（记者 王晓波） 截至发稿，*ST春天市值为26亿元。 每经头条（nbdtoutiao）——5年期大面积下线，3年期利率低至1.5%仍一单难求：要么"售罄"要么"额度 紧张"！中长期大额存单为何在消失？ 每经AI快讯，*ST春天（SH 600381，收盘价：4.43元）12月1日晚间发布公告称，公司第九届第十七次 董事会会议于2025年12月1日在青海省西宁市城北区生物园区经二路12号公司会议室，以现场表决结合 通讯表决的形式召开。会议审议了《关于召开2025年第三次临时股东会的议案》等文件。 2025年1至6月份，*ST春天的营业收入构成为：酒水快消占比63.84%，大健康业务占比36.16%。 ...

Core Viewpoint - The establishment of the Hainan Free Trade Port is set to officially commence full island customs operations on December 18, 2025, which will significantly enhance trade and investment opportunities in the region [2][4]. Group 1: Policy Developments - Hainan is accelerating the construction of a trade management system that allows for free and secure trade, aiming to create a transparent and predictable investment environment [1]. - The free trade port will implement a "one line open, two lines manage, and free flow within the island" policy, facilitating easier trade with foreign countries while managing trade with the mainland [2]. - A series of policy documents have been implemented to ensure the free flow of trade, investment, cross-border capital, personnel, and data security [2]. Group 2: Tax Incentives - The policy framework post-customs closure will focus on "zero tariffs, low tax rates, and simplified tax systems," with zero tariffs expected to cover approximately 6,600 products, significantly reducing tax costs for businesses [4][5]. - Enterprises in encouraged industries will benefit from a reduced corporate income tax rate of 15%, which is significantly lower than the mainland's 25% rate [6]. - The cumulative tax reductions from various policies include 191.6 billion yuan in personal income tax and 361.29 billion yuan in corporate income tax [3]. Group 3: Investment Opportunities - The Hainan Free Trade Port is expected to attract significant investment, particularly in high-end manufacturing, research and development, and health industries, due to favorable import policies [7]. - The integration of local raw materials with imported components will enhance the competitiveness of products entering the mainland market, benefiting industries such as petrochemicals, pharmaceuticals, and high-end food processing [8]. - The introduction of more open and convenient duty-free shopping policies for tourists is anticipated to boost consumer spending and attract foreign consumption back to Hainan [8].

Core Insights - The article discusses the investment opportunities and strategies in the technology sector, emphasizing the importance of building industrial ecosystems and aligning with national strategic directions [1][4][10] Group 1: Investment Strategies - Institutions should focus on selecting the right sectors according to national strategic guidelines, building industrial ecosystems, and being patient for value realization [1][7] - The capital market is increasingly supporting new productive forces, with sectors like aerospace, quantum computing, robotics, and semiconductors gaining attention [1][4] - Investment firms are encouraged to establish specialized teams to enhance their capabilities in emerging technologies [4][5] Group 2: Market Trends - The IPO market has shown signs of recovery, with technology stocks leading the upward trend in both A-shares and Hong Kong stocks [4][7] - The investment landscape has shifted, with a significant increase in state-owned capital's share in the private equity market, now exceeding 70% [7][8] Group 3: Challenges and Considerations - Investment institutions face challenges such as the tightening of A-share IPOs in the second half of 2023, but a recovery is anticipated [7][8] - The need for a diversified investor structure is highlighted to enhance market vitality and focus on the growth potential of investment targets [7][8] - The article emphasizes the importance of maintaining rationality in investment decisions amidst high valuations and market bubbles [8][9] Group 4: Future Outlook - The "15th Five-Year Plan" suggests enhancing the capital market's functionality and adaptability, focusing on both traditional industry upgrades and cutting-edge technologies [9][10] - Investment firms are encouraged to build industrial ecosystems that integrate various stakeholders, including research institutions and financial entities [9][10] - The goal is to support the globalization of Chinese technology companies and attract global investment to foster technological advancement [10][11]

