Group 1 - The overall strength of China's intellectual property (IP) has significantly improved during the "14th Five-Year Plan" period, with a comprehensive enhancement in IP capabilities [2] - High-value patent accumulation is accelerating, supporting high-level technological self-reliance. By June 2025, the number of high-value invention patents per 10,000 people is expected to reach 15.3, exceeding the planned target. The effective number of invention patents in strategic emerging industries has surpassed 1.4 million [2] - Key fields such as artificial intelligence, advanced manufacturing, integrated circuits, biomedicine, and new energy have seen a surge in original and leading innovative achievements, indicating a strengthening of high-value patent reserves in critical core technology areas [2] Group 2 - The contribution of efficient IP utilization to the economy is continuously increasing. The value added of patent-intensive industries accounts for over 13% of GDP, while the copyright industry's value added is close to 7.5%. The direct output value of geographical indication products is nearly 970 billion yuan, and the total import and export of IP usage fees approaches 400 billion yuan [3] - Since the beginning of the "14th Five-Year Plan," banks have issued over 650 billion yuan in IP pledge loans, demonstrating significant improvement in the effectiveness of IP conversion and utilization, which strongly supports high-quality economic development [3] - The level of IP protection has been enhanced, contributing to a better business environment. The satisfaction rate for IP protection has steadily increased to over 82 points, and the first-instance civil case acceptance rate remains high at 90%, which is crucial for stabilizing expectations and boosting confidence among business entities [3] Group 3 - Looking ahead to the "15th Five-Year Plan," China's IP work will focus on quality-oriented planning indicators, optimizing the structure of the IP planning indicator system, and promoting high-quality creation, efficient utilization, high-standard protection, high-quality services, and high-level international cooperation [3] - These efforts aim to lay a more solid foundation for building a strong IP nation by 2035 [3]

Company Overview - The company is a leading global professional electronic manufacturing enterprise, consistently ranked among the top in the Electronic Manufacturing Service (EMS) industry by MMI [1] - It focuses on providing one-stop electronic product manufacturing services, including R&D, process design, production, supply chain management, logistics, and sales [1] - The company has established a development strategy centered on three main businesses: storage semiconductors, high-end manufacturing, and intelligent metering terminals [1] Semiconductor Industry Insights - As of June 2025, the global semiconductor industry sales reached $59.9 billion, a year-on-year increase of 19.6%, with the Chinese market growing by 13.1% [2] - In the packaging and testing sector, the top ten global testing companies are projected to generate a combined revenue of $41.56 billion in 2024, reflecting a 3% annual growth [2] - The advanced packaging market is expected to reach $56.9 billion in total revenue by 2025, with a year-on-year growth of 9.6% [2] Technical Barriers and Future Plans - The company possesses high technical barriers in storage chip packaging, supported by an experienced R&D and engineering team, and advanced multi-layer stacking packaging capabilities [2] - Future plans for the high-end manufacturing sector include focusing on high-barrier, high-value-added businesses, enhancing digital transformation, and leveraging smart manufacturing and digital operations [2] - The company aims to transition from "Made in China" to "Created in China," emphasizing lean management, smart manufacturing, and the cultivation of new productive forces [2] Information Disclosure Compliance - The company adheres strictly to the information disclosure management regulations, ensuring that all disclosed information is true, accurate, complete, timely, and fair [2]

