截至10月28日，创业板50ETF大成(159298)近1周累计上涨5.61%，涨幅排名可比基金第一。截至10月28 日，创业板50ETF大成(159298)最新规模达4.71亿元，最新份额达4.17亿份，均创成立以来新高。 截至2025年10月29日 10:28，创业板50ETF大成(159298)盘中一度涨超2%，现涨1.68%， 冲击5连涨。跟 踪指数创业板50指数强势上涨1.66%，成分股阳光电源上涨7.97%，三环集团上涨7.31%，先导智能上涨 6.78%，泰格医药，川宁生物等个股跟涨。 【深度契合"十五五"政策导向】 2025年10月28日,《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》(以下简称《建 议》)正式发布。"十五五"规划明确强调科技自立自强与新兴产业培育，指数高度贴合新质生产力方 向，在人工智能、高端制造、绿色能源等领域权重占比超80%。政策红利下，光模块（1.6T需求爆 发）、新能源（产能出清优化）等细分赛道有望持续受益。 消息面上，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发布。其中指出，加快新能 源、新材料、航空航天、低空经济等战略性新兴产业集群发展 ...

（文章来源：每日经济新闻） 碳中和50ETF（159861）跟踪的是环保50指数（930614），该指数从沪深市场中选取涉及环境保护、清 洁能源、节能减排等业务的上市公司证券作为指数样本，覆盖新能源、环保设备与服务等行业，旨在反 映绿色经济相关上市公司证券的整体表现。 中泰证券指出，电力设备行业方面，加快能源绿色低碳转型是全面绿色转型的"牛鼻子"，"十五五"将加 快建设新型能源体系，重点发展非化石能源并推进化石能源清洁高效利用。光伏设备行业方面，硅料价 格重心小幅波动，成交整体偏观望；硅片价格虽有波动但整体稳健；电池片环节显现颓势，183N需求 持续减弱；组件价格小幅震荡，210需求较高但210R价格下跌；光伏玻璃成交不佳，头部企业坚挺高价 而二三线让利出货，库存增多下价格可能进一步松动。国内海风建设节奏有序进行，预期逐步迎来交付 高峰期。 ...

Group 1 - The "15th Five-Year Plan" emphasizes high-quality economic development, with specific goals including significant improvements in technological self-reliance, deepening reforms, enhancing social civilization, and improving people's quality of life [2][5][6] - Key industries benefiting from the "15th Five-Year Plan" include advanced manufacturing, hard technology sectors such as artificial intelligence, integrated circuits, and renewable energy, as well as financial services and digital trade [2][7][8] - The plan aims to build a modern industrial system, focusing on smart, green, and integrated development, which will support sectors like defense, intelligent manufacturing, and biotechnology [7][11] Group 2 - The "15th Five-Year Plan" is expected to create a favorable policy environment for the A-share market, enhancing long-term stability and boosting market sentiment [2][33] - Investment opportunities are identified in new productivity sectors, which are crucial for high-quality development and technological self-reliance, particularly in areas like AI and digital economy [34][36] - The plan highlights the importance of consumer spending and service consumption, indicating potential growth in sectors related to domestic demand and new consumption trends [8][11] Group 3 - The financial sector is emphasized in the plan, with a focus on building a strong financial system to support the real economy and enhance resource allocation [9][11] - The plan also addresses the need for regional economic coordination and infrastructure development, which will benefit construction and logistics industries [10][13] - Cultural and tourism sectors are expected to thrive as the plan promotes cultural innovation and the development of a tourism powerhouse [10][12]

