中国城市经济版图又迎来一个标志性时刻。 1月27日召开的深圳南山区八届人大六次会议披露，2025年，南山区地区生产总值突破万亿元。 这是中国首个迈入"万亿俱乐部"的地市辖区。如果将南山区视为一个独立的经济体，其经济规模已超越 塞浦路斯、拉脱维亚等国家。 图为广东省深圳市南山区后海人才公园。 2018年，上海浦东作为国家级新区GDP首破万亿；2022年，北京海淀区也跻身万亿城区之列。 上海、北京均为省级的直辖市，而深圳虽是副省级市，却属于地市范畴。 随着南山区GDP超万亿，粤港澳大湾区、长三角和京津冀三大区域经济增长极都拥有属于自己的万亿强 区。 这不仅是广东强区经济的重要突破，更是区域经济实力的重要彰显。 万亿城区，为何是南山？ 南山区的发展轨迹，堪称一部区域经济的突破史。 从"十三五"期末的6527亿元起步，南山区用五年时间，连续跨越7000亿、8000亿、9000亿和10000亿大 关，年均增长率在5.8%以上。 在全球经济波动加剧的背景下，南山区保持如此稳健的增长势头，显示出其经济结构的韧性和活力。 五年四个千亿台阶，这种速度背后，是南山科技创新的强大驱动和产业升级的持续深化。 更值得关注的是，南山区的 ...

21世纪经济报道柳宁馨 杭州报道 对长三角万亿GDP城市而言，产业质量正成为更长周期的竞争变量。 | | 长三角万亿之城2025年经济数据 | | | --- | --- | --- | | 城市 | 2025年GDP总量(万亿元) | 2025年GDP増速 | | 上海 | 5.67 | 5.4% | | 苏州 | 预计2.77 | 预计5.4%左右 | | 杭州 | 2.3 | 5.2% | | 南京 | | 预计5.2%左右 | | 宁波 | 1.87 | 4.9% | | 无锡 | 预计1.68左右 | 预计5.1%左右 | | 合肥 | | 预计6%左右 | | 南通 | 预计1.3 | 预计5.3% | | 常州 | | 预计5.2%左右 | | 温州 | 1.02 | 6.1% | | | 数据来源:各城市统计局、各城市2026年政府工作报告 | | 2025年，长三角万亿GDP城市出现新变化，总数增至10个。截至1月27日，上海、杭州、宁波、温州已公布2025年全年经济数 据，上海以5.67万亿元继续稳居龙头，杭州为2.3万亿元，宁波未过两万亿元，温州成为新晋万亿之城。 根据各城市2026年两 ...

Core Viewpoint - KraneShares CICC China 5G & Semiconductor Index ETF (KFVG) offers targeted exposure to China's communications hardware and semiconductor sectors, focusing on innovation and capital expenditure cycles [1] Group 1: Investment Strategy - The ETF employs a transparent, rules-based selection process leading to a concentrated portfolio [1] - It emphasizes sectors involved in design, fabrication, equipment, materials, and network infrastructure [1] - Key return drivers include the intensity of 5G rollout, demand for data centers, and localization efforts in critical components [1] Group 2: Risk Factors - Risks associated with the ETF include inventory cycles, export controls, and rapid technological changes [1] - The portfolio is sensitive to investment cycles and credit conditions, with potential challenges during global slowdowns or tighter financial conditions [1] Group 3: Portfolio Characteristics - The ETF is characterized by a growth and quality style, making it suitable for thematic allocators and long-horizon investors [1] - It can serve as a thematic satellite for technology modernization or as a growth sleeve focused on the hardware stack [1] Group 4: Monitoring Considerations - Investors should monitor concentration and supply-chain cyclicality, as these factors can exacerbate drawdowns during downturns [1]

