looking forward, due to the impact of wealth management funds returning to the balance sheet at the end of the quarter, incremental funds may be limited, and there is insufficient impetus to compress credit spreads. It is recommended to focus on the coupon strategy [2]. 3. Summary According to the Directory 3.1 2025 Credit Bond Market Default Feature Summary - **Default Quantity and Scale Decreased Significantly, Credit Environment Improved**: In 2025, the number and amount of defaulted credit bonds continued the downward trend of the previous year. There were 16 defaulted bonds with a total amount of 15.084 billion yuan, a year - on - year decrease of 54 bonds and 77.145 billion yuan respectively. From 2014 - 2025, substantial defaults were the main type in the credit bond market (73.4%), and in 2025, there were 11 substantial defaults and 5 extensions [11]. - **First - time Defaulting Entities were All Non - state - owned Enterprises, Real Estate Industry Default Quantity Decreased**: The 16 first - time defaulted bonds in 2025 came from 12 non - state - owned enterprise issuers, covering 6 industries such as real estate and non - bank finance. Historically, non - state - owned enterprises had significantly more defaults than state - owned enterprises. The real estate industry was still the main risk point in 2026, and local risks of some small and medium - sized financial institutions should be watched out for [13][17]. - **Default Rate Dropped to a Historically Low Level**: In 2025, the marginal default rate was 0.22%, the second - lowest since 2014. The overall recovery rate from 2014 to 2025 was 13.76%, with state - owned enterprises having a higher recovery rate of 27.12% than non - state - owned enterprises at 10.28% [22]. 3.2 Credit Bond Yield Overview - Last week, after an important meeting released a signal of monetary easing, credit bond yields turned downward in the second half of the week but the repair momentum was weak. Overall, credit bond yields showed mixed trends, with financial bonds performing better than non - financial credit bonds, and the 3 - year non - financial credit bonds performing better [27]. - Wealth management scale and the proportion of broken - net products decreased. The average yield of wealth management products had been declining for 6 consecutive weeks since early November. Looking forward, due to the impact of wealth management funds returning to the balance sheet at the end of the quarter, incremental funds may be limited, and there is insufficient impetus to compress credit spreads. It is recommended to focus on the coupon strategy. Institutions with stable liability ends can moderately participate in 3 - year medium - and high - grade bank secondary and perpetual bonds and securities firm subordinated bonds with relatively high spreads [29][36]. 3.3 Primary Market - **Issuance Volume**: Last week, the issuance scale of credit bonds increased both month - on - month and year - on - year, while the net financing scale decreased month - on - month and increased year - on - year. The net financing scale of urban investment bonds and financial bonds decreased month - on - month, while that of industrial bonds increased [37]. - **Issuance Cost**: The average issuance interest rate of credit bonds increased slightly. The average issuance interest rate of urban investment bonds increased month - on - month, while that of industrial and financial bonds decreased [45]. - **Issuance Term**: The average issuance term of credit bonds decreased month - on - month. The issuance terms of industrial and financial bonds decreased, while that of urban investment bonds increased [47]. - **Cancellation of Issuance**: The number and scale of cancelled credit bond issuances decreased last week [53]. 3.4 Secondary Market - **Trading Volume**: Except for the trading volume of securities firm subordinated bonds, the trading volume of other types of credit bonds rebounded last week, with the trading volume of bank secondary capital bonds increasing by over 13 billion yuan. The trading terms of different types of bonds showed different trends in terms of remaining maturity and implied rating [57][58]. - **Trading Liquidity**: The turnover rates of urban investment bonds, industrial bonds, and financial bonds increased last week. The turnover rates of different terms of each type of bond also showed different trends [59]. - **Spread Tracking**: Last week, most urban investment bond spreads widened, with the 10 - year AA + grade urban investment bond spreads widening the most. Most industrial bond spreads also widened, with the real estate industry having the largest spread widening for both AAA and AA grades. Most bank secondary and perpetual bond spreads narrowed, while the spreads of securities firm subordinated bonds widened across the board, and most insurance subordinated bond spreads narrowed [65][73][76]. 3.5 Weekly Hot Bonds Overview Based on qeubee's bond liquidity scoring, the top 20 urban investment bonds, industrial bonds, and financial bonds in terms of liquidity scores were selected for investors' reference [80]. 3.6 Credit Rating Adjustment Review Last week, 3 bonds had their debt ratings downgraded, and there were no upgrades [84].

