Core Viewpoint - The articles emphasize the importance of building a self-controlled, secure, and reliable domestic production and supply system in key areas related to national security, enhancing the resilience and safety of industrial and supply chains, and fostering technological innovation to maintain a competitive edge in the global market [2][3][4][5] Group 1: Industrial Chain and Supply Chain Resilience - Enhancing the resilience and safety of industrial and supply chains is crucial for developing new productive forces and ensuring economic stability and growth [3] - China's industrial system is the largest and most complete globally, with over 220 out of 500 major industrial products ranking first in global output, contributing approximately 30% to global manufacturing value added in 2023 [3] - There are existing issues within China's industrial chain, such as being "large but not strong" and "complete but not refined," indicating a need for improvement in resilience rather than just length [3] Group 2: Addressing Weaknesses and Strengthening Strengths - Addressing weaknesses involves constructing a self-controlled and reliable domestic production supply system in critical areas to ensure economic operation during extreme situations [4] - Strengthening strengths requires consolidating and enhancing the international leading position of advantageous industries, particularly in high-speed rail, power equipment, new energy, and communication devices [5] - The focus should also be on fostering new industries and technologies, such as 5G, smart connected vehicles, and new materials, to create new advantages for future development [5]

Group 1 - The "Zhejiang Manufacturing Tiangong Ding" award is the highest honor in the manufacturing sector of Zhejiang Province, aimed at promoting high-quality development in manufacturing through innovation and industry integration [1] - Hangzhou and its districts have won this award for three consecutive years, receiving the first batch of "Zhejiang Manufacturing Tiangong Ding" gold awards, indicating significant achievements in industrial and economic growth [1] - A total of 6 cities and 27 counties in the province received the award this year, with 20 locations being recognized for their continuous excellence over three years [1] Group 2 - Hangzhou has made breakthroughs in industrial cluster development, with four clusters recognized as national advanced manufacturing industry clusters, and one cluster achieving a "zero breakthrough" in the 2024 national small and medium-sized enterprise characteristic industry cluster [2] - The city is focusing on new industrialization goals, promoting digital transformation across 6,928 industrial enterprises, and has developed a plan for future industry cultivation in areas like artificial intelligence and new materials [2] - The Hangzhou Economic and Information Bureau emphasizes the importance of continuous innovation and transformation in industries, aiming to drive high-quality development in manufacturing through dual-driven technology and industry innovation [2]

Group 1: Manufacturing Industry Overview - The industrial added value of large-scale industries in China experienced a year-on-year growth of 6.1% in April 2025 [2] - The manufacturing sector is emphasized as a crucial pillar of the national economy, with a call for maintaining a reasonable proportion of manufacturing in the context of modernization [4][5] - The importance of technological empowerment in modern manufacturing is highlighted, with a focus on self-innovation and overcoming reliance on foreign technology [7][10] Group 2: Challenges and Opportunities - The risk of industrial hollowing-out poses a significant threat to the manufacturing sector, potentially impacting productivity and economic structure [6] - China's manufacturing value added as a percentage of GDP has decreased from 32.1% in 2011 to an estimated 24.9% in 2024, indicating a need for innovation to upgrade the value chain [8] - The country has made significant strides in key technology breakthroughs, transitioning from "following" to "leading" in various fields such as aerospace and high-speed rail [9][10] Group 3: Strategic Directions - The Chinese government is committed to promoting high-end, intelligent, and green development in the manufacturing sector as part of building a modern industrial system [15][16] - The integration of high-end, intelligent, and green strategies is essential for enhancing competitiveness and achieving sustainable development [18] - The focus on digital transformation is reshaping the industrial ecosystem, leading to new organizational forms and competitive rules [13][14] Group 4: Future Prospects - By 2025, the goal is to achieve comprehensive development in future industries, with some sectors reaching international advanced levels [14] - The manufacturing industry is expected to transition from being a "global factory" to an "innovation source," with significant advancements in core technologies and sustainable practices [14][18] - The collaboration of high-end, intelligent, and green initiatives is anticipated to create new opportunities and solidify China's position in the global manufacturing landscape [18]

