图为中国与阿联酋共建的迪拜马克图姆太阳能公园四期光热光伏综合发电项目槽式集热器（无人机照 片）。 新华社发 近日，位于英国伦敦的独立智库"亚洲之家"援引国际货币基金组织（IMF）数据指出，2024年，6个海 湾国家阿联酋、沙特阿拉伯、卡塔尔、科威特、阿曼和巴林对华贸易额达2570亿美元，超过6国与美 国、英国和欧元区国家合计2560亿美元的贸易总额。报告预计，到2028年，海湾国家与中国的贸易总额 将增至3750亿美元。 亮眼的数据背后，是古丝绸之路两端文明跨越千年的又一次"双向奔赴"。近年来，中国和海湾阿拉伯国 家合作委员会（海合会）成员国的合作热度不断上升，合作领域持续拓宽，合作成果不断涌现。本报对 话复旦大学中东研究中心主任孙德刚、西北大学中东研究所副教授王晋，解读中国与海合会国家如何跨 越山海，书写丝路友谊新篇章。 ▶▶▶成果丰硕 今年5月，中方宣布对沙特、阿曼、科威特、巴林4个海湾阿拉伯国家试行单方面免签政策，加上2018年 全面互免签证的阿联酋和卡塔尔，中国已实现对海合会国家免签"全覆盖"，为加快人员往来与多领域交 流合作提供更多便利。 【解读】 孙德刚：中国与海合会国家的合作已成为中阿合作的典范 ...

Core Viewpoint - Japan's economy has experienced a downturn after five consecutive quarters of growth, with a 1.8% year-on-year decline in GDP for Q3 2025, marking the first negative growth in six quarters [1][10]. Group 1: Economic Performance - The GDP decreased by 0.4% on a quarter-on-quarter basis, slightly better than the market expectation of a 0.6% decline, indicating a loss of growth momentum for the world's fourth-largest economy [1]. - The decline in Japan's economy is attributed to simultaneous downturns in exports, housing investment, and private consumption, which are considered the three main drivers of economic growth [3]. Group 2: Export and Trade Impact - Japan's goods and services exports fell by 1.2% quarter-on-quarter, significantly impacted by U.S. tariff increases, particularly affecting the automotive sector, which saw a substantial drop in export volumes [4][6]. - The contribution of external demand to GDP growth was negative by 0.2 percentage points due to the decline in exports, which account for 20% of Japan's total exports [7]. Group 3: Domestic Consumption and Investment - Private consumption, which constitutes over half of Japan's economy, showed minimal growth of only 0.1% quarter-on-quarter, a slowdown from 0.4% in the previous quarter [5]. - Housing investment experienced a dramatic decline of 9.4% quarter-on-quarter, linked to stricter energy efficiency regulations introduced in April [4]. Group 4: Policy Response and Future Outlook - In response to economic contraction, the Japanese government is accelerating fiscal measures, with an economic stimulus plan exceeding 17 trillion yen (approximately $109.9 billion) aimed at alleviating the impact of rising living costs and boosting investment in growth sectors like AI and semiconductors [9]. - Economists generally view the current economic data as a temporary setback rather than the beginning of a recession, with expectations of gradual recovery over the next one to two years despite underlying issues such as stagnant real wages and rising food costs [11].

计划强调，未来一年应加快推广碳中和混凝土、人工智能设计管理、3D打印结构及可再生智慧材料等 新技术，这些创新有助于提升能效、降低成本与风险，但同时要求行业快速适应新标准。此外，无人机 监测技术的应用将被广泛用于施工安全与进度管理。 此外，为支持行业转型，政府将建立国家绿色认证体系，用于评估和认证环境友好型建筑与社区，并扩 大认证建筑数量。同时，大学的建筑与工程课程也将进行更新，以培养掌握建筑信息模型、循环经济实 践、能源效率管理等技能的专业人才，并强化包括法律、合同、项目及风险管理在内的行政领域教育。 截至目前，土耳其承包商已在全球承担12627个项目，合同总额达5436亿美元。其中，铁路项目占 26.1%，公路、隧道与桥梁项目占14.1%。根据年度计划预测，2026年全球技术咨询服务项目总额预计 达2.1亿美元，全球承包服务业务总量预计达280亿美元。 这项被称为"双转型"的综合计划，旨在扩大可再生资源的利用，强化供应链体系，推动具有成本竞争力 的低碳建材生产，同时提升行业的技术能力与创新水平。 土耳其东南部地区曾在2023年2月的地震中遭受严重破坏。根据计划，未来一年内，针对这一地区相关 的城市更新与重建 ...

