证券研究报告 2025 年 08 月 26 日 湘财证券研究所 策略研究 策略深度 权益市场震荡上行，关注高质量发展和美丽中国方向 ——2025 年第四季度 A 股策略 相关研究： 核心要点： 1、《20250602湘财证券-策略研究 美国新政落地，推动全球权益市场上行 科技或是主力》 2025.06.24 续震荡上行》 2025.08.24 证书编号：S0500519120001 Tel：(8621) 50295323 Email：qh3062@xcsc.com 中国人寿金融中心 10 楼 -宏观弱，红利+消费与科技博弈》 2025.06.02 2、《20250624湘财证券-策略研究 -预期7月市场继续震荡上行，红利、 3、《20250824湘财证券-策略研究 -预期9月资金面保持宽松,市场继 我们判断全球下半年投资机会在于：第一、美国《大而美法案》提高美国 债务限制上限，对企业减税，推动美股创新高；美国对等关税政策落地， 将推升其 CPI 反弹，增加美国降息难度；未来美元将继续弱势，推动中国 资产估值上升，利好港股（海外资金+南向资金）；间接利好 A 股。第二、 美国《GENIUS 法案》落地，稳定币的 ...

全国政协副主席秦博勇主持会议。中共中央政治局委员、全国政协副主席石泰峰，全国政协副主席 胡春华、沈跃跃、王勇、周强、梁振英、巴特尔、苏辉、邵鸿、高云龙、穆虹、咸辉、王东峰、姜信 治、蒋作君、何报翔、王光谦、朱永新、杨震出席会议。 编辑：王晨晖 新华社北京8月26日电 政协第十四届全国委员会常务委员会第十三次会议26日上午举行全体会 议，14位全国政协常委围绕"制定国民经济和社会发展'十五五'规划"作大会发言。中共中央政治局常 委、全国政协主席王沪宁出席。 王国生常委建议，把因地制宜发展新质生产力摆在更加突出战略位置，把全方位扩大内需作为编制 规划战略基点，统筹做好中长期目标和远景目标有效衔接。苗圩常委提出，促进数字经济和实体经济深 度融合，加快产业智能化发展进程。马建堂常委建议，多措并举提升消费能力、提振消费意愿、拓展消 费场景、扩大消费供给，培育完整内需体系。王志刚常委建议，提升原创性、颠覆性科技创新能力，以 科技突破为新质生产力发展提供强大动能。陈群常委建议，积极稳妥推进各级各类教育规模、类型及层 次结构的统筹优化和动态调整，更好适应经济社会发展和国家战略需求。孔令智常委代表台盟中央发言 提出，以科技创新 ...

新华社北京8月26日电 政协第十四届全国委员会常务委员会第十三次会议26日上午举行全体会议，14 位全国政协常委围绕"制定国民经济和社会发展'十五五'规划"作大会发言。中共中央政治局常委、全国 政协主席王沪宁出席。 全国政协副主席秦博勇主持会议。中共中央政治局委员、全国政协副主席石泰峰，全国政协副主席胡春 华、沈跃跃、王勇、周强、梁振英、巴特尔、苏辉、邵鸿、高云龙、穆虹、咸辉、王东峰、姜信治、蒋 作君、何报翔、王光谦、朱永新、杨震出席会议。 王国生常委建议，把因地制宜发展新质生产力摆在更加突出战略位置，把全方位扩大内需作为编制规划 战略基点，统筹做好中长期目标和远景目标有效衔接。苗圩常委提出，促进数字经济和实体经济深度融 合，加快产业智能化发展进程。马建堂常委建议，多措并举提升消费能力、提振消费意愿、拓展消费场 景、扩大消费供给，培育完整内需体系。王志刚常委建议，提升原创性、颠覆性科技创新能力，以科技 突破为新质生产力发展提供强大动能。陈群常委建议，积极稳妥推进各级各类教育规模、类型及层次结 构的统筹优化和动态调整，更好适应经济社会发展和国家战略需求。孔令智常委代表台盟中央发言提 出，以科技创新为核心驱动，推 ...

政协第十四届全国委员会常务委员会第十三次会议26日上午举行全体会议，14位全国政协常委围绕"制 定国民经济和社会发展'十五五'规划"作大会发言。中共中央政治局常委、全国政协主席王沪宁出席。 全国政协副主席秦博勇主持会议。中共中央政治局委员、全国政协副主席石泰峰，全国政协副主席胡春 华、沈跃跃、王勇、周强、梁振英、巴特尔、苏辉、邵鸿、高云龙、穆虹、咸辉、王东峰、姜信治、蒋 作君、何报翔、王光谦、朱永新、杨震出席会议。 王国生常委建议，把因地制宜发展新质生产力摆在更加突出战略位置，把全方位扩大内需作为编制规划 战略基点，统筹做好中长期目标和远景目标有效衔接。苗圩常委提出，促进数字经济和实体经济深度融 合，加快产业智能化发展进程。马建堂常委建议，多措并举提升消费能力、提振消费意愿、拓展消费场 景、扩大消费供给，培育完整内需体系。王志刚常委建议，提升原创性、颠覆性科技创新能力，以科技 突破为新质生产力发展提供强大动能。陈群常委建议，积极稳妥推进各级各类教育规模、类型及层次结 构的统筹优化和动态调整，更好适应经济社会发展和国家战略需求。孔令智常委代表台盟中央发言提 出，以科技创新为核心驱动，推动农业生产要素高效重组和产 ...

