Core Viewpoint - The article emphasizes the importance of domestic demand as the main driving force and stabilizing anchor for China's economic development, particularly during the "14th Five-Year Plan" period, and highlights the need for continued focus on deep-seated economic issues and the implementation of significant reform measures in the upcoming "15th Five-Year Plan" period [1][3]. Domestic Demand and Economic Growth - Domestic demand has been a crucial driver of economic growth, contributing an average of 86.8% to economic growth over the past four years [1]. - The implementation of new policies in 2024 and 2025 has effectively stimulated domestic consumption and investment, promoting a positive cycle between supply and demand [1][2]. - Final consumption expenditure contributed 53.5% to economic growth in the first three quarters of this year, an increase of 9.0 percentage points compared to the previous year [2]. Investment and Infrastructure Development - Significant investments in major projects have been made, with national railway fixed asset investment reaching 593.7 billion yuan in the first three quarters, a year-on-year increase of 5.8% [2]. - The average contribution of capital formation from investments to economic growth over the past four years was 30.2% [2]. Support for Private Enterprises - The article discusses the supportive measures for private enterprises, including the establishment of a dedicated bureau for private economic development and the implementation of laws to enhance the status of the private economy [4]. - As of May, there were 1.85 million private economic organizations in China, accounting for 96.76% of total business entities, reflecting a year-on-year growth of 2.3% [4]. State-Owned Enterprises and Reforms - State-owned enterprises have shown resilience and vitality amid challenges, with total assets increasing from less than 70 trillion yuan to over 90 trillion yuan during the "14th Five-Year Plan" period [5]. - The average annual growth rate of profits for state-owned enterprises was 8.3% [5]. National Unified Market Construction - The construction of a national unified market has been advancing, with measures such as cross-province medical insurance settlements and improved payment systems enhancing convenience for consumers [6][7]. - The market access negative list has been reduced from 123 items in 2020 to 106 items in 2025, promoting fair competition and easing market entry for various business entities [6][7].

| | | 机构预测业绩高增长的商业航天概念股 | | | | --- | --- | --- | --- | --- | | 代码 | 简称 | 评级机 | 机构一致预测 2026年净利 | 机构一致预测 2027年净利 | | | | 构家数 | 增速(%) | 增速(%) | | 300395 | 菲利华 | 16 | 55.05 | 36.26 | | 002025 | 航天电器 | 11 | 40.81 | 26.11 | | 600879 | 航天电子 | 11 | 33.92 | 24.61 | | 603678 | 火炬电子 | 10 | 30.57 | 27.71 | | 603809 | 豪能股份 | 10 | 27.62 | 25.79 | | 300762 | 上海潮讯 | 8 | 97.56 | 51.60 | | 688582 | 不动联科 | 8 | 37.54 | 36.51 | | 688102 | 斯瑞新材 | 7 | 30.00 | 30.60 | | 688552 | 航天南湖 | 7 | 44.21 | 41.41 | | 688636 | 智明达 | 7 | 39. ...

文 | 赵伟、贾东旭、侯倩楠 联系人| 侯倩楠 摘要 "十五五"规划建议稿审议前，高层会议及官方系列文章透露哪些信号？二十届四中全会，可能提及哪些"新五年"规划主线？结合历年经验及年初以来相关政 策会议，系统分析，供参考。 一问：9月中央政治局会议透露的信号？五年规划或更重视"公平"、"因地制宜发展"、"高水平开放"等 本次9月中央政治局会议正值新五年规划前，会议主题为研究制定国民经济和社会发展第十五个五年规划重大问题。 本次会议更突出"人民"与"公平"、"因地 制宜发展"、"扩大高水平开放"、"坚持有效市场和有为政府相结合"、"强化底线思维"等核心导向。本次会议将其拆分为"坚持全面深化改革，扩大高水平开 放"，并将"坚持有效市场和有为政府相结合"从"改革开放"板块中独立出来。 本次会议决定，二十届四中全会于10月20日至23日在北京召开。 届时四中全会公报及后续公布的全文或对"十五五"规划给予更多指引。参考"十四五"规划正 式落地前，十九届五中全会即审议通过了《中共中央关于制定国民经济和社会发展第十四个五年规划和二〇三五年远景目标的建议》。十九届五中全会结束 当天，会议公报披露建议稿主要内容；四天后，建议稿 ...

