智通财经APP获悉，国金证券发布研报称，9月经济总体平稳运行，内需在"金九银十"旺季的带动下边 际回暖，但各行业表现冷热不均。供给侧治理与产业升级先行见效，对应上游资源品与新兴制造业、高 端装备制造业景气度先行占优；需求侧刺激与消费信心修复滞后使得传统原材料、消费板块"旺季不 旺"。展望后续，若财政支出加速、更多稳地产&促消费的需求侧配套支持政策能够落地，则传统原材 料、消费板块景气度有望回暖，行业间分化格局趋于收敛。反之，上游资源品阶段性占优的格局可能持 续。与此同时，受益于国内产业升级、海外制造业修复的制造业方向有望维持较高景气。 国金证券主要观点如下： 9月行业信息总结 回顾9月产销旺季中各行业景气度的变动，整体上旺季氛围仍在，行业间表现分化。其中，上游资源 品、中游新兴&高端设备制造业，旺季成色较浓。相较而言，上游原材料、下游消费板块旺季成色不 足。具体来看：1）上游资源与原材料行业——①上游资源品："反内卷"政策推进与供给约束下煤炭、 工业金属旺季供给收缩、需求增加，价格延续上行，旺季成色最浓。②上游原材料：钢铁、建材在传统 投资链条景气度低位，旺季改善有限。2）中游制造环节——新兴制造业、高端装备 ...

Core Insights - The Yangtze River Delta integration strategy addresses regional development imbalances and emphasizes industrial positioning and collaboration among localities [1][2] - The focus is on leveraging advanced technologies to enhance traditional industries and promote the integration of digital and manufacturing sectors [1][2] - There is a strong push for the development of emerging industries, particularly in digitalization and intelligent manufacturing, to improve responsiveness and adaptability [2][3] Group 1 - The Yangtze River Delta integration strategy serves as a crucial tool for addressing regional development disparities [1] - Jiangsu and surrounding areas are clarifying their industrial positioning and fostering a collaborative development model [1] - The strategy emphasizes the importance of refining traditional industries through advanced technologies and industrial integration [1][2] Group 2 - There is a significant focus on seizing opportunities from the new technological and industrial revolution, particularly in digital and intelligent transformations [2] - The development of "new infrastructure" such as 5G networks and data centers is prioritized to support emerging manufacturing industries [2] - The strategy aims to build a self-controlled industrial system while recognizing the importance of global value chains [2][3] Group 3 - The Yangtze River Delta aims to enhance supply-side structural reforms through better resource utilization and regional cooperation [3] - There is a need for improved communication and coordination among regions to address planning bottlenecks [3] - The strategy seeks to achieve breakthroughs in transportation connectivity, energy cooperation, industrial innovation, and information networks [3]

Core Viewpoint - China's manufacturing sector is transitioning towards high-quality development, emphasizing technological self-reliance and innovation to enhance industrial capabilities [2][4]. Group 1: Economic Performance - In the first half of the year, the added value of China's manufacturing industry increased by 7.0%, with equipment manufacturing and high-tech manufacturing growing by 10.2% and 9.5% respectively [4]. - The production of 3D printing equipment, new energy vehicles, and industrial robots saw significant increases of 43.1%, 36.2%, and 35.6% respectively [4]. Group 2: Innovation and Development - China is moving from being a global manufacturing hub to a global innovation center, with R&D expenditure expected to reach 2.68% of GDP by 2024, surpassing the EU average [4]. - Corporate investment in R&D accounts for over 77% of total R&D spending, highlighting the role of enterprises in driving innovation [4]. Group 3: Strategic Focus - The focus on technological innovation and industrial upgrading is crucial for economic transformation, with an emphasis on integrating technology and industry to foster new productive forces [5][6]. - The government is implementing reforms to stimulate the economy and enhance innovation, including the introduction of the Private Economy Promotion Law and the establishment of a unified national market [6].

Core Viewpoint - The manufacturing industry is a crucial pillar of the national economy, and its development is essential for building a strong material and technological foundation for Chinese-style modernization. Emphasis is placed on maintaining a reasonable proportion of manufacturing, enhancing technological empowerment, and promoting independent innovation [1]. Group 1: Historical Context of Manufacturing - Technological advancements have historically been key determinants of the manufacturing sector's share in the economy, with significant revolutions occurring in the 18th, 19th, and 20th centuries that transformed production efficiency and expanded the manufacturing landscape [2]. - The 18th-century mechanization revolution led to significant changes in traditional industries, while the 19th-century electrification revolution further solidified manufacturing's dominant position in the economy [2]. Group 2: Current Technological Revolution - The current wave of technological revolution and industrial transformation is characterized by rapid advancements in artificial intelligence, quantum technology, and biotechnology, which are driving new industrial growth and economic development [3]. - Digital and green technologies are increasingly penetrating traditional manufacturing, revitalizing the sector and enhancing its role in economic growth and employment [3]. Group 3: Advantages of China's Manufacturing Sector - China holds significant advantages in maintaining a reasonable proportion of manufacturing, including a high global innovation index ranking and a large domestic market that fosters active manufacturing activities [4]. - The country is transitioning from "catching up" to "keeping pace" and even "leading" in key technology areas such as 5G, artificial intelligence, and robotics, which are crucial for elevating its manufacturing sector within the global value chain [4]. Group 4: Strategies for High-Quality Development - To promote high-quality development in manufacturing, strategies should focus on enhancing technological empowerment, optimizing resource allocation, and reducing the overall costs and tax burdens for manufacturing enterprises [5]. - On the demand side, fostering new consumption scenarios and integrating modern manufacturing with service industries can create new growth opportunities and improve the overall efficiency of the sector [6].