水皮杂谈 一家之言 兼听则明 偏听则暗 不问东西 盘面消息 第一个 "如果"：若下午没有金融股的推升，指数恐怕不会有如此大的涨幅。第二个"如果"： 若下午没有工具股的打压，指数涨幅或许会比当前更大。 之所以无法证伪，是因为这两个 "如果"实际是同步发生的。 首先看金融股的 顶推 ，无论是银行、保险，还是证券，这些板块的指数今 天 基本都收于全 天高点，且整体呈现 " 先抑后扬 " 的走势。反过来，这些板块中的重要工具股，如中信证 券、兴业银行、中国太保，今 天 再度成为调控指数的重要工具。 尤其是下午 2 点后，走势基本呈直线，跌幅均控制在 0.97 % 的水平线上。这几只工具股释 放的强烈信号，也导致整个指数走出了类似的行情。 我们可以看到，上证指数今 天 中午收盘 点位 、 下午 2 点点位与最终收盘点位基本一致， 波动不超过一个点。而深 证 市场则有所不同，上午呈冲高态势，最高点出现在上午；从中 午、下午 2 点到收盘，高点逐步下行，这一走势也与盘面变化相吻合。 今 天 开盘后，盘面焦点最初集中在科技股，包括核聚变、新能源、储能芯片等领域，前期基 本由半导体主导。但到了下午，涨幅榜前列基本被周期股占据， ...

"十四五"期间，青海清洁能源与新能源装机占比分别达到94%和72%；同时积极融入国家"东数西算"战略和"一体化算力网"建设，发布了5项绿色算力地 方标准。截至今年8月，青海在建已建数据中心标准机架19万架、算力规模1.7万P。 作为全国五大牧区之一，青海农牧业绿色有机优势明显。"十四五"以来，青海大力发展冷凉蔬菜和冷水鱼产业，湟中国家级高原冷凉蔬菜产业园、龙羊 峡三文鱼产业科技园等重大平台建成投用，越来越多的青海特色农畜产品走出高原。 央视网消息（新闻联播）："十四五"期间，青海因地制宜，着力培育具有当地特色的现代化产业体系，高质量发展迈出坚实步伐。 走进柴达木盆地，察尔汗盐湖的盐田上，5G采盐船忙碌穿梭，这里是全国最大的钾肥生产基地。"十四五"以来，青海加快世界级盐湖产业基地建设， 目前已基本形成"钾、钠、镁、锂、氯"五大产业集群，钾肥总产量占全国77%。 ...

Core Viewpoint - The article emphasizes China's remarkable achievements over the past 76 years, highlighting the nation's journey from standing up to becoming prosperous and strong, driven by the spirit of hard work and innovation [2][3]. Group 1: Technological and Infrastructure Advancements - China has significantly improved its technological innovation capabilities, leading the world in fields such as 5G, artificial intelligence, and renewable energy [3]. - The country boasts the world's largest high-speed rail and highway networks, showcasing rapid advancements in infrastructure [3]. Group 2: Environmental and Social Progress - There are notable achievements in ecological civilization, with improvements in air and water quality, contributing to a more beautiful China [3]. - The article highlights the contributions of various professionals, including scientists, engineers, farmers, and teachers, who embody the spirit of hard work and dedication [3]. Group 3: Global Contribution and Stability - China actively participates in global governance, offering Chinese wisdom and solutions for world development, positioning itself as a stable and positive force in international affairs [3].

Group 1 - China's technological innovation capabilities are continuously improving, leading in fields such as 5G, artificial intelligence, and new energy [3] - Infrastructure construction in China is advancing rapidly, with high-speed rail and expressway mileage ranking first in the world [3] - China's achievements in ecological civilization construction are significant, contributing to a cleaner and greener environment [3] Group 2 - China actively participates in global governance, contributing Chinese wisdom and solutions for world development [3] - The progress of the nation is attributed to the hard work and dedication of various professionals, including scientists, engineers, farmers, workers, teachers, and doctors [3] - The collective efforts of individuals in different sectors are essential for the continuous development and improvement of life in China [3]

