区人力社保局相关负责人表示，截至目前，东城区技能大师工作室已覆盖14个职业（工种），既保护传 承了景泰蓝制作、中式烹调等传统技艺，也紧跟无人机装调检修等新兴产业发展趋势。这些工作室通 过"传、帮、带"模式，培养了大批技能骨干，解决了一批生产技术难题，不仅缓解了部分领域技能人才 断档问题，更营造了尊重劳动、崇尚技能的良好社会氛围。下一步，东城区将持续加强技能大师工作室 建设，推动技能人才队伍提质增量，让"技铸东城"成为区域高质量发展的鲜明名片。 新京报讯 据"北京东城"微信公众号消息，近日，东城区人力社保局完成2025年区级技能大师工作室评 审认定工作，新增刘红星淮扬菜制作技艺技能大师工作室等4家工作室，覆盖淮扬菜制作、瓦工、无人 机装调检修、供应链管理等多个行业领域。至此，东城区区级技能大师工作室总量达24家，与国家级、 市级工作室，形成三级联动、梯次发展的技能人才培养格局，为区域经济社会发展注入强劲动能。 在制度保障下，各工作室形成了各具特色的运行模式。刘红星的工作室通过不定期组织研发交流、标准 化流程梳理等活动，让传统烹饪技艺在师徒相传中不断优化。杨龙的工作室则建立"初—中—高"三级人 才培养体系，通过" ...

1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - In November, although the manufacturing economic activity did not exceed expectations, there were still positive factors. The emerging industries' prosperity rebounded first, the inventory problem caused by supply - demand imbalance was continuously digested, and the price upward trend remained unchanged with a continuous repair expectation for next year. The impact of new policy - based financial instruments on the industry and market was still in the early stages, and the actual work volume needed further verification next year [5]. 3. Summary by Directory 3.1 Demand Drags Production, and De - stocking Exceeds Re - stocking - The drag of previous supply - demand imbalance on production emerged. The production index was weak in the past two months, and the procurement volume was below the critical value for two consecutive months. The "new order index - production index" reached a peak in September [13]. - Manufacturing enterprises have been actively de - stocking for nearly half a year. The inventory growth rate was already at a historically low level, and the downward space was limited. Compared with previous inventory cycles, this cycle had two characteristics: the peak was much lower and the inventory state switched frequently at a low level. The active re - stocking period was short, and the active de - stocking period was long. This was favorable for the bond market [16]. 3.2 Differentiation between Traditional Manufacturing and Emerging Industries - Traditional manufacturing has been in a downturn since April, with PMI below the boom - bust line for 8 consecutive months. However, emerging industries showed improvement since September. The EPMI index of emerging industries was above the boom - bust line for 3 consecutive months, and the BCI index of high - quality private enterprises also rose above the line, with sub - items such as corporate financing environment and investment forward - looking index improving significantly [19]. - The improvement in the prosperity of emerging industries boosted the employment market. The BCI corporate recruitment forward - looking index improved, and the "Internet unemployment benefit search index" decreased. The 500 billion yuan new policy - based financial instruments, fully invested by the end of October, supported over 2,300 projects with a total investment of about 7 trillion yuan, showing a strong pulling effect on emerging industries [19][25]. 3.3 Rare Contraction in Service Industry Prosperity - This month, the non - manufacturing PMI dropped 0.6 points to 49.5, falling below the critical value for the first time excluding public health events. The construction industry was at the bottom, and the service industry was the main drag. The service industry PMI dropped 0.7 points to 49.5, which was a rare contraction. This was related to seasonal factors and the real - estate sales slump [5][26]. - Some industries in the service industry, such as railway transportation, telecommunications, and finance, were in a high - prosperity range, while real - estate and residential services were below the critical point [28][29].

