周旭表示，新能源、光伏、风电等高技术制造业的高速增长，持续带动有色金属产业链景气度上 行。"随着全球能源转型和高技术产业蓬勃发展，以及国际有色金属价格上行，有色金属价格指数大幅 走高。" （来源：经济参考报） 1月5日，中国物流与采购联合会发布2025年12月中国大宗商品价格指数（CBPI）。数据显示，12月 CBPI为117.9点，环比上涨3.2%，同比上涨6%，连续第八个月实现环比上升，并创下自2024年6月以来 的新高。 "这一轮连续八个月的价格回升，不仅是周期性反弹，更是结构性优化的结果。"中国物流与采购联合会 大宗商品流通分会副会长周旭表示，国家围绕"促消费、稳增长、反内卷"出台的一系列政策正在显效， 新质生产力加快培育，高技术产业对大宗商品的需求结构正在重塑传统供需格局。 具体来看，重点监测的50种大宗商品中，12月价格环比上涨的有31种，占比62%。其中，碳酸锂、精炼 锡和苹果涨幅居前，较上月分别上涨15.5%、11.7%和8.5%。 有色金属行业表现亮眼，成为拉动指数上行的核心动力。12月，有色金属价格指数报145.2点，环比上 涨4.9%，同比涨幅高达14.8%。以铜为例，2025年以来，铜 ...

（来源：河北新闻网） 转自：河北新闻网 优化提升传统产业 培育壮大新兴产业 推动各项惠企政策落地见效 河北省九大工业主导产业增势良好 累计增速均保持正增长 全省规模以上工业经济保持平稳增长 首钢智新等5家企业 入围胡润2025全球独角兽榜 t专经需求加能 1至11月，我省先进钢铁产业增加值 同比增长9.7%。 y # 14 < 河北广播电视台 ● 固因出八生 77 新兴产业 8 1至11月,我省规模以上工业战略性 新兴产业增加值同比增长10.6%, 比全省平均水平高2.7个百分点，延续了 今年以来两位数快速增长态势。 8 1至11月,我省机器人产业"加速跑", 工业机器人、服务机器人产量分别 同比增长45.9%、102.1%。 寄制造业 1至11月，邯钢冷轧和涂镀800兆帕以上 汽车用超高强钢产量突破28万吨, 同比增长50%。 1至11月,河钢集团累计研发投入超过 140亿元,开发高附加值新产品156个。 其中,32个产品填补国内空白, 27个产品替代进口。 1至11月，全省高技术产业投资 同比增长23.2%，拉动全省投资增长 1.5个百分点，对全省固定资产投资 贡献率达24.5%。 1至11月，我省规模以 ...

Core Insights - The report presented by Huang Fusheng at the "2026 Postal Financial Forum" highlights China's economic recovery, driven by the "14th Five-Year Plan" focusing on modern industrial systems and high-tech sectors [3][8]. Group 1: Economic Recovery and Industrial Policy - China is building a modern industrial system under the "14th Five-Year Plan," with a focus on high-tech sectors showing significant performance [3][8]. - The plan prioritizes the construction of a modern industrial system and strengthening the real economy, aiming to "recreate a Chinese high-tech industry" over the next decade [3][8]. - Key strategies include enhancing traditional industries, addressing core technology challenges, and fostering strategic emerging industries like new materials and quantum technology [3][8]. Group 2: Manufacturing Sector Performance - The manufacturing sector exhibits a K-shaped recovery, with high-tech product exports growing faster than the overall export growth rate of 5.3% in the first ten months of 2025 [4][9]. - Profit growth in upstream manufacturing sectors like transportation equipment and non-ferrous metal smelting significantly outpaces that of downstream industries such as furniture and apparel [4][9]. - A-share non-financial companies reported a revenue increase of 0.9% year-on-year in Q3 2025, with net profits rising by 3.29% [4][10]. Group 3: Consumer Wealth and Spending Trends - Recovery of resident wealth is projected to take 3-5 years, with service consumption identified as a future growth area [5][10]. - In 2025, there remains a significant gap in resident wealth compared to the peak in 2021, but optimistic scenarios suggest recovery to previous levels by 2028 [5][10]. - The consumption structure indicates a saturation in goods consumption (15% of GDP) compared to major Western countries, while service consumption in healthcare and education is below global averages, indicating substantial growth potential [5][10].