Economic Growth and Achievements - Since the establishment of New China and especially after the reform and opening up, China's economic development has been remarkable, with GDP growing from 367.9 billion yuan in 1978 to an expected 134.9 trillion yuan in 2024, averaging an annual growth rate of 8.8%, significantly higher than the global average of about 3% during the same period [1] - During the 14th Five-Year Plan period, China's GDP surpassed 100 trillion yuan in 2020 and has since crossed the thresholds of 110 trillion, 120 trillion, and 130 trillion yuan, with an expectation to reach 140 trillion yuan this year [1] Leadership and Governance - The leadership of the Communist Party of China (CPC) provides fundamental guarantees for economic and social development through top-level design, overall layout, coordination, and implementation [1] - The CPC's long-term governance avoids policy shortsightedness and instability seen in Western multi-party systems, serving as a "stability anchor" for China's economic development [1] Theoretical Framework and Innovation - The CPC continuously innovates its theoretical framework to provide scientific guidance for economic and social development, adhering to the principles of "liberating thoughts, seeking truth from facts, and maintaining integrity while innovating" [2] - Xi Jinping's economic thought introduces new concepts such as "new development concepts" and "new development patterns," which build upon traditional socialist models while adapting to contemporary needs [2] Strategic Planning and Macro Control - The combination of strategic planning and effective macroeconomic control is a unique advantage for long-term economic stability, guiding resource allocation and ensuring orderly implementation of development goals [2] - China emphasizes the importance of macroeconomic control systems to manage economic fluctuations and maintain operations within a reasonable range [2] People-Centric Development - A people-centered development approach is crucial for long-term economic stability, focusing on improving living standards and ensuring that development benefits are equitably shared among the population [3] - The successful poverty alleviation of nearly 100 million people and the establishment of the world's largest social security system reflect the commitment to shared development [3] Market Economy and Production Relations - The integration of socialism with a market economy has injected continuous vitality into China's economic development, with a focus on balancing government and market roles [4] - Recent efforts have been made to optimize production relations to align with new productive forces, enhancing resource allocation efficiency and promoting high-quality economic development [4] Innovation and Market Potential - China's vast domestic market, with over 1.4 billion people and more than 400 million middle-income individuals, creates significant potential for innovation and economic growth [5] - The interaction between supply and demand fosters a conducive environment for innovation, reducing costs and accelerating technological advancements to meet the evolving needs of the population [5] Conclusion - The long-term stable development of China's economy is a result of strong leadership from the CPC and the synergistic effects of various factors, indicating a robust trend and logic behind the rapid economic growth and social stability [5]

齐鲁晚报·齐鲁壹点 通讯员 万发真 李璐 张纪珍 朱剑锋 李晓 从技术引进到自主创新，从市场国际化到企业国际化，临工正以更加自主、自信的姿态开启全球化新征 程，书写一段中国高端制造企业走向全球的崭新叙事。 王志中表示，临工在产品技术、生产制造、企业管理、人工智能、信息化等方面，已经在市场竞争中具 备了相对优势，也具备了和国际品牌同台竞争的实力。临工将更坚决地推进"全面国际化"，不仅仅是卖 产品，更是将研发、营销、服务、配件、财务管理等全面推向全球。 "我们计划到2030年，外籍员工数量占集团总人数的三分之一左右，真正实现人才结构的国际化。"王志 中说，"临工已进入国际市场高速发展阶段，欢迎全球合作伙伴搭乘临工发展快车，共享临工发展成 果。" 临工提出了"海外再造一个新临工"的战略目标，即海外业务要达到与现在国内业务规模相当的水平，这 需要实现从"市场国际化"向"企业国际化"的根本转变。 如今，一个更加自主、更加国际化的临工正在亮相世界舞台。在中国制造业全球化升级的大背景下，临 工的探索与实践，无疑将成为中国高端制造企业国际化进程中的一个重要案例。 轮子是'巩固基本盘，开拓新增长点'；"另一个轮子是'加速全球化 ...

