Core Viewpoint - The implementation of the "Ten Key Industries Stabilization Growth Action Plan" aims to stabilize the industrial economy in the short term while promoting structural adjustments for long-term development, focusing on quality improvement and reasonable growth [2][5]. Summary by Sections Stabilizing Expectations and Adjusting Structure - The action plans for the ten key industries have been released, addressing both immediate stabilization and long-term structural adjustments [3][5]. - Industries such as steel, non-ferrous metals, and construction materials face risks of oversupply, while sectors like automotive and electronic information manufacturing are tasked with high-quality development amidst new challenges [3][5]. Clear Goals and Targeted Efforts - Specific targets have been set for various industries for 2025-2026, including: - Automotive industry aims for approximately 32.3 million vehicle sales in 2025, a 3% increase, with a 20% growth in new energy vehicle sales [6]. - The construction materials sector anticipates over 300 billion yuan in revenue from green building materials by 2026 [6]. - The steel industry targets an annual value-added growth of around 4% [6]. Characteristics of the Stabilization Plans - The plans exhibit three main characteristics: clear goals with defined timelines, differentiated measures across industries, and an emphasis on quality and efficiency improvements [7]. - Measures include stimulating consumption in the automotive sector and optimizing supply structures in the steel industry [7]. Trends and Opportunities - The industrial economy showed a 6.2% year-on-year growth in value-added output from January to August, with 31 out of 41 major industries experiencing growth in August [9]. - The automotive sector is positioned to benefit from the penetration of new energy and smart connectivity, while challenges include price wars and supply chain issues [10][11]. Addressing Shortcomings - Future efforts should focus on overcoming technological bottlenecks, enhancing policy execution, and optimizing the industrial ecosystem [13]. - The need for a balanced approach to avoid overcapacity in certain sectors, such as photovoltaics and lithium batteries, is emphasized [13]. Long-term Development Strategy - The stabilization plans aim to create a conducive environment for industrial development and enhance governance modernization [14]. - The transition to new industrialization is seen as a fundamental path for stabilizing growth, with a phased approach to policy implementation [14].

- The report does not contain any quantitative models or factors for analysis

Group 1: Macroeconomic Insights - The report discusses the potential for PPI to turn positive, with September CPI at -0.3%, PPI at -2.3%, and expectations for both being slightly negative [5][9][12] - Core CPI has shown a seasonal decline, with September's core CPI remaining at 0%, marking the first time since April 2025 that it fell below seasonal expectations [10][11] - The report anticipates that if PPI remains at 0% from October 2025 onward, the average PPI for 2026 could be around -0.7% [14] Group 2: Electronic Industry Insights - The report highlights the acceleration of commercialization in domestic AI hardware, focusing on the synergy of computing power, storage, and operational capacity [18][19] - The demand for Scaleup and Scaleout hardware is expected to grow significantly, with the global market for Scaleup exchange chips projected to reach nearly $18 billion by 2030, with a CAGR of approximately 28% from 2022 to 2030 [19] - The report identifies a low domestic production rate for operational hardware, indicating a significant opportunity for domestic replacements in the market [21] Group 3: Robotics Industry Insights - The report introduces Figure03, a humanoid robot designed for mass production, emphasizing safety and comfort in home environments [23][24] - Figure03 features advanced capabilities such as tactile sensors for stable operation in limited visibility environments and supports wireless charging for continuous operation [24][25] - The report notes that Figure aims to produce over 100,000 units within four years, with a projected valuation of nearly $40 billion, supported by significant investments from major tech companies [24][26]

今日A股走势较强。上证综指上涨1.22%，报3912.21点，深证成指上涨1.73%，创业板指上涨2.36%，科 创综指上涨1.86%。沪深北三市合计成交20907亿元，较昨日大幅萎缩。板块层面，科技-反内卷双主线 交错演进，光伏、机械、通信涨幅居前，避险情绪维持，黄金仍然收涨。前期高标半导体设备有所回 调，红利类板块表现较弱，债券表现偏弱。 风险偏好来看，今日风险偏好较强。个股涨多跌少，逾4300股飘红。风格层面，小盘略强于大盘，但微 盘较弱；成长强于价值，双创强于主板。总体而言，今日风险偏好处于较强位置。 我们对于A/H股的研判如下：中美关税摩擦升级引发了投资者落袋为安的情绪，高估值科技板块短期承 压。但此次与4月份"对等关税"有巨大区别，市场对关税路径已有一定预期，认为中美坐上谈判桌的概 率较大，恐慌情绪有限，导致修复空间亦受限。整体市场以震荡为主，建议聚焦国内政策主线以及全球 制造业修复机会，关注光伏50ETF（159864）、矿业ETF（561330）、有色60ETF（159881）等。 中美贸易摩擦再度升级是扰动市场的核心变量。特朗普宣布对华加征高额关税，引发了全球投资者的避 险情绪，导致纳斯达克 ...

