（文章来源：央视新闻） 记者从工业和信息化部获悉，近年来，我国动力和储能电池产业迅速发展壮大，在市场规模、创新能 力、产业体系等方面形成了全球竞争优势。与此同时，产业发展还面临不少问题和挑战。我国将综合整 治"内卷式"竞争，加快推出针对性政策举措，依法依规治理动力和储能电池产业非理性竞争，加强产能 监测、预警和调控，加大生产一致性和产品质量监督检查力度，打击知识产权违法行为，引导企业科学 布局产能、合理有序"出海"，全力推动产业高质量发展。 ...

Market Overview - On November 28, 2025, the A-share market saw all three major indices close higher, with the Shanghai Composite Index at 3888.60 points, up 0.34%, the Shenzhen Component Index at 12984.08 points, up 0.85%, and the ChiNext Index at 3052.59 points, up 0.70%. Over 4100 stocks rose, while the total trading volume in the Shanghai and Shenzhen markets was 1.59 trillion yuan, a decrease of 120 billion yuan from the previous trading day [1] - In the Hong Kong market, the three major indices showed mixed results, with the Hang Seng Index down 0.34% or 87.04 points, closing at 25858.89 points, and a total trading volume of 146.204 billion HKD. The Hang Seng China Enterprises Index fell 0.38%, while the Hang Seng Tech Index rose slightly by 0.02%. For the month, the Hang Seng Index decreased by 0.18%, the China Enterprises Index by 0.42%, and the Tech Index by 5.23% [1] Industry News - The Ministry of Industry and Information Technology (MIIT) held a meeting on November 28, 2025, to discuss the power and energy storage battery industry, emphasizing the need for targeted policy measures to regulate irrational competition. MIIT Minister Li Lecheng highlighted the rapid growth of the industry, which has gained global competitive advantages in market size, innovation, and industrial systems. However, challenges remain, necessitating a comprehensive understanding of the industry landscape and the implementation of measures to combat "involution" competition, enhance capacity monitoring, and improve product quality oversight [2] - The Shanghai Stock Exchange announced on November 28, 2025, that it would closely monitor stocks with abnormal fluctuations, including *ST Suwu and *ST Yazhen, which are under delisting risk warnings, as well as stocks like Hezhi China and Tianpu Co., which have shown significant volatility. The exchange took self-regulatory measures against 80 instances of abnormal trading behavior and reported one suspected illegal case to the China Securities Regulatory Commission [3]

Core Points - The Shanghai Stock Exchange announced adjustments to various indices, including the Shanghai 50 and Sci-Tech 50, effective December 12, with specific stocks being added and removed from these indices [1][5][9] - The Shenzhen Stock Exchange will also adjust its indices, including the Shenzhen Component Index and ChiNext Index, with changes effective December 15 [5][7] - The China Securities Regulatory Commission (CSRC) is drafting regulations to promote the development of Real Estate Investment Trusts (REITs) and improve the capital market [9][10] Company News - Oriental Precision Engineering plans to sell its 100% stake in Fosber Group and two other companies for a total of €774 million, which is expected to constitute a major asset restructuring [13] - ST Lifan announced a temporary suspension of its stock trading due to serious financial misconduct, with potential delisting implications if confirmed [14] - Chaozhuo Aerospace reported a share transfer agreement that will change its controlling shareholder to a state-owned entity [15] - Cambrian Technologies appointed Chen Tianshi as the new chairman of its board, holding a significant share of the company [20] Industry Insights - The Ministry of Industry and Information Technology highlighted the rapid growth of China's power and energy storage battery industry, emphasizing the need for regulatory measures to address irrational competition and enhance quality control [11][21] - The semiconductor industry is facing challenges, with a focus on the control dispute involving Wentai Technology and its subsidiary, which is critical for global supply chain stability [16][17][18]

证券研究报告·北交所报告·北交所定期报告 北交所定期报告 20251128 工信部召开动力和储能电池产业座谈会，北 证 50 上涨 0.39% 证券分析师 朱洁羽 执业证书：S0600520090004 zhujieyu@dwzq.com.cn 证券分析师 易申申 执业证书：S0600522100003 yishsh@dwzq.com.cn 证券分析师 余慧勇 执业证书：S0600524080003 yuhy@dwzq.com.cn 研究助理 武阿兰 执业证书：S0600124070018 wual@dwzq.com.cn 研究助理 陈哲晓 执业证书：S0600124080015 sh_chenzhx@dwzq.com.cn 2025 年 11 月 28 日 相关研究： 《央行逆回购 3105 亿元稳流动性北 证 50 下跌 1.4%》 2025-11-19 《北证 50 缩量下跌,广东印发数字经 济新三年方案》 2025-11-20 东吴证券研究所 1 / 8 请务必阅读正文之后的免责声明部分 [Table_Tag] [Table_Summary] ◼ 资本市场新闻：1）加密货币市场集体大涨，美联储主席人选 ...

