近年来，云南省嵩明县聚焦产城融合示范区、现代制造业基地发展定位，以产业带动人口集聚和服务业发 展，持续完善城市功能，推动"产、城、人"深度融合、协同发展。 作为嵩明县经济发展的主阵地，杨林经济技术开发区聚焦装备制造业，通过"龙头引领+集群培育"，吸引了一 批龙头企业落地。截至今年10月，园区规模以上工业企业数量达140家，为产城融合夯实了产业基础，也提供 了大量就近就业岗位。 记者来到云南云内动力机械制造有限公司生产车间，一批大学生正在技术人员指导下进行实训。3年来，该公 司与嵩明县10余所院校密切合作，在智能制造、机械、车辆工程等专业，开展认知、生产、毕业实习以及教 师实践等项目。公司副总经理李静文说，通过深化产教融合发展，校企合作已从提供实习岗位拓展至协同育 人、师资共建等领域，既提升了学生的实践能力和综合素养，也推动了与相关院校在专业建设、课程开发、 技术研发等方面的工作。 截至目前，嵩明职教新城已有13所院校、16.2万名在校学生。为充分发挥产教融合优势，当地鼓励园区企业 搭建人才供需信息平台，建设实训基地，校企共建产业学院，探索"园区+职教"融合模式。当下，已建成40余 个产教融合实习实训和职业技能 ...

《每日经济新闻》记者从成都产投集团获悉，"产投28计划"首场路演活动评审结果于今日（12月4日） 正式揭晓。8家企业获评A类项目，拿到"直通卡"，获得成都科创投发出的"投资意向函"；23家项目获评 B类项目，将获得一对一跟进的机会。 11月28日，成都产投集团打造的"产投28计划"首场路演活动在成都举行。这是该计划自10月底正式发布 后举办的首场路演活动，吸引了40家来自北京、上海、杭州、重庆和成都本地的科创企业参与。在全天 的平行路演中，路演企业按照电子信息、新能源新材料、健康产业、装备制造四大核心赛道分组登场， 与由国内头部创投机构、券商和成都科创投联合组成的专家评审团展开了一场高密度的精准对接。 根据此前发布的路演规则，专家评审团依据投资范围符合性、赛道投资价值、技术竞争力、市场竞争力 和财务竞争力五个维度对项目进行量化打分。根据得分情况，项目被分为三类：A类项目将直接启动投 资流程并获取"投资意向函"；B类项目将获得一对一跟进，待信息完善后再行评估；C类项目则列入储 备库。 以下是"产投28计划"首场路演结果（排序不分先后）： 据悉，"产投28计划"是成都产投集团秉持"投早、投小、投未来"理念，所打造 ...

Core Viewpoint - LiuGong is committed to the equipment manufacturing industry, focusing on providing competitive product solutions globally, including in North America [1] Group 1: Company Overview - LiuGong's core products include construction machinery such as loaders and excavators, as well as non-engineering machinery like prestressed equipment, industrial vehicles, and agricultural machinery [1] - The company has developed equipment for specific applications, including river and marine excavators [1] Group 2: Market Position - LiuGong aims to serve a global customer base with a strong product portfolio [1] - Currently, the company does not offer amphibious equipment [1]

Core Insights - The "Chengdu Industrial Investment 28 Plan" held its first roadshow event on December 4, revealing that 8 companies were rated as Class A projects, receiving "investment intention letters" from Chengdu Sci-Tech Investment [1][3] - A total of 23 projects were classified as Class B, which will receive one-on-one follow-up opportunities [1][3] Group 1: Event Overview - The first roadshow took place on November 28, attracting 40 technology innovation companies from cities including Beijing, Shanghai, Hangzhou, Chongqing, and Chengdu [1] - The participating companies were grouped into four core sectors: electronic information, new energy and new materials, health industry, and equipment manufacturing [1] Group 2: Evaluation Criteria - The expert evaluation panel assessed projects based on five dimensions: investment scope compliance, sector investment value, technological competitiveness, market competitiveness, and financial competitiveness [3] - Projects were categorized into three classes: Class A projects initiate investment processes and receive "investment intention letters," Class B projects receive one-on-one follow-up, and Class C projects are placed in a reserve pool [3] Group 3: Future Plans and Goals - The "Chengdu Industrial Investment 28 Plan" aims to cultivate globally competitive future industry benchmarks and establish the first vertical investment service platform for future industries in China [3] - The plan has already received over 100 business plans from various technology innovation projects, indicating a strong interest in attracting quality projects to Chengdu [3]

