中国式现代化要靠科技现代化作支撑。 习近平总书记指出："实现高水平科技自立自强，是中国式现代化建设的关键。" 从"十四五"规划纲要提出"把科技自立自强作为国家发展的战略支撑"，到"十五五"规划建议提出"加快 高水平科技自立自强，引领发展新质生产力"，是坚持创新驱动发展的衔接传承，更是立足"十五五"关 键时期，面对新一轮科技革命和产业变革加速突破的乘势而上。 过去5年，中国科技创新成果丰硕，新质生产力稳步发展，科技实力跃上新台阶，为进一步"强基攀高向 新"奠定坚实基础。 "十五五"规划建议提出，"要巩固拓展优势、破除瓶颈制约、补强短板弱项，在激烈国际竞争中赢得战 略主动"。未来5年，持续推进高质量发展，必须以科技创新引领新质生产力发展，不断塑造发展新优势 新动能。 变局蕴含机遇，挑战激发斗志。充分发挥新型举国体制优势，抓住新一轮科技革命和产业变革历史机 遇，不懈努力、接续奋斗，共识在凝聚，行动更坚定。 强 基 进一步筑牢自立自强的根基 今年3月，中国科学院物理研究所宣布，该所研究员张广宇带领团队，研制出单原子层金属，在国际上 首次实现大面积二维金属材料的制备，更打破了"金属必须以三维形式存在"的传统认知。金属成 ...

市场数据：2025 年 11 月 17 日 收盘价（元）： 43.13 年内最高/最低（元）： 53.20/16.37 流通A股/总股本（亿）： 3.66/3.66 流通 A 股市值（亿）： 157.94 | 基础数据：2025 年 | 9 月 | 30 日 | | | --- | --- | --- | --- | | 基本每股收益(元)： | | | 0.27 | | 摊薄每股收益(元)： | | | 0.27 | | 每股净资产(元)： | | | 8.29 | | 净资产收益率(%)： | | | 3.59 | | 资料来源：最闻 | | | | 分析师： 刘斌 执业登记编码：S0760524030001 邮箱：liubin3@sxzq.com 贾国琛 邮箱：jiaguochen@sxzq.com 基础件 五洲新春（603667.SH） 增持-A(维持) 业绩平稳向好，持续推进高端轴承与丝杠产品升级 2025 年 11 月 18 日 公司研究/公司快报 研究助理： 丝杠业务不断突破，新赛道布局奠定成长基础。丝杠业务作为战略新兴 方向，逐渐实现从样品阶段到小批量订单的关键跨越：在机器人领域，反向 式行星 ...

Core Insights - The "Chain on Changji Source Dynamic Mule" New Energy Industry High-Quality Development Conference was held in Urumqi, focusing on new trends, technologies, and models in the new energy sector [1][2] - Key industry players such as Dongfang Electric, Goldwind Technology, and Shuangjie Electric showcased advanced achievements in wind turbine intelligent manufacturing, energy storage system integration, and high-end bearing processing [1] - The conference resulted in multiple project signings in new materials manufacturing, circular economy, and new energy storage, promoting coordinated development across the entire industry chain [1] Industry Developments - Mule County has established Xinjiang's first county-level new energy base with a capacity of over 10 million kilowatts, aiming for a grid-connected capacity of 20 million kilowatts and an electricity generation exceeding 16 billion kilowatt-hours by the end of 2025 [2] - The local government plans to continue advancing the development of three major industrial chains: equipment manufacturing, energy storage, and new materials, while accelerating grid construction to ensure efficient operation of new energy projects [2]

