□ 董 鑫 数实融合，即数字经济和实体经济的融合。作为发展最迅速、创新最活跃、辐射最广泛的经济活动，数 字经济对我国经济社会发展的支撑作用日益凸显，正成为我们发展和培育新质生产力的主战场。中国信 息通信研究院发布的《中国数字经济发展研究报告（2024年）》显示，2023年我国数字经济的规模达到 了53.9万亿元，占国内生产总值（GDP）的42.8%，数字经济增长对GDP增长的贡献率达66.45%。党的 二十大报告强调，"加快发展数字经济，促进数字经济和实体经济深度融合，打造具有国际竞争力的数 字产业集群"。显而易见，数字经济在我国经济中的重要地位日益凸显，已经成为推动我国经济发展的 主要力量。 开展专精特新人才教育体系递进式层级建设。完善机制保障，建立校校、校企、校地及国际多维协同机 制，汇聚培养合力，进一步完善政府、高校、专精特新企业及数字技术企业共建产业学院，开发"数字 技术+垂直领域"模块化课程体系，设立"订单班"或"微专业"。完善校、院、专业三级教育体系。通过变 革教学模式，开展项目化教学，面向全体学生开设双创通识必修课程，打造专创融合示范课程，实 施"一专一赛、一院一品"工程，建立"通识教育课程+专 ...

Group 1 - The new industrialization emphasizes strategic emerging industries and high-tech manufacturing as key drivers for accelerating advanced manufacturing development [2] - The focus is on forming original innovation and industrial innovation advantages in emerging industries such as new generation information technology, high-end equipment manufacturing, new materials, biomedicine, and new energy vehicles [2] - The integration of traditional industries into the new industrialization framework is seen as a crucial engine for economic recovery and development [2] Group 2 - Hai Tian Precision's high-end CNC machine tool intelligent production base project is progressing smoothly [3] - Saimo Intelligent is applying machine vision, AI, and robotics technology across multiple industries to meet the automation and intelligent transformation needs of enterprises [3]

Group 1 - The event held in Osaka on June 26 was a significant part of the Guangdong activities during the 2025 Osaka World Expo, attracting over 100 participants from Japanese business circles and well-known companies [1] - Guangzhou is highlighted as a vital economic hub with a rich history of over 2,000 years of openness, serving as a key window for China to engage with the world [2] - Over the past decade, Guangzhou has utilized more than $130 billion in foreign investment, with foreign enterprises contributing 20% of the city's service industry revenue, 30% of its import and export value, and 40% of its industrial added value [2] Group 2 - The event aimed to deepen exchanges between Chinese and Japanese business communities, with expectations to enhance understanding of Guangzhou's economic and investment dynamics [3] - The Osaka World Trade Center Association is facilitating cooperation and investment opportunities for Guangzhou enterprises in Japan, particularly through the promotion of Japanese century-old companies [3] - The collaboration between Guangzhou's pharmaceutical companies and Japanese firms is emphasized, with significant agreements reached during the event, marking a breakthrough for Guangzhou's health products in the Japanese market [4]

Core Viewpoint - Guangxi Broadcasting has successfully passed a significant asset swap proposal with a high approval rate of approximately 94.34%, marking a substantial step in its strategic shift towards the smart transportation sector [1] Group 1: Industry Challenges - The broadcasting industry is facing unprecedented challenges due to the rapid development of internet technology and the rise of new media, which have impacted traditional broadcasting revenue streams [3] - Guangxi Broadcasting's cable television revenue is declining, and its broadband business is under intense market competition, leading to compressed profit margins [3] Group 2: Asset Swap Details - The core of the asset swap involves Guangxi Broadcasting divesting 100% of Guangxi Broadcasting Technology while acquiring 51% of Guangxi Transportation Science and Technology Group, with both parties valuing the transaction at 1.411 billion yuan [3][4] - Post-transaction, the company's main business will shift from traditional broadcasting operations to smart engineering, surveying and design, testing and inspection, and new materials research and development, aligning with the national "new infrastructure" strategy [3][4] Group 3: Strength of Acquired Assets - Guangxi Transportation Science and Technology Group is recognized as a leading high-tech enterprise in Guangxi, ranking first among the top 100 high-tech companies in the region, with a focus on research and innovation [3][4] - The group covers the entire smart transportation industry chain, including intelligent engineering, surveying and design, testing and inspection, and new materials production and sales [4] Group 4: Financial Outlook - Following the transaction, Guangxi Broadcasting's projected revenue for 2024 is expected to be 3.19 billion yuan, an increase of 1.831 billion yuan compared to before the transaction, with a net profit of nearly 200 million yuan, marking a turnaround from losses [5][6] - The company's debt-to-asset ratio will significantly decrease from 91.04% to 75.76% post-transaction, indicating improved financial health [6] Group 5: Strategic Implications - The transaction is expected to enhance Guangxi's digital economy development and create a virtuous cycle of "technology research and development - scenario application - industrial cluster" [5] - With the integration of Guangxi Transportation Science and Technology Group, Guangxi Broadcasting aims to leverage technology to empower transportation, embarking on a new journey in the wave of smart China construction [6]

