《上市公司高质量发展报告（2024—2025）》发布仪式。 许泽宇 摄 报告显示，在监管引导与市场合力推动下，过去一年，上市公司高质量发展呈现出系统性、协同性的新 特征，初步形成了质量全面提升的系统性格局。 在科技自立自强领域，截至2025年三季度，全市场上市公司研发投入总额达1.16万亿元，其中科创板公 司以11.22%的研发强度引领市场。治理现代化方面，截至2025年9月，近四成上市公司主动披露"提质增 效重回报"行动方案，沪市信息披露评价为A的公司期间股价平均涨幅达15%。绿色低碳转型步入深化发 展阶段，《上市公司可持续发展报告指引》推动ESG信息披露规范化发展，传统产业通过绿色化改造焕 发新生机，绿色转型正从成本项转变为价值创造项。投资价值创造呈现新局面，2025年前三季度，上市 公司净利润同比增长5.5%；千余家上市公司公布现金分红预案，总额达7349亿元；股份回购累计金额 达923亿元。在发展安全维度，上市公司正通过稳健经营和全球化布局构筑新的安全屏障。 资本市场四大方向引航上市公司高质量发展 "十五五"时期是基本实现社会主义现代化夯实基础、全面发力的关键时期。 五大核心维度构建上市公司价值评估基 ...

证券研究报告 | 宏观专题研究 | 中国宏观 逆周期与跨周期结合发力 ──中央经济工作会议传递的信号 核心观点 中共中央政治局 12 月 8 日召开会议，分析研究 2026 年经济工作，重点如下： 一是为实现经济高质量发展，仍应注重科技自立自强水平提高，但稳中求进也指向 2025 年作为十五五开局之年，经济增速目标设置在 5%左右的概率较大。 二是宏观政策更加积极有为的同时，也应注重效能提升。对应政策基调由去年 12 月政 治局会议的"加强超常规逆周期调节"转变为"加大逆周期和跨周期调节"，意味着相较 于政策力度的扩张，政策效能的提升更为重要，尤其是集中财力保障国家重大战略任 务，做到"小钱小气，大钱大方"。要注重发挥存量政策和增量政策集成效应。 具体政策来看：货币政策方面，预计 2026 年货币政策全年降准 50BP，降息 10BP，小 步慢跑。财政政策方面，我们上修 2026 年赤字率预期至 4.0%~4.2%左右，但广义赤 字率可能小幅回撤。 ❑ 提质增效更加注重高质量发展，"超常规"退出 中共中央政治局 12 月 8 日召开会议，分析研究 2026 年经济工作，会议指出，明 年经济工作要坚持稳中求进、 ...

Core Viewpoint - China Life Insurance is committed to supporting the real economy and enhancing financial stability, aligning with national strategies and contributing to high-quality development during the "14th Five-Year Plan" period [1][2][3][4][5][6][7][8][9][10][11][12][13][14][15][16][17] Group 1: Investment and Economic Support - China Life has invested 15 billion yuan in a fund to support the construction of the Tianwan Nuclear Power Plant, which will provide over 70 billion kilowatt-hours of clean electricity annually, reducing carbon emissions by 57.4 million tons [2] - The company has allocated 200 billion yuan to the Sinopec West-to-East Gas Transmission Project and invested 90 billion yuan in renewable energy projects in Qinghai [2] - By the end of Q3 2025, China Life's total assets exceeded 8.3 trillion yuan, with insurance funds supporting nearly 5.4 trillion yuan in investments in the real economy [3][4] Group 2: Social Welfare and Elderly Care - China Life has launched community-based elderly care projects in Shenzhen, providing affordable care options at 60% of market rates [5] - The company has established a 500 billion yuan health fund and a 200 billion yuan elderly care fund to promote the health and elderly care industries [6] - By Q3 2025, China Life's insurance companies have provided coverage for 27.3 million family planning members, with a total coverage amount of approximately 1.8 trillion yuan [7] Group 3: Technological Innovation and Support for New Industries - China Life has invested over 3 billion yuan in the latest round of financing for Zhiran Medical, focusing on the development of flexible brain-machine interfaces [9][10] - The company has established a technology insurance product supply system, providing coverage for strategic emerging industries amounting to nearly 83 trillion yuan [10][11] - In the banking sector, China Life's subsidiary, Guangfa Bank, has provided 2.591 trillion yuan in technology loans, supporting the entire lifecycle of technology enterprises [11] Group 4: Agricultural Support and Rural Revitalization - China Life has provided 4.672 trillion yuan in agricultural insurance risk protection for over 11 million households by Q3 2025 [15] - The company has implemented a digital agricultural insurance model, enhancing risk monitoring and claims processes through satellite and drone technology [16] - China Life has supported rural revitalization efforts with over 2.5 billion yuan in charitable funds and has established partnerships with over 1,500 local aid points [15] Group 5: Commitment to Future Development - China Life aims to deepen reforms and enhance high-quality development in the upcoming "15th Five-Year Plan" period, focusing on the "333 strategy" to contribute to national goals [17]

