Core Insights - The meeting focused on deploying key tasks for 2026, emphasizing the importance of new industrialization and the implementation of the 14th Five-Year Plan while preparing for the 15th Five-Year Plan [1][6] Summary by Sections Industrial Economic Performance - In 2025, under the leadership of the central government, the industrial economy is expected to show steady progress, with telecommunications and software business revenues projected to grow by approximately 9% and 12% respectively, and digital industry revenue also expected to increase by around 9% [3] - The resilience of industrial supply chains is improving, with significant advancements in key manufacturing sectors and breakthroughs in landmark technologies and products [3] Technological Innovation and Manufacturing Upgrades - From January to November, the added value of high-tech manufacturing and equipment manufacturing increased by 9.2% and 9.3% respectively, with the core AI industry exceeding 1 trillion yuan and exports of new energy vehicles surpassing 2 million units [3] - Over 7,000 advanced and 500 excellent smart factories have been established, with over 20,000 industrial 5G private networks and more than 8,000 5G factories [3] Key Focus Areas for 2026 - The meeting outlined ten key areas for focus in 2026, including consolidating the positive trend of the industrial economy, enhancing supply chain resilience, and accelerating technological innovation [7][8] - Emphasis was placed on fostering emerging industries such as integrated circuits, new materials, and biomedicine, while also promoting the deep integration of information technology and industrialization [8][9] Industry Governance and Policy Implementation - The meeting highlighted the need for improved industry governance, including the implementation of a series of plans for the industrial and information sectors during the 15th Five-Year Plan [10] - There is a strong focus on enhancing the quality of enterprises, with initiatives to support small and medium-sized enterprises and to eliminate overdue payments to businesses [9][10] Political and Organizational Support - The meeting underscored the importance of the Party's leadership in ensuring the success of various initiatives, emphasizing the need for political construction and the enhancement of talent and organizational capabilities [11] - It called for a unified approach to implementing the central government's decisions and fostering a positive political environment [12]

本报讯 （记者郭冀川）12月25日至26日，全国工业和信息化工作会议在京召开。会议总结2025年和"十 四五"时期工作，分析把握新形势，研究"十五五"时期重点任务，部署2026年重点工作。 会议指出，2025年，工业和信息化系统认真贯彻落实党中央、国务院决策部署，顺利完成全年目标任 务。 工业经济稳中有进。工业经济顶压前行、向新向优发展，实现质的有效提升和量的合理增长，展现强大 韧性和活力。预计全年，电信业务总量和软件业务收入分别同比增长9%和12%左右，数字产业业务收 入同比增长9%左右。 一是全力巩固工业经济稳中向好态势。深入实施新一轮十大重点行业稳增长工作方案，支持工业大省挑 大梁。加大绿色产品、潮品、适老产品等供给，系统培育中国消费品名品方阵。着力稳定制造业有效投 资。继续保持烟草行业稳健发展。 二是持续提升产业链韧性和安全水平。实施新一轮重点产业链高质量发展行动，推动特色优势矿产资源 产业高质量发展，深入实施产业基础再造工程，办好产业转移发展对接活动。 三是加快提升产业科技创新能力。攻克一批带动产业发展的核心技术，做强一批高水平制造业中试平 台，打造全国制造业中试服务网络。加快培育全国一体化技术市场 ...

"'十四五'期间，兵团规模以上工业增加值年均增长7%以上，工业投资保持两位数高速增长，新型工业 化进入了加速发展期。成绩振奋人心、催人奋进。"兵团工业和信息化局党组书记、局长郇恒赛表示， 将深入贯彻落实兵团党委经济工作会议精神，以坚定的信心决心，深化数智化赋能，推动信息化和工业 化深度融合，提升工业能效和绿色发展水平，推动科技创新和产业创新深度融合，提升产业链韧性和安 全水平，为兵团高质量发展贡献工信力量。 "会议全面总结了2025年经济工作，并对兵团农业发展取得的成就给予了充分的肯定，备受鼓舞、倍感 振奋。"兵团农业农村局党组成员、副局长、一级巡视员李文彬表示，将按照会议部署要求，持续推进 农业关键核心技术攻关，大力培育农业产业化重点龙头企业，做强做优农业全产业链，进一步做好巩固 拓展脱贫攻坚成果同乡村振兴有效衔接，稳步推进宜居宜业和美连队建设，逐步提升连队（村）基础设 施完备度、公共服务便利度、人居环境舒适度，打造城乡和谐的田园式家园。 ●兵团日报全媒体记者 王素凡 赵优 张美玲 常丫丫 刘美惠子 12月24日，兵团党委经济工作会议召开。会议深入学习贯彻中央经济工作会议精神，落实自治区党委经 济工作会议部 ...

