国家发展改革委主任郑栅洁7月9日在国新办举行的"高质量完成'十四五'规划"首场新闻发布会上表示， 编织中长期规划不是中国特有的，但长期坚持下来并取得巨大成功，这在全世界是绝无仅有的。五年规 划的编制注重社会制度的优势，注重守正创新，注重凝聚社会合力，注重保持战略定力。科学谋划"十 五五"规划，要坚持科学民主、依法编制。(证券时报) ...

Group 1 - The core focus of the "14th Five-Year" natural resource planning is to integrate various sectors such as natural resource protection, mineral resources, marine economy, and ecological restoration to promote high-quality development and protection [1][2] - The planning period is set from 2025 to 2030, with a vision extending to 2035, emphasizing the need for enhanced resource management and environmental protection in response to global climate change [2][6] - Experts at the planning meeting highlighted the importance of deep integration across natural resource sectors to ensure ecological protection, resource security, and sustainable development [2][3] Group 2 - Key areas of focus include marine technology innovation, deep earth exploration for mineral resources, and the integration of spatial information with digital ecological governance [5][6] - The demand for critical minerals is projected to increase significantly by 400% to 600% by 2040, particularly driven by the electric vehicle industry [6] - The establishment of a national park system is being prioritized to enhance ecological protection and promote high-quality development in tourism and environmental education [7]

北京燕京啤酒股份有限公司投资者关系活动记录表 | | 力城市市场。 | | --- | --- | | | 4、关于"十五五" 规划推进与治理升级 | | | 答：公司在"十四五"圆满收官基础上，有序推进"十五五" | | | 规划编制与落地，核心聚焦四件大事：深化卓越管理体系建设、 | | | 深耕市场建设、加速供应链转型、大力度推进数字化建设。治理 | | | 改革方面，启动 ESG"领先"工程、治理"三化"工程、"四位 | | | 一体"管理融合创新工程、审计价值赋能提升工程及市值管理工 | | | 程，以更优治理为高质量发展奠定基础。 | | | 5、关于创新业务布局 | | | 答：为顺应年轻消费群体需求，公司今年持续推进"啤酒+ | | | 饮料"组合营销策略，以倍斯特汽水为创新支点，依托啤酒与汽 | | | 水在生产设备、供应链、餐饮及商超终端的高度协同优势，优先 | | | 切入火锅店、烧烤店、夜市等餐饮现饮场景，通过"倍爽倍欢乐" | | | 的情感共鸣强化品牌渗透。此举不仅满足消费者多样化选择，更 | | | 拓展了经销商经营范围，降低单一品类依赖，推动有限多元化战 | | 略落地。 | ...

行 业 及 产 业 国防军工 行 业 研 究 / 行 业 点 评 达邵炜 A0230124030001 dasw@swsresearch.com 联系人 达邵炜 (8621)23297818× dasw@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 2025 年 07 月 06 日 短期情绪波动剧烈，基本面支撑上 涨行情 相关研究 - 证 券 研 究 报 告 证券分析师 韩强 A0230518060003 hanqiang@swsresearch.com 武雨桐 A0230520090001 wuyt@swsresearch.com 穆少阳 A0230524070009 musy@swsresearch.com 研究支持 看好 ——国防军工行业周报（2025 年第 28 周） 本期投资提示： ⚫ 上周申万国防军工指数上涨 1.36%，中证军工龙头指数上涨 1.3%，同期上证综指上涨 1.4%，沪深 300 上涨 1.54%，创业板指上涨 1.5%，申万国防军工指数跑输创业板 指、跑输沪深 300、跑输上证综指、跑赢军工龙头指数。1、从细分板块来看，上周国 防军工板块 1.36 ...

每日市场观察 2025 年 7 月 4 日 【今日关注】 上午开盘后，中证全指震荡走弱；十一点后指数转升，最终收涨 0.60%。 成交量较前一交易日略有收缩，但仍处于六月以来的较高水平。两市 上涨家数超 3000 家，呈现出较为明显的普涨局面。本周进入半年报时 间窗口，中证全指走出震荡上行趋势，一定程度能够体现市场持续乐 观的投资情绪。 军工概念股有部分出现回调，但领涨龙头依然表现强势。由于阅兵日 期在九月，距今尚有两月的时间，因此军工概念短期内不大可能立刻 降温。消费电子今日涨幅领先，大概率与美国解除禁令的消息有关。 短期内，国产芯片可能会受到冲击，但长期来看，国产替代仍然是降 低风险的主要选择。 军工的热度有望延续，短线投资者可适当参与。解禁消息短期看是利 好，长期则需观察市场博弈情况。"十五五"计划会重点关注哪些领 域，市场现在已经开始探索。在正式文件发布之前，热门板块均有博 弈机会。 【市场回顾】 市场概况：7 月 3 日，市场全天震荡反弹，创业板指领涨。截至收盘， 沪指涨 0.18%，深成指涨 1.17%，创业板指涨 1.9%。 【消息面】 1.国家数据局局长刘烈宏：深化数据资源流通利用和数据要素市 ...

