中经记者 罗辑 北京报道 科创板上市对未盈利企业意味着什么？如何助力研发创新及成果转化？企业如何规划扭亏为盈的"时间 表""路线图"？如何用好用足成长"工具箱"？…… 2025年6月18日，科创板启动"1+6"改革，设置科创成长层。目前，科创成长层正成为培育"硬科技"企业 的核心土壤。2025年前三季度，35家科创成长层公司营收同比增长39%，净利润同比大幅减亏65%，研 发强度中位数高达44.3%，远超市场平均水平。科创板上市公司在新一代信息技术、生物医药等前沿领 域，屡现重大技术突破和重磅创新成果。 在科创板机制推动下，截至2025年11月，有57家未盈利公司在科创板上市。其中有22家公司在上市后实 现盈利"摘U"（撤销未盈利标识）。 《沪市汇·硬科硬客》第二季第7期邀请两家科创成长层公司、一家扭亏"摘U"公司，深入解读科创成长 层赋能科技创新的制度与实践，探寻"硬科技"企业研发突破与稳健成长路径。 本期做客嘉宾包括芯联集成（688469.SH）董事长兼总经理赵奇，康希诺（688185.SH）联合创始人、 董事长兼首席执行官宇学峰，埃夫特（688165.SH）董事长兼总经理游玮。东方证券（600958.S ...

中央经济工作会议提出"实施新一轮重点产业链高质量发展行动""围绕发展新质生产力，推动科技 创新和产业创新深度融合"。当前，中国产业发展现状如何？围绕中央经济工作会议部署，工业领域明 年将做好哪些工作？有关部门近期进行了回应。 装备制造业占比提升 国家统计局12月15日公布的数据显示，1—11月份，全国规模以上工业增加值同比增长6.0%，高于 上年同期0.2个百分点，保持较好增长态势。 看单月数据，11月份，规模以上工业增加值同比增长4.8%，增速和上月相比保持平稳。从环比来 看，规模以上工业增加值增长0.44%，比上月加快0.27个百分点。 看行业和产品，11月份，采矿业、制造业、电力热力燃气及水生产和供应业增加值同比分别增长 6.3%、4.6%、4.3%；41个工业大类行业中30个行业增加值同比增长，增长面达73.2%；623种主要产品 中有49.8%的产品产量保持增长，和上月基本相当。 工业生产总体平稳的同时，装备制造业的发展成为一大亮点。根据国家统计局数据，11月份，规模 以上装备制造业增加值同比增长7.7%，累计增加值占全部规模以上工业比重达36.4%，较2024年全年提 高1.8个百分点，已连续33 ...

中芯国际今年以来股价涨17.02%，近5个交易日跌4.81%，近20日跌6.14%，近60日涨1.90%。 来源：新浪证券-红岸工作室 12月16日，中芯国际盘中下跌2.03%，截至10:55，报110.72元/股，成交20.31亿元，换手率0.91%，总市 值8857.95亿元。 资金流向方面，主力资金净流出2.03亿元，特大单买入2.85亿元，占比14.05%，卖出4.78亿元，占比 23.52%；大单买入6.35亿元，占比31.26%，卖出6.45亿元，占比31.78%。 截至9月30日，中芯国际股东户数33.62万，较上期增加33.27%；人均流通股6134股，较上期减少 25.41%。2025年1月-9月，中芯国际实现营业收入495.10亿元，同比增长18.22%；归母净利润38.18亿 元，同比增长41.09%。 今年以来中芯国际已经1次登上龙虎榜，最近一次登上龙虎榜为8月28日，当日龙虎榜净买入-4.22亿 元；买入总计16.55亿元 ，占总成交额比6.10%；卖出总计20.77亿元 ，占总成交额比7.66%。 机构持仓方面，截止2025年9月30日，中芯国际十大流通股东中，易方达上证科创板50 ...

