Core Insights - Guangdong's highway traffic volume reached a new record of 10.535 million vehicles on October 7, surpassing the previous peak of 10.2911 million vehicles recorded on October 1, 2025 [1][3] Traffic Volume Summary - The traffic volume from cities in the Guangdong-Hong Kong-Macao Greater Bay Area accounted for over 75%, with approximately 8.0197 million vehicles, representing a year-on-year increase of 10.83% [3] - Specific bridge traffic volumes include: - Hong Kong-Zhuhai-Macao Bridge: approximately 24,200 vehicles, up 55.97% year-on-year [3] - Shenzhen-Zhongshan Bridge: approximately 172,600 vehicles, up 27.03% year-on-year [3] - Humen Bridge: approximately 150,800 vehicles, up 27.76% year-on-year [3] - Nansha Bridge: approximately 199,100 vehicles, up 12.74% year-on-year [3] Passenger Flow Summary - On October 7, the Qiongzhou Strait ferry service recorded a passenger throughput of 114,300 people and 17,100 vehicles [3] - Total inter-regional personnel flow in Guangdong reached 37.7789 million, with the following breakdown: - Railway passenger volume: 1.7304 million, down 2.78% year-on-year [3] - Road passenger volume: 35.6246 million, up 22.7% year-on-year [3] - Waterway passenger volume: 154,600, up 21.54% year-on-year [3] - Civil aviation passenger volume: 269,300, up 6.62% year-on-year [3] - Arriving passengers: 286,100, up 3.60% year-on-year [3] Traffic Management Measures - To address potential congestion and accident risks during peak return traffic, Guangdong's highways are utilizing technology to enhance traffic efficiency and emergency response capabilities [4] - Specific measures include the use of drones for aerial monitoring of traffic conditions, rapid congestion management, and quick intervention in minor accidents [4]

证券研究报告 | 债券市场专题研究 | 债券研究 债券市场专题研究 报告日期：2025 年 10 月 08 日 国庆假期要闻汇总及思考 ——债市专题研究 核心观点 国庆期间，全球资产有两大交易主线：①美国政府停摆并导致部分重要经济数据停止 发布，但对于美联储降息预期影响较小，对于宽财政持续性担忧升温；②日本自民党 高市早苗胜选女总裁，其宽松的政策主张带动宽财政和宽货币预期，受到美日关键事 件的共振，全球风险偏好有望受到流动性驱动而抬升。总体来看，日本股指和黄金分 别在高市早苗交易和避险诉求下领涨，美日等主要国家长债利率在宽财政以及债务可 持续担忧下上行。 ❑ 大类资产表现 日股＞商品>除日股外其他股指＞债市。国庆期间（10 月 1 日至 10 月 6 日），权 益资产价格普遍上涨，日本股指表现一枝独秀；商品表现分化，黄金、白银和铜 价大幅上涨，10 月 7 日盘中，COMEX 黄金价格突破 4000 美元/盎司关口；债券 利率普遍震荡上行，表现偏弱势。 ❑ 海外要闻汇总 ①美国政府停摆，"大非农"就业数据推迟公布； ②美国 9 月新增 ADP 就业为负，但下降趋势变缓； ③美国 9 月 ISM 制造业 PMI ...

央视网消息：据交通运输部公众号消息，2025年10月6日（中秋国庆假期第6日，下同），全社会跨 区域人员流动量29819.42万人次，环比增长2.4%，同比增长7%。其中： >> 民航客运量239.11万人次，环比增长4.5%，同比增长0.6%。 >> 铁路1638.4万人次，环比下降6.8%，同比下降11.6%。 >> 水路客运量128.91万人次，环比下降15.8%，同比增长9%。 >> 公路人员流动量（包括高速公路及普通国省道非营业性小客车人员出行量、公路营业性客运 量）27813万人次，环比增长3.1%，同比增长8.3%。其中，公路营业性客运量3840万人次，环比增长 9.5%，同比增长0.2%；高速公路及普通国省道非营业性小客车人员出行量23973万人次，环比增长 2.1%，同比增长9.8%。 ...

民航客运量预计238万人次，预计保障航班18694班，航班正常率保持在90%以上。 全国铁路10月6日预计发送旅客1640万人次，上海、南昌、武汉等地10月6日起开行到广州、深圳等方向的夜间高铁。新开通的沈白高铁与国道331旅游大通 道串联起沿线景区，10月6日抵达长白山站的游客同比增长21%。 公路人员流动量10月6日预计约2.75亿人次，同比增长7%，主要以短途探亲访友为主。预计全国高速公路车流量超6000万辆次，去往热门赏月地和景区的周 边公路车流量较为集中。 水路客运量10月6日预计157万人次，琼州海峡客滚运输全线恢复。 央视网消息（新闻联播）：记者从交通运输部了解到，10月6日，预计全社会跨区域人员流动量超2.95亿人次，同比增长5.8%。 ...

