数智赋能生态治理，发布重磅成果 为助力治理体系与治理能力现代化，大会进行了浙江大学钭晓东教授主持、团队完成的国家社会科学基金重大项目《加快推进生态治理体系与治理能力现代 化研究》(编号20&ZD091)的阶段性成果发布仪式，成果一《绿盾执法智擎系统》正式亮相，标志我国数智化提升治理效能获实质性突破;成果二纪录片《绿 色之道》同步首发，以生动镜头呈现生态治理中国路径，为全球提供实践范本。 11月30日，第十届杭州全球企业家大会暨首届企业法治工作大会第三届长三角企业法治工作大会在杭州国际博览中心成功举办并落幕。大会由浙江大学新时 代枫桥经验研究院、浙江省中小企业协会联合主办，浙江时代国际展览服务有限公司、杭州创蓝悦文化发展有限公司承办，获浙江省新时代枫桥经验研究 院、浙江大学光华法学院、长三角企业法律顾问协会联盟、上海交通大学智慧司法研究院、共道网络科技有限公司、阳光时代律师事务所、蓝旗(上海)法律 咨询有限公司、上合组织法律服务委员会交流合作基地(浙江警官职业学院)、香港中华工商总会等众多单位协办。 新时 0 :: ii 本次大会以"法治护航 高质量全球化发展"为核心宗旨，汇聚政府部门、知名企业、法律界、学术界 ...

Core Viewpoint - Guangzhou Haojing Industrial and Trade Co., Ltd. has been established with a registered capital of 1 million RMB, focusing on various manufacturing and sales activities in non-metallic minerals, synthetic materials, high-performance fibers, and composite materials [1] Company Overview - The company is legally represented by Huang Zhiyong [1] - The registered capital is 1 million RMB [1] Business Scope - The business activities include sales of non-metallic minerals and products, manufacturing of synthetic materials (excluding hazardous chemicals), and production of high-performance fibers and composite materials [1] - Additional activities encompass the sales of rubber products, paper and cardboard containers, plastic products, and chemical products (excluding licensed chemicals) [1] - The company also engages in the manufacturing of basic chemical raw materials (excluding hazardous chemicals), textile products, construction materials, lubricants, and new material technology promotion services [1] Technical and Consulting Services - The company offers a range of technical services including research and development, consulting, and technology transfer related to new materials [1] - Marketing planning, enterprise management, and brand management are also part of the service offerings [1] Trade and Import/Export Activities - The company is involved in the wholesale of jewelry, professional design services, cultural and artistic exchange activities, and the sale of electronic products [1] - It also engages in import and export activities [1]

Group 1 - The OECD forecasts a global economic growth rate of 2.9% for 2026 and 3.2% for 2025, maintaining the previous predictions from September [2] - The agreement on tariffs between the US and China is expected to support global economic growth, alleviating initial concerns about a significant slowdown in the US-centered economy [2] - The OECD predicts that the impact of increased US tariffs will become more apparent in the future, leading to a slowdown in global economic growth in 2026 compared to 2025 [2] Group 2 - The average effective tariff rate in the US has decreased to 14% as of late November, down from 15.4% in June, but remains significantly higher than the pre-Trump administration levels of just over 2% [2] - Trade tariffs, particularly between the US and China, are expected to raise business costs, suppressing investment and trade activities, with economic growth anticipated to slow down from the second half of 2025 [2] - In the US, factors such as government layoffs and reduced immigration are expected to hinder economic growth, although strong investment in the AI sector is projected to provide support [3] Group 3 - The OECD has raised Japan's economic growth forecast for 2026 to 0.9%, an increase of 0.4 percentage points from the previous prediction, due to the stimulating effects of fiscal policy [3]

Group 1 - The OECD's latest economic outlook report indicates that global economic resilience exceeds expectations, but trade barriers remain a challenge [1] - The UNCTAD's Trade and Development Report 2025 highlights the significant impact of financial market volatility on global trade, comparable to that of real economic activities [1] - The WTO's report on member trade measures emphasizes the turbulence in the global trade environment, with China urging members to fulfill trade measure notification obligations to enhance policy transparency [1] Group 2 - The overall sentiment from the reports is mixed, with emerging economies like China playing a crucial role in global economic growth due to stable supply chains and market demand [2] - The Western development model's flaws are exposed, characterized by excessive focus on asset price inflation and insufficient investment in manufacturing and infrastructure, leading to hollow economic growth [2] - China's proposal aims to safeguard WTO rules and inject stability into the global trade system, promoting a fair and predictable trading environment [2]

