Economic Overview - The national economy in October showed overall stability with a trend of steady progress, supported by strong leadership and effective implementation of policies [1] Industrial Production - In October, the industrial added value of large-scale enterprises increased by 4.9% year-on-year and 0.17% month-on-month, with mining, manufacturing, and electricity sectors showing growth rates of 4.5%, 4.9%, and 5.4% respectively [2] - The equipment manufacturing and high-tech manufacturing sectors performed well, with growth rates of 8.0% and 7.2%, exceeding the overall industrial growth by 3.1 and 2.3 percentage points [2] - From January to October, the industrial added value increased by 6.1%, while the profit of large-scale industrial enterprises reached 53,732 billion yuan, a year-on-year increase of 3.2% [2] Service Sector - The service sector production index grew by 4.6% year-on-year in October, with significant contributions from information transmission, software services, and financial services [3] - From January to October, the service sector production index increased by 5.7%, and the revenue of large-scale service enterprises rose by 7.6% [3] Retail Sales - In October, the total retail sales of consumer goods reached 46,291 billion yuan, a year-on-year increase of 2.9% [4] - Online retail sales amounted to 127,916 billion yuan, growing by 9.6% year-on-year, with physical goods online retail accounting for 25.2% of total retail sales [4] Fixed Asset Investment - From January to October, fixed asset investment (excluding rural households) was 408,914 billion yuan, a year-on-year decrease of 1.7% [5] - Manufacturing investment increased by 2.7%, while real estate development investment saw a significant decline of 14.7% [5] Trade and Exports - In October, the total value of goods imports and exports was 37,028 billion yuan, with exports decreasing by 0.8% and imports increasing by 1.4% [6] - From January to October, the total trade value grew by 3.6%, with general trade accounting for 63.4% of the total [6] Employment - The urban surveyed unemployment rate in October was 5.1%, showing a slight decrease from the previous month [7] - The average weekly working hours for employees were reported at 48.4 hours [7] Price Trends - In October, the Consumer Price Index (CPI) rose by 0.2% year-on-year, reversing a previous decline [8] - The Producer Price Index (PPI) for industrial producers decreased by 2.1% year-on-year, with a narrowing decline compared to the previous month [8] Conclusion - Overall, the national economy in October remained stable with ongoing transformation and growth of new drivers, although challenges from external uncertainties and domestic structural adjustments persist [9]

（2025年11月14日） 国家统计局 10月份，在以习近平同志为核心的党中央坚强领导下，各地区各部门认真贯彻落实党中央、国务院决策部署，坚持稳中求进工作总基调，加力稳就业、稳企 业、稳市场、稳预期，纵深推进全国统一大市场建设，积极畅通国内国际双循环，生产供给基本平稳，就业总体稳定，物价有所改善，新动能培育壮大，国 民经济保持总体平稳、稳中有进发展态势。 一、工业生产持续增长，装备制造业和高技术制造业增势较好 10月份，全国规模以上工业增加值同比增长4.9%，环比增长0.17%。分三大门类看，采矿业增加值同比增长4.5%，制造业增长4.9%，电力、热力、燃气及水 生产和供应业增长5.4%。装备制造业增加值同比增长8.0%，高技术制造业增加值增长7.2%，分别快于全部规模以上工业增加值3.1和2.3个百分点。分经济类 型看，国有控股企业增加值同比增长6.7%；股份制企业增长5.2%，外商及港澳台投资企业增长4.0%；私营企业增长2.1%。分产品看，3D打印设备、新能源 汽车、工业机器人产品产量同比分别增长30.8%、19.3%、17.9%。1-10月份，全国规模以上工业增加值同比增长6.1%。10月份，制造业采 ...

Core Viewpoint - The construction quality and systematic level of pilot test platforms directly determine whether technological achievements can successfully cross the "valley of death" in China’s manufacturing sector [1][4] Group 1: Importance of Pilot Test Platforms - Pilot test platforms serve as a crucial "intermediate station" for transforming scientific innovations from laboratories to production lines [1][2] - The Ministry of Industry and Information Technology has issued a notice to systematically promote the construction and development of pilot test platforms, addressing the pain points in the last mile of technology transfer [1][4] Group 2: Construction Strategy - It is essential to clarify the functions and objectives of pilot test platforms to avoid redundant construction and internal competition [2] - Key industries identified for focused development of pilot test platforms include raw materials, equipment manufacturing, consumer goods, information technology, emerging industries, and common needs [2] Group 3: Stakeholder Roles - Various stakeholders such as government, universities, and enterprises should collaborate in building pilot test platforms, leveraging their respective advantages [2] - Government should lead investments in areas requiring strategic planning and policy resources, while universities focus on common technology breakthroughs, and enterprises align with market demands [2] Group 4: Operational Mechanisms - The construction of pilot test platforms requires support in terms of funding, land, and talent, necessitating the establishment of a multi-faceted support mechanism [3] - The approach should be tailored to local conditions, ensuring that platforms complement each other and avoid unnecessary competition [3] Group 5: Future Development - The strategy of "strengthening, activating, and filling gaps" in pilot test platforms aims to cultivate high-level platforms based on their strategic positioning and capabilities [3] - There is a need to address gaps in pilot test platforms in critical fields such as artificial intelligence and quantum technology to enhance industrial safety and future development [3]

