摘要 ： 中国共产党江苏省第十四届委员会第十次全体会议就制定"十五五"规划提出建议，强调把握中国 式现代化江苏新实践的重要地位，推动高质量发展，深化改革开放，促进共同富裕，统筹发展与安全，加 快建设现代化强省。 特别提示 微信机制调整，点击顶部"仪器信息网" → 右上方"…" → 设为 ★ 星标，否则很可能无法看到我 们的推送。 中国共产党江苏省第十四届委员会第十次全体会议深入学习贯彻党的二十届四中全会精神和习 近平总书记对江苏工作重要讲话精神，就制定我省国民经济和社会发展"十五五"规划提出以下 建议。 一、准确把握"十五五"时期在推进中国式现代化江苏新实践中的重要地位和经济社会发展的总 体要求、主要目标 （1）"十四五"时期江苏发展取得重大成就。 "十四五"时期是江苏发展历程中极不平凡的五 年。面对错综复杂的外部形势和艰巨繁重的改革发展稳定任务，全省上下坚持以习近平新时代 中国特色社会主义思想为指导，坚决贯彻党中央决策部署，全面落实习近平总书记对江苏工作 重要讲话精神，坚持一张蓝图绘到底、扎扎实实抓落实，团结奋进、砥砺前行，经受住世纪疫 情严重冲击，有效应对一系列重大风险挑战，坚决扛好经济大省挑大梁责任，推 ...

步入2026年，随着宏观经济周期的可能转向、科技革命深化、地缘政治格局演变及监管环境持续优 化，并购活动有望迎来更具结构性的增长机遇。 政策持续优化 在"十五五"规划关于并购重组的政策表述中，对上市公司并购重组的定位更为积极，其中提出要持 续深化并购重组市场改革，支持上市公司转型升级、做优做强，以服务新质生产力发展与培育世界一流 企业。 并且强调，进一步提升制度的包容性与适配度，健全与并购相关的科创企业识别筛选、资产定价等 机制，完善市场生态，促进并购与产业整合的市场化、法治化开展。有市场相关人士表示，2026年政策 环境有望持续优化。 自2024年新"国九条"定调后，"并购六条"（即《关于深化上市公司并购重组市场改革的意见》）及 新版《上市公司重大资产重组管理办法》在2025年相继落地，形成了一套鼓励产业并购、提升市场效率 的"政策组合拳"。 2025年，中国并购市场在数量和规模上均实现了显著增长。 Wind数据显示，年内A股公司披露的并购重组事件总计达4044单，其中构成重大资产重组的项目有 147单，同比激增44.12%；且2025年全年重大资产重组上会次数为29次，涉及28家公司，值得注意的 是，这一 ...

【文/观察者网 潘昱辰 编辑/高莘】12月22日，毕马威发布《2025年跨国企业中国展望》。该报告基于 对137家跨国企业的深入调研显示，大多数跨国企业对在中国未来三至五年的收入增长前景持更为乐观 的态度；94%的企业仍在继续投资和押注中国市场，75%的受访跨国企业在2025年保持或追加在中国大 陆的投资。其中，以电动汽车为代表的先进领域是跨国企业并购的重点。 跨国企业在中国的投资计划 2025年跨国企业中国展望 在计划如何追加投资方面，55%的受访者表示将主要通过绿地投资实现；45%选择并购；36%选择设立 合资企业。 关注重点转向盈利 此次调查还显示，61%的受访跨国企业表示他们在过去三年中，已经至少在一定程度上将关注重点从增 长转向盈利；然而，仍有36%的企业未作此类转变。 过去三年多数跨国企业将目光转向盈利 2025年跨国企业中国展望 在华并购显著增加 毕马威中国跨国企业渠道联合主管合伙人韩睿盛（Mark Harrison）表示，过去六个月，跨国企业在中国 的并购活动显著增加，主要由两种关键策略驱动： 首先，全球跨国企业正在收购电动汽车、医疗科技、生物科技、水科技、先进材料以及机器人等领域表 现出色的 ...

