"十四五"规划收官在即，近期各部委举办了"高质量完成'十四五'规划"系列主题新闻发布会，介绍了规 划实施以来的重大进展与标志性成果。 五年来中国经济在复杂多变的国际环境中展现出强大韧性，宏观调控在多重目标平衡中展现智慧，政策 工具迭代创新，为高质量发展筑牢基础。我国经济总量持续攀升，对世界经济增长贡献率稳定维持在 30%左右，制造业作为经济发展的基石，增加值每年均超30万亿元，稳居全球制造业首位长达15年，多 种主要工业品产量位居世界首位；规划中的全员劳动生产率、全社会研发经费投入等指标如期达成，常 住人口城镇化率，人均预期寿命，粮食、能源综合生产能力等指标进展超过预期；规划确定的战略任务 全面落地，部署的重大工程顺利推进。 "十四五"规划的高质量完成，与创新驱动的战略支撑密不可分。"十四五期间"全国财政科技支出预计达 5.5万亿元，较"十三五"增长34%；全社会研发经费投入强度从2.4%提高到2.68%；针对科创和先进制造 业的减税降费累计达3.6万亿元；支持培育了1.46万家专精特新"小巨人"企业，这些企业正如毛细血管般 渗入产业链关键环节，有效提升了我国产业链供应链的韧性和安全水平。科技创新带动我国产业 ...

坚持"改"字攻坚，以全面深化改革开放为根本动力，激活经济发展"一池春水"。一是推动国企改革"破 冰攻坚"，区属国企在城更、养老、金融、数据、教装等领域新增投资7.1亿元，产业布局不断优化。制 定新的国企绩效考核办法，实行末等调整和不胜任退出制度，让区属国企从"舒适区"走向"绩效区"。二 是推动营商环境"优无止境"，实施231条改革举措，打造全市首个"跨省通办及高效办成一件事"服务专 厅，推出100个"高效办成一件事"服务场景，实践经验多次入选国家和天津市典型案例，成功入选第三 批全国法治政府建设示范区。三是推动对外开放"乘风破浪"，制定加快服务业扩大开放23条举措，加强 与国际商会、投顾机构合作，推动美国碧迪医疗、英国IWG等项目落地；服务"中交系""设计系""水电 系""能源系"企业积极融入"一带一路"、承揽海外业务，2024年全区进出口总额较"十三五"末增长近 20%。 坚持"文"字赋能，以文化作为推动高质量发展的重要支点，提升城区发展"软实力"。一是深耕精神文明 建设，将社会主义核心价值观融入城区肌理，开展"争做文明有礼天津人"主题活动500余场。打造新时 代文明实践矩阵，发动2万余名党员干部和志愿者深 ...

新华财经成都9月26日电 记者26日从四川省发展和改革委员会获悉，今年1至8月，320个共建成渝地区 双城经济圈重点项目完成投资3323.61亿元，投资完成率75.29%，超时序进度8.62个百分点。 其中，现代基础设施项目完成投资1933.64亿元，投资完成率67.88%。成渝中线高铁四川段首座牵引变 电所封顶，渝湘高铁重庆至黔江段正式开通运营，巫溪至开州高速公路主体工程基本完工，成都天府站 配套综合交通枢纽工程站台及上下主体结构完工。 现代产业、科技创新和生态屏障项目完成投资1266.61亿元，投资完成率90.00%。两江龙兴智能制造基 地一期二标段完工，重庆高新区安意法半导体8英寸碳化硅外延、芯片项目正式投产，四川永盈新材料 有限公司年产80万吨功能性新材料一体化产业链项目一期工程试生产，资阳市临空智谷科创园项目部分 投产。 文旅、开放和公共服务项目完成投资123.36亿元，投资完成率77.88%。西部陆海新通道渝黔综合服务区 三江公铁联运枢纽至雷神店互通连接道建设完工，成都蒲江铁路物流港核心区一期建设项目完成鹤栖路 蒲江河大桥桥梁主体工程建设。 （文章来源：新华财经） ...

