拉杰瓦茨表示，海南自贸港封关运作是中国制度型开放的最新例证。在当前世界经济面临重重挑战 的背景下，中国坚持高水平对外开放体现了经济发展和治理理念的连续性与坚定性。"中国沿着几十年 来一直遵循的道路前进，始终强调发展。" 拉杰瓦茨说，塞尔维亚与中国保持着良好的经贸关系，从中国进口不少产品，也向中国出口大量具 有市场竞争力的货物。她表示，塞尔维亚从塞中经贸往来中受益良多，这印证了中国的发展对新兴市场 和发展中国家经济转型升级是重要机遇。 开放是当代中国的鲜明标识。中国开放的大门不会关闭，只会越开越大。拉杰瓦茨指出，中国积极 倡导建立更加公正的国际贸易体系，受到全球南方国家广泛支持。"中国是多边合作的灯塔。中国持续 推动高水平对外开放，推动各国共同发展，让世界有机会迈向一个更加稳定的未来。" (责任编辑：申杨) 12月4日，塞尔维亚国际政治经济研究所副所长伊沃娜·拉杰瓦茨在首都贝尔格莱德接受新华社记者 专访。新华社发(王韡摄) 塞尔维亚国际政治经济研究所副所长伊沃娜·拉杰瓦茨日前接受新华社记者专访时表示，以海南自 由贸易港为代表的中国制度型开放举措给各国企业发展带来多重机遇，为世界经济增长提供稳定预期。 拉杰瓦茨先 ...

对于当今世界的局势，俄罗斯的外长拉夫罗夫，无疑是个有发言权的人。从苏联解体到俄乌战争，这位外交家见惯了西方的招式，同时也明白自己国家的兴 衰教训。而他对为何特朗普担心中国这一点，也有着自己的见解。他认为，让美国焦虑的，是中国在崛起过程中体现的一种特征。美国人看不懂这些，因此 就产生了一些对未知的恐惧。 美国曾长期笃信，只要自己掌握规则制定权，就能稳坐全球头把交椅。但现在，却出现了一个在它亲手搭建的全球化体系中，开始悄然崛起、不断向上突破 的中国。这种"内部突围"式的成长，比任何对抗都更让华盛顿寝食难安。 中国并没有为了自己的发展，而推翻或者挑战现有的国际发展秩序。相反，我们一直在围绕美国的规则来打造自己，通过扎实的积累来实现跃升。改革开放 以来，中国将人口红利、土地资源和高储蓄率转化为产业动能，从低端的代工，逐步构建起全球最完整的制造业体系。这也就是拉夫罗夫口中，那句"中国 是在美国主导的框架内成长起来的巨人"的真正含义。 那么，美国能不能摆脱原先的赛道，重新制定一套规则来遏制中国呢？这样做的话，它们所付出的成本，将会是自己难以接受的。以工业上来说，无论是苹 果、特斯拉这样的科技巨头，还是沃尔玛这样的零售企业 ...

北京市2025年动态调整增列学位授权点名单： 12月5日，北京市教育委员会发布北京市2025年博士硕士学位授权学科和专业学位授权类别动态调整增列学位授权点名单公示，12所在京高校的硕士、博 士学位授权点均有调整。 | 单位名称 | 学科名称 | 申请授权点类型 | | --- | --- | --- | | 北京交通大学 | 区域国别学 | 一级学科硕士点 | | 北方工业大学 | 工程管理 | 专业学位硕士点 | | 北京建筑大学 | 能源动力 | 专业学位硕士点 | | 北京建筑大学 | 交通运输 | 专业学位硕士点 | | 北京石油化工学院 | 安全科学与工程 | 一级学科硕士点 | | 北京农学院 | 食品与营养 | 专业学位硕士点 | | 北京协和医学院 | 口腔医学 | 专业学位博士点 | | 北京外国语大学 | 数字经济 | 专业学位硕士点 | | 北京外国语大学 | 智能科学与技术 | 一级学科硕士点 | | 北京物资学院 | 系统科学 | 一级学科硕士点 | | 北京信息科技大学 | 物理学 | 一级学科硕士点 | | 中国矿业大学(北京) | 电子信息 | 专业学位博士点 | | 中国矿业 ...