Core Viewpoint - The A-share market experienced a significant rebound on October 15, with the S&P A-Share Dividend Index leading the mainstream dividend indices, rising by 0.92% and accumulating a nearly 3% increase for the month as of October 15, 2025 [1] Group 1: Market Performance - The S&P A-Share Dividend ETF (562060) also performed strongly, surging by 1.2% to a new high, closing at 0.592 yuan, with frequent premiums during trading [1] - In the past five trading days, the S&P Dividend ETF attracted over 40 million yuan, becoming a favored tool for investment in a slow bull market [1] Group 2: Sector Performance - All top ten sectors of the S&P A-Share Dividend Index recorded gains on October 15, with the pharmaceutical and automotive sectors rising over 2%, while machinery, light manufacturing, and home appliance sectors also increased by over 1% [2] - The top ten sectors and their respective weightings and performance on October 15 are as follows: - Banking: 16.58%, +0.61% - Machinery: 11.02%, +1.88% - Light Manufacturing: 8.68%, +1.25% - Home Appliances: 7.20%, +1.44% - Basic Chemicals: 6.28%, +0.83% - Textiles and Apparel: 5.55%, +1.70% - Pharmaceuticals: 4.76%, +2.05% - Automotive: 3.96%, +2.32% - Power and Utilities: 3.94%, +0.45% - Construction: 3.87%, +1.12% [2] Group 3: Stock Performance - Nearly 80% of the constituent stocks recorded positive returns, with Mercury Home Textiles leading with a 9.41% increase, followed by Kesi Co. at 7.38%, and Hailong Cold Chain at 6.83% [2][4] - The top-performing stocks on October 15 include: - Mercury Home Textiles: +9.41% - Kesi Co.: +7.38% - Hailong Cold Chain: +6.83% - Shenhuo Co.: +5.90% - Jinbei Electric: +3.57% - Siwei Liekong: +3.42% - Tianshan Aluminum: +3.21% - Zhongchuang Zhiling: +3.19% - Gujia Home: +2.86% - Yutong Bus: +2.80% [4] Group 4: Investment Insights - According to CITIC Securities, the fourth quarter of 2025 may be a key time for bottom-fishing in dividend stocks to achieve excess returns, as pessimistic expectations may have been fully reflected [5] - The S&P A-Share Dividend Index has shown superior performance in both yield and dividend rate, with a one-year return of 24.56% and a latest dividend yield of 5.27% [5] - The index emphasizes dividend stability and sustainable profitability, with a strict 3% individual stock weight limit, leading to a more balanced market capitalization distribution [5]

新华财经东京10月15日电（记者刘春燕）日本东京股市两大股指15日明显反弹，日经225种股票平均价 格指数收盘上涨1.76%，东京证券交易所股票价格指数上涨1.58%。 由于此前东京股市连续两个交易日大跌，日经股指累计下跌超过1700点，15日投资者逢低买入操作明显 增加。当天早盘两大股指小幅高开，大盘全天呈现波动向上行情。市场人士表示，在日本国内政局不稳 及全球贸易环境不确定性增加背景下，投资者纷纷把注意力集中于业绩扎实的股票。此外软银集团、爱 德万测试等人工智能相关股票继续受到投资者追捧。 （文章来源：新华财经） 至收盘时，日经指数上涨825.35点，收于47672.67点；东证指数上涨49.65点，收于3183.64点。 从板块来看，东京证券交易所33个行业板块多数上涨，机械、证券及商品期货交易业、有色金属等板块 涨幅靠前；仅服务业、橡胶制品、海洋运输业3个板块小幅下跌。 ...

