Group 1 - As of June 2025, there will be 161 million internet users aged 60 and above in China, indicating a significant growth potential for the silver economy and digital economy [1] - By November 2025, a total of 611 generative AI services will have completed registration, with 306 related applications or functions also registered, showcasing the rapid development of domestic AI models [1] - The new generation of digital technologies, including big data, cloud computing, AI, blockchain, and IoT, is continuously creating new industries, models, and driving forces, expanding the sources of development confidence [1] Group 2 - China's economy is undergoing a profound transformation in its growth dynamics, shifting from reliance on factor input and scale expansion to new productive forces that drive quality, efficiency, and power changes [2] - The potential of China's economy is being continuously released through regional coordinated development, rural revitalization, and the ongoing improvement of human capital quality [2] - The unique ecosystem formed by China's super-large market allows innovations to quickly achieve scale effects once they gain market recognition, as evidenced by the rapid growth of sectors like new energy vehicles and live-streaming commerce [2] Group 3 - Many Chinese entrepreneurs are building technological "moats" and enhancing value through persistent efforts, demonstrating that success comes from hard work and dedication [3] - The successful test flight of domestically produced high-bypass turbofan engines illustrates China's ability to overcome technological challenges and break through external constraints, reflecting a strong sense of confidence [3] - The 2025 Central Economic Work Conference emphasizes the importance of internal strengthening to address external challenges, advocating for strategic determination and a stable industrial system to navigate uncertainties [3]

Market Overview - The Hong Kong stock market experienced fluctuations, with the Hang Seng Index closing at 23,831 points, down 145 points or 0.61% [1] - The market turnover decreased to 82.799 billion HKD, with net inflows of 484 million HKD recorded in the Hong Kong Stock Connect [1] - The US stock market saw the Dow Jones and S&P 500 indices reach new highs, with the Dow closing at 49,590 points, up 0.2% [2] Key Insights - The report highlights the sustained net inflow of southbound funds through the Hong Kong Stock Connect, with a projected annual net inflow of 1,404.8 billion HKD by 2025 [3] - The focus on "technological self-reliance" and AI applications is expected to be a core theme for the future performance of Hong Kong stocks, with leading companies in these sectors likely to benefit from long-term growth opportunities [3] - The report suggests continued attention to sectors supported by policies aimed at expanding domestic consumption, such as sports apparel and non-essential services [3] Company Performance - TSMC, the world's largest advanced AI chip manufacturer, is expected to see a 27% increase in net profit in Q4, driven by surging demand for AI infrastructure [8] - Analysts predict TSMC's net profit could reach 475.2 billion TWD (approximately 15.02 billion USD), marking a record high for a single quarter [8] - The report recommends focusing on leading companies in the domestic semiconductor foundry industry, such as Hua Hong Semiconductor (1347.HK) and SMIC (0981.HK), which are expected to benefit from favorable domestic policies [8] Stock Recommendations - China Unicom (0762.HK) is highlighted for its strong performance in digital technology services, with a projected revenue of 45.4 billion CNY for its smart network business in the first half of 2025, reflecting a 4.3% year-on-year growth [9] - The company is also expected to maintain a high dividend yield, with a mid-2025 interim dividend of 0.2841 CNY per share, up 14.5% year-on-year [9] - The report emphasizes the company's advantages in cloud computing, IoT, big data, and AI, positioning it well to capitalize on the growth of China's digital economy [9]

Core Insights - Zhejiang Shuculture has experienced a consecutive two-day trading limit increase, indicating strong market interest and momentum [1] - The stock reached a trading limit at 9:45 AM with a transaction volume of 1.605 billion yuan and a turnover rate of 7.55% [1] Company Developments - The company is actively involved in the multi-modal AI sector, with applications in AI healthcare, internet healthcare, and NFTs [1] - Zhejiang Shuculture's subsidiary, Chuanbo Brain Technology, has developed a large model for media that has been successfully registered with the National Internet Information Office, marking it as the first media-specific large model developed by a media technology company in China [1] - The company is investing in infrastructure such as the Fuchun Cloud Internet Data Center and the Zhejiang Big Data Trading Center, establishing a comprehensive digital business ecosystem [1] Market Trends - The recent performance of the multi-modal AI concept sector has been robust, aligning with the company's strategic focus on AI and the digital economy [1]

