11月14日召开的国务院常务会议提出，要把"两重"建设放在"十五五"全局中谋划和推进，牢牢把握战略 性、前瞻性、全局性要求，强化部门协同，注重软硬结合，推动国家重大战略深入实施、重点领域安全 能力稳步提升。 "两重"是指国家重大战略实施和重点领域安全能力建设。业内人士普遍认为，银行业应立足金融主业， 从产品创新、协同机制等方面精准发力，以金融活水为"两重"建设注入持续动力。 创新金融供给 赋能新质生产力发展 近年来，为更好地支持"两重"建设，银行业突破传统信贷模式局限，推出适配"两重"项目技术研发、成 果转化的专项金融产品体系。 面向重大战略领域科技创新项目，银行业持续迭代金融产品体系、创新服务模式，为关键技术攻关与产 业升级注入精准金融动能。例如，中国银行武汉江岸支行紧扣"两重"建设导向，聚焦创新要素与无形资 产价值转化，创新知识产权质押融资模式，为国家级高新技术企业武汉市哈斯特斯科技有限责任公司提 供150万元专利质押贷款，无需固定资产抵押，以优惠利率满足其新能源汽车充电系统、电池管理系统 的研发资金需求。 工商银行浙江台州分行则聚焦高端装备制造这一重大战略领域，为当地某突破数控机床"卡脖子"技术的 头部 ...

"两重"建设承载着国家重大战略、重大工程的硬核需求，更关乎亿万民众的民生福祉。近日，国务院常 务会议明确提出"引导更多民间资本参与，放大'两重'建设效应"，此举有望为民间投资开拓更为广阔的 发展空间，也将为"两重"建设注入更多的市场活水。 引导民间资本参与"两重"建设，并非简单的资金引进，而是一场多方共赢的"双向奔赴"。客观上 看，"两重"建设资金需求巨大，单靠政府投资难以完全覆盖。今年，国家已安排8000亿元支持1459 个"两重"项目，即便如此，仍需要更多社会资本协同发力。 与此同时，民间资本自身也蕴含着巨大的投资需求。从当前投资数据看，扣除房地产开发投资的拖累， 民间投资仍保持了较快的同比增长，显示出民间资本也在寻找新的投资机会。以超长期特别国债撬动的 部分项目为例，若能引入民间资本参与运营，既能减轻财政压力，又能通过市场化手段提升资金利用效 率。此外，一些地区和部门通过向民间资本公开推介优质项目，有效引导闲置的民间资金不断投向国家 最急需、最能产生长远效益的领域，实现"四两拨千斤"的效果。 引导民间资本参与"两重"建设，能有效提升项目的运营效率和市场适应性。民营企业通常具有机制更灵 活、对市场变化反应 ...

Core Viewpoint - The participation of private capital in the "two重" construction is expected to support stable economic growth and promote the cultivation of new productive forces through the transmission effect of the industrial chain [1][4]. Group 1: Government Initiatives - The State Council has proposed to guide more private capital participation in "two重" construction, which is anticipated to expand development space for private investment and inject more market vitality into the projects [1]. - The government has allocated 800 billion yuan to support 1,459 "two重" projects, indicating a significant funding requirement that cannot be fully covered by government investment alone [1]. Group 2: Private Capital Dynamics - Private capital is showing strong investment demand, with a notable year-on-year growth in private investment, excluding the drag from real estate development [2]. - The introduction of private capital in projects, such as those funded by long-term special government bonds, can alleviate fiscal pressure and enhance capital utilization efficiency through market-oriented methods [2]. Group 3: Sectoral Focus and Economic Impact - Private investment is currently flowing into sectors like accommodation, catering, infrastructure, and cultural sports, which are directly related to expanding domestic demand and enhancing industrial capacity [3]. - The participation of private capital in "two重" construction is crucial for optimizing investment structure and fostering new economic growth drivers, particularly in emerging industries like big data and green materials [3]. Group 4: Regulatory and Environmental Support - The implementation of the Private Economy Promotion Law provides a legislative basis for supporting private enterprises' involvement in national strategic projects, enhancing their confidence to invest [3]. - The government is accelerating the introduction of attractive major projects in key areas such as railways and nuclear power, exploring innovative financing channels like PPP models and infrastructure REITs to offer diverse exit paths for private capital [3].

