Group 1 - Beijing's municipal government is focusing on enhancing the city's role as a national financial management center, emphasizing the need for reforms in the Beijing Stock Exchange to promote healthy and rapid development [2][3] - The People's Bank of China is committed to supporting Beijing's economic and financial high-quality development, aiming to create a favorable monetary environment and enhance the city's international influence in finance [2] - The China Securities Regulatory Commission plans to align capital market development with the needs of the capital city, focusing on supporting innovative small and medium enterprises and enhancing the multi-tiered market functions [3] Group 2 - The new mandatory national standard for light vehicle automatic emergency braking systems (AEBS) is set to replace the existing standard, expanding its applicability and requiring all passenger cars to be equipped with AEBS [11] - The revised regulations for major asset restructuring of listed companies aim to simplify approval processes and encourage mergers and acquisitions, enhancing market confidence and promoting high-quality development [12] - The National Financial Regulatory Administration has approved China Life Asset Management's participation in the third batch of long-term investment reform trials, focusing on stable, long-term investments in blue-chip companies [13]

Important Market News - The Ministry of Industry and Information Technology emphasizes the acceleration of 5G-A and 6G technology development to support the construction of a modern industrial system [1] - Focus on meeting enterprise development needs and enhancing market access, fair competition, and credit management systems [1] - Promotion of industrial internet infrastructure across regions and industries to support the high-end, intelligent, and green development of manufacturing [1] Industry Insights - The Ministry of Industry and Information Technology held a meeting to discuss the high-quality development of the industrial mother machine industry, which is crucial for modern industrial systems [2] - China's industrial mother machine market size is projected to grow from 631.36 billion in 2019 to 712.89 billion in 2024, driven by equipment upgrades and new industry demands [2] - The industrial mother machine industry is expected to see continued improvement in 2025 due to rising demand for high-end CNC machine tools [2][3] Automotive Industry Developments - The Ministry of Industry and Information Technology is seeking public opinion on mandatory standards for automatic emergency braking systems (AEBS), marking a shift from recommended to mandatory standards [4] - The new AEBS standard is expected to significantly increase the penetration rate of AEBS in vehicles, projected to exceed 60% by 2025 [5] - The current overall installation rate of AEBS in passenger vehicles is 56.5%, with higher rates in new energy vehicles [5] Brain-Computer Interface Advancements - The establishment of China's first clinical ward for brain-computer interface technology aims to transition from research-driven to clinically-driven applications [6] - The National Healthcare Security Administration has initiated a pricing project for new brain-computer interface technologies, paving the way for clinical applications [6][7] - Domestic companies in the brain-computer interface sector are expected to gradually achieve commercialization [7] Solid-State Battery Innovations - Guoxuan High-Tech has completed its first pilot line for solid-state batteries, with a design capacity of 0.2 GWh and plans for mass production [8] - The solid-state battery industry is anticipated to accelerate its industrialization process in the next 2-3 years, with key material and production technology advancements [8] - Companies involved in solid-state battery production are expected to benefit from expanding application spaces [8]

Group 1 - China's holdings of US Treasury bonds decreased by $18.9 billion in March, dropping to $765.4 billion, making it the third-largest holder, while the UK became the second-largest holder with an increase of $29 billion to $779.3 billion [2] - Moody's downgraded the US sovereign credit rating from Aaa to Aa1 due to increased government debt and interest payment ratios, marking a loss of the highest rating across all three major international credit rating agencies [3] - In April, overseas investors purchased a record ¥8.21 trillion (approximately $56.6 billion) worth of Japanese stocks and long-term bonds, marking the largest monthly net inflow since data collection began in 1996 [3] Group 2 - The Ministry of Industry and Information Technology emphasized the need for the information and communication industry to focus on meeting comprehensive innovation needs and accelerating the development of 5G-A and 6G technologies [1] - Guoxuan High-Tech announced the completion of its first all-solid-state battery pilot line with a design capacity of 0.2 GWh, achieving 100% domestic development of the production line and equipment [1]

Core Viewpoint - The Ministry of Industry and Information Technology emphasizes the acceleration of 5G-A and 6G technology research and development, industry cultivation, and application development to empower the construction of a modern industrial system [1] Group 1: Industry Development - The focus is on meeting the needs of enterprise development by improving market access, fair competition, and credit management systems to promote collaborative development of the industrial chain and integration of large, medium, and small enterprises [1] - There is an emphasis on fostering new productive forces to support economic transformation and the development of a modern economic system [1] Group 2: Infrastructure and Technology - The initiative aims to advance the construction of new types of network infrastructure across regions and industries, promoting the integration of industrial internet into parks, bases, and clusters to support the high-end, intelligent, and green development of manufacturing [1] Group 3: International Cooperation - The Ministry highlights the importance of deepening international exchanges and cooperation in technology, standards, industry, and policy, actively participating in global digital governance discussions and mechanisms to better integrate into the international industrial development landscape [1]