Core Viewpoint - The Yangtze River Economic Belt, covering 11 provinces and cities, accounts for about half of the national population and economic total, emphasizing ecological protection and sustainable development over large-scale exploitation [1]. Group 1: Development Strategy - The development strategy of the Yangtze River Economic Belt has been implemented for ten years, focusing on ecological preservation and sustainable growth [1]. - The "Zhechuan Industrial Cooperation Demonstration Park" in Yibin, Sichuan, has transformed the textile industry into a key component of the Yangtze River Economic Belt, promoting green and coordinated regional development [1]. Group 2: Industrial Growth - The park covers an area of 6.91 square kilometers, with approximately 5 square kilometers completed, housing 39 operational enterprises, 6 under construction, and 1 planned [3]. - The park has established itself with a focus on green development, transitioning the textile industry from labor-intensive to technology-intensive [5][9]. Group 3: Technological Advancements - The enterprises in the park utilize multi-story factory designs to optimize land use and enhance logistics efficiency, while adhering to higher environmental standards for enterprise admission [7]. - Modern production lines exceeding 10,000 square meters require only a small workforce, with innovations and collaborations with educational institutions driving further advancements [11]. Group 4: Collaborative Efforts - The protection of the Yangtze River requires upstream and downstream collaboration, as well as east-west cooperation to develop the economic belt effectively [13].

Core Insights - The "14th Five-Year Plan" is unfolding, with technological innovation and industrial upgrading as core driving forces [1] - The humanoid robot industry is experiencing a critical leap from technological breakthroughs to commercial implementation [1] Industry Overview - In 2024, the revenue of Beijing's robot industry is expected to exceed 30 billion yuan, representing a nearly 50% year-on-year growth [1] - The growth rate for the first half of 2025 is projected to remain at 40% [1] Market Transition - The focus of humanoid robots is shifting from "competing for medals" to "serving daily life" [1]

Core Insights - Panzhihua City has been awarded the title of "China's Happiest City (Prefecture-level City)" for five consecutive years, reflecting its unique city spirit characterized by perseverance, innovation, sunshine, and inclusiveness [1] Environmental and Ecological Development - Panzhihua has successfully balanced ecological preservation with economic development, showcasing vibrant colors of "Panzhihua Blue" and "Panzhihua Green" [2] - The city has made significant strides in environmental battles, achieving a harmonious coexistence between its industrial heritage and ecological foundation through green industrial upgrades and resource recycling [3] - The former Majiatian Tailings Pond has undergone ecological restoration, transforming into the Ashuda Four-Season Flower Sea, covering over 1,000 mu [3] Urban Planning and Green Spaces - The urban area features a livable blueprint with a "Mountains, Lakes, and Rivers" layout, including parks and a 30-kilometer floral landscape avenue that blooms year-round [4] - Panzhihua enjoys a favorable climate, making it an attractive destination for those seeking to escape extreme weather and pollution [5] Agricultural and Natural Resources - The city benefits from year-round fresh fruit availability, contributing to a pleasant living environment, and is known as the "City of Flowers" due to its diverse blooming flora [6] Health and Wellness Industry - Panzhihua has pioneered a health and wellness concept that has evolved into a robust development paradigm, enhancing the livelihoods of its residents [7] Industrial Development and Economic Diversification - The city is focused on industrial upgrading while ensuring basic livelihood needs are met, with a focus on traditional industries and new sectors like hydrogen energy and vanadium energy storage [8] Social Security and Public Services - Panzhihua has improved social security and livelihood support, including child-rearing and childcare subsidies, contributing to a fertility-friendly environment [9] - The city has eliminated household registration barriers, providing equal access to education and healthcare for rural residents [10] - A comprehensive dispute resolution platform has been established, enhancing residents' sense of security and satisfaction with public safety [11]

