Investment Rating - The industry investment rating is "Positive," indicating an expectation that the industry index will outperform the market index by over 5% in the next six months [10]. Core Insights - The report emphasizes the transition from a "manufacturing power" to a "manufacturing strong power," positioning advanced manufacturing as the backbone of a modern industrial system, highlighting the importance of intelligent transformation and digitalization as national strategic tasks [3][4]. - The report identifies "self-reliance" and "intelligent upgrading" as the two main investment themes, suggesting a focus on companies that achieve breakthroughs in key core technologies and those that enhance efficiency through technological empowerment [5][8]. Summary by Sections Policy and Industry Trends - The core policy direction is to build a modern industrial system supported by advanced manufacturing, with a focus on intelligent, green, and integrated development [3]. - The report indicates that the high-end equipment manufacturing industry is at the beginning of a high prosperity growth cycle, with industrial robot production increasing by 29.8% year-on-year in the first three quarters of 2025 [4]. Investment Recommendations - Investment Theme 1: Focus on "self-reliance" by targeting leading companies that make breakthroughs in critical core technology areas, particularly in high-end machine tools [5][8]. - Investment Theme 2: Emphasize "intelligent upgrading" to drive efficiency across the entire industrial chain, with a growing demand for automation equipment and industrial software [8]. - Investment Theme 3: Long-term investment in core components and basic processes, as highlighted by the emphasis on original innovation [8]. - Investment Theme 4: Focus on sectors that can create new productive forces, particularly in the humanoid robot market, which is expected to see significant growth [8].

Group 1 - Liu Yu and Lan Dapeng moved to Shenyang, reflecting the city's increasing talent attraction amid a global tech innovation boom [1] - Shenyang aims to become a regional technology innovation center, supported by the establishment of four laboratories, including the Liaohe Laboratory [3][4] - The Liaohe Laboratory focuses on cutting-edge industrial internet technologies and has over 120 researchers, with significant funding for projects [3][6] Group 2 - Shenyang's talent attraction strategy includes zero-cost housing for high-level talents, enhancing its appeal [2][7] - The city has seen a shift from talent outflow to inflow, with a high return rate of graduates, reaching 252% in 2024 [19] - The "Doctor Shenyang" initiative has significantly increased participation, with a 5.9 times rise in attendees from 2023 to 2025 [17] Group 3 - Shenyang is recognized as a global tech cluster, ranking in the top 100 for five consecutive years in the Global Innovation Index [11][12] - The city has a robust innovation ecosystem with numerous universities and research institutions, totaling 1,724 innovation platforms [14] - The local government is implementing policies to attract high-level talents and research teams, including the Northeast Asia (Shenyang) International Talent Port [15] Group 4 - Shenyang's living conditions and cultural offerings are improving, making it more attractive for young professionals [20][21] - The city has introduced various financial incentives for different talent tiers, including substantial research funding and living allowances [21][22] - The tourism sector in Shenyang is experiencing rapid growth, contributing to the city's appeal as a vibrant place to live and work [24] Group 5 - The establishment of the Shenyang Yingcai Community aims to provide affordable housing and support for young talents [29] - Shenyang's population is steadily increasing, with a net inflow of over 150,000 residents in 2022, indicating a growing attractiveness for talent [33] - The city is actively promoting youth-friendly initiatives and events to enhance its urban environment and support talent retention [31]

Economic Planning and Investment Opportunities - The "15th Five-Year Plan" (2026-2030) is crucial for achieving socialist modernization by 2035, presenting significant investment opportunities[3] - The emphasis on "technological self-reliance" and "domestic substitution" is expected to drive long-term investment logic, particularly in critical sectors[4] Key Investment Sectors - Focus on semiconductors, software and IT services, high-end equipment manufacturing, and AI chips as areas with strong growth potential[4] - The construction of a unified national market is vital for enhancing domestic demand and reducing reliance on external markets[5] Industry Outlook - Cyclical industries like coal, steel, chemicals, and cement may experience a turnaround, presenting investment value as low-end supply exits the market[6] - The push for a comprehensive green transition will accelerate opportunities in renewable energy sectors such as photovoltaics, energy storage, and electric vehicles[7] Risks and Considerations - Potential risks include underwhelming growth policies, escalating US-China trade conflicts, and geopolitical uncertainties[8]

