印度1947年从英国殖民者手中独立。"全殖民地"的历史，一旦告别，很容易触发赶超式发展的政治激 情。当时的印度领导人尼赫鲁，试图将苏联的重化工业优先发展的赶超战略移植到印度：实现由国家控 制的公共部门主导的工业自力更生，大型钢铁厂、炼油厂、发电厂、水泥厂和化肥厂才是"现代印度的 新寺庙"（注释3）。在农业国的起点上直接重化工业化，与当时印度的比较优势不符，不可能通过市场 机制实现。为此，印度建立了一套中央计划体制：对内，工业发展的每个方面都受到繁琐的"许可证制 度"的约束，什么可以做、由谁做，都有严格的规定；对外，则构筑了高度保护主义的关税壁垒。这种 模式下，由于难以发现并汇总分散的信息，计划指令配置资源的效率十分低下，企业也没有激励去提高 效率。试着想象以下画面： "有一个像牛车一样的转向装置，像酋长一样狂饮汽油，像暴饮暴食者一样 摇摇晃晃"，这便是印度著名的大使牌轿车，几十年没什么变化，但排队好几年才能买到。 独立后的前40余年，印度抱着超常规发展的赶超热望，却事与愿违，陷入停滞泥潭，经济增长仅维持在 略高于人口增长率的水平上。1990年，韩国人均收入是印度的20倍，比1947年多了一个0。对于普通印 度 ...

天眼查App显示，近日，永新县海奥科技服务有限公司成立，法定代表人为胡绍建，注册资本10万人民 币，经营范围为许可项目：建设工程设计，互联网信息服务（依法须经批准的项目，经相关部门批准后 在许可有效期内方可开展经营活动，具体经营项目和许可期限以相关部门批准文件或许可证件为准）一 般项目：专业设计服务，企业形象策划，数字文化创意内容应用服务，文艺创作，技术服务、技术开 发、技术咨询、技术交流、技术转让、技术推广，工程技术服务（规划管理、勘察、设计、监理除 外），广告制作，摄像及视频制作服务，数字内容制作服务（不含出版发行），平面设计，礼仪服务， 广告设计、代理，广告发布，网络技术服务，智能家庭消费设备销售（除依法须经批准的项目外，凭营 业执照依法自主开展经营活动）。 ...

天眼查App显示，近日，厦门傅利叶创新科技有限公司成立，法定代表人为王浩，注册资本1万人民 币，经营范围为一般项目：技术服务、技术开发、技术咨询、技术交流、技术转让、技术推广；电气设 备销售；电子（气）物理设备及其他电子设备制造；计算机软硬件及辅助设备零售；计算机软硬件及外 围设备制造；智能控制系统集成；信息系统集成服务；人工智能行业应用系统集成服务；仪器仪表销 售；机械电气设备销售；体育用品及器材零售；货物进出口；技术进出口；医用口罩批发；医用口罩零 售；医护人员防护用品批发；机械设备租赁；会议及展览服务；专用设备修理；机械零件、零部件销 售；康复辅具适配服务。（除依法须经批准的项目外，凭营业执照依法自主开展经营活动）。 ...

证监会发布关于上海龙旗科技股份有限公司境外发行上市备案通知书的公告。公告指出，上海龙旗科技 股份有限公司拟发行不超过9438.72万股境外上市普通股并在香港联合交易所上市。自备案通知书出具 之日起至本次境外发行上市结束前，如发生重大事项，应通过中国证监会备案管理信息系统报告。完成 境外发行上市后15个工作日内，应报告发行上市情况。自备案通知书出具之日起12个月内未完成境外发 行上市，拟继续推进的，应当更新备案材料。（证监会） ...

