本报记者 吴晓璐 毛艺融 2022年11月18日，中国证监会办公厅、工业和信息化部办公厅联合发布了《关于高质量建设区域性 股权市场"专精特新"专板的指导意见》（以下简称《指导意见》）。三年来，三批共计26家区域性股权 市场"专精特新"专板（以下简称"专板"）完成备案。权威数据显示，截至今年9月底，26家专板共服务 企业1.56万家，其中，国家级专精特新"小巨人"企业1298家，专精特新中小企业9197家，上市后备企业 1098家。 三年筑基，育树成林，专板已成为各地汇聚专精特新中小企业的"苗圃"，精准赋能入板企业，在助 力融资、培育上市等方面发挥了积极作用，资本市场"塔基"功能有效发挥，为加速培育新质生产力注入 了强劲动力。 集聚效应凸显 产业布局高度契合新质生产力 在区域性股权市场完成专板建设方案备案后，江苏、天津、河北、河南等多地出台了支持专板发展 的具体举措，引导符合条件的企业在专板挂牌融资，为入板企业推出专项服务，助力高标准建设专板。 目前，入板企业多集中于战略性新兴产业和未来产业，与培育新质生产力的方向高度契合，形成了 良好的示范效应。 例如，北京"专精特新"专板是全国首批备案的专板之一。北京股权交 ...

本报记者 吴晓璐 毛艺融 2022年11月18日，中国证监会办公厅、工业和信息化部办公厅联合发布了《关于高质量建设区域性股权市场"专精特新"专 板的指导意见》（以下简称《指导意见》）。三年来，三批共计26家区域性股权市场"专精特新"专板（以下简称"专板"）完成 备案。权威数据显示，截至今年9月底，26家专板共服务企业1.56万家，其中，国家级专精特新"小巨人"企业1298家，专精特新 中小企业9197家，上市后备企业1098家。 三年筑基，育树成林，专板已成为各地汇聚专精特新中小企业的"苗圃"，精准赋能入板企业，在助力融资、培育上市等方 面发挥了积极作用，资本市场"塔基"功能有效发挥，为加速培育新质生产力注入了强劲动力。 集聚效应凸显 产业布局高度契合新质生产力 在区域性股权市场完成专板建设方案备案后，江苏、天津、河北、河南等多地出台了支持专板发展的具体举措，引导符合 条件的企业在专板挂牌融资，为入板企业推出专项服务，助力高标准建设专板。 目前，入板企业多集中于战略性新兴产业和未来产业，与培育新质生产力的方向高度契合，形成了良好的示范效应。 例如，北京"专精特新"专板是全国首批备案的专板之一。北京股权交易中心 ...

Core Viewpoint - China Aviation Oil Group is preparing for a restructuring with another state-owned enterprise, reflecting ongoing optimization and structural adjustments in the state-owned economy [1][2]. Group 1: Restructuring Details - China Aviation Oil (Singapore) Co., Ltd. announced that its parent company, China Aviation Oil Group, will undergo a restructuring, which is still in the planning stage and requires further approval [2]. - The restructuring is not expected to significantly impact the normal operations of the company and its subsidiaries [2]. - China Aviation Oil Group currently holds 51.31% of the issued shares of the company [2]. Group 2: Industry Context - The restructuring is seen as part of a broader trend of state-owned enterprises (SOEs) enhancing their core competitiveness through strategic mergers and consolidations [2][3]. - The company operates in a critical downstream segment of the aviation fuel supply chain, with a stable sales network covering national transport airports and airline customers [2]. - The restructuring aims to achieve integration of refining and distribution, enhancing the stability of the supply chain [2]. Group 3: National Policy and Trends - During the 14th Five-Year Plan period, state-owned enterprises have been optimizing their layouts, with 10 enterprises undergoing strategic mergers [4]. - The restructuring aligns with national policies focusing on enhancing the efficiency and competitiveness of the entire industrial system [4][5]. - As of Q3 this year, over 70% of the revenue from central enterprises is derived from sectors related to national security and public welfare [4]. Group 4: Future Directions - The focus of SOE reforms from 2023 to 2025 will be on functional reforms that serve national strategies, with strategic restructuring and professional integration as key approaches [5][6]. - The National Development and Reform Commission aims to optimize the flow and allocation of state capital, enhancing both qualitative and quantitative growth of the state economy [7]. - Emphasis will be placed on strategic and professional restructuring to avoid redundant construction and disorderly competition, while promoting innovation and enhancing the resilience of the industrial chain [8].