中国经济发展的"十五五"规划前瞻研究 2025年，中国即将迈入"十五五" 规划新阶段。这五年，不仅是衔接2035年基 本实现现代化目标的关键过渡期，更是中国经济从"规模扩张"向"质量跃升"转 型的攻坚期。 未来五年，国家的发展浪潮将涌向何方？ 哪些行业会崛起，哪些技能会升值？ 我们每个人的工作、生活、投资又将迎来怎样的新机遇？ "十五五"规划，正是解开这些疑问的"时代蓝图"和"财富密码"。 它远不止是宏大的国家目标，更是与每个人都息息相关。 《中国经济发展的"十五五"规划前瞻研究》由中国人民大学应用经济学院郑超愚 学 者 团 队 撰 写 ， 紧 扣 " 十 五 五 " 规 划 编 制 实 施 的 政 策 热 度 ， 聚 焦 经 济 高 质 量 发 展 、 新 质 生 产 力 培 育 、 区 域 协 调 等 核 心 议 题 ， 进 行 趋 势 预 测 与 政 策 路 径 探 索 。 是各界把握"十五五"政策方向的权威参考。 读懂 "十五五"： 不是增速竞赛，而是系统升级 提到五年规划，很多人会先问 "经济增速目标是多少？" 但在 "十五五" 的语境里，增速只是结果，真正的核心是 如何实现有质量的增长。 回顾 " ...

Core Viewpoint - The company, LiuGong (000528.SZ), is focused on the equipment manufacturing industry, offering a competitive product portfolio to global customers, including those in North America [1] Group 1: Company Overview - LiuGong has a long-standing commitment to the equipment manufacturing sector, with core products including loaders and excavators as part of its construction machinery lineup [1] - The company also produces non-construction machinery, such as prestressed equipment, industrial vehicles, and agricultural machinery [1] Group 2: Product Offerings - LiuGong is dedicated to providing a competitive product mix to its global clientele, which includes specialized equipment for river and marine excavation [1] - Currently, the company does not offer amphibious equipment [1]

Summary of Conference Call on 2026 Strategy Industry Overview - The conference call focused on the macroeconomic outlook for China in 2026, emphasizing the stability of the economic fundamentals with limited fluctuations and a low probability of policy stimulus. The real estate market, particularly housing prices, is identified as a key macro variable [1][3]. Core Insights and Arguments - **Economic Stability**: The Chinese economy is expected to remain stable in 2026, with limited volatility unless strong policy stimulus occurs, which is deemed unlikely [3]. - **Real Estate Market**: The real estate sector may see a turning point, with investment growth potentially converging to around 7% in 2026, down from a 15% decline in 2025. However, risks related to construction intensity and housing price adjustments are highlighted [9][10]. - **Capital Expenditure**: There is a declining willingness for corporate capital expenditure, leading to increased liquidity in the A-share market. The consensus is forming around a slow bull market for A-shares due to ample liquidity and risk appetite [14][15]. - **Asset Allocation Recommendations**: It is advised to increase allocation to assets with low correlation to the domestic economy but high correlation to the overseas economy. Key sectors to focus on include technology growth, industrial chain restructuring, and sectors related to global economic recovery, such as chemicals [6][26]. Additional Important Points - **Structural and Cyclical Issues**: The Chinese economy faces both structural and cyclical challenges, with the disappearance of the demographic dividend being a fundamental issue. Structural adjustments are necessary rather than relying on strong stimulus [7]. - **Manufacturing Investment Challenges**: Manufacturing investment is currently facing challenges due to factors like overseas expansion and anti-competitive pressures, leading to a significant decline in capital expenditure since 2024 [11]. - **Inventory Cycle**: The inventory cycle has returned to bottom levels since mid-2023, with expectations of a rebound in 2026 as supply-demand dynamics shift [12]. - **Inflation Trends**: The impact of anti-competitive measures on PPI is significant, with expectations of a slight recovery in PPI by the end of 2026 due to external demand pressures [13]. - **Real Estate Valuation Risks**: The real estate market is facing high valuation risks, with mortgage loan-to-value (LTV) ratios indicating potential vulnerabilities as housing prices decline [21][22]. Conclusion - The macroeconomic outlook for 2026 suggests a cautious but stable environment, with specific focus areas for investment opportunities in technology, industrial restructuring, and sectors benefiting from global demand. The real estate market's dynamics will be crucial in shaping the overall economic landscape.