Core Insights - TuoRi New Energy (002218.SZ) reported its Q3 2025 results, indicating a significant institutional investor presence with a total holding of 592 million shares, representing 41.87% of the company's total equity [1] Institutional Holdings - As of October 28, 2025, six institutional investors disclosed their holdings in TuoRi New Energy, with a combined ownership of 592 million shares, which is an increase of 0.94 percentage points compared to the previous quarter [1] - The institutional investors include Shenzhen Aoxin Investment Development Co., Ltd., Shenzhen Dongfang Hexin Technology Co., Ltd., Changzhi Nanye Industrial Group Co., Ltd., Hong Kong Central Clearing Limited, Yichong Group Rongchuang Technology Development Co., Ltd., and Xinhua Industry Leading Theme Stock [1] Public Fund Activity - One new public fund disclosed its holdings during this period, namely Xinhua Industry Leading Theme Stock, while 21 public funds were no longer disclosed compared to the previous quarter [1] - The funds that were not disclosed include Guojin Quantitative Multi-Factor A, Guojin Quantitative Selected A, CSI 2000, Southern CSI 2000 ETF, and Caitong Advanced Manufacturing Intelligent Selection Mixed Initiation A [1] Foreign Investment Trends - There was a slight increase in foreign investment, with one foreign fund, Hong Kong Central Clearing Limited, increasing its holdings during this period [1]

10月28日，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发布。 "十五五"时期经济社会发展的主要目标：绿色生产生活方式基本形成，碳达峰目标如期实现，清洁低碳 安全高效的新型能源体系初步建成，主要污染物排放总量持续减少，生态系统多样性稳定性持续性不断 提升。 内容指出，加快建设新型能源体系。持续提高新能源供给比重，推进化石能源安全可靠有序替代，着力 构建新型电力系统，建设能源强国。坚持风光水核等多能并举，统筹就地消纳和外送，促进清洁能源高 质量发展。加强化石能源清洁高效利用，推进煤电改造升级和散煤替代。全面提升电力系统互补互济和 安全韧性水平，科学布局抽水蓄能，大力发展新型储能，加快智能电网和微电网建设。提高终端用能电 气化水平，推动能源消费绿色化低碳化。加快健全适应新型能源体系的市场和价格机制。 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 积极稳妥推进和实现碳达峰。实施碳排放总量和强度双控制度。深入实施节能降碳改造。推动煤炭和石 油消费达峰。完善碳排放统计核算体系，稳步实施地方碳考核、行业碳管控、企业碳管理、项目碳评 价、产品碳足迹等政策制度。发展分布式能源，建设零碳工厂和园区。扩 ...

Core Viewpoint - The Fujian Provincial Development and Reform Commission and the National Energy Administration's Fujian Regulatory Office have issued a plan to deepen the market-oriented reform of renewable energy grid prices, aiming to promote high-quality development of renewable energy in the province [1] Group 1: Market Mechanism - The plan proposes to improve the spot market trading and pricing mechanism for renewable energy [1] - It emphasizes the need for renewable energy projects to participate fully in reliability unit combinations and real-time markets [1] Group 2: Pricing Considerations - The upper limit for spot market bidding and clearing prices will primarily consider the peak electricity prices for industrial and commercial users in the province [1] - The lower limit will be determined based on renewable energy fiscal subsidies, green power certificates, carbon market revenues, and will be dynamically adjusted according to supply, demand, and market development conditions [1]

【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com （责任编辑：宋政 HN002） 格隆汇10月29日｜福建省发展和改革委员会、国家能源局福建监管办公室近日印发《福建省深化新能源 上网电价市场化改革促进新能源高质量发展实施方案》。《方案》提出，完善中长期市场交易机制。新 能源项目可自愿选择参与中长期市场交易。原则上集中式新能源项目直接参与交易，鼓励分布式新能源 项目以聚合方式参与交易。新能源项目中长期交易签约比例不作强制要求，签约电量上限按照额定容量 扣减机制电量对应容量后剩余容量的最大可交易电量确定。推动实现新能源量价、曲线的灵活调整，允 许双边协商交易双方根据实际情况合理确定中长期合同的量价、曲线等内容。现阶段中长期结算点为实 时市场统一结算点，条件成熟后，经营主体可自行选择以实时市场任一节点作为结算参考点。 ...

