Core Viewpoint - The conference aims to promote high-quality development in the grain and food industry through technological innovation, aligning with the national "14th Five-Year Plan" [1][3] Group 1: Conference Objectives and Structure - The conference includes special reports, thematic discussions, and on-site inspections to create a high-level, multi-dimensional communication platform [3] - Participants will explore collaborative development paths and efficient resource linkage to support the grain industry's high-quality development and the "14th Five-Year Plan" [3] Group 2: Achievements and Innovations in Binzhou - Binzhou has made significant progress in high-quality development of the grain and food industry by leveraging its resource endowments and fostering innovation [3] - The city has become a major national grain and food industry base, attracting numerous advanced grain and oil processing enterprises [3] - Binzhou hosts four national-level grain processing industry technology innovation centers, improving resource utilization efficiency and steadily advancing the value chain to mid-high end [3] Group 3: Brand and Circular Economy Development - Binzhou has successfully cultivated a number of products under the "China Good Grain and Oil" and "Qilu Grain and Oil" brands, with the "Grain and Oil Golden Triangle" public brand gaining recognition [3] - The city has established a closed-loop industrial chain from farm to table and an efficient resource recycling system, creating a replicable "Binzhou model" for smart growth in the grain industry [3]

0:00 / 2:13 行程万里，人民至上。习近平总书记始终同人民站在一起、想在一起、干在一起，让千家万户的美好愿 景在笃行中一步步实现。 策划：石锋 统筹：黄庆华 周年钧 制作：李丽洋 胡碧霞 新华社新媒体中心制作 新华社第一工作室出品 2025年是"十四五"规划收官之年，也是"十五五"规划谋篇布局之年。一年来，习近平总书记的足迹遍及 大江南北，在一次次考察调研、听取工作汇报中，为我国经济社会发展把脉定向、指路领航。 ...

Group 1 - The "2025 Financial Annual Conference" was successfully held in Beijing, focusing on the theme "Crossing Cycles, Resilient Growth," with over 200 representatives from listed companies discussing development paths for high-quality growth in the capital market [1] - The "Golden Intelligence Award" was announced, recognizing over 140 companies, including Haier Smart Home and Eastroc Beverage, as exemplars of high-quality development from more than 8,000 A-share, Hong Kong stock, and Chinese concept stock companies [1][14] Group 2 - Financial界's CFO emphasized the importance of listed companies as the backbone of the Chinese economy, stating that their development quality is crucial for the modernization of China [2] - The "14th Five-Year Plan" has laid a solid foundation for high-quality development, and the new phase presents significant opportunities for listed companies [4] - The "15th Five-Year Plan" proposes 61 recommendations across 15 areas, focusing on modern industrial systems and technological self-reliance, which will initiate a new stage of high-quality development [4] Group 3 - Three roundtable forums were held focusing on "Technology New Wave," "Consumer New Momentum," and "Pharmaceutical New Era," discussing challenges and opportunities for listed companies during the "15th Five-Year Plan" [6][9][11] - The "Technology New Wave" forum explored the impact of artificial intelligence on life and production, featuring insights from industry leaders [6] - The "Consumer New Momentum" forum discussed new trends in the consumer market and the potential of lower-tier markets for achieving high-quality growth [9] - The "Pharmaceutical New Era" forum addressed topics such as innovation, industry upgrades, and opportunities for capital empowerment in the pharmaceutical sector [11]

Group 1: Company Strategy and Development - The company aims to upgrade its ecological chain strategy during the "15th Five-Year Plan" period, focusing on internal core capabilities and external collaboration within the industry chain to enhance operational efficiency and core competitiveness [1][2] - The company is adapting to the new generation of consumer demands and lifestyle changes, promoting systematic transformation in strategic positioning, business layout, and operational models [2] Group 2: Targeting Young Consumers - The company is innovating products to meet the emotional and experiential needs of young consumers, focusing on low-alcohol products and new consumption scenarios [3] - New product lines include low-alcohol beverages and innovative items like craft beer and fruit wines, catering to the preferences of younger demographics [3] Group 3: Low-Alcohol Product Advantages - The company has established a strong technical foundation for low-alcohol products, ensuring quality and taste, which are critical for market differentiation [4] - The 38-degree product has gained recognition in key regions, reflecting consumer trust and market validation [4] Group 4: Pricing Strategy for Guojiao 1573 - The pricing strategy for Guojiao 1573 is based on maintaining long-term brand value and stability, avoiding short-term fluctuations in response to market changes [5] - The brand's pricing logic considers both value-conscious consumers and those seeking brand prestige, with a focus on enhancing service quality and consumer experience [5] Group 5: E-commerce Perspective - E-commerce is recognized as a vital channel for market connection, with ongoing development and regulatory challenges in the industry [6] - The company plans to explore compliant e-commerce models while promoting synergy between online and offline channels to support sustainable industry growth [6] Group 6: Industry Sales Outlook - The white liquor industry experienced fluctuations in sales, with a strong start in early 2025 followed by adjustments due to market conditions [7] - Despite short-term challenges, the industry is expected to return to a healthy growth trajectory by focusing on market stability and capturing new opportunities from consumer evolution [7]