Core Viewpoint - The article highlights the overall stability of China's economy in November, despite some downward pressure on growth, with a focus on the resilience of exports and the recovery of service consumption [1][2][3]. Economic Data Summary - In November, the industrial added value for large-scale enterprises grew by 4.8% year-on-year, while the cumulative growth from January to November was 6.0%, showing a slight decline from the previous month [3]. - The service production index increased by 4.2% year-on-year in November, with a cumulative growth of 5.6% from January to November, indicating stable growth [3]. - Retail sales of consumer goods rose by 1.3% year-on-year in November, with a cumulative increase of 4.0% from January to November, surpassing last year's growth rate [5]. Sector Performance - Emerging industries and modern services are experiencing rapid growth, with specific sectors like electronic materials and integrated circuits seeing increases of 22.9% and 24.6% respectively from January to November [5]. - The production index for information transmission, software, and IT services grew by 12.9% year-on-year in November, reflecting a strong momentum in modern service development [5]. - Fixed asset investment (excluding rural households) decreased by 2.6% year-on-year from January to November, but manufacturing investment grew by 1.9%, indicating a shift towards new productive forces [6]. Export and Trade - In November, the total value of goods imports and exports increased by 4.1% year-on-year, with exports growing by 5.7% and imports by 1.7% [6]. - From January to November, the total value of goods imports and exports rose by 3.6%, with exports increasing by 6.2% and imports by 0.2%, demonstrating resilience in trade [6]. Policy Outlook - The Central Economic Work Conference signaled a commitment to implement policies aimed at boosting consumption and stabilizing investment, with a focus on achieving a growth target of around 5% for the year [1][8]. - Plans for 2026 include a special action to boost consumption and measures to enhance investment, particularly in infrastructure and emerging industries [9][10]. - The government aims to optimize the investment environment and stimulate private investment, recognizing significant potential in urbanization, technological innovation, and infrastructure [10][11].

Economic Overview - The national economy continues to show a stable and progressive development trend, with key indicators reflecting steady performance in production, employment, and market prices [2][4] - In November, the industrial added value of large-scale enterprises increased by 4.8% year-on-year, with the equipment manufacturing sector growing by 7.7%, contributing 59.4% to the overall industrial growth [2][3] Market Sales and Investment - Social retail sales increased by 1.3% year-on-year in November, with a cumulative growth of 4% for the first 11 months, surpassing last year's performance [3] - Fixed asset investment (excluding rural households) decreased by 2.6% year-on-year, but investment in key areas remains robust due to policies aimed at expanding domestic demand and industrial upgrades [3] Foreign Trade and Employment - In November, China's total goods import and export value rose by 4.1% year-on-year, with exports increasing by 5.7%, marking a turnaround from previous declines [3] - The urban unemployment rate remained stable at 5.1%, while the Consumer Price Index (CPI) rose by 0.7%, indicating a gradual recovery in prices [3] New Quality Productivity - Significant progress has been made in cultivating new quality productivity, with high-tech manufacturing value added increasing by 9.2% year-on-year from January to November [5] - The digital economy is expanding, with the manufacturing value added of digital products growing by 9.3% and the production index for information transmission and software services increasing by 11.3% [5][6] Policy Support and Future Outlook - The macroeconomic policies implemented this year have played a crucial role in supporting stable economic operations, with expectations for achieving annual targets remaining positive [7] - International institutions have raised their economic growth forecasts for China in 2025, reflecting confidence in the country's economic resilience and potential [7][8]

