Summary of Key Points from the Conference Call Industry Overview - The conference call focuses on the **US-China technology competition** and its implications across various sectors, including **artificial intelligence (AI)**, **semiconductors**, **advanced manufacturing**, **biopharmaceuticals**, and **5G technology** [7][11][24][45]. Core Insights and Arguments 1. Technology Competition Landscape - The US and China are engaged in intense competition in key technology areas, impacting economic, national security, and global influence [7][11]. - Both countries have increased investments in AI, semiconductors, and advanced manufacturing in recent years [7][11]. - The report aims to provide a comprehensive diagnosis of technology competition for government policy and investment recommendations [7][11]. 2. Key Findings - **China's Infrastructure Advantage**: China leads in manufacturing, 5G, and battery technology [11]. - **US Leadership in Cutting-Edge Technologies**: The US maintains an edge in AI, quantum computing, and biotechnology [11]. - **Diverging Priorities**: Some US industry stakeholders have shifted focus to AI and fintech, while government agencies continue to prioritize advanced networks and computing [11]. - **Commercialization Gaps**: China leads in biomanufacturing and biopharmaceutical markets [11]. 3. Advanced Battery Technology - China dominates battery production, while the US aims to close the gap through initiatives like the Inflation Reduction Act (IRA) [17][19]. - The number of US battery facilities is projected to increase from 2 in 2019 to over 34 by 2024, with nearly $43 billion in investments from 2023 to 2024 [17][19]. 4. Advanced Manufacturing - China accounts for 35% of global manufacturing output, significantly higher than the US's 12% [24]. - The Chinese government has ramped up support for advanced manufacturing, with loans increasing from $63 billion in 2019 to $680 billion in 2023 [24]. - The US leads in generative AI and smart manufacturing software, driving innovation in advanced manufacturing [24]. 5. Artificial Intelligence - The US AI ecosystem is led by private companies, with significant investments and talent concentration [29][30]. - China has emerged as a strong competitor, with a growing number of large model developers and advancements in AI applications [30]. 6. Biopharmaceuticals - The US remains dominant in innovation, supported by strong intellectual property protections and high research funding [33]. - China is accelerating its biopharmaceutical innovation, with investments reaching $21 billion in 2023 [33]. 7. Commercial Drones - China leads the global commercial drone market, with DJI holding over 90% of the consumer market share [40]. - US security concerns over Chinese drones have led to increased scrutiny and potential market restrictions [40]. 8. 5G Technology - China has deployed over 4 million 5G base stations, far exceeding the US's 100,000 [45]. - Chinese companies like Huawei and ZTE dominate the global 5G equipment market due to competitive pricing and government support [45]. 9. Fusion Energy - The US leads in fusion research and investment, achieving significant milestones in net energy gain [54]. - China is investing heavily in fusion infrastructure, with a focus on commercial applications [54]. Important but Overlooked Content - The report highlights the potential for AI to accelerate battery material research, significantly reducing development time from 20 years to one week [20]. - The US faces challenges in AI data center energy consumption, projected to account for 8% of US electricity by 2030 [32]. - The emergence of new training paradigms for AI models could address computational resource shortages [32]. - The geopolitical landscape may influence the future of technology collaboration and competition, particularly in biopharmaceuticals and AI [35][66]. This summary encapsulates the critical insights and findings from the conference call, providing a comprehensive overview of the current state and future outlook of US-China technology competition across various sectors.

灿瑞科技公告，公司拟与中芯聚源私募基金管理(上海)有限公司及其全资子公司聚源盛业投资(宁波)有 限公司等共同投资设立聚源启新股权投资基金(无锡)合伙企业(有限合伙)，主要专注于半导体、集成电 路、人工智能、新材料、先进制造等硬科技领域的投资。灿瑞科技作为有限合伙人以自有资金认购人民 币2000万元，占出资总额的2.5%。本次投资不涉及关联交易，亦不构成重大资产重组。 ...

