中共中央关于制定国民经济和社会发展第十五个五年规划的建议 （2025年10月23日中国共产党第二十届中央委员会第四次全体会议通过） 中国共产党第二十届中央委员会第四次全体会议深入分析国际国内形势，就制定国民经济和社会发展"十五 五"规划提出以下建议。 一、"十五五"时期是基本实现社会主义现代化的关键时期 （1）"十四五"时期我国发展取得重大成就。"十四五"时期我国发展历程极不寻常、极不平凡。面对错综复杂 的国际形势和艰巨繁重的国内改革发展稳定任务，以习近平同志为核心的党中央团结带领全党全国各族人民， 迎难而上、砥砺前行，经受住世纪疫情严重冲击，有效应对一系列重大风险挑战，推动党和国家事业取得新的 重大成就。经济运行稳中有进，高质量发展扎实推进；科技创新成果丰硕，新质生产力稳步发展；全面深化改 革进一步推进，高水平对外开放不断扩大；全过程人民民主深入发展，全面依法治国有效实施；文化事业和文 化产业蓬勃发展，精神文化产品丰富多彩；民生保障扎实稳固，脱贫攻坚成果巩固拓展；绿色低碳转型步伐加 快，生态环境质量持续改善；国家安全能力有效提升，社会治理效能增强，社会大局保持稳定；国防和军队建 设取得重大进展；"一国两制" ...

聚力推动数字经济跨越发展，数实融合提速突破。坚持基建先行、夯基固本，扎实推进5G和千兆光网 建设，"十四五"以来，5G年均投资100亿元以上，累计建成5G基站26.6万个，千兆城市数量居全国第 2，获批青岛国际通信业务出入口局，建成济南、青岛两个国家级互联网骨干直联点，成为全国首个"双 枢纽"省份。高效集约建设算力基础设施，集中打造济南、青岛、枣庄三大算力枢纽，全省一体化算力 网加快构建，智能算力占比超过50%。坚持场景牵引、融合赋能，出台人工智能赋能重点领域高质量发 展推进方案，深度拓展智能制造、智慧生活、智慧政务等应用场景，齐鲁文化大模型、海尔智慧家庭等 17个大模型通过国家备案，"人工智能＋港口"成功纳入首批国家级人工智能应用中试基地。同时，培育 国家级数字领航企业18家、国家级工业互联网平台46家，均居全国第一，卡奥斯连续6年蝉联全国"双 跨"平台榜首，数字技术加速赋能，为高质量发展打开新的空间。 聚力推动传统产业改造提升，产业能级加速提档。坚持高端提质、集聚集约，推动石化、钢铁等重点产 业沿海布局、集群发展，累计转移粗钢产能2356万吨、整合炼油产能2696万吨，裕龙岛炼化一体化、山 钢永锋临港基地 ...

Core Insights - The company reported a revenue of 4.904 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 15.05%, and a net profit attributable to shareholders of 1.263 billion yuan, up 25.04% year-on-year [1] - In Q3 alone, the company achieved a revenue of 1.857 billion yuan, a significant increase of 33.60% year-on-year, and a net profit of 571 million yuan, which is a remarkable growth of 109.55% year-on-year [1] - The growth in performance is primarily attributed to increased downstream demand in the special integrated circuit business and higher product sales [1] Business Development - The company is a leading comprehensive semiconductor enterprise in China, excelling in special integrated circuits, smart security chips, and quartz crystal frequency devices, with applications across various industries including mobile communication, finance, government, automotive, industrial, and IoT [1] - The company has launched a new generation of anti-counterfeiting chip, T91-506, which supports ultra-low voltage communication and offers a one-stop solution for battery safety in electronic devices [1] - The company is actively involved in industry ecosystem development, contributing to the release of the first "Automotive Safety Chip Application Field White Paper" in China, which outlines five core application scenarios [1] Automotive Electronics - The company has established a comprehensive solution capability covering multiple scenarios in automotive electronics, collaborating with over 100 leading companies in the automotive electronics sector [2] - Its automotive control chips are widely used in critical areas such as engine control, transmission control, vehicle control, electric drive control, ADAS, and battery management [2] - The automotive safety chip series has been adopted by several major OEMs and Tier 1 suppliers, with cumulative shipments reaching millions, indicating a growing second growth curve for the company's automotive electronics business [2] Future Outlook - The company has announced a stock incentive plan, proposing to grant 16.8 million stock options, which represents 1.98% of the company's equity, to 466 individuals including directors and key personnel, reflecting confidence in future growth [2] - The company aims to solidify its core technology, drive innovation, and enhance its main business advantages, committing to high-quality development and contributing to the new digital economy landscape [3]

