Core Viewpoint - The new round of "AI Empowering New Industrialization" initiative aims to leverage innovative mechanisms to select key scenarios with high technological difficulty, application prospects, and promotional value for collaborative innovation and breakthroughs in the industrial sector [1][2]. Group 1: Initiative Overview - The initiative will focus on the integration of AI with industrial internet technologies to explore high-value industrial application scenarios [3]. - A special action titled "AI + Manufacturing" will be implemented, along with the release of guidelines for AI applications in manufacturing enterprises [2][3]. - The initiative is expected to create replicable and promotable benchmarks for AI-enabled new industrialization [1]. Group 2: Mechanism and Implementation - The "揭榜挂帅" mechanism allows demand-side entities to publish key technology tasks, enabling capable teams to take on these challenges, thus breaking traditional hierarchies in research [4]. - Teams that take on these challenges must sign a "military order," clarifying their goals, responsibilities, and reward mechanisms [4]. - This mechanism has been in place since November 2018, with the first tasks attracting 1,248 units to participate in tackling challenges in various fields [7]. Group 3: Industry Development - As of September 2025, China is expected to have published 30 national standards for AI, with 84 more under development, indicating a comprehensive AI industry system [3]. - The total financing scale for AI in China has surpassed 100 billion [3].

截至2025年9月24日 09:54，中证机器人指数上涨0.97%，成分股燕麦科技上涨10.79%，南网科技上涨7.22%，中控技术上涨6.76%，景业智能上涨4.24%，柏 楚电子上涨4.22%。机器人ETF嘉实(159526)上涨0.89%。拉长时间看，截至2025年9月23日，机器人ETF嘉实近2周累计上涨5.10%。 流动性方面，机器人ETF嘉实盘中换手2.08%，成交1785.14万元。拉长时间看，截至9月23日，机器人ETF嘉实近1周日均成交8533.23万元。 规模方面，机器人ETF嘉实近1周规模增长4849.00万元，实现显著增长。份额方面，机器人ETF嘉实最新份额达5.42亿份，创近1年新高。从资金净流入方面 来看，机器人ETF嘉实近5天获得连续资金净流入，最高单日获得1.10亿元净流入，合计"吸金"1.79亿元。 截至9月23日，机器人ETF嘉实近1年净值上涨90.29%。从收益能力看，截至2025年9月23日，机器人ETF嘉实自成立以来，最高单月回报为25.78%，最长连 涨月数为3个月，最长连涨涨幅为37.12%，上涨月份平均收益率为9.74%。 数据显示，截至2025年8月29日，中 ...

Core Insights - The Hong Kong stock market experienced a collective decline on September 23, 2025, with the Hang Seng Index down by 0.70% to 26,159.12, the Hang Seng Tech Index down by 1.45% to 6,167.06, and the Hang Seng China Enterprises Index down by 0.86% to 9,290.34 [3][6][10] - The market's total trading volume reached HKD 294.56 billion, with southbound funds recording a net sell of HKD 4.069 billion [3][10] - The industrial sector saw a notable shift, with the Hong Kong banking sector (+0.77%) and public utilities (+0.25%) gaining favor, while hardware equipment (-1.84%) and food and beverage (-1.94%) sectors faced declines [6][10] Industry Analysis - The Minister of Industry and Information Technology highlighted new industrial opportunities at the 25th China International Industry Fair, which positively impacted the Hong Kong machinery sector, leading to a strong performance [10] - A significant rotation in market preferences was observed, with defensive sectors like banking and public utilities attracting investment, while previously high-performing sectors like hardware equipment faced profit-taking [10] - Future growth in the Hong Kong market may be driven by AI technology and new consumption trends, with expectations of continued inflows from southbound funds and improved liquidity from potential U.S. interest rate cuts [10]

金 融 期 货 研 究 2025 年 9 月 24 日 | | | 毛磊 | | | 投资咨询从业资格号：Z0011222 | | maolei@gtht.com | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 【期指期现数据跟踪】 | | | | | | | | | | 期指数据 | | | | | | | | | | | 收盘价 | 涨跌幅% | 基 差 | 成交额-亿 | 成交量 | 变 动 | 持仓量 | 变 动 | | 沪深300 | 4519.78 | ↓0.06 | | 6805.1 | | | | | | IF2510 | 4510.2 | ↑0.28 | -9.58 | 696.3 | 51761 | ↑18056 | 64601 | ↑7486 | | IF2511 | 4495.4 | ↑0.30 | -24.38 | 51.8 | 3869 | ↑1824 | 2866 | ↑948 | | IF2512 | 4483.8 | ↑0.25 | -35.98 | 1355.5 | 101402 | ↑35468 ...

