本报记者 田鹏 毛艺融 "去年以来，A股上市公司并购重组进入了一个新的活跃周期，折射出中国经济稳中求进、向新求质的整体风貌。"上海证 券交易所副总经理王泊11月12日在上海证券交易所国际投资者大会上表示，并购市场是观察中国经济的重要窗口。投资中国， 首先要了解中国。从世界范围看，历次并购浪潮，背后的推动力都是宏观经济周期和产业转型需求。因此，上市公司并购重组 的特征和趋势，为观察宏观经济走势和微观企业活力，提供了直观视角。 (S) (2) -0.45 Transi 8 14 TOP TO BOOK THE 上海证券交易所副总经理王泊作主题演讲 田鹏/摄 在王泊看来，并购市场是发现企业价值的投资蓝海。近年来，通过一系列系统性、制度性改革，中国经济和中国资本市场 的韧性与活力显著增强。投资中国、深耕中国，已成为全球投资者的普遍共识。并购重组作为优化资源配置重要手段，是推动 提高上市公司质量和投资价值的重要引擎，也为国际投资者带来了新的投资机会。 谈及背后逻辑时，王泊表示，首先，当前A股科技公司正沿着类似路径加速突围，运用并购实现技术升级与市场扩张。随 着中国在人工智能、量子信息、生物技术等未来产业加速布局，这种并 ...

【DT新材料】 获 悉，11月11日， 工业和信息化部 印发通知， 部署进一步加快制造业中试平台体系化布局和高水平建设，明确将根据《制造业中试 平台建设指引（2025版）》、《制造业中试平台重点方向建设要点（2025版）》，提出到2027年底，高水平中试平台力量进一步壮大，现代化中试 平台体系基本建立，多主体参与、多领域布局、多层次服务的全国制造业中试服务网络初步形成。 《 制造业中试平台重点方向建设要点 》 （2025版），涉及 原材料工业、 装备制造、消费品工业、信息技术、新兴与未来产业 等5大类， 石化 化工、非金属材料、前沿材料、能源电子、 人形机器人和具身智能 等37大细分方向的数百种材料 、装备和技术。 部分列举如下，添加小编微信（dtmaterial），获取原文。 （3）无机非金属 聚焦高性能人工晶体生长及加工技术、高纯石英制品先进合成技术、高性能陶瓷粉体制备及烧结技术、 功能性超硬材料制备关键技术、高性能纤维 及其复 合材料制备与成型技术、绿色低碳胶凝材料设计及制备技术，玻璃绿色低碳短流程制备技术等关键共性技术，布局建设一批中试平台，完善提升中试基础 条件能力、技术支撑能力和公共服务能力，实现 ...

2 道合 国泰海通证券2026年度策略会 消费、 金融分论坛集锦 科技、 道合平台独家回放 n 器 商 通国 文川 未伟民 中身目前 研 戏直 ll TH 席券 席分析师 品 ft 融 lux 出版 TX 行研海 金究通 "简 ස 昌0 奖目 国泰海通证券 精彩议题 《《《《 科技分论坛 《DeepSeek开源AI补齐产业链短板》 e 舒 迪 国泰海通证券电子研究首席分析师 《2026年通信投资策略》 e 会伟民 国泰海通证券通信研究首席分析师 《家电:出海成长,内需等待出清修复》 ▲ 蔡雯娟 国泰海通证券家电研究首席分析师 《轻工:聚焦成长消费与周期价值》 ▲ e 《2026年汽车行业投资策略》 刘一鸣 国泰海通证券汽车研究首席分析师 消费分论坛 《食品饮料/美妆:成长为主, 6 供需出清 迎拐点》 骗 猛 国泰海通证券研究所所长助理、消费研究组组长、 食品饮料研究&美妆研究首席分析师 《批零社服:传统消费积极转型， ▲ 新消费超高景气》 刘越男 国泰海通证券批零社服研究首席分析师 刘佳昆 国泰海通证券造纸轻工研究首席分析师 《纺服: 洞察消费者变迁,挖掘结构性机会》 ▲ 盛 开 国泰海通证券纺织服装研究首 ...

