国信证券指出，必选消费行业估值性价比占优，食品饮料和农林牧渔的三年/五年四项估值分位均值仅 为15.13%/9.09%和12.67%/9.24%，估值修复潜力仍在。以汽车、机械设备为代表的中游材料&制造行 业，以及以银行为代表的大金融板块，估值已处于历史高位，在缩量博弈和结构性调整行情下，上行空 间有限。 注：指数/基金短期涨跌幅及历史表现仅供分析参考，不预示未来表现。市场观点随市场环境变化而变 动，不构成任何投资建议或承诺。文中提及指数仅供参考，不构成任何投资建议，也不构成对基金业绩 的预测和保证。如需购买相关基金产品，请选择与风险等级相匹配的产品。基金有风险，投资需谨慎。 需关注部分板块短期估值快速抬升，纺织服饰和美容护理当前一年期四项估值分位均值均超过92%，估 值性价比优势明显收敛。本周一级行业多数收跌，TMT和大金融领跌，计算机、通信、电子和非银金 融跌幅较大。新兴产业整体收跌，数字经济跌幅居前，云计算和IDC分别下跌3.63%和3.5%；高端装备 制造也全线走弱，工业母机和集成电路分别下跌3.87%和2.25%。 （文章来源：每日经济新闻） 上证综指ETF（510760）跟踪的是上证指数（0000 ...

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]

五轴机床市场空间广阔。 本文为IPO早知道原创 作者｜ Stone Jin 微信公众号｜ipozaozhidao 据 IPO早知道消息， 上海拓璞数控科技股份有限公司（以下简称 "拓璞数控"） 于 2025年5月26 日正式向港交所递交招股说明书，拟主板挂牌上市， 国泰君安国际 和 建银国际 担任联席保荐人 。 这意味着， 拓璞数控 或将成为 港股 "高端工业母机第一股"。 成立于 2007年的 拓璞数控 作为 一家专注于高端智能制造装备 的 研发、设计、生产 与 销售企业 ， 专注于研发五轴数控机床，以满足中国航空航天领域对先进制造的需求。 此外， 拓璞数控 现已 成功将市场版图拓展至通用行业领域，涵盖汽车、能源、医疗设备、造船、机床设备以及模具制造等 行业。 根据灼识 咨询的 报告， 2024年 拓璞数控在中国航空航天五轴数控机床市场排名首位，市场份额 为 11.6%，而在中国五轴数控机床市场的所有供应商中排名第五且在国内供应商中排名第三，市场 份额 为 4.3%。 这里不妨补充一点， 五轴数控机床 是 基础工业制造设备，由于其超高精密度、效率及智能加工能 力，跨行业的应用日益广泛。根据灼识 咨询的 报告 ...

近日，全省科技创新和产业创新深度融合推进制造业高质量发展大会召开，"浙江制造天工鼎"夺鼎 结果揭晓。杭州市和滨江区、钱塘区、萧山区、临平区成功夺鼎。值得一提的是，杭州市以及滨江区、 钱塘区、萧山区已经连续3年获得该荣誉，由此获颁全省首批"浙江制造天工鼎"金鼎。 "浙江制造天工鼎"作为浙江省制造业领域最高荣誉，是浙江为了引导和激励各地加快制造业高质量 发展专门设立的。该奖项的评定，需要考虑产业结构、创新发展、企业主体培育、招大引强等多个综合 指标。 在产业集群建设上，杭州近年来取得了新突破。杭州视觉智能（数字安防）产业集群、浙东工业母 机、环杭州湾现代纺织服装、长三角（含江西）大飞机等4个集群入选国家级先进制造业产业集群。萧 山区汽车智能底盘产业集群入选2024年度国家中小企业特色产业集群，实现"零的突破"。聚焦省级产业 集群，2024年新入选省级"415X"先进制造业集群核心区3个、协同区1个，累计总数达25个、居全省第 一。 锚定新型工业化目标，杭州全力推动产业结构向优、创新活力更足：一方面，纵深推进制造业"智 改数转"，全市6928家规上工业企业实现数字化改造1.0全覆盖，13个案例入选工信部人工智能赋能 ...

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]

■贾丽 其二，从技术应用向生态培育转变。 从产业链企业的角度出发，要创新场景，发展转型升级新生态。建议各地建设区域性AI应用场景创新中心，可以开放智慧 矿山、数字工厂等示范场景；建立"场景清单+技术攻关"对接机制，推动AI企业与传统企业深度连接；完善场景应用收益分享 机制，形成可持续的商业模式。 其三，从被动改造向主动创新转变。 培育"数字新工匠"，积蓄持续发展新势能。例如，在沈阳鼓风机集团，"老师傅+AI"的传承模式让百年工艺焕发新生。建 议各地系统采集老工匠的技术经验，建立"数字工匠"培养体系，培育既懂传统工艺又掌握AI技术的复合人才；创建行业知识共 享平台，搭建工艺知识图谱库。 站在新一轮科技革命和产业变革的关键时期，这些跃动在智能车间的数据流、穿行在数字矿山的机器人、翱翔在智慧空域 的无人机群，正在奏响老工业基地振兴的强音。这场产业变革，不在于抛弃传统的"根脉"，而在于用创新"活水"浇灌出新的生 机，如此方能激发出持久而强劲的新质生产力发展动能。 在东北广袤的黑土地上，沈阳这座老工业城市正以数智化重塑筋骨，一条从"钢带"到"智带"的突围之路逐渐清晰。这不仅 是东北振兴的微观样本，也折射出传统产业"老树 ...

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]

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 ...

投资摘要： 2024 年机械板块涨幅落后，2025 年以来涨幅居前。2024 年全年申万机械设备指数上涨 5.04%，相较于其他行业涨幅排名 靠后，跑输上证指数 7.63 个百分点，跑输深证成指 4.3 个百分点。2025 年初至今，申万机械设备一级行业指数涨幅 10.44%， 相较于其他行业排名居首，跑赢上证指数 10.43 个百分点，跑赢深证成指 12.52 个百分点。从利润端来看，2025 年一季度机 械行业扣非归母净利润 274.96 亿元，同比下滑 30.03%，绝对值和同比增速均创 2021Q1 以来新高。 机械行业：2025 年中期策略——盈利能力 持续改善，关注新质生产力 通用机械建议关注工程机械和压缩机。2025 年 4 月 PMI 同比下降 2.78%，制造业景气度回落。2025 年 1-3 月固定资产投资 （不含农户）累计增长 4.2%。后续随着逆周期持续发力，更加积极的财政政策有望提振通用机械景气度，建议关注工程机 械和压缩机。政府工作报告提出实施更加积极的财政政策，今年拟发行超长期特别国债 1.3 万亿元，比上年增加 3000 亿元； 加快实施一批重点项目，推动"十四五"规划重大工程 ...