人民财讯9月29日电，据交通运输部消息，9月28日至29日，交通运输部党组书记、部长刘伟到浙江省杭 州市、温州市调研交通运输领域新质生产力发展、综合交通枢纽建设、港口高质量发展等情况，督导检 查中秋国庆假期交通运输安全生产和服务保障工作。在杭州市，刘伟来到杭州城市大脑运营指挥中心， 了解杭州城市大脑建设情况，听取浙江数字交通建设工作汇报。他强调，要深入实施"人工智能+交通 运输"行动，加快推动人工智能在交通运输领域规模化创新应用，助力智慧城市建设。刘伟来到杭州西 站，调研枢纽及周边配套设施建设情况。他强调，要统筹谋划推进综合交通枢纽建设，强化综合交通枢 纽智慧安全绿色发展，加快完善现代化综合交通运输体系，提高交通运输服务水平和整体效率。 ...

Market Review - The equity market showed mixed performance last week, with the STAR 50 index leading with a gain of 6.47%, while the North Stock 50 index fell by 3.11% [4][5] - Among the 31 sectors, the consumer healthcare sector continued to decline, while power equipment, non-ferrous metals, electronics, and environmental protection sectors performed relatively well [4][5] Equity Product Allocation Strategy - Event-driven strategies include focusing on the IPO of Moer Thread, which has passed the review in 88 days, indicating a positive signal for the semiconductor and GPU sectors [15] - The non-ferrous metals industry has a new growth stabilization plan, which can benefit related funds [16] - The implementation of AI in transportation is expected to create opportunities in the transportation and AI sectors [17] Bond Market - The central bank's net injection in the open market last week was 11,223 billion, maintaining a balanced liquidity environment [24] - Long-term and short-term interest rates both declined, with the 10-year government bond yield falling to 1.865% [7][10] Fund Market - The equity fund index rose by 0.47%, while the secondary bond fund index increased by 0.08% [13][14] - Short-term and medium-long bond fund indices experienced slight declines [13][14] Asset Allocation Strategy - A balanced core plus barbell strategy is recommended, focusing on dividend and technology sectors [18][19] - The technology growth direction is supported by national policies and global trends in AI development [20] - The defense and military industry is highlighted as a strategic investment area due to geopolitical tensions [21] Key Focus Products - Recommended funds include short-term bond funds and those benefiting from equity market opportunities [27][28]

证券研究报告 | 固定收益定期 gszqdatemark 2025 09 29 年 月 日 固定收益定期 食品和生产资料价格均有所回落——基本面高频数据跟踪 本期国盛基本面高频指数为 127.9 点（前值为 127.8 点），当周同比 增加 5.8 点（前值为增加 5.7 点），同比增幅扩大。利率债多空信号不 变，信号因子为 5.0%（前值为 5.0%）。 生产方面，工业生产高频指数为 127.1，前值为 127.0，当周同比增加 5.4 点（前值为增加 5.3 点），同比增幅扩大。 总需求方面，商品房销售高频指数为 42.5，前值为 42.6，当周同比下 降 6.2 点（前值为下降 6.3 点），同比降幅收窄；基建投资高频指数为 121.3，前值为 121.2，当周同比增加 7.3 点（前值为增加 6.9 点）， 同比增幅扩大；出口高频指数为 143.7，前值为 143.7，当周同比增加 1.8 点（前值为增加 2.0 点），同比增幅收窄；消费高频指数为 120.4， 前值为 120.4，当周同比增加 3.5 点（前值为增加 3.4 点），同比增幅 扩大。 物价方面，CPI 月环比预测为 0.2%（（前值 ...

本期编辑 | 分析师：刘嘉玮 | | | --- | --- | | 010-66554043 | liujw_yjs@dxzq.net.cn | | 执业证书编号： | S1480519050001 | 东兴证券研究所金股推荐 | 证券代码 | 证券简称 | | --- | --- | | 002074.SZ | 国轩高科 | | 002850.SZ | 科达利 | | 002991.SZ | 甘源食品 | | 300619.SZ | 金银河 | | 300666.SZ | 江丰电子 | | 600012.SH | 皖通高速 | | 600176.SH | 中国巨石 | | 605123.SH | 派克新材 | | 688103.SH | 国力电子 | | 688111.SH | 金山办公 | | 688627.SH | 精智达 | 数据来源：《十月金股汇》 2025 年 09 月 29 日，东兴证券研究所 东兴晨报 P1 经济要闻 2025 年 9 月 29 日星期一 东 兴 晨 报 东 兴 证 券 股 份 有 限 公 司 敬请参阅报告结尾处的免责声明 东方财智 兴盛之源 1. 央行 9 月 23 日召开 ...

