未来产业 是由前沿技术驱动的前瞻性新兴产业,高 度不确定性是其区别于新兴产业、传统产 业最显著的特征。 为降低产业投资回报的不确定性 要发展创业投资,建立未来产业投入增长 和风险分担机制，鼓励各类经营主体和社 会资本投资未来产业。 为降低发展路径选择的不确定性 谋篇布局"十五五"·热点问答 布局未来产业 如何下好先手棋? "十五五"规划建议提出 前瞻布局未来产业 当今世界,新一轮科技革命和产业变革加 速突破,正催生出一批事关战略全局和长 远发展的未来产业，它们可能就是"明 天"的战略性新兴产业、"后天"的支柱 产业。 要探索多元技术路线、典型应用场景、可 行商业模式、市场监管规则，通过有组织 地复制推广好经验好做法,降低全社会探 路成本。 为降低产业生态不完善带来的不确定性 要推动创新资源向企业集聚,创新监管方 式,培育壮大科技领军企业,促进中小企 业专精特新发展,培育独角兽企业,加快 （责任编辑：董萍萍 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容的准确性、可靠性或完整性提供任何明示或暗示的保证。请 读者仅作参考，并请自行承担全部责任。邮箱：ne ...

新华社长沙11月20日电 中共中央政治局委员、国务院副总理何立峰11月18日至20日到湖北、湖南调 研。何立峰指出，要认真学习贯彻党的二十届四中全会精神，深入贯彻落实习近平总书记重要讲话精 神，持续推动外贸提质增效，完善高标准物流体系建设，加力支持制造业高质量发展，加快构建全国统 一大市场，进一步畅通国内国际双循环。 何立峰要求，有关部门和地方要坚定信心，认真总结经验做法，直面和解决企业发展过程中遇到的问题 困难，坚决完成全年经济发展目标任务，确保"十四五"圆满收官、"十五五"良好开局。 《 人民日报 》（ 2025年11月21日 03 版） (责编：胡永秋、杨光宇) 何立峰先后到湖北鄂州、咸宁和湖南长沙等地，实地调研货运机场运行情况，深入了解相关外贸物流企 业、外向型制造业企业和消费类企业的生产经营、技术创新等情况。何立峰指出，面对严峻复杂的外部 环境，我国外贸顶住压力保持稳定增长，为国内经济发展提供了有力支撑。要支持跨境电商等新业态新 模式发展和海外仓建设，持续推动外贸市场多元化，继续保持外贸平稳增长。要持续优化商品和服务供 给，更好满足多样化消费需求。要积极探索"铁公水空"多式联运，加快构建现代物流体系 ...

何立峰在湖北、湖南调研时强调 持续推动外贸提质增效 打通全国统一大市场建设卡点堵点 新华社长沙11月20日电 中共中央政治局委员、国务院副总理何立峰11月18日至20日到湖北、湖南调 研。何立峰指出，要认真学习贯彻党的二十届四中全会精神，深入贯彻落实习近平总书记重要讲话精 神，持续推动外贸提质增效，完善高标准物流体系建设，加力支持制造业高质量发展，加快构建全国统 一大市场，进一步畅通国内国际双循环。 何立峰先后到湖北鄂州、咸宁和湖南长沙等地，实地调研货运机场运行情况，深入了解相关外贸物流企 业、外向型制造业企业和消费类企业的生产经营、技术创新等情况。何立峰指出，面对严峻复杂的外部 环境，我国外贸顶住压力保持稳定增长，为国内经济发展提供了有力支撑。要支持跨境电商等新业态新 模式发展和海外仓建设，持续推动外贸市场多元化，继续保持外贸平稳增长。要持续优化商品和服务供 给，更好满足多样化消费需求。要积极探索"铁公水空"多式联运，加快构建现代物流体系，有效降低全 社会物流成本，坚决打通阻碍全国统一大市场建设的卡点堵点。 何立峰强调，要适应新一轮科技革命和产业变革要求，充分发挥企业主体作用，加大金融等政策支持力 度和要素 ...

