Group 1 - The Suzhou Municipal Political Consultative Conference, led by Chairman Zhu Min, conducted a visit to private enterprises in Wujiang District to understand the development of private enterprises and local industrial innovation and supply chain construction this year [1] - The research team visited the Hengli Chemical Fiber's annual production project of 400,000 tons of high-performance special industrial silk, observing the intelligent production process and product applications [1] - The modern supply chain industrial park in the Yangtze River Delta (Shengze) was examined, where the Suzhou Port and Shipping Group has reduced costs for enterprises by 20% to 40% through diversified transportation services since the port's operation [1] Group 2 - The National Advanced Functional Fiber Innovation Center, the first national manufacturing innovation center in Jiangsu Province, focuses on key common technologies and has established an evaluation system covering over 140 testing projects to support the independent control of domestic fiber technology [1] - Zhu Min highlighted the strong innovative momentum of Wujiang's private enterprises, represented by Hengli and Shenghong, through intelligent transformation and industrial chain collaboration [2] - The political consultative conference aims to continuously optimize the business environment and support enterprises in targeting international cutting-edge technologies to inject new momentum into the high-quality development of Suzhou's manufacturing industry [2]

31新华社北京12月15日电 题：发展新质生产力，培育壮大新动能——四论学习贯彻中央经济工作会议 精神 新华社评论员 科技创新和产业创新，是发展新质生产力的基本路径。抓科技创新，要着眼建设现代化产业体系，坚持 教育、科技、人才一起抓，既多出科技成果，又把科技成果转化为实实在在的生产力。抓产业创新，要 守牢实体经济这个根基，正确处理新兴产业和传统产业的关系，坚持推动传统产业改造升级和开辟战略 性新兴产业、未来产业新赛道并重。要加快推动作为经济增长和就业收入基本依托的传统产业改造升 级，实施新一轮重点产业链高质量发展行动，深化拓展"人工智能+"，完善人工智能治理，创新科技金 融服务，形成推动高质量发展的合力。抓科技创新和产业创新融合，要搭建平台、健全体制机制，强化 企业创新主体地位，让创新链和产业链无缝对接。 生产力决定生产关系，生产关系反作用于生产力，生产关系必须与生产力发展要求相适应。发展新质生 产力，培育壮大新动能，必须坚决破除影响和制约高质量发展的体制机制弊端，完善与新质生产力更相 适应的生产关系。要通过改革创新的办法，着力打通束缚新质生产力发展的堵点卡点，加快构建有利于 新质生产力发展的体制机制，让各类 ...

Core Insights - The recent global city GDP rankings reveal a significant shift in the economic landscape, with Chinese cities like Shenzhen, Chengdu, and Nanjing making notable advancements [1][8] - Shenzhen's GDP reached 36,802 billion yuan, closely following Singapore, while Chengdu surpassed Sydney for the first time with a GDP of 23,511 billion yuan [1][4] - The rise of these cities is attributed to geographical advantages, continuous policy benefits, and robust industrial innovation [1][8] Group 1: Shenzhen - Shenzhen's GDP of 36,802 billion yuan is just 2,185 billion yuan behind Singapore, marking a 12% reduction in the gap from the previous year [1][2] - The city is a core engine of the Guangdong-Hong Kong-Macao Greater Bay Area, benefiting from its proximity to the Pearl River Delta manufacturing base and international shipping routes [1][2] - Shenzhen leads in PCT international patent applications, accounting for 34.6% of the national total, with major contributions from companies like Huawei and Tencent [2] Group 2: Chengdu - Chengdu's GDP reached 23,511 billion yuan, surpassing Sydney by a narrow margin of 59 billion yuan, marking its emergence as a significant inland economic hub [4][5] - The city has developed a robust international air transport network, with a combined passenger throughput of 86 million at its airports in 2024 [4] - Chengdu's electronic information industry is a key driver, with a scale exceeding 2 trillion yuan, representing 38.7% of its GDP [4][5] Group 3: Nanjing - Nanjing's GDP reached 18,501 billion yuan, just 40 billion yuan shy of San Francisco, showcasing its competitive edge in the digital economy [7][8] - The city boasts a complete industrial chain in software and information services, with revenues reaching 820 billion yuan [7] - Nanjing's strong academic resources contribute significantly to its innovation, with 48 universities generating 65% of the city's invention patents [7]

