Core Viewpoint - The completion of the high-standard factory buildings in the Wuxi Lianyungang Specialized, Refined, Characteristic, and Innovative Industry Park marks a significant milestone in regional coordinated development and the exploration of new productive forces in the area [1][3]. Group 1: Project Overview - The Wuxi Lianyungang Specialized, Refined, Characteristic, and Innovative Industry Park is the first industrial park project developed by Jiangsu Xilian Industrial Park Investment Development Co., Ltd. in the Wuxi Lianyungang Industrial Park, aiming for high-quality development from the outset [3]. - The project has set multiple records in Lianyungang, including being the first new industrial land project, the first high-rise industrial building project, and the first ground parking building project [3]. - The first phase of the project covers an area of 59,000 square meters, achieving a total construction area of 162,000 square meters with a high plot ratio of 2.7, optimizing land resource utilization and activating new momentum for regional industrial development [3]. Group 2: Quality Management and Construction - To ensure high-standard construction, the project has implemented a comprehensive quality and safety management system, conducting daily inspections with the general contractor and supervision units, and employing a third-party quality inspection agency [3]. - Strict management protocols for material sampling and quality control have been established to guarantee top-notch construction quality and aesthetic appeal [3]. Group 3: Economic Impact and Future Plans - The completed 60,000 square meters of high-standard factory buildings have already shown positive results in attracting tenants, with projects in high-end equipment manufacturing, new-generation information technology, and new energy signed for occupancy [5]. - The park aims to break traditional industrial space limitations by providing a diverse range of spaces for technology research and development, business offices, and commercial finance, creating a "one-stop" industrial service ecosystem [5]. - The park will focus on specialized, refined, characteristic, and innovative industries, enhancing project attraction efforts and optimizing service support to contribute to high-quality economic development in the Haizhou District [6]. - The park has adopted a multi-dimensional investment attraction system, achieving over 50% occupancy rate for signed projects and attracting approximately 3.72 billion yuan in investments, filling regional industrial gaps with key projects [6].

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 ...

证券研究报告 阳光电源 (300274 CH) 电气化时代的"大脑"，电力电子龙 头价值重估启航 2025 年 10 月 22 日│中国内地 本文聚焦阳光电源的价值重估逻辑，我们认为公司作为电力电子龙头，储能 +出海逻辑延续，AIDC 有望打开增长新空间：1）短期：国内 136 号文取消 强制配储政策下，独立储能在调峰需求和容量电价支撑下有望阶段性高增； 美国"大而美"法案及关税不确定性虽带来扰动，但基于政策细则、公司海 外产能、不同出海模式分析，我们认为储能需求和出海业务仍具韧性。2） 中长期：26 年起全球多地区新能源+储能陆续实现平价。我们看好美国数据 中心负荷增长带来的储能需求，叠加潜在降息周期；欧洲多国大储容量招标， 以及澳大利亚、中东、印尼等地区光储政策，有望进一步支撑海外市场增量。 3）公司定位：我们认为公司不仅是逆变器与储能龙头，实际是电力电子龙 头，未来氢能、AIDC 等新兴业务延展，有望打开更高成长上限。 为何我们认为无需对短期需求波动过度担忧？ 系统平价储能是核心受益方向，为何我们认为行业重估才刚起步？ 系统平价需以储能时长和配比提升为抓手，因此储能增速有望超过新能源本 身，或进一步带动 ...

【导读】深圳市推动并购重组高质量发展行动方案(2025-2027年）发布 大家好啊，深圳来利好了。 10月22日，深圳市地方金融管理局等印发《深圳市推动并购重组高质量发展行动方案（2025—2027年）》。 泰勒整理了其中的重要内容，供大家投资参考。 1.目标。 力争到2027年底，辖区上市公司质量全面提升，境内外上市公司总市值突破20万亿元，培育形成千亿级市值企业20家。并购重组市场量质齐升，累计完成 并购项目超200单、交易总额超1000亿元，落地一批行业示范案例。 2.聚焦新质生产力开展并购重组。 在集成电路、人工智能、新能源、生物医药等战略性新兴产业领域，支持"链主"企业、龙头上市公司等开展上下游并购重组，收购有助于强链补链和提升 关键技术水平的优质未盈利资产，推动重点产业集群能级提升。 鼓励企业在合成生物、智能机器人、量子信息、前沿新材料等未来产业赛道上积极开展并购重组，快速提升产业规模和实现关键技术突破。 3.建立上市公司并购重组标的项目库。 建立上市公司并购重组标的项目库，形成基本覆盖我市重点产业领域的并购标的项目储备资源。 建立"市区联动+部门协同+市场推荐"项目推优机制，分领域、分行业在全市 ...

