Core Viewpoint - The article emphasizes the importance of achieving high-level technological self-reliance and strength as a foundation for national prosperity and security, outlining strategic goals, key tasks, and major initiatives for advancing China's technological innovation [1][2]. Strategic Deployment - Since the 18th National Congress, the central government has made significant strategic deployments to enhance technological self-reliance, leading to historic achievements and transformations in China's technology sector [2]. - The goal of building a technology power is clearly defined, with an emphasis on achieving high-level technological self-reliance as essential for national development [2]. New System for National Innovation - A new type of national system is being established to address profound changes in scientific research paradigms, focusing on collaborative innovation and leveraging national strategic technological forces [3]. - The system aims to integrate resources from national laboratories, research institutions, and leading enterprises to tackle major technological challenges [3]. Role of Enterprises in Innovation - Enterprises are recognized as the main body of innovation, with efforts to strengthen their role in integrating innovation elements and transforming technological achievements [4]. - A nurturing environment for technology-driven small and medium enterprises is being developed to enhance their growth and contribution to innovation [4]. Reform of the Technological System - The article highlights the necessity of reforming the technological system to create an efficient, collaborative, and open innovation framework, emphasizing the importance of leadership and coordination in technological tasks [5]. - Reforms include improving evaluation systems and fostering a culture of innovation within research and development [5]. Open Innovation Ecosystem - The importance of an open innovation ecosystem is stressed, with a focus on global collaboration and integration into international innovation networks [6][7]. - China is actively expanding international scientific and technological exchanges and cooperation, establishing key innovation centers [7]. Historical Achievements in Technology - Significant advancements in technology have been made, with China achieving a prominent position in various fields and producing a surge of major innovations [8]. - The country is moving towards becoming an innovative nation, solidifying the material and technological foundation for modernization [8]. Investment in Basic Research - Investment in research and development is increasing, with a projected expenditure of over 3.6 trillion yuan in 2024, marking a nearly 50% increase since 2020 [9]. - The focus on basic research is crucial for achieving breakthroughs and enhancing the foundation for technological self-reliance [9]. Core Technology Autonomy - The article discusses the importance of mastering key core technologies to ensure national economic security, highlighting advancements in various high-tech fields [10]. - Progress in self-developed technologies, such as high-performance chips and advanced equipment, is noted as a significant achievement [10]. Global Technological Competitiveness - China's technological competitiveness is on the rise, with improvements in innovation resource allocation and contributions to global technological innovation [11]. - The country aims to enhance its global innovation index ranking and establish itself as a key player in international innovation networks [11]. Integration of Technology and Industry - The integration of technological innovation and industrial innovation is emphasized as a key strategy for achieving high-level self-reliance [17]. - Efforts are being made to ensure seamless transitions from research to product development, enhancing the overall innovation ecosystem [17]. Reforming the Innovation Ecosystem - Continuous reforms in the technological system are necessary to foster a vibrant innovation ecosystem, focusing on removing barriers to innovation and enhancing collaboration [18]. - The article advocates for a supportive environment for original and disruptive innovations to accelerate the transition from a technological power to a technological strong nation [18].

其次，资本市场国资央企战略性新兴产业整合有望渐次落地。根据国务院国资委指明的国资央企并购最 新路径，各央企集团培育的战略性新兴业务中，属于非主业、但具备成长潜力的，可探索注入其他主业 央企集团所属上市平台，实现央企间互利共赢。该表述为国资央企布局战略性新兴产业提供了更为灵活 的机制，即通过资本市场并购重组这一高效工具，一方面推动中央企业更快实现技术、产能和市场的整 合，避免重复投资与资源浪费；另一方面借助重组放大产业协同效应，提升国有资本在战略性新兴产业 的控制力和影响力。 最后，资产注入与业务布局有望重构央企控股上市公司估值逻辑。过往央企控股上市公司估值多依赖 PE、现金流折现等传统方法，难以体现其创新潜力与产业价值。随着此次国务院国资委释放明确支持 信号，鼓励央企集团将非主业但具成长性的战略性新兴产业资产注入其他主业央企的上市平台，这一政 策导向有望推动央企控股上市公司估值逻辑从"静态资产定价"向"动态创新溢价"转变。央企控股上市公 司作为战略性新兴产业整合的核心载体，在优质资产注入的预期之下，市场也将更加关注其研发强度、 技术壁垒、生态协同等动态指标，有助于破解国资央企"价值低估"困境，进而实现国有资本 ...

