Core Viewpoint - The development of new quality productivity is an intrinsic requirement and important focus for promoting high-quality development in China, with smart city construction serving as a strategic pivot for this transformation [1]. Group 1: Smart City Construction as a Strategic Choice - Smart city construction is a practical carrier that adapts to the transformation of production methods, fundamentally reshaping urban governance through the integration of digital technologies [2]. - The Chinese government has been promoting smart city construction since 2016, emphasizing data-driven and people-centered approaches to optimize governance and resource integration [2]. - Smart cities enhance the efficiency of production factor allocation and are essential for optimizing urban functions and driving productivity growth [3]. Group 2: Goals of Smart City Construction - Smart cities represent a direct integration of advanced productivity, providing an environment for the reconfiguration of key production factors such as technology, capital, talent, and data [3]. - The urbanization rate in China has increased from 17.9% in 1978 to 66.2% in 2023, highlighting the need for smart city initiatives to address challenges like resource efficiency and environmental pressures [3]. - Empirical studies indicate that doubling urban scale can increase total factor productivity by 3.5% to 8%, with smart city initiatives potentially amplifying this effect [3]. Group 3: Government's Role in Smart City Development - Smart city construction is recognized globally as a core pathway for urban modernization, with various international initiatives emphasizing the importance of technology and management innovation [4][5]. - China has over 500 smart city pilot projects covering more than 95% of prefecture-level cities, indicating a strong governmental commitment to enhancing urban governance through digital platforms [5]. - The government plays a crucial role in guiding multi-stakeholder participation, ensuring effective alignment between technological innovation and urban needs [5]. Group 4: Value Orientation of Smart Cities - The concept of a "people's city" aligns with the people-centered philosophy of new quality productivity, emphasizing the active role of citizens in urban governance [6]. - Smart city initiatives have shifted from traditional monitoring models to collaborative governance, involving government, enterprises, and citizens in decision-making processes [6]. - The focus on human-centered values in smart city construction reflects the broader goal of meeting the growing needs of the population for a better quality of life [6]. Group 5: Key Focus Areas for Developing New Quality Productivity - Strengthening technological innovation is essential for enhancing the foundational capabilities of smart cities and fostering strategic emerging industries [7]. - Establishing a comprehensive digital transformation framework is necessary to support the development of smart cities, including investments in new infrastructure and optimizing regulatory arrangements [8]. - Improving urban governance through data-driven models and enhancing public service accessibility are critical for expanding the market for new quality productivity [9]. Group 6: Sustainable Development and Ecological Civilization - Promoting smart environmental practices and green industries is vital for effective resource management and environmental risk mitigation [10]. - Efficient utilization of resources and energy through smart technologies is essential for sustainable urban development [10]. - Encouraging eco-friendly lifestyles through smart city initiatives can enhance public engagement in sustainability efforts [10]. Group 7: Coordinating Development and Integration - Deepening the reform of smart city systems in alignment with national strategies is crucial for balancing new quality productivity and production relationships [11]. - Promoting regional integration and urban-rural development through smart city platforms can facilitate efficient resource allocation and governance [11]. - Establishing a long-term mechanism for public services and social security is necessary to address challenges such as population aging and economic restructuring [11].

