专题：2025资产管理高峰论坛 新浪声明：所有会议实录均为现场速记整理，未经演讲者审阅，新浪网登载此文出于传递更多信息之目 的，并不意味着赞同其观点或证实其描述。 责任编辑：王翔 11月26日，在经济观察报主办的"2025资产管理高峰论坛"上，中银证券全球首席经济学家管涛在主题演 讲中表示，未来五年核心资产的配置方向包括自主可控与新潮消费、龙头企业的并购重组、传统行业的 创新发、优质企业的产业外迁四个方向。管涛强调，未来大量的投资来自于转型升级，对于个人来讲相 对不太容易，个人缺乏专业的经验、缺乏时间精力，需要更多地依靠财富管理机构，穿越周期配置资 产。 ...

Core Viewpoint - The signing of strategic cooperation agreements between 24 financial institutions and China Pingmei Shenma Group aims to support the company's stable restructuring and high-quality development through enhanced financial backing [1] Group 1: Financial Support and Cooperation - 24 financial institutions have signed strategic cooperation agreements with China Pingmei Shenma Group to provide increased financial support [1] - Financial institutions expressed commitment to align with provincial government decisions and collaborate closely with the company to enhance its core competitiveness [1] Group 2: Company Strategy and Goals - China Pingmei Shenma Group plans to focus on its main responsibilities and industry advantages, accelerating its transformation and upgrading efforts [1] - The company aims to strengthen its energy security foundation and develop a world-class nylon new materials industry chain [1] - The group is also looking to promote market-oriented reforms and specialized integration in the fields of new energy and new materials, aspiring to become a globally competitive energy and new materials enterprise [1]

Group 1 - High-quality development is not a one-size-fits-all narrative but is rooted in local practices and future-oriented exploration across various regions in China [1] - Different regions are leveraging their unique resources for transformation, such as the cultural revival in Shenyang and the hydrogen energy initiatives in Shandong [1] Group 2 - The 1905 Cultural Creative Park in Shenyang represents a transformation from industrial heritage to a hub for cultural innovation, showcasing the city's cultural confidence and modern cultural construction [2] - Shandong Zibo is strategically positioning itself in the hydrogen energy sector, utilizing its strong industrial base and abundant hydrogen resources to build a comprehensive hydrogen industry chain [4][9] - Zibo produces approximately 483,000 tons of industrial by-product hydrogen annually, providing a stable hydrogen source for large-scale applications [6] Group 3 - In Shaanxi Qianyang, the apple industry is thriving, with an annual production of 30 million high-quality apple seedlings and a total industry output value exceeding 2.7 billion yuan, benefiting around 12,000 local farmers [11] - Qianyang's apple cultivation practices have achieved efficiency in resource use, including reduced water, fertilizer, land, and labor, while maintaining high yield and quality [12] Group 4 - In Yunnan Qujing, rural tourism is rapidly developing, with various leisure facilities enhancing the local economy and attracting visitors [14][16] - The integration of local natural advantages in Qujing is creating more opportunities for tourism, including weekend and half-day trips [16] Group 5 - In Fujian Jianyang, the "Red Beauty" citrus variety is experiencing a successful harvest, supported by the efforts of technology specialists, which is also encouraging local farmers to engage in diverse fruit cultivation [18][20]

Group 1: Economic Performance - In the first ten months of 2023, Yunnan's new energy battery industry saw a significant increase in value added, growing by 76.7% year-on-year [1] - The overall industrial value added in Yunnan increased by 3.6% year-on-year, with mining, manufacturing, and electricity sectors growing by 8.4%, 3.9%, and 1.6% respectively [1] - The total retail sales of consumer goods in Yunnan reached 1,059.77 billion yuan, marking a 3.5% year-on-year growth [1] Group 2: Investment Trends - Fixed asset investment in Yunnan decreased by 0.5% year-on-year, with the primary industry increasing by 5.6%, while the secondary and tertiary industries saw declines of 0.5% and 1.3% respectively [1] - The province is focusing on project planning, reserve, and attracting investment to stabilize real estate development and stimulate private investment [1] Group 3: Consumer Prices and Services - From January to October, the consumer price index (CPI) in Yunnan showed a year-on-year decrease of 0.1%, while in October, it remained flat year-on-year and increased by 0.1% month-on-month [2] - The service sector in Yunnan achieved an operating income of 284.41 billion yuan from January to September, reflecting a 6.6% year-on-year growth [2] Group 4: Policy and Future Outlook - Yunnan's economic operation is generally stable, with ongoing efforts in transformation and upgrading, although there are concerns about weak effective demand and the need for structural adjustments [2] - The province aims to expand effective demand comprehensively and stabilize employment, enterprises, markets, and expectations through proactive macro policies [2]