Investment Rating - The report indicates a positive investment outlook for sectors aligned with the "14th Five-Year Plan," highlighting a focus on emerging industries with significant policy support [1][5][6]. Core Insights - The report emphasizes that active investment strategies outperform passive ones, with the past decade's performance of the Chinese Embassy Index at an annualized return of only 2.2%, significantly lower than GDP growth [1][3]. - Emerging industries supported by the Five-Year Plan have yielded an average return of 40% over the past five years, surpassing the CSI 300 Index, which remained flat during the same period [3][5]. - The report identifies 35 sub-industries with a total market capitalization of $13 trillion as investment targets under the "14th Five-Year Plan," based on a detailed analysis of 400 policy-related statements [5][6]. Summary by Sections Investment Strategy - A flagship investment portfolio has been constructed, consisting of 50 stocks across 21 sectors, including artificial intelligence, advanced manufacturing, and clean energy, with a growth of 36% over the past year, outperforming the MSCI China Index by 13 percentage points [1][6][8]. - The selection criteria for stocks include growth expectations of over 20% in sales or earnings within two years, a PEG ratio below 2.5, and a focus on high-quality companies [6][7]. Market Opportunities - The report highlights that the Asian market is more susceptible to policy support, with a focus on small to medium-sized tech hardware and semiconductor companies in the onshore market, while offshore markets are directed towards large internet companies and undervalued firms [7][8]. - Domestic consumption is a key priority in the Five-Year Plan, with significant potential in sectors like tourism, entertainment, and new consumption themes, which are expected to benefit from policy backing [9][10]. Policy Impact - The inclusion of anti-pollution measures in the Five-Year Plan is projected to enhance corporate earnings by approximately 1.5% over the next five years, particularly benefiting heavily impacted sectors such as chemicals and metals [11][12]. - The report suggests that the next significant policy clarity will emerge during the March meetings, which will be crucial for adjusting investment strategies [12].

长江商报消息 ●长江商报记者 徐靓丽 由科技部和湖北省人民政府共同主办的2025中非创新合作与发展论坛近日在武汉开幕，来自中国、非 洲、美洲、欧洲等43个国家（地区）的政要、外交官、外宾代表，以及国家有关部委和20个省（区、 市）代表，中非知名专家以及高等院校、科研机构、企业等代表约800位嘉宾参加。论坛签署合作协议 39项、集中授（挂）牌成立平台23个。 主旨论坛发布《非洲粮食-水资源-环境保护与发展科学行动计划（2026-2030）》《中国农业科技减贫经 验案例及国际合作（英文版）》《非洲工业化蓝皮书（2024）-聚焦新能源产业》等3项重磅成果。同 时，论坛组织了中—坦疾病预防与公共卫生联合实验室、中国—埃及天然活性多肽资源发掘与利用联合 实验室、芝麻育种与产业化开发合作等科研合作、人才培养、产业对接项目，签署合作协议39项；集中 授（挂）牌成立"非洲智能建造推广中心""武汉市（中国—埃及）植物生物安全'一带一路'联合实验 室"等服务平台23个。 开幕式举行了第四届中非青年创新创业大赛决赛颁奖仪式。大赛面向中非40岁以下青年创新创业者，聚 焦数字经济、人工智能、生命健康、现代农业、绿色低碳、先进制造等领域 ...

Market Overview - The A-share market experienced a pullback this week due to a decline in market risk appetite, with major indices generally falling. The Shanghai Stock Exchange 50 Index had the best performance with a decline of -2.7%, while the ChiNext Index saw the worst performance with a decline of -6.2%. The overall valuation of the Wind All A Index is at the 83rd percentile since 2010 [4]. Industry Performance - In terms of industry performance, the banking, media, and food and beverage sectors experienced relatively smaller declines, with changes of -0.9%, -1.3%, and -1.4% respectively. Conversely, the power equipment, comprehensive, and basic chemicals sectors lagged behind with declines of -10.5%, -9.2%, and -7.5% respectively [4]. Important Events - Key events this week included China's stern diplomatic response to Japan's Prime Minister's erroneous remarks, the Netherlands' suspension of an administrative order against ASML, and President Putin's announcement regarding visa-free policies for Chinese citizens. Additionally, the November LPR rates were published, remaining unchanged at 3.0% for the 1-year and 3.5% for the 5-year, marking the sixth consecutive month of stability [5]. Market Sentiment - The market remains in a bull phase, but short-term fluctuations are expected due to overseas market volatility. Factors such as increased uncertainty regarding the Federal Reserve's potential rate cuts in December, high valuations in tech stocks, and concerns over an AI bubble have contributed to a turbulent week for U.S. stocks, with the Nasdaq index falling by 2.74% [6][7]. Investment Strategy - In the current market environment, the focus should be on defensive and consumer sectors in the short term, while maintaining attention on TMT (Technology, Media, and Telecommunications) and advanced manufacturing sectors in the medium term. The market is likely to experience a period of consolidation, with previously lagging sectors such as high-dividend and consumer stocks expected to perform better [7].

