策 略 研 究 策略研究 / [Table_Date] 2025.12.01 2025-12-01 每周海内外重要政策跟踪（25/11/28） 本报告导读： 覆盖国内宏观（中央及各部委政策及表态）、大类产业、地方政策、以及海外重要 政策和事件。 投资要点： [Table_Summary] 国内宏观：11 月 24 日，中华全国供销合作社第八次代表大会召开； 央行公告将于 11 月 25 日开展 10000 亿元 MLF 操作，净投放达 1000 亿元。11 月 25 日，第十四届全国减轻企业负担政策宣传周启动； 国家数据局启动首批 12 家国有企业数据资源开发利用试点。11 月 26 日，商务部等六部门印发《关于增强消费品供需适配性进一步促 进消费的实施方案》的通知；国家发改委公布《信用修复管理办法》。 11 月 27 日，国务院总理李强主持召开国务院常务会议；国务院新 闻办公室发布《新时代的中国军控、裁军与防扩散》白皮书；国家 发展改革委举行 11 月份新闻发布会，回应"两重"建设、"十五五"规 划、基础设施 REITs 扩围等问题。 海 外 策 略 研 究 请务必阅读正文之后的免责条款部分 证 券 研 究 ...

每日经济新闻 （责任编辑：董萍萍 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 中信建投证券分析指出，AI大模型的发展重心正从纯粹的参数规模竞赛，转向追求更高的"能力密 度"和更优的架构效率。遵循"规模定律"的暴力计算模式因数据耗尽、能耗与成本激增而面临瓶颈，未 来竞争力将更取决于如何在更小参数规模下实现更强性能。这一转变有望降低算力门槛，使广大中小企 业能以更低成本接入AI技术，从而催生更广泛的产业应用和投资机会。 人工智能AIETF（515070）跟踪CS人工智能主题指数（930713），成分股选取为人工智能提供技 术、基础资源以及应用端个股，聚集人工智能产业链上中游，俗称"机器人"大脑"缔造者"，万物互 联"地基"。前十大权重股包括中际旭创、新易盛、寒武纪-U、中科曙光、科大讯飞、豪威集团、海康威 视、澜起科技、金山办公、紫光股份等国内科技龙头。 相关产品：人工智能AIETF（515070）、 ...

Investment Rating - The report rates the industry as "Overweight," indicating a positive outlook for the sector's performance compared to the overall market [61]. Core Insights - The report emphasizes the importance of AI Infrastructure (AI Infra) as a foundational system for AI workloads, which includes computing power, storage, and networking [5][11]. - The AI Infra market in China is projected to grow significantly, reaching CNY 3.45 billion in 2024 and CNY 6.73 billion in 2025, representing a year-on-year growth of 95.1% [7][10]. - Key players in the AI Infra space include both domestic and international companies, with a focus on data layer software and models [4][36]. Summary by Sections AI Infra Overview - AI Infra is defined as the hardware and software systems designed to support AI workloads, aiming for efficient and large-scale AI model training and inference [5][11]. - The infrastructure consists of several layers, including computing, storage, and networking, with a focus on optimizing AI model performance [8][11]. Market Growth and Trends - The AI Infra market is expected to see rapid growth, with a significant increase in the number of AI applications anticipated in 2024 [29][32]. - The demand for private deployment and data integration solutions is rising, particularly in sectors with stringent data security requirements [29][36]. Key Players and Technologies - Major players in the AI Infra market include Alibaba Cloud, Huawei Cloud, and various startups focusing on Machine as a Service (MaaS) [12][13]. - Technologies such as virtualization and containerization are central to the computing management layer, enhancing resource utilization and efficiency [12][22]. Investment Opportunities - The report identifies several investment targets across different categories, including AIGC applications, digital economy leaders, and data infrastructure [52][53]. - Companies like Snowflake and MongoDB are highlighted as international benchmarks for data layer software, with strong revenue growth trends [36][38]. Future Outlook - AI infrastructure providers are expected to maintain high growth potential due to their critical role in supporting AI applications and the increasing integration of AI into traditional industries [51].

◎记者 仲茜 谭镕 11月26日至29日，第十届世界智能制造大会在江苏南京举行。会上，全国首批15家"领航级智能工厂"名 单公布，15位智能工厂负责人联合发出倡议，以开放共享、协同创新、探索未来的行动和决心，加速构 建具有全球影响力的智能制造新模式。 大会吸引国内外智能制造工厂实践者、供应商与专家学者汇聚一堂，共话智能制造的发展与未来。"每 一次工业革命总有一种共性的赋能技术，它能够赋能先进制造，引领和推动工业产业整体实现革命性的 转型升级。"国际智能制造联盟荣誉主席、中国工程院院士周济在主旨演讲中表示，今后十年，我国的 智能制造发展可分为两个阶段，第一个阶段是规上企业基本实现数字化转型，第二个阶段是智能制造 2.0基本在规上企业中普及。 全国首批15家"领航级智能工厂"名单公布 活动现场，宝钢股份、上海航天设备、徐工集团、南钢股份等首批15家领航级智能工厂主要负责人集体 亮相，并共同发起领航行动计划联合倡议，倡导以领航工厂为纽带，汇聚创新力量，共谱制造强国新篇 章。 在他看来，智能制造2.0将重塑制造业的技术体系、生产模式、产业形态，并将引领真正意义上的工业 4.0，实现第四次工业革命。 "以开放共享的态度 ...

