上证报中国证券网讯（记者 李雁争）近日，中国信息通信研究院政策与经济研究所发布了《生产性服 务业发展报告（2025年）》。报告认为，生产性服务业呈现五大演进特征。在新一代信息技术影响下， 生产性服务业高质量发展呈现融合化、数智化、高端化、绿色化、全球化的演进特征。推动生产性服务 业高质量发展已成为发展新质生产力、赋能新型工业化、构建现代化产业体系、实现高水平对外开放的 必然选择。 来源：上海证券报·中国证券网 来源：上海证券报·中国证券网 上证报中国证券网讯（记者 李雁争）近日，中国信息通信研究院政策与经济研究所发布了《生产性服 务业发展报告（2025年）》。报告认为，生产性服务业呈现五大演进特征。在新一代信息技术影响下， 生产性服务业高质量发展呈现融合化、数智化、高端化、绿色化、全球化的演进特征。推动生产性服务 业高质量发展已成为发展新质生产力、赋能新型工业化、构建现代化产业体系、实现高水平对外开放的 必然选择。 ...

Core Viewpoint - The Guizhou Province Huaxi District's 15th Five-Year Plan aims to achieve high-quality development by focusing on innovation, economic growth, and improving the quality of life for residents while ensuring a stable and secure environment [1][2]. Group 1: Economic and Social Development Goals - The main goals for the 15th Five-Year period include building a vibrant, happy, civilized, beautiful, and safe Huaxi, with significant improvements in economic, technological, and comprehensive strength by 2035 [2]. - The district plans to construct a modern industrial system, focusing on industrial goals, projects, and enterprises, while also developing a modern agricultural system to enhance agricultural productivity and rural revitalization [2][3]. Group 2: Tourism and Innovation - Huaxi District aims to enhance its tourism appeal by developing a comprehensive leisure and vacation product system, establishing itself as a year-round destination for outdoor sports and wellness tourism [3]. - The district will focus on technological innovation to drive economic growth, enhancing digital productivity, and fostering a strong innovation ecosystem by attracting talent and increasing investment in technology [3]. Group 3: Infrastructure and Service Improvement - Plans include building a modern infrastructure system with improved transportation, water management, and energy facilities to support economic activities [2]. - The district will also enhance service quality in tourism and other sectors, upgrading digital services and ensuring a robust tourism support system [3].

Group 1 - Gansu aims to build a modern industrial system as a primary task for high-quality development over the next five years, focusing on creating a regional modern manufacturing base and advancing new industrialization [1] - The province has a unique position in the national industrial layout, with a strong foundation in traditional industries such as petrochemicals, metallurgy, and equipment manufacturing, alongside emerging sectors like new materials and biomedicine [2] - Key industries identified for development include petrochemicals, non-ferrous metallurgy, new energy, new materials, equipment manufacturing, aerospace, nuclear industry, digital information, and biomedicine [2] Group 2 - Gansu plans to establish a super-large wind and solar power base, enhance energy transmission channels, and implement integrated new energy development projects to boost the renewable energy sector [2] - The service sector is crucial for economic growth and job creation, but Gansu's tertiary industry is relatively small and structurally unbalanced; efforts will be made to improve the integration of modern services with advanced manufacturing and agriculture [2] - Infrastructure development is essential for building a modern industrial system, with plans to enhance traditional and new infrastructure, including major projects like the optimization of the Lanzhou railway hub and new highway corridors [3]

Core Insights - China's actual use of foreign capital increased by 26.1% year-on-year in November 2025, indicating a positive trend in foreign investment despite a 7.5% decline in the total amount for the first 11 months of the year [1] Group 1: Foreign Investment Trends - The number of newly established foreign-invested enterprises in China reached 61,207 in the first 11 months, marking a 16.9% year-on-year increase [1] - In November alone, 7,425 new foreign-invested enterprises were established, reflecting a significant 35.3% year-on-year growth [1] Group 2: Investment Structure - Actual foreign investment in the manufacturing sector amounted to 171.72 billion yuan, while the service sector attracted 506.29 billion yuan [1] - The proportion of actual foreign investment in productive services was 63.5%, an increase of 4.7 percentage points compared to the same period in 2024 [1] - High-tech industries received 221.26 billion yuan in foreign investment, with notable year-on-year growth in e-commerce services (127%), medical instruments and equipment manufacturing (46.5%), and aerospace manufacturing (41.9%) [1] Group 3: Diversification of Investment Sources - Foreign investments from Switzerland, the UAE, and the UK increased by 67%, 47.6%, and 19.3% respectively, including data from free port investments [1]

