政策解读：激发数字经济创新活力，推动智能终端产业再迎新周期

Investment Rating - The report emphasizes the importance of boosting consumption and expanding domestic demand as the primary task for economic and social development in 2025 [2][4]. Core Insights - The report highlights the government's focus on stimulating consumption and enhancing investment efficiency to promote economic recovery, with specific measures such as a special long-term bond of 300 billion yuan to support the replacement of consumer goods [2][4]. - It identifies the rapid growth of digital consumption as a key driver for the smart terminal industry, with increasing demand for virtual reality (VR), augmented reality (AR), and other digital content [3][4]. - The report outlines a clear path for the innovation and development of the digital economy, emphasizing the integration of artificial intelligence (AI) with manufacturing and market advantages to drive industry upgrades [5][6]. Summary by Sections Section 1: Consumption Boosting Actions - The report states that the government will implement special actions to stimulate consumption, including a 300 billion yuan initiative to support the replacement of consumer goods [2]. - Data from the National Bureau of Statistics indicates that China's total retail sales of consumer goods reached 48,789.5 billion yuan in 2024, growing by 3.5% year-on-year [2]. - The introduction of old-for-new replacement policies for smart terminals is expected to lower consumer costs and tap into potential consumer groups [2][4]. Section 2: Technological Innovation Driving Industry Upgrade - The report emphasizes the need for continuous promotion of the "AI+" initiative, encouraging enterprises to increase R&D investment and accelerate technological innovation [5][6]. - China accounted for over 61.1% of global AI patents, indicating its leading position in AI technology development [6]. - The smart terminal industry is expected to benefit from advancements in AI, particularly in sectors like smart connected vehicles and smartphones, with significant sales growth projected [7][8]. Section 3: Challenges and Future Outlook - Despite the promising outlook for the smart terminal industry, challenges such as reliance on imported core technologies remain [8]. - The report suggests that the industry must adapt to market changes, enhance R&D efforts, and optimize supply chains to maintain stable growth [9]. - With ongoing policy support and technological breakthroughs, the smart terminal industry is anticipated to enter a new development cycle by 2025 [9].