Economic Performance - The sales revenue of high-tech industries increased by 14.7% year-on-year, with smart equipment manufacturing sales rising by 28.2% [1][2] - Manufacturing tax revenue remains stable at around 30% of total tax revenue, indicating the sector's solid role as an economic stabilizer [1][2] - The total amount of tax reductions and refunds for policies supporting technological innovation and manufacturing reached 23.725 billion yuan in the first ten months [2] Manufacturing Sector Developments - High-end manufacturing is accelerating, with equipment manufacturing sales up by 8.3%, and specific sectors like computer communication and instrumentation seeing increases of 12.3% and 10.3% respectively [2] - The adoption of automation in manufacturing is increasing, with spending on automated equipment rising by 14.2% [2][3] - The share of high-energy-consuming manufacturing sales decreased by 1.2 percentage points compared to the previous year, reflecting a shift towards greener practices [2] Consumer Market Trends - The "old-for-new" policy has stimulated consumer demand, with retail sales in mobile communication devices and home appliances growing by 20.3% and 26.5% respectively [4][5] - The tourism and cultural sectors are thriving, with sales in cultural performances and film screenings increasing by 15.6% and 19.1% [4][5] - The number of travelers benefiting from tax refunds has surged by 285%, with tax refund sales and amounts increasing by 98.8% [5][6] Taxation and Compliance Improvements - Cross-regional tax services have improved, with a nearly fourfold increase in cross-regional tax business handled this year [7][8] - The proportion of inter-provincial trade sales in total sales revenue reached 41.1%, up 0.8 percentage points from the previous year [7] - Over 7,000 domestic and foreign platforms are now fulfilling their tax information reporting obligations, leading to a 12.7% increase in tax payments from platform operators [8]

Core Viewpoint - The significant rebound in November exports is primarily attributed to the dissipation of short-term supply disruptions rather than an improvement in external demand [2][7][30] Export Analysis - November exports increased by 5.9% year-on-year (YoY) in USD terms, a notable recovery from a decline of 1.1% in October, driven by factors such as increased working days and the reduction of "production rush" effects [2][6][7] - The increase in working days in November (up by 2 days YoY) and the tapering off of the "production rush" phenomenon contributed significantly to the export rebound [2][7] - Exports to emerging economies showed a marked recovery in November, with exports to Africa and Latin America rising by 17.1 percentage points (pct) and 12.8 pct respectively, despite no significant improvement in demand from these regions [2][11] - The export of goods such as food, steel, and auto parts, which had seen significant declines in October, rebounded in November, with respective increases of 34 pct, 18.7 pct, and 13.6 pct [3][18] Import Analysis - Imports also showed a recovery in November, with a YoY increase of 1.9%, up by 0.9 pct from the previous month [3][25] - Processing trade imports surged by 9.2 pct to 13.9%, exceeding previous growth levels, indicating a rebound in supply conditions [3][25] - Major commodities like crude oil and electromechanical products saw improved import growth rates, with crude oil imports increasing by 8.4 pct to 8.1% [3][25][51] Future Outlook - The easing of supply disruptions, combined with ongoing improvements in external demand and China's competitive export advantages, is expected to support exports for the remainder of the year [4][30] - The potential for improved exports to the U.S. is bolstered by the easing of tariffs and the likelihood of inventory replenishment in the U.S. market [4][30] - Continued industrialization in emerging markets is anticipated to drive demand for imported production materials, further supporting China's export of intermediate and capital goods [4][30] Regular Tracking - In November, both exports and imports showed signs of recovery, with notable increases in consumer electronics and light industrial products [5][37] - Capital goods exports exhibited mixed results, with intermediate goods like auto parts and integrated circuits showing growth [5][40] - Exports to non-U.S. developed economies and emerging markets increased, while exports to the U.S. declined [5][47][48]

海关总署12月8日发布的最新数据显示，11月我国货物贸易进出口总值3.9万亿元，同比增速回升至 4.1%，比上月加快4个百分点，从2月起连续10个月保持同比增长。其中，出口2.35万亿元，同比增长 5.7%；进口1.55万亿元，同比增长1.7%。在外部环境复杂多变的背景下，我国外贸韧性进一步得到验 证。 从累计看，前11个月，我国货物贸易进出口总值41.21万亿元，同比增长3.6%，增速与前10个月持平。 其中，出口24.46万亿元，同比增长6.2%；进口16.75万亿元，同比增长0.2%。 上海财经大学商学院讲席教授、中国式现代化研究院首席专家鲍晓华在接受上海证券报记者采访时表 示，前11个月我国外贸总体仍延续"稳中有进、结构优化"的态势。未来的外贸发展短期虽有压力，但从 中长期看，我国制造业体系完备、市场空间广阔，只要政策保持连续性、针对性，我国外贸完全有条件 保持在合理区间运行。 从贸易伙伴看，新兴市场仍是稳外贸的关键支撑。前11个月，我国对第一大贸易伙伴东盟进出口总值 6.82万亿元，同比增长8.5%，占外贸总值的16.6%。同期，我国对共建"一带一路"国家合计进出口21.33 万亿元，同比增长6%。 ...

