进入新时代，中国经济航船闯激流险滩、战艰难险阻，向着一个又一个胜利笃定前行。 "党中央集中统一领导是做好经济工作的根本保证，在关键时刻、重要节点，党中央及时研判形势、作 出决策部署，确保我国经济航船乘风破浪、行稳致远。" 关键时刻必有关键抉择。 彼时，中国经济增速从两位数滑落至8%以下，与此同时发展粗放、环境污染问题逐步显现，"速度焦 虑""转型迷茫"互相交织。中国经济将向何处去？未来发展之路怎么走？一时间众说纷纭。 "我国发展仍处于重要战略机遇期，我们要增强信心，从当前我国经济发展的阶段性特征出发，适应新 常态，保持战略上的平常心态。" 那次河南之行，习近平总书记首次公开提出"新常态"概念，深刻指明我国当前和今后一个时期经济发展 的大逻辑。 "速度再快一点，非不能也，而不为也""不能简单以生产总值增长率论英雄""经济发展动力正从传统增 长点转向新的增长点"…… 习近平总书记的一系列重要论述，直指长期存在的片面政绩观，指引行至关键阶段的中国经济校准航 向，牢牢掌握新时代发展的历史主动。 新时代以来的这些年极不寻常、极不平凡，改革发展稳定任务之艰巨世所罕见、史所罕见。一路风雨兼 程，一路劈波斩浪，我们的信心更强 ...

Core Viewpoint - The article emphasizes the importance of key decisions made by the Chinese leadership, particularly under Xi Jinping's economic thought, in navigating the complexities of the modern economy and ensuring sustainable growth. Group 1: Economic Strategy and Development - The Chinese economy has faced unprecedented challenges, yet it continues to progress towards modernization, driven by Xi Jinping's economic thought [1][5][8] - The concept of "new normal" was introduced to guide economic development amidst slowing growth and environmental concerns, emphasizing a shift from traditional growth drivers to new ones [3][4] - The focus on supply-side structural reforms and the establishment of a dual circulation economic model highlights the strategic shift towards domestic demand and innovation [5][9] Group 2: Policy Responses and Economic Stability - In response to economic pressures, the Chinese government has implemented a series of macroeconomic policies, including interest rate cuts and measures to stabilize the real estate and stock markets [7][17] - The government's proactive approach during critical times has been recognized as a significant milestone in macroeconomic management, ensuring the achievement of annual economic goals [7][8] - The introduction of new policy financial tools aims to enhance support for the real economy and stimulate effective investment [17][21] Group 3: Innovation and Modernization - Emphasis on technological and industrial innovation is seen as essential for developing new productive forces and achieving high-quality growth [19][20] - The commitment to green development and addressing climate change reflects a strategic focus on sustainable economic practices [11][22] - The ongoing reforms in various sectors, including the establishment of free trade zones and market access improvements, are designed to enhance China's economic openness and competitiveness [21][22]

中国经济在风浪中成长、在磨砺中壮大。 脱贫攻坚、供给侧结构性改革、建设统一大市场、污染防治、防范化解重大风险、应对复杂国际环 境……新时代以来，一场场大战大考，无一不是在攻坚克难、考验韧劲。 踏平坎坷成大道。以习近平同志为核心的党中央以洞若观火的眼光与坚如磐石的定力，引领中国经济在 变局中开新局，在危机中育新机，在闯关夺隘中破阻前行。 面对严峻挑战，"抢"字成为最有力的回击。 在安徽、山东、河北、河南等地，一辆辆收割机快速"吞吐"谷物、农机大院内烘干作业正酣……抢收抢 烘，一片忙碌景象。各地争分夺秒，坚决克服连阴雨不利影响，全力以赴抗灾夺秋粮丰收。 农业是稳定经济社会的"压舱石"，关系发展大局。 统筹发展和安全，必须勇于和善于应对各种风险挑战。习近平总书记深刻指出，"既要打好防范和抵御 风险的有准备之战，也要打好化险为夷、转危为机的战略主动战"。 新时代以来，党和国家面临的形势之复杂、斗争之严峻、改革发展稳定任务之艰巨，世所罕见、史所罕 见。 在世界经济格局深刻变革、风险挑战交织叠加的时代背景中，如何驾驭好中国经济这艘大船？ 习近平总书记号召全党——"必须清醒认识前进道路上进行伟大斗争的长期性、复杂性、艰巨性 ...

