Core Insights - The 12th "Belt and Road" Cultural Tourism Technology High-Quality Development Conference and International Silk Road Boutique Expo was held in Shanghai, focusing on new opportunities for the development of China's cultural tourism industry [1] - iBox Chain Box was invited to participate in the event and was recognized for its innovative practices in the digital cultural tourism sector [2] Group 1: Event Overview - The conference was guided by the China Commercial Culture Research Association and co-hosted by various organizations, highlighting its significance in the cultural tourism resource integration field [1] - The event has been successfully held in multiple cities, establishing itself as a top-tier gathering with substantial influence and effectiveness in the industry [1] Group 2: iBox Chain Box's Achievements - iBox Chain Box's project, "iBox Chain Box Assists Shennong Tribe's Digital Cultural Tourism Integration Practice," was selected as a new cultural tourism brand demonstration case for 2025 due to its outstanding innovation [1][2] - The collaboration with Hubei Shennong Tribe Scenic Area introduced the "Crypto Kid" PFP digital avatar, merging digital collectibles with cultural tourism experiences [2] Group 3: Industry Trends - The cultural and tourism sectors are undergoing an unprecedented digital transformation, with iBox Chain Box actively exploring and practicing the integration of cultural tourism and technology [2] - The use of blockchain technology in the project aims to revitalize cultural IP and enhance user engagement through exclusive benefits linked to the digital avatar [2]

研究早观点 2025 年 6 月 23 日 星期一 市场走势 【今日要点】 【山证专精特新】山高控股深度研究-"新能源+新基建"双赛道耐心 资本，打造电算一体化生态典范 资料来源：最闻 国内市场主要指数 | 指数 | | 收盘 | 涨跌幅% | | --- | --- | --- | --- | | 上证指数 | | 3,359.90 | -0.07 | | 深证成指 | | 10,005.03 | -0.47 | | 沪深 | 300 | 3,846.64 | 0.09 | | 中小板指 | | 6,311.12 | -0.42 | | 创业板指 | | 2,009.89 | -0.84 | | 科创 | 50 | 957.87 | -0.53 | 资料来源：最闻 分析师： 李召麒 执业登记编码：S0760521050001 电话：010-83496307 邮箱：lizhaoqi@sxzq.com 2019 年 2 月 21 日 星期四 请务必阅读最后股票评级说明和免责声明 1 研究早观点 请务必阅读最后股票评级说明和免责声明 2 算力电力协同是绿色算力发展的必然选择和进阶路径。据国家能源局数据，2024 ...

Macro and Strategy - The fiscal data for the first five months of 2025 shows a decline in both revenue and expenditure, with total public budget revenue at 96,623 billion yuan, down 0.3% year-on-year, and total expenditure at 112,953 billion yuan, up 4.2% year-on-year [9][10] - The high-tech manufacturing macro report indicates that the diffusion index remains unchanged, with specific sectors like dynamic random access memory (DRAM) prices rising, while others like acrylonitrile are declining [10][11] - The macroeconomic report highlights a seasonal decline in high-frequency indicators, suggesting stable economic performance despite fluctuations in investment and consumption sectors [11][12] Industry and Company - The food and beverage industry report emphasizes the emergence of new consumption patterns driven by lifestyle changes, indicating a shift towards more personalized and experience-oriented consumption [23][24] - The report identifies three main consumer groups: Generation Z, the silver-haired population, and the middle class, each with distinct consumption preferences and behaviors [25][26] - Investment recommendations include companies like Wei Long, Salted Fish, Dongpeng Beverage, and Guizhou Moutai, reflecting confidence in the food and beverage sector's growth potential [27] Overseas Market Overview - The US stock market has seen a pullback from high levels, with the S&P 500 down 0.2% and a notable shift of funds towards the financial sector [28][29] - In the Hong Kong market, the Hang Seng Index fell by 1.5%, with significant outflows from the pharmaceutical and consumer sectors, while the machinery sector attracted investment [30][31] Financial Engineering - The REITs market has shown positive performance, with the index rising by 0.87% and a year-to-date increase of 13.2%, indicating strong interest in property and infrastructure-related investments [14][15] - The approval of the first data center REITs marks a significant expansion in the REITs market, reflecting growing interest in digital infrastructure [16]