新华社维也纳11月6日电（记者 于涛 孟凡宇）第二十二届"上海之帆"经贸（人文）巡展——奥地利 展日前在奥地利首都维也纳举办，中奥双方政商界、媒体和社会各界代表约150人出席开幕式。 此次"上海之帆"是首次在奥地利举办，展示上海在高端制造、绿色科技、数字创新与品牌服务等领 域的最新成果。据介绍，展会汇集上海六大产业集群的139家企业，涵盖轻工、化工、家纺、节能工 程、医疗器械、认证服务等多个领域。 中国驻奥地利大使馆参赞孟繁壮在开幕式上说，此次展会的举办充分显示了中国企业对奥地利以及 通过奥地利加强对欧合作的高度重视。希望奥方企业利用此次展会，与中国企业加强交流对接，搭上中 国式现代化的快车。 奥地利商务署等专业机构就奥地利投资环境、重点行业、中资企业在奥地利投资情况、引资政策、 企业服务等方面进行了介绍。 展会期间举办近10场专题活动，包括奥地利投资政策解读推介会、"上海品牌闪耀维也纳"启动仪 式、中东欧商会合作交流会等。 ...

Investment Rating - The report maintains a "Buy" rating for several key stocks in the financial manufacturing industry, including Green City China, China Resources Land, New China Life Insurance, and Qilu Bank, among others [49][50]. Core Insights - The report highlights the ongoing economic recovery and the potential for profit improvement, although it notes that challenges remain, particularly in the real estate sector where sales volume is expected to be under pressure in Q4 [10][13]. - The non-bank financial sector is experiencing high growth, with recommendations to focus on high-performing stocks [18]. - The banking sector shows signs of recovery with attractive valuations, suggesting a continued positive outlook for bank stocks [20]. - The renewable energy sector is identified as having established a bottom, with a focus on new technologies and market dynamics [23]. - The machinery sector is advised to pay attention to AI computing power, which presents investment opportunities in power supply [31]. - The military industry is expected to see an upward trend in prosperity, with a focus on military trade, internal installations, and the transition from military to civilian applications [33]. - The light industry is encouraged to explore opportunities in overseas manufacturing and new consumer products, while also monitoring domestic demand improvements [35]. - The environmental sector is advised to focus on second growth curve changes and market hotspots [43]. Summary by Sections Macro Overview - Industrial profits rose by 21.6% year-on-year in September, driven by the export chain, although October's PMI indicates potential profit improvement challenges [11][12]. Real Estate - Q4 sales volume is expected to face year-on-year pressure, with new home sales likely to decline significantly [13][14]. Non-Bank Financials - The sector's performance remains strong, with a recommendation to focus on high-performing stocks [18][19]. Banking - The banking sector is seeing a recovery in net interest income, with a positive outlook for bank stocks [20][21]. Renewable Energy - The renewable energy sector is highlighted for its ongoing demand and technological advancements [23][24]. Machinery - Investment opportunities are noted in the AI computing power sector, particularly in power supply [31][32]. Military Industry - The military sector is expected to improve, focusing on military trade and technology advancements [33][34]. Light Industry - Opportunities in overseas manufacturing and new consumer products are emphasized, along with monitoring domestic demand [35][36]. Environmental Sector - The environmental sector is advised to focus on growth opportunities and market trends [43][44].