谈及深圳如何保持这样的上市速度，周军民认为，要优化创新创业政策，鼓励年轻人创业，吸引全国全 球人才创业。同时，加强优质中小企业梯度培育体系，完善"个转企、小升规、规做精、优上市、市做 强"的全周期培育土壤，让企业每一个阶段都有对应政策与资金接力。 近日，深圳一组最新数据引人注目：深圳121家企业成立不到10年就成功上市，其中A股87家、港股34 家。这些企业包括影石科技、越疆科技、云天励飞、奥比中光、大族激光（002008）、速腾聚创等等。 据悉，近年来，深圳全力推动小微工业企业扩大生产、升规纳统。2023年深圳新增1726家工业企业"小 升规"，超额完成1500家目标任务，纳统企业数量居全省前列；2024年深圳新增1314家工业企业"小升 规"，超额完成1000家目标任务。2019年至2024年，深圳累计培育新增1.1万家规模以上工业企业，新纳 统的"小升规"工业企业对全市工业增速具有明显拉动作用，为全市经济发展积极贡献力量。 为何创立不到10年就能够上市？在中国（深圳）综合开发研究院产业经济研究中心主任周军民看来，这 一方面说明深圳和大湾区创新创业以及上市氛围非常活跃，另一方面说明深圳创业上市的途径明显增 ...

中国社会科学院大学经济学院博士研究生 制造业"内卷式"竞争是一种复杂的经济现象。已有的大量研究关注到企业间过度竞争对资源的无效消耗，关注到 供需失衡和产业链重整，关注到中国制造业面临着"创新驱动-效率提升"与"资源错配-内卷加剧"的双重压力，但对 制造业"内卷式"竞争现象的形成机制还缺少一个全面的理论解释框架，特别是缺少将宏观供需失衡、中观产业链 重构与微观企业规模数量变化等各个层面的市场结构变化有机整合的综合理论框架。 黄群慧 中国社会科学院经济研究所研究员、教授 叶其楚 这不仅阻碍了资源的优化配置，还抑制了技术进步和组织效率的提升，使得企业或行业整体无法获得质的突破， 最终陷入"多劳少得"或"多投无果"的困境。更为严重的是，"内卷式"竞争常常伴随着非理性乃至扭曲的企业行 为，催生诸如恶性价格战、排他性协议、滥用市场支配地位、虚假宣传等不正当竞争手段，而这破坏了正常的市 场秩序和资源配置效率。更进一步，行业内的大型企业往往凭借其在技术积累、数据资源、平台控制力、资本运 作等方面的综合优势，形成事实上的市场垄断地位，显著压缩中小企业的生存空间，进而削弱市场的开放性、公 平性和创新活力。 本文基于产业组织理论中 ...

Core Insights - Shihezi City is undergoing a transformation in energy structure and industrial form, leading in economic growth within the Xinjiang Production and Construction Corps, but faces challenges such as lagging power grid construction and difficulties in industrial restructuring [1][2] - High-quality transformation requires coordinated efforts in policy guidance, infrastructure development, technological innovation, and talent cultivation [1] Group 1: Energy System Reform - The intermittent and volatile nature of photovoltaic power generation poses significant challenges to grid stability [1] - Shihezi's large photovoltaic bases are mostly located in surrounding counties, with limited existing transmission line capacity and coverage [1] - There is a need to accelerate power grid construction, enhance transmission capacity, upgrade existing transmission lines, and improve line stability [1] - Policies and market mechanisms should be improved to enhance local consumption capacity and encourage enterprises to increase the use of green electricity [1] - Accelerating technological innovation and supporting energy storage facilities are essential for building a more flexible and reliable energy storage system [1] Group 2: Industrial Chain Resilience - Despite having a layout of strategic emerging industries, Shihezi's industrial structure is still heavily weighted and the industrial chain is relatively short [2] - Emphasis should be placed on extending, supplementing, and strengthening the industrial chain through industrial investment and cultivation [2] - Traditional industries should be encouraged to extend upstream and downstream in the industrial chain to enhance product added value [2] - For the new energy industry, precise investment attraction and policy support are needed to introduce key supporting enterprises and technologies [2] - Strengthening overall competitiveness of the industrial chain through technological innovation, brand building, and market expansion is crucial [2] Group 3: Innovation and Talent Development - The fundamental shift towards new industries relies on technological innovation and talent-driven initiatives [2] - Targeted and flexible support policies should be introduced for strategic emerging industries, along with the establishment of more innovation platforms and development funds [2] - A virtuous cycle of "industry attracting talent and talent leading industry" should be constructed, providing guarantees in housing, education, and career development [2] - Collaboration with local universities and research institutions is essential for cultivating high-skilled talent for emerging industries [2] - Joint research and development platforms should be established to promote the local transformation of scientific and technological achievements [2]