Core Viewpoint - The market is currently experiencing fluctuations, with the Shanghai Composite Index showing signs of volatility and a slight afternoon rally, influenced by the brokerage index's performance. The central bank's recent meeting focused on the long-term development of the financial industry rather than immediate policy changes, leading to speculation about potential interest rate cuts in line with the Federal Reserve's actions. However, the Loan Prime Rate (LPR) remains unchanged for the fourth consecutive month, indicating a cautious approach to monetary policy [1][2][4]. Market Performance - The Shanghai Composite Index has shown a mixed performance, with a notable increase in the brokerage index by 1.15%. The market sentiment has been fluctuating, with expectations of a possible interest rate cut around late October or early November due to economic conditions [1][2]. - The market has seen a significant emotional shift, with the index experiencing a steady rise until it reached a near ten-year high, followed by a period of consolidation without effectively breaking through the 3900-point level [2][4]. Investor Behavior - Recent data indicates a trend of new retail investors entering the market, with 2.64 million new individual accounts opened in August, a 35% increase from July. However, this figure is still below the historical highs seen in 2015 [4][7]. - There is a notable trend of household deposits shifting, with a decrease of 600 billion yuan in household deposits year-on-year in August, while non-bank financial institutions saw an increase of 550 billion yuan. This reflects ongoing changes in deposit behavior among residents [7][10]. Market Sentiment - Despite concerns about the high level of the index around 3800 points, the overall market sentiment does not appear to be overheated, suggesting that there is still room for further emotional expansion [10]. - The market is currently waiting for a decisive direction, with frequent signals for portfolio adjustments in high-positioned sectors due to significant fluctuations [11][18]. Sector Trends - The recent performance of various indices indicates a trend towards specific sectors, with the Sci-Tech Innovation 50 index rising by 3.38% following its inclusion in a selected broad-based index [11][13]. - The stock-bond yield spread currently stands at 5.28%, indicating a relatively favorable market condition for equities compared to historical averages [18].

Group 1 - The total market value of A-shares has surpassed 100 trillion yuan for the first time in August 2023, marking a significant milestone in the capital market [2] - The total market value increase is attributed to the rise in the number of listed companies and the influx of real capital from investors, with total financing in the stock and bond markets reaching 57.5 trillion yuan over the past five years [3] - The proportion of direct financing has increased by 2.8 percentage points compared to the end of the 13th Five-Year Plan, reaching 31.6% [3] Group 2 - The market's resilience and risk resistance have significantly improved during the 14th Five-Year Plan, with the annualized volatility of the Shanghai Composite Index decreasing by 2.8 percentage points to 15.9% [4] - As of August 2023, various long-term funds hold approximately 21.4 trillion yuan of A-share circulating market value, representing a 32% increase compared to the end of the 13th Five-Year Plan [4] - Foreign investment in A-shares has also been on the rise, with foreign holdings reaching 3.4 trillion yuan [4] Group 3 - The China Securities Regulatory Commission (CSRC) plans to enhance the adaptability of the multi-level market system, focusing on reforms in the Science and Technology Innovation Board and the Growth Enterprise Market [5] - The CSRC aims to better leverage long-term funds as stabilizers and to attract more global capital to invest in China [6] - There is a commitment to improving the quality and investment value of listed companies, enhancing corporate governance, and ensuring better information disclosure [6]