Core Viewpoint - The Ministry of Industry and Information Technology, along with six other departments, has released the "Implementation Plan for Deepening the Innovation and Development of Service-Oriented Manufacturing (2025-2028)", emphasizing the integration of manufacturing and services as a key direction for the development of the manufacturing industry [1][2]. Summary by Sections Development of Service-Oriented Manufacturing - Since 2016, the Ministry of Industry and Information Technology has implemented various guidelines to promote service-oriented manufacturing, achieving positive results that enhance the high-quality development of the manufacturing sector [2]. - However, challenges remain, including weak supply capabilities of key technologies, an incomplete standard system, uneven application of typical models across industries, and difficulties in statistical monitoring [2]. Goals of the Implementation Plan - By 2028, the role of service-oriented manufacturing in high-quality development will be further enhanced, with goals to establish 20 standards, create 50 leading brands, and build 100 innovation development hubs [2]. - The plan aims to optimize resource allocation, expand new development spaces, extend industrial chains, and enhance value chains, laying a solid foundation for a service-oriented manufacturing system with Chinese characteristics and global standards [2]. Key Tasks and Actions - The plan outlines seven main tasks, including strengthening key common technology research, promoting the growth of key productive service industries, and advancing the construction of a unified standard system [4][5]. - Three special actions are proposed: enhancing shared manufacturing platforms, improving service-oriented manufacturing brand recognition, and innovating application scenarios [7]. Industry Expert Insights - Experts highlight that the integration of advanced manufacturing and modern services through service-oriented manufacturing breaks traditional industry boundaries, optimizing resource allocation and promoting collaborative development [3][6]. - The development of key productive service industries is seen as foundational for achieving high-quality service-oriented manufacturing, creating a precise industrial ecosystem [6][7].

Core Viewpoint - The meeting emphasized the importance of implementing the decisions of the Central Committee and the State Council, focusing on strengthening the industrial foundation, value creation, safety assurance, and industry governance [1] Group 1: Digital Transformation and Industrial Integration - The meeting highlighted the need to deepen the integration of digital technology and industrialization, promoting the application of data elements to empower new industrialization [1] - It called for the development of implementation opinions to accelerate the digital transformation of industries [1] Group 2: Software Development and Open Source - The meeting stressed the importance of improving policies for the high-quality development of basic and industrial software [1] - It also mentioned the need to enhance China's open-source system and establish a national-level artificial intelligence open-source community [1] Group 3: Pilot Programs and AI in Manufacturing - The meeting outlined plans to implement pilot programs for new technology transformation in manufacturing cities and digital transformation for small and medium-sized enterprises [1] - It emphasized the need to advance the "Artificial Intelligence + Manufacturing" initiative, focusing on key application scenarios and foundational technology breakthroughs [1] Group 4: Industrial Internet and Smart Manufacturing - The meeting called for a tiered and categorized approach to deepen the application of the industrial internet, aiming to cultivate a number of industrial intelligent entities [1]

