事件：近日，我们参加了燕京啤酒2025 年度分析师及投资者交流会，核心感受为：公司内部士气高 涨，在十四五圆满收官的基础上，十五五阶段将持续打磨内功，做优做强，在管理体系建设、市场建 设、供应链转型、数字化建设等多方面深耕突破，持续实现业绩增长，整体信心充足。 此外公司会强化组织&人才保障措施，为增长持续提供动力。 盈利预测：我们预计，公司25-27 年实现营收155.1/161.9/167.2 亿元，分别同比+5.7%/+4.4%/+3.3%，实 现归母净利润14.1/16.9/19.5 亿元，分别同比+33.8%/+19.3%/+15.6%，维持"推荐"评级。 风险提示：原材料成本大幅上涨，行业竞争加剧，U8 增长不及预期。 公司对U8 单品未来增长策略清晰，优势市场深挖单点效率+非即饮渠道推广；弱势市场加大建设力 度。从公司目标角度看，U8 阶段性销量占比目标为30%，距离现有规模仍有较大空间。燕京啤酒对U8 单品未来增长落地策略清晰。在已有优势市场，主要深挖终端单点效率，以及在非即饮渠道提升罐装产 品销量。同时加大弱势市场建设力度，以总分共建方式组合公司资源，推进百城工作，在"高容量、高 结构、高成长 ...

Group 1 - The Indonesian government is evaluating the feasibility of purchasing Chinese-made J-10 fighter jets, indicating a renewed demand for advanced Chinese military equipment amid ongoing conflicts [1] - The military trade sector is experiencing significant activity, with the military ETF (512660) seeing over 500 million yuan in net inflows for five consecutive days, and its fund size has grown over 40% this year, currently exceeding 14.3 billion yuan [1] - Analysts from Huafu Securities predict substantial growth in the defense and aerospace sectors driven by multiple catalysts, including the "14th Five-Year Plan" and the "Centenary of the Army" goals, with the military industry index's TTM price-to-earnings ratio at 65.05, indicating high investment value [1] Group 2 - The military ETF (512660) tracks the CSI Military Industry Index (399967), which includes the top ten military-related listed companies, reflecting the overall performance of the Chinese military theme stocks [2] - The CSI Military Industry Index (H30229) aims to provide authoritative investment targets for the military sector, showcasing distinct characteristics of the national defense industry [2]

新华社北京3月10日电 一 全国政协常委会以习近平新时代中国特色社会主义思想为指导，学习贯彻中共十九大和十九届历次全会 精神，贯彻落实中央政协工作会议精神，把加强思想政治引领、广泛凝聚共识作为中心环节，扎实开展 党史学习教育，积极推动学习成果转化为履职成效。政协委员、政协各参加单位紧扣实现第一个百年奋 斗目标、"十四五"开局起步和人民群众普遍关心的热点难点问题，提出提案6117件，立案5039件， 99.8%已办复。健全提案交办机制，各承办单位高度重视政协提案办理，加强组织领导，深化提案办理 协商，办理质量进一步提高。提案所提意见建议在完善和实施"十四五"规划、出台政策文件、推动相关 工作中得到有效采纳，为服务党和国家决策、统筹疫情防控和经济社会发展、促进各项事业进步贡献力 量。 经济建设方面的提案，以做好"六稳"、"六保"工作，加快构建新发展格局，实现高质量发展为着力点。 关于持续推进减税降费、保持小微企业信贷投放稳步增长、强化系统性反垄断工作等建议，为推动出台 相关政策文件发挥了积极作用。增加基础研究投入、支持短板弱项攻关突破、促进"专精特新"企业高质 量发展等建议，有助于实现科技自立自强、推动产业链供应 ...

