（编辑 任世碧） 证券日报网讯 11月21日晚间，泰禾智能发布公告称，公司于2025年11月21日召开第五届董事会第十五 次会议，审议通过了《关于变更部分募集资金投资项目的议案》，公司拟将"智能煤炭干选机产业化项 目（一期）"尚未投入的募集资金21，909.37万元（含对应募集资金账户产生的利息及理财收入并扣除 手续费后的金额，具体以资金转出当日银行结算后实际金额为准）变更投向，用于"120MW/240MWh用 户侧储能项目"，实施主体由卓海智能变更为卓海智能和安徽阳光优储新能源有限公司（简称"阳光优 储"）。变更后的募集资金投资项目"120MW/240MWh用户侧储能项目"拟投资金额25，209.00万元。 ...

大叶股份(300879.SZ)公告称，公司于近日获悉，欧盟委员会应HusqvarnaManufacturingCZs.r.o.公司申 请，对原产于中国的割草机器人发起反倾销调查。此次调查针对2024年10月1日至2025年9月30日向欧盟 出口割草机器人的中国企业。公司将调整境外生产结构，整合内外部资源以应对影响。此外，公司已完 成德国子公司AL-KO的收购，增加了奥地利生产基地，可在当地直接运营割草机器人相关业务。 ...

大叶股份公告，2025年11月19日，欧盟委员会发布《立案公告》，应Husqvarna Manufacturing CZs.r.o.公 司申请，对原产于中国的割草机器人（Robot Lawn Mowers）发起反倾销调查。此次调查针对2024年10 月1日至2025年9月30日向欧盟出口割草机器人的中国企业，立案后7日内需提交抽样问卷。强制应诉企 业确定后30日内提交完整问卷，"合作企业"可获单独/平均税率，否则将面临惩罚性税率或失去欧洲市 场。 ...

Core Insights - The "15th Five-Year Plan" emphasizes seven key goals, with a focus on maintaining economic growth within a reasonable range and improving total factor productivity [2][4] - The plan aims for China to achieve basic socialist modernization by 2035, with stable economic growth as a core requirement [4] Economic Growth and Total Factor Productivity - The plan outlines that economic growth must remain within a reasonable range to meet the GDP doubling target by 2035 [4] - Total factor productivity is identified as a crucial driver for sustainable economic growth, moving away from traditional scale expansion [5][6] - The emphasis on total factor productivity in the "15th Five-Year Plan" is significantly higher than in the previous plan, indicating its importance in addressing current economic challenges [6] Manufacturing and New Quality Productivity - The development of new quality productivity, marked by significant improvements in total factor productivity, is a strategic task in the "15th Five-Year Plan" [7] - Maintaining a reasonable proportion of manufacturing is essential for supporting high-quality development and total factor productivity [8] - The manufacturing sector's share in China is approximately 26%, which is crucial for enhancing total factor productivity despite facing challenges like overcapacity [8] Technology and Industry Innovation - The integration of technological innovation and industrial innovation is highlighted as necessary for future industrial upgrades [9] - The plan addresses issues such as insufficient basic research funding and a shortage of talent in the technology sector [9][10] - Recommendations include active fiscal policies to support basic research and encourage enterprises to invest in technology [10]

Core Insights - The "15th Five-Year Plan" emphasizes the importance of maintaining economic growth within a reasonable range to achieve the goal of doubling GDP by 2035 compared to 2020 levels [3][4] - The plan outlines seven key objectives, with a focus on high-quality development and the continuous improvement of total factor productivity (TFP) as a critical driver for sustainable growth [2][4] Economic Growth and Objectives - The "15th Five-Year Plan" proposes seven goals, prioritizing "significant achievements in high-quality development," which includes maintaining economic growth within a reasonable range and improving the total factor productivity [2][4] - The reasonable growth range is crucial for meeting the 2035 modernization targets, with a projected annual growth rate necessary to ensure GDP doubles by 2035 [3][4] Total Factor Productivity - Total factor productivity is identified as a structural engine for economic growth, moving away from traditional scale expansion towards productivity enhancement [4][5] - The emphasis on TFP in the "15th Five-Year Plan" is significantly higher than in the previous plan, indicating its critical role in addressing current economic challenges [4][5] New Quality Productivity - The development of new quality productivity is a strategic task in the "15th Five-Year Plan," requiring substantial investment and a robust manufacturing base [5][6] - Maintaining a reasonable proportion of manufacturing is essential for enhancing TFP, with China's manufacturing sector currently accounting for about 26% of the economy [5][6] Industry Upgrading and Innovation - The integration of technological and industrial innovation is highlighted as necessary for future industrial upgrades, addressing issues such as insufficient basic research funding and talent shortages [7][8] - The plan calls for collaborative efforts across policy, technology, and finance to enhance the synergy between technological innovation and industry [7][8]

