今日摘要 习近平给天津大学全体师生回信强调，聚焦国家重大战略需求，提高人才培养质量，更好服务经济社会 发展。 习近平总书记在庆祝中华人民共和国成立76周年招待会上的重要讲话引发热烈反响。 各地群众在多姿多彩的活动中欢度假期。 假期第二天，全社会跨区域人员流动量预计约2.9亿人次，比去年同期增长2.2%。 "十四五"期间，广西、海南加快构建开放型经济新体制，高质量发展不断迈上新台阶。 我驻外使馆等举办活动庆祝新中国成立76周年。 加沙地带卫生部门称，以军在加沙地带的军事行动造成51人死亡。红十字国际委员会称暂时关闭驻加沙 城办事处。 近日，中共中央总书记、国家主席、中央军委主席习近平给天津大学全体师生回信，在天津大学建校 130周年之际，向全体师生员工、广大校友表示祝贺。 本台今天播发央视快评《提高人才培养质量更好服务经济社会发展》。 为实现中华民族伟大复兴而团结奋斗——习近平总书记在庆祝中华人民共和国成立76周年招待会上的重 要讲话引发干部群众热烈反响 【央视快评】提高人才培养质量 更好服务经济社会发展 习近平总书记在庆祝中华人民共和国成立76周年招待会上的重要讲话，凝聚起亿万人民奋进新征程的磅 礴力量。大家 ...

Investment Rating - The report maintains an "Overweight" rating for the industry, with a focus on new consumption sectors such as beauty care, IP derivatives, and gold jewelry [5][30]. Core Insights - The report highlights a significant decline in key consumer sub-sectors, with tourism attractions, hotel catering, and general retail experiencing drops of -11.65%, -8.38%, and -4.97% respectively during the week of September 22-26, 2025 [2][16]. - The Ministry of Commerce and other departments have issued guidelines to promote digital consumption, emphasizing support for instant retail, social e-commerce, and live-streaming e-commerce [3][23]. - TOPTOY, a subsidiary of Miniso, has submitted its IPO application to the Hong Kong Stock Exchange, with revenue growth from 679 million yuan in 2022 to 1.909 billion yuan in 2024, and a 58.5% year-on-year increase in the first half of 2025 [4][26]. Summary by Sections Market Performance - For the week of September 22-26, 2025, the retail trade, social services, and beauty care sectors fell by 4.32%, 5.92%, and 2.25% respectively, ranking 29th, 31st, and 25th among 31 primary industries [14][16]. Key Industry Data and News - The report notes a 5.6% year-on-year increase in daily flight volumes in the civil aviation sector, with domestic flights up 7.9% compared to 2019 [4][23]. - The report discusses the launch of the Tmall Double 11 pre-sale on October 15, 2025, and the support for cross-border shipping and return services on 12 overseas sites [4][27]. Key Company Announcements - Juzi Holding, the controlling shareholder of Juzi Biotechnology, has increased its stake to 54.45% through a purchase of approximately 105.6 million Hong Kong dollars worth of shares [4][28]. - Proya has launched a new ruby mask product, claiming to enhance skin firmness with a unique peptide formula [3][23]. Investment Recommendations - The report recommends focusing on companies such as Proya, Juzi Biotechnology, Marubi, Runben, and others within the beauty care and new consumption sectors [5][30].

国家发展改革委网站9月30日消息，近日，国家发展改革委已会同财政部，向地方下达今年第四批690亿 元超长期特别国债支持消费品以旧换新资金，至此，全年3000亿元中央资金已全部下达。 国家发展改革委表示，下一步，各有关部门将进一步组织地方合理把握工作节奏，完善资金使用计划， 均衡有序支出补贴资金，加强产品质量和价格监管，严厉打击骗补套补等违法违规行为，平稳有序实施 消费品以旧换新政策，推动补贴资金用到实处、见到实效。 今年1月、4月、7月，有关部门分三批下达超长期特别国债支持消费品以旧换新资金。各地各有关部门 持续完善实施机制，强化资金监督管理，推动消费品以旧换新政策取得积极成效。 国家发展改革委数据显示，今年1—8月，全国共有3.3亿人次申领消费品以旧换新补贴，带动相关商品 销售额超过2万亿元；限额以上单位家用电器和音像器材、文化办公用品、家具、通讯器材类商品零售 额同比分别增长28.4%、22.3%、22.0%、21.1%，支撑社会消费品零售总额同比增长4.6%。 国家发展改革委政策研究室副主任、新闻发言人李超日前透露，为进一步扩大内需，将平稳有序实施消 费品以旧换新政策，做好政策接续，加快首发经济、数字消 ...

