Core Viewpoint - The Chinese manufacturing sector is transitioning from a "production-oriented" model to a "value-oriented" model, with service-oriented manufacturing becoming a new engine for high-quality development in the industry [1]. Group 1: Policy and Strategic Goals - The Ministry of Industry and Information Technology and six other departments have jointly issued a plan to promote service-oriented manufacturing innovation from 2025 to 2028, aiming to create 50 leading brands, establish 100 innovation hubs, and complete 20 standard formulations by 2028 [1]. - The plan emphasizes the comprehensive and deep integration of manufacturing and services, signaling a shift in focus towards value creation [1]. Group 2: Industry Transformation - The rise of service-oriented manufacturing offers traditional light industry sectors a new approach to transformation, shifting from "manufacturing products" to "manufacturing services" and "manufacturing experiences" [2]. - Companies like Haier and Midea are leading this transformation in the home appliance sector by embedding user needs into product design and offering value-added services through smart manufacturing and cloud service platforms [2]. - In the furniture and home goods sector, companies such as Gujia Home and Quanyou Home are transitioning to become "integrated solution providers," offering customized design and comprehensive services [2]. Group 3: Value Chain and Customer Relationships - The service-oriented manufacturing model is reshaping value chains in various industries, including the footwear sector, where companies are adopting flexible customization and rapid delivery through digital factories and smart supply chains [3][4]. - This transition from a "product-oriented" to a "customer-oriented" approach is revitalizing traditional industries, enhancing long-term relationships between brands and consumers [4]. Group 4: Ecosystem and Collaboration - Service-oriented manufacturing requires collaboration among enterprises, upstream and downstream partners, service providers, and platforms to create an innovative ecosystem [4]. - Regions like Zhejiang and Guangdong are developing service-oriented manufacturing hubs through an "industry chain + service platform" model, enabling small and medium-sized enterprises to share resources [4]. Group 5: Long-term Economic Impact - Service-oriented manufacturing is not only a new path for improving manufacturing quality and efficiency but also a significant source of new economic momentum for China [4]. - By focusing on customer needs and leveraging digital technologies, the manufacturing sector is moving from "quantitative expansion" to "qualitative improvement," positioning itself for higher value in the global value chain [4].

Domestic Macro - On October 11, the State Council Information Office held a press conference on "High-Quality Completion of the 14th Five-Year Plan" [5] - On October 12, the Ministry of Commerce stated that China's rare earth export controls do not constitute a ban on exports, and applications that meet the requirements will be permitted [5][6] - On October 14, Premier Li Qiang hosted a meeting with economic experts and entrepreneurs, emphasizing the need to enhance counter-cyclical adjustments [5][6] - On October 15, the central bank announced a 600 billion yuan six-month reverse repurchase operation, with a cumulative net injection of 400 billion yuan for the month [5][6] - On October 16, China expressed an open attitude regarding the possibility of new Sino-U.S. trade talks [5][6] Industry Policy - On October 10, the Ministry of Natural Resources released the "Guidelines for Revitalizing and Optimizing Urban Stock Space," indicating that revitalizing existing space will be a key task in future land use planning [6][18] - On October 10, the Financial Regulatory Authority issued a document to strengthen regulation of non-auto insurance businesses, focusing on issues such as irregular operations and irrational competition [6][18] - On October 11, the central bank solicited opinions on the "Management Measures for Identifying Beneficial Owners of Financial Institution Clients" [6][18] - On October 12, the Ministry of Industry and Information Technology and six other departments issued a plan to promote service-oriented manufacturing innovation [6][18] - On October 15, six departments, including the National Development and Reform Commission, issued a "Three-Year Doubling" action plan for electric vehicle charging facilities [6][18] Local Policy - On October 10, Shanghai adjusted the rules for the 2025 automobile trade-in subsidy program [7][21] - On October 11, the Shanghai Municipal Government released measures to accelerate the cultivation of future industries, focusing on six key areas [7][21] - On October 12, the Hainan Provincial Government announced that the "Hainan Free Trade Port Tourism Regulations" will take effect on December 1, 2025, gradually relaxing restrictions on foreign investment in tourism [7][21] - On October 15, the second batch of Shanghai Free Trade Zone innovation zone construction plans was released [7][21] Overseas Dynamics - On October 10, China announced countermeasures against U.S. restrictions on the shipbuilding industry, starting to charge special port fees for U.S. vessels from October 14 [8] - On October 11, the global cryptocurrency market experienced a "black swan" event, with over 19 billion USD in liquidations in a single day [8] - On October 12, Chinese semiconductor assets worth 14.7 billion USD were frozen by the Dutch government [8] - On October 15, China filed a complaint with the WTO against India's electric vehicle and battery subsidy measures [8]

