炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 主题为"谋划新蓝图，创造新动能"的第十届复旦首席经济学家论坛近日在沪举办，黄奇帆、林毅夫等经 济学家就中国"十五五"布局与世界经济增长动能发声，为廓清全球经济迷雾贡献"中国方案"。 黄奇帆："十五五"期间务必加大生产性服务业发展 中国金融40人论坛学术顾问、国家创新与发展战略研究会学术委员会常务副主席、重庆市原市长黄奇帆 表示，生产性服务业不仅是制造业创新发展的温床、土壤和生态环境，更是GDP的最大增长极、独角兽 的最大增长极、服务贸易的重要增长极、制造业效益提升的基础以及全要素生产率发展的基础。 在黄奇帆看来，各类制造业的产品中，高附加值的装备一定是生产性服务业嵌入的价值高。他以7000元 的手机为例，拆开的一堆零部件的硬件价值最多3000元，看不见的专利和看不见的服务等嵌入到硬件 里，形成了4000元的高附加值。 "生产性服务业资源要素投入量低，劳动力投入量低，资金投入量低，但它的发展能拉动国民经济全要 素生产率的提升。"黄奇帆说，我国国民经济全要素生产率目前只有欧洲的一半，因此"十五五"期间务 必加大生产性服务业的发展。 黄奇帆说 ...

专题：第十六届财新峰会 11月14日消息，在今天举行的第十六届财新峰会上，愉悦资本创始及执行合伙人刘二海表示，一个社会 对于失败的包容是非常重要的。 他谈到，投资行业中，中国的很多产业发展和美国的基础产业路径不一样，在中国投资要增加产业维 度，还有地缘政治和监管，以及社会的维度。 刘二海指出，中国企业引领的新全球化，正在快速展开。 新浪声明：所有会议实录均为现场速记整理，未经演讲者审阅，新浪网登载此文出于传递更多信息之目 的，并不意味着赞同其观点或证实其描述。 责任编辑：刘万里 SF014 ...

Core Insights - The automotive industry is undergoing a transformation driven by AI, with smart driving systems entering a phase of large-scale deployment, creating a "flywheel effect" of data and intelligence [1][3] - Smart driving is recognized as a foundational application of AI, with significant investments in AI models and infrastructure, indicating a shift towards commercial deployment [2][3] - The investment logic is transitioning from traffic-driven to technology-driven, emphasizing the importance of technological capabilities and commercial deployment in the smart economy era [4] Industry Trends - The automotive sector has become the largest contributor to China's GDP, with rapid advancements in key components for electric vehicles such as lidar and smart glass [1] - The next decade will see AI's pervasive influence across all industries, with a focus on foundational investments in chips, computing power, and data [2] - The smart driving sector is poised to be one of the first to achieve large-scale commercialization within the realm of embodied intelligence [3] Investment Strategy - The investment approach is evolving to prioritize technology-driven enterprises, with a focus on both technological capabilities and innovative business models [4] - Chinese companies are leading a new phase of globalization, shifting from a model dominated by large multinational corporations to one that emphasizes local stakeholder interests and enhanced R&D capabilities [4] - Emerging markets are experiencing rapid growth in trade with China, despite a decline in trade with the U.S., supported by AI open-source technologies that facilitate global recognition and localized innovation [4]

Core Insights - The 2025 Sustainable Global Leaders Conference will be held from October 16 to 18 in Shanghai, focusing on AI development, investment logic, and globalization opportunities for Chinese companies [1][3]. Group 1: AI Development and Investment - AI is currently in the infrastructure investment phase, with investments concentrated in three main areas: models, computing power, and data [3]. - Applications such as intelligent Q&A, AI programming, video generation, and intelligent driving are beginning to emerge [3]. - The transition from application to full penetration of AI across industries will take considerable time, and while there may be industry adjustments, there are no signs of a bubble similar to the 2000 internet bubble [3]. Group 2: Commercialization and Technology - Both technological barriers and commercialization capabilities are equally important for investment, and a flywheel effect must be established [4]. - The flywheel effect in intelligent driving illustrates that increased deployment leads to richer data, which enhances model intelligence, further driving user preference and deployment [4]. Group 3: Market Dynamics and Future Outlook - The era based on traffic has ended, and the current focus is on technology, necessitating a shift in investment logic [5]. - The Hong Kong capital market is becoming increasingly important for technology companies, and mergers and acquisitions will hold greater value in the tech sector compared to the traffic era [5]. - Over the next 10 to 20 years, a new wave of globalization led by Chinese companies will emerge, characterized by leveraging digital and AI infrastructure while emphasizing localization [6]. - China's strong R&D capabilities and the large number of graduates each year will enable Chinese companies to master core technologies and brand identities in overseas markets [6].

