证券研究报告·政策研究 【中信建投政策研究】供应链系列（三）： 中国供应链发展全景视图与趋势展望 核心观点 中国供应链安全已构建从总量政策到行业专项、从财税支持到金融 服务的全方位政策体系。在"供给侧结构性改革"和"双循环"战略背 景下，我国持续推动产业链供应链韧性提升，形成了以自主创新为核心、 以产业基础再造和产业链提升为方向的发展路径。我国已大幅减少对欧 美高端制造的依赖，但在关键技术和核心零部件领域仍存短板。面对地 缘政治摩擦挑战，我国正加快全球供应链网络建设、深化国际合作、强 化"走出去"和"引进来"双向开放，以提升供应链弹性；同时通过人 才培养、优化投资环境和技术创新防止产业空心化。我国供应链战略正 由过去的规模扩张向质量提升、由单纯市场参与向规则引领转变，旨在 打造具备国际竞争力的现代产业体系。 摘要 中国自 2012 年起构建系统性供应链安全政策体系，涵盖总量与行 业层面。在"供给侧结构性改革""双循环"战略下，中央政府不断提 升产业链供应链韧性和安全水平。习近平总书记强调产业链供应链关键 要自主可控、安全高效。财政方面，高新技术企业所得税优惠、增值税 留抵退税、研发费用加计扣除等政策大幅降低企 ...

以下文章来源于正解局 ，作者正解局 正解局 . 解读产业，发现价值。产业/城市/企业。 "边关+海港"双重优势。 作者 | 正解局 来源 | 正解局 （ID：zhengjieclub） 5月12日，中美发布《中美日内瓦经贸会谈联合声明》，双方会谈取得实质性进展，同 意大幅降低双边关税水平。 中美早日恢复外贸，不仅符合两国的利益，也符合全球期待。 中美关税博弈能够这么快取得实质性进展，与中国顶住压力、选择硬刚密不可分。 中国敢于硬碰硬，背后是外贸的强大韧性。 数据显示，今年一季度，我国货物贸易进出口10.3万亿元，同比增长1.3%。前4个月， 我国货物贸易进出口总值14.14万亿元，增长2.4%。 平稳开局，实属不易。 一季度，防城港外贸进出口总额360.1亿元，同比增长58.9%。 出口额144.4亿元，更是暴增429.1%！ 这座人口才100多万的小城，出口杀疯了。 在2年前，防城港的外贸，就步入了"高速公路"。 2023年，进出口总额突破1000亿元，同比增长27.9%，成为广西第三个外贸千亿元规 模设区市。 2024年，进出口总额达1282.1亿元，同比增长28.6%，首次突破1200亿元大关。 防城港 ...

Group 1 - The core viewpoint of the implementation plan is to establish a comprehensive ecological environment zoning and control system by the end of 2025, aiming for continuous improvement in ecological quality and strengthening the southern ecological security barrier [1] - The plan emphasizes the need for differentiated ecological environment access lists based on the principle of "one unit, one strategy," particularly focusing on mineral extraction areas for strict management [1][2] - The implementation plan aims to support high-quality economic and social development by promoting the optimization of major production layouts and enhancing the capacity for industrial transfer in the China-ASEAN Industrial Cooperation Zone [2] Group 2 - A key goal of the implementation plan is to promote high-level ecological protection, with a focus on strict management of important ecological spaces and resource development [3] - The plan includes measures for the protection and restoration of important ecosystems, as well as strict control over heavy metal pollution in key industries [3] - The implementation plan outlines the need for comprehensive management of environmental factors and emphasizes the importance of reducing heavy metal emissions in new and expanded projects [3]

今年一季度全国新设民营企业超过去3年平均增速 政策赋能民营经济彰显强大韧性 近年来，我国针对民营企业出台了一系列利好政策，从投资、经贸交流、人才保障、科创培育等多个方 面，加力促进民营经济发展，营造有利于民营经济发展的良好氛围。 近期，多项与民营企业相关的数据陆续发布，多维度展现出我国民营经济发展活力。在这背后是一系列 具有精准性和针对性的扶持政策、各地各部门的同心协力以及民营企业强大的韧性。 业内人士认为，要继续利用多种手段改善民营企业的经营环境，将政策落实落细，提振企业经营信心， 从而进一步激发市场活力。 民企发展态势向好 市场监管总局近日公布的数据显示，今年一季度，全国新设民营企业197.9万户，同比增长7.1%，超过 过去3年平均增速。截至今年3月底，我国登记在册的民营企业超过5700万户，占企业总量的92.3%。 民营企业作为科技创新的重要主体，贡献了全社会70%的技术创新成果。一季度，新一代信息技术产业 新设民营企业9.4万户、高端装备制造业新设4.6万户、人工智能软件研发类新设25.4万户、银发经济类 新设超过1万户，民营企业在民用航空、量子信息、人形机器人等领域展现出充沛活力。 在对外贸易方面 ...