编者按： 中国经济前景光明，信心在哪里？底气在哪里？活力在哪里？《解码中国经济 ——12 位经济学家的思享 课》一书由《中国经济周刊》编写，特邀黄奇帆、刘世锦、董煜等 12 位著名经济学家，深入解读中国经 济未来走势。 2025 年是 " 十五五 " 规划编制的谋划之年。书中对今年这个关键节点的重要意义进行了解读。在作者看 来，五年规划和体制改革之间的深度互动，是中国发展奇迹的重要秘诀。以下内容为书籍节选，内容有 删减。 为什么2025年是关键节点 对于中长期发展，2025年是一个关键时间节点。 2025年是"十五五"规划编制年，既要实现"十四五"规划的收官，也要谋划好下一个五年的发展。 文 | 董煜 "十五五"规划 （2026—2030年）是我国迈向2035年基本实现社会主义现代化目标的关键五年规划。 一方面，2024年中国国内生产总值（GDP）站上130万亿元人民币的新台阶，2025年是"十四五"规划收 官之年，同时也是"十五五"规划的谋划之年；另一方面，全球经济格局正在经历深刻变革，数字化浪潮 汹涌澎湃。外部环境变化带来的不利影响加深，新旧动能转换的压力持续，中国经济大船更需顶风破浪 前行。 要为高质量 ...

"十四五"规划收官之年，军工低空公司一季度迎来开门红。 今年Q1，中直股份（600038）归母净利润同比增长55.12%，中无人机则实现扭亏为盈，营收同比增长 超2倍。 5月28日盘后，在业绩交流会上，中无人机董事长张晓军透露，"目前公司在手订单充足。预计2025年经 营规模较上年有大幅增长，实现扭亏为盈。" 中直股份董事长闫灵喜则表示，"公司(今年将)积极开展外贸业务，投资者可以有所期待！"2025年需求 或迎来大反转 近年来，国际局势动荡，军用无人机市场规模快速增长。不过，在市场节奏及重点订单等影响下，中无 人机去年业绩不及预期。 "(营收、净利双降)受市场需求变动、国内市场节奏调整及重点客户采购计划延后等影响。"中无人机董 事长张晓军在4月15日业绩交流会上表示。 天风证券（601162）认为，2025年作为"十四五"规划的收官之年，行业需求或有望逐步复苏，中无人机 也明确提出2025年将以"高质量发展"为引领，推动经营规模同比显著提升，且中无人机作为中航工业集 团旗下无人机上市平台，在信息化智能化无人化发展大背景下，未来前景或较好。 资料显示，中无人机的主要产品大型固定翼长航时无人机系统属于统计数据中 ...

Group 1 - The government work report presented by Mayor Yao Gaoyuan emphasizes strong efforts in overcoming challenges, deep strategic planning, and a focus on improving people's livelihoods, reflecting high political standing and practical measures [1] - The year is significant as it marks the conclusion of the "14th Five-Year Plan" and the planning phase for the "15th Five-Year Plan," which is crucial for high-quality development and the establishment of a common prosperity demonstration zone [1] - The city government is encouraged to balance investment, exports, and consumption while ensuring sustained economic health and development [1] Group 2 - Fuyang District has actively implemented the "strong industry" strategy, enhancing public welfare and achieving new results in various sectors since last year [2] - There is a focus on high-quality development, with an emphasis on creating new momentum and advantages in this area [2] - The district aims to improve the integration of culture and tourism, participate in legislative efforts for the protection of historical sites, and enhance the quality of life for residents [2]

Group 1 - The year is significant as it marks the conclusion of the "14th Five-Year Plan" and the planning phase for the "15th Five-Year Plan," with a focus on high-quality development and the establishment of a common prosperity demonstration zone in Zhejiang [2][3] - Emphasis on the need for political awareness and commitment to the directives of Xi Jinping's thoughts, particularly in implementing the "Eight-Eight Strategy" and ensuring continuous progress in development initiatives [2][3] - The importance of transforming the insights and suggestions from the members of the Political Consultative Conference into actionable measures for effective governance and development [1][2] Group 2 - The call for local political consultative organizations and members to actively engage in political consultation, democratic supervision, and participation in governance, contributing to the goal of building a world-class modern socialist international metropolis [3] - The focus on scientific planning for the "15th Five-Year Plan," prioritizing technological innovation, expanding domestic demand, and enhancing high-level openness as strategic initiatives [2][3] - The commitment to modernizing urban governance and ensuring high standards in decision-making processes as foundational support for the city's development plans [2][3]

