深圳商报·读创客户端记者 曹欣 万亿奇迹的 "黄金组合" 2025 年，深圳市南山区 GDP 首破万亿元大关，成为我国首个万亿级地市辖区。这一里程碑事件，让这 座仅占深圳 1/10 土地的城区，站上了全球科技与经济竞争的 "擂台"。作为长期深耕区域经济研究的权 威专家，国家高端智库 CDI 资深研究员宋丁深度解码南山万亿跨越的核心动能、现存短板与未来路 径，为我们揭开这座科技城区的全球竞争力内核。 谈及南山破万亿的核心动力，宋丁一语中的："核心就是科技加金融，这是南山创造万亿奇迹的关键发 酵剂。" 作为我国最早的国家级科技园所在地，南山孕育了华为、腾讯、中兴等标杆企业，奠定了坚实的科技与 研发根基。"全市的科技动能从南山逐步扩张，" 宋丁强调，即便部分制造业外迁，南山仍保留大量高 端制造环节，形成 "研发 + 产业" 的完整链路。 而金融的精准赋能，让科技成果快速 "变现"。"深圳金融是强项，各类金融渠道为科技转化提供关键助 力，" 宋丁指出，与部分城市科研成果 "锁在实验室、专利闲置" 不同，南山的科技是 "变现式科技"， 能迅速进入转化通道，金融与科技 "接口对接精准"，构成高效创新闭环。 企业主导，技术 ...

Core Viewpoint - The Guangzhou Intelligent Manufacturing High-end Equipment Industrial Park officially opened, marking a new journey for "Guangzhou Intelligent Manufacturing" towards global applications [1] Group 1: Industrial Park Overview - The industrial park is located in the Nansha Suikang Intelligent Manufacturing Base, covering an area of over 640 acres with a total investment of 4.7 billion yuan [1] - The park focuses on the integration of industrialization, digital intelligence, and green development, establishing a "1+3" industrial system centered on "port heavy equipment" [1] Group 2: Product Focus and Innovation - Key products include marine engineering equipment, rail transit equipment, clean and efficient power generation equipment, modular buildings, and high-tech ships and power equipment [1] - The park will also collaborate to build several intelligent manufacturing innovation platforms to accelerate technological integration and industrial collaboration in the Guangdong-Hong Kong-Macao region [1] Group 3: Infrastructure and Logistics - The park features the only heavy equipment embedded port pool terminal in the Nansha core area, with a berthing capacity of 1,500 tons, facilitating efficient export of large equipment [1] Group 4: Partnerships and Collaborations - A series of cooperation signing ceremonies took place, with major companies like China Construction Technology, China Railway Equipment Tianjin Company, Guangzhou Heavy Industry Group, and Guangchai Co., Ltd. signing agreements to settle in the industrial park [1] - This marks a significant step in resource integration, technology sharing, and market collaboration among central enterprises and local state-owned enterprises [1]

Core Insights - The report identifies the main investment themes for the defense and aerospace industry in 2025 as internal equipment, military trade, and military-civilian integration, with a focus on the second growth curve as a key selection criterion for stocks [2][5][36] - For 2026, military-civilian integration and military trade are expected to remain the primary investment lines, supported by stable growth in defense spending and policy guidance [2][5] Industry Overview - The report outlines a deep review of the defense industry, highlighting that the internal equipment market, military trade, and military-civilian integration emerged as the three main investment directions in 2025 [5][21] - The investment framework has evolved from focusing solely on internal equipment to incorporating military trade and military-civilian integration, reflecting a more comprehensive understanding of the market dynamics [5][21] Policy Analysis and Internal Equipment Outlook - The report emphasizes that the integration of mechanization, information technology, and intelligence will drive future growth in internal equipment, with specific focus areas including information support forces, cyber warfare units, military aerospace, and rocket forces [6][41][46] - Recent U.S. defense policy changes, which reduced the number of key technology areas from 14 to 6, align closely with China's focus on new quality and new domain developments [6][41] Investment Strategy for 2026 - The report recommends a bottom-up approach to stock selection, emphasizing the importance of identifying stocks that excel in the second growth curve, particularly in military trade and military-civilian integration [7][36] - Specific companies are highlighted as key investment targets, including 中航沈飞 (AVIC), 广东宏大 (Guangdong Hongda), and 西部超导 (West Superconductor), which are positioned to benefit from trends in military trade and civilian applications [22][33][36] Key Investment Areas - The report identifies several promising sectors within the defense industry, including special chips, quartz electronic fabrics, aerospace electronics, high-performance power supplies, and military aviation engines, each with unique growth drivers [22][33][36] - The military trade sector is expected to see a shift towards high-end equipment exports, with 中航沈飞 (AVIC) and 广东宏大 (Guangdong Hongda) as core players [22][36] Conclusion - The report concludes that the second growth curve represents a critical opportunity for investors, with military trade and military-civilian integration likely to be the main growth drivers in the coming years [36][41]

Core Viewpoint - The article emphasizes the importance of traditional industries in China's economic landscape, particularly in the context of the 14th Five-Year Plan, highlighting their role in stabilizing growth, employment, and income [5][10]. Market Review - The recent market performance indicates a shift from growth stocks to value stocks, with traditional sectors like electric equipment, steel, and coal showing significant gains, while tech sectors faced declines [2][4]. - The "old-style" stocks, characterized by stable earnings and generous dividends, are regaining attention as market dynamics shift [2][4]. Industry Rebalancing - Traditional industries are crucial for short-term demand expansion and are categorized under the 14th Five-Year Plan as essential for economic stability [4][5]. - The plan aims to optimize traditional industries while fostering new and future industries, with traditional sectors accounting for approximately 80% of manufacturing value [5]. Traditional Industries' Role - Traditional industries are seen as the backbone of the economy, essential for maintaining growth, employment, and income levels, especially during economic downturns [5]. - The service sector also plays a vital role in employment, necessitating a shift towards high-quality development [5]. Market Analysis of Traditional Industries - The analysis of operational and financial leverage across traditional industries reveals varying levels of risk and opportunity, with some sectors showing signs of stress due to high leverage [6]. - The first quadrant indicates high non-current asset ratios and debt levels, posing risks in a slowing economy, while the third quadrant shows low leverage, suggesting potential for growth in an upward economic trend [6]. Short-term Trends in Traditional Industries - The Producer Price Index (PPI) data indicates a recent uptick in prices for certain traditional sectors, supporting the profitability of traditional industry stocks [9]. - Specific sectors like coal mining and black metal mining have shown PPI increases, which may enhance their profitability [9]. Investment Strategy for Traditional Industries - The article warns against a rigid investment approach, termed the "Guevara dilemma," advocating for a flexible strategy that adapts to changing market conditions [10]. - Traditional industries must integrate with new technologies and models to achieve high-quality development, emphasizing the need for innovation and transformation [10].