策略报告 | 投资策略 自主可控的第一个逻辑是国家政策多年布局下的积累，顶层设计重视，现代 化产业体系建设要求固链、补链、延链，顶层设计对自主可控领域重视程度 高；自主可控的第二个逻辑是国产替代，即中国对美反制措施可能推升中国 对美进口商品价格，导致对美依赖度较高的商品种类出现供给缺口，国内供 给端替代供给缺口下相关板块有望看到盈利驱动下的业绩改善。 穿透到二级行业，短期可以关注估值处于低位的方向，中期关注产业节奏。 估值方面，前期估值处于低位的板块主要为军工、医药、电子。 产业趋势投资涵盖三个阶段，当前自主可控多数子板块位于阶段一的尾声。 如何能够迈向阶段二开启双击行情？先看产能周期后看业绩，即标的是否开 启大额资本开支以形成产业链的完善可以作为是否进入阶段二的判断，业绩 大面积改善可以作为阶段二拐点出现的确认。 从这个角度，我们判断自主可控各板块产业节奏：军工→信创→医药→先进 制造。 行业比较周报 证券研究报告 中美会谈下，自主可控板块的节奏与机会 核心结论：6 月 5 日，习近平主席同美国总统特朗普通电话，指出美方应实 事求是看待取得的进展，撤销对中国实施的消极举措；并欢迎特朗普再次访 华。双方经贸协 ...

Core Viewpoint - The seventh Yangtze River Delta Integration Development High-Level Forum was held in Nanjing, focusing on enhancing innovation capabilities in the region and better leveraging the driving force of high-quality development [1] Group 1: Industry Development - The Yangtze River Delta Advanced Manufacturing Cluster Alliance was established, comprising 26 national advanced manufacturing clusters in the region, aiming to create globally influential industrial landmarks [1] - The Yangtze River Delta region has created 26 national advanced manufacturing clusters, accounting for 32.5% of the total in the country, covering strategic emerging industries such as large aircraft, biomedicine, integrated circuits, new materials, and high-end equipment [1] - The alliance aims to cultivate world-class advanced manufacturing clusters, leveraging the industrial foundation advantages of one city and three provinces, and to build a collaborative network for industrial and supply chains on a larger scale [1] Group 2: Regional Collaboration - The initiative is part of a coordinated mechanism for integrated development in the Yangtze River Delta, contributing to the acceleration of new industrialization and the establishment of a modern industrial system in the region [1]

在"专业化"方面。云南深化"综合展、专业办"的模式，设置制造业馆、绿色能源馆、咖啡产业馆、中药 材产业馆等11个专业馆，专业馆占比近70%，集中展示我国与南亚东南亚国家有经贸合作潜力的先进制 造、清洁能源、现代农业等。随着南博会的影响力和传播力持续增强，本届南博会已吸引境内外近1000 余家专业采购商报名，涵盖南亚、RCEP成员国及欧洲、美洲、非洲等31个国家和地区。除组织采购商 与参展商面对面交流洽商外，还精心策划了6条产业考察路线，推动经贸合作交流取得实效。还设置 了"贸易无忧平台"，提供国际市场开拓、综合贸易服务、外贸政策咨询等一站式解决方案。 在"市场化"方面。本届南博会以市场为导向，首次实现全面市场化运作。为充分宣传推广南博会，在全 国全省范围内招商路演，今年1月来自9个国家的驻华使节和80余家机构、企业代表参加了南博会北京推 介会。云南省商务厅与中国食品土畜进出口商会、中国机电产品进出口商会、中国农业机械流通协会、 中国连锁经营协会，以及境外商协会、云南异地商会等开展合作，并充分发挥云南驻外商务代表处招商 作用，广泛邀请境内外企业参展参会。 中新网 6月6日电 国新办6日举行新闻发布会，介绍中国与 ...

南开大学金融学教授田利辉指出，此次创业板指样本调整反映出强化新质生产力布局、提升指数代表性与流动性、服务国家战略安全需求的市场 趋势与政策导向。在资源配置层面，样本调整发挥着引导资金流向高成长领域、深化市场优胜劣汰机制、增强指数投资功能的作用，助力优质企 业成长，优化市场生态，促进资本市场良性循环。 【环球网财经综合报道】深圳证券交易所及其全资子公司深圳证券信息有限公司6月3日发布公告，宣布将对创业板指实施样本定期调整，更换其 中8只样本，这一调整将于2025年6月16日正式实施。创业板指自2010年6月1日正式发布以来，已走过十五个年头。十五年间，创业板指不断优化 自身结构，累计调整逾50次，十五周年之际再次"焕新"再出发。 此次调整中，蓝色光标、长盈精密、全志科技、电连技术、协创数据、锐捷网络、乖宝宠物和星宸科技等8只股票被调入创业板指。据Wind资讯 数据统计，截至6月4日，这8家新调入的公司市值均在186亿元以上，其中全志科技、电连技术、锐捷网络、乖宝宠物和协创数据等5家企业均属 于战略性新兴产业。新样本股的纳入，让创业板指更精准地锚定新质生产力发展方向。新一期样本在研发创新与制度适配层面均实现显著跃 ...