制度先行 构建"全链条"推进机制 走在镇区便民人行道上，宽敞整洁的街道两侧，特色墙绘成为新晋打卡点，圩镇客厅别具水乡特色，健身公园和光储充一体化便民充电桩交相辉映。此番生 机勃勃的景象，得益于连江口镇党委政府在深入实施"百千万工程"过程中积极作为，通过构建高站位统筹工作协调机制与高起点编制镇规划全覆盖两方面 的"全链条"推进机制，为典型镇的高质量发展奠定了坚实基础。 连江口镇美丽主街 在高站位统筹工作协调机制方面，连江口镇建立"百千万工程"责任制清单，由镇党委书记做"一线施工队长"，以项目清单化、清单责任化、责任人头化压实 各方责任，通过"早餐会""夜班车"等形式推动各项重点任务落细落实，确保培育工作精准高效出成效。另一方面，该镇多点发力，以高起点编制镇规划全覆 盖为导向，坚持以"千年浈阳峡、旅居连江口"为发展目标，对标美丽圩镇建设标准，谋划52个发展项目，指引圩镇未来10年发展方向。2024年，连江口镇实 现规上工业总产值4.1亿元，同比增长约20%；11个村（社区）集体经济收入均达10万元以上；入选了广东省文化和旅游特色镇（入库级），辖区内浈阳峡 风景区获评省级职工疗养基地，连樟村入选广东省文化和旅游特色 ...

注：指数/基金短期涨跌幅及历史表现仅供分析参考，不预示未来表现。市场观点随市场环境变化而变 动，不构成任何投资建议或承诺。文中提及指数仅供参考，不构成任何投资建议，也不构成对基金业绩 的预测和保证。如需购买相关基金产品，请选择与风险等级相匹配的产品。基金有风险，投资需谨慎。 （文章来源：每日经济新闻） 相关机构表示，受"十四五任务冲刺"+"建军百年目标"+"自主可控国产替代"三重逻辑催化，军工板块内 需增长确定性高，行业基本面具备较强的正向预期。 军工ETF（512660）是目前规模最大、流动性最好的军工板块ETF，跟踪中证军工指数（代码： 399967），该指数由中证指数有限公司编制，选取涉及十大军工集团控股且主营业务与军工相关的上市 公司，以及其他主营军工的代表性企业作为样本股，涵盖航空、航天、兵器、船舶等军工领域，以反映 中国A股市场军工行业证券的整体表现。 消息面上，根据新华社，《新时代的中国国家安全白皮书》发布，具体包括中国为变乱交织的世界注入 确定性和稳定性；总体国家安全观为新时代国家安全指引方向；为中国式现代化行稳致远提供坚实支 撑；在发展中固安全，在安全中谋发展；践行全球安全倡议，推进国际共同 ...

Group 1 - The A-share market indices are rising, with a slight pullback in the military industry sector, particularly the aerospace ETF (159227) which is down by 0.50% as of 10:55 AM, while key holdings like Hongdu Aviation (600316) and others are increasing [1] - The military industry is heavily influenced by five-year plans, which significantly impact operational and market expectations, making it a primary driver of military market trends [1] - The year 2025 marks the end of the "14th Five-Year Plan," and the execution of military construction plans is entering a critical phase, with expected acceleration in order demand [1] - The importance of air power in modern warfare is increasing, making aerospace equipment a focal point for military development, characterized by high technical barriers and significant value within the military supply chain [1] - According to Huafu Securities, the military sector has strong domestic trade attributes, with substantial growth expected from 2025 to 2027 due to multiple catalysts, including the "14th Five-Year Plan" tasks and the centenary goals of the military [1] Group 2 - The aerospace ETF (159227) tracks the Guozheng Aerospace Index, which has a high concentration of core companies in China's military industry, covering sectors like large aircraft and low-altitude economy [2] - The military industry accounts for 99.2% of the index's composition, indicating a higher concentration compared to other indices like the Zhongzheng Military and Zhongzheng Defense indices [2] - The weight of aerospace equipment in the Guozheng Aerospace Index is as high as 73%, significantly surpassing the 40% and 53% weights in the Zhongzheng Military and Zhongzheng Defense indices, respectively [2]