Core Viewpoint - The article highlights the launch of the "Haidian District 2026 Economic and Social High-Quality Development Conference," marking the establishment of a significant 100 billion yuan fund aimed at fostering technological innovation and industrial growth in Haidian District, Beijing [2][5]. Fund Overview - The newly announced fund, the fourth phase of the Zhongguancun Science City Technology Growth Fund, has a total scale of 100 billion yuan, with 70 billion yuan allocated for direct investments in early and growth-stage projects [5][7]. - The fund's investment strategy includes a focus on early-stage projects, growth-stage projects, and key industrial links, with a specific emphasis on high-growth projects before Series B funding [7][8]. Investment Types - Investment types include result transformation-focused investments, industry collaboration with leading platform enterprises, and market-leading investments with a maximum contribution ratio of 50% [7]. - The fund also aims to support early-stage quality projects, including technology transfer from universities and research institutions, as well as projects led by top scientists and entrepreneurs [7][8]. Policy Support - The Haidian District has introduced 35 key policies to support enterprises, including financial incentives for technology transfer institutions and high-level innovation parks, as well as housing support for young talents [10][9]. - The policies are designed to cover the entire process of technological innovation and the full cycle of enterprise development, ensuring that various sectors and stages of development can find suitable support [10]. Industrial Development - The "1+X+1" modern industrial system has been established, with artificial intelligence as the core driver, supported by five strategic emerging industries and three future industries [11][13][14]. - Haidian's artificial intelligence market is projected to reach 3.6 trillion yuan by 2025, with 1,900 core AI enterprises and numerous research institutions contributing to a robust innovation ecosystem [14][15]. Ecosystem and Talent - Haidian boasts over 28,000 market entities, 265 listed companies, and nearly 10,000 national high-tech enterprises, forming a significant industrial cluster [15]. - The district is home to a large pool of talent, including 692 academicians and over 12,300 AI scholars, supported by a favorable business environment that attracts and retains high-end talent [15][16].

Summary of Emerson Electric Conference Call Company Overview - **Company**: Emerson Electric (NYSE: EMR) - **Date**: February 18, 2026 - **Key Speakers**: Lal Karsanbhai (President and CEO), Mike Baughman (CFO) Key Points Industry and Market Dynamics - Emerson's software business is valued at **$1.6 billion ACV** with a target of **10% growth** in ACV for the year, driven by strong demand in mission-critical applications across regulated industries such as power generation, pharmaceuticals, and energy [1][14] - The company emphasizes the importance of integrating AI into existing software, with products like **Ovation Virtual Advisor** and **Aspen Virtual Advisor** already generating over **$100 million in quotations** [14][21] - The software business is protected by three key moats: 1. **Deterministic and domain expertise** in vertical applications [5][6] 2. Focus on **mission-critical applications** in regulated industries [9] 3. Economic moat through **perpetual licenses** and usage-based tokens [11][12] Financial Performance - Emerson reported a **9% ACV growth** in the last quarter and expects similar growth in the current quarter, despite a **2-point headwind** from a previous job [14] - The company has seen **74% order growth** in the Ovation product line, primarily driven by modernization projects in the U.S. [50][62] - The overall order rate is stable, with a trailing twelve-month rate of **6%**, supported by a strong installed base of **$155 billion** [80][87] Regional Insights - The U.S. market is experiencing strong growth, particularly in sectors like **semiconductors, aerospace and defense, energy, life sciences, and power** [46][48] - Emerson has aligned its strategy to focus on these growth factors, benefiting from favorable U.S. industrial policies [48][49] - The company anticipates continued growth in the Middle East and India, offsetting weaknesses in China and Europe [135][137] Future Outlook - Emerson is committed to returning **$10 billion** in cash to shareholders, with plans for **$6 billion in share repurchases** and **$4 billion in dividends** [172] - The company is focused on enhancing its R&D investment, which has increased from **4% to 8%**, aiming for **double-digit growth** in technology innovation [184] - Emerson is preparing for potential growth in the nuclear sector and is actively pursuing opportunities in emerging markets like India and the Middle East [76][137] Challenges and Considerations - The company has assumed a **weak recovery** in China and Europe in its forecasts, which could impact overall growth if conditions improve unexpectedly [37][38] - There are ongoing challenges in the automotive sector, particularly in the electrical batteries and ADAS markets, which remain weak [106][108] - Emerson is monitoring supply chain dynamics, particularly regarding DRAM availability and tariffs, which could affect costs but are not expected to materially impact overall financial performance [152][154] Conclusion - Emerson Electric is strategically positioned for growth through its focus on software integration, strong market presence in critical industries, and commitment to shareholder returns. The company is navigating challenges in certain markets while capitalizing on opportunities in the U.S. and emerging markets.