Core Viewpoint - The Ministry of Industry and Information Technology held a meeting to discuss the regulation of competition in the power and energy storage battery industry, aiming to promote high-quality development and address irrational competition [1] Group 1: Industry Development - The industry is urged to have a comprehensive and objective understanding of the development situation [1] - There is a focus on implementing the central government's decisions regarding the comprehensive rectification of "involution" competition [1] Group 2: Policy Measures - The ministry plans to accelerate the introduction of targeted policy measures to regulate the industry [1] - There will be an emphasis on legal and regulatory governance to address irrational competition in the power and energy storage battery sector [1] Group 3: Capacity Monitoring and Quality Control - Strengthening capacity monitoring, early warning, and regulation is a priority [1] - Increased supervision of production consistency and product quality checks will be enforced [1] - There will be efforts to combat intellectual property violations within the industry [1] Group 4: Strategic Guidance - Companies are encouraged to scientifically layout their production capacity and engage in orderly international expansion [1] - The overall goal is to fully promote high-quality development in the industry [1]

Core Viewpoint - The meeting organized by the Ministry of Industry and Information Technology emphasizes the importance of the power and energy storage battery industry, aiming to promote high-quality development and address challenges within the sector [2][4]. Group 1: Industry Development - The power and energy storage battery industry in China has rapidly developed, achieving global competitive advantages in market scale, innovation capability, and industrial system [4]. - Despite the growth, the industry faces significant challenges, necessitating a comprehensive understanding of the development situation and the implementation of targeted policies to address irrational competition [4]. Group 2: Policy and Regulation - The Ministry plans to enhance capacity monitoring, early warning, and regulation, as well as strengthen product quality supervision and intellectual property rights protection [4]. - There is a call for industry enterprises to resist irrational competition and to foster a healthy market environment through collaboration and innovation [4]. Group 3: Future Directions - The Ministry will scientifically formulate the "14th Five-Year" industrial development plan, increase support for technological innovation, and improve the modernization of industry governance [4]. - Industry associations are encouraged to deepen research on industry development and promote self-discipline to create a collaborative and win-win industrial ecosystem [4].

Domestic News - The Ministry of Industry and Information Technology (MIIT) emphasizes the need to address irrational competition in the power and energy storage battery industry through targeted policy measures and regulatory compliance [2] - The National Development and Reform Commission (NDRC) highlights the importance of high-quality development in the service industry, which is crucial for stabilizing employment, expanding investment, and promoting consumption [1] - The Ministry of Finance reports that from January to October, state-owned enterprises achieved a total operating revenue of 6835.293 billion yuan, a year-on-year increase of 0.9%, while total profits decreased by 3.0% to 342.144 billion yuan [2] - The State Administration of Foreign Exchange (SAFE) announces that in October, China's international balance of payments for goods and services reached 4285.8 billion yuan, with a trade surplus of 641.3 billion yuan in goods [3] Industry Developments - The MIIT calls for enhanced capacity monitoring and quality supervision in the battery industry to promote high-quality development and combat intellectual property violations [2] - The market regulatory authority revises the enforcement guidelines for commercial bank fees, detailing prohibited practices related to loan fees and ensuring compliance with regulatory standards [2] - The Chongqing Municipal Government releases a comprehensive reform pilot action plan aimed at accelerating capital market development and optimizing services for real estate investment trusts (REITs) [3] Company News - Meituan reports third-quarter revenue of 95.5 billion yuan, a year-on-year increase of 2%, but faces a loss of 14.1 billion yuan due to intensified industry competition [4]