2．1月12日，外交部发言人毛宁主持例行记者会。在回答有关中方加强两用物项对日本的出口管制问题 时，毛宁表示，中方加强两用物项对日本的出口管制，是为了维护国家安全和利益，履行防扩散等国际 义务，完全正当、合理、合法。中方维护关键矿产全球产供链稳定与安全的立场没有变化，同时我们也 认为各方都有责任为此发挥建设性作用。 3．1月12日，国家发展改革委、财政部、科技部、工业和信息化部联合发布《关于加强政府投资基金布 局规划和投向指导的工作办法》（下称《工作办法》）。《工作办法》围绕政府投资基金"投向哪、怎 么投、谁来管"三方面提出多项政策举措。国家发展改革委相关负责人表示，这是首次在国家层面对政 府投资基金的布局和投向作出系统规范。在优化基金布局方面，《工作办法》要求基金支持重大战略、 重点领域和市场难以有效配置资源的薄弱环节，推动科技创新和产业创新深度融合，着力培育新兴支柱 产业，坚持投早、投小、投长期、投硬科技。在加强投向指导方面，《工作办法》指出基金投向须符合 国家重大规划和国家级产业目录中的鼓励类产业，不得投向限制类、淘汰类以及政策明令禁止的产业领 域。同时，《工作办法》还进一步明确由省级发展改革部门牵头制 ...

Core Viewpoint - The report emphasizes the importance of expanding high-level opening-up to promote inclusive economic globalization and enhance China's modernization efforts [2][4][5]. Group 1: Significance of High-Level Opening-Up - High-level opening-up is seen as a strong driving force for high-quality development, with a focus on utilizing global resources and markets [2]. - It is crucial for meeting the people's needs for a better life, as it directly impacts employment and the availability of diverse consumer goods [3]. - The report highlights that high-level opening-up is essential for promoting inclusive and cooperative economic globalization, positioning China as a leader rather than a follower in global trade [4]. Group 2: Achievements in Opening-Up - Since the 18th National Congress, China has made historic achievements in opening-up, with significant growth in foreign trade and investment [6][7]. - In the first 11 months of 2025, China's goods trade reached 41.2 trillion yuan, a 3.6% increase year-on-year, maintaining its position as the world's largest trading nation [7]. - The report notes that China has become a major player in global service trade, with the total service trade expected to exceed 1 trillion USD in 2024 [7]. Group 3: Challenges and Opportunities - The current global environment presents both opportunities and challenges for expanding high-level opening-up, with increasing uncertainties [11]. - The report identifies a "pressure period" due to global economic slowdowns and geopolitical tensions, particularly in U.S.-China relations [12]. - However, it also highlights the potential for new growth in digital and green sectors, with significant market opportunities in these areas [12][13]. Group 4: Future Directions for Opening-Up - The report outlines four key areas for future focus: expanding autonomous opening-up, promoting trade innovation, enhancing two-way investment cooperation, and high-quality Belt and Road Initiative construction [14][15][16][17]. - Emphasis is placed on aligning with international standards and reducing barriers to trade and investment to foster a more open economic environment [14]. - The report also stresses the importance of protecting overseas interests and enhancing legal frameworks to support international investments [17].

GPU芯片研发具有周期长、投入大、风险高的行业特性，人保寿险充分发挥保险资金长期稳定优势，通 过基金间接持股摩尔线程、沐曦股份，持续为企业提供稳定的资金保障，使企业能够专注于技术研发和 产品创新，切实支持两家企业的发展壮大。 据人保寿险相关负责人介绍，此次投资布局，既充分发挥了"耐心资本"核心优势，精准对接了GPU产业 高质量发展的需求，也助力企业借助资本市场实现跨越式发展，更有效推动了国产GPU产业链协同升 级，为人工智能、数字经济发展提供底层算力支撑，促进相关产业协同发展。未来，人保寿险将持续聚 焦国家战略需求，以资本为纽带，持续赋能优质硬科技企业成长，推动金融资源与实体经济深度融合， 为构建自主可控的算力生态体系贡献保险力量。 摩尔线程与沐曦股份均为国产GPU领域领军企业，聚焦高性能通用GPU自主研发，致力破解高端算 力"卡脖子"难题。同期成立的沐曦股份，作为全栈GPU芯片及解决方案提供商，其核心团队具备国际 GPU研发经验，自主软件栈兼容主流生态，曦云系列产品性能对标国际顶尖水平并实现大规模商用。 商报讯(记者叶晓珺通讯员诸昕美)近日，由人保寿险通过一二级联动投资布局的摩尔线程、沐曦股份登 陆科创板， ...

当前，世界百年未有之大变局加速演进，全球经济格局、产业布局、投资规则正在经历深刻调整，以人 工智能、绿色科技为代表的新质生产力加速崛起，既为双向投资合作带来了在新兴领域布局的全新机 遇，也对传统合作模式的转型升级提出了严峻挑战。最新发布的《中国双向投资报告2025》显示，2024 年中国双向投资结构持续优化、质量稳步提升。我国继续成为全球最具吸引力的投资目的地之一，作为 全球第三大外资流入国，对外直接投资流量和存量也连续多年稳居全球前三，这为江苏进一步深化双向 投资合作奠定了坚实基础、创造了有利环境。 江苏作为全国重要的经济大省、开放大省，始终处在对外开放的前沿，实际使用外资规模约占全国总量 的六分之一，连续多年保持全国第一，对外投资规模与质量也始终处于全国前列，形成了"引进 来"与"走出去"相互促进的良好态势。雄厚的产业基础、完善的供应链网络、活跃的创新资源和优越的 营商环境，构成了江苏拓展双向投资合作空间的综合优势。站在新的历史起点，江苏正肩负起在推进中 国式现代化中"走在前、做示范"的重大责任，要以双向投资合作的"广度"与"深度"为核心，着力打造具 有世界聚合力的双向开放枢纽。而紧紧依托国内大循环所驱动 ...