Core Insights - Tianmai Group has officially accelerated its globalization strategy with the launch of its Hong Kong International Center, aiming to enhance individual energy, empower business growth, and promote asset capitalization [1] Group 1: Cross-Border Listing Incubation Center - Tianmai announced the establishment of a Cross-Border Listing Incubation Center, led by a professional team with SEC, PCAOB, and FINRA qualifications, boasting experience in over 100 cross-border listing projects [3] - The center offers comprehensive "capitalization full-chain" services, including red-chip structure setup, financial and audit compliance, SEC and Hong Kong Stock Exchange application guidance, IPO/SPAC dual-path design, market value management, international business guidance, and digital upgrades [3] - The initial goal was to sign 4 companies during the event, but the final number exceeded 12, demonstrating Tianmai's strong appeal and influence in the cross-border listing and capital operation sectors [3] Group 2: RWA Technology Ecosystem - RWA (Real World Assets) is becoming a core element of global financial transformation, with initiatives from BlackRock and the inclusion of RWA in financial infrastructures in Hong Kong and Singapore [5] - Tianmai highlights that SMEs face challenges such as asset recognition by the financial system, difficulties in cross-border financing, and lack of transparency in value [5] - The RWA ecosystem will provide services such as asset tokenization identification, asset structuring and rights confirmation, on-chain mapping and minting, cross-border compliance design, global issuance and liquidity channels, and on-chain risk control and transparent tracking [6] - The core value of RWA lies in reducing friction for enterprises connecting to global capital, enhancing asset liquidity and valuation potential [6] Group 3: Comprehensive Growth Model - Tianmai's differentiated advantage stems from its foundational logic of starting from individuals, utilizing energy courses to assess energy fields, emotional frequencies, and meridian states to help individuals enhance stability, insight, and decision-making [8] - The company has established three systems: 1) Enterprise Growth System: enhancing organizational capabilities, introducing international business, and providing capital operation guidance; 2) Capitalization System: creating global financing capabilities through listings and RWA structures; 3) Asset Digitalization System: enabling quantifiable, verifiable, and tradable enterprise value [8] - These three systems interact in a spiral structure, forming Tianmai's unique full-chain growth ecosystem [8] Group 4: Global Layout and Influence - The launch of the Hong Kong International Center marks the official implementation of Tianmai's globalization strategy [9] - The company will focus on Hong Kong as its core, with Asia as the main axis, while establishing deep cooperation with North America and the Middle East [9] - Through this global layout, Tianmai aims to create a new organizational model that transcends regions, industries, and capital, enabling enterprises to realize value flow in the global market and granting more Asian companies greater influence on the international stage [9]

Core Viewpoint - The company announced that its stock price has been below 85% of the current conversion price for 10 trading days from November 27, 2025, to December 10, 2025, which may trigger conditions for a downward adjustment of the conversion price [1] Summary by Relevant Sections - Stock Performance - The company's stock has closed below 85% of the current conversion price for 10 consecutive trading days [1] - Potential Actions - If the stock price continues to remain below the conversion price threshold, it may trigger a board meeting to decide on the adjustment of the conversion price [1] - Disclosure Obligations - The company commits to timely information disclosure regarding any decisions made by the board concerning the adjustment of the conversion price [1]

根据此前披露的《合伙协议》，初芯微科技由微芯科技、青岛初芯共创科技有限公司及吕朋钊共同出资设立，合伙 企业总出资额为2.2亿元，其中青岛初芯共创科技有限公司为执行事务合伙人。本次投资事项已于2025年12月3日通 过公司内部决策程序并对外披露，本次公告系就相关工商登记进展情况进行说明。 公告披露，杭州初芯微科技合伙企业（有限合伙）统一社会信用代码为91330109MAK2GQT672，成立日期为2025 年12月5日，主要经营场所位于浙江省杭州市萧山区杭州空港经济区保税路西侧保税大厦236-1室。合伙企业类型为 有限合伙企业，由青岛初芯共创科技有限公司负责执行事务。 在经营范围方面，初芯微科技将围绕技术服务、技术开发、技术咨询、技术交流、技术转让、技术推广等领域开展 业务，同时可利用自有资金从事投资活动（依法须经批准的项目除外）。公司表示，相关经营活动将在取得营业执 照后，依照法律法规及合伙协议约定有序推进。 赛微电子在公告中称，本次对外投资是基于公司及全资子公司业务发展需要作出的资金运用安排，通过设立合伙企 业，有望整合产业链相关资源，拓展技术服务和股权投资等业务空间。初芯微科技的运营情况预计将在一定程度上 ...