Core Viewpoint - The article emphasizes the importance of leveraging regional advantages and enhancing openness to drive high-quality development in Henan, despite its geographical limitations [1][2]. Group 1: Regional Advantages - Henan's unique geographical position allows for extensive connectivity, forming a "12345" high-speed rail travel circle that connects major economic regions across China [1]. - The province has developed a robust transportation network, facilitating frequent business interactions and enhancing trade opportunities [1]. Group 2: Industrial and Technological Collaboration - Strengthening industrial collaboration and technological innovation is crucial for Henan to integrate into the new development landscape, with a focus on complementing regional strengths [2]. - The introduction of quality educational resources and talent from prestigious universities has helped address Henan's technological innovation gaps [2]. Group 3: Manufacturing and Economic Growth - Henan has established a comprehensive modern industrial system, ranking first in industrial economic output among central and western provinces [3]. - The province's advanced manufacturing capabilities are highlighted by significant production increases in the electric vehicle sector, with 2024 projections estimating 681,000 units produced, up from 60,000 three years prior [2][3]. Group 4: International Trade and Market Expansion - Henan has accelerated its international trade efforts, exemplified by the establishment of the first China-Maldives free trade agreement certificate and the launch of new international cargo routes [4]. - The province's innovative approaches to market expansion, such as the introduction of Malaysian durians via direct flights, showcase its commitment to enhancing trade efficiency and consumer experience [4]. Group 5: Future Development Strategies - The article suggests that Henan should continue to explore new development opportunities through reform and openness, aiming to solidify its role as a significant contributor to national economic growth [2][5]. - By actively participating in the "Belt and Road" initiative and enhancing its logistics capabilities, Henan is positioning itself for competitive advantages in the evolving economic landscape [5].

Group 1 - The core focus of the recent research conducted by the State-owned Assets Supervision and Administration Commission (SASAC) is on enhancing product and service value, resource integration, and promoting high-end industrial development [1][2] - "Focusing on core responsibilities and main businesses" is a recurring theme, emphasizing the need for companies to concentrate resources and efforts on their primary sectors to achieve sustainable and high-value growth [2][3] - The term "integration" has been frequently mentioned, indicating a strategic move to consolidate resources towards main businesses and emerging industries, enhancing core competitiveness [3][4] Group 2 - Key core technologies, including automotive-grade chips and machine tool technologies, are highlighted as critical areas of focus for state-owned enterprises (SOEs) to strengthen their competitive edge [4][5] - Companies are encouraged to foster collaboration with research institutions and industry partners to accelerate technological advancements and optimize product structures [4] - The emphasis on high-end, intelligent, and green development is aimed at transforming traditional industries and enhancing overall efficiency [4][5]

Group 1: Industry Development - The city of Suqian aims to establish itself as a "billion-level liquor production area," leveraging its advantages in the liquor industry, particularly with renowned brands like Yanghe and Shuangguo [2] - The liquor industry in Suqian accounts for nearly 80% of Jiangsu's liquor industry output and 5.8% of the national output, indicating its significant role in the regional and national economy [2] - In 2024, the output value of the brewing (liquor) industry in Suqian is projected to grow by 6.4%, moving steadily towards the billion-level target [2] Group 2: Technological Advancements - The intelligent brewing workshop at Yanghe Co. has increased production efficiency by 2.5 times, reduced labor by 80%, and lowered the cost of liquor production by 35.5% compared to traditional methods [2] - The use of digital systems in production has led to improvements in yield rates and quality, with a 2%-3% increase in output and a 10%-15% increase in premium liquor rates [2] Group 3: Cultural and Tourism Integration - The China (Suqian) Liquor Capital Cultural Tourism Festival serves as a platform for cultural and tourism integration, enhancing the influence of Suqian as a liquor capital [3] - The city is focusing on creating unique cultural landscapes and enriching tourism products to meet the evolving demands of tourists who seek immersive experiences [3][4] - Suqian is integrating liquor culture into urban development, with projects like the Yanghe Cultural Tourism Zone and various liquor-themed parks and streets [5] Group 4: Future Prospects - The liquor industry in Suqian is expected to drive cultural revitalization and ecological value through a synergistic approach that combines cultural heritage, ecological sustainability, and industrial development [6]

