Group 1 - The overall operation of the telecommunications industry in China has remained stable in the first 11 months of the year, with a total revenue of 1,609.6 billion yuan, representing a year-on-year growth of 0.9% [1] - As of the end of November, the total number of fixed internet broadband access users reached 697 million, with a net increase of 27.12 million users compared to the end of the previous year [4] - The number of mobile IoT terminal users reached 2.9 billion, with a net increase of 24.4 million users since the end of last year [4] Group 2 - The total number of 5G base stations reached 4.83 million, with a net increase of 579,000 base stations compared to the end of the previous year [5]

来源：环球时报 中国是推动全球南方发展的重要力量，通过全球发展倡议、全球安全倡议、全球文明倡议、全球治理倡 议、共建"一带一路"倡议以及中非合作论坛等为全球南方发展注入活力。这些倡议聚焦共同发展、安 全、文化交流以及更公平的全球治理，旨在推动平等的多边主义和包容性决策，包括在新技术的作用和 治理方面，以实现惠及全人类的共同发展。 中国政府和企业已成为非洲科技驱动型现代化进程中至关重要的推动伙伴，提供信息和通信技术，助力 经济增长和公共服务的提供，如电子政务、医疗和教育领域。中非合作已从基础设施和互联互通领域拓 展到人工智能、智慧城市技术、可再生能源和可持续农业等高科技领域。 中国企业与一些非洲国家已在城市管理、金融科技解决方案和水电运营方面试点了人工智能系统，并且 双方正共同努力将技术应用于绿色能源和粮食安全领域。除了基础设施和网络之外，中非合作已逐步聚 焦于迫切需要的能力建设、可持续发展和创新。中非科技伙伴计划2.0框架下的联合项目包括共同建设 研发中心、打造科技园区、开展可持续发展项目，以及在农业、环境、减灾和公共卫生领域开展合作。 这一转变标志着长期互利的发展定位进一步深化，将技术合作作为更广泛的中非社 ...

（来源：经济参考报） 此外，千兆光纤宽带网络建设持续推进，5G基站占比持续提升。截至11月末，具备千兆网络服务能力 的10G PON端口数达3134万个，比上年末净增313.3万个。5G基站总数达483万个，比上年末净增57.9万 个，占移动基站总数的37.4%，占比较前10个月提高0.4个百分点。 前11个月，通信业整体运行平稳，电信业务收入累计完成16096亿元，同比增长0.9%。按照上年不变价 计算的电信业务总量同比增长9.1%。 工业和信息化部12月22日数据显示，截至11月末，三家基础电信企业及中国广电的移动电话用户总数达 18.28亿户，比上年末净增3854万户。其中，5G移动电话用户达11.93亿户，比上年末净增1.79亿户，占 移动电话用户的65.3%。 ...

Core Insights - Brazil, as the largest economy in Latin America, continues to attract strategic and financial investors due to its vast domestic market, rich natural resources, and strategic location in the Southern Hemisphere [1] - The country is undergoing significant tax reforms, including a comprehensive consumption tax reform that aligns with OECD standards, necessitating forward-looking financial and tax due diligence [1][3] Regulatory Environment - The merger and acquisition process in Brazil is more complex compared to jurisdictions like the US or Europe, requiring extensive documentation, additional regulatory approvals, and longer approval timelines [2] - Specific industries such as media, healthcare, and aviation have restrictions on foreign ownership or require special permits, impacting transaction structures and timelines [2] Tax Due Diligence - Tax due diligence (TDD) is critical in Brazil's evolving tax landscape, with three major structural reforms directly affecting valuation models and transaction agreements [3] - The transition from a fragmented VAT system to a dual VAT system (CBS/IBS) is set to begin in 2026, with significant implications for profit margins and working capital [3][10] Transfer Pricing and Global Minimum Tax - Starting January 1, 2024, Brazil will adopt OECD's arm's length principle for transfer pricing, expanding the scope to include services, intangible assets, and financial transactions [4] - The implementation of a qualified domestic minimum top-up tax (QDMTT) from January 1, 2025, will require companies with revenues exceeding €750 million to model effective tax rates and prepare compliance documentation [4] Employment Tax Risks - The Brazilian Supreme Court has paused litigation regarding the legality of hiring through personal service companies (PJs), which poses significant investment risks for industries reliant on contractors [8] - Potential liabilities related to employment taxes could arise if the court's final ruling is unfavorable, impacting cost structures and compliance obligations [8][15] Legal and Judicial Uncertainty - Court rulings can significantly affect tax treatment outcomes, necessitating careful evaluation of each tax dispute to determine refund eligibility and audit risks [7] - The dynamic nature of the CBS/IBS tax framework highlights the need for flexible pricing models and renegotiation clauses in sale and purchase agreements [7] Industry-Specific Considerations - In the consumer and retail sector, traditional pricing models based on ICMS-ST must be adjusted to comply with new CBS/IBS regulations [11] - The technology and digital industries must address historical risks and outdated contract structures while ensuring compliance with OECD transfer pricing rules [13] - The telecommunications sector will benefit from unified taxation rules under CBS/IBS, but transitional risks remain [14] Conclusion - Brazil's market presents attractive investment opportunities, but success hinges on the ability to navigate complex information and incorporate tax reforms, legal uncertainties, and employment tax risks into pricing considerations [17] - Effective tax due diligence is now a strategic tool that transforms complex situations into clear judgments, supporting decision-making processes [17]

