“新质生产力”系列（十一）：新质生产力投资全景图

Core Insights - New quality productivity is the core engine driving high-quality economic development in China, characterized by high technology, high efficiency, and high quality, resulting from technological revolutions, innovative resource allocation, and deep industrial transformation [4][8] - The development of new quality productivity signifies a transition from old to new driving forces, marked by a significant increase in total factor productivity (TFP), emphasizing technological innovation and the restructuring of industrial value chains [4][20] - The investment opportunities in new quality productivity are categorized into six core industrial tracks: digital economy, high-end equipment, biotechnology, smart electric vehicles, energy transition, and future industries like quantum information [4][20][38] New Quality Productivity Overview - New quality productivity is defined as advanced productivity that achieves significant leaps in labor, materials, and objects through technological breakthroughs and innovative configurations [8][19] - The overall development of new quality productivity across provinces shows a gradient improvement, with high-level provinces like Beijing, Shanghai, Zhejiang, Guangdong, and Jiangsu expected to benefit first due to their advantages in higher education resources, innovation talent distribution, and infrastructure [19][18] Key Industry Core Analysis - The six core tracks of new quality productivity include: 1. Digital economy, driven by data collection and processing, cloud computing, and AI technologies [39] 2. High-end equipment, which encompasses key materials, core components, and integrated applications [46] 3. Biotechnology, focusing on medical devices and innovative drugs [49] 4. Smart electric vehicles, emphasizing intelligent connectivity [38] 5. Energy transition, which aims for carbon neutrality through the development of non-fossil energy sources [52] 6. Future industries, including quantum technology and low-altitude economy [61][68] Investment Outlook - The investment landscape is shaped by the need to optimize resource allocation efficiency and enhance total factor productivity, with a focus on avoiding overcapacity and low-level repetitive construction [23][31] - The government is expected to implement policies to promote domestic demand and facilitate the transition towards new quality productivity, which includes large-scale equipment updates and consumer goods replacement initiatives [31][32]