Economic Overview - The national economy continues to show a stable and progressive development trend, with key indicators reflecting steady performance in production, employment, and market prices [2][4] - In November, the industrial added value of large-scale enterprises increased by 4.8% year-on-year, with the equipment manufacturing sector growing by 7.7%, contributing 59.4% to the overall industrial growth [2] - The service sector's production index rose by 4.2% year-on-year in November [2] Market Sales and Investment - Social retail sales increased by 1.3% year-on-year in November, with a cumulative growth of 4% for the first 11 months, surpassing both the previous year's growth and the annual total [3] - Fixed asset investment (excluding rural households) decreased by 2.6% year-on-year, but project investment excluding real estate grew by 0.8% [3] - Despite a decline in investment growth, key sectors continue to see investment increases, supporting long-term economic development [3] Foreign Trade and Employment - In November, China's total goods import and export value grew by 4.1% year-on-year, with exports increasing by 5.7% [3] - The urban unemployment rate remained stable at 5.1%, while the Consumer Price Index (CPI) rose by 0.7% year-on-year, marking a 0.5 percentage point increase from the previous month [3] Agricultural Production - The grain output for the year reached 1.42975 trillion jin, a 1.2% increase from the previous year, maintaining stability above 1.4 trillion jin [4] New Productive Forces - Significant progress has been made in cultivating new productive forces, with high-tech manufacturing value added increasing by 9.2% year-on-year from January to November [5] - The manufacturing of smart consumer devices grew by 7.6%, and the digital economy continues to expand, with digital product manufacturing value added increasing by 9.3% [5][6] Policy Support and Future Outlook - The economy is expected to meet annual targets despite challenges, supported by strong macro policies and the growth of new economic drivers [7] - Consumption policies have shown effectiveness, with significant year-on-year growth in retail sales of home appliances and communication equipment [7] - International institutions have raised their economic growth forecasts for China for 2025, indicating positive future expectations [7]

Economic Overview - In November, industrial, service, consumption, and investment data showed a downward trend due to high base effects from the previous year, but exports saw a year-on-year increase, indicating positive price signals [1][10] - The economy grew by 5.2% in the first three quarters, and macro policies are expected to strengthen, achieving a growth target of around 5% for the year [1][15] Industrial and Service Sector Performance - In November, the industrial added value increased by 4.8% year-on-year, while the cumulative growth from January to November was 6.0%, a slight decrease of 0.1 percentage points from the previous period [2][12] - The service production index rose by 4.2% year-on-year in November, with a cumulative growth of 5.6% from January to November, also down by 0.1 percentage points [2][12] - Emerging industries and modern services are growing rapidly, with significant increases in sectors like electronic materials and integrated circuits, which grew by 22.9% and 24.6% respectively [2][12] Consumption Trends - Retail sales of consumer goods increased by 1.3% year-on-year in November, with a cumulative growth of 4.0% from January to November, surpassing last year's annual growth rate [2][12] - The service retail sector saw a year-on-year growth of 5.4% from January to November, indicating strong potential for service consumption [3][13] - The "Double Eleven" shopping festival had a preemptive effect on consumption, leading to a temporary slowdown in November's growth [3][13] Investment Insights - Fixed asset investment (excluding rural households) decreased by 2.6% year-on-year from January to November, while investment excluding real estate development grew by 0.8% [3][13] - Infrastructure investment fell by 1.1%, while manufacturing investment increased by 1.9%, and real estate development investment dropped by 15.9% [3][13] - High growth was observed in manufacturing sectors such as railways, ships, aerospace, and new energy vehicles, indicating a strengthening of new productive forces [3][13] Export Performance - In November, total goods imports and exports increased by 4.1% year-on-year, with exports growing by 5.7% and imports by 1.7% [4][14] - From January to November, total goods imports and exports rose by 3.6%, with exports increasing by 6.2% and imports by 0.2% [4][14] Policy Outlook - The Central Economic Work Conference signaled a proactive approach to boost consumption and stabilize investment, with plans for a special action to enhance consumption in 2026 [11][17] - The National Development and Reform Work Conference emphasized the need for policy coordination to promote investment recovery and ensure a good start for the 14th Five-Year Plan [11][17] - There is a focus on expanding domestic demand and increasing effective investment, with expectations for interest rate cuts and fiscal policy to significantly support consumption and infrastructure investment in early next year [9][18]

