Core Insights - China's industrial sector continues to show resilience and improvement despite challenging external conditions and insufficient domestic demand, with industrial profits increasing by 0.9% year-on-year from January to August [1][3]. Industrial Performance - From January to August, the total profit of large-scale industrial enterprises reached 46,929.7 billion yuan, marking a 0.9% increase year-on-year, while operating revenue grew by 2.3% to 89.62 trillion yuan [3]. - In August alone, profits for large-scale industrial enterprises surged by 20.4%, reversing a decline observed in July [5]. Sector Analysis - The equipment manufacturing sector has played a crucial role, with profits increasing by 7.2% from January to August, particularly in the railway, shipbuilding, aerospace, and electrical machinery industries [5]. - High-tech manufacturing is driving significant growth, with Hubei province's industrial added value rising by 7.8% year-on-year, and high-tech manufacturing contributing a 14.2% increase [8]. Technological Innovation - Companies are leveraging advanced technologies such as AI and IoT to enhance production efficiency, with one icebox manufacturer reporting a 20% increase in production efficiency and a 15% reduction in product quality loss [8]. - The automotive industry in Hubei is rapidly advancing, with significant breakthroughs in core technologies, including the development of a new generation of hybrid engines with leading thermal efficiency [10]. Policy and Collaboration - The Ministry of Industry and Information Technology emphasizes the importance of deepening cooperation in the automotive sector, supporting collaboration in capital, technology, management, and talent [13]. - The government has lifted foreign ownership restrictions in the new energy vehicle sector, encouraging foreign companies to operate in China and collaborate with domestic firms [17].

Core Insights - Heilongjiang Province's industrial technology transformation investment increased by 47.4% year-on-year from January to August 2023, surpassing the national growth rate by 45.4 percentage points [1] Group 1: Industrial Growth - The equipment industry in Heilongjiang experienced a year-on-year growth of 14.7%, exceeding the national average by 5 percentage points [1] - Manufacturing investment in the province grew by 12.4% year-on-year, which is 7.3 percentage points higher than the national average [1] - High-tech manufacturing investment maintained strong momentum, with a year-on-year increase of 39.8% [1] Group 2: Future Plans - Heilongjiang Province aims to continue focusing on promoting new industrialization and cultivating new productive forces [1] - The province plans to intensify efforts in the fourth quarter to ensure the successful completion of annual industrial revitalization and development goals [1]

Core Insights - Jinan's industrial production has shown stability in the first eight months of the year, with a year-on-year increase of 8.1% in industrial added value, outperforming both national and provincial averages by 1.9 and 0.3 percentage points respectively, ranking second among the sixteen cities in the province [1] Group 1: Key Drivers - The manufacturing sector in Jinan has continued to lead, with a year-on-year increase of 8.4% in added value, contributing 7.1 percentage points to the overall industrial growth [3] - The equipment manufacturing industry saw a significant year-on-year increase of 21.3%, exceeding the growth rates of the overall industrial and manufacturing sectors by 13.2 and 12.9 percentage points respectively, contributing 9.6 percentage points to the industrial growth [3] - High-tech manufacturing also performed well, with a year-on-year increase of 21.1%, contributing 4.2 percentage points to the overall industrial growth [3] Group 2: Industry Performance - 51.2% of the major industrial categories in Jinan experienced year-on-year growth in added value [3] - Notable growth was observed in the computer, communication, and other electronic equipment manufacturing sectors, which increased by 63.3%, and the automotive manufacturing sector, which grew by 27.6%, together contributing 8.3 percentage points to the overall industrial growth [3] - The black metal smelting and rolling processing industry experienced a year-on-year decline of 9.6%, although the decline was narrower by 2.0 percentage points compared to the previous month [3] Group 3: Production and Sales Coordination - The industrial sales rate in Jinan reached 98.5%, ranking first among the sixteen cities in the province, exceeding the provincial average by 3.6 percentage points and improving by 1.0 percentage point compared to the same period last year [3] - Key products showed varied performance, with generator set production increasing by 21.3%, metal cutting machine tool production rising by 12.1%, and server production growing by 12.6%, while crude steel and steel product outputs declined by 9.5% and 12.7% respectively [3]