Core Viewpoint - The "14th Five-Year Plan" period is crucial for solidifying the foundation of socialism modernization and achieving high-quality economic development in China [1] Economic Development Focus - The focus during the "14th Five-Year Plan" should be on the real economy, optimizing traditional industries, and nurturing new productive forces while promoting emerging industries as pillars of future growth [1][2] - Financial resources should be efficiently allocated to address structural challenges, with a strong emphasis on serving the real economy and enhancing wealth management for residents [1] Industry Classification and Development - The "14th Five-Year Plan" categorizes industries into traditional, emerging, and future sectors, each requiring different approaches to develop new productive forces [2] - Traditional industries currently account for 80% of China's manufacturing and are essential for the real economy, despite the growth potential of emerging and future industries [2] Traditional Industry Insights - Traditional industries still hold significant growth potential, but face challenges such as insufficient demand and the need for urbanization and high-quality real estate development [2][3] - Approximately 30% of China's manufacturing output is for export, with traditional industry products contributing significantly to trade surpluses, necessitating a balance between enhancing competitiveness and promoting balanced trade [2] Financial Reform and Budget Management - The "14th Five-Year Plan" proposes deepening zero-based budgeting reforms to optimize fiscal expenditure and enhance budget performance management [4] - Zero-based budgeting requires every expenditure to be justified anew, potentially leading to more efficient allocation of resources compared to traditional baseline budgeting [4] Financial Sector Development - The plan emphasizes the development of various financial sectors, including technology finance, green finance, and wealth management, with technology finance being prioritized for its strategic importance [6][7] - Direct financing is essential for supporting technological innovation, and recent capital market reforms aim to facilitate this by allowing unprofitable companies to list [6] Wealth Management Importance - With over 400 million middle-income individuals in China, there is a growing demand for professional wealth management to enhance asset value [7] - Wealth management is seen as a key area for financial services, promoting the conversion of savings into investments, which benefits both residents and capital markets [7]

Core Viewpoint - The issuance of local government special bonds directed towards government investment funds has reached a peak, with a total of over 800 billion yuan expected, marking a significant shift in investment direction for these bonds [1][2]. Group 1: Special Bonds Issuance - Guangdong, Sichuan, and Shanghai are set to issue a combined 20 billion yuan in special bonds on November 28, 2023, aimed at government investment funds [1]. - The total scale of special bonds directed towards government investment funds has exceeded 800 billion yuan, including over 600 billion yuan from various regions such as Beijing, Jiangsu, Guangzhou, and Zhejiang [1]. Group 2: Policy Changes - Prior to 2019, local government special bonds had strict investment restrictions, requiring funds to be allocated to specific government projects, but these restrictions were lifted in December 2024 [1]. - The new policy allows special bonds to be used for projects in emerging industries such as information technology, new materials, biomanufacturing, and digital economy, facilitating investment in government and industrial funds [1][2]. Group 3: Financial Context - The shift in special bond investment is driven by local fiscal pressures and national strategic directives, as traditional funding models face challenges due to slowing revenue growth and increasing expenditure pressures [2]. - The traditional focus on infrastructure for special bonds has encountered bottlenecks, necessitating a pivot towards government investment funds to support emerging industries and mitigate risks associated with traditional sectors like real estate [2]. Group 4: Investment Fund Performance - The average DPI (Distributions to Paid-In) for government investment funds is only 0.7, raising concerns about the effectiveness of these funds in generating returns for investors [3]. - Despite the low performance metrics, the safety of special bonds, backed by government credit ratings typically at AA or above, is expected to attract institutional investors such as banks and insurance companies [3][4]. Group 5: Project Selection and Management - Local governments possess a natural advantage in project selection, having access to lists of high-quality enterprises, which allows for effective identification of projects that align with policy and risk requirements [4]. - The success of the investment post-selection is contingent on market conditions and enterprise performance, necessitating robust post-investment management and ongoing policy support [5]. Group 6: Future Outlook - The large-scale issuance of special bonds for government investment funds represents an innovative financing channel independent of traditional fiscal budgets, but the future scale and impact of these bonds remain to be observed [5]. - The success of bond issuance will be influenced by economic conditions, affecting the willingness of financial institutions to allocate resources, although current conditions suggest a low-risk environment for short-term investments [5].

