作为国家级杰出计量领军人才，刘仕远的研究方向将紧密对接国家"十五五"规划、《计量发展规划 (2021—2035年)》及《计量测试关键技术创新攻关行动方案》等战略部署，重点聚焦前沿领域测量技术 存在的短板与空白，着力解决"测不了、测不全、测不准"等行业难题，推动体系化科研攻关，助力提升 国家计量创新体系的整体效能。 王中洲张春艳 校对陶善工 近日，国家市场监管总局公布了首批国家级计量高水平人才名单。常州市中车戚墅堰机车车辆工艺研究 所股份有限公司的技术骨干刘仕远成功入选，荣获"国家级杰出计量领军人才"称号，是江苏省内唯一获 此殊荣的专业人才。 此次遴选严格遵循国家相关政策规定，经过个人申报、单位推荐、专家评审及社会公示等多项严谨程 序，最终在全国范围内选拔出一批在计量领域贡献突出、具备引领能力的高层次人才。 ...

Core Insights - China Aviation Engine Corporation Chengdu Engine Co., Ltd. has undergone significant changes in its shareholder structure and registered capital, indicating a strategic shift in its ownership and investment landscape [1] Shareholder Changes - Sichuan Investment Group Co., Ltd. has exited its position as a shareholder, while Chengdu Aerospace Power Technology Co., Ltd., Sichuan Energy Development Group Co., Ltd., and the National Military-Civilian Integration Industry Investment Fund II have been added as new shareholders [1][2] - The registered capital of the company has increased from approximately 1.04 billion RMB to about 1.48 billion RMB, reflecting a growth of approximately 42.5% [1][3] Management Changes - Several high-level executives have changed, indicating potential shifts in company strategy and operations [1][3] Company Overview - Chengdu Engine Co., Ltd. was established in November 1986 and is involved in the manufacturing, processing, sales, and repair of aircraft engines, as well as providing after-sales services [1][2] - The company operates under the legal representation of Cong Chunyi and is classified within the aerospace and transportation equipment manufacturing industry [1][2]

Core Viewpoint - China is accelerating the improvement of its modern comprehensive transportation system during the "14th Five-Year Plan" period, aiming to build a strong transportation nation by 2035, with significant investments in key projects like the Pinglu Canal and various technological innovations [1][2]. Group 1: Transportation Infrastructure Development - The Pinglu Canal, a landmark project with an investment of 72.7 billion yuan, is set to be completed by the end of 2026, enhancing connectivity from Nanning to the Beibu Gulf [3]. - China's high-speed rail and highway networks are the largest in the world, covering 99% of cities with over 200,000 people and 97% of cities with over 500,000 people, respectively [4]. - The "14th Five-Year Plan" emphasizes the need for a comprehensive transportation network, focusing on optimizing the "6 axes, 7 corridors, and 8 channels" framework [5]. Group 2: Logistics and Cost Reduction - The importance of transportation logistics has been elevated, with new specialized planning being developed by transportation management departments for the first time [7]. - The goal is to reduce the logistics cost-to-GDP ratio to around 13.5% by 2027, compared to the current 14.0%, which is already the lowest level recorded [8][9]. - The plan includes optimizing transportation structures, increasing the share of rail freight, and enhancing intermodal transport efficiency [9][10]. Group 3: Technological Innovations - Six major innovative projects, including intelligent driving for freight trucks and autonomous navigation for inland cargo ships, will be fully deployed during the "14th Five-Year Plan" period [12]. - The integration of artificial intelligence in transportation is being promoted, with over 100 pilot projects planned to enhance smart logistics and safety [13][15]. - The development of a unified system for multimodal transport is underway, aiming to streamline operations and reduce costs through standardized practices [10][11].

Core Insights - China Commercial Aircraft Corporation (COMAC) has increased its registered capital from approximately 50.1 billion RMB to about 94.1 billion RMB, marking an increase of approximately 88% [1]. Company Overview - COMAC was established in March 2008 and is involved in the design, research, production, modification, test flight, sales, maintenance, and consulting services related to civil aircraft and related products [1]. - The company is state-owned and is jointly held by the State-owned Assets Supervision and Administration Commission, Shanghai Guosheng (Group) Co., Ltd., and Aviation Industry Corporation of China [1][3]. Shareholder Information - The major shareholders include: - State-owned Assets Supervision and Administration Commission: 53.08% [3]. - Shanghai Guosheng (Group) Co., Ltd.: 19.64% [3]. - Aviation Industry Corporation of China: 6.90% [3]. - Other significant shareholders include China Aluminum Corporation, China National Building Material Group, and China Baowu Steel Group [3]. Business Scope - COMAC's business scope includes the design, research, production, modification, test flight, sales, maintenance, and consulting services for civil aircraft and related products, as well as leasing and labor cooperation related to civil aircraft production and sales [2].

