山东的"存在感"进一步强化 日前召开的中央经济工作会议再次提出，支持经济大省挑大梁。 "十四五"收官在即，就在近期，有两个经济大省官宣了最新的经济发展数据。 一是，日前江苏省政府新闻办公室举办"推动经济高质量发展"主题新闻发布会透露，"十四五"以来，江苏经济总量由2020年的10.5万亿元攀升至 2024年的13.7万亿元，即将在今年跨过"十四五"期间第4个万亿元台阶，突破14万亿元。 这意味着，在去年广东经济总量突破14万亿后，江苏将成为全国第二个GDP跨越14万亿大关的省份。 二是，近日山东省委新闻发布会透露，山东今年将成为全国第三个、北方第一个GDP超过十万亿元的省份。 这是2019年广东、2020年江苏之后， 时隔五年，全国十万亿省份再度扩容。 至此，中国十万亿省份俱乐部将拥有3位成员。更重要的是，北方也将实现十万亿省份的历史性突破。 那么，中国经济大省又将迎来怎样的新格局？ 作为多年来的中国经济第三大省和北方第一大省，山东过去几年在全国经济版图上的"存在感"进一步强化。 数据显示，山东省地区生产总值从2020年的7.44万亿元增加到2024年的9.86万亿元，五年跨越三个万亿级台阶，占全国经济总量的 ...

在房地产退潮、传统基建"填坑"渐显疲态的当下，中国经济的前路是继续依赖旧引擎的惯性滑行，还是点燃新引擎的爆发式跃迁？ 近期国家披露的一组数据，揭开了答案——一场以数字技术为核心的"经济换心术"已悄然完成。 云端，40万家数据企业像无数个"数字矿工"，在千万机架的算力底座上挖掘数据价值；地面，475万个5G基站织成一张覆盖全国的"神经网"，让智能工厂的 传感器、无人港口的吊车、矿山里的挖掘机实现实时互联。 2024年的数据更具说服力：数字经济核心产业增加值占GDP的10.4%，成为继房地产、基建后的第三大支柱；算力规模全球第二，大模型数量全球第一，中 国在数字技术领域从"跟跑者"跃升为"并跑者"。 房地产黄金时代的谢幕 如果把中国经济比作一辆高速行驶的列车，过去三十年的动力源是"土地+人口"的双轮驱动：房地产吸纳天量资金，基建投资拉动上下游产业链，人口红利 提供廉价劳动力。 但如今，土地成本飙升、人口结构老龄化、传统基建饱和，这辆列车的"旧发动机"开始喘息。 国家此时亮出"十四五"成绩单，实则是为新引擎——数字经济，举行一场"交付仪式"，而这硬核程度，远超想象。 但国家的野心不止于此。"十五五"规划中，"人工智 ...

七年前，美国要求我们主动放弃发展，不准中国推进中国制造2025，不准进行产业升级，也不准在高科 技领域对美国的主导地位形成威胁。他们说，我们过去用八亿件衬衫换一架波音飞机，今后也只能继续 给别人打工；既不允许我们翻身当家做主，更不愿看到十四亿中国人过上像美国那样的好日子。然而七 年过去，美国参众两院议员在看到最新报告时，却只能发出难以置信的惊呼：中国已经成长为全球高端 制造强国，美国的科技霸主位置出现动摇，人类科技皇冠迎来了新的主人。 | Type of Goal | Target | Met? | Details | | --- | --- | --- | --- | | Global Market | Sell 3,000,000 Indigenous | VAR 22 | Sold 3.5 million in 2021-29) | | Share | NFVel --- | | | | Localization of | 80 Percent Domestic Market | Voc 8888888 | Roughly 91 percent domestic | | Production | Sha ...

Group 1 - The "5G + Industrial Internet" construction projects have exceeded 20,000, with over 300 influential industrial internet platforms and more than 100 million industrial device connections on key platforms [1] - The establishment of a self-controllable industrial internet identification analysis system has been completed, with significant results from over 100 leading 5G factories, achieving an average capacity increase of 25%, product quality improvement of 21%, and a reduction in operating costs by 19% [1] - There are currently over 790,000 existing and active 5G-related enterprises in China, indicating a large and dynamic market [1] Group 2 - During the "14th Five-Year Plan" period, China accelerated the application of "5G + Industrial Internet," achieving full coverage of 41 industrial categories and successfully completing the "100,000" action goal for 5G factories [1] - The registration trend of 5G-related enterprises has shown a year-on-year increase over the past five years, with approximately 191,000 new registrations in 2025 alone [1] - The top regions for 5G-related enterprises are Guangdong, Jiangsu, and Beijing, with over 100,000, 52,000, and 50,000 enterprises respectively, followed by Shandong and Sichuan [1] Group 3 - Looking ahead, China plans to create an upgraded version of "5G + Industrial Internet," implementing actions to integrate industrial internet with artificial intelligence and strengthening forward-looking research on 6G and industrial integration [2] - As the industry develops, precise insights into market entities will become increasingly important, with tools like Tianyancha continuing to support risk identification and value discovery across the industrial chain [2]