从繁华的黄浦江畔到静谧的江岛长兴，"园区行"活动足迹遍布黄浦、静安、徐汇、普陀、虹口、闵行、 金山、青浦、奉贤、崇明等十个上海市行政区，精准对接人工智能、集成电路、生物医药三大先导产业 及高端装备、生命健康等重点领域企业近400家，书写了上海金融业服务实体经济的新篇章。 全周期赋能：从青浦启幕到闵行收官的金融接力 金洽会"园区行"活动于9月29日正式启动，选择将首站定在青浦工业园区。青浦区委副书记、区长金晓 明，市委金融办常务副主任周小全，上海金融业联合会理事长、交通银行董事长任德奇亲临现场，为活 动定下"精准赋能、直达实体"的基调。 "金洽会不仅是上海金融业的年度盛会，更是上海金融业践行金融为民理念、连接产业、服务实体经济 的重要桥梁纽带。"任德奇的发言，让在场的生物医药企业代表倍感振奋。 作为青浦重点打造的五百亿级产业集群之首，生物医药产业的"融资之渴"尤为迫切。一家企业代表抛出 疑问："企业缺乏担保能力，有没有更可行的融资解决方案？"针对这一痛点，交通银行上海市分行科技 金融专家陈杰回应，不少生物医药企业仍处于亏损状态，银行如何更好地借助非财务因素去评估这些企 业，并给予授信支持，是其团队正在探索和实践 ...

另一方面，在高技术中间品领域，中国集成电路进口额达2.1万亿元，同比增长18%；芯片、航空航 天、汽车零部件等采购额均保持两位数增速，为韩国、日本、德国、美国等地的高端制造业提供了关键 需求与预期支撑。此外，随着"双碳"项目扎实推进，前三季度液化天然气、光伏组件制造设备、电池级 锂矿进口分别增长21%、34%、47%，来自挪威、智利、澳大利亚等国的企业切实分享了中国绿色转型 带来的市场红利。 当前，全球贸易保护主义思潮难以平息，一些西方国家屡屡展现自己在经贸事务上的双重标准。与西方 媒体的自我标榜形成鲜明对比的是，西方一些国家迭起波澜，不断加码贸易保护措施。荷兰政府以所 谓"国家安全"为名，运用行政手段直接干预商业并购，强行夺取安世半导体中国母公司闻泰科技在该国 子公司股权的行为，便是将经贸问题泛安全化、滥用国家力量破坏市场规则的典型案例。然而，经济全 球化本质是共赢的"正和之路"。妄自给中国贴上"以邻为壑"的标签，既罔顾事实，也与外国企业扎堆来 中国的选择相悖。今年以来，特斯拉上海超级工厂迎来第100万辆整车下线，苹果宣布追加在华研发投 资30亿元，空客天津第二条总装线正式开工……这些实实在在的项目，正是对 ...

Core Insights - The overall economic operation in China is stable and improving, with manufacturing playing a crucial role as a "ballast stone" for the economy, maintaining a tax revenue share of around 30% [2][3] - High-tech industries have shown significant growth, with sales revenue increasing by 14.7% year-on-year, particularly in the smart equipment manufacturing sector, which saw a 28.2% increase [2][3] Economic Dynamics - The manufacturing sector is experiencing high-quality development characterized by three main trends: accelerated high-end development, faster intelligent upgrades, and orderly green transformation [3] - Sales revenue in the equipment manufacturing sector grew by 8.3%, with notable increases in computer and communication equipment (12.3%) and instrumentation (10.3%) [3] - The digital economy's core industries also saw a 10% increase in sales revenue, indicating a strong integration of digital technologies [4] Consumer Market Trends - The "old-for-new" policy has stimulated consumer demand, with retail sales in mobile communication devices and home appliances increasing by 20.3% and 26.5%, respectively [5][6] - The tourism and cultural sectors have shown robust growth, with sales in cultural performances and film screenings rising by 15.6% and 19.1% [5][6] - The number of overseas travelers benefiting from tax refunds surged by 285%, with sales and refund amounts increasing by 98.8% [6][7] Tax and Regulatory Developments - The tax authority has improved cross-regional tax service reforms, facilitating easier handling of tax-related matters across regions, with a nearly fourfold increase in cross-regional tax business handled this year [8][9] - The implementation of the "Internet platform enterprises tax information reporting regulations" has led to over 7,000 platforms fulfilling their tax reporting obligations, resulting in a 12.7% increase in tax payments [9]

