国家高新技术企业中民企数量占比逾九成、前三季度民营企业进出口额同比增长7.8%、前11个月基础 设施民间投资同比增长3.5%……2025年，面对复杂的内外部环境，中国民营经济顶压前行、破局突 围。 中央支持一以贯之 今年2月，一场高规格的民营企业座谈会在北京召开，再次释出中央支持民营经济发展壮大的强烈信 号。 以民企为主体，高规格召开座谈会并非首次。2018年11月，中央就以召开座谈会的形式，与企业家面对 面交流民营经济发展面临的困难挑战，回应舆论场出现的所谓"新公私合营论""民营经济离场论"等疑 虑，并提出务实举措支持民企发展。 时隔七年，中国经济发展老问题、新挑战并存：外部不确定因素增多、影响加深，部分企业发展承压； 从内部看，供强需弱矛盾突出、企业经营成本高企、转型升级处于关键阶段。各界关注民营经济如何走 出难关、实现更好发展。 今次座谈会不仅重申中央促进民营经济发展的坚定立场，更在推动政策落实、支持企业高质量发展等方 面作出部署。随着政策前瞻性针对性协同性不断增强，外界预期，未来民营经济政策实施将更重实效， 民企更直接感受到政策"温度"与"力度"。 受益于汽车自动驾驶相关政策，广州文远知行科技有限公司 ...

时隔七年，中国经济发展老问题、新挑战并存：外部不确定因素增多、影响加深，部分企业发展承压； 从内部看，供强需弱矛盾突出、企业经营成本高企、转型升级处于关键阶段。各界关注民营经济如何走 出难关、实现更好发展。 今次座谈会不仅重申中央促进民营经济发展的坚定立场，更在推动政策落实、支持企业高质量发展等方 面作出部署。随着政策前瞻性针对性协同性不断增强，外界预期，未来民营经济政策实施将更重实效， 民企更直接感受到政策"温度"与"力度"。 (年终特稿)中国民营经济2025：顶压前行 破局突围 中新社北京12月29日电 题：中国民营经济2025：顶压前行 破局突围 中新社记者 陈建新 国家高新技术企业中民企数量占比逾九成、前三季度民营企业进出口额同比增长7.8%、前11个月基础 设施民间投资同比增长3.5%……2025年，面对复杂的内外部环境，中国民营经济顶压前行、破局突 围。 中央支持一以贯之 今年2月，一场高规格的民营企业座谈会在北京召开，再次释出中央支持民营经济发展壮大的强烈信 号。 以民企为主体，高规格召开座谈会并非首次。2018年11月，中央就以召开座谈会的形式，与企业家面对 面交流民营经济发展面临的困难挑战， ...

从价格看，我国数字化绿色化转型深入推进，新能源产业、数字产品制造快速发展，带动相关产品价格 上涨。11月份，有色金属冶炼和压延加工业价格同比上涨7.8%，集成电路制造价格上涨1.7%。 国家统计局昨日公布的数据显示，11月份我国经济延续稳中有进发展态势，表现为生产增势平稳、市场 销售扩大、外贸韧性彰显、就业物价稳定、民生保障有力。值得一提的是，前11个月经济新动能持续壮 大，这将有利于经济向好发展。 数据显示，11月规模以上工业增加值同比增长4.8%，服务业生产指数同比增长4.2%。同期，社会消费 品零售同比增长1.3%；货物进出口总额同比增长4.1%；全国城镇调查失业率为5.1%，与上月持平。 国家统计局新闻发言人、总经济师、国民经济综合统计司司长付凌晖在国新办新闻发布会上表示，从全 年情况看，尽管有困难有压力，但我国经济韧性强，宏观政策支持有力，新动能稳步成长，实现全年预 期目标有较好条件。 前11个月，经济新动能持续壮大的特征尤其明显。付凌晖指出，从供给看，高端化、数字化、智能化生 产发展向好。1～11月份，规模以上高技术制造业增加值同比增长9.2%；数字产品制造业增加值增长 9.3%；工业机器人、集成 ...