中国发展网讯 记者缪晓琴报道 作为距离上海中心城区最近的新城，嘉定区如何因地制宜发展新质生产 力，让高质量发展的基础更厚、成色更足？在10月22日举行的"实干绘答卷接力新蓝图"上海"十四五"规 划成果系列第九场新闻发布会上，嘉定区委书记肖文高介绍，从"汽车城"奔向"未来城"，嘉定成功迈 上"3个3000亿元"的新台阶，区域发展跑出了"四个嘉速度"。 过去5年中，嘉定紧紧围绕加快建成"创新活力充沛、融合发展充分、人文魅力充足、人民生活充裕"的 现代化新型城市总目标，坚持抢抓机遇、砥砺奋进，干在实处、走在前列。这为"收官之年"城市能级与 核心竞争力的腾飞插上了翅膀。 聚焦发展，关键指标实现历史突破 2024年，嘉定区地区生产总值实现历史性突破，首次跨越3000亿元大关，彰显区域经济强劲发展动能。 与此同时，单位建设用地生产总值较"十三五"期末显著提升20个百分点，土地利用效率实现质的飞 跃。"十四五"期间，全区固定资产投资累计总额突破3000亿元，远超2500亿元预期目标，充分体现了区 域投资的活跃度与发展潜力。 汽车产业是嘉定的基因底色，但绝非发展的天花板。肖文高介绍，面对汽车产业变革带来的机遇和挑 战，"汽车 ...

2025 年 10 月 28 日 泰凌微(688591.SH) 端侧 AI 与物联网双翼驱动，成长路径 清晰 事件： 10 月 27 日，公司发布 2025 年第三季度报告，第三季度营收 2.63 亿元，同比增长 18.57%；归母净利润 3861.46 万元，同比增长 3.56%;归母扣非净利润 3630.82 万元，同比增长 3.06%。 股价表现 资料来源：Wind 资讯 升幅% 1M 3M 12M 相对收益 -14.0 -5.3 83.0 绝对收益 -10.3 9.0 102.2 马良 分析师 -10% 5% 20% 35% 50% 65% 80% 95% 110% 125% 140% 2024-10 2025-02 2025-06 2025-10 泰凌微 沪深300 SAC 执业证书编号：S1450518060001 maliang2@essence.com.cn 相关报告 硬件平台双驱动，凭借超低功耗卡位端侧 AI 高增长赛道 公司持续加码端侧 AI 底层硬件研发，2025 年第三季度单季研发投入 达 0.69 亿元，同比增长 38.96%，环比提升 19.04%，积极拥抱 AI 算 力从云端向终 ...

Core Points - The first batch of new registered companies in the Sci-Tech Innovation Board's growth tier, including Xian Yicai, Heyuan Bio, and Bibet, officially listed on October 28, marking a significant milestone for the board [1][4][7] - The listing increased the total number of companies in the growth tier to 35 and the total number of listed companies on the Sci-Tech Innovation Board to 592 [1] - The initial offering prices for the three companies were 8.62 CNY, 29.06 CNY, and 17.78 CNY per share, with significant price increases observed by midday trading on the listing day [1] Company Summaries - Xian Yicai's stock price rose to 26.74 CNY, reflecting a 210.21% increase from its offering price [1] - Heyuan Bio's stock reached 88.04 CNY, marking a 202.96% increase [1] - Bibet's stock price climbed to 34.44 CNY, showing a 93.7% increase [1] Regulatory and Policy Insights - The Vice Chairman of the China Securities Regulatory Commission (CSRC), Li Chao, emphasized the importance of utilizing reform policies to enhance development quality and investor returns [5][7] - Li noted that the establishment of the growth tier represents a solid step forward in capital markets supporting technological innovation and new productive forces [7] - The CSRC has implemented several significant policy measures, including the "1+6" reform framework, to facilitate the growth of high-tech enterprises [8] Government Support and Future Directions - Shanghai's Vice Mayor, Wu Wei, highlighted the city's commitment to building a world-class investment and financing ecosystem for "hard tech" companies [9][11] - Wu stated that the Sci-Tech Innovation Board has successfully nurtured a number of high-growth technology companies and has created replicable reform experiences [11] - The government aims to enhance the international competitiveness of Shanghai as a technology innovation hub [12] Market Dynamics and Future Outlook - The Shanghai Stock Exchange's Chairman, Qiu Yong, indicated that the board will continue to support "hard tech" companies with a focus on high standards and effective regulation [13][15] - The market is expected to see a continued influx of innovative companies as the regulatory environment becomes more accommodating [15][19] - The integration of technology, finance, and industry is anticipated to foster a virtuous cycle that supports sustainable economic growth [18][22]

中经记者 郝亚娟 夏欣 上海 北京报道 近日，《人民日报》报道，我国芯片领域取得了新突破。 在芯片研发和投产的产业链上，活跃着大量中小微企业。科技型小微企业是科技创新的"生力军"，在集 成电路等战略性新兴产业发展中发挥着关键作用。然而，这些企业普遍面临研发周期长、资金需求急、 可抵押资产少等难题，融资困境成为制约其成长的重要瓶颈。 针对这一痛点，上海华瑞银行构建完善的科创普惠产品体系，助力科技型小微企业高质量发展。通过精 准对接芯片产业链科技企业需求，依托科创普惠金融产品，提供低成本的融资支持。 科技金融进阶：从"重资产"到"重价值" 清华大学五道口金融学院金融安全研究中心发布的《专精特新企业融资实践路径与安全策略报告 （2025）》显示，很多科技企业的资产负债表呈现出典型的"轻资产"特征，其核心价值体现为知识产 权、研发团队等无形资产。固定资产占比低于传统制造业企业，核心资产难以通过传统抵押方式融资。 对于银行而言，传统模型依赖历史现金流、利润率等指标，无法衡量技术潜力与未来价值，导致成长期 企业被判定为高风险。在以有形资产为核心的抵押文化下，科技企业最有价值的资产——知识产权，却 因其估值难、流动性差，导 ...

