FICC日报 | 2025-12-12 中央经济工作会议召开，关注中国11月金融数据 市场分析 国内政策预期升温。11月14日国务院常务会议，研究深入实施"两重"建设有关工作，部署增强消费品供需适配性进 一步促进消费政策措施。11月24日，国家发展改革委价格司组织召开价格无序竞争成本认定工作座谈会。11月28 日，工信部组织召开动力和储能电池行业制造业企业座谈会，强调认真落实党中央关于综合整治"内卷式"竞争的 决策部署，加快推出针对性政策举措，依法依规治理动力和储能电池产业非理性竞争。中共中央政治局会议明确 指出，明年经济工作要坚持稳中求进、提质增效，发挥存量政策和增量政策集成效应，继续实施更加积极的财政 政策和适度宽松的货币政策，加大逆周期和跨周期调节力度，实施更加积极有为的宏观政策，持续扩大内需、优 化供给，做优增量、盘活存量。中央经济工作会议在北京举行。会议强调，深入实施提振消费专项行动，制定实 施城乡居民增收计划；深入整治"内卷式"竞争制定和实施，进一步深化国资国企改革方案；着力稳定房地产市场， 鼓励收购存量商品房重点用于保障性住房。会议确认，把促进经济稳定增长、物价合理回升作为货币政策的重要 考量， ...

对于市场热议的春季行情是否已提前启动,广发基金投顾团队认为,从历史规律来看,春季躁动多发生在1- 3月,但今年的市场在12月就表现出较强的动能;并且A股主要指数的涨幅,尤其是创业板,已经显著超过往 年同期水平,在重要政策窗口前呈现了较强"抢跑"特征。 12月以来,A股市场有所回暖。春季躁动是否已提前启动?从近期情况看,确实有不少积极信号,尤其集中在 泛科技方向。广发基金投顾团队认为,近期A股市场受益于消息面、基本面、资金面等多重利好推动,导 致主要指数在重要政策窗口前呈现较强"抢跑"特征。但短期来看,部分热门方向交易拥挤度较高,仍需震 荡消化;而一些拥挤度偏低的方向则缺乏增量资金与基本面催化,新一轮较强行情能否开启还需要持续观 察。 消息面上,科技行业暖风不断。一是行业"反内卷"再推进。11月28日,工信部组织召开动力和储能电池行 业制造业企业座谈会,围绕规范动力和储能电池产业竞争秩序、推动产业高质量发展,听取相关企业情况 介绍及意见建议,释放出政策引导行业健康发展的积极信号。二是锂电供给端出现积极变化。12月5日,国 产锂电龙头的核心矿山枧下窝锂矿短期复产无望,当地锂矿市场已经出现无锂矿石可卖的情形;澳洲部 ...

Core Insights - The current dynamics in the power and energy storage battery industry are characterized by excessive competition, leading to widespread pressure on profit margins. However, through the governance of irrational competition and enhanced intellectual property protection, the competitive environment is expected to shift towards a technology and quality battle, which will help stabilize product prices and corporate profitability [1] - Under policy guidance, leading companies with technological, scale, and brand advantages are anticipated to gain more resources, resulting in improved industry concentration and supply-demand structure. The overseas market is projected to become a significant growth driver, with domestic companies likely to achieve premium pricing due to their technological advantages supported by the "orderly overseas expansion" policy [1] - The Ministry of Industry and Information Technology (MIIT) will establish a capacity monitoring and early warning mechanism, strengthen quality supervision and inspection, and promote the construction of a long-term institutional framework to create an environment conducive to high-quality industrial development. Overall, the synergy between policy and market forces is expected to help the industry overcome bottlenecks and cultivate global competitiveness [1] Industry Specifics - The Mechanical ETF (516960) tracks a specialized mechanical index (000812), which selects listed company securities involved in industrial automation and specialized equipment. This index primarily covers mechanical manufacturing enterprises with high growth potential and technological content, reflecting the overall performance of quality companies within the mechanical equipment industry. The index leans towards a growth style, making it suitable for investors focused on high-end manufacturing and industrial upgrading trends [1]