长江期货 | 鄂证监期货字[2014]1 号 研究咨询部 金融组 | 彭博 Z0021839 F3080600 年 月 日国新会点评：政策定调明朗，股指震荡上行可期 一、发布会核心要点：从"成就总结"到"改革深化"的政策信号 年 月 日，国务院新闻办公室举行"高质量完成'十四五'规划"新闻发布会， 中国人民银行行长潘功胜、金融监管总局局长李云泽、中国证监会主席吴清等金融监管部门主 要负责人出席。本次会议与去年 月 日"增量政策密集出台"的发布会风格迥异，更侧重 于"总结成效、稳定预期、明确方向"，传递出三大核心信号。 （一）资本市场"量稳质升"的五年答卷：制度根基与市场活力的双重夯实 吴清主席用"极不寻常的五年"总结资本市场发展，重点强调了五大成就： 制度体系成熟化：以新证券法为核心，期货和衍生品法、私募基金监管条例等历经多年打 磨的法规相继落地，新"国九条"及 余项配套规则重构基础制度，法治化"四梁八柱"成 型，为资本市场的规范运行提供了坚实的法律保障。 投融资功能协调：近五年股债融资合计 57.5 万亿元，直接融资比重提升至 31.6%；科技 企业成上市主力，新上市企业九成以上为科技或高技术企业，A 股科 ...

Economic Overview - Jinan's economy showed overall stability in the first eight months of 2023, with a focus on implementing national macro policies effectively [1] - The city's industrial production increased significantly, with a year-on-year growth of 8.1% in the value added of above-scale industries [1] Industrial Performance - The six key industries in Jinan experienced a combined value added growth of 13.0%, surpassing the overall industrial growth by 4.9 percentage points [1] - The computer, communication, and other electronic equipment manufacturing sectors saw remarkable growth, with increases of 63.3% and 27.6% in the automotive manufacturing sector [1] - The equipment manufacturing industry maintained a strong growth rate of 21.3%, contributing 9.6 percentage points to the overall industrial growth [1] - High-tech manufacturing also performed well, with a year-on-year growth of 21.1%, contributing 4.2 percentage points to the overall industrial growth [1] Service Sector - The service sector showed steady growth, with above-scale service industry revenues reaching 275.54 billion yuan, a year-on-year increase of 6.0% [2] - Among the ten major service sectors, eight reported revenue growth, with transportation, storage, and postal services generating 115.58 billion yuan, up 5.2% [2] - The leasing and business services sector achieved a revenue of 45.68 billion yuan, growing by 15.9% [2] - Private enterprises in the above-scale service sector generated 109.12 billion yuan, accounting for 39.6% of the total service revenue, with an 8.8% growth rate [2] Retail and Consumption - Retail sales in Jinan showed a stable growth, with a total retail sales of consumer goods reaching 131.92 billion yuan, a year-on-year increase of 2.1% [3] - Basic living goods performed well, with food and oil retail sales increasing by 5.8% and daily necessities by 8.4% [3] - Online consumption remained active, with retail sales through public networks reaching 35.26 billion yuan, growing by 21.2% [3] - The "trade-in" policy positively impacted sales, with significant growth in communication equipment (34.7%), cultural and office supplies (32.5%), and new energy vehicles (12.8%) [3] Financial and Trade Performance - Financial institutions in Jinan reported a total deposit balance of 3.19063 trillion yuan, a growth of 6.9% year-to-date [4] - The total loan balance reached 3.42752 trillion yuan, increasing by 10.2% since the beginning of the year [4] - Jinan's foreign trade saw rapid growth, with total imports and exports reaching 178.03 billion yuan, a year-on-year increase of 26.2% [4] - Exports amounted to 118.16 billion yuan (up 21.7%), while imports were 59.87 billion yuan (up 36.3%) [4] - Private enterprises accounted for 59.5% of the total trade, with a total of 105.92 billion yuan in imports and exports, growing by 17.5% [4] Price Trends - The Consumer Price Index (CPI) in Jinan increased by 0.2% cumulatively in the first eight months, with a year-on-year decrease of 0.8% in August [5] - Prices of eight major categories of goods and services showed a "five up, three down" trend, with healthcare and living services rising by 0.3%, clothing by 1.6%, and education and entertainment by 5.8% [5] - Conversely, housing prices decreased by 0.6%, food and tobacco prices fell by 1.7%, and transportation and communication prices dropped by 2.9% [5]