在大全集团国家级见习示范基地，见习生正在导师指导下调试机器。这个见习生平均留用率达83% 的制造业巨头，见证了城市产业空间与人才成长空间的同频更新。 镇江将见习基地布局深度融入"876"创新引领工程，在航空航天、数字经济等新兴领域开发特色岗 位，助力产业焕发新活力。这些"含金量"十足的岗位让青年直言"见习即起航"。这些变化，不仅重塑着 青年择业观，更推动着产业链向价值链高端攀升。 服务升级：数字赋能畅通见习通道 当4万高校学子与799家见习基地碰撞出创新火花，当"四群八链"产业与青年人才交织成发展新图 景，镇江用"真金白银"的政策支持和"量体裁衣"的岗位开发，为青年铺就了一条从校园到职场的温暖之 路。 "青年见习是城市与未来对话的重要桥梁，我们要让每个年轻人都能在这里找到发光发热的舞 台。"市人社局相关负责人表示，就业见习已成为青年就业和人才引进的重要切口，促进民生保障、产 业升级与城市发展的良性循环，让"山水花园城市"的暖意浸润每位青年奋斗者的心田。 政策迭代：制度创新构建人才栖息地 "政策更新速度始终跑在青年需求前面。"市人社局相关负责人介绍，我市创新建立失信联合惩戒、 基地动态管理等机制，实施"见习+招 ...

Group 1 - The Guangdong Provincial Government will host the "2025 China (Guangdong) - ASEAN Trade Promotion and Supply Chain Cooperation Mechanism Construction Exchange Conference" on June 10, 2025, in Guangzhou, with an expected attendance of approximately 600 participants, marking it as one of the highest-level international conferences between Guangdong and ASEAN in recent years [1] - The Guangdong Provincial Council for the Promotion of International Trade has launched the "Yue Lian ASEAN" WeChat mini-program to provide a "one-stop" service for enterprises looking to enter ASEAN markets, facilitating trade and supply chain cooperation information exchange [2] - The conference will announce the establishment of five supply chain cooperation alliances focusing on advanced manufacturing, green agriculture, and international trade chains, aiming for precise industry segmentation and collaboration [2] Group 2 - The conference will officially release the "RCEP Country Investment Legal Guide" series, including editions for Indonesia, Thailand, and Vietnam, aimed at helping enterprises navigate legal barriers when expanding into ASEAN markets [3] - Each country's investment legal guide will cover the entire process and key regulations related to overseas investment, including compliance guidelines, foreign investment admission rules, and dispute resolution mechanisms [3] Group 3 - A parallel meeting, the "China (Guangdong) - ASEAN Cross-Border E-Commerce Cooperation Exchange Conference," will focus on enhancing cooperation in digital economy, cross-border e-commerce platforms, logistics, and supply chains [4] - The conference will initiate the "China (Guangdong) - ASEAN Cross-Border E-Commerce Strategic Cooperation Launch Action," collaborating with various ASEAN e-commerce associations to build a cooperative ecosystem to address global e-commerce market challenges [4]

Group 1 - The Yangtze River Delta (YRD) region, comprising three provinces and one city, accounts for nearly a quarter of China's economic output despite occupying less than 4% of the country's land area [1] - The region's innovation capacity is reflected in its rising regional innovation co-construction index, with total technology expenditure exceeding 250 billion yuan, representing over 25% of national local technology investment [1] - The YRD has a diverse industrial collaboration model, with 26 advanced manufacturing clusters making up nearly one-third of the national total [1][3] Group 2 - The G60 Science and Technology Corridor connects multiple cities, facilitating collaborative innovation across the YRD [2] - Research and development intensity in the region averages 3.77%, with PCT international patent applications accounting for 10.1% of the national total [3] - The YRD is home to 11% of the country's specialized and innovative "little giant" enterprises and 12% of unicorn companies [3] Group 3 - The "Digital Corridor" is emerging along the G50 highway, enhancing digital collaboration and innovation across the YRD [4] - The YRD's cities are collaborating in the integrated circuit industry, leveraging their respective strengths in chip design, manufacturing, and materials [4] Group 4 - The establishment of "flying land" parks demonstrates cross-regional collaboration, with significant industrial cooperation between cities like Nantong and Shanghai [6][7] - The New Suzhou-Chuzhou High-tech Zone has attracted over 300 industrial projects, with 80% coming from the YRD region [9] Group 5 - The Hai-Tai Yangtze River Tunnel, set to be completed by 2028, will significantly reduce travel time across the river, enhancing economic integration in the YRD [11] - The Nanjing metropolitan area is the first officially approved urban agglomeration, showcasing the region's commitment to coordinated development [11][15]