此外，1—9月（错月），广州市营利性服务业继续保持较好增势，实现营业收入同比增长10.6%。其 中，"全运热情"带动文体商旅人气汇聚，文化艺术业、体育业实现营业收入分别增长34.8%和14.6%， 旅行社及相关服务、休闲观光活动分别增长8.3%和8.2%。 广州市统计局表示，总体来看，1—10月，广州经济稳的基础不断夯实，进的动能持续积蓄，彰显较强 的韧性和活力。但也要看到，当前全市工业生产仍处低位恢复阶段，需求端趋弱的态势未有效改善，经 济增长的内生动力仍待增强。需全力以赴强动能稳生产、深挖潜扩内需、抓项目促增量，精准施策破解 发展堵点，协同发力激发市场潜能，不断巩固经济持续回升向好的基础。 11月24日，广州市统计局发布2025年1—10月广州经济运行情况。数据显示，在稳增长政策效应加力释 放，叠加各种节会经济助力带动下，全市重点行业持续恢复，新兴动能加速成长，产业结构调整步伐稳 健，经济运行稳的基础不断巩固。 据悉，1—10月，广州市规模以上工业增加值同比增长1.5%，比前三季度提升0.1个百分点。其中，新兴 动能增长较快，显示器件制造业、集成电路制造业实现增加值分别增长20.9%和38.7%，液晶显示 ...

中国国家税务总局24日公布的增值税发票数据显示，2025年10月，中国新质生产力持续培育壮大，高端 制造、创新产业、数实融合三大领域均呈现稳健增长态势，为经济发展持续注入新活力。 数据显示，10月份，装备制造业销售收入同比增长7.3%，今年以来持续高于制造业平均水平，占制造 业比重已近半。其中，计算机通信设备制造业、船舶及相关装置制造业、电池制造业销售收入同比分别 增长10.1%、24.4%和27.2%，展现较强发展劲头。 10月份，高技术产业销售收入同比增长13.6%，延续两位数较快增长。其中，高技术服务业销售收入同 比增长16.1%；高技术制造业销售收入同比增长10.1%，特别是随着"人工智能+"行动加快落地，集成电 路、工业机器人、无人机制造销售收入同比分别增长32.5%、41.7%和38.4%。 10月份，数字经济核心产业销售收入同比增长8.5%，全国企业采购数字技术金额同比增长9.6%，反映 数字产业化和产业数字化持续推进。其中，数字产品服务业、数字技术应用业销售收入同比分别增长 10.2%和13.1%；数字消费拉动作用明显，数字内容与媒体业销售收入同比增长15.2%。 中国人民大学财政金融学院教授 ...

税收数据反映10月份中国新质生产力持续发展壮大 中新社北京11月24日电 (记者 赵建华)中国国家税务总局24日公布的增值税发票数据显示，2025年10 月，中国新质生产力持续培育壮大，高端制造、创新产业、数实融合三大领域均呈现稳健增长态势，为 经济发展持续注入新活力。 数据显示，10月份，装备制造业销售收入同比增长7.3%，今年以来持续高于制造业平均水平，占制造 业比重已近半。其中，计算机通信设备制造业、船舶及相关装置制造业、电池制造业销售收入同比分别 增长10.1%、24.4%和27.2%，展现较强发展劲头。 编辑：陈俊明 广告等商务合作，请点击这里 本文为转载内容，授权事宜请联系原著作权人 中新经纬版权所有，未经书面授权，任何单位及个人不得转载、摘编或以其它方式使用。 关注中新经纬微信公众号(微信搜索"中新经纬"或"jwview")，看更多精彩财经资讯。 10月份，高技术产业销售收入同比增长13.6%，延续两位数较快增长。其中，高技术服务业销售收入同 比增长16.1%；高技术制造业销售收入同比增长10.1%，特别是随着"人工智能+"行动加快落地，集成电 路、工业机器人、无人机制造销售收入同比分别增长32 ...