策 略 研 究 申 购 策 略 相关研究 证 券 研 究 报 告 证券分析师 彭文玉 A0230517080001 pengwy@swsresearch.com 朱敏 A0230524050004 zhumin@swsresearch.com 任奕璇 A0230525050002 renyx2@swsresearch.com 联系人 任奕璇 (8621)23297818× renyx2@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 2025 年 06 月 30 日 南方润泽科技数据中心 REIT（180901）申购价 值分析 投资提示： 请务必仔细阅读正文之后的各项信息披露与声明 - ⚫ 申购策略观点：南方润泽科技数据中心 REIT 底层资产为批发型数据中心，位于京津冀交汇处， 锁定核心环一线稀缺资源，具备区位及规模优势，可扩容能力强，PUE 可进一步下调，且具备高 效液冷改造能力。项目深度绑定北京电信，为终端客户互联网公司 A 提供一站式含电托管服务， 签约率 100%，上架率超 99%。原始权益人润泽发展为廊坊在运营机柜数量最大的 IDC 服务商， 母公司润泽科技是全国领 ...

Core Insights - The implementation of the "Action Plan" by the China Securities Regulatory Commission (CSRC) has significantly influenced the capital market, enhancing index investment through product innovation and ecosystem optimization [1][2] - The Shenzhen series indices have seen a notable increase in product offerings and scale, with 159 products and a total scale of 283.8 billion yuan, reflecting a 15% and 12% growth respectively since the beginning of the year [1] - The long-term investment value of core indices is steadily increasing, with the ChiNext Index showing impressive growth rates in revenue and net profit of 21% and 14% respectively [2] Product Innovation and Ecosystem Optimization - The Shenzhen series indices have introduced various thematic indices focused on strategic emerging industries and green finance, providing investors with precise tools to capture new opportunities [1] - The ChiNext Index has undergone optimization, incorporating ESG negative screening and individual stock weight limits to better meet diverse investor needs [3] - The market has seen a surge in thematic index products, particularly in artificial intelligence and renewable energy, with the number of related funds increasing significantly [5] Expansion of Unique Indices - The "Chuang Series" indices are continuously evolving, showcasing the advantages of the ChiNext market and expanding their influence [4] - The introduction of multi-asset indices and fixed-income products is responding to the growing demand for diversified asset allocation, enhancing the overall investment ecosystem [6] Future Trends - The future of index investment is expected to focus on accelerated product innovation, with a shift towards thematic and multi-asset offerings, and increased international collaboration [5] - The integration of AI technology in index compilation is anticipated to provide personalized investment solutions and enhance risk management tools [5] Market Dynamics - The demand for diversified asset allocation is driving the development of new products in the bond and multi-asset sectors, providing investors with tools to optimize returns and manage risks [6] - The deepening of the capital market's index investment ecosystem is expected to foster a more vibrant and competitive market environment [7]

Core Viewpoint - The rise of new flexible employment forms driven by digital technology and internet platforms has become a significant part of the labor force in China, highlighting the need for social security and vocational education for this group [1][2]. Group 1: Employment Statistics - The new flexible employment group in China has surpassed 80 million individuals, with estimates suggesting a total of around 240 million flexible workers by the end of 2024 [2]. - A survey indicated that 19.95% of respondents are currently engaged in or have previously engaged in flexible employment, predominantly in economically developed cities [2]. - The average working hours for flexible employees are 37.6 hours per week, with 41.97% working over 40 hours weekly, indicating that flexible employment does not equate to a relaxed work schedule [5]. Group 2: Income and Challenges - Over 65% of flexible workers earn an average monthly income exceeding 5,000 yuan, but 79.68% report income instability as a primary challenge [5][8]. - The lack of social security is a significant concern, with 74.55% of respondents highlighting the absence of benefits such as pensions and medical insurance [8]. Group 3: Skills and Training Needs - There is a strong demand for skills training among flexible workers, with 83.76% expressing a desire for training support, particularly in professional skills enhancement [11]. - The report identifies a dynamic classification model for flexible employment based on digital technology involvement and skill requirements, suggesting pathways for skill development and career advancement [10]. Group 4: Recommendations for Development - The report emphasizes the importance of establishing a complete career development pathway for flexible employment to ensure sustainable growth [11]. - It suggests the creation of a special fund for skill enhancement in flexible employment and the establishment of a unified online certification platform to address the challenges of skill recognition and recruitment costs [20].