Core Viewpoint - The transaction involving the acquisition of assets and fundraising by Yuanda Environmental aims to transform the company from a single environmental engineering firm to a comprehensive platform integrating "environmental protection + electricity" [3][4][5] Group 1: Transaction Details - Yuanda Environmental has completed the issuance of shares and cash payment for asset acquisition, with the new shares expected to be listed on the Shanghai Stock Exchange after the lock-up period [1] - The transaction includes the purchase of 100% equity in Wuling Power Co., Ltd. for approximately 242.67 billion yuan and 64.93% equity in Changzhou Hydropower for about 29.12 billion yuan, totaling around 271.80 billion yuan [2] - The company plans to raise up to 5 billion yuan through a share issuance to no more than 35 qualified investors, with an issue price of 6.55 yuan per share [2] Group 2: Business Transformation - Following the transaction, Yuanda Environmental will expand its main business to include hydropower generation and integrated development operations in the energy sector, alongside its existing environmental services [3] - The acquisition signifies a strategic shift towards a dual-driven model of "environmental protection + electricity," enhancing the company's operational efficiency and market competitiveness [3][4] Group 3: Industry Implications - The merger and acquisition strategy aligns with national goals for high-quality capital market development and resource optimization, supporting the company's transformation and value creation [4] - The integration of hydropower assets is seen as a response to the growing demand for clean energy and environmental protection, positioning Yuanda Environmental favorably within the industry [5] - The combination of "hydropower + environmental protection" is viewed as a significant trend in the industry, potentially setting a new paradigm for large environmental enterprises [5]

Core Insights - The national economy in October showed overall stability with steady progress in transformation and upgrading, and the growth of new economic drivers continued to strengthen [1] Economic Performance - In October, the industrial production increased by 4.9% year-on-year, with the equipment manufacturing sector growing by 8.0% and high-tech manufacturing by 7.2% [1] - The service sector production index rose by 4.6% year-on-year in October [1] - Retail sales of consumer goods reached 46,291 billion yuan, marking a 2.9% year-on-year increase [1] - From January to October, the retail sales in the service sector grew by 5.3%, with a slight acceleration of 0.1 percentage points compared to the first three quarters [1] - Manufacturing investment increased by 2.7% from January to October [1] - The total value of goods imports and exports in October was 37,028 billion yuan, reflecting a 0.1% year-on-year growth [1] Employment and Prices - The urban surveyed unemployment rate in October was 5.1%, a decrease of 0.1 percentage points from the previous month [1] - The Consumer Price Index (CPI) rose by 0.2% year-on-year in October, indicating a shift from decline to growth in consumer prices [1] Challenges and Future Outlook - The external environment remains unstable and uncertain, and there are significant pressures from domestic structural adjustments [2] - The focus moving forward will be on expanding domestic demand, stabilizing employment, businesses, markets, and expectations, while promoting effective macroeconomic policies and deepening reforms [2]

Core Viewpoint - The company, in partnership with Guangzhou Haina, has signed a restructuring investment agreement with Zhangjiajie Tourism Group, aiming to enhance business synergy and facilitate transformation and upgrading [1] Group 1: Investment Details - The company and Haina will subscribe to 8 million shares generated from the capital reserve increase of Zhangjiajie Tourism Group, at a price of 3.96 yuan per share, totaling 31.68 million yuan [1] - The company will acquire 4 million shares for a consideration of 15.84 million yuan, with a lock-up period of 36 months [1] Group 2: Restructuring Process - The restructuring plan of Zhangjiajie Tourism Group requires approval through relevant meetings and court rulings [1] Group 3: Strategic Intent - The investment is aimed at achieving business synergy and promoting the company's transformation and upgrading [1]

Economic Growth - In October, China's industrial added value above designated size grew by 4.9% year-on-year, indicating stable overall growth [1] - The added value of high-tech manufacturing and digital product manufacturing increased by 7.2% and 6.7% year-on-year, respectively [1] - The production of industrial robots and integrated circuits rose by 17.9% and 17.7% year-on-year [1] Manufacturing Sector - From January to October, the added value of the equipment manufacturing industry increased by 9.5%, accounting for 36.1% of the total industrial output [1] Service Sector - The service production index grew by 4.6% year-on-year in October, with modern service industries such as information transmission, software, and IT services performing well [1] Consumer Market - The total retail sales of consumer goods in October increased by 2.9% year-on-year, driven by policies to boost consumption [1] - Retail sales of high-efficiency appliances and new energy vehicles maintained rapid growth, while retail sales in cultural, sports, and leisure services, as well as tourism consulting and leasing services, experienced double-digit growth [1] Employment Situation - The national urban survey unemployment rate was 5.1% in October, a decrease of 0.1 percentage points from the previous month, indicating overall stability in the employment situation [2]