Core Viewpoint - The "14th Five-Year Plan" emphasizes the principle of putting people first, focusing on improving people's livelihoods and promoting common prosperity during the period [1] Group 1: Employment and Social Security - The plan outlines policies aimed at promoting high-quality and sufficient employment, as well as establishing a robust social security system [1] - It highlights the importance of balanced and accessible policies to ensure the well-being of all citizens [1] Group 2: Education and Innovation - Education is identified as the foundation, technology as the key, and talent as the core for building a modern socialist country [1] - The plan stresses the need to seize opportunities from the new round of technological revolution and industrial transformation, integrating the development of education, technology, and talent [1] Group 3: Healthcare - Healthcare is recognized as a primary concern for the public, with a focus on strengthening the operational support for county and grassroots medical institutions [1] - The plan calls for optimizing the functions and layout of medical institutions and advancing the construction of a digital health system for all [1]

Core Viewpoint - The article emphasizes the importance of maintaining a "reasonable proportion" of the manufacturing industry within China's economy, as outlined in the "14th Five-Year Plan" to strengthen the foundation of the real economy [1]. Group 1: Definition of "Reasonable Proportion" - The "reasonable proportion" refers to the share of manufacturing value added in the GDP, which is influenced by both manufacturing and other sectors like services [2]. - Over the years, as China's economy has grown and evolved, the proportion of manufacturing in GDP has decreased, while the service sector has increased, with service value added surpassing secondary industry for the first time in 2012 [2]. - The historical trend shows that while the absolute size of manufacturing is growing, its relative share in GDP cannot be excessively high, reflecting a common pattern in the development of other economies [2]. Group 2: Importance of Maintaining Manufacturing's Proportion - Manufacturing plays a crucial role in daily life, providing essential goods and services that meet basic needs [3]. - It serves as a solid foundation for the development of other industries, including agriculture and services, and is vital for job creation, employing over 100 million people, which accounts for 24.4% of the workforce in secondary and tertiary industries [3]. - The stability and growth of the economy, technological strength, and overall national power are closely tied to the health of the manufacturing sector [3]. Group 3: External Factors and Challenges - In the context of increasing international competition, manufacturing is a critical area for nations to focus on [4]. - Despite being the world's largest manufacturing country, China faces challenges from new technological revolutions and rising protectionism, which threaten global supply chains [4]. - To navigate these challenges, it is essential to focus on the real economy, enhance core technologies, and strengthen the resilience and competitiveness of supply chains [4]. Group 4: Strategies to Maintain Reasonable Proportion - The "14th Five-Year Plan" outlines specific tasks to build a modern industrial system centered on advanced manufacturing, optimize traditional industries, and cultivate emerging sectors [6]. - The goal is to enhance the quality and strength of manufacturing, with projections indicating that by 2024, China's manufacturing value added will account for nearly 30% of the global total [7]. - Addressing existing shortcomings, such as insufficient innovation capabilities and technological gaps, is crucial for advancing towards a manufacturing powerhouse [7].

Core Viewpoint - The article emphasizes the importance of maintaining a "reasonable proportion" of manufacturing in China's economy as part of the "14th Five-Year Plan" to strengthen the foundation of the real economy [1] Group 1: Definition of "Reasonable Proportion" - The proportion of manufacturing value added in GDP is influenced by both manufacturing itself and other sectors like services [2] - Over the years, as China's economy has grown and its structure has upgraded, the share of manufacturing in GDP has decreased, while the service sector has increased [2] - Data shows that in 2012, the value added by the service sector surpassed that of the secondary industry for the first time, and by 2013, it accounted for over 50% of GDP [2] - The shift in industrial structure from 2010 to 2024 indicates a trend where manufacturing's share is decreasing, which aligns with global economic patterns [2] Group 2: Importance of Maintaining Manufacturing's Proportion - Manufacturing plays a crucial role in daily life, providing essential goods and services [3] - It serves as a solid foundation for the development of other industries, including agriculture and services [3] - The manufacturing sector is a significant source of employment, with over 100 million people employed in manufacturing, accounting for 24.4% of employment in secondary and tertiary industries [3] Group 3: External Factors and Challenges - In the context of increasing international competition, manufacturing remains a critical area for nations [4] - China has been the world's largest manufacturing country for many years, but it faces challenges from new technological revolutions and industrial changes [4] - The rise of unilateralism and protectionism globally poses threats to the stability of global supply chains [4] Group 4: Strategies to Maintain Reasonable Proportion - The "14th Five-Year Plan" outlines specific tasks to build a modern industrial system centered on advanced manufacturing, optimize traditional industries, and cultivate emerging industries [6] - The focus is on enhancing quality and strength in manufacturing, with China accounting for nearly 30% of global manufacturing value added by 2024 [7] - Despite achievements, challenges such as insufficient innovation capabilities and technological gaps in key industries remain [7] - The plan aims to promote the upgrading of key industries, digital transformation of manufacturing, and the development of new pillar industries [7]

