各位朋友，我是帮主郑重。上回咱们留下个悬念：当有色、油气的狂欢达到高潮，资金总要寻找下一个 去处。这个新方向，不能是空中楼阁，它必须有比肩资源股的"硬逻辑"，又要具备面向未来的"高弹 性"。二十年市场经验告诉我，答案不在别处，恰恰就在我们身边，藏在那些正在发生"化学反应"的 "老行业" 里。今天，咱们就揭开谜底：下一个领军方向，将是 "新质生产力"驱动下的高端制造与硬科 技突围。 第三，看"业绩能见度"是否足够高。 抛弃那些只有蓝图的公司，去寻找订单已经排到明年、扩产计划 实实在在、毛利率稳步提升的企业。在制造业，饱满的产能利用率和持续的技术迭代，是最好的护城 河。 所以，面对即将到来的风格再平衡，你的行动指令应该非常清晰： 第一步，立即转换思维滤镜。 不要再简单地把股票分为"资源"和"科技"。要用"新质生产力"的尺子去 量，问自己：这家公司是在做简单的加工组装，还是在攻克关键工艺？它的产品，是让整个工业体系变 得更"强韧"了，还是仅仅多了一个可有可无的功能？ 你可能会问：帮主，这听起来不就是科技股吗？跟以前有什么不同？区别大了。过去的科技行情，往往 围绕"模式创新"和"流量故事"。而当下和未来，市场只认一种 ...

14日，广东省制造业赋能对接系列活动（高端数控机床产业链专场）在广州市南沙区成功举办。活动搭 建精准对接平台，对接产业链上下游多项合作意向，同步揭牌"广东省工业母机产业创新联盟""广东省 科学院工业母机创新中心"，为广东工业母机产业提质升级筑牢协同创新生态。 活动中，国家工业母机创新研究院、工业母机产业投资基金、通用技术集团机床有限公司、广东省先进 装备（设备）产业科技创新应用中心、广东省科学院工业母机创新中心、华为、树根互联等赋能机构代 表围绕"研发创新—制造生产—品牌建设—市场销售"制造业微笑曲线展开分享，以"四新"赋能助力企业 解决实际问题。广州数控、敏嘉制造、原点智能等数控机床相关企业就当前发展情况，提出相应的需 求。供需双方进行了深入的交流，推进产需双方深度对接。 ...

Macro Policy Updates - The Central Commission for Discipline Inspection's fifth plenary session will be held from January 12 to 14, 2026[2] - The National People's Congress will convene its fourth session on March 5, 2026[2] Fiscal Policy - The national fiscal work conference on December 27 emphasized expanding fiscal spending and optimizing government bond tools[3] - New special bond quotas will be allocated to regions with high investment efficiency and project readiness[3] - The Ministry of Finance will enforce strict accountability for local government debt and prohibit the creation of new hidden debts[3] Monetary and Capital Markets - The People's Bank of China suggested integrating incremental and stock policies to enhance financial support for key sectors[4] - The 2025 Financial Stability Report aims to improve the investment scale and proportion of long-term funds in A-shares[4] Industrial Development - The National Development and Reform Commission is focusing on optimizing traditional industries and regulating competition in emerging sectors[5] - The industrial and information technology conference highlighted the need for technological innovation and the development of new industries[5] Risk Management - There is a risk of delayed policy updates affecting economic stability[5]

Core Insights - The article emphasizes the significant achievements in the development of traditional industries during the "14th Five-Year Plan" period and outlines the focus areas for optimization and enhancement in the "15th Five-Year Plan" period [1] Group 1: New Industries - The "new three types" industries, including new energy vehicles, lithium batteries, and photovoltaics, are highlighted as advantageous sectors for China, contributing to high-quality foreign trade development and showcasing China's strength in the global green industry transformation [4] - Challenges such as disorderly market competition and the need for stronger core advantages are acknowledged, with a call for comprehensive measures to address "involution" competition and enhance industry concentration [4] Group 2: Smart Manufacturing - China has established over 30,000 basic-level smart factories, more than 7,000 advanced-level smart factories, and over 500 excellent-level smart factories, with excellent-level factories achieving an average product development cycle reduction of 28.4% and a production efficiency increase of 22.3% [4] - The number of lighthouse factories in China accounts for over 40% of the global total, ranking first worldwide, and the installation of industrial robots has exceeded 250,000 units annually since the "14th Five-Year Plan," representing over 50% of the global share [4] Group 3: High-End Manufacturing - The high-end CNC machine tool and high-end shipbuilding industries face challenges in key core areas, highlighting the urgency of enhancing the resilience and safety of the industrial supply chain [5] - The "15th Five-Year Plan" aims to accelerate breakthroughs in critical core technologies, transform industrial models, and ensure the autonomy and reliability of the industrial chain system [5] Group 4: Market Regulation and Innovation - The article stresses the importance of regulating market competition, implementing fair competition review systems, and enhancing price monitoring and quality checks to prevent disorderly low-price competition [6] - Strengthening supply chain governance and ensuring timely payments to small and medium-sized enterprises are essential for creating a mutually beneficial industry ecosystem [6] - There is a call for increased technological innovation efforts to maintain a leading technological advantage and for macro-control measures to promote the exit of inefficient production capacities [6]