关注、加星，第一时间接收推送！ 文 |申万宏源·宏观团队 联系人| 浦聚颖 9 . 1 3 - 9 . 1 9 周度研究成果 2 0 2 5 申 万 宏 源 宏 观 研 究 团 队 电话会议 1、 "周见系列" 第49期："降息交易"的反转 2、"洞见系列" 目录 热点思考 1、 热点思考 | 新动能的"新变化 " 2、 热点思考 | 金价，新高之后的"隐忧" 3、 热点思考 | 财政"下半场"，可能的"后手"？ 高频跟踪 第93期: 《金价，新高之后的"隐忧" 》 第94期: 《财政"下半场"，可能的"后手"》 3、"速见系列" 第5期： 《9月FOMC例会：解读与展望》 热点思考 1 热点思考 | 新动能的"新变化" 点击看全文 热点思考 2025.9.16 高技术制造业延续高景气下，经济新动能跑出"加速度"。新动能有何"新变化"，潜在影响几何？ 1、 数据点评 | "存款搬家"提速 2、 数据点评 | "反内卷"影响开始显现 3、 数据点评 | 财政支出趋弱，关注加码可能 4、 国内高频 | 一线城市新房成交改善 5、 海外高频 | 市场消化年内三次降息预期，贵金属价格持续上涨 6、 政策高频 | 金砖 ...

消费市场稳步回暖，升级态势持续显现。8月全省社会消费品零售总额同比增长1.7%，较上月加快1.1个 百分点；1—8月累计同比增长4.1%。升级改善类商品表现亮眼，8月限上智能手机、计算机零售额同比 分别增长31.5%、19%，较上月分别加快13.6个、14.9个百分点，合计拉动当月限上零售额增长0.7个百 分点。 投资结构持续优化，设备投资占比提升。1—8月，全省设备工器具购置投资同比增长4.1%，占全部投 资比重达19.3%，较1—7月提高0.5个百分点，反映出经营主体扩大生产、升级装备的积极信号。 本报讯(记者李晞)9月19日，省统计局发布我省前8个月经济运行情况。整体来看，全省上下着力稳就 业、稳企业、稳市场、稳预期，推动存量政策落地与增量政策加力并举，经济运行呈现总体平稳、稳中 有进的良好态势。 工业经济韧性凸显，新兴动能引领增长。1—8月全省规模以上工业增加值同比增长6.8%。8月当月，规 上工业增加值同比增长4.6%，全省列统的40个大类行业中，26个行业增加值实现同比增长，增长面达 65%。先进制造业发挥强劲引领作用，高技术制造业以10.7%的增速领跑，数字核心产品制造业增长 9.9%，医药制造 ...