Industrial Production - In October, the industrial added value above designated size increased by 4.9% year-on-year and 0.17% month-on-month [3] - The mining industry saw a year-on-year increase of 4.5%, manufacturing grew by 4.9%, and the production and supply of electricity, heat, gas, and water increased by 5.4% [3] - Equipment manufacturing and high-tech manufacturing grew by 8.0% and 7.2% year-on-year, respectively, outpacing the overall industrial growth by 3.1 and 2.3 percentage points [3] - From January to October, the industrial added value increased by 6.1% year-on-year [3] Service Sector - The service production index increased by 4.6% year-on-year in October [6] - Key sectors such as information transmission, software, and IT services grew by 13.0%, while leasing and business services and finance grew by 8.2% and 5.6%, respectively [6] - From January to October, the service production index increased by 5.7% year-on-year [6] Retail Sales - In October, the total retail sales of consumer goods reached 46,291 billion yuan, a year-on-year increase of 2.9% [9] - Online retail sales reached 127,916 billion yuan, growing by 9.6% year-on-year, with physical goods online retail sales accounting for 25.2% of total retail sales [9] - From January to October, the total retail sales of consumer goods increased by 4.3% year-on-year [9] Fixed Asset Investment - From January to October, fixed asset investment (excluding rural households) was 408,914 billion yuan, a year-on-year decrease of 1.7% [10] - Manufacturing investment grew by 2.7%, while real estate development investment fell by 14.7% [10] - High-tech industries such as information services and aerospace manufacturing saw significant investment growth of 32.7% and 19.7%, respectively [10] Trade and Exports - In October, the total import and export value reached 37,028 billion yuan, a year-on-year increase of 0.1% [11] - Exports decreased by 0.8% to 21,716 billion yuan, while imports increased by 1.4% to 15,311 billion yuan [11] - From January to October, general trade grew by 2.3%, accounting for 63.4% of total trade [11] Employment - The urban survey unemployment rate averaged 5.2% from January to October, with a slight decrease to 5.1% in October [14] - The unemployment rate for local registered labor was 5.3%, while for migrant labor it was 4.7% [14] Consumer Prices - In October, the Consumer Price Index (CPI) rose by 0.2% year-on-year, reversing a previous decline [16] - The core CPI, excluding food and energy, increased by 1.2% year-on-year [16] - The Producer Price Index (PPI) decreased by 2.1% year-on-year, with a narrowing decline compared to the previous month [16]

Economic Overview - In October, the national economy maintained a stable and progressive development trend, with industrial added value increasing by 4.9% year-on-year, service production index rising by 4.6%, and retail sales of consumer goods growing by 2.9% [1][10]. Industrial Production - The industrial added value for October increased by 4.9% year-on-year and 0.17% month-on-month. The mining industry grew by 4.5%, manufacturing by 4.9%, and electricity, heat, gas, and water production and supply by 5.4% [3]. - Equipment manufacturing and high-tech manufacturing sectors showed strong growth, with increases of 8.0% and 7.2% respectively, outpacing the overall industrial growth by 3.1 and 2.3 percentage points [3]. - The profit of industrial enterprises from January to September reached 53,732 billion yuan, a year-on-year increase of 3.2% [3]. Service Sector - The service production index rose by 4.6% year-on-year in October, with significant growth in information transmission, software, and IT services (13.0%), leasing and business services (8.2%), and finance (5.6%) [4]. - The business activity index for the service sector was at 50.2%, indicating stable activity levels [4]. Retail Sales - In October, the total retail sales of consumer goods reached 46,291 billion yuan, a year-on-year increase of 2.9% [5]. - Online retail sales amounted to 127,916 billion yuan, growing by 9.6% year-on-year, with physical goods online retail accounting for 25.2% of total retail sales [5]. Fixed Asset Investment - From January to October, fixed asset investment (excluding rural households) was 408,914 billion yuan, a year-on-year decrease of 1.7%. However, manufacturing investment grew by 2.7% [6]. - Real estate development investment saw a significant decline of 14.7% [6]. Trade and Exports - In October, the total import and export value was 37,028 billion yuan, a slight increase of 0.1% year-on-year, with exports decreasing by 0.8% and imports increasing by 1.4% [7]. - From January to October, the total import and export value reached 373,090 billion yuan, a year-on-year increase of 3.6% [7]. Employment and Prices - The urban surveyed unemployment rate in October was 5.1%, showing a slight decrease from the previous month [8]. - The Consumer Price Index (CPI) rose by 0.2% year-on-year in October, reversing from a decline of 0.3% in the previous month [9]. - The Producer Price Index (PPI) for industrial producers decreased by 2.1% year-on-year, with the decline narrowing compared to the previous month [9]. Conclusion - Overall, the national economy in October showed stability and progress, with ongoing structural adjustments and challenges ahead. The focus remains on expanding domestic demand and stabilizing employment and market expectations [10].