Core Insights - The article emphasizes the importance of optimizing and upgrading traditional industries while fostering innovation and maintaining order in emerging sectors like new energy vehicles, lithium batteries, and photovoltaics [2][4][11] Group 1: Traditional Industry Development - The traditional industries are crucial for the national economy, encompassing essential raw materials and consumer goods [4][11] - Significant achievements were made during the 14th Five-Year Plan, with a focus on enhancing core competitiveness and international competitiveness [5][11] - The manufacturing value added is projected to reach 33.6 trillion yuan in 2024, with traditional industries accounting for approximately 80% [11] Group 2: Technological and Digital Transformation - There is a strong push for digital transformation and intelligent upgrades in traditional industries, with over 30,000 basic intelligent factories established [6] - The average product development cycle in top-tier intelligent factories has been reduced by 28.4%, and production efficiency has improved by 22.3% [6] Group 3: Green Development - The green transformation of industries is being prioritized, with significant advancements in energy efficiency and carbon reduction [7] - By the end of 2024, China's new energy vehicle sales are expected to reach 12.866 million units, an increase of over eight times since 2020 [7] Group 4: International Competitiveness - The international competitiveness of traditional industries is being strengthened, with industrial product exports exceeding 20 trillion yuan for four consecutive years [9][14] - Exports of new energy vehicles, lithium batteries, and photovoltaic products are projected to increase by 2.6 times compared to 2020 [9] Group 5: Policy and Regulatory Framework - The government is focusing on balancing supply and demand in raw material industries, emphasizing structural optimization and high-end capacity supply [15] - There is a need to regulate market competition and enhance the innovation capacity of industries to maintain a fair competitive environment [2][16]

□ 本报记者李凯 12月4日，刚通车不久的南京新生圩长江大桥北岸，总投资20亿元的省重大项目星河动力航天制造基地 施工一片繁忙，这里是南京市六合区重点航空航天产业项目现场，工程建设已冲出"正负零"，开始建设 地面建筑。未来这里将实现一年10发大型可回收液体火箭的产能，年产值达20亿元。 该项目所在的六合产业科技创新港，是该区"十四五"期间重点打造的"牛鼻子"工程。此举不仅使南京唯 一无高校的郊区收获了升级版"大学城"，还引来一群大院大所、一片"空天"产业。"十五五"规划建议将 航空航天、低空经济等列入战略性新兴产业，南京正抢抓机遇，沿501省道加快构建"空天创造走廊"。 2021年，"十四五"开局之年，六合产业科技创新港构想与布局正式落地，六合区与南京航空航天大学共 建的南航国际创新港签约落户。灵岩山下，418亩地块上塔吊林立、昼夜不歇，目前，一号地块已完成 主体结构验收，16栋新楼宇拔地而起成为该区新地标。 未等项目载体建成，校地合作带来的一批重大创新平台、产业化项目已率先落地。不远处的航空航天产 业园，原低效工业园区"腾笼换凤"改建成19万平方米的21栋标准化厂房。在这里，几乎每栋楼内 都"藏"着两三个重 ...