Core Insights - The construction quality and systematic level of pilot test platforms directly determine whether technological achievements can successfully cross the "valley of death" [1] - The Ministry of Industry and Information Technology has issued a notice to systematically promote the construction and development of pilot test platforms, addressing the pain points of technology achievement transformation [1][4] - Current issues with pilot test platforms include dispersed functional positioning, weak technical capabilities, low service levels, and imbalanced regional layouts, which hinder the improvement of transformation efficiency [1] Group 1: Construction Focus - It is essential to clarify the functions of pilot test platforms to avoid repeated construction and internal competition [2] - The primary function of pilot test platforms is to transform samples into products, requiring various validation services [2] - Key industries identified for focused construction of pilot test platforms include raw materials, equipment manufacturing, consumer goods, information technology, emerging industries, and common needs [2] Group 2: Stakeholder Roles - Various stakeholders, including government, universities, and enterprises, play crucial roles in building pilot test platforms, each with distinct advantages [2] - The government is suited for strategic planning and investment in areas requiring significant intervention, while universities focus on innovation and common technology breakthroughs [2] - Enterprises can invest in pilot test platforms that align closely with their market needs, facilitating rapid value transformation [2] Group 3: Construction Mechanisms - The construction of pilot test platforms requires support in terms of funding, land, and talent, necessitating a multi-faceted investment and operational mechanism [3] - Platforms should be developed based on industrial regulations and local resources to promote mutual support and prevent internal competition [3] - The strategy of "strengthening, activating, and supplementing" pilot test platforms aims to cultivate high-level platforms based on their strategic positioning and capabilities [3] Group 4: Overall Impact - Accelerating the systematic layout and high-level construction of pilot test platforms is crucial for unblocking technology achievement transformation and linking innovation with industry [4] - Enhancing pilot test platforms will synchronize the innovation chain, technology chain, and industrial chain, driving more technological achievements to market [4]

中共二十届四中全会擘画中国未来五年发展蓝图，提出"十五五"时期中国经济社会发展的主要目标，包 括高质量发展取得显著成效、科技自立自强水平大幅提高等。接受本报记者采访的国际人士认为，在各 种风险挑战交织背景下，中国的发展成绩单来之不易，中国经济展现巨大韧性、活力、潜力，为世界经 济注入确定性与稳定性，相信中国将以更加开放包容的姿态引领全球合作、开创共同繁荣的未来。 "中国完全有能力实现2025年全年经济增长预期目标" 今年前三季度，中国国内生产总值同比增长5.2%，经济运行保持总体平稳、稳中有进发展态势，体现 了超大规模经济体的超强韧性。5.2%的经济增长水平在主要经济体中名列前茅，表明中国始终是全球 经济增长最稳定、最可靠的动力源。中国经济"稳"的格局、"进"的势头、"韧"的特性没有改变。 古巴哈瓦那大学国际经济研究中心资深研究员路易斯·费尔南德斯表示，在当前地缘政治紧张、全球经 济动荡的背景下，这一成绩的取得尤为难能可贵。中国经济的稳定增长对世界经济具有重要意义，将极 大地惠及与中国开展合作的国家。 阿根廷阿中研究中心主任帕特里西奥·朱斯托表示，前三季度，中国全国规模以上工业增加值同比增长 6.2%，工业生 ...

Core Viewpoint - The company, Lian De Equipment (300545), announced on November 10 that the number of its shareholders will be disclosed in the upcoming periodic report [1] Group 1 - The company is actively engaging with investors through an interactive platform [1] - The disclosure of shareholder numbers indicates transparency and commitment to investor relations [1] - The periodic report will provide important insights into the company's shareholder structure [1]

Group 1: Macroeconomic Overview - The macroeconomic environment is characterized by a "slight decline" and "continuous improvement" interwoven, with manufacturing PMI and export growth showing slight decreases in October 2025 compared to the previous month [1][11] - The overall economic situation is improving compared to last year, with state-owned enterprises and listed companies showing signs of better performance, while support for small and medium-sized enterprises (SMEs) needs to be enhanced [1][16] - The production index and new orders index for October were 49.7% and 48.8%, respectively, indicating a slight decline, but large enterprises continue to show expansion with indices above 50 [3][12] Group 2: Industry Development and Policy Support - High-tech manufacturing, equipment manufacturing, and consumer goods industries are crucial for maintaining the overall prosperity of the manufacturing sector, with a focus on supporting SMEs towards "specialized, refined, and innovative" development [4][18] - New application scenarios are expected to emerge in fields such as digital economy, artificial intelligence, clean energy, and biotechnology, providing growth opportunities for related companies [4][18] - The government emphasizes the need for a complete industrial chain in technology innovation and application to enhance the "R&D-application-manufacturing" capabilities across industries [21][22] Group 3: Investment Strategy - Investment focus should be on economically strong provinces with good debt management, such as Guangdong, Jiangsu, and Zhejiang, with a recommended duration of 5 years [5][23] - Areas with significant debt resolution policies or funding support should be considered for shorter durations of 3-5 years, including Chongqing and Tianjin [5][25] - Attention should also be given to cities with strong industrial foundations and financial support, particularly those with important industrial chain positions [5][26]

