年内AI二波启动，关注国产算力和应用 ——每周主题、产业趋势交易复盘和展望 证券分析师：陈刚 证券研究报告 执业证书编号：S0600523040001 邮箱：cheng@dwzq.com.cn 研究助理：孔思迈 执业证书编号：S0600124070019 邮箱：kongsm@dwzq.com.cn 2025年7月27日 注：本报告所涉及个股/公司仅代表与产业或交易热点有关联，所引述资讯/数据/观点仅以展示为目的，不构成投资建议，个股层面请参照东吴证券研究所各行业组所推荐标的。 1. 本周市场回顾 注：本周交易日为7月21日-7月25日 （如无特殊说明）后文同 目录 1、本周市场回顾 2、产业趋势交易回顾与展望 3、风险提示 2 注：本报告所涉及个股/公司仅代表与产业或交易热点有关联，所引述资讯/数据/观点仅以展示为目的，不构成投资建议，个股层面请参照东吴证券研究所各行业组所推荐标的。 3 注：本报告所涉及个股/公司仅代表与产业或交易热点有关联，所引述资讯/数据/观点仅以展示为目的，不构成投资建议，个股层面请参照东吴证券研究所各行业组所推荐标的。 一：大盘表现 ✓ 上证指数走势 4 数据来源：Wind，东吴证券 ...

5月9日，国家出口管制工作协调机制办公室曾组织相关单位在广东深圳召开打击战略矿产走私出口专项 行动现场会。此次推进会是对专项行动进展成效的阶段性总结和再部署、再推进。 何亚东表示，今年以来，商务部联合有关部门先后复制推广两批试点示范经验，印发一批最佳实践案 例。两批共17条经验涉及金融、数字经济、知识产权、文化旅游等服务业开放重点领域。最佳实践案例 采用"一业一例"形式，涉及产业生态体系建设、国际合作和区域协同、体制机制创新等三方面11项。 何亚东表示，两个多月来，各有关部门加强协同配合，对战略矿产走私出口"零容忍、出重拳"，侦办了 一批非法出口案件，抓获了一批走私犯罪嫌疑人，打出了声势、形成了震慑。在专项行动过程中也发 现，少数不法分子企图通过各种手法规避监管，相关技术非法外流风险不断上升，面临的形势依然复杂 严峻。对此，本次会议强调，要以咬定青山不放松的韧劲，推动专项行动不断走深走实，始终保持严查 严打高压态势，坚决打击战略矿产走私出口，维护国家安全和利益。 "印发并向全国推广试点示范经验和最佳实践案例，充分发挥了服务业扩大开放综合试点示范'为国家试 制度、为地方谋发展'，以及优化服务消费供给的作用，是我 ...

【何亚东】: 各位记者朋友： 大家下午好，欢迎参加商务部例行新闻发布会。今天我没有需要向大家通报的信息。 下面请提问。 【封面新闻记者】: 2021年7月，国务院批准率先在上海、北京、广州、天津、重庆五个城市，开展国际消费中心城市培育 建设。到目前正好满4周年，能否介绍培育建设取得了哪些亮点和成效？ 【何亚东】: 正像你刚才提到的，国际消费中心城市培育建设正好满4周年，4年来这项工作取得了积极成效，我在这 里分享一组数据：五个城市社零总额占全国的比重超过1/8，国家级示范步行街数量占全国的1/4，中华 老字号数量约占1/3，消费品进口占比达一半以上，离境退税销售额占七成左右。打开来看，可以从四 个维度来看待。 第一个维度是"国际"，体现在国际消费环境更加友好。五个城市着力提升支付便利化水平，优化离境退 税服务，积极打造国际友好消费环境，让外国朋友愿意来、方便购。特别是今年4月《关于进一步优化 离境退税政策扩大入境消费的通知》发布以来，北京、上海退税商店总数均超过1400家，广州突破500 家，带动上半年全国离境退税销售额增长94.6%，"中国购"成为热词。 第二个维度是"消费"，体现在消费引领力全面提升。五个 ...

