2月24日，广东召开全省高质量发展大会。这也是自2023年起，广东连续第4年在春节后开工首日举办新 春第一会。本次大会以制造业与服务业协同发展为主题，共同探讨广东高质量发展新路。会上，广东提 出以制造业之强牵引服务业之优，以服务业之优增进制造业之强，在"制造强省"与"服务高地"相互成就 中打开产业发展新天地，让现代化产业体系这棵大树在广东的发展沃土上深深扎根、茁壮成长。 广东以制造业当家，制造业增加值占全国1/8，占广东GDP比重约1/3，也是全球制造重镇。广东制造业 从加工贸易起家，并因区位优势、制度红利以及要素禀赋，逐步成为世界工厂。目前，广东制造业正在 努力朝着智能化、绿色化、融合化方向升级与发展。 制造业要实现从"大"到"强"的跨越，必须向微笑曲线的两端延伸。过去，广东制造业中加工贸易的占比 较大，在全球分工中处于中间低附加值的组装制造环节。制造业高附加值环节则主要处于微笑曲线的两 端，即设计（技术创新）和销售（品牌营销）。没有高端生产性服务业的支撑，制造业就难以向高附加 值延伸，如果服务业发展只聚焦吃喝玩乐而不去服务实体经济，就可能会形成产业"脱实向虚"的问题。 广东在全球新一轮科技革命和产业变革中 ...

面对全球产业链重构的风云变幻，广东需以"一马当先"的魄力与"万马奔腾"的合力，夯实"制造强省"的 根基，加力打造"服务高地"，在这场产业跃升的突围战中干出高质量发 程风雨（广州市社会科学院区域发展研究所副所长、研究员） 依托高端服务向价值链高阶跃升 我们必须清醒地看到，当前广东的产业体量虽大，但在迈向高质量发展的过程中，依然面临着一系列亟 须解决的痛点。要从根本上打破这一瓶颈，关键在于向产业"微笑曲线"的两端攀升——一端是前沿的研 发设计，另一端是精准的品牌营销。而这两端，正是现代高端服务业的用武之地。 2月24日是农历丙午马年第一个工作日，广东连续四年召开全省高质量发展大会，今年以"制造业与服务 业协同发展"为主题。 制造业与服务业的协同融合、衍生转化是产业发展的重要趋势，现代化产业体系是中国式现代化的物质 技术基础。制造业和服务业的分工协作水平对产业体系的整体效率具有关键性影响。 制造业与服务业双向奔赴，关乎广东高质量发展大局、现代化建设全局。在今年的全省高质量发展大会 上，广东提出，以制造业之强牵引服务业之优，以服务业之优增进制造业之强，在"制造强省"与"服务 高地"相互成就中打开产业发展新天地（301 ...

Core Insights - China's manufacturing output is projected to account for nearly 30% of global production by 2025, while the U.S. will be around 13%, highlighting China's dominance in manufacturing despite a lower GDP compared to the U.S. [1][3] - By 2025, China's GDP is expected to exceed $20 trillion, while the U.S. GDP will be approximately $30 trillion, resulting in a significant gap of $9 trillion [3][5] - The disparity in GDP figures is influenced by currency exchange rates, with the nominal GDP calculation favoring the U.S. due to the stronger dollar [5][7] Group 1: Manufacturing and Economic Output - China's manufacturing sector is not just a national industry but a global manufacturing hub, producing a wide range of goods from solar panels to toys [1][3] - The purchasing power parity (PPP) method shows that China's GDP could reach approximately 40.7 trillion international dollars by 2024, surpassing the U.S. [7] - The U.S. maintains a significant advantage in controlling the value chain, with major global companies headquartered there, which impacts GDP calculations [11][19] Group 2: Currency and Financial Dynamics - The U.S. dollar serves as the primary global trade and reserve currency, allowing the U.S. to leverage its currency for economic advantages [13][15] - The U.S. has a substantial overseas direct investment of $9.7 trillion, which is three times that of China, enhancing its global economic influence [15] - The ability of the U.S. to print dollars and influence global markets creates a unique economic position that China is still working to overcome [13][15] Group 3: Innovation and Future Prospects - China is transitioning from being a manufacturing powerhouse to focusing on innovation and technology, with significant investments in R&D, particularly in sectors like electric vehicles and telecommunications [17][19] - The competitive landscape suggests that while the U.S. currently leads in nominal GDP, China's advancements in manufacturing capabilities and innovation may shift the balance in the coming years [21] - The future economic competition will hinge on technological control and the ability to influence global markets, rather than just GDP figures [21]

