（原标题：珠海民企组建"产业共同体"，龙头企业领衔9个细分产业专委会） 南方财经记者冯玉怡 珠海报道 面对全球供应链重构与产业升级的双重挑战，珠海民营企业正在探索从"单打独斗"到"集群作战"的转型之路。 时值珠海经济特区建立45周年，8月23日，珠海市工商联（总商会）现代化产业体系专委会正式成立。格力电器、丽珠医药、三一海洋重工等上市 公司，金智维、泰诺麦博、金发科技等一批高成长性科技企业，以及珠海海洋集团等国有资本重要平台，携手组建9大专业委员会，共同构建覆 盖"4+3"产业体系的协同发展平台。 专委会下设新一代信息技术、新能源、新材料和电子化学、装备智造、生物医药、医疗器械、跨境商贸、低空经济、海洋经济共9个细分领域专业 委员会，实现了对珠海核心主导产业、优势产业及未来赛道的全覆盖。 此次成立的9个细分领域专委会各具特色。格力电器作为全球知名的装备制造与智能家电龙头，将深度参与装备智造专委会工作，推动智能制造标 准制定与产业链协同创新；丽珠医药、泰诺麦博等生物医药领域领军企业，将依托其在创新药研发和产业化方面的丰富经验，助力珠海构建"研发 —转化—应用"全链条生态；三一海洋重工作为高端海工装备骨干企业，将 ...

Group 1: Planning and Strategy - The "15th Five-Year Plan" is crucial for achieving socialist modernization and will focus on enhancing core competitiveness and functionality of state-owned enterprises (SOEs) [1] - The "14th Five-Year Plan" has been successfully implemented, with major indicators such as economic growth and R&D expenditure meeting expectations, and 8 indicators exceeding expectations [2] - The "15th Five-Year Plan" will emphasize the development of new productive forces and the optimization of strategic emerging industries [2] Group 2: Key Industries and Focus Areas - The focus will be on strategic emerging industries, including marine economy, artificial intelligence, new energy and green environmental protection, next-generation information communication, and biomedicine [34] - The marine economy is highlighted as a significant development direction, with policies aimed at enhancing marine technology and optimizing marine economic layout [35] - Artificial intelligence is recognized as a new economic growth engine, with ongoing support for its integration into various sectors [38] Group 3: Implementation and Risks - SOEs are encouraged to enhance five values: value addition, functional value, economic value added, revenue from strategic emerging industries, and brand value [30] - The plan includes a focus on three concentrations of state capital: critical industries related to national security, public services, and strategic emerging industries [30] - Risks include potential delays in policy implementation and changes in the macroeconomic environment [2]