每日经济新闻 （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： news_center@staff.hexun.com 申港证券指出，当前动力和储能电池行业因过度竞争导致企业利润率普遍承压，但通过治理非理性 竞争、加强知识产权保护，行业竞争环境将更加公平有序，企业竞争焦点从价格战转向技术战与质量 战，盈利空间有望逐步改善。政策引导下，具备技术优势、规模效应和品牌影响力的头部企业将获得更 多资源，行业集中度有望提升，供需格局将改善。海外市场将成为重要增长极，在"合理有序出海"政策 引导下，国内企业将更注重国际化发展的质量与可持续性，技术优势有望获得溢价。工信部将科学编 制"十五五"产业发展规划，强化标准支撑和技术创新，推动产业高质量发展。总体来看，政策与市场协 同发力将助力行业突破发展瓶颈，培育全球竞争力。 创业板新能源ETF国泰（159387）跟踪的是创新能源指数（399266），单日涨跌幅达20%，该指数 从市场中选取涉及清洁能源、节能 ...

Group 1: Macroeconomic Strategy - The article emphasizes the need to boost domestic consumption, noting that China's consumption rate lags behind developed countries by 10-30 percentage points, particularly in service consumption[1] - Short-term measures include optimizing supply and reducing restrictions to enhance the availability of quality consumer goods and services[1] - Long-term strategies focus on increasing residents' income and improving the share of labor remuneration in national income distribution[1] Group 2: Investment Expansion - The report advocates for effective investment expansion, particularly in infrastructure, while maintaining a balance to avoid excessive investment[2] - Key investment areas include urban renewal, strategic transportation corridors, new energy systems, and major water conservancy projects[2] - The government plans to implement significant projects in consumer-related sectors, such as elderly care and health services, to support consumption[2] Group 3: Policy Developments - A recent plan aims to create three trillion-level consumption sectors and ten hundred-billion-level consumption hotspots by 2027, focusing on areas like elderly products and smart connected vehicles[2] - The government has allocated 700 billion yuan and 800 billion yuan in special bonds for "hard investment" projects in the past two years[2] - The report highlights the importance of enhancing the efficiency of investment returns and addressing the issues of "heavy investment, light returns" in certain sectors[2]

Economic Outlook - The macroeconomic WEI index has declined to 4.62% as of November 23, down from 5.42% the previous week, indicating a downward trend since late September [8][9] - Retail sales of passenger cars have seen a slight narrowing in decline, with a year-on-year decrease of 7% as of November 23, compared to 9% previously [2][13] - The real estate market continues to struggle, with residential sales dropping by 35% year-on-year in 67 cities as of November 29 [3][13] Trade and Exports - Port container throughput has rebounded significantly, with a 5.4% increase week-on-week as of November 23, and a year-on-year increase of 10% [22][23] - New export orders in China's manufacturing PMI rose to 47.6%, reflecting a notable increase of 1.7 percentage points from the previous month [24] Prices and Commodities - Prices of precious metals and agricultural products have risen, with COMEX gold reaching $4223.9 per ounce, up 3.4%, and LME copper at $10,985 per ton, up 2.7% [2][40] - Domestic agricultural prices have generally increased, with vegetable prices up 1.9% and egg prices up 1.2%, while pork prices fell by 0.4% [41][42] Infrastructure and Production - Infrastructure data remains weak, with cement dispatch rates at 33.4%, unchanged from the previous week and down from 36.5% year-on-year [15] - The asphalt plant operating rate has increased to 28%, up 3 percentage points from the previous week, but still down 4.7 percentage points year-on-year [15] Interest Rates and Debt - Interest rates remain relatively stable, with 1-year, 5-year, and 10-year government bond yields reported at 1.4017%, 1.6183%, and 1.8412%, respectively [55] - The issuance of special bonds to support infrastructure projects has been significant, with plans for 1.5 trillion yuan in long-term bonds to support nearly 3,000 projects [45]

Group 1 - The report highlights a rebound in manufacturing PMI to 49.2% in November, up from 49.0% in October, driven by easing trade tensions between China and the US, particularly in new export orders [6][7] - The non-manufacturing PMI decreased to 49.5% from 50.1%, indicating a seasonal decline in the service sector, while the construction sector showed resilience with a rising expectation index [6][8] - High-energy industries showed a slight recovery, with the PMI for high-energy industries at 48.4%, up 1.1 percentage points, while the equipment manufacturing and consumer goods sectors continued to decline [8][9] Group 2 - The report anticipates significant elasticity in the economic cycle in the second half of 2026, driven by corporate inventory behaviors and the need for long-term raw material contracts [12][14] - Global asset performance showed an upward trend in November, with notable rebounds in technology stocks and commodities like gold and copper, while the dollar index slightly declined [12][13] - The report suggests that the domestic equity market is expected to remain stable, with a focus on sectors benefiting from domestic demand expansion and technological advancements, such as non-ferrous metals and power equipment [17][18] Group 3 - The mechanical equipment industry is expected to benefit from improved industry standards and evaluation systems, which will promote orderly development and commercialization of intelligent manufacturing technologies [19][20] - The establishment of national standards in the robotics sector is progressing, with 126 national standards published since the establishment of the national robotics standardization technical committee in 2021 [20][21] - The report emphasizes the importance of standardization in creating a fair competitive market environment, which will help alleviate market chaos and promote high-quality development in the intelligent manufacturing sector [22]