Group 1 - The ChiNext Growth Index rose by 4.4%, the ChiNext Mid-Cap 200 Index increased by 4.2%, and the ChiNext Index gained 3.9%, achieving five consecutive days of gains [1][3] - China Galaxy Securities indicates that the A-share market is entering a critical window for cross-year layout as 2026 approaches, with expectations for a small rally around New Year's [1] - The year 2026 marks the beginning of the "14th Five-Year Plan," with anticipated policy benefits being released earlier, leading to structural opportunities concentrated in sectors aligned with policy direction and industry prosperity [1] Group 2 - The strategic emerging industries account for a significant portion, with the power equipment, communication, and electronics sectors collectively representing nearly 60% of the ChiNext Mid-Cap 200 Index [5] - The ChiNext Mid-Cap 200 Index consists of 200 stocks with medium market capitalization and good liquidity, reflecting the overall performance of representative companies in the ChiNext market, with over 40% of the index comprised of the information technology sector [5] - The ChiNext Growth Index is made up of 50 stocks that exhibit strong growth characteristics and good liquidity, with the power equipment, pharmaceutical, and communication sectors accounting for approximately 60% [5] Group 3 - As of December 26, 2025, the rolling price-to-earnings (P/E) ratios for the ChiNext Index, ChiNext Mid-Cap 200 Index, and ChiNext Growth Index are 41.2x, 105.0x, and 40.9x respectively [3][6] - The cumulative performance of the indices shows a year-to-date increase of 51.5% for the ChiNext Index, 29.1% for the ChiNext Mid-Cap 200 Index, and 72.4% for the ChiNext Growth Index [8] - The historical cumulative performance over the past year indicates a rise of 47.1% for the ChiNext Index, 23.6% for the ChiNext Mid-Cap 200 Index, and 66.1% for the ChiNext Growth Index [8]

证券代码：001391 证券简称：国货航 中国国际货运航空股份有限公司 投资者关系活动记录表 | 和资本运作效率，提升投资回报。 | | --- | | 问题二：公司新引进运力是否都是新货机，未来是 | | 否还有客机改装计划？ | | 答：2025 年度，国货航引进的波音 777 货机均为全 | | 新货机，A330 货机为客机改装货机。关于未来是否 | | 继续推进客机改装项目，公司将根据实际运营需 | | 求、市场环境及经济效益等因素，综合评估后审慎 | | 决策。 | | 问题三：国货航的航线拓展和价格管理情况如何？ | | 答：国货航通过强化生产组织快速响应客户需求， | | 共同把握市场趋势、创造商业价值。2025 年上半 | | 年，全货机方面，结合市场需求和公司运力引进计 | | 划，新开成都-迪拜、上海-河内、广州-格拉斯哥 | | 等 6 条航线，抢占新兴机会市场，同时加密上海始 | | 发到欧美干线的航班频次，巩固上海市场传统大客 | | 户合作。 | | 价格管理方面，深化包机与协议竞价系统应用，探 | | 索更具市场吸引力的竞价模式，进一步拓展销售渠 | | 道；推进运价管理规范化水 ...

