此次小范围闭门座谈畅谈媒体如何做好全球化背景下的"中国叙事"和"文化叙事"。 2025年11月26日，第一财经全球中心（以下简称一财全球）与深圳创智云中心合作，在充满生态感的现 代社区中，完成了一场跨越时空主题的闭门分享会。在全球化的背景下，商业的共融和发展是文化传播 和交流的基础，而文化文明的多元与传承是经济可以可持续发展的内在力量。 政府工作报告连续第九年提及仅占国土面积0.6%的粤港澳大湾区，贡献了十分之一的经济总量，也被 明确要求"提升创新能力和辐射带动作用"。"十四五"收官与"十五五"开篇的此刻，大湾区正紧扣"一点 两地"的全新定位，加速建设高质量人文湾区，成为国家文化战略落地的重要支点。 也从第一财经的自身案例出发，列举与敦煌研究院旗下不同石窟寺的公益合作与国际传播的独特"化学 反应"：财经为何与炳灵寺石窟有所联动？商业如何构建新的文明，传承传统文化？具有反差感的话题 引起了公众的注意，同时，双方的专业背景也使得项目更可持续。 深圳职业技术大学数字传媒学院党委书记肖丽也带领学生代表参与了本次闭门沙龙。肖丽书记在头脑风 暴环节和大家分享了深职大在人才培养方面的尝试。作为教育部印发实施《本科层次职业学 ...

Group 1 - Company plans to increase capital by $100 million to expand AI computing power high-end printed circuit board production in Thailand [2] - Bona Film Group states that the box office revenue for "Avatar 3" is currently unpredictable and the investment return rights ratio is low, which will not significantly impact short-term performance [3] - Zhongwei Electronics announces that its controlling shareholder is planning a change in company control, leading to a temporary stock suspension [4] Group 2 - Guotou Intelligent clarifies that its controlling shareholder has not established a subsidiary in Hubei, countering market rumors [5] - Junya Technology reports that its PCB products can be used in humanoid robots, but this segment contributes less than 0.05% to total revenue, thus not significantly affecting current performance [6] - Aerospace Machinery states that its main business does not involve commercial aerospace, confirming no undisclosed major information [7] Group 3 - Haike Xinyuan's second-largest shareholder plans to reduce its stake by up to 2.5% through asset management plans [9] - Sun Cable's third-largest shareholder intends to reduce its stake by up to 3% for operational needs [10] - Deyi Cultural's controlling shareholder plans to reduce its stake by up to 2% without affecting company control [11] Group 4 - China National Materials International signs a total contract worth 2.7 billion yuan for an engineering project [13] - Weiguang Biological plans to sign a technology cooperation contract for blood products worth approximately 113 million yuan [14]

2026年宏观与政策展望 万里豁晴川 杨帆 中信证券研究部 宏观与政策首席分析师 2025年11月10日 请务必阅读末页的免责条款和声明 目录 CONTENTS 2 一、塑造有利外部格局：中美关系阶段性平衡 二、构建现代化产业体系：夯实基础，向"新"而行 三、激活内需潜力：扩大服务消费，精准有效投资 四、2026年宏观经济展望 五、风险因素 中美关系维持阶段性平衡，聚焦中期选举节奏变化 2026年国际重要事件时间点 2026年二季度美国中期选举将进入白热化 5 1 11 22 16 4 51 2 0 10 20 30 40 50 60 3月 4月 5月 6月 8月 9月 11月3日 12月 1月 场 初选 终选 决选 任职 2026 2027 2026年4月 特朗普宣称将访华 2026年9月 联合国大会 2026年12月14日 G20峰会（美国） 2026年6月14日 G7峰会 2026年11月3日 美国中期选举 2026年11月 APEC峰会（中国） 资料来源：美国白宫官网，新华社，路透社，中信证券研究部。注：特朗普于2025年10月的元首会晤后自 行宣称将于2026年4月访华 资料来源：BallotRea ...

Core Viewpoint - The A-share market showed significant activity with 31 stocks hitting the daily limit up and 7 stocks hitting the limit down, indicating a volatile trading environment on December 4th [1] Group 1: Stock Performance - Aerospace-related stocks were notably active, with Aerospace Machinery achieving three limit ups in five days [1] - The reducer concept stocks strengthened, with Jiu Lun Intelligent and Ri Fa Precision both hitting the limit up [1] - The Moore Thread concept saw gains, with Lian Mei Holdings and Chu Ling Information also reaching the limit up [1] Group 2: Continuous Limit Up Stocks - Hai Wang Biological achieved seven consecutive limit ups [1] - Rui Neng Technology recorded five limit ups in six days [1] - Gao Le Co., Ltd. had four consecutive limit ups, while Tai Yang Cable and An Ji Food both achieved three consecutive limit ups [1] Group 3: Limit Down Stocks - ST Yuan Zhi faced three consecutive limit downs [1] - *ST Zheng Ping experienced two consecutive limit downs [1] - Other stocks such as *ST Ao Wei and *ST Jian Yi also hit the limit down [1]

