Core Insights - Yunnan Province's Wenshan Zhuang and Miao Autonomous Prefecture is focusing on high-quality development driven by innovation, achieving significant economic growth, ethnic unity, ecological improvement, social stability, and enhanced public happiness [1] Economic Development - Wenshan's GDP is projected to grow at an average rate of 6.3% annually from 2021 to 2024, with industrial output exceeding 130 billion yuan [1] - The region has achieved full coverage of provincial industrial parks across its eight counties, with green aluminum production capacity reaching 3.43 million tons and expected output surpassing 100 billion yuan this year [1] - The tourism sector is also thriving, with 50.045 million visitors expected in 2024, generating tourism revenue of 54.14 billion yuan [1] - The foreign trade sector is seeing growth, with a total import and export value of 2.96 billion yuan in the first three quarters of this year [1] Infrastructure Development - The total length of roads in Wenshan has reached 42,000 kilometers, with significant projects like the Wenshan-Mongolia Railway and Funing Port enhancing transportation [2] - By 2025, Wenshan plans to implement 4,089 projects, with water storage capacity increasing by 220 million cubic meters by 2024 [2] - Energy capacity has improved, with total installed power reaching 6.74 million kilowatts and over 10,000 5G base stations established [2] Social Welfare - Wenshan has implemented initiatives to improve community welfare, including job placement services that have facilitated employment for 470,000 people [3] - The region has achieved a rural sewage treatment rate of 72.82% and a sanitation toilet coverage rate of 78.35% [3] - All eight counties have reached basic educational equity and healthcare standards, contributing to the creation of a national civilized city [3] Ecological Development - Wenshan is committed to ecological preservation, with air quality remaining above 99.2% for three consecutive years and water quality at 100% for two years [4] - The region has undertaken extensive greening efforts, planting 15.06 million square meters of greenery and establishing over 190 kilometers of health greenways [4] - Wenshan's innovative practices in ecological civilization have been recognized nationally, contributing to its high-quality development narrative [4]

《中共中央关于制定国民经济和社会发展第十五个五年规划的建议》提出，"保持制造业合理比重"。制 造业是立国之本、强国之基，保持其合理比重，意味着既不能放任自流，也不应墨守成规，而是要在动 态平衡中实现质的有效提升和量的合理增长。 保持制造业合理比重是一个动态适配的过程。制造业比重与经济发展阶段高度关联：在工业化初期和中 期，制造业的快速扩张是经济发展的主要动力，其比重自然较高；进入工业化后期，服务业占比提升， 制造业比重适度回落，符合产业演进规律。但这种比重的变化应当是渐进、可控的，而不能是"过早、 过快"下降。世界经济史上的经验教训值得深思。部分发达国家在产业升级过程中过早"去工业化"，导 致产业链关键环节缺失，不仅削弱了经济韧性，更在危机时刻暴露出供应链安全风险。 "保持制造业合理比重"，就是要在尊重经济发展规律的前提下，通过持续优化制造业的内部结构和空间 布局，使其规模与质量、效率与安全始终与国家现代化建设的战略需求相适应。 以创新驱动强内核，让制造业"立得稳"。制造业的竞争本质是创新能力的较量。必须持续加大研发投 入，着力突破高端芯片、工业软件等关键核心技术瓶颈。推动创新资源向企业集聚，加快重大科技成果 ...