每经记者｜胡健 每经实习记者｜张蕊 每经编辑｜陈旭 中兴解禁后已复工一周，据知情人士称，中兴通讯在国内三大运营商的5G外场测试已全部启动，国外 5G外场测试的工作也已处于全面恢复中。据悉，中兴目前拿到的国内三大运营商订单累计已超过5亿 元。 工信部最新统计数据显示，今年1~5月，电子信息制造业固定资产投资同比增长14.6%，较1~4月份加快 0.4个百分点。其中，半导体分立器件制造业景气度较高，投资增势突出，同比增长33.1%；通信系统设 备制造业、集成电路制造业在汽车电子、人工智能、5G等新兴应用拉动下投资势头良好，同比增长 30.5%和28.1%。 今年投资增幅总体较去年下滑 自2016年下半年以来，电子信息制造业的固定资产投资基本保持了平稳增长，进入2017年更出现迅猛增 长，从1~2月份的15.7%一路涨到1~5月份的29%。分行业来看，2017上半年，电子器件行业完成投资同 比增长40.5%，其中半导体分立器件制造和电子真空器件制造更分别增长197.1%和106.3%。 纵观整个2017年，电子信息制造业的固定资产投资都保持了高位增长，增幅均在23%以上。进入2018 年，增幅则一直呈下降趋势，从1 ...

Core Viewpoint - The company, Mengtian Home, has announced the termination of its plans to acquire assets through the issuance of shares and cash payments, as well as the cessation of control transfer plans by its actual controller [2][4]. Summary by Sections Securities Suspension and Resumption - Mengtian Home's stock will resume trading on November 19, 2025, following the termination of its asset acquisition plans and control transfer [4]. Acquisition Plans - The company was previously planning to acquire control of ChuanTu Microelectronics through share issuance and cash payments, along with raising matching funds [4][5]. ChuanTu Microelectronics Overview - ChuanTu Microelectronics, established in 2016, specializes in high-end analog chip research, design, and sales. The company has undergone multiple financing rounds, with significant revenue growth reported in 2022, including a 251% year-on-year increase in revenue and a 641% increase in net profit [6].

来源：市场投研资讯 本资料由招商证券研究发展中心汇编而成，仅供客户中的专业投资者参考。具体投资观点请以研究报告的完整内容为准，投研活动信息等请联系对口销 售。为保证服务质量、控制投资风险，敬请阅知页末的特别提示和一般声明。感谢您给予的理解和配合。 01丨 今日研选 策略：哪些细分领域供给充分出清？——A股2025年三季报系列之二（1111）【深度】 报告作者：张夏,陈星宇 核心观点： 供给出清：从资本开支增速、在建工程增速和历史分位数水平来看，供给充分出清或明显收紧的细分领域集中在：1）反内卷受益的资源品：化工（如煤 化工、聚氨酯、非金属材料）、建材（水泥制品、防水材料）、有色（铜、锂）、焦炭、铁矿石等；2）消费领域中的小额消费品（乳品、宠物食品、生 猪养殖、零食、品牌化妆品）、地产链（家纺、家居、个护小家电、照明设备）、医美耗材等；3）传统装备制造：摩托车、配电设备、逆变器、商用载 货车、印刷包装机械、仪器仪表、输变电设备等；4）部分电子硬件（集成电路制造、模拟芯片设计、光学元件、半导体材料、LED）；5）医药（疫苗、 中药、原料药）；6）新能源产业链（硅料硅片、蓄电池及其他电池、光伏加工设备、风力发电）， ...

Group 1: CPI Analysis - In October, the Consumer Price Index (CPI) increased by 0.2% month-on-month and year-on-year, driven by policies to expand domestic demand and the impact of the National Day and Mid-Autumn Festival holidays [1][2] - The core CPI, excluding food and energy prices, rose by 1.2% year-on-year, marking the sixth consecutive month of growth [1][2] - Significant rainfall and increased holiday demand led to a 4.3% month-on-month rise in vegetable prices, contributing to a narrowing of the year-on-year decline in food prices to -2.9% [2][3] Group 2: PPI Analysis - The Producer Price Index (PPI) saw a month-on-month increase of 0.1%, marking the first rise of the year, despite a year-on-year decline of 2.1% [1][4] - The improvement in supply-demand dynamics in various industries, particularly due to anti-involution policies, has supported price increases in sectors like coal and black metals [4][5] - Prices in the coal mining and washing industry rose by 1.6%, while prices for photovoltaic equipment and components increased by 0.6%, indicating a positive trend in certain high-tech manufacturing sectors [4][5] Group 3: Future Outlook - Analysts expect a gradual recovery in PPI year-on-year by 2026, while CPI is anticipated to remain at low levels, indicating a moderate inflationary trend [6]