Core Viewpoint - The A-share market shows mixed performance with the National Index of Free Cash Flow fluctuating positively, led by stocks like Dayang Electric and Yaxiang Integration, while a significant inflow of funds into the largest free cash flow ETF indicates strong investor interest [1] Group 1: Market Performance - On December 3, the three major A-share indices opened with mixed results, while the National Index of Free Cash Flow showed positive fluctuations [1] - The largest free cash flow ETF (159210) has seen continuous net inflows over the past 18 days, totaling 2.027 billion yuan, reaching a new high of 7.499 billion yuan in total size since its inception [1] Group 2: Investment Strategy - According to Industrial Securities, the end of the year and the beginning of the year exhibit significant calendar effects, characterized by a "value platform, growth performance" approach [1] - The market anticipates increased policy support for stable growth as the year-end meetings approach, with a focus on achieving a strong economic start [1] - The free cash flow strategy addresses the limitations of traditional dividend strategies by emphasizing financial health and sustainability, aligning with the needs of investors seeking long-term growth and capital appreciation [1] Group 3: Fund Management - The management fee for the free cash flow ETF and its linked funds is set at an annual rate of 0.15%, while the custody fee is at 0.05%, both representing the lowest rates in the market, maximizing benefits for investors [1]

Core Viewpoint - The Zhejiang Provincial Committee emphasizes the integration of advanced manufacturing clusters to promote the upgrading of traditional industries, the growth of emerging industries, and the scientific layout of future industries [1] Group 1: Traditional Industry Upgrading - The initiative aims to implement "tenglong huan niao" (transformation) and "phoenix nirvana" actions to deepen the construction of national traditional manufacturing upgrade demonstration zones [1] - There will be a strong push for technological transformation, equipment updates, and ecological upgrades in traditional industries to enhance quality and technical capabilities [1] - Key industries such as green petrochemicals, textiles and apparel, electrical machinery, and home appliances will be prioritized for quality upgrades to strengthen their competitive positions [1] Group 2: Emerging Industry Development - The plan focuses on building new pillar industries, accelerating the development of clusters in artificial intelligence, new materials, new energy, aerospace, low-altitude economy, and biomedicine [1] - A future industry investment growth mechanism will be established to explore various technological routes, typical application scenarios, feasible business models, and market regulation rules [1] - Key areas for future industry development include humanoid robots, brain-machine interfaces, brain-like intelligence, quantum information, and biomanufacturing [1] Group 3: Service Industry Enhancement - The implementation of high-quality development projects in the service sector will be prioritized, aiming to improve the integration of modern services with advanced manufacturing and modern agriculture [1] - The initiative will promote the specialization and high-end extension of productive services and enhance the quality and diversity of life services [1]

天眼查App显示，近日，广州科环投资发展有限公司成立，注册资本500万人民币，经营范围为电气机 械设备销售;机械电气设备制造;计算机软硬件及外围设备制造;塑料制品制造;橡胶制品制造;家具制造;食 品、酒、饮料及茶生产专用设备制造;家居用品销售;家居用品制造;数字家庭产品制造;光伏设备及元器 件制造;新材料技术推广服务;新材料技术研发;非居住房地产租赁;住房租赁;园区管理服务;物业管理;信息 技术咨询服务;企业管理咨询;技术服务、技术开发、技术咨询、技术交流、技术转让、技术推广;以自有 资金从事投资活动。 ...

Core Viewpoint - The article highlights the divergence in industrial prosperity in November, with manufacturing and construction PMIs rising while the service sector PMI fell below 50 for the first time this year, dragging the composite PMI down to its lowest point of the year [5][6]. Manufacturing Sector - The manufacturing PMI in November was reported at 49.2, a slight increase of 0.2 points month-on-month, while the construction PMI rose by 0.5 points to 49.6 [5][19]. - Emerging manufacturing sectors showed significant activity, with electrical machinery, specialized equipment, and pharmaceuticals experiencing month-on-month increases of 6.7, 1.0, and 2.7 points respectively, driven by demand in power batteries and energy storage [10][11]. - Commodity price fluctuations impacted the sector, with the non-ferrous smelting industry PMI rising by 4.1 points, while the petroleum refining sector saw a significant decline of 20.2 points [10][11]. - The chemical industry PMI increased by 2.0 points, reflecting demand from new energy and AI sectors, alongside price stabilization measures in certain products [10][11]. - Policy-driven financial tools contributed to a 5.1 point increase in the non-metallic industry PMI, with signs of price stabilization in cement observed in late November [10][11]. Absolute Prosperity Levels - The automotive industry recorded the highest prosperity level, exceeding 60, despite a year-on-year decline in passenger car sales due to high base effects; however, cumulative growth for the year remains strong [14]. - The pharmaceutical and non-metallic mineral sectors maintained prosperity levels above 55, correlating with the flu season and stabilized cement prices [14]. - The computer communication electronics and non-ferrous sectors are in the expansion zone, with prosperity levels above 60%, influenced by the AI industry chain [14]. High-Tech Industries - High-tech manufacturing continues to lead, with PMIs for high-tech manufacturing, equipment manufacturing, consumer goods manufacturing, and high-energy-consuming industries reported at 50.1, 49.8, 49.4, and 48.4 respectively [17]. - The high-tech manufacturing PMI has remained above 50 for ten consecutive months, although the ratio of high-tech manufacturing to high-energy-consuming industries has shown a marginal decline over the past two months [17]. Emerging Industries - The new energy vehicle sector has the highest prosperity level, while the new generation information technology and biotechnology sectors also maintain leading positions, with the former staying above 55 for three consecutive months [18]. - Compared to September, both the biotechnology and new energy vehicle sectors saw significant improvements, exceeding 5 points [18]. Real Estate and Infrastructure - The real estate and infrastructure sectors continue to show divergence, with infrastructure seeing improvements in new orders, while the real estate sector remains weak, with declining activity indices [18][23]. - The construction industry is expected to reach its peak in the first quarter of 2026, with business activity expectations showing significant upward trends [18][21]. Service Sector - The service sector PMI fell to 49.5, marking a decline of 0.7 points, with significant drops in travel-related services and the impact of the "Double Eleven" e-commerce promotions fading [24][23]. - Despite the overall contraction, emerging service industries such as internet and software information, telecommunications, and financial services continue to show signs of expansion [24][23].