Group 1: Core Insights on New Quality Productive Forces - The development of new quality productive forces is being driven by technological innovation, showcasing significant high-quality development outcomes across various regions [1][2] - Key trends include the acceleration of traditional industry upgrades through technological empowerment, strong growth in emerging and future industries, and enhanced innovation capabilities among enterprises [1] - Challenges such as insufficient originality and a mismatch between talent training structures and industry needs have been identified, necessitating targeted recommendations [1] Group 2: Recommendations for Enhancing Technological Innovation - A call for the development of major application scenarios to support new quality productive forces, particularly in artificial intelligence and low-altitude economy sectors [1] - Emphasis on strengthening the role of enterprises in major technological tasks and increasing their involvement in project leadership and evaluation processes [1] - The establishment of a talent cultivation system that aligns with the needs of cutting-edge technology development and national strategic requirements [2] Group 3: Advancements in Artificial Intelligence and Open Source Innovation - Recommendations to accelerate the integration of artificial intelligence in scientific research, focusing on key fields such as chemistry, high-energy physics, and biotechnology [3] - The promotion of open-source innovation through support for native Chinese open-source projects and the establishment of sustainable funding mechanisms for open-source communities [4][5] Group 4: Enhancing National Strategic Technological Forces - The importance of leveraging national strategic technological forces to foster deep integration of technological and industrial innovation, enhancing economic and national competitiveness [6][7] - Suggestions to build a robust research team capable of bridging the gap between academic research and practical application, thereby facilitating the transformation of technological achievements into industrial applications [6][7] Group 5: Safety and Innovation in New Quality Productive Forces - The need for a dual focus on innovation and safety, particularly in critical sectors such as finance and healthcare, to ensure the secure application of AI technologies [8] - Recommendations for establishing minimum safety investment standards for key units and enhancing financial support mechanisms for technological innovation [8] Group 6: Strengthening Basic Research and Talent Development - A call for improved organization and collaboration in basic research to meet national strategic needs, emphasizing the role of various stakeholders including government, universities, and enterprises [9][10] - The establishment of a coordinated mechanism for education and technology talent development, ensuring alignment with the evolving demands of new quality productive forces [20][21] Group 7: Promoting Low-altitude Economy and Cross-industry Integration - The low-altitude economy is recognized as a vibrant sector with significant potential, necessitating reforms in airspace management and infrastructure development [11] - Encouragement for cross-industry integration, particularly between the automotive and information sectors, to enhance the digitalization and safety of vehicles [18][19] Group 8: Financial Innovations Supporting Technological Development - Recommendations for commercial banks to innovate financial products and services tailored to technology enterprises, enhancing their digital capabilities and risk management [16][17] - The establishment of collaborative platforms among government, universities, and investment institutions to support technology financing and risk compensation [17]

尽管很多人并不熟悉滤波器的工作原理，但大多数人应该都了解滤波器是至关重要的电子元器件。 高频滤波器，无疑是滤波器行业王冠上那颗最为璀璨的明珠。掌握了高频滤波器的核心技术，就基本 解决了6G、Wifi7、卫星通信信号捕捉与处理的重重难点，在未来全球通信技术竞争的宏大棋局中， 占据着举足轻重的关键地位。 2019年创立于南京的宙讯微电子科技有限公司（下简称"宙讯微"）是国内滤波器细分赛道内极其"低 调"的隐形冠军。公司专攻下一代通信技术核心元件——零温漂BAW滤波器，直接对标美国博通公司 高频滤波器业务管线，是目前全球唯一掌握TC-FBAR技术的企业。 1 前言 从2009年在天津大学首次开展薄膜体声波滤波器技术研究，到2018年国际通信巨头"零温漂"需求催生 TC-FBAR零温漂滤波器的研发灵感；从2020年疫情期间苦等工艺设备入关，到2025年成为国内唯一 盈利的BAW IDM滤波器企业，他的故事里藏着中国科技创业者"十年磨一剑"的韧性，更折射出国产 企业高端制造业突破"卡脖子"的底层逻辑。 公司创始人周冲是全国首批参与薄膜体声波技术研究的先驱者，也是国内少数同时掌握SAW和BAW 滤波器的顶级技术专家。他本 ...