Report Industry Investment Ratings No relevant content provided. Core Views - Nickel: The accumulation of smelting inventory and concerns about nickel ore are in a game, leading to a narrow - range oscillation of nickel prices [2][4]. - Stainless steel: There is limited downward potential, but there is a lack of upward driving force [2][4]. - Lithium carbonate: The spot bidding price is at a high level, showing a strong - running trend [2][7]. - Industrial silicon: With the reduction of warehouse receipts, there is an obvious bottom support [2][11]. - Polysilicon: Market sentiment has cooled down, and there is a risk of a price decline [2][12]. Summary by Related Catalogs Nickel and Stainless Steel - **Fundamental Data**: The closing price of the Shanghai nickel main contract was 120,560 yuan, down 1,840 yuan compared to T - 1. The trading volume of the Shanghai nickel main contract was 156,296 lots, an increase of 26,763 lots compared to T - 1. For stainless steel, the closing price of the main contract was 12,750 yuan, down 65 yuan compared to T - 1, and the trading volume was 131,733 lots, a decrease of 80,991 lots compared to T - 1 [4]. - **Macro and Industry News**: Indonesia's forestry working group took over a nickel - mining area of PT WedaBav Nickel due to violations. China suspended an unofficial subsidy for imported copper and nickel from Russia. Indonesia imposed sanctions on 190 mining companies and issued a ministerial order regarding the approval process of the RKAB. Trump claimed to impose a 100% tariff on China and implement export controls on "all key software" [4][5][6]. - **Trend Intensity**: The trend intensity of nickel and stainless steel is 0, indicating a neutral trend [6]. Lithium Carbonate - **Fundamental Data**: The closing price of the 2511 contract was 80,800 yuan, down 320 yuan compared to T - 1, with a trading volume of 64,993 lots, a decrease of 4,495 lots compared to T - 1. The closing price of the 2601 contract was 81,640 yuan, down 260 yuan compared to T - 1, and the trading volume was 729,307 lots, an increase of 214,852 lots compared to T - 1 [7]. - **Macro and Industry News**: The SMM battery - grade lithium carbonate index price increased. Some car brands announced New - Year - crossing purchase - tax subsidy plans. A subsidiary of Dazhong Mining obtained a mining license for a lithium mine in Hunan, which is expected to produce 80,000 tons of lithium carbonate per year [8][10]. - **Trend Intensity**: The trend intensity of lithium carbonate is 1, indicating a relatively strong trend [10]. Industrial Silicon and Polysilicon - **Fundamental Data**: The closing price of the Si2601 contract for industrial silicon was 8,965 yuan/ton, an increase of 45 yuan compared to T - 1, with a trading volume of 198,198 lots, an increase of 10,934 lots compared to T - 1. The closing price of the PS2601 contract for polysilicon was 54,500 yuan/ton, an increase of 2,195 yuan compared to T - 1, and the trading volume was 238,898 lots, an increase of 69,856 lots compared to T - 1 [12]. - **Macro and Industry News**: In September, the total social electricity consumption was 888.6 billion kWh, a year - on - year increase of 4.5%. From January to September, the cumulative total social electricity consumption was 7,767.5 billion kWh, a year - on - year increase of 4.6% [14]. - **Trend Intensity**: The trend intensity of industrial silicon is 1, indicating a relatively strong trend; the trend intensity of polysilicon is - 1, indicating a relatively weak trend [14].