Core Insights - The "Two Heavy" construction is positioned as a crucial initiative for high-quality development during the "14th Five-Year Plan" period, focusing on strategic, forward-looking, and holistic requirements [3][4][5] - The initiative aims to enhance national strategic capabilities and address internal development imbalances, thereby reinforcing China's long-term economic growth [3][6] Group 1: Strategic Importance - The "Two Heavy" construction is seen as a key measure to solidify development foundations and seize competitive advantages during critical periods [2] - It is expected to play a central role in supporting China's modernization efforts and responding to complex international challenges [3][6] Group 2: Soft and Hard Integration - The initiative emphasizes the integration of "hard investments" in physical projects with "soft constructions" involving institutional reforms, creating a synergistic effect [5][6] - Key projects include major infrastructure developments such as high-speed railways and agricultural advancements, which are essential for strategic implementation [6] Group 3: Funding Mechanisms - The "Two Heavy" construction requires substantial financial support beyond central government funding, necessitating the involvement of private capital and financial institutions [7][8] - Strategies include issuing long-term special government bonds and leveraging policy-based financial tools to attract diverse funding sources [7][8]

Investment Rating - The report maintains an "Outperform" rating for the construction materials industry, indicating a positive outlook compared to the broader market [3][51]. Core Insights - The construction materials sector has shown resilience with a 1.50% increase last week, outperforming the CSI 300 index by 2.6 percentage points. Year-to-date, the sector has risen 17.3%, slightly underperforming the CSI 300 index by approximately 0.4 percentage points [6][14]. - Infrastructure investment in the first ten months of 2025 has decreased by 0.1% year-on-year, but there is optimism regarding the acceleration of strategic key projects, particularly in cement, explosives, pipes, and waterproof materials [6][26]. - The report highlights a shift towards consumption upgrades, which is expected to enhance the competitive landscape in the consumer building materials segment, leading to increased market share for leading companies [6][26]. Summary by Sections Market Overview - The construction materials sector has experienced a 1.50% increase last week, with cement, glass, and renovation materials showing varied performance [6][14]. - Cement prices have seen a slight increase, with the national average price at 358 RMB/ton, reflecting a week-on-week increase of 1.1 RMB/ton [20][30]. Infrastructure Investment - National fixed asset investment reached 408914 billion RMB in the first ten months of 2025, down 1.7% year-on-year, with infrastructure investment showing a minor decline of 0.1% [6][24]. - Key sectors such as pipeline transportation, water transportation, and railway transportation have shown growth rates of 13.8%, 9.4%, and 3.0% respectively, indicating relative strength in these areas [6][24]. Cement Market Dynamics - The national cement shipment rate was approximately 46% as of November 14, 2025, with a week-on-week increase of 0.3 percentage points [20][30]. - The report notes that the overall demand for cement is expected to stabilize, with prices likely to experience fluctuations as companies aim to enhance profitability [31][30]. Glass and Fiberglass Market - The average price of float glass has decreased to 1195 RMB/ton, with a week-on-week decline of 2 RMB/ton, while inventory levels have also decreased [39][40]. - Fiberglass prices remained stable, with the average price of non-alkali fiberglass yarn in East China at 3475 RMB/ton [43][44]. Cost Trends - The report indicates that most raw material prices have decreased year-on-year, which is expected to positively impact corporate profitability in the second half of 2025 [45][47].

