Group 1: AI Contribution to the US Economy - In the first half of 2025, AI-related investments contributed approximately 1% to the GDP growth rate, comparable to the 1.1% contribution from consumer spending[4] - After excluding the impact of capital goods imports, the contribution of AI-related investments to GDP growth drops to about 0.2%[5] - The contribution of AI-related investments to GDP growth is estimated to be only 9% when capital goods imports are considered, significantly lower than the 11%-18% contribution during the internet boom[21] Group 2: Future Expectations for AI Investment - The capital expenditure of major US AI companies (MAG7) is expected to grow by 54% and 30% in 2025 and 2026, respectively[7] - AI-related investments are projected to increase by 10% and 9% year-on-year in 2025 and 2026, contributing approximately 0.5 and 0.4 percentage points to GDP growth[7] - When accounting for net imports, the contribution of AI-related investments to GDP growth in 2025 and 2026 may only be around 0.1% and 0.3%[7]

Core Viewpoint - The article highlights the improvement in October's inflation data, with CPI turning positive at 0.2% and core CPI rising to 1.2%, indicating better-than-expected economic conditions [2][8][16]. Summary by Sections 1. Inflation Data Overview - October's CPI increased to 0.2% year-on-year, surpassing the expected -0.1%, while core CPI rose to 1.2%, the highest since 2022 [2][8]. - PPI narrowed its year-on-year decline from -2.3% to -2.1%, also better than expected [2][8]. 2. Factors Behind CPI Improvement - The rise in CPI is attributed to better-than-expected food prices and a significant increase in gold prices, with food prices rising 0.3% against an expected decline of 0.4% [4][9]. - Gold jewelry prices surged by 10.2%, contributing approximately 0.06 percentage points to CPI [4][9]. 3. PPI Analysis - PPI saw a month-on-month increase of 0.1%, marking the first rise this year, driven by improved supply-demand dynamics in certain industries such as coal and photovoltaic [3][27]. - Input factors, particularly international oil prices, influenced domestic prices, with oil-related sectors experiencing declines while non-ferrous metals saw price increases [10][28]. 4. Implications of the Data - The unexpected improvement in CPI and PPI is expected to elevate next year's tail effects, potentially aiding further recovery in year-on-year readings [13][15]. - Continuous policy support is necessary for sustained CPI improvement, including measures to stimulate consumption and stabilize housing prices [15][16]. 5. Price Change Distribution - The proportion of CPI items experiencing price increases decreased from 38% to 29%, the lowest since 2016, while the year-on-year increase in PPI price-raising industries rose from 6 to 9 [33][34]. - The proportion of production materials experiencing price increases also rose from 30% to 40%, indicating a recovery in various sectors [40].

Market Performance - The ChiNext Index fell by 0.92%, closing at 3178.83 points, with a total trading volume of 523.23 billion yuan, an increase of 20.85 billion yuan compared to the previous trading day [1] - Among the tradable ChiNext stocks, 809 stocks closed higher, with 14 stocks rising over 10%, while 564 stocks closed lower, including 4 stocks that fell over 10% [1] Trading Activity - The average turnover rate for the ChiNext today was 3.97%, with 25 stocks having a turnover rate exceeding 20% [1] - The stock with the highest turnover rate was Zhongneng Electric, which closed down 2.28% with a turnover rate of 52.40% and a trading volume of 2.23 billion yuan [1] Sector Analysis - In terms of sector performance, the highest number of stocks with a turnover rate over 20% belonged to the power equipment industry, with 7 stocks listed [2] - The machinery and computer sectors followed closely, each with 3 stocks listed [2] Institutional Activity - Among the high turnover stocks, 5 were listed on the Dragon and Tiger List, indicating significant institutional trading activity [2] - Notably, Qingshuiyuan had 6 institutional seats with a total net sell of 4.05 million yuan, while Zhongneng Electric had a net sell of 54.91 million yuan [2] Capital Flow - In terms of capital flow, 11 high turnover stocks experienced net inflows, with Fushikong holding the highest net inflow of 534 million yuan [3] - Conversely, Keda Guochuang and Beifang Changlong saw significant net outflows of 292 million yuan and 107 million yuan, respectively [3]

Group 1 - The average stock price of the Sci-Tech Innovation Board is 40.80 yuan, with 69 stocks priced over 100 yuan, and the highest priced stock is Cambrian-U at 1391.50 yuan [2][3] - Among the stocks priced over 100 yuan, 37 stocks increased in price today, with an average increase of 0.56%, while 32 stocks decreased [2][3] - The average premium of the latest closing price relative to the issue price for stocks over 100 yuan is 502.60%, with the highest premiums seen in companies like Shunwei New Materials and Cambrian-U [2][3] Group 2 - The net outflow of main funds for stocks over 100 yuan today totaled 3.607 billion yuan, with the highest net inflows seen in companies like Purun Co. and Tengjing Technology [3] - The total margin balance for stocks over 100 yuan is 94.857 billion yuan, with Cambrian-U and SMIC having the highest margin balances [3][4] - The stock list of companies over 100 yuan includes various sectors, with a concentration in electronics, pharmaceuticals, and computers [2][3]

