[ 初步研究发现，全要素生产率增长中约有22%可以归因于新质生产力，其中企业内部创新成长贡献约 9%，资源配置效率改善贡献约13%。 ] 创新政策是影响新质生产力形成的关键制度变量。此处创新政策的影响，不但包括了对企业个体的影 响，也包括了对企业内部、企业间、产业间、地区间等不同维度的配置效率改善，即创新引致的配置效 率提升。根据政策介入的时点和作用机制不同，可将创新政策分为事前政策和事后政策。 事前政策主要通过研发补贴、税收抵扣、财政扶持、政府引导基金等方式降低创新活动的进入门槛，使 企业更容易开展研发活动。在追赶型发展阶段，这类政策在推动创新扩散、弥补企业投入能力不足方面 具有非常好的作用，中国过去几十年的成功受这类政策的影响很大。然而，对于不确定程度更高的情 形，事前政策在资源配置机制上存在结构性约束，政府难以精准识别未来具有突破潜力的创新方向，容 易出现"选错对象"的问题。此外，在实践中，事前政策往往更容易流向规模大、资源多的企业，而这些 企业本身创新能力较强，财政支持对其边际激励作用有限。更为重要的是，事前政策可能诱导企业形 成"策略性创新"行为，即为获取补贴而开展形式性创新，弱化了创新质量和创新动 ...

新质生产力增长的关键是"创新"与"创新引致配置"共同提高，忽视任何一方都是不合适的。 一个国家或地区的产业竞争力主要取决于其生产要素成本与技术水平两方面。中国过去四十余年的快速 增长，得益于生产要素成本相对较低，形成了强大的竞争力与出口优势。然而，这种基于低成本的比较 优势随着经济体量扩大、资源环境约束加强而下降，粗放式增长模式已难以为继。 发展新质生产力对中国实现创新发展非常重要，那要采用何种合适的产业政策，促进全要素生产率提升 和新质生产力发展呢？新质生产力的形成是一个动态演化过程，它需要制度体系支持、市场需求引导。 因此，政策目标不应仅关注创新活动本身的数量，更应关注创新在资源配置、产业升级和市场结构重塑 中的扩散效应。换言之，创新要真正转化为新质生产力，必须依赖一个能够保障创新回报、促进技术扩 散并实现"优胜劣汰"的制度环境。 创新政策是影响新质生产力形成的关键制度变量。此处创新政策的影响，不但包括了对企业个体的影 响，也包括了对企业内部、企业间、产业间、地区间等不同维度的配置效率改善，即创新引致的配置效 率提升。根据政策介入的时点和作用机制不同，可将创新政策分为事前政策和事后政策。 中国经济的未来发 ...

自5月7日交易商协会正式面向金融市场推出科创债以来，市场活力持续激发。 根据银行间市场交易商协会的统计，截至11月21日，银行间市场今年累计支持276家企业发行科创债超 5300亿元，涵盖230家科技型企业和46家股权投资机构。 在银行间科创债的发行中，民营企业参与度显著提升，融资活力持续释放。市场认为未来科创债的发展 趋势或向三个方向发展，一是民企发行规模有望提升；二是完善风险分散分担机制；三是丰富投资者类 型，产品流动性有望提升，市场活力有望增强。 民营股权投资机构加入 需要说明的是，在这些民营企业发行人中，包含了5家民营股权投资机构。这5家机构在人民银行创设的 科创债风险分担工具支持下，于6月18日成功发行13.5亿元科创债，截至目前已撬动上百亿元社会资金 协同投入，积极为各类创新主体的科技创新活动提供全生命周期金融服务。 中科创星科技投资有限公司（以下简称"中科创星"）是6月成功发行科创债的5家民营股权投资机构之 一，债券发行规模达4亿元。中科创星总经理助理、财务部负责人郭一凤表示，科创债的发行，提升了 中科创星自身出资实力，最重要的是带动效应明显。 郭一凤表示，以中科创星先导创业投资基金为例，科创债 ...

