Core Insights - The article discusses the transition from the "14th Five-Year Plan" to the "15th Five-Year Plan" in China, emphasizing the need for economic growth and industrial transformation during this critical period [1][6]. Economic Growth and Modernization - The "15th Five-Year Plan" requires a higher economic growth target compared to the "14th Five-Year Plan," aiming for around 5% growth to achieve a middle-income level by 2035 [6][7]. - As a country approaches modernization, its potential economic growth rate tends to decline, necessitating a focus on high-quality development rather than just quantitative growth [6][7]. Industrial Transformation - Traditional industries must undergo deep transformation, particularly through the integration of artificial intelligence in key sectors such as manufacturing, energy, and consumer goods [2][12]. - The construction of new infrastructure, particularly in computing power, is essential to support the transformation of traditional industries and enhance their competitiveness [2][13]. Technology and Innovation - There is a pressing need to enhance the integration of technological innovation and industrial innovation, focusing on upgrading the industrial foundation and increasing high-quality technological supply [7][8]. - The proportion of basic research funding in overall R&D investment should increase from 8% to around 12% by the end of the "15th Five-Year Plan" to align with international standards [8]. New Infrastructure Investment - Investment in new infrastructure should be accelerated, particularly in areas that support the digital and green transformation of industries [11][13]. - A unified national computing power trading market is proposed to optimize resource allocation and support industrial upgrades [13]. Addressing "Involution" in Emerging Industries - The "15th Five-Year Plan" emphasizes the need to combat "involution" in emerging industries by promoting innovation and limiting subsidies that encourage capacity expansion [15][16]. - A focus on enhancing market regulation and preventing monopolistic practices is crucial to ensure fair competition and protect smaller enterprises [16][17]. Expanding Domestic Demand - Expanding domestic demand is essential to alleviate capacity issues in certain industries, with a shift from investment-driven growth to consumption-driven growth [17]. - The establishment of a unified national market is necessary to facilitate resource integration and collaboration across regions, enhancing overall economic stability [17].

Core Viewpoint - The article discusses the transition from the "14th Five-Year Plan" to the "15th Five-Year Plan" in China, emphasizing the need for high-quality economic growth and the transformation of traditional industries while avoiding "involution" in emerging industries [1][5]. Economic Growth and Modernization - The "15th Five-Year Plan" period is crucial for solidifying the foundation for achieving socialist modernization by 2035, requiring an economic growth rate of around 5% to reach the level of moderately developed countries [5]. - As a country approaches modernization, its potential economic growth rate tends to decline, necessitating higher growth expectations for the "15th Five-Year Plan" compared to the "16th Five-Year Plan" [2][5]. Technology and Industry Innovation - There is a pressing need to integrate technological innovation with industrial innovation, focusing on enhancing the modernization of industrial foundations, which includes key components, software, and materials [6]. - The article suggests increasing the proportion of basic research funding from 8% to around 12% by the end of the "15th Five-Year Plan" to enhance high-quality technological supply [6]. Traditional Industry Transformation - The "15th Five-Year Plan" requires a deep transformation of traditional industries, particularly through the empowerment of artificial intelligence, focusing on sectors like equipment manufacturing, electronic information, and energy [10]. - New infrastructure, particularly in computing power, should be prioritized to support the innovation and development of traditional industries [11]. Emerging Industry Development - The article highlights the need for a "反内卷" (anti-involution) approach in emerging industries, emphasizing the importance of directing industrial subsidies towards technological innovation rather than capacity expansion [12][13]. - It advocates for a shift from low-end capacity expansion to creating brand value and enhancing service experiences, thereby fostering a competitive edge based on quality rather than quantity [13]. Market and Regulatory Environment - The establishment of a robust market regulatory framework is essential to prevent monopolistic behaviors in the platform economy and ensure fair competition for small and medium enterprises [14]. - The article calls for a unified national market to facilitate resource integration and collaboration across regions, enhancing the overall business environment for manufacturing companies [14][15].

