Core Insights - The latest data from the National Taxation Administration indicates that China's digital economy is experiencing rapid growth, with significant improvements in digital industrialization levels and substantial investments in digitalization, driving high-quality economic development [1] Group 1: Digital Economy Growth - In the first 11 months of this year, the sales revenue of the core digital economy industries increased by 10% year-on-year, significantly outpacing the overall growth rate of enterprises in the country [1] - The sales revenue of smart device manufacturing and electronic components and equipment manufacturing grew by 28.2% and 10.9% year-on-year, respectively, reflecting a notable enhancement in China's digital industrialization level [1] Group 2: Digital Technology Applications - The sales revenue of digital technology applications, primarily driven by AI models, big data, and the Internet of Things, increased by 14.3% year-on-year [1] - Internet-related services and information technology services saw year-on-year growth of 16.1% and 15.2%, respectively, highlighting the robust demand for digital services [1]

刚刚闭幕的省委经济工作会议，总结我省今年经济工作，分析当前经济形势，并对明年经济任务作 出部署安排。我省广大干部群众深入学习会议精神，纷纷表示，要切实把思想和行动统一到党中央及省 委对形势的科学判断上来，把握关键、精准发力，高质量完成省委部署的八项重点任务，确保"十五 五"开好局、起好步。 省发展改革委党员干部表示，将认真贯彻会议精神，有力有效做好本职工作。全面落实省委"十五 五"规划建议，立足辽宁实际，编制实施好"十五五"规划。加强经济监测预警分析，做好政策衔接、工 作衔接，加快制定出台促进经济高质量发展的政策措施。全力以赴打好扩大有效投资翻身仗，把投资于 物和投资于人紧密结合起来，加强项目储备论证，谋划实施一批发展所需、地方所能、群众所盼的高质 量项目。因地制宜发展新质生产力，推动六方面十二大领域"人工智能+"行动，完善低空经济产业生 态，开展服务业提质扩能行动。用改革的理念优化营商环境，加快出台优化营商环境行动方案，推动全 省经济实现质的有效提升和量的合理增长。 全省工信系统广大干部表示，将全面落实会议精神，锚定实现新型工业化这个关键任务，统筹传统 产业转型升级和战略性新兴产业培育壮大，着力构建具有辽宁 ...

这一年，企业创新主体地位持续巩固。在关键元器件、基础软件、高端装备等环节实现一系列实质性突 破，自主可控的产业体系稳步构建。数字技术与实体经济深度融合，"产业数字化"与"数字产业化"双轮 驱动，数字经济规模持续壮大。 在复杂多变的全球环境中，中国经济向高质量发展迈出坚实步伐。一批领军企业正以清晰的战略、持续 的创新与深度的产业融合，奔赴更具无限可能的未来。他们于"新科技"中穿越周期，在"新消费"中洞察 人心，借"新价值"重塑商业逻辑。 为此，《财经》新媒体携手易观、中国虚拟现实技术与创新平台、中关村数智人工智能产业联盟、清博 智能等智慧支持机构，共同发起第八届"新奖"榜单活动。经过专业评比和深入调研，百余家企业脱颖而 出。他们的探索与实践，共同勾勒出市场主体在风浪中稳健前行的商业新图景，也为理解当下中国经济 提供了生动注脚。 "十四五"收官在即，"十五五"蓄势待发。回望2025年中国经济画卷，最鲜明的底色是在深刻转型中淬炼 出的韧性、创新与结构性跃升。 这一年，有效投资精准聚焦科技、先进制造、现代化基础设施与民生等关键领域；消费"压舱石"作用愈 发稳固，服务业消费热度攀升，绿色智能产品消费活力不减。 当全球人 ...

Core Insights - The article highlights the significant investment opportunities in the AI industry, which is viewed as a once-in-twenty-years industrial revolution, surpassing previous technological waves like mobile internet and renewable energy [1][13]. Group 1: Investment Performance - As of September 30, the fund managed by Guotou Ruijin, led by fund manager Ma Ke, achieved a return of 72.58% over the past year, ranking in the top 7% of similar products [2]. - The performance benchmark for the fund showed a return of only 9.77% during the same period, indicating a substantial outperformance [2]. Group 2: AI Industry Outlook - Ma Ke anticipates that the AI sector will remain a primary market direction for the next 1-2 years, with no signs of a peak in the current cycle [2]. - The AI industry's transformation is expected to have a broader impact across various sectors compared to previous technological shifts, with many companies still showing strong quarterly performance [2][13]. Group 3: Investment Strategy - Ma Ke's investment philosophy focuses on identifying companies with high Return on Invested Capital (ROIC) and sustainable growth potential, which are crucial for long-term value creation [8]. - The strategy involves a shift towards AI and related sectors, moving away from traditional industries that are perceived to be at the end of their growth cycles [6][7]. Group 4: Market Dynamics - The article discusses the competitive landscape between the US and China in the AI sector, with the US leading in foundational technologies while China focuses on system-level innovations and application scenarios [14]. - The investment opportunities in China are expected to revolve around enhancing supply chain security and the integration of AI across various industries [14]. Group 5: Long-term Perspective - Ma Ke emphasizes the importance of maintaining discipline and clarity in investment decisions, especially during market volatility, by distinguishing between noise and fundamental changes [10][12]. - The current AI wave is seen as a long-term trend, but investors are advised to be cautious of potential market corrections and to monitor for signs of market overheating [13][15].

