Core Viewpoint - The J-10CE fighter jet, showcased at the Langkawi International Maritime and Aerospace Exhibition, represents a significant advancement in China's military capabilities and is changing global perceptions of Chinese military technology [1][8]. Group 1: Significance of J-10 Fighter Jet - The J-10 fighter jet is not merely a "domestically produced fighter" but symbolizes China's leap in military aviation, marking its entry into the ranks of nations capable of developing fourth-generation fighter jets [2][3]. - The successful development of the J-10 has narrowed the technological gap between China and leading aviation powers, establishing a foundation for future advancements in Chinese fighter jet design and manufacturing [3][4]. Group 2: International Presence and Performance - Since its induction into service in 2006, the J-10 has become the backbone of the Chinese Air Force, participating in various international exercises and showcasing its capabilities abroad [5][6]. - The J-10CE has gained attention at international defense exhibitions, with its recent operational success helping to dispel previous skepticism regarding the combat effectiveness of Chinese military technology [8][9]. Group 3: Competitive Advantages - The J-10 series offers a high cost-performance ratio compared to Western counterparts, making it an attractive option for countries seeking advanced military aircraft [9]. - China's ability to provide a comprehensive suite of military equipment, including various fighter jets and support systems, enhances its competitive position in the global arms market [9].

去年，硅谷的未来学家们与一位推崇化石燃料的怀旧政治人物结成不稳定联盟——美国当选总统向美国 科技巨头们承诺放松监管。但就在他们出席其就职典礼的当天，中国初创公司 DeepSeek发布人工智能 模型，其性能似乎与美国竞争对手不相上下，只是更便宜、更节能。不久后，中国一家企业发布世界上 最快的电动汽车充电技术，华为开始向外国人销售可与苹果最新款手机媲美的手机…… 来源：环球时报 谷歌前首席执行官埃里克·施密特写道："（如今）中国在各种技术领域与美国不相上下，甚至领 先。"英伟达首席执行官黄仁勋也认为，中国在人工智能领域"并不落后"。国防科技公司Anduril的创始 人帕尔默·拉奇表示，中国的造船能力是美国的350倍。优步联合创始人特拉维斯·卡兰尼克说，要想看到 线上送餐的未来，"你不能去纽约，而应该去上海"。一名美国人对把饺子送到中国酒店房间的机器人赞 叹不已……从科技企业家转行成为投资人的尼克·丹顿说："不管愿不愿意，他们都是'中国赢'论的最有 力拥护者。"哈佛大学肯尼迪政府学院研究美亚关系的拉纳·米特尔教授说，虽然中国的城市并不是唯一 可能的未来，中国的农村也肯定不是唯一可能的未来，但"现在以某种方式给人留下 ...

Core Insights - The first batch of ETFs tracking the Hang Seng Tech Index has seen its total scale increase by 14 times over four years, indicating strong growth in the Chinese tech sector [1][2][5] Group 1: ETF Performance and Growth - As of May 9, the total scale of the first batch of Hang Seng Tech ETFs reached 755.63 billion, a significant increase from the initial scale of 49.89 billion, representing a growth of 14.15 times [2] - The Huatai-PB Southbound Hang Seng Tech ETF has grown to 249.85 billion, a 20-fold increase since its inception, while the Huaxia Hang Seng Tech ETF has reached 272.50 billion, leading among the six products [2][3] - Since 2024, the performance of the first batch of Hang Seng Tech ETFs has rebounded significantly, with an overall net asset value growth rate exceeding 40% [5][6] Group 2: Market Dynamics and Drivers - The growth of the Hang Seng Tech ETFs is driven by structural beta and alpha, reflecting the "Chinese tech industry upgrade dividend" and "global capital reallocation" [2][3] - Factors such as policy risk alleviation and capital flow have catalyzed short-term growth, while long-term support comes from technological iterations and business model innovations in new economy enterprises [2][3][6] - The Hang Seng Tech Index comprises 30 high-quality Chinese tech companies, which enhances its investment value, especially after experiencing a period of adjustment [3][6] Group 3: Future Outlook - The long-term logic of the Chinese tech industry remains unchanged, and the removal of risk factors that previously suppressed this logic suggests that related ETFs may recover and enter a new revaluation phase [6][7] - The Hang Seng Tech Index is expected to benefit from both interest rate cuts and high growth in the tech sector, with a projected earnings growth of over 50% for its constituent companies in 2024 [7] - The anticipated price-to-earnings ratio for the Hang Seng Tech Index in 2025 is 17.6, significantly lower than its historical average and the Nasdaq 100, indicating potential for continued strength [7]