A股盘后，深圳发布重磅政策，支持企业并购重组！ 10月22日，深圳市地方金融管理局等多部门印发《深圳市推动并购重组高质量发展行动方案（2025—2027 年）》。其中提出，在集成电路、人工智能、新能源、生物医药等战略性新兴产业领域，支持"链主"企业、龙 头上市公司等开展上下游并购重组。 行动方案还提出，加快实施国有企业战略性重组和专业化整合，提升地方国有控股上市公司对轻资产科技型企 业并购重组标的估值包容度，加快国资新兴产业前瞻性布局。 此外，行动方案还提到，支持证券公司通过并购重组提升核心竞争力，加快建设一流投资银行。 值得关注的是，自去年9月"并购六条"发布以来，并购重组市场活跃度显著提升，主要以产业整合和新质生产 力并购为主导。有券商表示，未来，并购重组将持续引导资源要素向新质生产力方向聚集。 事关并购重组！深圳重磅发布 10月22日傍晚时分，深圳市地方金融管理局、深圳市发改委、深圳市科技创新局、深圳市工业和信息化局、深 圳市商务局、深圳市国资委等多部门联合印发《深圳市推动并购重组高质量发展行动方案（2025—2027年）》 （以下简称"行动方案"）。 行动方案提出，到2027年底，辖区上市公司质量全面 ...

Core Insights - The Jiangsu Changzhou Jintan Cultural Industry Promotion Conference was held in Shanghai, highlighting Jintan's strategic location and its integration into major regional development plans [1] - Jintan has focused on developing its cultural industry, emphasizing the integration of culture, commerce, sports, and tourism, and exploring new economic avenues such as the "pet economy" and "camping economy" [1] - The region has achieved significant recognition, ranking 30th among national districts for high-quality development and 62nd for investment potential [1] Group 1 - Jintan has established a "Five New Industries" system focusing on new energy, new infrastructure, new materials, new medicine, and new intelligent equipment, with 669 enterprises projected for 2024, accounting for over 85% of the industrial enterprises [2] - The total industrial output value for the "Five New Industries" is expected to reach 2129.1 billion yuan, representing over 90% of the total industrial output [2] - Jintan has nurtured 8 listed companies, quadrupling the number from ten years ago, with significant growth in the capital market presence [2] Group 2 - The promotion conference resulted in multiple key cultural industry projects being signed, including the integration of agriculture and tourism, professional sports events, and music-related projects [2] - Jintan officials conducted visits to key cultural enterprises in Shanghai to learn from advanced practices and consider differentiated strategies for cultural industry development [2]

Core Viewpoint - Shanghai's GDP growth for the first three quarters of 2025 reached 5.5%, indicating a positive economic trend and industrial growth, particularly in key sectors like manufacturing and emerging industries [4][5]. Economic Performance - Shanghai's GDP for the first three quarters was 40,721.17 billion, with a year-on-year growth of 5.5%, an increase of 0.4 percentage points from the first half of the year [4]. - Industrial production showed a growth of 5.2% year-on-year, with leading manufacturing sectors such as artificial intelligence, integrated circuits, and biomedicine growing by 12.8%, 11.3%, and 3.6% respectively [4]. - The total retail sales of consumer goods reached 12,302.77 billion, growing by 4.3% year-on-year, with a significant increase in the sales of trade-in products [4]. Financial Market Activity - The financial sector's added value was 6,965.27 billion, growing by 9.8%. Major financial markets in Shanghai saw a year-on-year increase in trading volume, with the Shanghai Stock Exchange's securities trading volume up by 38.4% [5]. - The overall trading volume in the two markets was approximately 16,679 billion, a decrease of over 2,000 billion compared to the previous day [10]. Stock Market Insights - Goldman Sachs predicts a 30% upside potential for the MSCI China Index over the next two years, suggesting a shift in investor strategy from "selling high" to "buying low" as a bull market develops [6]. - The market experienced a notable decline in trading volume, with a drop from 25,000 billion to 20,000 billion since the National Day holiday, indicating caution among investors at the current index level of 3,900 [16][17]. Sector Performance - In the stock market, sectors such as oil and petrochemicals, banking, and household appliances showed positive performance, while sectors like non-ferrous metals, electric power equipment, and agriculture faced declines [13]. - The overall market sentiment reflects a rotation of funds, with a focus on low-position stocks and technology stocks that are due for a rebound [17][18].

