Core Viewpoint - The "Quality Return Dual Improvement" initiative launched by the Shenzhen Stock Exchange has led to significant achievements among participating companies, enhancing their operational quality and investor returns, thereby establishing benchmarks in the capital market [1][8]. Group 1: Overview of the Initiative - As of November 2025, 471 companies in the Shenzhen market have disclosed their action plans for the "Dual Improvement" initiative, focusing on core business enhancement, innovation, and investor returns [1]. - These companies represent a substantial portion of the market, with 293 being part of the Shenzhen Component Index and 88 in the CSI 300 Index, collectively accounting for about 50% of the total market capitalization [2]. Group 2: Company Performance and Characteristics - The participating companies exhibit a tiered market capitalization structure, with 366 companies valued over 10 billion and 43 over 100 billion, highlighting the leading role of major enterprises [2]. - The initiative covers a wide range of industries, including electronics, power equipment, and pharmaceuticals, and spans all 31 provinces and municipalities in China, ensuring both industry representation and regional balance [2]. Group 3: Focus on Innovation and Development - Companies are enhancing their core business and international presence, with examples like Mindray Medical investing heavily in R&D and global expansion, and Shenghong Technology acquiring a leading manufacturer to boost competitiveness [3]. - R&D investment is a key focus, with companies like BYD spending 54.2 billion on R&D in 2024, and others like Guangli Micro dedicating over 50% of their revenue to R&D, reinforcing their technological barriers [3]. Group 4: Governance and Communication - Corporate governance and information disclosure quality have improved, with companies like Anker Innovations enhancing their governance structures and transparency to build market trust [4]. - Companies are actively engaging with investors through various communication channels, ensuring transparency and responsiveness to market needs [5]. Group 5: Financial Performance and Returns - The participating companies reported a total revenue of 7.5 trillion in the first three quarters of 2025, reflecting a 6.9% year-on-year growth, and a net profit of 651.3 billion, up 10.8% [7]. - Dividend levels have increased significantly, with a compound annual growth rate of 10% from 2022 to 2024, and 378 companies maintaining consistent dividends over the past three years [7]. Group 6: Market Impact and Future Outlook - Since the initiative's launch, the average stock price of the participating companies has risen by 77.2%, significantly outperforming the Shenzhen Component Index [8]. - The total market capitalization of these companies reached 21.2 trillion, an increase of 8.1 trillion since the initiative began, indicating a positive trend in market structure and performance [8].

Core Insights - The Yangtze River Delta (YRD) is entering a period of "fourfold opportunities" as it approaches the 14th Five-Year Plan, emphasizing the need for collaborative innovation ecosystems, institutional openness, infrastructure improvement, and innovative regional cooperation mechanisms [1][3]. Group 1: Fourfold Opportunities - The YRD is experiencing a convergence of national strategic initiatives, industrial cluster development, rich scientific and technological resources, and accelerated open economy growth [3]. - The region's strategic position is increasingly prominent as it leads China's economic development while balancing regional growth [1]. Group 2: Collaborative Innovation - There is a strong emphasis on leveraging the YRD's technological innovation resources to establish cross-regional collaborative innovation mechanisms [3]. - Initiatives include the joint development of major scientific infrastructure and a collaborative plan focusing on key sectors such as integrated circuits, artificial intelligence, and biomedicine [3][4]. Group 3: Institutional Openness - The YRD provinces and cities are encouraged to pioneer institutional openness in areas such as rules, regulations, management, and standards, aligning with international high-standard trade rules [4][5]. - Efforts to eliminate hidden barriers to the free flow of resources are essential, particularly in technology transactions and talent evaluation [5]. Group 4: Infrastructure Development - Infrastructure connectivity is identified as a foundational element for YRD integration, with a call to accelerate the construction of a world-class port and airport network [5]. - The development of digital infrastructure and collaborative platforms for computing power is also highlighted as a priority [5]. Group 5: Shared Benefits and Cost Mechanisms - The establishment of various forms of benefit-sharing and cost-sharing mechanisms is recommended to promote collaborative advantages in the YRD [5]. - The success of collaborative industrial funds should be leveraged to create a metropolitan area industrial innovation fund [5].

每日观点 今日沪深三大指数震荡收涨，创业板指微涨0.41%，两市成交较昨日放量至1.92万亿。昨日国务院"十五 五"规划《纲要草案》编制工作领导小组召开会议，深入研究《纲要草案》编制工作。会议紧扣高质量 发展主题，核心驱动力从要素投入转向科技创新，政策上体现了长短结合的政策思路，既锚定现代化产 业体系等长期目标，也注重通过有效投资即时扩大内需、稳定预期，强调改革创新，聚焦打通体制机制 堵点，形成组合放大效应。明年是十五五开局之年，根据中央经济工作会议精神，明年财政政策力度或 与今年大致相仿。今年外需在关税的考验下展现了韧性，明年在中美经贸关系阶段性缓和的情况下，或 将维持较好表现；内需方面，消费品以旧换新政策逐步退坡，支持服务性消费政策继续形成支撑。供给 方面，或将继续维持反内卷和产能管控的政策，有利于改变供强需弱的格局。对于国内权益市场，明年 或在流动性相对充裕的情况下，逐步得到企业盈利修复的支撑。 消息面 12月22日，国务院总理李强主持召开国务院"十五五"规划《纲要草案》编制工作领导小组会议，深入研 究《纲要草案》编制工作。李强指出，要谋划一批能够带动全局的重大工程、重大项目、重大载体，既 为未来发展积 ...