Group 1 - The 2025 "Global POD Ecosystem + Cross-Border E-commerce Trend Selection Conference" was held in Shenzhen from September 19, organized by Miduo Technology [1] - CEO of Miduo Technology, Deng Hai, emphasized that digitalization and new globalization driven by digital technology present significant opportunities [1] - Deng Hai outlined the evolution of China's cross-border e-commerce in three stages: the "Wild Era" focused on "selling out," the "Chaotic Era" with intensified competition, and the current "Awakening Era" aimed at "brand globalization" [1] Group 2 - According to data from the General Administration of Customs, China's cross-border e-commerce export value is projected to reach approximately 2.15 trillion yuan in 2024, representing a year-on-year growth of 16.9% and accounting for 8.5% of total goods trade exports [1] - Major export destinations include the United States, the United Kingdom, and Germany, with consumer goods dominating exports across categories such as apparel, digital products, and home appliances [1] - The report highlighted that the sources of goods remain concentrated in coastal provinces such as Guangdong, Zhejiang, and Fujian [1] Group 3 - The founder of Global Custom Network, Liu Hong, released the "2025 Global POD Customization Trends Report" during the conference [2] - POD (Print on Demand) is expanding its categories and application scenarios, extending from clothing and footwear to home goods, jewelry, pet supplies, and digital accessories [2] - The integration of POD into various channels such as TikTok Shop, Amazon, Temu, and independent sites has garnered significant attention during the conference [2]

Group 1 - The core viewpoint emphasizes that the new wave of globalization necessitates Chinese companies to rely on new financial infrastructure for overseas expansion [1][2] - Liu Erhai identifies three key characteristics of the new globalization led by Chinese enterprises: global resource allocation and operation, new infrastructure based on digital technology, and responsible localization cooperation [1] - The construction of new financial infrastructure is both a practical need for companies going abroad and an inevitable result of technological development [1] Group 2 - Liu Erhai calls for companies to prioritize collaboration with local partners and regulatory bodies, leveraging technology (such as AI) to enhance service capabilities [2] - The company will continue to support entrepreneurial ventures that actively embrace technology and participate in the new globalization [2]

Group 1 - The core viewpoint is that a "new globalization" led by Chinese enterprises is becoming a clear trend, necessitating new financial infrastructure to support it [1] - The new globalization exhibits three significant characteristics: global resource allocation and operation from inception, construction on digital infrastructure, and collaboration with local stakeholders in a responsible manner [1] - Financial infrastructure is deemed crucial for the new globalization, benefiting from technological advancements and the emergence of innovative tools that reshape cross-border payment models [1] Group 2 - Three recommendations for Chinese enterprises entering global markets include leveraging China's trade network for international expansion, establishing strong local partnerships, and moving beyond payments to provide deeper services [1] - The company will continue to support startups that actively utilize advanced technologies like AI and engage in the new globalization process, recognizing their key role in building new financial infrastructure [2]

Core Viewpoint - The article emphasizes the significance of Sino-U.S. relations as a decisive factor for China's economic development, highlighting the historical context and future trends of the ongoing geopolitical rivalry [1][4]. Group 1: Sino-U.S. Relations - The recent phone call between the leaders of China and the U.S. conveyed positive signals, with both sides recognizing the outcomes of the Geneva economic talks and agreeing to continue implementing the consensus [2][3]. - Despite the temporary agreement, the U.S. has quickly resumed its confrontational stance in technology and education sectors, indicating that the trade conflict may not be resolved easily [5][6]. - The structural contradictions in the U.S. economy, particularly the decline of domestic manufacturing and the rise of multinational corporations, have fueled the trade tensions, which are seen as a long-term geopolitical necessity rather than purely ideological [7][8]. Group 2: Future Trends and Strategies - The ongoing trade war is evolving into a significant geopolitical struggle that will reshape global industrial patterns, presenting both challenges and opportunities for businesses [16][20]. - Companies are encouraged to proactively adapt by refining their products and technologies to maintain competitiveness and exploring diversified market strategies to mitigate risks [17][18]. - Understanding the logic and future direction of Sino-U.S. relations will be crucial for businesses to navigate the complexities of the global market and identify new growth opportunities [15][19]. Group 3: Educational Initiatives - The "2025 Wu Xiaobo Lecture" series aims to help entrepreneurs understand the essence of current conflicts and future trends in Sino-U.S. relations, featuring insights from experts like Chen Gong [22][23]. - The lectures will cover historical contexts and the underlying logic of Sino-U.S. relations, providing a comprehensive view of the ongoing geopolitical dynamics [24][25].