| | | 起点锂电 全球领先的锂目 产业智库 | | --- | --- | --- | | る 用 | | 라 务 内 容 | | | | 研究咨询 品牌服务 资本服务 政府服务 | | 数据 调研 | 品牌 宣传 | IPO 规划 研究 融资 摺商 论坛 属会 报告 服务 咨询 报告 服务 | | ፬鼎 | 后 香 | 品牌 政府 会员 服务 募 授指 报言 顺同 园传 定位 顾问 | | | | 合作 咨询 | 值得注意的是，这是宁德时代第二次"入股"江西升华。 众所周知，江西升华是富临精工旗下专注正极材料的业务公司，与宁德时代合作由来已久。 此前在2024年8月，宁德时代更是与江西升华签订了《业务合作协议》，承诺2025-2027年三年 期间每年度至少向江西升华采购14万吨磷酸铁锂材料。同时同意向江西升华支付一定金额的预 付款支持江西升华江西基地(7.5万吨/年)建设。 但到2024年10月，宁德时代及长江晨道曾退出了江西升华的股东行列，富临精工对江西升华的 持股比例也由56.2732%变更为96.2732%。 彼时行业认为是宁德时代投资战略的变化引发了资金回笼的系列动作，在材料端宁德时代恐会 减少 ...

Core Viewpoint - The article highlights the rapid advancements in humanoid robotics in Shenzhen, showcasing the city's innovation ecosystem and the potential for the humanoid robot industry to achieve significant growth and commercialization in the coming years [1][6][19]. Industry Overview - The humanoid robot industry is transitioning from research and development to large-scale production, with China positioned to make breakthroughs in specific segments due to its comprehensive manufacturing system and vast application market [6][19]. - The Chinese government has set ambitious goals for the AI terminal industry, aiming for a market scale of 1 trillion yuan within three years and the establishment of numerous high-value robot companies [3][19]. Technological Advancements - Recent innovations include humanoid robots capable of complex tasks such as making breakfast and performing acrobatic stunts, driven by advanced control algorithms and high-precision sensors [1][5]. - The development of humanoid robots is expected to evolve from L2 (limited autonomy) to L3 (full autonomy), with companies like Xiaopeng Motors targeting mass production of L3 humanoid robots by 2026 [7][19]. Competitive Landscape - Shenzhen is home to a dense network of robotics companies, with over 1,200 firms in the humanoid robotics sector, benefiting from local supply chains and a high degree of localization in production [3][16][17]. - Major players in the industry include companies like Ubiquity Robotics, which is pioneering group intelligence technology in humanoid robots, and others like Huawei and BYD that are actively investing in robotics [9][10][19]. Future Prospects - The article emphasizes the importance of talent and innovation in driving the humanoid robot industry forward, with a focus on attracting skilled professionals and fostering a collaborative environment for technological breakthroughs [19][20]. - The anticipated "cost revolution" in humanoid robots is expected to make them more accessible, with predictions that the cost of production will drop significantly, potentially below that of a typical family car [15][19].