深交所"质量回报双提升"专项行动取得阶段性积极成果。 数据显示，从2024年2月行动启动以来，截至2025年11月底，已有471家深市上市公司主动披露了行动方 案，通过聚焦主业、创新、治理及强化投资者回报等务实举措，显著夯实了发展根基，增强了市场信心 与投资价值，发挥了重要的市场示范与引领作用。 2024年2月至2025年11月，471家公司股价平均涨幅达77.2%，显著跑赢深证成指。期间其总市值增长8.1 万亿元，百亿、千亿市值公司数量较行动前分别增加80家和21家。 一是聚焦主业发展。相关公司通过技术升级与国际化拓展巩固核心竞争力。例如，迈瑞医疗（300760） 持续高强度研发投入推动产品高端化、智能化；胜宏科技（300476）通过跨境并购增强了在全球柔性电 路板领域的竞争力，2024年海外收入占比超60%。 二是聚焦科技创新。相关公司持续加大研发投入并加速成果转化。比亚迪（002594）2024年研发支出高 达542亿元；广立微（301095）同期研发投入占营业收入比重超50%。中信特钢（000708）、TCL中环 （002129）等公司在知识产权布局上成果丰硕。 三是聚焦规范运作。通过完善公司治理、提 ...

《中国民航报》、中国民航网 记者钱擘 通讯员常机宣 报道：2025年12月22日，常州奔牛国际机场迎来 了当年服务的第500万名旅客，跃上了年度客运量的新台阶。机场的"常来往 畅九州"服务品牌体系也在 高光时刻亮相发布，为未来发展描绘新篇。 "十四五"收官年屡创新纪录 2025年是"十四五"的收官年，今年以来，常州机场的客货运吞吐量持续走高，在近几年不断成长的基础 上，继续保持两位数的喜人增幅，书写一份又一份亮眼的收获答卷—— 这一年，常州机场以安全有序的高位运行，诠释高质量发展的硬核实力。面对不停航施工带来的压力与 挑战，常州机场有序应对，精心保障，旅客吞吐量持续攀升，今年7月，机场单月客流首度突破50万人 次大关，达到51.6万人次；暑运期间累计完成旅客吞吐量105.3万人次，首次实现暑运客流量超百万。今 年以来，机场运行航班的客座率达80.9%，同比提升4.4%；载运率70.6%，同比提升2.8%；2025年，机 场每架次载运旅客131.4人次，同比增加6.1%，经营业绩增势喜人，各项运行指标全线飘红。 这一年，常州机场以通航航点和过夜运力的持续增长，彰显搭建空中通衢、服务地区发展的责任担当。 今年冬春 ...

Group 1 - Xinjiang Ruoqiang County is optimizing its industrial landscape by focusing on a "6+N" modern industrial system, aiming to become a national energy supply guarantee base with 36 implemented renewable energy projects, including wind and solar power installations totaling 17.205 million kilowatts and electrochemical energy storage of 1.02 million kilowatts [1] - The county is promoting high-quality development, emphasizing deep processing of mineral products and new energy materials, with a focus on technological innovation to contribute to economic and social development [1] - The red date industry is a significant contributor to the local economy, with 233,800 acres of quality date orchards producing 73,400 tons of dried dates annually, generating over 51.49 billion yuan in brand value and contributing more than half of the disposable income for farmers [1] Group 2 - The Guotou Lithium Carbonate project in the Lop Nur Salt Lake has successfully transitioned to stable and efficient operation, marking a new chapter in resource utilization and development [2] - Guotou Lithium has achieved significant production and sales milestones in lithium carbonate, producing over 12,000 tons of high-quality products, and has been recognized as an "Annual Quality Supplier of Lithium Salts" for two consecutive years [2] - In 2024, Ruoqiang County's GDP is projected to reach 11.659 billion yuan, with major economic indicators showing the fastest growth in the region, and the county has been recognized as a logistics hub city [2] Group 3 - The local government emphasizes the importance of human resources in driving high-quality development and is committed to supporting the growth of private and small enterprises, particularly in the fields of salt chemical and new materials [3]

