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 ...

今年前三季度，以总部经济为主的商务服务业实际利用外资58.83亿美元，商务服务业占上海实际 使用外资金额的比例从2024年的40.7%升至48.8%，同比增幅高达68.8%。 记者 吴卫群 见习记者 高晨辉 前不久，全球化工巨头巴斯夫宣布，将把亚洲聚四氢呋喃业务整合至中国漕泾基地，同时停止韩国 蔚山化工基地的聚四氢呋喃生产。这不是简单搬迁，而是自1885年起便与中国结缘的巴斯夫，在全球经 济低迷、保护主义抬头之际，对上海投下的"信任票"，更印证了中国发展与开放的双重确定性。 岁末回望，上海外资成绩单亮眼：今年前三季度新设外资企业4764家，同比增长5.5%；存量外资 企业超7.9万家，累计实际使用外资逾3800亿美元。截至今年9月底，上海"十四五"期间累计实际使用外 资突破1000亿美元大关，达1003.3亿美元，提前超额完成目标。 数字背后，是上海守住"稳外资"基本盘，更书写着"能级提高、结构优化"的高水平开放新篇章。 总部经济：稳外资有"压舱石" 上海是中国内地跨国公司地区总部最密集的城市，今年以来新认定44家，累计达1060家。更难得的 是，21%的总部已是大中华区及以上级别，能级持续跃升。 分行业看， ...

10月28日，《中共中央关于制定国民经济和社会发展第十五个五年规划的建议》（以下简称《建议》）正式发布。 与"十四五"规划建议相比，"十五五"规划建议将"建设现代化产业体系"摆在更加突出的位置，这背后有何考量？遴选量子科技、 生物制造等六大产业的底层逻辑是什么？"未来10年将再造一个中国高技术产业"意味着什么？"人工智能"出现8次，反映出怎样 的导向？ 带着这些关乎经济发展全局的关键问题，近日，《每日经济新闻》记者（以下简称NBD）专访了十四届全国政协委员、中国社 科院经济研究所原所长黄群慧。 黄群慧深耕产业经济领域多年，身兼国家制造强国建设战略咨询委员会委员，国务院反垄断委员会专家咨询组成员等职，并连 续担任"十四五""十五五"国家发展规划专家委员会委员，对中国产业发展的底层逻辑与现实路径有着深刻洞察。 在采访中，他强调指出，在推动人工智能技术发展同时，不容忽视其就业替代与收入极化效应，技术创新的社会政策必须纳入 考量范围。 "建设现代化产业体系"为战略任务首位，有三方面现实考量 NBD：与"十四五"规划建议相比，"十五五"规划建议把"建设现代化产业体系，巩固壮大实体经济根基"摆在更突出的位置，您 认为这一 ...

每经记者｜张蕊 每经编辑｜陈俊杰 10月28日，《中共中央关于制定国民经济和社会发展第十五个五年规划的建议》（以下简称《建议》）正式发布。 与"十四五"规划建议相比，"十五五"规划建议将"建设现代化产业体系"摆在更加突出的位置，这背后有何考量？遴选量子科技、生物制造等六大产业的底 层逻辑是什么？"未来10年将再造一个中国高技术产业"意味着什么？"人工智能"出现8次，反映出怎样的导向？ 带着这些关乎经济发展全局的关键问题，近日，《每日经济新闻》记者（以下简称NBD）专访了十四届全国政协委员、中国社科院经济研究所原所长黄 群慧。 黄群慧深耕产业经济领域多年，身兼国家制造强国建设战略咨询委员会委员，国务院反垄断委员会专家咨询组成员等职，并连续担任"十四五""十五五"国 家发展规划专家委员会委员，对中国产业发展的底层逻辑与现实路径有着深刻洞察。 在采访中，他强调指出，在推动人工智能技术发展同时，不容忽视其就业替代与收入极化效应，技术创新的社会政策必须纳入考量范围。 "建设现代化产业体系"为战略任务首位，有三方面现实考量 NBD：与"十四五"规划建议相比，"十五五"规划建议把"建设现代化产业体系，巩固壮大实体经济根基" ...