Core Viewpoint - The article emphasizes the importance of domestic demand and social welfare in China's economic growth strategy during the "15th Five-Year Plan" period, with a projected budget deficit rate of around 4.2% for 2026, focusing on enhancing living standards and consumption [4][6][10]. Group 1: Economic Growth and Policy Focus - The "15th Five-Year Plan" aims for an average annual GDP growth rate of 4.2% to achieve a per capita GDP comparable to that of moderately developed countries by 2035, with a potential growth rate of 5.0% [4][6]. - The shift in macroeconomic policy since June 2025 indicates a stronger emphasis on domestic demand, particularly in the areas of social welfare and consumption [5][6]. Group 2: Fiscal Policy and Budget Allocation - The 2026 budget is expected to increase spending in social welfare areas by approximately 320 billion yuan, with a projected budget deficit of 6.18 trillion yuan, reflecting a 520 billion yuan increase from 2025 [11][10]. - In a more optimistic scenario, if child-rearing subsidies and pension standards are raised, the budget deficit could reach 6.62 trillion yuan, an increase of 960 billion yuan from 2025 [11]. Group 3: Investment in Human Capital - The government plans to enhance support for families with children through subsidies and free preschool education, with a budget of 1 trillion yuan for child-rearing subsidies and 500 billion yuan for expanding preschool education [7][8]. - For elderly care, the basic pension is expected to increase by at least 50 yuan, with additional subsidies for elderly care services projected to cost between 500 to 800 billion yuan [8]. Group 4: Consumer Spending and Service Sector Growth - The article highlights the need to boost service consumption, which is expected to grow significantly as the economy transitions, with service consumption growth outpacing overall retail sales growth [13][16]. - The government plans to issue consumption subsidies funded by special bonds, focusing on sectors like tourism, culture, and sports to stimulate consumer spending [16]. Group 5: Infrastructure and Effective Investment - The "15th Five-Year Plan" emphasizes the need for effective investment in urban renewal and public services, with a projected issuance of 2 trillion yuan in special bonds for urban renewal projects [18][19]. - The government aims to maintain a reasonable growth rate in investment while ensuring that it aligns with high-quality development goals [17][18]. Group 6: Debt Management and Financial Stability - The article discusses the continuation of policies to manage hidden debts and repay corporate debts, with a planned issuance of 2 trillion yuan in special refinancing bonds [23][24]. - The overall fiscal deficit is projected to reach 13.18 trillion yuan in 2026, reflecting a slight increase from 2025, with a focus on maintaining financial stability while supporting growth [26].

在23日举行的2025第十届复旦首席经济学家论坛上，中国国家创新与发展战略研究会学术委员会常务副 主席、重庆市原市长黄奇帆指出，生产性服务业是GDP最大板块的增长极，是催生"独角兽"企业的动力 源泉，是提升服务贸易竞争力的坚实基础，是提高终端产品附加值的灵魂，也是提高一个国家全要素生 产率的重要基础。 现代制造业的高附加值更多体现在"看不见"的服务、专利与软件上。 生产性服务业是促进制造业技术进步、提升制造业生产效率和生产效益的关键环节，也对地区的国家的 经济发展起着关键作用。 对于生产性服务业的发展，他建议应把生产性服务业与制造业同等看待，除了保持制造业在GDP中占比 不低于25%的比例，还应把生产性服务业作为实体经济的重要组成部分来培育。 他以美股"七姐妹"举例，包括英伟达、苹果在内的美国"恐龙级"独角兽，它们共同的特征就是除了特斯 拉直接参与汽车和硬件制造外、其他企业的制造全是交给代工龙头企业生产，却成为制造业的龙头与价 值创造核心。这说明现代制造业的高附加值更多体现在"看不见"的服务、专利与软件上，而非仅靠零部 件的物理成本。 黄奇帆称，生产性服务业是制造业高附加值的核心。以手机为例，终端售价在700 ...

