Group 1 - The company, Yuexiu Transportation Infrastructure (01052), announced the issuance of a super short-term financing bond for the amount of RMB 600 million for the third phase of 2025 [1] - The bond was issued on December 18, 2025, with a coupon rate of 1.69% and a maturity period of 180 days [1] - The funds raised will be used to repay existing loans of the company's subsidiary [1]

越秀交通基建(01052)发布公告，金额为人民币6亿元的2025年度第三期超短期融资券已于2025年12月18 日发行，票面利率为1.69%，期限为180日。所募集的资金将用于偿还公司附属公司存量借款。 ...

Core Viewpoint - China's commercial aerospace sector is expanding its international cooperation, exporting knowledge-intensive services, as evidenced by the successful launch of the Kuaizhou-1A rocket carrying nine satellites for international clients [1][3]. Group 1: Service Trade Overview - In the first ten months of the year, China's service trade exports reached 2.909 trillion yuan, a growth of 14.3%, with knowledge-intensive service exports at 1.468 trillion yuan, increasing by 9.5% [3][4]. - Knowledge-intensive services are characterized by high technology content, significant human capital investment, and strong knowledge attributes, including telecommunications, financial services, and research services [6]. Group 2: Cultural and Technological Exports - Chinese cultural products, such as the video game "Black Myth: Wukong" and animated films like "Ne Zha," have gained international acclaim, showcasing China's cultural influence [8]. - The 2025 China International Service Trade Fair attracted participation from 85 countries, highlighting China's growing role in global service trade [9]. Group 3: Growth in Knowledge-Intensive Services - From 2021 to 2024, China's knowledge-intensive service trade increased from 2.3259 trillion yuan to 2.8965 trillion yuan, with a trade surplus rising from 198.9 billion yuan to 418.1 billion yuan [10]. - Companies like Inspur and Shandong Digital Human Technology are successfully exporting advanced technology solutions to various countries, demonstrating the global reach of Chinese innovation [12]. Group 4: Policy Support and Strategic Initiatives - Local and national initiatives are being implemented to enhance the international competitiveness of service exports, including financial support and streamlined processes for service trade [14]. - The Chinese government aims to promote the export of knowledge-based services, recognizing their strategic importance in the global market [14]. Group 5: Economic Impact and Future Outlook - China's service trade surplus has surpassed 400 billion yuan, reflecting a significant opportunity for domestic companies in the global market [15]. - The contribution of service trade to GDP is notably higher than that of goods trade, emphasizing the importance of developing service-oriented industries for economic growth [18].

Group 1 - The company, Yuexiu Transportation Infrastructure (01052), announced a financing agreement with a bank to secure a loan of RMB 50 million [1] - The loan term is set for 364 days starting from the date of the financing agreement [1] - The financing is subject to the terms and conditions outlined in the financing agreement [1]

Economic Growth Projections - The economic growth target for 2026 is set at around 5%, with an expected actual growth rate of approximately 4.9%[3] - Nominal GDP growth is projected to rise to about 4.2%[3] - Manufacturing investment growth is anticipated to reach around 5.2%, driven by high-end and intelligent upgrades[3] Investment and Infrastructure - Broad infrastructure investment growth is expected to be around 6%, supported by major projects under the "14th Five-Year Plan"[3] - Real estate investment decline is projected to narrow to approximately -10% due to improved supply-demand dynamics[3] Consumption and Prices - Consumer spending is expected to increase, with retail sales growth projected at around 5%[3] - CPI is forecasted to recover moderately to 0.5%, while PPI is expected to remain between -1% and 0%[3] Policy and Fiscal Measures - The budget deficit ratio may exceed 4%, with new special bond limits around 4.5 trillion yuan[3] - Monetary policy is expected to remain "moderately loose," with potential small rate cuts of about 25 basis points and interest rate reductions of approximately 10 basis points[3] Global Economic Context - The U.S. job market is cooling, and inflation pressures are manageable, but uncertainties remain regarding future interest rate paths[3] - Emerging markets may see marginal economic slowdown in 2026, with internal performance continuing to diverge[3] Asset Allocation Strategies - Overweight positions are recommended in U.S. equities and gold, benefiting from liquidity easing and fiscal expansion[3] - Underweight positions in oil are suggested due to high inventory levels and weak demand[3] Risks - Risks include lower-than-expected domestic economic growth, geopolitical tensions, and potential overseas recession exceeding expectations[3]

中经记者 孙丽朝北京报道 以党的二十届四中全会精神为指引，交通运输部近期在北京市、云南省、福建省等地开展"十五五"交通 运输规划座谈交流，明确未来五年行业发展核心转型方向。 交通运输部提出，"十五五"时期，要推动交通基础设施建设由大规模增量扩张向以优化增量、提质存量 为主导的内涵式发展转变，着力实现质的有效提升和量的合理增长。 这是"十四五"时期，中国交通行业加快自动化、智能化建设的一个缩影。 交通运输部部长刘伟2025年7月21日在国务院新闻办举行的"高质量完成'十四五'规划"系列主题新闻发 布会上表示，"十四五"时期，我国交通运输事业取得了历史性成就，综合交通运输体系建设实现了突破 性进展，"6轴7廊8通道"国家综合立体交通网主骨架建成率超过90%，交通运输综合能力、服务品质、 运行效率大幅提升，"人享其行、物畅其流"的美好愿景正在加快实现。 交通运输部发布的数据显示，截至2024年年底，铁路营业里程达到16.2万公里，比"十三五"末增加了约 1.6万公里，其中高铁增加了1万公里；公路总里程达到549万公里，增加了约29万公里，其中高速公路 增加了3万公里；高等级航道通航里程达到1.76万公里，增加160 ...

