中巴两国在经贸领域的合作越发坚实，中巴经济走廊作为共建"一带一路"旗舰项目更是大放异彩。回望 2025年，走廊建设取得可喜进展：瓜达尔港自由区企业入驻数量显著增加，昔日渔村正崛起为区域枢 纽；产业合作硕果累累，拉沙卡伊特别经济区迎来首批高科技制造企业入驻；中巴农业合作示范区带动 巴方农产品出口额大幅提升……一系列数据的背后，蕴含着中巴两国平等互惠的无限合作动能。除了数 据方面的成就外，走廊所带来的景象就在人们身边。信德省的一个偏远村落里，中国援助的太阳能路灯 项目让当地居民不用再摸黑赶路；在瓜达尔海岸，中巴合作的风电场叶片迎风转动，中国企业提供的培 训和机会让无数有才之士实现人生梦想……一个又一个鲜活而动人的故事，正在成为走廊最温情的注 脚。 当前，国际局势波谲云诡，而中巴关系历久弥坚，从未动摇。2025年12月8日，全巴基斯坦中资企业协 会在巴首都伊斯兰堡举行"2025年巴基斯坦洪涝灾害援助行动启动仪式"，31家中企向巴洪灾灾区捐赠约 3689万巴基斯坦卢比（约合13.2万美元），这些资金将用于采购食物、毛毯等生活物资，以帮助灾区民 众渡过寒冬。预计此举将使超过1850户巴基斯坦受灾家庭受益。巴基斯坦近几年 ...

中国股票的吸引力正在持续升温。 高盛Hui Shan策略师团队在最新发布的策略报告中对中国资产发出强烈的看多信号，建议投资者在区域背景下"超配"中国股票。该行预测， 受企业盈利增长和 估值修复的双重驱动，中国股市在2026年和2027年将迎来稳健的牛市行情，预计年均上涨幅度将达到15%至20%。 1月6日，沪指涨1.14%，实现日线13连 阳。值得注意的是，在今天再度收出阳线后， 上证指数已创出史上最长连阳纪录 。 在这份题为《2026年中国展望：探索新增长引擎》的报告中，高盛维持对A股和H股的"超配"评级。高盛认为，中国股市的上涨动力将主要来自两方面： 一是 企业盈利的实质性改善，预计2026年和2027年的利润增长率将分别达到14%和12%；二是估值体系的重估，预计将带来约10%的估值提升。 报告指出，推动这一轮利润加速增长的关键因素包括人工智能（AI）技术的广泛应用、中国企业的"出海"趋势以及政策层面旨在遏制无序竞争的"反内卷"行动。 高盛强调，与全球同类市场相比，中国股票目前仍处于显著的估值折价状态，这种估值优势结合中国市场对国际和国内投资者具有的强大分散投资价值，将进 一步吸引资本回流。 基本面上， ...

这是什么概念？ 这等于国家给全世界的企业发了一张进入中国14亿人市场的"黄金VIP通行证"。 今天，我就给你揭个秘，聊聊海南藏在免税店璀璨灯光下的真正"底牌"。 这张底牌，简单粗暴，却威力无穷：任何一家外国公司，只要把它的零件运到海南，在岛上进行加工组装，并且让这件产品的价值增加了30%以上，那么这 件"海南制造"的洋货，就可以零关税卖到中国内地任何一个角落！ 你品，你细品。 以前，一个外国品牌想把产品卖到北京、上海，得老老实实交一笔不菲的进口关税，层层加价后，到你手里自然贵得咋舌。 但现在，它只需要在海南设个厂，哪怕只是完成最后一道工序，只要满足那个" 30%增值"的条件，就能瞬间绕开高昂的关税壁垒，和国产品牌站在同一起 跑线上竞争。 这招，简直是"釜底抽薪"，直接捅在了新加坡、迪拜这些传统转口贸易港的"心窝子"上。 它们的核心业务是"货物中转"，赚的是仓储和金融服务的钱。 而海南，是在直接对全球的制造商们喊话："别走了，留下来，把工厂、研发中心都搬过来，中国庞大的市场就是你们的后花园！"看到这儿，你可能倒吸一 口凉气，觉得这招太狠了。 但你有没有想过另一个问题：这盘棋，风险得有多大？ 你打开地图看看，海南 ...