陆家嘴的清晨，往往比市场更早苏醒。 作为最早到公司的几个人之一，国投瑞银基金经理马柯习惯在早餐时快速浏览行业信息，然后开始一天的晨 会、路演、调研和投资。他的电脑屏幕上，不时跳动着AI 产业链跟踪数据—— 从北美 GPU 厂商的最新产能 规划，到国产算力芯片的适配进展，再到以光模块企业的技术突破，它们像一串串暗码，勾勒着一场正在重构 世界经济版图的巨大潮汐，并成为他参与这场投资盛宴的小小窗口 。 很难想象，13年前，他还是一个埋首于经济周期图谱与政策信号的宏观研究员，也曾深耕汽车与机械行业研究 多年。然而，正是这番经历，塑造了他"行业比较"的独特视角——既能俯瞰经济板块的沉降与隆起，也能洞察 不同产业间微妙的动能转换，进而引导他于2023年初市场仍在等待经济复苏时，完成了关键的认知切换——布 局AI产业链。 基于此，截至9月30日，他管理的国投瑞银锐意改革A近一年收益达72.58%，排名同类产品前7%（31/474）。 （ 国投瑞银锐意改革 A 近一年业绩比较基准涨跌幅为 9.77% ， 基金阶段回报、业绩基准源于基金定期报告， 同类排名源于银河证券。同类分类指银河证券分类中混合基金 - 灵活配置型基金 - ...

核心观点 【市场回顾】 周二 A 股三大指数涨跌不一，截止收盘，沪指收跌 0.37%，深成指收 跌 0.39%，创业板指收涨 0.61%。沪深两市成交额 19037.73 亿元。申 万行业方面，综合、通信、电子领涨，有色金属、钢铁、房地产领跌； 概念板块方面，共封装光学（CPO）、福建自贸区、PVDF 概念涨幅居 前，海南自贸区、金属铅、金属锌跌幅居前。港股方面，恒生指数收 跌 1.29%，恒生科技指数收跌 1.9%；海外方面，美国三大指数涨跌不 一，道指收跌 0.38%，标普 500 收跌 0.09%，纳指收涨 0.13%。 【重要新闻】 【国产 CPU 首次在 5G 扩展型皮基站规模化应用】近日，中国移动 2025-2026 年 5G 扩展型皮基站集采结果公布，5 家中标厂商的设备 全部搭载了国产 CPU——由中国电子旗下飞腾公司与中国移动联合定 制的飞腾腾云 S5000C-M CPU。这是国产 CPU 首次在 5G 扩展型皮基站 实现规模化应用，嵌入自主安全的"中国芯"。 市 场 研 究 [Table_Title] 万联晨会 [Table_MeetReportDate] 2025 年 12 月 10 日 ...

Core Insights - The tax revenue collected by the tax authorities in China exceeded 29 trillion yuan in the first 11 months of the year, driven by a stable economy and an active capital market [1] - The manufacturing sector is experiencing accelerated high-end development, with significant growth in sales revenue and investment in automation and digital technologies [3] - High-tech industries continue to show robust growth, with sales revenue increasing by 14.7% year-on-year, particularly in high-tech services and manufacturing [4] - The consumer market is witnessing positive changes due to government policies and new consumption models, with notable increases in retail sales across various sectors [5][6] Tax Revenue and Economic Performance - Tax revenue from the manufacturing sector remains stable at around 30%, indicating its crucial role in the economy [3] - The implementation of tax reduction policies has contributed to the high-quality development of the manufacturing industry, with equipment manufacturing sales revenue growing by 8.3% [3] - Traditional industries are also enhancing their quality, with R&D investment increasing by 12.3% year-on-year [3] High-Tech Industry Growth - High-tech industries have shown a year-on-year sales revenue growth of 14.7%, with high-tech services growing by 17.2% and high-tech manufacturing by 11.1% [4] - The digital economy's core industries have seen a sales revenue increase of 10%, with significant growth in digital product services and applications [4] Consumer Market Dynamics - The "trade-in" policy has stimulated consumer demand, with retail sales of mobile communication devices and home appliances increasing by 20.3% and 26.5%, respectively [6] - The tourism sector is also thriving, with a 285% increase in the number of overseas travelers benefiting from tax refund policies [6] - New cultural and tourism experiences are emerging, contributing to a 19.1% increase in sales revenue from film screenings and a 10.8% increase in travel services [6] Future Tax Policies - The tax authorities plan to continue implementing supportive tax policies to enhance consumption and optimize tax payment services [7]

