为促进长三角产业协作与科创协同，智通财经旗下智库澎湃研究所推出"浪尖计划"。作为"浪尖计划"的 子项目之一，《浪尖周报：长三角产业动态》聚焦长三角九大万亿GDP城市最新产业动态，精选129条9 城主要报刊一周（2025年11月17日-2025年11月23日）的重要新闻与领导活动资讯，呈现产业政策动向 与发展趋势。 杭州："中国视谷"冲刺视觉智能万亿集群 合肥：量子企业数量占全国三分之一 苏州：园区深化中新合作，构建六千亿产业集群 宁波：慈溪家电产业加快智能化转型，培育出口名牌 无锡：创新药企密集获批，三类一类新药上市 《浪尖周报》第50期，将于11月24日发布，结合各城市产业发展重点，精选出以下内容： 产业头条： 上海：G60科创走廊锚定两大产业冲刺世界级 产业动态： 南京：加速打造更多"盒马村"直供基地 常州：康缘集团落户西太湖，建生物创新药基地 如您希望订阅《浪尖周报》，请填写【问卷】或扫描海报二维码完成订阅。订阅成功后，每周将通过邮 件为您推送最新产业动态。 南通：携手省沿海集团共建海洋产业特色园区 ...

Core Viewpoint - The overall macroeconomic environment, liquidity conditions, and market risk appetite are expected to improve, with a focus on growth sectors following the completion of Q3 earnings reports and the anticipated U.S.-China negotiations in early November [1][3]. Macroeconomic Overview - Economic recovery is showing signs of divergence, with Q4 incremental policies likely to be weak. Q3 GDP growth has slowed, continuing a downward trend. The manufacturing PMI remains in contraction, while the non-manufacturing PMI shows overall deceleration. Structural pressures persist during the recovery phase [2]. - PPI has rebounded significantly year-on-year, indicating a stabilization trend, but weak demand continues to drag on CPI and PPI forecasts, making it unlikely for PPI to turn positive this year. M2 growth has reached a new high for the year, reflecting slight activation of funding vitality, although retail sales growth continues to decline [2]. Policy Insights - The "anti-involution" trend is showing signs of cooling, with the Fourth Plenary Session setting the tone for the 14th Five-Year Plan, although market reactions have been muted. There is potential for unexpected policy developments in the future [2]. - The central bank's supportive stance is evident through measures such as the resumption of 14-day reverse repos and MLF operations, leading to an overall improvement in liquidity conditions [2]. Investment Strategy - With the macro environment improving, the market is expected to focus on growth sectors. Key investment themes include: 1. Sectors with strong Q3 performance and continued growth potential, particularly in technology (storage, domestic computing power, consumer electronics, overseas AI applications), innovative pharmaceuticals, and renewable energy [3]. 2. Cyclical sectors benefiting from anti-involution policies, with improved industrial profits in steel, chemicals, and new energy [3]. 3. If market risk appetite increases significantly, attention should be given to solid-state batteries, robotics, and AI applications [3]. 4. Long-term focus on emerging sectors highlighted in the 14th Five-Year Plan, including artificial intelligence, aerospace development, semiconductor self-sufficiency, and quantum economy [3]. Sector Recommendations - Continued recommendations for growth sectors include: - Technology: Positive trends in domestic and overseas computing power, with multiple sub-sectors exceeding performance expectations [3]. - Consumer: Innovative pharmaceuticals and CXO sectors expected to show upward trends in Q3 reports [3]. - High-end manufacturing: Wind power and energy storage maintaining high demand, with potential turning points in battery and photovoltaic sectors [3]. - Cyclical: Steel and chemical sectors expected to see gradual profit improvements, with a focus on copper and aluminum benefiting from U.S. Federal Reserve rate cuts [3].

Group 1 - The UK-Vietnam Free Trade Agreement (UKVFTA) has led to significant growth in bilateral trade between Vietnam and the UK, with expectations for further enhancement due to the UK's accession to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) [1][2] - In 2024, bilateral trade is projected to reach a historical high of over $8.4 billion, representing an 18% year-on-year increase, positioning the UK as Vietnam's third-largest trading partner in Europe [2] - Vietnam is recognized as a rapidly growing market with over 100 million people, while the UK is a high-income consumer market, creating substantial export and investment opportunities for businesses in both countries [2] Group 2 - Vietnam's technology sector is expected to generate approximately $158 billion in revenue in 2024, accounting for 15% of its GDP, with domestic R&D spending at 0.5% of GDP [2] - The Global Innovation Index 2024 ranks Vietnam 44th among 133 economies, highlighting its robust educational and research infrastructure, including around 250 universities and 400 research institutions [2] - The UK is currently the 15th largest investor in Vietnam, with investments totaling $4.46 billion across 147 countries [2]

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The "America First Investment Policy" aims to maintain a strong and open investment environment in the U.S. while protecting against potential threats from foreign investments [1] - The policy encourages investments from allied and partner countries, particularly in emerging technologies like artificial intelligence [2] - There is a significant focus on limiting investments from foreign adversaries, especially in critical sectors such as technology, healthcare, and energy [3][6] - The memorandum indicates a strategic shift in U.S. investment policy, particularly targeting China, with an emphasis on economic security as a component of national security [8] Summary by Sections Section: Policy Overview - The memorandum establishes a "fast track" procedure for investments from specific allied nations in advanced technology sectors [2] - It mandates environmental reviews for investments exceeding $1 billion in the U.S. [2] Section: Restrictions on Foreign Investments - The policy will utilize legal means to restrict foreign adversaries from investing in sensitive U.S. technologies and infrastructure [3] - It aims to prevent U.S. investments in sectors that support China's military-civil fusion strategy [6] Section: Implications for U.S.-China Relations - The memorandum suggests that future Chinese investments in the U.S. may face stricter scrutiny, particularly in key technology areas [8] - The report anticipates limited short-term economic impact but highlights the ongoing strategic competition between the U.S. and China in advanced manufacturing and AI [10] Section: Market Reactions - The report notes a trend of capital shifting away from sensitive technology sectors towards non-sensitive areas like consumer services and commercial real estate [10] - It emphasizes the need to monitor changes in foreign capital flows in the secondary market due to the policy's implications [10]