新动能驱动“科特估”为资本市场“排头兵”

Group 1: Economic Context - The ongoing tariff war is characterized as a "protracted battle," significantly impacting global demand and economic growth trajectories for various countries[1] - The trade conflict between China and the U.S. is expected to persist until internal economic issues in the U.S. and global growth concerns are resolved[1] - The tariff war has profound implications for global economic structures, suppressing investment and consumer demand[1] Group 2: Technology and Domestic Demand - By the end of 2024, the core value added of the digital economy is projected to account for approximately 10% of China's GDP[2] - China's KTI manufacturing output has more than doubled from 2012 to 2022, increasing its global share from 22% to 34%[2] - The domestic market for "localization" is expected to expand significantly, particularly in high-tech and agricultural products, as U.S. tariffs reduce the competitiveness of American goods[2] Group 3: Infrastructure and Innovation - The construction of technological infrastructure is essential for enhancing national competitiveness and driving digital economic growth[3] - A robust data-sharing and computing power framework is critical for the advancement of the digital economy and mitigating geopolitical risks[3] - China's technological products are gaining global competitiveness through sustained R&D investment and policy support, leading to a comprehensive lead in patents, sales, and standards in various high-tech fields[3] Group 4: Capital Market Dynamics - Foreign investment institutions are increasingly optimistic about Chinese technology companies, with many raising their holdings in Chinese stocks[5] - The valuation logic for technology stocks is shifting from "penetration rate-driven" to "market share and localization rate support," indicating a need for more rigorous evaluation criteria[7] - The potential for technology consumption to become a "second growth curve" for Chinese enterprises is significant, driven by a large domestic market and advancements in AI and digital payment systems[6]