Group 1 - The industrial software ETF Boshi (159108) has seen a decline of 1.48% as of February 5, 2026, with the latest price at 1.07 yuan, while it has accumulated an increase of 8.73% over the past month as of February 4, 2026 [1] - The liquidity of the industrial software ETF Boshi showed a turnover rate of 2.59% during the trading session, with a transaction volume of 5.6082 million yuan, and the average daily transaction volume over the past month was 34.1823 million yuan as of February 4, 2026 [1] - Guangdong Province has issued implementation opinions to accelerate the high-quality construction of a digital society, focusing on the application of artificial intelligence technology and supporting the cultivation of AI application service providers in vertical fields such as "AI + industrial software" and intelligent robotics [1] Group 2 - Huatai Securities believes that the core logic of domestic AI application development is "scenarios first, efficiency is king," with clear and urgent demand in sectors like finance, government, healthcare, and industry, where data foundations are strong and payment capabilities are high [1] - The development of lightweight models and edge computing technology is expected to continuously reduce application costs, promoting widespread adoption among small and medium-sized enterprises [1] - The year 2026 is anticipated to be a critical year for AI applications transitioning from pilot projects to large-scale deployment [1] Group 3 - The industrial software ETF Boshi closely tracks the National Certificate Industrial Software Theme Index, which reflects the price changes of listed companies related to the industrial software industry on the Shanghai and Shenzhen stock exchanges [2] - As of January 30, 2026, the top ten weighted stocks in the National Certificate Industrial Software Theme Index (980034) include Huada Jiutian, Guanglian Da, Zhongkong Technology, and others, with these stocks collectively accounting for 56.17% of the index [2]

内容：郑全怡 海外运营监制: 黄燕淑 海外运营内容统筹: 黄子豪 海外运营编辑：庄欢 吴婉婕 龙李华 郑全怡 出品：南方财经全媒体集团 1月7日上午，广东召开第六场"'十四五'广东成就"系列主题新闻发布会，主题为教育强省建设。广东省 委教育工委书记，省教育厅党组书记、厅长林如鹏在发布会上介绍，"十四五"时期，广东教育事业以高 质量发展为主线，构建优质均衡、融合创新、开放协同、智慧引领的新发展格局。学前教育毛入园率、 九年义务教育巩固率、高中阶段毛入学率分别达100%、96%、95%。职业教育规模位居全国前列，近半 数毕业生直接服务相关产业。普通高校从154所增至166所，新增10所本科院校（含5所职教本科），实 现21个地市本科高校、高职院校全覆盖。广东连续8年实现一般公共预算教育支出"只增不减"。2024年 全省地方教育经费总投入6747.4亿元，继续居全国首位，较2020年增长25.3%，年均增幅达5.8%。 5年来，广东省加快建设新工科、新医科、新农科、新文科2.0，大力建设609个国家一流本科专业建设 点、719个省一流本科专业建设点，遴选2914门省级一流本科课程，推动348个现代产业学院建设发展， ...

Investment Rating - The report maintains an "Outperform" rating for the computer sector [4] Core Insights - The industrial software sector is experiencing robust growth driven by policy support and technological advancements, with a projected market size of CNY 354.14 billion in 2024, reflecting an 11.2% year-on-year increase [2][21] - The integration of AI with industrial software is accelerating, enhancing capabilities in design, production control, and operational management, which is crucial for achieving the "Made in China 2035" goals [3][49] - The market structure shows a significant presence of foreign companies in high-end segments, while domestic firms are gaining ground in production control and management software due to localized services and cost advantages [25][38] Summary by Sections Policy Support - The "14th Five-Year Plan" emphasizes the importance of intelligent manufacturing, aiming for over 70% digital penetration in large manufacturing enterprises by 2025 [2][18] - Recent policies indicate a sustained commitment to upgrading industrial software and operating systems as core technologies for high-quality development [19][20] Industrial Software Market Growth - The industrial software market is projected to reach CNY 765 billion by 2029, with a compound annual growth rate (CAGR) of 19.1% [2][21] - The market is characterized by a high share of foreign companies in high-end sectors, while domestic firms are making strides in embedded software and management solutions [25][26] AI Integration - AI is transforming industrial software, enabling generative design in CAD and enhancing simulation capabilities in CAE, which improves efficiency and reduces costs [41][42] - The combination of AI with production control systems like DCS and PLC is creating closed-loop intelligent systems that optimize decision-making and enhance production efficiency [44][47] Future Outlook - The report anticipates that industrial software will be a key focus area in the upcoming "15th Five-Year Plan," with policies likely to support breakthroughs in critical areas of design and production control [20][21] - The integration of physical AI is expected to drive advancements in various industries, enhancing simulation and predictive capabilities [66][69]