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]

Group 1: Core Economic and Social Development Strategies - The "15th Five-Year Plan" emphasizes the construction of a modern industrial system, a strong domestic market, and coordinated regional development [1] - The plan aims to cultivate emerging and future industries, with a focus on sectors like quantum technology, bio-manufacturing, hydrogen energy, nuclear fusion, brain-machine interfaces, embodied intelligence, and 6G mobile communication [2][5] Group 2: Brain-Machine Interface (BMI) Industry Development - The BMI technology is recognized for its potential to transform economic structures and improve social welfare, with applications in medical rehabilitation and industrial manufacturing [2] - The "Implementation Opinions" issued in July 2025 will elevate the BMI industry to a national strategic level, aiming for breakthroughs in core technologies by 2027 and positioning the industry among the world's leaders by 2030 [3][5] - The BMI industry is projected to create a market scale in the hundreds of billions, generating numerous high-skilled jobs and enhancing China's competitive edge in global technology [5][6] Group 3: Policy and Market Support - The policy framework for BMI has evolved from local pilot projects to a comprehensive national strategy, fostering a collaborative environment among various government departments [3] - Local governments are responding rapidly, with initiatives like the establishment of specialized action plans and funding to support BMI innovation and development [3][4] - The integration of AI with BMI is expected to enhance the efficiency of brain signal decoding, leading to significant advancements in the industry [5][6] Group 4: Commercialization and Market Applications - Companies are exploring diverse business models in the BMI sector, including partnerships for clinical applications and consumer products, indicating a dual focus on B2B and B2C markets [6] - The BMI technology is anticipated to transition from niche applications to widespread use, aligning with China's goals for health and digital economy [6][7] - The current trajectory of BMI development in China highlights significant advancements in medical applications, particularly in areas like Parkinson's disease and mental health, supported by strong policy and market demand [6][7]

Core Insights - Jiangsu Province's service industry added value reached 56,119 billion yuan in the first three quarters of the year, showing a year-on-year growth of 5.6% and accounting for 54.6% of the regional GDP, an increase of 0.9 percentage points from the previous year [1] - The contribution rate of the service industry to economic growth was 56.1%, driving a 3.0 percentage point increase in regional GDP [1] Group 1: Productive Service Industry - The productive service industry provided strong support, with revenue from large-scale productive service enterprises growing by 9.0% year-on-year from January to August, contributing 6.2 percentage points to the growth of the province's large-scale service industry [2] - Business service revenue increased by 15.6% year-on-year, continuing its rapid growth [2] Group 2: Emerging Service Industry - In the first three quarters, the value added of information transmission, software, and IT services grew by 8.9%, while scientific research and technical services increased by 6.3% year-on-year [3] - From January to August, revenue from large-scale high-tech service industries grew by 7.5%, contributing 3 percentage points to the growth of large-scale service industries [3] - The internet and related services, as well as software and IT services, saw revenue growth of 15.0% and 11.1% year-on-year, respectively [3] - Internet information services grew by 17.8%, contributing 0.6 percentage points to the growth of large-scale service industries [3] - Revenue from research and experimental development and technology promotion services grew by 19.9% and 21.9% year-on-year, respectively, contributing 0.8 percentage points to large-scale service industry growth [3] Group 3: Cultural, Sports, and Tourism Consumption Market - The cultural, sports, and tourism consumption market showed increased vitality, with significant growth in performances, sports events, and tourism [4] - From January to August, revenue from large-scale art performance venues and museums grew by 10.7% and 20.2% year-on-year, respectively [4] - The sports service industry grew by 13.0%, with sports organizations and facility management increasing by 27.9% and 10.0% year-on-year, respectively [4] - Revenue from travel agencies and related services grew by 11.9%, while the entertainment industry saw a 9.2% increase in revenue [4]

Core Insights - The most significant outcome of the 20th Central Committee's Fourth Plenary Session is the approval of the "Suggestions on Formulating the 15th Five-Year Plan for National Economic and Social Development" [3] Group 1: Economic Development Strategy - The "15th Five-Year Plan" emphasizes the importance of innovation and nurturing new industries, with a target for the "three new" economy's contribution to GDP exceeding 18% by 2024 [5] - The plan aims to develop strategic emerging industries such as new energy, new materials, aerospace, and low-altitude economy, which are expected to create several trillion-yuan markets [5] - Future industries like quantum technology, biomanufacturing, hydrogen energy, nuclear fusion energy, brain-computer interfaces, embodied intelligence, and sixth-generation mobile communication are identified as new economic growth points [5]