Economic Growth and Policy Focus - The economic growth target for 2026 is set around 5%, emphasizing the shift towards domestic demand, particularly in the areas of livelihood and consumption[2][9]. - The "14th Five-Year Plan" aims for a per capita GDP growth rate of approximately 4.4% annually, with a potential GDP growth rate of around 5% during this period[8]. Fiscal Policy and Budget - The general public budget deficit rate for 2026 is projected to be 4.2%, with a deficit scale of 6.18 trillion yuan, an increase of 520 billion yuan from 2025[3][15]. - In a more optimistic scenario, the deficit rate could rise to 4.5%, with a total deficit of 6.62 trillion yuan, reflecting an increase of 960 billion yuan[16]. Social Welfare and Consumer Support - Fiscal spending on child-rearing subsidies is expected to be between 100 billion to 120 billion yuan in 2026, alongside an expansion of free preschool education costing over 50 billion yuan[3][10]. - The increase in urban and rural residents' basic pensions is anticipated to exceed 1,000 billion yuan, with a minimum increase of 50 yuan per person[11]. Investment and Infrastructure - Effective investment will be expanded, focusing on urban renewal and basic public service construction, with an estimated 200 billion yuan allocated for urban renewal projects[4][28]. - The issuance of special bonds for equipment upgrades is expected to remain at 200 billion yuan, supporting the modernization of key industries[5][34]. Debt Management and Corporate Support - The issuance of special refinancing bonds is projected to reach 2 trillion yuan in 2026, aimed at alleviating debt pressure on local governments[35]. - The new local government special bond limit is expected to reach 5 trillion yuan, with 1.6 trillion yuan allocated for debt repayment and 2.9 trillion yuan for project construction, marking an increase of 1 trillion yuan from 2025[36].

Group 1: Company Overview - Juzi Optoelectronics Co., Ltd. specializes in the R&D, production, and sales of full-color compound optoelectronic semiconductor materials, with key products including GaN-based blue-green light and GaAs-based red-yellow light epitaxial wafers and chips [2][3]. - The company has established a large-scale R&D and production base in Suqian, Jiangsu Province, focusing on high-end applications in lighting, backlighting, and displays [2][4]. Group 2: Product Development and Market Position - The red-yellow light project achieved a monthly production of over 50,000 pieces by the end of Q3 2025, with some processes exceeding 80,000 pieces, indicating smooth project progress and significant revenue growth [4]. - The company’s market share increased from 6.59% in 2021 to 8.52% in 2024, positioning it among the top players in the domestic LED industry [11]. Group 3: Operational Efficiency and Strategy - The company maintains high revenue per employee and production efficiency through deep exploration of total factor productivity, strategic resource allocation, and a focus on core business [5][6]. - A flat management structure empowers teams, enhancing communication and reducing inefficiencies, which contributes to overall operational effectiveness [5][6]. Group 4: Future Outlook and Market Trends - The company anticipates that the release of red-yellow light project capacity, along with optimized product structure, will lead to record-high annual revenue and net profit [12]. - With the rise of RGB display and Mini LED markets, the company sees significant potential for further market share growth as it continues to enhance chip performance and expand production capacity [11].

Core Viewpoint - The article discusses the strategic planning and goals set forth in the "15th Five-Year Plan" for China's economic and social development, emphasizing the importance of achieving a per capita GDP level comparable to that of moderately developed countries by 2035, which requires maintaining an average annual growth rate of approximately 4.8% during the "15th Five-Year" period [1][6][10]. Economic Growth and Productivity - The "15th Five-Year Plan" aims to maintain economic growth within a reasonable range while steadily improving total factor productivity and significantly increasing the resident consumption rate [1][6]. - To achieve the target of per capita GDP reaching around $25,000 by 2035, an average annual growth rate of 4.8% is necessary, with potential growth rates estimated between 4.5% and 4.8% [6][7]. Demographic Challenges and Consumption - China is entering a phase of negative population growth and moderate aging, with projections indicating that by 2032, over 21% of the population will be aged 65 and above, which will impact consumption patterns [7]. - The emphasis on increasing the resident consumption rate is crucial to counteract the negative effects of demographic changes and to enhance the income levels and consumption capabilities of residents, particularly the elderly [7][10]. Income Distribution and Middle-Income Expansion - Expanding the middle-income group is essential for achieving higher levels of common prosperity and modernization by 2035 [10]. - Improving income distribution requires coordinated efforts across primary, secondary, and tertiary distribution, with a focus on enhancing labor market conditions and reducing structural unemployment [10][12]. Government Investment and Social Services - The article highlights the need for government spending to focus more on "investing in people" rather than solely on material investments, suggesting a shift in priorities to enhance social welfare and public services [8][13]. - Increasing the share of social spending in GDP is necessary to improve the quality of life and reduce poverty transmission across generations [13]. Artificial Intelligence and Employment - The development of artificial intelligence (AI) presents both challenges and opportunities for employment, necessitating alignment with an "employment-first strategy" to ensure that AI enhances rather than replaces human labor [14][15]. - AI can help address structural employment issues by improving labor productivity and facilitating the transition of labor from low-productivity agricultural sectors to higher-productivity non-agricultural sectors [20][22]. Urbanization and Household Registration Reform - The article discusses the ongoing urbanization process and the need for reforming the household registration system to facilitate labor mobility and improve access to public services for rural residents transitioning to urban areas [16][17]. - Enhancing public services in urban areas and reducing the disparity in service quality between urban and rural regions are critical for successful urbanization [17]. Agricultural Modernization - The potential for agricultural modernization in China is significant, with opportunities for labor transfer from agriculture to higher productivity sectors, supported by advancements in technology and AI [20][22]. - Modern agriculture is characterized by high labor productivity, large operational scales, and the application of scientific technologies, which can be further enhanced through AI [21][22].