2025 年 12 月 15 日 总量研究 主要指标进一步回落 要点 事件： 2025 年 12 月 15 日，国家统计局公布 2025 年 11 月经济数据：1）11 月规模以 上工业增加值同比增长 4.8%，前值为增长 4.9%；2）1-11 月固定资产投资累计 同比下降 2.6%，前值为下降 1.7%；3）11 月社会消费品零售总额同比增长 1.3%， 前值为增长 2.9%。 点评： 规模以上工业生产同比增速下降但环比增速上升。11 月规模以上工业增加值同 比增长 4.8%，涨幅较 10 月下降 0.1 个百分点。从环比看，2025 年 11 月份规 模以上工业增加值环比增速为+0.44%，较 10 月有所上升。从结构来看，三大门 类中，相对于上月，2025 年 11 月采矿业增加值同比增速上升，但制造业，电力、 热力、燃气及水生产和供应业增加值同比增速则下降。 1-11 月固定资产投资累计同比降幅扩大，但 11 月环比降幅收窄。2025 年 1-11 月固定资产投资累计同比增速为-2.6%，降幅扩大。从环比增速来观察，11 月固 定资产投资环比增速为-1.03%，环比降幅收窄。从结构上来说，11 月房 ...

宏观研究 证 券 研 究 报 告 【每周经济观察】第 50 期 外贸高频维持高位 每周经济观察： （一）景气向上 1、外贸：港口集装箱吞吐量同比维持高位。截至 12 月 7 日，我国港口集装箱 吞吐量环比-1.8%，上周环比为-0.3%，四周同比 9.5%，上周为 9.6%。 2、价格：铜价、金价上涨。COMEX 黄金收于 4302.7 美金/盎司，上涨 2.5%； LME 三个月铜价收于 11795 美元/吨，上涨 1.5%。 （二）景气向下 1、华创宏观 WEI 指数有所回落。截至 12 月 7 日，该指数为 4.12%，11 月 30 日的 5.09%下行 0.97%。 2、乘用车零售增速明显回落。12 月第一周，乘用车零售同比增速-32%，前值 +2%。11 月全月同比为-8.1%。 3、地产销售：商品房住宅销售降幅再度扩大。我们统计的 67 个城市，12 月 前 12 日，商品房成交面积同比为-31%。11 月同比为-34%。 4、煤价继续走弱，地产系价格下跌。山西产动力末煤(Q5500)秦皇岛港平仓价 收于 745 元/吨，下跌 5.1%；螺纹钢上海现货价收于 3250 元/吨，下跌 0.6%； ...

Report Industry Investment Rating No information provided in the document. Core Viewpoints of the Report - The economic growth slowed down in 2025 with a decline in quarterly GDP growth rates. Consumption was stable supported by policies, net - export performance exceeded expectations, and investment was the weakest contributor. The economic logic changed from high real growth with deflation in the first half to deflation repair with output deceleration in the second half. The "anti - involution" policy was a major influencing factor [2][5][90]. - In 2026, the inventory cycle is expected to recover, with the bottom likely in the second quarter. The economy will show a pattern of low in the first half and high in the second half, and the internal driving force will strengthen. The easing of Sino - US trade tensions and the slowdown of de - globalization will improve external demand. The real output growth rate will rise steadily, and supply - demand will re - balance [2][5][90]. - The government is likely to set the target of the annual real GDP growth rate at around 5.0% in 2026. Deflation will gradually turn into weak inflation, and the nominal GDP growth rate will improve significantly, which will be the foundation for the improvement of corporate revenue, profits, fiscal revenue, and household income in the long - term [2][5][90]. - The commodity market will continue to rebound in an oscillatory manner in 2026. In the first half, supply constraints and the "anti - involution" narrative will boost new energy and non - ferrous metals. In the second half, the structural market may turn into a systematic one, with a more widespread rise in prices and a reduction in the differences among industrial products. The rebound height of black products depends on the real estate situation. The long - term upward trend of precious metals remains unchanged [2][87][91]. Summary According to the Table of Contents Part 1: Economic Highlights in 2026 May Lie in Nominal Growth 1. External Disturbances End, the Cycle Hits Bottom, and Supply - Demand Will Re - balance - In 2025, industrial added - value growth was stable, and nominal output first declined and then rebounded. The economic growth logic in the second half was different from that in the first half. High - tech and equipment manufacturing industries had the fastest growth rates. The semiconductor industry output was concentrated upstream. The main problem was the imbalance between supply and demand due to weak external and internal demand [15]. - The inventory cycle is expected to recover in 2026, with the bottom likely in the second quarter. The economy will show a pattern of low in the first half and high in the second half. The easing of Sino - US trade tensions will improve external demand. High - tech manufacturing will remain strong, while traditional industries will have limited upward space [15][16]. 2. Weakening Financial Support Leads to a Temporary Slowdown in Investment Growth - In 2025, the investment growth rate continued to slow down, becoming a major drag on domestic demand. By November, the real cumulative year - on - year growth rate of fixed - asset investment decreased to 1.5%, and the nominal year - on - year growth rate dropped to - 1.7% [19]. - Infrastructure investment was weaker than expected, mainly affected by the amount and timing of funds. Manufacturing investment was generally stable, supported by monetary and fiscal policies. The negative impact of Sino - US trade conflicts on manufacturing investment confidence will gradually weaken. Real estate investment was the main drag, with a cumulative decline of nearly 15%. The real estate market sales were poor, and the industry's capital chain was weak. In the long - term, the real estate industry is difficult to return to the upward cycle [19][20][22]. 