Economic Confidence Index - The "Economic Confidence Index" for December 2025 is reported at 50, slightly lower than the previous month, indicating a weak recovery in the economy [6][8]. Inflation Predictions - Economists predict the Consumer Price Index (CPI) for November 2025 to be 0.72%, up from 0.2% in the previous month, while the Producer Price Index (PPI) is expected to be -2.05% [9][10]. Retail Sales Growth - The forecast for the year-on-year growth of social retail sales in November is 3.09%, slightly higher than the previous month's 2.9%, driven by the "Double 11" shopping festival and a recovery in the dining sector [10][11]. Industrial Value Added - The predicted year-on-year growth rate for industrial value added in November is 5.0%, an increase from the previous month's 4.9% [11]. Fixed Asset Investment - The forecast for the year-on-year growth rate of fixed asset investment in November is -2.1%, lower than the previous month's -1.7%, indicating continued pressure from the real estate market [12][14]. Real Estate Investment - The predicted year-on-year growth rate for real estate development investment in November is -15.1%, reflecting ongoing challenges in the sector [14]. Trade Surplus - China's trade surplus for November is reported at $111.68 billion, with exports growing by 5.9% and imports by 1.9%, aligning with economists' expectations [15]. New Loans - Economists forecast new loans for November to rebound to 679.1 billion yuan, significantly higher than the previous month's 220 billion yuan [16]. Total Social Financing - The predicted total social financing for November is 2.32 trillion yuan, an increase from the previous month's 0.81 trillion yuan [17]. M2 Growth Rate - The forecast for the year-on-year growth rate of M2 in November is 8.29%, slightly above the previous month's 8.2% [18]. Monetary Policy Outlook - Economists expect the possibility of adjustments to the Loan Prime Rate (LPR) and reserve requirement ratios to be low in the near term, with a continued focus on maintaining liquidity in the market [20]. Exchange Rate Predictions - The predicted exchange rate for the Chinese yuan against the US dollar at the end of 2025 is 7.07, with expectations of a potential adjustment to 6.98 by mid-2026 [21]. Foreign Exchange Reserves - As of the end of November, China's foreign exchange reserves are reported at $33,464 billion, reflecting a slight increase from the previous month [22][23].

Investment Rating - The report maintains an "Overweight" rating for the construction materials industry [1]. Core Insights - The construction materials sector has shown a weekly increase of 1.55%, outperforming the CSI 300 and Wind All A indices, which increased by 1.28% and 0.72%, respectively, resulting in excess returns of 0.27% and 0.82% [4]. - Cement prices have increased to 354.7 CNY/ton, up by 4.5 CNY/ton from the previous week, but down by 70.3 CNY/ton compared to the same period last year [4][14]. - The average cement inventory level is at 66.4%, a decrease of 1.7 percentage points from the previous week, while the average cement shipment rate is 44.6%, down by 0.8 percentage points week-on-week [21]. - The report highlights that infrastructure construction is expected to be a key driver for economic stability in the short term, with recommendations to focus on companies in the infrastructure supply chain and home improvement sectors [4]. Summary by Sections 1. Bulk Construction Materials Fundamentals and High-Frequency Data - **Cement**: The national average cement price is 354.7 CNY/ton, with significant regional price increases noted in the Yangtze River Delta and Southwest regions [4][14]. The average shipment rate has decreased to 44.6% [21]. - **Glass**: The average price of float glass is reported at 1163.9 CNY/ton, reflecting a weekly increase of 16.0 CNY/ton but a year-on-year decrease of 254.7 CNY/ton [48]. The inventory level for float glass is 5675 million weight boxes, down by 83 million from the previous week [50]. - **Fiberglass**: The market remains stable with no significant price changes, and the focus is on the demand recovery in the downstream sectors [4]. 2. Industry Dynamics Tracking - The report notes that the construction materials sector is experiencing a recovery in demand, particularly in the southern regions, while northern regions face challenges due to seasonal weather impacts [4]. 3. Weekly Market Review and Sector Valuation Table - The construction materials sector has shown resilience with a positive performance compared to broader market indices, indicating potential investment opportunities [4]. 4. Recommendations - The report suggests focusing on companies involved in infrastructure, home improvement, and export-oriented sectors, including Conch Cement, Oriental Yuhong, and China Communications Construction [4].

