导语 既是对国家"未来产业"发展战略的积极响应，也是破解行业发展瓶颈的创新实践。 （图：道彤投资牵头举办"生衍万物｜生物制造产业价值伙伴大会"现场） 自2022年以来，生物制造已成为党中央、国务院高度重视的重点发展领域。《"十四五"生物经济发展规 划》《国家生物技术发展战略》等政策相继出台，2025年政府工作报告更将"生物制造"与量子科技、具 身智能、6G并列定义为"未来产业"，其在推动经济循环升级与科技自主创新中的关键地位进一步凸 显。然而，行业普遍面临研发周期长、投入强度大、上下游衔接不足等现实挑战，大量前沿技术成果难 以快速转化为实际应用。此次上海在基金与协同平台上的双重布局，正是瞄准这一痛点的针对性突破。 大会主办方道彤投资创始管理合伙人孙琦在致辞中表示，生物制造不仅是生命科学的延伸，更是人 类"制造体系"的重构。它将以更绿色、更智能、更可持续的方式，重塑产业链与能源结构，成为继农业 文明、工业文明之后的"新工时代"。 上海国投先导基金总经理温治在主旨演讲中指出，"真正的产业资本，不是资金的供给者，而是创新体 系的'放大器'与'产业生态的赋能者'。道彤十年来始终坚守定力，在不同周期中坚持布局生命科学领 ...

Core Viewpoint - The A-share market experienced a significant rally on October 24, with major indices reaching new highs, driven by strong performances in technology stocks, particularly in sectors like chips, commercial aerospace, and quantum technology [1][2]. Market Performance - On October 24, the Shanghai Composite Index rose by 0.71% to 3950 points, marking a ten-year high. The Shenzhen Component Index increased by 2.02%, the ChiNext Index by 3.57%, and the STAR 50 Index by 4.35%. Over 3000 stocks in the market saw gains [2]. - Chip stocks saw substantial increases, with companies like Xiangnong Chip and Purun Co. hitting the 20% limit up, while others like Huahong Semiconductor and Jiangbolong rose over 15% [2]. - The commercial aerospace sector also experienced a surge, with multiple stocks hitting the limit up or rising over 10% [2]. Policy and Strategic Directions - The Central Committee of the Communist Party of China held a press conference on October 24, discussing the spirit of the Fourth Plenary Session of the 20th Central Committee. The meeting emphasized the development of emerging pillar industries, including new energy, new materials, and aerospace, which are expected to create trillion-yuan markets [3]. - The National Development and Reform Commission highlighted the importance of forward-looking layouts in future industries, aiming to make quantum technology, biomanufacturing, and nuclear fusion new economic growth points [3]. Investment Focus Areas - Short-term market expectations are bolstered by the Fourth Plenary Session, which is likely to enhance investor confidence and focus on specific sectors [5]. - Mid to long-term perspectives suggest that the meeting's strategic directions will provide solid support for the A-share market, reinforcing confidence in China's economic resilience [5]. - Key sectors to watch during the 14th Five-Year Plan include digital technology, space economy, high-end manufacturing, and biotechnology [6][7]. Industry Trends - The focus on modern industrial systems and high-end manufacturing highlights the importance of sectors like artificial intelligence, low-altitude economy, and semiconductors [7]. - The green transition is also emphasized, with sectors such as photovoltaics and wind power gaining attention [7].

Core Insights - The 20th Central Committee's Fourth Plenary Session approved the "Suggestions on Formulating the 15th Five-Year Plan for National Economic and Social Development," emphasizing the development of emerging pillar industries [1] - The plan aims to accelerate the growth of strategic emerging industry clusters such as new energy, new materials, aerospace, and low-altitude economy, potentially creating several trillion-yuan markets [1] - The suggestions also highlight the need for forward-looking layouts in future industries, promoting quantum technology, biomanufacturing, hydrogen energy, nuclear fusion energy, brain-computer interfaces, embodied intelligence, and sixth-generation mobile communication as new economic growth points [1] - These industries are expected to gain momentum, potentially recreating a high-tech industry landscape in China over the next decade [1] Industry Development - The focus on strategic emerging industries indicates a significant shift towards high-tech sectors, which are anticipated to drive economic growth [1] - The emphasis on innovation and technology suggests a transformative impact on future lifestyles, with AI simulations being used to envision these changes [1]