【论点摘编】 （来源：光明日报） 转自：光明日报 张新宁、卢钊华在《上海经济研究》2025年第10期撰文指出，近年来，党和国家高度重视经济结构的优 化升级，特别是随着新一轮科技革命和产业变革的加速演进，高水平科技自立自强如何有效支撑经济高 质量发展成为亟须探究的重点问题。马克思主义经典作家主张"科技进步推动生产力发展"的理论立场， 中国共产党引领科技经济良性互动的历史经验，以及世界大国面向发展主导权开展战略博弈的现实要 求，构成高水平科技自立自强支撑经济高质量发展的内在必然性。就作用机理而言，高水平科技自立自 强凭借自主创新能力优势化、科技经济深度融合化、战略科技力量体系化，支撑起"科技创新驱动"经济 发展方式的形成、"以国内大循环为主体、国内国际双循环"经济发展格局的构建、"平稳健康发展"经济 安全保障的夯实。但受限于基础研究、原始创新、双链融合、科技体制等方面的"短板"，高水平科技自 立自强还是呈现出支撑能力不充分、支撑节点不牢固、支撑结构不完善等现实困境。对此，党和国家需 牢牢抓住战略核心、企业主体、创新导向这三个关键节点，有针对性地强化基础研究体系建设、实现创 新链产业链深度融合、推进科技体制全面深化 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ ■ 邢 萌 12月17日，沐曦股份正式登陆科创板，上市首日涨幅高达693%，市场投资热情高涨。此外，本月初， 同为半导体领域明星企业的摩尔线程，上市首日涨幅也超400%。今年以来，一批来自新一代信息技 术、新材料等战略性新兴产业领域的硬科技企业登陆A股市场，且多家公司股价在上市首日涨幅达数 倍，引发市场关注。 硬科技资产"走红"A股市场的现象，反映出国家创新驱动发展战略与产业转型升级方向，正在加速转化 为清晰的市场共识。这不只是资本对单一企业的追捧，更彰显了市场对中国硬科技自主创新能力与长期 成长价值的信心，也意味着资本正以前瞻性视角，重估核心技术在未来经济格局中的战略地位。 在笔者看来，中国硬科技资产"走红"A股市场，主要缘于三大核心驱动力： 其一，这符合国家战略方向、政策导向，科技领军企业依托核心技术的迭代创新能力与战略资源配置， 具备超越周期的成长确定性。 在全球科技竞争加速的背景下，硬科技攻关已超越单纯的技术范畴，成为保障国家产业链安全、把握发 展主动权的战略核心。党的二十大报告明确提出"加快实现高水平科技自立自强"，并强调"以 ...

Core Viewpoint - Multiple domestic and foreign institutions predict that China's economy will continue to show steady growth in 2026, supported by policy measures, structural upgrades, and the release of potential [1][3][4] Group 1: Economic Growth Predictions - Foreign institutions generally forecast that China's economy will maintain steady growth in 2026 due to policy support [3] - Morgan Stanley anticipates moderate growth driven by appropriate easing policies and gradual rebalancing [3] - UBS expects more precise policy support to enhance economic resilience [3] Group 2: Structural and Policy Support - The chief macro analyst at Everbright Securities highlights significant growth potential and quality upgrade space in China's economy due to its vast market and strong industrial system [4] - UBS emphasizes targeted support measures such as energy cost subsidies for businesses and consumer incentives [6] - Goldman Sachs has raised its forecasts for China's export growth and real GDP growth, citing the "14th Five-Year Plan" as a confidence booster for advanced manufacturing competitiveness [6] Group 3: Trade and Domestic Demand - The dual drivers of foreign trade and domestic demand are crucial for high-quality economic growth, with exports remaining a core support force [7] - Analysts from CITIC Securities predict stronger overall exports in 2026 compared to 2025, with a focus on mid-to-high-end manufacturing competitiveness [9] - The potential of the domestic market is accelerating, with consumer and livelihood policies expected to play a key role in expanding domestic demand [9] Group 4: Innovation and Stability - Analysts identify "innovation" as a key theme for the economy in 2026, with a shift from traditional factor-driven growth to technology-driven growth [14] - The IMF representative notes that expanding consumption is a priority for the government, contributing to high-quality growth [11] - UBS economists highlight the stability of domestic policies as a solid foundation for innovation and a crucial guarantee for steady economic progress [18][20] Group 5: Open and Sustainable Development - The concept of institutional openness in finance, particularly in RMB internationalization and capital market openness, is seen as a positive factor for economic vitality [22] - The emphasis on green finance and support for high-tech industries is expected to enhance the overall economic landscape [22]

