一是强化"双创"融合，在产业升级上开新局。坚持"工业强县、产业兴县"不动摇，以"五链"融合为牵引 纵深推进制造业高质量发展，持续优化链长制服务体系，加快培育高端装备零部件、"两柚一茶"特色农 产品深加工、新材料等三大百亿级产业集群。同步强化企业主导的产学研协同创新，高标准建强用好秀 湖未来科创谷、科创中心等平台载体，健全"三先三后"科技成果转化和人才引育机制，推动科创成果加 速涌现、高效落地。大力发展生产性服务业，聚力打造四省边际"快运之乡"，推动融辉物流、壹米滴答 等平台能级跃升，打造辐射四省边际的物流枢纽。 二是突出内需拉动，在市场激活上开新局。坚持民间投资、产业项目、科技创新"三个优先"，超常发力 大抓项目攻坚，深化运用重大项目招引闭环和"五破五提"攻坚提效"双机制"，积极争取和用好中央"四 大赛道"和省"8+4"政策资金，全链条贯通招商与建设环节，推动固定资产投资尤其是产业投资实现量质 齐升。加快推进消费结构升级，以"宝藏小城"建设统领文旅体深度融合，持续放大"宋诗之河、地质奇 观、鲜辣常山"特色IP吸引力，培育"演艺+""赛事+""美食+"等新业态，发展悦己经济、鲜辣经济等新经 济增长点。 三是聚力 ...

常山"八山半水分半田"，面临最大的挑战就是产业规模小、发展基础弱。为了尽快扭转产业"小而弱"困 局，当地积极实施工业强县行动。 近日，农 户采摘胡柚。常山县农业农村局 供图 中新网衢州12月21日电 题：浙西山区县奔共富：向"业"而兴 作者 项菁 骆泽明 今年上半年城乡居民收入比缩小至1.71，近三年农村居民人均可支配收入年均增长6.7%……地处浙闽赣 皖四省九市之交，位于浙江西部的衢州市常山县缩小"三大差距"步伐加速。 今年是浙江高质量发展建设共同富裕示范区的第五个年度。缩小城乡差距、地区差距、收入差距，是共 同富裕的主攻方向。常山县作为该省22个山区海岛县之一，近年来通过抓工业、兴产业，激活县域经 济。 为赋能产业发展，当地创新推出科技成果先用后转、先投后股、先联后创"三先三后"转化模式，目前已 成功转化科技成果105项，破解轴承、纺织等县域传统产业共性技术问题19个、企业关键技术难题47 个。 他指出，"十五五"时期是浙江奋进农业农村现代化新征程、谱写"缩差共富"新篇章的关键期、攻坚期。 该省将聚焦"缩差共富"谋实事、务实功、求实效，打造更多标志性成果。(完) 培育特色农业产业也是常山的着力点，从小小的 ...

Macro Strategy - The current economic situation indicates increasing pressure on stabilizing investment and consumption, suggesting that a new round of growth stabilization policies is imminent. The investment recovery is expected to be challenging, with cumulative fixed asset investment growth at 0.5% for the first eight months of the year, necessitating coordinated fiscal and monetary policies [25][26] - The anticipated timing for policy implementation is around mid to late October, with expectations that the new policies will not be as urgent as last year, given the current economic performance is better than in 2022 [25][26] - The direction of the new policies may include early use of debt quotas, introduction of new policy financial tools, and potential monetary policy easing to lower costs for home purchases and business investments [25][26] Macro Depth Report - The correlation coefficient between stock and bond returns is projected to rise from -0.238 in August to between -0.216 and -0.229 from September to November 2025, indicating a continuing upward trend in this correlation [27][28] - For portfolio management, it is suggested to allocate only 3% to 5% in stock indices to control maximum drawdown and volatility, with an optimal stock allocation ratio estimated between 18% and 21% [29] Industry Insights - The diesel generator market is expected to grow significantly, with a projected market size of 12.5 billion yuan in 2025, reflecting a year-on-year increase of 53%. The market is driven by the increasing demand for backup power in data centers and other commercial facilities [21] - The domestic diesel generator market is currently dominated by foreign and joint ventures, which account for 83% of the market share, indicating substantial room for domestic manufacturers to capture market share through local production and technological advancements [21] - Investment recommendations include focusing on domestic manufacturers such as Weichai Power and Yuchai International, which are well-positioned to benefit from the growing demand and potential for domestic substitution [21] Automotive Industry - The year 2025 marks a pivotal point for automotive intelligence, with expectations for electric vehicle penetration rates to reach 50%-80% over the next three years. Major players in intelligent driving have successfully implemented complex scenarios in urban environments [19][20] - A comparative evaluation of ten intelligent driving suppliers indicates that advancements in driving capabilities are narrowing the gap between leading and emerging players, with significant improvements noted in the second tier of suppliers [19][20]