新华社北京11月17日电 新华社编者按：党的二十届四中全会审议通过了《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》。《建议》准确把握"十五五"时期党和国家事业发展所处历史方位，深入分析我国发展环 境面临的深刻复杂变化，对未来5年发展作出顶层设计和战略擘画，是乘势而上、接续推进中国式现代 化建设的又一次总动员、总部署。为帮助广大党员、干部、群众深入学习贯彻党的二十届四中全会精 神，本社从17日起开设"学习规划建议每日问答"专栏，对《建议》的主要内容、精神实质和重大意义进 行解读。 "十四五"时期是开启全面建设社会主义现代化国家新征程、向第二个百年奋斗目标进军的第一个五年， 发展历程极不寻常、极不平凡。《建议》提出，"面对错综复杂的国际形势和艰巨繁重的国内改革发展 稳定任务，以习近平同志为核心的党中央团结带领全党全国各族人民，迎难而上、砥砺前行，经受住世 纪疫情严重冲击，有效应对一系列重大风险挑战，推动党和国家事业取得新的重大成就"，并从12个方 面对取得的成就作了总结和盘点。 第二，科技创新成果丰硕，新质生产力稳步发展。健全新型举国体制，加快布局国家战略科技力量，全 社会研发经费投入总量和基础研 ...

Group 1 - The core viewpoint of the article emphasizes the strategic planning and top-level design for China's development during the "15th Five-Year Plan" period, highlighting the achievements and challenges faced during the "14th Five-Year Plan" [1] - The article outlines that China's economy is expected to reach approximately 140 trillion yuan by 2025, with a continuous increase in economic quality and productivity, indicating China's role as a major driver of global economic growth [2] - It mentions significant advancements in technology and innovation, with record-high investments in R&D and breakthroughs in key technologies such as integrated circuits and artificial intelligence, which are crucial for industrial upgrades [2] Group 2 - The article discusses the deepening of reforms and expansion of high-level opening-up, focusing on institutional development and the Belt and Road Initiative, which provide new opportunities for economic and social development [2] - It highlights the progress in cultural development and the enhancement of public cultural services, which contribute to the improvement of social civilization and national cultural influence [3] - The article notes the solidification of poverty alleviation achievements and the implementation of various policies aimed at improving employment, income distribution, and social welfare, marking a significant step towards common prosperity [3][4] Group 3 - The article emphasizes the acceleration of green and low-carbon transformation, with the establishment of the world's largest carbon trading market and improvements in ecological quality [4] - It outlines advancements in national defense and military construction, reinforcing the absolute leadership of the Party over the military and enhancing modern capabilities [5] - The article discusses the expansion of China's diplomatic efforts, promoting a community with a shared future for mankind and enhancing China's international influence [6] Group 4 - The article concludes by stating that the achievements during the "14th Five-Year Plan" period are attributed to the leadership of the Party and the guiding principles of Xi Jinping's thought, setting the stage for further advancements in the "15th Five-Year Plan" period [7]

股票回购增持再贷款政策工具推出以来，市场带动效应明显。日前，中国人民银行发布的2025年第三季 度货币政策执行报告显示，截至9月末，上市公司披露拟申请股票回购增持贷款金额上限超3300亿元， 金融机构签订贷款合同金额约3300亿元，已发放超1200亿元。 在业内人士看来，随着政策体系持续完善，股票回购增持再贷款政策工具已逐步构建起"政策激励—企 业响应—市场稳定"的传导路径，成为稳市机制建设的重要一环。它不仅直接带来数千亿元的潜在增量 资金，对稳定股价预期形成有效支撑，同时也有效发挥了逆周期调节功能，增强了A股在面对内外部冲 击时的韧性。 从首批上市公司"吃螃蟹"，到其他上市公司陆续跟进，股票回购增持贷款进展有序。Wind数据显示， 截至发稿，已有763家上市公司披露相关专项贷款公告，涉及金额超1500亿元。此外，中国诚通、中国 国新两家国有资本运营公司此前宣布拟使用1800亿元股票回购增持贷款资金，加大对所投上市公司的增 持力度。 "股票回购增持再贷款的常态化运行为市场构建了内在稳定器。"中国上市公司协会学术顾问委员会委员 程凤朝接受上海证券报记者采访时表示：一方面，该项工具帮助企业在市场低迷阶段缓解流动性 ...