Core Insights - The report emphasizes that the development of county economies is crucial for the vitality of cities, provinces, and the nation, highlighting their role in promoting high-quality development and achieving common prosperity [1][2] - As of 2024, the total economic output of county economies in China is projected to reach 54 trillion yuan, accounting for nearly 40% of the national GDP, with 62 counties achieving over 100 billion yuan in economic output [1] - County economies serve as the "micro foundation" of China's economy, providing employment and improving living standards for over half of the population, while also playing a significant role in expanding domestic demand and facilitating economic circulation [1][2] Group 1 - County economies are becoming a fertile ground for cultivating new productive forces, with an increasing number of national high-tech zones established in counties, leading to optimized industrial structures and enhanced endogenous momentum [2] - Examples of successful county economies include the electrical industry in Leqing, Zhejiang, which has entered high-end markets in Europe and America through intelligent transformation, and the emerging industries in Kunshan, Jiangsu, which have developed a "2+6+X" industrial layout [2] Group 2 - Counties act as a key link in urban-rural integration, facilitating the two-way flow of urban and rural factors, which is essential for resource allocation and enhancing public service levels [2] - The "14th Five-Year Plan" proposes the development of distinctive county economies, providing a clear direction for high-quality development in these areas, emphasizing a people-centered, multi-coordinated, and innovative approach [2]

Economic Overview - Domestic demand growth is slowing, but the quality of growth is expected to improve[6] - Fixed asset investment cumulative year-on-year decreased from -0.5% to -1.7%, slightly below expectations[6] - Real estate development investment has a cumulative year-on-year decline of over -14%[6] Consumption Insights - Retail sales cumulative year-on-year increased by 0.8% compared to the end of last year, indicating resilience in consumer spending[6] - Consumption in sectors like beverages, tobacco, and cosmetics improved by 7.9%, 2.5%, and 1% respectively, while home appliances and automobiles saw declines of -14.6% and -6.6%[6] Export and Production Trends - Export delivery value decreased by -2.1% year-on-year, significantly lower than the previous value of 3.8%[6] - Industrial added value decreased from 6.5% to 4.9% year-on-year, reflecting a slowdown in production[6] Policy and Investment Outlook - New policy financial tools totaling 500 billion yuan have been fully deployed, expected to drive total project investment of about 7 trillion yuan[6] - The government's commitment to support the economy remains strong, despite the time lag in policy effects[6] Risk Factors - The rapid changes in industry dynamics due to "anti-involution" may lead to employment pressures[6]

Group 1 - The core viewpoint of the news is the emphasis on the importance of the 14th Five-Year Plan for Taiwan's economic integration and development, highlighting opportunities for Taiwanese businesses to participate in this initiative [1] - The 14th Five-Year Plan aims to foster emerging industries, enhance original innovation, and promote deep integration of technological and industrial innovation, creating a favorable environment for cross-strait economic cooperation [1] - Taiwanese businesses express optimism that the 14th Five-Year Plan will inject strong momentum into cross-strait complementary advantages and integrated development [1] Group 2 - The "1992 Consensus" is reiterated as the political foundation for cross-strait relations and a stabilizing factor for peace in the Taiwan Strait, with calls for enhanced communication and dialogue between both sides [2] - The historical process of national unification is described as unstoppable, with an emphasis on the benefits of resolving the Taiwan issue for Taiwan's development and the well-being of its people [2] - The recent commissioning of China's first electromagnetic aircraft carrier, Fujian, is highlighted as a significant achievement in national defense, reflecting the growing strength of the People's Navy [3]