Core Insights - The Central Committee of the Communist Party of China held a press conference on October 24 to interpret the spirit of the Fourth Plenary Session of the 20th Central Committee, which took place from October 20 to 23, focusing on the strategic tasks for the upcoming 15th Five-Year Plan [1] Economic and Industrial Development - The "Suggestions" emphasize building a modern industrial system and strengthening the foundation of the real economy as the top strategic task, with four key areas of focus: solidifying the foundation, fostering innovation, expanding capacity, and enhancing efficiency [1] - The plan anticipates an additional market space of approximately 10 trillion yuan over the next five years, driven by the enhancement of key industries such as chemicals, machinery, and shipbuilding [1] - The development of emerging pillar industries, including new energy, new materials, aerospace, and low-altitude economy, is expected to create several trillion-yuan markets [2] - The "Suggestions" also highlight the importance of integrating modern service industries with advanced manufacturing and modern agriculture [2] Infrastructure and Investment - The plan calls for a coordinated approach to infrastructure planning, with an emphasis on new infrastructure and a modern comprehensive transportation system [2] - It stresses the need to expand domestic demand, focusing on three key aspects: expanding increment, improving efficiency, and ensuring smooth circulation [2] - The government aims to optimize investment structures, increasing the proportion of investments in public welfare and enhancing the overall effectiveness of government investments [3] Regional Development - The "Suggestions" outline five key tasks for regional development, focusing on optimizing layouts, promoting new urbanization, and coordinating land and sea development [3] Healthcare Initiatives - The health sector aims to increase the average life expectancy of Chinese residents to around 80 years over the next five years, with a focus on preventive care and health education [4] - The healthcare service model will emphasize a comprehensive approach to managing chronic diseases and improving early diagnosis and treatment [5] - Efforts will be made to enhance the functionality and cooperation among various levels of medical institutions, promoting accessible and efficient healthcare services [6]

Core Viewpoint - The Fourth Plenary Session of the 20th Central Committee of the Communist Party of China emphasized the importance of building a modern industrial system and strengthening the foundation of the real economy as a strategic task for national development [3]. Group 1: Modern Industrial System - The session highlighted the need to focus on the real economy, advocating for intelligent, green, and integrated development to accelerate the construction of a manufacturing powerhouse, quality powerhouse, aerospace powerhouse, transportation powerhouse, and cyber powerhouse [3]. - The proposal aims to maintain a reasonable proportion of manufacturing and establish a modern industrial system centered on advanced manufacturing [3]. Group 2: Key Tasks - The four key tasks outlined in the proposal are: solid foundation upgrading, innovation nurturing, capacity expansion and quality improvement, and strengthening the foundation and efficiency [4]. Solid Foundation Upgrading - This involves optimizing and upgrading traditional industries, which currently account for about 80% of the value added in manufacturing [4]. - The proposal anticipates a market space of approximately 10 trillion yuan to be created over the next five years, providing significant development momentum and benefits to people's livelihoods [4]. Innovation Nurturing - The focus is on cultivating and expanding emerging and future industries, with the "three new" economy's value added expected to exceed 18% of GDP by 2024 [4]. - Strategic emerging industries such as new energy, new materials, aerospace, and low-altitude economy are to be developed, potentially creating several trillion-yuan markets [4]. - Future industries like quantum technology, biomanufacturing, hydrogen energy, and sixth-generation mobile communication are identified as new growth points for the economy [4]. Capacity Expansion and Quality Improvement - The proposal emphasizes the need for high-quality and efficient development of the service industry, which still has significant room for expansion and improvement [5]. - Actions to enhance the integration of modern services with advanced manufacturing and modern agriculture are proposed to create new economic growth spaces [5]. Strengthening Foundation and Efficiency - The plan includes constructing a modern infrastructure system, leveraging China's existing extensive infrastructure network [5]. - It calls for coordinated planning and moderately advanced construction of new-type infrastructure to enhance connectivity and safety [5].