Overall Viewpoint - The core viewpoint of the report emphasizes that demand is the source of strength and innovation is the light that breaks the deadlock in the pharmaceutical industry. The continuous demand for pharmaceuticals and the increasing unmet needs drive pharmaceutical companies to invest in research and development, leading to explosive revenue and stock price growth [5][7][13]. Innovation Drugs - China has become a significant participant in global innovative drug research and development, with a high-quality growth rate of therapies in development far exceeding the global average. The domestic innovative drug sector is entering a revenue era driven by innovation, creating a positive dynamic between traditional pharmaceutical companies and emerging players [5][7][27]. - The number of domestic new drug overseas authorizations has surpassed $10 billion since 2021, indicating a sustained increase in overseas authorization activity, which continues to propel China's innovative drugs into the global market [5][7][27]. Pharmaceutical Industry - The report indicates that the innovative layout in the pharmaceutical industry is beginning to yield results, with performance expected to accelerate. Many companies are transitioning to a growth phase driven by innovation, suggesting that the current period is just the beginning of a more significant performance acceleration [5][7][27]. CXO Sector - Starting in the second half of 2024, global pharmaceutical research and development demand is expected to gradually recover, with strong demand for new molecular types such as peptides and ADCs driving growth in the CDMO segment. The value of leading CRO companies is anticipated to further highlight as the difficulty and barriers in drug development increase [5][7][27]. API Sector - The core business of API companies is primarily focused on non-U.S. exports (to Europe and India), with current demand remaining strong. Leading companies are achieving positive results in expanding into CDMO businesses, and many have integrated local market formulation businesses, which are expected to benefit from the easing of centralized procurement policies [5][7][27]. Medical Devices - The high-value consumables sector is experiencing a reduction in procurement pressure, with performance expected to return to a high growth trajectory. The report highlights that the bidding for medical devices is recovering, indicating an upcoming turning point for the sector, with optimism for domestic equipment technology upgrades and international expansion [5][7][27]. Traditional Chinese Medicine - The report expresses optimism for the recovery of the traditional Chinese medicine sector in 2026, with upward factors outweighing downward ones. The expected recovery sequence for sub-sectors includes hospital-based traditional Chinese medicine, four categories of drugs, OTC common drugs, and high-value consumer traditional Chinese medicine [5][7][27]. Medical Services - The report anticipates that with the introduction of several positive macro policies, consumer expectations are likely to recover. If favorable local fiscal policies are implemented, the bad debts and payment cycles for private hospitals will also see substantial relief, alleviating market concerns [5][7][27]. Pharmaceutical Retail - The pharmaceutical retail sector has faced continuous pressure since Q3 2024, primarily due to declining demand for four categories of drugs, consumption downgrading, intensified competition, and fluctuations in medical insurance policies. However, as high baselines are gradually digested, the revenue growth of leading chains is expected to stabilize and improve [5][7][27]. Blood Products - Despite short-term performance pressures, the essential nature of blood products indicates that supply and demand are expected to rebalance. The diversity of products among companies is rapidly increasing, with high-value new products like immunoglobulin expected to drive industry growth [5][7][27]. Life Sciences Services - The life sciences services sector is experiencing a demand recovery, coupled with deepening domestic substitution and ongoing overseas expansion, leading to a positive quarterly revenue growth starting from Q4 2024. The net profit margin of the sector has been gradually improving, indicating sustained profitability [5][7][27].

Core Insights - The overall economic performance of China in the first half of the year shows a total GDP of 66.05 trillion yuan, providing a clear reference for regional comparisons [2] Group 1: Economic Scale and Growth - Guangdong remains the leader in economic scale with a GDP of 6.87 trillion yuan, while Jiangsu follows closely with 6.69 trillion yuan, showing a gap of approximately 0.3 trillion yuan [3] - Jiangsu outperformed Guangdong in growth, achieving an increase of 2,543 billion yuan compared to Guangdong's 2,085 billion yuan, with Jiangsu's growth rate at 4.25%, exceeding the national average by about 1.2 percentage points [3] Group 2: Industrial Structure - Advanced manufacturing is the core driver of Jiangsu's economic growth, contributing over 62% to the province's economy, with cities like Suzhou and Nanjing generating over 3 trillion yuan in combined output [4] - Guangdong focuses on a full-chain layout of strategic emerging industries, enhancing its competitive edge in economic development [4] Group 3: Regional Performance - The Yangtze River Delta region shows strong performance with four provinces in the top ten, including Zhejiang with a GDP of 4.5 trillion yuan and Shanghai at 2.62 trillion yuan [5] - Anhui, while facing structural transformation challenges, has significant potential in high-tech industries like semiconductors and new energy vehicles, with R&D investment intensity exceeding 3.8% [5] Group 4: Midwestern Developments - Hubei's GDP surpassed 2.9 trillion yuan with a growth rate of 6.22%, reflecting a balance in regional development [6] - Tibet leads the nation with a growth rate of 9.48%, driven by grassroots investment and infrastructure projects [6] Group 5: Urban Dynamics - Chongqing's GDP reached 1.5929 trillion yuan, surpassing Liaoning's 1.5707 trillion yuan, with significant achievements in smart manufacturing and a 21% increase in imports and exports [7][8] - Liaoning's economic reliance on a few cities indicates a concentration of internal industries and population, limiting future growth potential [8] Group 6: Future Outlook - The shift from factor-driven growth to innovation-driven growth is evident, with regional disparities in industrial structure and innovation capabilities [9] - Emphasis on transforming total advantages into quality advantages through investment in original innovation and complete industrial chains is crucial for future development [9][10] - Key areas for attention include enhancing core scientific and technological capabilities, localizing and upgrading industrial chains, and fostering regional collaboration to avoid homogenized competition [10]

