今年以来，A股IPO市场呈现逐渐回暖迹象，1-10月IPO受理量同比增长超400%，多元化的上市企业为 IPO市场注入活力，也强化了传统行业企业的资本化预期。 11月21日，据深交所信息，世盟供应链管理股份有限公司（以下简称"世盟股份"）提交注册，并更新了 招股材料。 在当前时点下，公司提交注册距离其过会已有两年多的时间，这不仅标志着公司上市进程取得关键突 破，更折射出物流行业发生了深层次的演变，背后释放的信号意义值得深究。 双循环下政策红利释放，物流企业上市迎来良好窗口 世盟股份作为一家综合服务型物流企业，长期专注于为跨国制造企业提供定制化、一体化、嵌入式的供 应链物流解决方案，与汽车、包装品等多个制造业领域的知名企业客户建立了长期而稳固的深度合作关 系。 凭借综合物流供应链服务能力，世盟股份协同实体经济发展，从而不断释放出规模效应和商业价值。在 政策和市场驱动下，世盟股份迎来良好的上市窗口，将受益于制造业高质量发展带来的行业红利。 政策锚定实体经济，深度嵌入供应链凸显长期价值 IPO监管审核注重企业内在质量与长期价值，而世盟股份构建了与政策导向同频的竞争力，这种能力不 仅是企业成长的护城河，更是资本市场判 ...

Core Insights - The article discusses the resilience of industrial and supply chains in the context of global changes and technological advancements, highlighting Pudong's role as a key hub for global resource linkage and enterprise globalization [1][2]. Group 1: Global Supply Chain Trends - The global supply chain is undergoing profound restructuring due to geopolitical conflicts, technological changes, and market demand adjustments, leading to a trend of "local layout + global layout" [2]. - Pudong serves as a significant observation and practice ground for this trend, exemplified by ABB's investment of $150 million in a super factory that accounts for 40% of its global capacity [2][3]. - The shift from "In China for Global" to "China for China, Global for Global" reflects a deeper transformation in foreign enterprises, emphasizing local service and innovation [3]. Group 2: Domestic Enterprises Going Global - Chinese enterprises are transitioning from simple exports to a comprehensive global strategy that includes complete industrial chains, technology standards, and brand value [4]. - The revenue from services to Chinese enterprises by Ernst & Young surpassed that of multinational companies for the first time, indicating a strong trend of Chinese companies expanding globally [5]. - The focus on brand value and the establishment of a strong presence in international markets is crucial, as demonstrated by Westingarea's expansion in the U.S. [5]. Group 3: Support and Infrastructure - Pudong provides institutional and infrastructural support for domestic enterprises going global, with the free trade zone facilitating compliance with international rules [6]. - The restructuring of global supply chains presents both challenges and opportunities for collaboration and innovation between Chinese and international companies [6].

Core Insights - The manufacturing industry is crucial for the national economy, showing simultaneous growth in scale and quality, with innovation and resilience enhancing continuously [1] - During the "14th Five-Year Plan" period, China's manufacturing value-added is expected to increase by 8 trillion yuan, contributing over 30% to global manufacturing growth [1] - The manufacturing sector is undergoing a transformation towards integration, intelligence, and sustainability, with a focus on strengthening the resilience and stability of supply chains [1] Manufacturing Industry Overview - China's manufacturing value-added accounts for nearly 30% of the global total, maintaining the world's largest manufacturing scale for 15 consecutive years [1] - The country leads in the production of most of the 504 major industrial products globally [1] Financial Support for Traditional Industries - Continuous financial investment is essential for optimizing traditional industries, addressing challenges such as financing difficulties and slow updates [2] - The financial leasing industry is actively supporting the transformation of manufacturing enterprises by providing tailored financial solutions [3] Policy and Financial Leasing Initiatives - Recent government policies encourage financial leasing companies to provide long-term funding support for advanced manufacturing, focusing on digital transformation and green equipment [3] - Local governments, such as in Henan and Foshan, are implementing financial leasing subsidies to support equipment updates in manufacturing [3] Innovative Financial Solutions - Financial leasing companies are moving beyond traditional models to offer customized solutions for different stages and scales of manufacturing enterprises [4] - Innovations include risk compensation pools and carbon emission rights pledging to address specific pain points in the industry [4] Digital Transformation in Financial Services - The integration of advanced technologies like big data and AI is enhancing the efficiency of financial leasing services, allowing for quicker access to funds for manufacturing enterprises [5] - Digitalization efforts are aimed at optimizing business processes and improving service quality [5] Challenges and Opportunities in Financial Leasing - The financial leasing industry faces challenges in covering small and medium-sized enterprises and enhancing cross-sector service capabilities [6] - There is a need for improved digital collaboration and data sharing within the industry to fully leverage digitalization for supply chain support [6]

