维护国家国防安全、粮食安全、生态安全、能源安全、产业安全，是党中央赋予东北的重要使命， 辽宁责无旁贷。从推进兴边富民、强边固防，夯实国家粮食稳产保供"压舱石"，到加强生态保护和修 复，打造清洁能源强省，再到构建以先进制造业为骨干的现代化产业体系……我们始终锚定维护国 家"五大安全"，坚定不移贯彻总体国家安全观，勇于争先、攻坚克难，努力形成对国家重大战略的坚强 支撑。面向"十五五"，我们要持之以恒在提升维护国家"五大安全"能力上下功夫，继续牢牢牵住责任制 这个"牛鼻子"，落实党委（党组）国家安全责任制，全面加强各领域安全能力建设，巩固基础领域、聚 焦重点领域、发力新兴领域，切实筑牢国家安全的辽宁屏障。 安全是发展的前提，发展是安全的保障。党的二十届四中全会把"坚持统筹发展和安全"列为"十五 五"时期经济社会发展必须遵循的一条重要原则。省委十三届十次全会着眼更好统筹发展和安全，就守 住安全发展底线，加快建设更高水平的平安辽宁提出明确要求、作出工作部署。这不仅是我们克难关、 战风险、迎挑战的现实需要，更是推动经济行稳致远、服务国家发展大局的重要保障。 社会治理是建设更高水平平安辽宁的关键一环。抓好安全生产，深入推进 ...

"全会勾画出'产业蝶变升级、创新活力迸发、文化魅力彰显、区域协调共进、生态秀美宜人、人民 富足安康'的振兴发展新图景，为全省'十五五'时期各项工作明确了目标。"深入学习全会精神，省统计 局党员干部深受鼓舞、倍感振奋。全省统计系统将提高政治站位、激发奋进斗志，进一步坚定信心，切 实提高统计能力和服务水平，鼓足干劲、真抓实干，奋力推动新时代辽宁全面振兴取得新突破。 "全会科学擘画辽宁未来五年的宏伟蓝图，提出'生态秀美宜人'等主要目标，以及'加快经济社会发 展全面绿色转型，绘就美丽辽宁新画卷'等重点任务，为我们进一步做好生态环境工作提供了行动指 引。"沈阳市生态环境局党员干部纷纷表示，将深入贯彻全会精神，牢固树立和践行绿水青山就是金山 银山理念，坚持精准治污、科学治污、依法治污，持续深入推进污染防治攻坚，全面加强生态保护和修 复，加快推动绿色低碳转型。 大连市国资委表示，大连市国资国企广大干部职工将以学习贯彻省委全会精神为契机，聚焦"十五 五"现代化产业体系建设目标，加快推动国有资本向先进制造、绿色低碳、数字经济等关键领域集中。 加大科技创新力度，持续打造原创技术策源地、加大战略性新兴产业布局、引导企业加大研发投入 ...

市领导查颖冬参加会见。 近日，市委书记范波会见了中国通用技术（集团）控股有限责任公司董事长于旭波一行。双方就深 化先进制造、技术服务、医养健康等领域合作交换了意见，表示将进一步协同推进技术创新、市场拓 展、产业升级，推动更多优质项目落地苏州。 ...

Core Viewpoint - A-shares are undergoing significant adjustments in multiple key indices, effective December 12, 2025, with changes in sample stocks for indices such as the Shanghai 50, Sci-Tech 50, Shenzhen Component Index, and ChiNext Index [1][2][12]. Index Adjustments - The Shanghai Stock Exchange and China Securities Index Co. announced changes to the sample stocks of the Shanghai 50, Shanghai 180, Shanghai 380, and Sci-Tech 50 indices, with the Shanghai 50 replacing 4 stocks, the Shanghai 180 replacing 7 stocks, the Shanghai 380 replacing 38 stocks, and the Sci-Tech 50 replacing 2 stocks [2][12]. - The Shanghai 50 index will include new stocks such as SAIC Motor, Northern Rare Earth, Huadian New Energy, and Zhongke Shuguang, while removing Poly Developments, China Mobile, China Aluminum, and CRRC [2][3]. - The Shanghai 180 index will add stocks like Guotou Capital, Zhongtian Technology, and Huadian New Energy, while removing stocks such as COSCO Shipping Energy and Nanshan Aluminum [3][4]. - The Shanghai 380 index will see 38 stocks added, including COSCO Shipping Energy and Jinfat Technology, and will remove stocks like Guotou Capital and Furuida [4][5]. - The Sci-Tech 50 index will replace Huaxi Biological and Hangcai Co. with new additions including Aojie Technology and Shengke Communication [6][7]. Shenzhen Stock Exchange Adjustments - The Shenzhen Stock Exchange will also implement sample stock adjustments for the Shenzhen Component Index, ChiNext Index, Shenzhen 100, and ChiNext 50, effective December 15, 2025 [7][8]. - The Shenzhen Component Index will add stocks such as Deep Housing A and Demingli, while removing stocks like China National Pharmaceutical and Tibet Mining [7][8]. - The ChiNext Index will include new stocks like Shuanglin Co. and Changshan Pharmaceutical, while removing stocks such as Bihui Source and Yihua Recording [8][10]. Broader Market Implications - The adjustments in sample stocks are expected to enhance the representation of sectors such as information technology, communication services, and industrials, leading to a more balanced industry allocation in the A-series indices [12][13]. - Analysts suggest that the market may experience a spring rally, with potential shifts in capital towards AI applications and sectors aligned with national policy support, such as hydrogen energy and quantum technology [14].