证券研究报告 | 2025年11月30日 估值周观察(11月第5期) 科技主导"反弹周" 策略研究 · 专题报告 证券分析师：王开 021-60933132 wangkai8@guosen.com.cn S0980521030001 证券分析师：陈凯畅 021-60375429 chengkaichang@guosen.com.cn S0980523090002 请务必阅读正文之后的免责声明及其项下所有内容 核心观点 请务必阅读正文之后的免责声明及其项下所有内容 • 近一周（2025.11.24-2025.11.28）海外市场普遍反弹，估值随股价修复。美股领涨，主要指数均上涨3%以上，其中纳斯达克100涨幅 最显著（+4.93%）。欧元区中，德国表现突出；亚洲市场整体温和上涨，恒生科技和日经225涨幅超3%，估值随股价修复。除道琼斯 工业指数，美股主要指数PE扩张均超过1x；纳斯达克、日经225、韩国综合指数、恒生科技PE扩张幅度超过2x。从估值分位数看，标 普500和法国CAC40位于历史较高水平，印度SENSEX30和恒生科技指数处于较低区间。 • 近一周(2025.11.24-2025.11.28)，A ...

重点内容如下： 【导读】北京"十五五"规划建议发布 11月26日，北京市人民政府网站发布《中共北京市委关于制定北京市国民经济和社会发展第十五个五年规划的建议》（以下简称《建议》）。 1.推动"十五五"时期北京经济社会发展，要严格遵循党的二十届四中全会明确的重大原则，更加注重优化提升首都功能，更加注重增进民生福祉，更 加注重增强创新动能，更加注重深化改革开放，更加注重加强超大城市治理，更加注重统筹发展和安全。 2."十五五"时期北京经济社会发展主要目标：首都功能持续提升，高质量发展迈上新台阶，全面深化改革取得新突破，群众生活品质不断提高，首都 文化影响力明显增强，美丽北京建设取得更大成效，首都安全水平全面提升。到2035年实现首都功能服务保障能力、综合经济实力、科技创新实力、 城市治理能力、国际影响力大幅提升，城乡区域发展更加均衡，人民生活更加幸福美好，率先基本实现社会主义现代化。 3.推动"十五五"时期北京经济社会发展，要深入落实首都城市战略定位，全力服务保障政治中心功能，全面增强文化中心影响力，持续加强国际交往 中心能力建设，加快提升科技创新中心发展能级。 4.纵深推进京津冀协同发展，深化非首都功能疏解，积 ...

地方政府与城投企业债务风险 研究报告——成都篇 联合资信 公用评级四部 |丁晓|卢奕 报告概要 www.lhratings.com 研究报告 2 www.lhratings.com 研究报告 1 成都市作为四川省省会、副省级城市以及国家中心城市，是西南地区的科技、商贸、物 流、金融中心和综合交通枢纽，在国家区域发展战略中具有突出地位，近年来人口虹吸 效应明显。成都市经济规模和财政实力均位于副省级城市前列，2024 年经济稳步提升， 一般公共预算收入小幅增长，财政自给能力较强，受政府性基金收入下降影响当年综合 财力有所下滑。 作为国家中心城市以及成渝地区双城经济圈的核心城市，近年来国家政策均利好成都市 发展，成都市有望建设成为具有影响力的区域经济中心和科技创新中心。 成都市围绕"东进、南拓、西控、北改、中优"方针进行产业空间布局以实现产业差异 化和集群化发展。成都高新区作为国家级高新区，优势产业集聚效应明显，经济和财政 实力最为雄厚，成都市其他区县经济和财政实力呈按圈层向外逐层递减趋势。成都高新 区、成都天府新区和主城区一般公共预算收入稳定性较强，远郊区综合财力对上级补助 的依赖性较强，2024 年远郊区大多区 ...

Core Points - The Fourth Plenary Session of the 20th Central Committee of the Communist Party of China approved the "15th Five-Year Plan" proposal, providing more certainty for China's economic and social development in the coming period [1][2] - Overseas Chinese communities express pride in China's achievements during the "14th Five-Year Plan" period, highlighting the significant progress made in various sectors, including high-end manufacturing and artificial intelligence [2][3] Group 1: Achievements and Developments - The "14th Five-Year Plan" period has seen China elevate its economic, technological, and comprehensive national strength, marking a solid step towards modernization [2][3] - China has established the world's largest and fastest-growing renewable energy system, with over 40% of global renewable energy patents, enhancing cooperation opportunities with countries like the UAE [3][4] - The transition from "Made in China" to "Intelligent Manufacturing in China" has instilled pride among overseas Chinese, as it contributes to local infrastructure and industry upgrades in regions like Africa [4][5] Group 2: Future Goals and Opportunities - The "15th Five-Year Plan" outlines major goals for economic and social development, which are seen as encouraging and motivating for overseas Chinese communities [3][4] - The plan emphasizes the construction of a modern industrial system and the expansion of high-level opening-up, which is expected to provide new opportunities for overseas Chinese investments [4][6] - There is a strong belief that China's focus on high-quality development and security will lead to sustainable growth, fostering international cooperation in areas such as digital economy and green transformation [4][5]

