Core Viewpoint - The company is actively supporting clients in their digital transformation strategies, particularly through the implementation of electronic price tags in stores like Yonghui Supermarket, indicating a strong alignment with the growing trend of digitalization in the retail sector [1] Company Summary - The company possesses a profound understanding of the digital transformation in retail and has strong technological innovation capabilities [1] - It has an efficient supply chain system and integrated delivery capabilities, which provide a competitive advantage in the domestic market [1] Industry Summary - The deepening development of the digital economy and retail digitalization in China is driving an overall increase in the industry's digital penetration rate [1] - The long-term growth prospects for the domestic electronic price tag industry are promising, supported by the new retail format [1]

基于上述考量，山西证券研究所产业研究团队在聚焦数据和算力两大新型生产要素的基础上，进一步聚 焦研究重点，以数据产业全链条研究为核心，形成了2025年度《数字经济研究报告合集》。本年度报告 合集构建了"总-分-特"完整框架：以数据产业框架性报告为总领，产业链细分报告聚焦数据资源、基础 设施、数据标注、数据存储、数据应用核心环节，既全面呈现全国数据产业发展现状、趋势机遇，也融 入了对山西数据产业发展的针对性思考，以期对区域产业布局提供参考。 数字经济是以数据资源为关键要素的新经济形态。在数字经济深度融入全球经济社会肌理、重塑产业竞 争格局的当下，数据已从辅助性资源跃升为与土地、劳动力、资本、技术并列的第五大生产要素，数据 产业作为承载数据要素产生—加工—流通—应用全链条价值化的核心载体，更实现了从产业价值链支撑 环节向引领数字经济高质量发展核心引擎的战略性跨越。 展望未来，山西证券将把服务培育新质生产力作为重要方向，紧密围绕"五篇大文章"的核心要求，持续 加强对山西经济及特色产业的深入研究。通过扎实的研究工作，积极探索产业研究服务实体经济的有效 路径，为山西区域经济的高质量发展贡献专业力量。 ...

Core Viewpoint - The announcement by Guotai Junan regarding the launch of a trillion-level stablecoin redemption on December 12, 2025, marks a significant milestone in China's digital finance sector, transitioning from theoretical exploration to practical implementation of digital currency and digital economy initiatives [1] Group 1: Policy and Strategic Framework - The stablecoin redemption initiative is aligned with the "Five Articles of Financial Development" policy, aiming to validate the results of the digital renminbi pilot program and enhance the digital economy [1][6] - A compliant user base with stablecoin balances reaching 20 million has been established, fulfilling the strategic goals set by the government [3] - The redemption process will initially target compliant users with stablecoin balances of 20 million, reflecting a strategy of "precise demonstration and gradual expansion" [3][6] Group 2: Implementation and Operational Assurance - Guotai Junan, as the designated agency, commits to strict adherence to central bank standards and regulatory requirements, ensuring transparency and traceability in the redemption process [4][5] - A comprehensive technical upgrade has been completed to support the trillion-level transactions, with all performance metrics meeting financial infrastructure standards [5] - A 24/7 monitoring mechanism will be activated during the redemption period to ensure rapid response to any potential risks [5] Group 3: Economic Impact and Future Outlook - The trillion-level redemption is expected to optimize the structure of the digital economy, facilitating the efficient flow of digital assets and promoting integration with the real economy [6] - This initiative will modernize financial infrastructure, enhancing the operational efficiency and security of the financial system [6] - The successful execution of the initial redemption will pave the way for broader applications of the digital renminbi, extending its use beyond retail payments to various financial services [7]

智改数转纵深推进，数字化成效更加明显。坚持夯基筑台、标杆引领，构建"1+N+X"数字经济服务生态 体系，产业数智化取得明显成效。这五年，建成5G基站1.3万个，成功创建全国"千兆城市"；创新打造 新型工业化智慧平台，累计建成省级以上工业互联网平台16个，揭榜建设"产业大脑"6个，建成省级数 字经济园区8家。累计推动3700余家企业数字化转型，培育智能工厂、数字化车间206家、省级"晨星工 厂"379家。 降碳扩绿协同发力，绿色发展底色更加鲜明。坚持双碳引领、源头预防，以壮士断腕的决心淘汰落后产 能，着力构建绿色制造体系。这五年，累计淘汰落后设备2411台（套）、生产线20条。在全省率先开展 工业绿色诊断，累计培育省级以上绿色制造单位105家，典型经验获工信部推广。实施"节能监察+能效 诊断"双轮驱动，规模以上万元工业增加值能耗年均下降10%以上，茌平区入选省级工业资源综合利用 试点基地。 优质企业竞相涌现，创新活力更加充沛。坚持培优塑强、全周期培育，营造"热带雨林"式发展生态，推 动优质企业呈"井喷式增长"。这五年，省级以上单项冠军、专精特新、瞪羚等优质企业数量增长近10 倍，累计达到1193家。搭建"聊城企 ...

