Core Viewpoint - The Ministry of Industry and Information Technology, along with six other departments, has released the "Implementation Plan for Deepening the Innovation and Development of Service-Oriented Manufacturing (2025-2028)", emphasizing the integration of manufacturing and services as a new industrial form [1][2]. Summary by Sections Development of Service-Oriented Manufacturing - Since 2016, the Ministry of Industry and Information Technology has issued guidelines and opinions to promote service-oriented manufacturing, achieving positive results that empower high-quality development in the manufacturing sector [2]. - However, challenges remain, including weak supply capabilities of key technologies, an incomplete standard system, uneven application of typical models across industries, and difficulties in statistical monitoring [2]. Goals of the Implementation Plan - By 2028, the role of service-oriented manufacturing in high-quality development will be further enhanced, with goals to complete 20 standard formulations, create 50 leading brands, and establish 100 innovation development hubs [2]. - The plan aims to optimize resource allocation, expand new development spaces, extend industrial chains, and enhance value chains, laying a solid foundation for a service-oriented manufacturing system with Chinese characteristics and global standards [2]. Key Tasks and Actions - The plan outlines seven main tasks, including strengthening key common technology research, promoting the growth of key productive service industries, and advancing the construction of a unified standard system [4][5]. - Three special actions are proposed: enhancing shared manufacturing platforms, promoting service-oriented manufacturing brands, and innovating integrated application scenarios [7]. Industry Expert Insights - Experts highlight that the integration of advanced manufacturing and modern services through service-oriented manufacturing breaks traditional industry boundaries, optimizing resource allocation and promoting collaborative development [3][6]. - The development of key productive service industries is seen as foundational for achieving high-quality service-oriented manufacturing, creating a precise industrial ecosystem that supports manufacturing at multiple levels [6].

Core Viewpoint - The development of service-oriented manufacturing is crucial for enhancing the quality and efficiency of the manufacturing industry in China, as highlighted by the recent implementation plan issued by the Ministry of Industry and Information Technology (MIIT) [2][3]. Summary by Sections Service-oriented Manufacturing - Service-oriented manufacturing has become a significant direction for the development of the manufacturing industry, promoting deep integration between advanced manufacturing and modern services [2]. - The core of service-oriented manufacturing is the transition from merely selling products to offering "products + services," which is emphasized in the government's work report [2]. Implementation Plan - The MIIT, along with six other departments, has issued an implementation plan for the innovation and development of service-oriented manufacturing from 2025 to 2028, outlining seven main tasks and three special actions [3][4]. - The plan aims to enhance the role of service-oriented manufacturing in high-quality development, with specific goals such as establishing 20 standards, creating 50 leading brands, and building 100 innovation development hubs by 2028 [3][4]. Main Tasks and Special Actions - The seven main tasks include strengthening key common technology research, cultivating key productive service industries, promoting service-oriented manufacturing models, advancing standard system construction, stimulating business vitality, creating innovation development hubs, and solidifying the foundation for service-oriented manufacturing [3][4]. - The three special actions focus on enhancing shared manufacturing platforms, improving brand recognition for service-oriented manufacturing enterprises, and developing innovative application scenarios [4]. Challenges and Support - Despite the rapid development of service-oriented manufacturing, challenges such as weak supply capabilities for key technologies and an incomplete standard system remain [4]. - The plan encourages increased investment in innovation and the development of a list of key common technologies for service-oriented manufacturing, aiming to enhance the overall ecosystem for industrial development [5]. Economic Impact - The contribution of productive services to GDP growth is recognized as vital for high-quality economic development, with a target for productive services to account for 60% of the service industry and 35% of GDP by 2035 [5].

Core Viewpoint - The implementation plan aims to promote the development of service-oriented manufacturing in China, targeting the establishment of an upgraded version by 2028, with specific goals for standards, brands, and innovation hubs [1][2]. Group 1: Goals and Objectives - By 2028, the plan aims to complete the formulation of 20 standards, create 50 leading brands, and establish 100 innovation development hubs [1][2]. - The initiative seeks to widely disseminate typical models of service-oriented manufacturing and continuously optimize the industrial ecosystem [1]. Group 2: Definition and Importance - Service-oriented manufacturing is defined as a new industrial form that integrates services deeply into the entire lifecycle of manufacturing products, reshaping the value chain and extending the industrial chain [1]. - Since 2016, service-oriented manufacturing has shown positive results, contributing to the high-quality development of the manufacturing sector [1]. Group 3: Challenges - Key challenges include weak supply capacity of critical technologies, an incomplete standard system, uneven application of typical models across industries, and difficulties in statistical monitoring [1][2]. Group 4: Major Tasks - The plan outlines seven main tasks, including strengthening key common technology research, promoting the application of service-oriented manufacturing models, and building a robust foundation for its development [2]. - Key productive service industries highlighted in the plan include technology services, industrial design, software and information services, productive financial services, intellectual property services, and energy-saving and environmental protection services [2].

