四中全会学习体会：十五五规划与行业机会 20251024 摘要 "十五五"规划需保持 GDP 年均增速 4.7%-5%以实现 2035 年经济总 量翻番目标，增长模式将从规模驱动转向创新驱动，科技创新成为国家 战略重点。 规划强调供给侧优化和需求侧提振并重，淘汰落后产能，提升先进制造 业水平，并通过财政和金融手段刺激消费，尤其关注金融、医疗、旅游 及餐饮等服务型消费。 高水平对外开放与国内统一大市场建设并举，推动产业链出海，加强法 治和营商环境建设以吸引国际投资，同时防范房地产、地方政府债务及 中小金融机构风险。 科技（广义科技、新能源、核电、储能）、先进制造业、服务型消费及 战略性金属（铜铝稀土）等行业将在"十五五"期间受益，受益于创新 驱动、消费升级和对外开放。 科技赋能升级传统产业，重视制造业投资和扩大内需，尤其是在经历疫 情和外部摩擦后，提振内需成为新的五年规划的重点。 十五规划初稿中有多个亮点。首先，尽管没有明确提出未来 5 年的经济增长速 度，但设定了 2035 年人均国内 GDP 达到中等发达国家水平的目标。这意味着 从 2020 年到 2035 年间，GDP 需要翻番，年均增速需达到 4.73 ...

2025 年 10 月，江苏南京溧水区一则简短通报悄然点燃了国际舆论场：一处推断资源量达 545.55 千吨 （约 54.55 万吨）的大型锶矿被确认发现，矿石平均品位接近 48.65%。 在很多人还没搞清楚 "锶" 是个啥的时候，芯片、电动车、军工、医疗行业的耳朵已经竖了起来。 锶这个名字听着陌生，但它一直默默出现在我们生活的边边角角。它不是稀土元素，但在高科技圈的地 位不亚于稀土。 新能源汽车电池要用它提升性能，芯片制造靠它提升陶瓷电容的性能，军工上它能点燃信号弹和曳光 弹，医疗上，其放射性同位素锶 - 89 可精准聚集于骨转移病灶，释放 β 射线实现镇痛治疗并辅助修复 骨组织。 联合国已经把它列入 "绿色稀有金属" 名单，欧美、日本也早就把锶纳入关键原材料清单，明确标注： 缺了它，很多高精尖产业就瘸了。 全球锶矿的资源分布呈 "三足鼎立"：墨西哥储量最大，达 2000 万吨，中国排第二接近 1500 万吨，西 班牙位居第三；伊朗则是全球高品位天青石的核心供应国，矿石品位普遍达 85% 以上。 但别看中国储量不少，真要用起来却不轻松。主要难在两个点：一是矿石品位低，平均 35%-50%，和 伊朗那种 85 ...

U.S. stock futures were higher this morning, with the Nasdaq futures gaining around 100 points on Friday.Shares of Booz Allen Hamilton Holding Corporation (NYSE:BAH) fell sharply in pre-market trading after the company posted downbeat second-quarter earnings and lowered FY26 outlook. Booz Allen Hamilton posted adjusted earnings of $1.49 per share, missing market estimates of $1.51 per share. The company's quarterly sales came in at $2.890 billion, missing expectations of $2.990 billion.Booz Allen Hamilton s ...