Core Viewpoint - China's economy has shown resilience and progress amidst pressures, with solid foundations laid for achieving annual economic and social development goals [1] Economic Performance Characteristics - The GDP grew by 5.2% year-on-year in the first three quarters, maintaining a leading position among major global economies. Retail sales of consumer goods increased by 4.5%, accelerating by 1.2 percentage points compared to the same period last year. The industrial added value for large-scale enterprises rose by 6.2%, marking the highest growth since 2022 [2] - Strong momentum is evident, with the added value of equipment manufacturing and high-tech manufacturing increasing by 9.7% and 9.6%, respectively. Their shares in large-scale industrial output rose by 2.1 and 0.8 percentage points year-on-year. The integrated circuit and smart device manufacturing sectors saw increases of 22.4% and 12.2% [2] - Quality and efficiency have improved, with a 3.2% year-on-year increase in profits for large-scale industrial enterprises, and a significant 21.6% increase in September alone. Prices for key products like polysilicon and lithium carbonate have rebounded [2] - The economy demonstrated resilience with a 7.1% growth in goods exports, alongside an optimized export product structure. High-tech and electromechanical product exports grew by 11.9% and 9.6%, respectively, with exports to Belt and Road countries increasing by 12.4% [2] - There is significant potential for growth, with retail service sales rising by 5.2%. The production of civilian drones and industrial robots surged by 43.2% and 29.8%, while the output of new energy vehicles and lithium-ion batteries for vehicles increased by 29.7% and 46.9% [3] Social Welfare and Supply Security - The government has effectively ensured social welfare, particularly in grain production and energy supply. Measures have been taken to stabilize grain markets and minimize the impact of disasters on production and farmers' incomes. The summer grain harvest was successful, and the autumn harvest is expected to be strong [4] - Energy supply for the winter heating season is on track, with coal reserves at 220 million tons, sufficient for over 35 days. The underground gas storage has met its annual injection target, ensuring full capacity for winter [4][5] Investment Expansion - Expanding effective investment is crucial for stabilizing growth. The government has allocated 500 billion yuan for local government debt to enhance financial capacity and support investment projects, with 2300 projects supported and a total investment of approximately 7 trillion yuan [6] - The focus of investments includes digital economy, artificial intelligence, consumer infrastructure, and urban renewal projects in transportation, energy, and underground pipeline construction [6] - Recent forecasts from international economic organizations have raised China's economic growth expectations for 2025 by 0.8 percentage points compared to earlier predictions [6]

Core Viewpoint - China's economy has shown resilience and progress in the first three quarters of the year, with effective investment and strong social welfare measures laying a solid foundation for achieving annual economic and social development goals [1][6]. Economic Performance - GDP growth reached 5.2% year-on-year, maintaining a leading position among major global economies [2] - Retail sales of consumer goods increased by 4.5%, accelerating by 1.2 percentage points compared to the same period last year [2] - Industrial added value grew by 6.2%, marking the highest growth for the same period since 2022 [2] Industrial Dynamics - The added value of equipment manufacturing and high-tech manufacturing increased by 9.7% and 9.6%, respectively, with their shares in large-scale industry rising by 2.1 and 0.8 percentage points year-on-year [2] - The integrated circuit manufacturing and smart device manufacturing sectors saw significant growth, with increases of 22.4% and 12.2% [2] Quality and Efficiency - Improvements in product prices and corporate profits were noted, with industrial enterprise profits rising by 3.2% year-on-year, and a notable 21.6% increase in September alone [2] - Prices for key products such as polysilicon, silicon wafers, and lithium carbonate have rebounded significantly [2] Resilience and Export Growth - Despite external challenges, merchandise exports maintained a growth rate of 7.1%, with high-tech and electromechanical product exports growing by 11.9% and 9.6%, respectively [2] - Exports to countries involved in the Belt and Road Initiative increased by 12.4% [2] Consumption and Potential - The service retail sector grew by 5.2%, driven by popular events such as sports and concerts [3] - The production of consumer drones and industrial robots surged by 43.2% and 29.8%, respectively, while new energy vehicles and lithium-ion batteries for vehicles saw increases of 29.7% and 46.9% [3] Social Welfare and Food Security - The government has effectively ensured food security and energy supply, with measures in place to stabilize grain markets and enhance disaster response capabilities [4] - As of October 27, coal reserves in national power plants reached 220 million tons, sufficient for over 35 days of use [4][5] Investment Expansion - The government has allocated 500 billion yuan for local government debt to support effective investment, with 2300 projects supported and a total investment of approximately 7 trillion yuan [6] - Key investment areas include digital economy, artificial intelligence, consumer infrastructure, and urban renewal projects [6] Future Outlook - International economic organizations have raised their forecasts for China's economic growth, indicating confidence in achieving annual development goals [6][7]