Core Viewpoint - The article discusses the implementation plan for promoting service-oriented manufacturing innovation development from 2025 to 2028, emphasizing the integration of services into the manufacturing sector to enhance quality and efficiency [1]. Group 1: Implementation Goals - By 2028, the role of service-oriented manufacturing in high-quality development of the manufacturing industry is expected to be significantly enhanced, with the completion of 20 standards, the creation of 50 leading brands, and the establishment of 100 innovation development hubs [1]. - The plan aims to optimize the industrial ecosystem, promote the rapid development of productive service industries, and establish a service-oriented manufacturing system with Chinese characteristics and world-class standards [1]. Group 2: Key Tasks - The plan outlines seven main tasks, including strengthening key common technology research and model innovation, cultivating key productive service industries, and promoting the application of service-oriented manufacturing models [2]. - It emphasizes the need for a technology list for service-oriented manufacturing, encouraging enterprises to increase innovation investment and upgrade typical models such as shared manufacturing and personalized customization [2]. Group 3: Development of Productive Service Industries - Productive service industries are crucial for supporting service-oriented manufacturing by providing technical research, design, information, and financial services [3]. - The plan calls for increased policy support and the development of various productive service sectors, including technology services, industrial design, software services, and logistics [3]. Group 4: Promotion of Service-oriented Manufacturing Models - The plan highlights the importance of promoting service-oriented manufacturing models across various industries, including raw materials, equipment manufacturing, and consumer goods [5]. - It aims to enhance the service-oriented manufacturing capabilities in key industries such as new energy vehicles, engineering machinery, and pharmaceuticals [5]. Group 5: Infrastructure and Innovation - The plan stresses the need to strengthen new information infrastructure, enhance the integration of 5G and industrial internet, and improve data resource management [5]. - It also proposes actions to promote shared manufacturing, enhance service-oriented manufacturing brands, and encourage innovative application scenarios [5][6]. Group 6: Brand Development and Application Scenarios - The initiative includes actions to cultivate leading service-oriented manufacturing enterprises and brands, fostering a positive environment for development [6]. - It encourages the creation of application scenarios that meet production and consumer demands, as well as those aligned with national strategic needs [6].

Core Viewpoint - The joint implementation plan by seven government departments aims to promote service-oriented manufacturing, integrating services deeply into the manufacturing sector to enhance the industry's quality and efficiency by 2028 [2][3]. Group 1: Implementation Goals - By 2028, the role of service-oriented manufacturing in high-quality development will be significantly enhanced, with the establishment of 20 standards, creation of 50 leading brands, and development of 100 innovation hubs [2]. - The plan emphasizes the widespread adoption of typical service-oriented manufacturing models and the emergence of new models, optimizing the industrial ecosystem [2]. Group 2: Key Tasks - The plan outlines seven main tasks, including strengthening key common technology research, fostering key productive service industries, and promoting the application of service-oriented manufacturing models [3][4]. - It encourages enterprises to increase innovation investment and focuses on upgrading typical models such as shared manufacturing and personalized customization [3]. Group 3: Development of Productive Services - Productive service industries are crucial for supporting service-oriented manufacturing through technology research, design, and financial services [4]. - The plan aims to enhance policy support and optimize the industrial development ecosystem for various productive service sectors, including technology services and logistics [4]. Group 4: Infrastructure and Innovation - The plan emphasizes the need for new information infrastructure, promoting the integration of 5G and industrial internet, and enhancing data resource management [5]. - It includes actions to cultivate shared manufacturing, enhance service-oriented manufacturing brands, and innovate application scenarios [5][6]. Group 5: Application Scenarios - The plan encourages the creation of integrated application scenarios that cater to production needs, consumer demands, and national strategic requirements [6]. - It aims to establish a platform for promoting new models and scenarios, facilitating cooperation between supply and demand sides [6].