Core Viewpoint - The meeting led by Jilin Provincial Party Secretary Huang Qiang emphasizes the importance of political discipline and the implementation of the "Regulations on the Work of the Communist Party of China" to ensure high-quality development and effective governance [1][2]. Group 1 - The meeting calls for all levels of party committees and work agencies to seriously study and implement the "Regulations on the Work of the Communist Party of China" [1] - It stresses the need to maintain a political stance that supports the "two establishments" and "two safeguards" as the highest political principles [1] - The focus is on high-quality development, comprehensive deepening of reform and opening up, and strict governance of the party [1] Group 2 - Huang Qiang has repeatedly emphasized the "Four Realities": seeking truth from facts, being pragmatic, focusing on implementation, and ensuring effective execution [2] - He highlighted the importance of improving the ability to implement policies effectively, stating that one part of deployment requires nine parts of execution [2] - The "Four Realities" serve as both a requirement and a method for party members to strengthen work style and address issues of inaction and disorderly conduct [2]

奋进"十五五"，扬帆新征程。由金融界主办的"启航·2025金融年会"系列活动，将于12月26日在北京昆 泰嘉晟酒店正式启幕。作为年会重磅环节之一，"启航·2025上市公司高质量发展年会"将于当日下午隆 重举行。 本届"启航·2025上市公司高质量发展年会"以"穿越周期，韧性成长"为主题，汇聚监管部门、行业协 会、金融机构等相关领导和重磅嘉宾，以及来自200余家上市公司的优秀企业代表，凝聚行业共识、共 探发展路径，携手穿越周期，实现韧性成长，为资本市场高质量发展赋能，为中国式现代化建设注入持 久动能。届时，2025第十四届金融界"金智奖"年度评选也将同步揭晓。 "金智奖"揭晓，树立高质量发展典范 作为年会的重要成果，2025第十四届金融界启航"金智奖"年度评选也将同步揭晓。该评选紧密契合"十 五五"规划中"提升上市公司质量"的要求，将高质量发展内核分解为社会责任、实业贡献、投资回报、 成长前景、创新效率、杰出品牌六大维度，以企业财务数据和公开信息为基础建立量化分析模型。最终 从A股、港股及中概股超8000家企业中评选出近200家获奖企业。 "金智奖"旨在通过树立高质量发展标杆，激励广大上市公司聚焦主业、深耕创新 ...

克州深入实施文化润疆工程，世界非物质文化遗产《玛纳斯》史诗得到系统性保护传承，汉文全译本正 式发行。以足球为代表的群众性文体活动蓬勃开展，"石榴籽杯"联赛、"阿图什杯"邀请赛等赛事不仅成 为全民健身的舞台，更成为各族群众交往交流交融、增进"五个认同"的鲜活载体。 克州党委常委、宣传部部长艾祖鹏在发布会上表示，克州坚持立足深厚的足球文化底蕴与现代足球运动 相结合，引导各族群众在体育活动中增强认同、凝聚共识。" 中新网新疆新闻12月23日电（张思敏）12月22日，新疆维吾尔自治区人民政府新闻办公室召开新闻发布 会，介绍了克孜勒苏柯尔克孜自治州以铸牢中华民族共同体意识为主线，统筹推进社会稳定、经济发展 与民族团结的实践与成效。 克州以"资源为本、园区为用、口岸为要"三大布局，聚力发展"新能源、新材料、新加工制造、新业 态"四大产业，推动经济量质齐升。地区生产总值较2012年翻了两番，作为全疆唯一全清洁能源发电的 地州，克州正致力于打造南疆千万千瓦级清洁能源基地。依托伊尔克什坦、吐尔尕特两个国家级口岸， 克州积极推进高水平对外开放，口岸实现7×24小时高效通关。 特色农业与乡村"小外贸"蓬勃发展，无花果、木纳格葡萄等 ...

四是夯实高质量发展基础支撑，重点是：提升法治建设水平，完善标准体系，加快推出一批工作急需的 工程建设标准。加强统计分析，推动优化现行统计指标，强化统计数据分析应用。 二是着力稳定房地产市场，重点是：因城施策控增量、去库存、优供给，结合城市更新、城中村改造盘 活利用存量用地，推动收购存量商品房用作保障性住房、安置房、宿舍、人才房等。优化和精准实施保 障性住房供应，实施房屋品质提升工程，有序推进"好房子"建设；进一步发挥房地产项目"白名单"制度 作用，支持房地产企业合理融资需求。 三是加快建筑业提质升级，重点是：推动产业转型升级，大力发展智能建造、绿色建造，培育现代化建 筑产业链，加快新型建材研发应用，加快培育绿色建筑新增长点；规范建筑市场秩序，深入开展房屋和 市政领域工程招标投标突出问题专项整治；强化现场监督管理，扎实推动安全生产治本攻坚三年行动， 建立房屋全生命周期安全管理制度。 格隆汇12月23日｜12月22日至23日，全国住房城乡建设工作会议在北京召开。会议指出，2026年，要着 力抓好4方面工作。 一是推进现代化人民城市建设，重点是：高质量开展城市更新，编制实施"十五五"城市更新专项规划， 抓好城市体检 ...