Core Insights - The health industry is undergoing rapid transformation, with Beijing emerging as a key hub for innovation and exchange in this sector. The upcoming 2026 Beijing Health Expo is positioned as a significant event for industry stakeholders and the public to understand future trends in health [1] Group 1: Technology Integration - The integration of technology and health is deepening, with digital health becoming mainstream. Innovations such as wearable devices, telemedicine, and personalized health management are enhancing disease prevention and health maintenance efficiency. The expo will showcase how these technologies are transforming traditional healthcare models [3] - Beijing's rich technological resources and supportive policies provide a conducive environment for digital health enterprises, making the expo a platform for showcasing technology and fostering collaboration across the industry [3] Group 2: Consumer Demand - Upgrading consumer preferences are driving demand for high-end health services. As income levels rise and health awareness increases, there is a growing market for quality health products and services, including health management and psychological services. The expo will feature brands offering a range of services from basic care to high-end customization [4] - The demographic and consumption patterns in Beijing are pushing the industry towards specialization and diversification, shifting from single product sales to comprehensive service models [4] Group 3: Green Health Trends - The concept of green health is gaining traction, with natural and organic products becoming mainstream. Consumers are increasingly concerned about product safety, environmental production processes, and sustainability. The expo will highlight innovations in organic foods, natural skincare, and eco-friendly health devices [6] - As a pioneer in "green development," Beijing will see exhibitors launching products aligned with green health principles, promoting industry transformation towards sustainability [6] Group 4: Aging Population and Rehabilitation - The aging population in China is driving a surge in demand for elderly care and rehabilitation services. Smart elderly care devices, multifunctional rehabilitation robots, and remote rehabilitation services are emerging as growth points in the industry. The expo will gather leading companies in smart elderly care to demonstrate how technology can enhance the quality of life for seniors [7] - Beijing's strong foundation in the elderly care industry, coupled with substantial policy support, creates a favorable environment for related enterprises [7] Group 5: Regulatory Framework - As the health industry expands, the regulatory and policy framework is becoming more robust. This ensures market fairness and encourages companies to enhance service standards and innovation capabilities. The expo will feature forums to discuss the latest policy developments, helping businesses navigate industry regulations [9] Group 6: International Collaboration - International exchange and cooperation are increasing, promoting the globalization of the health industry. Beijing, as an international metropolis, attracts numerous foreign health enterprises and experts. The expo will serve as a bridge for international collaboration, focusing on cross-border health projects and technology transfer [10] - This environment creates opportunities for local companies to expand into overseas markets and adopt advanced technologies, allowing attendees to experience health innovations from diverse cultural backgrounds [10]

马鞍山经开区始终将数字赋能作为提升亩均效益的核心引擎，引导企业从"拼要素"转向"拼创新"。以泰 尔重工为例，该企业将"智改数转网联"作为"一把手工程"，联合上海交通大学等高校打造离散型高端装 备智能制造示范工厂，实现产品全生命周期智能化管理；仙乐健康投入超亿元实施营养软糖及口服液生 产线技术改造，建成华东地区大健康产业最大的智能化立体仓库，以技改创新实现制造焕新。目前，马 鞍山经开区已创建国家级5G工厂1家、先进级智能工厂9家、省级以上绿色工厂19家、智能制造标杆示 范企业3家，推动重点行业规上企业数字化改造全覆盖，为亩均效益提升注入强劲动力。 在推动产业数字化转型的同时，马鞍山经开区坚持"亩均标尺"招大引强，以高质量项目支撑高质量发 展。今年以来，完成重点项目投资100.17亿元，投资完成率99.95%；普利特改性材料等37个项目开工建 设，开工率112.12%；红创无菌包装等21个项目竣工投产，竣工率131.25%。此外，通过"腾笼换鸟"盘 活存量空间，处置批而未供和低效用地超2061.68亩，为优质项目腾出宝贵空间，实现了从"土地存 量"向"发展增量"的有效转化。 为确保改革落地见效，马鞍山经开区创新推 ...