Economic Growth and Achievements - The "14th Five-Year Plan" has seen 99% of its 102 major projects and over 5,000 specific projects completed ahead of schedule [1] - China's GDP reached 134.91 trillion yuan in 2024, an increase of 31.42 trillion yuan from 2020, with an expected economic increment exceeding 30 trillion yuan during the "14th Five-Year Plan" [3] - The average GDP growth rates from 2021 to 2024 were 8.6%, 3.1%, 5.4%, and 5.0%, consistently higher than the global average [2] Industrial Development - The modern industrial system has made significant progress, with the primary industry maintaining steady growth and the secondary and tertiary industries contributing the most to GDP [4] - The added value of the equipment manufacturing and high-tech manufacturing industries grew by 7.7% and 8.9% respectively in 2024, surpassing the overall industrial growth rates [4] Emerging Industries - The "Three New" economy (new industries, new business formats, and new models) accounted for over 18% of GDP in 2024, with China leading globally in several sectors, including electric vehicles and renewable energy installations [5][6] - The digital economy's core industries contributed approximately 10% to GDP, achieving the targets set in the "14th Five-Year Plan" ahead of schedule [5][6] Trade and Export Performance - In 2024, China's total goods import and export volume reached 43.85 trillion yuan, marking a historical high and maintaining its position as the world's largest goods trader for eight consecutive years [7] - The export of mechanical and electrical products amounted to 15.12 trillion yuan in 2024, accounting for 59.43% of total exports, with significant growth in high-end equipment exports [7] - Cross-border e-commerce saw explosive growth, with imports and exports reaching 2.63 trillion yuan in 2024, a 55% increase from 2020 [8] Regional Trade Dynamics - ASEAN has become China's largest trading partner, with a trade surplus of 190.71 billion USD in 2024, reflecting a shift in trade dynamics and alignment with the "14th Five-Year Plan" goals [8]

美国总统特朗普的对华"围剿战"非但没有取得预期的效果，反而还把美国自身的经济越高越差，特朗普的 支持率也逐渐走低，甚至威胁到自身的政权稳固。特朗普的这一招反华牌究竟错在哪？东方大国和美国在 瑞士的谈判刚刚告一段落。从两国发表的声明来看，美国决定将对华关税降到合理区间，东方大国也表 示，对美国的反制举措将慎重考虑。相比四月初到现在，特朗普对华一路飙升的关税税率，此番与东方大 国的谈判，美国还是低头了。 事实上，从第一任任期，到第二任任期，特朗普就从各方面对东方大国形成围堵。在关税上，特朗普在第 一任任期，突然对东方大国的高科技产品加收关税。在台海问题上，特朗普大打台湾牌，向台湾输送大量 军事武器，伙同台湾当局，就台海问题向东方大国挑衅。在南海问题上，特朗普则拉拢菲律宾，持续就南 海主权问题，展开军事演习，向菲律宾输送导弹，威胁东方大国安全。在科技问题上，特朗普则把一众科 技公司纳入所谓实体清单，威胁荷兰、日本等国，以及台湾，不再向东方大国提供芯片，一度让东方大国 的科技企业出现缺芯少片的状况。 特朗普（资料图） 贝森特（资料图） 不仅如此，在台海问题、南海问题、中日关系上，特朗普派出得力干将，不断开展军事演习， ...

5月7日，证监会《推动公募基金高质量发展行动方案》正式落地，明确基金经理薪酬与长期业绩深度挂 钩。这一政策加速行业从"规模扩张"向"业绩为王"转型，景顺长城基金旗下老将鲍无可及其管理的景顺 长城能源基建A凭借持续超额收益成为焦点。 公开资料显示，鲍无可拥有工学硕士背景及17年证券从业经验，2009年加入景顺长城后专注基本面研 究，现任股票投资部执行总监。其投资框架强调"高壁垒企业"的长期价值挖掘，通过自下而上选股规避 短期波动，策略核心在于"持有具备技术、资源或市场护城河的优质公司"。 截至2025年一季度，鲍无可在管8只基金总规模达162.07亿元，其代表产品景顺长城能源基建A近三年业 绩优异，近三年收益率36.47%，大幅跑赢业绩基准超33%，超额收益能力位居行业前列。若按新规标 准，其管理费或基金经理薪酬可因持续超额表现获得显著加成，成为新规下的"标杆案例"。 专题：证监会印发《推动公募基金高质量发展行动方案》 数据来源：Wind 截止至20250514 从持仓来看，景顺长城能源基建A聚焦"资源+制造"双主线，押注结构性机会。一季度前十大重仓股覆 盖资源（紫金矿业、神火股份）、高端制造（浙江鼎力、江瀚新 ...

