Macro Economic Overview - China's economy is experiencing a comprehensive slowdown in October, but is expected to achieve an annual growth target of 5%. Real estate prices are declining rapidly, and retail sales growth has dropped to a one-year low due to the phasing out of old-for-new subsidy policies [5][6] - Fixed asset investment has seen a significant decline, the second largest since February 2020, with fiscal expansion slowing down and anti-involution measures suppressing infrastructure and manufacturing investments. However, due to a strong economic growth rate in the first half of the year, a GDP growth rate of only 4.5% is needed in the fourth quarter to meet the annual target [5][6] Industry Insights - The Chinese life sciences upstream industry is benefiting from several positive trends, including increased R&D spending by downstream pharmaceutical companies, a recovery in financing for innovative drugs, and a continued surge in the export of Chinese innovative drugs. Domestic companies are narrowing the technological gap with international giants through sustained investment [6][7] - The domestic upstream industry is expected to see considerable growth driven by domestic substitution, with companies like Nanwei Technology, Novozymes, and Aopumai being highlighted as key players [6][7] - The domestic pharmaceutical industry has maintained growth momentum in R&D demand, with significant increases in financing for innovative drugs, which surged by 443.6% year-on-year in Q3 2025 [6][7] Company Analysis - Baidu is focusing on accelerating AI application deployment, having launched the Wenxin large model 5.0 and new Kunlun chips. The company aims to enhance its core products and expand its global services, with a target price set at $148.40, maintaining a "Buy" rating [8]

战斗力是一支军队兴衰成败的最终决定力量，不仅影响武装力量的作战方式和实际效能，更维系着一个 国家和一个民族的生存安全和长治久安。先进战斗力，是习主席深刻论述"新质战斗力"这个原创性概念 标识性概念之后，我们党提出的关于战斗力建设的最新观点。2019年1月，习主席在中央军委军事工作 会议上指出："要加强新型作战力量建设，增加新质战斗力比重。"此后，习主席多次论述这一重要问 题，强调"打造强大战略威慑力量体系，增加新域新质作战力量比重""推动新质战斗力加速提升"等。正 是在新时代我军新质战斗力形成发展的实践基础上，"先进战斗力"这个新思想新论断应运而生。先进战 斗力是更高级形态的战斗力，以新质战斗力为引领和支撑，强调新质战斗力的规模化、实战化、体系化 运用，注重理论创新、智能加持、体系升级、才智升维、武器装备升级，同时还包括对传统战斗力的升 级改造和创造性运用，是新质战斗力的形态进化和容量扩展、质量升级。 先进战斗力代表着军事变革、军事智能和军队作战方式的发展趋势，是战斗力的新增长点、未来战场的 制高点。党的二十届四中全会通过的《中共中央关于制定国民经济和社会发展第十五个五年规划的建 议》（以下简称《建议》），立 ...

Group 1 - The ChiNext Index has decreased by 0.86% as of November 17, 2025, with mixed performance among constituent stocks, where Tianhua New Energy led with a rise of 19.57% and Maiwei Co. fell by 7.78% [1] - The ChiNext ETF by Bosera has seen a recent price of 2.86 yuan, down 0.80%, while it has accumulated a 2.48% increase over the past month [1] - The retail price of the 1.6T optical module has surged from approximately $1200 at launch to over $2000, driven by increasing demand from leading overseas clients due to the ongoing rise in AI computing power [1] Group 2 - China has conducted 6G technology trials for four consecutive years, completing the first phase and establishing over 300 key technology reserves, with the global 6G market expected to reach $14.94 billion by 2030 [2] - 2025 is identified as a critical year for the initiation of 6G standard research, with a growing consensus in the industry regarding the future direction of 6G standards [2] - The communication industry is anticipated to experience a period of technological iteration and policy benefits in 2025, with new growth drivers emerging from AI, quantum communication, and low-altitude economy sectors [2] Group 3 - The latest scale of the ChiNext ETF by Bosera is 1.216 billion yuan, closely tracking the ChiNext Index, which consists of 100 stocks with high market capitalization and liquidity [3] - As of October 31, 2025, the top ten weighted stocks in the ChiNext Index account for 58.2% of the index, including companies like CATL and Mindray Medical [3]

11月13日，由京津冀三地企业联合会、企业家协会联合举办的京津冀产业链供应链创新发展峰会暨百强企业高质量发展大会在石家庄召开。会上发布了 2025京津冀企业200强榜单，河北66家企业入选。河北入围企业前三名是河钢集团有限公司、敬业集团有限公司、冀南钢铁集团有限公司，分别居2025京 津冀企业200强榜单第5位、6位、12位。 2025京津冀企业百强名单 | 序号 | 企业名称 | 所属地 | 序号 | 企业名称 | 所属地 | | --- | --- | --- | --- | --- | --- | | 159 | 三一重能股份有限公司 | 北京 | 180 | 北京顺丰速运有限公司 | 北京 | | 160 | 中煤化(天津)化工销售有限公司 | 天津 | 181 | 北京时尚控股有限责任公司 | 北京 | | 161 | 中国能源建设集团天津电力建设有限公司 | 天津 | 182 | 天津现代集团有限公司 | 天津 | | 162 | 天津市医药集团有限公司 | 天津 | 183 | 北京路通企业管理集团有限公司 | 北京 | | 163 | 天津拓径贸易有限公司 | 天津 | 184 | 唐山银行股 ...