Economic Overview - In November, the national economy continued to show a stable and progressive development trend, with a focus on implementing proactive macro policies and promoting high-quality development [2][6] - The total grain production for the year is expected to exceed 1.4 trillion jin, with a year-on-year increase of 1.2% [2] Industrial Production - The industrial added value above designated size increased by 4.8% year-on-year in November, with a month-on-month increase of 0.44% [3] - The equipment manufacturing industry and high-tech manufacturing industry saw significant growth, with increases of 7.7% and 8.4% respectively [3] - The production of 3D printing equipment, industrial robots, and new energy vehicles grew by 100.5%, 20.6%, and 17.0% year-on-year respectively [3] Retail Sales - The total retail sales of consumer goods reached 43,898 billion yuan in November, a year-on-year increase of 1.3% [4] - Online retail sales amounted to 144,582 billion yuan, with a year-on-year growth of 9.1%, and physical goods online retail sales accounted for 25.9% of total retail sales [4] - Service retail sales grew by 5.4% year-on-year, with significant growth in cultural, sports, and travel services [4] Fixed Asset Investment - Fixed asset investment (excluding rural households) decreased by 2.6% year-on-year from January to November, while manufacturing investment increased by 1.9% [5] - Infrastructure investment fell by 1.1%, and real estate development investment dropped by 15.9% [5] - Investment in high-tech industries, such as information services and aerospace manufacturing, saw significant increases of 29.6% and 19.7% respectively [5] Policy Impact - A series of proactive macro policies have effectively supported stable economic operations, leading to expanded consumer demand and increased key investments [7][8] - The implementation of consumption upgrade policies has resulted in significant sales growth in home appliances and communication equipment [8] - The industrial production growth was supported by policies promoting market demand and industrial upgrades [8] Price Trends - The Consumer Price Index (CPI) rose by 0.7% year-on-year in November, marking a continuous recovery trend [9] - The Producer Price Index (PPI) showed a month-on-month increase of 0.1%, indicating a narrowing decline trend since August [10][11] Long-term Economic Outlook - The resilience of the economy remains strong, with macro policies providing robust support and new growth drivers emerging [12][13] - The expansion of market demand and the continuous growth of new economic drivers are expected to positively impact economic development [12][14] - The upcoming economic policies aim to enhance domestic demand and optimize supply, ensuring a solid foundation for future growth [14]

Core Insights - The Chinese steel industry has shown significant improvement in operational efficiency in the first three quarters of the year, with total revenue of 4.56 trillion yuan, a year-on-year decrease of 2.36%, and total profits of 96 billion yuan, a year-on-year increase of 190% [1][2] - The industry is expected to achieve its best economic performance since 2022 if it adheres to production and sales principles in the fourth quarter [2] - The demand for steel remains weak, with apparent consumption down 5.7% year-on-year, marking the fifth consecutive year of decline [3] Revenue and Profitability - The steel industry's total revenue for the first three quarters was 4.56 trillion yuan, a decrease of 2.36% compared to the previous year [1] - Total profits reached 96 billion yuan, reflecting a 190% increase year-on-year, with a sales profit margin of 2.10%, up 1.39 percentage points from the previous year [1][2] Production and Consumption - The cumulative crude steel production was 746 million tons, a year-on-year decrease of 2.9%, with expectations to maintain this downward trend for the entire year [2] - Domestic apparent consumption of crude steel was 649 million tons, down 5.7% year-on-year, indicating ongoing challenges in demand [3] Export and Import Dynamics - Steel exports increased by 9.2% year-on-year to 87.96 million tons, while imports decreased by 12.6% to 4.53 million tons [3] - The net export of crude steel was 96.76 million tons, a year-on-year increase of 21.0% [3] Industry Challenges and Outlook - The steel industry faces challenges such as insufficient effective demand, weakening export expectations, and increasing supply-demand contradictions [3] - The fourth quarter is expected to see a seasonal decline in demand, increasing pressure on achieving supply-demand balance [3][4] - The Ministry of Industry and Information Technology has outlined a plan for the steel industry, aiming for an average annual growth of 4% in industrial added value, emphasizing efficiency and quality over expansion [4][5]