11月18日，2025徐州经开区（张江）首届投资分享会暨科创项目路演今天在黄浦江畔成功举办。本次活动以"分享新质发展成果、共创融合发展生态"为主 题，把高端装备、新能源、人工智能、合成生物等领域的60多位海内外客商"聚"到了一起。 7个路演项目藏着多少"新"引力？ 沪徐两地相隔数百公里，徐州经开区到底抛出了什么"橄榄枝"，能让这么多大咖专程来赴这场"产业之约"？ 徐州经开区"吸引力密码"藏在哪？ 可能有人会问：为什么这么多企业和投资大咖，愿意专门赴会？其实答案很简单——这片产业热土的"硬实力"，早就成了"吸引力"的底气。 这些年，徐州经开区一直把招商选资、项目建设当成"头版头条"，一体推进制造业招商、科技招商、服务业招商，做好总量壮大、质量提升、结构优 化"三篇文章"。今年前三季度，规上工业总产值、工业开票销售收入实现了两位数增长；6家上市公司，总营收占了全市上市企业的近9成，17家省级绿色 工厂更是稳居全市第一。 同时，在徐州经开区，不管是本土龙头还是外资企业，都能找到成长沃土。更关键的是，徐州经开区的"创新基因"一直在升级。前不久，徐工的"装载机 全价值链运营增值制造智能工厂"入选了"国家卓越级智能工厂" ...

Core Insights - The article highlights the innovative technologies and products showcased at the 27th China International High-tech Achievements Fair, particularly focusing on the embodiment of mobility assistance robots and other advanced technologies from Zhongshan [3][4]. Group 1: Innovative Products - The X13 embodiment mobility assistance robot, developed by Zhongshan Xiaoshentong Innovation Technology Co., is the first of its kind globally, designed to provide barrier-free travel experiences for individuals with mobility limitations [4][5]. - The X13 robot, which took 10 years to develop, was officially launched in September and features AI capabilities for automatic recognition and navigation of various terrains, including stairs and uneven surfaces [4][5]. Group 2: Industry Growth and Recognition - Zhongshan has a strong foundation for cultivating specialized and innovative enterprises, with 58 national-level "little giant" companies and over 860 provincial-level specialized enterprises as of 2024 [5]. - The Ministry of Industry and Information Technology recently announced a new batch of "little giant" enterprises, with Zhongshan having 19 companies recognized, ranking sixth in the province and achieving a historical high for two consecutive years [5]. Group 3: Collaboration and Development - Perfect (China) Co., a health-focused enterprise in Zhongshan, showcased its anti-aging products, including the Time Rejuvenation solid beverage, which has generated over 300 million yuan in sales since its launch in May [6][7]. - The company has invested seven years in R&D and has developed proprietary patent compositions in collaboration with Jinan University, focusing on the molecular mechanisms of cellular aging [6][7]. Group 4: Resource Integration and Innovation - The "Bay Area Collaboration: Deep Zhongshan Integration" event aimed to enhance the synergy between Shenzhen and Zhongshan, promoting the integration of innovation chains, industry chains, and capital chains [8][9]. - Zhongshan's proactive approach includes releasing 100 technology demand items to seek nationwide collaboration on critical technologies, establishing itself as a platform for resource integration [9][10]. Group 5: Strategic Transformation - The article emphasizes Zhongshan's transition from merely showcasing products to becoming a source of innovation, actively breaking regional boundaries to combine Shenzhen's capital and R&D resources with its manufacturing and transformation advantages [10].

Core Insights - The "Future Stars" report highlights the strength and pioneering role of Wuhan's future industries, with over 25% of the selected 100 companies being recognized as national specialized and innovative "little giant" enterprises [1][4]. Group 1: Report Overview - The report was compiled by the Wuhan High-tech Industry Association's Industrial Research Institute based on self-reported data and field research, resulting in the selection of 100 "Future Stars" and 10 "New Rising Stars" [4]. - The total asset scale of the "Future Stars" companies is approximately 21.7 billion, with projected total revenue of about 13.1 billion for 2024, reflecting an average revenue growth rate of 67.85% [4]. Group 2: Innovation and R&D - High-tech enterprises constitute 80% of the "Future Stars," with an average R&D investment intensity of 52.96%, which is six times the national average for high-tech enterprises, indicating strong innovation momentum [4]. - Among the founders of these "New Forces" companies, 32% hold doctoral degrees, many of whom have backgrounds in prestigious universities or medical institutions, combining deep technical expertise with industry insight [4]. Group 3: Industry Coverage - The "Future Stars" span nine industrial chains, including optoelectronic information, health care, high-end equipment, artificial intelligence, and Beidou, with a focus on future manufacturing, materials, energy, and health [4]. - The report emphasizes that these "New Forces" are addressing market challenges through technological innovation and model breakthroughs, positioning themselves as core drivers of new productive forces [4]. Group 4: Event and Collaboration - The event was co-hosted by the Wuhan Municipal Committee of the Communist Party of China and the Wuhan Federation of Industry and Commerce, attracting over a hundred key enterprises, universities, research institutions, and financial investment organizations [5].