Core Viewpoint - The fifth Chongqing Capital Market High-Quality Development Conference was successfully held, focusing on "Mergers and Acquisitions as a New Engine for Opportunities in Listed Companies" [1] Group 1: Conference Highlights - The conference featured notable attendees including government officials, industry leaders, and over 1,000 representatives from various sectors [2] - The establishment of the "Western Enterprise Mergers and Acquisitions Service Guidance Center" and the "China Listed Companies Association High-Quality Development (Chongqing) Service Base" was announced [3][5] - The Western Financial Research Institute released several reports, including the "Chongqing Listed Companies Development Report (2025)" and the "Chongqing Listed Companies Mergers and Acquisitions Research Report (2025)" [3][6][8] Group 2: Key Messages from Speakers - The importance of listed companies in the capital market was emphasized, highlighting their role in responsible governance and investor relations [4] - The need for financial services to support the real economy was reiterated, with a focus on innovative financial products and services [5] - Experts discussed the economic development landscape during the "14th Five-Year Plan" period, emphasizing the role of consumption and income distribution in driving economic growth [9] Group 3: Reports and Research Findings - The "Chongqing Listed Companies Development Report (2025)" analyzes the strengths and weaknesses of listed companies in Chongqing across five dimensions [7] - The "2025 Chongqing Listed Companies Mergers and Acquisitions Research Report" identifies key characteristics and offers recommendations for enhancing M&A activities in the region [8] - The reports highlight successful case studies of mergers and acquisitions that have led to industry upgrades and innovative business models [8] Group 4: Industry Trends and Future Directions - The conference discussions included strategies for building a financial center in the western region, focusing on integrating industrial and technological finance [10] - Emphasis was placed on fostering a supportive environment for innovation and long-term investment in emerging industries [11][12] - The event facilitated networking opportunities between listed companies and investment institutions, promoting deep integration of industry and capital [14]

Core Viewpoint - The "15th Five-Year Plan" is a critical period for China's modernization, focusing on restructuring economic growth logic, shifting from optimizing traditional industries to "extraordinary" technological breakthroughs, and emphasizing quality over quantity in strategic priorities [5][6]. Group 1: Economic Growth Logic - The plan reflects a shift in industrial policy from enhancing traditional industries to prioritizing technological advancements, aiming to achieve the long-term goal of modernization by 2035 [6][10]. - The economic growth baseline is set to achieve a nominal GDP growth rate of around 4% annually from 2025 to 2035 to double the economic output compared to 2020 [9][10]. Group 2: Industrial Strategy - The strategy emphasizes the transformation of traditional industries as a priority, with a focus on upgrading sectors like mining, metallurgy, and chemicals to enhance global competitiveness [10][11]. - Four strategic emerging industries (new energy, new materials, aerospace, low-altitude economy) and six future industries (quantum technology, biomanufacturing, hydrogen and nuclear fusion energy, brain-computer interfaces, embodied intelligence, sixth-generation mobile communication) are outlined for development [10][11]. Group 3: Reform and Governance - The plan highlights fiscal and financial reforms as key measures to enhance macroeconomic governance, aiming to unlock growth potential through systemic reforms [12][13]. - Over 300 reform tasks are set to be completed by 2029, focusing on market-oriented reforms, nurturing new productive forces, and improving social welfare systems [13][14]. Group 4: Service Sector Development - The service sector is identified as having significant growth potential, with a consumption gap of nearly 3 trillion yuan compared to developed countries [12]. - Systematic solutions are proposed to stimulate consumption and investment, including increasing public service spending and enhancing the supply of quality consumer goods [12][13].

Core Viewpoint - The "15th Five-Year Plan" is a critical period for China's modernization, focusing on restructuring economic growth logic, shifting from optimizing traditional industries to "extraordinary" technological breakthroughs, and emphasizing fiscal and financial reforms to alleviate fiscal constraints and promote growth towards the 2035 vision [2][3]. Group 1: Key Tasks and Economic Context - The "15th Five-Year Plan" serves as a transitional phase, linking the "14th Five-Year Plan" and the 2035 modernization goals, requiring both strategic continuity and innovation [4]. - The plan addresses significant changes in the global landscape, domestic economic transformation, and the impact of a new technological revolution, which collectively shape the macro context for the plan [4][5]. Group 2: Economic Growth Baseline and Targets - To double the economic output by 2035 compared to 2020, the nominal GDP growth rate must average around 4% from 2025 to 2035, while per capita GDP must grow at approximately 3.9% [6][7]. - The plan sets ambitious targets for economic growth, reflecting a commitment to high-quality development and the integration of rapid economic growth with long-term stability [7]. Group 3: Industrial Policy and Technological Innovation - The plan prioritizes the transformation of traditional industries, emphasizing quality upgrades in sectors like mining, metallurgy, and chemicals to enhance global competitiveness [7][8]. - It outlines strategic emerging industries and future industries, including new energy, aerospace, and quantum technology, establishing a gradient development framework [7][8]. - Technological modernization is highlighted as a key support for China's modernization, with a focus on breakthroughs in critical core technologies across various sectors [8][9]. Group 4: Service Sector Development - The service sector is identified as having significant growth potential, with a notable gap in consumer spending compared to developed countries, indicating a potential market of nearly 3 trillion yuan [9]. - Systematic solutions for expanding domestic demand include increasing public service spending and enhancing the supply of quality consumer goods and services [9]. Group 5: Fiscal and Financial Reforms - The "15th Five-Year Plan" emphasizes reforms aimed at enhancing macroeconomic governance, with over 300 reform tasks to be completed by 2029 across various sectors [10][11]. - Key reform areas include market-oriented reforms, fostering new productive forces, and achieving green transitions, with a focus on establishing a unified national market [11][12]. - Financial reforms are crucial for improving local fiscal sustainability, addressing challenges in local government financing, and ensuring a clear division of responsibilities between central and local governments [12][13].