Core Views - The recent decline in bank stocks has led to a focus on investment opportunities in technology-themed stocks, with semiconductor and consumer electronics sectors showing strong performance [2][3][19] - The A-share market is experiencing a divergence, with the Shanghai Composite Index facing short-term corrections while the ChiNext and Shenzhen Composite indices remain strong [2][19] - The macroeconomic environment presents challenges for banks, including reduced credit demand and pressure on net interest margins, leading to a potential short-term decline in bank stock performance [2][16] Market Overview - On the last trading day, the three major indices opened high but showed divergent trends, with the Shanghai Composite Index turning negative while the ChiNext and Shenzhen Composite indices remained positive [5][6] - The overall market sentiment was mixed, with approximately 60% of stocks closing in the green, indicating that funds flowing out of the banking sector are being reinvested in more elastic technology growth areas [3][19] - The total trading volume across the two markets was 1.54 trillion yuan, suggesting a relatively strong market performance despite the index adjustments [17] Investment Opportunities - Three main investment themes are highlighted: 1. Focus on companies with better-than-expected mid-year performance as the reporting season approaches [4][17] 2. Technology sectors such as robotics, AI, semiconductors, and digital economy (including digital currency) are recommended for low-cost entry, with caution advised against speculative investments [4][17] 3. Look for rebound opportunities in sectors like new energy and brokerage firms during market corrections [4][17] Sector Performance - The metals sector, particularly non-ferrous metals, has shown significant gains, driven by expectations of increased demand from the digital economy and energy transition [8][10] - Digital currency stocks have experienced volatility but remain a focus due to favorable regulatory developments in both domestic and international markets [9][11] - The new energy sector, particularly solid-state batteries, is gaining traction with advancements in technology and increasing demand for sustainable energy solutions [10][12] Financial Sector Insights - The banking sector has seen a pullback after a period of strong performance, with high dividend yields attracting conservative investors [14][16] - The brokerage sector is benefiting from policy support and market reforms, with expectations of continued growth in trading volumes and investment activities [13][14] - The military and aerospace sectors are also active, with ongoing government support and geopolitical tensions potentially driving future growth [12][14]

工业和信息化部火炬中心副总工程师李文雷在致辞时表示，中小企业高质量发展离不开金融的大力支 持。"近年来，在贯彻落实构建科技产业金融良性循环体系和做好科技金融大文章的战略部署方面，火 炬中心从推动政策落实落地，引导金融机构完善金融产品和服务，搭建金融机构和企业沟通交流平台， 推动大中小企业融通发展，推动科技成果转移转化等方面重点发力。" 同时，来自中国工商银行、中国农业银行、中国银行（601988）、中国建设银行、交通银行 （601328）、中国邮政储蓄银行、招商银行（600036）、北京国家金融标准化研究院、天逸金融服务集 团、画龙科技、百望股份等机构业务负责人在大会分享了数字普惠金融创新实战案例。 本报讯(记者李冰)日前，工业和信息化部2025年全国中小企业服务月重点活动——第七届数字普惠金融 大会在北京举行。本次大会以"数智新动能，普惠新未来"为主题，总结、探讨我国金融业如何利用数字 化、智能化技术创新与转型发展机遇，扎实做好普惠金融大文章，全力促进中小企业和实体经济高质量 发展。 中国人民银行原副行长李东荣表示，未来推动数字普惠金融高质量发展，一是不断深化普惠金融在金融 改革发展中重要性的认识；二是继续 ...

Core Insights - The report highlights the rapid growth and innovation within Chengdu's internet industry, with 3,725 internet-related companies achieving a total revenue of approximately 742.9 billion yuan in 2024 [2] Group 1: Financing and Investment - Chengdu's financing market is thriving, exemplified by the listing of Chengdu Great Wall Development Technology Co., Ltd., which raised 1.017 billion yuan, setting a record since the North Exchange's inception in 2021 [3] - In 2024, the internet sector in Chengdu saw 167 investment events, a 72% increase year-on-year, with 149 companies receiving funding, marking a 59% rise [4] - Notable companies like Guanyan Technology and Tuomi Shuangdu have secured multiple rounds of investment, totaling nearly several hundred million yuan [6] Group 2: Innovation and Development - Chengdu's internet companies are recognized for their strong innovation capabilities, with over 190 national and provincial innovation platforms and approximately 39,000 effective patents, covering 52.7% of enterprises [8] - The animation industry in Chengdu has shown remarkable growth, with the film "Nezha 2" achieving a box office of 15.9 billion yuan, showcasing the vitality of the local animation sector [9] - The gaming industry in Chengdu is robust, with over 300 core R&D companies and a workforce of about 50,000, making it the fourth largest in the country [10] Group 3: Application and Technology - Chengdu is advancing smart city initiatives with applications like autonomous vehicles and drones, enhancing urban competitiveness [11] - The artificial intelligence sector in Chengdu is developing comprehensive advantages in computing power, core software, and chip design, with companies like Kaola Youran leading in AI platforms [12] - The e-commerce sector is thriving, with significant growth in digital consumption, cross-border, and live-streaming e-commerce [14]