太极实业（600667）公告，公司拟与中芯聚源及其全资子公司聚源盛业、无锡创投等共同投资设立聚源 启新股权投资基金(无锡)合伙企业(有限合伙)，启新基金认缴出资总额为人民币8亿元，其中公司作为有 限合伙人认缴出资人民币7200万元，占认缴出资总额的9%。启新基金主要投资半导体、人工智能、新 材料、先进制造等领域。 ...

上海新阳(300236.SZ)公告称，公司拟以自有资金参与由 中芯聚源发起设立的 股权投资基金，该基金名 称为聚源启新股权投资基金（无锡）合伙企业（有限合伙），认缴出资总额为8亿元，公司作为有限合 伙人认缴出资3000万元，占认缴出资总额的3.75%。合伙企业重点投资普通合伙人、管理公司或其关联 方设立、投资或管理的专注于半导体、集成电路、 人工智能、 新材料、 先进制造等硬科技领域的私募 股权或创业投资子基金或为实现该等目的而组建的集合投资工具。 ...

他表示，我们所生活的世界缺乏很多的合作，美国由于单边主义及关税措施，经济将会放缓，生产力也 会下滑。欧洲将会继续投资研发，但是人口老龄化严重，想要经济高增长是非常困难的，生产力增长也 停滞不前。而新质生产力可以让生产力大幅提高，生产力发展了才能够推动经济的增长。牛津有一个研 究学院就此做了一项研究：新质生产力可以让工人的生产力提高的程度有多大，还有人工智能、先进制 造、机器人、其他前沿科技怎样才能够提高人们的生产力。人们的生产力提高，就可以去产生创新想 法，开发新的产品，开创新的管理体系，同时又可以解决人口老龄化的问题。因此，对于各个社会来 讲，新质生产力是非常关键的，因为老龄人有很多的需求是机器无法能够满足的，人形机器人可以帮我 们提供更多养老方面的服务。现在制药公司、医疗行业都在做研发，能够让人们生命增长、生活质量提 高。同时AI人工智能、人形机器人也非常关键，可以帮助老年人与社会保持连接，提高他们的寿命。 现在深圳的实验室，还有中国各个城市的实验室都在做各种各样的研发，推动生物医药的发展，能够让 我们更好的攻克人类所面临的疾病，包括像癌症、心脏病等其他各种疾病。我们已经看到了这些领域的 很多突破和进展， ...

今日，在深交所2025全球投资者大会上，中国证监会副主席李明致辞称，2024年以来新上市的公司中， 高新技术企业占比超过九成，全市场战略性新兴产业上市公司市值占比超过4成，先进制造、数字经 济、绿色低碳等领域快速涌现出一批龙头企业，在全球竞争中崭露头角，被全球投资者广泛关注。上市 公司创新动力强劲，2024年实体上市公司研发费用合计1.6万亿元，同比增长3.1%，超过800家上市公司 研发强度超过10%。(智通财经) ...

Group 1 - Employment is a crucial aspect of people's livelihood and national development, with the number of college graduates expected to reach 12.22 million in 2025, an increase of approximately 430,000 from 2024, representing a growth rate of 3.65% [1] - There is a significant structural mismatch in the job market, with a gap between the supply of job positions and the demand from graduates, as well as a misalignment between university programs and market needs, leading to both "employment difficulties" and "labor shortages" [1] - Emerging industries such as artificial intelligence, quantum information, new energy, biomedicine, and advanced manufacturing are becoming key drivers of economic growth, creating a substantial demand for high-quality professional talent [1] Group 2 - There is a need to enhance the employment capabilities of college graduates through a combination of classroom teaching and extracurricular practice, moving away from traditional education models [2] - Universities should encourage students to participate in innovation and entrepreneurship training programs, integrating practical experiences into the talent cultivation system to prepare them for the workforce [2] - Graduates are encouraged to shift their employment perspectives and seek opportunities in small and medium enterprises, rural areas, and grassroots positions, where they can leverage their skills and achieve significant accomplishments [2]