"今年以来，我国外部环境虽然面临诸多挑战，但外贸展现出强劲韧性。"毕马威中国主席邹俊在2025年山东省国际贸易和投资顾问会议上发言时表示。 齐鲁晚报.齐鲁壹点记者李殷婷 他指出，山东作为北方经济大省，外贸方面同样展现出强大的韧性。这得益于新兴市场的显著拉动、传统优势产品认可度提升以及新质生产力的赋能。 面对当前外贸形势，邹俊建议山东从短期和中长期两个维度给予外贸企业政策支持。短期要特别关注民营外贸企业的资金运行情况，通过政策扶持帮助企 业渡过难关。中长期则要引导外贸企业向三个方向转型：开拓更多元的外贸市场，生产更高质量的产品，以及探索制造与服务联动出口的新范式。 "服务业出口正在成为我国出口的新动能。"邹俊特别强调，山东可依托装备制造、医药化工等传统优势产业，鼓励企业在出口环节同步配套服务，打 造"鲁货+鲁服"一体化解决方案。 "山东外贸的韧性已向我们证明，只要政企协同、长短兼顾，以韧性破局、以创新实干铸基，就有能力打造高水平对外开放新高地，为中国外贸行稳致远 贡献坚实的山东力量。"邹俊说。 ...

从1883年的个旧厂务招商局，到今天锡铟行业"双龙头"、全球市场份额超25%的国际化企业，云南 锡业集团(控股)有限责任公司(以下简称"云锡")走过了140余年的风雨历程。 百年积淀，不仅铸就了"世界锡业看中国，中国锡业看云锡"的行业地位，更锤炼出"绿色引领、匠 心传承、创新驱动"的发展内核。 在"走出去"的全球布局中，云锡同样秉持绿色发展理念。不论是澳大利亚雷尼森锡矿的包销合作还 是泰国电子材料基地的落地，云锡以国际合作推动资源高效流转，国外原料占比从2020年的7.23%提升 至2024年的29.32%，构建起"内外联动、全球布局"的绿色资源网络。 值得一提的是，云锡与政府携手推进有色金属储备机制，成功签署锡、铟储备协议，目前锡资源储 量占全球10%，铟资源储量占全球30%，位居世界第一。这不仅是对国家战略的响应，更是对全球锡产 业链可持续供给的坚实承诺。 匠心铸品：百年技艺与卓越产品的云锡追求 匠心，是云锡百年不褪色的精神烙印。 站在"十四五"规划收官与"十五五"开局的历史交汇点，云锡正以"全球最优锡铟产品供应商"与"全 球最优锡铟行业解决方案提供商"的双重身份，走向世界舞台。 绿色筑基：资源永续与循环 ...

琼岛热土，一股源自市场深处的蓬勃力量正奔涌不息。 东部，银河航天正为民用航天领域注入新质生产力；西部，海南澳斯卡国际粮油有限公司正在打造百万 吨级粮油加工贸易基地；南部，海南晨海水产有限公司正展现南繁水产种业的民企智慧；北部，海南云 海丝路科技有限公司的服务器在海口复兴城昼夜不停，刷新数字经济合作的民企速度；中部，海南椰仙 生物科技有限公司致力于谱写绿水青山的民企篇章。 数据显示，海南全省362.41万户经营主体中，97.44%为民营经营主体。 民营经济，这支最具活力与韧性的生力军，正与海南自贸港建设的国家战略同频共振，以创新为楫，破 浪前行，成为琼州大地上培育新质生产力、推动高质量发展的澎湃引擎。 乘势 自贸港建设的"东风"，为海南民营经济发展送来了机遇。 数据显示，截至2025年10月底，我省实有经营主体362.41万户，其中民营经营主体353.12万户（其中民 营企业91.06万户，个体工商户262.06万户），占比达97.44%。 省发展改革委民营经济发展局局长蔡汝湘介绍，我省民营经济对全省经济社会发展的贡献可以概括 为"6999"，即贡献了全省近60%的GDP、超过90%的就业岗位、超过90%的高新 ...