吴桂英强调，要加快推动投资增长，推动南部融城、湘江科学城等重点片区重大项目建设，创新完善招商模 式，做好存量资产盘活、存量土地有效利用，完善领导联点项目机制，深化"机器管招投标"改革。要狠抓消费扩 围和服务业提升，抓好批零住餐、交通运输、金融、电信、商务服务、互联网等服务业重点领域，加大文商旅体 融合发展力度，着力激发消费活力。要深化改革扩大开放，推动改革创新全面发力、多点突破，促进外贸和外资 稳健发展，更好发挥自贸片区对外开放"主阵地"作用。要守牢安全风险底线，持续扩大就业空间，加快省市民生 实事进度，打好污染防治攻坚战，深化烟花爆竹、消防、建筑施工、道路交通、危化工贸等领域隐患整治，确保 社会大局持续和谐稳定。 吴桂英强调，全市上下要强化"促发展"的政治责任，锤炼"敢担当"的过硬作风，提升"抓经济"的能力水平， 彰显"强执行"的韧劲狠劲，全力以赴打赢季度攻坚战，以实际行动勇挑大梁、多作贡献。 7月23日，全市半年度重点工作推进会召开。省委常委、市委书记吴桂英出席会议并讲话，强调要深入贯彻习 近平总书记关于湖南工作的重要讲话和指示批示精神，落实省委、省政府工作要求，坚持一切围着发展转、一切 盯着发展干，全面 ...

#观察 3600，看起来还是要“大开放”，“大基建”才行。外汇交易员 (@myfxtrader):#投票 我在A股当前价位左右建仓了100万左右的科技股，你觉得我是： ...

此外，产业升级稳步推进，对高端制造装备需求明显增加。当前广东狠抓制造业"三新"项目建设，工业 企业技术改造、设备更新、数字化转型加速推进，战略性新兴产业集群逐步形成，对进口高端制造装备 需求较大。上半年，广东进口航空航天装备、船舶和海洋工程装备分别增长63.8%、31.5%；进口半导 体制造设备、机床、轻工机械分别增长47%、14.6%、12.7%。 南方财经记者伍素文 广州报道 7月18日，广东举行2025年上半年广东进出口情况新闻发布会。南方财经记者从会上获悉，今年上半 年，广东货物贸易进出口4.55万亿元，同比增长4%，增速高于全国1.1个百分点。其中，进口1.66万亿 元，同比增长9.5%，领先全国外贸进口增速12.2个百分点，规模创下同期历史新高。 为何这一重要指标表现如此亮眼？海关总署广东分署副主任张柯在答记者问时表示，这既有需求增加的 原因，也和我国持续扩大开放，为世界各国各地区提供更多发展机遇密不可分。 具体来看，广东工业生产稳定增长，对相关产品需求增加。上半年，广东进口机电产品1.16万亿元，大 幅增长19.3%，占广东进口总值的比重已超过七成，达到70.1%，较去年同期提升5.8个百分点。 ...

Core Viewpoint - The rapid expansion of the digital economy, along with the profound reshaping of industrial patterns by artificial intelligence and cloud computing, is driving significant transformation and innovation in China's service industry [1] Group 1: Policy and Strategic Initiatives - The Chinese government initiated the first round of comprehensive pilot work for expanding the service industry in Beijing in 2015, which has since expanded to 20 provinces and cities [1] - Hangzhou was approved as a pilot city for expanding the service industry at the end of 2022, with 97 pilot tasks assigned [1][2] - The State Council issued a notice in April 2023 to accelerate the pilot work, specifying 119 tasks [1][2] Group 2: Implementation and Achievements - Hangzhou has implemented 97 pilot tasks across 42 departments and 13 districts, achieving a completion rate of 94.8% [5] - The city's service industry added value reached 15,962 billion yuan in 2024, with a year-on-year growth of 5.0% [6] - Actual foreign investment in Hangzhou reached 6.542 billion USD, ranking third among all cities in China [6] Group 3: Digital Economy and Innovation - Hangzhou is leveraging digital technology to drive urban development, with initiatives like digital identity registration and the promotion of digital RMB [4] - The city has established a robust artificial intelligence ecosystem, with significant contributions from leading digital enterprises and innovative projects [5] Group 4: Cross-Industry Collaboration and Infrastructure - The city has introduced a new "one box, one order" model for sea-rail intermodal transport, enhancing logistics efficiency and reducing operational costs for businesses [8] - Various departments in Hangzhou are working collaboratively to provide innovative solutions and support for the service industry pilot [7] Group 5: Future Directions and Goals - Hangzhou aims to establish itself as a national leader in service industry reform, focusing on digital industries, finance, healthcare, commerce, and tourism [13] - The city plans to implement a "seven actions" strategy to enhance top-level design, innovate policy support systems, and create exemplary projects [13]