新一轮国资国企改革，因数据的注入而增添了新内涵。数据要 素"国家队"的进场，不仅在于挖掘自身金矿，更要以数据流通 穿 透 产 业 链 壁 垒 。 随 着 试 点 发 令 枪 响 ， 一 场 以 数 据 为 牵 引 的"新勘探"在能源电力、交通物流、装备制造等多个重点行业 同步掀起。 作者：王雅洁 封图：本报资料室 临近2025年岁末，国家石油天然气管网集团有限公司（下称"国家管网"）内部，一系列围绕数据 的会议密集召开。会议的焦点，从传统的管道压力、输气量，转向了如何将国家管网运营五年来积 累的超过100亿条核心数据，更安全、更高效地"用起来"，乃至"交易出去"。 这些会议，是为可能即将签署的数据合作开发协议铺路。国家管网运营的全国"油气一张网"，不 仅是物理的能源动脉，也是汇集了生产、运输、交易、设备状态等海量信息的"数据一张网"。当 下的任务，是思考如何让这些"硬设施"里的数据实现"软联通"，以打破市场壁垒，激活产业链。 行动的紧迫感，源于一项顶层设计的落地。2025年11月25日，国家数据局与国务院国资委联合启 动"国有企业数据资源开发利用试点工作"。试点工作明确了国家管网、中国移动、国机集团、中 国汽 ...

基建领域长期存在的"投资大、周期长、退出难"困局，在REITs机制下迎来破局之道。交通、能源等基建项目单项目投资 动辄数十亿元，回收周期超15年，传统模式下政府财政受地方债务管控约束，银行贷款易引发偿债压力，股权融资则可能稀释 国有资产。 REITs通过资产证券化实现"存量变现"，为原始权益人开辟新路径。浙江交通集团通过沪杭甬高速REIT募资超40亿元，投 入杭绍甬智慧高速建设；首创股份借助水务REIT回笼资金用于长江经济带污水处理厂扩建，这类案例生动诠释了"存量激活增 量"的良性循环。 作为资本循环的"转换器"，REITs精准衔接了资金供需两端。从资金来源看，其强制分红机制（每年分红比例不低于净利 润90%）完美匹配社保基金、保险资金等长期资金的需求。国寿投资已参与21只REITs战略配售，覆盖保租房、能源等多业 态；招商高速公路REIT、银华绍兴原水水利REIT等项目中，险资配售占比均超10%，长期资金的涌入为市场提供了稳定支 撑。从资金运用看，REITs的"市场化筛选"机制倒逼基建企业从"重建设"转向"重运营"，上海临港新片区产业园区REIT通过优 化服务、引入高新企业，将底层资产出租率从85%提升至9 ...

Core Viewpoint - Yuexiu Transportation Infrastructure announced the issuance of its fifth tranche of medium-term notes for 2024, with a total amount of approximately 600 million yuan and an interest rate of 1.93% [1] Group 1 - The medium-term notes (bond abbreviation: 24 Yuexiu Transportation MTN005, bond code: 102485323.IB) will mature on December 10, 2025 [1] - The total interest payable for this tranche is 11.58 million yuan [1]

11月28日，达州市政府新闻办举行"决胜'十四五'达州新气象"系列主题新闻发布会第一场，介绍达 州"十四五"时期经济社会发展主要成就。 "十四五"时期，达州市委、市政府团结带领全市人民坚决贯彻落实党中央、国务院和省委、省政府 决策部署，锚定加快推动川渝万达开地区统筹发展和省委赋予的"一区一枢纽一中心"战略定位，扎实推 进"四化同步、城乡融合、一核两翼、双园驱动"发展路径，经济社会发展取得长足进步。 6% 60 主动融入和服务成渝地区双城经济圈建设，川渝万达开地区统筹发展成势见效，60个项目纳入成渝 地区双城经济圈重大项目清单，"十大标志性合作事项"有效推进，万达开技术创新中心建成投运，与重 庆万州区等共建的万州新田港二期让达州从"借港出海"变"建港出海" 5000亿 重大项目按时序推进，金垭机场、达钢搬迁升级项目、铁山坡气田等建成投运，土溪口水库等重大 项目加快建设，省市重点项目累计完成投资超5000亿元 3 这5年，达州经济总量稳居全省第一方阵，其中前4年地区生产总值平均增速达6%，高于全国、全 省平均水平，今年有望再上一个新的千亿元台阶、突破3000亿元 12 2024年粮食产量达330万吨，夺得全省粮食 ...