大湾区综合性国家科学中心是全国五大综合性国家科学中心之一，是建设粤港澳大湾区国际科技创新中 心的重要支撑。广东省大湾区办专职副主任祝永辉介绍说，"十四五"期间，广东全面推动大湾区综合性 国家科学中心先行启动区建设，较好完成第一阶段目标任务。具体体现在光明科学城、松山湖科学城、 南沙科学城三大科学城协同发力，构筑起创新空间核心载体；布局建设10个国家重大科技基础设施，数 量位居全国第三，其中大湾区综合性国家科学中心先行启动区建设了5个，夯实原始创新底座；在人工 智能、生物制造、低空经济等领域，推动产业科技互促双强，打造高质量发展产业高地。 中国发展网讯 鲁利韦 记者罗勉报道 12月3日，广东省人民政府新闻办召开第三场"'十四五'广东成就"系 列主题新闻发布会，聚焦"高水平科技自立自强"主题，广东省科技厅等单位相关负责人出席发布会。据 了解，"十四五"期间，广东省加快构建全过程创新链，推动科技创新和产业创新互促双强，"十四五"规 划各项指标任务顺利完成。 区域创新综合能力 连续9年居全国首位 广东省科技厅厅长王月琴在发布会上说，"十四五"期间，广东省推动高水平科技自立自强工作呈现'六 个继续领先''六个跃升前列' ...

Core Viewpoint - Guangzhou aims to achieve a GDP of 3.1 trillion yuan in 2024, with an expected GDP increment of 700 billion yuan during the 14th Five-Year Plan period [1][2] Economic Growth - Guangzhou's industrial investment has increased from 103 billion yuan in 2020 to 171.1 billion yuan in 2024, marking a growth of 66% [2] - The city has six advanced manufacturing clusters with output exceeding 100 billion yuan and ten service sectors with added value over 100 billion yuan [2] - The added value of advanced manufacturing accounts for 60% of the industrial output, while the added value of productive services constitutes 59% of the service sector [2] Innovation and Technology - Guangzhou has become a hub for major scientific platforms, including national laboratories and international scientific programs, enhancing its innovation ecosystem [2] - Significant breakthroughs have been made in key technologies such as deep-sea submersibles and high-performance integrated electric drives, with local industries breaking foreign technology monopolies [2] - R&D expenditure has consistently remained above 100 billion yuan annually for the past two years, with 24 companies listed as global unicorns, tripling since 2020 [2] Infrastructure and Urban Development - The city has made progress in the Nansha Free Trade Zone, with 45 and 136 institutional innovations being promoted nationwide and provincially, respectively [4] - Guangzhou's business environment has improved significantly, with over 425,000 operating entities, a 58% increase since the end of 2020 [4] - The city has seen the establishment of over 30,000 new foreign enterprises and an increase in Fortune 500 companies to 368 [4] Social and Environmental Progress - Guangzhou has achieved a historic low in PM2.5 concentration, with all monitored water quality sites meeting excellent standards [5] - The city has added 163,400 jobs, leading the province, and has expanded public education and healthcare services significantly [5] - The urban village renovation plan has seen 52 projects included and all have commenced construction [5] Safety and Governance - Guangzhou has built over 30,000 emergency response units and has not experienced major accidents for 13 consecutive years, with a continuous decline in criminal cases [6] - The city has been recognized as a national model for social security and legal governance [6] Future Outlook - Guangzhou is committed to taking on a leading role in the upcoming 15th Five-Year Plan, aiming to create new advantages and breakthroughs for national and provincial development [6]