青山就是美丽，蓝天也是幸福。这样的改变，不仅关系经济发展质量，还攸关每个人的生活品质，人民 生活的"幸福指数"与绿水青山的"生态颜值"一起向上攀升。 人与自然和谐共生是中国式现代化的鲜明特点，当绿色生产方式广泛推行，绿色生活方式渐成时尚，一 个令人心向往之的美丽中国，将为我们带来更加灿烂的美好生活。 有一种治愈是天空蓝，有一种幸福是去有风的地方，我们喜欢在朋友圈里晒晒生活中的小美好。这份美 好，正是美丽中国最生动的呈现。 党的十八大以来，生态文明建设从理论到实践都发生了历史性、转折性、全局性变化，美丽中国建设迈 出重大步伐，万里江山更加多姿多彩。山更青，巍巍秦岭云海翻腾，黄土高原由黄转绿；水更绿，滚滚 长江水清岸绿，"共抓大保护、不搞大开发"；林更茂，大兴安岭林海莽莽，"不砍一棵树，照样能致 富"；田更沃，黄河滩区唤醒沉睡的盐碱地，不毛地逆袭成新粮仓；湖更美，福建厦门筼筜湖碧水重 现，白鹭振翅再归来；草更碧，祁连山下，牧歌悠扬牛羊肥壮；沙更净，毛乌素沙地绿色蔓延，座座沙 丘俯首止步。 曾经，绿水青山与金山银山是摆在我们面前的一道选择题。从一穷二白起步，用几十年时间走完发达国 家几百年走过的工业化历程，高度浓缩 ...

Core Viewpoint - The "Earth Song: 2025 Beautiful China Chronicle" exhibition highlights the integration of cultural and artistic practices in promoting ecological and social governance in China, showcasing 100 practical cases and proposals from across the country [3][4][8]. Group 1: Exhibition Overview - The exhibition is held in Beijing and Hangzhou, celebrating 20 years since the "Green Water and Green Mountains are Gold Mountains and Silver Mountains" concept was proposed [3]. - It is guided by the China Federation of Literary and Art Circles and involves multiple governmental and educational institutions [3]. - The exhibition features a "Beautiful China Art Practice Case Document Library" that includes ten themes such as "Natural Guardians," "Ecological Construction," and "Cultural Activation" [4]. Group 2: Practical Cases - The "Island Image Chronicle" project focuses on the family stories of various individuals along China's southeastern coast, using documentary photography to depict changes over six years [4]. - In Yunnan's Xishuangbanna, a poverty alleviation project led by Professor Li Xiaoyun has transformed a struggling Yao village into a thriving community through tourism and agricultural diversification [6]. - A gamified learning initiative in Shenzhen aims to educate children about climate science and sustainable living through interactive experiences and tools like the "Carbon Reduction Tycoon Board Game" [6]. Group 3: Impact and Future Directions - The exhibition emphasizes the tangible changes brought about by artistic practices in local communities, contributing to the narrative of a "Beautiful China" [7]. - The China Academy of Art has established the Beautiful China Research Institute to contribute to ecological civilization through art, accumulating over 300 research cases and 200 future proposals [8][9]. - The "Beautiful China Learning Center" serves as an educational platform for cultural and tourism cases related to ecological civilization, attracting over 30,000 learners since its opening [9]. Group 4: Collaborative Efforts - The collaboration between the Ministry of Ecology and Environment and the China Academy of Art explores the integration of ecological research and artistic expression [9]. - The exhibition features a section dedicated to showcasing typical ecological civilization construction cases across seven ecological units, highlighting the unique role of art in ecological governance [9][10]. - The China Academy of Art aims to expand its influence internationally, sharing the stories and experiences of "Beautiful China" as part of the global sustainable development agenda [10].

【1】 【2】 【3】 【4】 【5】 【6】 【7】 【8】 【9】 【10】 8月9日，游客在内蒙古兴安盟科尔沁右翼前旗乌兰毛都草原上骑马休闲。 时下，位于内蒙古兴安盟科尔沁右翼前旗的乌兰毛都草原生机勃勃，绿草成茵，吸引游客前来赏景游 玩。 新华社记者 马金瑞 摄 ...

