Investment Rating - The report does not explicitly provide an investment rating for the telecommunications industry during the "15th Five-Year Plan" period [4]. Core Insights - The telecommunications industry in China is undergoing a profound transformation during the "15th Five-Year Plan" (2026-2030), shifting from a traditional growth model centered on "connectivity" to becoming "intelligent service and value creators" [4][5]. - The report identifies three core survival crises: "bleeding pipelines" (value erosion from the volume-revenue gap), "heavy assets" (investment return challenges), and "capability gaps" (inability to meet future market demands) [5][14]. - The report emphasizes the necessity of transformation, leveraging four core strategic assets accumulated by operators: ubiquitous network assets, national-level computing power assets, high-value data assets, and deep customer and channel assets [5][21]. Summary by Sections Section 1: Unavoidable Turning Point - The "14th Five-Year Plan" laid a solid foundation for the digital economy, with significant achievements such as the establishment of the world's largest 5G network, comprising 4.486 million base stations and 223 million gigabit broadband users by May 2025 [13]. - The cumulative investment in 5G network construction exceeded 1.2 trillion RMB, leading to substantial asset return pressures [13][19]. Section 2: Strategic Landscape - The report identifies ten strategic opportunities for the telecommunications industry, categorized into foundational enablers, core strategic battlefields, and visionary bets [30][34]. - Core strategic opportunities include AI-native intelligent computing networks, data element value realization, and integrated vehicle-road-cloud systems, which are deemed critical for operators to focus their resources on [30][39]. Section 3: Core and Forward-looking Opportunities - The report provides a detailed analysis of seven core strategic and forward-looking opportunities, assessing their necessity, feasibility, adaptability, and urgency [56]. - The AI-native intelligent computing network is highlighted as a critical battleground for survival, with a projected market size exceeding 750 billion RMB by 2030, growing at a CAGR of over 30% [60][62]. - Data element value realization is identified as essential for unlocking dormant assets, with the data element market expected to reach 7.5 trillion RMB by 2030 [68][71]. Section 4: Strategic Paths - Six core development paths are proposed for operators, including autonomous innovation in cutting-edge technologies, deepening application scenarios, and upgrading business models [8]. - The report suggests prioritizing investments in AI-native intelligent computing networks and data element value realization, allocating 50% of strategic incremental resources to core capability areas [8][7].

Core Viewpoint - The article highlights various recent developments in investment funds across different regions in China, focusing on government-backed initiatives and private sector participation to boost emerging industries and innovation. Group 1: Government Initiatives - Beijing has introduced measures to encourage local government and state-owned enterprise funds to invest in future industries, allowing for normal investment risks without strict annual profit-loss assessments [2] - The Guangxi government plans to establish an artificial intelligence industry fund with a minimum subscription of 100 billion RMB to enhance AI development across various sectors [11] - The Anhui government has partnered with China Life Insurance to set up a 100 billion RMB fund aimed at modernizing the industrial system and fostering emerging industries [9][10] Group 2: New Fund Establishments - The Zhejiang Province has launched the Zhejiang Zhanxing Industry Relay Fund with a target size of 50 billion RMB, focusing on private equity investments [3] - Xincheng Capital has successfully raised over 4.5 billion RMB for a new merger and acquisition fund, bringing its total managed assets to approximately 9.59 billion USD [4] - The establishment of the Nanning Artificial Intelligence Innovation Cooperation Development Investment Fund with a capital of 5 billion RMB aims to support equity investments and asset management [12] Group 3: Sector-Specific Funds - The establishment of the Hangzhou Talent Seed Fund focuses on investing in early-stage companies in the fields of optoelectronics, life sciences, and future industries [19] - The launch of the Langfang Silver Economy Fund targets investments in sectors related to elderly health, including biomedicine and high-end medical devices [18] - The Shanghai Clinical Transformation Seed Investment Fund, with an initial scale of 1.8 billion RMB, aims to facilitate the commercialization of medical technology innovations [24] Group 4: Collaborative Efforts - The Guangzhou Angel Mother Fund has announced partnerships with eight new GP institutions, bringing the total to 39, with a cumulative target fund size of 106.85 million RMB [7][8] - The establishment of the Future Science City Guoxin Mother Fund's first sub-fund, focusing on advanced energy and manufacturing sectors, marks a significant step in regional investment strategies [26] - The Sichuan University Technology Achievement Transformation Fund aims to leverage university resources to promote strategic emerging industries, with an overall scale of 100 billion RMB [41]

