Modern Industrial System Construction - The key to modern industrial system construction lies in technological innovation, which empowers industrial development, transforms traditional industries, and fosters emerging and future industries[2] - Traditional industries account for over 80% of China's industrial added value, with sectors like automotive, steel, and textiles maintaining strong international competitiveness[5] - Strategic emerging industries are targeted to contribute over 17% of GDP by 2025, focusing on sectors like new-generation IT, biotech, and new energy vehicles[8] Manufacturing and Investment Trends - China's manufacturing sector has been the world's largest for 14 consecutive years, with a product quality qualification rate of 93.65% in 2023[8] - Manufacturing investment grew by 9.4% year-on-year in the first two months of 2023, with equipment manufacturing and high-tech manufacturing investments increasing by 14.3% and 10% respectively[8] Service Industry Development - Modern service industries are divided into producer services and consumer services, with a focus on enhancing industrial innovation and efficiency[11] - The government emphasizes the development of modern producer services, aiming to cultivate internationally competitive service enterprises[11] Agriculture and Infrastructure - Modern agriculture aims to ensure food security and upgrade rural industries through technological breakthroughs[12] - Modern infrastructure focuses on digital transformation, intelligent upgrades, and the construction of new energy systems[12] Digital Economy Integration - The integration of the real economy and digital economy is a key task in building a modern industrial system[13] - Digital industrialization and industrial digital transformation are prioritized, with efforts to enhance digital infrastructure and foster new business models[15] Credit Rating Agencies' Role - Credit rating agencies should support bond financing for tech innovation enterprises and strategic emerging industries[15] - Agencies need to accelerate digital and intelligent transformation, forming new productive forces in the rating field[17] - International collaboration and technology exchange are essential to overcome the "bottleneck" in domestic rating technologies[17] Technological Advancements in Ratings - The use of AI, big data, and blockchain can significantly enhance the efficiency and accuracy of credit rating processes[21] - Developing specialized rating models for tech innovation enterprises can better support their financing needs[21]

政策解读 大公国际：更高起点、更高目标、更强动力，推动中部 技术研究部（研究院） 涂文婕 刘金贺 2024 年 3 月 26 日 一、新时代背景下，从三个维度理解更高起点促进中部地区崛起 中部崛起是国家在新阶段针对不断变化的国内外经济、政治环境，统筹考虑 国内区域发展的需要，站在全局的高度，在促进地区均衡发展的角度上，作出的 重大战略部署。新时代背景下，随着中部区域经济总体平稳，创新发展动能不断 增强，产业基础明显改善，中部地区发展站到了更高起点上，同时要看到，推动 中部地区崛起仍面临不少困难和挑战。 宏观经济 政策解读 二是，中部地区经济发展差距不断缩小。实行中部崛起战略的重要目的在于 促进中部地区繁荣，解决区域发展不平衡问题，缩小地区间的经济差距。中部崛 起战略实施以来，中部地区凭借区位、政策、资源等优势，经济社会稳健发展， 与东部地区的经济差距不断缩小。从经济水平来看，近年来中部地区与东部地区 人均 GDP 差距逐渐缩小，中部地区人均地区生产总值由 2019 年的 6 万元增长到 2023 年的 7.4 万元，与全国人均 GDP 差距逐年缩小。从产业发展来看，长期以 来，中部地区产业结构偏重，第二产业占 ...

Group 1: Overview of Small and Medium Banks - Small and medium banks play a crucial role in serving "small and micro" enterprises, agriculture, and the real economy, significantly impacting regional economic and financial market development[1] - As of now, there are 3,912 small and medium banks in China, with total assets of 110 trillion yuan, accounting for 28% of the total banking industry assets[17] - The outstanding loans for agriculture and small enterprises are 21 trillion yuan and 29 trillion yuan, representing 38% and 44% of the banking industry's respective loans[17] Group 2: Risk Management and Restructuring - The overall risk level of small and medium banks is controllable, with a low proportion of high-risk banks, indicating a stable risk management environment[11] - The restructuring of small and medium banks is a key method for risk mitigation, enhancing corporate governance, and improving risk resistance capabilities[10] - In 2023, 337 banks were rated in the "red zone," with total assets of 6.63 trillion yuan, accounting for 1.72% of the assets of evaluated banks, showing a significant reduction from the peak in 2019[18] Group 3: Government Role and Future Outlook - Local governments are crucial in promoting the restructuring process by addressing non-performing assets and enhancing capital strength[21] - The ongoing trend of mergers and acquisitions among small and medium banks is expected to stabilize and further mitigate risks in the future[11] - The central government has emphasized the importance of timely risk management for small financial institutions as a priority in its annual work plan[14]

前沿探索 前沿探索|人工智能行业 人工智能行业 大公国际：新质生产力背景下，AI 大模型赋能评级行 业数字化转型的关键要素 文/白 迪 摘要 2024年，全国“两会”《政府工作报告》首次提及“人工智能”，指出要加快发展新 质生产力，深化大数据、人工智能等研发应用，开展“人工智能+”行动，打造具有国际 竞争力的数字产业集群，反映政府希望以科技赋能产业，在新旧动能转换过程中创造新 的增长点。人工智能技术作为新质生产力的代表，近年来迅速迭代、优化，叠加在实际 应用场景中的加速渗透，有望带来新的生产力变革。本文基于马克思主义生产力理论， 站在新质生产力三大核心要素的角度，通过对 AI 大模型原理的简单梳理以及大模型在 赋能产业发展方面的初步进展，总结提炼出 AI 大模型赋能评级行业的三大关键要素， 即同时具备人工智能应用技术和高水平评级技术的专业人才、能够对标评级应用场景的 AI大模型以及巨量级数据资源，以此，为评级行业数字化转型提供一些启示。 正文 生产力是具有劳动能力的人和生产资料相结合而形成的改造自然的能力，而“新质” 生产力的本质是先进生产力，强调通过技术革命性突破、生产要素创新性配置以及产业 转型升级实现生 ...

热点研究 刘金贺 涂文婕| 技术研究部（研究院） | liujinhe@dagongcredit.com 2024 年 3 月 14 日 为提振国内投资和消费增长，国务院近日出台了《推动大规模设备更新和消 费品以旧换新行动方案》（以下简称《行动方案》），提出要利用中央和政府资金 鼓励消费者和企业更新设备和消费品，宣布将实施设备更新、消费品以旧换新、 回收循环利用、标准提升四大行动，大力促进先进设备生产应用，推动先进产能 比重持续提升，推动高质量耐用消费品更多进入居民生活，畅通资源循环利用链 条，大幅提高国民经济循环质量和水平。《行动方案》涵盖了设备更新和消费品 生产的众多产业，且给出了相应的政策支持保障。《行动方案》的落地和实施离 不开金融领域的支持，作为资本流动风向标的评级机构在引导资本资源配置等方 面发挥积极作用。 一、《行动方案》明确了设备更新和消费品以旧换新的重点行业和长期目标， 提出的四大行动相辅相成，配套的支持政策明晰有力。 首先，《行动方案》的四大行动相辅相成，其核心在于设备更新和消费品以 旧换新，回收循环利用和标准提升则分别为前两个行动的实施提供了保障和标准。 高标准的设备更新为相关产业的投资 ...