Core Viewpoint - Keda Intelligent experienced a stock price decline of 2.07% on January 20, with a current price of 12.29 CNY per share and a total market capitalization of 9.565 billion CNY [1] Group 1: Stock Performance - The stock has increased by 12.34% year-to-date, with a 2.50% rise over the last five trading days and a 16.60% increase over the last 20 days, while it has decreased by 3.53% over the last 60 days [1] - The trading volume reached 2.12 billion CNY, with a turnover rate of 2.69% [1] Group 2: Financial Performance - For the period from January to September 2025, Keda Intelligent reported a revenue of 1.936 billion CNY, reflecting a year-on-year growth of 1.13%, and a net profit attributable to shareholders of 71.59 million CNY, which is a significant increase of 136.62% [2] Group 3: Business Overview - Keda Intelligent specializes in the research, production, and sales of power distribution automation and electricity automation systems, as well as providing related engineering and technical services [1] - The company's revenue composition includes 73.10% from digital energy, 25.65% from intelligent robotics applications, and 1.25% from other sources [1] Group 4: Shareholder Information - As of September 30, 2025, Keda Intelligent had 83,600 shareholders, an increase of 13.94% from the previous period, with an average of 7,584 circulating shares per shareholder, down by 12.24% [2] - The top shareholders include various ETFs focused on robotics, with significant increases in holdings compared to the previous period [3]

1月20日，国联股份（维权）盘中下跌2.02%，截至10:08，报29.05元/股，成交1.62亿元，换手率 0.76%，总市值209.32亿元。 资金流向方面，主力资金净流出2408.24万元，特大单买入743.65万元，占比4.60%，卖出1642.80万元， 占比10.16%；大单买入3825.68万元，占比23.67%，卖出5334.77万元，占比33.00%。 国联股份今年以来股价涨3.75%，近5个交易日跌1.36%，近20日涨4.57%，近60日涨5.25%。 资料显示，北京国联视讯信息技术股份有限公司位于北京市丰台区南四环西路188号总部基地3区28号楼 国联股份数字经济总部，成立日期2002年9月6日，上市日期2019年7月30日，公司主营业务涉及会员服 务、会展服务、行业资讯服务、代理业务以及金融服务业务。主营业务收入构成为：网上商品交易业务 99.76%，商业信息服务0.13%，互联网技术服务0.10%，其他0.01%。 国联股份所属申万行业为：商贸零售-互联网电商-综合电商。所属概念板块包括：快手概念、数字经 济、ChatGPT概念、ERP概念、数据要素等。 截至9月30日，国联股份股 ...

正在谋划推进一批"十五五"时期高技术产业标志性引领性重大工程 国家发展改革委国民经济综合司司长周陈表示，展望2026年，我国经济结构将持续向优，发展动能持续向新，整体发展态势持续向好。从点上看， 新技术、新产品、新场景将蔚然成势，目前发改委正在谋划推进一批"十五五"时期的高技术产业标志性引领性重大工程；从线上看，创新链、产业 链、人才链加速融合。2025年我国的数字经济增加值有望达到49万亿元，占GDP比重约35%，未来将创造出更大的市场空间。从面上看，动力源地 区创新引领作用持续增强。目前我国拥有24个全球百强的创新集群，数量连续位居世界第一。 将研究制定出台2026年—2030年扩大内需战略实施方案 国家发改委副主任王昌林20日在国新办新闻发布会上表示，CPI、PPI实现双回升，下一步，总量方面，要实施更加积极的财政政策和适度宽松的货 币政策，把促进物价回升作为货币政策的重要考量，发挥存量政策和增量政策的集成效率，推动形成经济增长和物价回升的良性互动。 研究设立国家级并购基金 加强政府投资、基金布局规划 国家发改委副主任王昌林20日在国新办新闻发布会上表示，要发挥好国家创业投资基金行业标杆作用，研究设立国 ...