从价格看，我国数字化绿色化转型深入推进，新能源产业、数字产品制造快速发展，带动相关产品价格 上涨。11月份，有色金属冶炼和压延加工业价格同比上涨7.8%，集成电路制造价格上涨1.7%。 国家统计局昨日公布的数据显示，11月份我国经济延续稳中有进发展态势，表现为生产增势平稳、市场 销售扩大、外贸韧性彰显、就业物价稳定、民生保障有力。值得一提的是，前11个月经济新动能持续壮 大，这将有利于经济向好发展。 数据显示，11月规模以上工业增加值同比增长4.8%，服务业生产指数同比增长4.2%。同期，社会消费 品零售同比增长1.3%；货物进出口总额同比增长4.1%；全国城镇调查失业率为5.1%，与上月持平。 国家统计局新闻发言人、总经济师、国民经济综合统计司司长付凌晖在国新办新闻发布会上表示，从全 年情况看，尽管有困难有压力，但我国经济韧性强，宏观政策支持有力，新动能稳步成长，实现全年预 期目标有较好条件。 前11个月，经济新动能持续壮大的特征尤其明显。付凌晖指出，从供给看，高端化、数字化、智能化生 产发展向好。1～11月份，规模以上高技术制造业增加值同比增长9.2%；数字产品制造业增加值增长 9.3%；工业机器人、集成 ...

Core Viewpoint - The economic data for November shows fluctuations in growth rates across various sectors, but there are positive signals in exports and prices, indicating a resilient economy with a projected growth target of around 5% for the year [1][4]. Economic Performance - In November, the industrial added value increased by 4.8% year-on-year, while the cumulative growth for January to November was 6.0%, reflecting stability despite a slight decline [1]. - The service production index grew by 4.2% in November, with a cumulative growth of 5.6% for the first eleven months, indicating steady growth in the service sector [1]. - The total retail sales of consumer goods increased by 1.3% year-on-year in November, with a cumulative growth of 4.0% for January to November, surpassing last year's growth rate [2]. Sectoral Insights - Emerging industries and modern services are experiencing rapid growth, with specific sectors like electronic materials and integrated circuits showing increases of 22.9% and 24.6% respectively [2]. - The production index for information transmission and software services grew by 12.9%, while leasing and business services increased by 8.4%, indicating a strong momentum in modern service industries [2]. Investment Trends - Fixed asset investment (excluding rural households) decreased by 2.6% year-on-year from January to November, but investment in manufacturing rose by 1.9%, particularly in sectors like railways and new energy vehicles [3]. - The government is expected to implement policies to stimulate investment and consumption, with a focus on infrastructure and private investment to support economic recovery [7][8]. Future Outlook - The central government plans to enhance macroeconomic policies to stabilize growth, with an emphasis on expanding domestic demand and optimizing supply [5][6]. - There is a strong expectation for proactive fiscal measures, including potential interest rate cuts and increased infrastructure investment in early 2024 [8].

数字产品制造业作为高新制造业的重要组成部分，保持较快增长，持续赋能工业转型升级。11月份，规模以上数字产品制造业增加值 同比增长7.6%，增速较10月份加快0.9个百分点。其中，智能手环、5G智能手机等智能消费设备产品产量分别增长27.6%、11.5%。 此外，11月份，服务业生产指数同比增长4.2%。信息技术和商务服务等现代服务业发展势头良好，11月份信息传输软件和信息技术服 务业、租赁和商务服务业生产指数同比分别增长12.9%和8.4%，都保持了较快增长。 11月12日，国家统计局召开新闻发布会介绍11月份国民经济运行情况。数据显示，11月份，全国规模以上工业增加值同比增长4.8%， 制造业投资保持增长，高新制造业增长较快，其中3D打印设备、工业机器人、新能源汽车产品产量同比分别增长100.5%、20.6%、 17%。此外，消费市场销售规模扩大，前11个月全国网上零售额同比增长9.1%，基本生活类和部分升级类商品销售增长较快。国家统 计局新闻发言人、总经济师、国民经济综合统计司司长付凌晖表示，从全年情况看，尽管有困难有压力，但我国经济韧性强，宏观政 策支持有力，新动能稳步成长，实现全年预期目标有较好条件。 ...