四、标杆实践：宁波制造业创新范式 马光远深度剖析宁波案例时揭示其成功逻辑： 一、应用场景：技术商业化的核心驱动力 马光远在科技峰会上指出，中国已成为全球新技术落地最活跃的试验场。他以人工智能为例强调："一项技术在美国可能衍生5类应用，在欧洲开发3类，而 在中国可拓展至10类以上场景。"这种多样性不仅加速了技术迭代，更为企业创造了指数级增长机会。例如，智能物流技术在中国同时激活了仓储机器人、 无人配送、跨境供应链优化等多重场景，催生多个百亿级市场。 针对全球技术竞争格局，马光远提出差异化路径："中国在人工智能领域的核心竞争力并非单纯技术突破，而在于规模化应用能力。"当前中国数字经济的贡 献正重塑全球产业规则——任何新技术从实验室到市场的转化周期，在中国可缩短30%以上。他特别强调："即使面对算力芯片的短期制约，现有技术储备 已足以驱动千行百业的智能化转型，如制造业质检效率提升40%、能源损耗降低15%等实证案例。" 三、新质生产力培育的系统化路径 为激活创新动能，马光远提出战略框架： 东方智库®，致力于邀请全球最顶尖的思想家，提供经济学家邀请、诺贝尔奖获得者邀请、诺奖邀请、院士邀请、商界领袖邀请、科学家邀请、峰 ...

二是技术发展的挑战。信息技术的飞速发展，如大数据、人工智能、云计算等新兴技术的广泛应用，给 企业信息处理能力和决策效率带来了巨大挑战。传统信息处理方式，主要依赖人工分析和简单的数据统 计工具，难以应对如此庞大而复杂的数据分析。企业需要不断提升数字化水平，加大对数据驱动决策模 型和实时分析工具的投入与应用。此外，还需大力培养员工的数据分析能力，使员工掌握数据分析的基 本技能，能够从数据中提取有价值的信息，为决策提供有力支持。 在经济全球化深入发展、科技变革日新月异的当下，企业所处的外部环境正经历着深刻而复杂的变化， 这种变化既带来了前所未有的发展机遇，也给企业管理模式带来了诸多严峻挑战。 一是市场变化的挑战。在当今时代，消费者需求日益多元化、个性化且变化迅速。市场需求不再局限于 产品的基本功能，对产品的品质、体验、环保性以及个性化定制等方面提出了更高要求。传统管理模 式，往往层级较多、流程烦琐，部门之间存在明显壁垒，使得企业在获取市场需求信息时，面临信息传 递缓慢、失真等问题。 三是全球化竞争的挑战。全球化竞争的加剧要求企业具备更强的创新能力和资源配置能力。企业需要在 全球范围内寻找优质的资源和合作伙伴，加强与 ...

Core Viewpoint - The suspension of trading accounts for Weichuang New Materials is the first instance in over six years since the establishment of the Sci-Tech Innovation Board, indicating a relatively tolerant approach from the regulatory authorities towards companies listed on this board [1] Group 1 - The Sci-Tech Innovation Board allows companies to be unprofitable and to go public through mergers and acquisitions, reflecting a flexible regulatory environment [1] - However, there is a caution against irrational and non-compliant speculative trading, even for companies categorized as new productive forces [1]

港产城联动跃升，夯实枢纽支撑力。港口是天津联通世界、服务国家战略的硬核支撑。据《新华·波罗 的海国际航运中心发展指数报告(2025)》显示，天津国际航运中心排名跃升至全球第18位，连续进位彰 显发展韧性与活力。2024年，天津港集装箱吞吐量创下2328万标准箱的历史新高。硬件能级持续提升， 58亿元投入码头扩建二期工程，投产后散货处理能力将翻番；智慧港口建设领跑行业，人工智能运输机 器人（ART）精准运行提升效率，港口大模型深化应用赋能管理升级；绿色港口实践成效显著，146.5 兆瓦新能源装机容量年发电超3.2亿千瓦时，倒运车辆新能源占比行业领先。滨海新区依托港口优势， 聚集绿色石化、海洋装备等五大适港产业，2024年产值近6000亿元；不断延伸"港"的价值，拓宽"通"的 维度，叠加"联"的效能，天津正加速向智能化、绿色化的世界一流强港迈进。 天津在高质量发展道路上的坚实步履，是新时代奋斗号角在地方实践的嘹亮回响。面向未来，期待天津 继续勇立潮头、开拓创新，在强国建设、民族复兴的宏伟事业中，展现更大担当、贡献更大力量，书写 无愧于时代、无愧于人民的崭新答卷。（甄郝） 创新动能澎湃，锻造发展硬实力。科技创新是发 ...