Core Viewpoint - The article discusses the long-term bull market in the U.S. stock market since the 1980s, driven by economic structural transformation and the information technology revolution, leading to a significant increase in market capitalization relative to GDP, which has risen from 60% in the 1980s to over 200% currently [2][5]. Group 1: Macroeconomic Policy - The "腾笼换鸟" (tenglong huan niao) policy initiated by the Reagan administration aimed to enhance economic efficiency by phasing out outdated industries and promoting high-tech sectors, which helped reverse the long-term decline in U.S. economic efficiency [16][17]. - The policy included measures such as reducing subsidies, promoting international trade, and stimulating high-tech manufacturing, contributing to productivity growth [16][17]. Group 2: Microeconomic Enterprises - U.S. companies have shifted focus towards profitability quality and shareholder returns, with an increasing emphasis on cash flow and dividends since the 1980s [17][23]. - The introduction of SEC Rule 10b-18 in 1982 facilitated stock buybacks, allowing companies to manage their stock prices more effectively, which became a common practice post-1980s [23][24]. Group 3: Asset Side - Incremental Capital Flow - Long-term capital has steadily flowed into the U.S. stock market, supported by the rise of institutional investors and changes in retirement savings plans, significantly increasing household participation in equity markets [28][31]. - The share of long-term investors, such as pension funds and mutual funds, in the U.S. stock market rose to nearly 40% in the 1980s, enhancing market stability and price discovery [31][33]. Group 4: Globalization and Foreign Capital - The globalization process initiated in the 1980s led to significant inflows of foreign capital into the U.S. stock market, with overseas investors accumulating $2.36 trillion in U.S. equities from 1980 to mid-2025 [36][38]. - The "美元大循环" (dollar circulation) phenomenon facilitated the return of overseas dollars to the U.S., further supporting the bull market [36][38]. Group 5: Federal Reserve's Role - The Federal Reserve's "put option" policy has provided a safety net for the stock market, with interventions during major downturns since the late 1980s, reinforcing market confidence [40][41]. - The Fed's increasing focus on stock market performance has been evident, with more frequent mentions of the stock market in FOMC minutes since the 1980s [40][41].

Core Insights - In October, China's total electricity consumption reached 857.2 billion kWh, marking a year-on-year growth of 10.4%, the first monthly increase exceeding 10% this year [1][3] Group 1: Electricity Consumption by Industry - The primary industry saw a 13.2% increase in electricity consumption, significantly driven by the electrification transformation in livestock and fishery sectors [3] - The secondary industry, which accounts for over 60% of total electricity consumption, experienced a growth rate of 6.2%. Notably, high-tech and equipment manufacturing led with an 11.0% increase, while electrical machinery and equipment manufacturing surged by 19.8% [3] - The tertiary industry exhibited the most remarkable growth at 17.1%, largely fueled by the rapid advancement of the digital economy, with internet data services related to big data and AI skyrocketing by 46% [3] Group 2: Factors Influencing Growth - The consumption surge during the National Day and Mid-Autumn Festival contributed significantly, with the accommodation and catering sectors increasing electricity usage by 18.4% [5] - The electric vehicle industry experienced explosive growth, with charging and swapping services seeing a staggering 61.8% increase in electricity consumption [5] - Urban and rural residential electricity consumption grew by 23.9%, attributed to the unusual weather conditions in October, particularly the high temperatures in southern regions [5] Group 3: Economic Implications - The electricity consumption data reflects three new trends in the Chinese economy: a shift towards high-tech manufacturing, rapid growth in the service sector driven by digitalization and holiday consumption, and resilient consumer spending [5] - The overall electricity usage illustrates a vivid narrative of economic recovery, showcasing the dynamic pulse of China's economy through various sectors [5]

为了人工智能（AI）的发展和普及，构成支撑的基础设施投资正趋于过热。从过去的历史中我们可以 看到，改变社会的大型基础设施建设都是在经历多次失败的情况下完成的。开始有人将最近的AI热潮 与投资热之后出现众多失败者的19世纪"铁路热潮时代"联系起来。 "搁浅资产化"的风险 "就像其他技术基础设施的投资周期所发生的那样，一些投资者或将受到严重伤害"，这是正处于AI投资 漩涡之中的OpenAI首席执行官（CEO）萨姆·奥尔特曼的话。 如果随着技术创新的推进，基础设施建设的成本降低，"任何人都将能够在笔记本电脑上使用个人的通 用AI（AGI）"（奥尔特曼）。这意味着过剩的基础设施投资将成为无法产生预期收益的搁浅资产。 开发AI模型的OpenAI、谷歌、Meta和亚马逊等"hyperscaler（超大规模云服务商）"正在进行前所未有的 大规模投资。美国麦肯锡估算，到2030年将向数据中心等投入近7万亿美元的巨资。 "可能难以置信，但互联网普及时期的投资并没有那么沉重"，OpenAI的首席财务官（CFO）莎拉·弗莱 尔（Sarah Friar）10月下旬在被称为"沙漠达沃斯"的沙特阿拉伯国际金融会议上登台，认为目前的状 况 ...