1、资料名称：2024-2009年上市公司企业知识溢出数据、知识外溢数据 数字化转型过程中,不仅企业数字化提升了彼此信息传播、惠 的形成也进一步强化了企业间知识生产、转移的有效性和社会关 息和知识的快速交换以及因面对面交流而成为可能的隐性知识的 准化的专业化知识,而隐性知识则是那些较为复杂、难以编码的: 机制检验方法,通过构建同行业企业间的专业化知识外溢和不同 企业数字化和集聚网络通过知识外溢对全要素生产率的影响机 用来自50公里范围内同一行业企业的知识外溢来表示。即: SK_Spillover ;p = ∑", d ≤50km = 其中,p表示企业所在二位码行业,Km为行业,中企业;的研罗 越大,反映了企业受到来自50公里范围内同行业企业的知识外溢 (DK_Spillover)可表示为: $$D K_{\_}S p i l l o v e r_{i p}=\sum_{o,\,o\neq p}^{V}\sum_{j,\,d\leq50}^{n^{o}}$$ 其中,o为50公里范围内除行业p外的其他行业,V为该范围| 量。企业数字化和集聚网络通过知识外溢效应作用于全要素生产 2、测算方式：参考顶刊《管理世界》（ ...

Economic Growth and Development Goals - The "15th Five-Year Plan" aims for a reasonable economic growth rate to achieve a per capita GDP at the level of middle-income countries by 2035, requiring an average annual growth rate of approximately 4.8% during this period [6][10] - The plan emphasizes the importance of improving total factor productivity, increasing the resident consumption rate, and ensuring synchronized growth of resident income and economic growth [6][10] Consumption and Income Distribution - The focus on increasing the resident consumption rate is crucial due to the anticipated challenges from negative population growth and aging demographics, which will impact demand [7][10] - The Gini coefficient of 0.465 indicates a need for improved income distribution, with efforts to ensure that low-income groups see faster income growth compared to high-income groups [7][10][12] Middle-Income Group Expansion - Expanding the middle-income group is essential for achieving higher levels of common prosperity and modernization, necessitating coordinated improvements in initial, secondary, and tertiary income distribution [10][12] - The labor market must address structural unemployment, particularly among the elderly and youth, through targeted training and support [10][11] Role of Artificial Intelligence - Artificial intelligence (AI) has the potential to exacerbate structural employment issues but can also enhance labor productivity, providing solutions to these challenges [15][16] - A systematic governance framework is needed to align AI development with employment priorities, ensuring that AI not only replaces jobs but also enhances worker capabilities [15][16] Urban-Rural Integration and Household Registration Reform - The reform of the household registration system is critical for urbanization, with the potential to convert over 200 million rural residents into urban citizens, thereby stabilizing labor supply and enhancing economic growth [18][19] - The focus should be on improving public services in smaller cities and rural areas to attract and retain residents [19] Agricultural Modernization - China's agricultural labor force still has significant potential for transfer to higher productivity sectors, with current agricultural labor accounting for 22% of the workforce [22][23] - Modern agriculture is characterized by high labor productivity, large operational scales, and the application of advanced technologies, including AI, to enhance efficiency and output [23][24]