【导读】深圳市推动并购重组高质量发展行动方案(2025-2027年）发布 中国基金报记者 泰勒 大家好啊，深圳来利好了。 10月22日，深圳市地方金融管理局等印发《深圳市推动并购重组高质量发展行动方案（2025—2027年）》。 泰勒整理了其中的重要内容，供大家投资参考。 1.目标。 力争到2027年底，辖区上市公司质量全面提升， 境内外上市公司总市值突破20万亿元，培育形成千亿级市值企业20家。 并购重组市场量 质齐升，累计完成并购项目超200单、 交易总额超1000亿元 ，落地一批行业示范案例。 2. 聚焦新质生产力开展并购重组。 在 集成电路、人工智能、新能源、生物医药 等战略性新兴产业领域，支持"链主"企业、龙头上市公司等开展上下游并购重组，收购有助于 强链补链和提升关键技术水平的优质未盈利资产，推动重点产业集群能级提升。 5. 构建支持并购重组的耐心资本体系。 支持市天使母基金、科技创新种子基金积极挖掘科技中小企业、创业团队技术优势，参与并购标的培育，促成科技成果转化。鼓励各级政 府投资基金和国资平台与银行金融资产投资公司（AIC）、险资等金融机构，以及"链主"企业、龙头上市公司等产业资本开展产业基 ...

Core Insights - The company reported a third-quarter revenue of 941 million yuan, representing a year-on-year increase of 20.23% [1] - The net profit loss for the third quarter was 95.03 million yuan, a decrease of 35.96% compared to the previous year [1] - For the first three quarters, the company achieved a revenue of 3.01 billion yuan, which is a year-on-year growth of 12.79% [1] - The net profit loss for the first three quarters was 265 million yuan, reflecting a year-on-year decrease of 55.21% [1]

Group 1 - UBS maintains an overweight rating on China within emerging markets, citing faster revenue and earnings growth compared to India, and improving capital return rates in the MSCI China index [1] - A-shares have experienced a style shift from "growth" to "value dividend" since October, influenced by US-China trade tensions and profit-taking in the tech sector, but the medium-term outlook for A-shares remains positive [1][3] - Foreign investors are closely monitoring China's 14th Five-Year Plan, particularly aspects related to "anti-involution," consumption promotion, high-quality growth, and the development of new productive forces [1][11] Group 2 - A-shares are showing structural differentiation, with major indices fluctuating, but foreign investors believe there is still high allocation value in the market despite recent tariff impacts [3][4] - The market's sensitivity to US-China trade tensions has decreased, and there is an expectation of policy measures to stabilize the market if significant volatility occurs [4] - Foreign investors favor industry leaders, with significant holdings in companies like Kweichow Moutai, Ping An, and Wuliangye, indicating a preference for stable, high-quality stocks [6][7] Group 3 - Foreign investors are increasing their positions in leading stocks, with notable increases in holdings for companies like Siyi Electric and Hai Da Group during the third quarter [8][6] - UBS expresses a preference for A-shares over H-shares due to their defensive nature against geopolitical tensions, maintaining a focus on growth styles as the main investment theme [10] - The upcoming policies in the 14th Five-Year Plan are expected to create potential opportunities in "anti-involution" and service consumption, which could drive cyclical improvements in various industries [12]