炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：鹏友来开会 责任编辑：何俊熹 近日，中国证监会组织学习中央经济工作会议精神，部署落实五个方面工作，其中，固本强基、股市叙 事八个字，十分令人关注。 "固本强基"是吴清就任证监会主席以来，反复强调的四个字。"本"是投资者队伍，无论个人投资者还是 机构投资者，都是市场的价值发现力量、价值托举力量。没有投资者的判断取舍，市场就缺乏了买方判 断机制。证券公司、基金公司等机构投资者不仅要引领定价，还承担着为个人投资者服务的职能。它们 能否规范运行，坚守底线，守正创新，决定着股市整体的运行质量。目前，监管部门积极推行对机构投 资者的长周期考核机制，即以三年以上为一个考核周期。这就可以减少机构的急功近利操作，增强市场 稳定性。个人投资者也亟需提高参与市场的能力水平，在价值发现、价值坚守、价值托举层面发挥作 用。 "基"是上市公司，是筹资的一方，也是支撑全市场市值增长的基础。此次证监会会议提出，积极培育高 质量上市公司群体，开展新一轮公司治理专项行动，引导优质公司持续加大分红回购力度。这是全面提 升上市公司质量的组合举措。投资者、融资者两方面都遵 ...

21世纪经济报道 记者 崔文静 广州报道 "今年前三季度上市公司盈利增长了5.2%，成绩来之不易，也是 可贺可庆。"在南方财经论坛2025年会现场，中泰国际首席经济学家李迅雷如是表示。 12月6日，南方财经论坛分论坛证券业年会暨2025年21世纪金牌分析师发布典礼在广州举行，李迅雷在 主题演讲中围绕"如何让物价合理回升"这一核心议题，系统阐述了对2026年经济走势的深度思考。 在"十五五"规划开局之年，如何实现"让物价合理回升"的政策目标，将成为影响2026年经济与资本市场 走势的关键变量。 在李迅雷看来，破局之道在于供需再平衡与服务业突破，通过积极的财政政策和适度宽松的货币政策， 推动经济从"量增"向"质升"转变。 李迅雷特别提到，"十五五"规划建议提出"保持制造业合理比重，构建以先进制造业为骨干的现代化产 业体系"，这为产能优化指明了方向。产能收缩有利于"反内卷"，但收缩幅度过大又会影响GDP增速和 就业。关键是要找到一个平衡点，实现产能的优化升级而非简单收缩。 供需结构：产能优化与消费潜力释放的新平衡 李迅雷深入剖析了当前经济中的供需结构问题。从供给端看，中国制造业增加值占全球1/3，产能占全 球40% ...

发展的结果表现为人民收入水平的不断提高，而收入水平不断提高的前提是生产力水平的不断提高，这 就需要新质生产力不断涌现。如何实现生产力水平的不断提高和新质生产力的不断涌现？要求现有的产 业技术不断创新，附加值更高的新产业不断涌现。这是新质生产力的来源，也是发展的决定因素。这一 点对于发展中国家和发达国家是相同的。 12月8日，北京大学新结构经济学研究院院长、国发院名誉院长、南南学院名誉院长林毅夫在北京日报 刊文《后来者优势的本质，正是我们与发达国家之间的差距——2035年之前实现年均5%-6%的增长是可 能的》。全文如下—— 中国经济持续快速增长的 内在逻辑 自改革开放以来，中国经济为何能发展得如此迅速？分析任何问题都应探究其本质。要了解中国经济为 何能快速发展，就要先探究发展的本质。 然而，发达国家与发展中国家之间有一处重大不同。 美国、西欧等老牌发达国家自工业革命以来，其技术和产业一直处于世界最前沿，所以这些国家要想继 续创新，就必须自行发明新技术，创造新产业。发明的投入巨大、风险极高，若成功则一本万利，但大 多数的发明尝试以失败告终。因此，从工业革命至今，发达国家的人均GDP增长缓慢。 发达国家之所以必须 ...