国内市场综述 缩量震荡 小幅收涨 周一（11 月 24 日）大盘缩量震荡，小幅收涨。截至 收盘，上证综指收于 3836.77 点，上涨 0.05%；深成 指收于 12585.08 点，上涨 0.37%；科创 50 上涨 0.84%； 创业板指上涨 0.31%，万得全 A 成交额共 17404 亿元， 较前一日有所下降。 行业方面，30 个中信一级行业有 21 个上涨，其中国 防军工、传媒及计算机涨幅居前，而石油石化、煤炭 及银行则跌幅居前。概念方面，中船系、航母及航空 航天等指数表现活跃。 海外市场综述 美股三大指数全线收涨，特斯拉涨近 7% 周一（11 月 24 日），美国三大股指全线收涨，道指 涨 0.44%，标普 500 指数涨 1.55%，纳指涨 2.69%。默 克、亚马逊涨超 2%，领涨道指。万得美国科技七巨头 指数涨 2.89%，特斯拉涨近 7%，谷歌涨超 6%。中概股 普遍上涨，禾赛科技涨超 18%，小马智行涨逾 12%。 新闻精要 6. 全球重要经济数据发布 风险提示 1.稳增长力度不及预期； 2.地缘冲突升级。 分析师：彭竑/钟哲元 登记编码：S1490520090001/ S1490523 ...

Group 1 - BASF integrates its Asia-based tetrahydrofuran business into its Caojing facility in China, ceasing production in Ulsan, South Korea, reflecting confidence in China's development amid global economic challenges [1] - Shanghai's foreign investment performance is strong, with 4,764 new foreign enterprises established in the first three quarters of the year, a 5.5% year-on-year increase, and actual foreign investment exceeding $380 billion [1] - Shanghai's actual foreign investment during the "14th Five-Year Plan" period has surpassed $100 billion, reaching $100.33 billion, ahead of schedule [1] Group 2 - Shanghai has the highest concentration of regional headquarters for multinational companies in mainland China, with 44 new recognitions this year, totaling 1,060 [2] - The business services sector, driven by headquarters economy, accounted for 58.83 billion USD in actual foreign investment, with its share rising from 40.7% to 48.8%, a year-on-year increase of 68.8% [2] - Policies supporting multinational company headquarters have been implemented to enhance their capabilities in various functions, including R&D and financial management [2] Group 3 - Roche invested 2.04 billion CNY in a biopharmaceutical base in Shanghai, expected to be completed by 2029 and operational by 2031, highlighting ongoing foreign investment in China's healthcare sector [3] - High-tech industries are becoming a new focus for foreign investment in Shanghai, with the share of high-tech industry investment rising from 23% during the "13th Five-Year Plan" to 33% during the "14th Five-Year Plan" [3] Group 4 - The establishment of the only Asian technology center by Evonik in Shanghai's Songjiang District signifies the city's attractiveness for foreign investment in new materials [4][5] - Zeiss signed a land use agreement for its largest infrastructure investment in China, marking significant progress for its Greater China headquarters project [5] Group 5 - Shanghai's consumer market is vibrant, with 848 new flagship stores opened from January to October, including 498 in the food and beverage sector and 275 in retail [6] - The opening of the world's largest LEGO theme park in Jinshan and the upcoming "Harry Potter Studio Tour" in Shanghai reflect the city's growing appeal in the tourism sector [6] Group 6 - The opening of the Waldorf Astoria in Shanghai adds to the city's status as a major destination for high-end tourism, with confidence expressed by Hilton's Asia-Pacific president [7]