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report The "15th Five-Year Plan" period is of great significance in the process of basically realizing socialist modernization. Boosting consumption and technological innovation will be the main drivers on the demand and supply sides respectively during the "15th Five-Year Plan" period. Policies conducive to expanding domestic demand and supporting technological innovation will continue to be promoted, and the relevant industries are expected to benefit from the policy advantages [3][4][20]. 3. Summary According to the Directory 3.1 "15th Five-Year Plan" 《Suggestions》 Main Content - The "15th Five-Year Plan" 《Suggestions》 has 15 parts and 61 articles, divided into three major sections. It positions the "15th Five-Year Plan" period as an important stage with a connecting role in the process of basically realizing socialist modernization [7]. - The development environment is characterized by both strategic opportunities and risks, with many uncertain and unpredictable factors. Internationally, the relationship between China and the United States is complex, but China has many favorable factors for shaping the external environment. Domestically, China has advantages such as a stable economic foundation, but also faces challenges such as unbalanced and insufficient development [7][8]. - The main goals include achieving significant results in high - quality development, greatly improving the level of technological self - reliance, and continuously improving people's living standards [9]. 3.2 Industry Construction - Prioritize optimizing and upgrading traditional industries to maintain the competitiveness of industries such as mining, metallurgy, and chemical engineering in the global division of labor. Cultivate and strengthen 4 strategic emerging industry clusters and 6 future industries [11]. - Expand the opening - up of the service industry to attract international capital and advanced business models, and moderately and ahead of time build new infrastructure to reserve development space [11]. 3.3 Technological Innovation - Strengthen original innovation and key core technology research in fields such as integrated circuits and industrial mother machines. Increase the proportion of basic research investment to achieve technological self - control [12]. - Promote the in - depth integration of technological innovation and industrial innovation, accelerate the transformation of scientific and technological achievements into productivity, and create new industries [12]. - Implement the "Artificial Intelligence +" action to lead the transformation of scientific research paradigms and empower various industries [12]. 3.4 Domestic Market - Adhere to the strategic basis of expanding domestic demand, combine improving people's livelihood and promoting consumption, and investment in objects and people. Promote the positive interaction between consumption and investment, supply and demand [13]. - Specific measures include boosting consumption (improving consumption scenarios and promoting residents' consumption ability), expanding effective investment (optimizing government investment and stimulating private investment), and removing obstacles to the construction of a unified national market [13][14]. 3.5 Macroeconomic Governance - Strengthen the coordination of fiscal and monetary policies, and maintain the continuity, effectiveness, and consistency of policies. Promote an economic development model driven by domestic demand and consumption [15]. - In fiscal and tax reform, improve the local tax and direct tax systems, and adjust the central - local fiscal relationship [15]. 3.6 Livelihood Security - Solve structural employment problems by strengthening the coordination between industry and employment, and promoting the healthy development of flexible employment [16]. - Improve the income distribution system to increase the income of low - income groups, expand the middle - income group, and form an olive - shaped distribution pattern [17]. - Improve the social security system, including pension and medical insurance, and focus on reducing the high - cost expenditures of residents in education, housing, etc. [17]. 3.7 Green Transformation - With the goal of achieving carbon peak by 2030, accelerate the construction of a new energy system and implement energy - saving and carbon - reduction reforms. The construction of the electricity market and carbon emission trading market is expected to accelerate [18]. - Reduce pollution emissions, strengthen pollution control, and promote the formation of a green production and lifestyle [18]. 3.8 Summary The "15th Five-Year Plan" 《Suggestions》 deploys strategic tasks and major measures in multiple fields. Boosting consumption and technological innovation will be the main focuses, and relevant industries are expected to benefit from policy support [19][20].

Core Insights - Jiangsu New Energy (603693.SH) reported a total operating revenue of 1.526 billion yuan for Q3 2025, ranking 35th among disclosed peers, which represents a decrease of 32.27 million yuan or 2.07% year-on-year [1] - The net profit attributable to shareholders was 390 million yuan, ranking 23rd among peers, down by 33.63 million yuan or 7.93% compared to the same period last year [1] - The net cash inflow from operating activities was 918 million yuan, ranking 27th among peers, with an increase of 118 million yuan or 14.70% year-on-year, marking five consecutive years of growth [1] Financial Ratios - The latest debt-to-asset ratio is 53.69%, ranking 22nd among peers, a decrease of 0.22 percentage points from the previous quarter and 0.36 percentage points from the same period last year [3] - The latest gross profit margin is 50.19%, ranking 9th among peers, down by 1.98 percentage points from the previous quarter and 1.82 percentage points year-on-year [3] - The latest return on equity (ROE) is 5.61%, ranking 25th among peers, a decrease of 0.71 percentage points from the same period last year [3] Earnings Per Share and Turnover Ratios - The diluted earnings per share (EPS) is 0.44 yuan, ranking 12th among peers, down by 0.04 yuan or 8.33% year-on-year [3] - The latest total asset turnover ratio is 0.09 times, ranking 46th among peers, a decrease of 0.01 times or 6.72% year-on-year [3] - The latest inventory turnover ratio is 34.63 times, ranking 8th among peers, down by 2.31 times or 6.25% year-on-year [3] Shareholder Structure - The number of shareholders is 36,600, with the top ten shareholders holding 757 million shares, accounting for 84.95% of the total share capital [3] - The largest shareholder is Jiangsu Guoxin Group Co., Ltd., holding 57.27% of the shares [3]