Group 1 - The article discusses how Li Ka-shing and his family are reshaping their business empire through significant transactions in anticipation of an upcoming generational transition [2][5] - Cheung Kong Holdings is pursuing three major initiatives: an IPO of its retail division to raise at least $2 billion, potential listing or partial sale of its global telecom business, and negotiations to sell 43 port assets, which could generate over $19 billion in cash [2][5] - The Li family, holding about 30% of Cheung Kong Holdings, believes that asset sales and spin-offs can unlock value exceeding current market valuations, aiming to reduce the significant discount between the company's stock price and its net asset value [5][9] Group 2 - The restructuring efforts are seen as a way to ensure the family's wealth is realized and preserved, with Li Ka-shing's son, Li Zeju, facing challenges in navigating a more turbulent business environment [7][9] - The potential transactions have helped improve market sentiment, narrowing the gap between market price and net asset value, contributing to a 32% increase in the stock market this year, outperforming the Hang Seng Index [9] - The Li family is also increasing its stake in Cheung Kong Property Holdings, currently holding about 49%, indicating a strategic focus on real estate projects primarily located in Hong Kong and mainland China [9]

人民财讯12月22日电，工信部发布2025年前11个月通信业经济运行情况，其中指出，5G用户规模持续 扩大。截至11月末，三家基础电信企业及中国广电的移动电话用户总数达18.28亿户，比上年末净增 3854万户。其中，5G移动电话用户达11.93亿户，比上年末净增1.79亿户，占移动电话用户的65.3%。 ...

人民财讯12月22日电，工信部发布2025年前11个月通信业经济运行情况，前11个月，电信业务收入累计 完成16096亿元，同比增长0.9%。按照上年不变价计算的电信业务总量同比增长9.1%。 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 受损股民可至新浪股民维权平台登记该公司维权：http://wq.finance.sina.com.cn/ 关注@新浪证券、微信关注新浪券商基金、百度搜索新浪股民维权、访问新浪财经客户端、 新浪财经首页都能找到我们！ 根据中国证监会四川监管局于2024年出具的《行政处罚决定书》（[2024]1号），鹏博士电信传媒集团 股份有限公司（以下简称"鹏博士"）因信息披露违法违规受到行政处罚。经查明，鹏博士存在未按规定 披露关联交易、定期报告存在重大遗漏等违法事实。 具体涉及事项包括但不限于：公司未及时披露与关联方之间的非经营性资金往来，导致相关年度报告信 息披露不准确、不完整。该行为严重违反了《中华人民共和国证券法》及相关信息披露规定，侵害了广 大投资者的合法权益。 根据《中华人民共和国证券法》（2020年修订）及最高人民法院关于证券虚假陈述侵权民事赔偿的相关 司法解释，因上市公司虚假陈述行为而遭受损失的投资者，有权提起民事赔偿诉讼。 3．证券账户查询确认单：由证券公司营业部出具，需包含投资者姓名、身份证号、证券账户号等信 息，并加盖营业部印章。 牛彬律师声明（牛彬律师 ...

服务业扩能提质 编者按 日前召开的中央经济工作会议在部署2026年经济工作重点任务时提出"清理消费领域不合理限制措施，释放服务消费潜力""制定服务业扩能提质行动方 案""有序扩大服务领域自主开放""鼓励支持服务出口，积极发展数字贸易、绿色贸易"等。国家统计局12月15日发布的数据显示，1—11月份，全国服务业 生产指数同比增长5.6%。1—10月份，规模以上服务业企业营业收入同比增长7.6%。服务业平稳增长，现代服务业发展持续向好，将持续引领我国经济行 稳致远。 产业微评 ■夏金彪 服务消费作为现代经济结构优化升级的重要标志，正日益成为推动经济高质量发展的重要内生动力。近期召开的中央经济工作会议对明年经济工作重点任 务作出部署，明确提出"清理消费领域不合理限制措施，释放服务消费潜力"。 目前，我国经济已由高速增长阶段转向高质量发展阶段，服务消费在满足人民日益增长的美好生活需要、优化经济结构、促进就业等方面发挥着越来越重 要的作用。服务消费不仅涵盖餐饮、旅游、教育、医疗、养老等民生领域，还延伸至数字服务、体育赛事、文化娱乐等新兴业态，成为拉动经济增长 的"新引擎"。 数据显示，在2013—2023年的11年间， ...

Core Insights - The "14th Five-Year Plan" has marked a significant transition for China, moving from being a technology follower to a leader in key industrial sectors, thereby reshaping its relationship with the global economy [2][3]. Group 1: Technological Advancements - During the "14th Five-Year Plan," China has achieved breakthroughs in becoming a technology leader in several critical industries, including telecommunications, electric vehicles, solar panels, wind energy, drones, industrial control systems, batteries, and artificial intelligence [2][3]. - This shift indicates that China is no longer just a supplier of replaceable medium-tech products but plays an irreplaceable role in other countries' critical infrastructure, such as power systems and transportation networks [3]. Group 2: R&D Investment - China's R&D expenditure as a percentage of GDP stands at 2.6%, significantly higher than that of other developing countries and surpassing three G7 economies, although it still lags behind the US and other G7 nations [4]. - The effectiveness of R&D investments is not immediately visible, as the correlation between R&D spending and economic growth is low, with a negative correlation of -0.31 among the world's top ten economies [5]. Group 3: Future Outlook - To maintain its leading position in new productive forces, China must continue to increase its R&D investment ratio and sustain its investment levels relative to the US and Western economies [6]. - The ongoing transition to renewable energy and sustainable transportation systems will take decades, and China's advancements in these areas will contribute to organic growth and a more central role in the global economy [3].