Group 1 - The A-share market's technology sector has been active, with a significant rally triggered by the popularity of DeepSeek, leading to a reassessment of Chinese tech stocks [1][2] - Following a period of adjustment due to the U.S. trade war, technology stocks have shown a strong recovery since late April, with the Sci-Tech Innovation 50 Index leading this upward trend [1][2] - The increasing contribution of the technology industry to economic activities is a key factor in the recent strength of the tech sector, as traditional sectors like infrastructure and real estate face challenges from new economic industries such as electric vehicles [2][3] Group 2 - The past speculative nature of technology stock rallies is shifting as more companies with "hard tech" characteristics emerge, enhancing the investment value of the tech sector [3][4] - Institutional investors are increasingly recognizing the long-term investment value of technology stocks, with national funds beginning to invest in tech-focused ETFs [3] - Key areas of investment interest include electric vehicles, drones, and robotics, supported by advancements in artificial intelligence, precision manufacturing, and advanced materials [3][4] Group 3 - China's economic transformation from manufacturing to intelligent manufacturing presents significant investment opportunities in the technology sector [4] - The composition of listed companies in the A-share market is expected to improve as the technology sector grows, moving away from a traditional industry-dominated landscape [4] - Investors are encouraged to recognize and adapt to these trends in order to optimize their investment strategies [4]

Group 1: Core Insights - Goldman Sachs recommends focusing on the GSCBCRTE index for resilient technology and the GSCBCSST index for companies with no U.S. exposure [1] - Nari Tech's performance exceeded expectations, with a projected revenue growth of 12% year-on-year by 2025, driven by strong backlog orders and annual outlook [1] - Despite potential tariff reductions, uncertainty remains, but many Chinese tech companies have independent momentum unaffected by geopolitical fluctuations [1] Group 2: Recommended Companies - Horizon Robotics is expected to strengthen its market leadership through upgrades to high-end driving functions [2] - Pony AI announced a strategic partnership with Tencent to focus on L4 autonomous driving technology and the large-scale commercialization of Robotaxi [2] - Naura reported a 40% year-on-year revenue increase, benefiting from increased capital expenditures from Chinese wafer fabs and IDM customers [2] - Kingsoft Office's revenue fell short due to weak local software spending, but it is seen as an early beneficiary of generative AI applications [2] Group 3: Companies with No U.S. Exposure - Goldman Sachs identified 11 Chinese tech companies with unique momentum and no U.S. exposure, including Horizon Robotics, Naura, and Pony AI [5][6]

Group 1 - The core viewpoint emphasizes that China's inbound tourism market is experiencing a significant surge, with Ctrip reporting a 193% year-on-year increase in inbound travel orders for the "May Day" holiday, and an 88% month-on-month increase in related search volume in Chengdu [1][3] - The influence of foreign influencer "Kakankong" is highlighted, as his immersive live broadcasts have transformed traditional tourism promotion, allowing foreign tourists to gain a deeper understanding of China [1][3] - The seamless experience showcased during the live broadcasts reflects China's technological advancements, such as 5G coverage and innovations in transportation and delivery services, which are now part of daily life in China [1][2] Group 2 - The live broadcasts also demonstrate the safety and quality of China's consumer environment, with a food safety inspection pass rate of over 97% maintained for five consecutive years, indicating solid efforts to enhance food safety [2] - The narrative of improving living standards is reinforced through various cultural and tourism activities, such as the "non-heritage experience" initiatives and local hospitality offerings, which resonate with the happiness of ordinary people [3] - China is actively inviting global tourists with initiatives like extending transit visa exemptions to 240 hours and offering tax refunds for shopping, while also addressing challenges in domestic consumption and food safety regulation [3]

Group 1 - China's technological innovation is achieving significant advancements across various fields, establishing itself as a global leader in areas such as AI, quantum computing, and digital technology [1][2] - China is recognized as the global "four crown king" in comprehensive R&D capabilities, leading in international patent applications, top technology clusters, total R&D personnel, and influential academic publications [2] - The "East Data West Calculation" project and other high-tech initiatives are enhancing China's strategic technological frontiers [2] Group 2 - The Chinese technology sector is driving consumption upgrades, with innovations like smart homes and AI-driven products becoming mainstream, thus boosting domestic economic circulation [3] - The rise of domestic alternatives in technology is strengthening China's self-reliance, with companies like BOE achieving a 98% localization rate in OLED screens [3] Group 3 - Foreign investment in China is expected to increase, with predictions that 2025 will be a pivotal year for global investors to reassess China's international competitiveness [4] - Reports from foreign institutions indicate that A-share market valuations are at historical lows, suggesting significant upside potential for investors [4][5] Group 4 - China's innovation ecosystem is becoming more robust, with local governments actively improving the business environment to foster innovation [7] - The Chinese government is providing strong leadership and strategic direction for technological self-reliance and innovation [7] Group 5 - The U.S. attempts to impose technological barriers on China have inadvertently accelerated China's innovation and development in critical technology areas [8][9] - American companies are increasingly concerned about losing access to the Chinese market, which could significantly impact their revenue and R&D investments [8] Group 6 - China's commitment to inclusive technology development is fostering a global "community of shared future," with initiatives aimed at benefiting developing countries [10] - Chinese technological advancements, such as the DeepSeek model, are democratizing AI and breaking the monopoly of advanced computing power [10] Group 7 - The decline of U.S. technological hegemony is evident as Chinese companies emerge as significant players in various sectors, challenging the traditional dominance of American firms [11] - Predictions indicate a decrease in the U.S. manufacturing sector's global market share, highlighting the challenges faced by American industries [11]