Core Viewpoint - The implementation plan for promoting service-oriented manufacturing innovation development from 2025 to 2028 aims to enhance the role of service-oriented manufacturing in high-quality development of the manufacturing industry, focusing on creating leading brands, establishing innovation development highlands, and optimizing the industrial ecosystem [3][20]. Group 1: Overall Requirements and Goals - The plan emphasizes the integration of advanced manufacturing and modern services, aiming to enhance the value creation capacity of the manufacturing industry and improve quality and efficiency [40][41]. - By 2028, the plan targets the completion of 20 standards, the establishment of 50 leading brands, and the creation of 100 innovation development highlands, with widespread adoption of service-oriented manufacturing models [3][20]. Group 2: Key Tasks - Strengthening key common technology research and model innovation, including the release of a key technology list and encouraging enterprises to increase innovation investment [21][52]. - Cultivating and expanding key productive service industries, including technology services, industrial design, software and information services, and financial services [22][55]. - Promoting the application of service-oriented manufacturing models across various industries, ensuring a comprehensive integration of service elements into manufacturing [24][54]. Group 3: Specific Actions - Implementing shared manufacturing initiatives by building platforms and factories to enhance resource sharing and service capabilities [9][10]. - Supporting the development of service-oriented manufacturing brands, with a goal of nurturing 100 leading enterprises and 50 prominent brands by 2028 [11][30]. - Encouraging the creation of integrated application scenarios that meet production, consumer, and national strategic needs [12][49]. Group 4: Infrastructure and Support - Strengthening new information infrastructure and promoting the integration of 5G and industrial internet technologies [15][35]. - Enhancing the supply of industrial data elements and promoting the resourceization and assetization of data [15][35]. - Establishing a robust policy support framework to facilitate the implementation of the plan and enhance the governance capabilities of the industry [36][56].

Core Viewpoint - The capital market in China has significant growth potential, with the current market value only at 70% of GDP, indicating room for development towards a more mature financial system [3][4]. Group 1: Capital Market Development - The ratio of total market value to GDP is a key indicator of capital market maturity, with an ideal range of 1:1 to 1:1.2. China's current ratio is only 70% [3][4]. - China's capital market has grown from over 70 trillion RMB to 100 trillion RMB this year, while GDP is projected to reach 140 trillion RMB [3][4]. - By 2040, China's GDP is expected to double, potentially leading to a capital market value of around 400 trillion RMB if it reaches 100%-120% of GDP [3][4]. Group 2: Role of Production Services Industry - The production services industry is crucial for the innovation and development of manufacturing, contributing to higher productivity and economic growth [7][9]. - This sector is not only a service provider for manufacturing but also a significant contributor to GDP, accounting for 30% of China's GDP as of last year [8][9]. - The production services industry has seen an annual growth rate of 12.1% from 2021 to 2023, significantly outpacing other sectors [8]. Group 3: Investment Strategies - Investment strategies should focus on early-stage, small-scale, and long-term investments in hard technology, particularly within the production services sector [5][6]. - Various categories of production services enterprises, including small specialized firms and large established companies, should be targeted for investment [12][13]. - The integration of production services with manufacturing through platforms like industrial internet is seen as a key growth area for future investments [13].

Core Viewpoint - The article emphasizes that China's capital market has significant growth potential, as indicated by the ratio of total market capitalization to GDP, which currently stands at 70%, suggesting room for expansion [6][11]. Group 1: Capital Market Maturity - A hard indicator for assessing a country's capital market maturity is the ratio of total market capitalization to GDP, ideally between 1:1 and 1:1.2. A ratio below 1:1 indicates underdevelopment, while a ratio above 1:1.2 suggests potential bubbles [6]. - China's capital market total was over 70 trillion RMB at the beginning of the year and has reached 100 trillion RMB, with a GDP of approximately 140 trillion RMB, resulting in a market-to-GDP ratio of 70% [6][11]. - By 2040, China's GDP is projected to double, potentially leading to a stock market total of around 400 trillion RMB if the market-to-GDP ratio reaches 100%-120% [6][11]. Group 2: Investment Strategies - The article advocates for early, small, long-term investments in hard technology, aligning with recent government encouragement for venture capital and private equity to adjust their investment focus [7][8]. - Currently, about 40% of the total 30 trillion RMB in venture capital is invested in low-risk fixed-income assets, which distorts the intended investment direction [7]. - The ideal investment approach should start at the early stages of company development, focusing on transformative investments as companies grow [8]. Group 3: Productive Service Industry - The productive service industry is crucial for driving innovation and efficiency in manufacturing, serving as a foundation for high-value unicorn companies [9][12]. - This sector includes ten major categories, such as hard technology R&D, logistics, supply chain finance, and digital services, which are essential for enhancing productivity and economic growth [9][10]. - The productive service industry has shown a significant growth rate of 12.1% from 2021 to 2023, outpacing other sectors and contributing to GDP growth [10][12]. Group 4: Unicorn Companies and Investment Focus - The article highlights that many unicorn companies globally are rooted in the productive service industry, with a significant portion of their market value derived from this sector [12][13]. - Major tech companies like Apple and Microsoft exemplify how productive service industries can drive high margins and value creation, often outsourcing manufacturing while controlling the service aspects [13][14]. - Investment should target various categories of productive service companies, including small specialized firms and established leaders in the sector, to foster growth and innovation [15][17].

