Email: liying1@wlzq.com.cn 进一步推动 AI 赋能千行百业，加快形成新质生产力，提升劳动生产率，供给智能经济 增长动能。 l 全面夯实算力底座，拓展垂直应用场景：1）算力底座方面，《实施意见》中对于 算力底座更强调底层芯片与通用大模型的"研发"与"探索"，以打造通用人工智能算 力生态，而《措施》则要求全面夯实人工智能产业底座，具体任务包括从芯片、软件到 算法产业矩阵全方位的迭代升级，并提出适度超前部署算力网络建设，意味着智能算力 设施的建设从底层技术探索逐步进入规模扩张阶段，智算覆盖能力有望显著提升，为 AI 赋能千行百业提供强大算力底座支持。2）应用场景方面，《实施意见》侧重于构建通用 AI 平台，《措施》则进一步明确 AI 赋能千行百业的具体路径与应用场景，包括在手机、 计算机、家居、机器人等 8 大门类，打造 100 款以上大规模使用的智能终端产品，以及 聚焦制造、教育、养老等领域，打造 500 个以上应用场景，提升各行各业劳动生产率。 l 投资建议：广东省推动 AI 赋能千行百业，旨在加快智能经济发展。我们建议关注 国内 AI 产业链加速建设背景下，数据要素产业链、国产算力& ...

Investment Rating - The industry investment rating is "Outperform the Market," indicating an expected relative increase of over 10% in the industry index compared to the broader market within the next six months [8]. Core Insights - The Guangdong Provincial Government has issued measures to empower AI across various industries, aiming for the AI core industry scale to exceed 300 billion yuan by 2025 and 440 billion yuan by 2027 [1]. - The AI industry in Guangdong is rapidly growing, with an expected core industry scale of nearly 180 billion yuan in 2023, reflecting an approximate 18% year-on-year growth [2]. - The measures aim to strengthen the AI industry's development advantages and complete the industrial chain, facilitating the transformation into new economic growth drivers [2]. - The focus is on building a robust AI infrastructure, including advancements in chips, software, and algorithms, to support the widespread application of AI in various sectors [2]. - Specific application scenarios are outlined, targeting eight major categories such as mobile phones and robotics, with plans to develop over 100 widely used smart terminal products and 500 application scenarios in fields like manufacturing and education [2]. Summary by Sections Industry Growth - Guangdong's AI industry is projected to grow significantly, with a core industry scale of nearly 180 billion yuan in 2023, marking an 18% increase year-on-year [2]. - The number of AI-related enterprises in Guangdong reached 244,800 by May 2024, a year-on-year increase of 8.4% [2]. Policy Measures - The recent measures build upon previous policies to accelerate the formation of new productive forces, emphasizing the construction of a national AI computing power hub and innovation ecosystems [2]. - The measures specify tasks for solidifying the AI infrastructure, including the development of foundational technologies and platforms [2]. Investment Recommendations - The report suggests focusing on the accelerated construction of the domestic AI industry chain, particularly in data elements, domestic computing power, and storage demands, as well as the rapid deployment of applications in AIGC and intelligent driving [3].

Core Insights - The tourism industry is steadily recovering during the Dragon Boat Festival, with a total of 110 million domestic tourists, representing a year-on-year increase of 6.3%, and total spending of 40.35 billion yuan, up 8.1% year-on-year [26][21] - The demand for tourism is normalizing, with a significant portion of travelers being young people, particularly those born in the 2000s, who accounted for 37% of travelers, showing a nearly 30% increase in travel numbers compared to last year [21][8] - Cultural trends, particularly the resurgence of traditional Chinese culture, are driving tourism experiences, with many tourists engaging in activities related to national customs and heritage [21][8] Market Review - The A-share market showed mixed results, with the Shanghai Composite Index closing up 0.31% and the Shenzhen Component Index up 0.08%, while the ChiNext Index fell by 0.44% [29][13] - The total trading volume in the Shanghai and Shenzhen markets reached 690 billion yuan, with a net outflow of 3.335 billion yuan from northbound funds [29][13] - In the Hong Kong market, the Hang Seng Index fell by 1.31%, and the Hang Seng Tech Index dropped by 1.71% [29][15] Economic Indicators - In May, China's Consumer Price Index (CPI) rose by 0.3% year-on-year, with a core CPI increase of 0.6%, indicating a stable consumption market [14][7] - The green electricity consumption in China exceeded 180 billion kilowatt-hours in the first five months of the year, with a year-on-year growth of 327% [14][7]