Core Viewpoint - The recent measures introduced by the Luohu District of Shenzhen aim to enhance the port economy, transforming it into a new economic hub that promotes consumption upgrades and industrial integration, with a focus on high-quality development [1][2]. Group 1: Economic Measures - Luohu District has launched the first port economy measures in Shenzhen, proposing 12 key initiatives to activate the port economy's potential [1]. - The focus is on attracting high-value products and bulk commodity trade headquarters, promoting agricultural and energy procurement, and building a digital supply chain platform [1]. - Plans include the establishment of an AI research and development base and a life health industry park, targeting cutting-edge industries like AI and life sciences [1]. Group 2: Consumption Enhancement - Luohu aims to create a high-end consumption center in the Greater Bay Area by attracting international luxury brands and developing cross-border experience centers [1]. - The district plans to enhance service consumption by introducing more Hong Kong dining options and Michelin-starred brands, as well as upgrading hotels and developing high-end medical and wellness products [1]. Group 3: Innovation in Scenarios and Models - The district will utilize AI technology to create digital port personnel, pilot unmanned cross-border transport, and explore AI translation and consumer rights protection [2]. - Initiatives include launching drone logistics at the Wenjindu port and optimizing low-altitude tourism products, creating a new model that integrates low-altitude transport with tourism and commerce [2]. Group 4: Cultural and Youth Integration - The focus is on developing cultural tourism districts and enhancing educational cooperation with Hong Kong, providing better services for Hong Kong children [2]. - Measures to support Hong Kong youth include establishing innovation incubators and creating vibrant youth districts, fostering a "dual-city" lifestyle [2]. Group 5: Cross-Border Flow and Connectivity - The implementation of seamless customs clearance at major ports aims to reduce waiting times and enhance cross-border mobility [3]. - Plans include extending customs hours and establishing a cross-border bus network to facilitate high-frequency, point-to-point travel [3]. - The strategy emphasizes converting cross-border traffic into consumption and industrial growth, with initiatives to create consumption streets and improve public services for Hong Kong residents [3].

东方创业公告，公司回购股份价格上限由不超过11.62元/股（含）调整为不超过11.59元/股（含）。此次 调整自2025年12月10日起生效。公司拟以自有资金或自筹资金通过集中竞价交易方式回购公司股份，资 金总额为不低于人民币5000万元且不超过人民币1亿元。调整后的回购股份价格上限为11.59元/股 （含），预计回购股份数量约为431.41万股至862.81万股，占公司目前总股本的0.49%至0.99%。 ...

（文章来源：第一财经） 据报道，丰田通商和住友化学等至少9家日企的美国相关公司已向美国国际贸易法院提起诉讼，要求退 还基于美国特朗普政府高关税措施而支付的关税。此举目的是若美国联邦最高法院正在审理的围绕"对 等关税"等措施合法性的诉讼作出违法判决，可获得退税。 ...

Core Viewpoint - Recently, Lancang Xianzheng Trading Co., Ltd. was established with a registered capital of 1 million RMB, indicating a new player in the trading sector focusing on various construction and consumer goods [1] Group 1: Company Overview - The legal representative of Lancang Xianzheng Trading Co., Ltd. is Li Lao Er [1] - The company has a registered capital of 1 million RMB [1] Group 2: Business Scope - The business scope includes sales of construction materials, bricks, and various goods related to import and export [1] - The company is involved in the sale of food, cosmetics, daily necessities, and health food, specifically pre-packaged items [1] - Additional activities include the sale of building materials such as concrete components, fireproof materials, and wood products [1]