na[Table_Main] 行业研究|工业 证券研究报告 工业行业周报、月报 2025 年 09 月 30 日 [Table_Title] 低空经济制度优化，工程机械稳步上行 ——机械行业周报 [Table_Summary] 报告要点： 周度行情回顾 2025 年 9 月 22 日至 9 月 26 日，上证综指上涨 0.21%，深证成指上 涨 1.06%，创业板指上涨 1.96%。其中申万机械设备下跌 0.81%，相 较沪深 300 指数跑输 1.88pct，在 31 个申万一级行业中排名第 16。 细分子行业来看，申万通用设备/专用设备/轨交设备Ⅱ/工程机械/自动 化设备分别涨跌-1.54%/+0.12%/-1.24%/-1.30%/-0.50%。 重点板块跟踪 低空经济板块：9 月 22 日，民航局发布《民用无人驾驶航空器降落伞 系统规范（征求意见稿）》，首次对适用于微、轻、小、中型无人机的 降落伞系统提出系统性要求，涵盖系统组成、性能与强度指标、组件 与设备规范等内容，该标准的出台将为无人机运行安全提供制度化保 障。9 月 23 日，蛇口港口岸跨境直升机出入境功能顺利通过国家验 收，标志着深圳国际邮轮 ...

凤凰网财经讯 9月30日，A股三大指数集体高开，沪指涨0.19%，深成指涨0.19%，创业板指涨0.04%。 工业金属、半导体等板块涨幅居前。 机构观点 华泰证券：重视优质银行股配置性机会 天风证券表示，商务部等八部门联合印发《关于大力发展数字消费共创数字时代美好生活的指导意 见》，聚焦供需双侧协同发力，重点看好AI终端设备产业链机遇。文件明确提出加速人工智能终端产 品创新，重点释放人工智能手机、电脑、可穿戴设备、智能机器人等新产品消费潜力，并推动智能家电 互联互通及智能网联汽车试点，以新供给激发新需求。该政策举措不仅将直接刺激数字消费市场，更将 形成"需求牵引供给"的良性循环，带动芯片、传感器等上游产业链升级，为消费电子产业注入新动能。 华泰证券表示，考虑风格均衡、日历效应与红利价值，银行配置性价比有所提升。受资金偏好切换影 响，7月中旬以来银行最大回撤约15%，部分优质银行25E股息率回到5%以上，随大盘上涨斜率放缓+经 济数据基数扰动，Q4资金或有避险需求，叠加年底日历效应，银行短期胜率有望改善。中期维度，政 策层面重视稳息差+预防尾部风险，银行核心业务盈利有望持续改善，资产质量担忧缓释，股息持续性 增 ...

Group 1: Satellite Internet Development - On September 27, 2025, China successfully launched 11 low-orbit satellites for satellite internet using the Long March 6 carrier rocket from the Taiyuan Satellite Launch Center [1] - The Ministry of Industry and Information Technology (MIIT) issued guidelines on August 27 to promote the development of the satellite communication industry [1] - MIIT granted China Unicom a license for satellite mobile communication business on September 8, indicating regulatory support for the sector [1] Group 2: Aviation Industry Outlook - The aviation industry is expected to see a turning point in volume and pricing in the fourth quarter, driven by strong travel demand during the National Day and Mid-Autumn Festival holidays in 2025 [2] - The civil aviation sector is undergoing "anti-involution" measures, which may support industry pricing through enhanced regulation on pricing, flight slots, and distribution [2] - Low aircraft introductions and engine maintenance are expected to maintain low growth in effective supply, with limited impact from new orders on industry supply [2] Group 3: AI Terminal Equipment Opportunities - The Ministry of Commerce and other departments issued guidelines to boost digital consumption, focusing on the AI terminal equipment industry chain [3] - The guidelines emphasize accelerating innovation in AI terminal products, including smartphones, computers, wearable devices, and smart robots, to stimulate consumption potential [3] - This policy is expected to create a virtuous cycle of "demand driving supply," benefiting upstream industries like chips and sensors, and injecting new momentum into the consumer electronics sector [3]