[Table_RightTitle] 证券研究报告|社会服务 行 [Table_Title] [Table_IndustryRank] 业 端午假期旅游业稳步恢复，国潮文化引领出 强于大市 研 (维持) 究 游体验 [Table_ReportType] [Table_ReportDate] ——社会服务行业快评报告 2024年06月12日 [事Ta件ble：_S ummary] [行Ta业ble相_C对ha沪rt] 深 300 指数表现 端午节假期收官，经文旅部数据中心测算，假期3天全国国内旅 游出游合计1.1亿人次，同比增长6.3%；国内游客出游总花费 社会服务 沪深300 10% 403.5亿元，同比增长8.1%。 5% 0% 行 -5% -10% -15% 业 投资要点： -20% -25% 快 -30% 评 ⚫ 旅游人次收入齐超疫前，人均支出有待恢复。相较于五一黄金周 -- 43 05 %% -45% （出游人次、出游总花费同比分别增长7.6%/12.7%），今年端 报 午节假期出游人次及旅游收入同比增速均小幅回落，但整体规模 告 已超过疫前，出游人次较2019年同期增长14.61%，出游总花费 数据 ...

[Table_Title] 万联晨会 核心观点 | --- | --- | --- | |---------------------------------------|------------------------|--------| | [Table_InnerMarketIndex] 国内市场表现 | \n指数名称 收盘 涨跌幅 | % | | 上证指数 | 3,028.05 | -0.76% | | 深证成指 | 9,262.35 | 0.07% | | 沪深 300 | 3,542.88 | -0.87% | | 科创 50 | 755.83 | 2.43% | | 创业板指 | 1,787.30 | 0.35% | | 上证 50 | 2,423.62 | -1.37% | | 上证 180 | 7,770.51 | -1.15% | | 上证基金 | 5,990.60 | -0.07% | | 国债指数 | | | Email: liying1@wlzq.com.cn [Table_Content] 核心观点 【重要新闻】 保障新能源消纳，推动新型电力系统建设 具体来看《通知》提出了 4 项重 ...

[Table_RightTitle] 证券研究报告|计算机 行 [Table_Title] [Table_IndustryRank] 业 智谱 AI 宣布全模型矩阵降价，AI 应用有望 强于大市 研 (维持) 究 加速落地 [Table_ReportType] [Table_ReportDate] ——计算机行业周观点(06.03-06.09) 2024年06月11日 [行Ta业bl核e_心Sum观ma点ry：] [行Ta业ble相_C对ha沪rt] 深 300 指数表现 上周沪深300指数下跌0.16%，申万计算机行业下跌4.89%，落后于指数 计算机 沪深300 4.72pct，在申万一级行业中排名第27位。本周建议重点关注人工智能、 20% 大模型产业产品技术更新、AIGC应用和数智生态应用的投资机会。 10% 0% 行 投资要点： -10% 业 -20% 周 产业动态：（1）人工智能：6月5日消息，智谱AI宣布全模型矩阵降价， -30% -40% 观 同时开源了GLM-4-9B 系列模型，其包含基座模型、视觉模型，以及不 -50% 点 同上下文长度的 Chat 模型。（2）人工智能：6月7日消息，生数 ...

[Table_RightTitle] 证券研究报告|通信 行 [Table_Title] [Table_IndustryRank] 业 强于大市 研 关注算力及卫星互联网产业链 (维持) 究 [Table_ReportType] [Table_ReportDate] ——通信行业周观点(06.03-06.09) 2024年06月11日 [行Ta业ble核_S心um观m点ar：y] [行Ta业ble相_C对ha沪rt] 深 300 指数表现 上周（6.3-6.7）沪深300指数下跌0.16%，申万通信行业指数下跌2.46%， 在31个申万一级行业中排名第13位，跑输沪深300指数2.30个百分 通信 沪深300 15% 点。建议重点关注人工智能、光模块、卫星互联网等细分板块投资机会。 10% 5% 行 0% -5% 投资要点： 业 -10% -15% 周 产业动态：（1）运营商：近日，中国移动在广东深圳-东莞成功开通了 -20% -25% 观 全球首个800G空芯光纤传输技术试验网。（2）云服务：近日，IDC发布 -30% -35% 点 了《中国专属云服务市场（2023下半年）跟踪》报告。报告显示，2023 年 ...

