全文共4449字，阅读大约需要9分钟 文 财信研究院宏观团队 伍超明 胡文艳 李沫 段雨佳 11月经济主要供需指标呈现"生产稳需求弱，外需强内需弱"的分化特征，经济短期下行压力较为明显。具体看，产业升级持续支撑工业生产与出口韧性； 但消费增速回落，投资延续负增，内需不足矛盾进一步凸显，市场持续深度调整是主要拖累。物价延续温和回升态势，主要由低基数、外部输入性因素以 及反内卷政策带动，需求侧支撑仍待增强。金融数据呈现"社融同比多增、信贷同比少增"的结构分化，反映政策驱动的融资边际改善，实体部门尤其是居 民有效需求待提振。展望未来，在存量政策和增量政策集成发力的推动下，四季度GDP有望增长4.5%，2025年实现5%左右增长目标无虞。面对高基数、 短期经济下行压力，2026年宏观政策将更加积极有为、主动靠前发力，为实现"十五五"良好开局奠定基础。 正文 一、经济内生动能待增强 11月经济主要供需指标呈现"生产强需求弱，外需强内需弱"的分化特征。消费增速回落、投资低位筑底，经济短期下行压力较为明显，需政策进一步发力 稳固内需。 （一）消费：工业总体稳定，服务业有所放缓 产业升级需求支撑工业生产稳定增长。1-11月份 ...

（编辑：张靖超 审核：李正豪 校对：翟军） 12月16日，天眼查工商信息显示，华为终端有限公司完成重大工商变更，余承东正式接任公司董事长， 原董事长郭平卸任；同时，孟晚舟、徐直军、胡厚崑等高管退出董事序列，公司法定代表人由赵明路变 更为魏承敏。此次人事调整被业界解读为华为强化终端业务决策效率、聚焦AI战略落地的关键举措。 本次高管团队调整涉及多岗位更迭：魏承敏接任执行公司事务的董事及副董事长，何刚新晋为董事兼经 理，任亚非出任监事，杨波担任董事及财务负责人；赵明路除卸任法定代表人外，还退出经理一职。公 开资料显示，华为终端有限公司成立于2012年11月，注册资本6.06亿元人民币，2024年参保员工达9677 人，核心业务涵盖通信及电子产品的开发、生产与销售，由华为终端（深圳）有限公司全资持股。 中经记者 秦枭 北京报道 ...

| 变更记录 46 ◎ ● | | | | 变更项目。 | 变更时间 - | ■导出 2天眼查 | | --- | --- | --- | --- | --- | --- | --- | | 序号 变更日期 | | 变更项目 | 变更前 | | 变更后 | » | | | | 负壳人变更(法宗代表 赵明路 人、负责人、首席代 | | 魏承敏 | | | | | 2025-12-12 | | | | | | | | | 表 合伙事务执行人等 | | | | | | | | 変更) | | | | | | 2 | 2025-12-12 | 王海彬 联络员备室 | | 李出丽 | | | | | | | 余承东(经理) 【退出】 | 余承东(董事长) | | | | | | | 赵明路(经理) 【退出】 | | | | | | | | 部を(軍事长) 【習出】 | 魏承敏(执行公司事务的董事,副董事长) 【新进】 | | | | | | 高级管理人员备案 (董 | | 朱平(董事) | | | | 3 | 2025-12-12 | 事、监事、经理等） | 胡厚葛 (董事) 【退出】 | 何刚 (董事,经理) 【新进 ...

天眼查工商信息显示，近日，华为终端有限公司发生工商变更，郭平卸任董事长，由余承东接任，孟晚 舟、徐直军等卸任董事；同时，多位高管发生变更。 华为终端有限公司成立于2012年11月，法定代表人为魏承敏，注册资本6.06亿元人民币，经营范围含开 发、生产、销售通信及电子产品、计算机、卫星电视接收天线、高频头、数字卫星电视接收机及前述产 品的配套产品，并提供技术咨询和售后服务等。股东信息显示，该公司由华为终端（深圳）有限公司全 资持股。 ※ 编辑：胡婧 ※ 校对：李嘉强 ※ 审核：郑舒平 陈祥旺 ...

Group 1 - Jiaxing government provides strong support in project construction and talent introduction, creating a warm business environment for enterprises [1][4][13] - Jiaxing has a prominent geographical advantage, advanced industrial layout, and complete supporting facilities, especially in the new display field, showcasing strong industrial agglomeration effects [1][15] - The "Meet Jiaxing, Anticipate the Future" event gathered executives from listed companies and financial institutions to discuss industrial collaboration and project cooperation [1][2][4] Group 2 - Jiaxing is recognized as a national high-quality development demonstration point and a key area for ecological and green integration in the Yangtze River Delta [6][11] - The establishment of financial service platforms aims to support enterprises in capital market development and project financing [4][6] - The event serves as a platform for capital seeking projects and projects attracting capital, promoting information symmetry and resource flow [6][8] Group 3 - Deloitte China released an investment environment white paper, highlighting Jiaxing's economic development and innovation ecosystem [8] - Companies like Fulei New Materials and GeKowei Electronics express strong confidence in Jiaxing's supportive government and industrial foundation [11][13] - Various companies, including TaiLi Technology and RiLian Technology, plan to deepen cooperation with Jiaxing in their respective fields [19][21] Group 4 - SuShang Group aims to explore cooperation in urban renewal and technology upgrades in Jiaxing [25] - New Open Source Medical Group plans to collaborate with Jiaxing in innovative drug development [27] - Companies like Bibo Semiconductor and Lanjian Intelligent express intentions to integrate into Jiaxing's industrial ecosystem [34][40]

