新科创体系构筑中国新叙事逻辑

Core Insights - The emergence of DeepSeek marks a new narrative for China, breaking the high-cost investment monopoly of the American AI model [1] - The rise of concepts like "Six Little Dragons" in Hangzhou and "Eight Great Kings" in Shenzhen signifies a broader phenomenon of China's narrative and model emergence [1] - The foundation of China's narrative logic is rooted in a new path for its sci-tech system, creating competitive miracles [1] Group 1: Market and Innovation - China's market is not only a value market but also a super new market integrating capital, technology, and data [1] - The talent and engineering advantages in China are becoming increasingly evident, enhancing its position in the fourth industrial and technological revolution [1] - The transformation from "Made in China" to "Innovated in China" and "Intelligent Manufacturing in China" is underway [1] Group 2: Economic Context and Challenges - The shift in the U.S. narrative logic is a core factor influencing China's narrative changes, with U.S. investors seeking alternative investment havens due to high risks [2] - China must possess strong micro-financial foundations for asset revaluation, as current ROE levels remain historically low despite recent recoveries [2] - Overcapacity in China is severely limiting technological progress, and the AI sector may face potential bubbles [2] Group 3: Policy and Strategic Development - Balancing market models, financial sustainability, and market clearing is crucial for China to find a new path [3] - The governance of the third round of overcapacity must maintain the essence of the "Chinese model" rather than simply copying foreign solutions [3] - The formation of new models is essential for establishing China's valuation effect, making market structure and order governance a strategic task [3]