国内 1. 华泰证券：关注具备增产降本能力、天然气业务增量的高分红能源寡头 华泰证券研报表示，长期而言，考虑主要产油国边际成本及"利重于量"诉求，油价中枢存60美元/桶底 部支撑，具备增产降本能力及天然气业务增量的能源龙头企业或将显现配置机遇。 中信证券研报称，近期，DR001逐步下探，距离利率走廊下沿只剩5bps，意味着在下一次降息之前，资 金利率继续下探的空间有限。另一方面，结合央行2025年四季度货政例会的表述，"防范资金空转"暂时 不再强调，资金利率抬升概率也不大，预计后续资金利率将维持低位运行。 5. 中信证券：头部民营商业火箭企业IPO进程或将提速 中信证券研报称，2025年12月26日，上交所发布《商业火箭企业适用科创板第五套上市标准指引》，标 志着商业火箭企业登陆资本市场的通道正式打通、标准全面明确。在政策对"承担国家任务、参与国家 工程项目""可重复使用技术""行业地位"的强调之下，头部民营商业火箭企业IPO进程或将提速。商业火 箭作为商业航天的"运载底座"，其产业化进程将直接带动卫星制造、地面设备、空间应用等上下游环节 的需求爆发。 6. 中信证券：2026年春节白酒实际动销有望维持平稳 ...

[晨会纪要 Table_NewTitle] 20251229 [Table_Reportdate] 2025年12月29日 [证券分析师： Table_Authors] 吴骏燕 S0630517120001 wjyan@longone.com.cn 证券分析师： 王洋 S0630513040002 wangyang@longone.com.cn 证券分析师： 刘思佳 S0630516080002 liusj@longone.com.cn 重点推荐 财经要闻 晨 会 纪 要 证券研究报告 HTTP://WWW.LONGONE.COM.CN 请务必仔细阅读正文后的所有说明和声明 [table_summary] ➢ 1.利润增速回落，但结构上仍有亮点——国内观察：2025年11月工业企业利润数据 ➢ 2.宏图新启，升维致远——2026年宏观经济及资产配置展望 ➢ 1.全国财政工作会议在北京召开 ➢ 2.2026年全国两会召开时间确定 ➢ 3.工信部：2026年要打造集成电路、新材料等新兴支柱产业 ➢ 4.国家创业投资引导基金正式启动 1.重点推荐 | 年 月工业企业利 1.1. 利润增速回落，但结构上仍有亮点——国 ...

2016-2025年1-10月全国工业企业数统计图 数据来源：国家统计局，智研咨询整理 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 上市公司：比亚迪（002594），中国重汽（000951），中国铝业（601600），金田股份（601609），明 泰铝业（601677），华峰铝业（601702），紫金矿业（601899），大有能源（600403），上海能源 （600508），山煤国际（600546），华电能源（600726），中金岭南（000060），藏格矿业（000408） 相关报告：智研咨询发布的《2025-2031年中国工业云行业市场深度评估及投资机会预测报告》 2025年1-10月，全国工业企业数（以下数据涉及的工业企业，均为规模以上工业企业，从2011年起，规 模以上工业企业起点标准由原来的年主营业务收入500万元提高到年主营业务收入2000万元）为523426 个，和上年同期相比，增加了1 ...

上市公司：冀中能源（000937），开滦股份（600997），新奥股份（600803），方大新材（838163）， 常山药业（300255），华北制药（600812），三孚股份（603938），工大科雅（301197），恒工精密 （301261），冀东装备（000856），长城汽车（601633），建投能源（000600），廊坊发展（600149） 2016-2025年1-10月河北省工业企业数统计图 数据来源：国家统计局，智研咨询整理 相关报告：智研咨询发布的《2025-2031年中国工业云行业市场深度评估及投资机会预测报告》 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 2025年1-10月，河北省工业企业数（以下数据涉及的工业企业，均为规模以上工业企业，从2011年起， 规模以上工业企业起点标准由原来的年主营业务收入500万元提高到年主营业务收入2000万元）为18456 个，和上年同期相比，增加 ...