Core Viewpoint - The 2025 China Computer Conference (CNCC2025) is being held in Harbin, focusing on the theme "Digital Intelligence Empowering Infinite Possibilities," highlighting the significance of AI in driving growth in the cloud computing industry [1] Group 1: AI and Cloud Computing - AI is identified as the core engine driving growth in the cloud computing sector, with significant demand for computing power arising from large model training and inference [1] - Major global cloud vendors are increasing capital expenditures for high-performance infrastructure and enhancing AI development tools and platform services to accelerate large-scale implementation across various industries [1] - The investment opportunities in the computer industry are viewed positively due to the incremental space and profit prospects brought by AI [1] Group 2: Domestic Technology and Software Development - The current external environment is marked by disturbances, with increased policy risks and uncertainties, emphasizing the urgency for China's technological self-reliance [1] - The push for domestic production is expected to accelerate, presenting new development opportunities in sectors such as trusted computing and industrial software [1] - In the trusted computing field, companies with competitive advantages in basic hardware, basic software (databases, operating systems, middleware), and application software are recommended for attention [1] - In the industrial software sector, companies excelling in product design, production control, and management processes (including EDA, CAD, CAE, CAM, MES, CRM, ERP) are highlighted as having competitive advantages [1]

Core Insights - Jinan City is implementing an "Industrial Strong City Development Strategy" with a focus on high-tech zones and 11 key industrial chains [1][3] - The High-tech Zone is adopting a "one chain, one policy" approach to strengthen its leading industries and promote future industrial growth [3] Industry Developments - The High-tech Zone has established a Future Industry Alliance to promote innovative applications in artificial intelligence, aerospace information, and humanoid robotics [3] - The quantum information industry has achieved comprehensive layout in communication, measurement, and computing, being recognized as a future industrial cluster in Shandong Province [3] - The aerospace information industry is forming clusters across multiple fields, enhancing its overall competitiveness [3] - The core artificial intelligence industry accounts for over 60% of the city's total, with more than 280 related enterprises concentrated in the area [3] - The cell and gene industry is leading with several domestic and international records for being the "largest" and "earliest" in various achievements [3] - Significant advancements have been made in next-generation industrial software, new energy storage, and synthetic biology, indicating a diversified growth strategy [3]

Core Viewpoint - Emerson reported strong third-quarter results for fiscal 2025, showcasing growth in net sales, earnings, and cash flow, while also providing an optimistic outlook for the remainder of the fiscal year [1][2][3]. Financial Performance - Net Sales for Q3 2025 reached $4,553 million, a 4% increase from Q3 2024's $4,380 million [1]. - Pretax Earnings increased significantly to $734 million in Q3 2025 from $455 million in Q3 2024, reflecting a margin improvement from 10.4% to 16.1% [1][36]. - GAAP Earnings Per Share (EPS) rose by 72% to $1.03 from $0.60 year-over-year [1][36]. - Adjusted EPS increased by 6% to $1.52 from $1.43 in the same period [1][36]. - Operating Cash Flow remained stable at approximately $1,062 million, while Free Cash Flow slightly decreased to $970 million from $975 million [1][36]. Outlook for Fiscal Year 2025 - The company anticipates net and underlying sales growth of approximately 3.5% for the full fiscal year [3][4]. - GAAP EPS is projected to be around $4.08, with adjusted EPS expected to be approximately $6.00, both reflecting an increase from previous guidance [3][4]. - Operating Cash Flow and Free Cash Flow expectations have been raised to approximately $3.6 billion and $3.2 billion, respectively [3][4]. Management Commentary - Emerson's President and CEO, Lal Karsanbhai, emphasized the company's strong performance and operational resilience, highlighting advancements in industrial software capabilities and the adoption of digital solutions [2]. Segment Performance - The following segments showed growth in Q3 2025: - Final Control: Sales increased by 7% [19]. - Measurement & Analytical: Sales grew by 3% [19]. - Intelligent Devices: Sales rose by 4% [19]. - However, the Safety & Productivity segment experienced a decline of 1% [19]. Geographic Sales Growth - Sales growth varied by region in Q3 2025: - Americas: 7% growth - Europe: 7% decline - Asia, Middle East & Africa: 2% growth [20].