Summary of Conference Call Records Industry or Company Involved - The records primarily discuss the Chinese economy, government policies, and their implications for various sectors, including manufacturing, education, and infrastructure. Core Points and Arguments 1. **Economic Policy Focus**: Future economic policies will emphasize high-quality development, structural adjustments, and industrial upgrades rather than merely pursuing high-speed growth. The internal market and domestic demand will be crucial for economic construction [3][30]. 2. **Structural Policies**: The likelihood of significant growth-stabilizing policies in the second half of the year is low, with a focus on structural policies supporting high-quality development, particularly in major projects and emerging industries [2][5]. 3. **Impact of Major Projects**: The establishment of Yajiang Group and the construction of Yaxia Hydropower Station are seen as part of the growth stabilization logic, but their direct impact on GDP is minimal, contributing less than 0.1% despite an annual investment of 120 billion RMB [6]. 4. **Global Economic Changes**: The shifting global economic landscape necessitates a greater focus on domestic market development and internal circulation, with an emphasis on upgrading manufacturing and investing in human capital [7]. 5. **US-China Trade Relations**: There are signs of easing in US-China trade disputes, with both sides showing a need for negotiation. The end of the tariff suspension period on August 12 is a critical date to watch [8][9]. 6. **Urban Renewal Plans for 2025**: The 2025 urban renewal strategy will focus on improving existing infrastructure, resilience, safety, and digital governance, which will drive economic growth and industrial upgrades [12][13]. 7. **Investment in Human Capital**: The government is prioritizing investments in education, health, employment, and elderly care, with a significant increase in fiscal spending in these areas [14]. 8. **Silver Economy Potential**: The silver economy, driven by an aging population, presents significant growth opportunities across various sectors, including robotics and smart home technologies [15]. 9. **Manufacturing Sector Losses**: The manufacturing sector is experiencing significant losses, with loss ratios between 27% and 34% across various industries. Future strategies should focus on quality, efficiency, and innovation [18][19]. 10. **Capital Market Outlook**: The capital market is expected to undergo three phases: policy-driven expectations, capacity clearing, and recovery of profitability in 2026. Successful implementation of anti-involution policies will positively impact long-term economic growth [20]. 11. **Consumption Market Recovery**: The consumption market has rebounded to over 5% growth in the first half of the year, aided by subsidies for replacing old consumer goods. Further stimulus measures are anticipated [23]. 12. **Fiscal Spending Trends**: There has been a significant acceleration in the issuance of special bonds and long-term bonds, focusing on key projects and sectors such as high-end manufacturing and green energy [24]. 13. **New Financial Tools**: New policy financial tools are expected to be implemented in the second half of the year, targeting sectors like digital economy and green low-carbon initiatives [25]. 14. **Low-altitude and Marine Economy Developments**: Recent legislative changes and government meetings emphasize the development of low-altitude and marine economies, indicating a strategic focus on these emerging sectors [26]. 15. **Future Economic Growth**: The probability of achieving a 5% GDP growth target for the year is high, supported by effective policy implementation [29]. Other Important but Possibly Overlooked Content 1. **Key Policy Dates**: Important upcoming dates include the Central Political Bureau meeting at the end of July, the end of the tariff suspension on August 12, and various other significant events that could influence economic policy and market conditions [4][11]. 2. **Differences in Policy Approaches**: The current anti-involution policies differ from previous supply-side structural reforms, focusing more on private enterprises and requiring self-regulation rather than administrative orders [16][17]. 3. **Debt Market and Gold Outlook**: Short-term fluctuations in government bond yields are expected, but a long-term bullish trend remains. Gold prices are anticipated to rise due to geopolitical factors and central bank purchases [33].

Core Viewpoint - Jieyang is actively responding to complex macroeconomic conditions, focusing on high-quality development and aiming to build a strong industrial city, with a projected GDP of 252.97 billion yuan in 2024, reflecting a 3.9% year-on-year growth, ranking sixth in the province [1][3]. Economic Analysis - Jieyang's GDP for 2024 is projected at 252.97 billion yuan, with a year-on-year growth of 3.9%, ranking sixth in Guangdong province. The primary industry value added is 24.38 billion yuan (2.7% growth), secondary industry value added is 98.06 billion yuan (8.1% growth), and tertiary industry value added is 130.53 billion yuan (1.2% growth) [3]. - In Q1 2025, the GDP reached 57.80 billion yuan, with a year-on-year growth of 3.6% [3]. Industrial Development - Jieyang is a significant manufacturing base in eastern Guangdong, with industrial value added growing by 8.5% in 2024. The value added of above-scale industries increased by 9.7%, with light industry decreasing by 24.8% and heavy industry increasing by 24.4% [5]. - Advanced manufacturing value added grew by 24.2% in 2024, accounting for 67.9% of the total industrial value added, an increase of 4.6 percentage points year-on-year [7]. Investment Trends - Fixed asset investment in Jieyang increased by 0.9% in 2024 after three consecutive years of decline, with first industry investment growing by 63.0% and second industry investment by 22.8%, while third industry investment decreased by 10.8% [9]. - High-tech manufacturing investment surged by 85.6% in 2024, representing 7.3% of total manufacturing investment, an increase of 1.4 percentage points year-on-year [11]. Policy Environment - Jieyang has implemented several policies to promote high-quality development, including measures to enhance private investment and support technological innovation in industries [15][17]. - The "One Chemical, One Sea, Five Special" industrial strategy aims to develop key industries such as green petrochemicals and marine economy, alongside traditional sectors like clothing and food processing [13][27]. Key Enterprises - As of the end of 2024, Jieyang has six A-share listed companies, including Kangmei Pharmaceutical and Jialong Co., with a total of 430,700 business entities, including 471 high-tech enterprises [23][25]. - Major enterprises in the green petrochemical sector include Guangdong Petrochemical Co. and Jilin Petrochemical (Jieyang) Branch, while the marine economy features companies like State Power Investment Group Jieyang [26].

