Group 1: Core Perspectives - The 12th Fortune Forum focuses on "Re-evaluating, Reconstructing, and Reigniting - The Leap in Asset Value Driven by AI" and gathers top experts to discuss global order changes, AI industry trends, asset allocation directions, and investment opportunities [1] - The forum features a roundtable discussion on the dual impact of geopolitical tensions and the AI technology revolution, clarifying the core logic for investors amidst changing macroeconomic conditions [1][2] - Experts emphasize that despite external disturbances, Chinese assets exhibit significant allocation value due to policy support, manufacturing resilience, and technological breakthroughs [3] Group 2: Investment Themes - Assets are categorized into three types: strong cyclical (real estate chain), stable (gold, high dividends), and tech emerging (AI, innovative pharmaceuticals), with gold seen as a hedge against weakening dollar credit [2] - The focus on AI applications and service consumption is highlighted as a dual upgrade opportunity, with a particular interest in the downstream applications of AI [3] - The importance of internationalization for external demand enterprises and the need for domestic enterprises to focus on rigid demand and innovation upgrades are discussed [4] Group 3: Sector Insights - The resilience of China's manufacturing sector is emphasized, with companies needing to shift from "manufacturing overseas" to "branding overseas" to enhance value [4] - The AI hardware capital expenditure is still in a deep water zone, indicating that China has broader space for AI applications in the long term [5] - Innovative pharmaceutical companies are seen as capable of withstanding decoupling risks through talent and technological barriers, with global authorization partnerships being key to market expansion [6]

黄金十年后，面临新挑战 过去十年间天然气行业经历了快速发展。国家发展改革委数据显示，2024年全国天然气表观消费量 4260.5亿立方米，同比增长8%，首次突破四千亿方。相较2014年的1848亿立方米，我国天然气消费规 模实现翻番。 业内普遍认为我国天然气行业前景广阔。国家发展改革委与国家能源局联合印发的《能源生产和消费革 命战略（2016—2030）》 曾提出，预计到2030年，天然气在我国一次能源消费中的比重将达到15％左 右。国家能源局发布的《中国天然气发展报告（2024）》显示，至2023年天然气在一次能源消费总量中 占比为8.5%，自2014年以来提升了4个百分点，但与15%的目标依然有距离。《2025年能源工作指导意 见》也依然提出天然气产量保持较快增长，油气储备规模持续增加是今年的主要目标之一。 不过在发展预期明确的同时，城燃企业依然面临具象的挑战。 天然气上下游顺价机制尚不完善为城燃企业带来了切实的经营压力。深圳市燃气集团股份有限公司党委 书记、董事长王文杰表示，城燃企业的销售收入基本均是用工商业售气收入来补贴民用。同时随着终端 用能的电气化，一些工商业用户选择放弃燃气改用其他能源也带来了较 ...

5月20日，魏牌在上海用户交付中心举办"为用户而改变——魏牌特别活动日"，长城汽车董事长魏建军表示："为用户而改变，是我们魏牌的价值观底线。我 们希望，通过改变让大家买车、用车，更放心、更安心"，并重磅发布了魏牌在渠道、产品、技术研发方面的重大焕新举措，让用户看到了魏牌为用户而改 变的决心与诚意。 魏牌走过的路，并不轻松。经过新能源转型、智能化浪潮的冲刷，魏牌发现，潜心造车不再是唯一正解，真正懂用户才能走得更远。魏建军表示"造车这件 事，不是百米冲刺，而是获取用户信任的一场马拉松"。 而魏牌这份敢于改变的底气，则源于长城35年造车的深厚底蕴、魏牌8年的高端化探索以及全球化硬核研发投入与全球领先的技术储备。 用户定义魏牌形象 渠道、产品焕新升级 作为负责兑现承诺的人，魏牌CEO冯复之表示："我们今天所在的这家用户交付中心，是我们兑现的第一个承诺"。仅 10 个月时间，我们就实现了门店数量 从0到430家的突破，覆盖的城市超过了110个。今年我们会拓展到600家，覆盖全国200个以上的城市。 魏建军：我们的目标是做一个真正懂用户的品牌 "我们的目标很简单，就是要做一个真正懂用户的品牌，让用户看得见、找得到、靠得住 ...

专题：深交所2025全球投资者大会：新质生产力 投资中国新机遇——开放创新的深圳市场 5月19日至20日，深交所2025全球投资者大会在深圳举行。大会主题为"新质生产力：投资中国新机遇 ——开放创新的深圳市场"，通过主旨演讲、圆桌讨论、公司路演等多种形式，展现中国资产和A股市 场投资价值。 中国新质生产力的崛起与全球经济格局重塑背景下，竞争与合作并存的双重趋势将对全球资产配置和投 资决策产生何种影响？安本投资亚太多资产投资主管 Irene Goh发表精彩讲话。 责任编辑：孙同怀 第三是在具体投资赛道中，中国的清洁能源布局尤为瞩目。数据显示，中国清洁能源投资占全球总量的 一半，在可再生能源基础设施领域形成显著优势。这一趋势不仅体现在产能端（如全球 70% 的太阳能 板、60% 的电动汽车电池产能来自中国），更延伸至技术应用与产业链协同层面。 Irene Goh指出，回顾19 世纪工业革命及 20 世纪末互联网革命，技术在全球的应用曾推动新兴市场跨越 式发展。以 10 至 20 年前的手机普及为例，即便在交通系统尚不健全的新兴国家，数字化技术也帮助当 地企业连接全球供应商，加速融入国际产业链。当前，数字化进程的深 ...

