正值四中全会召开前夕，在"十四五"收官、"十五五"将启的历史交汇期。 《人民日报》发表八篇"钟才文"署名文章， 系列文章围绕"经济形势怎么 看、经济工作怎么干"这一核心问题， 深入系统阐述中国经济长期稳定发 展的内在逻辑，以及中国发展之于世界的机遇性和确定性。当前，全球经 济面临诸多不确定性，国内经济转型进入关键阶段。此时此刻，正是需要 厘清认识、凝聚共识、坚定信心的关键时刻。 钟才文： 从全球视角看新时代中国经济的跨越与蝶变 《人民日报》 （ 2025年09月30日 第 01 版） 党的十八大以来，中国特色社会主义进入新时代。面对国际形势风云变幻、地缘政治冲突加剧、世纪疫情叠加世界经济衰退、全球贸易保护主义盛行，在 以习近平同志为核心的党中央坚强领导下，在习近平经济思想指引下，中国经济始终保持战略定力，坚持高质量发展不动摇，着力构建新发展格局，走出 了一条与世界其他主要经济体形成鲜明对比的稳健发展之路，在充满不确定的世界里，展现出强大韧性和活力，实现了历史性的跨越和蝶变。 发展理念深刻转变，引领中国经济发展质量更高。 新时代以来，我们党深刻总结国内外发展经验教训和发展大势，创造性提出创新、协调、绿色、开 放 ...

证券研究报告 港股择时宏观框架与量化策略 ——跨境投资洞察系列报告之三 证券分析师 郭子睿 投资咨询资格编号：S1060520070003 任书康 投资咨询资格编号：S1060525050001 陈 瑶 投资咨询资格编号：S1060524120003 研究助理 2025年10月9日 高 越 一般从业资格编号：S1060124070014 请务必阅读正文后免责条款 主要观点 风险提示：1）历史数据梳理不构成投资建议；2）量化规律失效风险；3）策略回测风险；4）宏观环境剧烈变动风险。 1 港股市场概述。恒生综合指数、恒生指数等代表性指数聚焦于大市值公司，恒生综合指数平均市值略高于中证800，恒生指数平均市值介 于沪深300和上证50之间。A股、港股相对表现存在显著周期性波动，长期来看港股风险、收益水平整体低于A股，中证800下跌行情中恒 生指数具有一定抗跌属性，但部分上涨行情中港股也具有更好的进攻属性。AH股溢价受到美元指数周期的影响，美元指数下行有利于港 股市场上涨，促进AH股溢价回落。两地市场定价环境的差异是A股、港股相对表现的主导因素，对宏观环境的敏感性差异可能是重要原因。 港股宏观驱动因素。 1）海外宏观 ...

今日涨跌幅居前的概念板块 资金面上看，今日冰雪产业概念板块获主力资金净流出9.55亿元，其中，38股获主力资金净流出，5股 主力资金净流出超5000万元，净流出资金居首的是万科A，今日主力资金净流出2.12亿元，净流出资金 居前的还有西域旅游、凯撒旅业、华策影视等，主力资金分别净流出9885.04万元、7021.73万元、 6745.39万元。今日主力资金净流入居前的概念股有天桥起重、苏州高新、华侨城A等，主力资金分别净 流入4502.06万元、2504.31万元、873.34万元。（数据宝） 冰雪产业概念资金流出榜 | 代码 | 简称 | 今日涨跌幅（%） | 今日换手率（%） | 主力资金流量（万元） | | --- | --- | --- | --- | --- | | 000002 | 万科A | -1.45 | 2.60 | -21222.36 | | 300859 | 西域旅游 | -6.13 | 8.61 | -9885.04 | | 000796 | 凯撒旅业 | -8.52 | 9.99 | -7021.73 | | 300133 | 华策影视 | -13.56 | 12.43 | -674 ...

在昨天的推进会上，吴江区发展改革委、统计、工信、商务等部门分别就整体经济运行情况、GDP 指标支撑情况、工业领域和商贸领域经济运行情况作了汇报，各区镇进行交流。会议要求，要把握形势 要求，树牢奋战四季度的责任感紧迫感；要锚定目标任务，拿出奋战四季度的硬举措硬担当；要狠抓责 任落实，提高奋战四季度的执行力和落实力。 今年以来，吴江各地各部门加压奋进，全区上半年实现GDP增长6.1%，连续4个季度领跑全市。今 年1至8月，全区实现规上工业产值3797.12亿元，同比增长6.0%，列全市第二，比去年提升0.6个百分 点。8个区镇同比均实现正增长。1至8月，全区工业投资同比增长14%，高于苏州大市增速2.7个百分 点，总量列全市第二，增速列全市第三。今年以来，吴江4个乡镇工业投资增速保持在20%以上。 今年前3个季度，吴江亿元以上产业项目新签约241个、新开工208个、新投产178个，1至8月签约、 投产项目数都是全市第一，开工项目数是全市第二。4个省重大、57个市重点项目分别完成年度计划投 资的101.47%、112.34%，计划新开工项目全部开工；323个区重点项目完成年度计划的93.29%，计划新 开工项目开工 ...

