策略点评 2025 年 12 月 8 日 稳中有进谋开局，法治护航启新程 事件： 中共中央政治局 12 月 8 日召开会议，分析研究 2026 年经济工作，审议《中国 共产党领导全面依法治国工作条例》。 主要政策解读： （1）政策基调：稳中求进筑牢发展根基。会议提出"实施更加积极有为的宏 观政策"，并特别强调增强政策的"前瞻性、针对性、协同性"。这预示着 未来宏观调控将更注重政策组合拳的效能，财政、货币、产业、科技等政策 将加强协调配合，旨在精准滴灌实体经济特别是薄弱环节与重点领域，避免 政策空转，切实提升宏观治理效能。 （2）多维协同的政策体系，聚焦质效双升。八大坚持构建了覆盖供需两端的 政策体系，内需主导与创新驱动聚焦经济增长动能转换，改革攻坚与对外开 放着力破解制度性障碍，双碳引领与协调发展优化区域和产业布局，民生保 障与风险防控则筑牢社会稳定底线。 （3）制度固本，夯实治国理政根基。会议审议《中国共产党领导全面依法治 国工作条例》，核心价值在于将党领导全面依法治国的实践经验上升为制度 化规范，实现科学化、制度化、规范化三重提升，展现了党中央推进国家治 理体系和治理能力现代化的坚定决心与清晰路径。 总结 ...

Core Insights - The article emphasizes the importance of advancing high-end instruments and key core technologies as part of China's 15th Five-Year Plan [3][4][5] Group 1: National Strategy - The Ministry of Science and Technology highlighted the need for a full-chain approach to tackle key core technologies in high-end instruments [3] - The central government has issued strategic directives to enhance technological innovation across various sectors, including high-end instruments, advanced materials, and biomanufacturing [4] Group 2: Regional Policies - Shandong Province's plan includes accelerating major technological innovation projects and overcoming critical common technologies in fields such as high-end instruments and advanced manufacturing [4] - Guangdong Province aims to strengthen strategic technological support and achieve breakthroughs in key areas like integrated circuits and high-end instruments through a robust laboratory system [4] - Chongqing's strategy focuses on cultivating emerging industries, particularly in smart medical equipment and instrumentation, to promote large-scale development of strategic emerging industry clusters [5]

格隆汇12月8日｜科技部党组书记、部长阴和俊在科技日报刊文《以科技创新引领新质生产力发展》。 文章提到，面向"十五五"，要统筹国家战略和经济社会发展的紧迫需求，加快布局实施一批关系国计民 生和国家安全的国家重大科技项目，加快产出一批重大标志性成果。加强基础研究战略性、前瞻性、体 系化布局，提高基础研究投入比重，加大长期稳定支持。加强关键共性技术、前沿引领技术、现代工程 技术和颠覆性技术创新，全链条推动集成电路、工业母机等重点领域关键核心技术攻关取得决定性突 破。推动国家战略科技力量协同联动，加强科技基础条件自主保障，强化资源平台统筹，提升体系化创 新能力。 ...

Market Overview - The Shanghai Composite Index successfully reclaimed the 3900-point mark, driven by strong performance in insurance and brokerage stocks, although overall market participation remains low with a trading volume of approximately 1.7 trillion yuan [1][15] - Key upcoming events include the Federal Reserve's meeting on December 10, which may influence global liquidity expectations, and an important domestic meeting that will set the tone for China's economic policy in the coming year [1][15] Sector Performance - The CPO (Co-packaged optics) sector saw significant gains, driven by increased demand for high-speed data transmission components in AI data centers [7] - The non-ferrous metals sector experienced a surge, supported by new demand opportunities in aluminum due to the global data center construction boom and potential supply constraints [8] - The commercial aerospace sector continued its upward trend, bolstered by recent policy clarifications and significant market potential following the establishment of dedicated regulatory bodies [9] - The robotics industry remains active, with substantial growth observed since early January, supported by strong internal growth dynamics and favorable government policies [10] - The consumer electronics sector showed signs of activity, with a focus on innovative products such as smart home devices and wearable technology [11] - The industrial mother machine concept gained traction, benefiting from government support for high-precision manufacturing and technology development [12] - Financial stocks, particularly brokerages and insurance companies, rallied due to positive regulatory signals aimed at enhancing capital market frameworks [13] Investment Strategy - The report suggests a focus on individual stocks rather than indices, recommending a balanced approach to sector rotation and emphasizing the selection of fundamentally sound stocks while avoiding overvalued ones lacking earnings support [2][16]

