Core Viewpoint - Shanghai's economic resilience and growth in the first three quarters of the year are driven by the rapid development of new economic drivers, showcasing a successful transition from traditional to new economic momentum [2][3][4]. Economic Performance - Shanghai's GDP reached 40,721.17 billion yuan in the first three quarters, with a year-on-year growth of 5.5%, surpassing the national growth rate of 5.2% [2]. - The three leading industries in Shanghai saw manufacturing output increase by 8.5%, with strategic emerging industries growing by 7.3% and high-tech manufacturing output rising by 10.3% [5][6]. Industrial Growth - The output of strategic emerging industries accounted for 44.1% of the total industrial output, with significant growth in new energy (19.6%), next-generation information technology (10.9%), and high-end equipment (10.3%) [5]. - The number of valid invention patents in Shanghai reached 306,000, reflecting a year-on-year increase of 12.7% [5]. Consumer Market - The total retail sales of consumer goods in Shanghai reached 12,302.77 billion yuan, with a year-on-year growth of 4.3% in the first three quarters [7]. - The retail sales showed a quarterly growth trend, with significant increases in the third quarter [7]. Future Industry Development - Shanghai aims to cultivate future industries and has introduced policies to support the development of disruptive technologies and industry clusters by 2027 [11]. - The biopharmaceutical industry is projected to exceed 1 trillion yuan in scale this year, with a focus on creating a comprehensive innovation ecosystem [9]. Export Performance - The export value of the three leading industries reached 1,936.7 billion yuan, growing by 10.3%, with notable increases in pharmaceuticals and high-end manufacturing exports [12][13]. - The export of new energy vehicles and lithium batteries also showed significant growth, contributing to Shanghai's competitive edge in international markets [12][13]. Port Activity - Shanghai Port's container throughput exceeded 41 million standard containers in the first nine months of 2025, with a record daily throughput of over 170,000 standard containers [14].

截至发稿，恒烁股份市值为46亿元。 每经头条（nbdtoutiao）——四次登上央视，知名大佬"消失"5年，我们在水果仓库找到了他！从月薪 5000到千亿市值公司联席总裁，他45岁再创业 每经AI快讯，恒烁股份（SH 688416，收盘价：55.71元）10月22日晚间发布公告称，截至本公告披露 日，公司股东董翔羽持有公司股份约607万股，占公司总股本的比例为7.32%；合肥中安庐阳创业投资 基金合伙企业（有限合伙）持有公司股份约240万股，占公司总股本的比例为2.9%；宁波梅山保税港区 天鹰合胜创业投资合伙企业（有限合伙）持有公司股份约194万股，占公司总股本的比例为2.34%。以 上股份均来源于公司首次公开发行前取得的股份，董翔羽的股份于2025年8月29日起上市流通；中安庐 阳的股份于2023年8月29日起上市流通；天鹰合胜的股份于2023年11月20日起上市流通。因自身资金需 求，董翔羽计划减持不超过公司股份总数的1.75%的股份（即约145万股），其中通过集中竞价交易方 式减持不超过约83万股，通过大宗交易方式减持不超过约62万股；中安庐阳计划通过大宗交易方式减持 不超过公司股份总数的0.69%的股 ...

Core Insights - The Sichuan Provincial Development and Reform Commission reported that from January to September, 320 key projects in the Chengdu-Chongqing economic circle completed an investment of 377.31 billion yuan, achieving an investment completion rate of 85.77% [1] Investment Breakdown - Modern infrastructure projects completed an investment of 218.23 billion yuan, with an investment completion rate of 76.41% [1] - Modern industry and technological innovation projects completed an investment of 136.85 billion yuan, exceeding the target with an investment completion rate of 108.72% [1] - Cultural tourism, ecological, and public service projects completed an investment of 22.65 billion yuan, achieving an investment completion rate of 78.29% [1] Project Highlights - Key infrastructure projects include the successful topping out of the first "four electricity" building for the Chengdu-Chongqing high-speed railway and the completion of the main structure for the Suining North Station of the Chengdu-Dazhou-Wanzhou high-speed railway [1] - In the modern industry sector, the completion of the first phase of the 12-inch integrated circuit specialty process line in Chongqing High-tech Zone and the launch of the Sichuan Meida Kang Chinese medicine modernization technology industrial base were noted [1] - Ecological and public service projects include the completion of the Longxi River ecological restoration project and the main structure completion of the New Tian Port railway logistics center [1]

