建议在"十五五"期间，中央额外发行约10万亿元的"新型城镇化特别国债"，以每年2万亿元左右的节奏投入，直接下达到县级政府。——李稻 葵 2025年11月13日，"中国新型城镇化理论·政策·实践论坛2025"在清华大学举办，胡祖才、江小涓、范恒山、李稻葵、魏后凯等多位专家学者参会，共同探 讨"十五五"时期中国城镇化发展图景。 以下为李稻葵在论坛上发表的主旨演讲精编。 清华大学中国经济思想与实践研究院院长李稻葵指出，"十五五"的核心任务之一是促进和扩大内需，以确保经济增长率不仅得以维持，更能逐步恢复到合 理水平，这一任务的紧迫性超出了一般预期。 在扩大内需的诸多抓手中，新型城镇化被视为最重要的发力点之一。"要大幅提升全国的消费和投资需求，必须让尚未城镇化的7亿人口逐步融入现代经济 生活，通过提高他们的城镇化水平来释放巨大的消费潜能。" 应当恢复到约7%左右" 从经济学家角度来看，"十五五"规划时期国家需要着力完成两项核心任务。 第一，在日益激烈的国际竞争中占据战略制高点，实现高水平科技自立自强。这意味着必须把科技创新置于优先位置，推动科技、人才、教育"三位一 体"的协同融合发展。 第二，要促进和扩大内需，以确保经 ...

来源：新浪证券-红岸工作室 11月18日，森赫股份跌0.66%，成交额3201.43万元，换手率1.51%，总市值32.12亿元。 异动分析 新型城镇化+中俄贸易概念+一带一路+物联网+人脸识别 1、2023年3月15日互动易回复：公司GRPS乘客电梯、GRE自动扶梯、GRM自动人行道系列产品结合 SICE物联网云服务平台，为新型城镇化建设提供产品及服务。 2、公司海外客户主要集中于孟加拉国、俄罗斯（远东地区）、科威特、乌兹别克斯坦、墨西哥等国 家，其中孟加拉国、俄罗斯和科威特为公司最主要的国外销售地区。 3、公司持股49%的Turkmenistan Sicher在土库曼斯坦从事电梯制造及销售；公司积极响应国家"一带一 路"倡议，产品销往孟加拉国、科威特、墨西哥等国家和地区。 4、2021年9月15日互动易回复：公司通过电梯物联网平台，对电梯的运行信号、状态、故障数据进行监 测和采集，运用大数据、云计算技术，实现电梯远程监控、维保管理、使用管理、安全预警、应急处置 等功能。 5、据招股说明书：公司在新旧产业融合过程中，研发生物特征识别（语音识别、人脸识别、指纹识 别）、基于物联网实现远程呼梯、二维码识别等新技 ...

Core Viewpoint - Oriental Yuhong's stock price has shown fluctuations, with a year-to-date increase of 14.02%, but a decline in revenue and net profit for the first nine months of 2025, indicating potential challenges ahead for the company [1][2]. Financial Performance - As of October 31, 2025, Oriental Yuhong reported a revenue of 20.601 billion yuan, a year-on-year decrease of 5.06%, and a net profit attributable to shareholders of 810 million yuan, down 36.61% year-on-year [2]. - The company has cumulatively distributed dividends of 10.714 billion yuan since its A-share listing, with 7.603 billion yuan distributed in the last three years [3]. Stock Market Activity - On November 18, 2025, Oriental Yuhong's stock price fell by 2.01% to 12.69 yuan per share, with a trading volume of 216 million yuan and a turnover rate of 0.88%, resulting in a total market capitalization of 30.313 billion yuan [1]. - The net outflow of main funds was 30.3615 million yuan, with significant selling pressure observed in large orders [1]. Shareholder Structure - As of September 30, 2025, the number of shareholders increased to 152,500, with an average of 12,556 circulating shares per person, a decrease of 1.02% from the previous period [2][3]. - The largest circulating shareholder is Hong Kong Central Clearing Limited, holding 379 million shares, an increase of 6.3304 million shares from the previous period [3].