Market Overview - The A-share market showed a strong upward trend, with the Shanghai Composite Index rising by 1.17%, the Shenzhen Component Index by 1.77%, and the ChiNext Index by 2.02% on March 6, 2025. The total trading volume reached 1.91 trillion yuan, an increase of 412.6 billion yuan compared to the previous trading day [1][4]. Sector Performance - AI agents, IT services, gaming, and computing power leasing sectors saw significant gains, while engineering machinery, steel, banking, and oil & gas sectors experienced declines [1][4]. A-share Market Outlook - According to Everbright Securities, the A-share market is expected to continue its upward trend, driven by a rebound in technology stocks, which has boosted market sentiment and confidence. The focus is likely to return to technology growth styles [6]. - CITIC Securities noted that with external disturbances stabilizing, the spring market is expected to continue, with technology growth sectors remaining the main focus. Key areas to watch include domestic computing power, consumer electronics, automotive intelligence, military industry, service consumption, real estate, and steel [7]. AI Agent Development - The AI agent concept surged on March 6, with stocks like Newcapec, Hand Information, and Dingjie Smart reaching their daily limit [9]. - The launch of Manus, the world's first general-purpose AI agent product, marks a significant advancement in AI capabilities. Manus can handle complex tasks autonomously, outperforming similar models from OpenAI [10]. - The AI agent market is projected to grow from $5.1 billion in 2024 to $47.1 billion by 2030, with a compound annual growth rate (CAGR) of 44.8% [13]. Government Support for Technology Innovation - The People's Bank of China emphasized the importance of monetary policy adjustments to support economic growth and market confidence, indicating potential for further reductions in reserve requirements and interest rates [16]. - The China Securities Regulatory Commission (CSRC) highlighted its commitment to supporting technology innovation through reforms in the STAR Market and ChiNext, aiming to enhance the capital market's support for high-tech enterprises [17]. - The National Development and Reform Commission announced the establishment of a national venture capital guidance fund focused on cutting-edge fields such as AI and quantum technology [19].

Financial Policy Insights - The government report emphasizes the implementation of a moderately loose monetary policy, highlighting the dual function of monetary policy tools in terms of both quantity and structure [3] - Structural monetary policy tools will receive more attention, with a focus on promoting healthy development in the real estate and stock markets, as well as supporting technology innovation, green development, and small and micro enterprises [3][4] - The central bank is expected to expand the operational limits of macro-prudential and financial stability tools, with a combined total likely to exceed 300 billion [4] Capital Market Outlook - The report maintains a GDP growth target of 5% and lowers the CPI growth target to 2%, indicating a heightened focus on price stability [6] - Key themes include boosting consumption and expanding domestic demand, with significant mentions of sectors like biomanufacturing, quantum technology, and AI, which are expected to drive future industrial development [6] - The report suggests that the capital market environment will continue to improve, driven by government support for the real estate and stock markets [6] Insurance Sector Developments - The report mentions "insurance" seven times, with a focus on accelerating the establishment of a long-term care insurance system and enhancing the third pillar of pension insurance [8] - The government aims to create a national framework for long-term care insurance, ensuring fairness and sustainability in the system [8] Investment and Financing Strategies - The report calls for deepening capital market reforms and promoting long-term capital inflows, which is seen as crucial for maintaining market stability [10] - There is an emphasis on optimizing the structure of listed companies and encouraging the return of leading firms in emerging industries to the A-share market [10] Venture Capital Support - The report highlights the need for enhanced policy support for venture capital and the growth of patient capital, indicating the government's commitment to fostering innovation [12] - The focus is on attracting long-term, low-cost funding into the venture capital sector to address the challenges of long cycles in technology innovation [13]

以下文章来源于川阅全球宏观 ，作者民生宏观团队 川阅全球宏观 . 卖方宏观研究，舞动漫天彩绸固然是一种本事，剪取庭前小枝也需要视角与功底。 欢迎加入交易理想国知识星球 文 | 陶川 邵翔 张云杰 钟渝梅 来源 | 川阅全球宏观 编辑 | 杨兰 如何应对"更趋复杂严峻"外部环境的新变化？这可能是今天政府工作报告最核心的问题 ——在有效需求依旧不足的背景下，贸易和科技 领域将面临更大的冲击，这就需要政策进一步加码： 政策发力要早、要足： 报告特别强调政策要前置发力，而且"看准机会要一次性给足"。结合这几年政策的灵活性，如果不够，政策后续 可能还会加码。 具体来看，政府工作报告中有五大信号值得关注： 总量政策：面对不确定性"见招拆招"。 当关税遇上两会，面对美方频繁的加征关税，政府工作报告中的"出台实施政策要能早则早、宁早 勿晚，与各种不确定性抢时间，看准了就一次性给足"便给予了答案，这一次中国面对外部不确定性的"底气"更足、政策储备也更多。 消费："见招拆招"的一大"后手棋"。 今年政府工作报告中"消费"出现的频次明显更高了，"劳动者工资正常增长机制"、"育儿补贴"、"健 康、养老、托幼、家政等多元化服务供给"等 ...