来源：深交所互动易 编者按：为帮助中小投资者了解基金定投方法，更好开展指数化投资，深交所投教基地联合永赢基金共 同推出《小定投大乾坤》系列图文解读。今天是第3期，如果定投遭遇亏损，该怎么应对？ 恰清晰的问尖儿贝基立。 应对 ● 对新手而言,风险分散、简单省心的宽基指数 基金更友好。 若持有主动-行业主题基金 3 结论:若基金质地没问题,亏损可能源于行业周期性波动。 行业基金天然波动大,亏损时需审视行业长线逻辑。 ● 长期逻辑未变:下跌反而是捡便宜筹码的机会, 可坚持甚至适度加大定投。 应对 ● 逻辑生变或看不懂:建议果断止损,避免越套越深。 ● 若没有时间对行业进行深入研究及跟踪,更适合 省心省力的宽基指数基金。 场景 2 市场下跌 定投也在亏损 情形1:才定投就亏损,要不要赶紧赎回? 不必慌张,这或是定投的"黄金开局" 应对建议: 定投的魅力,在于利用市场波动 -- 在低位买入更多 份额,以此拉低平均成本,待市场回暖时获利,这一 过程构成了经典的"微笑曲线"。 若是市场走出最适合定投的"微笑曲线" 初期往往会出现一定的账户浮亏 此时所投入的每一笔资金 都是在为未来的反弹积累关键筹码 官投资利 开始定投 持续 ...

Core Viewpoint - The anticipated manufacturing resurgence in the U.S. due to tariffs has not materialized, with manufacturing employment declining and investment in the sector decreasing significantly [1][2]. Group 1: Manufacturing Employment and Economic Indicators - U.S. manufacturing employment has fallen to its lowest point since the end of the pandemic, with a loss of 68,000 jobs over the past year and over 200,000 jobs lost since 2023 [1]. - The factory activity index has contracted for 26 consecutive months, indicating a persistent decline in manufacturing activity [2]. - Despite a recent increase in the PMI index from 47.9 to 52.6, analysts caution that this improvement may be temporary due to ongoing uncertainties in trade policies [2]. Group 2: Impact of Tariffs on Manufacturing - Tariffs have led to a 20% decrease in capital spending for new manufacturing plants, counteracting government efforts to encourage industrialization [2]. - The imposition of tariffs has raised costs for foreign intermediate goods, forcing companies to increase prices and leading to layoffs [2]. - High tariffs on semiconductors and other advanced manufacturing inputs have disproportionately affected high-tech industries, resulting in significant job losses [4]. Group 3: Investment Climate and Global Trends - The uncertainty surrounding U.S. trade policies has led to a stagnation in investment, with many executives labeling the past year as one of investment paralysis [3]. - Other countries are moving forward with trade agreements independent of the U.S., potentially undermining the competitiveness of American industries [3]. - Major companies like Volkswagen have paused significant investment plans in the U.S. due to the adverse effects of tariffs and an unpredictable trade environment [6]. Group 4: Skills and Workforce Challenges - The U.S. manufacturing sector is facing a shortage of skilled labor, with a reported shortfall of 600,000 factory workers and 500,000 construction workers [9]. - The transition from manufacturing to R&D and marketing has led to a decline in essential manufacturing skills, complicating efforts to revitalize the sector [7][9]. - The need for skilled labor and engineers is critical for the success of any manufacturing resurgence, but the development of such talent requires time and investment [10].

