Group 1 - The core advantages of China include the potential for catching up with developed economies, a new technological revolution focused on digital and green technologies, and the advantages of a super-large market economy [1][2][3] - China has a stable demand side and relatively mature supply-side technologies, which provide a strong certainty in the current uncertain environment [1] - The country has made significant progress in narrowing the gap with global leaders in key areas of technological revolution, achieving parity or local leadership in industrial engineering and commercial application scenarios [1] Group 2 - China possesses all industrial categories listed in the United Nations classification, allowing for more competition among enterprises with strong core competitiveness [2] - The country has multiple innovation hubs and abundant resources, which facilitate economies of scale and cost reduction, transforming weaknesses into strengths [2] - To further leverage these advantages, China aims to enhance its manufacturing, consumption, and financial sectors, creating a better environment for technological innovation [2] Group 3 - In manufacturing, despite accounting for over 30% of global manufacturing, China still lags in productivity and value-added metrics compared to developed countries [2] - The focus will be on improving labor productivity, industry value-added rates, and total factor productivity, while integrating productive services such as R&D, design, logistics, and human resources [2] Group 4 - In terms of consumption, China's consumer spending as a percentage of GDP still falls short of the global average, necessitating an expansion of the consumer market [3] - Enhancing human capital through education, healthcare, and social security is crucial for driving innovation and establishing a consumption powerhouse [3] Group 5 - As China transitions to a developed economy, the uncertainty in economic growth increases, necessitating an improvement in the financial system's project selection capabilities [4] - The capital market must support the cultivation of world-class technology enterprises and provide for an aging society through pension systems and increased household income [4] - To address the mismatch between China's high GDP and manufacturing share versus its low currency share, increasing the offshore RMB scale and enhancing its liquidity in international markets is essential [4]

Group 1 - China possesses three significant advantages for future development: the potential for catching up with developed economies, a new technological revolution focused on digital and green technologies, and the advantages of a super-large market economy [1][2][3] - The potential for catching up includes stable demand and mature supply-side technology, particularly in service industry development and the transformation of traditional manufacturing and agriculture [1] - The new technological revolution sees China narrowing the gap with global leaders, achieving parity or local leadership in key areas such as industrial engineering and commercial application scenarios [1] Group 2 - The super-large market economy allows for a diverse range of industrial categories and fosters competition among enterprises, enhancing core competitiveness [2] - China aims to leverage these advantages to build a manufacturing powerhouse, a consumption powerhouse, and a financial powerhouse, thereby creating a better environment for technological innovation [2][3] - In manufacturing, despite accounting for over 30% of global manufacturing, China still lags in productivity and value-added metrics compared to developed nations, necessitating improvements in labor productivity and the integration of productive services [2] Group 3 - For consumption, China's consumer spending as a percentage of GDP still falls short of the global average, indicating a need to expand the market and enhance service consumption, including investments in human capital [3] - The financial sector must adapt to increased economic uncertainty by improving project selection capabilities, with a focus on nurturing leading technology enterprises and addressing the needs of an aging society [4] - To enhance the international status of the RMB, China should increase offshore RMB circulation and ensure a balance between exports and imports, thereby supporting the development of manufacturing and consumption powerhouses [4]

Core Insights - The "Southern Finance Forum 2025" held in Guangzhou focuses on the theme "The Power of Consensus - Innovation Surge, China's Asset Revaluation" [1][7] - Liu Shijun, a key speaker, highlighted three major advantages of China's economy: catch-up potential, new technology revolution, and super-large market economy [3][10] Economic Advantages - **Catch-up Potential**: This refers to opportunities in areas where developed economies have already advanced, such as service industry development driven by consumption structure upgrades and the transformation of traditional manufacturing and agriculture [3][9] - **New Technology Revolution**: Emphasis on digital and green technologies as focal points for economic advancement [3][9] - **Super-large Market Economy**: While China has 400 million middle-income groups, there are 900 million low-income individuals who could transition to middle-income status, potentially creating a consumption market of 800 to 900 million [3][10] Strategic Goals - **Manufacturing Power**: Aim to cultivate large innovative enterprises at the global forefront [10] - **Consumer Power**: Target to become the largest consumer market globally [10] - **Financial Power**: Financial strength is essential for achieving the first two goals, acting as a bridge for development [10] Financial Development - Liu emphasized the need for a robust capital market and strong currency to support high-quality development, focusing on selecting viable projects to enhance resource allocation efficiency [10][11] - The importance of a strong currency is highlighted, with historical examples of the British pound and the US dollar being tied to strong economic and financial systems [11] Currency Internationalization - Current GDP contribution of China's economy is 18% globally, with manufacturing at 30%, but the currency's functional role is below 10% [11] - Liu proposed increasing offshore RMB supply to achieve scale economy and enhance RMB's international use [11][12] - Suggested adjustments to foreign trade strategy to balance imports and exports while using RMB for transactions, potentially converting a trade surplus of nearly $1 trillion into offshore RMB [12] Recommendations for RMB - Advocated for RMB appreciation to allow consumers to access more international products at better prices, supporting the goal of becoming a consumer powerhouse [12] - Suggested expanding the ecosystem of offshore RMB financial products to improve liquidity and convenience, accelerating the process of RMB internationalization [12]

