中新社北京8月23日电 (记者王梦瑶)7月份，中国全社会月度用电量首次突破万亿千瓦时大关，相当于东 盟国家全年用电量。高温加持的同时，万亿千瓦时电力也折射出中国经济热力。 7月以来，中国电力数据屡创新高。根据国家能源局日前公布的数据，7月份全社会用电量达到1.02万亿 千瓦时，同比增长8.6%。官方数据显示，截至8月1日，今年以来，全国最高用电负荷已经连续四次创 历史新高，最高达到15.08亿千瓦，较去年极值提高5700万千瓦。截至7月16日中午，已有天津、山东、 江苏、浙江等16个省级电网负荷36次突破历史峰值。 高温天气带来的降温需求是电力消费急剧增长的一大原因。根据国家气候中心数据，7月1日至8月5日， 全国平均高温日数7天，为1961年以来历史同期最多。7月5日至8月5日，全国平均气温较常年同期偏高 1.5℃，为1961年以来历史同期最高。其中，湖北、山东、陕西、河南等10省份平均气温达到历史同期 最高。 从电力数据来看，7月份中国城乡居民生活用电量达2039亿千瓦时，同比大幅增长18%，温度较高的河 南、陕西、山东等省份居民生活用电量同比增长超过30%。 降温用电以外，经济新动能强势增长也为用电量提 ...

以下文章来源于亚信科技 ，作者亚信科技 亚信科技 . 亚信科技（股票代码01675.HK）是领先的信息科技产品与服务提供商，依托咨询规划、产品研发、实 施交付、系统集成、智慧决策、数据运营等能力，助力通信、政务、能源、交通、广电、金融、邮政等 领域客户数智化转型！ 当前，百行千业数智转型持续深化，市场进入激烈的存量竞争阶段，深入的"市场洞察、精细化运 营"已成为提升竞争者市场认知乃至盈利能力的重要手段。 2025上半年， 艾瑞咨询 专注"行业分析、数据洞察、市场研究、战略咨询"，产出大批"精准洞悉产 业动向、倾力协助业务决策"的优秀研究报告。我们根据关注度、媒体报道、客户反馈等，梳理推出 10大" 最受欢迎 "研究报告 ，以飨读者。 扫描下方二维码下载报告 ， 限时免费，先到先得哦！ 文末有奖互动 选出你最中意的研究报告，赢取现金红包 1 Top 1 《2024年中国人工智能产业研究报告》 研报结构 宏观环境；产业价值；商业进程；实践案例；发展趋势 推荐理由 人工智能是新科技变革的核心引擎，人工智能产业被中央及各地政府确立为重点发展方向，并 陆续出台相关政策措施。随着"DeepSeek时刻"的到来，我国人工智 ...

将投中网设为"星标⭐"，第一时间收获最新推送 10月出demo，11月拿TS，12月注册公司。 作者丨 刘燕秋 来源丨 投中网 本期 《 Blue hour 》 请来了一位 AI 应用创业者，在只有 demo 、公司尚未注册的情况下，他拿到了红杉和华创的投资意 向书。 某种程度上说，这是 当下 AI 投资热的一种缩影——那些从大厂和大模型"六小虎"里出来的中高管早早就被投资人们盯上了。 我最近也听不少朋友谈起，红杉这样的大机构又开启了"买赛道"的打法，此情此景，仿佛梦回移动互联网。 技术尚且在走向成熟的过程中，产品是什么形态显得没那么重要，因为大概率会变。从决策层的思路来看，项目不确定性高， 头部机构在资金体量上又有优势，使用和移动互联网相似的打法自然有其合理性。然而没有两个时代完全一致。行业的终局是 什么样的？哪些是创业公司的机会？每个阶段应该布局怎样的主题？在市场上看项目的投资人还得充分打开想象力。打法上可 以复制，但具体的投资策略上， AI 投资未见得能直接抄移动互联网的作业。 回到本期嘉宾橘子，他生于 1987 年，曾就职于黑莓、三星、 Boss 直聘和 MiniMax ，是一位资深的产品负责人。 今 ...