Economic Performance - China's GDP grew by 5.2% year-on-year in the first three quarters, maintaining a leading position among major global economies [1][4] - Retail sales of consumer goods increased by 4.5%, accelerating by 1.2 percentage points compared to the same period last year [4] - Industrial added value for large-scale enterprises rose by 6.2%, marking the highest growth for the same period since 2022 [4] Economic Resilience - Despite external pressures, China's goods exports maintained a growth rate of 7.1% [5] - The export structure has improved, with high-tech and high-value-added products seeing growth rates of 11.9% and 9.6%, respectively [5] - Exports to countries involved in the Belt and Road Initiative increased by 12.4%, and exports to ASEAN countries have seen an upward trend for eight consecutive months [5] Innovation and Industry Growth - China's innovation index has entered the global top ten, supporting the development of emerging industries [4] - The added value of equipment manufacturing and high-tech manufacturing increased by 9.7% and 9.6%, respectively, with their shares in large-scale industry rising [4] - Production of civilian drones and industrial robots surged by 43.2% and 29.8%, while production of new energy vehicles and lithium-ion batteries for vehicles grew by 29.7% and 46.9% [5] Financial Support and Investment - Over 5 trillion yuan has been allocated to support more than 2,300 projects, with total project investments around 7 trillion yuan, focusing on digital economy, AI, and urban infrastructure [7] - The National Development and Reform Commission will continue to promote project construction to expand effective investment and drive high-quality development [7] Logistics and Cost Efficiency - The total logistics cost in China for the first three quarters was 14.2 trillion yuan, with a GDP ratio of 14.0%, a decrease of 0.1 percentage points from the previous year [10] - The logistics infrastructure network is being optimized, with significant advancements in digitalization and automation, leading to improved operational efficiency [10] - The implementation of the "Action Plan" aims to further reduce logistics costs and enhance service quality across the logistics sector [10]

Economic Performance - The economic performance in the first three quarters of the year showed stability and progress, characterized by five key features: stable operation, strong momentum, improved quality and efficiency, significant resilience, and substantial potential [2] - The GDP grew by 5.2% year-on-year, maintaining a leading position among major global economies [2] - Retail sales of consumer goods increased by 4.5%, accelerating by 1.2 percentage points compared to the same period last year [2] - The industrial added value above designated size grew by 6.2%, marking the highest growth for the same period since 2022 [2] - The innovation-driven development momentum has strengthened, with China's innovation index entering the global top ten for the first time, supporting the development of emerging industries [2] Green Development Initiatives - The National Development and Reform Commission (NDRC) is focusing on promoting the green development of high-energy-consuming computing power industries [4] - The NDRC plans to optimize the construction layout of computing power infrastructure to enhance efficiency and promote resource conservation [5] - The NDRC will implement strict energy-saving reviews and carbon emission evaluations for new computing power projects, encouraging higher standards based on local conditions [5] Financial Tools and Investment - A total of 500 billion yuan in new policy-based financial tools has been fully allocated, supporting over 2,300 projects with a total investment of approximately 7 trillion yuan [7] - The funding primarily targets sectors such as digital economy, artificial intelligence, consumer infrastructure, and urban renewal projects including transportation and energy [7] - The NDRC will guide local governments in effectively utilizing the new funding and accelerating the issuance and use of special bonds [7]

Economic Performance Overview - The economic performance in the first three quarters has shown resilience and progress, with GDP growth of 5.2% year-on-year, maintaining a leading position among major global economies [2][3] - Key sectors such as equipment manufacturing and high-tech manufacturing have seen significant growth, with value-added increases of 9.7% and 9.6% respectively [3] - The export of goods has maintained a growth rate of 7.1%, with high-tech products and electromechanical products growing at 11.9% and 9.6% respectively [3] Financial Tools and Investment - A total of 500 billion yuan in new policy financial tools has been fully allocated, supporting over 2,300 projects with a total investment of approximately 7 trillion yuan, focusing on digital economy, AI, and urban infrastructure [4] - The initiative aims to enhance support for major economic provinces and important sectors, promoting effective investment and high-quality development [4] Carbon Neutrality Initiatives - The National Development and Reform Commission (NDRC) is accelerating the establishment of a dual control system for carbon emissions, including local carbon assessments and industry-specific management [5][6] - The NDRC is revising management methods for central budget investments to better support energy-saving and carbon reduction efforts [5] Planning for the 15th Five-Year Plan - The NDRC is actively working on the draft outline for the 15th Five-Year Plan, focusing on measurable indicators and actionable major tasks [7] - A public consultation is being conducted to gather opinions on over 20 key development areas, with a deadline for submissions set for November 14 [7] - The NDRC aims to create a unified planning system to ensure the effective implementation of national and regional strategies [7]