第三，超大规模市场经济优势。刘世锦表示，平常讲的比较多的是中国有4亿中等收入群体，但是他强 调，要更关注在这之外的9亿中低收入阶层。"他们中间相当大一部分会进入中等收入群体，中国至少将 来可以形成一个倍增，比如八九亿中等收入群体这样更大的消费市场。" 在这个基础之上，他认为，下一步中国需要实行制造强国、消费强国和金融强国的战略。制造强国的目 标是要培育出一批在全球创新前沿能够起到引领作用的大型科创头部企业。消费强国的目标是要成为全 球规模最大的消费市场，金融强国的目标就是制造强国，消费强国。"如果没有金融强国，前两个强国 也很难实现。金融实际上是一个桥梁作用，没有这个桥梁，制造强国和消费强国的目标也很难实现。" 金融到底如何为现阶段的高质量发展服务？刘世锦指出，高质量发展需要有强大的资本市场和强大的货 币。金融为实体经济服务，简单的说就是选项目，选出有市场有效益、有前景、风险可控的好项目，提 升资源配置效率。 此外，他提到，金融强国的另外一个重要性的标识是强大的货币。他举例到，历史上英国的英镑，美国 的美元等强势货币都是以强大的经济贸易、科技军事实力、完善的货币制度、发达的金融体系为基础 的，它们的实体经济在 ...

"不匹配是不正常的"，因此，刘世锦表示，在"十五五"以及今后一段时间，"不匹配"问题是要逐步要解 决的。"所以，我们下一步的突破口就是要大幅度增加离岸人民币的数量，实现人民币国际化使用的规 模经济。" 专题：南方财经论坛2025年会 由南方财经全媒体集团主办、21世纪数字传媒主要承办的"南方财经论坛2025年会"于12月5-6日在广州 南方财经大厦举办，主题为"共识的力量——创新涌动，中国资产重估"。中国环境与发展国际合作委员 会中方首席顾问、国务院发展研究中心原副主任刘世锦出席并演讲。 刘世锦指出，目前我国经济有三大优势，第一是追赶潜能优势。他解释到，"就是发达经济体已经做过 的我们还没有做，但是有条件、有可能做的事情。主要是消费结构升级带动的服务业发展，传统制造业 和农业的转型升级等。" 第二，以数字技术和绿色技术为重点的新技术革命优势。 第三，超大规模市场经济优势。刘世锦表示，平常讲的比较多的是中国有4亿中等收入群体，但是他强 调，要更关注在这之外的9亿中低收入阶层。"他们中间相当大一部分会进入中等收入群体，中国至少将 来可以形成一个倍增，比如八九亿中等收入群体这样更大的消费市场。" 在这个基础之上，他 ...

Group 1 - The company, Tian Su Measurement, is planning to publicly issue 16,304,348 shares, which will account for 25% of the total share capital after the issuance [1] - The initial strategic placement will involve 2,445,651 shares, representing 15% of the total issuance, with participation from senior management and core employees [1] - The strategic placement by senior management and core employees is capped at 10% of the total issuance, amounting to no more than 1,630,434 shares and a maximum investment of 60 million yuan [1] Group 2 - The company is a national, comprehensive independent third-party measurement and testing service provider, focusing on calibration, testing, and certification services across various sectors including biomedicine, automotive, and new energy [2] - The net profit attributable to the parent company has shown a continuous upward trend, with figures of 84.39 million yuan, 101.25 million yuan, 111.06 million yuan, and 55.58 million yuan over the reporting period [2] - The revenue from the company's strategically developed battery testing business is projected to grow from 52.54 million yuan in 2022 to 113.14 million yuan in 2024, reflecting a compound annual growth rate of 46.75% [2] Group 3 - The funds raised from the public offering will be allocated to projects including the enhancement of measurement and testing capabilities at the Shenzhen headquarters, the establishment of regional testing laboratories, the construction of a digital center, and to supplement working capital, totaling 424 million yuan [2]

