曾几何时，淄博以"鲁C"的荣耀，稳坐山东经济第三把交椅。上世纪90年代其GDP一度跻身全国前30。 然而，随着时代的发展，经济发展的赛道已然切换。 当山东"十五五"规划擘画青岛迈向两万亿、潍坊冲刺万亿、临沂与济宁加速向万亿级城市迈进的全新蓝 图时，淄博，这位昔日的工业强市，却在这份蓝图的关键位置悄然缺席。 淄博日报 2018年成为淄博经济的分水岭，因统计口径调整和落后产能淘汰，其GDP一夜之间骤降近1500亿元。在 山东省内的排名下滑至第7位。 近年来，淄博经济增长面临一定压力。2023年与2024年，全市GDP虽分别实现4561.79亿元和4884.08亿 元，但其增速连续两年低于山东省平均水平。不过，2025年前三季度，GDP达3902.42亿元，增速实现 反超。 相比之下，临沂今年前三季度GDP已达5150.06亿元，济宁4711.6亿元，过去两年间，两市的增速也均稳 定达到或高于全省平均水平，相较淄博领先优势持续扩大。更令人警醒的是，曾经差距明显的菏泽，如 今与淄博的差距已缩至仅103.51亿元，紧追不舍的态势十分明显，淄博传统产业占比偏高的结构性矛盾 日益凸显。 图 黄金时代 淄博的工业基因深植于其 ...

Group 1 - Hefei Zhuohao Building Materials Co., Ltd. has been established with a registered capital of 2 million RMB [1] - The legal representative of the company is Wang Shuo [1] - The business scope includes sales of building materials, decorative materials, ceramic products, metal fittings, hardware products, electrical equipment, doors and windows, metal tools, and installation services for general machinery [1] Group 2 - The company is also involved in technology services, development, consulting, exchange, transfer, and promotion [1] - Additionally, it offers rental services for construction machinery and equipment, excluding licensed businesses [1] - The company can operate independently in accordance with laws and regulations that are not prohibited or restricted [1]

Core Viewpoint - Hefei Zhuxin Building Materials Co., Ltd. has been established with a registered capital of 50,000 RMB, indicating a new player in the building materials industry [1] Company Summary - The legal representative of Hefei Zhuxin Building Materials Co., Ltd. is Wang Tao [1] - The company is involved in a wide range of business activities including sales of building decoration materials, hardware products, home goods, coatings, and various types of construction materials [1] - The company has both general and licensed business operations, with licensed activities including residential interior decoration and construction engineering [1]

天眼查App显示，近日，南京福源盛建材有限公司成立，法定代表人为陈辉，注册资本10万人民币，经 营范围为一般项目：建筑材料销售；建筑砌块销售；建筑用钢筋产品销售；建筑陶瓷制品销售；轻质建 筑材料销售；建筑防水卷材产品销售；建筑装饰材料销售；五金产品批发；五金产品零售；门窗销售； 保温材料销售；涂料销售（不含危险化学品）；日用百货销售；日用品销售；金属制品销售；非金属矿 及制品销售；建筑用金属配件销售；金属材料销售；金属链条及其他金属制品销售；工程管理服务；工 程造价咨询业务；园林绿化工程施工；土石方工程施工；金属门窗工程施工；技术服务、技术开发、技 术咨询、技术交流、技术转让、技术推广；劳务服务（不含劳务派遣）；信息技术咨询服务；信息咨询 服务（不含许可类信息咨询服务）；卫生洁具销售；金属结构销售；建筑工程用机械销售（除依法须经 批准的项目外，凭营业执照依法自主开展经营活动）。 ...

天眼查App显示，近日，南京链勋建材有限公司成立，法定代表人为孙康，注册资本100万人民币，经 营范围为一般项目：建筑装饰材料销售；市政设施管理；城乡市容管理；住宅水电安装维护服务；社会 经济咨询服务；土石方工程施工；园林绿化工程施工；工程管理服务；广告制作；广告设计、代理；安 全技术防范系统设计施工服务；轻质建筑材料销售；建筑材料销售；互联网销售（除销售需要许可的商 品）；技术服务、技术开发、技术咨询、技术交流、技术转让、技术推广；计算机软硬件及辅助设备批 发；专用设备修理；通用设备修理；电气设备修理；金属制品修理；信息咨询服务（不含许可类信息咨 询服务）；信息技术咨询服务（除依法须经批准的项目外，凭营业执照依法自主开展经营活动）。 ...