Core Viewpoint - The "Guidelines for High-Quality Development of Industrial Parks" aim to enhance the quality and efficiency of industrial parks in China, focusing on digital transformation, green development, and innovation capabilities [1][2][3]. Group 1: Development Directions - The guidelines propose 19 development directions across 7 areas, including strengthening characteristic industries, improving spatial governance, nurturing enterprise主体, enhancing technological innovation, promoting deep integration of digital technologies, advancing green and safe development, and increasing open cooperation [3][4]. - Emphasis is placed on the need for industrial parks to transition from rapid quantitative growth to effective qualitative improvement, addressing both internal reforms and external environmental changes [2][3]. Group 2: Digital Integration - The guidelines stress the importance of deep integration of digital technologies, advocating for the deployment of advanced network infrastructure such as 5G and industrial internet within parks [4]. - Encouragement is given for parks to adopt digital transformation solutions, including the modernization of outdated equipment and the development of smart manufacturing systems [4]. Group 3: Green Development - The guidelines call for accelerated construction of green facilities, including renewable energy infrastructure and waste management systems, with a goal of establishing zero-carbon parks [5]. - There is a focus on the collaborative utilization of resources and the promotion of recycling and comprehensive waste management within industrial parks [5]. Group 4: Implementation Support - To ensure the successful implementation of the guidelines, the Ministry of Industry and Information Technology and the National Development and Reform Commission will provide guidance, share best practices, and develop standards [6]. - Local industrial and information departments are encouraged to enhance policy research and support mechanisms for industrial park development [6].

开幕式上，工业和信息化部联合国家发展改革委共同发布《工业园区高质量发展指引》，上海发布 了"上海市中试示范平台"，开幕式还颁发了1项CIIF特别大奖和10项CIIF奖。开幕式期间同步举办新型 工业化主旨论坛，中国科学院院士朱美芳、巴西科学院院士罗米多·托莱多、华勤技术股份有限公司董 事长邱文生、珠海格力电器股份公司董事长董明珠分别发言。 上海市政协副主席钱锋，中国宝武钢铁集团有限公司党委书记、董事长胡望明出席开幕式。 记者 吴頔 以"工业新质，智造无界"为主题的第二十五届中国国际工业博览会昨天上午在国家会展中心（上 海）开幕。工业和信息化部党组书记、部长李乐成，上海市委副书记、市长龚正出席开幕式并致辞。 李乐成在致辞中说，"十四五"以来，在以习近平同志为核心的党中央坚强领导下，我国推进新型工 业化取得历史性成就。工业是发展新质生产力的主战场、主阵地，工业和信息化部将牢牢锚定实现新型 工业化这个关键任务，加快建设以先进制造业为骨干的现代化产业体系，提升产业科技创新体系整体效 能，加力推进传统产业焕新升级，培育壮大新兴和未来产业，全面构建互利共赢产业生态，不断筑牢中 国式现代化的物质技术基础。 龚正说，工博会已成 ...

评 新 而 论 科技赋能 制造向新 当前，新一轮科技革命和产业变革深入发展，创新渗透于生产力诸要素中，贯穿于制造业全流程。作为 发展新质生产力的基本路径，科技创新是产业升级的核心动力，产业创新则为科技创新提供广阔应用场 景和市场空间，两者相互依存、相互促进。打通基础研究到产业应用的瓶颈，架起产品从"实验 室"到"生产线"的桥梁……"十四五"时期，我国科技管理体制实现重塑，新型举国体制优势充分彰显。 在制度创新的有力推动下，科技创新和产业创新加速融合。 作为创新主体，企业在技术研发、成果转化中的主导作用进一步凸显，研发投入占比超过77%；高新技 术企业超50万家，较2020年增加83%。规模以上制造业企业研发经费占营业收入比重超过1.6%，570多 家工业企业入围全球研发投入2500强。企业发明专利产业化率达53.3%，较"十三五"末提高8.4个百分 点。更多创新成果转化为现实的生产力，也在打造企业未来的核心竞争力。 我国正处在经济转型升级的关键期。展望未来，新型工业化之路既充满机遇也面临挑战，比如关键技术 攻关、产业结构优化等任务依然艰巨，产业非理性竞争的问题还比较突出。推动制造业高端化、智能 化、绿色化发展 ...