Core Viewpoint - The National Development and Reform Commission (NDRC) has released the "Special Management Measures for Energy Conservation and Carbon Reduction Central Budget Investment" to enhance and standardize the management of central budget investments for energy conservation and carbon reduction, aiming for high-quality project implementation and improved fund utilization efficiency [1][2]. Group 1: Management Measures - The management measures focus on promoting "soft construction" to establish effective mechanisms for solving practical problems and advancing green and low-carbon circular development [1][2]. - The emphasis on "soft construction" marks a significant shift from merely hardware investment to building long-term mechanisms, ensuring that financial inputs translate into sustainable emission reduction benefits [1][2]. Group 2: Project Support and Focus Areas - The NDRC will support energy conservation and carbon reduction projects based on project characteristics, regional economic development levels, and local carbon reduction goals, with a focus on areas excelling in carbon peak and neutrality, energy conservation, and circular economy [2]. - Key supported sectors include energy conservation and carbon reduction in major industries such as electricity, steel, non-ferrous metals, building materials, petrochemicals, chemicals, and machinery, as well as projects related to clean coal consumption replacement and low-carbon demonstration [2]. Group 3: Importance of Computing Infrastructure - Supporting energy conservation and carbon reduction in computing infrastructure is deemed necessary and forward-looking, as the rapid growth of the digital economy leads to increased energy consumption in data centers [3]. - Enhancements in energy efficiency in this sector will directly promote the application of green technologies such as liquid cooling and AI intelligent scheduling, thereby strengthening the green foundation of the digital industry and improving its environmental compliance and competitiveness in the international market [3].

6 M M F - 1 - 2025 年 10 月 14 日 证券分析师 王珂 A0230521120002 wangke@swsresearch.com 李蕾 A0230519080008 lilei@swsresearch.com 刘建伟 A0230521100003 liujw@swsresearch.com 研究支持 胡书捷 A0230524070007 husj@swsresearch.com 苏萌 A0230122080001 sumeng@swsresearch.com 联系人 何佳霖 (8621)23297818× hejl@swsresearch.com 申万宏源研究微信服务 H传寸/分别幸 相关研究 请务必仔细阅读正文之后的各项信息披露与声明 板块盈利修复进行时,推荐价 表 1：机械行业重点公司 2025Q3 业绩预测 转+科技赋能 机械行业 2025 年三季报业绩前瞻 F = 1.6 ● 机器人&零部件：人形机器人产业化进程持续推进，看好长期产业趋势。2024 年以来全 球机器人产业链扩容，人形机器人进入工厂进行场景测试；英伟达、华为入局，机器人 从硬件走向系统，包括特种机器人在内的各种 ...

Core Points - The articles emphasize the importance of quality management in enhancing the entire industrial chain and promoting economic development, with various regions implementing initiatives to strengthen quality awareness and management [2][3][6][8][15]. Group 1: Quality Awareness and Management Initiatives - Beijing is focusing on enhancing quality awareness through over a hundred activities, integrating online and offline methods to promote quality education and support traditional industries in digital transformation [3][4]. - Shanghai is conducting quality awareness campaigns and has published a quality status report, promoting quality craftsmanship and organizing various quality improvement activities [6][7]. - Guangxi is launching six major actions to support high-quality economic development, focusing on standardization and quality management across key industries [8][9]. Group 2: Quality Safety and Consumer Protection - Guangxi is enhancing quality safety measures by implementing strict regulations on industrial products and consumer goods, ensuring consumer rights protection through various initiatives [9][12]. - Jiangxi is focusing on quality regulatory governance, conducting special actions to ensure product safety and consumer protection, while promoting quality awareness through public engagement activities [11][12]. Group 3: Regional Quality Improvement Activities - Fujian is implementing targeted quality services to enhance industrial quality, including certification initiatives and industry-specific training programs [13][14]. - Hunan is organizing a series of quality improvement activities across various sectors, emphasizing government support and community involvement in quality enhancement [15][16][17].

10月14日，国家发改委发布的《节能降碳中央预算内投资专项管理办法》指出， 重点行业领域节能降碳项目。支持电力、钢铁、有色、建材、石化、化工、机械等 重点行业节能降碳改造。支持以工业园区、产业集群为载体整体部署并规模化实施 的节能降碳改造。支持供热、算力等基础设施节能降碳改造。支持中央和国家机关 节能降碳改造。煤炭消费清洁替代项目。支持煤电机组和煤化工项目低碳化改造。 支持食品、烟草、纺织、造纸、印染等行业燃煤锅炉、工业窑炉，实施清洁能源替 代。支持城乡居民采用地热能、生物质能供暖。 | | | 国家发展改革委关于印发《节能降碳 中央预算内投资专项管理办法》的通知 发改环资规〔2025〕1228号 中直管理局，国管局，各省、自治区、直辖市及计划单列市、新疆生产建设兵团发展改革委： 为加强和规范节能降碳专项中央预算内投资管理，高质量推进项目建设，提高资金使用效益，我们制定了《节能降碳中央预算内投资专 项管理办法》，现予印发，请遵照执行。 国家发展改革委 2025年9月19日 节能降碳中央预算内投资专项管理办法 第一章 总则 第一条 为加强和规范中央预算内投资节能降碳项目管理，保障项目顺利实施，切实发挥中央预算内 ...