Core Insights - China has become the first country in the world to have over 5 million valid domestic invention patents, with PCT international patent applications ranking first globally for six consecutive years [1] - The value added by patent-intensive industries reached 16.87 trillion yuan, accounting for 13.04% of GDP [1] - The brand value of Chinese brands among the global top 5000 reached 1.81 trillion USD, ranking second globally [1] - The direct output value of geographical indication products is close to 970 billion yuan, showing a good growth trend [1] Patent Statistics - As of June this year, the number of high-value invention patents per 10,000 people in China reached 15.3, exceeding the planned target [1] - The effective number of invention patents in strategic emerging industries surpassed 1.4 million, maintaining rapid growth [1] Innovation and Technology - Recent national patent awards highlight a significant number of original and leading innovative achievements in key areas such as artificial intelligence, advanced manufacturing, integrated circuits, biomedicine, and new energy [1] - China's reserve of high-value patents in critical core technology fields is continuously strengthening, transitioning from "quantity accumulation" to "quality enhancement," laying a solid foundation for achieving high-level technological self-reliance [1]

Core Insights - The article highlights the positive trend in the IPO markets of mainland China and Hong Kong, with significant growth in both the number of IPOs and the amount raised, accounting for 16% and 33% of global totals respectively [2][9] - A-share IPOs are expected to exceed 100 companies in 2025, raising over 1,100 million RMB, driven by a focus on technology and innovation [3][8] - The average fundraising amount for IPOs in 2025 is projected to rise to 10.31 million RMB, a 53% increase from 2024, with a notable concentration in the 10-50 million RMB range [4][6] A-share Market Insights - The top ten A-share IPOs in 2025 raised a total of 464 million RMB, representing 42% of the total annual fundraising, with a year-on-year increase of 146% [6] - The industrial, technology, and materials sectors dominate the A-share IPO landscape, accounting for 86% of the total number of IPOs and 78% of total fundraising [8] - The A-share IPO market has shifted from quantity-driven to quality-focused, emphasizing technological innovation and regulatory inclusivity [9] Hong Kong Market Insights - The Hong Kong IPO market is experiencing a strong recovery, with fundraising surpassing 2,000 million HKD, marking the second-highest level in five years [9][10] - The introduction of new IPO pricing and allocation regulations has led to a significant increase in average returns, reaching 38%, with a record low first-day share price drop rate of 24% [9][10] - Over 300 companies are actively seeking to list in Hong Kong, indicating robust market activity and a shift towards a dual-driven investment structure involving both domestic and international capital [10]

Core Insights - The report by Ernst & Young highlights a growth trend in IPO activities in mainland China and Hong Kong, with A-shares and Hong Kong markets accounting for 16% and 33% of global IPO numbers and fundraising amounts respectively [1] - Chinese companies secured five positions in the global top ten IPOs, with an increase in numbers compared to 2024, primarily in the automotive, mining, energy, and advanced manufacturing sectors [1] - The industrial, technology, and materials sectors are the top three in terms of IPO quantity [1] Market Performance - The A-share market has shown signs of recovery amidst fluctuations, with overall market confidence improving and a strong technical outlook [2] - The "14th Five-Year Plan" policies, capital market developments, and declining interest rates are positively influencing the market, indicating a phase of recovery [2] - Third-quarter reports indicate moderate improvements in fundamentals, which may drive further market recovery [2] Index and ETF Information - The CSI 500 Quality Growth Index selects 100 companies with high profitability, sustainable earnings, and strong cash flow from the CSI 500 Index, providing diverse investment options [2] - As of October 31, 2025, the top ten weighted stocks in the CSI 500 Quality Growth Index accounted for 21.64% of the index [2] - The top ten stocks include Huagong Technology, Kaiying Network, Dongwu Securities, Tianshan Aluminum, Keda Li, Crystal Optoelectronics, Shunluo Electronics, Chuangfeng Power, Changjiang Securities, and Shanghai Electric [2][4]