证券研究报告 | 2025年08月21日 策略专题 "慢长牛"在途，怎么追，怎么切？ 从一轮流动性牛市拆解加速段与高低切。2014-2015 年是典型的流动性牛， 指数斜率存在四轮系统性提升过程，但行业的"花期"越来越短。2014 年 3 月-10 月期间，市场整体涨速相对平稳，成长风格和周期风格均有所表现，6、 7、8 月内部都出现了结构性的"高低切"，2014 年 10 月末至 2015 年 2 月， 非银金融上涨超过 83%，1 月下旬至 2 月上旬指数震荡整理完成后，非银开 始快速跑输，2 月 10 日至 5 月 8 日仅上涨 24.24%、5 月至 6 月市场加速赶顶 期间更是仅有个位数涨幅。从 2014 年 Q2 到 2015 年赶顶期间，存在较为明 显的行业轮动，具体看到二级行业，历次指数斜率抬升期间的领涨品种下一 段斜率抬升期间超额收益大幅跑输。地面兵装作为 1Q14-3Q14 期间唯一涨幅 翻倍的二级行业，在 4Q14-1Q15 排名全部二级行业的倒数前三，前期涨幅排 名第三、超过 50%的摩托车，同样在 14 年 10 月下旬至 15 年 2 月回调超过 10%。 加速模式探索：基本面重要 ...

Core Insights - In July, China's total electricity consumption reached 10,226 billion kilowatt-hours, marking the first time it surpassed the trillion-kilowatt-hour threshold in a month, with a year-on-year growth of 8.6% [1] Industry Analysis - By sector, electricity consumption in the primary industry was 17 billion kilowatt-hours, up 20.2% year-on-year; the secondary industry consumed 5,936 billion kilowatt-hours, growing by 4.7%; and the tertiary industry used 2,081 billion kilowatt-hours, with a growth of 10.7% [1] - Urban and rural residential electricity consumption was 2,039 billion kilowatt-hours, reflecting an 18% year-on-year increase [1] Cumulative Data - From January to July, total electricity consumption accumulated to 58,633 billion kilowatt-hours, with a year-on-year growth of 4.5% [1] - The secondary industry's electricity consumption showed a continuous recovery, with high-tech and equipment manufacturing sectors collectively increasing by 4.6%, outpacing the average manufacturing growth rate by 2.3 percentage points [1] - The new energy vehicle manufacturing sector maintained rapid growth, with electricity consumption rising by 25.7% year-on-year [1] Tertiary Sector Growth - The tertiary industry's electricity consumption continued to grow rapidly, with the information transmission/software and IT services sector increasing by 15.5% year-on-year, driven by the rapid development of mobile internet, big data, and cloud computing [1] - The internet and related services sector saw a significant increase in electricity consumption, growing by 28.2% year-on-year [1] Weather Impact - July experienced multiple rounds of high temperatures across various regions, leading to a rapid increase in urban and rural residential electricity consumption, with provinces like Henan, Shaanxi, Shandong, Sichuan, Anhui, and Hubei reporting year-on-year growth exceeding 30% [1]

Core Viewpoint - The release of GPT-5 with its Router dynamic switching mechanism is seen as a pivotal tool for OpenAI to commercialize advertising, posing significant challenges to traditional internet giants reliant on traffic for revenue generation [1]. Group 1: AI Companies Breaking the Traffic Monopoly - AI applications are rapidly growing their user base, positioning themselves to compete with traditional mobile internet Super Apps [5]. - In China, DeepSeek is projected to reach 194 million monthly active users by March 2025, surpassing Doubao and Tencent Yuanbao [5]. - Globally, ChatGPT has surpassed 700 million weekly active users, while Gemini has over 450 million monthly active users [5][6]. - The user traffic of AI applications is driven by the benefits of large model technologies, which create a new paradigm of value generation [6][7]. Group 2: AI Companies' Commercial Foundations - The introduction of AI as a platform capability raises questions about the necessity of multiple apps for users [3]. - AI applications can directly create tangible value from user interactions, unlike traditional mobile internet applications that primarily rely on traffic and information distribution [7][8]. Group 3: Competition Between Chinese and American Internet Giants - The differing investment attitudes of Chinese and American internet giants in AI may impact their future competitiveness [4]. - Traditional internet giants like Meta, Google, and Tencent heavily rely on advertising revenue, with Meta generating 98% of its revenue from ads [9].

Group 1 - The Shanghai Composite Index opened lower with the Shanghai Mobile Internet Index (H50053) declining by 1.65% to 2553.98 points, with a trading volume of 39.362 billion yuan [1] - The Shanghai Mobile Internet Index has increased by 11.12% over the past month, 12.56% over the past three months, and 16.55% year-to-date [1] - The index is composed of securities from mobile terminal providers, mobile internet platform operators, and other companies benefiting from mobile internet, reflecting the overall performance of listed companies in the mobile internet industry [1] Group 2 - The Shanghai Mobile Internet Index is entirely composed of stocks listed on the Shanghai Stock Exchange, with 100% representation [2] - The industry composition of the index shows that Information Technology accounts for 85.63%, Communication Services for 13.49%, and Consumer Discretionary for 0.88% [2] - The index samples are adjusted quarterly, with adjustments occurring in the second Friday of March, June, September, and December, and weights are fixed until the next scheduled adjustment [2]

