山西证券刘军：经济高质量发展扎实推进

Economic Overview - In 2024, China's economy is expected to operate steadily, with a notable recovery driven by a package of incremental policy measures implemented by the end of September [1] - The focus on high-quality economic development is advancing, particularly in the context of new productive forces [1] Artificial Intelligence Industry - The competitiveness of the artificial intelligence industry ranks among the top globally, transitioning from quantity to quality [1] - As of November 17, 2024, the number of domestic large models registered reached 252, an increase of 190 compared to the end of last year [1] - Future developments in AI will include the adoption of liquid cooling technology under the "dual carbon" guidelines, expanding from kilowatt clusters to megawatt clusters, and creating super-large-scale intelligent computing centers [1] Telecommunications Sector - The telecommunications industry is experiencing a new round of upgrades and demand release in 2024, contributing significantly to high-quality economic development [1] - The sector is actively involved in major projects such as urban sewage pipeline renovations and ecological safety protection, providing information solutions and reliable network support [2] - The focus on large-scale equipment updates and consumer product replacements is generating new opportunities for telecommunications companies and enhancing consumer access to green energy products [2] Automotive Industry - Overall, China's automotive sales are projected to grow steadily, with a year-on-year increase of 3.7% from January to November 2024 [2] - Key drivers include the effects of vehicle scrappage and replacement policies, with nearly 2.7 million vehicles scrapped and over 3.1 million replaced, supporting market stability [2] - Automotive exports are maintaining rapid growth, with sales reaching 5.345 million units from January to November 2024, a 21.2% increase year-on-year [2] - The penetration rate of new energy vehicles has surpassed 50% for the first time in July 2024 [2] Smart Connected Vehicles - Smart connected vehicles are positioned as a critical component of the new technological revolution and industrial transformation, with expected rapid development supported by national policies [3] Future Outlook - For 2025, macro policies are anticipated to be proactive and systematic, with a primary focus on expanding overall demand and effectively managing risks in key areas [3] - High-quality development will continue to be a priority alongside growth stabilization [3]