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - Stock index futures are expected to continue a structured market, but be cautious about chasing high prices on the current market surface. The A-share non-financial third-quarter report shows positive revenue and profit growth, but ROE remains in a low oscillation range [1]. - Treasury bond futures are expected to continue an oscillatory pattern under the influence of multiple factors such as capital supply, economic expectations, policy orientation, and market sentiment [2]. 3. Summary of Each Section Research Views - **Stock Index**: The stock market rebounded after hitting a low, with the three major indexes slightly down. The Sino-US summit is beneficial for the improvement of demand and A-share technology stocks' valuation. The Fourth Plenary Session of the 20th Central Committee of the Communist Party of China boosts market confidence. A-share non-financial third-quarter reports show positive performance, but the science and technology innovation index valuation is at a historical extreme [1]. - **Treasury Bond**: Treasury futures closed with gains. The central bank's open market operations increased net investment, and the capital market's weighted average interest rate declined. The bond market is affected by multiple factors and is expected to continue an oscillatory pattern [2]. Daily Price Changes - **Stock Index Futures**: IH rose 0.32%, IF rose 0.03%, IC fell 0.25%, and IM fell 0.28% [3]. - **Stock Indexes**: The Shanghai Composite 50 rose 0.32%, the CSI 300 fell 0.13%, the CSI 500 fell 0.66%, and the CSI 1000 fell 0.72% [3]. - **Treasury Bond Futures**: TS rose 0.01%, TF rose 0.03%, T rose 0.04%, and TL rose 0.13% [3]. Market News - During the "Double 11" peak season in 2025, the express delivery business volume reached 13.938 billion pieces, with a daily average of 634 million pieces, 117.8% of the daily business volume. The peak single-day business volume reached 777 million pieces, setting a new record [5]. Chart Analysis - **Stock Index Futures**: Charts show the trends and basis trends of IH, IF, IC, and IM [7][8][9][10][11]. - **Treasury Bond Futures**: Charts show the trends, basis, inter - period spreads, cross - variety spreads, and capital interest rates of treasury bond futures [14][15][16][17][18][20]. - **Exchange Rates**: Charts show the exchange rates of the US dollar, euro, pound, and yen against the RMB, as well as forward exchange rates and currency indices [23][24][25][27][29].

Group 1: Report Industry Investment Ratings - The investment rating for stock index futures is "volatile" [1] - The investment rating for treasury bond futures is "relatively strong" [1] Group 2: Core Views of the Report - On November 11, 2025, the market showed a volatile and differentiated trend with the three major indexes rising and falling unevenly. The Sino-US summit is conducive to the improvement of China's total demand and the valuation of A-share technology stocks. The Fourth Plenary Session of the 20th Central Committee of the Communist Party of China boosts market confidence, and the structured market is expected to continue. However, the valuation of the science and technology innovation index is at a historical extreme, so be cautious about chasing high. The A-share non-financial Q3 reports show signs of improvement [1] - Treasury bond futures closed with gains on November 11, 2025. The central bank's operations and the expected stable economic situation in Q4 are favorable for the bond market. However, the "see-saw" effect between stocks and bonds causes some fluctuations in bond market sentiment, and the bond market is expected to continue the volatile pattern [1][2] Group 3: Summary by Relevant Catalogs 1. Research Views - **Stock Index Futures**: The market was volatile and differentiated on November 11, 2025, with about 3,400 stocks rising in the Shanghai, Shenzhen, and Beijing stock markets and a trading volume of 2.19 trillion yuan. The Sino-US summit is beneficial to China's demand and A-share technology stocks. The Fourth Plenary Session of the 20th Central Committee focuses on technological innovation, expanding domestic demand, and reform and opening up. The A-share non-financial Q3 reports show that the cumulative revenue and net profit growth rates have improved, but the ROE is still in a low and volatile range [1] - **Treasury Bond Futures**: On November 11, 2025, the 30-year, 10-year, and 5-year treasury bond futures contracts rose, while the 2-year contract was basically stable. The central bank conducted 119.9 billion yuan of 7-day reverse repurchase operations on November 10, with a net investment of 41.6 billion yuan. The central bank's resumption of treasury bond trading strengthens the expectation of reasonable and sufficient funds, which is favorable for the bond market. The economic situation in Q4 is expected to be stable, and the short-term necessity of interest rate cuts is low. The "see-saw" effect between stocks and bonds affects bond market sentiment [1][2] 2. Daily Price Changes - **Stock Index Futures**: From November 7 to November 10, 2025, IH rose by 0.52%, IF by 0.27%, IC by 0.08%, and IM by 0.12%. Among the stock indexes, the Shanghai Composite 50 rose by 0.51%, the CSI 300 by 0.35%, the CSI 500 by 0.22%, and the CSI 1000 by 0.28% [3] - **Treasury Bond Futures**: From November 7 to November 10, 2025, TS remained unchanged, TF rose by 0.03%, T by 0.04%, and TL by 0.28% [3] 3. Market News - The National Development and Reform Commission and the National Energy Administration issued a guidance on promoting the consumption and regulation of new energy. It aims to balance the external transmission and local consumption of new energy bases in desert, gobi, and desertified areas, and promote large-scale local consumption through various means [4] 4. Chart Analysis - **Stock Index Futures**: The report provides charts of the trends and basis of IH, IF, IC, and IM futures contracts, showing their price trends and basis changes from January 2024 to July 2025 [6][8][10] - **Treasury Bond Futures**: The report includes charts of the trends, yields, basis, inter - period spreads, cross - variety spreads, and funding rates of treasury bond futures contracts, covering data from January 2024 to October 2025 [13][16][18] - **Exchange Rates**: The report presents charts of the central parity rates of the US dollar, euro against the RMB, forward exchange rates, and exchange rates between major currencies such as the US dollar, euro, pound, and yen from January 2023 to August 2025 [21][22][25]