计算机周观点第 23 期：政策产业协同发 力，人工智能技术产业化加速 本报告导读： 国务院部署应用场景开放，工信部推进"人工智能+制造"发展路径，阿里巴巴提出 AI 发展三阶段论并构建开源生态，共同推动人工智能技术产业化进程。 投资要点： 证 券 研 究 报 告 请务必阅读正文之后的免责条款部分 股 票 研 踪 报 告 股票研究 /[Table_Date] 2025.11.08 [table_Authors] 2025-11-10 [Table_Summary] 投资建议：近期高层与产业界密集释放 AI 积极信号，国务院部署场 景培育以打通技术产业化闭环，工信部强调 AI 与制造业深度融合并 加快核心技术突破，阿里巴巴提出 AI 三阶段论并推动超级 AI 云与 开源生态建设。我们维持计算机板块"优于大市"评级，推荐标的： 日联科技、金蝶国际、科大讯飞、新大陆、道通科技、汉得信息、 虹软科技、海光信息，相关标的：中科曙光。 国务院常务会议部署加快应用场景培育，以推动新技术产业化进 程。为促进新技术与新产品的规模化应用，国务院常务会议于 2025 年 10 月 31 日指出，要充分发挥我国超大市场规模和丰富应用场 ...

科创50指数今日下跌0.57%，报收1407.56点，科创板全日成交量43.79亿股，成交额2033.80亿元，加权 平均换手率为2.29%。 证券时报数据宝统计显示，今日可交易科创板股中，332只股收盘上涨，涨幅超过10%的有8只，其中， 芳源股份、金迪克、神工股份等4股涨停，涨幅在5%至10%的有26只，收盘下跌的有252只，跌幅超10% 的有1只。 从杠杆资金动向看，高换手个股中，共48股近期获杠杆资金净买入，统计显示，截至11月7日，近5日融 资余额增加较多的有阿特斯、金盘科技、禾元生物等，分别增加8.75亿元、3.32亿元、1.68亿元；融资 余额减少金额较多的有杰华特、新相微、源杰科技等，分别减少1.57亿元、1.04亿元、9370.67万元。 11月10日科创板换手率居前个股 代码 简称 最新收盘价 日涨跌幅(%) 日换手率(%) 资金净流入(万元) | 688765 | 禾元生物 | 93.50 | -1.54 | 23.03 | -6769.78 | | --- | --- | --- | --- | --- | --- | | 688275 | 万润新能 | 90.77 | -0.81 | ...

而通胀数据方面，10月CPI由降转涨，PPI降幅收窄，表明内需修复进行时，价格预期逐步企稳。国家 统计局公布数据显示，随着扩内需等政策措施持续显效，叠加国庆、中秋长假带动，10月CPI环比上涨 0.2%，同比上涨0.2%，扣除食品和能源价格的核心CPI同比上涨1.2%，涨幅连续第6个月扩大。受国内 部分行业供需关系改善、国际大宗商品价格传导等因素影响，10月PPI环比由上月持平转为上涨0.1%， 为年内首次上涨；同比下降2.1%，降幅比上月收窄0.2个百分点，连续第3个月收窄。 海外方面，避险情绪升温令全球股市回撤。上周海外市场遭遇几大事件扰动——对AI泡沫化的担忧、 联邦政府"关门"时间破历史记录、最高法院对IEEPA关税判决带来的不确定性、美元流动性收紧，共同 带动市场避险情绪大幅走高，美股大跌，美债利率走势震荡。 上周A股市场整体稳中有升，主要指数涨多跌少，结构性分化持续显现，成长板块整体表现平淡，而价 值风格表现相对突出。行业上，电力设备行业继续领涨，钢铁、化工、建材、环保、公用等周期行业连 续两周上涨；计算机、医药、美容护理、非银等行业跌幅较大，且计算机、医药、非银、汽车的周环比 由涨转跌。 宏观分 ...