二是发展新动能持续壮大。科技创新和产业创新深入融合，新质生产力培育壮大，新业态新模式快速发 展，为经济发展注入新的活力和动力。从供给看，高端化、数字化、智能化生产发展向好。1-11月份， 规模以上高技术制造业增加值同比增长9.2%，数字产品制造业增加值增长9.3%；工业机器人、集成电 路产量分别增长29.2%和10.6%。从需求看，消费模式创新加快，文化体育等服务性消费快速成长。1-11 月份，服务零售额中，文体休闲类、通讯信息服务类零售额同比增长均超过10%。即时零售和直播电商 等带动下，1-11月份，实物商品网上零售额同比增长5.7%。从价格看，我国数字化绿色化转型深入推 进，新能源产业、数字产品制造快速发展，带动相关产品价格上涨。11月份，有色金属冶炼和压延加工 业价格同比上涨7.8%，集成电路制造价格上涨1.7%，新动能的成长壮大，将有利于经济向好发展。 三是宏观政策继续显效。今年以来，我国经济保持稳中有进发展态势，离不开更加积极有为的宏观政策 精准发力。"两重"建设和"两新"政策的实施，以及全国统一大市场建设纵深推进，扩大了需求、促进了 生产、推动了经济。近期，有关部门积极推动落实进一步促进消费、扩 ...

Core Insights - The central economic work conference emphasized the importance of "accelerating the cultivation and expansion of new driving forces" as a key task for 2026, highlighting the urgency and proactivity in fostering new economic momentum [1][3]. Group 1: Strategic Significance - The strategic significance of cultivating new driving forces has become more pronounced, as the country faces external pressures and internal challenges, achieving qualitative improvements and reasonable growth in the economy [3]. - The need to shift away from traditional economic growth models and develop a modern industrial system that is self-controlled and competitive is underscored, with new quality productivity being a key driving force [3]. Group 2: Pathways and Measures - The conference proposed specific measures such as "formulating a plan for integrated development of education, technology, and talent," which aims to create a virtuous cycle of technology leadership, talent support, and educational assurance [4]. - The establishment of international science and technology innovation centers in regions like Beijing, Shanghai, and the Guangdong-Hong Kong-Macau Greater Bay Area is intended to enhance original innovation capabilities and attract top talent [4]. Group 3: Technological Foundation - The technological foundation for cultivating new driving forces is solid, with significant advancements in various sectors, including a nearly trillion-yuan scale in the biomanufacturing industry and continued global leadership in the electric vehicle sector [6]. - In 2024, China's national comprehensive innovation capability ranked 10th globally, with R&D expenditure exceeding 3.6 trillion yuan, and a notable increase in the contribution of the "three new" economy to GDP, which reached 18% [6].

中央经济工作会议12月10日至11日在北京举行。中原证券首席经济学家邓淑斌在接受证券时报采访时表 示，2026年宏观政策在逆周期和跨周期调节并举的同时，或将有所侧重于后者，政策护航稳增长的力度 相对适中。财政政策将在扩大内需、科技创新、民生保障等重点领域进一步发力，货币政策操作将着力 于政策调控的效率和主动性，降准降息更审慎、节奏将更平滑，同时有望加力扶持"扩大内需、科技创 新、中小微企业"等重点领域，以提高政策传导的精准性。 会议用"必须充分挖掘经济潜能""必须坚持政策支持和改革创新并举""必须做到既放得活又管得好""必 须坚持投资于物和投资于人紧密结合""必须以苦练内功来应对外部挑战"这"五个必须"对当前经济工作 进行了总结。邓淑斌指出，这体现了中央对经济工作规律性认识的持续深化和不断总结，也为深入理解 明年宏观调控政策思路和八大重点任务部署提供了更清晰的脉络。 在货币政策方面，会议延续"适度宽松""灵活高效运用降准降息等多种政策工具""保持流动性充裕"的总 体要求。邓淑斌预计2026年的货币政策操作将着力于政策调控的效率和主动性，一方面在总量宽松，仍 有空间但幅度可能有限，既要考虑维持合理充裕的资金面， ...

Group 1 - The provincial state-owned enterprises in Sichuan are actively implementing the spirit of the 20th National Congress, focusing on high-quality development and reform of state-owned enterprises [1][2] - Sichuan Energy Development Group is committed to building a new energy system that integrates multiple energy sources, emphasizing technological innovation to enhance the energy industry's quality and efficiency [1][2] - The Sichuan Provincial Urban Renewal Group aims to transform the Congress's directives into practical outcomes by developing a replicable urban renewal model [2] Group 2 - The 20th National Congress emphasizes the construction of a modern industrial system and the strengthening of the real economy, with enterprises being the main force in this initiative [2] - Sichuan Provincial Investment Company plans to break traditional operational barriers to activate technological innovation and drive transformation and upgrading [3] - The Sichuan Port Investment Group is focused on enhancing core functions and competitiveness, supporting the construction of a strong transportation province [4] Group 3 - Sichuan Biopharmaceutical Group is set to deepen its understanding of the Congress's spirit, focusing on innovation in pharmaceuticals and technology to create an integrated innovation ecosystem [4] - The company under Sichuan Coal Group plans to increase investment in key technology research and deepen collaboration with universities and enterprises to achieve more independent results in high-end equipment [5]