Core Insights - Guangzhou has made significant progress in expanding the service industry since being selected as a national pilot city for service industry opening-up in December 2022, with an implementation rate of 98.5% for 130 pilot tasks [1] - The city has seen a continuous increase in service industry value added, exceeding 2.2 trillion yuan for two consecutive years, accounting for over 70% of GDP [1] - New foreign investment in the service sector has reached nearly 15,000 enterprises, with service trade surpassing 75 billion USD, showing double-digit growth for two years [1][2] Group 1: Service Industry Development - Guangzhou has introduced 13 measures in areas like foreign legal services and green finance, which have been recognized as national pilot cases [1] - The city has established a cross-border business registration service platform that is being replicated nationwide [1] - The "Guangzhou Consumption Festival" has successfully attracted global buyers, boosting local dining consumption by nearly 100 million yuan [3] Group 2: Innovation in New Business Models - Guangzhou has pioneered the integration of "service + manufacturing," particularly in the field of autonomous driving, with extensive testing networks and commercial applications [3] - The city has launched a global cross-border e-commerce platform for transporting battery-powered goods, significantly improving efficiency and reducing costs [5] - The establishment of an international ship fuel supply center at Guangzhou Port has positioned the city as a leader in providing comprehensive bonded fuel services [6] Group 3: Business Environment Optimization - Guangzhou has focused on enhancing the business environment to facilitate foreign investment and trade, implementing 100 annual reform tasks [7] - The city has initiated the "Enterprise Service Year" program, which includes a feedback mechanism for policy improvement [7] - Recent government approvals have empowered Guangzhou to further advance its service industry opening-up strategy, with a focus on data, healthcare, and finance sectors [7]

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]

Group 1 - The number of newly established foreign-invested enterprises in China increased by 10.4% year-on-year, reaching 24,018 from January to May 2025, indicating strong confidence from foreign investors in long-term investments in China [1] - The actual foreign investment amount decreased by 13.2% year-on-year to 358.19 billion RMB during the same period, highlighting a divergence between the number of new enterprises and the actual investment amount [1] - The manufacturing sector attracted 91.52 billion RMB in actual foreign investment, while the service sector received 259.64 billion RMB, with high-tech industries drawing 109.04 billion RMB [1] Group 2 - The service industry has become the primary area for foreign investment inflows, with the Chinese government expanding pilot programs to promote service sector openness in nine additional cities [2] - Investment from ASEAN countries grew by 20.5%, while Japan and the UK saw increases of 70.2% and 60.9%, respectively, reflecting the positive impact of regional economic integration [2] - The implementation of RCEP has contributed to stable growth in foreign investment from ASEAN and Japan, emphasizing the benefits of regional economic cooperation [2] Group 3 - Future efforts should focus on optimizing the business environment, expanding open sectors, and enhancing service guarantees for foreign investors [3] - Reducing the negative list for foreign investment access will allow foreign enterprises to fully benefit from China's growing market [3] - Strengthening government services and legal protections will provide a more stable and predictable development environment for foreign investments [3]