Core Insights - The integration of "ESG+AI" is becoming a key engine for companies to reshape competitive landscapes and cultivate new productive forces [1] - Companies are increasingly exploring how to activate green vitality through digital technologies while seeking optimal solutions for achieving carbon neutrality [1] Group 1: ESG and AI Integration - The transition from the concept of "ESG+AI" to practical implementation requires companies to fully integrate ESG into their core strategies and utilize technological tools to transform sustainable development into a quantifiable and operational value system [1] - Artificial intelligence is identified as a critical technological force driving a systematic leap in companies' ESG capabilities, continuously materializing sustainable development and value creation [1] Group 2: Corporate Actions and Innovations - Companies are moving from written commitments to actionable practices in ESG development, seizing technological opportunities to shift from "passive disclosure" to "active communication" [2] - Ernst & Young (EY) plans to introduce the DeepSeek model in June 2024, combining it with its self-developed METIS AI platform to launch the industry's first intelligent Q&A products, including EYA.ai and ESG.ai [2]

Core Viewpoint - The recent "Work Plan for Stable Growth in the Petrochemical Industry (2025-2026)" issued by the Ministry of Industry and Information Technology and other departments aims to enhance high-end supply, regulate major project construction, and ensure fertilizer production stability, which is expected to optimize supply and improve industry prosperity [1][2]. Group 1: Capacity Control and Industry Impact - The plan emphasizes strict control over new refining capacity and rational planning for the addition of ethylene, PX, and coal-based methanol production, focusing on supporting the replacement and upgrading of outdated facilities [2]. - In 2024, China's refining, PX, and methanol capacities are projected to change by -1%, 0%, and 2% year-on-year, reaching 970 million tons, 44 million tons, and 103 million tons respectively, indicating a significant slowdown in capacity growth [2]. - Ethylene capacity is expected to grow by 7% in 2024 to 5.542 million tons, with a total of 2.415 million tons planned for addition in 2025/26, but the supply-demand balance is weakening due to concentrated investments in recent years [2]. Group 2: Fertilizer Production and Supply Stability - The plan requires optimization of minimum production plans for key fertilizer producers and encourages long-term supply agreements between raw material suppliers and fertilizer manufacturers to ensure stable raw material supply [3]. - Rising prices of upstream raw materials, particularly sulfur and sulfuric acid, due to refinery output declines and geopolitical conflicts, are expected to impact fertilizer production stability positively [3]. Group 3: High-end Supply and Emerging Technologies - The plan aims to enhance high-end supply and accelerate the digital and green transformation, promoting the development of new materials and emerging technologies [4]. - Key areas for high-end chemical materials include integrated circuits, new energy, medical devices, and low-altitude economy, with innovations in electronic chemicals, specialty engineering plastics, and carbon fiber materials expected to accelerate [4]. - Traditional materials are anticipated to improve in quality, with industries gradually transitioning towards low-energy consumption, environmental protection, and high-end production [4].

Core Insights - The 2025 Private Economy Innovation and Development Conference highlighted significant growth in R&D investments and outcomes among China's top 1000 private enterprises in 2024, marking a dual increase in both investment scale and intensity, thereby reinforcing the new engine of economic development [1] Group 1: R&D Investment and Innovation - In 2024, the total R&D expenditure of the top 1000 private enterprises reached 1.43 trillion yuan, an increase of 2.78% compared to the previous year [1] - The average R&D intensity was 3.59%, exceeding the national average by 0.91 percentage points [1] - The number of effective patents held by these enterprises reached 1.4281 million, a year-on-year increase of 27.58%, with invention patents accounting for 594,600, up 15.55% [1] Group 2: Business Performance and Integration - The top private enterprises achieved a total operating revenue of 39.92 trillion yuan in 2024, reflecting a year-on-year growth of 6.87% [2] - Total assets amounted to 46.46 trillion yuan, increasing by 8.16% year-on-year, while total profits reached 2.31 trillion yuan, up 7.85% [2] - Over 300,000 effective patents were industrialized, generating a combined output value of 172.153 billion yuan [2] Group 3: Technological Advancement and Transformation - The private enterprises accelerated the transformation of technological achievements, promoting digital transformation and green low-carbon development, contributing to the construction of a modern industrial system [3] - Innovations in drone defense technology and radio interference have showcased significant advancements, with applications in major projects such as the Wenchang and Hainan space launch sites [3]