● 本报记者 李嫒嫒 "从一家名不见经传的地方企业走向全国，走向世界，创新始终是我们发展的核心驱动力。"和奔流说。 龙佰集团的前身是一家经营困难的地方国企，产品线涵盖硫酸铝、锆盐和当时排名全国六七十位的钛白 粉。公司改制完成后，企业的未来发展方向曾一度困扰管理层。 "我们通过认真研判，认为钛白粉在未来的国民经济发展中会有很大的应用前景。因此，放弃发展硫酸 铝，放缓发展锆盐，集中全部资源重点发展钛白粉。"和奔流坦言，"在这一发展过程中，外部'多彩世 界'的诱惑从未间断，但我们全部拒绝了。" 如今，龙佰集团已建立起全球领先的产能体系——钛白粉年产能达151万吨，海绵钛年产能达8万吨，均 位居全球首位。公司构建起从钛矿采选加工，到钛白粉、钛金属制造，再到衍生资源综合利用的完整绿 色产业链。 龙佰集团不断创新，提升工艺技术路线，率先引进国外大型沸腾氯化法钛白粉生产技术，成功实现了从 技术引进，到完全自主掌握核心知识产权，再到消化吸收再创新的跨越。 "2015年9月18日，我们通过三年的努力实现了大型沸腾氯化法钛白粉在焦作的生产，奠定了中国钛白粉 和海外钛白粉并驾齐驱的基础，为中国真正的钛产业时代的到来夯实基础。"和奔 ...

Core Insights - The report emphasizes the importance of boosting domestic demand and economic growth, with a focus on moderate policy stimulus that is data-driven and efficiency-oriented [3] - The central economic work conference outlines three main investment themes for the upcoming year: expanding domestic demand, promoting technological and industrial innovation, and advancing the construction of a unified national market [3] Group 1: Expanding Domestic Demand - The conference highlights the need to implement special actions to boost consumption, develop urban and rural income plans, and optimize the supply of quality goods and services [3] - It suggests that improving consumer capacity, enhancing willingness to consume, and creating favorable consumption conditions are essential for driving future consumption growth in China [3] - Key sectors to focus on include new retail, dining, hospitality, cultural tourism, and modern services such as healthcare, elderly care, childcare, and finance [3] Group 2: Technological and Industrial Innovation - The report calls for a comprehensive plan to advance education and technology talent development, strengthen the role of enterprises in innovation, and implement high-quality development actions for key industrial chains [3] - It emphasizes the strategic direction of artificial intelligence (AI) development, advocating for the "AI+" initiative to enhance technological research and industrial upgrading [3] - Investment opportunities are identified in high-end manufacturing, renewable energy, and AI-related industries, with a particular focus on AI application implementation in the coming year [3] Group 3: Unified National Market Construction - The conference indicates the need to establish regulations for a unified national market and to address "involution" competition [3] - The "anti-involution" approach is expected to support inflation and improve supply-demand relationships in traditional cyclical industries, while also benefiting emerging industries by regulating competition [3] - Sectors likely to benefit include new energy vehicles, e-commerce, lithium batteries, and photovoltaics, as they may experience enhanced output efficiency [3] Short-term Market Judgments and Investment Strategies - The report notes that while the central economic work conference has released positive policy signals, the short-term market will still be influenced by liquidity factors and market sentiment [3] - It suggests a balanced investment strategy, combining defensive sectors like banking, insurance, telecommunications, and utilities with growth sectors in technology, particularly those with strong AI attributes and reasonable valuations [3] - The report recommends focusing on AI-leading companies in the Hong Kong stock market and opportunities in the A-share computing power industry chain and AI application layer [3]

论坛伊始，广州市科学技术局副局长吴汉荣先生致开幕辞。他指出，广州正全力推进粤港澳大湾区国际科技创新中心建设，紧紧围绕科技创新发展全链 条，着力对接国际优质创新资源，已取得一系列国际合作成果，为深化高水平科技交流合作奠定了良好基础。吴汉荣副局长进一步表示，要充分发挥中新 广州知识城等国际合作平台优势，深化政产学研协同，加速推动智能技术在医疗、交通、制造等场景的融合应用，他期待本次论坛能有效促进科技领域的 深入交流与合作，携手推动大湾区产业创新与高质量发展。 随后，新加坡工程院院士、新加坡国立大学广州创新研究院院长葛树志教授在致辞中表示，研究院作为新国大服务粤港澳大湾区的旗舰平台，将持续推动 智能系统领域的国际科研合作与成果落地。他强调，本次论坛旨在打通"技术—产业"转化链路，加速机器人、智慧医疗等前沿应用在湾区开花结果，助力 构建具有全球影响力的智能创新生态。 顶尖学者齐聚 多维洞见赋能创新 本次论坛特别邀请了9位来自新加坡国立大学的顶尖学者——同时也是新国大广州创新研究院学术带头人——开展主题演讲。各位教授围绕基础研究突破 与产业应用实践，分享兼具前瞻性与实践价值的学术洞见及技术成果，覆盖机器人技术、自旋电子 ...