Core Points - The Congolese government has announced the implementation details of cobalt export quotas to regulate export order and promote local value addition of strategic minerals [1] Group 1: Export Quota and Distribution Mechanism - The Strategic Mineral Market Regulatory Bureau has established a basic export quota distribution plan for cobalt in the fourth quarter of 2025, approving 3,625 tons for October, 7,250 tons for November, and 7,250 tons for December [2] - Quotas will be allocated based on each company's export volume from 2022 to 2024 [2] Group 2: Strict Access and Enforcement Standards - Companies with less than 100 tons of cobalt export volume in 2024, without their own refining facilities, or with depleted cobalt reserves are excluded from the quotas [3] - Quotas cannot be transferred or deferred, and any unused portions will be reclaimed starting January 2026 [3] - The Bureau has the authority to revoke quotas from companies that violate regulations, particularly those handling unauthorized artisanal mineral sources or privately transferring quotas [3] Group 3: Establishment of National Strategic Quota - Starting in 2026, a national strategic quota will be established to support industrial and strategic projects of national significance, aimed at extending the cobalt industry chain in Congo [4] - This initiative is intended to support domestic cobalt refining, conversion, and downstream manufacturing, contributing to the development of a local value chain [4] Group 4: Implementation and Supervision - All export operations must occur at designated approved border ports [5] - Companies applying for export quotas must provide environmental and tax compliance certificates, export data from the past three years, and relevant information certified by mining management authorities [5] Group 5: Approved Companies and Implications - A list of 21 companies approved for cobalt export by the end of 2025 has been released, indicating a significant step by the Congolese government in strengthening cobalt resource governance, optimizing export order, and promoting industrial upgrades [6]

Core Insights - Sunrise New Energy Co., Ltd. has been awarded a grant of approximately RMB 4.3 million (USD 0.59 million) under the National Science and Technology Development Fund, aimed at enhancing the development of battery anode materials [1][2]. Company Overview - Sunrise New Energy Co., Ltd. is headquartered in Zibo, Shandong Province, China, and specializes in the manufacturing and sale of graphite anode material for lithium-ion batteries [3]. - The company operates a joint venture that has established a manufacturing facility in Guizhou Province with a production capacity of 50,000 tons, utilizing inexpensive electricity from renewable sources, positioning itself as a low-cost and environmentally friendly producer [3]. - The founder and CEO, Mr. Haiping Hu, has been a pioneer in the graphite anode industry in China since 1999, supported by a management team with extensive experience and a strong track record in the sector [3]. Project Objectives - The project funded by the grant aims to accelerate industrial upgrading in Qianxinan prefecture by promoting advancements in the design, precision control, and large-scale preparation of battery anode materials from various carbon sources [2]. - Sunrise plans to create a comprehensive platform that integrates R&D, technology transfer, incubation, services, industry, and capital to foster innovation in graphite anode technologies and support regional industrial transformation and talent development [2].

Core Viewpoint - The race for cities in China to reach a population of ten million is evolving into a "war of attrition," with increasing challenges and a need for cities to enhance their internal development capabilities [3][6]. Group 1: Population Growth Data - As of the end of 2024, Wenzhou's permanent population reached 985.2 thousand, an increase of 91 thousand from the previous year, just 148 thousand short of the ten million mark [4]. - Hefei officially became the 18th city in China to surpass ten million residents, with a population of 10,002 thousand, growing by 149 thousand from the end of 2023, totaling a cumulative increase of 537 thousand over three years [10]. - Six cities, including Wenzhou, Ningbo, Foshan, Nanjing, Jinan, and Shenyang, have populations exceeding 920 thousand and are still experiencing growth, indicating their potential to reach ten million [5]. Group 2: Challenges in Population Growth - The current pace of population growth suggests that by 2025, it may be difficult to see the emergence of the 19th city with a population of ten million [6]. - Many cities with populations around nine million are experiencing a downward trend in population, indicating a significant increase in the threshold for reaching ten million [7]. - The competition among cities is intensifying, with three of the six cities striving for ten million being ordinary prefecture-level cities, which struggle to compete with the public service resources of municipalities and sub-provincial cities [14]. Group 3: Factors Influencing Population Attraction - Urban population attraction is influenced by multiple factors, including housing subsidies, entrepreneurial support, living costs, public service quality, industrial capacity, and employment opportunities [8]. - Hefei's population growth is attributed to its industrial upgrades, which create job opportunities and higher salary levels, supported by a strong talent base from institutions like the University of Science and Technology of China [10][12]. Group 4: Strategies for Population Growth - Cities aiming for ten million populations should focus on industrial upgrades, as demonstrated by Hefei's industrial output growth of 14.8% in 2024, with significant increases in sectors like new energy vehicles and smart equipment [18][19]. - Optimizing living costs and residency policies is crucial, with cities like Shenyang implementing new policies to facilitate the settlement of newcomers [21]. - Improving infrastructure and enhancing livability are essential, as cities are working to address public service gaps, such as education, to attract and retain residents [22].