习近平对中央企业工作作出重要指示强调 中央企业负责人会议12月22日至23日在京召开。会上传达了习近平重要指示。中共中央政治局常委、国 务院总理李强出席会议并讲话。 李强在讲话中指出，习近平总书记的重要指示，对中央企业提出了明确要求和殷切希望，具有很强的战 略性和指导性，为做好中央企业工作进一步指明了方向。我们要深入学习领会，抓好贯彻落实。 李强指出，"十五五"时期是基本实现社会主义现代化夯实基础、全面发力的关键时期，中央企业要把思 想和行动统一到党中央对形势的科学判断和决策部署上来，进一步明确方位、找准定位，切实担负起职 责和使命。要在推进重大基础设施建设中提供强力保障，加快传统基础设施更新和数智化改造，适度超 前开展新型基础设施建设。要在实现产业链供应链自主可控中当好担纲主力，结合主责主业发展新兴产 业和未来产业，保障能源资源供应，增强产业链韧性。要在推进高水平科技自立自强中强化基础支撑， 加强应用基础研究，提升关键共性技术供给质量。要在服务国家重大战略中积极主动作为，为发展全局 作出更大贡献。要进一步深化国资国企改革，在优化国有经济布局、完善现代企业制度、提升国资监管 效能等方面走在前列。要把党的领导贯 ...

2018年那场风暴来得猝不及防，却埋下了此后七年世界格局重塑的种子。 没人能想到，一场关税争端会一步步演变成全球权力结构的重新洗牌。 到了2025年，当美国单方面宣布暂停对华加征关税——哪怕只是名义上"暂停一年"——整个国际社会其实都心知肚明：这场持续七年的贸易战，本质上已 经结束了。 不是靠谈判桌上的妥协，而是靠实力的此消彼长。 中国没靠谁施舍，也没靠谁让步，而是靠着一条完整、自主、不断进化的工业与科技体系，一步步走到世界舞台中央。 这不是宣传口径，是看得见摸得着的事实。 先说关税战。 美国2018年启动对华加征关税，最初打的旗号是"纠正贸易失衡""保护知识产权""遏制产业补贴"。 听上去冠冕堂皇，可实际操作下来，效果适得其反。 中国出口没被压垮，反而在压力下加速转型。 而美国自己，消费者承担了绝大多数新增成本，中小企业供应链被打乱，通胀压力逐年累积。 到了2024年下半年，美联储连续加息已难以为继，经济增速明显放缓，财政赤字高企，民众对物价的抱怨越来越响。 这时候，白宫内部其实早有声音主张缓和对华经贸关系。 但真正推动"暂停"落地的，是更现实的判断：继续打下去，美国输得更快。 尤其关键的一点是，2025年 ...

Core Insights - China's high-end manufacturing industry has achieved historic breakthroughs in innovation, digital transformation, and modernization of the industrial chain during the "14th Five-Year Plan" period, transitioning from "catching up" to "keeping pace" and then to "leading" [2] Group 1: Growth and Performance - The number of high-end manufacturing listed companies in China reached 2,503 by the end of 2024, a growth of over 50% from 1,661 in 2020, with a compound annual growth rate (CAGR) of 10.80%, significantly higher than the overall A-share market's 6.52% [3] - The total market capitalization of these companies rose to 32.47 trillion yuan, and total assets reached 27.24 trillion yuan, reflecting a 68.79% increase over five years, with an annual CAGR of 13.98%, surpassing the A-share market's 9.40% [3] - Revenue for high-end manufacturing companies increased from 9.36 trillion yuan in 2020 to 15.41 trillion yuan in 2024, with a CAGR of 13.27%, while net profit maintained a high CAGR of 12.28%, indicating strong internal growth [3] Group 2: Contributions to Economy - In 2024, tax contributions from high-end manufacturing companies reached 253.90 billion yuan, with a five-year CAGR of 10.85%, while the number of employees grew to 10.35 million, reflecting a CAGR of 9.00%, highlighting their role in job creation and talent absorption [4] Group 3: Innovation and Internationalization - R&D intensity in high-end manufacturing companies increased, with R&D spending as a percentage of revenue rising from 5.06% in 2020 to 6.06% in 2024, totaling 934.12 billion yuan in annual R&D expenditure, with a CAGR of 18.51% [5] - The number of R&D personnel grew from 1.17 million to 1.84 million, with a CAGR of 12.07%, supporting technological advancement and industrial upgrades [5] - Overseas revenue for high-end manufacturing companies surged from 2.09 trillion yuan to 4.31 trillion yuan from 2020 to 2024, with a CAGR of 19.81%, increasing their share of total A-share overseas revenue from 32.53% to 41.96% [5] Group 4: Market Management and Future Outlook - The total market capitalization of high-end manufacturing companies increased by 3.36 trillion yuan in 2024, with significant growth in sectors like semiconductors and communication equipment, which saw market value increases exceeding 15% [6] - The total dividend payout reached 362.95 billion yuan in 2024, with a dividend payout ratio of 52.59%, up by 14.68 percentage points from 2023, indicating a focus on shareholder returns [6] - The report emphasizes the need for high-end manufacturing to focus on new production capabilities and strategic emerging industries, aiming to strengthen the supply chain and address critical component issues [6][7] - With ongoing support for technological innovation and the emergence of industrial clusters, China's high-end manufacturing sector is expected to play a crucial role in the global industrial landscape and contribute to long-term economic growth [7]