Report Summary Investment Rating - No investment rating information is provided in the report. Core View - On July 17, 2025, a total of 29 investment and financing events were disclosed in domestic and foreign venture capital markets, including 24 domestic enterprises and 5 foreign enterprises, with a total financing amount of approximately 11 billion yuan [3]. Detailed Summary by Category Fund Establishment - On July 16, a 1-billion-yuan AIC equity investment fund was registered in Xixian Fengxi New City, the first of its kind in Northwest China. Focusing on the electronic information industry, it's jointly initiated by Shaanxi Jinzi, Gongyin Capital, and Xi'an Industrial Multiplication Guidance Fund [3]. - On July 16, the founding meeting of the Saizhile AI Innovation Fund (Zhongchuang Phase III) was held. Its initiating shareholders include Sheng Ao Group and others, focusing on AI innovation projects [5]. Large-scale Financing - Kun KUN recently completed a Series A financing of over $50 million. It's an innovative technology company providing digital payment solutions for cross - border trade and other fields [6]. - Grain Boundary Technology completed a nearly $10 million Series B3 financing. The funds will be used for AI upgrade of its 3D graphics engine and R & D in related fields [7]. - Thinking Sky completed a Pre - A financing of over $10 million. It focuses on building an AI collaboration platform to solve content creation pain points [9]. Policy Focus - Dalian aims to cultivate new marine productivity, develop marine economy, and build a modern marine city [10]. - The Ministry of Finance and the State Taxation Administration adjusted the consumption tax policy for ultra - luxury cars, lowering the threshold to 900,000 yuan and exempting used cars from tax [11]. - Shenzhen issued policies to support the micro - drama industry, offering up to 2 million yuan in subsidies for eligible micro - drama projects [12][13].

Core Viewpoint - Hainan Agricultural Reclamation Group (referred to as Hainan Reclamation) showcased its innovations in the agricultural supply chain at the 3rd China International Supply Chain Promotion Expo, emphasizing the integration of technology and modern agricultural practices to enhance productivity and brand image [4][12]. Group 1: Technological Innovations - The fourth-generation intelligent rubber tapping machine demonstrated at the expo allows for precise and efficient operation, enabling simultaneous tapping of thousands of rubber trees within minutes, achieving first-class rubber tapping standards [5][6]. - Hainan Reclamation's focus on technological innovation is evident in the development and application of rubber tapping robots, which aim to enhance production capabilities and upgrade the industry chain [6][11]. Group 2: Agricultural Product Development - Hainan Reclamation presented over 170 products across four core sectors: natural rubber, southern breeding industry, marine economy, and tropical high-efficiency agriculture, showcasing a comprehensive view of modern agricultural development [6][8]. - The introduction of "Hainan Jade," a new variety of fresh corn, highlights the company's commitment to agricultural innovation and the entire industry chain from research to market [4][7]. Group 3: Brand Building and Market Expansion - The exhibition aimed to enhance Hainan Reclamation's brand image by showcasing its full agricultural supply chain, from production to market, and emphasizing its commitment to international collaboration [8][9]. - Hainan Reclamation is actively seeking partnerships to explore new development paths, leveraging its strengths in agricultural information technology and smart development [9][15]. Group 4: Global Integration and Trade - The expo serves as a platform for Hainan Reclamation to connect with global markets, with a focus on expanding its international presence through the export of products like tea and tropical fruits [14][15]. - The company is utilizing the Hainan Free Trade Port's policies to establish a "domestic base + cross-border supply chain" system, enhancing its agricultural production and processing capabilities [14][15].