| | | | | 申银万国期货研究所 唐广华（从业资格号：F3010997；交易咨询号：Z0011162） tanggh@sywgqh.com.cn 021-50586292 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | TS2512 | TS2603 | TF2512 | TF2603 | T2512 | T2603 | TL2512 | TL2603 | | | 昨日收盘价 | 102.454 | 102.398 | 105.875 | 105.870 | 108.415 | 108.185 | 116.16 | 115.93 | | | 前日收盘价 | 102.462 | 102.416 | 105.885 | 105.865 | 108.410 | 108.190 | 116.13 | 115.9 | | | 涨跌 | -0.008 | -0.018 | -0.010 | 0.005 | 0.005 | -0.005 | 0.030 | 0.030 | | | 涨跌幅 | -0.01% ...

中新网四川新闻11月15日电 (记者 王鹏)近日，由成都高新区科技创新局、四川大学电气工程学院主办 的成都高新区"金熊猫"人才沙龙系列活动——四川大学师生走进成都高新区企业活动举行。20余名来自 四川大学电气工程学院的师生先后走进西门子工业自动化产品(成都)有限公司、中自科技股份有限公 司，通过实地参访、专题交流等形式，深入了解智能制造与新材料产业的前沿动态。 活动首站来到西门子工业自动化产品(成都)有限公司。这家全球首批获世界经济论坛认证的"灯塔工 厂"，以集成化生产体系和智能化管理模式，向师生呈现了现代制造业的未来图景。该工厂融合研发、 制造和物流，通过高度协同的智能生态体系，实现从订单到交付的全链路数字化，展示了工业4.0理念 的本地化探索，让师生直观感受到科技赋能制造业的巨大潜力。 随后，师生一行前往环保催化领域的领军企业——中自科技股份有限公司。该企业与四川大学长期开展 产学研合作，在机动车尾气催化剂领域深耕20年，构建起"环境催化剂、储能及储能+、高性能复合材 料"三位一体的业务矩阵，形成多元发展格局。 展厅外的"零碳小屋"同样吸引目光。屋顶太阳能板可发电并将多余电量储存，实现屋内用电的绿色自 给 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The stock index futures market is in a slow - bull trend. Although the US technology stocks are adjusting, it is not a reversal. In China, the economic data in October weakened, but the policy expectation will turn positive before the Politburo meeting in December, and the slow - bull trend of the market will continue [8][9]. - For copper, short - term price increases are limited, but in the long term, it is advisable to buy on dips. The weakening of raw material supply tension, the increase in recycled copper supply, and the high domestic refined copper production are the current situations. However, long - term consumption has strong growth logic [10]. - In the pig market, the de - stocking drive is emerging, and the reverse - spread strategy has entered the right - hand side. The demand increment from slaughter pre - stocking is lower than expected, and there may be a social - end sell - off in the second half of the month, leading to a potential acceleration of the decline in spot prices [12]. - Regarding lithium carbonate, the shipment volume at the mine end is increasing, and there is a risk of a month - on - month weakening in demand, with limited upside potential. The demand in the energy storage sector remains strong, but there is a slight month - on - month decline, and the power demand will enter a seasonal off - season [14][15]. 3. Summaries by Related Catalogs 3.1 Stock Index Futures - The Shanghai Composite Index reached a ten - year high on Friday last week but declined in the late session. The adjustment of US technology stocks during the earnings season has dragged down the AI sector, and the market style has shifted to value sectors such as banks and consumption [8]. - Although the capital expenditure of US technology giants is large, it is still far from the level of the 2000 dot - com bubble. Some technology giants' earnings have exceeded expectations, and the overseas adjustment is not a reversal [9]. - In China, the economic data in October continued to weaken. Before the Politburo meeting in December, the market's policy expectations will turn positive, and the slow - bull trend of the market will continue [9]. 3.2 Copper - Macroscopically, the US government shutdown has ended, but the hawkish statements of Fed officials have weakened the expectation of interest rate cuts. In the long run, preventive interest rate cuts by the Fed may lead to a decline in the US dollar and support prices [10]. - Fundamentally, the logic of raw material supply tension is continuously weakening, the supply of recycled copper has increased marginally, and the processing fee for crude copper has started to rise. Domestic refined copper production remains high [10]. - The current demand has weakened, but the long - term logic is still strong. High copper prices have suppressed downstream demand and terminal consumption, but domestic active fiscal policies and the long - term demand from AI data centers and power grid upgrades will drive copper consumption [10]. 3.3 Pig - Since November, the market has been trading on the expectation of increased demand due to the temperature drop in the second half of the month, but the demand increment from slaughter pre - stocking is lower than expected, and the time for concentrated bacon - curing to boost demand is around the Winter Solstice [12]. - From the supply side, the group sales in the middle of the month have been poor for many consecutive days, the slaughter progress is slow, and a passive pressure - bar situation has formed. The weight of the存栏 has increased significantly due to the large - scale entry of secondary fattening in October [12]. - Although farmers have a sentiment of reluctant to sell, the price difference between fat and lean pigs has shown a reverse - seasonal weakening trend, and the loss from pressure - bar has increased. There may be a social - end sell - off in the second half of the month, and the spot price may accelerate its decline [12]. 3.4 Lithium Carbonate - On the demand side, the energy storage demand remains strong, but the winning bid data from October to November shows a slight month - on - month decline. The growth rate of new energy vehicle sales in October has slowed down, and December will enter a traditional seasonal off - season [14]. - On the supply side, since October 27, the shipment volume of Australian mines has been above the annual average for three consecutive weeks. Australian mining companies have increased supply by improving recycling efficiency, and this incremental supply is expected to be gradually released by the end of this year or in the first quarter of next year [15]. - In the short term, the de - stocking trend will continue, but with the increase in supply and the entry of power demand into the seasonal off - season, the upside space is expected to be limited [15].