Core Viewpoint - The construction of a comprehensive transportation network in China is progressing rapidly, with significant improvements in transportation capacity, service quality, and operational efficiency, aiming to achieve the vision of smooth movement for people and goods during the "14th Five-Year Plan" period [2]. Group 1: Major Infrastructure Developments - The "Dong Channel" of the China-Europe Railway Express will see the completion of the Binsui Railway upgrade project by September 27, 2025, enhancing train speeds from 55 km/h to 120 km/h and doubling the line's capacity [4][6]. - The expansion of the Jingha Expressway from Suizhong to Panjin will also be completed by September 27, 2025, creating the first long-distance ten-lane heavy-load expressway in China, significantly improving transportation conditions in Northeast China [7]. - The Huangmaohai Cross-Sea Passage, a major infrastructure project in the Guangdong-Hong Kong-Macao Greater Bay Area, will officially open on December 11, 2024, featuring a dual six-lane highway standard and a total length of approximately 31 kilometers [9][10]. - The Shenzhen-Zhongshan Link, a critical part of the "A" shaped traffic network around the Pearl River Estuary, will begin trial operations on June 30, 2024, reducing travel time between Shenzhen and Zhongshan from 2 hours to 30 minutes [12]. - The Beijing-Xiong'an Expressway will be fully operational by December 28, 2023, providing a direct connection from Beijing to Xiong'an New Area, with a total length of about 97 kilometers [14]. Group 2: Regional Connectivity Enhancements - The Hainan Ring Island Tourism Road, a key infrastructure project for Hainan Free Trade Port, will be fully operational, spanning 988 kilometers and connecting various coastal cities and tourist attractions [16]. - The Yuxi-Chuxiong Expressway in Yunnan, which is part of the national highway network, will be fully operational, reducing travel time between Yuxi and Chuxiong to 1.5 hours [18]. - The Zhengzhou-Chongqing High-Speed Railway, a significant component of China's high-speed rail network, has been fully connected, covering a distance of 1,068 kilometers [20]. - The Awu Expressway in Xinjiang will officially open, significantly reducing travel time between Altay and Urumqi from over 7 hours to approximately 3.5 hours [22]. - The highest highway in the world, the Naqu-Lhasa section of the G6 Jing-Zang Expressway, will be fully operational, cutting travel time between Lhasa and Naqu from over 6 hours to 3 hours [24].

巴菲特离退休又近了一步。 伯克希尔·哈撒韦（BRK.A:NYSE）公司近日动作频频。继97亿美元收购西方石油化工子公司后，公司近日修改公司章程，为巴菲特接班人格雷格·阿贝尔 （Greg Abel）担任公司首席执行官（CEO）铺平道路。 伯克希尔修改公司章程 根据伯克希尔公司向美国证券交易委员会（SEC）提交的文件，其董事会已于9月30日投票通过修改公司章程，正式将董事长与CEO的职位分离。 阿贝尔于1999年因伯克希尔收购中美能源（MidAmerican Energy）控股权而进入伯克希尔体系，后来成为该能源公司的CEO。自2018年以来，阿贝尔担任 伯克希尔非保险业务副董事长，负责铁路、公用事业、能源、制造业及零售等业务。2021年，伯克希尔已故副董事长查理·芒格（Charlie Munger）曾公开 点名阿贝尔为公司接班人。 分析认为，公司此次修改公司章程，为阿贝尔接任公司CEO铺平道路。 伯克希尔出手 就在正式修改公司章程前，伯克希尔公司宣布了一项高达97亿美元的并购：公司将收购西方石油公司（OXY.NYSE）的化工子公司OxyChem，这是伯克 希尔三年来最大的一笔交易，并可能是巴菲特在年底离任CEO ...