Core Viewpoint - The A-share market is currently experiencing a tug-of-war around the 4000-point mark, with a critical trading volume threshold of 2.5 trillion yuan that needs to be surpassed for a sustained upward movement [1][3]. Market Conditions - The A-share market has been in a "vacuum period" with a lack of strong catalysts, as the third-quarter reports have just been released and the annual reports are still pending [3]. - There has been a significant net outflow of 236.9 billion yuan from the A-share market, indicating a retreat of existing funds despite a year-on-year revenue growth of 58.27% and net profit growth of 53.58% for listed companies [3][5]. - Foreign capital has shown a cautious attitude, with recent net outflows from northbound funds despite the optimization of the Qualified Foreign Institutional Investor (QFII) system [3][8]. Technical Analysis - The market is showing signs of a potential top, with all three major indices exhibiting a divergence pattern, where the indices are rising while key technical indicators like MACD are not reaching new highs [3][5]. - The current trading volume is around 2 trillion yuan, which is approximately 20% lower than the peak in August, indicating a volume-price divergence that could hinder a breakout [5]. Sector Performance - There is a noticeable rotation among sectors, with recent leaders like pharmaceuticals and AI applications experiencing adjustments, while sectors such as power generation and chemicals have taken the lead [5][6]. - The technology sector is showing significant differentiation, with high valuations in AI-related stocks, while leading companies maintain stability due to their technological advantages [6]. Policy Support - Recent policy measures from the central bank and the China Securities Regulatory Commission (CSRC) have provided a supportive environment for the market, including a 700 billion yuan reverse repurchase operation to ensure liquidity [8]. - The market sentiment has cooled compared to previous bullish trends, with a more rational investor mindset reflected in the changes in trading volume [8]. Investment Strategies - Institutional funds are quietly adjusting their portfolios, with social security and public funds showing significant overlap in holdings, particularly in technology innovation sectors [8]. - The current A-share market valuation is significantly lower compared to 2015, with a healthier market structure as hard tech companies have risen in prominence [10]. Upcoming Events - The market is expected to face critical tests in the coming week, focusing on trading volume expansion, sustainability of leading sectors, and the movement of northbound funds [11]. - Key economic data will be released on November 14, which may provide new directional guidance for the market [13].

Group 1 - The "14th Five-Year Plan" period has seen the Guangdong-Hong Kong-Macao Greater Bay Area's economic total surpass 14 trillion yuan, reflecting significant achievements in infrastructure and industrial collaboration [2] - The central government's focus on food security and agricultural policies has led to improved harvests, demonstrating effective responses to challenges faced by farmers [2] - The "14th Five-Year Plan" period has highlighted China's technological advancements and self-sufficiency in key materials, showcasing the advantages of centralized efforts in overcoming challenges [3] Group 2 - The "15th Five-Year Plan" is identified as a critical period for solidifying foundations and making comprehensive efforts towards achieving socialist modernization by 2035 [4] - The conference emphasizes the importance of high-quality development as the central theme for the "15th Five-Year Plan" period, with a focus on economic construction [6] - The plan aims to significantly enhance the level of technological self-reliance and self-strengthening, marking the next five years as crucial for building a strong technological nation [6] Group 3 - The conference outlines the need to stimulate the vitality of various business entities, with support measures such as tax reductions and industrial chain collaboration [10] - The emphasis on enhancing agricultural production capacity and quality is aimed at improving local specialties and boosting sales [9] - The commitment to strengthening grassroots governance and anti-corruption efforts is seen as essential for achieving the economic and social development goals of the "15th Five-Year Plan" [10]

Group 1 - The "14th Five-Year Plan" period has seen the Guangdong-Hong Kong-Macao Greater Bay Area's economic total surpass 14 trillion yuan, reflecting significant achievements in infrastructure and industrial collaboration [2][3] - The central government's focus on food security and agricultural policies has led to improved harvests, demonstrating the effectiveness of these initiatives in addressing challenges [2] - The "15th Five-Year Plan" period is identified as a critical time for solidifying foundations and making comprehensive efforts towards modernization by 2035 [4][5] Group 2 - The emphasis on high-quality development during the "15th Five-Year Plan" period aims to enhance economic construction, with a focus on building a world-class logistics supply chain [6] - The plan includes significant goals for technological self-reliance and innovation, with a call for advancements in key core technologies and the establishment of leading technology parks [6] - The agricultural sector is encouraged to improve production capacity and quality, with local initiatives aimed at enhancing the marketability of regional specialties [9][10] Group 3 - The plan stresses the importance of integrating development and security, with initiatives aimed at building a safer society and enhancing judicial effectiveness [7] - Local governments are urged to align their development strategies with national goals, focusing on economic centers and technological innovation [8] - The commitment to grassroots governance and anti-corruption measures is highlighted as essential for achieving the objectives of the "15th Five-Year Plan" [10]