Core Viewpoint - The 15th Five-Year Plan emphasizes the importance of technological self-reliance and innovation as key drivers for China's economic and social development, aiming to enhance the overall effectiveness of the national innovation system and promote high-quality development [2][4]. Group 1: Technological Innovation - The 15th Five-Year Plan aims to significantly improve the level of technological self-reliance and innovation, focusing on breakthroughs in key core technologies such as integrated circuits, advanced materials, and biomanufacturing [3][5]. - There is a strong emphasis on the integration of technological innovation and industrial innovation, with a call for a new type of national system to support decisive breakthroughs in critical areas [3][6]. - The plan highlights the need for a coordinated approach to education, technology, and talent development, fostering a robust ecosystem for innovation [4][6]. Group 2: Future Industries - The plan outlines the necessity to cultivate and expand emerging and future industries, including renewable energy, aerospace, and quantum technology, to drive economic growth [5][6]. - It advocates for the implementation of large-scale application demonstration actions for new technologies and products, aiming to accelerate the development of emerging industries [5]. - The exploration of diverse technological routes and viable business models is essential for positioning future industries as new economic growth points [5][6]. Group 3: Talent Development - The 15th Five-Year Plan emphasizes the importance of nurturing top-tier innovative talent and establishing a global influence in education and scientific research [4]. - It calls for a comprehensive mechanism to promote the development of education, technology, and talent, ensuring a synergistic relationship between technological innovation and talent cultivation [4]. - The plan aims to optimize the talent structure and promote regional coordination in talent development, addressing the need for strategic scientists and skilled professionals [4].

Group 1 - The core viewpoint emphasizes the importance of high-level technological self-reliance and strength as a strategic support for high-quality development, as outlined in the "14th Five-Year Plan" [1][2] - During the "14th Five-Year" period, China's comprehensive innovation capability ranking improved from 14th to 10th, with a 42% increase in the added value of high-tech manufacturing industries compared to the end of the "13th Five-Year" period [1] - The new journey of the "15th Five-Year" period faces profound and complex changes in the development environment, necessitating a stronger emphasis on technological innovation to achieve high-level self-reliance [1] Group 2 - The proposal calls for the establishment of a new type of national system to drive breakthroughs in key core technologies across various fields, including integrated circuits and advanced materials [2] - A series of measures are proposed to enhance the integration of technological innovation and industrial innovation, ensuring that foundational research supports industrial development [2] - The focus on talent as the primary resource highlights the need for coordinated education and training to build a national strategic talent force, which is essential for enhancing China's technological strength [2]

Group 1: Economic Development - The "15th Five-Year Plan" is a critical period for achieving socialist modernization by 2035, with a target GDP growth rate of around 5% during this period[2] - The plan emphasizes high-quality development as the primary task, aiming for significant achievements in this area[2] - By 2035, the goal is to reach a per capita GDP level comparable to that of moderately developed countries, which is projected to be approximately 21,000 USD[25] Group 2: Industrial and Technological Advancement - The plan focuses on building a modern industrial system, highlighting advanced manufacturing as a leading sector[3] - Key areas for technological self-reliance include new energy, quantum technology, and artificial intelligence, aiming for international leadership in these fields[3] - Strengthening the integration of technological innovation with industrial innovation is a priority[3] Group 3: Domestic Market and Consumption - Enhancing domestic demand is crucial, with a strong emphasis on boosting consumer spending as a top priority[3] - The plan outlines strategies for effective investment expansion to stimulate economic growth[3] Group 4: Financial and Open Economy - The "15th Five-Year Plan" aims to accelerate the construction of a financial powerhouse and promote the internationalization of the Renminbi[3] - It emphasizes a cooperative and win-win approach to expand autonomous openness in the economy[3] Group 5: Agricultural and Cultural Development - Accelerating agricultural modernization and leveraging regional strategic advantages are key components of the plan[3] - The plan also stresses the importance of cultural confidence and the value of the cultural industry, aiming to stimulate cultural innovation and creativity[3]