（文章来源：证券日报） 李乐成强调，行业企业要大力弘扬企业家精神，坚决抵制非理性竞争行为，共同维护健康有序市场环 境。要坚持创新引领，加大研发投入，补齐短板弱项，提升企业核心竞争力。要强化产业链协同，加强 合作，发挥协同增量效应，提升产业链自主可控水平，塑造发展新优势。行业协会要深化产业发展情况 跟踪研究，加强行业自律，推动构建协作共赢产业生态。工业和信息化部将科学编制"十五五"产业发展 规划，加大技术创新支持，强化标准支撑引领，提升产业治理现代化水平，为产业高质量发展创造良好 环境。 会上，12家动力和储能电池产业链企业负责人围绕企业生产经营、技术研发、市场竞争、知识产权保护 等深入交流，介绍企业基本情况和当前面临的困难问题，提出意见建议。 工业和信息化部党组书记、部长李乐成在会上指出，党中央对动力和储能电池产业发展高度重视。近年 来，在各方共同努力下，我国动力和储能电池产业迅速发展壮大，在市场规模、创新能力、产业体系等 方面形成了全球竞争优势。与此同时，产业发展还面临不少问题和挑战。工业和信息化部要全面客观认 识产业发展形势，认真落实党中央关于综合整治"内卷式"竞争的决策部署，加快推出针对性政策举措， 依 ...

Core Viewpoint - The meeting organized by the Ministry of Industry and Information Technology emphasizes the importance of regulating the competition order in the power and energy storage battery industry and promoting high-quality development in the sector [1][3]. Group 1: Industry Development - The power and energy storage battery industry in China has rapidly developed, achieving global competitive advantages in market scale, innovation capability, and industrial system [3]. - The industry faces several challenges and issues that need to be addressed to maintain its growth trajectory [3]. Group 2: Policy and Regulation - The Ministry plans to implement targeted policies to address irrational competition, enhance capacity monitoring, and improve product quality supervision [3][4]. - There is a call for the industry to resist irrational competition and to foster a healthy market environment [3][4]. Group 3: Innovation and Collaboration - Companies are encouraged to enhance their core competitiveness through increased R&D investment and innovation [3][4]. - Strengthening collaboration within the industrial chain is essential to improve self-control levels and create new development advantages [4]. Group 4: Industry Governance - The Ministry will develop the "14th Five-Year" industrial development plan, focusing on technological innovation and modernizing industry governance [4].

Core Insights - The number of enterprises with a scale of over 100 billion continues to grow, showcasing significant technological innovations and ongoing structural adjustments, reflecting the vitality and resilience of the Chinese economy [1] Group 1: Enterprise Development - The "2025 China Top 500 Enterprises" list indicates that large enterprises, represented by the top 500, are maintaining a steady and positive development trend despite challenges [2] - Revenue of the top 500 enterprises increased from 89.83 trillion yuan to 110.15 trillion yuan, a growth of 22.62%, while total assets rose from 343.58 trillion yuan to 460.85 trillion yuan, an increase of 34.13% [2] Group 2: Innovation and R&D - R&D investment among the top 500 enterprises rose from 1,306.6 billion yuan to 1,728.7 billion yuan, a growth of 32.30%, with average R&D intensity increasing from 1.77% to 1.95% [3] - The number of invention patents increased from 594,600 to 1,039,600, and participation in standard-setting rose from 69,000 to 91,400 [3] Group 3: Structural Optimization - The contribution rates to total revenue from manufacturing, services, and other sectors are 40.48%, 40.29%, and 19.23%, respectively, indicating coordinated development across different types of enterprises [3] - The number of enterprises in advanced manufacturing sectors increased from 23 to 32, reflecting a more balanced regional distribution of enterprises [3] Group 4: Global Influence - The top 100 Chinese multinational companies reported overseas revenue of 90,687 million yuan and overseas assets of 119,594 million yuan, with overseas revenue and assets growing by 29.74% and 47.44%, respectively [6][7] - Chinese large enterprises are enhancing their global resource allocation capabilities, transitioning from "technology following" to "technology leading" [7] Group 5: Future Opportunities - Chinese large enterprises are encouraged to act as the "main engine" of innovation, focusing on long-term investments in fundamental research and key technologies [8] - They are expected to play a leading role in the transformation of traditional industries and the development of strategic emerging industries [8] - Emphasis is placed on green and digital transformation, with large enterprises urged to integrate these principles throughout their product lifecycle [9]