Group 1 - The core point of the article is that the ADP private sector employment report for October shows a net increase of 42,000 jobs, marking the first positive growth since July 2025, and surpassing market expectations of 25,000 jobs, reversing the trend of job losses in August and September [1][2] - Job growth is concentrated in specific sectors, with education, healthcare, trade, transportation, and utilities being the main drivers, while professional and business services, information industries, and leisure and hospitality sectors have seen job reductions for the third consecutive month [2][3] - Wage growth remains stable overall, with median annual salaries for stayers increasing by 4.5%, while job switchers experience a more significant increase of 6.7%, indicating that labor mobility still provides a premium [3][4] Group 2 - The September ADP employment data was revised from a decrease of 32,000 jobs to a decrease of 29,000 jobs, which alleviates some market concerns about a sharp deterioration in the job market [3][4] - The ADP report has gained unusual attention due to the U.S. federal government shutdown, which has prevented the release of key official employment data, but the ADP data only covers about 26 million private sector employees, compared to the broader non-farm report [4][5] - The release date for the October non-farm employment report remains uncertain due to the ongoing government shutdown, which may lead to market volatility based on private data [5]

Economic Performance - Jilin Province's GDP for the first three quarters of 2025 reached 1,083.2 billion yuan, with a year-on-year growth of 5.3%, accelerating by 1.0 percentage points compared to the previous year and exceeding the national average by 0.1 percentage points [1] - The agricultural sector in Jilin showed steady growth, with total output value in agriculture, forestry, animal husbandry, and fishery reaching 139.08 billion yuan, a year-on-year increase of 4.4% [1] - Livestock production contributed significantly to agricultural growth, with cattle and sheep output increasing by 7.6% and 5.8% respectively [1] Industrial Growth - The added value of Jilin's industrial enterprises above designated size grew by 8.4% year-on-year, an increase of 6.3 percentage points compared to the previous year, and outpacing the national average by 2.2 percentage points [1] - Key industries in Jilin maintained growth, with the pharmaceutical and information industries achieving double-digit growth rates of 17.1% and 15.0% respectively [1] - Notable increases in specific products included a 9.5% rise in new energy vehicles and a 54.7% increase in urban rail vehicles [1] Investment and Consumption - Jilin's investment structure improved, with industrial investment growing by 2.7% year-on-year, accounting for 33.4% of total investment, an increase of 3.4 percentage points from the previous year [2] - The retail sales of consumer goods in Jilin reached 313.83 billion yuan, with a year-on-year growth of 4.0%, accelerating by 0.5 percentage points compared to the previous year [2] - Retail sales in specific categories showed growth, with food, clothing, and daily necessities increasing by 2.7%, 5.3%, and 4.9% respectively [2]

Market Trends - The market is experiencing a rotation of funds from technology stocks to undervalued sectors such as liquor and coal, indicating a shift in investor sentiment [1] - The technology sector is expected to rebound after recent adjustments, prompting selective buying opportunities [1] Investment Strategies - The company has increased its position in TMT (Technology, Media, and Telecommunications) sector-focused funds, anticipating benefits from the ongoing AI wave [3] - A significant investment of 5000 yuan was made in a gold ETF, driven by the metal's strong performance due to geopolitical tensions and expectations of interest rate cuts by the Federal Reserve [4] - The company has also invested in a consumer-focused fund, which combines traditional and emerging consumption sectors, capitalizing on upcoming consumption peaks and government policies aimed at boosting consumer spending [5] Sector Analysis - The renewable energy sector is benefiting from global green transitions, with domestic solar installations expected to exceed 200GW this year [6] - The digital economy, represented by AI and semiconductors, is accelerating growth opportunities for hard-tech companies [6] - The biopharmaceutical sector is entering an innovation cycle supported by favorable policies [6] Portfolio Adjustments - The company is strategically reducing exposure to the photovoltaic sector while maintaining positions in semiconductor and new energy vehicle ETFs, indicating a cautious approach to market fluctuations [9] - The company is focused on managing risk and optimizing portfolio performance through careful position adjustments [9]

Core Insights - The book "Creating New Demand" by economists Teng Tai and Zhang Haibing emphasizes the importance of creating demand through understanding consumer behavior and societal trends, shifting from basic material needs to high-quality spiritual needs [2][3] Group 1: Consumer Behavior and Trends - Consumers are increasingly focused on the experiential and spiritual aspects of consumption, valuing meaning, aesthetics, fashion, and cultural significance alongside traditional factors like quality and price [2][3] - The transition from traditional retail to new retail emphasizes not only product availability and pricing but also factors like fast delivery, convenience, interactivity, and social features [2][3] Group 2: Soft Value Creation - The book introduces the concept of "soft value," which encompasses non-material aspects such as research and development, design, creativity, branding, and user experience, which are crucial for meeting spiritual needs [3][4] - Soft value is distinct from soft power; it is an economic concept focused on the intrinsic value of products and services, while soft power is a political concept [3] Group 3: Enhancing Consumer Experience - Improving customer experience is identified as a key factor in creating new demand, with each purchase representing a lifestyle choice [4][5] - The "soft value creation equation" suggests that soft value can lead to exponential economic value, highlighting the importance of effective innovation, traffic management, experience enhancement, business model innovation, and organizational change [4] Group 4: Practical Applications - The book discusses how sectors like agriculture, manufacturing, and services can benefit from soft value creation, which often involves indirect paths to profitability, such as prioritizing public value before monetization [4] - Successful tourism and cultural experiences are linked to a focus on enhancing visitor experiences, indicating that traditional revenue models need to evolve to meet consumer expectations [5]