Core Viewpoint - The Ministry of Industry and Information Technology and six other departments have issued a plan to enhance the role of service-oriented manufacturing in high-quality development by 2028, aiming to create an upgraded version of service-oriented manufacturing that integrates advanced manufacturing with modern services [1] Group 1: Characteristics of Service-Oriented Manufacturing - Service-oriented manufacturing is characterized by deep integration of manufacturing and services throughout the product lifecycle, focusing on creating new value through services rather than just selling products [1][2] - This model shifts the focus from merely producing goods to enhancing user experience and value, thereby addressing the challenges of homogeneous competition in the manufacturing sector [2] Group 2: Technological Support and Development - A distinctive feature of China's service-oriented manufacturing system is its reliance on digital and intelligent technologies, which address issues such as supply-demand mismatches and inefficiencies in traditional manufacturing [2][3] - China has established a competitive advantage in digital technologies like 5G and industrial internet, which serve as a robust foundation for the development of service-oriented manufacturing [2] Group 3: Shared Manufacturing Model - Shared manufacturing, a model based on the sharing economy, utilizes internet platforms to integrate idle manufacturing resources, providing low-cost access to technology and resources for small and medium-sized enterprises [3] - This model enhances the resilience and flexibility of supply chains, catering to the diverse and personalized demands of consumers in China's vast market [3] Group 4: Localized Development Strategies - The development of service-oriented manufacturing should be anchored in local market demands and leverage regional advantages, with different areas focusing on their unique industrial strengths [3] - For instance, the Yangtze River Delta can focus on high-end equipment lifecycle services, while the Pearl River Delta can expand customized R&D based on its electronic information industry advantages [3] Group 5: Global Competitiveness - Service-oriented manufacturing in China aims to achieve world-class standards by leveraging the country's comprehensive industrial system and large domestic market, positioning itself competitively in the global value chain [4]

Core Viewpoint - The Ministry of Industry and Information Technology and six other departments have issued the "Implementation Plan for Deepening the Innovation and Development of Service-Oriented Manufacturing (2025-2028)", aiming to enhance the role of service-oriented manufacturing in high-quality development by 2028 [1] Group 1: Service-Oriented Manufacturing - Service-oriented manufacturing is defined as a new industrial form that deeply integrates manufacturing and services, focusing on embedding services throughout the product lifecycle and reshaping the value chain [1][2] - The shift from merely selling products to providing services is emphasized, highlighting the importance of value creation and customer satisfaction in the competitive landscape of manufacturing [1][2] Group 2: Characteristics and Advantages - Service-oriented manufacturing is characterized by a customer demand-driven approach, contrasting with traditional manufacturing that produces first and seeks markets later [2] - The integration of digital and intelligent technologies is crucial for developing a service-oriented manufacturing system in China, addressing issues like supply-demand mismatches and inefficiencies [2][3] Group 3: Shared Manufacturing Model - Shared manufacturing, a model based on the sharing economy, utilizes internet platforms to integrate idle manufacturing resources, providing low-cost access to technology and resources for small and medium-sized enterprises [3] - This model enhances the resilience and flexibility of supply chains, catering to the diverse and personalized demands of consumers in China's vast market [3] Group 4: Regional Focus and Innovation - The development of service-oriented manufacturing should be anchored in local market demands and leverage regional advantages, with different areas focusing on their unique industrial strengths [3] - Encouraging local innovation and specialization can lead to the establishment of service-oriented manufacturing innovation hubs across various regions [3] Group 5: Global Competitiveness - The service-oriented manufacturing model aims to not only be rooted in China's industrial system but also to compete at a global level, reshaping China's manufacturing advantages in the global value chain [4]