Core Insights - The company reported significant growth in Q3 2025, with operating revenue reaching 1.857 billion yuan, a year-on-year increase of 33.6% [2][3] - Net profit attributable to shareholders surged to 570 million yuan, marking a 109.55% increase compared to the same period last year [2][3] - The net profit excluding non-recurring gains and losses was 509.6 million yuan, up 101.46% year-on-year, indicating a substantial improvement in both profit scale and quality [2][3] Financial Performance - For the year-to-date period, the company achieved total operating revenue of 4.904 billion yuan, reflecting a 15.05% increase from the previous year [2][3] - Year-to-date net profit attributable to shareholders was 1.263 billion yuan, a 25.04% increase year-on-year [2][3] - Basic and diluted earnings per share for the year-to-date period were both 1.499 yuan, representing a 25.16% increase compared to the same period last year [2][3] Profitability Metrics - The weighted average return on equity for Q3 2025 was 4.37%, an increase of 2.09 percentage points year-on-year [2][3] - For the year-to-date period, the weighted average return on equity was 9.79%, up 1.3 percentage points from the previous year [2][3] Asset and Cash Flow Analysis - As of September 30, 2025, total assets reached 18.25 billion yuan, a 5.37% increase from the end of the previous year [4] - Shareholders' equity attributable to the company was 13.3 billion yuan, reflecting a 7.31% increase year-on-year [4] - Year-to-date net cash flow from operating activities was 285 million yuan, a decrease of 70.66% compared to the previous year, primarily due to increased procurement cash outflows [4] Business Drivers - The significant growth in revenue and profit was primarily driven by increased demand in the special integrated circuit business, which is the company's core segment [4] - The rise in product sales volume not only expanded revenue but also optimized product structure, leading to a net profit growth rate that significantly outpaced revenue growth [4]

Core Viewpoint - The A-share market is experiencing a systematic slow bull market, driven by multiple favorable factors and increasing liquidity, with expectations of continued upward momentum in stock prices [1][3][4]. Market Performance - The Shanghai Composite Index reached a high of 3999.07 points, closing at 3996.94 points, marking a 1.18% increase, while the Shenzhen Component Index and ChiNext Index rose by 1.51% and 1.98% respectively [2]. - Total trading volume in the two markets reached 23,401 billion, an increase of 3,659 billion from the previous trading day, indicating a growing bullish sentiment [2]. Supporting Factors for Market Growth - Policy support is evident with the "14th Five-Year Plan" emphasizing technological innovation and key sectors like integrated circuits and artificial intelligence, which are expected to see a 57% increase in IPO financing by 2025 [3]. - The external environment is improving, with positive developments in US-China trade negotiations and expectations of interest rate cuts by the Federal Reserve, leading to increased capital inflows [3]. Structural Changes in Capital Flow - Analysts agree that the A-share market has entered a systematic slow bull phase, with ongoing capital inflows creating a wealth effect [4]. - The current stock allocation among Chinese households is only 22%, significantly lower than real estate at 55%, indicating potential for substantial capital migration into the stock market [4]. Valuation and Market Sentiment - The MSCI China Index has a dynamic P/E ratio of 12.9, and the CSI 300 Index is at 14.4, both showing a discount compared to developed markets, suggesting room for growth [5]. - Despite a slight cooling in market sentiment since October, the overall inflow of capital remains stable, with limited short-term adjustment space anticipated [5][6].

2025年是"十四五"规划收官之年。 回望这五年，科创板从制度创新的"试验田"到"硬科技"企业聚集地，在"十四五"期间完成了一次关键蜕 变。 近日，上交所发布"十四五"改革发展情况回顾，一组数据清晰勾勒出科创板的五年蜕变：沪市科技创新 公司数量占比从32%升至41%，市值占比从27%升至32%，新上市公司中近七成为科技创新企业。 "十四五"时期，监管层全力推进"科创板八条""科创成长层1+6"等改革政策落实落地。 从集成电路到生物医药，从高端装备到人工智能，科创板重点产业链已形成示范和集聚效应，正成为培 育新质生产力的重要土壤。 含"科"量不断提升 今年11月5日，科创板将迎来宣布设立七周年。 作为服务国家高水平科技自立自强、培育新质生产力的重要阵地，五年来，一批技术领军企业在科创板 汇聚成势。 截至2025年10月26日，科创板上市公司数量合计达到589家，IPO募集资金9257亿元，再融资募集资金 1867亿元，合计超1.1万亿元。 科创板重点服务的性新兴产业与新质生产力发展方向高度契合，新一代信息技术、生物医药、高端装备 制造等新兴产业公司占比超八成。 以集成电路为例，科创板集成电路上市公司约120家， ...