证券研究报告：固定收益报告 发布时间：2025-09-15 研究所 山西左权：特色农旅发展迅速，产业升级潜力较大 ——区域经济研究报告 20250912 ⚫ 经济基础分析：经济恢复增长态势明显，投资拉动不足 经济恢复性增长态势明显，三产成为主导产业。经济增速方面， 2024 年左权县 GDP 增速由负转正，位列全市第三，回升态势良好。左 权县三产构成呈"一产稳增，二产下滑，三产跃升"格局，2024 年三 产出现突破性增长，占比跃升至 60.3%，直接超越第二产业成为经济 第一支柱。工业方面，规上工业企业营收、利润双降，经营压力较大。 投资拉动不足，房地产开发投资继续下降。2024 年全年全社会固 定资产投资完同比下降 1%。全年房地产开发投资同比下降 17.6%。房 地产销售面积为 52797 平方米，同比下降 21.6%。主要问题是房地产 市场供大于求，房地产企业面临高负债的财务问题。 ⚫ 资源产业禀赋：矿产农旅资源丰富，产业链整体待延伸 矿产资源种类丰富，煤矿、铁矿开采价值较高。左权县目前有矿 产 30 种，其中煤炭是全县最主要的矿种，全县预测资源量 55 亿吨， 2023 年末保有资源量 89005.3 ...

中新社乌鲁木齐9月15日电 题：多国议员参访新疆 观生态话产业盼合作 作者 苟继鹏 多国议员参访新疆 观生态话产业盼合作 "新疆之行让我深切认识到，不同民族和平友爱共处，经济社会发展迅速，生态环境持续改善。"意大利 参议员、参议院外交与国防委员会副主席埃托雷·利凯里14日在乌鲁木齐市接受中新社采访时说，今日 之新疆发展前景广阔，合作机遇更多。 连日来，参加2025年国际议员友好交流论坛的40多个国家和国际组织的60余名议员分别在新疆喀什地 区、阿克苏地区、伊犁哈萨克自治州、乌鲁木齐市等地参访，观生态、话产业、盼合作。 "从种下一棵树到养活一片林，阿克苏地区的柯柯牙绿化工程令人震撼。"结束新疆参访之际，智利众议 院智中议员友好小组成员鲁本·奥亚索说，该工程不仅改变当地植被匮乏面貌，更让这片曾经的荒漠蜕 变为吸引众人前来观赏游玩的城市绿地，实现生态改善与文旅发展的双重突破。"我要把这些宝贵经验 与实践做法带回智利，期待未来能与中方探索相关合作。" 9月12日，外国议员们在新疆阿瓦提县拜什艾日克镇库木奥依拉村棉田参观。 陆雪婷 摄 在阿克苏地区，参访的外国议员们还了解了当地现代农业发展成果。在阿瓦提县拜什艾日克镇库 ...

Core Viewpoint - The articles highlight the transformation of agricultural practices and rural development in Gaozhou, focusing on modern agricultural integration, community building, and innovative land use strategies to enhance productivity and economic growth in the region [1][2][3][5][6]. Group 1: Agricultural Modernization - Gaozhou has established a provincial-level modern agricultural industrial park, integrating over 7,000 farmers and optimizing land use for rice cultivation, resulting in increased production and sales of high-quality rice in the Guangdong-Hong Kong-Macao Greater Bay Area [1]. - The implementation of a fully automated processing center has allowed traditional rice to be transformed into a high-demand product, significantly increasing its market value [1]. Group 2: Rural Community Development - The initiative to create the first rural future community in Yuxi aims to concentrate villages, gather industries, and enhance ecological beauty, with a total investment exceeding 3.5 billion yuan across seven towns [2][3]. - The project includes the construction of digital agricultural demonstration zones and smart fishery areas, promoting the integration of agriculture, culture, and tourism [2]. Group 3: Innovative Land Use Strategies - Gaozhou has adopted the "F+EPC+O" model for investment, construction, and operation, ensuring sustainable project management and avoiding issues of idle facilities post-construction [3]. - The "point-based land supply" policy has successfully unlocked the potential of small land parcels, enabling the development of tourism and agricultural clusters, as seen in the case of Baqiao Village [5][6]. Group 4: Economic Impact - The establishment of an agricultural cluster in Baqiao Village has created over 100 job opportunities and generated an annual revenue of approximately 30 million yuan, transforming it into a well-known "billion-yuan village" [5]. - The opening of the Baqiao service area has attracted over 1.3 million visitors in its first month, significantly boosting local tourism and economic activity [5].