3、蜜雪冰城港股上市至今涨幅接近50%，张坤中签，赚了多少？港股还能上车吗？ 真话白话说财经，理财不说违心话 --这是第1310 篇白话财经- - 创业板指：今天终于没有落下我了！ 恒生科技指数：你说什么，离我太远了我 听 不 见…… 摘要 1、今天，A股三大指数午后拉升，集体收红，港股大涨，恒生科技指数涨超4%。两会释放重磅信号。 2、两会政府报告首次提及6G、机器人，相关个股直线涨停，还有哪些板块受益？如何借道基金布局？ | 上证指数 深证成指 | | --- | | 3341.96 10709.46 2190.36 | | 17.75 0.53% 30.02 0.28% 0.28% 0.01% | | 恒生指数 = 国企指数 | | 23594.21 8630.40 5757.94 | | 652.44 2.84% 262.93 3.14% 222.30 4.02% | 今年政府工作报告首次把稳住楼市股市写进总体要求，提出了"国内生产总值增长5%左右"的预期目标，释放了积极信号。 （图片来源：东方财富APP，统计截至2025/3/5，不作投资推荐） 两市成交额近1.5万亿元，盘面上，工程机械、通信服务、 ...

Core Viewpoint - The government work report emphasizes a stable yet progressive economic approach, maintaining a GDP growth target of around 5% and a budget deficit target of approximately 4%, indicating a proactive fiscal policy and a moderately loose monetary policy aimed at promoting the healthy development of the real estate and stock markets [2][3]. Group 1: Economic Policy - The fiscal policy is set to be more aggressive, with a total new government debt scale of 11.86 trillion yuan, an increase of 2.9 trillion yuan from the previous year [2]. - The monetary policy will focus on optimizing tools to support the real estate and stock markets [2]. - The budget deficit target of around 4% is a record high, with specific allocations for long-term special bonds and local special bonds being raised [2]. Group 2: Domestic Demand Expansion - The primary task for 2025 is to expand domestic demand, particularly addressing the consumption shortfall [2]. - Key measures include issuing 300 billion yuan in ultra-long special bonds for "old-for-new" exchanges and promoting new types of consumption in digital, green, and intelligent sectors [2]. Group 3: Technological Development - The focus on new productive forces emphasizes the digital economy and advanced manufacturing, with new industry priorities including biomanufacturing, quantum technology, embodied intelligence, and 6G [3]. - The report highlights the importance of digital transformation and the cultivation of digital service providers [3]. Group 4: Capital Market Reform - The report outlines reforms aimed at increasing medium- and long-term capital inflows into the market, along with optimizing IPO and merger and acquisition processes [3]. Group 5: Real Estate Policy - New measures in real estate include reducing restrictive policies and granting local authorities greater autonomy in managing existing housing stock [3]. Group 6: Population and Social Policies - The report addresses community-based elderly care and mentions the introduction of childcare subsidies [4]. Group 7: State-Owned Enterprise Reform - The establishment of a strategic mission evaluation system for state-owned enterprises is highlighted [5].

Economic Policy Adjustments - The government aims to accelerate the construction of a modern industrial system and promote the integration of technological and industrial innovation, emphasizing the importance of emerging industries in global competition[3] - A proactive approach to stabilize foreign trade and investment is necessary to counteract the impacts of U.S. tariffs and trade policies[3] - Consumption policies are well-prepared, with a focus on sectors like health, elderly care, and childcare, supported by a special long-term bond of 300 billion yuan for trade-in incentives[3] Fiscal and Monetary Measures - The fiscal deficit target is set at 4%, breaking the historical 3% constraint, marking the largest increase in deficit rate targets[7] - New special bond issuance will exceed 4 trillion yuan, with 1.3 trillion yuan allocated for long-term special bonds and 500 billion yuan for capital replenishment of state-owned banks[7][20] - Monetary policy is expected to maintain a moderately loose stance, with potential for reserve requirement ratio cuts as external uncertainties loom[5] Consumption and Investment Focus - The report highlights a significant increase in references to consumption, indicating a strategic focus on mechanisms like normal wage growth and diversified service supply to stimulate consumer spending[4] - The emphasis on "new quality productivity" reflects a marginal increase in the importance of technology, with a focus on areas such as AI, commercial aerospace, and 6G technology[5][11] Risk Management - The government acknowledges the need for early and sufficient policy implementation to address uncertainties, with a readiness to adjust policies as necessary[4] - Risks include incomplete information statistics, potential policy shortcomings, and unexpected changes in domestic economic conditions[7]

