为了人工智能（AI）的发展和普及，构成支撑的基础设施投资正趋于过热。从过去的历史中我们可以 看到，改变社会的大型基础设施建设都是在经历多次失败的情况下完成的。开始有人将最近的AI热潮 与投资热之后出现众多失败者的19世纪"铁路热潮时代"联系起来。 "搁浅资产化"的风险 "就像其他技术基础设施的投资周期所发生的那样，一些投资者或将受到严重伤害"，这是正处于AI投资 漩涡之中的OpenAI首席执行官（CEO）萨姆·奥尔特曼的话。 如果随着技术创新的推进，基础设施建设的成本降低，"任何人都将能够在笔记本电脑上使用个人的通 用AI（AGI）"（奥尔特曼）。这意味着过剩的基础设施投资将成为无法产生预期收益的搁浅资产。 开发AI模型的OpenAI、谷歌、Meta和亚马逊等"hyperscaler（超大规模云服务商）"正在进行前所未有的 大规模投资。美国麦肯锡估算，到2030年将向数据中心等投入近7万亿美元的巨资。 "可能难以置信，但互联网普及时期的投资并没有那么沉重"，OpenAI的首席财务官（CFO）莎拉·弗莱 尔（Sarah Friar）10月下旬在被称为"沙漠达沃斯"的沙特阿拉伯国际金融会议上登台，认为目前的状 况 ...

格隆汇11月21日丨根据联交所最新权益披露资料显示，2025年11月17日，中国中车(01766.HK)获中国平安保险（集团）股份有限公司在场内以每股均价 6.3429港元增持858万股，涉资约5442.21万港元。 | 表格序號 | 大股東/董事/最高行政人員名稱 作出披露的 買入 / 賣出或涉及的股每股的平均價 | | 持有權益的股份數目 佔已發行的 有關事件的日 | | | --- | --- | --- | --- | --- | | | | | (請參聞上述*註解)有技票權版(日/月/年) | | | | | | 分自分库 | | | CS20251120E00027 | 中国平安保险(集团)股份有 (1001(L) | 8,580,000(L) | HKD 6.3429 265,816,000(L) | 6.08(L)17/11/2025 | | | 限公司 | | | | 增持后，中国平安保险（集团）股份有限公司最新持股数目为265,816,000股，持股比例由5.88%上升至6.08%。 ...

央视网消息：超大规模的经济体量，必然需要超大规模的物流通道支撑。高效、畅达的物流网络，如同经济的血脉，将生产与消费、国内与国际紧密相连。 我国已建成全球最庞大的交通基础设施网络和最繁忙的物流系统。依托超大规模市场产生的巨大需求，中国的物流大通道在多项领域创下世界之最。 我国拥有世界级港口群，上海港集装箱吞吐量连续15年位居世界第一。 我国已建成全球最大的高速公路网、高速铁路网、邮政快递网； 高速公路总里程超过19.1万公里。 高速铁路营业里程4.8万公里，占世界高铁总里程70%以上。 城市轨道交通运营里程达1.1万公里，居世界首位。 充电桩、快递网点数量均居全球首位。 快递业务量连续11年位居世界第一。 我国内河货运量稳居世界第一，长江干线是全球内河运量最大的黄金水道。 在过去的一年中，全国平均每天约1.8亿人次跨区域出行、运送1.6亿吨货物、揽收4.78亿件快递。 2024年，全国全社会物流成本共降低约4000亿元，其中交通运输成本降低2800亿元。 中欧班列累计开行超11.8万列，是世界上里程最长、辐射最广的国际物流大通道。 ...