Core Viewpoint - The concept of "restructuring" has gained unprecedented strategic significance in the context of China's "14th Five-Year Plan," serving as a key driver for high-quality development and the formation of new productive forces in the face of global technological revolutions and industrial transformations [1][2]. Group 1: Strategic Necessity and Urgency of Restructuring - Restructuring is essential for addressing deep-seated developmental contradictions and creating new competitive advantages, as China's previous growth model based on factor input is no longer sustainable [2]. - In 2023, China's R&D expenditure exceeded 3.3 trillion yuan, accounting for 2.64% of GDP, indicating a strong commitment to innovation-driven development, although gaps remain in basic research investment and technology transfer efficiency compared to global leaders [2][3]. Group 2: Cultivating New Productive Forces - New productive forces characterized by high technology, efficiency, and quality are crucial for breaking away from traditional economic growth models, with a focus on significantly enhancing total factor productivity through technological innovation [3]. - Effective restructuring and optimization of new production factors such as knowledge, technology, capital, data, and talent are necessary for the development of future industries and strategic emerging sectors [3]. Group 3: Key Areas for Systematic Restructuring - Restructuring the industrial structure to build a modern, autonomous, and efficient industrial system is the main battlefield, emphasizing high-end, intelligent, and green development [4]. - The focus should be on enhancing strategic emerging industries and establishing a detailed industrial map and technology roadmap, particularly in critical areas like integrated circuits and biomedicine [4]. Group 4: Innovation System and Financial Support - Restructuring the innovation system to facilitate a virtuous cycle between technology, industry, and finance is vital, addressing the long-standing disconnect between academia and industry [5]. - Financial support mechanisms should be improved to encourage investment in hard technology, ensuring that financial resources effectively nurture innovation [5]. Group 5: Regional Economic Layout and Urban-Rural Integration - Restructuring regional economic layouts is essential for promoting urban-rural integration and coordinated regional development, requiring the implementation of various strategic initiatives [6]. - The focus should be on establishing mechanisms for cross-regional cooperation and resource allocation to foster a new pattern of integrated development [6]. Group 6: Role of Think Tanks - Think tanks are crucial for providing strategic insights and solutions for the complex restructuring process, transitioning from mere advisors to active participants in the entire cycle [7][8]. - They should facilitate communication among government, enterprises, academia, and the public to build consensus and support for restructuring initiatives [10].

Group 1: Industrial Mother Machine Sector - The industrial mother machine sector shows a positive trend with a total index increase of 1.29% to 1754.21 [2] - Key stocks in this sector include: - GuoJi Heavy Industry (601399) with a price of 4.63, up by 9.98% and 42.46% over the past five days [2] - China First Heavy Industries (601106) at 3.42, also up by 9.97% and 13.62% over the last five days [2] - Weihong Co., Ltd. (300508) at 38.12, increasing by 9.29% and 10.05% in five days [2] - Other notable performers include: - Yuhuan CNC (002903) at 24.54, up by 6.70% [2] - Ruineng Technology (603933) at 30.40, with a 5.89% increase [2] Group 2: Brain-Computer Interface Sector - The brain-computer interface sector experienced significant activity, highlighted by the upcoming "Brain Link World, Intelligence Gathering in Shanghai" conference scheduled for December 4-5, 2025 [3] - Key stocks in this sector include: - Dineike (300884) with a price of 16.82, up by 14.34% and 18.09% over the past five days [3] - Nanjing Panda (600775) at 12.55, increasing by 9.99% and 13.78% [3] - Chengyitong (300430) at 18.99, up by 3.94% [3] - Other stocks showing positive movement include: - Beiyikang (920199) at 34.70, up by 3.89% [3] - Innovation Medical (002173) at 22.29, with a 3.05% increase [3]