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report The "15th Five-Year Plan" period is of great significance in the process of basically realizing socialist modernization. Boosting consumption and technological innovation will be the main drivers on the demand and supply sides respectively during the "15th Five-Year Plan" period. Policies conducive to expanding domestic demand and supporting technological innovation will continue to be promoted, and the relevant industries are expected to benefit from the policy advantages [3][4][20]. 3. Summary According to the Directory 3.1 "15th Five-Year Plan" 《Suggestions》 Main Content - The "15th Five-Year Plan" 《Suggestions》 has 15 parts and 61 articles, divided into three major sections. It positions the "15th Five-Year Plan" period as an important stage with a connecting role in the process of basically realizing socialist modernization [7]. - The development environment is characterized by both strategic opportunities and risks, with many uncertain and unpredictable factors. Internationally, the relationship between China and the United States is complex, but China has many favorable factors for shaping the external environment. Domestically, China has advantages such as a stable economic foundation, but also faces challenges such as unbalanced and insufficient development [7][8]. - The main goals include achieving significant results in high - quality development, greatly improving the level of technological self - reliance, and continuously improving people's living standards [9]. 3.2 Industry Construction - Prioritize optimizing and upgrading traditional industries to maintain the competitiveness of industries such as mining, metallurgy, and chemical engineering in the global division of labor. Cultivate and strengthen 4 strategic emerging industry clusters and 6 future industries [11]. - Expand the opening - up of the service industry to attract international capital and advanced business models, and moderately and ahead of time build new infrastructure to reserve development space [11]. 3.3 Technological Innovation - Strengthen original innovation and key core technology research in fields such as integrated circuits and industrial mother machines. Increase the proportion of basic research investment to achieve technological self - control [12]. - Promote the in - depth integration of technological innovation and industrial innovation, accelerate the transformation of scientific and technological achievements into productivity, and create new industries [12]. - Implement the "Artificial Intelligence +" action to lead the transformation of scientific research paradigms and empower various industries [12]. 3.4 Domestic Market - Adhere to the strategic basis of expanding domestic demand, combine improving people's livelihood and promoting consumption, and investment in objects and people. Promote the positive interaction between consumption and investment, supply and demand [13]. - Specific measures include boosting consumption (improving consumption scenarios and promoting residents' consumption ability), expanding effective investment (optimizing government investment and stimulating private investment), and removing obstacles to the construction of a unified national market [13][14]. 3.5 Macroeconomic Governance - Strengthen the coordination of fiscal and monetary policies, and maintain the continuity, effectiveness, and consistency of policies. Promote an economic development model driven by domestic demand and consumption [15]. - In fiscal and tax reform, improve the local tax and direct tax systems, and adjust the central - local fiscal relationship [15]. 3.6 Livelihood Security - Solve structural employment problems by strengthening the coordination between industry and employment, and promoting the healthy development of flexible employment [16]. - Improve the income distribution system to increase the income of low - income groups, expand the middle - income group, and form an olive - shaped distribution pattern [17]. - Improve the social security system, including pension and medical insurance, and focus on reducing the high - cost expenditures of residents in education, housing, etc. [17]. 3.7 Green Transformation - With the goal of achieving carbon peak by 2030, accelerate the construction of a new energy system and implement energy - saving and carbon - reduction reforms. The construction of the electricity market and carbon emission trading market is expected to accelerate [18]. - Reduce pollution emissions, strengthen pollution control, and promote the formation of a green production and lifestyle [18]. 3.8 Summary The "15th Five-Year Plan" 《Suggestions》 deploys strategic tasks and major measures in multiple fields. Boosting consumption and technological innovation will be the main focuses, and relevant industries are expected to benefit from policy support [19][20].