会见中，吴庆文代表市委、市政府对客人的到访表示欢迎，对新加坡科研局给予苏州经济社会发展 的支持和帮助表示感谢。吴庆文说，新加坡科技研究局是新加坡汇聚顶尖科研资源、服务科研企业、促 进科技成果转化的重要机构，科研局所关注的先进制造、生物与大健康、数字经济、可持续发展等重点 领域与苏州的产业方向高度契合，双方合作空间广阔。今年是中新两国建交35周年，面向未来，苏州将 全面落实中新两国领导人达成的重要共识，进一步深化与科研局的资源对接和联合创新，组织引导更多 企业在新加坡布局，期待新加坡企业到苏州深耕发展，共享中国大市场机遇，携手取得更为丰硕的开放 创新合作成果。 新加坡科技研究局隶属于新加坡贸易及工业部，是新加坡主导科技研发和产业创新的政府法定机 构，致力于通过转化科学和创新技术来推动经济与民生发展。2019年，苏州工业园区与新加坡科技研究 局合作设立新科研企业合作中心，目前中心已累计协助37家新加坡科技企业进入园区。 市政府秘书长徐本，苏州工业园区负责同志参加会见。 昨天（10月20日），市委副书记、市长吴庆文会见了新加坡科技研究局总裁马健德一行。 马健德说，苏州是一座创新卓越、包容开放的城市，新加坡科研局对双 ...

Core Viewpoint - Changzhou, with over 3,200 years of history, has deeply ingrained the concept of "precision manufacturing" into its industrial and cultural fabric, showcasing its advanced manufacturing capabilities through various initiatives and projects [1][3][4]. Economic Performance - In 2024, Jiangsu Province achieved a GDP of 137,008 billion, ranking second nationally, with a GDP increment of 6,084 billion, the highest in the country [4][5]. - Changzhou's GDP reached 10,813.6 billion in 2024, surpassing Yantai and ranking 25th among cities nationwide, with a growth rate of 6.1%, the highest in southern Jiangsu [4][5]. Manufacturing Industry Strength - Changzhou is recognized as an "Industrial Manufacturing Star City," contributing significantly to the economic growth of Jiangsu Province and the Yangtze River Delta region [3][4]. - The city has a robust manufacturing sector, with 11,000 manufacturing entities, and has seen a 6% year-on-year increase in new manufacturing businesses in the first half of the year [7][8]. Industry Diversification - Changzhou's manufacturing landscape includes over 40 industrial clusters, particularly in new energy and robotics, with significant contributions to the province's electric vehicle production [6][8]. - The city has a comprehensive industrial system, covering 33 of the 41 national industrial categories, with a manufacturing value-added ratio of approximately 40.8% [6][8]. Investment and Innovation - Changzhou has attracted significant investments from major companies like CATL and Ideal Auto, leveraging its established industrial clusters and talent pool [11][14]. - The local government has initiated various funds and strategic partnerships to support innovation and the growth of manufacturing enterprises, with a focus on digital transformation and smart manufacturing [17][18][20]. Future Development Plans - In September 2024, Changzhou released a plan to cultivate future industries, targeting a total output value exceeding 400 billion by 2030, with specific focus areas including artificial intelligence, new energy storage, and compound semiconductors [22][24]. - The city aims to enhance its manufacturing sector's high-end and intelligent development through substantial financial investments and infrastructure improvements, including the establishment of a "Changzhou Computing Center" [24][25].

今日三大指数集体反弹，创业板指涨幅领先，市场风格继续轮动，算力等科技题材反弹，银行等红利资 产调整。今日市场继续缩量，全天成交仅1.7万亿，两市上涨个股超4000只。 市场分析认为，三大利好消息提振市场： 1、重磅经济数据出炉。我国前三季度GDP同比增长5.2%，国家统计局表示，前三季度经济运行稳中有 进，高质量发展取得积极成效。 2、贸易紧张局势缓和。中美经贸牵头人举行视频通话，双方同意尽快举行新一轮磋商，此外，特朗普 在最新采访中继续释放缓和信号。 3、科技股迎密集利好。兴业证券研报称，海外大客户近期上修2026年1.6T光模块采购计划；10月份以 来国内高校芯片领域科研成果井喷；瑞银将中国科技股评级上调至"最具吸引力"。 盘面上，科技股大幅反弹，其中，CPO等算力硬件领涨，剑桥科技等多股涨停，"易中天"股价大幅拉 升；半导体一度冲高，三孚股份4连板；机器人板块再度走强，大洋电机等涨停；此外，消费电子、脑 机接口、量子科技等方向均有所表现。其他热点方面，冰雪产业概念午后走强，长白山、大连圣亚涨 停；海南自贸概念继续活跃，海汽集团涨停；固态电池概念拉升，海科新源20%涨停。下跌方面，贵金 属等有色金属板块走 ...