12月8日，中共中央政治局召开会议，分析研究2026年经济工作。 会议总结分析今年经济工作，对明年经济工作作出一系列重要部署，必将进一步坚定 发展信心、凝聚发展共识，有效应对各种冲击挑战，巩固拓展经济稳中向好势头，为 实现"十五五"良好开局打牢基础。 今年经济社会发展主要目标将顺利实现 2025年是"十四五"规划收官之年，在中国式现代化进程中具有重要意义。 会议总结一年来经济工作，作出重要判断：以习近平同志为核心的党中央团结带领全 党全国各族人民迎难而上、奋力拼搏，统筹国内国际两个大局，实施更加积极有为的 宏观政策，经济社会发展主要目标将顺利实现。 "今年以来，面对外部压力加大和内部困难较多的复杂局面，党中央科学决策，各地区 各部门狠抓落实，前三季度我国国内生产总值同比增长5.2%，在全球主要经济体中保 持前列，继续展现强大韧性和活力。"国家发展改革委经济研究所副所长郭丽岩说。 会议指出，我国经济运行总体平稳、稳中有进，新质生产力稳步发展，改革开放迈出 新步伐，重点领域风险化解取得积极进展，民生保障更加有力，社会大局保持稳定。 "两个'更好统筹'的要求，准确把握明年发展环境的严峻复杂形势，尤其是准确把握国际 ...

12月26日，由金融界主办的"启航·2025金融年会"系列活动在北京成功举办。作为年会重磅环节之一，"启航·2025上市公司高质量发展年会"以"穿越周期，韧 性成长"为主题，来自监管部门、行业协会、金融机构等相关领导和重磅嘉宾，以及来自200余家上市公司的优秀企业代表齐聚一堂，共话发展路径，为资本 市场高质量发展赋能，为中国式现代化建设注入持久动能。 当日，2025第十四届金融界"金智奖"年度评选也同步揭晓。该奖项旨在引导上市公司聚焦主业、持续创新、践行社会责任，推动资本向优质企业集聚，海尔 智家、利亚德、金龙鱼、东鹏饮料等140余家企业从超8000家A股、港股和中概股企业中脱颖而出，成为高质量发展典范。 肖耿指出，十五五时期（2025-2030年）是承前启后的关键阶段，企业家面临的最大系统性风险与机会均源于公共政策与地缘政治变化，而全球政治家与各 国政府政策（包括中国五年规划）是主导这些变量的核心力量。企业家需通过理解政策制定规律、支持高质量政策研究，实现风险防范与趋势性机会捕捉。 他强调，十五五规划围绕现代化产业体系、科技自立自强、新质生产力、强大国内市场、高水平对外开放等15个领域提出61条建议，将开启 ...