Core Viewpoint - The U.S. Department of Commerce has revoked the "AI Diffusion Rule" established during the Biden administration and initiated new regulations to strengthen AI chip export controls, indicating a continuation of the global competition for AI dominance [1][2]. Group 1: Policy Changes and Market Reactions - The previous "AI Diffusion Rule" categorized countries into three tiers for AI chip procurement, with the highest tier allowing 18 U.S. allies to purchase freely under supervision, while countries like China and Russia were banned from accessing advanced chips [1]. - Following the cancellation of the rule, stocks related to Nvidia surged, with companies like Jingsheng Electronics and Huajin Technology seeing significant gains [3]. - The new measures, however, restrict the global application of Huawei's Ascend chips, presenting short-term challenges but potentially accelerating the domestic chip industry's self-sufficiency in the long run [3]. Group 2: Industry Dynamics and Investment Trends - A surge in investment in computing power infrastructure is noted, with major Chinese firms like Alibaba and ByteDance planning capital expenditures reaching hundreds of billions by 2025 [1][6]. - The global competition for AI infrastructure is intensifying, with major cloud providers like Amazon, Google, Microsoft, and Meta projected to spend over $230 billion in 2024 [6][7]. - The demand for AI infrastructure is driving significant capital expenditures, with a projected increase in global cloud infrastructure spending to $3.213 trillion in 2024, up 20% from 2023 [7]. Group 3: Technological Innovations and Market Shifts - The introduction of DeepSeek's open-source strategy is reshaping the industry by significantly reducing model deployment costs, leading to an increase in demand for domestic AI chips [5][8]. - The shift from reliance on imported hardware to a model of "algorithm-computing power collaborative innovation" is redefining China's AI industry landscape [8]. - As domestic chip manufacturers like Cambrian and Haiguang Information innovate and optimize their architectures, they are positioned to benefit from the accelerated demand for self-sufficient computing power solutions [5][8].

编者按：时间，像一条大河，不停地往前奔流。老照片，宛如一座桥，让我们能够回到记忆中的彼岸。 然而老照片都是静止的瞬间，如今，借助最新的AI技术，我们将老照片"唤醒"，也同时"唤醒"了旧时 光，"唤醒"了生动的回忆！ 5月17日 是世界电信日 今天 我们要"唤醒"的是一段 关于通信的记忆 穿越时光隧道 看那些年我们追过的"黑科技" "见字如面"的墨香里 1979年，在成都市电信局，工作人员在指导新学员发电报。 发电报要字字斟酌 写情书需句句推敲 打电话也要争分夺秒 动图由AI基于照片生成 手持"砖头大哥大"的商贩 是改革开放最生动的注脚 1986年，在河南辉县，汽车运输专业户正在用电话与外地货主联系业务。 1994年1月，广州一名商贩用"大哥大"打电话。 动图 由AI基于照片生成 BP机的蜂鸣响彻大街小巷 2005年5月17日，在浙江杭州，营业员在展示一款小灵通手机和一张小灵通SIM卡。 1994年 伴随着一条64K国际专线的开通 中国实现全功能接入国际互联网 当时的人们也许很难想象 互联网将深刻改变中国 "有事call我"成为90年代最酷的告别语 2002年12月15日，江苏溧水永阳镇的农民在展示他们的中文寻 ...

Group 1 - The 17th Shenzhen International Battery Technology Exchange and Exhibition (CIBF2025) opened on May 15, 2025, focusing on battery technology revolution and industry chain collaboration [1][3] - The event is expected to attract over 3,200 top global exhibitors and more than 400,000 professional visitors, with an exhibition area exceeding 300,000 square meters [3] - CIBF2025 aims to serve as a comprehensive platform covering the entire industry chain from materials to applications, enhancing international cooperation and innovation [3][4] Group 2 - In the first quarter of 2025, the production of new energy vehicles, lithium-ion power batteries, and solar cells increased by 45.4%, 39.2%, and 18.5% year-on-year, respectively, indicating strong growth momentum in China's renewable energy sector [4] - China's newly installed renewable energy capacity reached 76.75 million kilowatts in the first quarter of 2025, a year-on-year increase of 21%, accounting for approximately 90% of the new installations [4] - The event showcased next-generation battery technologies, including solid-state batteries and sodium-ion batteries, with significant advancements expected in energy density and production capabilities [4][5] Group 3 - The integration of AI in battery management systems and automated disassembly technologies highlights China's leading position in battery lifecycle management [5] - CIBF2025 features an "International Pavilion" to facilitate competition and cooperation between domestic and foreign companies in resource recycling and recovery technologies [7] - The successful hosting of CIBF2025 is anticipated to further promote the development of the global new energy industry and support economic recovery [7]