Core Viewpoint - The "15th Five-Year Plan" emphasizes the construction of a modern industrial system, reflecting a strategic shift in China's economic policy to prioritize supply-side reforms and technological innovation [2][3][6]. Group 1: Modern Industrial System - The prioritization of "building a modern industrial system" is crucial for maintaining GDP growth and transforming traditional industries, which currently account for about 80% of the economy, into new growth drivers [3][6]. - The modern industrial system aims to support the transformation of traditional industries and foster the development of strategic emerging industries, creating a symbiotic relationship that drives economic growth [3][6]. Group 2: Future Industries - The plan identifies six key future industries: quantum technology, biomanufacturing, hydrogen energy, nuclear fusion energy, brain-computer interfaces, and sixth-generation mobile communications, chosen for their potential for original innovation and market impact [10][11]. - These industries are expected to contribute significantly to China's economic growth and technological advancement, with a focus on achieving breakthroughs in the next decade [18][19]. Group 3: Investment and Policy Allocation - Investment strategies must be tailored to the characteristics of traditional, strategic emerging, and future industries, ensuring that resources are allocated effectively to avoid neglecting any sector [7][9]. - The government should facilitate the digital and intelligent transformation of traditional industries through various support mechanisms, including funding and public service platforms [8][9]. Group 4: Technological Innovation and Social Impact - The integration of artificial intelligence into various sectors is highlighted as a key strategy for enhancing industrial capabilities, with a focus on addressing the social implications of technological advancements, such as employment displacement and income polarization [31][33][37]. - The need for a governance framework that balances innovation with ethical considerations is emphasized, ensuring that technological progress aligns with societal well-being and shared development goals [33][38].

Core Viewpoint - The "15th Five-Year Plan" emphasizes the construction of a modern industrial system, reflecting a strategic shift in China's economic development focus, particularly in response to current domestic and international challenges [2][3][4]. Group 1: Modern Industrial System - The prioritization of "building a modern industrial system" signifies a shift towards strengthening the real economy, which is essential for sustainable growth and resilience against external shocks [4][7]. - The plan aims to transform traditional industries, which currently account for about 80% of the economy, into new growth drivers, potentially creating a market worth trillions [4][8]. - The integration of technological innovation with industrial development is crucial, as it ensures that breakthroughs in technology can be effectively applied within the industrial framework [3][8]. Group 2: Future Industries - The plan outlines six key future industries: quantum technology, biomanufacturing, hydrogen energy, nuclear fusion, brain-computer interfaces, and sixth-generation mobile communications, chosen for their potential to drive economic growth and strategic importance [11][19]. - These industries are expected to contribute significantly to China's high-tech sector, with the goal of achieving a "doubling" of high-tech industries over the next decade [18][19]. - The selection of these industries considers their original innovation potential, market prospects, and alignment with national security needs [11][19]. Group 3: Policy and Investment Strategies - The government is advised to adopt a differentiated approach to funding and policy support for traditional, strategic emerging, and future industries, ensuring that resources are allocated effectively without neglecting any sector [9][10]. - The establishment of a guiding fund for future industries is recommended to attract private investment while managing risks associated with high uncertainty in these sectors [22][23]. - The focus on nurturing "unicorn" and "gazelle" companies is essential for fostering innovation and ensuring a dynamic ecosystem that supports both large enterprises and startups [24][23]. Group 4: Technological Innovation and Social Impact - The plan highlights the importance of integrating social considerations into technological innovation, particularly regarding the impact of artificial intelligence on employment and income distribution [31][37]. - A balanced approach is necessary to ensure that technological advancements do not exacerbate social inequalities, aligning with the broader goals of shared prosperity and sustainable development [37][38]. - The governance of artificial intelligence must evolve through interdisciplinary collaboration to address its societal implications effectively [38].