Core Insights - Yunnan Province's Wenshan Zhuang and Miao Autonomous Prefecture is focusing on high-quality development driven by innovation, achieving significant economic growth, ethnic unity, ecological improvement, social stability, and enhanced public happiness [1] Economic Development - Wenshan's GDP is projected to grow at an average rate of 6.3% annually from 2021 to 2024, with industrial output exceeding 130 billion yuan [1] - The region has achieved full coverage of provincial industrial parks across its eight counties, with green aluminum production capacity reaching 3.43 million tons and expected output surpassing 100 billion yuan this year [1] - The tourism sector is also thriving, with 50.045 million visitors expected in 2024, generating tourism revenue of 54.14 billion yuan [1] - The foreign trade sector is seeing growth, with a total import and export value of 2.96 billion yuan in the first three quarters of this year [1] Infrastructure Development - The total length of roads in Wenshan has reached 42,000 kilometers, with significant projects like the Wenshan-Mongolia Railway and Funing Port enhancing transportation [2] - By 2025, Wenshan plans to implement 4,089 projects, with water storage capacity increasing by 220 million cubic meters by 2024 [2] - Energy capacity has improved, with total installed power reaching 6.74 million kilowatts and over 10,000 5G base stations established [2] Social Welfare - Wenshan has implemented initiatives to improve community welfare, including job placement services that have facilitated employment for 470,000 people [3] - The region has achieved a rural sewage treatment rate of 72.82% and a sanitation toilet coverage rate of 78.35% [3] - All eight counties have reached basic educational equity and healthcare standards, contributing to the creation of a national civilized city [3] Ecological Development - Wenshan is committed to ecological preservation, with air quality remaining above 99.2% for three consecutive years and water quality at 100% for two years [4] - The region has undertaken extensive greening efforts, planting 15.06 million square meters of greenery and establishing over 190 kilometers of health greenways [4] - Wenshan's innovative practices in ecological civilization have been recognized nationally, contributing to its high-quality development narrative [4]

Core Points - The A-share market saw a collective rise in the three major indices, with the Shanghai Composite Index up by 1.13%, the Shenzhen Component Index up by 2.04%, and the ChiNext Index up by 2.60% [1] - The total trading volume in the Shanghai, Shenzhen, and Beijing markets reached 11,831 billion yuan, an increase of 1,506 billion yuan compared to the previous day [1] - Over 4,800 stocks in the market experienced gains, indicating a broad-based rally [1] Sector Performance - The AI hardware sector experienced a significant rebound, with the CPO concept surging and related sectors such as fiberglass, liquid cooling, and copper-clad boards also seeing substantial increases [1] - AI applications and commercial aerospace concepts remained active, contributing to the overall market strength [1] - Conversely, the aquaculture sector faced a sharp decline, while the civil aviation and liquor sectors showed weak performance [1] ETF Performance - In the ETF market, AI hardware-related ETFs saw strong gains, with the Dachen and Yinhua 5GETF rising by 5.19% and 5%, respectively, while the Huaxia ETF increased by 4.97% [1] - Small-cap stocks in the Sci-Tech Innovation Board led the gains, with the E Fund Growth ETF and the Sci-Tech 200 ETF rising by 4.5% and 4.37%, respectively [1] - Cross-border ETFs experienced declines, with the Saudi ETF, Japan's TOPIX ETF, and France's CAC40 ETF falling by 1.17%, 0.68%, and 0.5%, respectively [1] - The transportation ETF, related to the China Shipbuilding Industry, saw a slight decrease of 0.19% [1]

Group 1 - The technology sector led a strong rebound in A-shares, with AI hardware, particularly CPO, experiencing significant gains, including Guangku Technology rising over 16% [1] - Industrial Fulian clarified that it has not lowered its fourth-quarter profit target and that operations, including the shipment of GB200 and GB300 products, are proceeding as planned with strong customer demand [1] - A total of 310 A-share stocks saw financing purchases exceeding 100 million, with Zhongji Xuchuang, BlueFocus Communication, and Industrial Fulian ranking as the top three in financing amounts [1] Group 2 - The 5G Communication ETF rose by 5.7%, covering key components of AI computing systems, including optical modules and PCB, with significant weight in leading companies like Zhongji Xuchuang and Industrial Fulian [2] - The Huaxia Entrepreneurial AI ETF, which has the highest CPO content and lowest fee rate, increased by 5.82%, with major holdings including Zhongji Xuchuang and Xin Yisheng [2]

