分析师：邓淑斌 登记编码：S0730518030001 分析师：郑婷 登记编码：S0730524110001 分析师：徐至 登记编码：S0730525040001 相关报告 《坚定不移办好自己的事，着力抓好"四稳" ——4 月中央政治局会议关于经济工作部署》 2025-4-28 《后布雷顿森林体系下的全球资产价格走势 简析》2025-4-21 联系人：李智 投资要点： 风险提示：1、全球经济运行低增长大背景下，海外政策变动对国内经 济及 A 股市场运行带来挑战； 2、在预期"更加积极有为"的宏观政 策持续布局的前提下，增量政策推出力度不及预期，将影响到 A 股上 市公司盈利及投资者预期； 3、资本市场进一步深化改革中的阶段性政 策出台实施，对市场资金面、投资者预期可能产生一定冲击。 科创筑梦 数智引领 ——2026 年 A 股市场展望 证券研究报告 发布日期：2025 年 12 月 8 日 本报告版权属于中原证券研究所股份有限公司 www.ccnew.com 请阅读最后一页各项声明 第 1页/共 11页 《我国科创债市场发展及民营企业参与度分 析》2025-9-24 《"落实落细"政策，巩固经济与资本市场回 ...

12月4日，华厦眼科医院集团战略与学术研讨会在厦门盛大召开。中国工程院院士谢立信教授，中华医 学会眼科学分会名誉主委、华厦眼科医院集团战略与学术委员会主委葛坚教授，国际眼科科学院院士、 厦门眼科中心总院长黎晓新教授，国际眼科科学院院士、华厦眼科医院集团专家委员会主席赵堪兴教 授，中华医学会眼科学分会候任主委、华厦眼科医院集团科技创新委员会主席孙兴怀教授，国际眼科科 学院院士、华厦眼科医院集团学科建设委员会主委刘祖国教授，中华医学会眼科学分会副主委杨培增教 授、许迅教授，山东省眼科医院院长史伟云教授，全军眼科专业委员会主委叶剑教授，北京大学人民医 院眼科主任赵明威教授，中山大学中山眼科中心副主任梁凌毅教授，复旦大学附属眼耳鼻喉科医院眼科 研究院副院长赵晨教授，解放军总医院眼科医学部副主任王丽强教授，厦门大学医学院副院长李炜教 授，中华医学会中华眼科杂志黄翊彬教授，福建省医学会眼科学分会常务委员朱益华教授，上海交通大 学附属第一人民医院邵毅教授，华厦眼科医院集团王骞教授、吴国基教授、郭海科教授、王利华教授、 朱思泉教授、张明昌教授、吴护平教授、张广斌教授、潘美华教授、王玉宏教授、黄艳明教授等专家学 者出席会议。 ...

Core Insights - The company, State Grid Information Communication (国网信通), has achieved significant milestones in the digital transformation of the energy sector during the "14th Five-Year Plan" period, contributing to the "Digital China" strategy [1] - Key financial metrics such as net profit, market capitalization, and earnings per share have reached five-year highs, indicating a substantial improvement in operational efficiency [1] - The company has made notable advancements in digital infrastructure projects, including the successful testing of communication systems for major high-voltage direct current transmission projects [1] Financial Performance - In 2024, the company reported revenue of 7.315 billion yuan and a net profit attributable to shareholders of 683 million yuan [2] - For the first three quarters of 2025, revenue was 5.687 billion yuan with a net profit of 351 million yuan, maintaining a strong return on equity [2] - Research and development investment in the first half of 2025 was approximately 482 million yuan, with 61 patents granted, showcasing the company's commitment to innovation [2] Strategic Outlook - Looking ahead to the "15th Five-Year Plan," the company aims to become a leading domestic enterprise in energy digitalization and intelligence, focusing on new power system construction and high-quality corporate development [3] - The strategic focus will encompass six key business areas: digital infrastructure, power digital applications, enterprise digital applications, energy innovation services, big data, and cutting-edge technology innovation [3] - The company plans to drive growth through both industrial development and capital operations, seeking to expand new growth spaces and cultivate new competitive advantages [3]

近日，国家发展改革委党组书记、主任郑栅洁在《党建》杂志上刊发了《深入学习贯彻党的二十届四中 全会精神 以高质量发展新成效谱写中国式现代化新篇章》的署名文章。 ——做强国内大循环，畅通国内国际双循环。建设强大国内市场，加快构建新发展格局。坚持扩大内需 这个战略基点，大力提振消费，扩大有效投资，坚决破除阻碍全国统一大市场建设卡点堵点，促进国内 市场和国际市场高效联通，以国内大循环更好牵引国际循环。加快构建高水平社会主义市场经济体制， 增强高质量发展动力。更好发挥经济体制改革牵引作用，充分激发各类经营主体活力，加快完善要素市 场化配置体制机制，提升宏观经济治理效能。扩大高水平对外开放，开创合作共赢新局面。稳步扩大制 度型开放，维护多边贸易体制，以开放促改革促发展。积极扩大自主开放，推动贸易创新发展，拓展双 向投资合作空间，高质量共建"一带一路"。 ——在发展中保障和改善民生，提高人民生活品质。加大保障和改善民生力度，扎实推进全体人民共同 富裕。深入实施就业优先战略，完善收入分配制度，提高居民收入在国民收入分配中的比重，提高劳动 报酬在初次分配中的比重。同时，坚持尽力而为、量力而行，加强普惠性、基础性、兜底性民生建设 ...

