Core Viewpoint - The Shanghai Municipal Party Committee has released a proposal for the 15th Five-Year Plan, aiming to transform Shanghai into a world-class socialist modern international metropolis by 2035, with a focus on high-quality development and regional integration in the Yangtze River Delta [1]. Group 1: Five Centers Upgrade - Shanghai aims to upgrade its "Five Centers" by 2035, achieving international leading levels in key development indicators, including doubling per capita GDP from 2020 levels [2]. - During the 14th Five-Year Plan, Shanghai's GDP surpassed 5 trillion yuan, becoming the first city in China to achieve this milestone and ranking among the top five global cities [2]. - The upgrade of the "Five Centers" will enhance resource allocation for the Yangtze River Delta, transitioning from single-function enhancement to system integration [2][3]. Group 2: Implementation Paths - The proposal outlines three implementation paths: leveraging financial support for innovation, creating regulatory innovations, and fostering new productive forces to reshape industrial chains [3]. - Shanghai's economic growth is projected to remain reasonable and synchronized with national trends, with a steady increase in total factor productivity [3]. Group 3: Key Industries - The three leading industries—integrated circuits, biomedicine, and artificial intelligence—will further solidify their positions, focusing on overall breakthroughs in the industrial chain [4]. - The artificial intelligence sector is expected to grow significantly, with projected revenues exceeding 550 billion yuan by 2025, reflecting a growth rate of over 30% [4]. Group 4: Institutional Innovation - High-level openness is a core advantage for Shanghai, with institutional innovations aimed at enhancing regional development dynamics [6]. - The proposal emphasizes the role of the Pudong New Area and Lingang New Area in driving institutional innovation and creating replicable models for the Yangtze River Delta [6][7]. Group 5: Collaborative Development - The proposal aims to establish a "power community" in the Yangtze River Delta, focusing on collaborative technological innovation, ecological protection, and spatial optimization [10]. - Specific paths for collaboration include deepening the integration of innovation chains and enhancing cooperation in key technology areas [11]. Group 6: Environmental and Spatial Optimization - The proposal highlights the importance of ecological protection and spatial layout optimization to enhance collaborative capacity in the Yangtze River Delta [12]. - Shanghai will promote the construction of a metropolitan area with a multi-node structure, facilitating coordinated development with surrounding regions [12]. Group 7: Social Welfare and Integration - The proposal emphasizes the sharing of public services across the Yangtze River Delta, enhancing the quality of life for residents in education, healthcare, and other areas [13]. - Shanghai's successful experiences in community services will be extended to the Yangtze River Delta, ensuring that high-quality development benefits a broader population [13].

（文章来源：证券日报） 证券日报网讯 1月19日，沐曦股份在互动平台回答投资者提问时表示，公司构建了稳定的供应链体系， 积累了丰富的供应链管理经验，拥有动态、灵活的库存管理机制，并较早启动国产供应链布局、提早规 划并设计了基于国产供应链的产品，能够确保产品高质量及可持续的供应与交付。公司在晶圆生产制 造、封测、存储颗粒、EDA、IP 等核心环节的国产化上均已取得一定突破。随着市场影响力和产业链 资源逐渐提升，公司将持续培育国产供应商，进一步推动关键供应环节的国产配套，全面提升国内集成 电路产业链的竞争力。 ...

Overview - The core viewpoint of the article is that China's economy in 2025 is characterized by a deepening supply-demand imbalance, with strong supply and weak demand, as well as a resilient external demand compared to internal demand. The GDP is projected to exceed 140 trillion yuan, with nominal growth of 4% and real growth of 5% [1][4]. Economic Structure - The economic operation in 2025 shows three main features: a deepening supply-demand imbalance, stronger external demand than internal demand, and initial success in price governance. The industrial added value increased by 5.9%, which is higher than GDP, investment, and consumption growth rates [4][5]. - The contribution rates to GDP growth from final consumption expenditure, capital formation, and net exports are 52%, 15.3%, and 32.7%, respectively [1]. Consumption - The total retail sales of consumer goods grew by 3.7% in 2025, with a "front high and back low" rhythm. The growth rates for goods and catering were 3.8% and 3.2%, respectively, indicating stronger performance in goods [12][15]. - In December, the retail sales growth rate dropped to 0.9%, reflecting a further weakening of growth momentum. Durable goods consumption faced significant pressure, with home appliances down by 14.3% [15][18]. Fixed Asset Investment - Fixed asset investment decreased by 3.8% in 2025, primarily due to declines in infrastructure (-1.5%) and real estate investment (-17.2%). Private investment continued to shrink for the third consecutive year, with a significant drop of 6.4% [18][20]. - Real estate sales showed a smaller decline compared to investment, with sales area and amount down by 8.7% and 12.6%, respectively, indicating a slight recovery in sales [20][21]. Foreign Trade - In 2025, exports maintained resilience with a cumulative growth of 5.5%, while imports showed no growth. Exports to the US fell by 19.9%, while exports to non-US regions grew by 9.9%, becoming the main support for overall export growth [29][30]. - In December, exports increased by 6.6%, driven by strong performance in automobiles and integrated circuits, which grew by 71.7% and 47.7%, respectively [29][30]. Supply Side - Industrial production growth accelerated in 2025, with the industrial added value increasing by 5.9%. The contribution rate of industry to economic growth reached 35%, up by 1.8% from 2024 [31][35]. - In December, industrial production showed a year-on-year growth of 5.2%, with a notable increase in high-tech industries [31][35]. Inflation - Inflation showed moderate recovery in 2025, with the CPI remaining flat year-on-year and core CPI rising to 1.2%. The PPI contracted by 2.6%, influenced by supply-demand balance and rising international metal prices [36][37]. - In December, CPI rose by 0.8%, marking the fourth consecutive month of increase, while PPI contracted by 1.9% [36][37]. Outlook - Looking ahead to 2026, it is expected to be a pivotal year for the "14th Five-Year Plan," with a GDP growth target of around 5%. Industrial production is anticipated to grow steadily, supported by resilient external demand and a recovery in consumption [40].

