2025 年 11 月 17 日 建筑 10 月基建投资环比回落，关注高景气 西部区域投资和洁净室板块 本周投资建议： 1-10 月，全国固定资产投资（不含农户）40.89 万亿元，同比下降 1.7%。其中，10 月份固定资产投资（不含农户）下降 1.62%。1-10 月， 扣除房地产开发投资，全国固定资产投资增长 1.7%。1-10 月，狭义 基建、广义基建投资完成额累计同比分别为-0.10%、1.51%，环比 1- 9 月分别-1.2pct、-1.83pct，自 4 月起基建投资增速环比持续回落。 在基建三大分项中，电热气水投资维持两位数快速增长，1-10 月，电 热气水投资同比增长 12.50%（环比-2.80pct）；其次为交通运输、仓 储和邮政业投资同比增长 0.10%（环比-1.50pct）；水利、环境和公 共设施管理业投资，同比减少 4.10%（环比-2.20pct）。在基建各主 要细分行业中，1-10 月，铁路运输业和水利管理业投资维持同比稳 健增长，分别为 3.00%（环比-1.2pct）和 0.70%（环比-2.3pct）。 11 月 14 日，国务院总理主持召开国务院常务会议，研究深入实 ...

虽然10月份工业、消费、投资等数据出现回落，但其中也不乏一些结构性亮点。 国家统计局新闻发言人付凌晖于14日表示，经济运行还面临不少风险挑战，但我国经济长期向好的支撑条件和基本趋势没有变化，宏观政策持续发力，市场 空间逐步拓展，新质生产力培育壮大，实现全年预期目标具备较多有利条件。 从生产端来看，10月规上工业增加值同比实际增长4.9%，增速较上月大幅放缓1.6个百分点。其中，新兴产业发展壮大，引领支撑作用日益增强。1～10月 份，规模以上数字产业制造业增加值同比增长9.5%，智能设备制造、电子元器件及设备制造行业增加值分别增长11.1%和12.3%。付凌晖指出，还要看到， 新能源、新材料、航空航天、低空经济等发展潜力巨大，量子科技、生物制造、具身智能等前景广阔，未来有望成为新兴支柱产业，将有力支撑新动能发展 壮大。 从需求端来看，1～10月份，社会消费品零售总额同比增长4.3%，服务零售额增长5.3%。服务消费增长日益成为居民消费的重要增长点。 从新兴消费看，数字消费和绿色消费持续壮大，有力促进消费增长。1～10月份，全国网上零售额同比增长9.6%，即时零售交易额和直播电商交易额均保持 两位数增长。此外，我 ...

Core Points - The State Council meeting, chaired by Premier Li Qiang, focused on the implementation of the "two重" construction and enhancing the adaptability of supply and demand in consumer goods to promote consumption [2][3] - The meeting emphasized the importance of aligning "two重" construction with the overall goals of the 14th Five-Year Plan, highlighting strategic, forward-looking, and holistic requirements [2] - Discussions included the revision of the Trademark Law and the approval of the revised Funeral Management Regulations, aiming to strengthen trademark management and protection [4][5] Group 1: "Two重" Construction - The meeting underscored the need to plan and advance "two重" construction within the framework of the 14th Five-Year Plan, focusing on strategic and holistic requirements [2] - It called for optimizing project reviews, emphasizing innovation input and intangible asset investment to promote new productive forces [2] - A mechanism for project coordination and strict management of engineering quality and safety was highlighted, along with the need for effective asset management and operation [2] Group 2: Enhancing Supply and Demand Adaptability - Enhancing supply and demand adaptability is seen as a key measure to unleash consumption potential and facilitate economic circulation [3] - The meeting advocated for consumption upgrades to lead industrial upgrades, ensuring high-quality supply meets diverse consumer needs [3] - It emphasized the importance of developing new products and value-added services through the application of new technologies and models, particularly in key industries [3] Group 3: Education and Talent Development - The meeting acknowledged the progress made in implementing the spirit of the National Education Conference, with a focus on building a strong education nation [3] - It called for a coordinated mechanism to promote education, technology, and talent development, aiming to cultivate urgently needed innovative talents [3] - Addressing public concerns in the education sector and increasing the supply of quality educational resources were also emphasized [3] Group 4: Legal Revisions - The meeting discussed and approved the draft revision of the Trademark Law, which will be submitted to the National People's Congress for review [4] - The revised Funeral Management Regulations were also approved, indicating a move towards improved management in this sector [5]