重要的消息有哪些 1.上交所披露数据，2025年11月A股新开户238.14万户，比10月数据230.99万户增长3.1%，较去年11月开 户数269.84万户同比下降11.75%。综合来看，2025年前11个月已累计新开2484.02万户，同比增长 7.95%。 2.记者近期调研发现，工商银行、农业银行、中国银行、建设银行、交通银行、邮储银行六家国有大行 已全面停售5年期大额存单产品，部分股份制银行及城商行也紧随其后收缩长期存款业务。 3.国家发展改革委、国家数据局、教育部、科技部、中共中央组织部发布《关于加强数据要素学科专业 建设和数字人才队伍建设的意见》，其中指出，建设典型应用场景。推动数据领域科技创新与产业创新 深度融合，构建企业主导的产学研用协同创新体系，建设一批数字人才培养典型应用场景。强化企业在 应用场景构建、技术需求识别、成果落地实施等方面的主导作用，支持高校、研究机构、科技社团等深 入场景前沿，加快培养一批复合型、创新型、实战型数字人才。探索技术专利联合开发，推动各方共享 知识产权收益，加速技术市场化。鼓励地方利用算力券、模型券、数据券等方式，在算力、算法、数据 等方面提供便利和优惠。 梦天 ...

专题：2025分析师大会：资本市场"奥斯卡"！机构称A股迎全球资本涌入的大牛市 陈晓升表示，当前的增长环境已发生变化，对房地产、人口与全球贸易格局构成挑战。在此背景下，国 家通过顶层设计，在"十五五"规划中明确提出"中国式现代化要靠科技现代化作支撑"，旨在全面增强自 主创新能力，催生新质生产力。 陈晓升表示，当前的增长环境已发生变化，对房地产、人口与全球贸易格局构成挑战。在此背景下，国 家通过顶层设计，在"十五五"规划中明确提出"中国式现代化要靠科技现代化作支撑"，旨在全面增强自 主创新能力，催生新质生产力。 陈晓升进一步解读十五五规划中关于中国科技力量的增强路径，具体表现为五大体系化举措：一是加强 原始创新和关键核心技术攻关；二是推动科技创新和产业创新深度融合；三是强化企业科技创新主体地 位；四是一体推进教育、科技、人才协同发展；五是深入推进数字中国建设。 在实践层面，陈晓升观察到中国AI技术已进入全球第一集团军。除了DeepSeek，在国产AI芯片、高端 芯片设计、先进制程等"卡脖子"环节也持续发力，各类AI应用高速迭代，大型科技公司资本开支持续提 升，加之数字中国规划与第六代通信网络的推进，共同构成了中 ...

Core Insights - Huawei's Mate80 series smartphones have officially launched, creating a significant demand surge with long queues at stores, indicating a "hard-to-get" situation [1] - The Mate80 series and Mate X7 series are seen as milestones for the HarmonyOS ecosystem, marking a transition from ecosystem construction to mature user experience [1] - HarmonyOS has gathered over 300,000 applications and services, with an adaptation rate exceeding 95%, and over 27 million devices running HarmonyOS [1][3] Group 1: Product Launch and Market Response - The Mate80 series features multiple advancements, including an outdoor exploration mode and a self-developed security architecture, enhancing data protection [3] - The Mate X7, as a foldable flagship, further expands HarmonyOS's presence in the high-end market [3] - The rapid growth of HarmonyOS devices is evident, with over 100,000 new devices added daily, showcasing strong market vitality [3] Group 2: Ecosystem Development and Strategic Importance - HarmonyOS has evolved from a survival phase to a robust ecosystem, becoming a significant player in the global mobile operating system landscape [2][4] - The ecosystem's growth is attributed to collective efforts from various enterprises, contributing to a new growth engine for the digital economy [5] - The number of registered developers in the HarmonyOS ecosystem has surpassed 10 million, with a projected average salary increase of 43.1% for developers in 2024, indicating high market demand for HarmonyOS skills [5] Group 3: Economic Impact and Future Outlook - The expansion of the HarmonyOS ecosystem is expected to create a trillion-yuan market, with substantial orders and revenue growth for companies in software, semiconductors, and IoT sectors [5] - The focus of capital markets is shifting from speculative interest to evaluating actual performance contributions from companies involved in the HarmonyOS ecosystem [5] - The ongoing development of HarmonyOS represents a critical path for China's core software industry, emphasizing the importance of collaboration and strategic consistency [5]

