《鼓励外商投资产业目录（2025年版）》给外资企业坚定投资中国打了一剂"强心针"。接下来，要将目 录在关税、用地、税收等方面的政策红利切实转化为"投资吸引力"。 时隔3年，我国重要的外商投资促进政策——《鼓励外商投资产业目录》再次迎来更新。 日前，国家发展改革委、商务部对外发布了《鼓励外商投资产业目录（2025年版）》（以下简称"2025 年版《鼓励目录》"），将自2026年2月1日起正式施行，届时《鼓励外商投资产业目录（2022年版）》 将废止。 2025年版《鼓励目录》包括全国鼓励外商投资产业目录、中西部等地区外商投资优势产业目录两部分。 从数量上看，这一版《鼓励目录》总条目共1679条，与2022年版相比净增加205条、修改303条，将引导 更多外资投向先进制造业、现代服务业、高新技术等领域，以及中西部和东北地区。 "修订扩大《鼓励目录》向世界发出了一个明确信号：我国开放的大门只会越开越大。"在中国宏观经济 研究院对外经济研究所研究员原倩看来，这一举措有利于更好应对外部不利因素影响，以中国自身发展 的确定性应对外部环境的不确定性，为全球投资者提供清晰、稳定、透明的投资预期。 优化对外资的方向性引导 20 ...

Macro Research - The "14th Five-Year Plan" emphasizes a strategic upgrade in high-level opening-up, transitioning from factor-driven to rule-based openness, enhancing China's voice and rule-making power in global economic governance [1] - Key focus areas during the "14th Five-Year" period include steady progress in RMB internationalization, diverse regional opening layouts, increased openness in the service sector, deepening institutional opening, and differentiated cooperation in multilateral trade [1] Company Research Zhejiang Dingli (603338.SH) - Zhejiang Dingli achieved operating revenue of 6.67 billion yuan in Q1-Q3 2025, a year-on-year increase of 8.8%, and a net profit attributable to shareholders of 1.59 billion yuan, up 9.2% year-on-year [2] - The company maintains profit forecasts for 2025-2027 at 2.07 billion, 2.41 billion, and 2.75 billion yuan, with corresponding EPS of 4.08, 4.75, and 5.44 yuan [2] - The high-altitude machinery market has significant growth potential, with a recovery in overseas shipments expected to boost profit margins [2] Xunwei Communication (300136.SZ) - Xunwei Communication has entered the North American AI hardware supply chain, maintaining a leading position in commercial satellites [3] - The company is optimistic about its competitive edge in mature businesses and the growth potential in satellite communication, AI hardware, LCP, BTB, and automotive connectivity [3] - Current market valuation corresponds to PE ratios of 38X, 34X, and 30X for 2025-2027, maintaining a "buy" rating [3] Baidu Group-SW (9888.HK) - Baidu's AI ecosystem value is expected to be re-evaluated, with AI native advertising enhancing traditional search ad monetization [4] - The company has a healthy net cash flow, and its "Luo Bo Kuaipao" business model has been validated with accelerating order growth [4] - Profit forecasts for 2025-2027 are set at 18.2 billion, 20.5 billion, and 23 billion yuan, with current PE ratios of 15x, 14x, and 12x [4] Xiaomi Group (1810.HK) - Xiaomi's automotive business achieved its first quarterly profit, but the mobile and automotive gross margins may face pressure due to rising upstream costs and intensified market competition [5] - The company maintains a Non-IFRS net profit forecast of 42.6 billion yuan for 2025, while lowering 2026-2027 forecasts to 43.8 billion and 51 billion yuan [5] - Xiaomi's long-term growth logic is supported by its multi-device strategy in the AI era, high-end positioning, and overseas expansion [5]