国泰海通主要观点如下： 事件 1月7日，工业和信息化部、中央网信办、国家发展改革委、教育部、商务部、国务院国资委、市场监管 总局、国家数据局8部门联合印发《"人工智能+制造"专项行动实施意见》。一端抓技术供给，推动"智 能产业化"，一端抓赋能应用，加快"产业智能化"，促进人工智能科技创新与产业创新深度融合、人工 智能技术与制造业应用"双向赋能"，加快制造业智能化、绿色化、融合化发展，有力支撑制造强国、网 络强国和数字中国建设。 到2027年目标实现产业规模和赋能水平稳居世界前列 智通财经APP获悉，国泰海通发布研报称，1月7日八部门印发《"人工智能+制造"专项行动实施意 见》，重视技术供给与产业应用，并提出强化政策支持保障，加快推动"智能产业化"与"产业智能化"。 该行认为，八部门强化全方面政策支持保障，推动"智能产业化"与"产业智能化"两端发展，制造业AI有 望迎来发展加速期，建议积极关注：智能制造等AI应用、国产算力。 文件要求加快重点行业应用赋能，包括原材料、装备制造、消费品、电子信息、软件和信息技术服务等 制造业相关重点行业，加快标杆解决方案和经验推广应用;加速全流程转型升级，深化智能工厂梯度培 育， ...

Core Viewpoint - The construction of a modern industrial system is a crucial foundation for China's modernization, emphasizing the importance of intelligent, green, and integrated development to enhance economic modernization and competitiveness [1]. Group 1: Intelligent Development - The intelligent transformation of the industrial system is essential for leveraging new technological revolutions and facilitating the transition from old to new growth drivers, focusing on the deep integration of artificial intelligence with the real economy [2]. - Current challenges include reliance on foreign core technologies, insufficient application of "AI+" solutions, and a lack of motivation among small and medium enterprises for digital transformation [2][3]. Group 2: Green Development - The green transformation of the industrial system is vital for achieving high-quality development and carbon neutrality goals, as well as for addressing climate change and promoting ecological balance [4]. - The development of the new energy vehicle industry exemplifies this transformation, with projections indicating over 12 million units produced and sold in 2024, alongside significant advancements in green technology and market penetration [5]. Group 3: Integrated Development - The integrated development of the industrial system is characterized by the deep fusion of primary, secondary, and tertiary industries, as well as the integration of technological and industrial innovation [7]. - The service-oriented manufacturing transformation is crucial for enhancing competitiveness and achieving a shift from a manufacturing power to a manufacturing stronghold [7][8]. Group 4: Overall Quality and Safety - The ultimate goal is to achieve a qualitative leap in the industrial system, ensuring its integrity, advancement, and safety, which are essential for maintaining economic stability and competitiveness [10]. - The current global landscape presents challenges such as supply chain disruptions and the need for a comprehensive green transition, necessitating a focus on modernizing industrial chains and enhancing resilience [11][12].

人民财讯12月30日电，重庆市经济和信息化委员会印发《重庆市促进实数融合推动"人工智能+制造"实 施方案》，以人工智能创新与制造业应用"双向赋能"为主线，促进"智能产业化"，加快"产业智能化"， 推动人工智能赋能"33618"现代制造业集群高质量发展，打造产业智能化、绿色化、融合化发展新优 势。到2027年，规上企业数字化研发设计工具普及率达90%、关键工序数控化率达75%，打造一批AI典 型应用场景，建设细分行业产业大脑30个、未来工厂40个、国家领航级和卓越级智能工厂40个。 ...

2025年末，关于人工智能泡沫的讨论兴起，一边是软银抛售英伟达股票、华尔街开始减持谷歌、微软等"科技七巨头"。另一边，英伟达创始人黄仁勋强调算 力需求高涨、AI进入良性循环，阿里巴巴集团CEO吴泳铭表示至少三年内，AI泡沫是不太存在的。 吴晓波在接受包括第一财经在内的媒体采访时，也加入了对AI泡沫的讨论。肯定AI泡沫存在的同时，他认为，AI泡沫会破灭，会不断地、一次一次地破 灭，这个过程大概长达十年，现在是一个讨论泡沫太早的时间点。而在他看来，AI发展也要拥抱泡沫，所有的科技进步都是由泡沫产生的，"用市场的期 望、热情、钱和关注度把它烧制，烧死大部分，剩下几颗舍利子。" "AI发展也要拥抱泡沫。" "我们就处在AI最大的泡沫期，而且AI泡沫还没有到达它的顶点。"12月28日晚，优酷人文2025吴晓波科技人文秀上，财经作家吴晓波将2025年称作了"高度 泡沫化的人工智能年份"。 这一年，吴晓波观察到，的确存在很多企业为了AI而AI的情况，对一些企业的现阶段来说，AI仍是一个伪需求、伪技术，这是AI在所有行业都会发生的事 情。他称之为一种"付学费"，所有的产业进步都因为学费而产生。但他相信，最终AI还是会渗透到所 ...