记者从人力资源社会保障部了解到，今年以来，国家围绕增加制造业、服务业紧缺技能人才供给，展开大规模职业技能培训提升行动，上半年共完成补贴性 培训超512万人次。 今年，国家聚焦先进制造、数字经济、低空经济、交通运输、农业农村、生活服务等领域，先后发布数字人才、养老服务、家政服务、长期照护等专项培训 文件，开展分行业、分领域职业技能提升培训。围绕高校毕业生、农民工等重点群体的就业意愿，挖掘市场需求，开展针对性培训。 今年1至6月，全国完成补贴性职业技能培训超512万人次，新增取得高级工及以上职业资格证书或职业技能等级证书185.1万人次，其中技师及以上13.3万人 次。 瞄准紧缺行业需求 培训联动就业 今年的大规模技能培训提升行动，其中一大特点是把就业公共服务贯穿全程，围绕新质生产力培育、急需用工行业等，推动培训和就业协同联动。 在江西萍乡湘东区就业之家，新一期的技能培训班的主题是计算机及外部设备装配调试。 江西省萍乡市湘东区就业创业服务中心 李剑锋：聚焦企业真实工作场景，开展实操练习，让学员在解决实际问题的过程中，掌握岗位核心技能，提升他们 的岗位适应力与技术应用能力。 学员糜宇豪此前没有一技之长，换了好几份工 ...

近日，华顿经济研究院在上海发布2025年中国百强城市排行榜，呼和浩特市凭借稳健的发展态势成 功跻身百强，位列全国第58位，这一成绩标志着首府城市综合实力的显著提升。 此次入围中国百强城市排行榜，是对呼和浩特市近年来经济社会发展成果的充分肯定。接下来，呼 和浩特市将继续秉持创新发展理念，持续优化产业结构，提升科技创新能力，向着建设华北地区重要中 心城市和区域科技创新中心的目标稳步迈进，为推动自治区高质量发展贡献首府科技力量。 呼和浩特市委、市政府高度重视科技创新，将其置于发展全局的核心位置，出台一系列优化创新生 态的政策措施，包括"科技强市实施意见""全面优化首府创新生态""支持科技服务业高质量发展"等，为 科技创新提供坚实的政策保障。呼和浩特市积极融入"京津冀"国家创新体系，通过厅市会商机制，建 立"研究院+公司+基金"的成果转化模式，有效促进科技成果的落地与应用，科技创新已成为呼和浩特 高质量发展的核心动力。 在科技强市战略的强劲推动下，上半年呼和浩特市创新平台建设成效显著，新增院士专家工作站5 家，国家科技型企业数量达到1453家，均居全区首位。技术市场活跃度大幅提升，技术合同成交额达到 12.65亿元， ...

Group 1 - The core viewpoint emphasizes the importance of comprehensive transportation as a crucial support for urban status and capability, playing a foundational, leading, and strategic role in promoting high-quality development [2] - The city aims to integrate into national strategies, enhance transportation connectivity, and accelerate the construction of a modern comprehensive transportation system, focusing on key projects in the Nanjing metropolitan area [2] - There is a strong emphasis on innovation-driven development in the transportation sector, including the promotion of low-altitude economy and intelligent connected vehicles as future industries [2] Group 2 - The city is committed to enhancing the effectiveness of transportation services for the public, optimizing public transport networks, and developing green transportation [2] - Continuous strengthening of party building and work style is highlighted, with a focus on maintaining and safeguarding the rights of new employment groups such as ride-hailing and freight drivers [3]

Core Viewpoint - The meeting emphasized the importance of the "15th Five-Year Plan" for achieving socialist modernization and accelerating the construction of a strong province in the new era, highlighting the need for strategic planning and implementation [2][3]. Group 1 - The "15th Five-Year Plan" period is identified as a critical time for solidifying the foundation of socialist modernization and advancing the province's responsibilities [2]. - The meeting called for a deep understanding of the development requirements of new productive forces and the integration of technological and industrial innovation [3]. - A total of 50 significant topics have been identified for research, aimed at guiding the province's economic and social development during the "15th Five-Year Plan" period [3]. Group 2 - The meeting stressed the need for a strategic focus on major projects that are forward-looking, strategic, and feasible, to ensure high-quality completion of the planning work [3]. - It was highlighted that the province should adhere to a dual focus on goals and problems, ensuring systematic and coordinated policy measures [3]. - The importance of green, low-carbon, and high-quality development was underscored, along with the essential requirement of common prosperity [3].