Core Insights - Zhejiang's private enterprises are showing steady and positive development, with a total of 3.7689 million registered private enterprises expected by the end of 2025, equating to 56.5 private enterprises per 1,000 people in the province [1][3]. Group 1: Overall Development - The private enterprises in Zhejiang have made breakthroughs in new productive forces, global value chain layout, and cultural innovation, transitioning from "Zhejiang manufacturing" to "Zhejiang creation" [3]. - Private enterprises are a core engine for high-quality development and play a significant supporting role in the national new development pattern [3]. Group 2: Regional Distribution - The cities of Hangzhou, Ningbo, Wenzhou, and Jinhua host 70% of the province's private enterprises, with Hangzhou leading at 1.0096 million enterprises, accounting for 26.8% of the total [3][4]. - Other cities like Jinhua, Ningbo, and Wenzhou have 623,800, 569,100, and 442,100 registered enterprises, respectively [3]. Group 3: Industry Distribution - By the end of 2025, the registered private enterprises in Zhejiang will be distributed across three industries: 42,800 in primary, 905,400 in secondary, and 2,820,600 in tertiary, with nearly 75% operating in the tertiary sector [3][4]. - The main industries include wholesale and retail (1.2629 million), manufacturing (686,400), and rental and business services (448,500), collectively accounting for 92% of the total enterprises [4]. Group 4: Sectoral Characteristics - The private enterprises in Zhejiang exhibit distinctive characteristics in industry distribution, creating significant industrial clustering effects and competitive advantages [4]. - Hangzhou, recognized as the "digital economy capital," has seen strong development in private tech enterprises in AI, big data, and cloud computing, forming a complete industrial chain in the AI sector [4].

人民日报记者 刘志强 王云杉 消费向新 社会消费品零售总额超50万亿元 一个个数据，展现中国经济的强大韧性和活力。2025年，中国经济顶压前行、向新向优发展，经济 社会发展主要目标任务顺利实现，"十四五"圆满收官。1月19日，国务院新闻办新闻发布会上，国家统 计局局长康义介绍2025年国民经济运行情况，并回答记者提问。 供给提质 成为世界上首个国内有效发明专利拥有量超500万件的国家 "2025年，我国在创新驱动、产业提质、数字赋能、绿色转型等方面取得不少新进展。"康义介绍。 科技硬实力不断跃升。全社会研究与试验发展经费投入达39262亿元，稳居世界第二位。我国成为 世界上首个国内有效发明专利拥有量超500万件的国家，PCT国际专利申请量连续6年位居全球第一。 产业向新力积聚成势，高端装备、绿色能源、智能制造等新兴领域持续投资扩产。规模以上装备制 造业、高技术制造业增加值占规模以上工业增加值的比重分别达36.8%和17.1%。低空经济"振翅高 飞"，具身智能"敏思巧行"，民用无人机、工业机器人产量同比分别增长37.3%、28%。 数字渗透力增强，数字产业、数字消费、数字基础设施全域拓展。规模以上数字产品制造业 ...

数据显示，2025年全年社会消费品零售总额突破50万亿元，比上年增长3.7%，规模居全球零售市场前 列。2025年服务零售额比上年增长5.5%，快于商品零售额1.7个百分点，服务零售额占整体零售额的比 重上升。此外，新型消费方兴未艾，2025年，网上零售额比上年增长8.6%，其中实物商品网上零售额 增长5.2%，占社会消费品零售总额的比重是26.1%。 工业是实体经济的重要组成部分，也是经济稳定运行的"压舱石"。康义表示，2025年，工业生产呈现出 增长较快、结构向优、动能向新的特点，为经济稳定运行发挥了重要的支撑作用。 数据显示，2025年，我国工业增加值达到41.7万亿元，比上年增长5.8%，对经济增长的贡献率达到 35%，比上年提高1.8个百分点。作为工业经济的主体，制造业产出规模持续扩大。2025年制造业增加 值34.7万亿元，比上年增长6.1%，占GDP的比重稳定在25%左右，制造业规模有望连续16年保持全球第 一，门类体系完整的优势更加明显。 经济稳中向好有条件、有支撑 康义表示，2026年是"十五五"开局之年，我国发展站上了新起点。尽管外部环境变化影响加深，国内稳 定发展面临挑战，但我国经济基础 ...