Core Viewpoint - The economic data for October indicates a general slowdown in total economic activity, with key indicators such as industrial output, services, investment, retail sales, exports, and real estate sales all showing varying degrees of decline compared to previous values [1][5][19]. Economic Data Overview - The monthly GDP index simulated from industrial output, retail sales, and service production indices shows a year-on-year growth of 4.53%. This index has gradually recovered since the low in September 2022, reaching a high in March 2023, but has faced pressure in the second quarter and again in October [1][6]. - To achieve the annual growth target of 5%, the combined growth for November and December needs to be no less than 4.5% [1][6]. Industrial Sector Analysis - October's industrial output growth was 4.9%, down from 6.5% in the previous month. The month-on-month seasonally adjusted industrial value added was 0.17%, significantly lower than the previous 0.65% [6][8]. - The decline in industrial output is attributed to three main factors: fluctuations in export delivery values, a slowdown in major industrial product outputs, and the impact of policy financial tools on the construction sector [2][8]. - Key industrial product outputs showed negative growth, including crude steel (-12.1%), cement (-15.8%), and solar cells (-8.7%), while integrated circuit production increased by 17.7% [8][12]. Retail Sales Insights - Retail sales in October did not show an overall decline, with many categories improving. The apparent slowdown was mainly due to high base effects in durable goods like automobiles. Excluding automobiles, retail sales grew by 4.0%, surpassing the previous 3.2% [9][10]. - Growth was observed in sectors such as dining, alcohol, food, clothing, cosmetics, and daily necessities, while declines were noted in real estate-related furniture and high-base automotive and home appliance sales [9][10]. Fixed Asset Investment Trends - Fixed asset investment saw an expanded decline, with cumulative year-on-year growth dropping from -0.5% to -1.7%, and a monthly decline of 11.2% [3][11]. - The share of real estate development in fixed asset investment fell to 18.0%, the lowest since 2018. Excluding real estate, fixed asset investment growth was only 1.7%, indicating persistent low levels [3][11]. Real Estate Market Conditions - Real estate data in October continued to show significant pressure, with declines in sales, new construction, investment completion, and funding availability [15][16]. - The price indices for new and second-hand residential properties in 70 major cities showed a slight increase in the rate of decline compared to previous values, indicating a need for price stabilization to support sales and investment [15][17]. Overall Economic Outlook - The overall economic data for October suggests a marginal increase in total pressure, with structural highlights in general consumption and service consumption showing initial signs of recovery [4][19]. - The shortfalls remain in fixed asset investment and real estate volume and price, with recent policy measures yet to translate into hard data [4][19].

"搭积木"式盖楼再上热搜。 近日，广州市住建局网站发布消息，广州市智能建造与工业化建筑产业发展工作专班办公室印发《广州市大力发展智能建造与工业化建筑加快推进建筑产 业现代化的实施意见》（以下简称"实施意见"）。其中提到，2026年起，广州市出让的居住用地100%实施装配式建筑。 图源 | 广州市住建局网站 该消息发布后引发了广泛关注。这意味着，未来购房者在广州购置的新房项目，大多将像"拼乐高"一样建造而成。 《每日经济新闻》记者（以下简称"每经记者"）注意到，装配式建筑在房地产行业并非新鲜事物。鉴于其具备建筑施工高效、节能环保等优势，万科、碧 桂园、绿地集团、保利发展等知名房企已纷纷对装配式建筑展开探索与实践。 同策研究院联席院长宋红卫11月12日通过微信接受每经记者采访时表示，装配式建筑的优势与"好房子"四个标准中的安全性、绿色性标准高度吻合，符合 政策导向，同时迎合了消费者对于高品质产品的需求。 01 明年起，出让宅地100%实施装配式建筑 根据上述实施意见，广州将因地制宜推进智能建造与工业化建筑产业发展，在政府投资或参照政府投资管理的新建房建项目全面应用装配式建筑、装配式 装修，逐步推进模块化建筑应用。 ...

撰文｜刘颂辉 编辑｜魏文艺 封面图源｜视觉中国-VCG211298705660 "搭积木"式盖楼再上热搜。 近日，广州市住建局网站发布消息，广州市智能建造与工业化建筑产业发展工作专班办公室印发《广州市大力发展智能建造与工业化建筑加快推进建筑产 业现代化的实施意见》（以下简称"实施意见"）。其中提到，2026年起，广州市出让的居住用地100%实施装配式建筑。 1 明年起，出让宅地100%实施装配式建筑 根据上述实施意见，广州将因地制宜推进智能建造与工业化建筑产业发展，在政府投资或参照政府投资管理的新建房建项目全面应用装配式建筑、装配式 装修，逐步推进模块化建筑应用。到2030年，全市智能建造与工业化建筑产业总产值突破5000亿元。 该消息发布后引发了广泛关注。这意味着，未来购房者在广州购置的新房项目，大多将像"拼乐高"一样建造而成。 《每日经济新闻》记者（以下简称"每经记者"）注意到，装配式建筑在房地产行业并非新鲜事物。鉴于其具备建筑施工高效、节能环保等优势，万科、碧 桂园、绿地集团、保利发展等知名房企已纷纷对装配式建筑展开探索与实践。 同策研究院联席院长宋红卫11月12日通过微信接受每经记者采访时表示，装配式 ...