Core Viewpoint - The collaboration between Shenzhen Futian and Huizhou Boluo is evolving from mere assistance to a mutually beneficial partnership, focusing on industrial development and tourism enhancement. Group 1: Industrial Development - The construction of the Futian-Boluo Industrial Park (Boxi) has reached full structural completion in October 2023, with plans for further development by 2024 [7][8]. - The partnership aims to leverage Boluo's land area of 2,855 square kilometers for industrial growth, while Futian, despite its high economic density, faces space limitations [9][10]. - A "Five Consistencies" cooperation mechanism has been established, focusing on joint planning, policies, investment attraction, services, and benefits, promoting the development of six key industries in Boluo [13][15]. - A total of 14 projects have been successfully established across three major areas, with a planned total investment of 3.76 billion yuan (approximately 537 million USD) [18][19]. - The industrial park is attracting quality enterprises, including those from Shenzhen and Dongguan, focusing on sectors like new energy batteries and storage systems [20][22]. Group 2: Tourism and Cultural Exchange - Boluo's tourism sector is experiencing significant growth, with a reported 30% increase in tourist flow since 2025, and a threefold increase in homestay bookings [34][36]. - The collaboration has led to the creation of 15 boutique tourism routes, enhancing Boluo's visibility and attracting visitors from the Greater Bay Area [32][33]. - Events like the "River Mountain Reflects the Moon" promotional activity have successfully showcased Boluo's agricultural products, generating approximately 12 million yuan (around 1.7 million USD) in sales [47]. Group 3: Infrastructure and Community Development - The "Luofu Future City" project is being developed over an area of approximately 192 square kilometers, aiming to integrate services and enhance collaboration between Futian and Boluo [57][58]. - The establishment of a supercharging station in Boluo is set to provide efficient green energy services, supporting low-carbon travel in the region [62]. - Initiatives in healthcare and education are being implemented, including the introduction of advanced medical equipment and the construction of new school facilities, enhancing local community services [66][70].

Group 1 - In November, the total retail sales of consumer goods reached 43,898 billion yuan, with a year-on-year growth of 1.3%. Excluding automobiles, the retail sales amounted to 39,444 billion yuan, growing by 2.5% [1] - From January to November, the total retail sales of consumer goods were 456,067 billion yuan, an increase of 4.0%. Excluding automobiles, the retail sales were 411,637 billion yuan, growing by 4.6% [1] - The recent decline in the year-on-year growth rate of retail sales is attributed to a high base from the previous year and the early release of some consumer demand due to ongoing policies promoting the replacement of old goods [1] Group 2 - The Chinese government has allocated 500 billion yuan in long-term special bonds for "two new" initiatives in 2025, with 200 billion yuan for large-scale equipment updates and 300 billion yuan for consumer goods replacement [1] - The Ministry of Commerce reported that from January to November, the replacement of consumer goods generated over 25,000 billion yuan in sales, benefiting over 360 million people and playing a significant role in boosting consumption [1] Group 3 - The expansion of consumption is a long-term strategy that requires joint efforts from both supply and demand sides, particularly focusing on the 400 million middle-income group with a demand for upgraded consumption [2] - There is a need to enhance the quality and innovation of service supply, as the middle and high-income groups are increasingly shifting towards service consumption [2] - The central economic work conference emphasized the importance of implementing special actions to boost consumption and developing plans to increase income for urban and rural residents [2] Group 4 - The real estate market has been adjusting, and the central economic work conference proposed high-quality urban renewal, focusing on renovation rather than large-scale demolition, which can create more jobs and establish a sustainable investment model [2] - Creating more service industry jobs is a long-term strategy, as the productive service industry is knowledge and talent-intensive, requiring further development [3] - To make domestic demand the main driver of economic growth, it is essential to address the imbalance between strong supply and weak demand, promoting internal growth through reforms [3]