Core Viewpoint - The report from Huachuang Securities indicates that the highway sector is expected to maintain resilience in 2026, with high dividend configurations being a preferred investment direction. The port industry is anticipated to shift from a single container-driven growth model to a dual-wheel structure of stable container growth (5%-8%) and a recovery in bulk cargo (2%-5%) by 2026, with stable pricing expected. There are strategic layout opportunities for leading companies in the bulk supply chain that focus on dividends and returning to growth expectations in the coming year [1]. Highway Sector - The highway sector is viewed as a preferred option for stable asset allocation due to low valuations and high dividends, with expected dividend yields around 5% for leading highway companies in 2026. Notable companies include Sichuan Chengyu (5.6%), Shandong Highway (5.0%), and Anhui Wantong Highway (5.0%), with higher yields for H-shares [2]. - The outlook for 2026 suggests strong performance driven by stable volume and pricing, alongside significant cost reduction opportunities. Key factors include potential optimization of toll policies and a favorable interest rate environment that could alleviate operational pressures for highway companies [2]. - High dividend characteristics are expected to remain stable in 2026, with clear three-year return plans from leading companies like Sichuan Chengyu and Wantong Highway [2]. Port Sector - The port sector is entering a strategic value era, transitioning from a perception of cyclical capacity assets to being recognized as global supply chain security hubs. This shift is driven by geopolitical factors and the need for strategic asset control [3]. - The industry is expected to see stable throughput and pricing in 2026, with a dual growth model of container stability and bulk cargo recovery. The average dividend payout ratio is projected to be 37.46%, indicating significant potential for increases [3]. Railway Sector - Passenger transport is expected to see steady growth, with flexible pricing mechanisms in place. Freight transport is also showing signs of improvement, particularly in coal and other cargo types [4][5]. Bulk Supply Chain - The bulk supply chain is poised for a new growth phase in 2026, with companies like Xiamen Xiangyu leading the way in transformation logic focused on profit margin enhancement and investor returns. The operational environment is recovering, with strong performance trends evident since 2025 [6][7]. - Strategic layout opportunities exist for leading companies in the bulk supply chain that emphasize dividends and growth expectations [7]. Investment Recommendations - The company continues to favor A/H share transportation assets, highlighting the importance of industry logic and valuation elasticity. Key recommendations include Sichuan Chengyu and Wantong Highway for their stable growth and high dividends, as well as other notable companies in the highway and port sectors [8].

民间资本投资再有新领域。 日前，国务院办公厅印发《关于进一步促进民间投资发展的若干措施》（简称"民间投资13条"），围绕拓宽投资空间、强化服务保障等方面推出13条具体举 措。 倍受关注的点是，明确鼓励民间资本参与铁路、核电、跨省输电通道、油气管道等一批重大基础设施项目，并提出"民间资本持股比例可在10%以上"的量化 指标。 这意味着，民营企业不再仅是项目建设的参与者，更有望以股东身份进入重大基础设施领域，分享其长期稳定的投资回报。 长期以来，民营企业参与重大项目建设一直是社会关注的热点，但受制于项目少、准入门槛高、融资渠道窄等多重障碍，民间资本在铁路、核电等国有资本 主导的领域中往往难以实质性进入。 与此同时，根据国家统计局数据，当前民间投资形势受房地产拖累，2025年1-10月民间投资增速为-4.5%，其中房地产开发投资同比下降14.7%。 在这一背景下，"民间投资13条"的出台不仅是对民间投资短期下滑的积极应对，更是要通过激发民营企业的活力，增强经济发展的内生动力，进一步释放内 需潜力。 制造业韧性强劲 在我国固定资产投资中，基建、制造业与房地产长期占据主导地位。国有部门高度集中于基建，而民间资本则主要在 ...

Core Viewpoint - The company has received over ten million yuan in orders related to the CR450 train set and anticipates significant revenue growth in the coming years, particularly in the carbon fiber product market [1] Group 1: Orders and Revenue Growth - The company has secured orders exceeding ten million yuan for the CR450 train set, which includes various vibration damping components [1] - The company expects to achieve a revenue increase to the scale of hundreds of millions of yuan over the next three years by focusing on expanding its market for new products like carbon fiber [1] Group 2: Production Capacity and Investment - In response to the anticipated demand from the mass production of the CR450, the company is upgrading its traditional vibration damping industry while simultaneously increasing investment in carbon fiber products [1] - The company is proactively allocating production capacity resources to ensure the smooth delivery of future orders [1]

据美国消费者新闻与商业频道(CNBC)报道，高度依赖中国消费者支出的日本美妆巨头资生堂股价下跌 11%，三越和伊势丹百货的母公司"三越伊势丹控股"股价下跌超过10%。 中新网11月17日电综合报道，当地时间17日上午，日本股市中多支与旅游相关的股票大跌。此前一日， 中国文化和旅游部发布赴日旅游提示，建议中国游客近期避免前往日本旅游。 11月16日，中国文化和旅游部发布赴日旅游提示，建议中国游客近期避免前往日本旅游。同日，中国教 育部发布留学预警，建议中国公民谨慎规划赴日留学安排。日媒分析认为，由于来自中国的访日游客数 量众多，日本旅游业恐遭受重大影响。 （文章来源：中国新闻网） 此外，东京迪士尼度假区的运营商东方乐园公司股价下滑4.74%，日本航空巨头全日空控股股价下跌 3.48%。此外，铁路、零售和酒店运营商阪急阪神控股的股价也下跌超过2%。 报道援引日本国家旅游组织的初步数据，2024年访问日本的国际游客中，近五分之一来自中国，约700 万人次。 11月14日，中国外交部发布出行提醒称，近日，日本领导人公然发表涉台露骨挑衅言论，严重恶化中日 人员交流氛围，给在日中国公民人身和生命安全带来重大风险。外交部和 ...