产业联盟是由陕西经济联合会、陕西省石油和化学工业联合会发起，陕西相关化工企业、高校、科研院 所、园区等组建成立的开放性、非营利性机构，旨在通过技术交流、资源共享、政策引导、知识培训 等，推动科技创新成果转化，促进产业结构调整转型，推动陕西精细化工产业向高端化、绿色化、智能 化方向发展。 中化新网讯 11月21日，陕西省精细化工产业联盟成立大会在西安举行。陕西省石油和化学工业联合会 会长张立岗任联盟理事长，西北大学副校长兼化工学院院长范代娣等10人任副理事长，西安凯立新材料 股份有限公司原党委书记、董事长张之翔任秘书长。 图为刘迎军(左)与张立岗为联盟揭牌。 (联盟供图) 陕西经济联合会会长刘迎军表示，联盟要锚定创新驱动核心，发挥企业主体作用，依托高校院所，聚焦 产业链关键技术、绿色工艺等痛点，联合攻关突破"卡脖子"难题，推动创新链和产业链无缝对接。健全 协同发展机制，建立信息共享、资源统筹、利益共享的合作体系，推动成员单位实现技术联创、市场联 闯、要素联引，形成上下游联动的产业生态。强化标准引领作用，推动制定行业先进标准，规范产业发 展秩序，提升区域精细化工产品的市场竞争力和话语权。聚焦环保、安全等关键领域， ...

Core Viewpoint - The recent election of 144 experts as academicians in China emphasizes the importance of talent in driving innovation and highlights the increasing recognition of private enterprise contributions to national strategic needs [2][4]. Group 1: Election of Academicians - The 2025 election of academicians particularly favors frontline scientific and engineering personnel, with a notable inclusion of three experts from private enterprises: Wu Kai from CATL, Lian Yubo from BYD, and Huang Xianbo from Jinfat [2][4]. - This year's addition of three private enterprise experts marks the highest number of private academicians elected in a single session, reflecting a significant shift in the composition of the academic community [4][5]. Group 2: Contribution of Private Enterprises - Private enterprises account for over 92% of all companies in China and contribute more than 70% of technological innovations, including over 80% of the "little giant" enterprises and over 92% of national high-tech enterprises [6]. - The election results indicate a growing importance of private sector innovation in the national innovation system, showcasing a shift from traditional reliance on universities and research institutions [5][6]. Group 3: Profiles of Newly Elected Academicians - Wu Kai has made significant advancements in high-performance power battery technology, leading innovations in key materials and manufacturing processes [9]. - Lian Yubo has focused on the development of electric vehicles and core systems, contributing to the rapid growth of the industry [9]. - Huang Xianbo specializes in the research and commercialization of environmentally friendly materials, playing a crucial role in the development of high-performance polymers [9]. Group 4: Implications for Future Innovation - The election of these academicians from private enterprises sends a strong signal that scientific research and innovation can thrive within the private sector, potentially attracting more top talent to these companies [9]. - The increased recognition of private enterprise contributions to academia is expected to enhance the appeal of these companies to top-tier talent, fostering the emergence of more world-class private enterprises [9].

宁波舟山港梅西滚装码头，装载了3000余辆新能源汽车的"梦之兰"号滚装船正缓缓离泊驶向墨西哥; 广州花都区一家新能源企业内，一批货值超70万元的太阳能光伏组件正在装箱，准备发往南非; 河北保定，一列满载汽车配件、机械设备的中欧班列驶出站台，开往共建"一带一路"国家…… 海关总署近日发布的数据显示，今年前10个月，我国长三角、粤港澳大湾区、京津冀等区域外贸向新向 优，展现出强劲韧性。其中，长三角地区进出口14万亿元，同比增长6%;粤港澳大湾区内地9市进出口 7.52万亿元人民币，创历史同期新高;京津冀区域进出口3.91万亿元，连续7个月保持增长。 这三大区域外贸为何跑出加速度?其高质量发展折射出我国外贸怎样的韧性与活力? 亮点多、韧性足 盘点今年以来外贸成绩单，长三角地区的民营企业表现格外抢眼。 据海关统计，今年前10个月，长三角地区进出口14万亿元，同比增长6%;民营企业进出口7.83万亿元， 同比增长9.7%，占进出口总值的55.9%，外贸主力军的作用持续显现。 浙江金华义乌国际商贸城一家五金产品商铺内，来自澳大利亚、斯里兰卡、哈萨克斯坦等国的采购商们 正仔细验看着样品，不时与店主交换着名片、商讨价格。 " ...