Economic Performance - Guangzhou's GDP for the first three quarters of 2025 reached 23,265.65 billion yuan, with a year-on-year growth of 4.1% at constant prices [2] - The primary industry added value was 197.94 billion yuan, growing by 4.2%; the secondary industry added value was 5,564.37 billion yuan, growing by 2.7%; and the tertiary industry added value was 17,503.34 billion yuan, growing by 4.6% [2] Industrial Growth - The city's industrial added value for large-scale enterprises grew by 1.4% year-on-year, an increase of 0.7 percentage points compared to the first half of the year [2] - The automotive manufacturing sector saw a narrowing decline, with a year-on-year decrease of 2.6%; however, the production of new energy vehicles surged by 20.6% [2] - The electronics manufacturing and petrochemical industries continued to grow, with added values increasing by 2.0% and 6.1%, respectively [2] - The new generation information technology industry showed significant growth, with display device manufacturing and integrated circuit manufacturing increasing by 19.4% and 37.4%, respectively [2] Consumer Market - Guangzhou's total retail sales of consumer goods reached 8,157.59 billion yuan in the first three quarters, with a year-on-year growth of 4.1% [3] - Retail sales in categories such as communication equipment (up 2.7%), new energy vehicles (up 3.5%), and home appliances (up 5.7%) continued to grow [3] - Online consumption maintained a strong upward trend, with online retail sales of physical goods increasing by 10.1% [3] Investment Trends - Fixed asset investment in Guangzhou grew by 1.3% year-on-year, with industrial investment increasing by 9.6% and infrastructure investment by 2.2% [3] - Investment in the automotive manufacturing sector increased by 15.8%, with rapid growth in automotive parts manufacturing investment at 38.6% [3] - High-tech industry investments focused on new and advanced sectors, with medical equipment manufacturing and aerospace equipment manufacturing investments growing by 38.0% and 55.2%, respectively [3] Transportation Development - Guangzhou aims to build a global comprehensive transportation hub by 2035, enhancing its role as a national central city [4] - In the first three quarters, the total passenger volume reached 254 million, with a year-on-year growth of 6.5% [4] - Baiyun Airport saw a significant increase in passenger throughput, reaching 61.1 million, a growth of 8.4%, with international passenger throughput increasing by 20.0% [4]

Core Insights - Chengdu's industrial economy is experiencing rapid growth, with industrial investment increasing by 18% and overall investment rising by 19.9% in the first three quarters of 2023 [2][3][4] Group 1: Industrial Growth - The city's GDP reached 18,226.9 billion yuan, reflecting a year-on-year growth of 5.8% [2] - The added value of large-scale industrial enterprises grew by 7.5% year-on-year [2] - The five major advanced manufacturing industries saw an increase in added value of 8.9% [4] Group 2: High-Tech Manufacturing - The added value of high-tech manufacturing industries increased by 11.2% [2][3] - Investment in high-tech manufacturing grew by 21.6% year-on-year [3] - Chengdu has established 67 national-level enterprise technology centers, with 5 new centers added this year [4] Group 3: Project Development - A total of 1,060 reserve projects with a total investment of 3,849.3 billion yuan have been identified, with 73 projects approved [3] - Major industrial and information technology projects worth over 672 billion yuan are accelerating construction, with investments reaching 1,154.7 billion yuan [3] Group 4: Future Focus - The city plans to focus on key industries and strengthen growth support, implementing tailored strategies for each of the five major advanced manufacturing sectors [4] - Efforts will be made to enhance market expansion and support local products in international markets [5]

Market Performance - The Hang Seng Index closed at 26,160, up 0.74% with a year-to-date increase of 30.41% [1] - The Hang Seng Tech Index rose by 1.82% to 6,059, with a year-to-date increase of 35.63% [1] - The Shanghai Composite Index closed at 3,950, up 0.71%, marking a 17.86% year-to-date increase [1] Key Economic Indicators - The US annual inflation rate for September rose to 3%, slightly below market expectations of 3.1% [10] - Energy prices increased by 2.8% year-on-year, the highest since May 2024 [10] - The core inflation rate decreased from 3.1% to 3%, contrary to expectations of stability [10] Company-Specific Developments - Xiaomi announced a tax subsidy plan for its entire vehicle lineup, with an expected investment exceeding 2 billion yuan [15] - Li Ning reported a decline in retail sales for the third quarter, with a high single-digit percentage drop year-on-year [17] - WuXi AppTec's net profit for the first three quarters reached 12.076 billion yuan, an increase of 84.8%, prompting an upward revision of its annual revenue forecast [19] Sector Performance - Semiconductor stocks saw significant gains, with SMIC and ASMPT rising over 8% [4] - The gaming and real estate sectors performed well, while pharmaceutical stocks generally declined [4] - In the A-share market, storage chips and aerospace stocks showed strong performance, while sectors like retail and coal experienced declines [5] IPO and Market Trends - Recent IPOs showed varied performance, with some stocks like "Zijin Gold International" performing well, while others like "Guanghe Tong" faced declines [27] - The Hong Kong stock market saw a significant increase in trading volume, with the stock connect program contributing to a notable share of total trading [24]