Group 1 - The core viewpoint of the articles highlights the steady development of new productive forces in China, with significant advancements in emerging industries and the upgrading of traditional industries [1][2] - From January to November, sales revenue in high-tech industries increased by 14.7% year-on-year, with high-tech service and manufacturing sectors growing by 17.2% and 11.1% respectively [1] - The sales revenue of core digital economy industries rose by 10% year-on-year, indicating ongoing progress in digital industrialization and the digitalization of industries [1] Group 2 - Traditional industries are accelerating the application of intelligent manufacturing equipment, with a 7.6% year-on-year increase in the procurement of digitalization equipment and a 9.3% increase in automation equipment [2] - There is a significant focus on energy-saving and environmental protection technologies, with a 33.2% year-on-year increase in the procurement of related services [2] - The manufacturing sector has seen a total of 16,650 billion yuan in tax reductions and refunds in the first ten months, supporting high-quality development in manufacturing [2]

Core Insights - The data from the State Taxation Administration of China indicates that new productivity in high-end manufacturing, innovative industries, and digital-physical integration is showing robust growth, injecting new vitality into economic development [1][2] Group 1: Manufacturing Sector - In October, sales revenue in the equipment manufacturing sector increased by 7.3% year-on-year, consistently outperforming the average level of the manufacturing industry, now accounting for nearly half of the manufacturing sector [1] - Specific sectors such as computer and communication equipment manufacturing, shipbuilding and related device manufacturing, and battery manufacturing saw sales revenue growth of 10.1%, 24.4%, and 27.2% respectively, indicating strong development momentum [1] Group 2: High-Tech Industries - High-tech industries experienced a year-on-year sales revenue growth of 13.6%, maintaining a double-digit growth rate [1] - High-tech service industries saw a sales revenue increase of 16.1%, while high-tech manufacturing industries grew by 10.1%. The "Artificial Intelligence +" initiative has accelerated the growth of integrated circuits, industrial robots, and drone manufacturing, with sales revenue increasing by 32.5%, 41.7%, and 38.4% respectively [1] Group 3: Digital Economy - The core industries of the digital economy reported a year-on-year sales revenue growth of 8.5%, with national enterprise procurement of digital technology increasing by 9.6%, reflecting the ongoing advancement of digital industrialization and industrial digitalization [1] - Sales revenue in digital product services and digital technology application industries grew by 10.2% and 13.1% respectively, while the digital content and media industry saw a significant increase of 15.2% [1]

Core Viewpoint - The company, Dongfang Guoxin, has evolved from an industry explorer to a key player in supporting the digital transformation of critical national sectors, leveraging its 30 years of experience in the data field as the digital economy becomes a core engine for high-quality development [1] Group 1: Company Development and Strategy - Since its establishment in 1997, Dongfang Guoxin has believed that data will become the lifeblood of the national economy, positioning itself as a foundational player in economic development [2] - The company has built a digital service network that supports the stable operation of the digital economy, participating in the construction of core data systems for major telecom operators and saving nearly 100 million yuan in operational costs annually [2] - Dongfang Guoxin's development trajectory aligns closely with national strategies, from "integration of informatization and industrialization" to "cultivation of new productivity" [3] Group 2: Technological Innovation and Product Development - The company focuses on technological innovation as a core driving force, continuously improving its five major self-controlled technology systems, including big data, AI, cloud computing, industrial internet, and 5G [3] - The "Wenshengshu" technology significantly enhances data service efficiency, reducing the platform construction cycle by 60% and costs by 50%, thus addressing industry pain points [4] - The "Wenshengshu" technology has been implemented in over 30 enterprises across key national strategic areas, promoting digital transformation across various industries [4] Group 3: Global Expansion and Collaboration - Dongfang Guoxin is actively involved in the "Digital Silk Road" initiative, providing digital solutions and services in countries like Indonesia, Malaysia, India, and the Middle East [3] - The company has established a comprehensive computing power network that includes self-owned bases and ecological collaboration, with plans for significant investments in data centers [8] - The collaboration with Vision Cloud enhances the company's capabilities in providing extensive computing power services, supporting the development of its "Wenshengshu" technology [8] Group 4: Future Outlook and Goals - The company envisions a "global computing power network" that will support both domestic and international digital infrastructure, contributing to the "Belt and Road" initiative [9] - Dongfang Guoxin aims to continue focusing on big data and AI technology integration, striving to become a leader in the big data and intelligent computing fields in the AI era [9]