Market Overview - On October 24, A-shares saw a collective rise in the three major indices, with the Shanghai Composite Index reaching a nearly ten-year high, up 0.42% [3][4]. - The Shenzhen Component Index increased by 1.3%, the ChiNext Index rose by 2.09%, and the STAR Market 50 Index surged by 2.98% [4]. - The total market turnover reached 1.24 trillion yuan, showing a significant increase compared to the previous day, with over 2900 stocks rising [4]. Sector Performance - The technology sector, particularly memory chips, commercial aerospace, satellite internet, and semiconductors, led the gains in the morning session [4][9]. - Conversely, sectors such as ice and snow tourism, coal mining, oil and gas extraction, real estate, liquor, and steel experienced pullbacks [4][5]. Notable Stocks - In the Hong Kong market, the Hang Seng Index rose by 0.59%, with notable gains in semiconductor stocks like Hua Hong Semiconductor, which surged nearly 12% [6][7]. - The A-share electronic sector saw significant increases, with stocks like Purun Co., Kexiang Co., and Shengyi Technology hitting the daily limit of 20% [9][10]. Coal Sector - The coal sector faced a notable decline, with companies like Antai Group and Yunmei Energy hitting the daily limit down, and others like Shaanxi Black Cat and Liaoning Energy experiencing significant drops [14][15]. - Daya Energy, which previously had a strong performance, saw a sharp decline of nearly 8% in early trading [15]. Future Industry Outlook - The National Development and Reform Commission emphasized the importance of nurturing emerging industries and future industries, projecting that the "three new" economy will account for over 18% of GDP by 2024 [11][12]. - Strategic emerging industries such as new energy, new materials, and aerospace are expected to create several trillion-yuan markets, with a focus on advanced technologies like quantum science and bio-manufacturing [12]. - Reports indicate that major suppliers like Samsung and SK Hynix plan to raise prices of DRAM and NAND flash memory by up to 30% by Q4 2025, signaling a shift towards a "super cycle" in the memory chip industry [12].

Market Overview - On October 24, A-shares saw a collective rise in the three major indices, with the Shanghai Composite Index reaching a nearly ten-year high, closing up 0.42% [1][2] - The ChiNext Index rose by 2.09%, and the STAR 50 Index increased by 2.98%, indicating strong market performance [1][2] Sector Performance - The technology sector, including memory, commercial aerospace, satellite internet, and semiconductors, experienced significant gains, while sectors like ice and snow tourism, coal mining, oil and gas extraction, real estate, liquor, and steel saw pullbacks [2][4] - The total market turnover reached 1.24 trillion yuan, showing a noticeable increase compared to the previous day, with over 2,900 stocks rising [2] Notable Stocks - In the electronics sector, stocks related to memory, HBM, circuit boards, semiconductors, and advanced packaging surged, with companies like Puzai Co., Kexiang Co., and Shengyi Technology hitting the daily limit of 20% [4][5] - Honghua Semiconductor led the Hang Seng Technology Index with a nearly 12% increase, while other notable gainers included ASMPT and SMIC [3][4] Coal Sector - The coal sector faced a significant pullback, with companies like Antai Group and Yunmei Energy hitting the daily limit down, and others like Shaanxi Black Cat and Liaoning Energy experiencing substantial declines [10][11] Company Highlights - Zhujiang Piano experienced a dramatic trading session, initially hitting the daily limit down before rebounding to close at the daily limit up, marking its third consecutive limit-up day [12] - The company confirmed stable operational conditions and no significant changes in the internal or external business environment, following a notice of abnormal stock trading fluctuations [12] Future Economic Outlook - The National Development and Reform Commission indicated that the "three new" economy's contribution to GDP is expected to exceed 18% in 2024, highlighting the growth potential of emerging industries [7][8] - Strategic emerging industries such as new energy, new materials, and aerospace are anticipated to create several trillion-yuan markets, with significant investments in quantum technology and other high-tech sectors over the next decade [8]

