Group 1 - The meeting emphasized the importance of implementing Xi Jinping's thoughts on the moral and ideological development of minors, focusing on creating a collaborative education mechanism among schools, families, and society to foster a healthy growth environment for minors [1] - The meeting highlighted the need to align thoughts and actions with the provincial and municipal economic work deployment, focusing on high-quality economic development and early planning for the next year's economic work to achieve a strong start in the first quarter [1] - The meeting discussed measures to enhance consumer confidence during the upcoming holidays, ensuring the supply and price stability of essential goods, and maintaining social safety and stability [1] Group 2 - The meeting reviewed the "Three-Year Action Plan for Urban Renewal in Zhengzhou," aiming to improve urban functions, enhance living environments, and revitalize underutilized resources while preserving historical and ecological aspects [2] - The meeting also approved measures to support technological innovation, emphasizing the implementation of an innovation-driven development strategy to establish Zhengzhou as a strong city for science and technology with national influence [2] Group 3 - The meeting addressed additional matters related to the protection of historical buildings and the development of museum initiatives [3]

11月26日，中国科学院工业人工智能研究所成立大会在南京举行； 12月3日，我国信息通信领域首个国家重大科技基础设施——未来网络试验设施通过国家验收并投 入运行； 12月9日，南钢牵头编撰的《中厚钢板装备手册》在南京举行新书发布会。在中厚板领域，南钢已 建成国际一流的中厚板产线…… 窥一斑而知全豹。站在"十四五"收官、"十五五"谋篇布局的关键节点回望，南京这座六朝古都正以 澎湃的创新动能焕发勃勃生机。 作为首个引领性国家创新型城市，南京认真落实习近平总书记关于"在推动科技创新和产业创新融 合上打头阵"重要指示，加快打造具有全球影响力的产业科技创新中心主承载区，科技和产业创新成果 层出不穷。一个个"业界首个"彰显了创新南京的突破，见证着"因地制宜加快发展新质生产力"的坚实步 伐。南京已连续两年在"自然指数—科研城市"中排名全球第五。 创新能级再度提升 10万个"太阳"！ 12月11日，中国科学院紫金山天文台"银河画卷"（MWISP）巡天计划正式向全球公开释放其历时 十余年、首批获取的超过1亿条毫米波星际分子谱线观测数据。 星际分子云研究被世界公认为理解"起源问题"的重大科学前沿，是理解恒星形成的关键。这一数据 ...

编者荐语： 摘要 上证指数收获八连阳，再叠加放量，跨年行情似乎正在蓄势待发； 2026 年关注反内卷和科技创新两大主线。 转载自申万宏源上海分公司，仅供参考。本周市场强势上涨，上证指数涨1.88%，从风格来看，科技成长表现优异，中小盘风格活跃。板块来看，海南板 块、有色金属及电池、商业航天、谷歌链等均涨幅较高，形成了范围较广的赚钱效应。 以下文章来源于申万宏源证券上海分公司 ，作者司伟杰 申万宏源证券上海分公司 . 申万宏源证券上海分公司官微，能为您提供账户开立、软件下载、研究所及投顾资讯等综合服务，为您的财富保驾护航。 市场回顾 本周市场强势上涨，上证指数涨 1.88% ，创业板涨 3.90% ，科创 50 涨幅 2.85% ，从风格来看，科技成长表现优异，中小盘风格活 跃。板块来看，海南板块、有色金属及电池、商业航天、谷歌链等均涨幅较高，形成了范围较广的赚钱效应，在此带动下，成交量也摆脱 了 1.8 万亿附近的震荡区间，周五全市场成交量突破 2.1 万亿。上证指数收获八连阳再叠加放量，跨年行情似乎正在蓄势待发。 行业复盘：有色金属为何那么强？ 从今年申万一级行业来看，有色金属涨幅超过 80% ，排名第一， ...