Group 1 - The A-share market experienced a pullback this week, with major indices declining due to decreased market risk appetite. The Shanghai Composite Index fell by 2.7%, while the ChiNext Index dropped by 6.2%. The overall valuation of the entire A-share market is at the 83rd percentile since 2010 [1][10][12] - In terms of industry performance, the banking, media, and food and beverage sectors showed relatively smaller declines, with respective changes of -0.9%, -1.3%, and -1.4%. In contrast, sectors such as power equipment, comprehensive, and basic chemicals faced larger declines, with changes of -10.5%, -9.2%, and -7.5% [1][10][14] Group 2 - Recent significant events include China's stern diplomatic response to Japan's remarks, the Netherlands suspending an administrative order against ASML, and Russia's announcement of a visa-free policy for Chinese citizens [2][19][20] - Economic data released this week showed that the one-year and five-year LPR rates in China remained unchanged at 3.0% and 3.5%, respectively. In the U.S., September's non-farm payrolls exceeded expectations, with an increase of 119,000 jobs, leading to speculation that the Fed may delay interest rate cuts in December [2][21] Group 3 - The market is still in a bull phase, but short-term fluctuations are expected. The Shanghai Composite Index saw a weekly decline of 3.9%, while the STAR 50 Index dropped by 5.54%. The volatility in the A-share market is influenced by fluctuations in overseas markets, particularly in the tech sector [3][24][25] - The current market position may represent the starting point of a long-term bull market, supported by improving fundamentals and industry highlights. However, short-term catalysts may be lacking, leading to a phase of consolidation [3][25] Group 4 - Short-term investment focus should be on defensive and consumer sectors, while mid-term attention should remain on TMT (Technology, Media, and Telecommunications) and advanced manufacturing sectors. High-dividend and consumer stocks are expected to perform better during market fluctuations [3][35][38] - The TMT sector currently has several catalysts, including Alibaba's launch of a new AI model and Oracle's significant growth in remaining performance obligations. If the market shifts to a fundamentals-driven phase, advanced manufacturing is likely to become a key focus [3][40][43]

Group 1 - The establishment of the Shanghai Puchuang Qihang Private Investment Fund, with a total investment of 3.334 billion RMB, reflects the collaboration between financial capital and local industrial capital to promote technological innovation and the development of advanced manufacturing and strategic emerging industries [2][3] - The fund's operational scope includes private equity investment, investment management, and asset management, with key partners being Agricultural Bank of China Capital Management Co., Ltd. and Shanghai Pudong Private Fund Management Co., Ltd. [2] - The partnership between Agricultural Bank of China Investment and Pudong Innovation Investment Group aims to create a "finance + industry" dual-drive model, enhancing the support for quality enterprises and key project investments [2][3] Group 2 - The Qihang Fund is expected to focus on advanced manufacturing, green energy, digital economy, and technological innovation, providing capital and resource support for upstream and downstream enterprises in related industries [3] - Private equity funds are becoming important financial tools for driving industrial upgrades and the transformation of technological achievements, effectively combining policy funds with social capital [3] - The establishment of the fund is anticipated to enhance Shanghai's financial support for technological innovation and industrial upgrading, contributing to the development of a new capital platform that serves national strategies and regional economic growth [3]