Economic Overview - The overall economic operation of the province remains stable in the first eight months of the year, with a year-on-year industrial added value growth of 3.5% [1] - High-tech manufacturing industry added value increased by 6.4% [1] Industrial Performance - Mining industry added value grew by 10.1%, manufacturing by 2.9%, and electricity, heat, gas, and water production and supply by 0.1% [1] - Among 40 major industrial categories, 23 experienced year-on-year growth, resulting in a growth coverage of 57.5% [1] - Notable product performance includes transformer production up by 63%, chemical reagents by 35.9%, civil steel ships by 32.1%, and new energy vehicles by 19.7% [1] Investment Trends - Fixed asset investment in the manufacturing sector grew rapidly, with a year-on-year increase of 14.3%, and high-tech manufacturing investment up by 16.7% [1] - Investment in the primary industry increased by 20.4%, while the secondary industry saw a growth of 4.1% [1] - Investment in construction projects exceeding one billion yuan grew by 2.8% [1] Consumer Market - The total retail sales of social consumer goods reached 687.48 billion yuan, with a year-on-year growth of 4.6% [2] - Basic living goods sales showed stable growth, with food and oil retail sales up by 16% and daily necessities by 11.4% [2] - Upgraded consumer goods saw significant sales growth, including smartphones up by 120%, wearable smart devices by 77.8%, and energy-efficient home appliances by 44.7% [2] Trade Performance - The total import and export value reached 501.94 billion yuan, with a slight year-on-year increase of 0.1% [2] - Exports totaled 267.67 billion yuan, growing by 11.6%, with notable increases in agricultural products by 9.6% and steel by 5.7% [2] - Electrical equipment exports increased by 14.6%, while ship exports rose by 23.1% [2] Price Trends - Consumer prices decreased by 0.2% year-on-year, while industrial producer prices fell by 4.8% [2] - The purchase prices for industrial producers declined by 5.2% [2]

Group 1: Technology and Innovation - China's technological innovation and industrial integration have accelerated, with the value added of high-tech manufacturing increasing by 42% compared to the end of the 13th Five-Year Plan [2] - The "Three New" economy's contribution to GDP reached 18%, and the number of high-tech enterprises exceeded 500,000, marking an 83% increase since 2020 [2] - The government aims to enhance the innovation environment and capabilities during the 14th Five-Year Plan period, focusing on the integration of education, technology, and talent development [2] Group 2: Market and Economic Policies - The Ministry of Commerce expressed hope that the European side would not weaponize tariffs and would work towards eliminating market barriers to foster fair competition [2] - The 138th Canton Fair introduced measures to support enterprises, including a 50% reduction in booth fees and free services for over 31,000 participating export companies [2] - The Beijing Housing Provident Fund Management Center announced adjustments to the contribution base for the 2025 housing provident fund, with the upper limit set at 35,811 yuan and the lower limit at 2,540 yuan [2] Group 3: Company Announcements - Tianpu Co., Ltd. has experienced significant stock price fluctuations, prompting the Shanghai Stock Exchange to issue warnings to investors regarding potential risks [2][7] - Ganfeng Lithium stated its ongoing development in the power battery sector, with solid-state batteries being tested in certain vehicle models and applications in well-known drone and eVTOL companies [2]

"这五年，科技创新能力稳步提升，科技强国根基不断夯实。"阴和俊说，我国科技投入持续增加，2024 年全社会研发投入超3.6万亿元，较2020年增长48%；基础研究经费达2497亿元，较2020年增长超过 70%，在量子科技、生命科学、物质科学、空间科学等领域取得一批重大原创性成果；国家实验室体系 建设稳步推进，国家科研机构、高水平研究型大学科研能力不断提升，科技领军企业加快培育成长；北 京、上海、粤港澳大湾区国际科创中心支撑引领和辐射带动作用不断增强，深圳-香港-广州跃居全球百 强创新集群榜首；国家综合创新能力排名由2020年的第14位提升至2024年的第10位。 中央纪委国家监委网站 左翰嫡 9月18日，国务院新闻办公室举行新闻发布会，介绍"十四五"时期科技创新发展成就。科技部部长阴和 俊介绍，"十四五"期间，科技创新和产业创新加速融合，新质生产力蓬勃发展，规模以上高技术制造业 增加值较"十三五"末增长42%，"三新"（新产业、新业态、新商业）经济增加值占GDP的比重达18%， 人工智能、生物科技等前沿领域正在形成新的经济增长点，高新技术企业超过50万家，较2020年增加 83%。 部长龙腾举例说，在天更蓝 ...