Group 1 - The Shandong provincial government emphasizes the role of state-owned enterprises (SOEs) in fulfilling social responsibilities and supporting economic development [1] - Jinan's state-owned enterprises are key players in the "Strong Province" strategy, focusing on three main areas: modern industrial system enhancement, urban development support, and innovation-driven growth [3][4] - Jinan is implementing an industrial strength strategy, with SOEs developing key industries and optimizing state asset layouts, including the establishment of four leading enterprises in the "13+34" industrial chain [3] Group 2 - SOEs in Jinan are heavily involved in urban development projects, contributing over 20% of the city's fixed asset investments, including significant infrastructure projects like the "Four Bridges and Four Tunnels" [4] - The recent opening of the Jinan Yunba and upcoming expansions of metro lines are part of the efforts to enhance urban connectivity and support modernization [4] - Jinan's state-owned enterprises are focusing on technological innovation, with R&D expenditure intensity reaching 1.93% by the end of October 2025, an increase of 0.12 percentage points year-on-year [4]

Core Viewpoint - The US-China Economic and Security Review Commission (USCC) acknowledges significant advancements in China's innovation capabilities and its position in the global manufacturing sector, particularly through the "Made in China 2025" initiative, despite its historically critical stance towards China [1][6]. Group 1: Report Findings - The USCC's recent report evaluates the "Made in China 2025" plan, concluding that China has significantly improved its innovation capabilities and solidified its status as a global manufacturing powerhouse over the past decade [1][6]. - The report covers 12 key industries, including semiconductors, high-end CNC machine tools, robotics, and new energy vehicles, assessing performance based on global market share, localization rates, and technology R&D goals [3][6]. - China has reportedly met or exceeded most core targets in sectors such as energy-saving and new energy vehicles, power equipment, and biomedicine, with notable achievements in shipbuilding and power equipment even before the initiative's launch [3][5]. Group 2: Market Impact - From 2015 to 2023, China's share of global exports for MIC2025-related products has steadily increased, with Chinese enterprises accounting for nearly one-quarter of the global export growth in the top ten related fields [6][7]. - In 2023, China exported MIC2025-related products worth $1.5 trillion, representing nearly 20% of the global total for similar products [6][7]. Group 3: Challenges and Innovations - While challenges remain in sectors like agriculture machinery and semiconductors, the report acknowledges significant industrial development in these areas, with China's semiconductor production capacity growing at over four times the global demand growth rate from 2015 to 2023 [4][6]. - The report highlights that China's industrial policy has fostered a highly advanced industrial community, enabling rapid technological breakthroughs across interconnected fields, such as electric vehicles and robotics [7][8]. Group 4: Strategic Implications - The USCC report suggests that China's industrial policies pose challenges not only in specific technologies but also in the overall competitiveness of China's manufacturing and innovation ecosystem [6][7]. - The report emphasizes that the strategic significance of MIC2025 extends beyond individual performance metrics, contributing to enhanced innovation capabilities and greater shares of global manufacturing value [6][7].

