今日，安永揭晓了"安永企业家奖"2025行业奖项获奖者名单，来自中国内地和香港/澳门的十二位企业家从众多候选人中脱颖而出，获得"安永企业家 奖"2025殊荣。获奖企业家分别来自科技业、服务业、制造业、生命科学与医疗健康等行业。 陈凯 安永中国主席、 大中华区首席执行官： "今年适逢'安永企业家奖'在中国内地、香港和澳门举办二十周年。二十年来，我们紧扣国家经济建设脉搏，为企业家们搭建起交流与合作的平台，见证了 中国民营经济的蓬勃发展和中国企业家们攀登全球产业链高峰的奋斗英姿，众多满怀创业与报国激情、为国家繁荣和社会进步作出卓越贡献的优秀企业家荣 膺'安永企业家奖'。" 毕舜杰 安永企业家奖项目主席、 思谋科技 创始人兼董事长 贾佳亚 安永大中华区业务主管合伙人 "今年的评选活动以'二十载不忘初心，新时代筑梦前行'为主题，致敬在风云变幻中始终保持战略定力、在产业变革中勇于开拓创新的企业家。二十载积 淀，皆为序章，展望未来，皆有可期。'安永企业家奖'将继续以弘扬企业家精神为使命，通过讲好企业家故事，凝聚企业家力量，积极服务国家战略，助力 国家发展。" 获奖企业家将出席今晚举行的颁奖晚宴。届时，颁奖晚宴上还将公布从十 ...

证 券 研 究 报 告 晨会纪要（2025/12/08） 编辑人 崔健 022-28451618 SAC NO：S1150511010016 cuijian@bhzq.com 渤海证券研究所晨会纪要（2025.12.08） 宏观及策略研究 海内外经济前瞻指标走弱——宏观经济周报 固定收益研究 重要会议前或以震荡为主——利率债 12 月投资策略展望 晨 会 纪 要 请务必阅读正文之后的声明 渤海证券股份有限公司具备证券投资咨询业务资格 1 of 5 晨会纪要（2025/12/08） 宏观及策略研究 海内外经济前瞻指标走弱——宏观经济周报 周 喜（证券分析师，SAC NO：S1150511010017） 宋亦威（证券分析师，SAC NO：S1150514080001） 严佩佩（证券分析师，SAC NO：S1150520110001） 靳沛芃（研究助理，SAC NO：S1150124030005） 1、外围环境而言 美国方面，经济前瞻指标延续分化。11 月 ISM 制造业 PMI 不及预期，连续第九个月位于荣枯线下方，显示 制造业仍未摆脱收缩趋势。分项指标也不甚乐观，新订单指数环比降幅创下半年以来最大，需求仍显乏力 ...

Core Viewpoint - Guiyang has successfully implemented its "14th Five-Year Plan" by focusing on building an inland open economy, enhancing trade and economic cooperation, and promoting high-quality development through a robust open economy strategy [1] Group 1: Economic Expansion - Over the past five years, Guiyang has expanded its overseas markets, establishing trade partnerships with over 200 countries and regions globally [2] - The city has achieved an average annual trade growth of 37.3% with Belt and Road and RCEP member countries, and 27.1%, 21.2%, and 49.4% with Southeast Asia, South Asia, and Central Asia respectively [2] Group 2: Infrastructure Development - Guiyang has extended cross-border transport channels, becoming a key link between Southwest China and Southeast Asia [3] - The city has established a "road-rail-air" trade transport system, with the international land port completed by the end of 2022, and has transported 33,900 TEUs of goods to date [3] Group 3: Platform and Industry Growth - The city has enhanced its open innovation platforms, with the foreign trade import-export volume from the "1+5" national-level platforms increasing from 43.4% in 2021 to 68.8% in 2024 [4] - Guiyang has developed a comprehensive port system and established the first comprehensive bonded international land port in the country, achieving significant growth in the export of used cars [4] Group 4: Market and Business Development - Guiyang has seen a significant increase in market entities, with 809 new foreign trade enterprises established, including 143 with over 100 million yuan in performance [6] - The city has also attracted 424 new foreign investment enterprises, with a notable increase in advanced manufacturing and high-tech industries [6] Group 5: Trade and Service Innovation - Guiyang has diversified its trade models, leading in cross-border e-commerce and achieving a "Bonded+" business import-export volume of 17.57 billion yuan in 2024 [7] - The city has actively engaged in service trade, particularly in digital technology and cultural sectors, and has been recognized as a national pilot for service trade innovation [7]