Market Overview - The Hong Kong stock market opened lower on December 16, with the Hang Seng Index down 0.32% at 25,547.92 points, the Hang Seng Tech Index down 0.56% at 5,467.76 points, and the State-Owned Enterprises Index down 0.35% at 8,886.24 points. The Red Chip Index increased by 0.11% to 4,129.18 points [1] Company News - China Shenhua (01088.HK) reported coal sales of 389.5 million tons for the first 11 months, a decrease of 7.7% year-on-year. November sales were 37 million tons, down 3.6% year-on-year [2] - China Metallurgical Group (01618.HK) signed new contracts worth RMB 958.13 billion in the first 11 months, an 8.6% decrease year-on-year, with overseas contracts amounting to RMB 75 billion, a 0.4% increase year-on-year [2] - China Eastern Airlines (00670.HK) saw a 6.51% year-on-year increase in passenger capacity in November, with passenger turnover up 10.35% and a seat occupancy rate of 87.37%, up 3.04 percentage points year-on-year [2] - China Southern Airlines (01055.HK) reported an 8.68% year-on-year increase in passenger capacity in November, with passenger turnover up 10.42% and a seat occupancy rate of 86.29%, up 1.36 percentage points year-on-year [2] - New China Life Insurance (01336.HK) reported cumulative original insurance premium income of RMB 188.85 billion for the first 11 months, a 16% year-on-year increase [3] - Hopson Development Holdings (00754.HK) reported total contract sales of approximately RMB 14.27 billion for the first 11 months, an 8.91% decrease year-on-year [4] - Kaisa Group (01813.HK) reported a pre-sale amount of RMB 511 million in November, a 21.4% decrease year-on-year [5] - Genscript Biotech (01672.HK) is expected to become a leading oral small molecule IL-17 inhibitor, with positive Phase I study results in the U.S. [5] - China Supply Chain Industry (03708.HK) signed a strategic cooperation framework agreement with Golden Energy regarding digital gold assets [6] - Times China Holdings (01233.HK) had a liquidation petition against the company withdrawn [7] - Botai Car Union (02889.HK) received a project designation notice from a leading domestic electric vehicle client [8] Institutional Insights - Dongwu Securities indicated that the Hong Kong stock market is at a rebound stage, with medium to long-term investment attractiveness. Despite some overseas risks being released, there are still potential risks ahead. The market has adjusted expectations for future interest rate cuts by the Federal Reserve, which may impact risk appetite for Hong Kong stocks [9] - Guohai Securities noted that the development of assisted driving functions is entering a new regulatory phase, with a clear path for standard implementation expected between 2025 and 2027. This will create market demand driven by policy compliance, particularly in areas like driver monitoring systems and data recording systems [9][10] - CITIC Securities highlighted that targeted radionuclide therapy (TRT) is a promising direction in targeted treatment, with significant investment and development activity in the nuclear medicine sector [10]

天眼查App显示，近日，重庆专秀涌建材有限公司成立，法定代表人为张训勇，注册资本50万人民币， 经营范围为一般项目：建筑材料销售；信息咨询服务（不含许可类信息咨询服务）；电线、电缆经营； 二手日用百货销售；日用百货销售；金属矿石销售；金属材料销售；建筑装饰材料销售；汽车零配件批 发；汽车零配件零售；农产品智能物流装备销售；智能农机装备销售；机械零件、零部件销售；机械设 备租赁；机械设备销售；土石方工程施工。（ 除依法须经批准的项目外，凭营业执照依法自主开展经 营活动）。 ...