Core Viewpoint - The Ministry of Industry and Information Technology and eight other departments have issued the "Automobile Industry Stabilization and Growth Work Plan (2025-2026)", aiming for a target of approximately 32.3 million vehicle sales in 2025, representing a year-on-year growth of about 3% [2][3] Group 1: Industry Growth Targets - The plan sets a target of approximately 32.3 million vehicle sales in 2025, with a year-on-year growth of about 3%, and aims for around 15.5 million new energy vehicle sales, reflecting a growth of about 20% [3][4] - In 2024, vehicle sales reached 31.4 million, marking a 4.5% increase, with new energy vehicle sales at 12.9 million, a significant 35.5% growth [3][4] Group 2: Measures for Development - The work plan outlines 15 initiatives and over 60 detailed measures across four dimensions: expanding domestic consumption, improving supply quality, optimizing the development environment, and deepening open cooperation [4][5] - Continuous improvement of supply quality is emphasized, focusing on key technologies such as automotive chips, operating systems, artificial intelligence, and solid-state batteries [5] Group 3: Export Growth and Quality Improvement - From January to August, national automobile exports reached 4.29 million units, a year-on-year increase of 13.7%, with new energy vehicle exports at 1.53 million units, showing an impressive growth of 87.3% [7] - The work plan encourages automotive and supply chain companies to develop products suitable for target markets and enhance international marketing and after-sales service systems [7][8]

Core Viewpoint - The "Action Plan" aims to promote steady growth in the electronic information manufacturing industry from 2025 to 2026, targeting an average growth rate of around 7% for major sectors and over 5% annual revenue growth for the overall industry, with specific goals for various sub-sectors and products [1][2]. Group 1: Industry Growth Targets - The plan sets a target for the electronic information manufacturing industry's revenue scale and export ratio to maintain the top position among 41 industrial categories by 2026 [1] - It anticipates that five provinces will achieve over 1 trillion yuan in electronic information manufacturing revenue, and the server industry will exceed 400 billion yuan [1] - The domestic market penetration rate for 75-inch and larger color TVs is expected to surpass 40% [1] Group 2: Innovation and Technology - The plan emphasizes the promotion of artificial intelligence (AI) terminals and their integration with products, along with the establishment of standards for AI terminal innovation [2] - It aims to enhance traditional electronic product consumption, including mobile phones, computers, and televisions, through technological and product innovation [3] - The plan encourages the development of new business models and the integration of electronic information infrastructure with new urban infrastructure [3] Group 3: Industry Structure and Support - The plan outlines the need for a multi-tiered enterprise collaboration system centered around leading companies and "chain master" enterprises, supporting high-tech and innovative small and medium-sized enterprises [2] - It calls for significant updates to large-scale equipment and the initiation of major projects to drive high-end, intelligent, and green development in the industry [4] - The plan includes policies to support key enterprises in the supply chain and enhance the resilience and security of critical industries [4]

Core Insights - The Ministry of Industry and Information Technology and the State Administration for Market Regulation jointly issued the "Action Plan for Stable Growth of the Electronic Information Manufacturing Industry (2025-2026)" aiming for an average growth rate of around 7% in the value-added of major electronic manufacturing sectors and over 5% annual revenue growth in the electronic information manufacturing industry by 2026 [1][2] Group 1: Industry Growth Targets - The expected revenue scale and export ratio of the electronic information manufacturing industry will maintain the top position among 41 industrial categories by 2026 [1] - Five provinces are projected to achieve over 1 trillion yuan in electronic information manufacturing revenue [1] - The server industry is anticipated to exceed 400 billion yuan in scale, with a domestic market penetration rate of over 40% for color TVs larger than 75 inches [1] Group 2: Innovation and Development Strategies - The plan emphasizes promoting the integration of technology and industry innovation, particularly in artificial intelligence and traditional electronic products [2][3] - It encourages the establishment of a multi-tiered enterprise collaboration system centered around leading companies and "chain master" enterprises [2] - The plan aims to enhance the design of smart products for the elderly and increase the supply of quality smart health and elderly care products [3] Group 3: Infrastructure and Investment - The action plan calls for significant updates to large-scale equipment and the initiation of major projects to drive high-end, intelligent, and green development in the industry [4] - It supports the integration of electronic information infrastructure with new urban infrastructure, focusing on various sectors such as industrial, cultural tourism, education, and health [3] - The plan includes policies to strengthen support for key enterprises in the industrial chain and enhance the resilience and security of supply chains [4]