投资咨询业务资格：证监许可【2011】1778 号 期货研究报告 资讯早班车-2025-11-19 一、 宏观数据速览 | 发布日期 | 指标日期 | 指标名称 | 单位 | 当期值 | 上期值 | 去年同期值 | | --- | --- | --- | --- | --- | --- | --- | | 20251020 | 2025/09 | GDP:不变价:当季同比 | % | 4.80 | 5.20 | 4.60 | | 20251031 | 2025/10 | 制造业 PMI | % | 49.00 | 49.80 | 50.10 | | 20251031 | 2025/10 | 非制造业 PMI:商务活 动 | % | 50.10 | 50.00 | 50.20 | | 20251113 | 2025/10 | 社会融资规模增量:当 | 亿元 | 8161.00 | 35299.00 | 14120.00 | | | | 月值 | | | | | | 20251113 | 2025/10 | M0(流通中的现金):同 比 | % | 10.60 | 11.50 | 12.80 | | 202511 ...

Group 1 - Public funds are adjusting the risk levels of their products to better match investor suitability following the draft of the "Publicly Raised Securities Investment Fund Investor Suitability Management Guidelines" [1] - Over 90% of public funds have achieved net value growth this year, with 39 products exceeding 100% growth, particularly in the equity mixed fund category [1] - The A-share market's increased risk appetite has led to significant inflows into growth sectors, benefiting actively managed funds through sector rotation and stock selection [1] Group 2 - Several public institutions have warned about the premium risk associated with cross-border ETFs, particularly those tracking foreign indices amid a market correction [2] - The recent adjustments in deposit product structures by small and medium-sized banks indicate a trend away from long-term fixed deposits due to narrowing net interest margins [2] Group 3 - The international gold price has shown volatility, dropping below $4,000 per ounce after reaching a peak of $4,245.22, influenced by changing market sentiments and economic data uncertainties [3] - The "Two Heavy" construction projects are expected to boost infrastructure investment growth as they are prioritized in national strategic planning [4] Group 4 - The market for electrolyte additives is experiencing a recovery, with prices for key products like vinylene carbonate and fluoroethylene carbonate rising due to increased demand from energy storage and power batteries [4] - China's lithium battery shipments are projected to triple over the next decade, driven by strong demand in the power battery and energy storage markets [4] Group 5 - Executives from various local banks have been actively buying shares in their own institutions, indicating confidence in their companies' prospects [5] - DJI has held closed-door meetings with multiple investment institutions but has stated there are no current plans for financing or an IPO [8] Group 6 - The latest financial report from Yamafin Sports shows a 30% increase in revenue for Q3, with a significant 161% rise in net profit, particularly in the Greater China region [9] - China First Heavy Industries announced the arrest of its chairman for bribery, but the company's operations remain normal [9] - ST Lingda has been accepted for reorganization by the court, facing delisting risk while continuing to trade [9]

Core Viewpoint - The "Two Heavy" construction is positioned as a strategic tool for effective investment expansion, integrating national major strategy implementation with key area security capability enhancement, thereby supporting economic growth and innovation [1][2]. Group 1: Economic Impact - The "Two Heavy" construction is expected to have a significant economic driving effect, creating effective demand directly through major project investments and facilitating the coordinated development of upstream and downstream industries [2]. - The construction process will generate numerous job opportunities, while the operational phase will continue to produce economic benefits, achieving a balance between short-term growth and long-term efficiency [2]. Group 2: Funding Mechanism - Government investment plays a pivotal role in leveraging private capital, with a focus on optimizing project revenue models and risk-sharing mechanisms to attract substantial social capital [2][3]. - In 2025, 1.3 trillion yuan of ultra-long-term special bonds have been allocated, with 800 billion yuan specifically supporting "Two Heavy" construction projects, covering over 1,400 major projects [2]. Group 3: Financing System - Future "Two Heavy" construction will aim to establish a more diversified financing system, effectively leveraging ultra-long-term credit and policy finance to encourage private sector participation [3]. - A balanced relationship between government and market collaboration is essential, ensuring reasonable returns for social capital while safeguarding public interests [3]. Group 4: Innovation and Technology - The "Two Heavy" construction will serve as a vehicle for industrial upgrading, promoting technological innovation and encouraging research and development investments [3][4]. - Establishing a platform for integrating production, education, and research will facilitate joint efforts to tackle technical challenges and enhance overall industry technology levels [4].

