Group 1 - The 2025 Fund High-Quality Development Conference was held in Shenzhen, gathering top experts from academia, private and public equity fund leaders, brokerage leaders, and chief economists to discuss new paths for high-quality development in the fund industry [1] - Liu Yuhui, a member of the Chinese Chief Economist Forum, emphasized the deep confrontation between China's industrial power and the dollar's financial power, highlighting China's manufacturing output share in the global market has reached 35% and is on an accelerating upward trend [3] - Liu pointed out the increasing severity of the U.S. debt imbalance, which relies on continuous foreign capital input to bridge the gap between savings and investment, contrasting it with China's strong fundamentals, partly due to its technological advancements [3] Group 2 - The core essence of DeepSeek is viewed as financial equality, AI equality, and technological equality, with China rapidly pushing AI, computing power, and large models towards infrastructure, leading to a robust expansion of the AI ecosystem [3] - These developments fundamentally undermine the U.S.'s absolute advantage in high technology, severely impacting its macroeconomic balance capabilities [3]