3. Subsidies Are the Main Support for Consumption, and Income Should Be Concerned in the Long - Term - In 2025, consumption growth first accelerated and then slowed down. The main influencing factor was the subsidy policy, with a total of 300 billion yuan invested, double that of 2024. The decline in consumption growth was mainly due to the reduction in subsidies. The long - term consumption trend depends on income growth, including passive and active income improvement and wage income improvement. Endogenous consumption repair may occur in the second half of 2026 [24]. 4. The Foreign Trade Environment Will Improve in 2026 - In 2025, China's exports exceeded expectations. Sino - US trade was affected by the trade war, with four stages of tariff adjustments. The overall export structure showed an upward trend in emerging industries and a downward trend in traditional labor - intensive industries. The trade surplus continued to reach new highs [28]. - In 2026, exports are expected to maintain growth, especially in the second half. Imports will gradually accelerate with the domestic inventory - building process. The contribution of foreign trade to the economy will increase [28]. Part 2: Deflation Will Turn into Weak Inflation, Increasing Support for Nominal Growth 1. The Driving Logic of CPI Changes, and Core CPI Rises Steadily - In 2025, CPI fluctuated around 0, and core CPI continued to rise, reaching about 1.2% in the fourth quarter. Food prices were mainly affected by seasonality, and pork prices had a negative impact on CPI. Oil prices also dragged down CPI. Core CPI reflected the structural changes in the domestic consumer market and the rise in international gold prices [45]. - In 2026, the pig cycle will have a small positive impact on food prices, and oil price drag will decrease. Core CPI will continue to improve with economic recovery, and its central value may rise to around 0.5% [45]. 2. The Low Point of PPI Has Passed, and Deflation Will Turn into Weak Inflation - In 2025, PPI first declined and then rebounded. The main factors were imported deflation and industrial supply - demand imbalance. High - tech manufacturing prices were stable, which was a key factor in stabilizing PPI. In the second half, the negative factors eased [48]. - In 2026, the global economy will improve cyclically, and PPI is likely to turn positive. The new price - increasing momentum will gradually strengthen, and PPI will change from a drag to a driver of the GDP deflator [48]. Part 3: Loose Fiscal Policy Remains the Pillar, and "Anti - Involution" Enhances Economic Resilience 1. Loose Monetary Policy, and the Risk - Free Yield May Remain Stable - In 2025, the central bank's monetary policy was loose, with interest rate and reserve requirement ratio cuts in May. Government financing was the main factor affecting macro - liquidity in the second and third quarters, and "anti - involution" supported the liquidity of upstream and mid - stream enterprises. The growth rate of broad social financing slowed down in the fourth quarter [54]. - In 2026, fiscal increment will still have the strongest impact on macro - liquidity. The central bank is expected to cut interest rates by 10BP and reserve requirement ratio by 25BP. The risk - free yield may remain volatile [54]. 2. Budgetary Revenue Stabilizes, and Broad Fiscal Policy Shows Structural Improvement - In 2025, fiscal revenue and expenditure growth rates recovered. Tax revenue was stable and increased, while land transfer revenue was low, dragging down the broad fiscal situation. Fiscal expenditure on infrastructure was affected by policies, and the fiscal deficit increased significantly [60]. - In 2026, fiscal policy will remain proactive. Broad fiscal policy will show structural improvement, mainly driven by the improvement of nominal growth and accelerated net financing. The degree of real estate recovery in the second half will be a decisive factor [61]. 