Core Insights - The article highlights the transformation and innovation journey of small and medium-sized enterprises (SMEs) in Guangdong, emphasizing their return to manufacturing fundamentals and the integration of technology with practical applications [2] Group 1: Industrial Aesthetics and Philosophical Expression - New Shengshi's industrial park design reflects Eastern philosophy, showcasing a blend of aesthetics and functionality, symbolizing harmony between nature and industry [3] - The integration of philosophical thinking into manufacturing design signifies a deep cultural transformation within Chinese manufacturing, where competitiveness now includes aesthetic values [3] Group 2: Technological Migration and Breakthroughs - New Shengshi has successfully transitioned from ceiling fans to drones, leveraging existing motor technology and manufacturing processes to explore new applications in three-dimensional space [5][6] - This shift illustrates a broader trend among Chinese manufacturers to return to core competencies while seeking new growth opportunities through technological innovation [6] Group 3: Open Innovation and Value Creation - The article discusses the importance of resource integration over isolated R&D efforts, citing Apple's model of global resource collaboration as a successful innovation strategy [9] - The promotion of cooperative systems among SMEs aims to enhance efficiency and reduce costs through collaborative innovation, exemplified by a recent case in the medical device sector [9][10] Group 4: Creating Disruptive Innovations - The highest level of innovation involves creating entirely new demands, as seen in the electric vehicle market, which has redefined consumer perceptions and expectations [11][12] - Traditional industries must focus on breakthrough innovations rather than incremental improvements, leveraging core technological capabilities to explore new user values [12][14] Group 5: Brand Building and Market Recognition - The article emphasizes the need for Chinese manufacturers to align their brand positioning with product quality to enhance market recognition and consumer perception [16] - Effective brand building involves meticulous attention to detail in every customer interaction, reflecting the company's values and aesthetic standards [17] Group 6: Strategic Philosophy of Returning to Fundamentals - The strategic philosophy of "returning to fundamentals and opening new paths" is essential for traditional manufacturing firms, focusing on core capabilities and exploring new application scenarios [18][20] - Companies are encouraged to avoid short-term speculative pursuits and instead focus on deepening their technological foundations for sustainable innovation [19][20]

（原标题：马斯达尔城自由区在中国开设首个代表处） 阿通社12月3日消息，马斯达尔城自由区（MCFZ）在中国苏州设立首个代表处，标志其国际布局 进一步扩大。该项目由阿布扎比投资办公室（ADIO）支持，此前已在苏州、北京路演并签约。其设立 旨在加强阿联酋与中国在技术、可再生能源和可持续经济领域的合作，并服务于"猎鹰经济"愿景。 MCFZ将与苏州工业园区深化合作，在投资、贸易和创新方面建立直接联系，促进知识交流和商业合 作，推动两地在高科技与绿色产业的共同发展。 ...

Core Viewpoint - The article emphasizes the role of招商银行东莞分行 in supporting the high-quality development of enterprises in Dongguan through financial services, particularly focusing on technology and innovation-driven companies. Group 1: Financial Support for High-Tech Enterprises - 招商银行东莞分行 provides precise financing support for specialized and innovative high-tech enterprises, with a manufacturing loan balance of 23.665 billion and a technology loan balance of 14.669 billion as of October 2025, serving 3,970 technology enterprises [5][6]. - 广东鼎泰高科技术股份有限公司 has leveraged the bank's financial support to expand production capacity and enhance business development [6]. Group 2: Inclusive Finance and Customized Products - 招商银行东莞分行 has developed customized financing products for innovative small and medium-sized enterprises, including "Innovation Points Loan" and "Industry Points Loan," which have reached 725 enterprises and disbursed over 600 million since May 2024 [6][8]. - The "莞招码上测" product system allows enterprises to easily access financing options through a simple scan, reducing barriers for inclusive finance [8]. Group 3: Digital Financial Services - The bank has facilitated digital transformation for enterprises like 东莞徐福记食品有限公司 by integrating financial management systems, enhancing efficiency in payroll and expense management [8][9]. - The CBS system launched in August 2021 has enabled 6,353 enterprises to manage their financial operations more effectively, contributing to cost reduction and efficiency [8]. Group 4: Cross-Border Financial Services - 招商银行东莞分行 has established a comprehensive cross-border financial service model, supporting enterprises in managing cross-border funds, global accounts, and currency risk [10]. - 佳禾智能科技股份有限公司 has benefited from the bank's international business expertise and flexible financial solutions, facilitating its international expansion [10][11].

Core Insights - The rise of "Guochao" (national trend) reflects the improvement in Chinese consumer spending power and cultural confidence, showcasing the ascent of Chinese manufacturing and brands [1][11] - The transformation of Chinese manufacturing from low-end to high-quality production is a fundamental aspect of the Guochao phenomenon [3][11] Group 1: Manufacturing Evolution - Chinese manufacturing has evolved from "unable to produce" to "able to produce" and now to "able to produce well," marking a significant upgrade in quality and capability [1][3] - The diversification of product offerings and improvement in quality are key foundations for the rise of Guochao, meeting the personalized and experiential consumption needs of younger consumers [2][8] Group 2: Brand Development - The shift from OEM (Original Equipment Manufacturer) to creating independent brands is crucial for enhancing the emotional and cultural value of products, allowing consumers to connect with the brand on a deeper level [5][8] - The establishment of "China Brand Day" and the recognition of Guochao as a cultural movement have contributed to the growth of brand value and market presence for Chinese companies [6][8] Group 3: Quality and Design - The focus on high-quality manufacturing and innovative design has allowed Chinese brands to compete effectively with international counterparts, providing products that are not only functional but also aesthetically appealing [4][5] - The integration of traditional cultural elements with modern aesthetics has transformed products from being merely functional to being culturally resonant and visually attractive [5][6] Group 4: International Standards and Globalization - Participation in the formulation of international standards is a critical step for Chinese brands to gain global recognition and assert their influence in the global market [9][10] - The ability to set and adhere to international standards enhances the competitiveness of Chinese manufacturing, facilitating smoother entry into global markets [10][11] Group 5: Market Dynamics - The collaboration between manufacturing enterprises and e-commerce platforms has created a robust ecosystem for promoting Guochao brands, enabling them to reach younger consumers effectively [7][8] - The emphasis on quality and innovation, combined with effective storytelling, has allowed Chinese brands to resonate with consumers and establish a strong market presence [8][11]