Core Viewpoint - The significant decline in industrial enterprise profits in October is primarily attributed to a high base effect, weakened profit margins, and declining revenue, collectively referred to as the "triple drag" [2][10][79]. Revenue - In October, industrial enterprise revenue showed a notable decline, with a year-on-year growth rate of 1.8%, down from 2.4% in the previous month. The actual revenue growth rate, excluding price factors, fell by 6.8 percentage points to -1.4% [1][7][81]. - All three major industrial chains—petrochemical, metallurgy, and consumer—experienced significant revenue declines, with year-on-year reductions of 6.3, 6.6, and 6.3 percentage points, respectively [2][16][81]. Profitability - Industrial enterprise profits saw a substantial year-on-year decline of 27.1 percentage points to -5.5% in October, with the operating profit margin dropping by 20.9 percentage points to -6.1% [5][44][83]. - The profit margin decline is largely driven by increased expense ratios and other loss items, which saw significant reductions compared to the previous month [2][10][79]. Industry Analysis - Industries such as non-metallic products, rubber and plastics, and general equipment faced the most significant profit declines, with respective reductions of 2, 1.4, and 1.9 percentage points [3][19][20]. - The revenue of these industries also fell sharply, with non-metallic products, rubber and plastics, and electrical machinery experiencing year-on-year declines of 19.7%, 14.2%, and 9.5% [19][20]. Cost Structure - Industrial enterprises faced increasing cost pressures, with the cost rate reaching 85.6%, a relative high compared to recent years. The cost's impact on profit remained negative at -3.2% [3][27][28]. - The metallurgy and consumer chains reported cost rates of 86.1% and 85.1%, respectively, indicating a persistent high cost environment [27][28]. Future Outlook - The "anti-involution" policy is expected to be intensified, with improvements in underutilized capacity. However, cost pressures for industrial enterprises remain significant, necessitating further monitoring of policy effects [4][42][82]. - The ongoing profitability challenges are primarily due to rigid cost pressures stemming from downstream investment behaviors, with expectations for gradual alleviation as enterprises accelerate debt repayments [4][42][82].

Revenue Performance - In October, industrial enterprises' cumulative revenue growth year-on-year was 1.8%, down from 2.4% in the previous month[6] - The actual revenue growth rate, excluding price factors, fell significantly by 6.8 percentage points to -1.4%[14] - Revenue from the petrochemical, metallurgy, and consumer chains decreased by 6.3, 6.6, and 6.3 percentage points respectively, resulting in year-on-year growth rates of -3.4%, -1.7%, and 1.8%[14] Profitability Analysis - Industrial enterprises' profits saw a substantial year-on-year decline of 31.3 percentage points to -8.8% in October[7] - The operating profit margin dropped by 20.9 percentage points to -6.1% compared to the previous month[34] - Profitability was negatively impacted by rising costs and other losses, with the cost rate for industrial enterprises at 85.6%, remaining at a relatively high level historically[24] Cost Structure - The cost rate for the metallurgy and consumer chains was 86.1% and 85.1%, respectively, indicating a year-on-year increase of 0.6% and stable compared to the previous year[24] - The overall cost pressure on profits remained negative, contributing -3.2% to profit year-on-year[24] Industry-Specific Insights - Industries such as non-metallic products, rubber and plastics, and general equipment experienced significant profit declines, with respective profit growth rates falling by 2, 1.4, and 1.9 percentage points[16] - The automotive, electrical machinery, and computer communication sectors also saw notable profit declines, with contributions to overall profit dropping by 3, 2.7, and 1.5 percentage points[16] Inventory Trends - By the end of October, finished goods inventory increased by 3.7% year-on-year, up from 2.8% in the previous month[6] - Actual inventory growth, excluding price factors, was 8.2% year-on-year, indicating stability in mid and downstream inventories[45]