Core Insights - China's economy continues to maintain stable and healthy development, providing certainty and positive energy for global economic growth. Despite some perceptions that investment opportunities are diminishing, China's economic transformation and upgrading present unprecedented opportunities for countries worldwide [1] Group 1: Industry Transformation and Upgrading - China's manufacturing sector remains the largest globally for 15 consecutive years, with 80% of it comprising traditional industries such as metallurgy, chemicals, machinery, light industry, and textiles. The acceleration of high-end, intelligent, and green development will release investment opportunities in these areas [1] - New industries such as artificial intelligence, robotics, and biomedicine are rapidly emerging, with China leading in several AI models and maintaining the largest industrial robot market for 12 years. The country is fostering the development of future industries and is open to sharing investment opportunities with global partners [1] Group 2: Technological Innovation and Talent Dividend - China is quickly rising in the global technology innovation landscape, with R&D expenditure exceeding 3.6 trillion yuan in 2024, approaching the OECD average. The country leads in high-level international journal publications and invention patents [2] - The integration of technological and industrial innovation is accelerating, with increasing patent conversion rates and the transformation of cutting-edge technological achievements into new productive forces. China produces over 5 million STEM graduates annually, enhancing the talent dividend, particularly in engineering [2] Group 3: Consumption Expansion and Upgrade - China's per capita GDP exceeds $13,000, with a steadily expanding market size. The retail sales of consumer goods are expected to surpass 50 trillion yuan by 2025, solidifying China's position as the world's second-largest consumer market [3] - Online retail sales have ranked first globally for 12 consecutive years, with significant sales in automobiles and air conditioners. Service consumption is becoming a new growth engine, with the proportion of per capita service consumption expected to reach 46.1% in 2024 [3] Group 4: Infrastructure Development - China's vast territory necessitates significant infrastructure development, particularly in the central and western regions where railway and road density is lower than in the eastern coastal areas. Traditional infrastructure construction and upgrades will yield long-term economic and social benefits [3] - Investment demand remains high for intercity railways and cross-river, cross-sea bridges, which improve transportation logistics and regional economic development. Rapid growth in new infrastructure areas such as computing networks, mobile communications, and smart cities will create vast market opportunities [3] Group 5: Urbanization and Social Welfare - China's urbanization is transitioning from rapid growth to stable development, focusing on improving quality and spatial layout, developing urban clusters, and modernizing cities. Urban renewal projects will create significant investment opportunities [4] - The demand for social welfare services, including childcare, education, elderly care, and healthcare, is increasing. By 2025, China aims to provide 4.5 childcare spots per 1,000 children under three, addressing gaps compared to developed countries [4]

Core Viewpoint - The article discusses tax incentives for enterprises involved in public infrastructure projects supported by the state, highlighting the "three exemptions and three reductions" policy for corporate income tax [3][10]. Summary by Relevant Sections Tax Incentives - Enterprises engaged in state-supported public infrastructure projects can enjoy corporate income tax exemptions for the first three years and a 50% reduction for the next three years, starting from the year they first generate operational income [3][10]. Eligible Projects - The public infrastructure projects eligible for these tax incentives include ports, airports, railways, highways, urban public transport, electricity, and water conservancy, as specified in the "Public Infrastructure Project Corporate Income Tax Incentive Directory" [4][10]. Conditions for Enjoyment - To qualify for the tax incentives, enterprises must meet specific conditions outlined in the "Public Infrastructure Project Corporate Income Tax Incentive Directory," including the requirement for projects to be independently functional and accounted for separately [5][10].

全国水运预计发送旅客超117万人次。全国民航预计保障航班19682班，比去年同期增长3.97%。 国庆中秋假期第一天：全国民航预计保障航班19682班 铁路客流呈现强劲增长态势。全国铁路预计发送旅客2300万人次，计划加开旅客列车2106列。9月30日全国铁路发送旅客1846.3万人次， 运输安全平稳有序。 公路跨省、跨区域长距离出行明显增加。10月1日全国高速公路网流量将达到假期峰值，预计接近或达到7000万辆，约为日常流量的2.1 倍。 央视网消息：10月1日是国庆中秋假期第一天，交通出行迎来客流高峰。交通部门积极采取措施，确保旅客安全便捷出行。 今年国庆、中秋假期叠加，人们旅游度假、探亲访友等出行需求旺盛。10月1日，全国民航预计保障航班19682班，比去年同期增长 3.97%。根据民航局的预测，今年的国庆中秋假期，民航旅客运输量预计达1920万人次，创历史同期最高水平。 ...

民航方面，今天全国民航预计保障航班19207班，运输旅客244万人次。自10月1日起，民航境内航线旅 客运输服务将统一使用电子行程单。 央视网消息（新闻联播）：今天（9月30日），全国铁路迎来节前出行大客流，预计发送旅客1840万人 次，计划加开旅客列车2002列。京津冀、长三角、粤港澳大湾区、成渝等重点城市群客流相对集中。铁 路部门及时开行夜间高铁，在多座车站开启24小时运营模式，满足旅客出行需求。 全国大中城市出城方向的车流从今天午后开始增加，将一直持续到凌晨。公路出行主要以中长途出行为 主。今天24时开始，七座及七座以下的小型客车免费通行全国高速公路。 ...