文 ： 华创证券研究所副所长 、首席宏观分析师 张瑜（执业证号：S0360518090001） 联系人： 陆银波（15210860866） 袁玲玲（微信 Yuen43） 报告摘要 近一周，扩内需信号进一步明确，主要涉及就业、地产、股市、服务消费等。 1 、高层定调：总理在三次会议或调研上，均高度关注经济问题。 1 ） 4 月 15 日， 总理在北京调研 消费及地产相关内容。 2 ） 4 月 17 日， 总理主持国务院专题学习，以预期管理为主题，提出要"要 讲究政策时机，在一些关键的时间窗口，推动各方面政策措施早出手、快出手，对预期形成积极影 响。 要把握政策力度，必要时敢于打破常规 "。 3 ） 4 月 18 日，总理主持召开国常会，研究稳就业 稳经济问题。提出要" 锚定经济社会发展目标 ，加大逆周期调节力度"。 2 、股市楼市： 1 ） 4 月 15 日 ，总理在北京调研时提出，"当前和今后一个时期，我国房地产市场 仍有很大的发展空间"。 2 ） 4 月 18 日， 总理主持召开国常会，"要持续稳定股市，持续推动房地产 市场平稳健康发展"。 3 、消费及就业 ： 1 ） 4 月 18 日， 总理主持召开国常 ...

1 、 《 6G技术：下一个投资机会 》摘要 ■ 2025年3月，6G首次被写入政府工作报告，成为未来产业的重要组成部分，与量子科技和生物制造 并列。 ■ 6G不仅会大幅提升网络速度，还将全面改变人类的生活方式，推动智能网络的普及，涵盖从地面到 太空的全域通信。 ■ 涉及6G技术的公司，尤其是那些专注于基站天线、通信测试、网络设备等领域的企业，有望在未来 获得可观的增长。 ■ 尤其是与中国移动、华为等行业巨头合作的公司，凭借技术和市场优势，有望在6G商业化进程中占 据重要地位。 2、 《 城中村改造新路 》摘要 ■ 城中村作为城市化进程中的"产物"，由于基础设施不完善、社会治理复杂，成为外来人口聚集的"第 一站"。 ■ 尽管改造进展较快，但城中村改造面临的挑战依然存在，如征迁难度大、居民预期差异、改造成本 高等问题。 ■ 城中村改造是中国新型城镇化的关键组成部分，它不仅关乎居民的居住条件，也与社会治理、经济 增长和城市可持续发展密切相关。 ■ 对于投资者来说，涉及城中村改造的企业，包括建筑、金融、地产开发等领域，将是未来关注的重 点，特别是在改造项目中的创新融资方式和产业带动效应，值得长期跟踪和投资。 3、 ...

每经记者 杨建 每经编辑 彭水萍 （一）重要市场新闻 1、北京时间4月16日凌晨，美股三大指数集体收跌，大型科技股涨跌互现，奈飞涨超4%，英伟达涨超 1%，谷歌、亚马逊跌超1%。英伟达盘后"闪崩"超6%！市值蒸发1.3万亿元。纳斯达克中国金龙指数收 盘跌0.49%。热门中概股多数下跌，京东、理想汽车、阿里巴巴、哔哩哔哩、网易等跌超1%。奥斯汀科 技涨299.25%，亿珑能源涨43.14%。 2、周二（4月15日）纽约尾盘，现货黄金涨0.57%，报3229.06美元/盎司，最近三个交易日持稳于3200 美元上方，周一曾涨至3245.75美元创历史新高。COMEX黄金期货涨0.64%，报3246.80美元/盎司，自上 周五涨至3263.00美元创历史新高以来，持续高位震荡。国际油价15日下跌。截至当天收盘，纽约商品 交易所5月交货的轻质原油期货价格下跌20美分，收于每桶61.33美元，跌幅为0.33%；6月交货的伦敦布 伦特原油期货价格下跌21美分，收于每桶64.67美元，跌幅为0.32%。 3、隔夜收盘，欧洲STOXX 600指数收涨1.63%，报508.06点。欧元区STOXX 50指数收涨1.20%，报 4 ...

在2025年全国两会期间，6G作为未来产业之一首次被写入政府工作报告。如何抢占6G技术与产业发展 制高点？在南京举行的"2025全球6G技术与产业生态大会"上，海内外专家、龙头企业代表和相关部门 负责人展开广泛研讨。 AI为6G发展提供新动能 "6G面临一个新的机遇，就是AI的到来，AI可以给6G提供新动能。"中国工程院院士邬贺铨认为，6G在 未来诸如机器视觉、遥控、远程检修等大量的工业应用场景上，可充分证明它的有效性和经济性。 "经过多年的技术积淀与全球协作，6G与AI的结合成了极具潜力的发展方向。"科学技术部五司副司长 邱钢说，当前，全球正围绕6G技术展开攻关，在AI加速创新应用的同时，有望催生出新产业、新业 态、新模式，为未来社会的数智化发展注入强劲动能。 据介绍，我国一直高度重视信息通信前沿技术发展，目前我国在6G超大规模天线阵列、通感一体、内 生AI通信等关键技术方面均取得了重要进展。 6G科研和应用初具雏形 在大会期间举办的"6G前沿成果展"，集中展示了我国20多家相关企业、高校、科研院所在6G技术领域 的最新研发进展与场景。 记者看到，由中国电信联合北京邮电大学研发的"可视化6G卫星接入网系统级 ...