Core Viewpoint - The development of the private economy is crucial for advancing China's modernization, with a focus on enhancing its efficiency and effectiveness, particularly in foreign trade, during the 15th Five-Year Plan period [1][18]. Group 1: Private Economy's Role and Challenges - The private economy has shown significant advantages in scale and efficiency compared to state-owned enterprises, especially in emerging industries during the 14th Five-Year Plan [1]. - However, there are signs of slowing growth in key economic indicators for private enterprises, such as employment absorption capacity and industrial economic growth, which have lagged behind state-owned enterprises [1][2]. - The private economy's share of total investment has decreased from 53.6% in 2020 to below 49% in 2024, indicating a need for revitalization [5][6]. Group 2: Employment and Wage Disparities - The ability of private enterprises to absorb employment has weakened, with annual growth rates dropping from 8.5% (2015-2019) to 1.15% (2020-2024) [3]. - The wage gap between private and state-owned employees has widened, with private employees earning 56% of what their state-owned counterparts earn in 2024, down from 63.8% in 2015 [4]. Group 3: Investment Trends - Private investment growth has lagged behind national and state-owned investment, with an average annual growth rate of 1.6% for private investment compared to 6.2% for state-owned investment from 2020 to 2024 [5][6]. - The share of private investment in total national investment has decreased significantly over the past decade, indicating a trend of declining private sector investment [6]. Group 4: Industrial Performance - The growth rate and efficiency of private industrial enterprises have declined, with state-owned industrial enterprises surpassing private ones in several key performance indicators [7][8]. - From 2020 to 2024, the average annual growth rate of industrial value added for private enterprises was 5.3%, while state-owned enterprises achieved 5.1% [7]. Group 5: Foreign Trade Achievements - Private enterprises have significantly contributed to foreign trade, with an average annual growth rate of 9.9% in import and export totals from 2015 to 2024, compared to 4.1% for state-owned enterprises [12]. - By 2024, private enterprises accounted for 55.7% of total import and export value, up from 35% in 2015, highlighting their growing importance in this sector [12]. Group 6: Private Listed Companies - The number of private listed companies has increased, with private enterprises accounting for 64% of all listed companies by mid-2025 [13]. - However, private enterprises show lower profitability metrics compared to state-owned enterprises, with net profit margins declining from 0.63% in 2020 to 0.43% in 2024 [14]. Group 7: Wealth Distribution Among Entrepreneurs - The number of wealthy entrepreneurs and their total wealth has been declining, with a 12% decrease in the number of individuals on the Hurun Rich List from 2023 to 2024 [17]. - The threshold for entering the New Fortune 500 list has also decreased, indicating a contraction in wealth among the top entrepreneurs [17].

Group 1 - The company, Teda Co., Ltd. (SZ 000652), held a temporary board meeting on November 11, 2025, to discuss the reappointment of the accounting firm for the fiscal year 2025 [1] - For the first half of 2025, Teda's revenue composition was as follows: wholesale industry accounted for 89.05%, environmental management for 9.89%, construction for 0.44%, textile and apparel for 0.37%, and real estate for 0.26% [1] - As of the report date, Teda's market capitalization was 6.5 billion yuan [1]

Group 1: Employment Data Analysis - The U.S. non-farm payroll data may be overestimated, with a significant downward revision of 344,000 jobs in Q1 2024 due to the Birth-Death Model's lagging indicators[10] - The CES (Current Employment Statistics) data may have overestimated non-farm employment by approximately 635,000 jobs from January to August 2025, influenced by an increase in multiple jobholders and a decrease in unpaid leave[15] - The CES survey response rate has declined from 60% in January 2020 to 42.6% in March 2025, indicating a potential increase in statistical errors[13] Group 2: Labor Market Dynamics - Since March 2025, the U.S. has seen a net loss of 1.48 million immigrant workers, while native labor supply has increased by 1.861 million[23] - The "native substitution" effect is unlikely to be sustainable due to the aging population and the inability of native workers to fill the gaps left by departing immigrants[33] - The labor market is experiencing a trend of declining hiring rates and slightly increasing layoff rates, with a pessimistic outlook on job switching due to low wage growth[20] Group 3: Sector-Specific Insights - The cyclical industries, such as leisure and hospitality, construction, and manufacturing, are showing significant employment slowdowns, with the construction sector particularly affected by a cooling housing market[40] - The leisure and hospitality sector has a high turnover rate, with a youth participation rate of 34.48% and a part-time rate of 44.1%, leading to a unique "high demand, high supply" balance[47] - Non-cyclical sectors like education and healthcare are facing downward risks, with the healthcare sector experiencing job losses of at least 70,000 in the past year due to policy changes and layoffs[29]

Core Insights - Dubai's GDP grew by 4.4% in the first half of 2025, reaching 241 billion dirhams, driven primarily by trade, transportation, and tourism [1] Economic Growth by Sector - The construction sector experienced a growth of 8.5% [1] - The real estate sector saw a growth of 7% [1] - The financial and insurance sector grew by 6.7% [1] - The information and communication sector increased by 5.3% [1] - The health and social work activities sector was the fastest-growing, with a remarkable growth of 20% [1]