Core Viewpoint - The term "DeepSeek moment" is emerging as a topic in global stock markets, symbolizing the disruption of global industry structures and mainstream technologies by innovations originating from China, particularly in the AI and biopharmaceutical sectors [1][3]. Group 1: AI Industry - In January, the Chinese emerging enterprise DeepSeek launched a low-cost generative AI, challenging the United States' dominance in the AI sector [1]. - The "DeepSeek moment" reflects a significant shift in technological leadership from the U.S. to China, indicating a potential change in global power dynamics [1]. Group 2: Biopharmaceutical Industry - Following the AI sector, the biopharmaceutical industry is experiencing its own "DeepSeek moment," highlighted by Pfizer's exclusive licensing agreement with China's 3SBio for cancer treatment drug development and production [3]. - After the announcement, 3SBio's stock surged by 70% compared to the end of April, showcasing investor confidence in Chinese biopharmaceutical companies [3]. - Since the end of 2024, the stock index of biotechnology companies listed in Hong Kong has increased by 51%, significantly outperforming the Hang Seng Index (17%) and the S&P 500 Index (1%), indicating high investor expectations for Chinese biotech firms [3].

Core Insights - The article discusses the concept of "Sputnik Moment" in various sectors, particularly focusing on the need for a similar moment in Chinese consumer confidence, which has been lacking despite advancements in other industries [1][14]. Group 1: Biotechnology and Pharmaceuticals - CanSino Biologics' PD-1/VEGF dual antibody "Yivolumab" achieved a significant milestone by outperforming the global leader "K drug" in clinical trials, marking a leading position for China in the dual antibody sector [5]. - The proportion of large pharmaceutical companies engaging in significant transactions with Chinese biotech firms has surged from less than 5% before 2019 to 31% in 2024, indicating a growing recognition of China's biotech capabilities [6]. Group 2: Aerospace and Defense - China successfully conducted test flights of two sixth-generation fighter jets on December 26, 2024, marking a significant breakthrough in global aviation technology and establishing China as the first country to achieve this feat [7][8]. - The successful test flights signify a new phase in the competition for air combat dominance, with advanced features such as all-aspect stealth and AI integration [7][8]. Group 3: Artificial Intelligence - DeepSeek's R1 model achieved performance comparable to OpenAI's GPT-3 at a fraction of the training cost, leading to a significant drop in Nvidia's stock price and highlighting a pivotal moment in the AI sector [9]. - The advancements in AI technology from Chinese companies are prompting a reevaluation of strategies in the U.S. tech landscape, as noted by prominent venture capitalists [9]. Group 4: Automotive Industry - In 2024, China exported nearly 6 million vehicles, significantly outpacing Japan's 4 million, with BYD emerging as the largest brand for pure electric vehicles globally [10][11]. - The automotive sector is undergoing rapid changes, with Chinese brands like BYD and Geely ranking among the top ten global automotive brands, reflecting a shift in market dynamics [11]. Group 5: Consumer Confidence and Economic Challenges - Consumer confidence in China has been declining, with significant increases in household savings and deflationary pressures observed [3][14]. - The decline in consumer confidence can be traced back to several factors, including geopolitical tensions, the real estate crisis, and the impact of COVID-19 lockdowns [15][18][20]. - The article emphasizes the need for measures to stabilize the real estate market and enhance consumer confidence to stimulate domestic consumption [24][25].

中信建投 2025 年或有五大预期差 20250228 摘要 • 中国科技创新正经历"斯普特尼克时刻"，多项技术如人工智能、5G、云 计算等取得突破，颠覆外国投资者认知，促使重新评估中国科技实力，并 影响全球竞争格局。 • 美国政策变化存在预期差，特朗普政府对华关税政策未如预期悲观，其经 济政策面临赤字上升、通胀压力等多重风险，可能导致金融市场动荡。 • 中国内需有望改善，尽管去年消费增速较低，但今年可能好于预期，同时 产业升级和机器替代人工对冲了人口老龄化和地产下行带来的负面影响。 • 中国出口表现强劲，对"一带一路"国家出口占比提升，高附加值产品如 机电、高技术产品、新能源车出口占比高，海外投资持续增加。 • 技术进步推动消费升级，AI 应用、服务性消费（文化、旅游、医疗等）需 求旺盛，老旧住房改造存在巨大市场潜力，消费补贴政策有望扩大。 • 金融体系正从房地产转向先进制造业和现代服务业，支持实体经济和产业 升级，房地产市场逐步筑底，高质量发展转型。 • 货币政策保持适度宽松，但节奏稳健，结构性作用更加重要，财政政策力 度加大，重点支持科技、产能和人力资本，以实现 GDP 增长目标。 Q&A 2025 年 ...