Economic Overview - China's GDP is expected to reach 140 trillion yuan in 2025, solidifying its position as the world's second-largest economy [1] - The economy has shown resilience despite external uncertainties, with a GDP growth of 5.2% year-on-year in the first three quarters, an increase of 0.4 percentage points from the previous year [2] - The urban unemployment rate in October was 5.1%, a decrease of 0.1 percentage points from the previous month, while the Consumer Price Index (CPI) rose by 0.2% year-on-year, indicating overall price stability [2] Investment and Infrastructure - A significant investment of nearly 73 billion yuan has been initiated for the Qinghai Hainan Clean Energy Transmission Base project, marking the establishment of a third green energy corridor [2] - The manufacturing sector remains robust, with the added value of equipment manufacturing accounting for over 35% of the total industrial output [8] Policy and Economic Stability - The Chinese government has implemented a series of policies aimed at stabilizing employment, businesses, and market expectations, which have shown positive effects on economic performance [3] - Major financial institutions, including Goldman Sachs and Deutsche Bank, have raised their growth forecasts for China's economy, reflecting confidence in its stability [3] Innovation and Technology - The quantum computing industry is gradually taking shape, with significant advancements showcased at the 2025 Quantum Technology and Industry Conference [4][5] - The introduction of new high-speed real-time oscilloscopes and the world's largest skin-stretching machine highlights China's progress in key manufacturing technologies [8] Consumer Market and Domestic Demand - A new implementation plan aims to enhance the adaptability of consumer goods supply and demand, targeting the formation of three trillion-level consumption sectors and ten hundred-billion-level consumption hotspots [9] - The focus on domestic circulation has been strengthened, with policies aimed at reducing logistics costs and promoting a unified national market [9] Foreign Investment and Global Confidence - Foreign investments continue to flow into China, with significant projects launched by companies like Danfoss and Medtronic, indicating strong confidence in China's economic prospects [13] - The eighth China International Import Expo reported a transaction intention of 83.49 billion USD, a 4.4% increase from the previous year, showcasing China's growing importance on the global stage [13]

Core Insights - The Ministry of Industry and Information Technology, along with five other ministries, has announced the first batch of 15 leading smart factories for 2025, showcasing advancements in key industries such as equipment manufacturing, raw materials, electronic information, and consumer goods [1] - The Yangtze River Delta region, particularly Shanghai, Jiangsu, and Zhejiang, has excelled in this initiative, with Shanghai leading the nation in the number of selected factories [1][3] - The establishment of a tiered cultivation system for smart factories began in 2024, categorizing them into four levels: basic, advanced, excellent, and leading, with the leading level representing the pinnacle of smart manufacturing in China [1][4] Industry Developments - Leading smart factories are demonstrating significant innovation value, with Shanghai Aerospace Equipment Manufacturing Factory achieving a reduction in launch costs through an intelligent full-process chain model [2] - In the raw materials sector, Nanjing Steel has achieved a 98.5% on-time delivery rate for customized steel production using digital twin and AI technologies, while Baosteel has gained a competitive edge through data-driven manufacturing [2] - Hikvision in the electronic information sector has reduced production line changeover time by 50% through self-developed IoT, AI, and big data technologies, providing replicable solutions for the electronics manufacturing industry [2] Regional Performance - Shanghai has cultivated 2 national leading smart factories, 28 national excellent smart factories, and over 300 advanced smart factories, maintaining its position as the top city in China for smart manufacturing [3] - The city plans to focus on a three-pronged development strategy that includes tiered cultivation of smart factories, providing smart manufacturing system solutions, and building a standard framework for smart manufacturing [3] - Leading smart factories serve as demonstration models, promoting innovation and transformation across the supply chain, with modular solutions available for small and medium-sized enterprises to facilitate their own smart upgrades [3] Construction Achievements - As of now, China has established over 35,000 basic smart factories, more than 7,000 advanced smart factories, 230 excellent smart factories, and 15 leading smart factories [4] - Smart factory upgrades have led to an average reduction of 29% in product development cycles, a nearly 22% increase in production efficiency, and a 20% decrease in carbon emissions [4] - Leading smart factories are positioned as integrated platforms for technological innovation, standard output, and industry collaboration, aligning with the core demands of high-quality manufacturing development during the 14th Five-Year Plan [4]

Core Viewpoint - The establishment of the CITIC Equipment Manufacturing Group and the National Key Laboratory for Intelligent Mining Heavy Equipment in Luoyang marks a significant step in enhancing cooperation between CITIC Group and the Henan government, aiming to strengthen strategic partnerships in various advanced manufacturing sectors [1][3]. Group 1: Key Developments - The unveiling ceremony of the CITIC Equipment Manufacturing Group and the National Key Laboratory took place on December 2, with notable attendees including the Governor of Henan Province and the Chairman of CITIC Group [1]. - The laboratory is seen as a fruitful outcome of the long-standing collaboration between Henan and CITIC Group, with aspirations to deepen cooperation in equipment manufacturing, new materials, new energy, and robotics [3]. Group 2: Strategic Goals - CITIC Equipment Manufacturing Group aims to lead in three core industrial directions: equipment manufacturing, new materials, and robotics, with a vision to become a globally competitive equipment group [4]. - The group is positioned as a key player in CITIC Group's large-scale equipment industry and aims to be a benchmark for advantageous industrial chains in Central China, contributing significantly to the nation's manufacturing strength [4]. Group 3: Company Background - CITIC Group, originally established in 1979, has undergone several transformations, becoming a state-authorized investment institution and later a wholly state-owned company [4]. - As of December 31, 2024, CITIC Group's total assets reached RMB 12.0754 trillion, with equity attributable to ordinary shareholders amounting to RMB 757.5 billion [4].