每经记者｜温雅兰 每经编辑｜董兴生 "可持续发展是人类社会共同的命题，ESG（环境、社会、治理）则已成为衡量企业核心竞争力、推动高质量发展的重要标志和关键力量。从全球范围看， 绿色转型、社会责任、治理升级已成为不可逆转的时代共识和发展趋势。"浙江大学管理学院党委副书记王恩禹说。 11月2日，由浙江大学管理学院主办、浙江大学管理学院专业学位教育中心承办、每日经济新闻支持的"ESG驱动与可持续发展论坛：从合规披露到价值创 造"主题论坛在浙江大学紫金港校区管理学院金色大厅圆满举行。来自学界、企业界、金融界的百余位嘉宾齐聚一堂，共话ESG从"合规披露"到"价值创 造"的进阶之路。 在全球可持续发展浪潮与"双碳"战略深入推进的背景下，ESG已从企业的可选动作升级为核心战略。 图片来源：主办方供图 论坛现场，王恩禹介绍了浙江大学管理学院在学科交叉"BEST"（Business、Engineering、Science、Technology）战略指引下，将ESG理念融入人才培养全过 程，并组建跨学科研究团队，致力于为推动中国经济与社会的可持续发展贡献浙大智慧和力量。 每日经济新闻副总经理黄波在致辞中表示，如今，ESG之于上市 ...

Core Viewpoint - China has transitioned from adhering to international rules to becoming a rule-maker, asserting its position in the global market, particularly in rare earth exports, which poses significant challenges for European industries such as automotive, defense, and artificial intelligence [1][2] Group 1: China's Position and Actions - China has implemented export controls on certain resources like gallium and rare earths, leading to immediate risks of supply chain disruptions in the EU's high-tech manufacturing sector [2] - The assertion of "I am the rule" reflects China's confidence in its ability to influence global trade dynamics, particularly in critical materials [1] Group 2: European Response - EU leaders, including President Macron and Chancellor Merz, have threatened to use the "nuclear option" of the EU's Anti-Coercion Instrument, which includes measures like trade restrictions and investment controls, if consensus on rare earth issues is not reached with China [1] - The EU's heavy reliance on China for 90% of its rare earth imports raises questions about the feasibility of achieving true autonomy in critical supply chains [2] Group 3: Implications for Global Trade - The current tensions highlight the contradictions in Western attitudes, where threats are issued while simultaneously seeking cooperation from China, indicating a lack of effective strategy [2] - The effectiveness of sanctions or restrictions imposed by Western nations is contingent upon China's participation or compliance, emphasizing the need for a more collaborative approach [2]

Economic Environment - The "15th Five-Year" period faces complex changes in the development environment, with both strategic opportunities and risks present[1] - External challenges include increased tariffs from the US and restrictions on high-tech imports, necessitating a focus on technological self-reliance[1][2] Strategic Planning - The core strategy for the "15th Five-Year" plan is to enhance independent innovation and technological self-reliance, supported by a modern industrial system centered on advanced manufacturing[2][3] - The plan emphasizes the need to expand domestic demand, boost consumption, and reduce reliance on foreign markets[4] Economic Growth Targets - The focus will shift from high-speed growth to high-quality development, with no specific GDP growth targets set for the next five years[5] - The average GDP growth rate during the "14th Five-Year" period was 5.4%, with projections for the "15th Five-Year" period to be between 4.5% and 5.0%[5] Fiscal and Monetary Policy - The fiscal policy will prioritize funding for major national strategies, focusing on modern industrial systems and increasing technology spending[6][7] - Monetary policy will aim for stability and flexibility, with an emphasis on supporting technology-driven sectors and managing economic cycles[8] Immediate Policy Actions - There is an expectation for macroeconomic policies to intensify in the fourth quarter to stabilize growth, including new fiscal measures and potential interest rate cuts[9]

Group 1 - The World Intellectual Property Organization's 2025 Global Innovation Index Report evaluates the innovation performance of nearly 140 economies using around 80 indicators, including R&D expenditure, venture capital transactions, high-tech exports, and intellectual property applications [1] - Switzerland, Sweden, the United States, South Korea, and Singapore rank highest in the innovation index, while China has entered the top ten for the first time, indicating a continuous enhancement of its innovation capabilities [1][2] - Global R&D growth is projected to slow down to 2.3% in 2025, down from 4.4% in 2023, with actual corporate R&D spending growth dropping to 1% due to persistent inflation, significantly lower than the 10-year average of 4.6% [1] Group 2 - China ranks tenth in the 2025 Global Innovation Index, achieving first place in knowledge and technology output, surpassing the U.S. in R&D spending, and leading globally in patent applications [2] - China has the largest number of innovation clusters globally, with 24 out of the top 100 clusters located in the country, and the Shenzhen-Hong Kong-Guangzhou cluster has surpassed Tokyo-Yokohama to become the top-ranked innovation cluster [2] - Several middle-income economies have shown significant improvement in their rankings since 2013, with countries like India, Turkey, Vietnam, and the Philippines making notable advancements in various innovation metrics [3]