Report Summary 1. Report Industry Investment Rating No information provided in the content. 2. Core Viewpoints of the Report - The recent volume contraction in the A-share market is a result of technical corrections in over - rising sectors, cautious market sentiment due to Sino - US relations and external uncertainties, and a slowdown in incremental funds. However, it is not a trend reversal. Policy and fundamental factors are expected to boost market confidence, and trading volume may gradually recover [7][8][10]. - It is recommended to continue focusing on two main investment lines: the non - ferrous metals sector and leading stocks in science and technology growth sectors such as semiconductors and artificial intelligence [10]. 3. Summary by Relevant Catalogs Market Review - **Market Performance**: Most major A - share indices rose last week, with the Shanghai 50 having the largest increase (weekly return of - 0.24%). Among major industries, the financial and energy indices performed relatively well (weekly returns of 1.91% and 1.63% respectively), while the information technology and telecommunications service indices performed poorly (weekly returns of - 6.70% and - 4.79% respectively). Among the 30 Shenwan primary industries, 4 industries rose, with banks, coal, and food and beverage having larger increases of 4.89%, 4.17%, and 0.86% respectively; electronics, media, and automobiles had larger declines of 7.14%, 6.27%, and 5.99% respectively [11][16][18]. - **Trading Heat**: The average daily trading volume of the Wind All - A Index last week was 2192.852 billion yuan (previous value: 2602.982 billion yuan), at a relatively high historical level (93.40% of the three - year historical quantile) [21]. - **Valuation Tracking**: As of October 17, 2025, the valuation (PE_TTM) of the Wind All - A Index was 21.96, a decrease of - 0.51 from the previous week, at the 89.20% quantile of the past 5 - year history. Among the 30 Shenwan primary industries, 4 industries saw valuation (PE_TTM) recoveries [26]. Market Observation - **Analysis of Volume Contraction Adjustment**: Last week, the trading volume of major A - share indices declined comprehensively, especially in small - cap and ChiNext and STAR Market sectors. The decline in trading volume was mainly due to technical corrections in over - rising sectors, cautious market sentiment caused by Sino - US relations and external uncertainties, and a slowdown in incremental funds, including cautious northbound funds, cooling margin trading, and increased shareholder reduction pressure [7]. - **Positive Factors**: The upcoming Fourth Plenary Session of the 20th Central Committee may bring continuous policy support in areas such as artificial intelligence and advanced manufacturing. As the third - quarter earnings reports are intensively disclosed, corporate profit situations are becoming clearer, with 82.54% of the 126 companies that have released earnings forecasts reporting positive news. These factors may attract off - market funds to re - enter the market and increase trading volume [8]. - **Investment Recommendations**: Despite the volume contraction adjustment last week, it is not a trend reversal. It is recommended to focus on the non - ferrous metals sector and leading stocks in science and technology growth sectors such as semiconductors and artificial intelligence [10]. Economic Calendar - **Domestic Economic Data**: Key domestic economic data to be released this week include China's unemployment rate, year - on - year growth rate of total retail sales of consumer goods, year - on - year growth rate of quarterly GDP, 1 - year loan prime rate (LPR), and cumulative year - on - year growth rate of urban fixed - asset investment [28]. - **Domestic Important Events**: The National Bureau of Statistics of China will hold a press conference on the economic operation situation [28]. - **Overseas Economic Data**: Overseas economic data to be released include the year - on - year growth rate of US industrial output, unadjusted year - on - year CPI in the US, and Markit composite PMI [28]. - **Overseas Important Events**: Michael Barr, the Vice Chairman of the Federal Reserve for Financial Supervision, will give a speech [28].

第138届广交会分三期在广州举办，第一期以"先进制造"为主题，展览总面积52万平方米，展位数量超 2.5万个，参展企业约1.2万家，拥有国家级高新技术企业、制造业单项冠军、专精特新"小巨人"等称号 优质特色企业超5500家，比上届增加400家，占本届广交会优质特色企业总数的55%。 北京商报讯(记者张绪旺)第138届广交会第一期于10月19日闭幕，据承办方中国对外贸易中心统计，境 外采购商累计线下参会约15.79万人，来自全球222个国家和地区，环比增长6.3%。 ...

10月20日，A股、港股全线反攻，A股市场逾4200股飘红，半日成交额1.16万亿，较上个交易日缩量165 亿。截至午间收盘，沪指涨0.69%，深成指涨1.38%，创业板指涨2.49%。港股方面，恒生指数涨逾 2%，恒生科技指数一度大涨近4%。 市场分析认为，三大利好消息提振市场： 3、科技股迎密集利好。兴业证券研报称，海外大客户近期上修2026年1.6T光模块采购计划；10月份以 来国内高校芯片领域科研成果井喷；瑞银将中国科技股评级上调至"最具吸引力"。 盘面上，科技股大幅反弹，其中，CPO等算力硬件领涨，剑桥科技等多股涨停，"易中天"股价大幅拉 升；半导体板块走高，存储芯片方向领涨，三孚股份4连板；机器人板块再度走强，大洋电机等涨停； 此外，消费电子、脑机接口、量子科技等方向均有所表现。其他热点方面，海南自贸概念延续上周强 势，海汽集团涨停；煤炭股继续活跃，大有能源7天6板；固态电池概念拉升，海科新源20%涨停；商业 航天、卫星导航板块冲高，星网宇达涨停。下跌方面，贵金属板块走弱，湖南白银跌停，中药、银行等 板块飘绿。 展望后市，中泰证券认为，政策面、基本面多重因素交织，有望提振资金信心，建议继续关注有色 ...