Core Insights - The auditing sector is undergoing a significant transformation driven by data and intelligent analysis, with the Yangzhou Audit Bureau leading the way in developing an intelligent audit results utilization system [1][2][3] Group 1: System Development and Features - The intelligent audit system is nearing completion and will soon undergo formal internal testing, aiming to enhance the quality of audit work [1] - The system integrates various functions including intelligent project initiation, pre-audit profiling, audit object management, rectification tracking, post-audit evaluation, and human resource management [1][2] - A key highlight of the system is the rectification tracking module, which includes five stages: problem entry, task distribution, process supervision, result feedback, and archiving, all with clear standards and timelines [2] Group 2: Benefits and Innovations - The system aims to improve the effectiveness of audit rectification by establishing rigid constraints and promoting a management loop of monitoring, early warning, and supervision [2] - It consolidates thousands of legal regulations, historical audit project archives, and government information across different levels, creating a comprehensive information system [2] - The system facilitates proactive risk prevention and enhances collaboration among various supervisory bodies, contributing to a "big supervision" framework that supports high-quality development in Yangzhou [3]

Core Insights - The Zhejiang Provincial Economic and Information Technology Department has released a draft for public consultation on the "14th Five-Year Plan" for digital economy and digital infrastructure, aiming to promote AI innovation and activate digital technology and data elements [1][2] Group 1: Digital Economy Development - During the "14th Five-Year" period, Zhejiang has established itself as a leader in the digital economy, being the only province approved for both the National Data Element Comprehensive Pilot Zone and the National Digital Economy Innovation Development Pilot Zone [1] - The core industries of the digital economy have reached a value-added of 1.1 trillion yuan, with the cultivation of two trillion-level clusters in intelligent IoT and high-end software, alongside multiple hundred-billion-level clusters [1] - By 2030, the province aims to maintain a leading position in the digital economy, with the value-added of the digital economy accounting for a larger share of GDP and advanced digital infrastructure [1][2] Group 2: AI and Data Elements - The draft emphasizes the need to enhance AI foundational capabilities and develop a collaborative AI industry, while also promoting AI's role in scientific innovation and industrial upgrades [2] - It calls for the advancement of data element initiatives, including data property rights registration and the strengthening of high-quality data supply [2] - By 2030, the goal is to form more than three trillion-scale digital industry clusters with international competitiveness and technological leadership [2] Group 3: Infrastructure Development - The plan includes strengthening reliable AI infrastructure and accelerating breakthroughs in large-scale intelligent computing clusters [3] - It aims to construct high-speed, interconnected information transmission infrastructure and promote the evolution of 5G networks [3] - The draft encourages telecom companies to leverage satellite internet for high-speed data services and to deploy integrated infrastructure [3]

Core Insights - The Zhejiang Provincial Economic and Information Technology Department has released a draft for public consultation on the "14th Five-Year Plan" for digital economy and digital infrastructure, aiming to promote AI innovation and activate digital technology and data elements [1][2] Group 1: Digital Economy Development - During the "14th Five-Year" period, Zhejiang has established itself as a leader in the digital economy, being the only province approved for both the National Data Element Comprehensive Pilot Zone and the National Digital Economy Innovation Development Pilot Zone [1] - The core industries of the digital economy have reached a value-added of 1.1 trillion yuan, with the cultivation of two trillion-level clusters in intelligent IoT and high-end software, alongside multiple hundred-billion-level clusters [1] - By 2030, the province aims to maintain a leading position in digital economy development, with the value-added of the digital economy further increasing its share of GDP [1][2] Group 2: AI and Data Elements - The draft emphasizes the need to strengthen foundational capabilities in AI, expand the AI industry through hardware and software collaboration, and promote AI's role in scientific innovation and industrial upgrades [2] - It also highlights the importance of advancing data element initiatives, including data property rights registration and enhancing high-quality data supply [2] Group 3: Infrastructure Development - The plan includes building reliable AI infrastructure, accelerating breakthroughs in large-scale intelligent computing clusters, and enhancing resource collaboration [3] - It aims to construct high-speed, interconnected information transmission infrastructure and promote the evolution of 5G networks [3]