Core Viewpoint - ZTE Corporation's stock has experienced significant declines, with A-shares dropping over 7% and H-shares falling more than 8% due to unfavorable rumors despite initial positive market reactions to the launch of the Nubia M153 AI phone [2][4]. Stock Performance - ZTE's A-shares fell by over 7%, while H-shares dropped by more than 8% [2][4]. - The ZTE Far East Six Five Call A option saw a decline of over 25%, having halved in value within a few trading days [2]. Market Reactions - The launch of the Nubia M153 AI phone, developed in collaboration with Doubao, initially boosted ZTE's stock performance [2]. - However, negative rumors led to a sharp decline in stock prices shortly after the positive market response [2]. Shareholder Actions - There is a noticeable divide among major shareholders regarding ZTE's stock, with many foreign investors reducing their holdings during the stock's rise [5]. - BlackRock's long position in ZTE's H-shares decreased to 6.80% as of September 30, down from 7.96%, marking the second reduction in eight days [6]. - JPMorgan Chase & Co. and UBS also reduced their holdings in ZTE's H-shares, indicating a trend of divestment among institutional investors [7]. Institutional Holdings - As of the third quarter, ZTE remains a heavily held stock among institutions, with approximately 210 institutions holding 1.455 billion shares, although this represents a reduction of about 82.22 million shares compared to the previous quarter [9][10]. - The cumulative holding ratio among institutions decreased to 36.13% from previous levels [10]. Positive Developments - ZTE has also seen positive developments, such as the successful launch of the Nubia M153 phone, which sold out quickly [9]. - The company is involved in significant projects, including the development of a domestically produced chip for electric vehicles in collaboration with GAC Group [9]. Analyst Outlook - Tianfeng Securities maintains a "buy" rating for ZTE, citing its leadership in the domestic ICT sector and its expansion into IT and AI capabilities [10]. - The adjusted profit forecasts for ZTE from 2025 to 2027 are 7.725 billion, 9.029 billion, and 10.459 billion yuan, respectively, with corresponding EPS estimates of 1.61, 1.89, and 2.19 yuan [10].

Core Viewpoint - ZTE Corporation's stock has experienced significant declines, with A-shares dropping over 7% and H-shares falling more than 8% due to negative rumors affecting market sentiment [2][4]. Stock Performance - ZTE's stock price saw a sharp decline following the release of unfavorable news, with its related warrants plummeting over 25% in a short period [2][4]. - The stock price of ZTE was reported at 29.120, reflecting a decrease of 7.96% [4]. Shareholder Activity - There is a noticeable divergence in the attitudes of major shareholders towards ZTE. Notably, foreign investors have been reducing their holdings in ZTE's H-shares [5]. - BlackRock's holdings in ZTE's H-shares decreased from 7.96% to 6.80% as of September 30, marking a reduction of 1.16 percentage points [5]. - JPMorgan Chase & Co. and UBS have also reduced their stakes in ZTE, with JPMorgan selling 1.6921 million shares and UBS reducing its holdings by 1.4697 million shares [5]. Positive Developments - Despite the stock decline, ZTE has announced several positive developments, including a collaboration with ByteDance on the AI phone Nubia M153, which quickly sold out after its launch [6][7]. - ZTE's partnership with GAC Group has led to the introduction of a domestically designed SOC chip for smart electric vehicles, enhancing its position in the automotive sector [7]. Institutional Holdings - As of the end of September, approximately 210 institutions held a total of 1.455 billion shares of ZTE, although this represents a reduction of about 82.225 million shares compared to the previous quarter [8]. - The cumulative holding ratio of institutions decreased to 36.13% from 38.17% in the previous quarter [8]. Analyst Outlook - Tianfeng Securities maintains a "buy" rating for ZTE, citing its leadership in the domestic ICT sector and its strategic shift towards IT and AI capabilities [8]. - The adjusted profit forecasts for ZTE from 2025 to 2027 are 7.725 billion, 9.029 billion, and 10.459 billion respectively, with corresponding EPS estimates of 1.61, 1.89, and 2.19 [8].

Core Insights - Wuhu's Wanzhi District aims to develop a "One City, Two Districts" strategy, focusing on a "211" modern industrial system, with digital economy as a core engine for growth [1] Policy Targeting - Wanzhi District has implemented a series of precise and differentiated support policies for the digital economy, including the introduction of "Industrial Internet Coupons" that provide subsidies of up to 3 million yuan for digital transformation projects in key industries [2] Scene Empowerment - The district integrates digital technology with industrial needs, creating a city operation management platform that consolidates over 10,000 video resources across 12 categories, facilitating applications in aerospace and automotive sectors [3] - A low-altitude flight management service platform has been established to digitize the entire process of flight applications and safety supervision, promoting the development of low-altitude economic clusters [3] Industrial Ecosystem - Wanzhi District focuses on cultivating quality entities within the "211" modern industrial system, aiming to bind digital enterprises with advantageous industries for collaborative growth [4] - The New Wuhu Economic Development Zone serves as a provincial-level digital transformation demonstration park, attracting digital service providers to support industries like aerospace and automotive [5] Future Outlook - The district plans to deepen the integration of the digital economy with the "211" industrial system, optimizing policy supply and expanding digital application scenarios, particularly in low-altitude economy and aerospace [6]