Group 1 - The core viewpoint of the news is that 雷尔伟 (Railway Technology Co., Ltd.) is experiencing fluctuations in its financing activities and stock performance, with a notable decrease in net buying and a high financing balance relative to its market value [1][2] - As of November 14, 雷尔伟's financing balance is 164 million yuan, accounting for 3.84% of its circulating market value, which is above the 90th percentile level over the past year, indicating a high financing level [1] - The company reported a revenue of 252 million yuan for the first nine months of 2025, reflecting a year-on-year growth of 5.66%, while the net profit attributable to shareholders decreased by 3.09% to 44.73 million yuan [2] Group 2 - 雷尔伟 has distributed a total of 178 million yuan in dividends since its A-share listing, with 160 million yuan distributed over the past three years [3] - The number of shareholders as of September 30 is 11,700, which is a decrease of 14.61% from the previous period, while the average circulating shares per person increased by 17.11% to 17,770 shares [2]

Core Insights - In October, the industrial added value of large-scale enterprises increased by 4.9% year-on-year, a decline of 1.6 percentage points compared to September. For the period from January to October, the industrial added value grew by 6.1% [1] - The manufacturing Purchasing Managers' Index (PMI) for October was 49.0%, down 0.8 percentage points from the previous month, indicating a contraction in manufacturing activity [1] - Among the three major sectors, mining added value grew by 4.5%, manufacturing by 4.9%, and the production and supply of electricity, heat, gas, and water by 5.4% in October [1] Economic Type Analysis - In October, state-owned enterprises saw a 6.7% year-on-year increase in added value, while joint-stock enterprises grew by 5.2%, foreign and Hong Kong, Macao, and Taiwan-invested enterprises by 4.0%, and private enterprises by 2.1% [2] High-tech Manufacturing Insights - High-tech manufacturing added value increased by 7.2% year-on-year in October, surpassing the overall industrial added value growth by 2.3 percentage points. Cumulatively, from January to October, high-tech manufacturing added value rose by 9.3% [3] Industry Performance - Out of 41 major industries, 29 reported year-on-year growth in added value in October. Notable growth was seen in the automotive manufacturing sector at 16.8%, transportation equipment manufacturing at 15.2%, electrical machinery and equipment manufacturing at 4.9%, and computer, communication, and other electronic equipment manufacturing at 8.9% [5] - The decline in industrial production momentum in October is attributed to the fading impact of short-term factors from September and a decrease in export growth, which is expected to affect industrial production [5] Policy and Economic Outlook - The National Development and Reform Commission announced that 500 billion yuan in new policy financial tools have been fully allocated, supporting 2,300 projects with a total investment of approximately 7 trillion yuan. Additionally, 500 billion yuan in special bonds have been allocated to support local investment projects [6] - Analysts predict a potential slight rebound in exports in November, supported by fiscal policies aimed at stabilizing growth, which may bolster industrial production [6] - The economic growth momentum is expected to shift from manufacturing to services, marking a significant change from the previous year [6] - Despite supportive policies, challenges remain with a persistent imbalance between strong supply and weak demand, alongside pressures from slowing exports and rising base effects [6][7]

《关于进一步促进民间投资发展的若干措施》(以下简称《若干措施》)近日出台，提出了13项政策举措，从扩大准入、打通堵点、 强化保障三个主要方面，支持民间资本参与重点领域投资、支持民间资本更多投向生产性服务业领域。政策措施力求畅通民营企业 投资渠道、破解民间投资发展堵点、积极支持民营企业扩大有效投资。 重点领域项目民间资本持股比例可超10% 《若干措施》提出，铁路、核电、水电等重点领域项目，鼓励支持民间资本参与，并明确民间资本持股比例可在10%以上。政策既 明确了可参与的重点领域，并量化了具备条件的项目持股比例。 民间投资在多领域将有更多准入机会 国家发展改革委投资司副司长关鹏表示，比如近年来，持续推动核电等重大项目引入民间资本，有的核电项目最高参股比例已达 20%。 中国民营经济研究会常务理事李志起表示，这些数字化的目标比以前更加精准和到位。在产业的发展方向上，向低空经济、商业航 天这些新兴的新的生产力领域都鼓励民营企业来大胆的进入。可以说，口开得更宽，民营企业的获得感会更强。 开放领域延伸至"高精尖"科研创新领域 开放领域还延伸到"高精尖"科研和创新领域，从实体经济延伸到服务业。 支持民间资本有序流向高价值服 ...