Core Insights - The report by Ernst & Young indicates a growth trend in IPO activities in mainland China and Hong Kong, with A-shares and the Hong Kong market accounting for 16% of global IPO numbers and 33% of global fundraising amounts in 2025 [3][4]. Group 1: IPO Market Overview - In 2025, the Hong Kong Stock Exchange is projected to lead globally with a fundraising amount of $36 billion, while the Shanghai Stock Exchange ranks fifth with $11 billion [3][4]. - Chinese companies occupy five positions in the global top ten IPOs, with sectors including automotive, mining, energy, and advanced manufacturing [3][4]. Group 2: A-Share Market Insights - The A-share IPO market experienced moderate growth in 2025, with 97 companies going public and raising approximately 100 billion RMB, reflecting a 53% increase in average fundraising per IPO compared to 2024 [5][6]. - The industrial, technology, and materials sectors accounted for 86% of the total IPO numbers, while these sectors also represented 78% of the total fundraising amount [5][6]. Group 3: Hong Kong IPO Market Dynamics - The Hong Kong IPO market saw a strong recovery in 2025, with fundraising exceeding 200 billion HKD, marking the second-highest level in five years [9][10]. - Mainland enterprises dominated the Hong Kong IPO market, contributing 88.5% of the number of IPOs and 83.5% of the total fundraising [9][10]. Group 4: Future Outlook - The IPO issuance in 2026 is expected to normalize, focusing on a steady pace rather than a return to rapid expansion, with an emphasis on quality and structure [11][12]. - The Hong Kong IPO market is anticipated to maintain its momentum, with a focus on A+H listings and the return of Chinese concept stocks [11][12].

Core Insights - The report by Ernst & Young indicates a growth trend in IPO activities in mainland China and Hong Kong, with A-shares and Hong Kong accounting for 16% of global IPO numbers and 33% of global fundraising amounts in 2025 [1] Group 1: IPO Market Overview - Hong Kong Stock Exchange is projected to lead global exchanges with a fundraising amount of $36 billion in 2025, while Shanghai Stock Exchange ranks fifth with $11 billion [2] - Chinese companies occupy five positions in the global top ten IPOs, with representation across automotive, mining, energy, and advanced manufacturing sectors [2] Group 2: A-share Market Dynamics - The A-share IPO market is expected to see moderate growth in 2025, with approximately 97 companies going public and raising around 100 billion RMB [3] - The average fundraising amount per IPO in A-shares has increased to 1.031 billion RMB, reflecting a 53% year-on-year rise, driven by large IPOs [4] - The automotive sector accounts for about 30% of A-share IPOs, with significant contributions from industrial, technology, and materials sectors [4] Group 3: Hong Kong IPO Landscape - The Hong Kong IPO market is experiencing a strong recovery, with fundraising surpassing 200 billion HKD, marking the second-highest peak in five years [5] - Mainland enterprises dominate the Hong Kong IPO market, contributing 88.5% of the number of listings and 83.5% of the total fundraising [5] - New consumption and hard technology sectors are identified as the dual engines driving IPO activities in Hong Kong [5] Group 4: Future IPO Trends - The IPO issuance in 2026 is expected to transition to a "new normal," focusing on a steady pace rather than a return to rapid expansion, influenced by macroeconomic conditions and the quality of prospective listings [8] - The A-share market is anticipated to gradually restore normal issuance patterns, emphasizing quality and structural optimization, particularly in strategic emerging industries [8] - The Hong Kong IPO market is expected to maintain its momentum, with a focus on A+H listings and the return of Chinese concept stocks [8]

Group 1 - The report by Ernst & Young indicates that the IPO markets in A-shares and Hong Kong are expected to show growth in 2025, with Hong Kong's exchange leading globally with a total financing amount of $36 billion [1] - A-shares are projected to experience moderate growth in the IPO market, with the average fundraising amount increasing by over 50% year-on-year to reach 1 billion yuan, driven by large IPOs [1] - The industrial, technology, and materials sectors are the top three in terms of IPO numbers, while the energy sector has risen to the top three in terms of fundraising scale [1] Group 2 - The Hong Kong IPO market is anticipated to recover strongly, with fundraising expected to exceed 200 billion HKD for the first time in four years, largely driven by large IPO projects [2] - Over 20 A-share companies are expected to debut in Hong Kong, raising a total of more than 170 billion HKD, with the industrial and retail sectors being the main contributors [2] - The capital markets of mainland China and Hong Kong are entering a phase of complementary development, with a shift from foreign capital dominance to a dual-driven model of domestic and foreign investment [2] Group 3 - The Hong Kong IPO market is expected to maintain its momentum, with a steady growth pace and structural deepening characteristics [3] - The A+H model is likely to remain popular, alongside the return of Chinese concept stocks and specialized technology companies as significant sources of listings [3] - The Hong Kong Stock Exchange is continuing to optimize its listing system to enhance overall market efficiency and competitiveness [3]