2025年前三季度，我国GDP总量突破101.5万亿元，同比增长5.2%，这一数据的背后，展现了中国经济在多重压力下的深层韧性。 作为西部经济重要增长极，四川省前三季度GDP逼近5万亿，其4.93%的名义增速背后暗含三重结构性突破。首先，国家战略赋能效应凸显，成渝双城经济 圈建设的纵深推进，使得电子信息、装备制造两大万亿级产业集群加速成型，仅京东方、长虹等龙头企业前三季度产值增幅就超过行业均值5个百分点。其 次，绿色转型构建新竞争优势，依托全球第二大的白鹤滩水电站及攀西钒钛资源，四川清洁能源产业增加值同比增长18%，特别是晶硅光伏产业已形成从工 业硅到组件应用的完整链条，贡献工业增加值超600亿元。再者，文旅消费的爆发式增长成为关键变量，暑期"三星堆-九寨沟"文旅线路带动全省旅游收入突 破7500亿元，餐饮住宿业营收环比提升22%，有效对冲了传统制造业增长放缓的压力。 从产业维度看，制造业升级与新动能培育构成了核心支撑：新能源汽车产量同比增幅超30%，集成电路、工业机器人等战略性新兴产业增速维持两位数；消 费复苏也发挥了关键作用，前三季度社会消费品零售总额对GDP贡献率接近65%，其中智能化家电、文旅服务等升 ...

Core Viewpoint - The A-share market is experiencing a strong upward trend, driven by institutional reforms, optimized capital structure, and economic momentum transformation, marking a new phase of a "slow bull" market [1] Market Performance - Major stock indices in the two markets surged, with the Shanghai Composite Index rising over 1% to surpass 3800 points, reaching a 10-year high; the Sci-Tech 50 Index soared over 8%, hitting a 3.5-year high [1] - As of the market close, the Shanghai Composite Index rose 1.45% to 3825.76 points, the Shenzhen Component Index increased by 2.07% to 12166.06 points, the ChiNext Index climbed 3.36% to 2682.55 points, and the Sci-Tech 50 Index gained 8.59% to 1247.86 points, with a total transaction volume of 25.793 billion yuan [1] Sector Performance - On the sector front, agriculture, banking, food and beverage, and oil sectors declined, while the semiconductor sector experienced a significant surge; brokerage and insurance sectors also saw gains, with stocks related to chips, computing power, and the AI industry being particularly active [1] Investment Outlook - Huaxi Securities indicates that the current A-share market is at a new starting point for a "slow bull" market, driven by supply-side governance, demand-side policy support, and an improved investor return mechanism [1] - The initiation of "deposit migration" among residents is expected to provide ample potential incremental funds, forming a positive feedback mechanism; long-term capital from insurance funds, social security, pensions, and potential stabilization funds is continuously entering the market, optimizing the investor structure [1] - The direction of the "slow bull" market will align with national strategies, focusing on new momentum and new technologies, supported by segments of large finance and new consumption [1]