Group 1: Asset Allocation Strategy - The report emphasizes a shift from a barbell strategy to a quality strategy in asset allocation, highlighting opportunities in both technology and non-technology sectors as part of a broad revaluation of the Chinese market [2][9][18] - The report suggests a bullish outlook on Chinese A/H shares, driven by accelerated economic transformation and increased asset management demand due to declining risk-free interest rates [24][25] - It anticipates a moderate recovery in the Eurozone economy in 2026, recommending a benchmark allocation, while suggesting an underweight position for Indian stocks due to uncertainties [24][25] Group 2: Bond Market Insights - The report predicts a slight upward trend in domestic bond yields, influenced by a stable yet slightly easing monetary policy and positive fiscal policy orientation [3][25] - It notes that U.S. Treasury yields may decline moderately due to easing inflation expectations and a resilient economy [3][25] Group 3: Commodity Market Outlook - The report maintains a bullish stance on gold and copper, citing a long-term view on gold's monetary attributes and a structural demand for copper driven by AI infrastructure and grid upgrades [4][26] - It highlights that oil prices are under pressure due to oversupply, while copper prices are supported by supply constraints [4][26] Group 4: Pharmaceutical Industry Analysis - The report indicates a significant increase in the total market value of pharmaceutical stocks held by public funds, rising from 300.9 billion to 409 billion yuan, a 35.9% increase [10][27] - It notes that the proportion of pharmaceutical stocks in public fund holdings has increased to 10.53% as of Q3 2025, reflecting growing confidence in the sector [12][27] - The report identifies chemical preparations, other biological products, and medical devices as the leading segments within the pharmaceutical sector [12][27] Group 5: Gaming Industry Performance - The gaming industry has shown strong growth, with Q3 2025 revenues reaching 30.362 billion yuan, a year-on-year increase of 28.6% [29][30] - The report highlights the positive impact of new product launches and a stable regulatory environment on the gaming sector's performance [29][30] - It emphasizes the importance of high-quality product reserves and overseas expansion for companies in the gaming industry [29][30]

Core Viewpoint - The article discusses China's strategic direction for industrial development during the "15th Five-Year Plan" period, emphasizing the construction of a modern industrial system and the strengthening of the real economy as primary tasks [1][11]. Group 1: Traditional Industry Transformation - The "15th Five-Year Plan" aims to optimize and enhance the global competitiveness of traditional industries such as mining, metallurgy, and machinery, which are crucial for economic resilience [6][7]. - The transformation of traditional industries is expected to generate significant economic value, potentially reaching a value increase of 10 trillion yuan through technological upgrades and smart manufacturing [7]. Group 2: Emerging Industries - The plan highlights the importance of strategic emerging industries like new energy, new materials, and aerospace, which are anticipated to become major drivers of economic growth [8][9]. - Local governments are encouraged to develop emerging industries based on regional resources and capabilities, fostering suitable industrial clusters [9]. Group 3: Future Industries - The article identifies future industries such as quantum technology and hydrogen energy as critical for gaining competitive advantages in global markets [10][12]. - The development of these future industries requires careful consideration of technological maturity and market potential, as they involve high risks and long investment cycles [10]. Group 4: Modern Industrial System - A modern industrial system is deemed essential for China's modernization, with a focus on intelligent, green, and integrated development [11][12]. - The article stresses the need for a robust manufacturing sector as the backbone of the modern industrial system, which is vital for achieving national development goals [11]. Group 5: New Infrastructure and Services - The plan calls for the construction of new infrastructure, particularly in computing power, to support technological advancements and industrial upgrades [12][13]. - The expansion and enhancement of productive services are highlighted as key to supporting manufacturing transformation and achieving high-quality development [14].

Core Viewpoint - The article discusses China's strategic plan for industrial development during the 15th Five-Year Plan period, emphasizing the construction of a modern industrial system and the strengthening of the real economy as primary tasks [1][2]. Group 1: Traditional Industry Optimization - The 15th Five-Year Plan aims to consolidate and enhance the global competitiveness of traditional industries such as mining, metallurgy, and machinery, which are crucial for economic resilience [3][4]. - The transformation and upgrading of these traditional industries through intelligent, green, and high-end development are expected to generate significant economic value, potentially reaching trillions in added value [4]. Group 2: Emerging Industries - The plan highlights the importance of emerging industries like new energy, new materials, and aerospace, which are anticipated to become major drivers of economic growth and have strong interconnections with various sectors [5][6]. - The development of strategic emerging industries should be tailored to local conditions, leveraging regional resources and capabilities to foster suitable industry clusters [5]. Group 3: Future Industries - The proposal includes promoting future industries such as quantum technology and hydrogen energy, which are seen as critical for gaining competitive advantages in global markets [6][7]. - These future industries are characterized by high dependence on original innovation and long investment cycles, necessitating careful planning and support for their development [6]. Group 4: Modern Industrial System - The modern industrial system is identified as the material and technical foundation for China's modernization, with a focus on maintaining a robust manufacturing sector [7][8]. - The integration of advanced manufacturing with new technologies is essential for driving high-quality development and achieving the goals of the 15th Five-Year Plan [8]. Group 5: New Infrastructure and Service Industry - The plan emphasizes the need for new infrastructure, particularly in computing power, to support technological advancements and industrial upgrades [9][10]. - The expansion and enhancement of the productive service industry are crucial for facilitating the transformation of manufacturing and achieving higher value chains [11].