Core Insights - The "5G + Industrial Internet" construction projects in China have exceeded 20,000, marking a new phase of large-scale application [1] - There are over 300 influential industrial internet platforms in China, with key platforms connecting over 100 million industrial devices [1] - The average production capacity of the cultivated leading 5G factories has increased by 25%, product quality has improved by 21%, and operational costs have decreased by 19% [1] Summary by Categories Project Development - The "5G + Industrial Internet" initiative is officially entering a stage of large-scale application with over 20,000 projects completed [1] - The goal for the "14th Five-Year Plan" period is to accelerate the implementation of "5G + Industrial Internet" across 41 major industrial categories [1] Platform and Connectivity - More than 300 industrial internet platforms have been established in China, with a significant number of devices connected [1] - A self-controlled industrial internet identification and resolution system has been established [1] Performance Metrics - Leading 5G factories have shown significant improvements: average production capacity up by 25%, product quality up by 21%, and operational costs down by 19% [1] Future Directions - Plans to create an upgraded version of "5G + Industrial Internet" are underway, focusing on the integration of industrial internet and artificial intelligence [1] - There will be a forward-looking research initiative on the integration of 6G with industrial applications to promote higher quality and broader development of the industrial internet [1]

Core Insights - The A-share market experienced a morning surge followed by a decline in the afternoon, while the AI computing sector remained strong, showing resilience with upward trends in related ETFs [1] - NVIDIA's latest earnings report exceeded expectations, countering market skepticism regarding "peak growth" and "AI bubble" claims, with CEO Jensen Huang emphasizing the continuous and exponential growth in computing demand for AI applications [1] - NVIDIA provided a robust sales forecast for Q4, projecting revenue of $65 billion, surpassing the general expectation of $62 billion, indicating sustained growth momentum even at high baseline levels [1] ETF Overview - The Huaxia ChiNext AI ETF (159381) tracks the ChiNext AI Index, focusing on companies in the AI sector, with over 54% weight in optical modules and coverage of domestic software and AI application firms, showcasing high elasticity [2] - The top three holdings in the Huaxia ChiNext AI ETF are Zhongji Xuchuang (24.78%), Xinyi Sheng (19.40%), and Tianfu Communication (5.11%), with a low comprehensive fee rate of 0.20% [2] - The 5G Communication ETF (515050) tracks the CSI 5G Communication Theme Index, with a scale exceeding 9 billion, focusing on the supply chains of NVIDIA, Apple, and Huawei, and its top five holdings include Zhongji Xuchuang, Xinyi Sheng, Luxshare Precision, Industrial Fulian, and Zhaoyi Innovation [2]

Core Viewpoint - China's modernization is characterized by its unprecedented scale, with a population exceeding 1.4 billion, and it has become the only country globally to possess all industrial categories as classified by the United Nations [1] Group 1: Industrial Production - China ranks first in the production of over 220 out of 500 major industrial products globally [3] - The country accounts for over 50% of the global production of crude steel, cement, and electrolytic aluminum [3] - China produces over 80% of the world's photovoltaic components and 70% of wind power equipment [3] - The production of new energy vehicles has been the highest in the world for ten consecutive years [3] Group 2: Manufacturing Sector - By 2024, China's manufacturing value added will account for nearly 30% of the global total, maintaining its position as the world's largest manufacturing country for 15 consecutive years [4] Group 3: Shipbuilding Industry - China leads the world in three key shipbuilding metrics: completed shipbuilding volume, new orders, and hand-held orders, with a global market share exceeding 50% [6] Group 4: Renewable Energy and Communication - China possesses the largest and most complete renewable energy industry chain, with a total installed capacity for renewable energy generation reaching 2.16 billion kilowatts, accounting for over 40% of the global total [8] - The country has the largest information and communication network in the world, leading in the number of 5G base stations, mobile phone users, and fixed broadband network scale [8] Group 5: Smart Manufacturing - China has the highest number of "lighthouse factories," representing the pinnacle of smart manufacturing and digitalization, accounting for over 40% of the global total [10] - The installation of industrial robots in China accounts for over 50% of the global total [10]