Core Viewpoint - The article highlights the transformation of the Guichi District in Chizhou, Anhui Province, focusing on the dual conversion of ecological and economic value in the renewable energy and environmental protection industries, showcasing significant advancements in green development. Group 1: Bamboo Industry - Anhui Hongye Group Co., Ltd. has innovatively transformed bamboo into over 170 products, with 70% of bamboo waste being converted into green steam and high-quality bamboo charcoal, increasing the value from 300 yuan per ton to a total output value of 4,000 yuan from 5 tons of bamboo waste [1] - The processed bamboo charcoal can further be refined into high-end biomass activated carbon, potentially doubling its value [1] Group 2: Traditional Industries Transformation - Traditional industries like copper and aluminum processing in Guichi are actively upgrading to reduce carbon emissions and enhance sustainability [2] - Anhui Jincheng New Materials Co., Ltd. has implemented a digital transformation in its production processes, utilizing IoT technology and big data to optimize energy management, leading to reduced energy consumption and strengthened green manufacturing advantages [2] - Jiuhua Mingkun Aluminum Industry has transitioned from traditional building aluminum profiles to high-end equipment manufacturing and materials for emerging industries, achieving over 50% utilization of solid waste [2] Group 3: Industrial Park Development - The Chizhou High-tech Zone, initially dominated by heavy industries, has shifted towards greener practices since its merger in 2018, supported by a 500 million yuan industrial guidance fund [3] - The Guizhou Metal Factory's project utilizes 150,000 tons of hazardous waste to produce 40,000 tons of high-purity zinc oxide, contributing to an annual output value of 320 million yuan and increasing the park's solid waste utilization rate to 98% [3] - Since 2018, the industrial landscape of the Chizhou High-tech Zone has transformed from "black" to "green," with one national-level green factory and seven provincial-level green factories established, aiming for recognition as a "national-level green industrial park" by 2024 [3]

消息面上，日本央行加息"靴子"落地。12月19日，日本央行9:0一致投票通过政策决议，宣布加息25个 基点至0.75%，利率水平创30年来新高，符合市场预期。这是日本央行2024年3月货币政策正常化以来 的第四次加息，而上次加息还要追溯到今年1月。 此次加息已被投资者提前充分定价，同时也反映出日本央行当前的举措尚未改变整体宽松的货币基调， 更多被视为"渐进式正常化"进程中的一环。· 有券商机构认为，日本良性通胀循环已较稳固，日本央行即将再次加息。去年夏季日本加息后的全球市 场动荡主要是由衰退预期升温和AI叙事动摇等美国因素造成，套息交易逆转只是加剧彼时避险情绪的 次要因素，去年的"黑色星期一"不太可能在今年重演。在美日央行政策分歧的背景下，美国因素才是当 前全球流动性与美元资产定价的核心主线。目前市场对AI叙事的质疑集中体现于业务模式较激进的少 数企业，而多数财务状况较稳健的AI龙头仍能维持市场信任，产业智能化热潮应能在中短期继续支持 美股龙头的业绩表现。长端美债在本轮风险管理式降息周期内的配置性价比不高，短端美债则可能受益 于准备金管理购买操作对流动性的技术性改善，后者较前者更好。 日经225指数今日收涨1 ...

在美日央行政策分歧的背景下，美国因素才是当前全球流动性与美元资产定价的核心主线。 目前市场对AI叙事的质疑集中体现于业务模式较激进的少数企业，而多数财务状况较稳健的AI龙头仍 能维持市场信任，产业智能化热潮应能在中短期继续支持美股龙头的业绩表现。长端美债在本轮风险管 理式降息周期内的配置性价比不高，短端美债则可能受益于准备金管理购买操作对流动性的技术性改 善，后者较前者更好。 中信证券研报称，日本良性通胀循环已较稳固，日本央行即将再次加息。 去年夏季日本加息后的全球市场动荡主要是由衰退预期升温和AI叙事动摇等美国因素造成，套息交易 逆转只是加剧彼时避险情绪的次要因素，去年的"黑色星期一"不太可能在今年重演。 （文章来源：新华财经） ...