Core Viewpoint - The implementation plan aims to promote the development of service-oriented manufacturing from 2025 to 2028, focusing on integrating advanced manufacturing with modern services, optimizing resource allocation, and enhancing the value chain [1][11]. Summary by Sections Service-oriented Manufacturing - Service-oriented manufacturing is defined as a new industrial form that integrates services deeply into the entire lifecycle of manufacturing products, reshaping the value chain and extending the industrial chain [2]. - Previous guidelines have shown some success in promoting service-oriented manufacturing, but challenges remain in key technology supply, standard systems, and application models [2]. Policy Directions - The implementation plan outlines three main policy directions: 1. Encourage R&D of key common technologies in service-oriented manufacturing and publish a technology list. 2. Promote increased innovation investment by enterprises, focusing on integrated R&D and smart operations. 3. Drive the application and iterative upgrade of technological breakthroughs in key scenarios such as shared manufacturing and personalized customization [3]. Development of Productive Services - The plan emphasizes the importance of nurturing key productive service industries, including technology services, industrial design, and various financial and consulting services, to support enterprise innovation and brand development [3]. Application and Promotion - The plan advocates for a categorized approach to promote service-oriented manufacturing across various industries, ensuring that new models are widely disseminated and applied [4]. - It highlights the need to strengthen service-oriented manufacturing in key sectors like new energy vehicles and machinery [4]. Role of Enterprises - Enterprises are identified as the core entities in developing service-oriented manufacturing, with a focus on collaboration between large and small enterprises to foster innovation and digital transformation [5]. - The plan encourages the establishment of public service platforms to enhance service capabilities in consulting, talent matching, and intellectual property [5]. Digital Technology Integration - The integration of digital technologies such as industrial internet, AI, and big data is crucial for transforming manufacturing processes and enhancing service capabilities [6][7]. - The plan emphasizes building new information infrastructure and promoting the fusion of AI with service-oriented manufacturing [7]. Special Actions - The implementation plan includes three special actions: 1. Building shared manufacturing platforms to enhance resource utilization. 2. Cultivating leading service-oriented manufacturing brands. 3. Innovating application scenarios to meet production and consumer demands [8][9]. Institutional Support - The plan calls for improving the institutional framework to support service-oriented manufacturing, enhancing public services, and fostering talent development [10]. - It also emphasizes international collaboration, particularly with countries involved in the Belt and Road Initiative [10]. Global Context - The shift from product-centric to service-oriented solutions is seen as essential for enhancing China's manufacturing competitiveness, with service-oriented manufacturing being a key to unlocking value [11].

Core Viewpoint - The Ministry of Industry and Information Technology, along with six other departments, has issued the "Implementation Plan for Promoting the Innovative Development of Service-Oriented Manufacturing (2025-2028)", aiming to enhance service-oriented manufacturing by 2028 through the establishment of standards, leading brands, and innovation hubs [1][3]. Development Goals - By 2028, the role of service-oriented manufacturing in high-quality development of the manufacturing sector is expected to be significantly enhanced, with 20 standards established, 50 leading brands created, and 100 innovation hubs built [3]. - The plan aims for widespread adoption of typical service-oriented manufacturing models and continuous emergence of new models, optimizing the industrial ecosystem and promoting rapid development of productive services in key areas [3]. Main Tasks - Strengthening key common technology research and model innovation, including the release of a key technology list and upgrading typical models [4]. - Cultivating and expanding key productive services, such as technology services, industrial design, software and information services, and financial services [4]. - Promoting the application of service-oriented manufacturing models across various industries and sectors, enhancing the integration of service elements into manufacturing [4]. - Accelerating the construction of a comprehensive and coordinated standard system for service-oriented manufacturing [4]. - Stimulating the vitality of business entities by nurturing leading enterprises and creating a new development pattern for businesses of all sizes [4]. - Establishing innovation development hubs for service-oriented manufacturing, focusing on high-tech industrial parks and clusters [4]. - Strengthening the foundational support for service-oriented manufacturing through improved information infrastructure and integration of technologies like 5G and industrial internet [4]. Special Actions - Initiating a shared manufacturing cultivation and enhancement action to build shared manufacturing platforms and factories [5]. - Launching a brand enhancement action for service-oriented manufacturing enterprises to cultivate leading brands and improve brand promotion [5]. - Conducting a demonstration action for innovative application scenarios to meet production and consumption demands [5]. Key Technology Research - The Ministry emphasizes the need to strengthen research on key common technologies for service-oriented manufacturing, including the development of a technology list and encouraging enterprises to increase innovation investment [6]. - Focus on integrating common technologies related to demand sensing, collaborative design, and intelligent operation management [6]. - Promoting the application and iterative upgrade of research outcomes in key scenarios and models [6]. Promotion of Typical Models - The Ministry will continue to promote the application of typical service-oriented manufacturing models, encouraging industries to adopt new models and enhance service integration [8]. - Upgrading typical models such as shared manufacturing, personalized customization, and lifecycle management while exploring new service-oriented manufacturing models [8].

Market Overview - The three major indices opened lower but rebounded throughout the day, with the Shanghai Composite Index closing at 3889.50, down 0.19% [2] - The Shenzhen Component Index closed at 13231.47, down 0.93%, while the CSI 300 Index closed at 4593.98, down 0.50% [2] - The ChiNext Index closed at 3078.76, down 1.11%, but the STAR 50 Index rose by 1.40% to 1473.02 [2] Sector Performance - The top-performing sectors included Nonferrous Metals (up 3.35%), Environmental Protection (up 1.65%), and Steel (up 1.49%) [3] - The underperforming sectors were Automotive (down 2.33%), Household Appliances (down 1.74%), and Beauty Care (down 1.58%) [3] - Concept sectors that performed well included Rare Earth Permanent Magnet (up 6.92%) and Military Restructuring Concept (up 3.51%) [3] Future Outlook - The market showed resilience despite initial declines due to U.S. tariff threats, with a notable recovery in the afternoon [4] - The trading volume in the Shanghai and Shenzhen markets was 2.35 trillion, a decrease of 160.9 billion from the previous trading day [6] - The report suggests that the market's risk appetite may remain resilient due to accumulated experience and policy support, with potential sector rotation favoring anti-tariff and stable assets like rare earths and military [6] Economic Indicators - China's goods trade for the first three quarters reached 33.61 trillion yuan, a year-on-year increase of 4%, with exports at 19.95 trillion yuan (up 7.1%) and imports at 13.66 trillion yuan (down 0.2%) [5] - In September, trade volume was 4.04 trillion yuan, reflecting an 8% year-on-year growth [5]