央视网消息：面对复杂国际形势，中国先进制造业不仅是应对挑战的核心力量，更是推动中国经济转型升级、提升国际竞争力的关键引 擎。先进制造引领的产业革新给工厂、产业链和产品带来哪些改变？面对复杂国际形势，发展先进制造业，还需要什么？从智能工厂、高端产 品到产业链，全方位看中国先进制造业突围向"新"。 走专精特新之路 做大做强先进制造业 5月13日，国务院新闻办公室举行"新征程上的奋斗者"中外记者见面会，邀请了五位全国工业和信息化系统先进集体、劳动模范代表，在 他们分享的故事中，可以看到我国在生物医药、新能源等先进制造业领域的创新和突破。 这五位代表都来自专精特新"小巨人"企业，围绕创新药物研发、数控机床核心部件研发生产、微波通信材料创新、储能电池研发制造、卫 星制造等先进制造业领域，开拓创新、不断突破。据了解，目前我国专精特新中小企业数量超过14万家，其中专精特新"小巨人"企业达1.46万 家，具有专业化、精细化、特色化、创新能力强的特征，在整个产业中发挥着强链固链稳链的重要作用。 机床突围："独门绝技"就是自主创新 了解了"点"的突破，接下来，通过三个维度深入中国先进制造业，找到突围向"新"的关键在哪？先从工厂说 ...

近日，国家金融监督管理总局东莞监管分局披露了一批罚单，富德生命人寿、阳光财产保险和泰康人寿 保险等三家保险公司因违规被罚。其中，泰康人寿保险被罚款最多，为25万元。 南方财经全媒体记者程浩 东莞报道 本期看点：东莞银行被罚款超百万元；东莞泰康人寿、阳光财保等多家保险公司因违规被罚；东莞科技 金融"接力护航"行动举措"二十条"出台；楚天龙股东温州一马拟减持1383.41万股套现1.85亿元；利扬芯 片2024年净利润大幅亏损，同比大幅下降383.69%；宜安科技可降解镁骨内固定螺钉注册申请获受理。 1、金融要闻东莞银行被罚款超百万元 近日，国家金融监督管理总局东莞监管分局发布的2025年7、8号行政处罚显示，东莞银行、东莞银行东 莞分行厚街支行两名工作人员被罚，罚款数额合计达到110万元。 具体来看，东金罚决字〔2025〕7号显示，因股东股权管理不到位，未穿透认定主要股东关联方，东莞 银行股份有限公司被罚款25万元。东金罚决字〔2025〕8号显示，因贷款三查不严，大额关联授信风险 管控不到位，时任东莞银行东莞分行厚街支行行长、东莞银行东莞分行厚街支行公司客户经理被警告， 东莞银行东莞分行被罚款85万元。 东莞泰 ...

结构上，我们建议继续关注先进制造行业的机会，主要基于两点考虑， 一个是行业四轮驱动模型发出了相关行业的机会提示信号，另一个是 先进制造行业的成交金额占比有从过去两年的低点企稳回升的迹象， 而且这一比例并没有进入过热区间，应该不太可能出现快速大涨之后 的踩踏风险。具体行业上，模型建议继续关注通信、机械设备、国防 军工、家用电器等板块的潜在机会。 考虑到上周五军工行业出现了明显的调整，但因为印巴冲突周末军工 板块的关注度特别高，我们可以从军工板块相对于市场整体的相对性 价比来做一个简单的评估。若将军工指数收盘价除以 Wind 偏股混合 型基金指数的收盘价，可以看到该比值处于过去 10 年来的底部，而 且从历史规律来看，军工板块往往有望在一轮行情的末端表现出现明 显的超额收益。因此，无论从历史经验、基本面还是从事件驱动的逻 辑看，都有望驱动军工板块在当前的震荡行情下表现出不错的超额收 益机会。 风险提示：根据历史数据构建的模型在市场变化时可能失效。 金融工程定期报告 证券研究报告 2025 年 05 月 11 日 结构重于仓位，继续关注先进制造 本期要点：结构重于仓位，继续关注先进制造 上期提到，五月份的市场表现或 ...