Market Overview - On October 24, the A-share market saw all three major indices rise, with the Shanghai Composite Index reaching a nearly ten-year high, closing up 0.42% [1] - The Shenzhen Component Index increased by 1.3%, the ChiNext Index rose by 2.09%, and the STAR 50 Index surged by 2.98% [2] Trading Volume and Stock Performance - The total trading volume across the market reached 1.24 trillion yuan, showing a significant increase compared to the previous day, with over 2,900 stocks rising [2] - The electronic sector experienced a notable surge, particularly in memory, commercial aerospace, satellite internet, and semiconductor stocks, which led the gains [2][4] Sector Performance - The memory sector saw a rise of 6.40%, with HBM up 4.95% and semiconductors up 3.92% [3] - Conversely, sectors such as coal mining, real estate, and tourism experienced declines, with coal stocks notably retreating [9][10] Notable Stocks - Individual stocks like Huahong Semiconductor rose nearly 12%, leading the Hang Seng Technology Index [3] - Stocks such as Puran Co., Kexiang Co., and Shengyi Technology hit the daily limit up of 20% [5][6] Policy and Future Outlook - The National Development and Reform Commission emphasized the importance of nurturing emerging industries, projecting that the "three new" economy will account for over 18% of GDP by 2024 [7] - The recent announcement from major suppliers like Samsung and SK Hynix indicates a potential price increase of up to 30% for DRAM and NAND flash memory by Q4 2025, signaling a shift towards a "super cycle" in the memory chip industry [8] Specific Company Movements - On the same day, Zhujiang Piano experienced a dramatic price movement, initially hitting the limit down before rebounding to a limit up, closing at 6.81 yuan per share [12][17]

Market Overview - The A-share market experienced a collective rise on October 24, with the Shanghai Composite Index reaching a nearly ten-year high, closing up 0.42% [2][3] - The Shenzhen Component Index increased by 1.3%, while the ChiNext Index rose by 2.09%, and the STAR 50 Index saw a gain of 2.98% [2][3] Sector Performance - The technology sector, particularly in memory chips, commercial aerospace, satellite internet, and semiconductors, showed significant gains, leading the market [3][4] - The overall market saw a trading volume of 1.24 trillion yuan, with over 2,900 stocks rising [3] Notable Stocks - Honghua Semiconductor surged nearly 12%, leading the Hang Seng Technology Index [4] - Several stocks in the electronics sector, including Puran Co., Kexiang Co., and Shengyi Technology, hit the daily limit of 20% increase [6][7] - The stock of Zhujiang Piano initially dropped to the limit down but then surged to hit the limit up, closing at 6.81 yuan per share [13][18] Coal Sector - The coal sector faced a notable decline, with companies like Antai Group and Yunmei Energy hitting the limit down, while others like Shaanxi Black Cat and Liaoning Energy also saw significant drops [10][11] Future Industry Outlook - The National Development and Reform Commission emphasized the importance of nurturing emerging industries, projecting that the "three new" economy will account for over 18% of GDP by 2024 [8][9] - Strategic emerging industries such as new energy, new materials, and aerospace are expected to create substantial market opportunities in the coming years [9]

【 导读 】 创业板指涨超2%，泛科技板块集体爆发，珠江钢琴走出"地天板" 中国基金报记者 晨曦 大家好！来一起关注上午的市场行情和最新资讯～ 10月24日上午，A股三大指数集体上涨，上证指数刷新近十年新高。截至午间收盘，上证指数涨0.42%，深证成指涨1.3%，创业板指涨 2.09%，科创50指数涨2.98%。 | @manal particle of the server of the state of the state of the state of the service of | | Mine | www | | --- | --- | --- | --- | | 3938.98 | 13195.25 | | 3126.05 | | 上证指数 +0.42% | 深证成指 +1.30% | | 创业板指 +2.09% | | 1442.98 ------ | 3034.95 400 - | 4636.93 **** | 1470.49 - | | 科创50 +2.98% | 上证50 +0.27% | 沪深300 +0.66% | 北证50 +1.04% | 全市场半日成交额达1.24万亿元，较上日 ...