转自：草原云 工业化是现代化的基础和核心动力，以中国式现代化全面推进强国建设、民族复兴伟业，实现新型工业 化是关键任务。 "十四五"以来，内蒙古紧扣高质量发展主题，以新能源带动新工业，以先进制造业带动新型工业化，全 面落实新型工业化"1+7"政策体系，奋力推进新型工业化迈上新台阶。放眼北疆，产业结构向"优"而 进，发展底色向"绿"而行，数智应用向"广"而拓，新型工业化持续走深走实，取得了新的跨越式成就。 "十四五"期间，内蒙古工业总量持续壮大，工业经济高质量发展取得积极进展。2024年内蒙古全部工业 增加值历史性突破万亿元大关，年均增长9.3%，占GDP比重38%，较"十三五"末提高5.6个百分点，总 量居全国第14位，进入全国中上游行列。全区超90种工业产品产能规模稳居全国第一。 产业结构向"优"而进 走进包钢股份稀土钢板材厂热轧车间，热浪扑面而来，轧机轰鸣震耳。通红的钢坯在1000摄氏度高温下 反复轧制，仅两分钟就被压延成1.2毫米厚的钢板。包钢股份稀土钢板材厂热轧作业部工长王嵩形象地 比喻："就像用擀面杖擀饺子皮，冲过来再推过去，一块钢板就轧好了。" 从助力匈塞铁路、包银高铁畅通运行的稀土钢轨，到支撑阿 ...

Group 1: Credit Momentum Analysis - Credit growth is expected to continue a slight downward trend, supported by new infrastructure, new industrialization, and technology finance [5][10] - New infrastructure loans are anticipated to rebound, with structural adjustments continuing, as new infrastructure takes on momentum [5][10] - Manufacturing loans are expected to maintain resilience, with a market space of 10 trillion yuan over five years for traditional industry upgrades [5][10] - Technology finance loans are likely to sustain high growth, with high-tech enterprise loans currently only accounting for about 10% of total loans, indicating room for improvement [5][10] Group 2: Bank Revenue and Profitability - Interest income is expected to recover, leading to a projected 2.5% year-on-year increase in revenue for listed banks in 2026, with net profit expected to rise by 2.3% [5][10] - The net interest margin is projected to decline by 2.5 basis points in 2026, but the decline is expected to be significantly smaller than in 2025 [5][10] - Non-interest income is expected to see growth, particularly from wealth management fees, as deposit migration continues [5][10] Group 3: Funding Analysis - The estimated total investment from insurance funds, mutual funds, and wealth management into the banking sector is projected to be 224.4 billion yuan, potentially driving a 7.3% increase in the sector [5][10] - Insurance funds are expected to contribute 125 billion yuan to the banking sector, leading to a 4.1% upward potential [5][10] - Mutual funds are projected to bring in an additional 254 billion yuan from active funds and 706 billion yuan from passive funds [5][10] Group 4: Asset Quality - Overall asset quality remains stable, with corporate loans being continuously optimized while retail risks are gradually revealing [5][10] - The non-performing loan ratio for retail loans is 1.27%, showing a slight increase compared to the beginning of the year, but the growth rate remains stable [5][10] - The current high loan-to-value (LTV) ratio for mortgages is estimated to be between 1.9% and 4.1%, indicating manageable risk levels [5][10] Group 5: Investment Recommendations - The report suggests focusing on high-quality regional city commercial banks and high-dividend stocks as dual investment lines [5][10] - The banking sector is expected to maintain strong certainty, with a stable return on equity (ROE) projected at 8% by 2028 [5][10] - Recommended banks include Jiangsu Bank, Nanjing Bank, and Qilu Bank for their high ROE and resilience [5][10]

Core Insights - The mechanical industry in China has experienced rapid development during the "14th Five-Year Plan" period, establishing a solid foundation for advancing new industrialization [1] Group 1: Industry Growth - The average annual growth rate of the mechanical industry's added value exceeded 7.1%, surpassing the national average for industrial and manufacturing sectors during the same period [3] - The number of large-scale enterprises increased from 92,000 to 137,000 by the end of October 2025 [3] - The import and export volume has consistently exceeded $1 trillion for five consecutive years [3] Group 2: Innovation and Standards - The industry has enhanced its innovation capabilities, with 4,487 national and industry standards published during the "14th Five-Year Plan" period, achieving an international standard conversion rate of over 92% [5] - China has become one of the countries with the most comprehensive range of product categories, with 13 companies entering the global top 50 engineering machinery manufacturers [5] - The advantages of industrial clusters are increasingly prominent, with mechanical industry enterprises accounting for 25% of 300 national-level characteristic industrial clusters of small and medium-sized enterprises [5] Group 3: Future Directions - The focus for the mechanical industry during the "15th Five-Year Plan" period will be on enhancing the resilience and security of the industrial and supply chains, as well as accelerating the development of new productive forces, emphasizing the transformation towards intelligence, greenness, and integration [7]