Core Viewpoint - Huabang Health has maintained a high dividend policy, distributing approximately 3 billion yuan in dividends since 2018, supported by its diversified business layout and high-profit advantages in the health industry [1][2][3] Dividend Policy and Shareholder Returns - The company has a strong foundation for maintaining high dividends and is considering sustainable profit distribution policies, including exploring diversified dividend methods [2] - A cash dividend plan of "10 for 2 yuan" has been proposed for 2025, with a total cash dividend amounting to 395 million yuan, representing 100% of the profit distribution total [2] - Despite the attractive dividend, the company faced challenges in 2024 due to goodwill impairment, leading to a suspension of cash dividends [2][3] Financial Health and Debt Pressure - As of mid-2025, Huabang Health's debt ratio was 46.17%, with a current ratio of 1.23, indicating some debt pressure [3] - The company had total current liabilities of approximately 9.38 billion yuan, including short-term loans of 3.27 billion yuan and non-current liabilities due within one year of 1.91 billion yuan, while cash and cash equivalents stood at only 2.946 billion yuan [3] - The significant short-term debt and insufficient cash reserves to cover these obligations present a challenge for the company [3] Business Diversification and Performance - Established in 1992 and listed in 2004, Huabang Health has developed a diversified business model focusing on the health industry, covering pharmaceuticals, medical services, agrochemicals, new materials, and tourism [4] - For the first half of 2025, the company reported a revenue of 5.945 billion yuan, a year-on-year increase of 0.39%, with operating profit of 667 million yuan, up 18.55%, and net profit attributable to shareholders of 388 million yuan, up 23.90% [4] - Despite overall growth, significant disparities exist among different business segments, particularly between the pharmaceutical sector and the agrochemical/new materials sector [5][6] Segment Performance - The pharmaceutical segment, as the core strength, achieved a revenue of 1.625 billion yuan with a gross margin of 78.59%, reflecting a 2.68% increase year-on-year [6] - In contrast, the agrochemical/new materials segment contributed 3.378 billion yuan in revenue, accounting for 56.82% of total revenue, but faced high costs leading to a low gross margin of 14.08% [6] - The company faces challenges in the agrochemical market due to intensified competition and declining prices, which negatively impact operations [6]

央视网消息：24日上午，中共中央举行新闻发布会，介绍和解读党的二十届四中全会精神。在发布会上，商务部党组书记、部长王文涛表 示，"十五五"期间，要把中国大市场优势充分发挥出来，让中国大市场成为全球创新的应用场；要让中国大市场成为全球大机遇，让外资愿意 来、留得住、发展好，共享中国发展新机遇。 王文涛称："下一步，我们开放也好，引资也好，都不搞损人利己、零和博弈那一套，而是互利共赢、共同发展，我们主要从两个方面发 力。一方面，要把中国大市场优势充分发挥出来。中国现有14亿多人口，未来十多年中等收入群体将超过8亿，市场潜力巨大。我们将大力提 振消费，打造'购在中国'品牌，让商品和服务消费都'火'起来；我们将加快发展新质生产力，促进人工智能、生物科技、新能源等产业发展， 让中国大市场成为全球创新的试验场、应用场、利润场；我们将加快建设高标准市场体系，坚持市场化、法治化、国际化的方向，打造国际一 流营商环境。许多跨国公司告诉我们，'投资中国不是可选项，而是必选项'。另一方面，要让中国大市场成为全球的大机遇。我们常说'外企不 是外来客，而是一家人'，中国超大规模市场也是外企的机遇。比如我们实施的以旧换新，以汽车为例，我 ...

Group 1 - The Hang Seng Index rebounded, closing up 0.72%, with the internet sector leading the gains, followed by banking, industry, technology, and real estate sectors [1] - The internet sector saw a rise of 1.07%, with Meituan up 4.06%, Alibaba up 1.67%, Tencent Holdings up 1.52%, JD Group up 1.5%, and Baidu Group up 1.22%. However, companies like SenseTime, Bilibili, and Kingdee International experienced declines [3] - The banking sector opened strong and maintained a consolidation above the midline, closing up 0.88%, with Postal Savings Bank rising 4.59% and Minsheng Bank up 2.39% [3] Group 2 - The consumer sector rebounded, closing up 0.35%, with notable gains from companies like Chenzi Biological up 6.68%, Li Ning up 6.55%, and Sands China up 4.4% [3] - The healthcare sector opened low and saw a slight reversal near the end, closing down 1.31%, with CSPC Pharmaceutical down 2.96% and China Biopharmaceutical down 2.78% [3]

齐鲁晚报.齐鲁壹点见习记者冯子芯 本次活动，充分展示了中韩两国大健康产业合作结出的累累硕果。肌肉减少代谢病新药合作、创新型口腔 种植体生产基地、新材料导尿管生产等合作项目正式签约，为双方大健康产业的蓬勃发展注入新动力。 银企携手激发新动能 10月23日，第三届中韩(济南)大健康产业新技术企业交流活动在山东第一医科大学举行。此次活动由济南 国际医学（000516）中心管委会、山东第一医科大学、韩国中小企业振兴公团等机构联合举办，旨在进一 步深化中韩大健康领域产业合作，推动企业务实对接与创新发展。 23日下午，中韩企业、银企对接会同步举行。多家中方、韩方投资机构深度参与其中，成为推动中韩企业 合作的重要力量，这些金融机构凭借其雄厚的资金实力、丰富的金融产品和专业的服务能力，通过密切沟 通与协作，打破了地域和金融体系的壁垒，为中韩企业合作搭建了一个稳定、高效的金融平台。对接会现 场，中韩企业之间的交流也非常活跃。通过一对一精准洽谈，双方企业围绕技术合作、市场开拓、投资落 地等核心议题展开了深入而细致的交流。 深化产业合作结硕果 活动现场，济南国际医学中心回顾了对韩合作取得的显著成效，发布了合作新场景。Mitos公司 ...