Core Viewpoint - The company emphasizes the importance of patience and resilience in the face of challenges, advocating for a focus on quality and long-term value creation in the manufacturing sector [7][19]. Group 1: Company Philosophy and Management - The company values a natural progression in career development, highlighting the importance of responsibility and commitment to the organization [2]. - A significant challenge faced by the company is aligning the values of its team to ensure long-term success, which requires sincere efforts to build trust in the market [3]. - The company has shifted its sales model from "goods before payment" to "payment before goods," enhancing internal management and building trust with distributors [3]. Group 2: Product Quality and Innovation - The company believes that market feedback should drive improvements in product quality, asserting that only high-quality products can sustain market presence [4]. - The establishment of a quality control system and a focus on continuous learning and innovation are crucial for maintaining competitive advantage [5]. - The company has made strides in the semiconductor industry, particularly in silicon carbide chips, indicating progress in self-reliance and technological advancement [12]. Group 3: Manufacturing and Market Strategy - The company remains committed to the manufacturing sector, arguing that the foundation of success lies in robust manufacturing capabilities rather than chasing quick profits in trending markets [14]. - The company aims to transform into a technology-driven industrial group with a focus on building its own brand for global markets, aspiring for 100% self-branded sales overseas [18]. - The company is also exploring new sales channels, including live streaming, to adapt to changing market dynamics while maintaining product integrity [17]. Group 4: Challenges and Industry Perspective - The company acknowledges the pressures of industry competition and price wars but insists on delivering quality products rather than compromising standards for short-term gains [19]. - The company recognizes the need for a gradual integration of traditional and internet-based sales strategies, emphasizing the importance of showcasing products effectively to consumers [17].

Core Viewpoint - Gree Electric Appliances is expanding from its core air conditioning business into industrial machinery and semiconductor industries, emphasizing the importance of high-quality products and a commitment to innovation and integrity in business practices [2][10]. Group 1: Company Development and Philosophy - Gree Electric's chairman, Dong Mingzhu, has been with the company for 36 years, highlighting the importance of commitment and responsibility in various roles within the organization [3]. - The company has shifted its sales model from "goods first, payment later" to "payment first, goods later," improving internal management and trust among distributors [4][5]. - Gree Electric emphasizes the need for a unified value system within the team to enhance product quality and ensure mutual benefits for consumers, shareholders, and partners [4]. Group 2: Quality and Innovation - The company is focused on using market feedback to drive improvements in product quality, asserting that only high-quality products can sustain market presence [6]. - Gree Electric has established a quality control system and is committed to continuous learning and innovation to enhance its technological capabilities [8]. - The company has made significant strides in the semiconductor sector, particularly in silicon carbide chips, and is continuously upgrading its technology [11]. Group 3: Market Position and Strategy - Gree Electric aims to maintain its competitive edge by investing in high-precision manufacturing equipment, moving away from reliance on imported machinery [10]. - The company is transitioning into a comprehensive technology-driven industrial group, with plans for 100% self-owned brand sales in international markets [17]. - Gree Electric is committed to delivering quality products despite market pressures and price wars, emphasizing the importance of brand integrity and consumer responsibility [18].

Group 1: Macro Economic Context - China is transitioning from scale expansion to value transition within the global value chain (GVC) [1] - The GVC position index for China is moving upwards, indicating a shift from downstream processing to upstream intermediate goods supply [2] - From 2000 to 2025, the share of processing trade in exports decreased from 55.2% to 18.8% [6] Group 2: Value Chain Dynamics - China's GVC position index in 2024 is approximately 0.98, aligning closely with developed countries [13] - High-tech manufacturing's value-added share in exports increased from 15% in 2000 to 25% in the first 11 months of 2025 [6] - The "smile curve" indicates that value is increasingly concentrated at the upstream and downstream ends, with midstream manufacturing facing pressure [9] Group 3: Strategic Implications - The ascent in GVC position is crucial for China's high-quality development and industrial upgrading [6] - China aims to enhance its core technology capabilities and integrate manufacturing with high-value services [17] - The GVC position is not solely about being higher but must align with the country's industrial structure [12]