Core Insights - Shenzhen has seen a remarkable speed in company listings, with 121 companies established for less than 10 years successfully going public, including 87 on A-shares and 34 on Hong Kong stocks, reflecting an efficient innovation ecosystem and strong policy support [1][3] Group 1: Listing Speed and Industry Focus - The average time for a startup in Shenzhen to grow into a listed company on the Sci-Tech Innovation Board is 13.35 years, which is 1.05 years faster than the national average [4] - The majority of the 121 companies are concentrated in strategic emerging industries such as new energy, semiconductors, artificial intelligence, robotics, and intelligent driving, indicating a shift towards technology-driven economic growth [4][5] Group 2: Innovation Ecosystem - Shenzhen's innovation ecosystem is characterized by a strong supply chain, allowing companies to quickly prototype products, with many raw materials available within a two-hour radius [5][6] - The city has established a comprehensive technology finance support system that enables rapid capital matching for Sci-Tech enterprises, facilitating their growth [5][6] Group 3: Policy Support and Development Mechanisms - Shenzhen has implemented a systematic approach to nurture market entities, focusing on the discovery and growth of "gazelle" and "unicorn" companies through targeted action plans [7][8] - Recent data shows that Shenzhen has exceeded its targets for the number of small enterprises transitioning to larger scales, contributing positively to the city's industrial growth [8]

Core Insights - Shenzhen has seen a remarkable acceleration in the speed of company listings, with 121 companies established for less than 10 years successfully going public, including 87 on A-shares and 34 on Hong Kong stocks [3][6] - This trend reflects Shenzhen's efficient innovation ecosystem, precise policy support, and active capital market, contributing to a comprehensive market entity cultivation system [3][7] Group 1: Listing Speed and Industry Focus - The average time for a startup in Shenzhen to grow into a listed company on the Sci-Tech Innovation Board is 13.35 years, which is 1.05 years faster than the national average [6] - The majority of the 121 companies are concentrated in strategic emerging industries such as new energy, semiconductors, artificial intelligence, robotics, and intelligent driving, indicating a shift towards technology-driven economic growth [7][8] Group 2: Innovation Ecosystem - Shenzhen's strong innovation ecosystem supports rapid company growth, with a well-established industrial chain that allows for quick product development and prototype creation [8][9] - The city has a comprehensive technology finance support system that matches capital with innovative enterprises, facilitating their growth [8][9] Group 3: Policy Support and Development Mechanisms - Shenzhen has implemented a market entity cultivation system that includes mechanisms for discovering and nurturing unicorn and gazelle companies, focusing on strategic emerging industries [10][11] - Recent data shows that Shenzhen has exceeded its targets for the number of small enterprises transitioning to larger scales, indicating effective policy implementation and support for industrial growth [11]

Core Viewpoint - The "15th Five-Year Plan" (2026-2030) is a critical transitional phase for China, serving as a bridge between the "14th Five-Year Plan" and the "16th Five-Year Plan," and is essential for achieving socialist modernization by 2035 [1] Strategic Positioning - The "15th Five-Year Plan" is a unique observation and transition period to assess previous development outcomes and accumulate momentum for future acceleration [3] - It is a completion point for over 300 major reform tasks from the 20th National Congress, with specific milestones set for 2026-2029 to ensure reforms translate into tangible results [3] - This period is also a window for China to align with global rule restructuring, particularly in international trade and digital governance, which will impact its competitive position in global agreements like CPTPP and DEPA [3] Industrial Development Focus - The emphasis on "real economy" and "manufacturing reasonable proportion" is not merely about expanding capacity but is centered on "value-oriented" scientific layout [4] - As of the first half of 2025, China's manufacturing value added accounted for 25.7% of GDP, indicating a need to balance between too high and too low proportions to avoid resource strain and economic