Group 1: Chemical Sector Insights - The chemical sector reported a slight increase in profitability in the first three quarters of 2025, with overall revenue up by 2.6% year-on-year and net profit up by 9.4% [6][7] - Notable profit growth was observed in sub-sectors such as pesticides (201%), fluorochemicals (124.6%), adhesives and tapes (91.7%), and potassium fertilizers (62.2%), while significant declines were seen in organic silicon (-73.0%), soda ash (-68.7%), nylon (-52.3%), and titanium dioxide (-46.3%) [6][7] - The report suggests a long-term optimistic outlook for the chemical sector due to supply-side improvements and low inventory levels, while short-term caution is advised due to falling oil prices and potential price declines in chemical products [6] Group 2: Qingdao Beer Company Analysis - Qingdao Beer Company reported a revenue of 29.367 billion yuan for the first three quarters of 2025, reflecting a year-on-year increase of 1.41%, with a net profit of 5.274 billion yuan, up by 5.70% [11][12] - The company experienced a slight decline in Q3 revenue, attributed to a generally weak market demand, with a total sales volume of 6.894 million kiloliters, up by 1.61% year-on-year [12][13] - The company is expected to achieve stable growth for the full year, supported by product structure upgrades and cost reductions, with a projected net profit of 4.653 billion yuan for 2025 [14] Group 3: Zhejiang Dingli Company Overview - Zhejiang Dingli reported a revenue of 6.675 billion yuan for the first three quarters of 2025, an increase of 8.82% year-on-year, with a net profit of 1.595 billion yuan, up by 9.18% [16][17] - The company faced challenges in export sales, with a 13.7% decline in high-altitude work platform exports, which accounted for 61.21% of total sales [19] - The company is focusing on R&D and innovation to maintain its competitive edge, launching new products and exploring electric and digital technologies [18] Group 4: Kaili Medical Company Insights - Kaili Medical achieved a revenue of 1.459 billion yuan in the first three quarters of 2025, a year-on-year increase of 4.37%, but reported a net profit decline of 69.25% [21][22] - The company’s Q3 revenue was 495 million yuan, reflecting a significant year-on-year increase of 28.41%, driven by a recovery in hospital procurement [22][23] - Despite the revenue growth, the company faced pressure on profit margins due to increased costs and competitive pricing in the medical device sector [23] Group 5: Zhuosheng Microelectronics Performance - Zhuosheng Microelectronics reported a revenue of 2.769 billion yuan for the first three quarters of 2025, a decrease of 17.77% year-on-year, with a net loss of 171 million yuan [26][27] - The company’s Q3 revenue showed a slight year-on-year decline of 1.62%, but a quarter-on-quarter increase of 12.36%, indicating a potential recovery trend [28] - The company is focusing on improving production capacity and product mix, particularly in high-end RF modules, to enhance profitability in the upcoming quarters [28][29] Group 6: Non-Bank Financial Sector Performance - The non-bank financial sector saw a 0.5% decline in the index, with significant growth in net profits for listed brokerages, which increased by 62% year-on-year in the first three quarters of 2025 [32][33] - The financial market is expected to remain active, driven by improved brokerage revenues from trading and margin financing activities [33] - Regulatory developments are anticipated to enhance investor protection and market stability, which could positively impact the sector's performance [33] Group 7: North American Cloud Providers and AI Chip Market - North American cloud providers reported a 75% year-on-year increase in capital expenditures in Q3 2025, focusing heavily on AI infrastructure [36][37] - Qualcomm announced its entry into the AI chip market with the launch of AI200 and AI250 chips, aiming to compete with Nvidia in the high-end AI data center segment [38] - The overall electronic industry is experiencing a recovery in demand, with rising prices for storage chips and increased domestic production efforts [36][39] Group 8: Rongchang Bio's Financial Performance - Rongchang Bio achieved a revenue of 1.720 billion yuan in the first three quarters of 2025, a year-on-year increase of 42.27%, while net losses narrowed by 48.60% [41] - The company reported a Q3 revenue of 622 million yuan, reflecting a 33.13% increase year-on-year, indicating strong commercial performance [41] - The improvement in financial performance is attributed to the successful commercialization of core products and effective cost management strategies [41]

Investment Rating - The report assigns a rating of "Increase Holding" to the company, indicating a positive outlook for the stock price relative to the market index over the next six months [5][7]. Core Insights - The company reported a revenue of 400 million yuan for Q3 2025, reflecting a year-on-year growth of 5.01%, while the net profit attributable to shareholders decreased by 11.53% to 64 million yuan [5]. - The company received government subsidies totaling 56.83 million yuan, which accounts for 34.92% of the projected net profit for 2024 [5]. - R&D expenses increased to 7.53% of total revenue, with a focus on developing axial flux motors for applications in electric aviation and robotics [5]. - The company is nearing the completion of its capacity expansion projects, with new production lines set to begin operations in 2025 [5]. - The company has made significant strides in the aerospace and defense sectors, collaborating with major industry players and expanding its customer base [5]. Summary by Sections Financial Performance - Total revenue for 2024 is projected at 605.47 million yuan, with a year-on-year growth rate of 33.88%. The net profit is expected to be 129.89 million yuan, reflecting a growth of 27.37% [4]. - For 2025, revenue is estimated at 638.29 million yuan, with a modest growth of 5.42%, while net profit is projected to decrease slightly to 128.37 million yuan [4]. Production and Capacity Expansion - The company has completed the installation and debugging of its production lines in Dalian, with operations expected to start in 2025. The Ningxia facility is also preparing for production [5]. - The expansion projects are anticipated to enhance production capacity and support future revenue growth [5]. Market Position and Strategy - The company is positioned as a leader in high-end CNC machine tools, with a focus on self-controlled core components and competitive performance compared to international peers [5]. - The company is actively pursuing new markets in emerging industries, particularly in electric aviation and robotics, which are expected to drive future growth [5].