Core Viewpoint - During the "14th Five-Year Plan" period, China's machinery industry has achieved significant accomplishments in industrial scale, foreign trade, and innovation capabilities, laying a solid foundation for promoting new industrialization [1] Industrial Scale - The average annual growth rate of the added value of China's machinery industry during the "14th Five-Year Plan" period is 7.1%, with a growth rate of 8.7% in the first three quarters of 2025, both exceeding the national average levels for industry and manufacturing [4] - The number of enterprises above designated size increased from 92,000 to 137,000 by the end of October 2025 [4] Foreign Trade - The machinery industry has achieved a historic leap in foreign trade during the "14th Five-Year Plan," with import and export volumes exceeding $1 trillion for five consecutive years [6] - From January to October 2025, the total import and export volume of goods reached $1.03 trillion, a year-on-year increase of 7.6% [6] - The total import and export volume for the machinery industry in 2025 is expected to set a new record, becoming a key factor driving industry growth [6] Innovation Capability - The innovation capability of the machinery industry has continuously strengthened, with 4,487 national and industry standards planned for release during the "14th Five-Year Plan," and an international standard conversion rate exceeding 92% [12] - The advantages of industrial clusters are increasingly prominent, with machinery industry enterprises accounting for one-fourth of the 300 national-level characteristic industrial clusters for small and medium-sized enterprises [12] Product and Service Transformation - During the "14th Five-Year Plan," the production and sales of new energy vehicles, electric engineering machinery, and new energy agricultural machinery have significantly increased [15] - Enterprises are accelerating the transformation from single product manufacturing to integrated solutions of "products + services" [15] Future Outlook - Looking ahead to the "15th Five-Year Plan," the machinery industry will focus on enhancing the resilience and safety of the industrial supply chain, accelerating the cultivation of new productive forces, and emphasizing the transformation towards intelligence, greening, and integration [18] - The goal is to form a new development pattern characterized by the upgrading of traditional industries, the leadership of emerging industries, and the layout of future industries [18]

Core Viewpoint - During the "14th Five-Year Plan" period, China's machinery industry has achieved significant accomplishments in industrial scale, foreign trade, and innovation capabilities, laying a solid foundation for advancing new industrialization [1][3][5] Industrial Scale - The average annual growth rate of the added value of China's machinery industry during the "14th Five-Year Plan" is 7.1%, with a growth rate of 8.7% in the first three quarters of this year, both exceeding the national average levels for industry and manufacturing [1] - The number of large-scale enterprises in the machinery industry increased from 92,000 to 137,000 by the end of October 2025 [1] Foreign Trade - The machinery industry has achieved a historic leap in foreign trade, with import and export volumes exceeding $1 trillion for five consecutive years [3] - From January to October 2025, the total import and export volume of goods reached $1.03 trillion, a year-on-year increase of 7.6% [3] - The total import and export volume for the machinery industry is expected to reach a new high in 2025, becoming a key driver for industry growth [3] Innovation Capability - The innovation capability of the machinery industry has been continuously enhanced, with 4,487 national and industry standards planned for release during the "14th Five-Year Plan," and an international standard conversion rate exceeding 92% [7] - The advantages of industrial clusters are increasingly prominent, with machinery enterprises accounting for one-fourth of the 300 national-level characteristic industrial clusters of small and medium-sized enterprises [7] - The production and sales of new energy vehicles, electric engineering machinery, and new energy agricultural machinery have significantly increased, with enterprises accelerating the transition from single product manufacturing to integrated solutions of "products + services" [7] Future Outlook - Looking ahead to the "15th Five-Year Plan," the machinery industry will focus on enhancing the resilience and safety of industrial and supply chains, accelerating the cultivation of new productive forces, and emphasizing the transformation towards intelligent, green, and integrated development [9]

经济潜能，来自区域协调发展释放的新活力。据测算，我国城镇化率每提高1个百分点，可以拉动万亿 元规模的新增投资需求，每年可新增2000多亿元消费需求。城乡融合发展中蕴藏着巨大内需潜力，要求 我们统筹推进以县城为重要载体的城镇化建设和乡村全面振兴，促进城乡资源要素有序流动，推动公共 资源均衡配置。同时，也要深化跨行政区合作，在重点城市群协调联动中培育新的增长点。 磅礴的经济潜能不会从天而降，深化改革才能持续激发活力。眼下，市场分割、地方保护、"内卷式"竞 争等一系列堵点卡点问题依然存在，致使我国超大规模市场优势未能完全发挥，对此必须按照中央经济 工作会议的要求，坚持改革攻坚，打通堵点卡点，纵深推进全国统一大市场建设，进一步提升市场效 率、激发市场活力。让我们把思想和行动统一到党中央对形势的科学判断和部署上来，主动作为，真抓 实干，实现"十五五"良好开局。 （文章来源：经济日报） 经济潜能，来自供需良性互动创造的新投资、新消费。得益于超大规模市场，我国无论投资还是消费， 都有挖潜空间。看投资，新型城镇化、新型工业化、节能降碳改造等投资于物的需求，以及基本公共服 务、保障性住房等投资于人的需求均需得到更好满足；看消费 ...