Core Insights - The development of smart cities in China is significantly advancing, focusing on integrating technology to enhance urban living and governance [1][2][3][4] - The "14th Five-Year Plan" emphasizes the construction of modern, innovative, and resilient cities, with a strong push for digital transformation [1][4] Group 1: Smart City Innovations - Smart lighting systems adjust brightness based on pedestrian and vehicle flow, as well as natural light, contributing to energy savings [1] - Innovative applications like elderly care systems address the challenges of unattended elderly individuals, showcasing the potential of smart city solutions [1] Group 2: Governance and Efficiency - Smart city initiatives such as "One Network Management" in Shanghai and "City Brain" in Hangzhou enhance urban management and service capabilities [2] - The establishment of electronic health records for over 30,000 elderly individuals in Jinan demonstrates the practical benefits of smart city technologies [2] Group 3: Future Development Directions - Comprehensive transformation is essential, moving from isolated projects to coordinated systems that enhance urban governance and service delivery [3] - Reform and innovation are necessary to overcome challenges like data silos and mismatched public needs in smart city applications [3] - Security and data protection are critical, requiring clear regulations on data collection, storage, and sharing to ensure safe urban governance [3] Group 4: Vision for the Future - The evolution of smart cities represents not only technological advancements but also a shift in governance philosophy and the relationship between people and urban environments [4] - The goal is to leverage digital capabilities for high-quality urban development, paving the way for a new model of urban modernization in China [4]

Group 1: Emerging Industries - The proposal emphasizes the cultivation and expansion of emerging industries, including new energy, new materials, aerospace, and low-altitude economy, which will create new job opportunities across the entire industry chain [2] - The low-altitude economy alone is projected to have a talent gap of 1 million for drone operators, with the market expected to exceed 1 trillion yuan by 2030 [2] Group 2: Digital Economy - The rise of AI and automation is replacing traditional jobs but simultaneously creating high-value new occupations, with over 20 new professions related to AI identified in the past five years [3] - The proposal includes advancing digital technology and AI innovation, which will require a significant workforce skilled in these areas [3] Group 3: Service Sector - The proposal aims to enhance living standards and consumer spending, leading to increased labor demand in health, elderly care, and domestic services [4] - The service sector is expected to absorb more employment, with a projected increase in its share of total employment from over 48% to around 55% in the next five years [5] Group 4: Flexible Employment - Flexible employment is on the rise, with over 84 million new employment forms emerging, providing diverse job opportunities for various skill levels [6] - The proposal includes measures to promote high-quality employment and improve social security for flexible workers [6] Group 5: Cross-Border Employment - The proposal outlines plans for expanding high-level openness, with cross-border e-commerce becoming one of the fastest-growing employment sectors, potentially creating 45 million jobs by 2030 [7] - There is a growing demand for global talent skilled in international rules and cross-cultural communication [7] Group 6: Rural Entrepreneurship - The proposal encourages rural modernization and the integration of agriculture with other industries, creating new job opportunities for rural entrepreneurs [8] - Over 12 million individuals are currently engaged in rural entrepreneurship, with increasing numbers of urban professionals returning to rural areas [9] Group 7: Cultural Industry - The cultural industry is projected to generate approximately 19.14 trillion yuan in revenue by 2024, with a growing demand for talent that combines cultural and technical skills [10] - New professions such as virtual reality content creators are emerging, with a predicted demand for over 6.8 million positions by 2030 [10] Group 8: Elderly Care - The aging population is creating a significant demand for elderly care services, with a notable shortage of caregivers [11] - The proposal aims to establish a comprehensive care system for the elderly, expanding the market for elderly care services [12] Group 9: Green Jobs - The development of green industries is leading to the creation of new green jobs, with a tenfold increase in related positions in recent years [15] - The green sector is expected to grow significantly, driven by policies aimed at carbon neutrality and sustainable development [16] Group 10: Regional Employment - The proposal highlights a shift in employment patterns from urban-centric to a more balanced regional distribution, promoting job opportunities in various cities [18] - The focus on county-level urbanization is expected to create employment circles that encompass multiple industries [18]

Core Points - The "Hongmeng Starry Night Festival" has been postponed due to a tragic fire incident in Hong Kong that resulted in significant casualties [1][3] - The event was originally scheduled for November 28 and is organized by the Central Radio and Television Station, focusing on technological innovation and achievements [3] Event Details - The festival was planned to take place at the Longgang Universiade Sports Center in Shenzhen and was to be broadcasted live across multiple platforms [3] - The event aims to highlight the achievements of the Hongmeng operating system, which has reached over 1 billion devices across various sectors, including mobile phones and automotive systems [3] - The festival was set to feature participation from technology experts, industry representatives, and cultural figures, showcasing the progress of the Hongmeng ecosystem [3]