Core Viewpoint - The article chronicles the evolution of the Chinese mobile phone industry through the experiences of Chen Kaifeng, highlighting the transition from basic feature phones to smart devices and the strategic pivots made by companies like KuSai Intelligent in response to market changes [2][10][22]. Industry Evolution - In the late 1990s, mobile phones were luxury items in China, with high costs for both calls and devices, leading to a burgeoning electronic communication industry [2]. - By the early 2000s, domestic manufacturers primarily acted as intermediaries, lacking core technology and relying on foreign designs for assembly [3][4]. - The introduction of MediaTek's "Turnkey Solution" in 2005 significantly lowered the technical and financial barriers for manufacturers, allowing them to produce phones without extensive R&D [5]. Company Development - Chen Kaifeng founded his company in 2006, initially focusing on a unique product that catered to specific user needs, such as loudspeakers for construction workers and long battery life [6][7]. - The "shanzhai" (copycat) phones, while often viewed negatively, provided affordable access to mobile technology for lower-income consumers, contributing to the growth of the Shenzhen electronics industry [8][9]. - In 2009, the company shifted focus to branding, launching the "Koobee" brand, which initially thrived due to its understanding of the market [10][11]. Market Challenges - The smartphone market began to consolidate around major players like Xiaomi and OPPO, leading to increased competition and pressure on smaller brands [12][14][15]. - By 2017, the company faced significant challenges as the market became dominated by a few key brands, prompting a strategic pivot towards international markets and niche segments [15][21]. Strategic Shift - The company transitioned from a focus on branding to becoming an "invisible factory" for local brands in overseas markets, emphasizing customized solutions for specific regional needs [21][22]. - KuSai Intelligent began to explore specialized markets, such as rugged phones for industrial use, integrating advanced features like thermal imaging and laser measurement [18][19][20]. Future Outlook - The company is now leveraging its engineering capabilities to expand beyond mobile phones into other technology sectors, such as fitness equipment and robotics [24][25]. - Chen Kaifeng emphasizes the importance of surviving and thriving within the industry ecosystem rather than seeking fame, focusing on building a sustainable business model [26].

Group 1 - The core viewpoint is that Chinese enterprises are entering a new era of overseas expansion, advancing towards high-end segments of the global value chain, with expectations of resilient growth in external demand for Chinese technology manufacturing amid a global easing cycle [1][64][66] - The essence of overseas expansion for Chinese companies is to occupy high value-added segments of the global supply chain and achieve deep globalization, driven by rising domestic factor costs and stricter external market access [2][65] - Historical experiences indicate that overseas expansion is both a proactive strategic choice and a rational response to growth constraints, with emerging market countries typically entering an accelerated phase of overseas expansion after reaching a GDP per capita of approximately $15,000 [2][11][14] Group 2 - China's manufacturing industry is rapidly enhancing its global competitive advantage, transitioning from a "world factory" to a "global manufacturing center," with significant improvements in sectors such as power equipment, engineering machinery, and electric vehicles [3][21] - The export resilience of Chinese companies is evident through regional diversification and high-end product offerings, with non-financial listed companies showing higher overseas gross margins compared to domestic margins in sectors like engineering machinery and communication equipment [3][25][37] - The global industrial and infrastructure capital expenditure is entering an upward cycle, driven by easing monetary policies, with emerging markets experiencing accelerated industrialization and urbanization, leading to explosive demand for power and infrastructure [4][46][56] Group 3 - Industry recommendations include sectors such as power equipment, machinery, automotive, new materials, innovative pharmaceuticals, and gaming, driven by the acceleration of industrialization in emerging markets and the need for infrastructure updates in developed countries [5][68] - The transition to a "2.0 era" of overseas expansion involves moving from product exports to a systematic approach that includes capacity, brand, and channel development, with significant growth in foreign investment by Chinese non-financial enterprises [29][33] - The shift towards the ends of the "smile curve" indicates that Chinese technology companies are experiencing rising profit margins overseas, surpassing domestic margins, as they enhance their competitive positioning through innovation and systematic overseas expansion [37][38]