Group 1: Regulatory Developments - The State Council discussed the draft amendment to the Certified Public Accountants Law, emphasizing the need for stronger legal constraints and industry supervision to promote the healthy development of the CPA industry and protect investor rights [6][7]. - The People's Bank of China (PBOC) stated that stablecoins are a form of virtual currency, which do not have the same legal status as fiat currencies and pose risks related to money laundering and illegal financial activities [11][12]. - A new regulation was released by PBOC and other financial authorities, allowing banks to conduct customer due diligence based on risk rather than a one-size-fits-all approach, enhancing customer experience while maintaining financial security [12][13]. Group 2: Economic Indicators - From January to October, the profits of industrial enterprises above designated size in China increased by 1.9% year-on-year, totaling 59,502.9 billion yuan, marking a continuous growth for three months since August [14]. - In October, the profits of these enterprises saw a year-on-year decline of 5.5%, attributed to a high base from the previous year and rising financial costs [14]. Group 3: Monetary Policy Insights - The Governor of the Bank of Japan indicated a potential interest rate hike in December, citing moderate economic recovery and the importance of wage negotiations, while emphasizing that any rate increase would still maintain a loose monetary environment [8][9]. - The Bank of Japan is expected to make a decision on interest rates based on a comprehensive review of domestic and international economic conditions [9]. Group 4: Technological Financial Initiatives - The first meeting of the Technology Finance Coordination Mechanism was held to support high-level technological self-reliance, focusing on differentiated financial support for technology innovation and fostering a favorable environment for technology finance development [10][11]. - The meeting aims to enhance collaboration across departments and promote effective allocation of financial resources to support technological advancements [11].

·财政部、税务总局明确资源税有关政策执行口径今年12月1日起施行 【重点关注】 ·六部门发文增强消费品供需适配性进一步促进消费到2027年形成3个万亿级消费领域和10个千亿级消费 热点 ·商务部：将推进汽车流通消费改革试点，全链条扩大汽车消费 ·财政部：1—10月国有企业营业总收入同比增长0.9% ·国家发展改革委：正积极推动基础设施REITs进一步扩围至酒店、体育场馆、商业办公设施等领域 ·我国将继续坚持对虚拟货币的禁止性政策，持续打击虚拟货币相关非法金融活动 ·证监会就推出商业不动产投资信托基金试点的公告公开征求意见 ·国家统计局：1-10月份全国规模以上工业企业利润同比增长1.9% ·《信用修复管理办法》公布自2026年4月1日起施行 ·美联储"褐皮书"显示美国消费支出进一步下滑 【国内要闻】 ·国务院总理李强11月27日主持召开国务院常务会议，听取推动高质量发展综合督查情况汇报，部署推 进基本医疗保险省级统筹工作，审议通过《全民阅读促进条例（草案）》，讨论《中华人民共和国注册 会计师法（修正草案）》。会议指出，推进基本医保省级统筹是健全全民医保制度的重要举措，有利于 更好发挥保险互助共济优势，增强医保 ...