Core Insights - The "Quality Return Dual Improvement" initiative launched by the Shenzhen Stock Exchange in February 2024 has become a conscious action among listed companies, with 471 companies disclosing their action plans by the end of November 2025, covering 30 industries including electronics and pharmaceuticals [1] Group 1: Focus Areas of Improvement - Listed companies are primarily focusing on three dimensions: core business development, technological innovation, and standardized operations to systematically enhance their quality [2] - Companies like Mindray Medical are driving core business development through high-intensity R&D investments and global R&D layouts, while Shenghong Technology is enhancing global competitiveness through acquisitions [2] - Many companies are increasing R&D investments and accelerating the transformation of results and intellectual property layout, with BYD's R&D expenditure reaching 54.2 billion yuan in 2024 [2][3] Group 2: Standardized Operations - Standardized operations are foundational for market trust and high-quality development, with companies like Anker Innovation and Xian Dao Intelligent continuously improving their corporate governance structures [3] Group 3: Enhancing Market Confidence - Stable and predictable cash dividends and share buybacks are crucial for enhancing market confidence, with companies like BOE Technology Group proactively disclosing shareholder dividend plans [4] - Companies are also encouraging shareholder buybacks and commitments not to reduce holdings, as seen with GoerTek's major shareholder increasing holdings significantly [4] Group 4: Performance Metrics - The 471 companies involved in the "Dual Improvement" initiative achieved a total operating revenue of 9.8 trillion yuan in 2024, a year-on-year increase of 3.6%, and a net profit of 743.39 billion yuan [7] - R&D investment accounted for 4.3% of operating revenue in the first half of 2025, with a total R&D investment amounting to 59.5% of the Shenzhen market [7] - The annual dividend total from 2022 to 2024 showed a compound growth rate of 10.0%, with 2024 dividends accounting for 43.6% of net profit, an increase of 10.9 percentage points from 2022 [7] Group 5: Market Reactions - From February 2024 to November 2025, the average stock price increase for the 471 "Dual Improvement" companies was 77.2%, surpassing the Shenzhen Component Index [8] - By the end of November 2025, the total market capitalization of these companies reached 21.2 trillion yuan, an increase of 8.1 trillion yuan since the initiative's launch [8]

发布会介绍，"十四五"时期，海南全社会研发投入年均增长31.5%、连续三年增速位列全国第一， 2024年首次突破100亿元、是2020年的3倍。2024年，海南综合科技创新水平全国排名提升至第22位， 比"十三五"末上升了6位，跃居全国第二梯队。研究与试验发展人员总数超过3.5万人，增长151%。国家 科学技术奖实现多项突破。国家自然科学基金项目立项数量实现翻番，增长率连续五年保持在15%以 上，超过全国平均增长率2倍，同时高水平项目数量大幅提升，基础和前沿研究进步显著。 值得一提的是，《科学》《自然》等国际顶级学术期刊相继发表了海南科研工作者在深渊生态系 统、全脑介观神经图谱研究、热带病防控等方面的一批重大研究成果，海南科技创新国际影响力显著提 升。 与此同时，海南不断强化重大技术攻关和成果转化应用，促进科技创新与产业创新融合发展。围 绕"种源+种业+种市"协同发展，在南繁领域建成20个种业科研平台，率先形成CRO全链条一体化服务 体系。 海南日报海口12月29日讯(海南日报全媒体记者 邱江华)12月29日，"高标准建设海南自由贸易 港"系列主题新闻发布会(第九场)——海南省科技系统"十四五"时期发展成效专 ...

