在技术创新上，鼓励研发和应用AI废料智能识别系统，低成本高效分选工艺，激光诱导击穿光谱 技术，熔炼过程有害元素深度脱除技术，新能源电池全组分再生工艺和稀贵金属高效提取，铝灰、锂渣 等固危废资源化，推动一体化压铸用免热处理再生铝合金产业化应用，提升产品质量和附加值。 "2021年至2024年，我国主要再生有色金属产量从1572万吨增长至1915万吨，年均复合增长率为 6.8%。"在日前举行的2025年中国再生金属产业高质量发展峰会上，中国有色金属工业协会副秘书长、 再生金属分会副会长兼秘书长王吉位表示，再生有色金属产业应用场景日益丰富、技术装备持续提升， 产业结构不断优化。 今年以来，"两新"政策扩容增量持续发力，再生有色金属原料加速增长，预计全年主要有色金属产 量有望突破2000万吨。据统计，今年前7个月，主要再生有色金属产量约1150万吨，同比增长4.55%； 国内主要废旧有色金属回收利用量(金属量)约935万吨，同比增长4.8%；再生铜铝原料进口量(实物量)分 别达到133.6万吨和117.3万吨，同比分别微降0.8%和增长8.4%；再生铝新建项目420万吨，同比增长 40%，再生铜、再生铝及再生铅新建、 ...

保持外贸稳中有进、量增质提态势，更好服务国民经济高质量发展，有必要推动外贸结构高端化，鼓 励"中国服务"出海，提升国际贸易规则制定话语权。 作为国民经济的一大支柱，外贸通过拉动经济增长、驱动技术革新、重构全球产业链、保障民生就业、 提升国际话语权，为我国高质量发展提供支撑。数据显示，今年1月至7月，我国货物贸易进出口25.7万 亿元，同比增长3.5%；尤其在7月份，我国货物贸易进出口总值达3.91万亿元，同比增长6.7%。从结构 上看，高技术、高附加值产品成为我国贸易增长主引擎。市场多元化成效显著，与东南亚、非洲等新兴 市场的贸易增长迅速，贸易地缘结构更加合理。贸易主体进一步扩大，民营企业保持外贸主力军地位。 服务贸易实现突破性增长，知识密集型服务保持顺差。这些现象，展现了我国外贸的强大韧性与活力。 成绩的取得，既来自党中央的正确部署和果断决策，也离不开各地政府与企业的通力配合与锐意进取。 例如，浙江以跨境电商生态支持外贸发展，今年上半年全省进出口总额2.73万亿元，同比增长6.6%，其 中出口突破2万亿元。福建外贸以新能源与基础材料双轮驱动，尤其是锂电池出口在全国占据绝对领先 地位，今年1月至7月，锂电池出 ...

证券代码：002736 证券简称：国信证券 编号：2025-004 | 投资者关系活 | □特定对象调研 | | □分析师会议 | | --- | --- | --- | --- | | 动类别 | □媒体采访 | | 业绩说明会 | | | □新闻发布会 | | 路演活动 | | | □现场参观 | | | | | √其他 | | | | 参与单位名称 | 受邀参加国信证券 | 2025 | 年投资者开放日活动的机构 | | 及人员姓名 | 投资者及分析师 | | | | 时间 | 2025 年 9 月 | 19 日 | 14:30-16:00 | | 地点 | 国信金融大厦 | | | | | 1.张纳沙 | 国信证券 | 党委书记、董事长 | | | 2.邓 舸 | 国信证券 | 党委副书记、董事、总裁 | | | 3.杜海江 | 国信证券 | 党委委员、副总裁 | | 上市公司接待 | 4.鲁 伟 | 国信证券 | 党委委员、副总裁 | | 人员姓名 | 5.周中国 | 国信证券 | 财务负责人 | | | 6.廖锐锋 | 国信证券 | 董事会秘书 | | | 7.吴士荣 | 国信证券 | 首席信 ...