Report Industry Investment Rating - Not provided Core Viewpoints - This year from January to October, the profit growth rate of industrial enterprises above designated size slowed down, and the inventory of finished products increased year - on - year. After removing the influence of the low - base effect of the same period last year, corporate profitability remained weak. The market's expectation of a Fed rate cut in December has sharply increased, and gold is expected to rebound in the short term. The stock index may continue its phased adjustment after a short - term rebound [13][21][37] - In the short term, be cautious about the stock index's rebound and be vigilant against the risk of a fall again. Gold may continue to adjust after a short - term rebound. In the medium to long term, the stock index will maintain a wide - range shock, and gold may face a deep adjustment [37] Summary by Relevant Catalogs Domestic and International Macroeconomic Data - From January to October this year, the total profit of industrial enterprises above designated size was 5,950.29 billion yuan, a year - on - year increase of 1.9%, and the growth rate dropped by 1.3 percentage points from the previous month. In October, the profit of industrial enterprises above designated size decreased by 5.5% year - on - year, turning negative again after two months [4] Stock Index Fundamental Data Corporate Profit - From January to October this year, the profit growth rate of industrial enterprises above designated size slowed down, and after removing the influence of the low - base effect of the same period last year, corporate profitability remained weak [13] Capital Situation - The margin trading balance in the Shanghai and Shenzhen stock markets slightly declined to 2,444.787 billion yuan. The central bank conducted a total of 1,511.8 billion yuan of 7 - day reverse repurchase operations and 1,000 billion yuan of one - year MLF operations this week, achieving a net injection of 6.42 billion yuan [16] Gold Fundamental Data Risk - Free Interest Rate: Holding Cost and Inflation Level - Fed officials unexpectedly sent dovish signals, and the market's expectation of a rate cut in December soared. According to the CME 'FedWatch' tool, the probability of a 25 - basis - point rate cut in December rose to 86.9%, and the 10 - year U.S. Treasury yield slightly declined [21][22] U.S. Retail Sales Monthly Rate and Employment Situation - Not provided Domestic and International Gold Inventory Situation - The warehouse receipts and inventory of Shanghai gold futures slowed down, and the inventory of COMEX gold in New York continued to decline, reflecting a cooling of the market's bullish sentiment [36] Strategy Recommendation - This year from January to October, the year - on - year profit growth rate of industrial enterprises above designated size slowed down, mainly affected by the increase in the base of the same period last year and the weakening of demand. The prices of industries such as new energy, non - ferrous metals, and coal have rebounded, which is helpful for the profit recovery of upstream raw material processing industries; the profit growth of industries such as home appliances, mobile communications, and consumer electronics has slowed down, while the profit of high - end and equipment manufacturing industries has maintained rapid growth; downstream enterprises still face great operating pressure [37] - The expectation of a Fed rate cut in December has heated up, the external market has clearly recovered, and concerns about the bursting of the technology stock bubble have been temporarily alleviated. After a short - term rebound, the stock index may continue its phased adjustment. Gold can be regarded as a short - term rebound [37] - In the short term, be cautious about the stock index's rebound and be vigilant against the risk of a fall again. Fed officials' dovish remarks have reignited the market's expectation of a rate cut in December, and gold may continue to adjust after a short - term rebound. In the medium to long term, the stock index will maintain a wide - range shock, and gold may face a deep adjustment [37] - Next week's key points and risk warnings: important data such as the U.S. November manufacturing PMI and ADP employment figures [37]

上市公司：华电能源（600726），大庆华科（000985），恒丰纸业（600356），宝泰隆（601011），誉 衡药业（002437），哈三联（002900），哈药股份（600664），葵花药业（002737），珍宝岛 （603567），哈空调（600202），中国一重（601106），龙江交通（601188），九洲集团（300040）， 国中水务（600187） 2016-2025年1-9月黑龙江省工业企业数统计图 数据来源：国家统计局，智研咨询整理 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 相关报告：智研咨询发布的《2025-2031年中国工业云行业市场深度评估及投资机会预测报告》 2025年1-9月，黑龙江省工业企业数（以下数据涉及的工业企业，均为规模以上工业企业，从2011年 起，规模以上工业企业起点标准由原来的年主营业务收入500万元提高到年主营业务收入2000万元）为 4845个，和 ...

Group 1 - The core viewpoint of the article highlights the growth of industrial enterprises in Shaanxi Province, with a total of 8,725 enterprises reported as of January to September 2025, marking an increase of 409 enterprises compared to the same period last year, representing a year-on-year growth of 4.92% [1][1][1] - The report indicates that the number of industrial enterprises in Shaanxi Province accounts for 1.67% of the national total [1][1][1] - The data presented is sourced from the National Bureau of Statistics and organized by Zhiyan Consulting, a leading industry consulting firm in China [1][1][1] Group 2 - The article references a report by Zhiyan Consulting titled "2025-2031 China Industrial Cloud Industry Market Deep Assessment and Investment Opportunity Forecast Report" [1][1] - The report emphasizes the continuous growth and development of the industrial sector in Shaanxi, which has seen a significant increase in the number of large-scale industrial enterprises since 2011 [1][1][1] - Zhiyan Consulting has been dedicated to industry research for over a decade, providing comprehensive industry research reports, business plans, feasibility studies, and customized services [1][1][1]

Group 1 - The core viewpoint of the article highlights the growth of industrial enterprises in Jilin Province, with a total of 3,523 enterprises reported as of January to September 2025, marking an increase of 163 enterprises compared to the same period last year, representing a year-on-year growth of 4.85% [1][1][1] Group 2 - The report indicates that the proportion of Jilin Province's industrial enterprises accounts for 0.67% of the national total [1][1][1] - The data referenced in the article is sourced from the National Bureau of Statistics and compiled by Zhiyan Consulting, a leading industry consulting firm in China [1][1][1] - The article mentions that the threshold for scale industrial enterprises was raised from an annual main business income of 5 million yuan to 20 million yuan starting from 2011 [1][1][1]