Core Viewpoint - The article highlights a significant increase in electricity consumption across various sectors in China, indicating a recovery in economic activity and growth in specific industries, particularly in the second and third sectors [1]. Group 1: Overall Electricity Consumption - In June, the total electricity consumption reached 867 billion kilowatt-hours, representing a year-on-year growth of 5.4% [1] - For the first half of the year, total electricity consumption accumulated to 48,418 billion kilowatt-hours, with a year-on-year increase of 3.7% [1]. Group 2: Sector-Specific Consumption - The first industry consumed 13.3 billion kilowatt-hours, growing by 4.9% year-on-year [1] - The second industry consumed 5,488 billion kilowatt-hours, with a growth of 3.2% year-on-year [1] - The third industry saw consumption of 1,758 billion kilowatt-hours, marking a 9.0% year-on-year increase [1]. Group 3: Residential Electricity Consumption - Urban and rural residents consumed 1,291 billion kilowatt-hours, reflecting a year-on-year growth of 10.8% [1]. Group 4: High-Growth Industries - The high-tech and equipment manufacturing sectors showed a leading growth rate in electricity consumption, with automotive manufacturing, general equipment manufacturing, specialized equipment manufacturing, and instrumentation manufacturing all exceeding 5% growth [1]. - The new energy vehicle manufacturing sector continued to grow rapidly, with electricity consumption increasing by 28.7% year-on-year [1]. Group 5: Third Industry Growth - The third industry's electricity consumption continued to grow rapidly, driven by advancements in mobile internet, big data, and cloud computing, with the internet and related services sector seeing a 27.4% year-on-year increase [1]. - The wholesale and retail sector's electricity consumption grew by 11.4%, with the charging and swapping service sector experiencing a remarkable 42.4% increase [1].

Core Viewpoint - The article discusses the evolving landscape of investment in AI, questioning whether AI should be treated as an "absolute truth" and highlighting the differences between the current AI wave and the previous mobile internet boom [2][11][17]. Group 1: AI and Investment Landscape - The current AI startup scene is compared to the past mobile internet era, with a sense of nostalgia for the opportunities that have since diminished [2][11]. - The concept of AI is seen as a buzzword that may not hold the same transformative power as previously believed, with the focus shifting to large models rather than AI as a whole [13][15]. - The investment community is characterized as being caught in a consensus game, where collective belief drives investment decisions, even in the face of potential bubbles [25][43]. Group 2: Historical Context and Future Predictions - The discussion reflects on the historical context of investment, suggesting that the current AI wave may be the last hurrah of a previous investment era [11][15]. - The article posits that the AI revolution may not lead to the same level of societal change as past technological revolutions, as the underlying structures and user behaviors remain largely unchanged [17][23]. - The notion that AI will fundamentally reshape industries is challenged, with the argument that many existing applications may not deliver the expected efficiency gains [19][21]. Group 3: Investment Philosophy and Strategy - The article emphasizes a shift in investment philosophy, suggesting that future investments should focus on societal benefits rather than merely financial returns [46][48]. - The role of government in shaping investment strategies is highlighted, indicating that collaboration with governmental initiatives may become increasingly important for investors [43][47]. - The discussion concludes with a call for investors to adapt to the changing landscape, moving away from traditional metrics of success towards a more holistic view of societal impact [46][49].

Core Viewpoint - The article discusses the emergence of a personalized digital media market driven by mobile internet, highlighting the growth of mobile internet users and the increasing importance of personalized content delivery [4][5]. Group 1: Mobile Internet User Growth - The scale of mobile internet users in China has reached 252.2 million, with a significant growth rate of 25.1% [5]. - The mobile internet advertising market is experiencing stable growth, with various categories such as electronic reading, mobile games, and online video contributing to this trend [5][6]. Group 2: Personalized Content Delivery - The article emphasizes the importance of personalized content in the mobile internet era, where users prefer tailored information over generic news [12][15]. - The use of recommendation technology and interest graphs allows platforms to provide a more engaging and interactive reading experience [15][21]. Group 3: Market Dynamics - The market for information consumption is substantial, characterized by high frequency and rigid demand, indicating that leading platforms can achieve significant daily active user (DAU) levels [16]. - Traditional media models are becoming less effective on mobile devices, necessitating a shift towards personalized and data-driven content delivery [16][18]. Group 4: Technological Innovations - The article outlines the unique data processing and recommendation technology frameworks that enable real-time, personalized, and interactive information handling [36][39]. - Social mining and analysis techniques are employed to extract personalized information based on user behavior and social relationships [42][45].