Group 1 - The core point of the article is that Juchen Co., Ltd. (SH 688123) announced the convening of its third board meeting on October 22, 2025, to discuss the first grant of restricted stock under the 2025 restricted stock incentive plan [1] - For the year 2024, Juchen Co., Ltd. reported that its revenue composition is 100.0% from integrated circuits [1] - As of the time of reporting, Juchen Co., Ltd. has a market capitalization of 24.3 billion yuan [1]

Core Viewpoint - The Shenzhen Municipal Financial Management Bureau, in collaboration with the Shenzhen Development and Reform Commission, has issued an action plan aimed at promoting high-quality development of mergers and acquisitions (M&A) from 2025 to 2027, targeting significant growth in the local economy and corporate landscape [1][3]. Group 1: Goals and Targets - By the end of 2027, the total market capitalization of listed companies in the region is expected to exceed 20 trillion yuan, with the aim of nurturing 20 companies with a market value of over 100 billion yuan [3]. - The plan anticipates completing over 200 M&A projects with a total transaction value exceeding 100 billion yuan, alongside establishing a series of industry demonstration cases [3]. Group 2: Focus Areas for M&A - The action plan emphasizes M&A activities centered on new productive forces, particularly in strategic emerging industries such as integrated circuits, artificial intelligence, new energy, and biomedicine [4]. - It encourages leading companies to engage in upstream and downstream M&A to enhance supply chain capabilities and improve key technological levels [4]. Group 3: Support Mechanisms - The establishment of a project database for M&A targets is proposed to ensure comprehensive coverage of key industries in Shenzhen [5]. - The plan outlines the creation of a supportive capital system for M&A, including expanding financing channels and encouraging the use of various financial instruments for M&A transactions [6]. Group 4: Cross-Border M&A Resources - The action plan aims to connect domestic and international M&A resources by leveraging cross-border asset transfers and investments [7]. - It supports collaboration between the Shenzhen Stock Exchange and the Hong Kong Stock Exchange to enhance M&A financing mechanisms and promote innovative M&A cases [8].

回顾"十四五"，上海市嘉定区的发展跑出了"四个嘉速度"。 坚持党建引领，在构建现代化治理新体系上跑出"嘉速度"。推进新兴领域党组织体系全覆盖，建立街 区、园区、楼宇等区域性党组织143家。优化形成54个片区网格、451个村居网格、1866个小微网格，形 成"党建引领、部门协同、群众参与"的基层治理新格局。建成63家"我嘉·邻里中心"，高标准配置8大类 16项服务功能，构建融合服务的工作网、友好圈、办事环、实践地。(完) 坚持创新驱动，在构筑现代化产业新优势上跑出"嘉速度"。汽车"新四化"、集成电路、生物医药三个千 亿级产业增势强劲，年均增速达13.8%，2024年总产出规模达到3603亿元。全社会研发经费投入占增加 值比重达6.22%、保持全市领先。集聚高新技术企业2578家、市科技小巨人(培育)企业309家次、专精特 新企业1343家、A股上市企业36家，均位列全市第3。引进顶尖人才6名、海外高层次创新创业人才406 名，全区人才总量近40万名。 中新网上海10月22日电 (记者 缪璐)上海市人民政府新闻办公室22日举行"实干绘答卷接力新蓝图"上 海"十四五"规划成果系列第九场新闻发布会。围绕"现代化新型城 ...

Group 1 - The company Heertai (SZ 002402) announced its sixth board meeting on October 22, 2025, to discuss the election of non-independent directors for the seventh board [1] - For the first half of 2025, Heertai's revenue composition was 96.31% from the smart control electronics industry and 3.69% from the integrated circuit industry [1] - As of the report date, Heertai's market capitalization was 46.1 billion yuan [1]

策略配置研究 2025 年 10 月 22 日 五年规划回眸与展望（二） 资本市场持续赋能，中国科创破浪前行 相关研究报告 【平安证券】五年规划回眸与展望（一）：上市公司 量质齐升，投资价值持续彰显 2025/10/21 证券分析师 | 魏伟 | 投资咨询资格编号 | | --- | --- | | | S1060513060001 | | | BOT313 | | | WEIWEI170@pingan.com.cn | | 陈骁 | 投资咨询资格编号 | | | S1060516070001 | | | BWH863 | | | CHENXIAO397@pingan.com.cn | | 郝思婧 | 投资咨询资格编号 | | | S1060521070001 | | | HAOSIJING374@pingan.com.cn | 平安观点： 策 略 报 告 策 略 动 态 跟 踪 报 证 券 研 究 报 告 告 经济背景："十四五"期间，中国创新加速突破，产业不断向中高端转型升 级。总量上，我国知识技术密集型制造业增加值在全球占比 34%，是 GDP 全球份额的 1.9 倍（截至 2022 年）；全社会研发投 ...