Core Viewpoint - The report analyzes the independence of certain industry prices from the overall Producer Price Index (PPI) in the context of China's economic transformation and the impact of the real estate market adjustment and supply-demand mismatches in various industries [2][10]. Group 1: Price Independence Analysis - There are two main conclusions: first, approximately 24% of industries exhibit relative independence in pricing, but their price elasticity is low, making macro analysis challenging; these industries are significantly influenced by government pricing and specific policies [2][5][7]. - Most industries still show a high correlation with PPI trends, indicating that the PPI cycle remains significant for nominal growth, corporate profits, and inflation expectations during the transition to high-quality economic development [2][5]. Group 2: Analysis by Product Use - The estimated weights of production and living materials are approximately 75% and 25%, respectively; production materials include mining, raw materials, and processing, while living materials encompass food, clothing, general daily necessities, and durable goods [4][13]. - Production material prices are highly correlated with PPI, with a correlation coefficient of 0.999, while living material prices lag behind PPI by about two quarters, with a correlation coefficient of 0.67 [4][16]. Group 3: Industrial Classification Perspective - In the broadest industry classification, the weights of mining, upstream manufacturing, midstream manufacturing, downstream manufacturing, and electric heat gas water are approximately 4%, 31%, 41%, 14%, and 9%, respectively [5][20]. - Among 39 major industries analyzed, 9 industries are relatively independent, accounting for about 10.4% of the total, including instruments, clothing, pharmaceuticals, and tobacco products [5][27]. Group 4: Mid-Level Industry Analysis - Among 198 mid-level industries, 78 are relatively independent, representing about 24% of the total; these include industries significantly influenced by government pricing or specific policies, as well as certain high-tech sectors [7][31]. - The price movements of relatively independent industries have been stable, fluctuating between -1% and 2% since 2014, with no clear cyclical pattern [7][32]. Group 5: High-Tech and Strategic Emerging Industries - Despite the growth of high-tech and equipment manufacturing industries, their prices remain closely tied to PPI trends, with correlation coefficients of 0.91 and 0.87, respectively, lagging PPI by about two months [8][36]. - Some sub-sectors of strategic emerging industries show relative price independence, particularly in areas like next-generation information technology and biotechnology, while others remain correlated with PPI [8][41].

Core Insights - The establishment of social security science and technology innovation funds in Jiangsu and Zhejiang provinces, each with an initial scale of 50 billion yuan, marks a new phase in the national-level "patient capital" strategy for deepening investment in the science and technology sector [1] Group 1: Fund Establishment and Structure - The Jiangsu social security science and technology innovation fund was launched in Suzhou on October 31, with contributions from the National Social Security Fund, Jiangsu provincial government, Suzhou municipal government, and ICBC Investment [1] - The Zhejiang social security science and technology innovation fund was established on October 27, formed by the Zhejiang provincial government, the National Social Security Fund, and Agricultural Bank of China, aiming to leverage social capital for innovation-driven development [1] - Both funds represent a milestone in the service of new productive forces, showcasing a new paradigm of "strong governance + precise operation" [1] Group 2: Differentiated Operations - The funds are designed to adapt to local industrial characteristics, with Jiangsu focusing on high-end manufacturing and biomedicine, while Zhejiang emphasizes strategic emerging industries and future industries [2][3] - Jiangsu's fund employs a "mother fund + direct investment" dual-layer structure, allowing for rapid adjustments in investment strategies based on local industrial strengths [3] - Zhejiang's fund utilizes a "1+6" mother-son fund matrix, aiming to establish six sub-funds by the end of 2025, each targeting specific sectors [2] Group 3: Central-Local-Financial Collaboration - The establishment of these funds aligns with the national development reform commission's guidelines for enhancing coordination between national and local funds [4] - The collaboration between the National Social Security Fund, local governments, and major financial institutions aims to maximize capital efficiency and address the "last mile" issue in project identification [5] - This model is expected to create a replicable framework for national-level "patient capital" to support local development, potentially influencing nationwide practices [5]