以网络建设、技术创新和信息服务赋能乡村振兴、产业转型和旅居经济等新业态高质量发展，云南正在 乘"数"而上、向"智"而行。 生态产业因"数"而变 华能新能源物茂光伏项目 云南，这片边疆沃土曾经是信息天堑的代名词，如今被一张张高速运行的5G网络和日益完善的数字化 应用体系加速覆盖：苍山洱海间，5G基站"攀"上峰峦；热带雨林中，大数据精准"灌溉"果园；古城小巷 里，智能网络"连接"中外……科技与自然深度交融的画面，正是云南以"数字边疆"建设推动治理现代化 和高质量发展的真实写照。 2025年6月，云南省数据局印发《2025年数字云南建设工作要点》，聚焦数字政府深化、数据要素流 通、产业转型加速、跨境枢纽构建四大关键领域，推出30项具体举措为数字云南建设绘制了清晰的路线 图。 2025年，云南计划新增超过2万个5G基站，使自然村5G网络覆盖率达到85%。 网络基础设施建设只是第一步。当前，云南正在构建"一核多点"算力基础设施布局——以昆明呈贡万溪 冲智算产业园为核心，多个州（市）区域算力集群为延伸，形成均衡布局、协同供给、梯次连续的算力 体系。"绿电+智算"的融合优势渐成云南数字经济发展的突出特点。 荣将镇龙头村的村 ...

Group 1: Green Development in Nanping - Nanping City, known as the "Southern Forest Sea," emphasizes ecological environment as its greatest advantage and brand, with green development driving high-quality growth [1] - Agricultural Bank of China (ABC) Nanping Branch aligns with national green development strategies, focusing on ecological agriculture, sustainable development, and green tourism, enhancing green financial supply [1] - As of the end of July, ABC Nanping Branch's total loan balance reached 40.5 billion yuan, with green credit balance increasing by 7.19 billion yuan to 4.095 billion yuan [1] Group 2: Support for Eco-Friendly Agriculture - Huang Shiwang, a grape grower, transitioned to green planting with the help of a 300,000 yuan "Huinong Loan" from ABC Nanping, enabling him to upgrade his vineyard [2] - The vineyard's area expanded nearly twofold, with expected sales revenue doubling due to the adoption of standardized and ecological practices [2] - ABC Nanping Branch's agricultural loan balance reached 15.557 billion yuan, increasing by 1.293 billion yuan, supporting rural revitalization [3] Group 3: Ecotourism Development - Wuyi Mountain, a key tourist destination, has seen growth in related industries due to effective management and resource integration by Fujian Wuyi Tourism Group [4] - ABC Nanping Branch has provided over 4 billion yuan in funding to the tourism group since 1999, participating in various environmental protection projects [4] - The launch of the "Smart Scenic Area" service has enhanced visitor experience, serving 1.15 million customers and generating sales of 1.5 billion yuan [4] Group 4: Financing for State-owned Forest Farms - State-owned forest farms face challenges in funding for reproduction and industrial upgrades due to long growth cycles and high maintenance costs [5] - ABC Nanping Branch introduced the "Lin Guo Loan" financing scheme, allowing a state-owned forest farm to use over 2,700 acres of fir as collateral for an 8 million yuan credit [6] - This innovative financing model enables the forest farm to develop under-forest economy and create job opportunities for local farmers [6]

Core Points - Japan's negotiation team views the reduction of auto tariffs from 27.5% to 15% as a significant victory, despite the fact that the previous tariff was only 2.5% [1][3] - The automotive industry accounts for 8% of Japan's employment, making it a critical area for negotiation [3] - The new tariff structure will increase costs significantly for Japanese automakers, with an estimated annual profit reduction of over $4 billion [6] - Japan is required to increase its import of U.S. rice by 75% and open an $8 billion agricultural procurement quota, which will negatively impact local farmers [6][8] - The $550 billion investment from Japan will be directed towards five key sectors in the U.S., including LNG facilities, semiconductor manufacturing, critical mineral extraction, pharmaceutical production, and military shipbuilding [10] - Japanese companies are adjusting their supply chains, with Toyota increasing local parts sourcing in North America from 60% to 90%, affecting orders from Chinese factories [16][18] - The U.S. is establishing a "U.S.-Japan Supply Chain Resilience Working Group" to monitor critical products and reduce reliance on Chinese supply chains [22] - Japan's economic recovery is further complicated by the need to expand monetary easing due to the impact of the investment agreement [22] Automotive Industry - The reduction of tariffs on Japanese cars will lead to increased costs for manufacturers, with an additional $3,750 per vehicle exported [6] - Japanese automakers are accelerating the establishment of production facilities in the U.S. to mitigate tariff impacts [6][10] Agricultural Sector - The agreement mandates a significant increase in U.S. agricultural imports, which will disrupt local agricultural markets in Japan [8][20] - Japanese farmers are facing challenges due to the influx of cheaper U.S. agricultural products [8][20] Investment and Economic Impact - The $550 billion investment is seen as a way for Japan to support U.S. industries while potentially undermining its own competitive advantages [10][22] - The investment will require Japan to continue its monetary easing policies, impacting the yen's value and domestic consumption [22] Supply Chain Adjustments - Japanese companies are shifting their supply chains, with a notable decrease in exports to the U.S. and a focus on localizing production [18] - The semiconductor supply chain is also being restructured, with Japanese firms prioritizing U.S. production over exports to Taiwan [18] U.S. Strategic Interests - The agreement aligns Japan's economic strategies with the U.S. "Indo-Pacific Strategy," reinforcing U.S. influence in the region [22] - The U.S. is leveraging this agreement to monitor and control critical supply chains, particularly in technology and defense sectors [22]

