证券研究报告 2025 年 09 月 21 日 湘财证券研究所 策略研究 策略周报 8 月固定资产投资累计同比增速下滑，A 股指数高位震荡 ——2025.09.15-2025.09.19 日策略周报 1. 《20250802湘财证券-策略研 数震荡下行》 2025.08.02 究-7月宏观短周期略有反弹，A股 指数震荡上行》 2025.08.09 2024年10月高点》 2025.08.16 分析师：仇华 证书编号：S0500519120001 Tel：(8621) 50295323 Email：qh3062@xcsc.com 中国人寿金融中心10楼 相关研究： 核心要点： 2025.09.15-2025.09.19 日，A 股指数高位震荡 究-7月PMI有所下滑，A股指数多 2. 《20250809湘财证券-策略研 据 Wind 数据，2025.09.15-2025.09.19 日，我们关注的 6 个 A 股指数高位震 荡，涨跌互现：上证指数下跌 1.30%、深证成指上涨 1.14%，创业板指上 涨 2.34%、沪深 300 下跌 0.44%、科创综指上涨 0.96%、万得全 A 微跌 0.18%。 周振幅 ...

国务院新闻办公室将于2025年9月22日（星期一）下午3时举行"高质量完成'十四五'规划"系列主题新闻发布会，请中国人民银行行长潘功胜，金融监管总 局局长李云泽，中国证监会主席吴清，中国人民银行副行长、国家外汇局局长朱鹤新介绍"十四五"时期金融业发展成就，并答记者问。 来源：国务院新闻办公室 （文章来源：证券时报） ...

"十四五"以来，我国金融业以加快建设金融强国为目标，在服务实体经济、防控金融风险、深化改革开 放中实现了规模与质量的历史性跨越。 记者获悉，2025年9月22日（星期一）下午3时，国务院新闻办公室将举行"高质量完成'十四五'规划"系 列主题新闻发布会，中国人民银行行长潘功胜，金融监管总局局长李云泽，中国证监会主席吴清，中国 人民银行副行长、国家外汇局局长朱鹤新将出席发布会，介绍"十四五"时期金融业发展成就，并回答记 者提问。 ...

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Economic Growth - By the end of the "14th Five-Year Plan," Yunnan's economic output is expected to increase by approximately 680 billion yuan compared to 2020, equivalent to creating another Kunming [1] - Yunnan's economic total reached 2 trillion yuan in 2018, projected to surpass 3 trillion yuan in 2023 and reach 3.15 trillion yuan in 2024, with per capita GDP exceeding 65,000 yuan [1] - The share of the private economy in the regional GDP is expected to rise from 46.5% in 2020 to 53.3% in 2024 [1] Investment and Industry - The proportion of industrial investment in fixed asset investment is projected to increase from 26.7% in 2020 to 52.1% in 2024, with R&D expenditure growing at an annual rate of 12.1% [1] - Traditional industries such as energy and non-ferrous metals continue to play a crucial role, while new sectors like green aluminum, silicon photovoltaic, and new energy batteries are emerging as new growth engines [2] Social and Environmental Development - The average annual growth rate of income for farmers is projected at 8%, with poverty-stricken counties seeing an average annual growth of 8.6% [3] - The air quality in cities at or above the prefecture level is expected to reach a good rate of 99.1% by 2024, with major water bodies maintaining stable and compliant water quality [2] - The total tourism expenditure in Yunnan is expected to reach 1.14 trillion yuan in 2024, with tourist numbers reaching 3.9 million [3]