Group 1 - Singapore's Prime Minister, Lawrence Wong, is on a five-day official visit to China, marking the 35th anniversary of diplomatic relations between the two countries [1][3] - This visit is significant as it is Wong's first as Prime Minister, emphasizing the importance of strengthening bilateral relations [1][3] - Wong's previous roles included leadership positions related to China, indicating a long-standing engagement with the country [3] Group 2 - The visit aims to reaffirm the commitment to bilateral cooperation, with a focus on existing government projects such as the Suzhou Industrial Park and Tianjin Eco-City [4][5] - Wong will also attend the World Economic Forum's Summer Davos in Tianjin, where he will discuss the importance of a rules-based multilateral system amid rising geopolitical tensions [5][6] - Singapore's strategic position is highlighted as it seeks to maintain a neutral stance in the US-China competition, aiming for mutual cooperation with China [5][6] Group 3 - The discussions are expected to cover economic cooperation, supply chain stability, and emerging fields such as digital economy and green energy [6][7] - Singapore is recognized as a key economic partner for China in ASEAN, with both countries having strong trade ties [6][7] - There is potential for collaboration in areas like cross-border payment systems and regional security issues, including the South China Sea [7]

Group 1 - The core viewpoint highlights the rapid development of the digital economy in China, driven by innovations in artificial intelligence, big data, and 5G technologies, which serve as a new engine for high-quality economic growth [1] - Data shows that China accounts for 61.5% of the 45,000 newly published generative AI patents globally, indicating a strong position in AI innovation [1] - The integration of the digital economy with the real economy is leading to significant industrial upgrades, with the manufacturing value added of digital products growing by 9.1% in May, surpassing the overall industrial growth rate [1] Group 2 - The expansion of the data factor market is creating new opportunities to extract data value, with various regions and departments actively exploring public data authorization and enterprise data asset registration [2] - China's total computing power has reached 280 EFLOPS, providing robust support for data storage, computation, and analysis, which is essential for the integration of data factors with other production elements [2] - Despite advancements, challenges remain in high-end chips and core technologies, necessitating increased R&D investment and the strengthening of legal frameworks to ensure data security while promoting orderly development [2]

Group 1 - The core viewpoint of the report is that global foreign direct investment (FDI) continues to decline, with a projected decrease of 11% to approximately $1.5 trillion in 2024, marking the second consecutive year of decline [1][2] - The decline in international project financing (IPF) is particularly severe for developing countries, with a projected drop of 26% in 2024, which is the third consecutive year of significant decline [2][3] - Investment related to sustainable development goals (SDGs) has also seen substantial decreases across various sectors, including a 23% drop in renewable energy investments, a 35% decline in infrastructure investments, and a 30% decrease in water, sanitation, and hygiene projects [2][3] Group 2 - The digital economy is highlighted as the only growth area, with international investment in this sector expected to double in 2024, focusing on data centers, artificial intelligence (AI), cloud computing, and cybersecurity [2][3] - However, there is a notable imbalance in the distribution of digital economy investments, with most funds concentrated in a few countries like China and the United States, leaving structural weak economies marginalized [3] - The report emphasizes the need for a shift in investment direction and global cooperation to achieve equitable and sustainable development, advocating for the integration of digital strategies with industrial policies and sustainable development goals [4]

Group 1 - The sixth Multinational Corporation Leaders Qingdao Summit was held from June 18 to 20, signaling China's commitment to expanding openness and welcoming foreign investment amidst rising unilateralism and protectionism [1] - The summit featured 570 guests from 135 Fortune 500 companies and 330 industry-leading enterprises, highlighting the importance of the Chinese market and the confidence in China's economic prospects [1][2] - The report released at the summit indicated that profits of foreign-invested industrial enterprises in China are projected to increase from 1.6 trillion RMB to 1.8 trillion RMB from 2019 to 2024, with profit margins consistently outperforming the national industrial average [2] Group 2 - The theme of the summit was "Multinational Corporations and China - Linking the World for Win-Win Cooperation," reflecting a new trend of multinational companies exploring opportunities in China [3] - Factors contributing to this trend include a stable policy environment, a multi-dimensional opening-up strategy, a large-scale consumer market, a complete supply chain system, and the maturation of new sectors such as digital economy and green technology [3] - China is positioned as an ideal, safe, and proactive investment destination for foreign businesses, with an increasingly favorable business environment and expanding opportunities regardless of international changes [3]