Core Viewpoint - The article emphasizes the importance of Xi Jinping's economic thought in guiding China's economic work in the new era, highlighting the need for resilience and strategic action in the face of challenges and risks [1][5][20]. Group 1: Economic Resilience and Strategy - The Chinese economy has grown stronger through challenges, including poverty alleviation, supply-side structural reforms, and risk prevention [1][4]. - Xi Jinping's economic thought advocates for maintaining strategic determination and patience, avoiding short-termism in long-term goals [5][17]. - The call for open cooperation and win-win outcomes reflects China's role as a leader in promoting trade and investment liberalization [5][16]. Group 2: Innovation and Technology - China has made significant strides in innovation, recently ranking in the top ten of the Global Innovation Index [12][13]. - The development of high-end chips and core technologies is crucial for maintaining competitive advantages in the global market [14][20]. - The emphasis on mastering core technologies underlines the strategic importance of self-reliance in technological advancement [13][14]. Group 3: Risk Management and Economic Stability - The article discusses the importance of proactive risk management, highlighting successful measures taken to mitigate financial risks and stabilize the economy [21][22]. - The need for a comprehensive approach to economic stability is underscored, focusing on enhancing domestic demand and supply chain resilience [22][30]. - The government's efforts to address real estate financing and other systemic risks demonstrate a commitment to maintaining economic health [21][30]. Group 4: Infrastructure and Development - The completion of significant infrastructure projects, such as the world's tallest bridge, illustrates the ongoing commitment to improving connectivity and economic development [23][24]. - The focus on rural revitalization and poverty alleviation reflects a long-term strategy for achieving common prosperity [25][26]. - The construction of a unified national market is seen as a key strategy for enhancing economic resilience and competitiveness [30][31].

Group 1 - China's foreign trade showed resilience in the first three quarters, with a year-on-year increase of 4% in goods trade, and high-tech product exports rising by 11.9% [3][4] - The foundation of the real economy is becoming increasingly solid, with China now being the world's largest manufacturing power, showcasing a diverse range of industrial capabilities [4][5] - The transition to a new development stage marks a significant leap in China's socialist development, emphasizing the importance of recognizing historical development patterns and seizing opportunities [6][7] Group 2 - The new development stage is characterized by high-quality development, with a focus on innovation, green growth, and the integration of domestic and international markets [8][9] - The new development concept introduced by Xi Jinping emphasizes innovation as a core driver of economic growth, alongside green development as a fundamental principle [9][10] - The need for structural reforms is highlighted, particularly in enhancing the quality and efficiency of resource allocation and addressing systemic barriers to factor mobility [14][15] Group 3 - The ongoing reforms aim to optimize the economic structure and promote the transition from old to new growth drivers, with a focus on supply-side structural reforms [18][19] - The relationship between market forces and government intervention is crucial for achieving optimal resource allocation and maximizing efficiency [17][20] - The emphasis on enhancing domestic demand and building a robust internal circulation system is seen as essential for mitigating external shocks and fostering sustainable growth [13][22] Group 4 - Food and energy security are prioritized as fundamental aspects of national stability and development, with significant measures taken to ensure grain production and energy supply [26][27] - The importance of risk management and proactive measures to address potential economic challenges is underscored, with a focus on maintaining economic stability and social order [28][29] - The commitment to high-quality development is reinforced through coordinated fiscal and monetary policies, aimed at stabilizing expectations and boosting confidence in the economy [30][31]

共识，愈加深刻：中国经济之所以能够翻山越岭、克难前进，最根本的原因在于以习近平同志为核 心的党中央领航掌舵，在于习近平经济思想的科学指引。 思想的波涛卷起巨澜，时间在量变的积累中孕育质变。 行进在新时代航程上，以科学理论为炬，以发展实践为帆，中国共产党领导14亿多人民共同执笔的 奋斗史诗，正成章于星海、运笔于山河，铺展开充满信心和希冀的瑰丽画卷。 （一） "十四五"收官在即，在前四年5.5%的平均增速基础上，2025年中国经济总量有望达到140万亿元。 成绩，世界瞩目：在这么大体量的基础上，在各种风险挑战的冲击下，中国经济保持这样的增速， 在经济发展史上前所未有。 新华社北京10月13日电 题：领航定向驾驭发展全局——习近平经济思想引领新时代经济工作述评 之一 新华社记者 金秋的中国大地，硕果盈枝。 巍巍太行山，风光无限好。 2025年7月，习近平总书记来到这里，访企业、听汇报，为山西经济社会发展指明方向： "要扎实推进传统产业转型升级，围绕发展新质生产力因地制宜布局新兴产业和未来产业""要用好 多元发展条件，优化营商环境，激发经营主体活力"。 山西的转型发展，是中国经济砥砺前进的一个缩影。党的十八大以来，习 ...

共识，愈加深刻：中国经济之所以能够翻山越岭、克难前进，最根本的原因在于以习近平同志为 核心的党中央领航掌舵，在于习近平经济思想的科学指引。 思想的波涛卷起巨澜，时间在量变的积累中孕育质变。 行进在新时代航程上，以科学理论为炬，以发展实践为帆，中国共产党领导14亿多人民共同执笔 的奋斗史诗，正成章于星海、运笔于山河，铺展开充满信心和希冀的瑰丽画卷。 （一） 巍巍太行山，风光无限好。 领航定向驾驭发展全局——习近平经济思想引领新时代经济工作述评之一 新华社记者 金秋的中国大地，硕果盈枝。 "十四五"收官在即，在前四年5.5%的平均增速基础上，2025年中国经济总量有望达到140万亿元。 成绩，世界瞩目：在这么大体量的基础上，在各种风险挑战的冲击下，中国经济保持这样的增 速，在经济发展史上前所未有。 2025年7月，习近平总书记来到这里，访企业、听汇报，为山西经济社会发展指明方向： 山西的转型发展，是中国经济砥砺前进的一个缩影。党的十八大以来，习近平总书记多次考察三 晋大地，对一省的发展把脉，映射出对全局的深刻把握—— 2017年，强调"贯彻新发展理念""以深化供给侧结构性改革推动经济转型发展"； 2020年，要求 ...