12月1日，英国首相基尔·斯塔默在伦敦金融城晚宴上发表了关于外交政策的演讲。在这个象征着英国政 商精英传统共识的场合，斯塔默以"清醒的现实主义"(clear-eyed)为工党政府的对华政策定调，试图在动 荡的国际变局中锚定英国对华态度的新坐标。尽管这一表态在形式上仍未完全摆脱西方传统的"国家安 全"与"经济合作"二元对立叙事，但却传递出工党政府试图努力修正既往对华外交路线，在复杂的对华 关系中寻找共同利益的明确信号。 斯塔默在演讲中意图悬置意识形态的影响，将英国对华政策拉入积极务实的轨道。他强调要"抛弃忽冷 忽热的二元框架"，试图在"彻底脱钩"与"无视风险"的极端论调之外，开辟一条能够统筹国内对华诉求 的中间道路。在英国政府的外交架构中，这条道路既需承载伦敦金融城对经济增长的迫切需要，又需回 应英国政治保守势力对所谓国家安全的传统关切。 2025年末，英国社会经济总体呈现出"通胀企稳，但增长乏力"的修复特征。虽然此前的高通胀已回落至 温和区间，但受制于长期低迷的生产率和高企的公共债务，GDP增速依然缓慢。高昂的借贷成本限制了 企业投资和政府财政刺激的空间，生活成本危机的余波仍存，居民实际购买力的恢复尚需时日。 ...

每经AI快讯，厦门信达（SZ 000701，收盘价：7.86元）12月5日晚间发布公告称，公司第十二届二〇二 五年度第十三次董事会会议于2025年12月4日以通讯方式召开。会议审议了《关于公司出售资产暨关联 交易的议案》等文件。 2025年1至6月份，厦门信达的营业收入构成为：商业占比97.7%，工业占比1.73%，服务业占比0.57%。 截至发稿，厦门信达市值为53亿元。 每经头条（nbdtoutiao）——秒光、售罄！银行大额存单成稀缺资源，2%以上产品很难抢，有的门槛高 达1000万元！专家：存款利率或长期下行 （记者 张明双） ...

Core Insights - The "Southern Finance Forum 2025" held in Guangzhou focuses on the theme "The Power of Consensus - Innovation Surge, China's Asset Revaluation" [1][7] - Liu Shijun, a key speaker, highlighted three major advantages of China's economy: catch-up potential, new technology revolution, and super-large market economy [3][10] Economic Advantages - **Catch-up Potential**: This refers to opportunities in areas where developed economies have already advanced, such as service industry development driven by consumption structure upgrades and the transformation of traditional manufacturing and agriculture [3][9] - **New Technology Revolution**: Emphasis on digital and green technologies as focal points for economic advancement [3][9] - **Super-large Market Economy**: While China has 400 million middle-income groups, there are 900 million low-income individuals who could transition to middle-income status, potentially creating a consumption market of 800 to 900 million [3][10] Strategic Goals - **Manufacturing Power**: Aim to cultivate large innovative enterprises at the global forefront [10] - **Consumer Power**: Target to become the largest consumer market globally [10] - **Financial Power**: Financial strength is essential for achieving the first two goals, acting as a bridge for development [10] Financial Development - Liu emphasized the need for a robust capital market and strong currency to support high-quality development, focusing on selecting viable projects to enhance resource allocation efficiency [10][11] - The importance of a strong currency is highlighted, with historical examples of the British pound and the US dollar being tied to strong economic and financial systems [11] Currency Internationalization - Current GDP contribution of China's economy is 18% globally, with manufacturing at 30%, but the currency's functional role is below 10% [11] - Liu proposed increasing offshore RMB supply to achieve scale economy and enhance RMB's international use [11][12] - Suggested adjustments to foreign trade strategy to balance imports and exports while using RMB for transactions, potentially converting a trade surplus of nearly $1 trillion into offshore RMB [12] Recommendations for RMB - Advocated for RMB appreciation to allow consumers to access more international products at better prices, supporting the goal of becoming a consumer powerhouse [12] - Suggested expanding the ecosystem of offshore RMB financial products to improve liquidity and convenience, accelerating the process of RMB internationalization [12]