各地各部门积极应对降雨天气。 今日摘要 上世纪80年代，时任厦门市委常委、常务副市长的习近平同志，牵头组织制定了一部纵跨15年的"厦门 发展战略"。它的成功实践所带来的诸多启示，对编制"十五五"规划有着重要意义。《新闻联播》推出 系列报道《"厦门发展战略"启示》，今天播出第一集《把顶层设计和问计于民统一起来》。 习近平总书记致全国青联十四届全委会和全国学联二十八大的贺信在广大青年中引发热烈反响。 韩正出席第十三届世界和平论坛开幕式并致辞。 全国夏粮收购进入高峰，截至目前，收购总量超5000万吨。 国务院新闻办举行新闻发布会，介绍中国人民抗日战争暨世界反法西斯战争胜利80周年主题展览和推出 优秀文艺作品、文艺活动有关情况。 俄罗斯称，打击乌克兰军工企业等目标。乌克兰称，摧毁俄军坦克、火炮系统等。 内容速览 "厦门发展战略"启示：把顶层设计和问计于民统一起来 目前，党中央正在组织起草"十五五"规划建议。科学谋划"十五五"时期经济社会发展，对于全面落实党 的二十大战略部署、推进中国式现代化意义重大。上世纪80年代，时任厦门市委常委、常务副市长的习 近平同志，历时一年半，牵头组织制定了《1985年—2000年厦门经济 ...

Core Viewpoint - The article emphasizes the critical phase of China's "15th Five-Year Plan" (2026-2030) as a window for strategic transformation for group enterprises amidst global industrial restructuring, technological breakthroughs, and carbon neutrality goals. It introduces an "Eight Battles" framework to address the complexities faced by these enterprises in navigating traditional business challenges while seizing opportunities in emerging industries [1][24]. Group 1: Strategic Challenges - Group enterprises must recognize the core trends during the "15th Five-Year Plan" amidst uncertainties, focusing on three overlapping shocks: geopolitical conflicts, accelerated technological transitions, and social structural changes [1]. - Despite the inability to predict macroeconomic trends accurately, enterprises can identify four certainty axes: continuation of globalization, economic center shifting eastward, deepening technological revolution, and endogenous economic growth in China [2][3][5]. Group 2: Strategic Positioning - Enterprises need to transform their strategic positioning from administrative control to value management, focusing on resource allocation, risk management, and capital distribution based on ROIC (Return on Invested Capital) [8][11]. - The role of group headquarters should evolve into a guiding force for strategic direction, capability builder, and risk management facilitator [8]. Group 3: Business Portfolio Management - A systematic evaluation of industry attractiveness and business competitiveness is essential to categorize existing business units into core, growth, and opportunity/adjustment segments [11]. - Enterprises should adopt a dual approach of enhancing core capabilities while exploring adjacent and new business opportunities for optimization and upgrading [11][15]. Group 4: Asset Optimization - Controlling low-yield or non-viable business assets is crucial to avoid inefficient expansion and ensure healthy business development [13]. - Establishing a "ROIC-Cost of Capital" management mechanism can aid in effective asset optimization by categorizing businesses into growth/core, opportunity/adjustment, and exit categories [13]. Group 5: Management Efficiency - Improving operational efficiency and optimizing internal management processes should be a focus during the "15th Five-Year Plan" [18]. - A comprehensive planning mechanism from strategic formulation to execution and review is necessary to enhance overall management quality [18]. Group 6: Control Model - The construction of a support system is vital for group enterprises, emphasizing the restructuring of resource acquisition and utilization paths [20]. - The "4S" functions (Shaping, Servicing, Safeguarding, Skill) should be leveraged to enhance management capabilities and market competitiveness [21]. Group 7: Integrated Strategy Model - Enterprises should develop a tri-circle linkage strategy model encompassing industry, assets, and capital to drive growth [22]. - This model involves a dynamic cycle of strategic planning, execution, and review, supported by effective resource allocation and capital operation strategies [22]. Conclusion - The "15th Five-Year Plan" period represents a pivotal transition for group enterprises from efficiency-driven to innovation-driven growth [24]. - The interconnectedness of the "Eight Battles" will enable enterprises to transform strategic planning into capabilities, thereby achieving resilience and leadership in value creation during turbulent times [24].

Group 1 - The National Development and Reform Commission (NDRC) is focusing on gathering opinions for the "14th Five-Year Plan" with an emphasis on technological innovation and industry integration [1][2] - Private enterprises are seen as a crucial foundation for China's high-quality economic development, with strong innovation capabilities and potential [2] - The NDRC plans to incorporate suggestions from private enterprises into the "14th Five-Year Plan" to support their role in promoting technological innovation and building a modern industrial system [2] Group 2 - The meeting highlighted that the next 5 to 10 years are critical for breakthroughs in technology, leveraging China's institutional advantages and vast market potential [1] - Participating companies expressed the need for stronger support in funding, talent, energy, and data to enhance technological innovation and product iteration [1] - Companies committed to increasing R&D investment and strengthening independent innovation to contribute to national development strategies and high-quality economic growth [1]

2025年7月2日 行业专题 行业评级：领先大市-A 涅槃——两个中周期间的机遇与风险 国投证券军工及新材料团队 杨雨南 S1450525060003 证券研究报告 核心结论 当下时间点处于两个五年之交，但受制于此前行业若干扰动，节点更接近与第四年与第五年之交；预计 2025年后续行业EPS将出现结构性边际向上，PE端受"十五五"规划结构性提振。 供给端：23年底-26年底为行业供给扩张期也是内卷及出清期。 需求端： 25-26年为【补缺】需求扩张期，由于所需装备更多为消耗性装备及对"十四五"的查漏补缺，预计更 多呈现脉冲型而非成长型机会； 27年附近【民用】需求预计将迎来产业格局的平衡点，其规模效应能够支撑价格降幅，而"十四五"期 间主要放量装备将迎来退坡期； 我们预计"十五五"期间将是全球格局发展的关键性五年，国际地缘战略版图变动带来的【军贸】需求 将成为行业重大变量。 综上，预计2024-2030军工行业可能出现"N"型走势，第一个顶部预计出现于2025Q3-Q4，底部估测位于 26年底至27年上半年区间。 策略层面，【"十四五"已完成装备】关注后市场增量，存量部分等待事件扰动带来的布局时点；"【十 四 ...

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