Group 1: Policy Insights - The "14th Five-Year Plan" (2021-2025) is transitioning into the "15th Five-Year Plan" (2026-2030), with a focus on strategic resources and urban renewal[2] - The management of strategic resources, particularly rare earths and lithium, will become stricter during the "15th Five-Year Plan" period[2] - The development of the marine economy is emphasized, with a focus on enhancing marine technology and fostering leading enterprises in marine science[2] Group 2: Economic Development Strategies - The planning process for the "15th Five-Year Plan" has increased its focus on the global political and economic landscape, highlighting the need for strategic adjustments[2] - Urban renewal policies will be advanced, aiming to establish sustainable urban renewal models and financing mechanisms[2] - The report indicates a significant increase in the focus on labor income distribution and its impact on consumption capacity, reflecting the importance of residents' income levels[29] Group 3: Research and Development Focus - The report outlines the need for innovative policies to support the cultivation of unicorn enterprises and future industries during the "15th Five-Year Plan" period[26] - There is a notable emphasis on the integration of technology and capital markets to enhance investment and financing coordination[32] - The report suggests that the international situation will be a critical factor in shaping the "15th Five-Year Plan" policies[7]

Group 1 - The current market is transitioning from a stock market to an incremental market, with A-shares experiencing high volatility in certain sectors while manufacturing sectors remain undervalued [1] - The "anti-involution" narrative is compared to the "Belt and Road" initiative, suggesting that it will help stimulate low-performing sectors in the context of increased capital inflow [1] - The valuation gap in Hong Kong stocks is becoming apparent, with insurance funds likely to expand their investment scope, indicating a favorable time to increase allocations to Hong Kong stocks [1] Group 2 - The "anti-involution" policy is expected to anchor the basic expectations of the midstream manufacturing sector, with short-term investment opportunities becoming more apparent [2] - The passing of the "Big and Beautiful" bill in the U.S. is expected to enhance fiscal stimulus, reducing the risk of a deep recession and improving visibility for China's supply-demand dynamics by 2026 [2] - The market has already begun to reflect a "bull market atmosphere," with the Shanghai Composite Index breaking through key levels, enhancing risk appetite and spreading profit-making effects [2] Group 3 - A-share market performance has been strong, driven by the upward trend in U.S. stocks and the positive impact of technology leaders reaching new highs [3] - The "anti-involution" policy is expected to alleviate domestic price pressures, with the upcoming earnings season providing a favorable environment for stocks with positive earnings forecasts [3] - The overall earnings improvement rate for A-shares is higher than the same period last year, indicating structural opportunities in high-growth TMT sectors and competitive midstream manufacturing [3] Group 4 - The "transformation bull market" is gaining momentum, driven by a systematic reduction in market discount rates and a favorable shift in economic structure [4] - The willingness of investors to accept risk is increasing, suggesting that the market may consolidate before making new highs [4] - Short-term focus should be on the "anti-involution" theme, with a rotation towards growth sectors continuing [4] Group 5 - Investment strategies should focus on three main areas: AI technology breakthroughs, consumer stock valuation recovery, and the rise of undervalued assets [5] - The recovery cycle in consumer stocks is supported by low valuations, declining interest rates, and policy catalysts, indicating potential opportunities in the sector [5] Group 6 - The capital return in A-shares is expected to stabilize and recover due to the "anti-involution" policy and the cessation of debt contraction [6] - The combination of domestic manufacturing recovery and overseas capital return will enhance the attractiveness of A-shares compared to other markets [6] - Recommended investment strategies include focusing on upstream resource products and capital goods that benefit from both domestic and international trends [6] Group 7 - The current market conditions resemble those of 2014, with a significant disconnect between market performance and earnings [7] - The "anti-involution" policy is seen as a positive signal, although its impact may be weaker than previous real estate policy shifts [7] - The market is expected to experience a similar trend to the second half of 2014, but tactical breakthroughs may not be smooth [7] Group 8 - The A-share index has recently surpassed 3500 points, with financial sectors and technology themes driving market momentum [8] - The market's valuation has recovered from the bottom, indicating that further gains will require increased trading volume [8] - Structural opportunities are abundant, with a focus on stable dividend assets, resource products, and new technology sectors [8] Group 9 - The core drivers of the current market breakthrough include rising policy expectations, the "anti-involution" investment theme, and improved trading activity [9] - July is viewed as a favorable window for investment, with a focus on TMT, non-bank financials, and military sectors [9] - The AI computing sector's performance is closely tied to the strong results of benchmark U.S. stocks, influencing A-share valuations [9] Group 10 - The market is in a new bullish phase, with investor sentiment improving and incremental capital entering the market [10] - The "anti-involution" policy is expected to alleviate income stagnation, potentially leading to a new phase of market growth [10] - Investment strategies should focus on sectors related to the "anti-involution" theme, stable currencies, and sectors with positive earnings forecasts [10]