每经编辑｜吴永久 周二，A股走出普涨行情， CPO、培育钻石、英伟达产业链等涨幅居前。截至收盘，沪指涨1.36%，收报3916.33点。沪深两市成交额达到18739亿元，较 周一放量1363亿元。 在每日经济新闻App举办的掘金大赛中，第76期比赛在周一开赛，多位选手报名入场。大赛为模拟炒股，模拟资金50万元。报名时间为10月18日至10月31 日，比赛时间为10月20日至10月31日。每期比赛结束，正收益就获现金奖励！报名就拿福利！冲刺月度积分王大奖！ 每期比赛的税前现金奖励为：第1名奖励688元，第2~4名奖励188元/人，第5~10名奖励88元/人，其余正收益选手均分500元正收益奖。月度积分王的税前 现金奖励为：第1名奖励888元，第2~4名奖励288元/人，第5~10名奖励188元/人，第11~30名奖励68元/人，第31~100名奖励18元/人。 为方便选手了解有价值的信息，与高手交流市场热点和投资技巧。报名掘金大赛后，就能申请加入掘金大赛交流群，加群方法是：点击微信主页右上 角"+"号，选择"添加朋友"，然后点击"企业微信联系人"，输入手机号13882019385，添加企业微信火山君。 对于大盘 ...

10月21日消息，据蓝箭航天官微，10月18日至20日，朱雀三号遥一运载火箭在东风商业航天创新试验区 成功完成首飞任务第一阶段工作——加注合练及静态点火试验。标志着我国可重复使用运载火箭技术迈 入工程化应用新阶段。 接下来，火箭将按计划实施垂直状态操作演练，随后返回技术区进行检测与维护，为正式开展入轨发射 及一子级回收任务做好全面准备。 据悉，朱雀三号运载火箭的首飞试验任务共分两个阶段推进： 第一阶段为加注合练与静态点火测试，并返回技术区检测维护； 第二阶段以入轨发射为主要任务目标，同步尝试一子级回收。 本次静态点火试验是朱雀三号首飞前的最后一次大型地面测试，旨在模拟真实发射条件，检验火箭动力 系统与测发流程的可靠性。 发动机：天鹊-12A的突破 朱雀三号搭载的天鹊-12A发动机是液氧甲烷动力的代表。 试验中，火箭的9台天鹊-12A液氧甲烷发动机按飞行时序分批启动，完成了推力调节和程序关机等测 试。 朱雀三号的一级动力系统此前已在今年6月通过试车验证，总推力达750吨，是我国规模最大、自动化水 平最高的九机并联试验。 此次试验还验证了箭地协同能力，全面检验了测发流程的合理性以及火箭系统与发射场系统的匹配性。 ...

Core Viewpoint - The current market is experiencing a steady inflow of incremental funds, with strong investor willingness to increase positions on dips, suggesting a potential recovery in market momentum [1] Short-term Strategy - Focus on previously popular sectors such as domestic computing power, semiconductor self-sufficiency, controllable nuclear fusion, military industry, and commercial aerospace, which may rebound as risk appetite increases [1] Long-term Strategy - Long-term investments should consider the potential economic resonance between China and the U.S. in 2026 and the trend of rising PPI, with an emphasis on allocating resources to low-position cyclical sectors [1]

智通财经APP获悉，美国国家航空航天局(NASA)于周一宣布，因埃隆·马斯克旗下SpaceX公司的"星 舰"(Starship)月球着陆器计划持续延误，NASA将向其他竞标者开放美国月球登陆合同。此举为杰夫·贝 佐斯领导的蓝色起源等竞争对手参与半个世纪以来首批宇航员登月任务铺平道路。 达菲坦言，尽管SpaceX在技术上取得"非凡成就"，但进度已落后于计划。值得注意的是，唐纳德·特朗 普总统希望在其2029年1月白宫任期结束前完成登月任务，这进一步加剧了时间压力。 蓝色起源的"蓝月"(Blue Moon)着陆器研发项目成为焦点。该公司2023年与NASA签订约30亿美元合同， 用于后续"阿尔忒弥斯"任务，此前曾抗议NASA在2021年仅选择SpaceX的决策，并长期推动NASA采用 冗余方案。 达菲的表态暗示蓝色起源可能参与"阿尔忒弥斯3号"竞争，目前该公司正在佛罗里达州推进"蓝月"项 目，但公众关注度相对较低。 SpaceX方面，马斯克回应竞争加剧时强调："与其他航天巨头相比，SpaceX的发展速度快如闪电。 Starship最终将完成整个月球任务。"目前，"星舰"正在德克萨斯州进行测试，尽管经历多次演示任务 ...