Core Viewpoint - The "Baoqi Jinfu" investment and financing conference in Bao'an District, Shenzhen, aims to enhance financial support for local enterprises, facilitating a high-level circulation of technology, industry, and finance to promote high-quality regional economic development [1][3]. Financial Support and Economic Impact - The conference featured a theme of "comprehensive financing services + comprehensive industry empowerment," resulting in over 500 billion yuan in signed agreements between 132 financial institutions and 426 Bao'an enterprises, significantly boosting the local economy [3][5]. - Shenzhen's financial industry achieved a value-added of 245.85 billion yuan in the first half of 2025, marking a year-on-year growth of 10.9%, the highest quarterly growth since 2017 [5]. Industry and Financial Integration - Bao'an District is home to nearly 5,600 regulated manufacturing enterprises and has ranked first in the number of national high-tech enterprises for eight consecutive years, indicating a strong industrial base [5][10]. - The district aims to create a "technology-industry-finance integration pilot area," focusing on a multi-level, composite financial service system that supports enterprises throughout their development lifecycle [10][16]. Financing Solutions and Innovations - The conference facilitated various types of financing products, including R&D loans, mergers and acquisitions loans, and cross-border loans, to help enterprises expand and innovate [7][11]. - Several key projects, such as a 300 billion yuan private equity fund and a 100 billion yuan merger fund, were signed at the event, indicating a robust commitment to financial innovation [8][10]. Ecosystem Development and Support Mechanisms - Bao'an District has established a comprehensive financial service system, including "financial stations" at various administrative levels to provide direct consultation and services to enterprises [15][16]. - The district has also developed a "government funding leverage + guiding fund collaboration" model, creating a capital empowerment system with over 1 trillion yuan in industry fund clusters [15][16].

Core Viewpoint - The Ministry of Industry and Information Technology and the State Administration for Market Regulation jointly issued the "Action Plan for Stable Growth of the Electronic Information Manufacturing Industry 2025-2026," outlining 16 specific measures to guide the development of the electronic information manufacturing industry through industrial upgrading, market facilitation, and innovation integration [1][2]. Group 1: Industry Growth Targets - The plan sets a target for the average growth rate of the value added in the computer, communication, and other electronic equipment manufacturing industries to be around 7% from 2025 to 2026, with an overall annual revenue growth rate of over 5% when including related fields such as lithium batteries and photovoltaics [1]. - By 2026, the electronic information manufacturing industry is expected to maintain the highest revenue scale and export ratio among 41 industrial categories, with five provinces achieving over 1 trillion yuan in revenue [1]. - The server industry is projected to exceed 400 billion yuan, and the domestic market penetration rate for color televisions of 75 inches and above is expected to surpass 40% [1]. Group 2: Industry Upgrading and Innovation - The plan emphasizes industrial transformation and upgrading as a core strategy for stable growth, focusing on enhancing the quality of the supply system in key areas [1]. - In the field of artificial intelligence terminals, the plan encourages deep integration of intelligent systems with terminal products and the establishment of standards for intelligent classification [2]. - It also highlights the need for accelerated technological breakthroughs in key components for 5G/6G and the strengthening of the technological foundation for the communication industry [1][2]. Group 3: Market Expansion and Consumer Support - The plan proposes systematic governance measures to address "involution" competition in fields like photovoltaics, including legal regulation of low-price competition and promoting orderly capacity adjustments [2]. - It aims to expand consumption scenarios by enhancing the design of smart products for the elderly and increasing the supply of smart health and elderly care terminals [2]. - The plan also supports the development of advanced computing systems in artificial intelligence servers and efficient storage, facilitating applications in scientific research and autonomous driving [2]. Group 4: Financial and Industrial Cooperation - The plan calls for the establishment of a financial service system that aligns with industrial innovation, leveraging various national funds to guide investment in hard technology [3]. - It encourages reasonable mergers, restructuring, and transformation of enterprises to promote a virtuous cycle of fundraising, investment, management, and exit [3]. - The electronic information manufacturing industry has become a significant engine for industrial growth, with a reported year-on-year increase of 11.1% in value added for large-scale electronic information manufacturing in the first half of the year, outperforming overall industrial growth [3].