Core Viewpoint - Satellite communication technology is becoming a focal point in the mobile communication industry, reshaping network access in remote areas and providing connectivity to populations without internet access, thus opening a new chapter in the digital economy [1] Industry Developments - The 2025 Shanghai World Mobile Communication Conference showcased innovations in satellite communication, indicating a shift towards integrating satellite technology into mainstream communication [1] - Geely's commercial space enterprise, Time Space Path, is planning a global low-orbit satellite communication constellation, with an initial deployment of 72 satellites aimed at achieving real-time IoT communication globally [2] - China Mobile launched a series of "satellite IoT" products, including domestically produced satellite communication chips and modules, to enhance connectivity in areas lacking cellular coverage [2] Infrastructure and Collaboration - China Tower is exploring the integration of satellite networks with ground networks, utilizing its extensive ground station resources to enhance satellite signal reception [3] - The company is collaborating with satellite internet firms to optimize network operations and security, demonstrating the strategic value of shared infrastructure [3] Global Expansion - Chinese satellite communication technology providers are accelerating international expansion, with notable agreements such as China Telecom's partnership with Laos for satellite services [4] - Time Space Path has established a joint telecom venture in Malaysia, marking a significant step in the international application of low-orbit satellite communication [4] Market Potential - The global satellite communication market is projected to exceed $40 billion by 2030, highlighting the sector's potential as a key driver of economic growth [5] - The Chinese satellite navigation and positioning service industry is expected to reach a total output value of 575.8 billion yuan in 2024, reflecting a year-on-year growth of 7.39% [6] Challenges and Opportunities - The satellite industry is at a critical juncture, facing both opportunities and challenges, particularly in resource management and technological development [7] - There is a need for enhanced management of satellite frequency and orbital resources, as well as the promotion of international cooperation to build a more open and shared satellite industry ecosystem [7]

新华社阿斯塔纳6月22日电（记者付瑞霞 赵冰）"丝路融通：构建中国－中亚命运共同体 携手应对世 界变局论坛"22日在哈萨克斯坦首都阿斯塔纳举行。与会嘉宾认为，中国高度重视人工智能发展，中亚 国家同样将数字技术和人工智能视为国家现代化的重要支撑，双方在人工智能领域的合作前景广阔。 "人工智能不仅是技术趋势，它还是推动教育、医疗、能源和国家治理等各领域转型的强大工具。在得 到正确且正当使用的情况下，人工智能可大幅加快可持续发展目标的实现。"塔吉克斯坦技术大学教务 副校长、第一副校长托希尔·马吉多夫说，2023年至2024年，塔吉克斯坦积极推进数字化转型战略，该 战略的内容包括形成人工智能领域内的关键能力并发展相关基础设施。 中国社会科学院俄罗斯东欧中亚研究所中亚与高加索研究室副主任、中国社会科学院上海合作组织研究 中心副秘书长杨进认为，中亚各国政府纷纷成立专门机构或委员会负责推进人工智能和数字经济政策， 在教育、医疗、交通、能源等领域积极引入智能化解决方案。中国与中亚五国在人工智能和数字经济领 域各有所长，都在规划未来发展，具有开展深入合作的坚实基础和巨大潜力。 加强中国与中亚国家在人工智能领域的合作成为与会嘉宾 ...

Core Insights - The 9th China-South Asia Expo is being held from June 19 to June 24 in Kunming, Yunnan, showcasing high-tech exhibits in digital economy, artificial intelligence, green energy, and low-altitude economy [2][4][7]. Group 1 - The expo features a variety of high-tech exhibits that attract numerous visitors for experience and interaction [2][4][9]. - Notable exhibits include coffee-making robots, interactive robotic dogs, and industrial robotic arms, highlighting advancements in automation and AI [4][7][9]. - The event emphasizes the growing importance of digital economy and green technologies in the region [2][4][11].