Core Insights - The Hong Kong government has released the "New Tin Technology City Innovation and Technology Industry Development Planning Concept Outline," outlining the vision, goals, and positioning for the development of 210 hectares of new innovation and technology land [1][2] - Upon full operation, New Tin Technology City is expected to contribute at least HKD 250 billion annually to Hong Kong's GDP and create over 300,000 related full-time jobs [1] - The development aims to establish a new industrial layout in Hong Kong, focusing on "South Finance, North Innovation and Technology," with New Tin Technology City positioned as a core driver for innovation and technology development [1][2] Land Use and Industrial Development - New Tin Technology City will be divided into three hubs and three industrial development zones, including the He Tao Hub, Zhou Tou Hub, and Qi Lin Hub, along with development zones for life and health technology, artificial intelligence and robotics, and microelectronics and advanced industries [2] - The government aims to integrate the new innovation and technology land with the complete industrial supply chain of the Guangdong-Hong Kong-Macao Greater Bay Area, facilitating the transformation of research results from the He Tao Hong Kong Park into industrial applications [2] - The strategic mission of New Tin Technology City is to drive Hong Kong's future economic transformation and respond to national expectations, playing a key role in the broader national development agenda [2]

作为子公司，未来如何与母行形成协同效应？记者了解到，根据国家政策制度与监管部门相关要求，招 银金融投资将开展市场化债转股业务，其优势在于可充分发挥招商银行多资管牌照的综合化经营和协同 优势，为客户提供"资金+资本"的投商行一体化服务。 对于布局方向，招商银行方面称，招银金融投资将坚持智能化、绿色化、融合化方向，推动制造强国、 质量强国、航天强国、交通强国、网络强国建设，发挥长期资本和耐心资本优势，围绕科技创新、绿色 低碳、先进制造等重点领域，助力科技创新、产业创新，帮助企业降低杠杆率，促进企业转型升级，推 动科技、产业和金融良性循环。 采写：南都湾财社记者 卢亮 记者注意到，招银金融投资也是国内首批获准设立的股份制银行金融资产投资公司之一。今年7月获批 筹建后，招银金融资产投资有限公司成为继兴业银行、中信银行之后第三家股份制银行AIC，重点布局 科创企业、绿色低碳产业及粤港澳大湾区建设。 按照招商银行的说法，招银金融投资获准开业，是该行在响应国家金融改革部署与服务实体经济方面迈 出的重要一步。 2025年11月21日，招商银行发布公告称，已收到国家金融监督管理总局正式批复，其筹建的招银金融资 产投资有限公司（ ...

新能源车ETF（159806）跟踪的是CS新能车指数（399976），该指数从沪深市场中选取涉及锂电池、智 能驾驶技术、新能源整车制造等业务的上市公司证券作为指数样本，全面覆盖新能源汽车产业链的上游 材料、中游零部件及下游应用环节。指数聚焦绿色能源与先进制造领域，重点配置锂电及相关材料等核 心产业，旨在反映中国新能源汽车产业的整体市场表现。 （文章来源：每日经济新闻） 新能源车ETF（159806）跌超5%，锂电需求与钠电替代引关注。 国泰海通指出，碳酸锂价格近期大幅上涨，自10月9日以来期货价格上涨超过30%，引发市场关注。赣 锋锂业董事长预测，若2026年碳酸锂需求增速超过30%，价格可能突破15万元/吨甚至20万元/吨。钠电 产业链已完成冷启动，随着碳酸锂等锂电材料价格上涨及龙头公司推进钠电业务，钠电行业有望迎来产 业规模扩张期。钠电池在储能、两轮车及A0级以下乘用车细分赛道具备较好的比较优势，有望成为锂 电池的有效补充。宁德时代推出的钠离子电池品牌"钠新"能量密度达175Wh/kg，容百科技等企业也在 加速钠电正极材料的产能布局。 ...