Group 1 - The core focus of Zhejiang's development during the "14th Five-Year Plan" is high-quality growth and the establishment of a common prosperity demonstration zone, with a commitment to reducing urban-rural, regional, and income disparities [1] - Zhejiang has achieved the highest per capita disposable income for urban and rural residents for 24 and 40 consecutive years, respectively, reflecting its economic strength [1] - The province has implemented 13 major reforms and introduced 32 policies to support the private economy, earning recognition for its favorable business environment and becoming the second-largest exporter in China [1] Group 2 - The innovation landscape in Zhejiang has evolved with the formation of the Zhejiang Science and Technology Corridor, which includes multiple collaborative platforms for technology transfer between research institutions and local industries [2] - The successful hosting of the 19th Asian Games in Hangzhou showcased the province's sports infrastructure, with 56 competition venues designed for public use [8] - The total area of sports facilities in Zhejiang has increased from 166 million square meters to 211 million square meters, indicating a significant enhancement in public sports infrastructure [10] Group 3 - Ningbo-Zhoushan Port has maintained its position as the world's busiest port, with a cargo throughput of 1.377 billion tons in 2024, marking a 4% year-on-year increase [12] - The expansion of airports in Taizhou, Lishui, and Jiaxing is contributing to the development of air transport networks, including the construction of the highest slope airport in East China [14] - Since 2021, approximately 1,098 kilometers of new railway lines have been added in Zhejiang, enhancing the province's transportation connectivity [17] Group 4 - Zhejiang has applied for 20 national marine ecological restoration projects and has made significant progress in ecological environment governance, with over 4.25 million acres of land undergoing comprehensive remediation [21] - The Kaifa Reservoir, the first ecological function-oriented water conservancy project in the country, has been completed, integrating watershed ecological restoration into its construction [24] - Zhejiang is actively pursuing a path of modernization that balances development with ecological protection, aiming to write a new chapter in Chinese-style modernization [26]

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - The A-share market's major indices showed a pattern of rising and then falling, with most sector indices declining. Only the electronics, communication, and social services sectors closed in the green. The Shanghai Composite Index dropped 1.15% to 3831.66 points, and the ChiNext Index fell 1.64%. The trading volume in the Shanghai and Shenzhen stock markets reached 3.1 trillion yuan. The U.S. stock market's three major indices all hit new closing highs, with the Nasdaq rising 0.94% to 22470.725 points. [1] - The market adjustment will continue, and it is maintained that the Shanghai Composite Index will be in a volatile adjustment in September. However, there are still structural opportunities in the market. During this market adjustment, the fundamentals and capital enthusiasm of the CSI 500 and CSI 1000 are more advantageous, showing greater resilience. The sentiment weakened yesterday, and the volatility of related options decreased significantly. Opportunities for bottom - up layout can be considered in the next few trading days. [2] Summary by Directory 1. Market Analysis - **Domestic and Overseas Macroeconomic Situation**: In the "14th Five - Year Plan" period, China's R & D investment increased continuously. In 2024, the total R & D investment exceeded 3.6 trillion yuan, a 48% increase from 2020, and the R & D investment intensity reached 2.68%, exceeding the average level of EU countries. The number of initial jobless claims in the U.S. last week dropped to 231,000, the largest decline in nearly four years. [1] - **Stock Market Performance**: In the spot market, A - share indices rose and then fell. Most sector indices declined, with only a few sectors closing in the green. The trading volume in the Shanghai and Shenzhen stock markets increased to 3.1 trillion yuan. In the U.S., the three major stock indices all hit new closing highs. In the futures market, the basis of stock index futures decreased on the delivery day of the current - month contract, and both trading volume and open interest increased. [1] 2. Strategy - The market adjustment will continue, and the Shanghai Composite Index will be in a volatile adjustment in September. There are structural opportunities, with the CSI 500 and CSI 1000 showing more resilience. Opportunities for bottom - up layout can be considered in the next few trading days. [2] 3. Charts 3.1 Macro - economic Charts - Include charts showing the relationship between the U.S. dollar index and A - share trends, U.S. Treasury yields and A - share trends, RMB exchange rates and A - share trends, and U.S. Treasury yields and A - share style trends. [5] 3.2 Spot Market Tracking Charts - **Stock Index Performance**: On September 18, 2025, the Shanghai Composite Index was 3831.66 (down 1.15% from the previous day), the Shenzhen Component Index was 13075.66 (down 1.06%), the ChiNext Index was 3095.85 (down 1.64%), the CSI 300 Index was 4498.11 (down 1.16%), the SSE 50 Index was 2912.83 (up 0.17%), the CSI 500 Index was 7199.88 (down 0.83%), and the CSI 1000 Index was 7476.40 (down 1.04%). [11] - Also include charts of trading volume in the Shanghai and Shenzhen stock markets and margin trading balances. [11] 3.3 Stock Index Futures Tracking Charts - **Trading Volume and Open Interest**: The trading volume and open interest of stock index futures increased. For example, the trading volume of IF was 220,019 (an increase of 57,520), and the open interest was 288,603 (an increase of 14,691). [15] - **Basis**: The basis of stock index futures decreased. For example, the basis of the IF current - month contract was - 10.91 (a decrease of 13.09). [36] - **Inter - delivery Spread**: The inter - delivery spread data of stock index futures are provided, such as the IF's next - month minus current - month spread was - 11.20 (a change of + 0.20). [42]