中新网深圳5月15日电 (陈昊星)5月15日，第十七届深圳国际电池技术交流会/展览会(CIBF2025)在深圳 国际会展中心开幕。本届展会由中国化学与物理电源行业协会倾力打造，以"链动全球·赋能绿色·驱动未 来"为主题，聚焦电池技术革命与全产业链协同创新，汇聚全球顶尖企业、科研机构与行业领袖。 （文章来源：中国新闻网） 国际能源署(IEA)预测，2030年全球电池需求将激增至3500GWh。中国凭借全产业链优势，正引领全球 技术迭代与标准制定。CIBF2025紧握历史机遇，全面升级为覆盖"材料-电芯-装备-回收-应用"的全产业 链超级平台，展览面积突破30万平方米，吸引3200余家全球顶尖展商、超40万专业观众齐聚，国际化程 度显著提升。 郑宏宇介绍，本届展会覆盖15个展馆，展览面积近30万平方米，汇聚了3200余家参展商，预计吸引观众 超40万人次，涵盖了电池材料、设备、电芯制造、Pack技术及回收再利用等全产业链。 展会同期举办四大高端峰会及200余场学术报告，深度解码产业趋势，包括CIBF2025先进电池前沿技术 研讨会、电动航空及下一代电池技术交流等活动。(完) 5月15日，深圳，第十七届深圳国际电池 ...

Core Viewpoint - The Chinese capital market is demonstrating unique vitality and resilience, positioning itself as a key player in the global economic landscape, particularly through the asset management industry which is seen as a core engine for capital allocation and value discovery [1] Group 1: Investment Opportunities - The bond market is viewed as favorable due to a supportive macroeconomic environment and a clear direction of monetary policy easing, with low risk of significant adjustments [2][4] - The stock market is experiencing positive policy signals aimed at stabilizing the market, with central entities increasing their holdings in A-shares, which is expected to boost investor confidence [2] - Current stock market valuations are considered to be in a reasonable range, presenting structural opportunities particularly in sectors like technology innovation, military, machinery, and undervalued financials and cyclical stocks [2] Group 2: Asset Allocation Strategies - In an environment of increasing uncertainty, diversification across asset classes such as stocks and bonds is recommended to mitigate risks [3] - Maintaining flexible positions and emphasizing liquidity management is crucial, avoiding extreme risk exposure [3] - The "fixed income plus" strategy is suggested for achieving stable returns while considering the volatility of products and individual risk tolerance [6] Group 3: Changes in Investment Framework - The investment research framework has shifted from a macro and mid-level focus to a greater emphasis on micro-level research, recognizing the significant impact of microeconomic factors on macroeconomic trends [7] - Increased market volatility necessitates a focus on market sentiment, with a proactive approach to understanding and anticipating changes in investor behavior [7] - The approach to credit risk has evolved, with a focus on high-quality municipal bonds while maintaining strict credit standards, and a shift towards recognizing the trading value of credit bonds [8] Group 4: Balancing Risk and Return - Investment decisions require rationality, with an emphasis on recognizing and managing both foreseeable and unforeseeable risks [9] - The essence of investment is framed as creating returns while controlling drawdowns, ensuring long-term performance sustainability [9]

高盛首席美股策略师在报告中指出，当前市场对经济增长的定价已隐含乐观预期，结合经济增速与企业 盈利增长即将放缓的潜在风险，未来数月估值扩张空间或将受限。该行警示，尽管美联储政策转向预期 持续支撑市场情绪，但企业盈利增长的不均衡性可能制约指数整体表现。 不过高盛同时警示，2025年关税环境仍面临不确定性。该行测算显示，即便在中美关税部分削减情形 下，2025年美国对华商品加权平均关税税率仍将维持在30%以上，显著高于2024年的4.3%水平。这将对 企业利润率构成持续压力，尤其是出口导向型企业的盈利修复或低于预期。 此次目标价调整反映出高盛对市场驱动因素的重新评估。今年3月，该行曾两度下调标普500预测，主因 当时对经济衰退风险及中美关税博弈的担忧升温。随着近期中美达成阶段性贸易协议，叠加科技巨头盈 利韧性超预期，高盛认为前述压制因素已显著缓解，这也是其上调12个月目标价的核心逻辑。 从技术面看，标普500指数当前动态市盈率已攀升至21.5倍，处于近十年85%分位水平。高盛指出，若 要消化估值压力，需要企业盈利增速在二季度实现环比10%以上的增长，这要求科技板块盈利贡献占比 需超过40%。该行建议投资者关注财报季 ...