Core Viewpoint - The transformation of Shenyang, an old industrial city in Northeast China, from a "steel belt" to an "intelligent belt" exemplifies the revitalization of traditional industries through digitalization and artificial intelligence (AI) [1] Group 1: Transition Strategies - Transition from single-point breakthroughs to system reconstruction by building an "intelligent community" to activate new momentum in industrial clusters, particularly in advanced manufacturing sectors like aerospace, automotive, and shipbuilding [2] - Establish industry-level AI innovation alliances to promote collaboration between leading and supporting enterprises, and create a digital twin platform [2] - Set up a digital transformation fund to support "chain master" enterprises in building shared resources and accelerate the development of industry-specific large models [2] Group 2: Ecosystem Development - Shift from technology application to ecosystem cultivation by innovating scenarios and developing new ecosystems for transformation and upgrading [3] - Recommend the establishment of regional AI application scenario innovation centers, showcasing smart mines and digital factories as demonstration sites [3] - Create a "scenario list + technology tackling" mechanism to facilitate deep connections between AI and traditional enterprises, and improve revenue-sharing mechanisms for sustainable business models [3] Group 3: Innovation and Talent Development - Move from passive transformation to proactive innovation by cultivating "digital new craftsmen" to accumulate new momentum for sustainable development [4] - Implement a model combining experienced craftsmen with AI to rejuvenate traditional craftsmanship, as seen in Shenyang Blower Group [4] - Propose the systematic collection of veteran craftsmen's technical experiences to establish a "digital craftsman" training system, fostering talents who understand both traditional craftsmanship and AI technology [4]

Core Insights - The Ministry of Industry and Information Technology has announced the preliminary list of key pilot platforms for nurturing, with six platforms from the Optics Valley included, covering pharmaceuticals, industrial mother machines, integrated circuits, and common needs, accounting for over 60% of the total selected in the province [1][3]. Group 1: Pilot Platforms Overview - The first batch of key pilot platforms includes 242 platforms nationwide, spanning six critical manufacturing sectors essential for high-quality development [3]. - The Jiufeng Mountain Laboratory compound semiconductor pilot platform is equipped with over 500 advanced process and testing devices, focusing on optical, next-generation communication, and power electronics applications, attracting over 500 enterprises and research institutions for collaboration [3][5]. Group 2: Investment and Services - The National Digital Design and Manufacturing Innovation Center's pilot platform has a total investment of approximately 500 million yuan, with 298 sets of pilot equipment, serving nearly 200 clients with contracts exceeding 500 million yuan [5]. - The Dingkang Biological recombinant protein drug pilot platform has provided production services for over 50 products from more than 40 clients, with samples undergoing clinical trials in over 30 countries and regions [5]. Group 3: Importance of Pilot Platforms - The success of pilot testing is crucial for the industrialization of technological achievements, with a success rate of 80% for those that undergo pilot testing compared to only 30% for those that do not [5]. - The number of pilot platforms reflects the local industry's ability to transform technology, indicating the overall development level of the local industry [5][8]. Group 4: Future Development - The Optics Valley has established 61 city-level registered technology achievement transformation pilot platforms, accounting for nearly 30% of the total, primarily in core industries such as new-generation information technology, life health, and high-end equipment [8]. - The East Lake High-tech Zone plans to enhance the pilot platform system, strengthen platform capabilities, and accelerate the integration of technological and industrial innovation for high-quality development [8].

Group 1 - Non-profit organizations eligible for tax exemption can include income from donations, government subsidies (excluding those from government service purchases), and membership fees as tax-exempt income [3][4] - Non-profit organizations must meet specific criteria to qualify for tax exemption, including being legally registered, engaging in public welfare or non-profit activities, and ensuring that all income is used for approved purposes [5][6][7][8][9] Group 2 - Non-profit organizations that have obtained tax-exempt status must follow regulations to apply for tax exemption with the tax authority, ensuring that their income meets the conditions set forth in the Corporate Income Tax Law and its implementation regulations [10] - Industrial mother machine enterprises seeking to benefit from R&D expense deductions must meet several conditions, including producing advanced industrial mother machines and having a minimum percentage of R&D personnel relative to total employees [11]

Group 1 - Digital transformation has shifted management from "experience-based" to "data-driven" decision-making, enhancing production efficiency and product quality [1] - Huangshan Zhongchuang Precision Manufacturing Co., Ltd. is a leading enterprise in the industrial mother machine sector, producing linear guides that achieve micron-level feeding and positioning under high load [3] - The company has established a joint team with China Telecom to implement a "5G + digital factory" transformation, focusing on a core MES system, 5G private network, and digital twin technology [3][6] Group 2 - The digital twin platform has reduced trial and error costs by 70%, decreased energy consumption per unit output by 12%, and shortened order delivery cycles by 25% [3] - Anhui Huanxin Group Co., Ltd. has also achieved quality and efficiency improvements through digital transformation, leading in the domestic market for key engine components [3] - Anhui Weihuo Optoelectronics Co., Ltd. has implemented a "5G + digital factory" project, enhancing production efficiency and product quality through advanced technologies like IoT, AI, and big data [6][8] Group 3 - The project at Anhui Weihuo has reduced response time for production anomalies from 2 hours to 10 minutes and improved the yield rate by 18% [8] - Anhui province has accelerated the construction of digital infrastructure, with over 167,000 5G base stations and all 16 cities meeting "gigabit city" standards [8] - The province aims to create a comprehensive digital service system, providing accessible and affordable digital products and services to the public [8]