【观网财经丨智能早报 12月1日】 国家航天局设立商业航天司 近日，国家航天局及工业和信息化部发布消息称，国家航天局已于近期正式设立商业航天司，相关业务 承接与推进工作正有序落地。 这一举措标志着我国商业航天产业告别"多部门协同监管"阶段，迎来专属专职管理机构，为产业高质量 发展提供坚实制度保障。 业内专家指出，商业航天司的设立与专项计划的出台，将进一步畅通政策落地渠道，推动资本、技术等 要素向航天领域集聚，为我国从航天大国向航天强国跨越注入新动能。 工信部：依法依规治理动力和储能电池产业非理性竞争 伴随新机构设立，国家航天局同步发布《推进商业航天高质量安全发展行动计划（2025—2027年）》， 明确将商业航天全面纳入国家航天发展总体布局。 计划提出，未来三年将以培育航天新质生产力为核心，推动商业航天与国家重大航天工程深度协同。工 业和信息化部相关负责人表示，此举将有效激活产业链创新活力，助力卫星应用、火箭制造等领域形成 规模效应。 根据行动计划，到2027年我国商业航天将实现"生态、规模、创新、治理"四大突破：产业生态高效协 同，科研生产安全有序；产业规模较当前实现翻倍增长；资源能力统筹建设与高效利用水平 ...

上周A股 过去一周（11月24日—11月28日），A股三大指数集体上涨。截至11月28日收盘，上证指数报3888.60 点，周涨1.40%；深成指报12984.08点，周涨3.56%；创业板指报3052.59点，周涨4.54%。 具体来看，超83%的个股周内实现上涨，192股周涨超15%，12股周跌超15%。按照申万一级行业分类， 通信、电子、传媒、轻工制造、社会服务等板块上涨，石油石化、交通运输、食品饮料、煤炭、钢铁等 多个板块下跌。 | 名称 | 最新点位 | 涨跌幅 | | --- | --- | --- | | 上证指数 | 3888 6 | +53.71(1.4%) | | 深证指数 | 12984.08 | +446.01(3.56%) | | 创业板指 | 3052.59 | +132.51(4.54%) | | | 日期:11月24日-11月28日 制图:21投资通 | | 周五外盘 国家统计局发布数据显示，11月份，制造业采购经理指数（PMI）为49.2%，比上月上升0.2个百分点， 景气水平有所改善。从企业规模看，大型企业PMI为49.3%，比上月下降0.6个百分点，低于临界点； 中、小型 ...

转自：智通财经 登录新浪财经APP 搜索【信披】查看更多考评等级 【智通财经12月1日早间新闻精选】 1、中共中央政治局11月28日下午就加强网络生态治理进行第二十 三次集体学习。习近平在主持学习时强调，当前人工智能、大数据等新技术新应用不断涌现，给网络生 态治理带来挑战，也提供新的支持条件。要鼓励网信领域新技术发展，促进研发成果转化和应用场景落 地。要完善分级分类的安全监管机制，筑牢网络安全和数据安全防线。 2、国家统计局11月30日发布数 据显示，11月份，制造业采购经理指数（PMI）为49.2%，比上月上升0.2个百分点，景气水平有所改 善。11月份，非制造业商务活动指数为49.5%，比上月下降0.6个百分点。11月份，综合PMI产出指数为 49.7%，比上月下降0.3个百分点。 3、据国家航天局消息，该局已于近期设立商业航天司，相关业务正 在逐步开展，标志着我国商业航天产业迎来专职监管机构。 4、工信部11月28日组织召开动力和储能电 池行业制造业企业座谈会。工信部部长李乐成指出，加快推出针对性政策举措，依法依规治理动力和储 能电池产业非理性竞争。 5、中国人民银行2025年11月28日召开打击虚拟货 ...