Core Viewpoint - The industrial mother machine concept has experienced a significant rebound, with notable stock price increases among key players in the sector [1] Group 1: Stock Performance - China First Heavy Industries (中国一重) reached a daily limit increase in stock price [1] - GuoJi Heavy Industry (国机重装) previously saw its stock price capped [1] - Other companies such as Yuhuan CNC (宇环数控), Tongfei Co., Ltd. (同飞股份), Weihong Technology (维宏股份), Hecai Technology (禾川科技), Dingtai High-tech (鼎泰高科), Huarui Precision (华锐精密), and Anda Intelligent (安达智能) also experienced stock price increases [1]

Core Viewpoint - The industrial mother machine sector in the A-share market is experiencing significant growth, with several stocks showing strong performance due to the formation of a MACD golden cross signal [1] Group 1: Stock Performance - Heng'erda has reached a 20% limit up [1] - Jilun Intelligent, Rifa Precision Machinery, and Guojiji Heavy Industry have all achieved a 10% limit up [1] - Green Harmony has increased by over 7% [1] - Haozhi Electromechanical has risen by over 5% [1] - Hanyu Group, Shandong Weida, and Jinming Precision Machinery have all seen increases of over 4% [1]

11月27日，记者从汉中市举行的高质量完成"十四五"规划首场新闻发布会上获悉："十四五"以来， 汉中市经济实现质的有效提升和量的合理增长，经济总量有望站上2000亿元台阶，经济规模稳居陕甘川 渝毗邻六市第二位，高质量发展综合绩效评价指数保持全省前列。 5年来，汉中市统筹推进深层次改革和高水平开放，发展环境不断优化，民营经济经营主体数量居 全省第二，民营经济增加值占比达58.7％，营商环境满意度位居全省前列。开放水平明显提升，中欧班 列"汉西欧"专列常态化运营，进口保税仓和出口监管仓挂牌运行，汉中经开区纳入陕西自贸试验区协同 创新区。（记者：杨露雅） 汉中市发展和改革委员会主任郝明森介绍，"十四五"以来，汉中市坚持大抓项目、抓大项目，累计 谋划实施重大工程项目1029个；全市固定资产投资年均增速稳居全省前列。全社会研发投入、规上工业 企业研发投入强度连续5年居全省第一方阵。装备制造、现代材料、绿色食药三大主导产业集中度超过 80%，创建省级中小企业特色产业集群7个，总量居全省第二。宝汉天工业母机集群获评国家先进制造 业集群，数字经济核心产业产值达54亿元。 ...

Core Viewpoint - The article emphasizes the importance of overcoming key core technology challenges in critical sectors such as integrated circuits, industrial mother machines, high-end instruments, basic software, advanced materials, and biomanufacturing to ensure national security and promote high-quality economic development [1][5]. Group 1: Importance of Key Core Technologies - Key core technologies are essential for national security and high-quality economic development, necessitating a strong focus on improving the ability to tackle these challenges [1][5]. - Recent advancements have been made in areas like 5G, Beidou navigation, high-speed rail, and nuclear power, but significant gaps remain in integrated circuits and other critical fields that require intensified efforts [1][5]. Group 2: Systematic Approach to Innovation - A systematic and comprehensive approach to deploying key core technology initiatives is crucial for accelerating breakthroughs and shortening innovation cycles [2][6]. - Optimizing the organization of major technological innovations and fostering a collaborative development of innovation forces, resource allocation, and talent is essential for overcoming the current limitations [2][6]. Group 3: Addressing Fundamental Research Gaps - The root cause of the "bottleneck" technology issue lies in inadequate foundational theoretical research, which must be addressed to strengthen the basis for technological innovation and industrial development [3][7]. - Emphasizing original and disruptive innovation is necessary to avoid falling into a cycle of imitation and to secure a competitive edge in the global value chain [3][7]. Group 4: Collaborative Framework for Technology Advancement - A collaborative framework that leverages the advantages of a new type of national system is needed to effectively coordinate government, market, and societal resources in technology research and application [4][7]. - Implementing extraordinary measures to enhance goal orientation and demand-driven approaches will facilitate better collaboration among enterprises, universities, and research institutions [4][7]. Group 5: Incentives and Application of Innovations - Strengthening incentives for researchers to focus on high-quality, original, and disruptive technological innovations aligned with national strategic needs is critical [8]. - Promoting the application of self-innovated products and establishing policies for the first batch of applications will create a virtuous cycle that encourages research and development [9].