Economic Overview - The U.S. economy is under significant pressure, facing high national debt, elevated unemployment rates, and rising prices, leading to speculation about an impending interest rate cut by the Federal Reserve [1] - On September 18, the Federal Reserve announced a 25 basis point cut in the federal funds rate to a range of 4.00%-4.25%, marking the first rate cut since January of this year [1] Federal Reserve Actions - During the meeting, all 11 voting members supported the rate cut, with only the newly appointed member advocating for a 50 basis point reduction [3] - Fed Chairman Jerome Powell described the rate cut as a "risk management" measure aimed at addressing downward pressure on the U.S. job market, as August's non-farm payrolls added only 22,000 jobs, significantly below the expected 75,000, and the unemployment rate rose to 4.3%, the highest in nearly four years [3] Market Reactions - The rate cut signals a preemptive response to the U.S. economic downturn, with implications for global asset prices, capital flows, and monetary policy rhythms in other countries, particularly affecting the Chinese A-share market [5] - The consensus within the Federal Reserve indicates a stronger agreement on further rate cuts, with the number of members supporting three cuts this year increasing from 2 to 9 since June 2024 [6] Capital Flows and A-share Market - The A-share market is expected to benefit from the rebalancing of global capital, with passive fund inflows from Northbound capital reaching $3.684 billion in August, a significant increase from $313 million in July [8] - Although active funds are still experiencing outflows, the scale of these outflows has narrowed considerably, indicating a growing attractiveness of RMB assets [8] Policy Measures in China - The People's Bank of China (PBOC) has introduced a series of measures in collaboration with the China Securities Regulatory Commission and the Financial Regulatory Bureau, including rate cuts and adjustments to mortgage policies, signaling a commitment to stabilize market expectations [9] - The PBOC's recent actions provide more flexibility in monetary policy, especially following the Fed's rate cut, which could further support the A-share market [9] Export and Manufacturing Outlook - China's exports grew by 12.3% in March, although this rate fell to 4.4% in August, maintaining a medium-speed growth trend, which is crucial for stabilizing growth [11] - The global trend of interest rate cuts is expected to improve the external demand environment, supporting the profitability outlook for Chinese manufacturing in the coming months [11] Sector-Specific Insights - The non-ferrous metals sector is benefiting from a weaker dollar and heightened risk aversion, with prices for gold and copper continuing to rise [13] - The brokerage sector is seeing improved profitability due to increased market trading activity, while sectors like computing hardware, robotics, and solid-state batteries are performing well under the dual drivers of policy support and liquidity [14]

■田鹏 9月17日，上海证券交易所副理事长霍瑞戎表示，今年6月份科创板"1+6"改革政策发布以来，各项配套制度规则已全部发 布实施，存量32家未盈利企业已于规则发布当日纳入科创成长层，技术系统改造正加快推进，将如期上线。目前已有475万户 投资者开通科创成长层交易权限。 作为风险承受能力等级为C4（积极型）及以上的投资群体，475万户投资者的"入市"对科创板成长层的赋能作用尤为显 著。 然而，需清醒认识到，科创成长层企业普遍处于未盈利状态，创新存在不确定性，其投资逻辑与传统板块差异显著。因 此，475万户投资者需练就一双"火眼金睛"，拥有看透估值迷雾的判断眼光、紧盯风险信号的警觉眼力、陪伴企业成长的长期 视角，在企业上市前、上市中、上市后全周期做好风险把控，从而真正转化为推动资本市场高质量发展的稳定力量。 首先，上市前，要有看透估值迷雾的判断眼光。科创成长层新股采用询价定价方式，个人投资者无法直接参与询价，且企 业"技术壁垒高、业绩波动大"的特性，导致发行定价难度远高于传统板块，加之缺乏可比公司参照，易出现估值偏差。在此阶 段，投资者需主动提升专业认知，摒弃"跟风申购"思维，通过深入研究行业政策、拆解技术路线 ...

Group 1 - The core viewpoint of the article suggests that while the profitability growth of listed companies is slow from 2022 to 2024, there will be a recovery in growth rates in 2025, leading to a dual boost of "valuation increase" and "profit growth acceleration" in certain sectors like technology, military, and healthcare in Hong Kong [2] - The funding cycle is influenced by the amount of money in the market, primarily affected by interest rate fluctuations. The first interest rate cut by the Federal Reserve in September 2024 led to significant increases in A-shares and Hong Kong stocks, with the index rising from 5.9 to 4.8 [2] - The sentiment cycle indicates that market sentiment tends to be overly optimistic during price increases and overly pessimistic during declines. This can lead to misjudgments about market trends, as opportunities often arise during downturns while risks emerge during uptrends [3] Group 2 - The article emphasizes that all three cycles—profitability, funding, and sentiment—are interconnected and can lead to market bull and bear phases when one or two cycles are at their peaks or troughs [4] - It highlights that savvy investors can effectively leverage these cycles to make informed investment decisions [5]