9月17日上午，国务院新闻办公室举行"高质量完成'十四五'规划"系列主题新闻发布会，国务院国资委相关负责人介绍砥砺奋进"十四五"中央企业高质量发展 情况，并答记者问。会上介绍，中央企业资产总额超过90万亿元，累计上缴税费超过10万亿元，一批"卡脖子"关键核心技术集中攻克……戳图！一组数据看 国资央企高质量发展成果！ H and and the may be and the seat of the see and : 2774 Press III H E and 7 Exp r f 15 可】网 ( "十四五"以来中央企业综合实力不断增强， 竞 and All Old The First Free For 下 c 个月 本 创 1.9万亿元增长到2.6万亿元 年均增速分别达到7.3%、8.3%。 澳门网 "十四五"期间,国资央企布局结构不断优化, 组10家企业实施战略性重组,9家新的中 企业组建设立。 and "十四五"以来，中央企业累计上缴税费 20 1 10万亿元，完成向社保基金划转国有股 1.2万亿元。 I r st 中 11 es a 中央企业的创新实力取得了长足进步，研发 费连续三年超过万亿元,投入强 ...

人民日报海外版北京9月17日电（记者李婕）"十四五"以来，中央企业资产总额从不到70万亿元增 长到超过90万亿元，利润总额从1.9万亿元增长到2.6万亿元，综合实力不断增强，质量效率显著提 升……17日，国新办举行"高质量完成'十四五'规划"系列主题新闻发布会，介绍中央企业高质量发展情 况。 据介绍，"十四五"以来，中央企业资产总额、利润总额年均增速分别达到7.3%和8.3%；营业收入 利润率从6.2%提升到6.7%，全员劳动生产率每人每年从59.4万元增长到81.7万元；国有资本回报率、净 资产收益率等指标都持续改善。中央企业研发经费年均增长6.5%，连续3年每年投入超过1万亿元。同 时，着眼增强国有经济战略功能，推动国有资本合理流动和优化配置。目前，中央企业在关系国家安 全、国民经济命脉和国计民生等领域的营业收入占比超70%。 国务院国资委主任张玉卓在会上表示，这五年，国资央企发展提质、改革增效、新动能新优势加快 塑造。 ...

9月17日，国新办举行"高质量完成'十四五'规划"系列主题新闻发布会，请国务院国资委主任张玉卓介 绍砥砺奋进"十四五"，中央企业高质量发展情况，并答记者问。 要点如下： 中央企业资产总额已超过90万亿元 "十四五"以来中央企业累计上交税费超过10万亿元 张玉卓表示，"十四五"以来中央企业累计上交税费超过10万亿元，向社保基金划转国有股权1.2万亿 元。 中央企业控股上市公司市值超过22万亿元 "十四五"以来累计分红2.5万亿元 张玉卓表示，截至目前，中央企业控股上市公司市值超过22万亿元，较"十三五"增长近50%。"十四 五"以来，累计实现现金分红2.5万亿元，成为维护资本市场平稳运行的重要力量。 张玉卓表示，"十四五"以来，高质量发展迈出新步伐，经营质效保持稳中向好。中央企业资产总额从不 到70万亿元，增长到超过90万亿元，利润总额从1.9万亿元，增长到2.6万亿元，年均增速分别达到了 7.3%和8.3%，更为重要的是质量效率显著提升。营业收入利润率从6.2%提升到6.7%。全员劳动生产率 每人每年从59.4万元增长到81.7万元。国有资本回报率，净资产收益率等指标都持续改善。 中央企业研发经费连续三年超过 ...