Core Insights - Shenyang has significantly improved its talent attraction capabilities, evidenced by the return of high-level professionals from abroad [2][11] - The city is positioning itself as a regional technology innovation hub, focusing on high-end manufacturing and smart manufacturing solutions [3][8] - Shenyang's talent policies and support systems are designed to create a low-cost, high-growth environment for returning talent [2][17] Talent Attraction and Retention - Shenyang is actively attracting high-level talent through various initiatives, including the establishment of the Liaoning Liaohe Laboratory, which focuses on cutting-edge research [3][4] - The city has seen a notable increase in the return rate of university graduates, with the return rate reaching 237.35% in 2023 [17] - The "Doctor Shenyang" initiative has successfully attracted a growing number of PhD candidates, with participation increasing from 1,203 in 2023 to 1,523 in 2024 [15] Financial Support and Incentives - The Liaoning Liaohe Laboratory provides substantial funding for research projects, with amounts reaching 8 million yuan for optimization control projects and 5 million yuan for humanoid robot projects [6][4] - Shenyang offers various subsidies for talent relocation, including living allowances and housing subsidies for different levels of talent [19][26] - The city has implemented a tiered support system for talent, providing financial incentives ranging from 9,000 yuan for undergraduates to 500,000 yuan for high-level talent [19][26] Innovation Ecosystem - Shenyang boasts a robust innovation ecosystem with 1,724 various innovation platforms, including universities and research institutions [13] - The city has been recognized in the Global Innovation Index and has improved its ranking in national innovation capability assessments [11][13] - Collaborative projects between local enterprises and research institutions are being established to enhance practical applications of research [8][19] Quality of Life and Urban Development - Shenyang is enhancing its appeal as a livable city by focusing on the needs of young professionals, including affordable housing and vibrant cultural activities [18][20] - The city has seen a surge in tourism, with a 13% increase in travel orders and a 45% increase in ticket orders during recent holidays, indicating a growing urban attractiveness [22] - The establishment of youth-friendly communities and various cultural events aims to create a supportive environment for young talent [26][28]

Core Viewpoint - The digital transformation of the manufacturing industry is crucial for enhancing competitiveness and optimizing industrial structure in the context of new industrialization in China [1][3]. Group 1: Digital Transformation in Manufacturing - The digital transformation in manufacturing is seen as a significant initiative to strengthen the industry, with smart factories operating autonomously to improve efficiency and reduce defects [1][2]. - Automation in production lines has led to a 30% increase in efficiency and a 20% reduction in defect rates for some automotive manufacturers [1]. - The integration of digital technologies allows for real-time monitoring and predictive maintenance, which reduces downtime and enhances production efficiency and product quality [2]. Group 2: Challenges and Solutions - Traditional manufacturing processes are characterized by high fragmentation and reliance on manual planning, leading to inefficiencies and quality control challenges [2][3]. - The key challenge in digital transformation is standardizing processes and integrating various stages of production, including materials, manufacturing, and design [2][3]. - Companies need to convert traditional processes into digital models and require a workforce skilled in both traditional manufacturing and digital technologies [3]. Group 3: Long-term Benefits and Workforce Development - Investment in digital transformation is deemed worthwhile as it can lead to improved production efficiency, cost reduction, and enhanced product quality, ultimately boosting market competitiveness [3]. - The emergence of new social strata with strong innovation capabilities is vital for the transformation of traditional industries [6]. - The manufacturing sector is encouraged to attract young talent, emphasizing the importance of teamwork, experience accumulation, and innovative thinking for long-term success [6].

Core Insights - The digital transformation of the manufacturing industry is crucial for enhancing core competitiveness and optimizing industrial structure [2][4] - The integration of digital technology into manufacturing processes can significantly improve production efficiency and product quality while reducing costs [3][4] Group 1: Digital Transformation in Manufacturing - The concept of "dark factories" allows for automated production without human intervention, leading to a 30% increase in production efficiency and a 20% reduction in defect rates for automotive manufacturers [2] - The "smart brain" workshop exemplifies digital empowerment in manufacturing, enabling real-time monitoring and predictive maintenance through data analysis [3] - Traditional manufacturing processes are often inefficient and lack standardized quality control, which can be improved through digital technologies [3] Group 2: Challenges and Investment in Digitalization - The main challenge in digital transformation is standardizing processes and integrating various stages such as materials, manufacturing, and design [3][4] - Significant investment in both financial and human resources is required for successful digital transformation, but the long-term benefits include enhanced market competitiveness and operational efficiency [4] Group 3: Role of New Social Class and Future Directions - New social class individuals play a vital role in driving innovation and upgrading traditional industries, contributing to the digital transformation of manufacturing [5] - The manufacturing sector is undergoing a shift towards digitalization and intelligence, which is changing the career development landscape for technical talent [5] - Young professionals are encouraged to join the manufacturing industry, focusing on teamwork, experience accumulation, and innovative thinking to thrive in a competitive environment [5]

Core Viewpoint - The completion of the high-standard factory buildings in the Wuxi Lianyungang Specialized, Refined, Characteristic, and Innovative Industry Park marks a transition from construction to the phase of attracting projects for renovation [1] Group 1: Project Overview - The Wuxi Lianyungang Specialized, Refined, Characteristic, and Innovative Industry Park covers an area of approximately 367 acres with a total investment of about 3.5 billion [1] - The completed high-standard factory consists of 5 buildings with a total construction area of approximately 60,000 square meters, designed to meet the production needs of various enterprises [1] Group 2: Current Status and Future Plans - The high-standard factory has already shown initial success in attracting tenants, with projects in high-end equipment manufacturing, new-generation information technology, and new energy having signed agreements to settle in [1] - The park has completed the filing for factory buildings 6 to 10 and is actively promoting the filing for the remaining buildings to facilitate the park's opening by the end of this year [1] Group 3: Strategic Focus - The park adheres to the principles of "resource sharing, complementary advantages, and collaborative development," focusing on attracting specialized and innovative industries [1] - Notable projects such as Guoxia Technology, Wanda Xilian Meihua Commercial Plaza, and others have signed agreements to settle in, contributing to the establishment of a concentrated cluster of high-tech enterprises and advanced manufacturing industries [1]