市场昨日震荡走强，三大指数集体上涨。沪深两市成交额2.16万亿，较上一个交易日放量146亿。板块 方面，证券、有色金属、固态电池等板块涨幅居前，教育、猪肉、煤炭等板块跌幅居前。截至昨日收 盘，沪指涨0.90%，深成指涨2.05%，创业板指涨2.74%。 在今天的券商晨会上，中信建投表示，重视锂电设备端投资机会；天风证券则表示，重点看好AI终端 设备产业链机遇。 中信建投：重视锂电设备端投资机会 中信建投表示，2025年1—8月，中国锂电产业链投资额快速增长，固态电池现已成为锂电行业最热门的 投资赛道。随着锂电设备企业披露半年报，固态电池作为新技术被频繁提起，设备公司从今年6月起开 始陆续给下游厂商交付固态电池相关设备，且今年上半年固态设备订单快速增长，这都预示着固态电池 产业化进程显著提速，产业链各环节的投资机会也日益凸显，设备端作为整个产业资本开支的最上游， 必将率先受益。 天风证券：重点看好AI终端设备产业链机遇 天风证券表示，商务部等八部门联合印发《关于大力发展数字消费共创数字时代美好生活的指导意 见》，聚焦供需双侧协同发力，重点看好AI终端设备产业链机遇。文件明确提出加速人工智能终端产 品创新，重点释 ...

人民财讯9月30日电，天风证券研报称，商务部等八部门联合印发《关于大力发展数字消费共创数字时 代美好生活的指导意见》，聚焦供需双侧协同发力，重点看好AI终端设备产业链机遇。文件明确提出 加速人工智能终端产品创新，重点释放人工智能手机、电脑、可穿戴设备、智能机器人等新产品消费潜 力，并推动智能家电互联互通及智能网联汽车试点，以新供给激发新需求。该政策举措不仅将直接刺激 数字消费市场，更将形成"需求牵引供给"的良性循环，带动芯片、传感器等上游产业链升级，为消费电 子产业注入新动能。 转自：证券时报 ...

Group 1 - The core viewpoint of the articles emphasizes the importance of developing the "first launch economy" to meet consumer demand for upgraded consumption and to stimulate market potential [1][2][4] - The "first launch economy" is thriving across China, with significant numbers of new stores being established in major cities, indicating strong resilience and potential in the consumer market [2][3] - New consumption models such as "first launch economy," "self-indulgent consumption," and "emotional consumption" are emerging, providing crucial support for boosting domestic demand and consumption [2][3] Group 2 - The integration of "IP + consumption" trends with the "first launch economy" is creating new commercial value, as evidenced by successful case studies like Joy City, which reported substantial sales growth from IP launches [3] - Policies are expected to support the "first launch economy" by focusing on infrastructure and scene construction, promoting digital integration, and nurturing both international and local brands [5][6] - Local governments are implementing targeted measures to support the "first launch economy," including financial incentives for hosting launch events and establishing new stores [6][7] Group 3 - Financial support is identified as a key driver for the "first launch economy," with suggestions for tax incentives and simplified approval processes to assist innovative consumer enterprises [7]

● 本报记者 熊彦莎 彭扬 中国证券报记者近日获悉，支持首发经济的相关举措有望近期推出。专家认为，发展首发经济是满足消 费者消费升级需求的重要举措，有助于激发消费市场潜能。应持续培育首发经济多元主体、完善政策， 因地制宜发展首发经济，助推消费和产业升级。 创造商业新价值 上海静安区"十四五"期间累计引进首店991家，广州2024年全年吸引国际国内品牌首店落户超400家，北 京今年前5个月新增落地首店近400家……一组组亮眼的数据，勾勒出首发经济在全国范围内蓬勃生长的 生动图景，彰显着中国消费市场的强劲韧性与无限潜力。 中诚信国际研究院院长袁海霞表示，近两年，首发经济、悦己消费、情绪消费等消费新模式、新业态层 出不穷，为拉动内需、提振消费提供重要支撑。 苏商银行特约研究员付一夫在接受记者采访时表示，支持首发经济发展的政策有望从四方面发力：在载 体与场景建设方面，政策有望聚焦商圈与特色街区改造，形成"首展+体验"的消费链路；同时，加速数 实融合，推动线上数字化首店与线下沉浸式首秀联动，拓宽首发场景边界。在主体培育方面，政策有望 兼顾国际引进与本土孵化，通过研发费用加计扣除等政策，支持本土品牌、老字号和中小企业开展 ...