谋篇布局"十五五" 规划建议中 to Fa" 这些产业被重点提及 建设现代化产业体系 巩固壮大实体经济根基 坚持把发展经济的着力点放在实体经济 上,坚持智能化、绿色化、融合化方 向,保持制造业合理比重,构建以先进 制造业为骨干的现代化产业体系。 优化提升传统产业 推动重点产业提质升级,巩固提升矿 业、冶金、化工、轻工、纺织、机 械、船舶、建筑等产业在全球产业分 工中的地位和竞争力。 初步估计未来5年会新增10 万亿元左右的市场空间,释 放出巨大的发展动能和民生 红利。 着力打造新兴支柱产业 加快新能源、新材料、航空航天、低 空经济等战略性新兴产业集群发展。 数据来源:"介绍和解读党的二十届四中全会精神"新闻发布会 文案/制作:石兰 将催生出数个万亿级甚至更 大规模的市场。 前瞻布局未来产业 推动量子科技、生物制造、氢能和核 聚变能、脑机接口、具身智能、第六 代移动通信等成为新的经济增长点。 未来10年新增规模相当于再 造一个中国高技术产业。 ...

Core Viewpoint - The "15th Five-Year Plan" emphasizes the importance of China's globalization efforts amid a complex international environment, highlighting both challenges and opportunities for Chinese enterprises in their overseas expansion. Group 1: External Environment and Challenges - The "15th Five-Year Plan" acknowledges the intensified international competition and challenges posed by unilateralism, protectionism, and geopolitical tensions, which affect Chinese enterprises' overseas operations [2][3]. - The International Monetary Fund forecasts global GDP growth rates of 3.2% and 3.1% for 2025 and 2026, respectively, indicating a relatively slow economic growth environment [2]. - Changes in trade policies, such as new tariffs imposed by countries like Mexico on imports from China, complicate the export landscape for Chinese companies [3]. Group 2: Opportunities for Globalization - The "15th Five-Year Plan" introduces new proposals for Chinese enterprises to actively shape international environments and leverage their advantages in global supply chains [4]. - Chinese enterprises are increasingly demonstrating strong global market competitiveness, particularly in sectors like electric vehicles and 5G technology, despite geopolitical pressures [5]. Group 3: Cultural and Traditional Industry Development - The plan emphasizes the importance of enhancing the influence of Chinese culture globally, encouraging cultural enterprises to expand overseas [7][9]. - There is a focus on optimizing and upgrading traditional industries, with specific mentions of enhancing the global competitiveness of sectors such as mining, metallurgy, and textiles [10]. Group 4: Infrastructure and Connectivity - The plan highlights the need for robust international logistics and infrastructure, aiming to improve trade facilitation through diversified and resilient transportation networks [12]. - The ongoing geopolitical factors affecting trade are acknowledged, yet the overall trend towards globalization remains strong, necessitating improved logistics to enhance competitiveness [12]. Group 5: Service Trade and Financial Integration - The "15th Five-Year Plan" places greater emphasis on the development of service trade, aiming to expand market access and improve service trade standards [15]. - The plan also stresses the importance of advancing the internationalization of the Renminbi and building a self-controlled cross-border payment system, which will facilitate trade and reduce risks for Chinese enterprises [16].