从乡村工业院到科创园区，从炼钢旧址到光影新空间，科技驱动、文化筑基，北京城市更新正不断释放出发展活力。9月17日，北京商报记者跟随"全国文化 中心建设巡礼"主题采访团，走进AI原点社区、RE睿.国际创忆馆及RE睿.三高炉数字博物馆。在交流探访中，记者获悉，地处北京市海淀区创新核心区的东 升镇，累计改造升级产业空间260万平方米，目前园区入驻企业约4000家，下一步将持续巩固"科技—文化—生态"的创新文化体系，建设具有全球影响力的 人工智能开源创新生态社区；依托于石景山区首钢园工业遗产，北京清城睿现数字科技研究院(以下简称"清城睿现")落地开展数字圆明园、数字中轴线等文 化遗产数字化再生项目，并将通过前沿的数字语言和跨界体验，进一步引领北京文化（000802）新消费浪潮，塑造"可观、可玩、可购、可沉浸"的文旅消费 新范式。 从乡村工业院到具有"创客"特色的科创园区 走进东升镇的AI原点社区，首先映入眼帘的是区域内科创企业的新兴产品展示和最新科创活动排期表。东升大厦科创服务总经理刘雨晨表示，AI原点社区 打造的是青年友好型服务生态新范式，即为有创业精神和年轻心态、愿意奋斗的群体，提供适合成长的社群氛围。同时，展厅 ...

Core Viewpoint - The Shanghai government is showcasing the achievements of the "14th Five-Year Plan" through a series of press conferences, highlighting the high-quality development and results from various districts, particularly focusing on Jing'an District's efforts to build a modern international urban area [1][3]. Economic Development - Jing'an District's GDP is projected to reach 336.99 billion yuan in 2024, surpassing the 300 billion yuan mark, with a per capita GDP of 360,000 yuan, which is 1.5 times that of 2020 [4]. - The district's public budget revenue is expected to reach 30.22 billion yuan, ranking among the top in the city [4]. - Jing'an has attracted 991 new stores since 2021, making it a hotspot for consumer activity, with retail sales leading among central districts [4]. Headquarters Economy - Since the beginning of the "14th Five-Year Plan," Jing'an has added 85 new regional headquarters of multinational companies, totaling 142, with an annual tax contribution growth of 11.1% from headquarters economy [4][5]. Industrial Development - Six key industries contribute over 85% to the regional economy, with a significant increase in high-end service brands from 48 to 103 [5]. - The professional services sector's tax contribution rose from 15.8% in 2020 to 22.1% last year [5]. Innovation and Technology - Jing'an has become a hub for emerging industries, housing one-third of the city's core data intelligence companies and a significant number of global pharmaceutical firms [6]. Reform and Opening Up - From 2021 to 2024, Jing'an attracted 1,122 foreign direct investment projects, with a total contracted foreign capital of 4.83 billion USD, marking a significant increase compared to the previous five years [7]. - The district has implemented 693 measures to optimize the business environment, leading to a 1.8 times increase in new market entities compared to the previous five years [7]. Urban Renewal - Jing'an has focused on urban renewal, completing the renovation of 47 old residential areas and enhancing public services, including the construction of rental housing [8][9]. Social Development - The district has improved public services, particularly in elderly care and childcare, and has enhanced cultural offerings, maintaining a leading position in public cultural facilities [10]. Future Outlook - As Jing'an approaches the end of the "14th Five-Year Plan," it aims to set higher goals for the next decade, focusing on excellence and contributing significantly to the city's overall development [11].