Core Insights - The launch of the "1+6" reform on June 18 has established the Sci-Tech Innovation Board's growth tier, allowing 32 unprofitable listed companies to enter this tier, leading to significant innovation and a total market value exceeding 1 trillion yuan [1][2] - The growth tier companies are primarily in strategic emerging industries such as new-generation information technology, biomedicine, new energy, and high-end equipment manufacturing, showcasing a diverse and inclusive listing system [2][3] - The total R&D investment of the 32 growth tier companies is projected to reach 30.6 billion yuan in 2024, with a median R&D expenditure to revenue ratio of 65.40%, indicating a strong focus on innovation [3][4] Group 1: Institutional Inclusivity - The growth tier companies utilize various listing standards, with 11 companies under the fifth standard (market value + R&D progress), 8 under the fourth standard (market value + revenue), and others under different criteria, all not requiring prior profitability [2] - These companies have collectively raised 105.2 billion yuan through IPOs, facilitating R&D investments and capacity building [2] - The total market value of growth tier companies has reached 1.09 trillion yuan, with 19 companies valued over 10 billion yuan, indicating increasing market recognition of their investment value [2] Group 2: Innovation Outcomes - The growth tier companies are experiencing accelerated innovation outcomes, with innovative pharmaceutical companies launching 20 new drugs classified as national Class 1 new drugs [3] - Companies like Zejing Pharmaceutical have successfully developed innovative drugs, filling domestic treatment gaps for serious conditions [3] - New-generation information technology firms are also advancing rapidly, with products like DeepSeek and DeepEdge10 entering mass production, supporting domestic AI technology development [3] Group 3: Performance Growth - From 2019, the average annual compound growth rate of revenue for these companies is 27.87%, outperforming the overall sector [4] - In the first half of 2025, revenue growth for these companies reached 37.79% year-on-year, with 22 unprofitable companies achieving profitability and "delisting" from the unprofitable category [4] - Despite initial losses due to high R&D costs, the companies are showing a clear trend of reduced losses, with a significant reduction of 7.123 billion yuan in losses in the first half of 2025 [4] Group 4: Supportive Policies - Recent reforms, including the "Eight Articles of the Sci-Tech Innovation Board" and "Six Articles of Mergers and Acquisitions," provide targeted support for growth tier companies at various development stages [5][6] - New refinancing standards for companies with high R&D investments have been introduced, allowing them to raise funds for R&D projects without strict limitations [6] - The merger and acquisition framework supports companies in acquiring unprofitable but strategically beneficial firms, with several successful transactions reported [6][7]

Group 1 - The "15th Five-Year Plan" (2026-2030) is a critical phase for China to achieve its 2035 vision, focusing on high-quality development and safety rather than just speed [2][4][6] - The recent 20th Central Committee's Fourth Plenary Session outlined key strategies, including building a modern industrial system and enhancing technological self-reliance [3][5] - The emphasis on maintaining a reasonable proportion of manufacturing highlights China's commitment to safeguarding its manufacturing base amid global supply chain challenges [6][7] Group 2 - The plan aims to significantly improve technological self-reliance, with a focus on original innovation and tackling key core technologies [6][8] - The strategy to build a strong domestic market underscores the importance of enhancing domestic demand and addressing structural issues like local protectionism [7][9] - The modernization of the national security system is a priority, aiming to integrate development and security in a resilient framework [8][9] Group 3 - The plan includes measures for common prosperity, indicating potential reforms in income distribution and social security systems [9] - Agricultural modernization is highlighted as essential for food security and promoting social equity, indicating a comprehensive approach to rural development [9] - The optimization of regional economic layouts aims to address development imbalances and leverage comparative advantages for high-quality growth [9]

证券研究报告 | 2025年10月23日 策略研究·策略解读 | | 王开 | 021-60933132 | wangkai8@guosen.com.cn | 执证编码：S0980521030001 | | --- | --- | --- | --- | --- | | 证券分析师： | | | | | 事项： 中国共产党第二十届中央委员会第四次全体会议，于 2025 年 10 月 20 日至 23 日在北京举行。全会听取和 讨论了习近平总书记受中央政治局委托所作的工作报告，审议通过了《中共中央关于制定国民经济和社会 发展第十五个五年规划的建议》。习近平总书记就《建议（讨论稿）》向全会作了说明。 策略解读 抢占科技发展制高点 解读： 公报作为"十五五"时期的战略擘画，将"抢占科技发展制高点"置于驱动国家现代化建设的核心位置。 《中国共产党第二十届中央委员会第四次全体会议公报》指出，为实现"十五五"时期高质量发展，必须 加快高水平科技自立自强，引领发展新质生产力。其战略路径是抓住新一轮科技革命和产业变革历史机遇， 并通过统筹教育强国、科技强国、人才强国建设，以及一体推进教育科技人才发展，来提升国家创新体系 整体 ...