欢迎扫描下方二维码关注： 2024年度企业所得税汇算清缴正在进行中。为帮助企业顺利完成汇算清缴申报，宁波税务推出企业所得税年度汇算清缴系列图解，全面解析 企税政策与填报规则。 今天让我们一起来看： 研发费用加计扣除有关税收政策。 . 汇算清缴人 官 图知企流 |- 政策主要内容及文件依据 企业开展研发活动中实际发生的研发费用, 未形成无形资产计入当期损益的 在按规定据实扣除的基础上 自2023年1月1日起, 再按照实际发生额的100% 在税前加计扣除。 形成无形资产的 自2023年1月1日起, 按照无形资产成本的200% 在税前摊销。 政策依据 《财政部税务总局关于进一 步完善研发费用税前加计扣 除政策的公告》(财政部 税 务总局公告2023年第7号) 企业为获得创新性、创意性、突破性的产 品进行创意设计活动而发生的相关费用, 可按规定进行税前加计扣除。 政策依据 《财政部国家税务总局科技 部关于完善研究开发费用税 前加计扣除政策的通知》 (财税〔2015〕119号) % 公众号 宁波利 集成电路企业和工业母机企业开展研发活 动中实际发生的研发费用，未形成无形资 产计入当期损益的 在按规定据实扣除的基础上 在 ...

Investment Summary - The mechanical sector underperformed in 2024 but has shown strong performance in 2025, with the Shenwan Mechanical Equipment Index rising by 10.44% year-to-date, outperforming the Shanghai Composite Index by 10.43 percentage points and the Shenzhen Component Index by 12.52 percentage points [4][19] - In Q1 2025, the mechanical industry reported a non-recurring net profit of 27.496 billion yuan, a year-on-year decline of 30.03%, marking the highest absolute value and growth rate since Q1 2021 [4][27] General Machinery Focus - The report suggests focusing on engineering machinery and compressors, as the manufacturing PMI fell by 2.78% in April 2025, indicating a decline in manufacturing sentiment [5][44] - Fixed asset investment (excluding rural households) grew by 4.2% in the first quarter of 2025, and with the implementation of more proactive fiscal policies, the demand for engineering machinery is expected to increase [5][48] - Beneficiary companies include SANY Heavy Industry (600031), Zoomlion (000157), XCMG (000425), LiuGong (000528), and Shantui (000680) for engineering machinery, and Iceberg Cold Chain (000530), Ice Wheel Environment (000811), Hanbell Precise Machinery (002158), and others for compressors [5][58] New Quality Productivity - Policies are increasingly focusing on enhancing total factor productivity represented by new quality productivity, with attention on low-altitude economy, deep-sea technology, humanoid robots, and industrial mother machines [6][10] - The low-altitude economy is expected to benefit from government funding support, with projections indicating that by 2035, the delivery of drones could exceed 61 million units, generating a manufacturing output of approximately 490 billion yuan [7] - Deep-sea technology is crucial for energy security, with significant oil and gas resources located in deep-sea areas, and domestic technology companies are expected to benefit from the push for domestic substitution [8][9] - Humanoid robots are anticipated to address customization challenges, with a focus on key components such as sensors, motors, screws, and reducers, which are critical for mass production and cost reduction [10][11] Industrial Mother Machines - Industrial mother machines are essential for the mass production of core components, and their advancement is expected to enhance profitability in the humanoid robot sector [11][11] Compressor Market Insights - The compressor market is poised for growth due to high demand from the ice and snow economy, with policies supporting the development of ice and snow sports facilities [58][59] - The report estimates that the annual equipment investment increment from new ice and snow venues could reach approximately 26.6 billion yuan over the next five years [59] - The implementation of new energy efficiency standards in 2025 is expected to drive demand for the replacement of commercial refrigeration equipment, with an estimated 35 million units needing updates [63][66]

Group 1 - Shenyang has a strong industrial foundation and has played a significant role in the development of China's industry, being referred to as the "Republic's Equipment Department" due to its contributions [1] - The city has seen economic progress through industrial transformation and deepened reform, with the aviation cluster being recognized as a national advanced manufacturing cluster in 2024 [1] - Shenyang's government report emphasizes focusing on "military-civilian integration + low-altitude economy" to optimize the aviation industry structure and build an international first-class aircraft structural component R&D and production base [1] Group 2 - The rapid development of Shenyang's aviation industry has spurred growth in various sectors, including the domestic industrial mother machine industry, which is increasingly meeting the demand for domestic aviation and aerospace [2] - In 2023, Shenyang identified key directions for the aviation industry, focusing on complete assembly, major components, key parts, and airborne systems, while also developing the aerospace and space-related industries [2] - The development of the aviation industry is seen as a key engine for Shenyang's new round of stable growth, with expectations for continuous breakthroughs and achievements [2]