Core Insights - The military industry is experiencing a recovery in demand, with significant government budget increases and strategic plans for modernization [2][3] Group 1: Market Performance - On July 11, major indices rose collectively, with the Shenzhen Component Index increasing by 0.61% and the ChiNext Index by 0.80% [1] - The aerospace sector rebounded after a short-term adjustment, with the Guozheng Aerospace Index rising by 0.88% [1] - The Aerospace ETF (159227) saw a 0.64% increase, closing at 1.100 yuan, with a trading volume of 85.76 million yuan and a total scale of 563 million yuan, leading its category [1] Group 2: Government Initiatives - French President Macron announced military budget increases of 3.5 billion euros in 2026 and 3 billion euros in 2027, totaling 64 billion euros, which is double the amount from 2017, focusing on defense modernization and equipment upgrades [2] - The Ministry of Industry and Information Technology released work points for the integration of information technology and industrialization for 2025, emphasizing digital transformation in manufacturing and support for low-altitude economic development [2] Group 3: Institutional Perspectives - Northeast Securities noted that with the "14th Five-Year Plan" entering its final year, disturbances in the military industry have largely dissipated, and downstream demand is recovering [3] - The long-term goals for military modernization by 2035 and the establishment of a world-class military by 2050 provide clear guidance for industry development [3] - The defense and military sector is expected to see significant improvements with recovering demand and optimized capacity structure, indicating high safety margins and long-term growth certainty [3] Group 4: Related Products - The Aerospace ETF (159227) closely tracks the Guozheng Aerospace Index, focusing on core military aerospace sectors, with a high concentration of 98.2% in the first-tier military industry [4] - The index has a significant weight of 66.5% in aerospace equipment, surpassing other military indices, making it an efficient tool for investing in leading "fighter jet stocks" [4]

Market Performance - The Shanghai Composite Index reached a new high for the year, surpassing 3500 points, closing at 3510.18, with a weekly increase of 1.09% [2] - The Shenzhen Composite Index and the ChiNext Index saw weekly gains of 1.99% and 2.21% respectively, while the STAR 50 and the Beijing Stock Exchange 50 increased by 0.98% and 0.41% [2] - A total of 4037 stocks experienced positive growth, while 1335 stocks declined during the week [2] Sector Performance - The multi-financial, small metals, and coke sectors led the gains, while the feed, city commercial banks, and coal mining sectors faced the largest declines [2] International Market Overview - Major U.S. stock indices fell on July 12, with the Dow Jones down by 279.13 points (0.63%), the S&P 500 down by 20.71 points (0.33%), and the Nasdaq down by 45.14 points (0.22%) [3][4] - European indices also declined, with the FTSE 100 down by 34.54 points (0.38%), the CAC 40 down by 72.96 points (0.92%), and the DAX down by 201.50 points (0.82%) [3][4] Commodity Prices - International oil prices increased, with WTI crude oil rising by $1.88 to $68.45 per barrel (up 2.82%) and Brent crude oil increasing by $1.72 to $70.36 per barrel (up 2.51%) [3][4] Regulatory Developments - The Shanghai Stock Exchange announced the implementation of the "Guidelines for the Growth Layer of the Sci-Tech Innovation Board," allowing 32 existing unprofitable companies to enter the growth layer immediately [6] - The Ministry of Industry and Information Technology released work points for the integration of information technology and industrialization, emphasizing support for high-quality development of basic and industrial software [9] Economic Agreements - A visa exemption agreement between China and Malaysia will take effect on July 17, allowing holders of valid passports to stay for up to 30 days without a visa [5] Investment Insights - The A-share market has shown strong performance over the past three weeks, with systemic risks remaining low, indicating potential for continued upward movement [8] - Focus on sectors with favorable mid-year performance and long-term investment opportunities in domestic consumption, technology independence, and dividend stocks is recommended [8]