Core Viewpoint - The "Implementation Plan" aims to promote service-oriented manufacturing innovation and development from 2025 to 2028, with specific targets for standard formulation, brand creation, and innovation hubs [1] Group 1: Policy Directions - The plan emphasizes three main policy directions: enhancing R&D for key common technologies in service-oriented manufacturing, encouraging enterprises to increase innovation investment, and promoting the application of research results in key scenarios [2][3] - It encourages the establishment of stable collaborative relationships among leading enterprises and their supply chains, while also supporting the digital transformation of small and medium-sized enterprises [3] Group 2: Technological Integration - The plan highlights the importance of integrating digital intelligence and physical manufacturing, advocating for the construction of new information infrastructure and the application of AI technologies in service-oriented manufacturing [3][4] - It calls for the development of high-quality industry data sets and the enhancement of network and data security capabilities [3] Group 3: Global Manufacturing Trends - The global manufacturing sector is shifting from merely providing products to offering a combination of products and services, with service-oriented manufacturing being a key to enhancing value and competitiveness [4] - The implementation of this plan is seen as a roadmap for Chinese manufacturing to ascend the value chain and improve its global competitiveness [4]

Core Viewpoint - The implementation plan aims to promote service-oriented manufacturing innovation and development from 2025 to 2028, with specific targets for standard formulation, brand creation, and innovation hubs [1][4]. Group 1: Policy Directions - The plan emphasizes three main policy directions: enhancing R&D for key common technologies, encouraging increased innovation investment by enterprises, and promoting the application of research outcomes in key scenarios [2][3]. - It encourages the establishment of a technology list for service-oriented manufacturing and supports enterprises in addressing common technology challenges [2]. Group 2: Role of Enterprises - Enterprises are identified as the core entities for developing service-oriented manufacturing, with a focus on fostering collaboration along the supply chain and supporting the digital transformation of small and medium-sized enterprises [3]. - The plan encourages large enterprises to deepen cooperation with small and medium-sized enterprises through open platforms and aims to cultivate specialized "little giant" companies and high-tech enterprises [3]. Group 3: Technological Integration - The plan highlights the importance of integrating digital and physical aspects, advocating for the construction of new information infrastructure and the application of AI technologies in service-oriented manufacturing [3]. - It calls for the enhancement of industrial data supply and the establishment of high-quality industry data sets to support innovation [3]. Group 4: Global Manufacturing Trends - The global manufacturing sector is undergoing a transformation from merely providing products to offering "products + services," with service-oriented manufacturing being a key to enhancing value and competitiveness [4]. - The implementation plan serves as a roadmap for Chinese manufacturing to ascend the value chain and improve global competitiveness [4].

Group 1 - The domestic software sector is experiencing significant activity, with industrial software and Xinchuang direction leading the gains, as stocks like Rongji Software, China Software, and Yingjianke hit the daily limit, while others like Chengmai Technology and Kingsoft Office also saw substantial increases [1] - The Ministry of Industry and Information Technology and six other departments recently issued a plan to promote service-oriented manufacturing innovation from 2025 to 2028, highlighting key productive service industries including technology services, industrial design, software and information services, and more [1] - The potential for domestic software to replace foreign products is vast across various fields, with industrial software being crucial for enhancing China's manufacturing autonomy and global competitiveness [1] Group 2 - Domestic software concept stocks have seen an average price increase of 31.15% this year, with Huasheng Tiancai and Dongtu Technology leading with gains of 170.85% and 135.19% respectively [2] - Zhongke Chuangda, a global leader in intelligent platform technology, has a research and development team spread across 16 countries, enabling quick responses to market trends and customer needs [2] - Runhe Software focuses on innovation in domestic and intelligent sectors, with significant efforts in open-source Hongmeng and Euler, impacting industries like finance, energy, healthcare, and education [2] Group 3 - As of October 10, over 70% of concept stocks have seen an increase in financing, with companies like Kingsoft Office and Zhongke Chuangda receiving net financing inflows exceeding 100 million yuan [3] - Kingsoft Office has the highest net financing inflow, accumulating 643 million yuan since October, with its WPS Office suite being a key product [3]