Core Viewpoint - The article discusses the "Work Plan for Stable Growth in the Petrochemical Industry (2025-2026)" issued by the Ministry of Industry and Information Technology and six other departments, aiming for an annual growth of over 5% in the industry's added value during this period, with a focus on innovation, efficiency, demand expansion, and collaboration [2]. Group 1: Strengthening Technological Innovation - Enhance high-end supply by focusing on key industrial chains such as integrated circuits and new energy, supporting the development of electronic chemicals and high-performance materials through collaborative innovation [3]. - Ensure stable supply of fertilizers by optimizing production plans and establishing long-term contracts between raw material suppliers and fertilizer producers [3]. - Optimize pilot project management to enhance innovation development momentum by streamlining approval processes and reducing environmental assessment burdens for pilot projects [4]. Group 2: Expanding Effective Investment - Control major project construction scientifically, limiting new refining capacity and supporting the transformation of outdated facilities [5]. - Implement safety upgrades for aging facilities, establishing a standard system for evaluation and renovation, and ensuring the relocation of hazardous chemical production enterprises by the end of 2025 [5]. Group 3: Accelerating Digital and Green Transformation - Promote digital transformation in the petrochemical industry by establishing benchmarks and typical scenarios, and supporting enterprises in energy-saving and pollution reduction efforts [6]. - Develop standards for pollution reduction and carbon reduction, including guidelines for green hydrogen and digital transformation maturity assessments [7]. Group 4: Expanding Market Demand - Facilitate supply-demand matching by organizing product connection activities and promoting stable cooperation between production enterprises and downstream users [8]. - Explore new applications in emerging industries such as new energy and low-altitude economy, and promote the use of green products [8]. Group 5: Developing High-Quality Growth Engines - Build high-quality chemical parks and industrial clusters, focusing on safety and competitiveness evaluations, and enhancing collaboration with national economic development zones [9]. Group 6: Deepening Open Cooperation - Expand international cooperation by addressing changes in the international trade environment and leveraging free trade agreements to enhance the export of petrochemical products [10].

Core Viewpoint - The Ministry of Industry and Information Technology, along with six other departments, has released the "Petrochemical Industry Stabilization and Growth Work Plan (2025-2026)" to promote stable operation and structural optimization of the petrochemical industry, which is crucial for the national economy [1][2]. Summary by Sections Industry Importance and Current Challenges - The petrochemical industry is a vital foundation and pillar of the national economy, characterized by a large economic scale and high industrial correlation. Current challenges include intensified competition in basic organic raw materials, insufficient supply of high-end fine chemicals, slowing domestic demand growth, and increasing external uncertainties [2][10]. Main Goals - The plan aims for an average annual growth of over 5% in the industry's added value from 2025 to 2026, stabilization of economic benefits, significant enhancement of technological innovation capabilities, continuous improvement in fine chemical extension, digital empowerment, and safety levels, as well as noticeable synergy in pollution reduction and carbon reduction [2][12]. Key Measures - **Strengthening Technological Innovation**: The plan emphasizes enhancing high-end supply, supporting key product breakthroughs in industries like integrated circuits and new energy, and promoting collaborative innovation [3][13]. - **Investment and Project Management**: It includes strict control over new refining capacity, guiding the planning of major petrochemical and modern coal chemical projects, and supporting the transformation of old facilities [4][17]. - **Fertilizer Production Assurance**: The plan optimizes management of key fertilizer production enterprises and ensures stable supply of essential raw materials [5][13]. - **Digital and Green Transformation**: It promotes the integration of artificial intelligence in the petrochemical sector and accelerates the construction of high-quality data sets [6][18]. - **Standardization**: The plan calls for the development of standards for high-end fine chemicals and quality traceability for key products [7][19]. Market Expansion and International Cooperation - The plan encourages the expansion of applications for new energy battery materials and special engineering plastics, while also promoting international cooperation to navigate changes in the global trade environment [8][22]. Organizational and Policy Support - The plan outlines the need for enhanced organizational support, policy backing, and monitoring to ensure the effective implementation of the stabilization and growth objectives [23][24][25].