Core Insights - The event "Strengthening Chains and Expanding Groups, Strengthening Foundations Towards New" focuses on the high-quality development of the private economy, particularly in the new medical device and health industry sectors [1][4] - The 20th National Congress of the Communist Party of China emphasizes the construction of a modern industrial system and the importance of the health industry, which includes support for innovative drugs and medical devices [2][3] Group 1: Strategic Initiatives - The provincial government aims to leverage strategic opportunities to expand the development space for industries, encouraging private enterprises to align with national strategies and regional development [2][3] - Emphasis on ecological collaboration to create new benchmarks for industrial clusters, promoting the integration of upstream and downstream enterprises within the medical device sector [2][3] - Focus on innovation-driven growth, enhancing the collaboration between industry, academia, and research to improve the international competitiveness of the medical device industry [2][3] Group 2: Event Highlights - The event included a "Government-Enterprise Face-to-Face" session, where key industry policies were discussed, and a service platform for the medical device sector was launched [4] - A cooperation meeting was held to connect key enterprises in the new medical device and health industry, featuring project presentations and discussions on industry trends [4] - Participation from various stakeholders, including government officials, industry experts, and representatives from financial institutions, indicates a collaborative approach to industry development [5]

Core Viewpoint - The consumer sector is showing signs of recovery, driven by favorable policies, rising CPI, and the imminent closure of Hainan Free Trade Port, leading to increased investment enthusiasm in the sector [2][4]. Group 1: Consumer Sector Analysis - The consumer sector is believed to be at the bottom, with fundamentals gradually improving, as indicated by the third-quarter reports [4]. - The "14th Five-Year Plan" emphasizes the importance of consumption, suggesting a positive outlook for the sector [4]. - Key investment opportunities include the restaurant chain sector, which is nearing the end of price wars, and companies like Anjiexin Foods and Lihai Foods are seeing improved net profit margins [4]. Group 2: Duty-Free Industry Insights - Hainan's duty-free sales data shows a significant recovery in Q3 2025, with a notable increase in average transaction value, and a stable outlook for Q4 [5]. - Continuous policy support, including a clear timeline for the island's closure and an expanded range of duty-free products, is expected to enhance the operational conditions for companies like China Duty Free Group and Hainan Development [5]. Group 3: Structural Upgrades in Consumption - The toy industry is evolving with IP incubation and category innovation, favoring leading companies with strong design and supply chain capabilities [6]. - The beauty industry is integrating medical, beauty, and health services, which is expected to enhance customer spending and repeat purchases [6]. - The consumer industry is transitioning from "functional supply" to "scenario value supply," indicating a structural upgrade in brand consumer goods [6]. Group 4: New Consumption Trends - Four new consumption themes are emerging: 1. Brand globalization 2.0, focusing on pricing power and emerging markets [7]. 2. Emotional value sectors like trendy toys and pet products are expected to benefit from rising GDP per capita [7]. 3. AI-driven consumption in service sectors is showing potential for profitability [7]. 4. Channel transformation emphasizing user experience and operational efficiency, particularly in instant retail and cost-effective dining [7]. Group 5: High-Growth Opportunities in Emotional Consumption - The gold and jewelry sector is undergoing significant changes, with rising gold prices and a shift towards emotional consumption, suggesting opportunities in high-end and trendy gold segments [8]. - Retail e-commerce is focusing on offline retail transformation and AI-enabled cross-border e-commerce leaders [8]. - The cosmetics sector is seeing growth in domestic brands that meet emotional value and safety ingredient innovation [8]. - The medical beauty sector remains resilient, with opportunities in differentiated products and mergers in downstream medical beauty institutions [8].