Group 1 - The central economic work conference has outlined the overall requirements and policy direction for next year's economic work, focusing on eight key tasks, including innovation-driven development and strengthening the role of enterprises in innovation [1][12] - The establishment of three international technology innovation centers in Beijing (Jing-Jin-Ji), Shanghai (Yangtze River Delta), and the Guangdong-Hong Kong-Macau Greater Bay Area is a significant focus, emphasizing their differentiated roles and complementary functions [1][10] Group 2 - Beijing's role is primarily as a source of original innovation, focusing on fundamental research and key core technology breakthroughs, particularly in areas like artificial intelligence and quantum information [3] - Shanghai is positioned as a leading area for applied innovation, emphasizing high-end manufacturing and open innovation, with a focus on technology commercialization and industrial chain collaboration [5] - The Guangdong-Hong Kong-Macau Greater Bay Area serves as a cross-border collaboration hub and a base for emerging industries, focusing on rapid industrialization of technological achievements and exploring innovative governance aligned with international standards [7] Group 3 - The national strategy emphasizes avoiding redundant layouts through top-level planning and promoting cross-regional collaboration mechanisms, including knowledge sharing and talent mobility [9] - The new deployment of the three innovation centers represents a shift from single-point breakthroughs to regional integrated collaborative efforts, enhancing the strategic positioning of China's technological innovation [10][12] Group 4 - The conference also highlighted the need to develop a service industry expansion and quality improvement action plan, aiming to enhance the service sector's development level and drive high-quality growth [12][14] - The service industry encompasses various sectors, including both productive and lifestyle services, with a focus on integrating new business models and enhancing facilities [14][16][18] Group 5 - The conference has included a focus on deepening and expanding "Artificial Intelligence+" initiatives, marking a new phase in AI development aimed at enhancing overall productivity and creating new comparative advantages [22][25] - The implementation of a new round of high-quality development actions for key industrial chains is crucial for improving the competitiveness of the entire industry, emphasizing the need for policy support and adherence to industry development laws [27][29]

Group 1 - The core focus of the Central Economic Work Conference is on innovation-driven development, emphasizing the importance of talent as a key component in the integration of technology, industry, talent, and finance [2][3][4] - The conference outlines a plan to enhance the service sector, addressing both capacity expansion and quality improvement, with a focus on resolving deep-seated issues such as insufficient quality supply and innovation capabilities [6][7] - A new emphasis on "perfecting artificial intelligence governance" is introduced, aiming to ensure the safe and controllable development of AI through a systematic regulatory framework [8][9] Group 2 - The conference highlights the need for a cohesive approach to education, technology, and talent development, breaking down departmental barriers to better align talent supply with industry demand [4][5] - The service sector is recognized as a crucial driver for employment and economic development, with projections indicating that by 2024, service sector employment will account for 48.8% of total employment [7] - The strategy includes the establishment of international technology innovation centers in key regions such as Beijing, Shanghai, and the Guangdong-Hong Kong-Macau Greater Bay Area to foster a world-class innovation cluster [11][12]

另外，自去年"综合整治'内卷式'竞争"首次出现在中央经济工作会议的表述中以来，整治"内卷式"竞争 再次在会议表述中出现，但相关表述由"综合整治"转向"深入整治"。受访专家认为，去年的核心是全面 排查问题，属于广覆盖的初步治理；今年强调治理的深度与精准度，核心是通过"制定全国统一大市场 建设条例"破除地方保护与市场分割。 加紧培育壮大新动能 对于产业政策的相关表述，去年中央经济工作会议提到"以科技创新引领新质生产力发展，建设现代化 产业体系"转为"坚持创新驱动，加紧培育壮大新动能"。 "这一转变反映产业政策从战略规划向实施路径的深化。"国研新经济研究院创始院长朱克力对21世纪经 济报道记者表示，去年会议提出以科技创新引领新质生产力发展，核心在于构建现代化产业体系的"骨 架"，强调技术突破与产业融合的顶层设计。今年则更注重创新成果的"血肉填充"，即通过具体政策工 具推动技术转化与产业应用。 中央经济工作会议12月10日至11日在北京举行。会议确定，明年经济工作要坚持创新驱动，加紧培育壮 大新动能。制定一体推进教育科技人才发展方案。建设北京（京津冀）、上海（长三角）、粤港澳大湾 区国际科技创新中心。强化企业创新主体 ...

Group 1 - The core viewpoint emphasizes the significant role of the service industry in China's economic development, highlighting its contribution to GDP and the importance of high-quality development [1][3] - The service industry's added value increased from 24.5 trillion yuan in 2012 to 76.6 trillion yuan in 2024, with a contribution rate of 60.7% to national economic growth in the first three quarters of this year [1] - The development of the service industry is supported by a continuously improving policy framework, with innovations in AI, humanoid robots, and quantum communication driving rapid growth [1] Group 2 - Current challenges in the service industry include insufficient supply in high-end R&D, technology consulting, and intellectual property services, particularly in the productive service sector [2] - The living service sector faces issues such as inadequate supply, lack of convenience, low quality standards, and weak talent support, especially in rural areas [2] - The focus for productive services should be on addressing development shortcomings and enhancing integration with advanced manufacturing and modern agriculture [2] Group 3 - Promoting high-quality and efficient development of the service industry requires deepening reforms and increasing policy support in areas such as finance, investment, and talent [3] - Expanding market access and open fields for the service industry can stimulate innovation and development potential, enhancing international cooperation [3] - The development of the service industry is crucial for building a modern industrial system and meeting new expectations from the public [3]