策略研究/策略点评 择时而入，乘势而上 ——2025 年政府工作报告点评 ◼ 核心观点 ◼ 投资建议 我们看好新质生产力背景下科技创新的长期趋势，投资有望围绕"人 工智能+"的方向逐级展开，从商业化落地进程和技术发展节奏角度， 建议持续关注智能驾驶/人形机器人/卫星互联网（低空经济）赛道。 ◼ 风险提示 财政支持力度不及预期、战略性新兴产业发展不及预期。 | 分析师： | 唐文卿 | | --- | --- | | E-mail： | tangwenqing@yongxi | | | ngsec.com | | SAC编号： | S1760524050001 | | 相关报告： | | 《3 月金股：政策暖风 科技慢牛》 ——2025 年 03 月 02 日 《2 月金股：创新崛起，生态重塑》 ——2025 年 02 月 05 日 《务天时，则财生》 ——2025 年 01 月 11 日 大力提振消费和提高投资效益是扩大内需、拉动经济增长的主动力和 稳定锚。在提振消费方面，中央安排 3000 亿元超长期特别国债支持以 旧换新政策。同时，通过多渠道促进居民增收、创新消费场景、扩容 服务消费等措施，释放消费潜力， ...

Core Insights - Ningxia has established 9 large and super-large data centers, with 25 ongoing projects, 116,000 standard racks, 93,000 intelligent computing cards, and a computing power scale of approximately 40 PetaFLOPS (quadrillion floating-point operations per second) [1] Group 1: Digital Economy Development - In 2024, Ningxia aims to integrate the construction of digital Ningxia, digital economy, and digital society, achieving significant results in market-oriented data element allocation reform, data resource development and utilization, and the growth of core digital economy industries [1] - The region has seen a doubling in investment in intelligent computing projects, standard racks, intelligent computing cards, and computing power scale year-on-year [1] Group 2: Industrial Digitalization Breakthroughs - Ningxia has cultivated 42 pilot projects in industrial internet applications and big data industries, with nearly 1,000 new enterprises adopting cloud services [1] - A total of 186 smart factories and digital workshops, along with 14 smart breeding parks, have been established [1] Group 3: Computing Power Ecosystem - Companies such as Tencent, Zhipu Huazhang, and Beijing Urban Construction Intelligent Control have established operations in Ningxia, providing cloud computing and intelligent computing services to over 4,000 enterprise users [1]