会议指出，这次中央经济工作会议是在"十四五"即将圆满收官、"十五五"即将开启的重要历史节点上召 开的一次十分重要的会议。习近平总书记的重要讲话，全面总结2025年经济工作，深入分析当前经济形 势，系统部署2026年经济工作，具有很强的政治性、思想性、战略性、指导性，为确保"十五五"开好 局、起好步提供了科学指引和根本遵循。要深入学习贯彻习近平总书记重要讲话精神，深刻领会"五个 必须"的规律性认识，切实把思想和行动统一到党中央对经济形势的科学判断和决策部署上来，坚定信 心、用好优势、应对挑战，推动工业和信息化发展不断迈上新台阶、取得新成效。 会议强调，明年是"十五五"开局之年。全系统要全面贯彻落实党的二十大和二十届历次全会精神，深入 学习贯彻中央经济工作会议精神，完整准确全面贯彻新发展理念，坚持稳中求进工作总基调，以推动高 质量发展为主题，锚定实现新型工业化这个关键任务，着力稳增长、强创新、促融合、优治理、防风 险，因地制宜发展新质生产力，加快构建以先进制造业为骨干的现代化产业体系，实现"十五五"良好开 局。要全力稳住工业基本盘，发挥存量政策和增量政策集成效应，增强供需适配性进一步促进消费，深 入实施新一轮十大 ...

守正创新、求真务实、久久为功。辽宁省委书记许昆林说，辽宁要不折不扣落实好习近平总书记重 要讲话精神和党中央关于明年经济工作的思路、任务、政策，切实履行好维护国家"五大安全"政治使 命，树立和践行正确政绩观，坚持为人民出政绩、以实干出政绩，营造良好的政治环境、人才环境、营 商环境、舆论环境。夯实基础，全面发力，推动科技创新和产业创新深度融合，因地制宜发展新质生产 力；着力稳就业、稳企业、稳市场、稳预期，努力促进消费、扩大投资，把民生实事办实办好，推动经 济实现质的有效提升和量的合理增长，在推动新时代东北全面振兴取得新突破上勇于争先，奋力谱写中 国式现代化辽宁篇章。 工业和信息化部部长李乐成说，"五个必须"是习近平经济思想的最新成果，对经济工作规律性认识 达到了新高度。工业和信息化部将认真学习领会总书记重要讲话精神，锚定实现新型工业化这个关键任 务，全力稳住工业基本盘，保持制造业合理比重，推进制造业由规模扩张重点转向价值创造，巩固提升 我国信息通信业竞争优势和领先地位，加快建设以先进制造业为骨干的现代化产业体系，高标准编制好 工业和信息化领域"十五五"规划，为中国式现代化筑牢更加坚实的物质技术基础。 山东省委书记 ...

本报讯 （记者寇佳丽）12月12日，工业和信息化部党组书记、部长李乐成主持召开党组扩大会议，传达学习中央经济工作 会议精神，研究贯彻落实举措。 会议强调，临近岁末年初，要加强食品药品生产保供，强化民爆等安全生产管理，扎实做好防灾减灾工作，维护社会大局 安全稳定。全系统党员干部要强化实干担当，开拓进取、迎难而上、敢于斗争，以"时时放心不下"的责任感抓好各项工作，奋 力开创事业发展新局面。 会议指出，这次中央经济工作会议是在"十四五"即将圆满收官、"十五五"即将开启的重要历史节点上召开的一次十分重要 的会议。习近平总书记的重要讲话，全面总结2025年经济工作，深入分析当前经济形势，系统部署2026年经济工作，具有很强 的政治性、思想性、战略性、指导性，为确保"十五五"开好局、起好步提供了科学指引和根本遵循。要深入学习贯彻习近平总 书记重要讲话精神，深刻领会"五个必须"的规律性认识，切实把思想和行动统一到党中央对经济形势的科学判断和决策部署上 来，坚定信心、用好优势、应对挑战，推动工业和信息化发展不断迈上新台阶、取得新成效。 会议强调，明年是"十五五"开局之年。全系统要全面贯彻落实党的二十大和二十届历次全会精神，深 ...

Core Points - The meeting emphasized that the year ahead marks the beginning of the "14th Five-Year Plan" and highlighted the need for comprehensive implementation of the spirit of the 20th National Congress of the Communist Party and subsequent plenary sessions [2] - The focus is on achieving high-quality development, stabilizing growth, enhancing innovation, promoting integration, optimizing governance, and preventing risks [2] - The meeting called for the development of a modern industrial system centered on advanced manufacturing and the implementation of key industry growth plans [2] Group 1 - The meeting stressed the importance of stabilizing the industrial foundation and enhancing supply-demand adaptability to promote consumption [2] - It highlighted the need for deep integration of technological and industrial innovation, reinforcing the role of enterprises in innovation [2] - The meeting called for the optimization of industrial and supply chains, including the promotion of domestic orderly transfer of industries [2] Group 2 - The meeting emphasized the need for the digital transformation of manufacturing and the integration of artificial intelligence with manufacturing [2] - It called for the development of high-quality information and communication industries, including the advancement of 6G technology and satellite internet [2] - The meeting underscored the importance of modernizing industry governance and reducing the burden on enterprises by addressing overdue payments [2]