专题：第二十五届中国股权投资年度大会 12月2日-5日，"第二十五届中国股权投资年度大会"在深圳举行，主题为"向未来 赋新生"。毅达资本董 事长应文禄出席并演讲。 应文禄出表示，做投资，一定要拉长时间维度，任何波动在历史长河中，都将是小小的浪花。站在今 天，有三大确定的趋势性投资机会： 第一，科技自立自强。他指出，外部环境的压力越大，内部自主创新的决心就越强，这已经从国家战略 内化为整个社会的自觉行动。 第二，AI原生的产业变革。 "未来只会有成功利用AI和被AI淘汰的企业之分。错过人工智能，就是错过 一个时代。" 第三，存量经济时代的并购整合。随着中国经济进入高质量发展阶段，产业结构调整和优胜劣汰成为常 态。IPO虽然重要，但不会是唯一退出路径。龙头企业通过并购重组实现强链补链，将释放巨大的"存 量价值"。他指出，对于我们而言，"投"和"退"的逻辑都需要进化，并购正从备选项，升级为与IPO并驾 齐驱的主流选择。 此外，应文禄还强调，看清未来的牌局，创投机构要回归投资的本质——投"人"。" 没有永远的朝阳产 业，只有穿越周期的企业家。选对行业只是基本功，选对那个能带领企业穿越周期的领航者，才是决胜 的关键。" ...

Core Insights - Jinan has been recognized as a "Vibrant City" for four consecutive years, indicating a consistent and systematic approach to urban development [1][7] - The city's vitality is attributed to a combination of economic growth, talent attraction, and innovative projects, alongside a diverse urban environment that fosters creativity and cultural expression [2][6] Group 1: Urban Vitality and Cultural Engagement - Jinan's successful urban IP strategy has led to increased tourism, with 379,000 inbound and outbound travelers recorded in the first half of 2025, marking a year-on-year increase of 1.64% for domestic residents and 17.55% for foreign nationals [3][4] - The city's seasonal cultural campaigns, such as "Four Seasons in Jinan," have effectively engaged audiences on social media, enhancing the city's image and attracting global visitors [2][3] Group 2: Industrial Innovation and Development - The establishment of the Lishan International Biopharmaceutical Production Base signifies a new phase of scale and intensive development in Jinan's biopharmaceutical industry [4] - The city's focus on creating a supportive ecosystem for innovation includes a comprehensive service platform for pharmaceutical companies, facilitating the entire process from research to commercialization [4][5] Group 3: Entrepreneurial Ecosystem - Jinan's historical districts are being revitalized with new business models, integrating traditional architecture with modern enterprises, thus enhancing the entrepreneurial landscape [6] - The ongoing "New Momentum Innovation and Entrepreneurship Competition" has successfully attracted 29 academic teams and 639 quality projects, generating a sales revenue of 4.236 billion yuan, showcasing Jinan's commitment to fostering innovation [6][7]

Core Insights - The report presented by Huang Fusheng at the "2026 Postal Financial Forum" highlights China's economic recovery, driven by the "14th Five-Year Plan" focusing on modern industrial systems and high-tech sectors [3][8]. Group 1: Economic Recovery and Industrial Policy - China is building a modern industrial system under the "14th Five-Year Plan," with a focus on high-tech sectors showing significant performance [3][8]. - The plan prioritizes the construction of a modern industrial system and strengthening the real economy, aiming to "recreate a Chinese high-tech industry" over the next decade [3][8]. - Key strategies include enhancing traditional industries, addressing core technology challenges, and fostering strategic emerging industries like new materials and quantum technology [3][8]. Group 2: Manufacturing Sector Performance - The manufacturing sector exhibits a K-shaped recovery, with high-tech product exports growing faster than the overall export growth rate of 5.3% in the first ten months of 2025 [4][9]. - Profit growth in upstream manufacturing sectors like transportation equipment and non-ferrous metal smelting significantly outpaces that of downstream industries such as furniture and apparel [4][9]. - A-share non-financial companies reported a revenue increase of 0.9% year-on-year in Q3 2025, with net profits rising by 3.29% [4][10]. Group 3: Consumer Wealth and Spending Trends - Recovery of resident wealth is projected to take 3-5 years, with service consumption identified as a future growth area [5][10]. - In 2025, there remains a significant gap in resident wealth compared to the peak in 2021, but optimistic scenarios suggest recovery to previous levels by 2028 [5][10]. - The consumption structure indicates a saturation in goods consumption (15% of GDP) compared to major Western countries, while service consumption in healthcare and education is below global averages, indicating substantial growth potential [5][10].