展望后市，中泰证券认为，政策面、基本面多重因素交织，有望提振资金信心，建议继续关注有色金属 与科技成长两大主线。 热门板块 1、煤炭板块延续强势 10月20日，A股早盘震荡反弹，截至9:31，沪指涨0.65%，深成指涨1.38%，创业板指上涨2.23%。 盘面上，煤炭板块延续上周强势，大有能源7天6板；CPO等算力硬件股反弹，中际旭创涨超6%；卫星 导航板块拉升，天奥电子、星网宇达双双涨停。下跌方面，贵金属、银行、工业金属等板块飘绿。 1、兴业证券：以我为主，布局内部的确定性 兴业证券认为，往后看，海外扰动影响最大的时刻或正在过去，后续美联储议息会议、APEC峰会也将 提供顺风环境。而国内也即将进入党的二十届四中全会、三季报景气验证等积极因素密集催化的阶段， 市场对于景气主线的共识也有望再一次凝聚。后续应对思路仍是以我为主，布局内部的确定性。景气和 产业趋势仍是核心。当前重视军工、国产算力产业链为代表的自主可控、"十五五"规划受益品种，以及 创新药、北美算力链、游戏、电池等三季报景气品种。 2、中泰证券：政策面、基本面多重因素交织，有望提振资金信心 中泰证券认为，政策面，二十届四中全会将于10月20日至23日 ...

Group 1 - The 138th Canton Fair's first phase concluded on the 19th, with approximately 157,900 overseas buyers attending, representing a 6.3% increase from the previous event [2] - The first phase focused on "advanced manufacturing," covering an exhibition area of 520,000 square meters with over 25,000 booths and around 12,000 participating companies [2] - Key exhibition sectors included electronic appliances, industrial manufacturing, lighting and electrical, hardware tools, and vehicles, with "smart living" and "service robots" being popular areas [2] Group 2 - The second phase of the Canton Fair is scheduled from October 23 to 27, showcasing household goods, gifts and decorations, building materials, and furniture [2] - The third phase will take place from October 31 to November 4, focusing on toys and products for infants and children, home textiles, and stationery [2]

近日，第三届国防邮电产业复合材料职工职业技能竞赛决赛在沈阳举行。赛事由中国国防邮电工 会、国家国防科技工业局直属机关工会、中国航空工业集团共同主办，航空工业沈飞集团承办，已成为 国内国防邮电领域复合材料技能人才展示技艺、交流提升的重要平台。 复合材料作为现代航空器与高端装备的关键材料，其制造与检测水平直接体现国家先进制造能力。 本届竞赛不仅是对选手个人技能的检验，也是对行业整体技能水平的一次集中检阅。比赛吸引全国8家 中央企业集团及12个省级产业的55名顶尖技能人才同台竞技。比赛现场，复合材料铺叠成型、装配钳 工、无损检测三大实操赛项同步展开。赛事设计紧密对接生产一线，操作技能考核权重高达70%，重点 检验选手在实际场景中解决复杂工艺难题的能力与心理素质。 ...

Core Viewpoint - The A-share market has experienced a pullback due to declining risk appetite, increased uncertainty in US-China relations, and a general market sentiment decline, with major indices showing a downward trend [4][5]. Market Performance - The A-share market saw a significant decline this week, with the STAR Market 50 index dropping the most at 6.2%, while the Shanghai 50 index fell the least at 0.2%. The overall valuation of the market is at a historically high level since 2010 [4]. - Market styles have diverged, with value stocks performing better. Large-cap value stocks increased by 2.1%, while mid-cap growth stocks decreased by 5.8% [4]. Short-term Market Outlook - The A-share market has shown notable volatility, with the Shanghai Composite Index briefly surpassing 3900 points, a level not seen since August 2015, before falling back below that threshold [5]. - Increased market volatility is attributed to high valuations and rising uncertainties in US-China relations, with the VIX index also showing a significant increase [5]. - Historically, pullbacks during bull markets are common, typically occurring after 60-80 trading days into a bull market, with a usual retracement of 6-7% before resuming upward movement [5][6]. Current Market Phase - The market is likely still in a bull phase, although it may enter a wide-ranging fluctuation stage in the short term. The maximum drawdown observed so far is 4.01%, which is within historical norms [6]. Sector Focus - In the short term, the focus should be on defensive and consumer sectors, as historically, these sectors perform better during market fluctuations. High-dividend stocks and consumer sectors such as food and beverage, social services, and beauty care are expected to benefit from increased domestic demand [7][8]. - In the medium term, attention should be directed towards TMT (Technology, Media, and Telecommunications) and advanced manufacturing sectors, which may gain traction due to liquidity-driven trends and ongoing developments in AI [8].