据悉，工业和信息化部、国家发展改革委等部门下一步将与地方有关部门形成合力，指导工业园区在推 进新型工业化进程中发挥更加重要的作用，为中国式现代化构筑强大物质技术基础。 记者23日获悉，工业和信息化部、国家发展改革委日前联合印发《工业园区高质量发展指引》，进一步 引导工业园区提质增效升级。 指引从做强特色优势产业、完善园区空间治理、培优园区企业主体、提升产业科技创新能力、促进实数 深度融合、推动绿色安全发展、提高开放合作水平等7方面提出19个发展导向，如着力打造特色突出、 优势明显、效益显著的主导产业，避免低水平、同质化竞争，原则上不宜超过3个主导产业;探索长期租 赁、先租后让、弹性年期出让等方式优化园区土地供给;鼓励有条件的园区打造人工智能、云计算等新 技术设施等。 ...

Key Points Summary Core Insights - The report highlights the ongoing recovery in various sectors, particularly in the automotive and semiconductor industries, driven by supportive government policies and increasing consumer demand [5][19][33]. Domestic Market Performance - The A-share market has shown a wide fluctuation, with the Shanghai Composite Index closing at 3,821.83, down 0.18%, and the Shenzhen Component Index at 13,119.82, down 0.29% [3]. - The average P/E ratios for the Shanghai Composite and ChiNext are 15.61 and 49.58, respectively, indicating a suitable environment for medium to long-term investments [9][13]. Economic Indicators - In August, the national industrial added value increased by 5.2% year-on-year, while retail sales rose by 3.4% [10][11]. - The fixed asset investment saw a slight increase of 0.5%, but real estate development investment dropped by 12.9% [10]. Industry Analysis - The automotive industry is experiencing a resurgence, with production and sales in August reaching 2.81 million and 2.86 million units, respectively, marking year-on-year increases of 12.96% and 16.44% [17][18]. - The semiconductor sector has shown robust growth, with the industry revenue for Q2 2025 reaching 188.43 billion yuan, a year-on-year increase of 13.87% [33]. Investment Recommendations - The report maintains a "stronger than the market" rating for the automotive sector, emphasizing the positive impact of government policies and the ongoing transition to electric vehicles [19][32]. - For the semiconductor industry, the report suggests focusing on domestic AI computing chip manufacturers, which are expected to gain market share due to increasing demand and supportive policies [36][37]. Sector-Specific Developments - The communication industry index outperformed the broader market, with an increase of 33.78% in August, driven by growth in 5G services and digital transformation initiatives [26][29]. - The lithium battery sector is also highlighted, with a significant year-on-year sales increase of 26.82% in August, supported by favorable policies and improved product competitiveness [32][20].

Group 1 - The new round of "AI Empowering New Industrialization" initiative aims to select key scenarios with high technological difficulty, broad application prospects, and significant promotion value for joint innovation and collaborative breakthroughs [2][3] - The initiative will implement an "AI + Manufacturing" special action, release guidelines for AI applications in manufacturing enterprises, and conduct regular deep-dive activities to empower new industrialization [2] - By September 2025, China is expected to have published 30 national standards for AI, with 84 more under development, indicating a well-established AI industry system with total financing exceeding 100 billion [2] Group 2 - The "Revealing the List and Taking Charge" mechanism is a demand-driven research and development approach where demand-side entities publish key technology tasks, allowing capable teams to take charge, breaking traditional hierarchies [3] - This mechanism was first implemented by the Ministry of Industry and Information Technology in November 2018, attracting 1,248 units to tackle 16 tasks related to intelligent connected vehicles and service robots [3] - The initiative has become a crucial tool for addressing "bottleneck" technologies and promoting industrial innovation [3]