Core Viewpoint - The emphasis on developing the real economy is crucial for China's modernization and industrial advancement, as highlighted by President Xi Jinping's remarks on maintaining a strong manufacturing sector [2][3]. Group 1: Importance of Real Economy - The real economy is identified as the foundation for national development, with a focus on industrial modernization and manufacturing capabilities [1][3]. - Companies like Luoyang Bearing Group have successfully transitioned to high-end products, with high-end bearing output accounting for 70% of their total production [1]. - The historical evolution of companies such as Yangquan Valve Co. illustrates the significance of technological innovation in revitalizing traditional industries [1]. Group 2: Commitment to Manufacturing - The need for unwavering dedication to the real economy is emphasized, with a call for companies to focus on their core business rather than seeking quick profits through capital operations [5]. - Companies in sectors like textiles and footwear are encouraged to enhance quality and brand recognition, contributing to the establishment of world-class industrial clusters [5]. Group 3: Innovation as a Competitive Edge - Innovation is highlighted as a key competitive advantage for enterprises, with examples from companies like XCMG and LiuGong showcasing their global leadership in engineering machinery through innovative products [7]. - The development of advanced technologies, such as the C919 aircraft and CR450 trains, reflects China's commitment to high-quality growth in the real economy [7]. Group 4: Economic Growth Metrics - Since the 14th Five-Year Plan, China's industrial added value has increased from 31.3 trillion yuan to 40.5 trillion yuan, maintaining the largest manufacturing scale globally for 15 consecutive years [9]. - The country boasts over 63 million enterprises, including 504,000 high-tech firms and 14,000 specialized small and medium-sized enterprises, indicating a robust and resilient real economy [9]. Group 5: Global Economic Position - China's manufacturing sector contributes over 30% to global manufacturing growth, and the country is set to remain the largest automobile exporter in 2024, with exports of new products exceeding 1 trillion yuan [10]. - The focus on strengthening the real economy enhances China's international industrial competitiveness and secures its development momentum [10].

Core Insights - The emphasis on technological modernization as a foundation for national strength and high-quality development is highlighted, with a focus on breakthroughs in "bottleneck" technologies during the 14th Five-Year Plan period [1][2] - The transformation of external pressures into opportunities for innovation and self-reliance is underscored, showcasing advancements in domestic technologies such as operating systems and high-end bearings [2][3] - The importance of a coordinated effort in tackling key technological challenges is emphasized, with a call for reforms to enhance the innovation ecosystem and empower enterprises [3][4] Group 1 - The breakthroughs in "bottleneck" technologies enhance national confidence and collective spirit, reflecting a resilient attitude towards external challenges [1][3] - The development of domestic operating systems and high-end bearings strengthens strategic autonomy in key industries, contributing to a more robust digital economy [2][3] - The shift from dependency to self-sufficiency in technology is evident, with significant advancements in lithium battery production and laser radar technology [2][3] Group 2 - The coordinated national effort in addressing technological challenges is crucial, leveraging the advantages of the new type of national system to focus on critical areas like integrated circuits and basic software [3][4] - The resilience of the Chinese industrial and supply chain is demonstrated through examples such as Huawei's recovery in chip development and Zhejiang Yiwu's export growth despite external pressures [3][4] - The recognition of China's innovation capabilities is reflected in its ranking in the Global Innovation Index, marking a significant milestone in the country's modernization journey [4]