Core Viewpoint - The A+H pharmaceutical sector continues to adjust, with significant fluctuations in the market, particularly in innovative drugs, indicating potential investment opportunities as bottom-fishing capital emerges [1][5][16]. Group 1: Market Performance - The largest medical ETF in the market (512170) and the only drug ETF (562050) fell by 0.58% and 0.19% respectively, while the Hong Kong innovative drug ETF (520880) dropped by 1.43% [1][5]. - A-share medical leaders mostly declined, with WuXi AppTec down 2.01%, and both Aier Eye Hospital and Tigermed down over 1%, while some stocks like Yingke Medical and New Industry saw gains [1][12]. - The medical ETF (512170) hit a four-month low during intraday trading, closing below all moving averages, but saw over 1.14 billion yuan in net subscriptions as investors sought to buy the dip [1][16]. Group 2: Sector Analysis - The pharmaceutical sector in A-shares showed relative resilience, with the drug ETF (562050) outperforming the market, primarily due to gains from traditional Chinese medicine leaders like Pian Zai Huang and Yunnan Baiyao [3][12]. - The innovative drug sector displayed divergence, with Yifan Pharmaceutical surging by 6.11%, while major stocks like BeiGene fell by 1.59% [3][12]. - The drug ETF (562050) has about 25% weight in traditional Chinese medicine, which helps mitigate the high volatility of innovative drugs, thus reducing the overall volatility and drawdown of the pharmaceutical index [3][12]. Group 3: Future Outlook - The innovative drug sector is expected to be a major upward trend heading into 2026, as the industry continues to experience strong demand and unmet needs, with increased R&D investments from pharmaceutical companies [7][16]. - Analysts suggest that the current adjustment phase may present a favorable long-term investment opportunity in pharmaceutical assets, particularly as the sector shows signs of recovery [16]. - The Hong Kong innovative drug ETF (520880) is recommended for balanced internal allocation strategies, with a focus on improving fundamentals in the innovative drug supply chain [7][16].

全市地区生产总值稳步增长，年均增速高于全省平均水平；人均GDP跃居全省前列，全体居民收入 水平持续提升；高新技术产业产值占比提升至55.2%、列全省第4，超"十四五"预期目标7.2个百分 点……"十四五"时期，镇江坚定不移实施产业强市"一号战略"，强化项目攻坚力度，着力提升项目质 效，持续建设现代化产业体系，巩固壮大实体经济根基，扎实稳健推进中国式现代化镇江新实践，奋力 谱写"镇江很有前途"新篇章。 笔墨映征程，答卷启新篇。当"十四五"规划圆满收官的钟声在时光长廊中渐次回响，"十五五"规划 谋篇布局的壮丽蓝图正于镇江大地徐徐铺展。"要全面贯彻落实党的二十届四中全会精神，谋深谋实镇 江未来五年发展的目标任务、思路举措，坚定不移推进高质量发展，锚定'两个高于'，坚持'把优势做 优、特色做特'，持续深化产业强市、创新驱动、融合发展，着力推动经济实现质的有效提升和量的合 理增长。"镇江市委书记马明龙说。 项目为王、服务高效 企业发展"镇合意" 3月12日，镇江市产业项目集中签约活动在上海举办，20个项目现场集中签约，总投资165.2亿元； 4月18日，丹徒（上海）新能源汽车及零部件产业高质量发展恳谈会举行，19个产业 ...