Core Insights - The overall economic operation in China is stable and improving, with manufacturing playing a crucial role as a "ballast stone" for the economy, maintaining a tax revenue share of around 30% [2][3] - High-tech industries have shown significant growth, with sales revenue increasing by 14.7% year-on-year, particularly in smart equipment manufacturing, which grew by 28.2% [2][3] Group 1: Manufacturing Sector Performance - High-tech industries are experiencing rapid growth, with high-tech service revenue up by 17.2% and high-tech manufacturing revenue up by 11.1% [4] - The manufacturing sector is undergoing a transformation with three key trends: acceleration in high-end development, increased automation investment (up 14.2%), and a shift towards greener practices [3][4] - Traditional industries are also enhancing their quality, with R&D investment from key tax source enterprises increasing by 12.3% [4] Group 2: Consumer Market Dynamics - Consumer demand is being stimulated by policies such as the trade-in program, with retail sales in mobile devices and home appliances growing by 20.3% and 26.5% respectively [5][6] - The tourism and cultural sectors are thriving, with sales in cultural performances and film screenings increasing by 15.6% and 19.1% [6] - The number of travelers benefiting from tax refunds has surged by 285%, with sales and refund amounts also seeing significant increases [6][7] Group 3: Taxation and Regulatory Improvements - The tax authority has streamlined cross-regional tax services, leading to a nearly fourfold increase in cross-regional tax business handled [8][9] - Over 7,000 domestic and foreign platforms are complying with tax information reporting obligations, resulting in a 12.7% increase in tax payments from platform operators [9] - The share of inter-provincial trade sales in total sales revenue has reached 41.1%, reflecting improved cross-regional economic activity [8]

上海财经大学商学院讲席教授、中国式现代化研究院首席专家鲍晓华在接受上海证券报记者采访时表 示，前11个月我国外贸总体仍延续"稳中有进、结构优化"的态势。未来的外贸发展短期虽有压力，但从 中长期看，我国制造业体系完备、市场空间广阔，只要政策保持连续性、针对性，我国外贸完全有条件 保持在合理区间运行。 从出口结构看，高技术、高附加值产品出口增长亮点突出。前11个月，我国出口机电产品14.89万亿 元，同比增长8.8%，占出口比重超六成。其中，集成电路1.29万亿元，同比增长25.6%；汽车8969.1亿 元，同比增长17.6%。"这体现出我国产业链、供应链体系的综合竞争优势持续增强。"鲍晓华分析称， 相比之下，传统劳密产品出口有所回落，出口结构"由量向质"升级特征更加清晰。 从外贸主体看，民营企业占比持续提升。海关总署新闻发言人、统计分析司司长吕大良介绍，今年以 来，民营企业主动识变、灵活应变，外贸活力持续释放。前11个月，民营企业进出口23.52万亿元，同 比增长7.1%，占外贸总值的57.1%，比去年同期提升1.8个百分点，有进出口记录的民营企业数量同比增 加6.6万家。11月民营企业进出口增速比上月加快3. ...

长三角百强企业2024年经济运行呈现稳中有进的态势。长三角百强经营业绩保持增长，营业收入总计超21万亿元，净利润总计超1万亿元，民营企业实 现"三个超过"——一是上榜长三角百强的民营企业数量首次超过半数，达到54家，比上年增加5家；二是民营企业营业收入达12.1万亿元，占比首次超过 总量一半，达到56.61%；三是上榜的民营企业主要运行指标增速明显高于长三角百强的平均值。其中，营业收入增长9.51%，比长三角百强增速高6.24个 百分点。净利润增长23.65%，比长三角百强增速高8.58个百分点。数据说明，长三角百强营业收入和净利润中民营企业作出了显著贡献。 三省一市企联、企业家协会共同发布了2025长三角企业100强、2025长三角制造业企业100强、2025长三角服务业企业100强、2025长三角民营企业100强、 2025长三角民营制造业企业100强、2025长三角民营服务业企业100强(分别简称：长三角百强、长三角制造业百强、长三角服务业百强、长三角民营百 强、长三角民营制造业百强、长三角民营服务业百强)排行榜和2025长三角百强企业发展报告、2025长三角民营百强企业发展报告。 2025长三角百强中 ...

12月8日晚，沐曦股份披露网上中签结果，中签号码共有19331个，每个中签号码只能认购500股沐曦股份A股 股票。中签结果如下： 二、回拨机制实施、发行结构及网上发行最终中签率 根据《沐曦集成电路(上海)股份有限公司首次公开发行股票并在科创板上 3 市发行公告》公布的回拨机制,由于启动回拨前网上发行初步有效申购倍数约为 4,498.38倍,超过100倍,发行人和保荐人(主承销商)决定启动回拨机制,对网 下发行、网上发行的规模进行调节,将扣除最终战略配售部分后本次公开发行股 票数量的10%(向上取整至500股的整数倍,即324.95万股)由网下回拨至网上。 回拨机制启动后,网下最终发行数量为2,282.9081万股,占扣除最终战略配 售部分后本次发行数量的70.26%,网上最终发行数量为966.55万股,占扣除最终 战略配售部分后本次发行数量的29.74%。回拨机制启动后,网上发行最终中签率 为0.03348913%。 | 末尾位数 | 中签号码 | | --- | --- | | 末"4"位数 | 6116, 1116, 8507 | | 末"5"位数 | 54574, 04574, 35184 | | 末" ...