Core Viewpoint - The article emphasizes the importance of proactive fiscal policy in promoting economic balance and structural optimization, as outlined in the "14th Five-Year Plan" proposal, which aims to enhance fiscal sustainability [1][6]. Group 1: Continuation of Proactive Fiscal Policy - China has consistently implemented proactive fiscal policies to stabilize employment and prices, support domestic demand, and target key areas for economic and social development [2][3]. - The fiscal policy approach is expected to continue, focusing on expanding expenditure, optimizing spending schedules, and innovating policy tools to stimulate total demand and stabilize economic growth [3][4]. Group 2: Enhancing Efficiency of Fund Utilization - The article highlights the need to optimize the structure of fiscal spending to improve the effectiveness of fiscal policies and fund utilization [4][5]. - It suggests focusing fiscal resources on public sectors and areas with high social benefits, such as healthcare, education, and social welfare, while also expanding effective investments in emerging fields like digital economy [4][5]. Group 3: Strengthening Sustainability - The "14th Five-Year Plan" period is crucial for achieving socialist modernization, requiring effective implementation of proactive fiscal policies amidst complex development environments [6][7]. - Experts advocate for deepening fiscal and tax system reforms to enhance fiscal sustainability, including the implementation of zero-based budgeting and optimizing the relationship between central and local finances [7][8].

Core Insights - The recent market adjustment in A-shares, particularly in the technology sector, is primarily a result of profit-taking after significant gains, rather than a fundamental shift in the long-term growth trajectory of AI and other tech industries [1][2] - The AI industry, along with digital economy and integrated circuits, remains a hot investment area, with many funds reporting substantial net value growth over the past year [1] Group 1: Market Trends - The technology sector, especially AI, has seen a significant rise, with passive index funds related to communication, AI, and chips showing over 50% net value growth in the past year [1] - Active funds focusing on technology, such as China Europe Digital Economy and Huafu Technology Momentum, have reported net value growth exceeding 100% over the same period [1] Group 2: Investment Opportunities - The AI industry chain is identified as a core investment theme, with various segments like large models, GPU chips, and optical modules leading in performance and stock price realization [3] - The demand spillover effect from AI is benefiting midstream sectors such as storage, semiconductor equipment, and new materials, which are now seen as more reasonably valued [3] Group 3: Sector Focus - Key application areas for AI include intelligent driving and humanoid robots, with intelligent driving showing early signs of scalable implementation [3] - The recent energy bottlenecks in the US AI industry present significant opportunities for domestic new energy sectors, including photovoltaics, wind power, and energy storage, aligning strategically with AI's electricity demands [3] Group 4: Market Sentiment - The market is expected to refocus on sectors with favorable economic conditions, particularly in technology, new energy, and pharmaceuticals, as consensus builds around the growth potential in these areas [3]

Core Insights - Despite the U.S. government's tariffs and push for supply chain relocation, most American companies in China continue to deepen their market presence, indicating that the trade war has not triggered a large-scale corporate retreat from China [1][2] - The report highlights that 48% of surveyed American companies advocate for the complete removal of tariffs and non-tariff barriers against Chinese goods, reflecting the significant uncertainty foreign firms face due to fluctuations in bilateral trade relations [1][2] Group 1: Market Dynamics - The resilience and comprehensive advantages of the Chinese economy create a strong attraction for global capital, supported by a large population and an expanding middle-income group that drives consumption upgrades [1][3] - China's complete industrial chain, developed infrastructure, and abundant human resources enable companies to achieve seamless integration from R&D to market at higher efficiency and lower costs [1][3] Group 2: Business Environment - Continuous reforms and opening-up measures in China have improved the business environment, with 71% of surveyed companies expecting to achieve profitability in 2024 [2] - 48% of companies perceive a significant improvement in the transparency of China's regulatory environment, with a 13 percentage point increase from the previous year [2] Group 3: U.S. Corporate Sentiment - U.S. companies are increasingly questioning the effectiveness of tariff policies, recognizing that the costs are ultimately borne by American businesses and consumers, which undermines their product competitiveness [2][3] - The automotive sector is projected to incur significant losses due to tariffs, with an estimated $2.25 billion loss in Q2 2025 and an annual loss of $7 billion [2] Group 4: Global Supply Chain - The U.S. push for "manufacturing return" policies has had limited success, as modern manufacturing relies on specialized networks and ecosystems that cannot simply be replicated by relocating production [3] - The consensus is growing that no other economy can replace China's role in the foreseeable future, as China is not only the "world's factory" but also a key market and global innovation center [3] Group 5: Economic Globalization - Attempts to alter the direction of economic globalization through protectionism are ultimately futile, as China's commitment to market openness and cooperative development continues to strengthen [4]