瑞达期货研究院 「2025.10.10」 硅锰市场周报 产业定价板块偏弱，开工回落库存回升 研究员：徐玉花 期货从业资格号F03132080 期货投资咨询从业证书号 Z0021386 关 注 我 们 获 取 更 多 资 讯 业 务 咨 询 添 加 客 服 目录 1、周度要点小结 2、期现市场 3、产业链情况 「 周度要点小结2」 行情回顾及展望 来源：文华财经 瑞达期货研究院 图2、硅锰跨期价差走势图 来源：wind 瑞达期货研究院 1. 宏观方面，二十届四中全会将于10月20日至23日在北京召开；国家发展改革委、市场监管总局发布《关于治理价格无序竞争维 护良好市场价格秩序的公告》。《公告》指出，对价格无序竞争问题突出的重点行业，指导行业协会等有关机构调研评估行业 平均成本，为经营者合理定价提供参考；9月30日起，《人民日报》连续推出8篇"习近平经济思想指引下的中国经济专论"系列 "钟才文"文章，围绕"经济形势怎么看、经济工作怎么干"，传递出稳预期、强信心、促发展的强烈信号。 2. 海外方面，以色列政府10日凌晨批准加沙停火协议。 3. 供需方面，节前库存回升较快，产量高位延续小幅回落，库存连续三周回升，成本 ...

「2025.10.10」 焦炭市场周报 钢材累库需求偏弱，焦炭一轮提涨落地 研究员：徐玉花 期货从业资格号F03132080 期货投资咨询从业证书号 Z0021386 关 注 我 们 获 取 更 多 资 讯 业 务 咨 询 添 加 客 服 瑞达期货研究院 目录 1、周度要点小结 2、期现市场 3、产业链情况 「 周度要点小结2」 行情回顾及展望 3 来源：瑞达期货研究院 1. 宏观方面，二十届四中全会将于10月20日至23日在北京召开；国家发展改革委、市场监管总局发布《关于治理价格无序竞争维 护良好市场价格秩序的公告》。《公告》指出，对价格无序竞争问题突出的重点行业，指导行业协会等有关机构调研评估行业 平均成本，为经营者合理定价提供参考；9月30日起，《人民日报》连续推出8篇"习近平经济思想指引下的中国经济专论"系列 "钟才文"文章，围绕"经济形势怎么看、经济工作怎么干"，传递出稳预期、强信心、促发展的强烈信号。 2. 海外方面，以色列政府10日凌晨批准加沙停火协议。 3. 供需方面，假期焦炭生产供应正常，多数焦化厂内库存未有明显累计，大部分即产即销。需求端，本期铁水产量241.81万吨，- 0.55万吨，铁 ...

Macro and Strategy Research - The manufacturing sector shows further improvement with a notable recovery in small enterprises, as indicated by the September PMI data, which reported a manufacturing PMI of 49.8%, a non-manufacturing business activity index of 50.0%, and a composite PMI output index of 50.6% [2][3] - The production index increased by 1.1 percentage points to 51.9%, while the new orders index rose by 0.2 percentage points to 49.7%, still below the critical point [3] - New export orders reached a high of 47.8%, marking a 0.6 percentage point increase, suggesting a reduction in the impact of tariff policies [3] - The non-manufacturing business activity index fell by 0.3 percentage points to 50.0%, with the construction sector slightly improving to 49.3% and the service sector declining to 50.1% [4] - The composite PMI output index increased by 0.1 percentage points to 50.6%, driven by the recovery in manufacturing, which offset the short-term decline in non-manufacturing [4] A-Share Market Investment Strategy - Major indices in the A-share market rose, with the Shanghai Composite Index increasing by 2.09% and the ChiNext Index by 0.81% over the recent trading period [6][7] - The upcoming "14th Five-Year Plan" is expected to clarify economic strategies, with a focus on expanding domestic demand and supporting innovation as key components [7] - The market is anticipated to maintain a strong structural characteristic, with potential investment opportunities in sectors such as TMT, electric power equipment, pharmaceuticals, and consumer services [8] Industry Research - The retail sales of clothing, shoes, and textiles reached CNY 9,400.40 billion from January to August, reflecting a year-on-year growth of 2.90% [14] - The light industry sector underperformed compared to the CSI 300 index, with a decline of 0.54% against the index's increase of 3.20% [15] - The packaging paper industry is expected to see improved performance due to price increases being passed down to downstream sectors, with significant profit growth anticipated in Q3 [15][16] - The consumer market showed stable growth during the recent holiday period, with government subsidies expected to further stimulate sales in related sectors [15][16]