Economic Resilience and Growth - In 2025, China's economy is expected to continue its strong resilience and vitality, achieving major goals set for social and economic development during the "14th Five-Year Plan" [1] - The national economy is projected to maintain a steady growth trajectory, with a focus on innovation-driven development, industrial quality improvement, digital empowerment, and green transformation [2] Innovation and Industrial Upgrading - China has become the first country to possess over 5 million valid domestic invention patents, with R&D expenditure reaching 39,262 billion yuan, ranking second globally [2] - The added value of high-tech manufacturing and equipment manufacturing accounted for 17.1% and 36.8% of the total industrial added value, respectively [2] - The production of civil drones and industrial robots increased by 37.3% and 28% year-on-year [2] Green Energy Development - Clean energy generation from hydropower, nuclear power, wind, and solar sources grew by 8.8%, with non-fossil energy consumption rising by approximately 2 percentage points compared to 2024 [3] - The annual production and sales of new energy vehicles exceeded 16 million units [3] - Industrial added value reached 41.7 trillion yuan, growing by 5.8% year-on-year, contributing 35% to economic growth [3] Consumer Market Expansion - The total retail sales of consumer goods surpassed 50 trillion yuan, marking a 3.7% increase from 2024, with final consumption contributing 52% to economic growth [4] - Service retail sales grew by 5.5%, outpacing goods retail sales, indicating a shift towards balanced consumption between goods and services [4] - Online retail sales increased by 8.6%, driven by e-commerce and digital technologies [4] Policy Implementation and Economic Stability - Macro policies are being actively implemented to support high-quality economic development, including measures to stabilize employment and promote investment [7] - The policy of replacing old products with new ones has led to a 4.1% increase in retail sales of related goods, contributing to overall retail growth [7] - By the end of 2025, the number of cars per hundred households is expected to reach 52.9, an increase of 1.7 from 2024 [7] Technological and Industrial Integration - The added value of smart unmanned aerial vehicle manufacturing and smart vehicle equipment manufacturing grew by 57% and 26.2%, respectively [8] - The development of artificial intelligence and quantum technology is fostering new business opportunities and enhancing economic productivity [8] Positive Economic Outlook - Major international organizations have raised their growth forecasts for China's economy, reflecting a positive outlook for future development [10] - The focus on innovation, reform, and domestic circulation is expected to drive qualitative improvements and reasonable growth in the economy [10]

Core Insights - China's economy demonstrates strong resilience and vitality, with significant progress expected in innovation, industrial quality improvement, digital empowerment, and green transformation by 2025 [1][2] Supply Quality Improvement - China becomes the first country with over 5 million valid domestic invention patents, with R&D expenditure reaching 39,262 billion yuan, maintaining the second position globally [2] - The added value of high-tech manufacturing and equipment manufacturing accounts for 17.1% and 36.8% of the total industrial added value, respectively [2] - The production of civil drones and industrial robots increases by 37.3% and 28% year-on-year [2] Green Leadership - Clean energy generation from hydropower, nuclear, wind, and solar grows by 8.8%, with non-fossil energy consumption rising by approximately 2 percentage points compared to 2024 [3] - The industrial added value reaches 41.7 trillion yuan, growing by 5.8% year-on-year, contributing 35% to economic growth [3] Consumption Trends - The total retail sales of consumer goods exceed 50 trillion yuan, growing by 3.7% compared to 2024, with final consumption contributing 52% to economic growth [4] - Service retail sales increase by 5.5%, outpacing goods retail sales, with service consumption accounting for 46.1% of per capita consumption expenditure [4] - Online retail sales grow by 8.6%, driven by e-commerce and digital technologies [4] Policy Effectiveness - The number of household cars reaches 52.9 per hundred households, an increase of 1.7 from 2024 [6][7] - Policies promoting consumption upgrades lead to a 4.1% increase in retail sales of six categories of goods [7] Technological and Industrial Innovation - The added value of smart unmanned aerial vehicle manufacturing and smart vehicle-mounted equipment manufacturing grows by 57% and 26.2%, respectively [8] - The core CPI rises by 1.2% year-on-year, while the decline in industrial producer prices narrows [8] Positive Economic Trends - The economic foundation remains solid, with over 36 trillion yuan added to the economy during the 14th Five-Year Plan [9] - The manufacturing purchasing managers' index returns to expansion territory, indicating positive growth trends [9] - New production forces and reform benefits continue to emerge, with significant advancements in artificial intelligence and digital economy [9] Supportive Development Environment - More proactive macro policies are expected to ensure stable economic operations, with a focus on key project implementations [10]