Core Viewpoint - Hema Medical (03309) announced a share buyback plan, indicating confidence in its stock value and future prospects [1] Group 1 - The company plans to repurchase 230,000 shares at a total cost of HKD 439,600 [1] - The buyback price ranges from HKD 1.90 to HKD 1.92 per share [1] - The buyback is scheduled for October 23, 2025 [1]

2025年创投市场逐步企稳，资本向硬科技领域集结。人工智能、硬科技、医疗健康、新能源新材料构成 核心产业赛道，具身智能、先进制造、合成生物、商业航天、清洁能源等前沿领域成为资本布局"未来 产业"的核心方向；固态电池等新型储能技术、半导体设备国产化、量子计算商业化落地，正以技术突 破引领科创产业升级迭代。 2025VENTURE50初评历时两个月，百余位投资机构评委从企业成长速度、技术壁垒、商业化进程、团 队特质、经营能力、产业契合度等维度，对2600余家企业进行综合评估。最终，300家企业进入复评， 风云200 聚焦成熟科创企业， 新芽100 挖掘早期潜力标的，覆盖AI、半导体、新能源、医疗等热点赛 道。2025VENTURE50初评结果如下 ： VENTURE50投资价值企业，历经十九载深耕，见证了无数企业从"新芽"跃升为"独角兽"的标杆企业， 亲历了中国近20余年从模式创新到前沿技术突破的产业升级。 （上下滑动启阅） FUTURUS未来黑科技 JBD MiniMax Whale 帷幄 （上下滑动启阅） Lumos鹿明机器人 MCT毫厘智能 Monica VAST 恭喜本次入选风云200、新芽100的所有企 ...

Core Viewpoint - The Chinese government has identified boosting consumption as a key task for 2025, emphasizing its importance for economic security, industrial upgrading, and improving people's livelihoods [1] Group 1: Importance of Consumption - Consumption is the most fundamental and stable pillar of economic growth, providing solid support for long-term development [2] - Current structural issues include an imbalance between supply and demand, with insufficient consumption and low industrial prices being prominent challenges [2] - Transitioning from an investment and export-driven growth model to one focused on domestic consumption is crucial for enhancing economic quality [2][3] Group 2: Structural Upgrades in Consumption - The shift in consumption patterns reflects a move from quantity to quality, with increasing demand for high-quality goods and services [3] - This transformation is driving supply-side responses, prompting companies to innovate in technology, business models, and service offerings [3][4] - Enhancing the quality of goods and services, particularly in sectors like elderly care and cultural products, is essential for addressing public concerns and ensuring equitable access to development benefits [4] Group 3: Potential of the Chinese Consumption Market - China's consumption market has significant growth potential, supported by a large population and a relatively low share of consumption in GDP compared to developed countries [5][6] - The current service consumption share in per capita consumption is 46.1%, lower than in Japan and the U.S., indicating room for improvement [6] - The ongoing transition in consumption patterns, particularly towards services and cultural spending, is expected to drive future growth [6] Group 4: Addressing Supply and Demand Constraints - The lack of consumer confidence and insufficient high-quality supply are major barriers to consumption growth [7] - A comprehensive approach is needed to stimulate consumption, focusing on income stability, regulatory improvements, and supply upgrades [7][8] - Strategies to increase household income and enhance the consumption environment are critical for unlocking consumer potential [8][9] Group 5: Infrastructure and Policy Support - Infrastructure investment plays a vital role in stabilizing the economy and creating a conducive environment for consumption [10] - Policies should aim to enhance the efficiency of goods and services circulation, particularly in lower-tier markets, to ensure accessibility and affordability [10]