Core Insights - The "15th Five-Year Plan" emphasizes seven key goals, with a focus on maintaining economic growth within a reasonable range and improving total factor productivity [2][4] - The plan aims for China to achieve basic socialist modernization by 2035, with stable economic growth as a core requirement [4] Economic Growth and Total Factor Productivity - The plan outlines that economic growth must remain within a reasonable range to meet the GDP doubling target by 2035 [4] - Total factor productivity is identified as a crucial driver for sustainable economic growth, moving away from traditional scale expansion [5][6] - The emphasis on total factor productivity in the "15th Five-Year Plan" is significantly higher than in the previous plan, indicating its importance in addressing current economic challenges [6] Manufacturing and New Quality Productivity - The development of new quality productivity, marked by significant improvements in total factor productivity, is a strategic task in the "15th Five-Year Plan" [7] - Maintaining a reasonable proportion of manufacturing is essential for supporting high-quality development and total factor productivity [8] - The manufacturing sector's share in China is approximately 26%, which is crucial for enhancing total factor productivity despite facing challenges like overcapacity [8] Technology and Industry Innovation - The integration of technological innovation and industrial innovation is highlighted as necessary for future industrial upgrades [9] - The plan addresses issues such as insufficient basic research funding and a shortage of talent in the technology sector [9][10] - Recommendations include active fiscal policies to support basic research and encourage enterprises to invest in technology [10]

Core Insights - The "15th Five-Year Plan" emphasizes the importance of maintaining economic growth within a reasonable range to achieve the goal of doubling GDP by 2035 compared to 2020 levels [3][4] - The plan outlines seven key objectives, with a focus on high-quality development and the continuous improvement of total factor productivity (TFP) as a critical driver for sustainable growth [2][4] Economic Growth and Objectives - The "15th Five-Year Plan" proposes seven goals, prioritizing "significant achievements in high-quality development," which includes maintaining economic growth within a reasonable range and improving the total factor productivity [2][4] - The reasonable growth range is crucial for meeting the 2035 modernization targets, with a projected annual growth rate necessary to ensure GDP doubles by 2035 [3][4] Total Factor Productivity - Total factor productivity is identified as a structural engine for economic growth, moving away from traditional scale expansion towards productivity enhancement [4][5] - The emphasis on TFP in the "15th Five-Year Plan" is significantly higher than in the previous plan, indicating its critical role in addressing current economic challenges [4][5] New Quality Productivity - The development of new quality productivity is a strategic task in the "15th Five-Year Plan," requiring substantial investment and a robust manufacturing base [5][6] - Maintaining a reasonable proportion of manufacturing is essential for enhancing TFP, with China's manufacturing sector currently accounting for about 26% of the economy [5][6] Industry Upgrading and Innovation - The integration of technological and industrial innovation is highlighted as necessary for future industrial upgrades, addressing issues such as insufficient basic research funding and talent shortages [7][8] - The plan calls for collaborative efforts across policy, technology, and finance to enhance the synergy between technological innovation and industry [7][8]

Core Viewpoint - The Producer Price Index (PPI) has increased by 0.1% month-on-month for the first time in 2023, indicating an improvement in supply-demand relationships across various industries [1] Group 1: PPI Trends - The month-on-month PPI has shifted from flat to an increase of 0.1%, marking the first rise this year [1] - Key industries experiencing price increases include coal mining and washing (up 1.6%), coal processing (up 0.8%), and photovoltaic equipment manufacturing (up 0.6), all of which have seen continuous price rises for over two months [1] - Other sectors such as cement manufacturing, computer assembly, lithium-ion battery manufacturing, and integrated circuit manufacturing have also transitioned from price declines to increases, with respective rises of 1.6%, 0.5%, 0.2%, and 0.2% [1] Group 2: Impact of External Factors - Domestic prices in the non-ferrous metals and petroleum-related industries have shown a divergence due to external factors [1] - The rise in international non-ferrous metal prices has led to a 5.3% increase in domestic non-ferrous metal mining prices and a 2.4% increase in non-ferrous metal smelting and rolling prices, with gold and copper smelting prices rising by 8.7% and 4.3%, respectively [1] - Conversely, the decline in international oil prices has resulted in a 2.3% decrease in domestic oil and natural gas extraction prices and a 0.8% decrease in refined petroleum product manufacturing prices [1]