Core Viewpoint - The establishment of the CITIC Equipment Manufacturing Group and the National Key Laboratory for Intelligent Mining Heavy Equipment in Luoyang marks a significant step in enhancing cooperation between CITIC Group and the Henan government, aiming to strengthen strategic partnerships in various advanced manufacturing sectors [1][3]. Group 1: Key Developments - The unveiling ceremony of the CITIC Equipment Manufacturing Group and the National Key Laboratory took place on December 2, with notable attendees including the Governor of Henan Province and the Chairman of CITIC Group [1]. - The laboratory is seen as a fruitful outcome of the long-standing collaboration between Henan and CITIC Group, with aspirations to deepen cooperation in equipment manufacturing, new materials, new energy, and robotics [3]. Group 2: Strategic Goals - CITIC Equipment Manufacturing Group aims to lead in three core industrial directions: equipment manufacturing, new materials, and robotics, with a vision to become a globally competitive equipment group [4]. - The group is positioned as a key player in CITIC Group's large-scale equipment industry and aims to be a benchmark for advantageous industrial chains in Central China, contributing significantly to the nation's manufacturing strength [4]. Group 3: Company Background - CITIC Group, originally established in 1979, has undergone several transformations, becoming a state-authorized investment institution and later a wholly state-owned company [4]. - As of December 31, 2024, CITIC Group's total assets reached RMB 12.0754 trillion, with equity attributable to ordinary shareholders amounting to RMB 757.5 billion [4].

Core Viewpoint - The establishment of CITIC Equipment Manufacturing Group marks a significant step towards promoting intelligent, green, and integrated development in the manufacturing sector, aligning with national strategies for a strong manufacturing nation [1]. Group 1: Company Establishment and Mission - CITIC Equipment Manufacturing Group was officially launched on December 2 in Luoyang, Henan, with the mission of "Leading Intelligent Manufacturing, Strengthening Equipment Power" [1]. - The group is a key vehicle for CITIC Group to implement national strategies and support the development of the manufacturing sector [1]. Group 2: Strategic Focus and Goals - The group aims to integrate core assets from CITIC Group's manufacturing sector, enhancing R&D and manufacturing capabilities in advanced engineering machinery, robotics, CNC machine tools, energy-saving and environmental protection equipment, and advanced alloy materials [1]. - Future focus will be on three core industries: equipment manufacturing, new materials, and robotics, with a vision to become a leader in comprehensive competitiveness in the equipment sector [1].

未来，中信装备制造集团将秉承"智造引领，装备强国"使命，聚焦装备制造、新材料、机器人三大核心 产业方向，心怀"打造具有国际一流综合竞争力的装备集团"为愿景，致力于成为中信集团大型成套装备 产业的排头兵、中部地区重点优势产业链的龙头标杆、装备制造领域核心技术创新的引领者，为制造强 国建设贡献更多中信智慧与力量。 据介绍，中国中信集团有限公司（原中国国际信托投资公司）于1979年组建。2002年中国国际信托投资 公司进行体制改革，更名为中国中信集团公司，成为国家授权投资机构。2011年中国中信集团公司整体 改制为国有独资公司，更名为中国中信集团有限公司（简称中信集团），并发起设立了中国中信股份有 限公司（简称中信股份）。2014年8月，中信集团将中信股份100%股权注入香港上市公司中信泰富，实 现了境外整体上市。 中信装备制造集团是中信集团践行国家战略、服务制造强国的关键载体，也是中信集团融入地方布局、 赋能区域发展的关键实践，更是中信集团深化实业"星链"工程与科技创新"磐石"行动的关键举措。通过 整合中信集团制造板块核心资产，强化在先进工程机械、机器人和数控机床、节能环保装备以及先进合 金材料等重点产业链的研发 ...

作为国内钢铁行业权威垂直门户，兰格钢铁网倾力打造的这场行业盛事，吸引了来自国内外4000余位相 关人士参与，规模创历届新高。 本报讯(记者张文湘)11月14日至11月16日，第21届中国钢铁产业链峰会暨兰格钢铁网成立30周年启动大 会在北京召开。大会紧扣"十五五"时期新型工业化与制造强国战略部署，以"齐心破内卷同心谋发展"为 主题，围绕供应链创新、供需协同、绿色转型、央企集采、2026年市场与宏观经济展望等关键议题展开 深入研讨，为钢铁产业链突破困局、实现高质量发展凝聚智慧、注入新动力。 此外，大会还隆重举行了"兰格钢铁网成立30周年启动大会战略合作伙伴签约仪式"，此次系列签约汇聚 了产业链多家核心企业，促成了多项重要战略合作。 在大会的主题报告环节，著名经济学家、民建中央经济委员会副主任马光远，中交集团采购交易中心业 务管理处处长万帮建，兰格钢铁网资深专家韩卫东，著名经济学家、清华大学中国经济思想与实践研究 院院长李稻葵等嘉宾，分别就2026年中国经济热点解析、大型央企集采创效及钢材需求展望、钢铁市场 趋势和价格预判、宏观经济政策取向暨发展趋势等重大议题，展开了高屋建瓴的深度解读。 ...