Core Viewpoint - The "Action Plan for Stable Growth of the Electronic Information Manufacturing Industry (2025-2026)" aims to enhance the growth and innovation of the electronic information manufacturing sector, which is crucial for the national economy and security [1][2]. Group 1: Growth Targets - The average growth rate of the value-added output in the computer, communication, and other electronic equipment manufacturing industries is targeted to be around 7% from 2025 to 2026 [1]. - The annual revenue growth rate of the electronic information manufacturing industry, including lithium batteries, photovoltaics, and components manufacturing, is expected to exceed 5% [1]. - By 2026, five provinces are projected to achieve over 1 trillion yuan in revenue from the electronic information manufacturing industry, with the server industry scale exceeding 400 billion yuan [1]. Group 2: Strategic Focus Areas - The plan emphasizes optimizing supply-side factors, exploring demand-side opportunities, and driving innovation [2]. - It aims to promote higher-level intelligent innovation in artificial intelligence terminals and encourage local innovation applications [2]. - The plan seeks to eliminate "involution" competition in the photovoltaic sector and guide local industries in orderly layout and capacity management [2]. Group 3: Infrastructure and Industry Development - The plan includes advancing the integration of electronic information infrastructure with new urban infrastructure, targeting various sectors such as industry, culture, education, health, and smart cities [3]. - It supports the development of automotive electronics, marine electronics, aviation electronics, and medical electronics, facilitating digital transformation and intelligent upgrades in industries [3]. - The plan calls for strengthening talent and capital support, establishing a financial service system aligned with industrial innovation, and encouraging reasonable mergers and acquisitions among enterprises [3].

Core Viewpoint - The "Action Plan" for the electronic information manufacturing industry aims to stabilize growth and enhance the sector's contribution to the national economy, with specific targets set for 2025-2026 [1][2]. Group 1: Development Goals - The average growth rate of the value-added output in the computer, communication, and other electronic equipment manufacturing industries is targeted at around 7% from 2025 to 2026, with an overall annual revenue growth rate exceeding 5% when including related fields like lithium batteries and photovoltaics [1][2]. - By 2026, the electronic information manufacturing sector is expected to maintain the highest revenue scale and export ratio among 41 industrial categories, with five provinces achieving over 1 trillion yuan in revenue [1]. - The server industry is projected to exceed 400 billion yuan, and the domestic market penetration rate for color TVs of 75 inches and above is expected to surpass 40% [1]. Group 2: Supply-Side Optimization - The "Action Plan" emphasizes high-quality development through supply-side optimization, focusing on five key areas: products, layout, industrial chain, standards, and intellectual property [2]. - It aims to promote higher-level intelligent innovation in artificial intelligence terminals and encourages localities to foster innovation applications in this area [2]. - The plan also addresses the need to eliminate "involution" competition in sectors like photovoltaics and guides localities in orderly layout and capacity assessment [2]. Group 3: Demand-Side Exploration - Financial institutions are encouraged to develop consumer finance services around electronic information products, while enterprises are guided to explore market demand through various promotional channels [3]. - The plan supports the integration of electronic information infrastructure with new urban infrastructure, targeting sectors such as industry, culture, education, health, and smart cities [3]. - It outlines strategies for enterprises to expand internationally and enhance the confidence of foreign enterprises in establishing production lines and R&D centers in China [3][4]. Group 4: Financial Integration and Innovation - The "Action Plan" promotes the integration of technology and finance to support high-quality development in the electronic information manufacturing sector [5][6]. - It emphasizes the importance of major project initiation and equipment updates to drive industry advancement towards high-end, intelligent, and green development [5]. - The plan also highlights the need for talent development in the electronic information field through national-level talent projects [5][6].