Quantitative Models and Construction Methods 1. Model Name: Quantitative Market Trend Judgment Framework - **Model Construction Idea**: The model aims to address the systematic rotation of market styles by identifying the dominant asset characteristics that represent the future mainstream market style. It evaluates assets based on the priority of "g > ROE > D" to determine whether there are good assets and whether they are overvalued[5][8][12] - **Model Construction Process**: 1. Define five style stages based on the industry lifecycle: external growth, quality growth, quality dividend, value dividend, and bankruptcy value[8] 2. Use the "g > ROE > D" priority to compare assets, focusing on growth (g), profitability (ROE), and dividend yield (D)[5][8] 3. Incorporate factors such as expected growth (gf), actual growth (g), profitability (ROE), and valuation metrics (PB, DP, BP) to classify and evaluate assets[9][12] 4. Apply the framework to select industries and allocate them equally within each strategy[19] - **Model Evaluation**: The framework has demonstrated strong explanatory power for A-share market style rotation since 2009, achieving an annualized return of 27.06%[19] --- Model Backtesting Results Quantitative Market Trend Judgment Framework - **Annualized Return**: 27.06% since 2009[19] - **Excess Returns by Year**: - 2017: 27% - 2020: 44% - 2022: 62% - 2024: 52% - 2025 (YTD): 8%[22] --- Quantitative Factors and Construction Methods 1. Factor Name: Expected Growth (gf) - **Factor Construction Idea**: Measures the expected growth rate of industries based on analysts' forecasts, regardless of the lifecycle stage[9] - **Factor Construction Process**: 1. Calculate the expected growth rate (gf) for each industry 2. Rank industries based on the highest expected growth rates 3. Select top-performing industries for allocation[9][38] - **Factor Evaluation**: The factor has shown significant excess returns since 2019, with notable performance in 2014-2015 and 2025[38] 2. Factor Name: Actual Growth (g) - **Factor Construction Idea**: Focuses on industries with the highest earnings momentum (△g), particularly during transition and growth phases[9] - **Factor Construction Process**: 1. Use △g to represent earnings momentum 2. Rank industries based on △g and select the top-performing ones 3. Incorporate additional factors such as SUE, SUR, and JOR for refinement[40] - **Factor Evaluation**: The factor has consistently delivered significant excess returns, especially in growth-dominant environments[40] 3. Factor Name: Profitability (ROE) - **Factor Construction Idea**: Targets industries with high ROE and low valuation under the PB-ROE framework, focusing on mature stages[9] - **Factor Construction Process**: 1. Calculate PB-ROE residuals for each industry 2. Rank industries based on residuals and select the top-performing ones[43] - **Factor Evaluation**: The factor performed strongly from 2016 to 2020 but has weakened since 2021[43] 4. Factor Name: Quality Dividend (DP + ROE) - **Factor Construction Idea**: Combines dividend yield (DP) and ROE to identify industries with the highest scores, focusing on mature stages[9] - **Factor Construction Process**: 1. Calculate DP and ROE for each industry 2. Combine the two metrics into a composite score 3. Rank industries and select the top-performing ones[46] - **Factor Evaluation**: The factor has shown significant excess returns in 2016, 2017, and 2023[46] 5. Factor Name: Value Dividend (DP + BP) - **Factor Construction Idea**: Combines dividend yield (DP) and book-to-price ratio (BP) to identify undervalued industries, focusing on mature stages[9] - **Factor Construction Process**: 1. Calculate DP and BP for each industry 2. Combine the two metrics into a composite score 3. Rank industries and select the top-performing ones[49] - **Factor Evaluation**: The factor has delivered significant excess returns in 2009, 2017, and 2021-2023[49] 6. Factor Name: Bankruptcy Value (PB + SIZE) - **Factor Construction Idea**: Targets industries with the lowest PB and SIZE scores, focusing on stagnation and recession stages[9] - **Factor Construction Process**: 1. Calculate PB and SIZE for each industry 2. Combine the two metrics into a composite score 3. Rank industries and select the lowest-scoring ones[52] - **Factor Evaluation**: The factor has shown significant excess returns in 2015-2016 and 2021-2023[52] --- Factor Backtesting Results Expected Growth (gf) - **Recent Performance**: - Lithium: +51.15% (3 months) - Frozen Food: +14.08% (3 months)[38] Actual Growth (g) - **Recent Performance**: - Lithium Chemicals: +51.88% (3 months) - Other Home Appliances: +14.93% (3 months)[41] Profitability (ROE) - **Recent Performance**: - Network Equipment: +12.18% (3 months) - Buses: +10.46% (3 months)[43] Quality Dividend (DP + ROE) - **Recent Performance**: - Timber Processing: +145.24% (3 months) - Lithium Equipment: +21.95% (3 months)[46] Value Dividend (DP + BP) - **Recent Performance**: - Network Equipment: +12.18% (3 months) - Security: -2.24% (3 months)[49] Bankruptcy Value (PB + SIZE) - **Recent Performance**: - Gas: +15.88% (3 months) - Building Renovation: +16.42% (3 months)[52]

天眼查App显示，近日，合肥珩煜贸易有限公司成立，法定代表人为刘嘉，注册资本50万人民币，经营 范围为一般项目：互联网销售（除销售需要许可的商品）；办公设备销售；办公设备耗材销售；包装专 用设备销售；复印和胶印设备销售；油墨销售（不含危险化学品）；包装材料及制品销售；包装服务； 电力电子元器件销售；光电子器件销售；电子产品销售；电子专用设备销售；电池销售；汽车零配件零 售；电气设备销售；机械设备销售；机械零件、零部件销售；物料搬运装备销售；塑料加工专用设备销 售；日用化学产品销售；集成电路销售；集成电路设计；工业自动控制系统装置销售；计算机软硬件及 辅助设备零售；物联网设备销售；电子、机械设备维护（不含特种设备）；信息咨询服务（不含许可类 信息咨询服务）；物联网技术服务；人工智能应用软件开发；货物进出口；技术进出口（除许可业务 外，可自主依法经营法律法规非禁止或限制的项目）。 ...