vulnerability [4] - The goal is to shift from a "scale-oriented" approach to a "value-oriented" one, focusing on core component R&D, independent intellectual property breakthroughs, and technological innovation to drive high-end, intelligent, and green transformation in manufacturing [4] Governance Philosophy Upgrade - The report elevates the concept of "people-centered" governance to "people first," emphasizing investment in human capital as a key infrastructure focus [6] - Over 120 reform tasks directly address critical life stages from birth to end-of-life, with quantifiable and accountable targets to ensure tangible improvements in quality of life [6] - The plan aims to convert demographic dividends into quality dividends through vocational training and equalization of public services, ensuring inclusivity in modernization efforts [6] Economic Long-Term Outlook - Despite challenges, the long-term positive trend of China's economy during the "15th Five-Year Plan" remains intact, supported by three main advantages: a vast market, latecomer advantages for industrial upgrades, and sustained competitive edge through technological innovation [8] - The large population and middle-income group provide a solid market foundation, while China's manufacturing scale and complete industrial system are unmatched globally [8] - The country can leverage its latecomer status to adopt advanced international practices in emerging fields like AI and quantum technology, exemplified by its rapid advancements in the renewable energy sector [8] Conclusion - The "15th Five-Year Plan" is positioned as a pivotal period for China to deepen reforms, strengthen industries, and enhance livelihoods, laying a solid foundation for achieving socialist modernization [9]

Core Viewpoint - China State Construction Engineering Corporation (CSCEC) maintains stable contract acquisition capabilities, with a total new contract amount of approximately 3.61 trillion yuan from January to October 2025, reflecting a year-on-year growth of 1% [2][3]. Contract Performance - The new contracts include 3.32 trillion yuan from construction business, a 2% increase year-on-year, accounting for 91.97% of the total new contracts [2][3]. - Real estate business contract sales amounted to 287.1 billion yuan, showing a decline of 9.5% year-on-year, indicating a contraction in this segment [3]. Domestic and International Orders - Most of the construction contracts, over 3.15 trillion yuan, are domestic orders, with a year-on-year growth of 1.9%. In contrast, international contracts reached 169.1 billion yuan, with a growth rate of 3.2%, surpassing domestic growth [3]. - CSCEC's international business has shown steady growth, with new contracts signed from 2021 to 2024 increasing from 163.6 billion yuan to 221.3 billion yuan [3]. Financial Performance - As of the end of Q3 2025, CSCEC's contract liabilities stood at 369.9 billion yuan, a year-on-year increase of 9.52%. However, operating revenue for the first three quarters of 2025 was 1.56 trillion yuan, down 4.2% year-on-year, and net profit attributable to shareholders was 38.18 billion yuan, down 3.83% [5]. - The company has managed to reduce operating costs, with costs for 2024 and the first three quarters of 2025 being 1.97 trillion yuan and 1.42 trillion yuan, respectively, reflecting decreases of 3.48% and 4.09% year-on-year [5][6]. Research and Development - CSCEC emphasizes technological innovation, with R&D expenditures totaling 239.8 billion yuan in the first three quarters of 2025, contributing to a cumulative investment of 205.28 billion yuan over the past five years [2][8]. - The company holds approximately 70,900 valid patents, including about 12,000 invention patents, showcasing its commitment to innovation in the construction sector [9]. Financial Health - As of Q3 2025, CSCEC's debt-to-asset ratio was 76.07%, slightly improved from the previous year, with financial expenses amounting to 13.56 billion yuan, a decrease of 4.81% year-on-year [9].