[Table_RightTitle] 证券研究报告|交通运输 行 [Table_Title] [Table_IndustryRank] 业 强于大市 研 低空经济产业链梳理之总览篇 (维持) 究 [Table_ReportType] [Table_ReportDate] ——交通运输行业深度报告 2024年06月11日 [行Ta业ble核_S心um观m点ar：y] [行Ta业ble相_C对ha沪rt] 深 300 指数表现 中央经济工作会议以及两会均首次提及低空经济，明确其战 略新兴产业地位，低空经济产业链涉及领域广泛，市场空间 交通运输 沪深300 10% 广阔，发展潜力大，我国低空经济尚处于起步阶段，低空空 5% 行 域管理改革持续深化为低空经济发展奠定基础条件，低空制 0% 业 造环节以无人机发展为主导、eVTOL加速发展驱动技术创 -5% -10% 深 新，以市场需求为牵引，低空运营应用领域不断拓宽并加 -15% 度 深，低空基础设施建设是其发展的保障，我国多地已经发布 -20% 报 关于支持低空经济发展的相关支持政策，通航机场及起降点 告 等建设先行推进。建议积极关注低空经济基础设施领域相关 数据来 ...

Investment Rating - The industry investment rating is "Outperform the Market" [9] Core Viewpoints - The Computex 2024 event showcased significant advancements in the AIPC (AI Personal Computing) industry, with major companies like Nvidia, AMD, and Qualcomm presenting their latest innovations and product launches [2][3] - Continuous innovation in edge AI chips is solidifying the hardware foundation for AIPC, with AMD's Ryzen AI 300 series APU achieving 50 TOPS, Qualcomm's Snapdragon X series reaching 45 TOPS, and Intel's Lunar Lake architecture promising a 3x increase in AI performance while reducing power consumption by 40% [3] - The application ecosystem for AIPC is becoming increasingly robust, with new products being launched, such as Microsoft's Copilot+ and Nvidia's support for it through their RTX series graphics cards, indicating a growing maturity in AIPC applications [3] Summary by Sections Event Overview - Computex 2024 took place from June 4 to 7 in Taipei, focusing on AI integration and featuring around 1500 exhibitors, including major international companies [2] AI Chip Innovations - AMD, Qualcomm, Intel, and MediaTek have all introduced new AI chips, enhancing local deployment capabilities for AI applications on PCs [3] Application Ecosystem Development - The introduction of AI assistants and support for high-performance computing in new PC products indicates a trend towards a more mature AIPC ecosystem [3] Investment Recommendations - The report suggests focusing on companies that are proactively positioning themselves in the AIPC sector, including hardware manufacturers and application developers, as the demand for upgrades is expected to rise in the latter half of the year [4]

[Table_RightTitle] 证券研究报告|传媒 行 [Table_Title] [Table_IndustryRank] 业 《黑神话：悟空》开启预购登顶 Steam 全球 强于大市 研 (维持) 究 热销榜，6 月 15 款进口游戏版号过审 [Table_ReportType] [Table_ReportDate] ——传媒行业周观点(06.03-06.09) 2024年06月11日 [行Ta业ble核_S心um观m点ar：y] [行Ta业ble相_C对ha沪rt] 深 300 指数表现 上周传媒行业（申万）下跌 4.75%，居市场第26 位，跑输沪深 300 指 数。《黑神话：悟空》开启预购，登顶 Steam 全球热销榜。6月8 日， 传媒 沪深300 10% 《黑神话：悟空》开启了预售，此次预售上架多端商店，包Steam、PSN 0% 商店以及WeGame，Steam国区标准版售价268元，含有外观及音乐等物 行 -10% 品补充包的数字豪华版售价 328元。预售开启当天，《黑神话：悟空》 业 -20% 超越《CS 2》等免费游戏，登顶Steam全球热销榜。截至6月9日，依 -30% 周 然位 ...