Market Overview - The A-share market experienced a comprehensive rise, with the Shanghai Composite Index increasing by 0.96%, the Shenzhen Component Index by 0.59%, and the ChiNext Index by 0.39% [7] - The total trading volume in the Shanghai and Shenzhen markets reached 16,160.55 billion, an increase of 976.95 billion compared to the previous trading day [7] Investor Sentiment - A significant portion of retail investors are facing losses, with 99.9% of accounts with less than 10,000 yuan experiencing losses, and 97% of accounts between 10,000 to 100,000 yuan also in the red [1][2] - In contrast, 90% of accounts with over 1 million yuan reported profits, indicating a disparity in performance among different account sizes [2] Sector Performance - The communication sector saw the largest net inflow of funds, followed by automotive, banking, electronics, and machinery sectors [20] - The PEEK materials sector showed strong performance, with several stocks reaching the daily limit, driven by increased interest in lightweight materials for robotics [7] Financing Trends - The financing balance in the market has reached 19,713 billion, surpassing the levels seen during the 2015 market peak, indicating a potential for further growth [3] - The overall market volume remains relatively low at 1.6 trillion, suggesting that while there is upward momentum, the market may lack sufficient strength for sustained growth [5] Key Developments - The upcoming launch of Apple's iPhone 17 series, which is expected to fully transition to eSIM technology, is anticipated to impact related stocks positively [6] - The Chinese government has initiated several policies to support new industrialization, including financial support for key technology sectors such as integrated circuits and advanced materials [13] Institutional Activity - Institutional investors showed a net inflow of 138.16 billion, with notable purchases in the communication and automotive sectors [20] - The top individual stocks attracting institutional interest included Zhangjiang Hi-Tech, Dongxin Peace, and Changcheng Military Industry [20] Valuation Insights - The current price-to-earnings (PE) ratios in various sectors indicate that some, like agriculture and non-bank financials, are at historically low levels, suggesting potential investment opportunities [32]

Core Viewpoint - The article highlights the transformation of the former coal mining area in Huainan City, Anhui Province, into an ecological park named Chunshen Lake, showcasing efforts in urban transformation and ecological restoration [1][6]. Group 1: Ecological Restoration - Chunshen Lake Park covers over 10,000 acres and was previously a subsided area with water pollution due to coal mining activities [4]. - The park features over 40,000 trees, including bald cypress and zelkova, along with 135,000 square meters of lawn, contributing to its lush greenery [4]. - The park's design incorporates a multi-layered terraced purification system to enhance water quality and clarity, effectively filtering pollutants [11]. Group 2: Historical Context - Huainan's coal resources significantly contributed to the Yangtze River Delta and the national energy supply, with one out of every six kilowatt-hours supplied to Shanghai originating from Huainan [6]. - The area experienced severe land subsidence, with the deepest part of Chunshen Lake reaching 19 meters, indicating the extent of the subsidence [6]. Group 3: Visitor Experience - The park is designed with six distinct zones to cater to visitors of all ages, including ecological lakes, leisure fields, and urban green corridors [13]. - Features such as aerial walkways, pedestrian paths, and waterway tours allow visitors to fully appreciate the park's beauty [13]. - Interactive experiences, such as feeding deer and fruit picking, enhance visitor engagement and promote a harmonious relationship between people and nature [13].

Theoretical Sources - Xi Jinping's Ecological Civilization Thought is an important component of Xi Jinping's Thought on Socialism with Chinese Characteristics for a New Era, representing a theoretical elevation and practical crystallization of the Party's exploration of ecological civilization construction [2] - The thought integrates Marxist ecological theory with China's ecological civilization practices and traditional ecological culture, such as the concepts of "harmony between man and nature" and "natural law" [2] - The great practice of ecological civilization construction in China, especially since the new era, has contributed significantly to the development of Xi Jinping's Ecological Civilization Thought, with China becoming one of the fastest countries in reducing energy consumption intensity and improving air quality [3] Development Process - The formation of Xi Jinping's Ecological Civilization Thought is a result of deep theoretical reflection and long-term practical exploration by contemporary Chinese Communists, with a historical emphasis on ecological civilization construction [4] - The development can be traced through two main lines: the Party's continuous deepening understanding of ecological protection and the practical experiences of Xi Jinping during his governance in various regions [5] Systematic Implications - The core essence of Xi Jinping's Ecological Civilization Thought is encapsulated in "Ten Persistences," which address fundamental guarantees, historical bases, basic principles, core concepts, and strategic paths for ecological civilization construction [7] - The "Ten Persistences" can be further broken down into three parts: the reasons for building ecological civilization, the type of ecological civilization to be built, and the methods for its construction [8] Practical Significance - Xi Jinping's Ecological Civilization Thought has become a vital part of the overall layout of socialism with Chinese characteristics, emphasizing the harmonious coexistence of humans and nature [11] - The thought has gained a more complete system and broader dissemination as ecological civilization practices deepen, demonstrating its strong vitality and alignment with economic and social development [11]