17 星期一 2025年11月 文章来源：清控伟仕咨询 清控伟仕咨询 投融资新规简析 1. 国务院办公厅印发《关于进一步促进民间投资发展的若干措施》的通知 2. 关于印发《招标人主体责任履行指引》的通知 3. 关于促进新能源消纳和调控的指导意见 碳中和新规简析 时效性：现行有效 1. 国家能源局关于促进新能源集成融合发展的指导意见 投融资动态 1.李强主持召开国务院常务会议 研究深入实施"两重"建设有关工作等 投融资新规简析 1、国务院办公厅印发《关于进一步促进民间投资发展的若干措施》的通知 发文机关：国务院办公厅 文号：国办发〔2025〕38号 发布日期：2025年11月10日 成文日期：2025年11月03日 文件亮点 1、对需报国家审批（核准）的具有一定收益的铁路、核电、水电、跨省跨区直流输电通道、油气管 道、进口液化天然气接收和储运设施、供水等领域项目，应专项论证民间资本参与的可行性，并在可行 性研究报告（项目申请书）中专项说明。鼓励支持民间资本参与，并结合项目实际、民营企业参与意 愿、有关政策要求等确定具体项目持股比例。对具备条件的项目，民间资本持股比例可在10%以上。 2、行业主管部门和各地方结合 ...

吉林省财政科学研究所所长、研究员张依群在接受《证券日报》记者采访时表示，"两重"是我国经济建 设的重头戏、关键点。第一，"两重"具有明显的经济稳底托底效应，对保持我国经济增长发挥着稳定器 作用；第二，"两重"带有投资风向标作用，为其他领域投资起到基础性带动作用；第三，"两重"是国家 安全保障的重要基石，事关国家重大战略实施和重点领域安全能力提升，是政府投资必须长期坚持和有 效实施的关键。 中国国际经济交流中心科研信息部副部长刘向东向《证券日报》记者表示，开展"两重"建设是实施扩大 内需战略同深化供给侧结构性改革的有机结合点，既能短期内扩大有效需求，支撑经济可持续增长，又 能通过战略性投资优化产业结构，提升供给的质量和效率。加强粮食、能源、产业链、金融等安全能力 建设将能有效应对复杂形势和防范化解风险，提升经济社会发展的内生性和可持续性。通过城乡融合、 区域协调、公共服务均等化等项目建设，能够增进民生福祉和增强居民的获得感、幸福感和安全感。 11月14日召开的国务院常务会议，研究深入实施"两重"建设有关工作。会议指出，要把"两重"建设放 在"十五五"全局中谋划和推进，牢牢把握战略性、前瞻性、全局性要求，强化部门 ...