Core Points - The Shenzhen State-Owned Enterprises Shareholder Return Index (470064) closed at 2212.99 points, up 0.51% with a trading volume of 16.404 billion yuan and a turnover rate of 0.67% [1] - Among the index constituents, 36 stocks rose while 12 fell, with China Steel International leading the gainers at 2.67% and China Merchants Shekou leading the decliners at 2.63% [1] Index Constituents Summary - The top ten constituents of the Shenzhen State-Owned Enterprises Shareholder Return Index include: - BOE Technology Group (9.31% weight, latest price 3.86, market cap 144.418 billion yuan) in the electronics sector - Hikvision (7.97% weight, latest price 30.02, market cap 275.129 billion yuan) in the computer sector - Wuliangye Yibin (7.71% weight, latest price 117.85, market cap 457.448 billion yuan) in the food and beverage sector - Luzhou Laojiao (6.59% weight, latest price 135.88, market cap 200.007 billion yuan) in the food and beverage sector - XCMG Machinery (5.75% weight, latest price 10.32, market cap 121.291 billion yuan) in the machinery sector - Changan Automobile (3.88% weight, latest price 11.94, market cap 118.374 billion yuan) in the automotive sector - Shenwan Hongyuan (3.84% weight, latest price 5.15, market cap 128.956 billion yuan) in the non-banking financial sector - Yunnan Aluminum (3.81% weight, latest price 24.70, market cap 85.659 billion yuan) in the non-ferrous metals sector - Yanghe Brewery (3.37% weight, latest price 66.20, market cap 99.727 billion yuan) in the food and beverage sector - Tongling Nonferrous Metals (3.18% weight, latest price 5.10, market cap 68.388 billion yuan) in the non-ferrous metals sector [1] Capital Flow Analysis - The net inflow of main funds into the index constituents totaled 56.5973 million yuan, while speculative funds saw a net outflow of 69.8164 million yuan, and retail investors had a net inflow of 13.2191 million yuan [3] - Notable capital flows include: - Changan Automobile experienced a main fund net outflow of 54.1716 million yuan - China Steel International had a main fund net inflow of 31.1027 million yuan - Hikvision saw a main fund net inflow of 27.5848 million yuan [3]

Market Overview - The computer equipment sector increased by 0.67% on November 28, with Zhongrun Optics leading the gains [1] - The Shanghai Composite Index closed at 3888.6, up 0.34%, while the Shenzhen Component Index closed at 12984.08, up 0.85% [1] Top Gainers in Computer Equipment Sector - Zhongrun Optics (688307) closed at 42.48, up 6.84% with a trading volume of 61,200 shares and a transaction value of 254 million [1] - Meian Technology (300275) closed at 13.36, up 5.86% with a trading volume of 188,300 shares and a transaction value of 247 million [1] - Tangyuan Electric (300789) closed at 25.21, up 5.75% with a trading volume of 21,600 shares and a transaction value of 53 million [1] - Jiayuan Technology (301117) closed at 51.06, up 5.39% with a trading volume of 307,100 shares and a transaction value of 1.543 billion [1] Top Losers in Computer Equipment Sector - Shengshi Technology (002990) closed at 30.03, down 1.96% with a trading volume of 62,800 shares and a transaction value of 188 million [2] - Anjubao (300155) closed at 5.80, down 1.69% with a trading volume of 139,400 shares and a transaction value of 80.9 million [2] - Hengwei Technology (603496) closed at 28.93, down 1.57% with a trading volume of 116,400 shares and a transaction value of 33.9 million [2] Capital Flow Analysis - The computer equipment sector experienced a net outflow of 595 million from institutional investors, while retail investors saw a net inflow of 384 million [2] - The sector's overall capital flow indicates a mixed sentiment, with institutional investors withdrawing funds while retail investors are actively buying [2] Individual Stock Capital Flow - Electric Science Network Security (002268) had a net inflow of 48.44 million from institutional investors, but a net outflow of 42.10 million from retail investors [3] - Meian Technology (300275) saw a net inflow of 36.00 million from institutional investors, with retail investors experiencing a net outflow of 36.01 million [3] - Jiayuan Technology (301117) had a net inflow of 24.72 million from institutional investors, while retail investors faced a net outflow of 29.80 million [3]