Group 1 - The government plans to set the fiscal deficit rate at around 4% for the year [2] - A special long-term bond issuance of 1.3 trillion yuan is proposed, an increase of 300 billion yuan from the previous year [4] - A special bond of 500 billion yuan is planned to support the capital replenishment of large state-owned commercial banks [5] Group 2 - Local government special bonds are proposed to be arranged at 4.4 trillion yuan, an increase of 500 billion yuan from the previous year, focusing on investment construction, land acquisition, and settling debts owed to enterprises [7] - The report emphasizes optimizing and innovating structural monetary policy tools to promote healthy development in the real estate and stock markets, and to support technology innovation, green development, and consumption [9] Group 3 - A special long-term bond of 300 billion yuan is planned to support the replacement of consumer goods [10] - The government aims to strengthen the application of new technologies and products, promoting the safe and healthy development of emerging industries such as commercial aerospace and low-altitude economy [14] Group 4 - A mechanism for future industry investment growth is to be established, focusing on sectors like biomanufacturing, quantum technology, embodied intelligence, and 6G [16] - The government aims to accelerate the high-quality development of key manufacturing industry chains and enhance the reconstruction of industrial foundations [18] Group 5 - The continuous promotion of "Artificial Intelligence+" actions aims to better integrate digital technology with manufacturing and market advantages, supporting the widespread application of large models and the development of smart connected new energy vehicles, AI smartphones, and intelligent manufacturing equipment [19][20] Group 6 - The government will implement actions to standardize enterprise-related law enforcement, focusing on rectifying irregular charges, fines, inspections, and closures [25] - The commitment to maintain openness regardless of external changes, steadily expanding institutional openness and orderly expanding autonomous and unilateral openness to promote reform and development [27] Group 7 - Efforts will be made to stabilize the real estate market, with policies adjusted based on local conditions to release housing demand potential [29]

以下文章来源于晚点Auto ，作者晚点团队 晚点Auto . 从制造到创造，从不可能到可能。《晚点LatePost》旗下汽车品牌。 陈亦伦认为，人工智能是更高级的软件形态，机器人则代表了更高维度的硬件形态。 文丨赵宇 编辑丨程曼祺 曾有业内人士告诉我们，相比外界熟知的苏箐，在华为期间曝光度不高的陈亦伦，更接近华为智能驾驶研 发团队的技术 "灵魂人物"。 2021 年 4 月，搭载华为第一代智能驾驶系统 ADS 1.0 的极狐阿尔法 S 的实车路试视频引起热议：视频 中，阿尔法 S 在两侧停满车辆的道路上自如穿行，还能有效躲避对向来车，表现远超同行。ADS 1.0 最初 的研发即由陈亦伦主导。 现在，陈亦伦有了新动向。我们多方获悉，陈亦伦已投身具身智能创业，在今年 7 月创立 "它石智航"。这 家公司的另一位联创是陈亦伦在华为期间的同事丁文超。 一位知情人士告诉我们，它石智航正处于首轮融资阶段，方向还没有完全确定，目前团队成员主要是清华 和复旦的博士研究生。 丁文超本科毕业于华中科技大学，研究生毕业于香港科技大学。 和人形机器人公司智元 CTO 彭志辉一样，丁文超入选过华为创始人任正非发起的专项招聘计划 "天才 ...