当前，我国正处于"十四五"规划迎来收官与"十五五"规划启航的关键交汇点，产业升级路径与经济增长 动力备受关注。 在这一承前启后的关键节点，如何理解当前经济发展所处的历史方位？展望"十五五"时期，我国现代产 业体系的建设将面临哪些新要求？传统产业如何实现深度转型，新兴产业又如何避免"内卷化"发展？围 绕这些重大议题，21世纪经济报道记者专访了第十四届全国政协委员、经济委员会委员，中国社会科学 院经济研究所研究员黄群慧。 作为国家"十四五"、"十五五"规划专家委员会委员，黄群慧主要研究领域为发展经济学、中国制造业与 国有企业改革等，曾主持国家社会科学基金重大项目4项及其国家级研究项目多项。 黄群慧表示，从现代化规律而言，一个国家越接近现代化，其潜在经济增速会下降，因此"十五五"时期 相对于"十六五"时期而言，对经济增速应该有更高要求。"十五五"时期，要以把握产业基础高级化这个 产业发展的重大需求方向，加大推进科技创新与产业创新深度融合，增加高质量科技供给，催生产业基 础的重大突破。从推进传统产业"深度"转型升级来看，要强化人工智能赋能传统产业，应聚焦装备制造 业、电子信息、原材料、能源电力、消费品等重点行业领域， ...

Core Viewpoint - The article discusses the transition from the "14th Five-Year Plan" to the "15th Five-Year Plan" in China, emphasizing the need for deep transformation of traditional industries and the avoidance of "involution" in emerging industries, while focusing on high-quality economic growth and technological innovation [1][4]. Economic Development Context - The "15th Five-Year Plan" is seen as a critical period for solidifying the foundation for achieving socialist modernization by 2035, requiring an economic growth rate of around 5% to reach the level of middle-developed countries [4]. - As a country approaches modernization, its potential economic growth rate tends to decline, necessitating higher growth expectations for the "15th Five-Year Plan" compared to the "14th" [2][4]. Technological and Industrial Innovation - There is a pressing need to integrate technological innovation with industrial innovation, focusing on enhancing the modernization of industrial foundations, which includes key components, software, and materials [5][6]. - The goal is to increase the proportion of basic research funding from 8% to around 12% of total R&D investment by the end of the "15th Five-Year Plan" [6]. Modern Industrial System Development - The "15th Five-Year Plan" aims to accelerate the construction of a modern industrial system supported by the real economy, emphasizing advanced, digital, green, and integrated development [7]. - The integrity of the industrial system is crucial, with a focus on maintaining key manufacturing capabilities and ensuring a collaborative mechanism for orderly domestic industrial transfer [7]. Traditional Industry Transformation - Traditional industries must undergo deep transformation, particularly through the empowerment of artificial intelligence, focusing on key sectors such as equipment manufacturing and consumer goods [8][9]. - Investment in new infrastructure, particularly in computing power, is essential to support the innovation and development of traditional industries [9][10]. Emerging Industry "Anti-Involution" Strategies - The "15th Five-Year Plan" emphasizes the need for a technology innovation mechanism that shifts enterprise behavior towards value creation, limiting subsidies for capacity expansion and encouraging innovation in standards and branding [11]. - A collaborative innovation ecosystem is encouraged, with large state-owned enterprises and research institutions focusing on key common technologies [11][12]. - The establishment of a market regulatory system is necessary to prevent monopolistic behaviors and ensure fair competition, particularly in the platform economy [12][13].

Core Viewpoint - The implementation plan aims to promote the development of service-oriented manufacturing from 2025 to 2028, focusing on integrating advanced manufacturing with modern services, optimizing resource allocation, and enhancing the value chain [1][11]. Summary by Sections Service-oriented Manufacturing - Service-oriented manufacturing is defined as a new industrial form that integrates services deeply into the entire lifecycle of manufacturing products, reshaping the value chain and extending the industrial chain [2]. - Previous guidelines have shown some success in promoting service-oriented manufacturing, but challenges remain in key technology supply, standard systems, and application models [2]. Policy Directions - The implementation plan outlines three main policy directions: 1. Encourage R&D of key common technologies in service-oriented manufacturing and publish a technology list. 2. Promote increased innovation investment by enterprises, focusing on integrated R&D and smart operations. 3. Drive the application and iterative upgrade of technological breakthroughs in key scenarios such as shared manufacturing and personalized customization [3]. Development of Productive Services - The plan emphasizes the importance of nurturing key productive service industries, including technology services, industrial design, and various financial and consulting services, to support enterprise innovation and brand development [3]. Application and Promotion - The plan advocates for a categorized approach to promote service-oriented manufacturing across various industries, ensuring that new models are widely disseminated and applied [4]. - It highlights the need to strengthen service-oriented manufacturing in key sectors like new energy vehicles and machinery [4]. Role of Enterprises - Enterprises are identified as the core entities in developing service-oriented manufacturing, with a focus on collaboration between large and small enterprises to foster innovation and digital transformation [5]. - The plan encourages the establishment of public service platforms to enhance service capabilities in consulting, talent matching, and intellectual property [5]. Digital Technology Integration - The integration of digital technologies such as industrial internet, AI, and big data is crucial for transforming manufacturing processes and enhancing service capabilities [6][7]. - The plan emphasizes building new information infrastructure and promoting the fusion of AI with service-oriented manufacturing [7]. Special Actions - The implementation plan includes three special actions: 1. Building shared manufacturing platforms to enhance resource utilization. 2. Cultivating leading service-oriented manufacturing brands. 3. Innovating application scenarios to meet production and consumer demands [8][9]. Institutional Support - The plan calls for improving the institutional framework to support service-oriented manufacturing, enhancing public services, and fostering talent development [10]. - It also emphasizes international collaboration, particularly with countries involved in the Belt and Road Initiative [10]. Global Context - The shift from product-centric to service-oriented solutions is seen as essential for enhancing China's manufacturing competitiveness, with service-oriented manufacturing being a key to unlocking value [11].