Macro Strategy - The current economic situation indicates increasing pressure on stabilizing investment and consumption, suggesting that a new round of growth stabilization policies is imminent. The cumulative growth rate of fixed asset investment for the first eight months of this year is only 0.5%, necessitating coordinated fiscal and monetary policies to promote recovery [24][25] - The expected timing for policy implementation is around mid to late October, with the upcoming Fourth Plenary Session of the Central Committee being a critical window for policy announcements [24][25] - The direction of the new policies may include utilizing debt limits more effectively, introducing new policy financial tools, and increasing the likelihood of monetary policy easing to lower costs for home purchases and corporate investments [24][25] Industry Insights - The small nucleic acid industry is seeing increased business development from multinational corporations, with significant potential in chronic diseases and liver-related fields. Companies to watch include Yuyuan Pharmaceutical, Hotgen Biotech, and others with innovative technology platforms and rapid clinical progress [19] - The RF (Radio Frequency) industry is expected to experience significant growth, driven by the construction of 5G base stations. The global RF front-end market is projected to exceed $30 billion by 2025, with domestic demand exceeding 40% [21][22] - Domestic companies like Zhaosheng Microelectronics and Weijie Chuangxin are breaking international monopolies through technological innovation, particularly in LPAMiD modules and filters, which are becoming mainstream technologies [21][22] - The application of RF technology is expanding beyond 5G smartphones to include automotive ADAS, satellite communications, and AI edge applications, pushing the industry towards higher performance and integration [21][22]

Group 1: Macro Strategy - The current economic situation indicates increasing pressure on stabilizing investment and consumption, suggesting that a new round of growth-stabilizing policies is imminent [26][27] - The expected GDP growth for the third quarter is between 4.7% and 4.9%, with a cumulative growth of approximately 5.1% for the first three quarters [26][27] - The policy direction includes utilizing debt limits, introducing new policy financial tools, and the likelihood of interest rate cuts to lower costs for homebuyers and businesses [26][27] Group 2: Stock and Bond Correlation - The correlation coefficient between stock and bond returns is projected to range from -0.216 to -0.229 from September to November 2025, indicating a continued upward trend compared to August 2025 [28][29] - The relationship between economic growth and inflation significantly influences stock and bond returns, with economic growth typically having an inverse effect on stock and bond yields [28][29] Group 3: Industry Insights - The Robotaxi industry is identified as a key investment theme for the next five years, with a focus on the revenue-generating capabilities of AI vehicles [19][20] - The copper market is experiencing a supply tightness due to maintenance in domestic smelting plants and disruptions in major mines, while demand is expected to increase as the holiday season approaches [21] - The aluminum market is seeing a slight increase in production capacity utilization, with expectations of price stability as demand rises during the peak season [21]

Core Viewpoint - Pingyin County is implementing a dual strategy of "optimizing existing stock" and "expanding new stock" to enhance its industrial development, aligning with the city's "13+34" industrial chain and establishing a "3+2" industrial system [1][2] Group 1: Industrial Upgrading - Pingyin County is focusing on industrial upgrading by implementing a leadership mechanism for key industries, creating tailored upgrade plans for each leading industry [1] - The high-end equipment parts industry cluster is actively promoting intelligent transformation and has been recognized as a characteristic industrial cluster in Shandong Province [1] - The carbon materials industry cluster is advancing towards negative electrode new materials, achieving a dual development model with "pre-baked anode + lithium battery negative electrode," becoming the second hundred-billion-level industry after high-end equipment [1] - The green building materials industry cluster is developing prefabricated buildings and nano-level high-calcium green technology industries, with leading enterprises awarded as "national green factories" [1] - The health industry cluster is guiding the development of biopharmaceuticals and health foods, with the Pingyin rose brand value reaching 3.405 billion yuan, and Fupai Ejiao ranking in the "2024 China Brand Value Top 10 for Time-Honored Brands" [1] Group 2: Project Construction - In the past three years, Pingyin County has implemented a total of 351 new industrial and technological transformation projects, with a total investment of 27.8 billion yuan [2] - Key projects such as the China Electric Power Construction Nuclear Equipment Manufacturing Base and the upgrade of Shanshui Cement Grinding have been completed and put into production [2] - Projects like the intelligent manufacturing high-end production line of Maike Valve and the Qilu Expressway Smart Transportation Industrial Base are accelerating construction [2] - Industrial projects such as Jinjialong New Energy Battery and Huasheng Lian Investment Testing Production Base have been signed and landed [2] Group 3: Enterprise Cultivation - Pingyin County has established a comprehensive database for quality small and medium-sized enterprises, enhancing gradient cultivation and precise services [2] - A total of 66 specialized, refined, and innovative small and medium-sized enterprises have been cultivated, along with 110 technology-based small and medium-sized enterprises and 39 gazelle enterprises [2]