New Stock Offerings - The new stock offerings include Jiyuan Group with an issuance price of 10.88 yuan per share and a subscription limit of 12,000 shares [1] - Shanda Electric Power has an issuance price of 14.66 yuan per share and a subscription limit of 10,000 shares [1] Regulatory Updates - The Ministry of Finance issued a notice on July 11 to enhance long-term assessments for state-owned commercial insurance companies, focusing on improving asset-liability management and investment capabilities [2] - The notice adjusts the weight of net asset return rates to 30% for annual indicators, 50% for three-year indicators, and 20% for five-year indicators [2] Index Compilation Changes - Shenzhen Stock Exchange announced revisions to the ChiNext Composite Index, including a monthly removal mechanism for stocks under risk warning and an ESG negative removal mechanism for stocks rated C or below [3] - These changes will take effect on July 25, 2025 [3] Healthcare Insurance Updates - The adjustment of the national basic medical insurance and commercial health insurance innovative drug directories began on July 11, focusing on high-innovation drugs that cannot be included in the basic directory [3] Industrial Policy Initiatives - The Ministry of Industry and Information Technology released work priorities for 2025, emphasizing the transformation of industrial chains and the development of high-standard digital parks [4] Trading Regulations - The Shanghai and Shenzhen Stock Exchanges issued guidelines for program trading reports for investors in the Stock Connect, effective January 12, 2026 [5] Self-Regulation in Securities Industry - The China Securities Association issued implementation opinions to enhance self-regulation and promote high-quality development in the securities industry [5] Financial Management Guidelines - The National Financial Regulatory Administration released guidelines on the appropriateness of financial institution products, emphasizing the need for comprehensive client information collection and sales personnel evaluation [5] Company Performance Highlights - Huaxi Securities expects a year-on-year net profit increase of 1025.19% to 1353.9% for the first half of the year [8] - Guolian Minsheng anticipates a year-on-year net profit increase of approximately 1183% [8] - Shuanglu Pharmaceutical projects a year-on-year net profit increase of 237.95% to 356.24% [8] - Yongding Co. expects a year-on-year net profit increase of 731% to 922% [8] - Yunnan Energy Holdings anticipates a net profit of 95 million to 120 million yuan, marking a turnaround from losses [8] - Several companies, including Lanke Technology and Yuntian Lifi, are planning to issue H-shares and list on the Hong Kong Stock Exchange [8]

Core Viewpoint - The Ministry of Industry and Information Technology has released the 2025 work priorities for the integration of informatization and industrialization, focusing on key technological advancements and the development of industrial intelligence [1] Group 1: Key Technological Advancements - Emphasis on deepening key fusion technology breakthroughs [1] - Support for high-quality development of basic and industrial software [1] - Organization of AI-enabled new industrialization initiatives, including "challenge-based" projects [1] Group 2: Industrial Intelligence Development - Strengthening the research and deployment of general and industry-specific large models [1] - Encouragement for the development and promotion of industrial intelligent agents tailored to typical scenarios [1] - Support for enterprises to conduct pilot projects for intelligent agent construction, enhancing the overall intelligence level of industrial processes [1] Group 3: Industrial Intelligence Technology Framework - Support for the research and development of industrial intelligent technologies [1] - Development of a comprehensive technology system map for industrial intelligence [1]

Group 1 - The core viewpoint emphasizes the integration of information technology and industrialization as a strategic task to promote new industrialization and enhance the manufacturing sector [2][3] - The document outlines 17 key tasks across five main areas to advance the digital transformation of the manufacturing industry and support small and medium enterprises [1][7] Group 2 - The establishment of a leadership mechanism for the integration of information technology and industrialization is highlighted, aiming to systematically promote digital transformation and smart manufacturing [3][4] - A comprehensive policy framework is being developed to guide the integration efforts, including high-quality development plans for industrial internet and data empowerment [3][5] Group 3 - The document stresses the importance of enhancing the evaluation and monitoring of the integration process, establishing quantifiable goals and performance assessment mechanisms [4][6] - It calls for the development of a robust foundation for integration, including investments in 5G and 6G technologies, and the promotion of industrial internet platforms [5][6] Group 4 - The promotion of digital transformation initiatives is a key focus, with pilot programs for new technology upgrades in manufacturing and digital transformation for small and medium enterprises [1][7] - The establishment of digital carbon management centers in industrial parks is aimed at precise measurement and control of energy consumption and carbon emissions [1][7] Group 5 - The document outlines the need for a collaborative network infrastructure, integrating various industrial network technologies to enhance operational efficiency [8] - It emphasizes the application of artificial intelligence in manufacturing, supporting enterprises in utilizing AI models and smart systems [8][9] Group 6 - The promotion of high-quality standards for the integration of information technology and industrialization is crucial, with efforts to develop and implement a comprehensive standard system [10][11] - The establishment of public service platforms to support enterprises in their digital transformation journey is also highlighted [11][12]