2025年12月1日，日本央行行长植田和男在名古屋与东海地区商界领袖举行会谈并发表演讲，全面阐述当前日本经济形势、物价走势及日本央行的货币政 策思路。 他明确表示，尽管日本经济在2025年7—9月出现六个季度以来首次负增长，但这属于暂时性回调，经济整体温和复苏态势未变；若经济与物价符合预期，央行将 逐步提高政策利率、调整货币宽松程度，而2026年春季劳资谈判将成为政策调整的关键观察点。 海外经济：整体温和增长，美国AI投资与消费成重要支撑 植田和男指出，当前海外经济整体呈现"温和增长、局部疲软"态势，主要受各国贸易政策影响，但关税对全球经济的压制效应未如预期显著。国际货币基金组织 （IMF）最新《世界经济展望》显示，2025年全球经济增速预测已从4月的2.8%上调至3.0%，2026年预计进一步升至3.1%，这一调整得益于三大关键因素： 其一，自2024年夏季起，多国与美国达成贸易谈判协议，显著降低了全球贸易前景的不确定性；其二，美国关税成本向消费端的传导"仅温和"，叠加高股价带来 的财富效应，私人消费保持稳健，未出现大幅下滑；其三，全球范围内AI相关数字领域投资升温，叠加疫情期间热销的智能手机、个人电脑进入 ...

Core Insights - HP announced significant layoffs of 4,000 to 6,000 employees despite reporting increased revenue and strong sales in personal computers, highlighting a disconnect between profitability and workforce stability [1][4] - The trend of layoffs is not isolated to HP; other tech giants like Amazon, Microsoft, and Intel are also reducing their workforce despite good financial performance, indicating a broader industry shift [4][5] - The drive for efficiency and cost-cutting is being fueled by investor pressure, leading companies to prioritize productivity over headcount [7][9] Group 1: Layoff Trends - HP's decision to cut jobs comes after previous layoffs, reflecting a growing trend in the tech industry where companies are downsizing even when they are financially healthy [1][4] - The layoffs are particularly affecting older employees who may find it challenging to adapt to the changing job market [1][2] Group 2: Impact of Technology - The rise of AI and automation is replacing many traditional roles, allowing companies to operate with fewer employees while maintaining or increasing efficiency [9][11] - Companies are increasingly relying on technology to handle tasks that previously required human labor, leading to a significant reduction in the workforce [9][11] Group 3: Employment Landscape - The job market is becoming increasingly competitive, with many individuals forced into freelance work as traditional job security diminishes [11][13] - There is a growing need for workers to acquire new skills to remain employable, as the demand for high-skilled positions rises [11][13] Group 4: Societal Implications - The rapid changes in the job market due to technological advancements are creating significant pressure on individuals and families, necessitating a collective response from government and businesses to support workforce retraining [13][16] - The challenge lies in ensuring that technology serves to enhance human capabilities rather than replace them, which is crucial for future employment stability [16]

Core Points - The 18th round of Free Trade Agreement (FTA) negotiations between Vietnam and the European Free Trade Association (EFTA) took place in Da Nang, Vietnam from November 25 to 28 [1] - The goal of both parties is to make every effort to complete consultations in this round and to adopt necessary flexible measures to ensure a balanced agreement beneficial to both sides [1] - The negotiations are progressing smoothly, with efforts to narrow remaining differences highlighted by the Vietnamese delegation [1] Trade Relations - As of the end of 2024, trade between Vietnam and EFTA is expected to exceed $3.5 billion, maintaining stable growth over the years [1] - Major exports from Vietnam to EFTA member countries include footwear, textiles and garments, machinery and equipment, mobile phones and components, as well as agricultural products like coffee and cashews [1] - In return, Vietnam primarily imports high-tech and high-value-added products from EFTA member countries, such as pharmaceuticals, precision machinery, medical devices, and chemical products [1]