Group 1 - The article discusses the transformation of traditional industries in Guangdong, highlighting the shift of tiles from necessities to artisanal products, as seen in the production of blue tiles in Longmen County [4][12] - The Ministry of Agriculture and Rural Affairs announced the registration of 823 new non-main agricultural crop varieties, focusing on current industry needs and production demands, while also canceling 106 problematic varieties [15][16] - The State Council approved ten pilot areas for comprehensive reform of factor market allocation, including Guangzhou, with plans to explore traditional and new factors such as data and computing power [17][20][21] Group 2 - The article highlights a successful village-enterprise cooperation project in Taimei Town, where a 70-acre barren slope has been transformed into a profitable orchard, introducing new fruit varieties with greater market potential [25][36] - The first "marine ranch" project in Shantou, integrating offshore wind power and marine aquaculture, has been launched, designed to withstand super typhoons and featuring innovative construction methods [39][42][43] - The article describes an ecological approach in Chaozhou's tea industry, where the intercropping of tea plants and a local herb has created a dual benefit of ecological value and increased farmer income [46][48][50] Group 3 - The weather forecast indicates a return of high temperatures in Guangdong, with maximum temperatures reaching 37°C, and potential impacts from typhoons in the region [53][54][56]

Core Viewpoint - Shandong Province is actively promoting the protection and utilization of agricultural cultural heritage, with a focus on enhancing brand value and integrating these resources into rural revitalization efforts [6][8][9]. Group 1: Agricultural Cultural Heritage Resources - The third batch of important agricultural cultural heritage resources in Shandong includes various cultivation systems such as the Dragon Mountain millet cultivation system and the ginger cultivation system from Laiwu [1][2][3]. - A total of 11 systems, including the Changyi Shanyang pear and Qingzhou silver melon, have been included in the provincial agricultural cultural heritage resource list, with the Changyi Shanyang pear recognized as a significant national heritage [6]. Group 2: Policy and Support - The local government is enhancing awareness of agricultural cultural heritage protection and is actively conducting resource surveys to identify and catalog these resources [6]. - Policies are being developed to support the integration of agricultural cultural heritage into rural revitalization projects, with financial backing provided to promote these initiatives [6]. Group 3: Brand Value and Utilization - Efforts are being made to increase the brand value of agricultural cultural heritage by leveraging scale, quality, and market advantages to create a strong brand presence [8]. - The government is mobilizing experts, entrepreneurs, and new farmers to participate in the revitalization and utilization of agricultural cultural heritage, aiming to establish a comprehensive protection and development framework [9].

Group 1 - The consumption tax rate for batteries is uniformly set at 4% for production, processing, and importation [2] - The policy is applicable nationwide without restrictions on enterprise scale, but compliance with technical standards is required [2] - To enjoy the exemption from consumption tax on batteries, taxpayers must hold a product testing report issued by a recognized testing institution [2] Group 2 - The exemption policy does not apply to second-hand or recycled batteries unless they are processed into new products that meet standards [2] - Reprocessed batteries must be certified by a CMA-accredited testing institution, and the report must include a detailed product list consistent with production records [2] - Reprocessed batteries must belong to the seven categories of exempt batteries as specified in the relevant tax regulations [2]

Group 1 - The core viewpoint emphasizes the importance of enhancing national food security through technological advancements in agriculture, particularly focusing on the "water and fertilizer integration" technique and modern agricultural practices [1] - The People's Bank of China in Songyuan City is actively promoting financial support for the implementation of "water and fertilizer integration" technology, aiming to improve agricultural production efficiency and sustainability [1][2] - The introduction of innovative credit models by local financial institutions addresses the financing challenges faced by new agricultural entities, significantly increasing their access to funding [2] Group 2 - The "water and fertilizer integration" technique faces risks from natural disasters and market price fluctuations, prompting financial institutions to encourage insurance coverage for corn growers to stabilize their income expectations [3] - The insurance products, including complete cost insurance and commercial income insurance for corn, provide substantial coverage for production costs and income, thereby enhancing financial security for farmers [3] - The introduction of insurance mechanisms not only stabilizes expected returns for growers but also serves as a means to improve their creditworthiness, facilitating broader financial support for the "water and fertilizer integration" technique [3] Group 3 - A pilot project in Fuyu City integrates corn futures with income insurance to mitigate price risks for farmers, demonstrating the effectiveness of using derivative tools in agricultural risk management [4] - The project has successfully compensated farmers for losses due to price declines, showcasing the positive impact of futures in protecting farmer income [4] - The initiative has engaged numerous farmers and significantly promoted the adoption of "water and fertilizer integration" technology, enhancing resource utilization and disaster resilience [4] Group 4 - The commitment of CITIC Futures to expand financial tools for agricultural support reflects a broader strategy to stabilize farmer income and enhance agricultural safety [5]