Market Overview and Key Insights - The Hong Kong dividend sector saw a counter-trend increase last week, with the Hang Seng Hong Kong Stock Connect China Central State-Owned Enterprises Dividend Total Return Index rising by 1.08%, while the Hang Seng Index fell by 3.11% and the Hang Seng Tech Index dropped by 5.48% [1] - The utility and energy sectors led the gains, while consumer discretionary and healthcare sectors lagged [1] - The previous volatility in the dividend style may have been sufficiently corrected, making current valuations attractive for investment [1] Policy Support and Banking Sector Outlook - Under supportive monetary policy, the banking sector in Hong Kong is expected to see fundamental improvements, with a stabilization in interest margin decline leading to better net interest income growth [2] - Policies aimed at local debt management, stabilizing real estate, and reducing internal competition have significantly alleviated extreme risks in bank loans, which is beneficial for reducing non-performing asset pressure [2] Dividend Yield and Valuation of Central State-Owned Enterprises - The dividend yield of the Hang Seng Hong Kong Stock Connect China Central State-Owned Enterprises Dividend Index is 6.10%, compared to 4.62% for the CSI Dividend Index, with a price-to-book (PB) ratio of 0.59 and a price-to-earnings (PE) ratio of 6.67 [2] - Since the beginning of 2021, the total return index has accumulated a return of 136%, outperforming the Hang Seng Total Return Index by 121% [2] Future Market Outlook - The low interest rate environment during the domestic interest rate cut cycle and the weak economic recovery are favorable for dividend strategies [2] - The willingness and ability of central state-owned enterprises to distribute dividends are strong, enhancing the investment value of the Hong Kong Stock Connect central state-owned enterprise dividends [2] ETF Overview - The Huaan Hong Kong Stock Connect Central State-Owned Enterprises Dividend ETF (code: 513920) tracks the Hang Seng Hong Kong Stock Connect China Central State-Owned Enterprises Dividend Index, reflecting the performance of high-dividend securities listed in Hong Kong with central state-owned enterprises as the largest shareholders [3] - This ETF is the first in the market to combine the attributes of Hong Kong stocks, central state-owned enterprises, and dividends [3] Recent Performance of the ETF - The top ten weighted stocks in the Hang Seng Hong Kong Stock Connect Central State-Owned Enterprises Dividend Index have shown varied performance, with notable dividend yields and weekly price changes [6]

新华财经北京10月14日电统计显示，2025年9月，A股上市公司共计实施定增15起，同比上升200%；实际募资总额约1447.14亿元，同比上升10359%。 按照首次披露预案日口径统计，2025年9月A股上市公司定增预案发布数量共计33起，拟募资规模约326亿元，同比上升37.45%。其中，拓荆科技、中材科技 等企业拟募资规模相对靠前。 9月实际募资约1447亿元 根据信披数据，以定增股份上市日统计，2025年9月A股上市公司共计实施定增15起，同比上升200%；实际募集资金合计约1447.14亿元，同比上升 10356%、环比上升695%。 图1：2024年9月以来A股实施定增数量及实际募集总额 2025年9月实施定增的上市公司中，中国船舶的实际募资额排在首位。中国船舶新增股份数量为30.53亿股，发行价格为37.59元／股，实际募资总额为1147.7 亿元，募集资金净额拟用于吸收合并中国船舶重工股份有限公司。 实际募资额排在第二位的是芯联集成。该公司9月增发新股约13.14亿股，发行价格为4.04元／股，实际募资总额为53.07亿元，募集资金净额拟用于购买芯联 越州集成电路制造（绍兴）有限公司72.33 ...