Group 1 - The core viewpoint of the news is that the digital economy sector is experiencing fluctuations, with the CSI Digital Economy Theme Index down by 0.65% as of December 11, 2025, while certain stocks like Lanke Technology are leading gains [1] - The digital economy ETF (560800) has seen a significant increase in scale, growing by 705.04 million in the past week, indicating strong investor interest [1] - Morgan Stanley's report highlights a notable increase in TPU orders, with Google's production forecast for 2027 raised from approximately 3 million to about 5 million units, reflecting a 67% increase [1] Group 2 - GF Securities notes that tech giants are expected to increase investments in computing infrastructure due to clearer monetization paths for AI, maintaining an optimistic capital expenditure outlook [2] - Domestic software is achieving key technological breakthroughs in multi-modal large models and development frameworks, which, combined with AI applications in various sectors, is driving the collaborative development of the entire "chip-framework-model-application" chain [2] - The CSI Digital Economy Theme Index closely tracks companies involved in digital economy infrastructure and high digitalization applications, reflecting the overall performance of digital economy-related securities [2] Group 3 - As of November 28, 2025, the top ten weighted stocks in the CSI Digital Economy Theme Index account for 54.6% of the index, with notable companies including Dongfang Wealth, Cambricon, and SMIC [3] - The performance of individual stocks within the index shows varied results, with Dongfang Wealth down by 0.69% and Lanke Technology up by 2.81%, indicating mixed market sentiment [4]

Core Insights - The article discusses how AI technology is reshaping business logic in the context of the deep integration of digital and physical economies by 2025, highlighting the challenges faced by small and medium enterprises (SMEs) in accessing AI commercialization due to high R&D costs and technical barriers [1] Group 1: Technology Breakthrough - Traditional digital human development requires large teams and significant investment, taking 12-18 months to launch a basic product, while the company has reduced this to just 3 days using its "Tian Gong Digital Human Technology Platform" [2] - The platform integrates three key technologies: ultra-realistic digital human generation, a multi-modal interaction engine, and an industry knowledge graph, enabling high precision and efficiency in creating digital humans [2] Group 2: Practical Application - The technology is transformed into reusable "production tools" through standardized API interfaces and low-code development kits, allowing rapid upgrades and significant efficiency improvements for businesses [3] - The company adheres to a "technology neutrality" principle, allowing partners to customize digital human attributes, which facilitates easy integration and application across various business scenarios [3] Group 3: Scene Understanding - The company's digital human white-label strategy creates an ecosystem that connects technology, scenarios, and operations, enhancing customer retention in finance, efficiency in government services, sales in retail, and patient management in healthcare [4] Group 4: Industry Pain Points - The digital human hosts address limitations of human hosts in e-commerce, providing instant responses and personalized recommendations, significantly reducing costs and improving sales performance for brands [5] Group 5: Ecosystem Development - The company aims to build an open ecosystem rather than merely providing technology, launching three major plans to support SMEs, collaborate with industry leaders, and empower individual developers [6] Group 6: Market Adaptation - The ecosystem model allows partners to maintain autonomy while promoting industry standardization, with various pricing strategies leading to substantial revenue for both the company and its partners [9] Group 7: Future Vision - The company positions digital humans as value engines for digital transformation, showcasing successful applications in broadcasting, cultural heritage, and virtual environments, leading to increased viewership and sales [10][11] - The essence of AI commercialization is not just about reducing costs but enabling every enterprise to have its own "AI factory," fostering innovation and business implementation [11]

中国经济网12月11日讯(记者鞠然)12月10日，由中央网络安全和信息化委员会办公室、国家市场监督管 理总局共同指导，中国信息安全测评中心主办的"第十五届网络安全漏洞分析与风险评估大会 (VARA)"在天津梅江会展中心召开。 作为我国网络安全领域极具权威性和影响力的专业性学术盛会，本届大会以"数智赋能智御未来"为主 题，由1个主论坛、3个分论坛及1个网络空间智能化先进成果装备展共同构成。参会阵容涵盖27家国家 部委和行业主管部门的省部级、司局级领导，52家央企和关键信息基础设施运营单位、100余家网络安 全企业，以及国内30余所高等院校和科研机构的1000余名嘉宾。通过搭建高端的交流展示平台，汇聚 政、产、学、研、用各方力量，全方位、深层次地展示了网络安全领域的新理念、新技术、新产品与新 应用，为筑牢国家网络安全屏障、推动产业高质量发展、护航网络强国建设提供坚实的技术支撑与智力 保障。 开幕式上，国家市场监督管理总局总工程师刘敏、国务院国有资产监督管理委员会副主任庞骁刚、天津 市人民政府副市长王秀峰、中国信息安全测评中心主任彭涛等领导先后登台致辞。他们强调，当前网络 安全已成为国家安全体系的重要组成部分，是数 ...