Group 1 - New Zealand's construction costs are showing signs of upward pressure, with average costs for standard residential construction in major cities rising by 0.5% over the last three months, marking an annual increase of 1.1% [1][21] - The most significant increases in construction costs are observed in structural timber (up 5.2%), cladding systems (up 5.0%), and concrete (up 4.5%) [1] - The rise in costs is attributed to early signs of cost pressure returning, as indicated by construction surveyors [1][21] Group 2 - A report indicates that 777 companies went bankrupt in the third quarter, a 5% increase from the previous quarter, highlighting ongoing structural challenges in the economy [1][2] - The construction industry has the highest number of bankruptcies at 192, although its failure rate is relatively low compared to its economic size [2] - Industries such as transportation, distribution, and manufacturing are experiencing the largest increases in bankruptcy numbers due to rising costs and weak demand [3] Group 3 - New Zealand's local government tax rate cap proposal has raised concerns among credit rating agencies, particularly Standard & Poor's, regarding its potential negative impact on the financial stability and credit ratings of local governments [4] - The proposal aims to set an annual increase cap for local council tax rates between 2% and 4%, which could limit councils' ability to repay debts and invest in critical infrastructure [4][21] - Local government leaders have criticized the proposal, arguing it could lead to deterioration of municipal assets and limit borrowing capacity for essential projects [4] Group 4 - In the U.S., initial jobless claims fell to a three-year low, indicating that employers are still trying to retain employees despite recent layoffs [5][6] - The number of initial jobless claims decreased by 27,000 to 191,000, which is below market expectations [6][7] - Despite a wave of layoffs, the data suggests that actual layoffs remain limited, alleviating concerns about a rapid deterioration in the labor market [7][8] Group 5 - U.S. companies announced a significant drop in planned layoffs in November, with a 53% decrease to 71,321, although this remains the highest level for November since 2022 [10][11] - The total number of planned layoffs for the first 11 months of the year reached approximately 1.171 million, a 54% increase year-on-year, marking the highest annual level since the pandemic [10][11] - The contrast between increased layoffs and a lack of corresponding rises in unemployment claims indicates a stagnation in the labor market [11] Group 6 - New Zealand's housing market is facing dual pressures from stagnation in the real estate market and weaker-than-expected government finances [21][22] - The median residential value in New Zealand remained flat in November at NZD 806,561, with a year-on-year decline of 0.73% [21] - The government is experiencing a core tax revenue shortfall of NZD 6 billion compared to expectations, primarily due to weaker corporate and personal tax revenues [22]

数字基础设施是发展数字经济的基础。只有搞好基础设施建设，才能促进产业结构的优化升级。优化信 息网络设施。立足区域产业结构特征，科学规划新型数字基础设施，加大信息化建设的投资力度，加快 推进5G网络等信息通信网络的统筹规划，实现城乡重点区域、工业园区、交通枢纽的连续覆盖，夯实 数字经济发展基础；重点强化乡村数字基建薄弱环节，缩小城乡、区域间通信基础设施差异，降低数据 传输、存储、交易等成本，为区域产业结构优化提供重要支撑。加大创新研发投入强度。地方政府要加 大对高校科研的支持力度，鼓励高校开展原创性研究，不断强化组织保障、人才保障、资源保障，完善 科研创新体系，提高科技创新能力；强化对中小微和初创企业的资金与政策支持，发挥企业的主体作 用，主动借鉴国内外企业技术创新经验，持续完善、应用和推广新数字技术，提升企业的市场竞争力。 推动区域数字经济协同发展，构建开放共赢的联动格局 强化产业数字化转型支持，激活产业升级的存量引擎 □ 蒋永彩戴德锋 发展数字经济，可催生新产业（300832），也可赋能传统产业。应加快数字经济与传统产业的融合，增 强传统产业优化升级的内在驱动力。构建智慧农业体系。加快物联网传感器、无人机等 ...

商务部最新数据显示，今年前11个月，消费品以旧换新带动相关商品销售额超2.5万亿元，惠及3.6 亿多人次。今年以来，我国共分4批向地方下达3000亿元超长期特别国债资金，支持消费品以旧换新。 政策效应加快释放，带动数字、绿色等新型消费发展向好。 一方面，建议多措并举促进服务消费需求的有效释放，除拓展服务消费补贴范围、培育优质服务供 给外，考虑推动职工法定休假应休尽休，搭配推行中小学春假制度，发挥假日经济对消费的拉动作用， 进一步扩大服务业开放，尤其是要建立更便捷、高效的消费纠纷解决机制，推动消费相关行业的专业化 和标准化发展，通过制定行业标准和指南，帮助消费者更好地识别产品质量，降低感知风险，增强消费 信心。 另一方面，完善以人为本的城镇化改革，释放新市民的住房、教育等需求。建议进一步深化户籍制 度改革，加强教育、医疗、养老、住房等领域投入，推动未落户常住人口均等享有基本公共服务。住房 方面，从短期供求关系看，一线和新一线城市有望完成"止跌回稳"目标，大部分城市仍将面临房价下跌 压力，复苏分化是一个新常态。当前家庭小型化、多样化，人民对"好房子"的追求，以及人在不同阶段 对房子的需求差异等对房市仍有多样性的需 ...

Group 1 - The core point of the article is that the second largest shareholder of Xian Dao Ji Dian, Sanlin Wanye, has announced the release of a portion of its pledged shares, specifically 6.76 million shares, which represents 6.61% of the company's total share capital [1] - As of December 3, 2025, Sanlin Wanye holds approximately 61.52 million shares in Xian Dao Ji Dian, with 53.6 million shares pledged, accounting for 87.12% of its holdings and 5.76% of the company's total share capital [1] - The revenue composition of Xian Dao Ji Dian for the year 2024 is as follows: real estate accounts for 48.34%, manufacturing for 41.44%, services for 8.72%, and other businesses for 1.49% [1] Group 2 - The current market capitalization of Xian Dao Ji Dian is 15.2 billion yuan [2]