Market Review - The domestic market shows a clear "stock-bond seesaw" effect, with rising market risk appetite driven by the ongoing "anti-involution" trend and expectations from important real estate meetings, leading to an increase in stock and commodity markets while the bond market remains under pressure. Major A-share indices saw a broad increase, with the Shanghai Composite Index surpassing 3500 points, led by real estate, steel, and non-bank financial sectors. The banking index reached a historical high on Thursday but adjusted on Friday [1][2]. Market Outlook - The "stabilizing fund" is seen as a stabilizer for A-shares, with three main lines expected to perform well. The Shanghai Composite Index has reached 3500 points for the first time this year, with large financials, "anti-involution," and technology themes showing alternating upward trends. The proportion of financing funds and northbound trading funds in the market has significantly increased, reflecting a recovery in market risk appetite driven by profit-making effects. Unlike the previous "924" rally, the current A-share market valuation has risen from the bottom to above the historical median, indicating that further index gains will require volume support, and short-term market consolidation may be needed. However, the policy support for capital markets remains strong, and the influx of medium- to long-term funds like the "stabilizing fund" suggests limited downside even if the market experiences pullbacks, presenting numerous structural opportunities in a "stable yet rising" environment [2][3]. Industry Allocation - Focus on three main lines for industry allocation: 1) In a low-interest-rate environment, stable dividend assets will continue to be an important direction for medium- to long-term fund allocation 2) Beneficiaries of price increases in related resource sectors, such as minor metals and industrial metals 3) New technology and growth sectors, including military industry, marine economy, AI computing power, and solid-state batteries [2][3].

Macro Economic Overview - The National Bureau of Statistics reported that the Consumer Price Index (CPI) rose by 0.1% year-on-year in June, while the Producer Price Index (PPI) decreased by 3.6% year-on-year, with a 2.8% decline in the first half of the year compared to the same period last year [5] - The Director of the National Development and Reform Commission stated that the average economic growth rate in China during the first four years of the 14th Five-Year Plan reached 5.5%, with an expected economic increment of over 35 trillion yuan during this period [5] Industry Dynamics - The national marine economy is projected to exceed 10 trillion yuan for the first time in 2024, with related stocks including China COSCO Shipping (601919) and China Shipbuilding Industry (600150) [6] - BYD has launched "L4-level automatic parking," with institutions optimistic about the incremental component opportunities, related stocks include Desay SV (002920) and Bertel (603596) [6] - Since 2025, despite overall revenue pressure on innovative pharmaceutical companies, the export growth rate has turned positive, with related stocks including BeiGene (688235) and Kelun Pharmaceutical (002422) [6] Company Focus - Northern Rare Earth (600111) expects a net profit of 900 million to 960 million yuan for the first half of the year, representing a growth of 1883% to 2015% compared to the same period last year [7] - Shenglong Development (002299) anticipates a net profit attributable to shareholders of 850 million to 950 million yuan for the first half of 2025, a year-on-year increase of 732.89% to 830.88% [7] - Guibao Pet (301498) plans to invest 650 million yuan from its own funds to build an intelligent warehousing and digital sorting center project [7] - Baoming Technology (002992) has developed a fourth-generation composite copper foil product in response to future market demands for high safety and ultra-fast charging in lithium batteries, which has undergone customer sample testing [7] Market Review and Outlook - On July 9, the market opened slightly higher, with the Shanghai Composite Index reaching a peak of 3512 points during the day but closing down 0.13% at 3493.05 points, failing to stay above 3500 points [8] - The Shenzhen Component Index fell by 0.06%, while the ChiNext Index rose by 0.16%, with a total trading volume of 1.51 trillion yuan, an increase of 51.2 billion yuan compared to the previous trading day [8] - Sectors such as diversified finance, cultural media, medical services, banking, and cement materials saw gains, while insurance, non-ferrous metals, shipbuilding, wind power equipment, and semiconductors experienced notable declines [8] - The market is showing increased divergence, with leading sectors lacking sustainability, contributing to cautious buying behavior among investors [8]