今年国庆中秋叠加八天"超级黄金周"，从历年数据看，人员出行规模持续走高并呈现 出行 方式分 化，旅游市场在稳定增长中进一步释放长线需求，餐饮消费在 中秋 团圆与文旅带动下延续升级态 势，电影档期亦在多类型影片加持下蓄势待发 ...... 全国消费市场有望迎来新一轮高峰。 和讯财经研 究院基于历史数据和领先数据指标，带您前瞻今年黄金周出行、消费、楼市、股市等市场热点。 01 出行：全国人员流动将呈现量增+出行方式分化新特征 | | 客运量，万人次 | 日均，万人次 | 比 2023 年同期日均增长 | 比 2019 年同期日均增长 | | --- | --- | --- | --- | --- | | 铁路 | 13125.1 | 1875 | 6.3% | 27.5% | | 水路 | 980.1 | 140 | 10.0% | -27.5% | | 民航 | 1609.6 | 229.9 | 11.1% | 22% | | 公路 | 184616 | 26373.7 | 3.7% | 23.3% | | 自驾 | 158541 | 22648.7 | 3.8% | 55.8% | | 营业客运 | 2607 ...

Core Insights - The "2025 Zhejiang Merchants National Top 500" list was released, with FanJia ranking 321st, a significant increase of 77 places from the previous year [1] - The total revenue of the listed companies reached 14.10 trillion yuan, an increase of nearly 8% from 13.06 trillion yuan in the previous year, highlighting the vitality of the Zhejiang merchant group in China's economic development [3] Company Overview - FanJia has been a leader in the enterprise service sector for 16 years, focusing on AI technology to create a diversified service system covering business travel, smart payment, and administrative management [4] - In 2025, FanJia plans to launch its first enterprise-level AI embodiment robot, which will integrate multimodal interaction, autonomous payment, and real-time decision-making capabilities, facilitating seamless integration between the physical and digital worlds [5] - FanJia has successfully transformed from traditional business travel services to intelligent enterprise services, serving over 10,000 listed and large enterprises, with 50% of domestic main board listed companies as partners, saving over 260 million yuan in costs for enterprises [7]

在政策利好与技术创新的双轮驱动下，中国智能交通市场正呈现快速增长态势。据前瞻产业研究院预测，2025年我国智 慧交通行业市场规模约2500亿元，到2030年有望超过3000亿元。 13家公司年内获机构扎堆调研 《意见》提出，到2027年，人工智能在交通运输行业典型场景广泛应用，综合交通运输大模型体系落地部署，普及应用 一批智能体，建成一批"人工智能+交通运输"标志性创新工程，人工智能成为引领交通运输创新发展的重要动力。到2030 年，人工智能深度融入交通运输行业，智能综合立体交通网全面推进。智慧交通与智慧物流领域关键核心技术实现自主 可控，总体水平位于世界前列，培育一批新产业、新业态，形成较为完备的交通领域人工智能治理体系，引领交通运输 高质量发展和高水平安全迈上新台阶。 产业呈现快速增长态势 人工智能(AI)赋能千行百业，"人工智能+"正从蓝图走向现实，改变人类的生活方式。此前印发的《关于深入实施"人工智 能+"行动的意见》明确到2027年，智能终端、智能体等应用普及率超70%，2035年全面步入智能社会。 中国产业研究院表示，在数字技术与实体经济深度融合的背景下，AI正以颠覆性力量重塑交通运输业。从城市交 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The stabilization and recovery of fixed - asset investment growth require the central government to increase fiscal leverage, as real - estate storage and infrastructure funds face challenges [2][8]. - China is undergoing an economic re - balance from investment to consumption. The government's assessment method may shift from GDP to increasing the proportion of consumption in GDP. Future policies may reform the social security system to release consumption potential [2][25]. - A moderate recovery of inflation is a prerequisite for releasing consumption potential. Inflation recovery will drive corporate profit improvement, increase residents' income, and then achieve consumption recovery. Future inflation is expected to stabilize and rebound [2][52]. 3. Summary According to the Table of Contents 3.1 Investment: Central Fiscal Leverage Expected to Increase - **Real - estate**: The downward inertia is large, policy support is gradually increasing, but demand - side stimulus policies have under - performed expectations. The progress of real - estate storage is accelerating, and central fiscal funds are crucial for breaking the "impossible triangle" among storage parties, sellers, and commercial banks [9][10][11]. - **Infrastructure**: The growth rate of infrastructure investment is declining. As of September 14, the proportion of new special bonds invested in land reserves is 14.3%. If the scale of land - reserve special bonds continues to increase this year, the funds for traditional infrastructure may be less than in 2024. The infrastructure investment structure will continue to be divided, with central - government - led projects stronger and local - government - led projects weaker. The estimated overall infrastructure growth rate in 2025 is about 2.6% [14][18][20]. - **Manufacturing**: "Anti - involution" in emerging industries mainly restricts capital expenditure and capacity expansion, leading to a slowdown in manufacturing investment growth [22]. 3.2 Consumption: Structural Reform of Economic Re - balance - **Policy Support**: A series of consumption - related policies have been introduced, including measures to expand service consumption, financial support for consumption, and special action plans to boost consumption. These policies address both the supply and demand sides of consumption [25]. - **Problems in Consumption**: China's consumption rate is relatively low, mainly due to low household consumption rates. Factors include income polarization, large urban - rural income gaps, an imperfect social security system, and a low proportion of service consumption [28][33][37]. - **Solutions**: The "Boosting Consumption Special Action" addresses key consumption issues from multiple aspects such as income increase, consumption capacity support, service supply improvement, and policy support. Future consumption policies may focus more on service consumption [41][42][50]. 3.3 Inflation: An Important Tool to Stabilize Expectations and Promote Consumption - **Relationship with Consumption**: A moderate recovery of inflation is necessary for releasing consumption potential. Inflation recovery drives corporate profit improvement, increases residents' income, and promotes consumption recovery [52]. - **CPI Differentiation**: There are two significant differentiations in CPI. The core CPI and CPI are diverging, and service consumption and commodity consumption within the core CPI are also diverging. Future consumption policies may shift towards service consumption [55]. - **Inflation Outlook**: Considering the central bank's stance and the expected increase in "anti - involution" policies, future inflation will stabilize and rebound. Although inflation is in a state of "weak reality and strong expectation" in the second half of the year, the data recovery may occur in the first half of next year [58].

