11月12日，针对市场热议的"新凯来借壳"传闻，深圳国资旗下上市公司天健集团（000090.SZ）在投资者互动平台 作出明确回应，直言相关信息不属实，并郑重提醒投资者注意投资风险，强调公司所有应披露信息均以中国证监 会指定媒体发布的公告为准。 上述人士分析，作为拥有核心技术与自主知识产权的高新技术企业，新凯来符合当前资本市场支持硬科技企业上 市的政策导向，通过独立IPO实现资本化更能体现其产业价值，也更符合国资培育战略性新兴产业的初衷。而天 健集团作为传统基建领域的上市公司，其发展逻辑仍将聚焦主业升级与区域市场拓展，短期内跨界转型半导体领 域的可能性极低。 12日盘中，天健集团股价一度涨停。截至湾财社记者发稿，公司股价涨超6.7%，报收4.14元/股，总市值达77.36亿 元。 采写：南都湾财社 记者 邱墨山 作为深圳特区建工集团旗下核心上市平台，天健集团深耕工程建设、城市服务、综合开发等领域多年。业绩方 面，今年前三季度，天健集团实现营业总收入99.59亿元，同比增长7.79%；归母净利润为2012.90万元，同比下降 93.87%。 从业务属性来看，天健集团的核心资产集中在传统基建与房地产相关板块，而传闻 ...

Group 1 - The core viewpoint of the article emphasizes the importance of boosting domestic consumption and effective investment as a strategic foundation for China's economic development, aiming to enhance the internal circulation of the economy [2][5][15] - The article highlights that in the first three quarters, China's total retail sales of consumer goods reached 36,587.7 billion yuan, growing by 4.5%, with a notable increase in goods retail sales by 4.6% and a slower growth in catering revenue at 3.3% [2] - It is noted that the growth of service consumption outpaced that of goods consumption, indicating a shift in consumer behavior, although challenges remain with insufficient effective demand [5][11] Group 2 - The article discusses the relationship between boosting consumption and effective investment, stating that while consumption is prioritized, investment must be effective, focusing on sectors like AI and new infrastructure rather than traditional infrastructure [6][9] - The concept of "effective investment" is defined, emphasizing the need for investments in areas that support high-tech advancements and sustainable development, such as energy supply for AI computing [6][9] - The article mentions that the new policy financial tools introduced in the fourth quarter aim to support new infrastructure and strategic emerging industries, contrasting with previous tools that included traditional infrastructure [9] Group 3 - The article stresses the importance of public consumption in enhancing private consumption, particularly through social security and welfare programs, to support low- and middle-income groups [11][12] - It highlights the necessity of developing the service industry to absorb employment, especially as traditional industries become more automated [13] - The article suggests that relaxing regulations in certain sectors could stimulate domestic consumption among high-income groups, thereby creating job opportunities and increasing tax revenue [14]

Group 1: Core Insights - The Fourth Plenary Session of the 20th Central Committee emphasizes the construction of a strong domestic market and accelerating the formation of a new development pattern [1] - The focus is on boosting consumption and effective investment, with a strategic basis on expanding domestic demand [1][4] - The latest consumption data shows a retail sales total of 36,587.7 billion yuan in the first three quarters, with a growth rate of 4.5% [1] Group 2: Consumption and Investment Dynamics - There is a need to enhance domestic circulation's endogenous power to stimulate consumption effectively [5] - The distinction between "boosting consumption" and "effective investment" is highlighted, with consumption prioritized without conditions [6] - Effective investment should focus on new infrastructure and high-tech sectors rather than traditional infrastructure, which has seen a decline [6][8] Group 3: New Infrastructure and Market Demand - New infrastructure projects should align with real market demands and resource allocation to enhance economic density [7] - The upcoming 500 billion yuan policy tool aims to support new infrastructure and strategic emerging industries, differing from previous tools that included traditional infrastructure [8] Group 4: Social Welfare and Employment - The Fourth Plenary Session stresses the importance of improving public welfare to stimulate private consumption, especially in the context of an aging population [9] - Development of the service industry is crucial for job creation, with suggestions to relax regulations in certain sectors to enhance employment opportunities [11] - The focus on high-quality employment and the need for effective taxation on wealth to encourage domestic consumption are also discussed [11][10]

Core Viewpoint - The A-share market has experienced a "slow bull" trend over the past year, driven by the rise of China's new economy, a systematic decline in risk-free interest rates, and deepening capital market reforms. The market's profitability has attracted significant capital inflow, alongside a marginal easing of China-US trade relations and expectations of global liquidity easing due to potential Fed rate cuts. The current market presents both opportunities and risks, emphasizing the need for "rational investment" and a focus on long-term wealth accumulation through deep research and balanced asset allocation [1]. Group 1 - The overall valuation is manageable with internal differentiation, facilitating a healthy rotation among sectors. The current PEttm of the Wind All A Index is around 16-17 times, close to the historical average and not reaching the peaks of 2007, 2009, or 2015. New economy sectors like renewable energy, semiconductors, pharmaceuticals, and new consumption are seeing upward valuation trends, while traditional sectors like banking, real estate, and infrastructure remain undervalued, providing a solid foundation for rotation under stable growth expectations [2]. - The increasing proportion of new economy sectors, supported by traditional sectors, provides long-term upward momentum. The establishment of the Sci-Tech Innovation Board and the Beijing Stock Exchange, along with registration system reforms, has allowed many innovative companies to enter the capital market, enhancing upward elasticity. Additionally, policies promoting carbon neutrality and reducing competition have strengthened the profitability and stability of leading companies in traditional sectors, acting as a stabilizing force for the market [2]. - The growing presence of professional investors has shifted the market towards rational, long-term, and stable investment styles. The continuous growth of domestic public fund sizes and the increasing proportion of long-term capital from insurance and pension funds have led institutional investors to focus more on fundamental research and long-term holdings, changing the market's speculative behavior and reducing impulsive trading [2]. Group 2 - Recent increases in indices like the CSI 300, ChiNext, STAR 50, and North Exchange 50 have primarily been driven by valuation expansion. This valuation increase is supported by new capital inflows, with 196.36 million new A-share accounts opened in July, a year-on-year increase of 70.5%. The margin trading balance has remained above 1.9 trillion for 29 consecutive trading days, with financing purchases accounting for about 9% of A-share trading volume [10]. - Investor optimism regarding future growth has led to unsustainable high growth assumptions in high-growth sectors like AI, renewable energy, and biotechnology. In August, sectors such as defense, electronics, and computing exhibited significantly higher PEttm ratios compared to others, indicating speculative trading behavior. The shift from earning money through company growth to profiting from valuation increases has raised concerns about stability and safety [10]. - In the context of a slow bull market, maintaining rational investment principles is crucial. Key principles include diversifying asset allocation, focusing on intrinsic value, and minimizing exposure to market noise. Maintaining a cash position of 10-20% can enhance investment experience and prevent forced selling of quality assets during market downturns [15][16][17].