Core Insights - The industrial output value of Dangwan Town in Xiaoshan District, Hangzhou, Zhejiang Province reached 8.33 billion yuan from January to October 2025, marking a year-on-year growth of 4.8% [1] - Dangwan Town aims to become a "comprehensive quality student" in high-quality development and is working towards building the "Urban East Garden · Bay Area Intelligent Innovation Valley" [1] Group 1: Project Development - Dangwan Town emphasizes project prioritization, launching 33 industrial investment projects with a total investment of 677 million yuan, reflecting a year-on-year increase of 33.5% [2] - Key projects include a 250 million yuan energy efficiency upgrade by Sanyuan Holdings and a 244 million yuan intelligent manufacturing project by Zhongjing New Materials, which is expected to generate an annual output value of 350 million yuan upon reaching full capacity [2] - The town is actively attracting major projects in modern transportation, intelligent manufacturing, and high-end equipment sectors, targeting six projects over 100 million yuan and one project over 1 billion yuan [2] Group 2: Innovation and Industry Ecosystem - Dangwan Town has 59 enterprises above designated size, including 22 provincial-level specialized and innovative enterprises and 19 billion-yuan industrial enterprises [3] - The establishment of a technology enterprise cultivation database aims for comprehensive coverage of national high-tech enterprises within three years [3] - Traditional enterprises are innovating, such as Sanyuan Electronics transitioning from textiles to electronic materials, achieving top-tier product technology [3] Group 3: Rural Development and Urban-Rural Integration - The town is enhancing rural development through a "1+4+N" model, promoting integrated development of rural industries [4] - The Baosheng Intelligent Central Kitchen project has created 37 jobs for villagers, increasing their annual income by 6,000 yuan [4] - Dangwan Town is implementing 24 modern beautiful town projects and promoting a civilized rural culture through various initiatives [4] Group 4: Social Welfare and Infrastructure - In 2025, Dangwan Town is focusing on improving public services and infrastructure, investing 6 million yuan to upgrade educational facilities [5] - Major infrastructure projects include the completion of the Liming Road expansion and the successful construction of new housing [5] - The town is also creating a model for youth protection and is recognized as a national demonstration community for elderly-friendly initiatives [5] Group 5: Cultural and Social Governance - The town has developed a high-quality cultural supply, establishing two new quality cultural life circles and receiving accolades for its public cultural spaces [6] - The "Wanshihe" peace governance brand promotes a multi-party governance system to effectively resolve grassroots conflicts [6] - Dangwan Town is committed to advancing high-quality development and building the "Urban East Garden · Bay Area Intelligent Innovation Valley" [6]

秦朔认为，中国已切实走上高质量发展的道路。"过去我们在主要工业产品中，有220种达到产量世界第一；今年工信部数据显示，全世界504种主要工业产 品，大部分我们都已是产量的全球第一。"但他强调，更关键的进步体现在创新驱动和专利相关领域，中国在过去这些年取得了非常长足的进步。 他表示，资本市场这些年的发展，也紧跟中国产业的科技导向、创新导向，资本市场"含科量"明显提升。 近年中国创新呈现"涌现之势"，如DeepSeek、创新药等领域突破频现。秦朔引用今年世界经济论坛一篇论文中的话表示，将创新与制造融合的结构性优势， 可能被证明是中国最持久的隐性财富。在这篇论文里，特别提及中国相当多的技术复用、供应以及跨界使用所能带来的突出优势。 秦朔表示，沿着高质量发展与新质生产力的道路，中国产业前景依然广阔。 对于未来，秦朔表示， "十五五"期间，高质量发展的最核心指标，就是发展新质生产力。他指出，要以科技创新为引领，以实体经济为根基，构建创新生 态。中国很多的实体企业，尤其是制造企业，未来可能是一手是全球化要出海，一手就是新质生产力。 12月2日，"未来20·2025A股上市公司成长力年会"在上海举办。 会上，秦朔朋友圈发起 ...