1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - The PVC market rebounds due to macro - sentiment, with marginal improvement in supply - demand. The overall supply is still abundant, and the improvement in supply - demand is limited. Attention should be paid to subsequent device maintenance and macro - side policy dynamics. The caustic soda spot price is stable with a downward trend, showing regional differences. The supply - side starts to increase slightly, and the demand - side has mixed performance. Key factors to watch include liquid chlorine price fluctuations, device dynamics, and the implementation of macro anti - involution details [3] 3. Summary by Relevant Catalogs Market News and Important Data PVC - **Futures Price and Basis**: The closing price of the PVC main contract is 4,757 yuan/ton (- 24), the East China basis is - 277 yuan/ton (+ 24), and the South China basis is - 237 yuan/ton (+ 44) [1] - **Spot Price**: The East China calcium carbide - based PVC is quoted at 4,480 yuan/ton (+ 0), and the South China calcium carbide - based PVC is quoted at 4,520 yuan/ton (+ 20) [1] - **Upstream Production Profit**: The semi - coke price is 750 yuan/ton (+ 0), the calcium carbide price is 2,780 yuan/ton (+ 0), the calcium carbide profit is - 110 yuan/ton (+ 0), the gross profit of PVC calcium carbide - based production is - 986 yuan/ton (+ 116), the gross profit of PVC ethylene - based production is - 469 yuan/ton (+ 51), and the PVC export profit is - 11.7 US dollars/ton (- 5.7) [1] - **PVC Inventory and Start - up**: The in - plant PVC inventory is 32.9 million tons (- 1.6), the social PVC inventory is 51.1 million tons (- 0.7), the start - up rate of PVC calcium carbide - based production is 77.46% (+ 0.45%), the start - up rate of PVC ethylene - based production is 70.73% (- 3.33%), and the overall PVC start - up rate is 75.42% (- 0.70%) [1] - **Downstream Order Situation**: The pre - sales volume of production enterprises is 76.2 million tons (+ 11.4) [1] Caustic Soda - **Futures Price and Basis**: The closing price of the SH main contract is 2,233 yuan/ton (- 17), and the basis of 32% liquid caustic soda in Shandong is 1 yuan/ton (+ 1) [1] - **Spot Price**: The price of 32% liquid caustic soda in Shandong is 715 yuan/ton (- 5), and the price of 50% liquid caustic soda in Shandong is 1,140 yuan/ton (+ 0) [2] - **Upstream Production Profit**: The single - product profit of caustic soda in Shandong is 1,214 yuan/ton (- 16), the comprehensive profit of chlor - alkali in Shandong (0.8 tons of liquid chlorine) is 529.4 yuan/ton (- 55.6), the comprehensive profit of chlor - alkali in Shandong (1 ton of PVC) is - 222.58 yuan/ton (+ 4.38), and the comprehensive profit of chlor - alkali in the Northwest (1 ton of PVC) is 423.99 yuan/ton (+ 30.00) [2] - **Caustic Soda Inventory and Start - up**: The liquid caustic soda factory inventory is 44.22 million tons (- 2.25), the flake caustic soda factory inventory is 2.97 million tons (- 0.54), and the caustic soda start - up rate is 86.00% (+ 1.50%) [2] - **Caustic Soda Downstream Start - up**: The alumina start - up rate is 85.00% (- 1.11%), the printing and dyeing start - up rate in East China is 61.28% (- 0.78%), and the viscose staple fiber start - up rate is 87.03% (- 2.59%) [2] Market Analysis PVC - **Macro Factors**: The "15th Five - Year Plan" draft compilation meeting and the Ministry of Housing and Urban - Rural Development's emphasis on stabilizing the real estate market boost PVC demand expectations. The statements of the financial regulatory authorities and the State - owned Assets Supervision and Administration Commission strengthen the policy atmosphere [3] - **Supply - Demand Situation**: Supply decreases slightly due to new and continued device maintenance, but the supply side is still abundant. Downstream start - up decreases slightly, and the export orders remain resilient before the double festivals. Social inventory is slightly reduced but still at a high level year - on - year [3] - **Profit and Market Pressure**: The comprehensive chlor - alkali production profit of the upstream PVC has some recovery, but it is still at a low level year - on - year. The calcium carbide and semi - coke production are both in the red. The high - level warehouse receipts put pressure on the PVC futures price [3] Caustic Soda - **Price and Inventory**: The caustic soda spot price is stable with a downward trend, showing regional differences. Shandong's inventory pressure is partially relieved, while Jiangsu's caustic soda inventory accumulates [3] - **Supply - Demand Situation**: The supply - side start - up rate increases slightly, and the overall start - up is at a high level. The liquid chlorine price is positive but is expected to decline further, which may strengthen the cost support. The alumina plant's demand is relatively stable, while non - aluminum demand weakens [3] Strategy - **PVC**: The unilateral strategy is to oscillate, the inter - period strategy is to wait and see, and there is no cross - variety strategy [5] - **Caustic Soda**: The unilateral strategy is to oscillate, the inter - period strategy is to wait and see, and there is no cross - variety strategy [5]

南都讯记者杨文君近日，国家发展改革委主任郑栅洁在第十四届全国人民代表大会常务委员会第十九次 会议上作报告，汇报了国家发展改革委关于第十四届全国人民代表大会第三次会议代表建议、批评和意 见办理情况。 全国统一大市场建设的"四梁八柱"已经基本建立 郑栅洁在报告中提到:"以积极回应代表关切为落脚点，着力增强办理实效。" 经全国人大常委会委员长会议审议通过，交由国家发改委牵头办理"稳步推进全国统一大市场建设"重点 督办建议，包含10件具体建议。国家发改委将此作为办理工作的重中之重，以点带面引领提升整体办理 水平。 报告指出，在全国人大财经委指导下，在有关部门大力支持下，先后赴重庆、海南、江苏、广东等地方 开展实地调研，听取有关地方、企业和人大代表的意见建议，深入了解地方融入全国统一大市场建设、 招商引资、统一电力市场建设等有关情况。与有关代表在京座谈，认真研究办理其提出的"关于全面整 治'内卷式'竞争的建议"。 结合重点督办建议诉求和关切，组织实施全国统一大市场建设指引，制定妨碍建设全国统一大市场事项 清单，出台市场准入负面清单(2025年版)，开展招标投标领域突出问题系统整治，规范地方招商引资行 为。 报告提到，截 ...