Group 1 - The company, Ziguang Guowei, is actively monitoring the development trends and market opportunities in emerging fields such as brain-computer interfaces [2] - The company is leveraging its technological accumulation and core business needs to explore opportunities in extended fields [2] - Ziguang Guowei is continuously seeking opportunities to engage in exploratory activities related to these emerging sectors [2]

证券日报网讯 1月19日，安路科技在互动平台回答投资者提问时表示，截至目前，公司未对研发费用进 行资本化处理。公司研发出的新产品在经过客户导入，进而量产出货，形成销售收入。 （文章来源：证券日报） ...

格隆汇1月19日丨成都华微(688709.SH)公布，经财务部门初步测算，预计2025年年度实现归属于母公司 所有者的净利润为21,300.00万元至25,500.00万元，同比增加74.35%至108.73%。归属于母公司所有者的 扣除非经常性损益的净利润为18,300.00万元至22,000.00万元，同比增加108.86%至151.09%。 本期业绩变化的主要原因：1、公司产品主要应用于电子、通信、控制、测量等特种行业领域，受国内 特种行业周期影响，特种集成电路行业下游客户的产品需求有所增加，导致公司销售收入规模同比有所 增加。2、公司于2025年承接多项国家重点科研项目，相关重点研发项目的实施，为公司科技创新提供 了充足的资金保障，保证了公司研发投入，同时减少了研发费用自有资金的支出。 ...

Group 1 - The company, Ziguang Guowei, stated that it will develop and implement capital operation and product plans that align with its development needs based on industry trends and its strategic planning [2]

Core Viewpoint - Shanghai aims to accelerate the construction of "five centers" to enhance its urban capability and core competitiveness, marking the "14th Five-Year Plan" period as crucial for becoming a globally influential socialist modern metropolis by 2035 [3][4]. Group 1: Five Centers - The "five centers" include international economic, financial, trade, shipping, and technological innovation centers, which are deemed essential for Shanghai's modernization efforts [4]. - The plan emphasizes innovation-driven development and the importance of a coordinated approach between central and local governments to enhance global resource allocation and technological innovation [4]. Group 2: Industrial Structure - Shanghai will implement a "2+3+6+6" industrial structure, focusing on the digital and green transformation of traditional industries and accelerating the development of integrated circuits, biomedicine, and artificial intelligence [4]. - The city aims to establish six emerging pillar industry clusters in electronic information, life health, automotive, high-end equipment, advanced materials, and fashion consumer goods [4]. Group 3: Regional Coordination - The plan calls for higher quality integration of the Yangtze River Delta region, emphasizing cross-regional collaboration in technological and industrial innovation [5]. - By 2035, the functions of the "five centers" are expected to be fully upgraded, with key development indicators reaching international leading levels, and per capita GDP projected to double compared to 2020 [5].

每经AI快讯，1月19日，恒烁股份(688416.SH)发布2025年度业绩预告，预计归属于母公司所有者的净利 润为-9,832.00万元，较上年同期减亏。报告期内，公司维持原有市场销售政策，以出货量和市场份额为 关键，加大销售力度，相较于上年同期产品出货量增加，营业收入及综合毛利率同比有一定增长，但相 较于现有营收规模综合毛利率仍处于较低水平。 （文章来源：每日经济新闻） ...

Core Viewpoint - Shanghai aims to build a world-class high-end industrial cluster by establishing a modern industrial system characterized by "2+3+6+6" during the 14th Five-Year Plan period, focusing on advanced manufacturing as the backbone [1][2]. Group 1: Modern Industrial System - The "2" in the "2+3+6+6" system refers to the digital and green transformation of traditional industries [1]. - The "3" represents the acceleration of three leading industries: integrated circuits, biomedicine, and artificial intelligence [1][2]. - The first "6" indicates the development of six emerging pillar industries: next-generation electronic information, intelligent connected new energy vehicles, high-end equipment, advanced materials, new energy and green low-carbon products, and fashion consumer goods [1]. - The second "6" focuses on six future industry fields: future manufacturing, future information, future materials, future energy, future space, and future health [1]. Group 2: Traditional Industries and Performance - Shanghai's traditional industries exhibit strong support, high efficiency, and high-tech characteristics, with a revenue profit margin of 6.2% in 2024, surpassing the national average by 0.8 percentage points [3]. - Nearly one-third of Shanghai's traditional industries are classified as strategic emerging industries, and they hold a significant share in international markets [3]. - Approximately 70% of Shanghai's traditional industries are technology-intensive, indicating a robust technological foundation [3]. Group 3: Leading Industries and Innovations - The integrated circuit industry aims for an overall breakthrough, focusing on building a secure and controllable local industrial ecosystem [4]. - The artificial intelligence sector is set to expand its innovation chain from application layers to foundational frameworks, core algorithms, and computing chips [4]. - By 2025, the artificial intelligence industry in Shanghai is expected to exceed 550 billion yuan, with a growth rate of over 30% [5].