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。当前，中国经济正在加快构建新发 展格局，扩大内需、提振消费成为高质量发展的关键支撑。白酒行业作为国内消费市场的重要组成部 分，正处于"政策调整、消费结构转型、存量竞争"叠加下的深度调整期。同时，2025年也是汾酒复兴迈 入第二阶段的承前启后之年，面对变化的市场格局，如何守住品质底线、激发品牌活力、实现稳健增 长，成为汾酒乃至全行业共同的课题。 为深入探究消费市场动态，探讨白酒行业如何应对复杂挑战、稳健穿越周期与实现高质量发展，山西汾 酒联合新华社品牌工作办公室、半月谈杂志社于11月14日在太原举办"汾酒第二阶段高质量发展战略研 讨会"。本次研讨会以"行稳致远，质领未来"为主题，汇聚政企学研多方智慧，致力于为汾酒找准政策 共振点、夯实战略执行力，为更好实现"全要素、高质量、又好又快扎根中国酒业第一方阵"的阶段目标 建言献策。 研讨会伊始，汾酒集团相关领导致辞表示，多年来，汾酒始终坚守"传承不守旧、创新不离宗"的企业理 念：向内深耕，筑牢清香品质底色；向外开放，秉持"开门办企"初心，积极借助"外脑"、倾听大家的真 知灼见，与各界同仁共探品牌升级、 ...

[Table_Reportdate] 2025年11月17日 [证券分析师： Table_Authors] 陶圣禹 S0630523100002 tsy@longone.com.cn 证券分析师： 刘思佳 S0630516080002 liusj@longone.com.cn 证券分析师： 王洋 S0630513040002 wangyang@longone.com.cn [晨会纪要 Table_NewTitle] 20251117 重点推荐 财经要闻 晨 会 纪 要 证券研究报告 HTTP://WWW.LONGONE.COM.CN 请务必仔细阅读正文后的所有说明和声明 [table_summary] ➢ 1.关注反内卷成效与科技赋能驱动——资产配置周报（2025/11/10-2025/11/14） ➢ 2.邮储银行（601658）：非息收入亮眼，资产质量稳定——公司简评报告 ➢ 3.消费相对稳健，投资压力抬升——国内观察：2025年10月经济数据 ➢ 4.新型政策性工具放量，存款季节性流出——银行业"量价质"跟踪（二十） ➢ 1.《求是》杂志发表习近平总书记重要文章《因地制宜发展新质生产力》 ➢ 2.国常会 ...

赵伟、屠强、贾东旭、侯倩楠 （赵伟系申万宏源证券首席经济学家、中国首席经济学家论坛理事） 摘要 2025：信心"走出谷底"，趋势"渐行渐近"。 跌宕之中，国内经济环境至少实现了三层变化。三层变化意义重大：转折一，"疤痕效应"的快速退潮，体现为居民端以人流和部分商品价格的筑底改善、 企业端以应收账款增速的快速回落为表征；转折二，中美博弈在经贸领域的攻守易势，表现为关税冲突对国内经济的影响弱化等；表征三，新阶段"供给 侧改革"框架的逐步成型，针对性更强。 宏微观"温差"，再成热议话题，需客观认识。宏微观"温差"是2022年之后的"常态"，也是外部环境复杂多变下中国经济转型的特有过程。2018年之后，国 内企业"内卷式"行为持续加剧，进而导致经济"循环"阻滞，表现为企业盈利与经济增速脱钩，居民就业与收入持续承压，地方债务压力下挤占企业现金 流，三者互相影响。 破局之策已在系统性加快推进，理性认识、拥抱机遇。"反内卷"与清账、大力发展服务业、地方化债等，即破局经济"循环"阻滞问题的妙手所在。企业 端，切实加强"反内卷"力度、恢复企业盈利能力，同时加快账款清理、恢复经营活力；居民端，大力发展服务业，提高全社会就业吸纳能 ...