3. "Anti - Involution" Is the Largest Policy Increment and Will Continue to Affect the Economy - The "anti - involution" policy was introduced in 2025 to address deflation, supply - demand imbalance, and local government incentive mechanism problems. It mainly focused on emerging industries with over - capacity and price wars [69][70]. - In 2026, the implementation of "anti - involution" policies will continue, improving corporate revenues, especially for upstream enterprises. The policy will focus on optimizing the supply - side structure, and future demand - side policies are important to watch [71]. Part 4: The Renminbi Will Maintain a Relatively Strong Position Against the US Dollar - In 2025, the RMB exchange rate was generally slightly bullish. Against the US dollar, it showed an appreciating trend with a three - stage pattern. The main reasons were the increase in foreign - related net receipts and bank customer net settlement of foreign exchange, as well as the central bank's policy to maintain exchange rate stability [76]. - In 2026, the RMB is likely to continue to appreciate against the US dollar, with the high point expected around 6.7. However, the appreciation space of the exchange rate index is limited due to factors such as stable foreign trade [76][77]. Part 5: The Commodity Market Will Continue to Rebound in an Oscillatory Manner - In 2025, most domestic commodity futures prices declined, with increased differentiation. In the first and second quarters, prices fell, and in the third quarter, they rebounded due to the "anti - involution" policy. In the fourth quarter, most prices oscillated or declined again. Different commodity sectors had different performances [84]. - In 2026, the commodity market will continue to rebound. In the first half, new energy and non - ferrous metals will be boosted, and in the second half, the market may turn into a systematic one. The rebound height of black products depends on the real estate situation, and precious metals will maintain an upward trend [87][91]. Part 6: Full - Text Summary and Outlook for 2026 - The economic situation in 2025 was weak, with consumption as the main support, net - export exceeding expectations, and investment being the weakest. The economic logic changed in the second half of the year, and the "anti - involution" policy had a significant impact [89][90]. - In 2026, the economy is expected to improve with the recovery of the inventory cycle, the easing of Sino - US trade tensions, and the improvement of external demand. The government may set the real GDP growth target at around 5.0%. Deflation will turn into weak inflation, and the commodity market will continue to rebound [90][91].

Investment Rating - The industry investment rating is "In line with the market" and the rating has been maintained [3]. Core Insights - The central economic work conference emphasizes balancing market stability, risk prevention, and transformation in the real estate sector. The focus has shifted from urgent measures to stabilize the market to a more balanced approach aimed at long-term risk resolution and high-quality development [6][7]. - The probability of large-scale, nationwide support policies for the real estate market is low, with "city-specific policies" becoming the main theme. The focus is on local governments as the main implementers of policies [6][7]. - The role of real estate has transitioned from driving economic growth to risk prevention and social welfare, highlighting the sector's importance in social security and housing attributes [6][7]. Summary by Sections Investment Outlook - The investment suggestion indicates that the real estate policy environment in 2026 will seek a balance between market stability, risk prevention, and transformation, with a moderately positive but more rational and structured policy environment [6][7]. - Short-term focus should be on the implementation pace and scale of "stock housing acquisition policies," which will be crucial for market sentiment and improving liquidity for real estate companies [7]. Policy Directions - The core policy measures include controlling new supply, reducing inventory, and optimizing supply, with an emphasis on acquiring existing housing for social housing and promoting the construction of quality homes [6][7]. - The new development model aims to enhance the quality of housing rather than merely expanding scale, indicating a shift towards quality improvement in the industry [6][7].

CMG 与 ChinaJoy 国际版同期亮相阿布扎比 BRIDGE 峰会 2025 BRIDGE 峰会在阿布扎比国家展览中心开幕，全球媒体与科技机构齐聚探讨数字内容、技术融合与未来产业趋势。中国元素集中亮相：中央广播电视 总台（CMG）作为重点展示单位，全面呈现 8K 超高清制作播出、AI 辅助编辑、智能内容生产与多语种数字传播等创新成果，展示中国在国际传播技术领 域的领先实力。同期，ChinaJoy 国际版——首届"国际中国游戏节"正式登场，这是亚洲最大游戏与数字娱乐展会首次以国际版形式出海阿联酋。以"与 AI 同 游"为主题，本届展区集结腾讯游戏、游戏科学、505 Games、悲鸿美术馆、模言文化等20余家行业代表企业，覆盖研发、发行、IP运营与科技应用全链条。 （阿通社） 阿布扎比启动 FIDA 计划，推动 GDP 增长、吸引投资与创造高技能就业岗位 阿布扎比宣布启动全新金融集群——金融科技、保险、数字与另类资产（FIDA）集群，以加强其在金融科技、保险、数字资产和另类投资等领域的全球竞 争力。该计划在2025年阿布扎比金融周期间发布，并获阿布扎比王储、行政委员会主席 Sheikh Khaled bin ...