点击 关注我们 报告发布日期：2025年4月7日 报告名称: 《 电子行业周报--中国科技资产长期价值重估的大幕正徐徐拉开 》 分析师：胡剑 S098052 1080001/胡慧 S0980521080002/ 叶子 S0980522100003 / 詹 浏洋 S0980524060001 / 张大为 S0980524100002/李书颖S0980522100003 联系人：连欣然 完整报告请扫描下方二维码 国信研究 电子行业周报-中国科技资产长期价值重估 的大幕正徐徐拉开 2025-04-14 | 胡剑 胡慧 叶子 詹浏洋 张大为 李书颖 连欣然 中国科技资产价值重估大幕徐徐拉开。过去一周上证 下跌3.11%，电子下跌3.89%、恒生科技、台湾资讯科技 下跌7.77%、7.13%、费城半导体上涨10.93%。过去一 周,由美国发起的关税博弈局势反复,中国政府在秉持着一 贯的"不惹事但也不怕事"的外交立场、对美国发起多项反制 措施的同时,也就稳定资本市场、开拓内需市场采取了诸多 政策组合,基于应对特朗普上届任期内所发起的贸易摩擦的 经验，我国此次的政策应对更加系统和前瞻；而周末美国C BP所发布的《特定产品对 ...

Core Viewpoint - The recent "reciprocal tariff" policy in the US has caused significant global asset volatility, particularly affecting the technology sector, while the resilience of Chinese assets has become more evident after a pullback. Major institutions remain optimistic about the technology sector in China [1] Group 1: Market Dynamics - The Hong Kong stock market has led the way in the "revaluation of Chinese assets," despite recent volatility, indicating potential for growth [2] - Global capital's risk appetite for Chinese assets has significantly increased, driven by factors such as technological maturity and international competition [2] - The revaluation of Chinese assets is a process of repricing driven by technological breakthroughs, policy support, and global capital flows [2] Group 2: Valuation Insights - As of April 10, the dynamic P/E ratio of the Hang Seng Index is at approximately 56.06% percentile since 2010, while the CSI 300 Index is at about 43.64% percentile [4] - Current valuations of Chinese assets are not considered expensive compared to historical performance and major global markets [4] - The technology sector in A-shares has entered a phase of differentiation after a period of valuation expansion, with high-growth areas like AI showing elevated P/E ratios [4][5] Group 3: Future Trends - The revaluation process is expected to unfold along three paths: technological breakthroughs, policy multiplier effects, and industrial chain value restructuring [5][6] - The future pricing logic for technology will shift towards "R&D-driven valuation," moving from traditional P/E to a dual model of "main business P/E + innovative business P/S" [6][7] - The collaboration of technology, capital, and policy will drive the efficiency of capital allocation and value discovery in the technology sector [7] Group 4: Investment Strategies - Investors are advised to adopt a "barbell strategy" to mitigate volatility, with a focus on the Hong Kong internet and AI technology sectors, which are seen as having strong competitive advantages [8][9] - The attractiveness of Hong Kong stocks to southbound funds is expected to strengthen as valuation anchors shift and risk premiums are redefined [9] - The differentiation between A-shares and Hong Kong stocks will deepen along three axes: funding attributes, industrial mapping, and policy elasticity [9]

Group 1: Market Performance - In March, global asset performance ranked as follows: commodities (2.62%) > global bonds (0.61%) > RMB (0.30%) > 0% > USD (-3.16%) > global stocks (-4.45%) [2] - The "Terrific 10" index of Chinese tech stocks increased by 58% from 2024 to March 2025, outperforming the "Magnificent 7" index of US tech stocks, which rose by 41% [3] - The A-share margin balance reached 2.55% of the A-share circulating market value, the highest since 2017 [5] Group 2: Economic Indicators - The correlation coefficient between the Russell 2000 index and the NFIB small business confidence index was 0.77 from 2016 to September 2024, indicating a close relationship [3] - Since October 2024, the NFIB small business confidence index has risen while the Russell 2000 index has underperformed the S&P 500 index [3] - The A-share industry rotation speed reached the 94th percentile of historical levels over the past 10 years as of March 2025 [8] Group 3: Investment Insights - 58% of global fund managers expect gold to be the best-performing asset in a scenario of comprehensive trade conflicts, followed by long-term US bonds (16%) and short-term US bonds (9%) [4] - The valuation of the "Magnificent 7" in the US shows a negative correlation with the actual yield of 10-year Japanese government bonds, indicating concerns over high valuations and liquidity [4] - The price of rebar has decreased by 13.8% since 2023, while copper prices have increased by 4.2%, reflecting differing demand in construction and manufacturing sectors [6]