Core Viewpoint - The stock of Guangzhou Metro Design Institute Co., Ltd. has experienced fluctuations, with a recent decline in share price and mixed trading activity, while the company shows modest revenue growth and profitability improvements year-on-year [1][2]. Group 1: Stock Performance - On November 18, the stock price of the company fell by 2.02%, reaching 15.53 CNY per share, with a trading volume of 29.40 million CNY and a turnover rate of 0.47% [1]. - Year-to-date, the stock has increased by 6.08%, but has seen a decline of 1.90% over the last five trading days and 3.18% over the last twenty days [1]. - The company has appeared on the "龙虎榜" three times this year, with the most recent instance on February 20, where it recorded a net buy of -30.44 million CNY [1]. Group 2: Company Overview - Guangzhou Metro Design Institute was established on August 6, 1993, and listed on October 22, 2020, focusing on urban rail transit, municipal, and architectural design and consulting services [2]. - The revenue composition of the company includes 81.97% from design services, 16.07% from engineering contracting, 1.90% from planning consulting, and 0.06% from other services [2]. - The company operates within the construction decoration and engineering consulting sectors, with involvement in new urbanization, Guangdong-Hong Kong-Macau Greater Bay Area, maglev technology, small-cap stocks, and water conservancy construction [2]. Group 3: Financial Performance - For the period from January to September 2025, the company reported a revenue of 1.933 billion CNY, reflecting a year-on-year growth of 0.85%, and a net profit attributable to shareholders of 347 million CNY, which is a 16.92% increase compared to the previous year [2]. - Since its A-share listing, the company has distributed a total of 996 million CNY in dividends, with 572 million CNY distributed over the last three years [3]. Group 4: Shareholder Information - As of September 30, 2025, the number of shareholders increased by 2.50% to 13,000, with an average of 30,720 circulating shares per person, a decrease of 2.44% [2]. - Notable institutional shareholders include 招商量化精选股票发起式A and 香港中央结算有限公司, both of which are new entrants among the top ten circulating shareholders [3].

Group 1 - The core viewpoint of the news is that Dayu Water-saving's stock has experienced fluctuations, with a current price of 4.86 CNY per share and a market capitalization of 4.969 billion CNY, reflecting a year-to-date increase of 21.17% [1] - As of November 18, the stock has seen a net outflow of 12.6412 million CNY in principal funds, with significant selling pressure from large orders [1] - The company has been listed on the stock market since October 30, 2009, and specializes in the research, manufacturing, and sales of water-saving irrigation materials, with a revenue composition heavily focused on smart agricultural water projects [1] Group 2 - Dayu Water-saving belongs to the agricultural sector, specifically in the subcategories of agriculture and comprehensive agriculture, and is involved in concepts such as new urbanization and ecological agriculture [2] - As of September 30, the number of shareholders increased by 54.01% to 48,200, while the average circulating shares per person decreased by 24.15% [2] - For the period from January to September 2025, the company reported a revenue of 2.067 billion CNY, representing a year-on-year growth of 9.73%, but the net profit attributable to the parent company decreased by 62.92% to 11.0768 million CNY [2] Group 3 - Since its A-share listing, Dayu Water-saving has distributed a total of 567 million CNY in dividends, with 165 million CNY distributed over the past three years [3]

Core Viewpoint - Jianfa Co., Ltd. has experienced a decline in stock price recently, with a year-to-date increase of 7.74% and a significant drop in net profit for the first nine months of 2025 [2][3]. Group 1: Stock Performance - On November 18, Jianfa's stock price fell by 2.04%, trading at 10.58 CNY per share, with a market capitalization of 30.677 billion CNY [1]. - The stock has seen a 0.66% decline over the past five trading days and a 2.22% increase over the last 20 days, while it has decreased by 5.54% over the past 60 days [2]. Group 2: Financial Performance - For the period from January to September 2025, Jianfa reported a revenue of 498.983 billion CNY, a year-on-year decrease of 0.63%, and a net profit attributable to shareholders of 1.149 billion CNY, down 44.19% year-on-year [2]. - Cumulative cash dividends since the A-share listing amount to 19.039 billion CNY, with 6.570 billion CNY distributed over the past three years [3]. Group 3: Shareholder Information - As of September 30, 2025, Jianfa had 58,200 shareholders, a decrease of 2.69% from the previous period, with an average of 49,786 circulating shares per shareholder, an increase of 2.77% [2]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which holds 111 million shares, an increase of 4.128 million shares from the previous period [3].

11月18日，大悦城盘中下跌2.05%，截至09:39，报3.34元/股，成交1357.47万元，换手率0.09%，总市值 143.16亿元。 资金流向方面，主力资金净流出134.05万元，特大单买入109.91万元，占比8.10%，卖出0.00元，占比 0.00%；大单买入30.17万元，占比2.22%，卖出274.13万元，占比20.19%。 责任编辑：小浪快报 大悦城所属申万行业为：房地产-房地产开发-商业地产。所属概念板块包括：首发经济、中粮集团、新 型城镇化、低价、证金汇金等。 截至9月30日，大悦城股东户数8.97万，较上期减少7.16%；人均流通股47810股，较上期增加15.33%。 2025年1月-9月，大悦城实现营业收入206.48亿元，同比增长0.83%；归母净利润-5.33亿元，同比增长 9.17%。 分红方面，大悦城A股上市后累计派现20.54亿元。近三年，累计派现0.00元。 机构持仓方面，截止2025年9月30日，大悦城十大流通股东中，香港中央结算有限公司位居第五大流通 股东，持股5319.14万股，相比上期增加2859.41万股。工银价值精选混合A（019085）位居第六大流通 ...