Core Insights - The report emphasizes a positive global economic outlook with rising market risk appetite, but warns of persistent issues such as regionalism, inflation, and structured valuation risks [1][17] - It suggests a cautious yet optimistic approach to asset allocation, focusing on companies' core competencies and balancing risk and return [1][17] Market Overview - Global equity assets showed strong performance in September 2025, with MSCI Global returning 2.31% and emerging markets at 6.78%, outperforming developed markets [8][14] - Domestic markets continued to rise, with the CSI All Share Index yielding 1.87% and active equity funds performing well, particularly the China Equity Index which rose by 6.03% [8][14] International Market Analysis - Manufacturing expansion remains slow overseas, with potential valuation "disproof" risks due to expectation discrepancies [1][18] - The report highlights that while AI innovations are driving growth in the service sector, their impact on traditional manufacturing remains uncertain [20][18] Domestic Market Analysis - The domestic economy shows strong resilience, with industrial value-added growth of 5.2% year-on-year in August, and high-tech manufacturing increasing by 9.3% [22][24] - Service sector growth is robust, with a production index increase of 5.6% year-on-year, particularly in information technology and financial services [22][24] Asset Allocation Strategy - For equity funds, a core + opportunity "barbell" strategy is recommended, focusing on companies with high performance certainty and dividend yields [51][52] - Fixed income funds should prioritize medium to short duration products for better value, as long-duration bonds face increasing risks [54][55] Sector-Specific Insights - The technology sector is highlighted for its high growth potential, particularly in areas like chips, AI, and renewable energy, although volatility risks are noted [52][55] - The report indicates that while gold remains a long-term investment due to geopolitical tensions and inflation concerns, oil prices may face downward pressure due to seasonal demand fluctuations and OPEC+ production increases [38][44][43]

◎记者 汪友若 "持股过节"成机构共识 三季报景气线索受关注 A股距离国庆中秋长假休市仅余2个交易日。每逢长假临近，"持币还是持股"都会成为投资者关注的焦 点。综合机构发布的研报观点，多数券商都对节后市场较为乐观，并积极建议"持股过节"。机构认为， 节前部分资金情绪或趋于谨慎，但支撑本轮行情上涨的底层逻辑并未改变。经历9月以来一段时间的震 荡、消化后，10月市场中枢有望再上台阶。 ■机构展望 中泰证券认为，临近国庆假期，资金避险情绪或有所上升，不排除高位科技板块短期延续调整的可能。 但从中长期来看，积极的政策基调并未改变，长线资金与外资仍倾向配置A股，散户情绪也较为理性， 再加上券商等金融板块估值仍处于低位，建议投资者"持股过节"。 申万宏源称，当前市场调整并不是大级别回调，调整后"红十月"是大概率事件。10月科技产业催化和长 期政策布局窗口有望共振，市场结构性行情可能重新升温。近期周度级别的调整节奏加快，市场整体性 价比随之提升，"红十月"行情可能在消化了短期性价比问题后展开。 具体配置上，兴业证券认为，10月市场进入三季报交易窗口，这有望带动资金聚焦景气线索，成为"破 局"重要抓手。 兴业证券分析称，9月 ...

证券日报网讯格力电器（000651）9月26日在互动平台回答投资者提问时表示，公司作为科技型工业集 团，通过完善的研发体系、持续的高研发投入和高质量技术转化，在空调系统及核心部件、智能装备、 新能源等领域构筑坚实的技术护城河，巩固家电行业领导地位，持续推进多元化和全球化战略。公司将 专注于自身的持续进步和突破，以谨慎态度应对不确定性，以坚定的信心面对长期发展，通过稳健经营 为股东创造长期价值。 ...

Group 1 - The initiative "Value and Investment" is launched by Shanghai Stock Exchange and Yicai Media to enhance the service for China's capital market reform and promote rational, value, and long-term investment concepts [2] - The focus is on high-barrier, original, and leading-edge industries driven by hard technology, which are seen as strategic points for a new round of technological revolution and industrial leap [2] - The program features discussions on how frontier industries can accelerate commercialization and value enhancement, with insights from industry leaders and index analysis [2] Group 2 - The live event will be available on Yicai's official website and app on September 26, 2025, at 15:00 [3]