医药板块今日回调，截至收盘，中证港股通医药卫生综合指数下跌1.3%，恒生港股通创新药指数下跌1.4%，沪深300医药卫生指数下跌1.5%，中证创新药产 业指数下跌1.6%，中证生物科技主题指数下跌1.8%。 华创证券称，医药行业能在持续经历各种挑战后走向新高最本质的原因，是人类对医药行业的持续需求和越来越多的未被满足的需求，以及药企不断持续加 大研发投入去满足这些需求。中国如今已成为全球创新药研发的重要参与者，海外授权热度持续连年攀升，医药行业进入"创新驱动"的营收时代。 比较坏十川上的一个一个百人 该指数聚焦A股创新药龙头, 由不超过50只主营业务涉 及创新药研发的公司股票 组成,汇聚A股创新药主力 车。 | 今日 | 该指数 | 该指数自201 | | --- | --- | --- | | 该指数涨跌 | 滚动市盈率 | 发布以来估值 | | -1.6% | 50.2倍 | 72.8% | 医药ETF 唯一 跟踪沪深300医药卫生指数 该指数聚焦A股医药卫生行 业龙头,由沪深300指数样 本中属于医药卫生行业的公 司股票组成,全面覆盖化学 制药、医疗服务、医疗器械 等未来健康产业细分环节。 该指数自20 ...

Group 1 - China's economy is maintaining a stable and progressive development trend, showcasing strong resilience and a bright outlook for the future [1] - In the first three quarters, the GDP grew by 5.2% year-on-year, accelerating by 0.2 and 0.4 percentage points compared to the previous year and the same period last year, respectively [1] - The urban unemployment rate averaged 5.2% in the first three quarters, remaining stable compared to the first half of the year [1] - The scale of foreign trade reached a historical high, with import and export growth rates gradually recovering, and foreign exchange reserves maintained above $3.3 trillion [1] Group 2 - The optimization of China's economic structure and the transition of growth drivers are progressing steadily, with significant advancements in high-quality development [2] - In the first three quarters, the added value of the equipment manufacturing industry and high-tech manufacturing industry accounted for 35.9% and 16.7% respectively, indicating a clear trend of industrial upgrading [2] - Investment in equipment and tools increased by 14% year-on-year, with emerging industries like lithium-ion battery manufacturing and new energy vehicles showing rapid growth [2] Group 3 - China's strong resilience is fundamental to its ability to cope with uncertainties and achieve stable long-term growth [3] - The first three quarters of stable growth laid a solid foundation, while new productive forces are being cultivated to create new growth points [3] - The macro policy space remains ample, providing continuous support for the economy, with positive factors accumulating as indicated by leading indicators and high-frequency data [3]

盘后公告：领益智造等四家上市公司集中发布重大事项公告 对于A股投资者来说，盘后公告从来都是不容错过的"信息富矿"——毕竟这些非交易时段披露的重大事项，往往藏着影响公司股价的关键信号，要么是资产 重组的重磅利好，要么是业务突破的实质进展，甚至可能是改变公司发展轨迹的重要决策。2025年11月底到12月初，A股市场就迎来了一波"公告密集潮"， 领益智造、嘉戎技术、恩捷股份、恒瑞医药四家各领域龙头公司集中发声，分别抛出了资产收购调整、重大资产重组、新药临床获批等关键信息，每一条都 值得投资者仔细琢磨。而这背后，离不开2025年新实施的信息披露新规保驾护航，让公告披露更规范、信息传递更及时。 一、政策护航：2025年信披新规落地，公告披露更规范透明 这四家公司能集中、清晰地披露重大事项，离不开2025年实施的信息披露新规的规范。2025年2月28日，证监会审议通过了新修订的《上市公司信息披露管 理办法》（证监会令第226号），并于7月1日正式施行 。新规明确要求，上市公司披露的信息必须"真实、准确、完整、简明清晰、通俗易懂"，不得有虚假 记载或误导性陈述，而且重大事件要"立即披露"，说明事件起因、状态和影响，让投资者 ...