Market News - US stock market opened higher with all three major indices rising over 1%, Nasdaq up 1.37%, Dow Jones up 1.12%, and S&P 500 up 1.07% [1] - Major tech stocks saw significant gains, with Apple rising approximately 4% to reach a historical high, and other companies like Netflix, Intel, and Meta also experiencing increases [1] - Spot gold prices surpassed previous highs, peaking at $4381.49 per ounce before closing at $4355.69, a 2.46% increase [1] - International oil prices fell, with WTI crude down 0.38% to $56.93 per barrel [1] - European stock indices closed higher, with Germany's DAX up 1.8% and France's CAC40 up 0.39% [1] Industry Insights - The successful static fire test of the reusable rocket Zhuque-3 marks a significant step towards its first flight, aimed at reducing launch costs and enhancing capacity in China's commercial space sector [2] - China's commercial space market is projected to grow from 9.2 billion yuan in 2020 to 310 billion yuan by 2024, with a compound annual growth rate exceeding 100% [2] - A breakthrough in robotics has been achieved with the introduction of a unified theory for force-position hybrid control algorithms, improving task success rates by approximately 39.5% [3] - The deep earth economy is gaining attention as a strategic emerging industry, focusing on resource development and space utilization in the Earth's depths, expected to receive strong policy support during the upcoming 14th Five-Year Plan [4][5] - The deep earth economy is anticipated to become a new growth engine for the economy, with significant developments in remote monitoring systems for deep earth industrial automation [5]

Core Viewpoint - Daxing District is positioned as a new plain city focused on "coordinated development," contributing to the Beijing-Tianjin-Hebei collaborative development strategy [1] Industry Development Strategy - Daxing District has outlined a "6+5+3" industrial development blueprint, focusing on six key industries: air transport economy, biomedicine, future energy, digital economy, commercial aerospace, and agricultural technology [2] - The district aims to establish six major industrial functional areas, including the Daxing Airport Economic Zone and the Daxing Biomedical Industry Base [2] Project and Investment Highlights - Daxing has successfully launched over 1,000 high-quality projects this year, leading the city in the number of enterprises migrating from outside Beijing and the number of significant projects exceeding 100 million [3] - The Daxing International Tourism Resort and major subway projects are among the significant initiatives that are now underway [3] Urban Development Initiatives - Daxing District is developing a series of boutique towns, including the Caiyu Digital Fashion Town, which integrates digital, fashion, and agricultural tourism [4] - The district is committed to enhancing its agricultural products' quality and value, focusing on local specialties like the Panggezhuang watermelon and the Anding mulberry [4] Garden City Planning - The planning for the Garden City Yongding Bay has commenced, aiming to create a model of integrated urban and industrial development over the next decade [5] - The project will feature a spatial framework that includes various urban and ecological elements, promoting a low-carbon and smart modern city [5][6]

Group 1: Launch Success and Industry Growth - Zhongke Aerospace successfully launched the Lijian-1 Yao-8 rocket, deploying three satellites into orbit, marking the ninth flight of this rocket and a total of 73 satellites launched with a combined payload exceeding 9 tons [1] - The successful completion of international orders by Lijian-1 signifies a notable improvement in China's commercial aerospace capabilities, showcasing advancements in technical reliability, cost-effectiveness, and international service capacity [1] - The commercial aerospace industry in China is experiencing rapid growth, with companies actively expanding into overseas markets, enhancing China's international competitiveness and influence [1] Group 2: Cost Reduction and Future Prospects - The cost of commercial aerospace launches in China has significantly decreased compared to earlier levels, with further reductions expected as more private rockets enter the market [2] - The acceleration of the commercial aerospace industry development is anticipated due to the increased availability of launch resources from private companies [2] Group 3: Role of Listed Companies - Several A-share listed companies are playing crucial roles in the commercial aerospace supply chain, including rocket manufacturing, satellite production, and operational control [3] - Chaojie Fastening Systems focuses on manufacturing structural components for commercial rockets, achieving successful batch deliveries of rocket body components [3] - Nanjing Gaohua Technology is expanding its business in the aerospace market, developing products for ground testing equipment and rocket systems [3] - Chengdu Sikrui Microelectronics is enhancing its capabilities in satellite and chip testing, recognizing commercial aerospace as a strategic emerging industry [3] Group 4: IPOs and Market Support - The global commercial aerospace industry is in a golden development period, with more companies pursuing IPOs to gain capital market support, which is expected to strengthen China's overall aerospace industry [4] - Companies like Zhongke Aerospace and Blue Arrow Aerospace are advancing their IPO processes, indicating a trend of increasing market participation [3]