Group 1 - Two plots of land totaling over 250 acres are set to be auctioned on October 20, with one enterprise expected to hold them [1][3] - Both plots have identical planning indicators, requiring a floor area ratio of ≥1.5, building density of 35-65%, and green space ratio of ≤15% [1] - The land is designated for industrial use with a 50-year lease, and residential buildings must utilize prefabricated construction technology, with at least 50% of the residential building area meeting this requirement [1] Group 2 - The two plots must be auctioned by the same bidder and cannot be bid on separately, utilizing a "standard land" transfer method [3] - The primary industries for development or introduction must include information technology, artificial intelligence, smart manufacturing, automotive, machinery, light industry, aerospace, shipbuilding, marine engineering equipment, CNC machine tools, and technology innovation platform construction, with an average tax revenue of ≥400,000 yuan per acre [3]

Economic Overview - The economic growth target for 2023 is around 5%, with the first half achieving a growth rate of 5.3%, the best performance in four years[116] - The GDP growth rate is expected to slow down in the second half, with Q3 projected at 4.8-5% and Q4 at 4.5-4.7%[119] Market Signals - Since 2023, there has been a divergence between economic growth and stock/bond market trends, with economic indicators losing elasticity[12] - The nominal GDP growth rate is stable at over 5%, while the price level has turned positive, indicating a shift in economic dynamics[30] Structural Changes - The economy is transitioning from traditional sectors to new technologies, with significant increases in production capacity for new tech products[35] - The income structure of urban residents has shown a decline in property and transfer income, with property income dropping by 7.8%[75] Policy Implications - The government is focusing on enhancing nominal GDP growth while balancing inflation and exchange rates[31] - Structural reforms are necessary to address supply-demand imbalances and improve income distribution, particularly through urbanization and income redistribution strategies[79] Investment Outlook - The stock market is expected to enter a new equilibrium, with emerging industries gaining more influence on index performance[190] - The bond market is likely to experience fluctuations, with a potential upward shift in the 10-year yield to 1.70-1.75%[184]

Core Insights - Beijing's "Specialized, Refined, Characteristic, and Innovative" board has been operational for two years, with 809 companies listed and total financing exceeding 22 billion yuan [1][2] - The majority of companies on the board are in cutting-edge fields such as new generation information technology, software and information services, artificial intelligence, biomedicine, intelligent manufacturing, and new energy materials, accounting for nearly 90% [1] Company Performance - Among the 809 companies, 160 are innovative small and medium-sized enterprises (SMEs), representing 19.78%; 471 are city-level specialized SMEs, accounting for 58.22%; and 129 are national-level "little giant" enterprises, making up 15.95% [1] - In terms of financial performance, 179 companies have revenue exceeding 100 million yuan, which is 22.13% of the total; nearly half of the companies have revenue over 30 million yuan [1] - Regarding innovation, 195 companies have R&D expenditures exceeding 20 million yuan, representing 24.10%; 351 companies have R&D expenditures over 10 million yuan, accounting for 43.39% [1] Industry Distribution - The industry distribution of the companies on the board reflects Beijing's high-precision and cutting-edge industry types, with the information industry comprising 42.03% (340 companies); the pharmaceutical and health industry follows at 16.44% (133 companies); advanced manufacturing and intelligent equipment account for 10.26% (83 companies); artificial intelligence and new materials have 82 and 44 companies, respectively [2] - The distribution of industries aligns with the unique attributes of Beijing's ten high-precision and cutting-edge industries, showcasing the characteristics of "specialized, refined, characteristic, and innovative" enterprises [2] Policy and Support - To enhance the multi-level capital market's role in supporting SMEs, the "Guiding Opinions on High-Quality Construction of Regional Equity Market 'Specialized, Refined, Characteristic, and Innovative' Board" was issued in November 2022 [2] - The Beijing Municipal Bureau of Economy and Information Technology, along with other financial regulatory bodies, developed the "Beijing 'Specialized, Refined, Characteristic, and Innovative' Board Construction Plan," which was approved by the China Securities Regulatory Commission on June 30, 2023, establishing the first "Specialized, Refined, Characteristic, and Innovative" board in the country [2]