Economic Overview - The slowdown in external demand, weakened domestic momentum, and high base effects from the previous year have led to fluctuations in major economic indicators since the fourth quarter, necessitating an increase in macroeconomic policy support [1] - In October, the industrial added value above designated size grew by 4.9% year-on-year, a decrease of 1.6 percentage points from September; retail sales of consumer goods increased by 2.9%, slightly down by 0.1 percentage points from September; fixed asset investment (excluding rural households) totaled 408.914 billion yuan, down 1.7% year-on-year [1] Policy Measures - The State Council, led by Premier Li Qiang, held a meeting to discuss the implementation of "two major" constructions, focusing on enhancing the adaptability of supply and demand in consumer goods and promoting consumption policies [1][6] - The meeting emphasized the need to rationally arrange project construction and fund disbursement, strengthen project and fund matching, and encourage more private capital participation [1][6] Consumption Trends - Despite a decline in industrial, consumption, and investment data in October, there are structural highlights, particularly in service consumption, which has become an important growth point [3] - From January to October, retail sales of consumer goods increased by 4.3%, with service retail sales growing by 5.3% [3] Investment Insights - Fixed asset investment (excluding rural households) saw a year-on-year decline of 1.7%, with private fixed asset investment down by 4.5% [4] - The slowdown in investment growth is attributed to various factors, including a complex external environment, fierce domestic market competition, and weak corporate profitability [4][5] - Investment in infrastructure, manufacturing, and real estate has decelerated significantly, leading to a rare cumulative year-on-year negative value for two consecutive months [4][7] Emerging Consumption - Digital and green consumption are expanding, significantly contributing to consumption growth, with online retail sales increasing by 9.6% year-on-year [4] - The ongoing upgrade in consumption structure is creating new opportunities in sectors like cultural tourism and healthcare, alongside the rapid development of the silver economy and first-time economy [4] "Two Major" Construction - The "two major" construction initiative is positioned as a key driver for effective investment and the cultivation of new productive forces, with a planned investment of 800 billion yuan for 1,459 projects by 2025 [6][7] - This initiative aims to enhance strategic and safety capabilities in key areas, including ecological restoration and major infrastructure projects [6][7] Supply and Demand Adaptability - Enhancing supply and demand adaptability is crucial for releasing consumption potential and facilitating economic circulation [8] - The focus is shifting from merely stimulating consumption to achieving a dynamic balance and positive interaction between supply and demand [8][9]

Core Viewpoint - The article discusses the fluctuations in major economic indicators in China due to external demand slowdown, weakened domestic demand, and high base effects from the previous year, emphasizing the need for stronger macroeconomic policies to stabilize growth [3][4]. Economic Indicators - In October, the industrial added value for large-scale enterprises grew by 4.9% year-on-year, slowing down by 1.6 percentage points from September [3]. - The total retail sales of consumer goods increased by 2.9% year-on-year, a slight decline of 0.1 percentage points from September [3]. - From January to October, fixed asset investment (excluding rural households) reached 408,914 billion yuan, a year-on-year decrease of 1.7% [3]. Government Response - The State Council, led by Premier Li Qiang, held a meeting to discuss the implementation of "two major" constructions aimed at enhancing consumption and investment [3][4]. - The government plans to enhance the adaptability of supply and demand in consumer goods to stimulate consumption and achieve a dynamic balance [3][4]. Investment Trends - Despite a decline in overall investment, emerging industries such as digital manufacturing and smart equipment are showing significant growth, with the digital industry manufacturing value-added increasing by 9.5% year-on-year [7][8]. - The investment in fixed assets has seen a historical decline, particularly in infrastructure, manufacturing, and real estate sectors [9]. "Two Major" Construction - The "two major" construction initiative is set to allocate 800 billion yuan to support 1,459 projects, focusing on strategic areas such as ecological restoration and major infrastructure [11][12]. - This initiative aims to optimize project reviews and enhance the quality of investments, promoting new productive forces [11][12]. Consumer Trends - Service consumption is becoming a significant growth point, with retail sales in services growing by 5.3% year-on-year [7]. - Digital and green consumption are expanding, with online retail sales increasing by 9.6% year-on-year, indicating a shift towards a more diversified consumption structure [8][14]. Supply and Demand Adaptability - Enhancing supply and demand adaptability is crucial for releasing consumption potential and ensuring economic circulation [13][15]. - The article highlights the need for a balance between supply and demand, with a focus on quality and personalized consumption [14][15].

放大"两重"建设效应 国务院总理李强11月14日主持召开国务院常务会议，研究深入实施"两重"（国家重大战略实施和重点领 域安全能力建设）有关工作，部署增强消费品供需适配性进一步促进消费政策措施等。 会议指出，要围绕细分市场精准匹配不同人群需求，发展一批柔性制造工厂，推动生产高效响应消费者 个性化需要。 会议指出，增强供需适配性是进一步释放消费潜力、畅通经济循环的有效举措。要以消费升级引领产业 升级，以优质供给更好满足多元需求，实现供需更高水平动态平衡。要加快新技术新模式创新应用，强 化人工智能融合赋能，聚焦重点行业、重点领域开发新产品和增值服务，持续拓展新的消费增量。要积 极支持企业扩大特色、高品质消费品供给，加快安全、性能、绿色等标准更新升级，完善认证体系。要 围绕细分市场精准匹配不同人群需求，发展一批柔性制造工厂，推动生产高效响应消费者个性化需要。 要培育消费新场景新业态，丰富消费金融产品和服务，营造良好消费环境。 盘和林表示，当前拉动内需是我国经济工作的重要任务，而现实中，主要有两个问题制约我国消费增 长： 第一是普通人购买力不足，生活压力大，收入增长不够快。对于这部分消费者来说，提振消费的根本在 于提 ...