Core Viewpoint - The recent data on housing prices indicates a continued decline for the eighth consecutive month, highlighting a significant shift in market dynamics and investor sentiment [1][3]. Market Trends - Housing prices in 70 cities have shown a dual decline both month-on-month and year-on-year, with first-tier cities demonstrating stronger resilience compared to second and third-tier cities, which are under greater pressure [3]. - The downward pressure on new home prices is generally greater than that on second-hand homes, reflecting a broader issue of weak confidence and expectations in the market [3]. Policy Shifts - The focus of government policy has shifted from "de-leveraging and risk prevention" to "risk prevention, market stabilization, and promoting transformation," indicating a more supportive environment for the real estate sector [3]. - Initiatives such as financial support for reasonable financing of real estate companies and optimization of purchase restrictions in key cities aim to transition the market from a "free fall" to a "soft landing" [3]. Investment Strategies - Investors should adopt a "survivor mentality" when selecting real estate stocks, focusing on financially stable companies with low financing costs and high operational efficiency, rather than betting on a broad industry rebound [4]. - Opportunities may arise in the long industrial chain associated with real estate stabilization, particularly in upstream sectors like building materials and home furnishings, as well as downstream areas linked to property management and home appliances [4]. - The emergence of new models, such as affordable housing and urban village renovations, driven by policy support, could create a new market segment, offering stable business growth for related construction and service companies [4]. Conclusion - The recent housing price data serves as a summary of past trends rather than a definitive forecast for the future, signaling the end of an old cycle and the challenging establishment of a new balance [5].

Core Viewpoint - The article discusses the release of the "Management Measures for Industrial Technology Basic Public Service Platforms" by the Ministry of Industry and Information Technology, emphasizing the importance of these platforms in supporting industrial development and technological innovation [3][8]. Summary by Sections General Principles - The purpose of the measures is to implement the manufacturing power strategy, enhance the industrial support system, and cultivate authoritative and foundational public service platforms for industrial technology [10]. - The service platforms are defined as specialized institutions that provide essential support services across the entire chain of technological innovation activities, from research and development to industrialization [10]. Application - Applicants for service platforms must clearly define their service industry and scope, focusing on key sectors such as equipment, petrochemicals, steel, non-ferrous metals, construction materials, light industry, textiles, food, pharmaceuticals, new information technology, biotechnology, new energy, new materials, and more [13][14]. Basic Requirements - Applicants must have independent legal status and engage primarily in industrial technology basic services, with at least 60% of their business related to this area [14]. - They should have a strong reputation in the industry, a well-established operational mechanism, and a minimum of one year of relevant service experience [14]. - The platforms must also possess high-level professional talent, necessary infrastructure, and technical capabilities, including having equipment valued at no less than 10 million yuan or annual service revenue exceeding 10 million yuan [14]. Review and Publication - The Ministry of Industry and Information Technology will conduct annual reviews of the service platforms, with evaluations based on submitted annual reports and performance assessments [24]. - A third-party organization or expert group will be responsible for reviewing applications and conducting on-site evaluations if necessary [18]. Operation - Service platforms are required to strengthen their institutional norms, adhere to principles of fairness and integrity, and accept government guidance and social supervision [21]. - They must also enhance their operational capabilities, improve service quality, and adapt to industry trends and technological developments [22]. Dynamic Management - The Ministry will implement dynamic management of the service platforms, conducting annual evaluations and comprehensive reviews every three years [24]. - Platforms that fail to meet performance standards or engage in fraudulent activities may be removed from the official list and barred from reapplication for three years [25].

证券研究报告 | 宏观定期报告 2025 年 12 月 15 日 服务消费是提高居民消费率的主要抓手之一 显微镜下的中国经济（2025 年第 47 期） 频率：每周 当前，释放服务消费潜力对提高居民消费的边际空间更大，地方政府的手段更 多。因此，我们预计未来五年服务消费是提高居民消费率的关键因素。 定期报告 相关报告 1、《央国企动态系列报告之 53 ——央国企整合呈现多元模 式，契合"十五五"盘活主 线》2025-12-15 2、《大国协调下的地缘冲突— ——国际时政周评》2025-12-14 3、《还需一点催化剂——宏观 与大类资产周报》2025-12-14 张一平 S1090513080007 zhangyiping@cmschina.com.cn 张静静 S1090522050003 zhangjingjing@cmschina.com.cn 敬请阅读末页的重要说明 数据显示，2024 年我国居民消费率仅为 39.9%，同年美国居民消费率为 67.9%，韩国居民消费率也比我国高接近 10 个百分点左右，数据为 48.5%。"十五五"规划明确指出要提高居民消费率，这对于构建强大的国 内市场具有决定性的意 ...