中信证券研报认为，日本良性通胀循环已较稳固，日本央行即将再次加息。去年夏季日本加息后的全球 市场动荡主要是由衰退预期升温和AI叙事动摇等美国因素造成，套息交易逆转只是加剧彼时避险情绪 的次要因素，去年的"黑色星期一"不太可能在今年重演。在美日央行政策分歧的背景下，美国因素才是 当前全球流动性与美元资产定价的核心主线。目前市场对AI叙事的质疑集中体现于业务模式较激进的 少数企业，而多数财务状况较稳健的AI龙头仍能维持市场信任，产业智能化热潮应能在中短期继续支 持美股龙头的业绩表现。长端美债在本轮风险管理式降息周期内的配置性价比不高，短端美债则可能受 益于准备金管理购买操作对流动性的技术性改善，后者较前者更好 ...

中信证券研报认为，日本良性通胀循环已较稳固，日本央行即将再次加息。去年夏季日本加息后的全球 市场动荡主要是由衰退预期升温和AI叙事动摇等美国因素造成，套息交易逆转只是加剧彼时避险情绪 的次要因素，去年的"黑色星期一"不太可能在今年重演。在美日央行政策分歧的背景下，美国因素才是 当前全球流动性与美元资产定价的核心主线。目前市场对AI叙事的质疑集中体现于业务模式较激进的 少数企业，而多数财务状况较稳健的AI龙头仍能维持市场信任，产业智能化热潮应能在中短期继续支 持美股龙头的业绩表现。长端美债在本轮风险管理式降息周期内的配置性价比不高，短端美债则可能受 益于准备金管理购买操作对流动性的技术性改善，后者较前者更好。 ...

Core Insights - The "14th Five-Year Plan" period is crucial for achieving socialist modernization, facing challenges such as a new round of technological revolution and industrial transformation, insufficient global economic growth, and the difficult task of transitioning from old to new growth drivers [1] Economic Development - In 2024, national-level economic development zones are projected to achieve a GDP of 16.9 trillion yuan, accounting for 12.5% of the national total, with a year-on-year growth of 7.2% [1] - These zones host 85,000 high-tech enterprises, representing 18.3% of the national total, indicating a rising trend in innovation vitality [1] - The total import and export volume is expected to reach 10.7 trillion yuan, with a year-on-year increase of 5.1%, making up 24.5% of the national total [1] High-Quality Development Report - The "National Economic Development Zone High-Quality Development Report 2025" was released, focusing on the top 20 national-level economic development zones based on the Ministry of Commerce's comprehensive development assessment from 2021 to 2024 [2] Industry Transformation - National-level economic development zones are actively engaging in strategic emerging industries, with significant GDP contributions from regions like Suzhou Industrial Park, Guangzhou Economic Development Zone, Beijing Economic Development Zone, and Qingdao Economic Development Zone, all exceeding 300 billion yuan [3] - Suzhou Industrial Park reached a GDP of 400.2 billion yuan, becoming the first economic development zone to surpass 400 billion yuan [3] - 14 out of 20 economic development zones reported economic growth rates higher than the national average, with Wuhu Economic Development Zone achieving a remarkable growth rate of 12.6% [3] R&D Investment - The average R&D investment intensity among the studied economic development zones reached 4.42% in 2024, an increase of 0.26 percentage points from 2023 [4] - Several zones, including Guangzhou and Beijing Economic Development Zones, reported R&D investment intensities above the average [4] Business Environment - The report emphasizes the construction of a forward-looking and scientifically sound business environment index system, focusing on market capacity, soft environment, business costs, infrastructure, social services, and green development [5] - The 2025 business environment index shows a stable concentration among top-performing economic development zones, with Suzhou, Kunshan, Guangzhou, and Beijing Economic Development Zones standing out [6] Policy and Reform - Economic development zones are accelerating the establishment of a unified national market and deepening management reforms to enhance the development environment [6] - Beijing Economic Development Zone is leading the transformation of government services towards a model that allows enterprises to choose [6] - Kunshan Economic Development Zone has implemented a mechanism for early involvement and parallel review of industrial projects, reducing approval times by 70% [6] Strategic Focus - The "14th Five-Year Plan" period is identified as a key stage for economic development zones to accelerate the transformation of old and new growth drivers, focusing on building a modern industrial system driven by technological innovation and factor reforms [7]