格隆汇11月21日丨根据联交所最新权益披露资料显示，2025年11月17日，中国中车(01766.HK)获中国平安保险（集团）股份有限公司在场内以每股均价 6.3429港元增持858万股，涉资约5442.21万港元。 | 表格序號 | 大股東/董事/最高行政人員名稱 作出披露的 買入 / 賣出或涉及的股每股的平均價 | | 持有權益的股份數目 佔已發行的 有關事件的日 | | | --- | --- | --- | --- | --- | | | | | (請參聞上述*註解)有技票權版(日/月/年) | | | | | | 分自分库 | | | CS20251120E00027 | 中国平安保险(集团)股份有 (1001(L) | 8,580,000(L) | HKD 6.3429 265,816,000(L) | 6.08(L)17/11/2025 | | | 限公司 | | | | 增持后，中国平安保险（集团）股份有限公司最新持股数目为265,816,000股，持股比例由5.88%上升至6.08%。 ...

央视网消息：超大规模的经济体量，必然需要超大规模的物流通道支撑。高效、畅达的物流网络，如同经济的血脉，将生产与消费、国内与国际紧密相连。 我国已建成全球最庞大的交通基础设施网络和最繁忙的物流系统。依托超大规模市场产生的巨大需求，中国的物流大通道在多项领域创下世界之最。 我国拥有世界级港口群，上海港集装箱吞吐量连续15年位居世界第一。 我国已建成全球最大的高速公路网、高速铁路网、邮政快递网； 高速公路总里程超过19.1万公里。 高速铁路营业里程4.8万公里，占世界高铁总里程70%以上。 城市轨道交通运营里程达1.1万公里，居世界首位。 充电桩、快递网点数量均居全球首位。 快递业务量连续11年位居世界第一。 我国内河货运量稳居世界第一，长江干线是全球内河运量最大的黄金水道。 在过去的一年中，全国平均每天约1.8亿人次跨区域出行、运送1.6亿吨货物、揽收4.78亿件快递。 2024年，全国全社会物流成本共降低约4000亿元，其中交通运输成本降低2800亿元。 中欧班列累计开行超11.8万列，是世界上里程最长、辐射最广的国际物流大通道。 ...

Core Viewpoint - The report from Huachuang Securities indicates that the highway sector is expected to maintain resilience in 2026, with high dividend configurations being a preferred investment direction. The port industry is anticipated to shift from a single container-driven growth model to a dual-wheel structure of stable container growth (5%-8%) and a recovery in bulk cargo (2%-5%) by 2026, with stable pricing expected. There are strategic layout opportunities for leading companies in the bulk supply chain that focus on dividends and returning to growth expectations in the coming year [1]. Highway Sector - The highway sector is viewed as a preferred option for stable asset allocation due to low valuations and high dividends, with expected dividend yields around 5% for leading highway companies in 2026. Notable companies include Sichuan Chengyu (5.6%), Shandong Highway (5.0%), and Anhui Wantong Highway (5.0%), with higher yields for H-shares [2]. - The outlook for 2026 suggests strong performance driven by stable volume and pricing, alongside significant cost reduction opportunities. Key factors include potential optimization of toll policies and a favorable interest rate environment that could alleviate operational pressures for highway companies [2]. - High dividend characteristics are expected to remain stable in 2026, with clear three-year return plans from leading companies like Sichuan Chengyu and Wantong Highway [2]. Port Sector - The port sector is entering a strategic value era, transitioning from a perception of cyclical capacity assets to being recognized as global supply chain security hubs. This shift is driven by geopolitical factors and the need for strategic asset control [3]. - The industry is expected to see stable throughput and pricing in 2026, with a dual growth model of container stability and bulk cargo recovery. The average dividend payout ratio is projected to be 37.46%, indicating significant potential for increases [3]. Railway Sector - Passenger transport is expected to see steady growth, with flexible pricing mechanisms in place. Freight transport is also showing signs of improvement, particularly in coal and other cargo types [4][5]. Bulk Supply Chain - The bulk supply chain is poised for a new growth phase in 2026, with companies like Xiamen Xiangyu leading the way in transformation logic focused on profit margin enhancement and investor returns. The operational environment is recovering, with strong performance trends evident since 2025 [6][7]. - Strategic layout opportunities exist for leading companies in the bulk supply chain that emphasize dividends and growth expectations [7]. Investment Recommendations - The company continues to favor A/H share transportation assets, highlighting the importance of industry logic and valuation elasticity. Key recommendations include Sichuan Chengyu and Wantong Highway for their stable growth and high dividends, as well as other notable companies in the highway and port sectors [8].