Core Viewpoint - The article highlights the industrial economic transformation in Pingliang, focusing on high-quality development and diversification beyond coal dependency, with significant growth in both traditional and emerging industries [3][4][5]. Group 1: Traditional Industry Transformation - Traditional industries in Pingliang, such as coal, electricity, and building materials, are undergoing technological upgrades and intelligent transformations, moving towards high-quality development [4]. - The coal industry has shifted from a crude extraction model to a smart mining and deep processing approach, with 21 intelligent mining projects implemented and a raw coal output of 20.53 million tons in the first three quarters of 2025, a 7.9% increase year-on-year [4]. - The electricity sector has seen a 20.9% year-on-year increase in added value, supported by the integration of ultra-low emission standards and the establishment of new power generation facilities [5]. Group 2: Emerging Industry Growth - Emerging industries such as biomanufacturing, automotive parts, and new materials are being developed, contributing significantly to the industrial economy [8][9]. - The biomanufacturing sector has experienced a staggering 249.6% year-on-year increase in added value, with key projects like the 1 billion yuan investment in corn processing leading to substantial production and revenue growth [8]. - The automotive parts industry has made significant strides, with new projects expected to generate 1.2 billion yuan in output by 2025, creating over 800 jobs [9]. Group 3: Innovation and Digital Transformation - Innovation is emphasized as a key driver for industrial transformation, with a focus on enhancing core competitiveness through technology and research collaboration [11][12]. - The establishment of innovation platforms and digital transformation initiatives has led to a significant increase in the number of enterprises engaging in research and development, with 26 enterprises having R&D activities [11]. - By the end of 2025, it is projected that 70% of industrial enterprises will undergo digital transformation, supported by extensive 5G infrastructure and smart manufacturing practices [12].

Group 1 - The core message emphasizes the importance of innovation as the primary driving force for development, highlighting the need for deep integration of technological and industrial innovation [6] - The year 2025 marks the conclusion of the "14th Five-Year Plan," with a focus on advancing China's economy under pressure and promoting new and superior development [3][21] - The rapid development of artificial intelligence is seen as a key factor in cultivating new productive forces and driving high-quality development in China [16] Group 2 - Resource-based regions are encouraged to achieve new development, with traditional industries needing revitalization through transformation and upgrading [10] - The concept of localized development is emphasized, suggesting that each region should leverage its unique characteristics to foster new productive forces [14] - The continuous implementation of five-year plans is recognized as an important experience in governance and a political advantage of socialism with Chinese characteristics [21]

Core Insights - Guangdong's economy is projected to reach 14.16 trillion yuan in 2024, maintaining its position as the largest in China for 36 consecutive years, with significant advancements in innovation and regional coordination [2][12] - The province has crossed three trillion yuan milestones during the 14th Five-Year Plan, showcasing its economic resilience and contribution to national growth [3][12] Economic Stability - Guangdong's economic output has surpassed 12 trillion, 13 trillion, and 14 trillion yuan, contributing one-tenth of the national GDP, with public budget revenues leading the country for 34 years [3][13] - The province leads in key sectors such as electronic information manufacturing, automotive, and electrical machinery, with manufacturing value added accounting for 32% of GDP [3][13] - Guangdong's foreign trade has been the highest in the country for 39 years, with general trade accounting for 58.2% of total trade, indicating a robust internal and external market [3][13] Talent Activation - The "Million Talents Gather in South Guangdong" initiative has been launched to stabilize employment and support high-quality development through targeted recruitment efforts [4][15] Innovation Drive - Guangdong is building a comprehensive innovation chain that includes basic research, technology breakthroughs, and talent support, with significant advancements in semiconductor and AI industries [6][16] - The province's industrial robot production accounts for over 40% of the national total, maintaining its leadership in the robotics sector for five consecutive years [6][16] Reform and Governance - Guangdong has pioneered local legislation for modern enterprise systems and has over 20 million business entities, indicating a vibrant entrepreneurial environment [8][18] - The province is enhancing governance through digital government initiatives and empowering local authorities, aiming to stimulate internal growth [8][18] Open Economy - Guangdong's openness is evolving from traditional trade to deeper institutional reforms, with the Guangdong-Hong Kong-Macau Greater Bay Area serving as a key driver for this transformation [9][19] - The province has achieved 772 institutional innovation results in its free trade zone, promoting a higher quality of open economy [9][19] Development Initiatives - The "Hundred Counties, Thousand Towns, and Ten Thousand Villages High-Quality Development Project" aims to enhance regional coordination and economic growth across the province [10][21] - Guangdong plans to achieve modernization by 2035, focusing on balanced and inclusive development [10][21]