Group 1: Economic Overview - The overall economic operation in China remains stable during the "14th Five-Year Plan" period, with a solid and steady advancement in high-quality development, showcasing strong resilience and vitality in multiple macro indicators [1][2] - The GDP growth for the first three quarters of 2025 is reported at 5.2% year-on-year, laying a strong foundation for achieving the annual target [1] - New economic drivers, particularly in equipment manufacturing and high-tech manufacturing, have shown robust growth, with significant increases in the production of smart products and green equipment [1] Group 2: Policy Impact - Demand-stimulating policies have effectively driven retail sales growth and facilitated large-scale equipment upgrades, creating a virtuous cycle of policy stimulation leading to increased demand, production growth, and subsequent investment [2] - The A-share market has seen a notable increase in trading volume and investor confidence since the introduction of a comprehensive set of measures on September 24 of the previous year [2] Group 3: Recommendations for the "15th Five-Year Plan" - The recommendations emphasize the importance of coordinated fiscal and monetary policies, enhancing the roles of various policies to promote an economy driven by domestic demand and consumption [2][3] - The focus on smart, green, and integrated development in the real economy aims to maintain a reasonable proportion of manufacturing and build a modern industrial system centered on advanced manufacturing [3] - Regional development strategies are highlighted to enhance the quality of development in key areas such as Beijing-Tianjin-Hebei, the Yangtze River Delta, and the Guangdong-Hong Kong-Macau Greater Bay Area [3]

Group 1 - The conference highlighted the strong resilience and vitality of China's economy during the "14th Five-Year Plan" period, with GDP growth of 5.2% year-on-year in the first three quarters of 2025, laying a solid foundation for achieving annual targets [1] - New economic drivers, particularly in equipment manufacturing and high-tech manufacturing, have shown robust growth, with significant increases in the production of smart products and green equipment [1][2] - Demand stimulation policies have effectively promoted retail sales and large-scale equipment upgrades, creating a virtuous cycle of policy stimulus leading to increased demand, production growth, and subsequent investment [2] Group 2 - The capital market has been positively impacted, with a notable increase in A-share market trading volume and investor confidence since the introduction of a comprehensive set of measures in September of the previous year [2] - Recommendations for the "15th Five-Year Plan" emphasize a focus on economic construction and high-quality development, highlighting the importance of people-centered principles and the spirit of reform and innovation [2] - In terms of macro policies, there is a call for enhanced coordination between fiscal and monetary policies, promoting an economic development model driven by domestic demand and consumption [2][3] Group 3 - The emphasis on the real economy includes a commitment to intelligent, green, and integrated development, aiming to maintain a reasonable proportion of manufacturing and build a modern industrial system centered on advanced manufacturing [3] - Regional development strategies are to be leveraged to enhance the quality of development in key areas such as Beijing-Tianjin-Hebei, the Yangtze River Delta, and the Guangdong-Hong Kong-Macao Greater Bay Area [3] - The green transition is guided by carbon peak and carbon neutrality goals, promoting a collaborative approach to reducing carbon emissions, pollution, and enhancing green growth [3]

Core Viewpoint - The report analyzes the contribution of overseas profits to the A-share market, particularly focusing on the equipment manufacturing sector, which has shown significant growth driven by overseas operations [2][4]. Group 1: Volume - Observation of Overseas Gross Profit Ratio - In 2024, the proportion of gross profit from overseas for manufacturing listed companies is estimated to be 23.7%, slightly higher than the overseas revenue proportion of 22.3% [5][12]. - The equipment manufacturing sector has an even higher overseas gross profit ratio, projected to reach 31.2% in 2024 [5][12]. Group 2: Contribution - Contribution of Overseas Gross Profit Growth in the First Half of the Year - In the first half of the year, the revenue growth for the equipment manufacturing sector was 10.0%, with 3.3% coming from overseas [6][15]. - The gross profit growth for the equipment manufacturing sector was 5.4%, with 4.0% attributed to overseas contributions, indicating a strong reliance on international markets [6][16]. Group 3: Profit - Observation of Growth Rate in the First Three Quarters - The net profit growth rate for all A-share non-financial companies in the first three quarters was 1.7%, a significant improvement from -12.9% for the previous year [7][20]. - The equipment manufacturing sector experienced the highest growth rate at 18.6% in the first three quarters, compared to -14.2% for the previous year, suggesting a strong correlation with overseas performance [7][20]. Group 4: Market Value - Observation of Growth in the First Three Quarters - As of the end of September, the total market value of all A-share non-financial companies was 96.9 trillion, up from 76.8 trillion at the end of the previous year [8][23]. - The manufacturing sector contributed 85% to the market value growth, with the equipment manufacturing sector alone accounting for 70.3% of this increase [8][23].