Core Viewpoint - The launch of the "Langhua" China-Europe Railway Express marks a significant milestone for the Guangdong-Hong Kong-Macao Greater Bay Area, enhancing logistics and trade connections with Europe and contributing to the Belt and Road Initiative [1][2][3] Group 1: Company Overview - Langhua Group initiated the first China-Europe Railway Express from Shenzhen in 2017, establishing a logistics artery that connects China with Belt and Road countries [1][3] - The company has developed a comprehensive service platform that integrates industrial finance, warehousing, logistics, and testing, serving over 30,000 manufacturing enterprises [2][9] Group 2: Operational Achievements - The "Langhua" train has significantly reduced transportation costs and time, offering a more efficient alternative to sea and air freight, with time savings of 2/3 compared to sea transport and cost savings of 50% compared to air transport [5][9] - The train has gained recognition and support from European countries, facilitating increased trade and cultural exchanges between the Greater Bay Area and Central and Eastern Europe [5][6] Group 3: Strategic Collaborations - The collaboration between state-owned enterprises and Langhua has created a model that combines state resources with private sector efficiency, enhancing the overall logistics framework [6][4] - The company has established partnerships with various stakeholders, including the China Railway Corporation and customs authorities, to streamline operations and address challenges such as cargo supervision and return freight shortages [4][6] Group 4: Future Plans and Innovations - Langhua is focused on expanding its production service platform, with plans to establish service industry parks in Huizhou and Foshan to support Guangdong's industrial enterprises in going global [10][11] - The company aims to leverage advancements in artificial intelligence and other emerging technologies to enhance manufacturing processes and service offerings, positioning itself as a leader in the production service sector [7][9] Group 5: Industry Impact - The development of production service industries is seen as crucial for the evolution of China's manufacturing sector, with Langhua's initiatives expected to drive economic growth in the Greater Bay Area [8][10] - The company emphasizes the importance of integrating various service elements to create a robust industrial ecosystem that supports manufacturing efficiency and competitiveness [9][10]

Group 1 - The core viewpoint emphasizes the importance of the productive service industry as a key driver for high-quality economic development in China, particularly in the context of the upcoming "14th Five-Year Plan" and the 2040 vision [1][5] - Huang Qifan advocates for venture capital and private equity to focus on early-stage investments in the productive service sector, which he identifies as a crucial area for "hard technology" investment [1][8] - The productive service industry is recognized as a significant contributor to GDP growth, with its share increasing from 10% in 1980 to approximately 30% in recent years, highlighting its role as a growth engine for the economy [9][10] Group 2 - Huang Qifan points out that China's capital market has substantial growth potential, with the current market value at about 100 trillion RMB, representing only 70% of GDP, indicating room for expansion [4][5] - He predicts that by 2040, China's GDP could reach around 280 trillion RMB, suggesting that the stock market could potentially grow to 400 trillion RMB, aligning with the goal of achieving a 100% to 120% market capitalization to GDP ratio [5][6] - The current investment landscape shows a misallocation of funds, with 40% of venture capital invested in low-risk fixed income, which Huang Qifan argues should be redirected towards early-stage investments in the productive service sector [7][10] Group 3 - The productive service industry is described as the largest segment of GDP and a critical growth pole, essential for enhancing labor productivity and fostering innovation [8][9] - Huang Qifan highlights that successful unicorn companies often emerge from the productive service sector, which serves as a fertile ground for high-value enterprises [10][11] - The integration of productive service values into hardware and terminal equipment is crucial for creating high-value products, emphasizing the need for investment in this sector [11]