Core Insights - Xuzhou has shown remarkable performance in talent competitiveness and city attractiveness, ranking 40th in the "2024 China Urban New Talent Competitiveness Index Report" and 61st in the "2024 Most Attractive Cities for Talent Top 100" [1][2] Group 1: Talent Competitiveness - The "2024 China Urban New Talent Competitiveness Index Report" evaluated 296 cities across four dimensions: talent supply, demand, attraction, and ecosystem, with Xuzhou ranking 37th in talent supply, 42nd in demand, 34th in attraction, and making the top 100 in ecosystem [2] - Xuzhou has consistently improved its ranking in the "Most Attractive Cities for Talent" list, moving from 73rd in 2020 to 61st in 2024, indicating a growing appeal for talent [2] Group 2: Policy Framework - Xuzhou aims to build a talent-rich city by implementing comprehensive talent service systems and policies, such as the "Pengcheng Talent Plan," which includes 20 policy measures to attract and retain talent [3] - The city has initiated various recruitment activities, including partnerships with universities and research institutions, to create a bridge for talent to connect with the city [3] Group 3: Industry and Talent Integration - Xuzhou emphasizes the integration of talent and industry, focusing on the "343" innovation industry cluster, aligning talent resources with industrial needs to enhance productivity [4] - The city's development in sectors like semiconductors, new energy, and high-end equipment has attracted a significant influx of new talent, creating a virtuous cycle of innovation and employment opportunities [5] Group 4: Talent Ecosystem Development - Xuzhou is committed to enhancing its talent ecosystem by addressing the concerns of high-level talent and providing a supportive environment for their development [5] - The city is actively promoting its talent brand and expanding online and offline platforms to facilitate talent engagement and project matching [5]

Core Viewpoint - The third National Postdoctoral Innovation and Entrepreneurship Competition has launched a "Challenge and Lead" project list, featuring 766 technology projects that seek participation from postdoctoral researchers and teams [1][2]. Group 1: Competition Overview - The competition is the largest and most comprehensive postdoctoral event in China, aimed at promoting the integration of industry, academia, and research [1]. - The "Challenge and Lead" segment invites enterprises to present technical challenges, which postdoctoral researchers are encouraged to solve [1]. Group 2: Project Details - A total of 766 project demands have been released, focusing on four key areas aligned with national strategies and cutting-edge scientific technologies, with a total planned investment exceeding 40 billion yuan [2]. - The projects cover seven major directions, including new generation information technology and artificial intelligence, high-end equipment manufacturing, and robotics [2]. - The top areas of demand include: - New generation information technology and artificial intelligence: 143 projects (18.7%) - Biomedicine and health: 140 projects (18.3%) - New materials and petrochemicals: 135 projects (17.6%) - High-end equipment manufacturing and robotics: 131 projects (17.1%) - New energy and energy conservation: 93 projects (12.1%) - Modern agriculture and food: 67 projects (8.7%) - Other industries: 57 projects (7.4%) [2]. Group 3: Participation and Timeline - The project list has been publicly released on various platforms, including the China Postdoctoral website and the official competition website [3]. - The registration deadline for participation is July 31, 2025, with successful teams invited to the finals in Quanzhou, Fujian Province, in mid to late October [3].

Core Insights - Jinan is focusing on building a modern industrial system characterized by "four beams, three supports, and four pillars," which includes key industries such as automotive manufacturing, electronic information, high-end equipment, and biomedicine [1][13] - The city aims to cultivate ten iconic industrial clusters, forming a "10+N" industrial matrix, and is prioritizing emerging fields like artificial intelligence, quantum technology, and low-altitude economy [1][13] - Jinan's economic performance is projected to improve, with a GDP of 13,527.6 billion yuan in 2024, reflecting a 5.4% year-on-year growth [3] Industrial Structure and Economic Performance - Jinan's industrial structure is evolving, with the primary industry contributing 440.0 billion yuan (3.6% growth), the secondary industry at 4,519.2 billion yuan (5.8% growth), and the tertiary industry at 8,568.4 billion yuan (5.2% growth), leading to a service-oriented economy [3][5] - The city has implemented over 2,000 industrial investment projects, with a focus on automotive manufacturing and electronic information, resulting in a 6.5% increase in industrial output value for 2024 [5] Innovation and Technology Development - Jinan is enhancing its innovation capabilities, with 1,189 new innovative SMEs and 720 specialized and innovative enterprises established in 2024 [7][8] - The city has made significant progress in building high-energy innovation platforms, including the Chinese Academy of Sciences Jinan Innovation City and the Shandong Institute of Industrial Technology [7] New Quality Productive Forces - The concept of "New Quality Productive Forces" was introduced by President Xi Jinping, emphasizing innovation-driven development and advanced production characteristics [2][10] - Jinan's government has launched several policies to support the development of new quality productive forces, including action plans for aerospace information and innovative pharmaceuticals [10][11] Future Industry Layout - Jinan is actively positioning itself in future industries, particularly in aerospace information, low-altitude economy, and quantum technology, with plans for significant infrastructure development [28] - The city aims to create a national-level future industry innovation demonstration zone, focusing on high-tech sectors and sustainable development [28] Key Enterprises and Sectors - Major companies in Jinan include Inspur Group in information technology, Qilu Pharmaceutical in biomedicine, and China National Heavy Duty Truck Group in high-end equipment manufacturing [20][21] - The automotive sector is represented by companies like BYD and Geely, which are driving the growth of the new energy vehicle industry in the region [20][21]