Group 1 - The opening of the Xiangyang-Jingmen high-speed railway on September 28 significantly reduces travel time from approximately 90 minutes to about 30 minutes, marking the formation of Hubei's first high-speed rail loop [3] - The Baoyin high-speed railway's Baotou to Huinong section has entered the trial operation phase, with a total length of about 420 kilometers and a design speed of 250 kilometers per hour, reducing travel time from Baotou to Yinchuan from 6 hours to under 3 hours [8] - The G331 highway in Jilin province has been fully opened, creating a 1314-kilometer border tourism corridor that connects 10 counties and 214 border villages [12] Group 2 - The opening of the Ruijin Airport on September 28 introduces direct flights to Beijing and Shanghai, with a capacity to handle 550,000 passengers and 2000 tons of cargo annually, enhancing travel options for the region [15] - The Shenzhen Metro's new lines, including the second phase of Line 16 and the second phase of Line 6, have increased the total operational mileage to 609.6 kilometers, promoting regional connectivity [17] - The completion of the Huajiang Canyon Bridge on September 28, which is the world's highest and longest span bridge in mountainous areas, reduces travel time between two counties from 2 hours to approximately 2 minutes [20][22] Group 3 - The opening of the Shenyang to Changbai Mountain high-speed railway on September 28 connects 14 cities in Liaoning province to high-speed rail, with a total length of 430 kilometers and a design speed of 350 kilometers per hour [42] - The Shenyang-Changbai high-speed railway is a key project under the national "14th Five-Year Plan," enhancing connectivity between Northeast China and the Beijing-Tianjin-Hebei region [42] - The railway's construction utilized advanced technologies and equipment to address challenges posed by the harsh winter conditions and complex terrain [46]

Macro Economic Group - In the first eight months of the year, the total profit of industrial enterprises above designated size reached 46,930 billion yuan, a year-on-year increase of 0.9%, marking the first positive growth since April this year, with a recovery of 2.6 percentage points compared to January-July [3] - In August, the profit of industrial enterprises increased by 20.4% year-on-year, a significant rebound of 21.9 percentage points compared to July [3] - The profit margin of industrial enterprises was 5.24% in the first eight months, up from 5.15% in July, while the manufacturing sector's profit margin was 4.53%, up from 4.46% in July [3] Industry Overview - The industries with the highest year-on-year growth rates from January to August include transportation equipment manufacturing, non-ferrous metals, and electrical machinery and equipment manufacturing, while the lowest growth rates were seen in coal mining, steel, furniture manufacturing, and textile and apparel industries [4] - Notable improvements in year-on-year growth in August were observed in the liquor, beverage, and refined tea manufacturing, steel, non-ferrous metals, chemical fiber, and transportation equipment manufacturing sectors [4] - The cement industry is expected to reduce inefficient clinker production capacity by about 10% this year, with the overall capacity utilization rate currently at around 50% [7] Advanced Manufacturing Group - The Ministry of Transport and other departments have issued the "Implementation Opinions on 'Artificial Intelligence + Transportation'", aiming to establish a smart integrated transportation network by 2030 [11] - The demand for energy storage has exceeded expectations this year, driven by the expansion of new energy and the introduction of capacity price policies, leading to improved internal rate of return (IRR) for energy storage [12] - The lithium extraction capacity from salt lakes in China is expected to significantly increase, with major companies accelerating project layouts, which may lead to a decrease in lithium carbonate prices [13]