Core Viewpoint - The Chinese government is expected to intensify fiscal policies to boost consumption and stabilize economic growth amid challenges such as slowing external demand and weakened domestic momentum [1][2]. Economic Indicators - In October, the industrial added value increased by 4.9% year-on-year, slowing down by 1.6 percentage points from September; retail sales of consumer goods grew by 2.9%, a slight decline of 0.1 percentage points from September [1]. - From January to October, fixed asset investment (excluding rural households) totaled 4089.14 billion yuan, down 1.7% year-on-year [1]. Consumption Trends - Service consumption is becoming a significant growth point, with retail sales of consumer goods increasing by 4.3% year-on-year and service retail sales growing by 5.3% from January to October [3]. - Digital and green consumption are expanding, with online retail sales rising by 9.6% year-on-year [4]. Investment Insights - Fixed asset investment has shown a rare cumulative year-on-year negative value for two consecutive months, primarily due to a slowdown in infrastructure, manufacturing, and real estate investments [5]. - Despite the nominal decline, fixed asset investment remains positive when adjusted for price factors, indicating its continued role in economic growth [5]. Policy Measures - The "Two Major" construction initiative is highlighted as a key strategy for expanding effective investment and nurturing new productive forces, with a planned allocation of 800 billion yuan for 1459 projects by 2025 [6][7]. - The government aims to enhance the adaptability of supply and demand to release consumption potential and improve economic circulation [8]. Future Outlook - The interaction between new supply and new demand is expected to foster a virtuous cycle of potential consumption and beneficial investment, enhancing the internal dynamics of the domestic economy [9].

Group 1 - The State Council emphasizes enhancing the adaptability of supply and demand in consumer goods to further promote consumption policies [2][3] - The meeting highlights the importance of aligning consumption upgrades with industrial upgrades, focusing on high-quality supply to meet diverse demands [3] - There is a push for innovation in new technologies and business models, particularly in key industries, to develop new products and value-added services [3] Group 2 - The China Securities Regulatory Commission (CSRC) stresses the significance of the 14th Five-Year Plan period for establishing a robust financial foundation and enhancing market resilience [4] - The CSRC aims to improve the quality and value of listed companies while ensuring effective regulatory enforcement and deeper market openness [4] Group 3 - The Shanghai Stock Exchange is monitoring stocks with severe abnormal fluctuations, including companies like HeFu China and Huasheng Lithium [5] - HeFu China reported a cumulative increase of 256.29% over twelve trading days, significantly outpacing industry and index growth, leading to a trading suspension [5] Group 4 - Samsung Electronics has raised the prices of certain memory chips by up to 60% due to a supply shortage driven by the AI data center construction boom [6] - Analysts predict a potential price increase of 40% to 50% for contracts in the upcoming quarter [6] Group 5 - The U.S. government has signed an executive order to eliminate "reciprocal tariffs" on certain agricultural products, responding to domestic demand and inflation pressures [7] - This adjustment is seen as a reaction to recent electoral losses for the Republican Party, reflecting voter dissatisfaction with rising prices [7] Group 6 - The upcoming LPR announcement on November 20 is highly anticipated, alongside significant earnings reports from major companies like Nvidia and Baidu [9] - The market is closely watching these developments for insights into future economic and monetary policy directions [9] Group 7 - A total of 56 companies will have their restricted shares unlocked this week, amounting to 5.109 billion shares with a total market value of approximately 983.46 billion yuan [13][14] - The companies with the highest unlock values include Ruijie Networks (480.34 billion yuan) and Innovation New Materials (96.31 billion yuan) [14]