Core Insights - The 20th Central Committee's Fourth Plenary Session has concluded, focusing on the formulation of the 15th Five-Year Plan, which will have profound impacts on China's and the global economy, with the capital market playing a more significant role during this period [1] Group 1: Capital Market Development - The capital market during the 15th Five-Year Plan aims to promote high-quality economic development, drive technological innovation, and enhance wealth for residents and society [2] - Reform and opening-up are identified as the two main lines for the development of China's capital market, emphasizing the importance of the capital market in economic and social development [2] - The capital market's core functions extend beyond financing to include incentive mechanisms and wealth management, which are essential for broader economic participation [2] Group 2: Market Growth Potential - The capital market is expected to grow from 100 trillion to 200 trillion yuan during the 15th Five-Year Plan, driven by a shift in asset allocation from real estate to stocks and funds [3] - The traditional economic growth model, reliant on real estate and infrastructure, is reaching its limits, necessitating a new engine based on "technology × capital" for sustainable growth [3] - Recent market trends show stock indices rising despite traditional economic data not exceeding expectations, indicating a shift in how the capital market perceives economic fundamentals [3][4] Group 3: Innovation and Risk Management - The capital market must adapt to price and underwrite innovation risks, which differ significantly from the predictable risks of the industrial era [6] - Current financial systems show weaknesses in recognizing and managing innovation risks, necessitating reforms to enhance tolerance for failure and support diverse financial and technological innovations [7] - The need for a robust mechanism to support innovation failures, such as improved bankruptcy laws and social safety nets, is emphasized to foster a more innovative environment [7] Group 4: Economic Confidence and Policy Directions - Despite external trade tensions and internal economic slowdowns, confidence in the economy and capital markets has significantly improved, driven by policy, corporate, and funding awakenings [8] - The upcoming 15th Five-Year Plan is expected to detail industry and technology policies, focusing on economic rebalancing and social security [8] - Key directions for breaking through during the 15th Five-Year Plan include adjusting performance assessments to prioritize consumption and service sectors, and reforming the fiscal system to reduce reliance on turnover taxes [9] Group 5: Internationalization and Openness - The strategic importance of "high-level opening up" has been elevated in the 15th Five-Year Plan, indicating a shift towards a more reciprocal international capital market [10] - The focus on dual-direction connectivity in capital markets aims to attract international capital while facilitating domestic enterprises' access to global markets [10] - Achieving breakthroughs in foreign investment access and optimizing listing systems could enhance China's capital market's internationalization and resource allocation efficiency [10]

Core Viewpoint - The current technology market rally is driven by a new technology cycle, supported by macro policies and industry logic, rather than short-term hot concepts [3][4] Group 1: Technology Market Dynamics - The technology market is experiencing a new cycle driven by advancements in AI, chips, and robotics, with significant breakthroughs in domestic sectors like robotics and innovative pharmaceuticals [4] - Major overseas tech companies are increasing their AI capital expenditures, which is boosting domestic industry chain orders [4] - The development of new productive forces is expected to be a key focus of the "14th Five-Year Plan," guiding investment directions in technology [4] Group 2: Strategic Industry Focus - Key strategic emerging industries include next-generation information technology, AI, biotechnology, new energy, new materials, high-end equipment, green environmental protection, and digital creativity [5] - Future industries outlined in national planning encompass six major tracks: future manufacturing, information, materials, energy, space, and health, along with ten innovative flagship products such as humanoid robots and quantum computers [5] - Industries with long-term global competitiveness include traditional high-end equipment manufacturing and emerging sectors like new energy vehicles and solid-state batteries [5] Group 3: Market Outlook and Investment Strategy - The market is expected to shift from a peak technology rally to a "structured balance" in the fourth quarter, focusing on performance realization and valuation levels [6] - The "14th Five-Year Plan" will clarify main lines of development, including new productive forces and technology-driven innovation, as well as expanding domestic demand [6] - The "anti-involution" trend will impact industries like photovoltaics and new energy vehicles, with significant participation from private enterprises [6] Group 4: Gold Market Insights - The rise in gold prices is attributed to its inherent properties, central bank purchases, global liquidity, and investor concerns over the safety of dollar assets [7] - There remains strong demand for gold from central banks and asset institutions amid uncertainties in the dollar exchange rate and potential Fed rate cuts [7] - Caution is advised as the short-term price increase may lead to potential high-level adjustments in the gold market [7]