Group 1 - Agricultural Bank of China is implementing policies to support large-scale equipment upgrades and technological transformations, establishing a collaborative mechanism to provide differentiated credit support [1] - By June 2025, Agricultural Bank has signed loan contracts exceeding 315 billion yuan for projects on the technology upgrade list, with a loan balance of over 115 billion yuan [1] - The bearing manufacturing industry is evolving towards precision, lightweight, and longevity, with companies like Anhui Sanduo Bearing Co., Ltd. planning to increase production capacity for high-end bearings used in robotics and intelligent equipment [1] Group 2 - Agricultural Bank's Anhui branch approved a 600 million yuan loan for Anhui Sanduo Bearing Co., Ltd., facilitating the upgrade of production lines and enhancing the company's competitiveness in the international market [2] - Ningbo Graphene Innovation Center Co., Ltd. is focusing on the research and application of graphene materials in the lithium battery industry, supported by over 150 million yuan in equipment upgrade loans from Agricultural Bank [2] - Jiangsu branch of Agricultural Bank is actively providing low-cost, long-term financing to local companies, such as Suzhou Likai Technology Co., Ltd., which is upgrading its production line for electric vehicle chassis [3]

Core Viewpoint - The Henan Provincial Government has issued a set of 36 policy measures aimed at promoting economic growth in the second half of 2025, focusing on stabilizing employment, businesses, markets, and expectations to ensure the completion of annual targets [5][7]. Group 1: Investment Expansion - Emphasis on major project investment, with a target of completing physical investment of 2.1 trillion yuan for the "Double Hundred Project" and over 1 trillion yuan for provincial key projects in 2025 [9]. - Establishment of a list of major projects eligible for local government special bonds to maximize their use as capital [10]. - Acceleration of policy-based fund allocation and usage, aiming for a 90% fund utilization rate for supported projects by the end of 2024 [10]. Group 2: Innovation and Industry Strengthening - Continuous deepening of enterprise service initiatives to optimize the business environment, with plans for 500 policy promotion events and 1,000 production-sales matching events in 2025 [14]. - Support for technology innovation in enterprises, with a target of exceeding 230 billion yuan in technology contract transaction volume in 2025 [15]. - Focus on cultivating key manufacturing industry clusters, aiming for an automotive production target of over 2 million units, including 1.4 million new energy vehicles by 2025 [15]. Group 3: Market Expansion - Implementation of consumption promotion activities, including a target of 50,000 vehicle scrappage and replacement and 8 million home appliance upgrades by 2025 [18]. - Development of cultural and tourism industries, with plans to enhance tourism infrastructure and promote events to attract visitors [19]. - Support for housing consumption through promotional activities and the construction of 56,600 affordable housing units by 2025 [19]. Group 4: Reform and Opening Up - Promotion of a unified national market, with 150 key tasks to be completed, including the removal of market access barriers [20]. - Enhancement of the business environment through the revision of relevant regulations and the establishment of a credit repair system [20]. - Coordination of urban-rural development, with a focus on improving infrastructure and public services in rural areas [20]. Group 5: Employment and Livelihood - Initiatives to stabilize employment, including organizing job fairs and training programs, with a target of creating over 1.1 million new urban jobs in 2025 [22]. - Implementation of public service improvement plans, including the establishment of new medical centers and enhancement of elderly care services [23]. - Strengthening of the social security network, with efforts to increase the minimum standards for basic pensions and improve access to social insurance [23]. Group 6: Safety and Risk Management - Measures to mitigate local government debt and financial risks, including the establishment of a system for direct allocation of special bonds [25]. - Stabilization of the real estate market through support for financing "white list" projects and ensuring the completion of housing deliveries by the end of 2025 [25]. - Focus on safety production and flood prevention, ensuring energy supply meets production and residential needs [26].