研究报告 Research Report 28 Sep 2025 东南亚必需消费 & 可选消费 Southeast Asia Staples & Discretionary 东南亚消费行业 8 月跟踪报告：各市场股指纷纷收涨，印尼泰国及新加坡通胀放缓 Stock Indexes Rose in ASEAN, Inflation Slowed in Indonesia, Thailand, Singapore [Table_yemei1] 观点聚焦 Investment Focus [Table_Info] 市盈率 P/E 股票名称 评级 目标价 PE(2025E) PE(2026E) 资料来源： Factset, HTI Related Reports 东南亚消费行业 7 月跟踪报告：领先指标喜忧参半，越南及泰国消费估值 提升 Leading indicators are a mixed bag, while consumer valuations are up in Vietnam and Thailand (31 Aug 2025) 80 100 120 140 160 Sep-24 Dec-24 Mar ...

Group 1 - The core viewpoint of the article is the progress report on the rectification of issues identified during the third round of inspections by the Central Committee of the Communist Party of China at CITIC Group, emphasizing the importance of political responsibility and systematic rectification measures [1][2][6]. Group 2 - The Group's Party Committee has established a rectification leadership team and office, with the Party Secretary as the leader, to ensure the implementation of rectification measures [2][3]. - The Group has conducted multiple meetings to study and understand the feedback from the Central Inspection Team and has organized special training to enhance rectification capabilities [2][4]. - The rectification process includes a comprehensive analysis of common issues identified in previous inspections, ensuring a systematic approach to problem-solving [4][5]. Group 3 - The Group is committed to implementing major decisions from the Central Committee, focusing on enhancing the political and people-oriented nature of financial work [7][8]. - The Group has initiated the "Strong Core" project to provide high-quality financial support to the real economy and has improved its international business strategy [8][9]. Group 4 - The Group has strengthened its risk management framework, including the establishment of a risk management committee and the implementation of a comprehensive risk governance mechanism [9][10]. - There is a focus on enhancing the risk control capabilities of subsidiaries and improving compliance with regulatory requirements [10][11]. Group 5 - The Group is actively pursuing reforms to strengthen its core business and improve its governance structure, aiming to create a world-class financial holding group [11][12]. - The Group is committed to deepening its financial services to support the real economy, with specific initiatives in technology finance and green finance [13][14]. Group 6 - The Group has established a robust mechanism for accountability and supervision to ensure the effective implementation of rectification measures and to prevent corruption [15][16]. - There is an ongoing effort to address issues related to formalism and bureaucratism within the organization, aiming to streamline processes and enhance efficiency [16][17]. Group 7 - The Group plans to continue its long-term rectification efforts, ensuring that all measures are effectively implemented and monitored [22][23]. - The Group aims to integrate the outcomes of the rectification process into its broader strategic initiatives, enhancing its overall operational effectiveness [23].