刘满仓摄（新华社发） 杜鹏辉摄（新华社发） 化，全国统一大市场建设纵深推进，民营经济促进法正式施行，综合整治"内卷式"竞争成效显现。同 时，海南自由贸易港启动全岛封关运作，高水平对外开放迈出重要一步。 "新"的动能培育壮大。2025年，我国研发经费投入强度达2.8%，比上年提高0.11个百分点，首次超过 OECD（经济合作与发展组织）国家平均水平。世界知识产权组织数据显示，我国创新指数排名首次进 入全球前十。从基础研究的新探索到关键技术的新突破，从科技创新与产业创新的深度融合到惠民成果 的广泛落地，我国在人工智能、量子科技、脑机接口等前沿领域捷报频传，一批重大科研成果竞相涌 现，新质生产力不断发展壮大。 "韧"的特性愈发凸显。放眼全球，我国经济增速在主要经济体中名列前茅，是全球经济增长最稳定、最 可靠的动力源。稳外贸多样化格局加速形成，高技术、高附加值产品成为出口增长主力，外贸展现强大 韧性。 1月19日，中国经济交出2025年"成绩单"。国家统计局数据显示，2025年中国国内生产总值（GDP） 1401879亿元，首次跃上140万亿元新台阶，按不变价格计算，比上年增长5.0%。 "2025年，面对国内外经济 ...

Economic Resilience and Growth - China's economy is expected to achieve significant progress in innovation, industrial quality improvement, digital empowerment, and green transformation by 2025, marking a successful conclusion to the "14th Five-Year Plan" [1][2] - The total value of industrial output reached 41.7 trillion yuan, with a year-on-year growth of 5.8%, contributing 35% to economic growth, an increase of 1.8 percentage points from 2024 [3] Innovation and Technology - China has become the first country to possess over 5 million valid domestic invention patents, with R&D expenditure reaching 39,262 billion yuan, maintaining the second position globally [2] - The manufacturing value added in high-tech sectors accounted for 17.1% of total industrial output, with significant growth in smart manufacturing and green energy sectors [2] Consumer Market Dynamics - The total retail sales of consumer goods exceeded 50 trillion yuan, growing by 3.7% compared to 2024, with final consumption contributing 52% to economic growth, an increase of 5 percentage points [4] - Service consumption is gaining momentum, with service retail sales growing by 5.5%, outpacing goods retail sales [4] Policy Impact - Macro policies are being implemented to support economic stability and high-quality development, including measures to boost employment and investment [7] - The policy of replacing old products with new ones has led to a 4.1% increase in retail sales of related goods, contributing to overall retail growth [7] Green Energy and Sustainability - The construction of a clean, low-carbon, and efficient energy system is accelerating, with renewable energy generation increasing by 8.8% [3] - Non-fossil energy sources accounted for a larger share of total energy consumption, rising by approximately 2 percentage points from 2024 [3] Future Outlook - The economic foundation is solid, with significant growth in economic strength and technological capabilities during the "14th Five-Year Plan" period [9] - Positive trends in economic indicators, such as the manufacturing purchasing managers' index returning to expansion territory, suggest a favorable economic outlook for 2026 [9][10]