Core Viewpoint - Zhejiang's industrial growth in the first three quarters of the year shows resilience and positive momentum, with significant contributions from the manufacturing and digital economy sectors [1][2]. Industrial Growth - In the first three quarters, Zhejiang's industrial added value increased by 7.1% year-on-year, outperforming the national average by 0.9 percentage points [2]. - In September, the industrial added value growth reached 7.5%, indicating a rebound despite a general slowdown in other regions [2]. - The industrial sector contributed 39% of the GDP growth, with a 6.3% increase in total industrial added value [2]. Investment in Manufacturing - Manufacturing investment grew by 10.7% year-on-year from January to September, accounting for approximately 25% of total fixed asset investment [4]. - The investment in major manufacturing projects showed a completion rate of 88.8%, with a high startup rate of 91.5% for new projects [4]. - Key sectors such as telecommunications, automotive, and general equipment are experiencing robust investment growth, contributing to future economic momentum [4]. Structural Transformation - The industrial structure is shifting towards high-tech and strategic emerging industries, with significant growth in high-tech manufacturing and digital economy sectors [3]. - The core manufacturing value of the digital economy grew by 11.6%, with artificial intelligence sectors expected to maintain over 20% revenue growth [3]. - New product output value increased by 6.8%, reflecting ongoing innovation and productivity improvements [3]. Support for Enterprises - Zhejiang is enhancing support for enterprises to stabilize production and exports, including regular industry chain connection activities and assistance for key companies [5]. - Effective policy measures are being implemented to help manufacturing firms develop marketable new products [5]. Major Project Development - The government is focusing on accelerating major project construction, ensuring that all new projects start by the end of October [6]. - A comprehensive management approach is being adopted for project lifecycle management to enhance efficiency and resource coordination [6].

Group 1 - The "Four Cities Joint Recruitment" event in Hainan successfully concluded, attracting over 8000 quality job positions from more than 280 employers, including government agencies, state-owned enterprises, and well-known private companies [2] - In Beijing, Hainan offered over 3000 quality job positions, with some positions offering annual salaries up to 840,000 yuan, covering various sectors such as tourism, education, research, finance, healthcare, and technology [2] - The event included a recruitment initiative for 580 postdoctoral talents in fields like marine science and biomedicine, supported by Hainan's "Postdoctoral Doubling Action" [2] Group 2 - In Chongqing, Hainan provided 686 job positions with a demand for 2298 candidates, focusing on the pharmaceutical and healthcare sectors, with some positions offering monthly salaries close to 50,000 yuan [3] - The Chongqing recruitment event featured a significant proportion of high-education positions, with 37 companies offering 255 positions for master's degree holders and above [3] - The Hangzhou event had 52 employers participating, offering 2202 job positions across various industries, including internet, energy, and biopharmaceuticals [3] Group 3 - The Changsha event involved 83 employers providing 2687 job positions, with a notable focus on high-education roles, as 45 companies sought master's degree holders and above [4] - Several well-known Hainan universities participated in the recruitment, collectively offering 510 job positions [4] - The recruitment opportunities were well-received by students, with candidates expressing interest in positions that align with current industry trends and the development of Hainan's free trade port [4]

Core Insights - The Shenghengda Technology Industrial Park project in Qixia District is nearing completion, with a total investment of approximately 1 billion yuan and a size of 120,000 square meters [2] Group 1: Project Overview - The industrial park integrates research and development, intelligent manufacturing, and incubation [2] - The completion of the park is expected to inject new vitality into regional development [2]

Business Overview - The company focuses on the research, production, and delivery of low-altitude air defense equipment, aiming to enhance low-altitude air superiority capabilities [2][3]. - The current business structure includes three main systems: "Military Equipment," "Communication Electronics," and "Next-Generation Integrated Electronic Information (Tianrong Project)," supporting dual-use development [2][3]. Military Equipment Business - The military equipment sector centers on the new generation of integrated short-range defense systems, including products like portable air defense missile intelligence command systems and smart coastal defense reconnaissance systems [4]. - Key products include: - Portable air defense missile intelligence command systems - Field communication command systems - Radar and combat command systems - Underwater unmanned combat systems (Hunting Sound series) [4]. Underwater Business Focus - The underwater business primarily targets underwater sensors and autonomous underwater vehicles, focusing on ocean environment monitoring and various underwater tasks such as reconnaissance and anti-submarine operations [5][6]. Anti-Drone Systems - The anti-drone command system is designed for reconnaissance and threat assessment of low-altitude, small unmanned aerial vehicles in critical areas [7]. - The company is developing integrated data service systems for low-altitude security, addressing new challenges posed by drones in military and civilian contexts [7]. Key Technologies and Capabilities - The company’s military equipment is equipped with capabilities to counter low-speed, low-altitude drones, primarily using electronic interference as the main countermeasure [7].

Core Viewpoint - The market remains in a strong upward trend despite short-term fluctuations, with investors showing a strong willingness to participate and maintain optimism during corrections [1] Market Performance - After a dip below 3800 points on the Shanghai Composite Index, a strong rebound occurred, quickly recovering above this level, indicating a robust market structure [1] - The market is expected to continue strong fluctuations before the National Day holiday, with only four trading days left [1] Sector Focus - Technology sectors such as electronics and semiconductors are attracting significant capital, highlighting a preference for high-growth companies despite high stock prices [1] - The characteristics of the "seven giants" in the U.S. tech market are mirrored in the A-share market, leading to a consensus among domestic and foreign investment institutions [1] Future Outlook - The market is anticipated to maintain strong fluctuations with active trading volume leading up to the National Day holiday, with potential for a breakout direction post-holiday [1] - High-tech sectors are expected to remain the focus of institutional attention, with a continued strong performance [1] - Monitoring of liquidity changes and macroeconomic data such as manufacturing PMI is crucial for future market direction [1]