Core Insights - Shanghai's import and export scale showed a "stepwise" upward trend in the first three quarters of the year, with total import and export value reaching 3.34 trillion yuan, an increase of 5.4% year-on-year [1][2] Group 1: Import and Export Performance - In Q1, Q2, and Q3, Shanghai's import and export values were 1.01 trillion yuan, 1.14 trillion yuan, and 1.19 trillion yuan respectively, with year-on-year changes of -2.5%, +7.2%, and +11.3% [1] - In September, the import and export value exceeded 400 billion yuan, reaching 405.9 billion yuan, a growth of 12.5%, with exports increasing by 9.4% and imports by 15% [1] - The export value for the first three quarters was 1.48 trillion yuan, growing by 11.3%, while imports totaled 1.86 trillion yuan, with a growth of 1.1% [1] Group 2: Contribution of Private Enterprises - Private enterprises in Shanghai achieved an import and export value of 1.32 trillion yuan, a significant increase of 27.1%, contributing 8.9 percentage points to the city's overall foreign trade growth [1] - The share of private enterprises in the total import and export value rose to 39.5%, marking a historical high, an increase of 6.7 percentage points compared to the same period last year [1] Group 3: Market Diversification - Import and export values to ASEAN, the Middle East, and Africa grew by 12.5%, 22.9%, and 32.5% respectively, while exports to India and Mexico increased by 33% and 17.4% [1] - Conversely, the import and export value with the EU saw a slight decline of 0.4% [1] Group 4: Sector-Specific Export Growth - Exports of integrated circuits, general machinery, and electrical control devices grew by 10%, 25%, and 20.5% respectively, while green shipping equipment liquid cargo ship exports surged by 82.7% [2] - The "new three items" including new energy vehicles, lithium batteries, and solar cells saw an export growth of 6.3%, becoming new drivers for Shanghai's high-end manufacturing export growth [2] Group 5: Import Trends - High-tech product imports increased by 6.4%, outpacing the overall import growth by 5.3 percentage points [2] - Despite a 6.5% decline in consumer goods imports, essential consumer goods such as dairy products, fruits, and meat saw import increases of 19.7%, 15.3%, and 2.8% respectively [2]

Core Points - Shenzhen has released an action plan to promote high-quality development of mergers and acquisitions (M&A) from 2025 to 2027 [2][28] - The plan aims to enhance the quality of listed companies and achieve a total market value of over 20 trillion yuan for domestic and foreign listed companies by the end of 2027 [5][29] - The M&A market is expected to see over 200 completed projects with a total transaction value exceeding 100 billion yuan [5][29] Group 1: Goals - By the end of 2027, Shenzhen aims to cultivate 20 companies with a market value of over 100 billion yuan and complete over 200 M&A projects [5][29] - The plan emphasizes the integration of capital markets with industry advantages to support companies that align with national strategies and technological breakthroughs [29] Group 2: Focus Areas for M&A - The action plan focuses on strategic emerging industries such as integrated circuits, artificial intelligence, new energy, and biomedicine for M&A activities [6][30] - Companies are encouraged to acquire quality unprofitable assets that enhance key technology levels and strengthen industrial chains [6][30] Group 3: Project Database and Financing - A project database for M&A targets will be established to cover key industrial sectors in Shenzhen [9][31] - The plan encourages the use of various financing methods, including cash, shares, and convertible bonds, to support M&A activities [13][32] Group 4: Capital System and Social Capital - The plan aims to build a supportive capital system that encourages participation from angel funds and government investment funds in M&A projects [16][32] - Social capital, including venture capital and private equity funds, is encouraged to engage in M&A activities to enhance technological advantages [33] Group 5: Cross-Border M&A and Service Platforms - The action plan supports leading companies in Shenzhen to list or refinance in Hong Kong to facilitate cross-border M&A [18][34] - A comprehensive service platform for M&A will be established to provide full-cycle support for projects [20][35] Group 6: Market Ecosystem and Risk Management - The plan emphasizes the need to cultivate professional service teams in financial institutions to support M&A activities [22][36] - Risk management measures will be strengthened to prevent unethical M&A practices and ensure compliance with regulations [25][37]