每经记者｜刘艳美 每经编辑｜杨欢 浙江日报消息，高水平建设"航运浙江"推进会11月27日在杭州召开，以促进有效降低全社会物流成本、推动内 河航运高质量发展。一批成效突出的交通运输结构调整"公转水"项目同时签约。 报道指出，2025年是"航运浙江"建设开局之年，浙江省已编制浙江省内河干线航道网规划，构建"五纵八横十 干"布局，规划二级航道1400公里，为项目落地和资金争取提供了关键依据。同时，发布内河高等级航道技术指 引2.0版，通过技术创新实现"不征地、少占地"。海河联运通道扩能升级取得新突破，四大海河联运通道协同推 进，瓯江航道加速贯通，温丽集装箱海河联运常态化运行，衢州港吞吐量有望突破1000万吨。 解读：浙江是海运大省，也是水运大省，坐拥世界第一大港和京杭运河等水运体系，兼具江河湖海禀赋优势。 去年，宁波舟山港货物吞吐量连续16年居全球第一，集装箱吞吐量连续7年居全球第三，仅次于上海和新加坡。 不仅如此，浙江全省内陆地市全部通江达海，内河航道近9800公里，国家高等级航道里程约1600公里，排名全 国第四。 既然如此，浙江为何还要进一步强调内河航运？ 从全国视野来看，内河航运是横贯东西、连接南北的重要通 ...

Core Insights - The AI industry is undergoing a significant revolution, comparable to the Industrial Revolution, requiring a long-term perspective for observation [2] - The China Securities Artificial Intelligence Theme Index (930713) has shown positive performance, with notable increases in constituent stocks [1][3] Group 1: Market Performance - As of November 28, 2025, the China Securities Artificial Intelligence Theme Index (930713) rose by 0.65%, with key stocks like Xinyi Technology (300502) increasing by 4.17% and Hengxuan Technology (688608) by 4.13% [1] - The AI Artificial Intelligence ETF (512930) also saw a rise of 0.64%, with the latest price at 2.06 yuan [1] Group 2: Industry Development - The National Energy Administration has initiated a "Artificial Intelligence + Energy" pilot program, focusing on eight major scenarios and 37 key tasks to enhance the integration of AI in the energy sector [1] - CITIC Construction Investment Securities expresses optimism regarding the demand for AI computing power and applications, highlighting the need for significant investment in AI models for commercial realization [2] Group 3: Index Composition - As of October 31, 2025, the top ten weighted stocks in the China Securities Artificial Intelligence Theme Index (930713) accounted for 63.29% of the index, including companies like Zhongji Xuchuang (300308) and Cambricon Technologies (688256) [3] - The AI Artificial Intelligence ETF closely tracks the China Securities Artificial Intelligence Theme Index, which includes 50 companies involved in providing resources, technology, and application support for AI [2]

中国发展网讯 11月27日，2025世界智能制造大会在南京开幕。 2025世界智能制造大会以"数智驱动 新质领航"为主题，举办1场主题大会、1场市场化展览、12场专题活动、16场同期产业生态活动，持续构建国际化、高 端化、专业化的全球智能制造交流合作平台，通过全面展示智能制造领域的最新成果，深度探讨技术突破与产业变革的融合路径，为全球制造业高质量发展 注入源源不断的动能与活力。 大会现场 领航级智能工厂是当前工业和信息化部等六部门正在实施的"智能工厂梯度培育行动"中探索培育的最高层级，主要聚焦数字化转型、网络化协同和智能化变 革开展建设，旨在探索未来制造模式，打造全球领先的发展标杆。主题大会现场，宝钢股份、上海航天设备、徐工、南钢、镇海炼化、海康威视、潍柴动 力、青岛海尔、长飞光纤、武汉京东方、中联重科、格力电器、上海通用五菱、中海油海南分公司、成飞集团等首批15家领航级智能工厂主要负责人首次集 体亮相，并共同发起领航行动计划联合倡议，倡导以领航工厂为纽带，汇聚创新力量，共谱制造强国新篇章。 主题大会上，还举行了新一届国家智能制造专委会聘任仪式，重磅发布2025智能制造系列蓝皮书、2025年度世界及中国智能制 ...

Group 1 - The "2025 World Intelligent Manufacturing Conference" was held in Nanjing, where Hikvision's "mass personalized customization intelligent factory" was recognized as one of the first "leading intelligent factories" [1] - The initiative aims to explore new manufacturing forms and establish globally leading benchmarks in intelligent manufacturing, supported by six government departments [1] - Hikvision's intelligent factory is set to produce 256 million smart IoT products in 2024, with over 30,000 hardware product models and an average of 10,000 orders processed daily, reflecting a production model of "multiple varieties, small batches, and large-scale customization" [1][2] Group 2 - Hikvision aims to address production challenges with a focus on "flexibility, efficiency, and agility," utilizing self-developed IoT sensing, AI, and big data technologies to create a comprehensive intelligent factory technology system [2] - The intelligent factory features a fully automated production line for smart cameras, achieving a 243% efficiency increase compared to traditional lines through highly coordinated operations [2] - The recognition of Hikvision as a benchmark in intelligent manufacturing highlights its role in leading the digital transformation of various industries, providing replicable and scalable solutions for high-quality manufacturing upgrades [3]