Group 1 - The core viewpoint is that investment and industrial cooperation between China and other member countries of the Shanghai Cooperation Organization (SCO) have been steadily developing, with an increasing scale and improving quality [1] - Chinese enterprises have established over 3,000 companies in other member countries, creating more than 200,000 jobs annually [1] - The Chinese government is enhancing strategic alignment and policy communication, having held the ninth meeting of the SCO member states' investment promotion working group and the China-SCO Sustainable Development Industry Cooperation Conference [1] Group 2 - The focus is on promoting investment facilitation and optimizing the business environment, with the establishment of a comprehensive public service platform for outbound investment [1] - The Ministry of Commerce is continuously improving the policy framework and has introduced guidelines for foreign investment cooperation in digital economy and green development [1] - There is an emphasis on expanding cooperation areas and promoting project implementation across traditional sectors like oil and gas, agriculture, and infrastructure, as well as emerging sectors such as renewable energy, green minerals, and digital economy [2]

Core Points - The National Standard for "Safety of Transporting Power Lithium Batteries and Multimodal Transport Technical Requirements" has been approved and will be implemented on February 1, 2026 [1] - Power lithium batteries are crucial for electric vehicles, and their safe and efficient transport is key to enhancing the resilience of the supply chain [1] Summary by Categories - **Standard Overview** - The new standard categorizes and classifies the transport of power lithium batteries, detailing requirements for packaging, shipping, loading and unloading, temporary storage, multimodal transport, and emergency handling [1] - It introduces a grading standard for the transport of power lithium batteries and improves packaging performance requirements for used and waste batteries [1] - **Multimodal Transport** - The standard specifies documentation and information sharing requirements for multimodal transport of power lithium batteries, addressing issues of inconsistent documentation and redundant information submission across different transport modes [1] - **Impact on Industry** - This standard is significant for improving the efficiency of power lithium battery transport and enhancing safety management capabilities, contributing to the better construction of the new energy industry chain [1]

Group 1 - The railway equipment manufacturing industry in China is accelerating towards high-end and intelligent development, while the steel industry is undergoing structural adjustments and upgrades, making their integrated development essential for enhancing supply chain resilience [1] - The integration path between the railway and steel industries is characterized by collaborative R&D, precise supply-demand matching, unified standards, and efficient logistics, as highlighted by the Vice President of the China Iron and Steel Association [1] - Challenges faced by the railway equipment and steel industries include structural supply-demand contradictions, poor connection between innovation and industrial chains, and the need for improved standard system coordination [1] Group 2 - The chief expert of the Steel Industry Metallurgical Railway Transportation Technology Committee emphasized the need for steel enterprises to embrace new technologies and actively participate in standard formulation and joint R&D [2] - Equipment manufacturing companies are encouraged to focus on user pain points and provide advanced, reliable, cost-effective, and easy-to-maintain solutions while exploring flexible and win-win cooperation models [2] - Several cooperation agreements were signed during the meeting, including projects related to regional computer interlocking railway signal equipment and railway switch materials procurement [2]

Core Viewpoint - The People's Bank of China and several ministries have jointly issued guidelines to support new industrialization, focusing on 18 targeted measures to enhance financial support for key industries and prevent excessive competition [1][2]. Group 1: Financial Support Measures - The guidelines emphasize a categorized approach to financial support, aiming to meet the effective credit demand of manufacturing enterprises by 2027, with an increase in the number and scale of bond issuances and significant improvements in equity financing levels [1][2]. - Financial policies will be optimized to support key technological products and breakthroughs, with a focus on introducing patient capital for the transformation of technological achievements [1][2][3]. Group 2: Encouragement of Investment and Innovation - The guidelines encourage financial institutions to provide medium- to long-term financing for key manufacturing sectors such as integrated circuits, medical equipment, and advanced materials [2][3]. - Support will be given to technology companies that break through core technologies, including expedited access to public financing, mergers and acquisitions, and bond issuance [2][3]. Group 3: Development of Financial Mechanisms - Financial institutions are urged to expand technology loan offerings and implement an "innovation points system" to standardize the development of intellectual property pledge loans [3]. - The guidelines propose a dual approach to cultivate financial talent in the technology sector and establish a comprehensive mechanism for cross-departmental collaboration and policy incentives [3][4]. Group 4: Implementation and Future Steps - The People's Bank of China and the Ministry of Industry and Information Technology will work with relevant departments to ensure the implementation of these measures and enhance the financial support system for new industrialization [4].