Core Insights - The State-owned Assets Supervision and Administration Commission (SASAC) emphasizes that central enterprises have prioritized technological innovation as a key task, achieving significant progress and results in recent years [1][2][3][4] Group 1: Strengthening Innovation Capabilities - Central enterprises have increased R&D investment, with an annual growth rate of 6.5%, exceeding 1 trillion yuan (approximately 1.1 trillion yuan last year) for three consecutive years, with nearly 100 billion yuan allocated to basic research [1] - A total of 474 national-level R&D platforms have been established, along with 8 national technology innovation centers and 91 key laboratories, representing one-sixth of the national total [1] - Central enterprises employ 1.44 million R&D personnel, accounting for one-fifth of the national total, and have 219 academicians, enhancing talent support [1] Group 2: Improving Innovation Efficiency - Central enterprises have built a three-tiered collaborative system to enhance independent innovation capabilities, focusing on major strategic needs [2] - They have undertaken 22 national major technology projects and contributed to 60% of key product R&D in the manufacturing sector [2] - A total of 97 original technology source locations have been established in fields like quantum computing and biotechnology, leading to several groundbreaking achievements [2] Group 3: Optimizing Innovation Ecosystem - Central enterprises promote a collaborative environment for technological innovation, emphasizing "tight collaboration and vertical integration" [3] - Incentives for major technological achievements include performance assessments and funding support, with over 70% of the state capital budget for 2025 allocated to enterprises engaged in technological innovation [3] - The empowerment of project leaders and the establishment of compliance mechanisms have increased the enthusiasm of scientific personnel, enhancing innovation vitality [3] Group 4: Notable Achievements - Since the start of the 14th Five-Year Plan, central enterprises have made significant technological advancements, contributing to national strategic needs with major projects like "Deep Sea No. 1" and the Shenzhen-Zhongshan Link [4] - Central enterprises won 109 awards in national technology invention and progress categories, accounting for over half of the total awards in the country [4] - Breakthroughs in core technologies related to integrated circuits, industrial mother machines, and basic materials have filled industry gaps and promoted the safe development of related sectors [4]

Core Viewpoint - Recently, Luolinna International Industrial Investment (Guangdong) Co., Ltd. was established with a registered capital of 33.33 million RMB, focusing on various investment activities and technology services [1] Group 1: Company Overview - The registered capital of Luolinna International Industrial Investment is 33.33 million RMB [1] - The company is engaged in a wide range of activities including investment, technology services, and agricultural machinery services [1] Group 2: Business Scope - The business scope includes investment activities using self-owned funds, technology development, consulting, and promotion [1] - The company also provides digital technology services, smart agriculture management, and offshore trade operations [1] - Additional services include big data services, food processing equipment sales, and various agricultural product sales [1]

西安市人社局相关负责人介绍，下一步，该局将紧扣"金秋招聘月"等专项工作部署，持续举办金融 行业专场、教育类专场等多场高校巡回系列及区域融合系列招聘会，打造"小而专、小而精、小而实"的 专业化、精准化校园招聘服务体系，切实促进高校毕业生高质量充分就业。（记者：周明 见习记者： 马瑜） 本次活动共有来自19个省（自治区、直辖市）48个城市的411家用人单位参加，提供1.32万余个就 业岗位，涵盖数字技术、现代服务、新能源、生物医药等新兴领域，专设文化艺术、制造业、民营企业 等特色专区，参加的毕业生2万余人次。 "为了在秋招季高效找到心仪的工作，我与同学提前准备相关资料，也请招聘现场的就业指导老师 对简历和职业规划进行了辅导。"来自西安邮电大学的硕士毕业生高文告诉记者，这次秋季专场来的企 业和提供的岗位都很好，自己投递了几份简历，期待有好消息。 招聘现场，活动主办方在为求职者提供政策咨询、职业规划指导、AI简历诊断、智能岗位匹配等 多元化服务的基础上，特别设置了自我介绍限时挑战、面试问题快问快答、模拟面试随机应答三大实战 环节，助力求职者提升竞争力。 9月18日，2025年全国城市巡回招聘西安站（秋季专场）在西安邮 ...

9月17日，国务院新闻办举行"高质量完成'十四五'规划"系列主题新闻发布会，介绍"十四五"时期中央企 业高质量发展情况。 资产总额增至超90万亿元，利润总额增至2.6万亿元，营业收入利润率升至6.7%……"这5年，是国资央 企功能提档、价值跃升、战略支撑作用更好发挥的5年，是发展提质、改革增效、新动能新优势加快塑 造的5年。"国务院国资委主任张玉卓说。 新兴产业培育积厚成势。央企产业焕新行动、未来产业启航行动启动，央企战略性新兴产业领域投资年 均增速超过20%。2024年，央企在战略性新兴产业领域的投资占总投资的比重首次突破40%，营业收入 占比接近30%。 战略性新兴产业领域投资年均增速超20% 传统产业转型不断加快。"人工智能+"专项行动累计布局应用场景超过800个，数字化转型行动打造智能 工厂1854个，万元产值能耗、万元产值二氧化碳排放量分别下降12.8%、13.9%。 企业品牌价值大幅跃升。近3年，央企品牌价值年均复合增长率超过15%。 总结"十四五"期间国资央企发展情况，国务院国资委副主任袁野提炼了3个关键词。 稳——发展基础不断夯实。 保值增值稳。"十四五"以来，央企资产总额从68.8万亿元增至 ...