Core Points - The article emphasizes the importance of high-level opening up and deepening economic and trade cooperation to foster high-quality development in Jiangsu province [1][2] - The participation in the China International Import Expo highlights Jiangsu's commitment to attracting foreign investment and enhancing collaboration with global enterprises [1][2] Group 1: Economic Development and Foreign Investment - Jiangsu's provincial leadership is focused on leveraging the China International Import Expo to promote high-level foreign investment and economic cooperation [1] - Companies such as General Electric, Siemens, and Honeywell expressed their commitment to investing in Jiangsu, citing the province's robust economy and favorable business environment [1] - The provincial government aims to optimize traditional industries while nurturing emerging and future industries, providing ample opportunities for foreign enterprises [1] Group 2: Biopharmaceutical Industry - Jiangsu ranks among the top provinces in China for the biopharmaceutical industry, with ongoing efforts to enhance open innovation across the entire industry chain [2] - Pfizer, a leading global biopharmaceutical company, is looking to strengthen collaboration with Jiangsu in areas such as innovative research and clinical studies [2] - The provincial government is committed to creating a market-oriented, law-based, and international business environment to support the growth of enterprises in Jiangsu [2] Group 3: Cultural Exchange and Local Products - The expo features cultural exchange sections showcasing traditional crafts, non-heritage skills, and innovative consumer products, attracting significant visitor interest [2] - The provincial leadership encourages enhancing the exhibition experience to better showcase Jiangsu's cultural charm [2]

Core Insights - The Chinese government aims to cultivate and expand emerging and future industries, with the goal of creating a new high-tech industry equivalent to the size of China's existing high-tech sector over the next decade, injecting continuous new momentum into the economy and high-quality development [1][3] Economic Context - China's economic growth faces challenges due to the weakening of traditional growth drivers and the slow replacement by new drivers, necessitating the reconstruction of a high-tech industry to stabilize growth [1][2] - The current contribution of high-tech manufacturing to industrial value added is less than 20%, indicating a significant gap compared to developed countries, which positions the reconstruction of a high-tech industry as a strategic move to enhance competitiveness [2] Strategic Importance - The reconstruction of a high-tech industry is seen as a critical step in reshaping industrial advantages, allowing China to consolidate its leading position in advantageous sectors and seize opportunities in future markets [2][4] - The ongoing technological revolution, particularly in areas like artificial intelligence, presents both opportunities and uncertainties, making the establishment of a high-tech industry essential for capturing new technological advancements and mitigating risks [2][3] Industrial Foundation - China's "three new" economy is projected to contribute 24.29 trillion yuan to GDP in 2024, exceeding 18%, supported by a robust industrial system and leadership in sectors like new energy vehicles and 5G [3] - The country ranks second globally in R&D expenditure, with significant breakthroughs in quantum computing and artificial intelligence, indicating a strong foundation for the development of a new high-tech industry [3] Future Industry Development - The focus will be on nurturing emerging pillar industries such as new energy, new materials, and aerospace, which are expected to create substantial market opportunities and drive the expansion of the high-tech sector [3][4] - Future industries will be strategically developed in areas like quantum technology and brain-computer interfaces, transitioning from technological reserves to market applications, thus becoming new growth points for the economy [3] Transformation of Manufacturing - The initiative to rebuild a high-tech industry represents a qualitative transformation of Chinese manufacturing, moving away from being "big but not strong" to a more resilient and innovative position in global competition [4]