Core Insights - The "Foshan Ring Xijiang - Beijiang District Town and Village High-Quality Development Pilot Zone Overall Plan" was officially implemented on November 10, outlining strategic goals for the region [1] - The plan aims to establish the area as a leading zone for cultural tourism integration, a hub for strategic emerging industries, and a showcase for "Colorful Foshan" by the end of 2030 [1] - By 2035, the plan envisions a comprehensive formation of high-quality urban-rural integration and the realization of socialist modernization [1] Group 1 - The strategic positioning of the Ring Xijiang - Beijiang Pilot Zone includes three key areas: urban-rural coordinated development, green economic growth, and high-quality tourism [1] - The plan identifies six core towns and six surrounding towns for development, aiming to create a new regional development pattern with eastern leadership, central rise, and western and northern catch-up [1][2] - The future spatial layout will consist of "one core, one circle, two corridors, three districts, and four groups," focusing on a comprehensive development nucleus centered around Xiqiao Mountain [2] Group 2 - The plan emphasizes six key areas for systematic advancement, including the establishment of a modern industrial system, the creation of a cultural tourism integration framework, and the enhancement of transportation and public service facilities [2] - The development will focus on four new urban town groups: Southwest, Danzao - Bainai, Xiqiao, and Jiujing - Longjiang [2] - The initiative aims to integrate agricultural, industrial, and cultural tourism sectors into the development strategy [2]

Core Insights - The white paper titled "China's Actions on Carbon Peak and Carbon Neutrality" emphasizes the deepening low-carbon development in key sectors, integrating carbon peak and carbon neutrality into the overall economic and social development strategy [1][2] Group 1: Low-Carbon Development in Key Sectors - Major sectors contributing to carbon emissions include industry, transportation, construction, and residential life, which are crucial for achieving carbon peak and carbon neutrality [1] - China is promoting collaborative innovation between traditional and emerging industries, optimizing and upgrading industrial structures, and advancing the development of green low-carbon industries [1] - The proportion of green low-carbon industries in the overall economy is continuously increasing, with a focus on eliminating high energy-consuming and high-emission projects [1] Group 2: Transportation and Infrastructure - China is developing low-carbon transportation tools and optimizing the transportation structure, forming a modern comprehensive transportation system that is safe, convenient, efficient, green, and economical [2] - The country is accelerating the promotion of new energy vehicles, achieving the fastest and largest scale of new energy vehicle deployment globally, with leading levels of railway electrification [2] - There is a continuous upgrade of green transportation infrastructure, with a focus on using clean energy in shipping and aviation [2] Group 3: Urban and Rural Development - Urban and rural construction methods are being transformed, with improvements in green low-carbon development levels and living quality [2] - The energy efficiency of buildings is significantly increasing, and energy use is becoming cleaner and more low-carbon [2] Group 4: Public Engagement and Lifestyle Changes - China is implementing green low-carbon actions for the public, promoting a lifestyle that is simple, moderate, green, low-carbon, and health-conscious [2]

Core Insights - The provincial government is focusing on enhancing key industrial chains to support high-quality economic development and modern industrial system construction [1][2] Group 1: Key Industrial Chain Development - The provincial industrial and information technology department is implementing the "Three-Year" initiative, targeting eight critical battles to strengthen leading enterprises, foster new quality, and optimize the ecosystem [1] - The province's key industrial chains are showing positive trends, with modern energy stabilizing, traditional industries upgrading, emerging industries growing, and new fields gaining vitality [1] - In the first nine months of the year, 34 key industrial chains in the province achieved a total output value exceeding 1.7 trillion yuan, with seven chains surpassing 100 billion yuan in output value and nine chains experiencing double-digit growth [1] Group 2: Action Plans and Innovation - The provincial industrial and information technology department has developed an action plan for 2025, detailing annual goals and measures for the 34 key industrial chains, emphasizing contributions from large-scale chains and growth of promising chains [2] - The department is promoting chain-based innovation by integrating technological and industrial innovation, leveraging the Xi'an regional innovation center, and supporting 284 technology projects for accelerated industrialization [2] - A gradient cultivation system for industrial chains has been established, supporting large enterprises in specialization and encouraging small and medium-sized enterprises to scale up and improve efficiency [2] Group 3: Service Optimization - The provincial industrial and information technology department is enhancing chain-based services through a structured approach involving various stakeholders, aiming to improve the capacity and service levels of high-tech zones and industrial parks [3] - Regular government-enterprise discussions and the expansion of the "Shanqi Tong" platform are being implemented to facilitate supply and demand connections along the industrial chain [3]