Group 1 - The "Two Heavy" construction projects are set to boost infrastructure investment growth, as they are positioned as key drivers for effective investment and new productivity cultivation [1] - The State Council emphasizes the strategic, forward-looking, and holistic requirements for the "Two Heavy" projects, aiming for enhanced collaboration among departments and a combination of soft and hard measures [1] Group 2 - Insurance capital is increasingly entering the real estate sector, with recent examples of significant property acquisitions, indicating a trend towards stable cash flow investments that align with insurance asset allocation needs [2] - The low correlation of real estate with stocks and bonds helps insurance companies optimize their investment portfolios [2] Group 3 - The offshore RMB bond market, known as "dim sum bonds," is experiencing significant growth, with issuance nearing 1 trillion yuan this year, driven by demand from major tech companies like Tencent and Alibaba [3] - The expansion of the dim sum bond market is supported by policy benefits, market demand, and improved asset quality, playing a crucial role in supporting the real economy and promoting RMB internationalization [3] Group 4 - Foreign investment institutions are increasing their allocations to Chinese assets, particularly in the tech sector, as evidenced by significant purchases of the China Overseas Internet ETF by major financial firms [4] - The perceived value of Chinese assets, especially in technology, is rising among investment institutions [4] Group 5 - The Chinese lithium battery market is projected to triple its shipment volume over the next decade, driven by growing demand in the power battery and energy storage markets [6] - The solid-state battery sector is expected to see significant capacity expansion between 2027 and 2030, marking a critical phase for the industry [6] Group 6 - A surge in AI application stocks has been observed, particularly among companies like Alibaba, following major investments from prominent firms like Berkshire Hathaway in tech giants [9] - The AI sector's rapid growth is contributing to a notable increase in stock prices for related companies [9] Group 7 - Several A-share listed companies are entering the robotics sector through various strategies, indicating a shift towards large-scale development in the industry [11] - The domestic robotics industry is moving from technology validation to a critical phase of large-scale development, supported by advancements in core components and favorable policies [11] Group 8 - The "Specialized, Refined, Unique, and Innovative" board has gathered 15,600 enterprises over three years, indicating a robust growth in specialized small and medium enterprises [12] - The board has successfully served a significant number of "little giant" enterprises, showcasing its impact on fostering innovation [12] Group 9 - The recent government initiative to promote scene cultivation and large-scale application is expected to reshape the technology, industry, and capital ecosystems, driving economic transformation [13] - The focus on new scenes is seen as a strategic pivot for future competition and innovation potential [13]

一方面，"两重"建设成为稳增长与促创新深度融合的交汇点，展现出精准施策的鲜明特征。通过系统布 局重大项目和精准引导有效投资，有望在优化经济结构、增强发展韧性、推动高质量发展方面发挥关键 作用，为中国式现代化建设筑牢坚实基础。 未来"两重"建设在用好国债资金的基础上，将着力构建更加多元化的投融资体系。通过精准把握项目建 设进度与资金拨付节奏，强化项目与资金的匹配度，有效撬动超长期信贷、政策性金融等配套资金，积 极引导民间资本参与项目建设。这将显著放大"两重"建设的投资乘数效应，为民营企业创造更广阔的市 场空间。这也是深化"放管服"改革、优化营商环境的重要实践，有效激发市场主体活力，形成政府与市 场协同发力、互促共进的良性发展格局。 在"两重"建设实施过程中，需要构建科学系统的推进机制，重点把握两个维度的平衡关系。一是政府与 市场的协同共生。项目融资上实现政府资金与社会资本的优势互补，同时明确政府与市场的权责边界， 既保障社会资本的合理收益，又确保公共利益的实现。二是短期效益与长期价值的统筹兼顾。要注重项 目建设与区域发展规划的衔接，建立全生命周期成本效益评估体系，避免片面追求短期效益而牺牲长期 价值。 近日召开 ...