Group 1 - In 2025, Xi Jinping emphasized the importance of grassroots efforts and practical actions for economic and social development during his inspections in various regions [1][3] - Shanghai's Xu Hui District has gathered over 1,500 AI companies and established a 2 billion yuan "Shanghai Xu Hui AI Youth Entrepreneurship Fund" to support innovation and entrepreneurship [3][4] - The Qingpu District has implemented "industrial upgrading" strategies to maximize production space for innovative companies, facilitating their growth [4][5] Group 2 - Liaoning Province has prioritized optimizing the business environment, resulting in 480 companies securing financing agreements totaling 1.74 billion yuan [7][8] - The Taian County has introduced 55 innovative measures to enhance the business environment, including establishing a "no proof city" initiative and facilitating financing for local enterprises [7][8] - The county has organized quarterly "government-bank-enterprise" financing demand meetings to promote financial products tailored for small and medium-sized enterprises [8] Group 3 - In Shanxi, the Jin Cheng Economic and Technological Development Zone has introduced a "white list + risk compensation fund" mechanism to facilitate financing for innovative enterprises [9][10] - The local government is actively supporting the transformation of traditional industries while fostering new strategic industries, contributing to a significant increase in the output value of the optical and mechanical industry [10][11] - The government has established a mechanism for rapid response to enterprise needs, ensuring smooth project advancement and addressing financing challenges [11] Group 4 - In Henan, the Zhengzhou government has implemented measures to reduce bureaucratic burdens on grassroots officials, allowing them to focus more on community needs [12][13] - The local government has streamlined assessment processes, achieving a 73.89% reduction in evaluation indicators, enabling officials to engage more with the community [12][13] - Community initiatives have been launched to improve local infrastructure and services, fostering greater collaboration between officials and residents [13] Group 5 - In Yunnan, the local government is promoting ecological development while ensuring community livelihoods through sustainable practices [15][16] - The region has implemented a model of "using fish to nourish water" for ecological aquaculture, enhancing both environmental quality and local income [16] - The local government has conducted extensive vocational training and created public service jobs to support the community's transition to sustainable livelihoods [16]

今年5月，历经层层选拔，70个优秀项目脱颖而出，覆盖科技创新、数字经济、乡村振兴、社会企业四 大专项赛道，从物联网AI智能领域到新型工业技术，从新能源研究到绿色建筑产业先行，从小行星的 模拟试验到遥感视角下的气溶胶环境……充分展现山西青年在科技攻关、技术创新、产业升级等方面的 最新探索与实践。 团山西省委有关负责人表示，该赛事已连续举办12届，累计挖掘优秀青年创新创业项目1.4万个，推选 274个省赛精品项目冲刺国赛，获得3金5银29铜的优秀战绩，发掘培育了一大批扎根山西、服务产业的 青年创业项目和人才。 "挑战杯"大学生课外学术科技作品竞赛，全省58所高校9万余名师生参赛，评选优秀项目735个，最终10 个项目入围主体赛和"人工智能"专项赛国赛。从"挑战杯"到"创青春"，团山西省委多次邀请专家、创业 导师，帮助他们不断打磨项目、开拓事业。 "通过AI赋能，我们能精准识别苹果的糖度、褐变、软伤等，实现'无损分拣'，达到了行业的领先水 平。"近日，在山西运城的黄土高原上，一个个红彤彤的苹果，正悄然经历一场"数字革命"。00后青年 创业者翟裕景实践探索出的苹果种植、分拣、加工到销售的全产业链数字化体系，获团山西省 ...