日前，工业和信息化部等七部门联合印发《深入推动服务型制造创新发展实施方案（2025—2028年）》 （以下简称《实施方案》），目标是到2028年，服务型制造在制造业高质量发展中的作用进一步增强。 完成20项标准制定，打造50个领军品牌，建设100个创新发展高地，服务型制造典型模式广泛普及、新 模式不断涌现。 服务型制造是推动先进制造业与现代服务业深度融合、促进信息化和工业化深度融合、加快建设现代化 产业体系的重要举措。目前，服务型制造还存在关键技术供给能力薄弱、标准体系尚不健全、典型模式 分行业分领域应用不平衡、统计监测难度较大等问题。为此，《实施方案》提出7项主要任务和3项专项 行动，深入推动服务型制造创新发展。 为强化技术创新，《实施方案》提出，加强关键共性技术攻关和模式创新，发布服务型制造关键共性技 术清单，推动共性技术攻关，加快典型模式升级，探索服务型制造新模式。 生产性服务业为服务型制造提供技术研发、设计、信息、金融等多方面的支持。为增强生产性服务业支 撑能力，《实施方案》提出，培育壮大重点生产性服务业，发展科技服务业、工业设计、软件和信息服 务、生产性金融服务、知识产权服务、节能环保服务、质量技术 ...

北京社会科学院副研究员王鹏接受证券时报记者采访时指出，加快发展服务型制造绝非简单的"制造+服务"叠 加，而是提升产品附加值与企业竞争力、增强产业链供应链韧性的核心路径，更是推动先进制造业与现代服务 业深度融合、培育新质生产力、构建现代化产业体系的关键举措。这一定位，直指传统制造业长期面临的"利 润薄、抗风险能力弱"痛点。 制造业从"卖产品"向"卖方案"的关键转型，迎来国家级政策强力护航。 10月11日，工业和信息化部等七部门正式印发《深入推动服务型制造创新发展实施方案（2025—2028年）》 （下称《方案》），明确提出到2028年的三大核心目标：完成20项服务型制造标准制定、打造50个领军品牌、 建设100个创新发展高地，为制造业价值跃升划定清晰时间表与路线图。 从发展基础来看，服务型制造已在我国形成初步优势。据《中国服务型制造区域发展指数（2024）》显示， 2018—2023年我国该领域发展水平持续攀升，浙江、广东等15个省份率先形成领先格局——仅浙江一省，就已 累计创建国家级服务型制造示范企业（项目、平台）达73个，成为区域产业转型的"排头兵"。 但关键技术供给能力薄弱、标准体系尚不健全、典型模式在不 ...

据国际金融协会（IIF）统计，IIF数据显示，上月新兴市场投资组合净流入448亿美元，相比之下，7月 净流入额为381亿美元，而去年8月净流入额为282亿美元。 尤其值得注意的是，中国市场正成为国际资本增配的重点区域。具体来看，8月中国债券和股票上个月 合计净流入390亿美元，中国以外新兴市场债券吸引了132亿美元的资金流入。而中国以外新兴市场股票 在连续三个月净流入后出现74亿美元资金流出。 IIF高级经济学家Jonathan Fortun也表示，"基本格局仍反映出中国在投资组合配置中占据的重要地位。" 而从企业端看，美元降息有助于降低海外负债高企企业的融资成本，改善盈利预期，因为发达经济体降 息往往有助于引导资金流向收益率更高的新兴市场。而类似逻辑也适用于航空、原材料等美元债发行较 多的行业。 来源：环球老虎财经app 美元周期的每一次转向，都像一场全球资本的"潮汐运动"，深刻重塑着全球资产的流向与配置逻辑。当 前，美元流动性正迎来新一轮拐点，国际资本悄然调整航向。 长期以来，美元作为全球最主要的储备货币和结算货币，其利率与汇率周期直接牵动着全球资本的神 经。美联储货币政策的一收一放，往往引发新兴市场资产 ...