"用13年时间基本实现社会主义现代化、建成一个现代化的新广东""经济总量实现倍增，人均地区生产总值达到中等发达国家水平"……近日，《中共广东 省委关于制定广东省国民经济和社会发展第十五个五年规划的建议》发布，勾勒出了广东未来发展蓝图。 八大目标勾勒广东未来发展蓝图 建议明确"十五五"时期广东经济社会发展的八大主要目标—— 高质量发展取得显著成效。经济增长保持在合理区间，全要素生产率稳步提升，居民消费率显著提高，内需拉动经济增长主动力作用持续增强，经济增长 潜力得到充分释放，全面融入全国统一大市场，市场规模优势持续显现，新型工业化、信息化、城镇化、农业现代化取得重大进展，发展新质生产力、服 务和融入新发展格局、建设现代化经济体系取得重大突破。 科技自立自强水平大幅提高。教育科技人才一体发展格局基本形成，粤港澳大湾区开放型区域协同创新共同体建设深入推进，基础研究和原始创新能力显 著增强，重点领域关键核心技术快速突破，并跑领跑领域明显增多，科技创新和产业创新深度融合，创新驱动作用明显增强，具有全球影响力的产业科技 创新中心基本建成。 城乡区域发展更加协调。"百县千镇万村高质量发展工程"取得重大进展，乡村全面振兴大步 ...

Group 1 - The core viewpoint is that technology remains the strongest driving force, with significant improvements in self-reliance and core technology breakthroughs in key areas, leading to deep integration of technological and industrial innovation [1] - The AI industry chain shows a consistent performance advantage in the computing power segment for three consecutive quarters, indicating a clear trend of industrial prosperity, with the computing power sector being the highest and most sustainable profit growth area [1] - There is a substantial demand gap for computing power in the future, and the high prosperity will continue to drive profits upward, with domestic computing power chains expected to have greater potential as the Sino-US computing power competition intensifies [1] Group 2 - The energy storage chain is experiencing unexpected upward prosperity, likely to continue due to increased power consumption driven by AI computing power, which boosts the overall prosperity of the energy storage chain [1] - The storage sector is entering a long-term upward cycle, supported by supply-demand and structural contradictions that sustain long-term prosperity in storage [1] - The Science and Technology Innovation Board 100 ETF (588120) tracks the Science and Technology Innovation 100 Index (000698), which has a daily fluctuation of 20%, reflecting the overall performance of 100 mid-cap securities in the Science and Technology Innovation Board [1]

国家现代化建设为年轻人提供了广阔舞台，大家正当其时，要把握历史机遇，大显身手，勇攀科技高 峰，将来你们一定会为自己对民族复兴所作的贡献而自豪。 ——2023年7月5日下午，习近平总书记来到苏州华兴源创科技股份有限公司考察时指出 苏州工业园区青丘巷8号。 初冬的阳光透过高大的落地窗，照进苏州华兴源创科技股份有限公司（以下简称"华兴源创"）的白色大 楼，投下明亮而温煦的光影。外墙两侧，"实业报国 勇于创新""创新驱动 自立自强"16个红色大字对称 排列，格外引人注目。 编者按 为深入贯彻落实习近平总书记关于"经济大省要挑大梁"和"民营经济发展前景广阔大有可为"的 重要指示精神，新华日报·交汇点新闻今起推出"经济大省挑大梁·高手在'民'间"系列报道。采访组锚定 广东、江苏、山东、浙江、四川、河南、湖北、福建、上海、湖南等2024年经济总量位居全国前十的省 市，深入探访总书记实地考察过的十个标杆性民营企业，通过细致刻画鲜活的"点上风景"，折射中国经 济发展的"面上气象"，生动诠释"经济大省何以挑大梁"的深层逻辑，探究民营经济"高手在'民'间"的成 因与方法论，希望为各地高质量发展提供有效参考。 大楼朝南的一排立方体形 ...