Group 1 - In August, China opened 15 new international air cargo routes, increasing weekly round-trip flights by over 30, continuing to enhance the air cargo network [1] - In the first eight months of this year, a total of 152 new international air cargo routes were opened, with over 300 additional round-trip flights per week, primarily focusing on Asia and Europe [1] - The main cargo types transported include cross-border e-commerce goods, high-end manufacturing products, high-value-added goods, and electronic products [1] Group 2 - The opening of the "Zhengzhou-Budapest" route facilitates efficient air logistics between central China and Central Eastern Europe, benefiting industries such as cross-border e-commerce and machinery [2] - The increase in air cargo routes is expected to enhance regional economic competitiveness and integrate local economies into the global air network [2] - The steady rise in air cargo volume is crucial for supporting China's economic development, particularly in the context of an outward-oriented economy [2] Group 3 - The "14th Five-Year" aviation logistics development plan aims to establish a safe, smart, efficient, and green aviation logistics system by 2025, significantly enhancing logistics capabilities [3] - The current economic environment, supported by policies to stabilize growth and expand domestic demand, provides a solid foundation for air cargo demand [3] - The Civil Aviation Administration of China plans to accelerate the construction of international air cargo hubs and optimize resource allocation to expand the international route network [3]

Summary of Key Points from Conference Call Industry or Company Involved - The discussion primarily revolves around the global macroeconomic environment, trade dynamics, and the implications for various industries, particularly focusing on China and the U.S. manufacturing sector. Core Points and Arguments 1. **Global Trust System Erosion**: The global trust in the dollar and U.S. Treasury bonds has weakened due to trade frictions and foreign reserve freezes, prompting countries to diversify their asset allocations and reduce reliance on the dollar [1][5][10]. 2. **Rising Wealth Inequality**: Increasing wealth disparity is leading to heightened social tensions, which could result in political forces shifting internal conflicts outward, posing global risks [1][6][8]. 3. **U.S. Trade Frictions**: The U.S. has initiated trade tensions to secure its economy, reduce dependence on foreign core products, and revive domestic manufacturing to boost employment [1][9]. 4. **China's Resource Security**: China is focusing on enhancing the security of its core resources, including commodities and technology, to achieve self-sufficiency in its supply chains [1][10]. 5. **Shift in China's Social Contradictions**: The primary social contradiction in China has shifted to the growing needs for a better life versus unbalanced development, leading to a policy focus on addressing these imbalances [1][11][12]. 6. **Real Estate Cycle Impact**: The real estate cycle has reached a turning point since 2018, significantly affecting China's interest rate system and necessitating a reevaluation of strategies [1][14][15]. 7. **Investment Strategy in Low Inflation**: In a low inflation environment, preserving capital should be the main goal for wealth allocation, favoring stable assets and high-dividend opportunities [2][19]. 8. **Changes in Global Asset Pricing**: The global asset pricing paradigm has shifted, with countries reassessing their relationships with the U.S. and becoming more cautious in their investments in U.S. debt [1][18]. 9. **Long-term Investment Opportunities**: High-dividend assets and export-oriented investments are highlighted as valuable in the current economic climate, particularly in sectors like innovative pharmaceuticals and solar modules [22]. 10. **New Consumption Trends**: Emerging consumption trends, such as value-driven and emotional purchases, are identified as having significant market potential [23]. 11. **Technological Innovation**: Technological advancements are expected to lower production costs and create substantial investment opportunities, despite not significantly increasing inflation [24]. 12. **Adjustment of Investment Thinking**: A shift in investment thinking is necessary to adapt to the new macroeconomic framework, moving away from traditional stimulus measures and focusing on high-quality development [25]. 13. **Optimistic Outlook on China's Economy**: There is a positive outlook on China's economic prospects, driven by the competitiveness of its manufacturing sector and the potential for significant investment opportunities [26]. Other Important but Possibly Overlooked Content - The discussion emphasizes the need for a comprehensive understanding of historical, political, and international relations factors to navigate the changing macroeconomic landscape effectively [25].