Group 1 - The core viewpoint emphasizes the development of four major leading industries in Hainan, focusing on enhancing and optimizing the tourism sector to establish Hainan as an internationally recognized tropical island tourism destination [1] - The tourism strategy includes creating a spatial layout of "one body, two rings, three poles, and seven groups," aiming to improve the modern tourism product system and launch significant tourism projects [1] - Six core tourism products will be developed, including marine tourism, cultural tourism, sports tourism, medical wellness, integrated travel, and aerospace tourism, alongside six specialized tourism products [1] Group 2 - The initiative promotes the high-quality and efficient development of the modern service industry, extending productive services towards specialization and high-value chains [2] - There is a strong focus on expanding the service radius internationally and developing enabling industries such as digital economy, finance, and logistics to enhance economic circulation [2] - The strategy aims to elevate service consumption from traditional tourism to diverse fields like healthcare, education, and culture, creating a new service consumption system that attracts new economic groups to Hainan [2]

智通财经APP获悉，交银国际发布研报称，2025年全球经济韧性普遍超出年初预期，AI科技周期未完待 续，政策保持连贯性。展望2026年，全球经济宏观环境向有序回归，经济增长一定程度上具韧性，利率 或维持限制性水平。在增长韧性、通胀、利率均偏高的环境下，资产配置的核心逻辑向攻守平衡转换。 美债方面，利率中枢"易升难降"格局难改，关注重点仍是长端利率因通胀、财政、政策不确定性而承 压，收益率曲线或趋陡峭化。 交银国际主要观点如下： 港股盈利可期，"慢牛"延续。估值处于合理区间，性价比突出;流动性环境持续改善，南向资金和海外 资金回流;中国经济的结构性亮点(AI 科技、反内卷、内需修复)预计将开始在盈利层面兑现。 美股方面，"泡沫"短期难证伪，风格待转换。科技巨头受益于AI革命和资本支出扩张的科技龙头企 业，凭借强劲的盈利增长和技术壁垒，仍具备估值支撑，但需警惕投资放缓和信贷风险;此外，美股大 小盘分化有望收窄，小盘股和周期股或将迎来补涨机会。 ...

Core Viewpoint - Guangzhou's Planning and Natural Resources Bureau, in collaboration with the Development and Reform Commission, has revised the "Guangzhou Industrial Land Guide" to optimize industrial land use and investment direction, aligning with the "12218" modern industrial system [1] Group 1: Industrial Land Guide - The guide emphasizes principles such as efficient land use, prioritizing advanced industries, and integrating flexible regulations with a focus on operational feasibility [1] - It includes a comprehensive directory of industrial guidance, layout instructions, and various land use guidelines, serving as a technical reference for social investment and industrial upgrades [1] Group 2: Encouraged and Restricted Land Use - The industrial guidance directory is designed to meet Guangzhou's industrial development needs and includes lists of encouraged and restricted land use projects [1] - Specific guidelines are provided for encouraged land use projects based on the industrial chain, site requirements, minimum land area for production lines, factory recommendations, and suggested layout areas [1] Group 3: Land Use Guidelines for Various Sectors - The industrial land guide covers 31 major categories and 179 subcategories for independent manufacturing land use [2] - The service sector land guide addresses 10 categories including technology services, professional services, modern commerce, logistics, and exhibitions [2] - Guidelines for profit-oriented social enterprises include 5 categories such as postal services, sports venues, education, healthcare, and social welfare [2] - Infrastructure land use guidelines encompass 14 categories including transportation, railways, ports, and airports [2]