Core Viewpoint - Guangdong Province is accelerating the construction of a modern industrial system, focusing on optimizing the business environment to maintain economic resilience and stimulate market vitality, particularly for private enterprises and foreign investments [1][2]. Group 1: Business Environment and Growth - As of September 3, 2024, Guangdong has 20.0019 million registered business entities, a net increase of 953,100, representing a 5% growth, accounting for one-tenth of the national total [1]. - The number of registered private enterprises reached 8.3453 million, a year-on-year increase of 10.6%, while foreign-invested enterprises totaled 230,000, growing by 6.97% [1]. - The Greater Bay Area has seen 18,500 new foreign-invested enterprises, making up 97.73% of the province's total new foreign investments [1]. Group 2: Role of Private Enterprises - By August 2025, there were 19.2517 million registered private economic organizations in Guangdong, a year-on-year growth of 6.47%, constituting 96.45% of all business entities [4]. - Private enterprises account for over 90% of high-tech firms, technology-based SMEs, and specialized innovative enterprises in Guangdong [6]. - Despite their significant role, private enterprises face challenges in market access, fair competition, and resource allocation [6][7]. Group 3: Foreign Investment and Protection - Guangdong is a preferred destination for foreign investment, with over 350 Fortune 500 companies established in the region [10]. - By August 2024, the province had 230,000 registered foreign-invested enterprises, with a net increase of 15,000, marking a 6.97% growth [10]. - The province has implemented measures to enhance foreign investment protection, including legislative efforts and improved cross-border registration processes [11][12].

Group 1 - The core viewpoint of the article highlights the resilience and growth potential of China's economy, particularly in the high-tech manufacturing sector, despite overall industrial profit declines [2][4] - In the first seven months, profits of large-scale industrial enterprises decreased by 1.7% year-on-year, with a notable improvement in July where profits fell by only 1.5%, indicating a narrowing decline [2] - High-tech manufacturing saw a significant turnaround in July, with profits increasing by 18.9% compared to a 0.9% decline in June, contributing to an overall acceleration in profit growth for large-scale industrial enterprises [2][3] Group 2 - The article emphasizes the importance of market consensus and support for innovation, as evidenced by the rise of domestic AI chip company Cambricon, which surpassed Kweichow Moutai in stock price, reflecting investor confidence in technology-driven enterprises [3] - The current market environment, characterized by asset scarcity, has led investors to place higher expectations and valuations on companies pursuing technological advancements [3][4] - The article calls for a supportive environment for high-tech enterprises, advocating for reduced regulatory costs and protection of property rights to foster their growth and contribution to economic transformation [4][5] Group 3 - The performance of high-tech manufacturing indicates a structural divergence in the economy, with traditional sectors like upstream raw materials and consumer services still facing challenges [4] - The article stresses the need for a robust risk management framework to assist struggling industries, including legal and institutional preparations for market exits and restructuring [4][5] - It highlights the necessity of market-oriented reforms, particularly for state-owned enterprises, to ensure their modernization and competitiveness in the evolving economic landscape [5]

Core Viewpoint - Foreign capital remains optimistic about the Chinese stock market, particularly small and mid-cap stocks, despite recent gains in major indices [1][2]. Group 1: Market Performance - Since the rebound began on April 8, the Shanghai Composite Index has risen over 21%, the Shenzhen Component Index over 27%, and the ChiNext Index over 43% [2]. - The CSI 300 Index has increased by over 19%, while the CSI 500 and CSI 1000 indices have risen by 26.8% and 31.96%, respectively [2]. - The CPO index has shown the strongest performance with a rise of over 123%, while other indices related to light chips, CRO, and rare earths have also seen significant increases [2]. Group 2: Capital Flow and Investment Trends - High net worth individuals have only allocated 22% of their financial assets to funds and stocks, indicating a potential inflow of over 10 trillion yuan into the market [2]. - There are signs of a shift in household savings from bank deposits to stock investments, as indicated by a negative monthly change in household deposits and an increase in non-bank financial institution deposits [3]. - The A-share market has become the most net bought market recently, with a buying ratio of 1.1 times [3]. Group 3: Broker Insights - CICC reports that since May, there have been signs of deposits moving to the stock market, with M1 growth rising to 5.6% in July from 2.3% in May [5]. - The rapid growth of margin accounts at brokerages suggests that deposits are being prepared for market entry, with non-bank deposits increasing by 1.4 trillion yuan in July [6]. - The trading volume in the A-share market has significantly increased, with daily turnover surpassing 2 trillion yuan and margin financing exceeding 2 trillion yuan [6]. Group 4: Future Outlook - Huaxi Securities believes that the A-share market has ample space and opportunities, supported by strong household savings and a shift in risk appetite among residents [7]. - The potential inflow of household savings into the stock market could be substantial, with estimates suggesting a range of 5 trillion to 7 trillion yuan [6][7]. - The current valuation of A-shares remains reasonable compared to historical levels, indicating potential for further growth [6].