10月28日，《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》（以下简称《建议》） 正式发布。记者注意到，此次《建议》在投资、消费等领域出现多个新提法。这些新提法背后有怎样的 深意？在我国经济迈向"十五五"的关键节点，如何破解消费率偏低、内需动力不足的深层矛盾？面对复 杂严峻的国内外环境，深化改革的突破口究竟在哪里？ 带着这些关乎经济发展全局的核心问题，近日，《每日经济新闻》记者（以下简称NBD）专访了第十 四届全国政协委员尹艳林。尹艳林深耕宏观经济领域多年，曾长期任职于国家发改委和原中央财经领导 小组办公室，对中国经济体制改革、供需结构调整等议题有着深刻洞察和独到见解。他对扩大内需、全 国统一大市场等领域的问题，都提出了具体的改革方向和建议。 新型城镇化仍然是经济增长的重要引擎 NBD：《建议》在"十五五"时期经济社会发展的主要目标中提出，全要素生产率稳步提升，居民消费率 明显提高，内需拉动经济增长主动力作用持续增强。这对今后几年的经济发展会产生哪些影响？ 尹艳林：全要素生产率稳步提升对应高质量发展阶段的创新驱动逻辑。创新发挥作用，首先就表现在全 要素生产率的提升。这一表述是从供给端突出科技进步 ...

Core Viewpoint - The article emphasizes the necessity of accelerating the integration of urban agglomerations and the same-city development of metropolitan areas as a response to urbanization trends and a means to promote coordinated development among large, medium, and small cities and towns, thereby enhancing economic growth and high-quality development [7]. Group 1: Urban Agglomeration Integration - Accelerating urban agglomeration integration is essential for adapting to urbanization trends and advancing new urbanization [7]. - Key strategies include promoting differentiated positioning among cities, optimizing layout, and establishing a multi-center, multi-level, and multi-node network structure for urban agglomerations [8]. - Infrastructure connectivity is crucial, involving the collaborative improvement of transportation, logistics, energy, communication, and water resources networks [8]. Group 2: Metropolitan Area Same-City Development - The focus of same-city development in metropolitan areas is to enhance the central cities' radiating and driving roles, fostering collaborative development with surrounding cities and towns [9]. - Development should prioritize creating efficient commuting, industrial, and living circles, with an emphasis on integrated public transport systems and balanced public service distribution [9]. - Establishing a multi-level, regular coordination mechanism is necessary to ensure the effective implementation of these initiatives, including resource sharing and administrative reforms [9].

Core Insights - China's urbanization rate has reached 67%, indicating a shift towards the later stages of urban development, with a trend of slowing urbanization growth [1][2] - The "14th Five-Year Plan" period saw an average urbanization growth rate drop to 0.78 percentage points due to the pandemic, while the "15th Five-Year Plan" is expected to maintain a growth rate of around 0.7 percentage points, reaching an estimated 71.5% by 2030 [2][3] Urbanization Trends - Historical average annual urbanization rate increases were: 1.44 percentage points during the "9th Five-Year Plan," 1.35 during the "10th," 1.39 during the "11th," 1.48 during the "12th," and 1.31 during the "13th" [2] - The transition from rapid growth to stable development in urbanization is a key focus for the new period, as highlighted in the recent Central Urban Work Conference [2] Quality and Speed of Urbanization - The "15th Five-Year Plan" emphasizes balancing speed and quality in urbanization, with a focus on improving urbanization quality and synchronizing urbanization with citizenization [3][4] Rural-Urban Integration - The integration of rural and urban areas is crucial, with county-level cities becoming key hubs for absorbing rural labor migration [7][9] - The quality of urbanization for agricultural migrants needs improvement, with a focus on providing basic public services based on registered residence [4][6] Structural Optimization - The current urban structure is characterized by a polarization between mega-cities and smaller towns, necessitating a re-evaluation of urban scale and structure [11][12] - From 2010 to 2023, the number of mega-cities increased from 8 to 23, while small cities decreased from 489 to 469, indicating a need for coordinated development [11] High-Quality Urban Development - The shift towards high-quality urban development is a priority, focusing on enhancing urban characteristics, safety, and development atmosphere [13][14] - Urban renewal is identified as a critical strategy for achieving high-quality urban development, emphasizing the need for government support to attract investment and stimulate demand [13][14]