Core Viewpoint - The Ministry of Industry and Information Technology and the State Administration for Market Regulation have released a notification regarding the "Action Plan for Stable Growth in the Electronic Information Manufacturing Industry for 2025-2026," emphasizing the importance of various industrial funds and financial integration to support the sector's growth [2] Group 1: Industrial Funds and Financial Support - The plan highlights the role of national industrial funds such as the National Integrated Circuit Industry Investment Fund, Manufacturing Transformation and Upgrading Fund, and National Small and Medium Enterprises Development Fund in guiding investments [2] - It aims to implement a "technology-industry-finance integration" initiative, encouraging early, small, long-term, and hard technology investments from patient capital [2] Group 2: Corporate Strategies and Financing - Companies are encouraged to engage in reasonable mergers and acquisitions, as well as transformation and upgrading, to promote a healthy cycle of fundraising, investment, management, and exit [2] - The establishment of industry organizations that integrate electronic information and finance is proposed, focusing on key industrial chains and areas to enhance financing connections [2] Group 3: Financial Services Customization - The plan encourages financial institutions to tailor financial products for key enterprises and provide comprehensive financial service solutions [2]

Core Insights - The installation of embodied robots in China has exceeded 550,000 units, positioning the country at the forefront of global advancements in artificial intelligence and robotics [1] - The rapid development of AI technologies, including large models and intelligent agents, has transitioned from laboratory settings to core industrial applications [1] Industry Development - The Chinese government is accelerating the "New Generation Artificial Intelligence Development Plan," emphasizing AI as a strategic area for future competitive advantage [1] - Shenzhen's AI and robotics industry is projected to achieve a total output value exceeding 200 billion yuan in 2024, marking a year-on-year growth of 12.58% [4] Company Growth and Challenges - A leading AI company in Shenzhen, founded in 2012, has successfully commercialized humanoid robots and listed on the Hong Kong Stock Exchange in December 2023, despite facing common capital challenges in the industry [2][3] - The company has invested hundreds of millions in R&D annually, which has posed liquidity management challenges due to its long-cycle business model [2] Financial Support and Innovation - Industrial banks, such as Industrial Bank Co., Ltd., have played a crucial role in supporting the growth of AI companies through various financial services, including over 100 million yuan in loans and cross-border financial services [2][3] - The bank has also pioneered the "data asset" pledge financing model, enabling companies to leverage their data assets for financing, thus unlocking economic value [4] Digital Transformation - The bank is committed to its own digital transformation, establishing an "AI+" action leadership group to integrate AI technologies into its operations and product offerings [5][6] - The bank aims to align its financial services with the needs of the AI industry, fostering a supportive ecosystem for technological innovation [6]

Core Viewpoint - The brain-computer interface (BCI) industry is transitioning from a fragmented approach to a coordinated national strategy, aiming for sustainable development and innovation in the sector [1][3]. Group 1: Policy and Strategic Goals - The Ministry of Industry and Information Technology and other departments have issued an implementation opinion to promote the innovation and development of the BCI industry, outlining five key tasks and 17 specific measures [1][2]. - By 2027, breakthroughs in key BCI technologies are expected, with the establishment of advanced technical, industrial, and standard systems, and products reaching international standards [1][2]. - By 2030, the BCI industry aims to cultivate 2 to 3 globally influential leading enterprises and a number of specialized small and medium-sized enterprises, enhancing its international competitiveness [1]. Group 2: Industry Development and Application - The BCI industry is entering a new historical development phase, with a focus on accelerating the application of technology and innovation [3][4]. - The implementation opinion emphasizes the importance of enhancing basic hardware and software capabilities, promoting the application of technological achievements, and improving product interoperability and usability [3][4]. - Companies are expected to increase R&D investments in critical areas such as biocompatible materials and minimally invasive implantation techniques [5][6]. Group 3: Funding and Support - The implementation opinion encourages increased funding support for the BCI industry, including investments from national manufacturing transformation funds and small enterprise development funds [4][5]. - This financial backing is anticipated to accelerate the development of core components and systems in the BCI sector, particularly in key industrialization processes [4][5]. Group 4: Standards and Regulatory Challenges - The sustainable development of the BCI industry relies on the establishment of a comprehensive standard system, including communication protocols for various BCI components [7][8]. - The opinion highlights the need for a data governance framework to protect user information and enhance the security of biological digital information [7][8]. - There are calls for a structured approach to clinical trials and data management to ensure the safety and efficacy of BCI products, particularly in sensitive areas involving brain data [9][10].