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - The A-share market showed a volatile pattern last week (2025.11.03 - 2025.11.07), with the value style outperforming the growth style. The market is "desensitized" to positive news due to the lack of earnings report data and the intensified high - level volatility of the US AI sector. The style switch is becoming clearer, and the power grid and energy storage industries are attracting funds [3][13][14]. - The new fund issuance is continuously warming up, and "same - day sold - out funds" have reappeared [6]. - The electricity new (E - new) sector is expected to become one of the main market trends, as the energy logic, especially power supply, is hard to be falsified in the short term, and the expectation of green power policies in China is rising [5][15]. 3. Summary by Relevant Catalogs 3.1 Equity Market Review and Observation - **Market Performance**: The A - share market was volatile last week. The Shanghai Composite Index rose 1.08%, the ChiNext Index rose 0.65%, the CSI Dividend Index rose 2.25%, and the North Exchange 50 Index fell 3.79%. The pro - cyclical sectors such as power equipment, coal, and petrochemicals led the gains, while the computer and pharmaceutical sectors declined. The average daily trading volume was 2.01 trillion yuan, down from the previous period [13]. - **Market Features**: The market is "desensitized" to positive news in the fourth quarter. The style switch is clear, and the power grid and energy storage industries are favored. The Shanghai Composite Index may fluctuate around 4000 points, and a fundamental driving force is needed to break through [14]. - **Technology Direction**: In the US, the government's interest - binding with cloud service providers in the AI industry is expected to strengthen. In China, the domestic computing power industry chain is sluggish, and the capital expenditure growth of cloud service providers has slowed down [14]. - **Policy**: On November 7, the State Council issued an implementation opinion focusing on digital - real economy integration, providing long - term policy support for AI, intelligent manufacturing, and new energy industries [15]. - **Power Direction**: The global AI competition is a Sino - US duopoly. China faces challenges in advanced - process chips, while the US has energy infrastructure bottlenecks. The E - new sector is expected to be a market mainstay, with more certain profit realization next year [5][15][16]. 3.2 Public Fund Market Dynamics New fund issuance is warming up, with two funds raising over 3 billion yuan in one day on November 4 [6][18]. 3.3 Active Equity Fund Index Performance Tracking | Index Category | Last Week | Last Month | YTD | Since Inception | | --- | --- | --- | --- | --- | | Active Stock Fund Selection | 0.72% | - 1.06% | 39.20% | 40.33% | | Value Stock Fund Selection | 1.29% | 1.18% | 19.44% | 19.53% | | Balanced Stock Fund Selection | 0.66% | - 1.73% | 32.40% | 29.50% | | Growth Stock Fund Selection | 0.16% | - 3.55% | 52.89% | 39.14% | | Pharmaceutical Stock Fund Selection | - 4.77% | - 8.16% | 36.20% | 17.99% | | Consumption Stock Fund Selection | - 2.11% | - 5.83% | 12.55% | 5.30% | | Technology Stock Fund Selection | 0.75% | - 3.17% | 48.52% | 50.85% | | High - end Manufacturing Stock Fund Selection | 1.23% | - 0.45% | 38.37% | 31.69% | | Cyclical Stock Fund Selection | - 0.25% | - 4.50% | 25.79% | 16.91% | Each index has its own positioning and performance comparison benchmark. For example, the Active Stock Fund Selection Index selects 15 funds equally weighted, and its benchmark is the CSI Active Stock Fund Index (930980.CSI) [19][20].

主力净流入行业板块前五：大金融，白酒，医药，食品，创新药； 主力净流入概念板块前五：国企改革，大农业，参股基金，区块链，优化生育（三 孩）； 主力净流入个股前十：贵州茅台、北京君正、五粮液、泸州老窖、东方电气、蓝色光标、伊利股份、万润科技、TCL科技、三六零 科技创新正以前所未有的速度和深度，驱动高科技行业发展。分行业看，通信、半导体、有色金属等行业公司前三季度业绩表现突出。人工智能、卫星互联 网、数据中心的发展，推动通信行业上市公司业绩增长，通信行业运行平稳，电信业务收入稳步提升；半导体行业则深度受益于人工智能等新兴技术爆发带 来的强劲需求，多家公司业绩同比大幅扭亏；在价格因素的强势推动下，有色金属行业部分公司前三季度净利润已超去年全年。 上证指数本周将开始新的方向选择，按照骑牛看熊的分析是继续向上，主要还是跟风外盘走高，只不过机构资金的热情会有所不同，所以仍然还是缩量为 主。综合盈利、行业景气和交易等维度，行业配置方面重点围绕"反内卷"出清、中报业绩增速较高、以及当前估值处于较低水平的方向布局，行业推荐重点 关注：非银、医药生物（化学制药）、电力设备、机械（自动化设备、工程机械）、国防军工、计算机等。 黄 ...

Investment Rating - The industry investment rating is maintained at "Overweight" [1] Core Insights - The report highlights significant advancements in the AI and autonomous driving sectors, with companies like OpenAI and Xiaopeng Motors making notable progress in AI applications and Robotaxi models [3][5] - The continuous iteration of technology is identified as a key driver for the increased penetration of Robotaxi services, with improvements in algorithms, safety, and user experience expected to enhance adoption rates [5] Performance Overview - Over the past 12 months, the industry has shown a relative return of -0.79% compared to the CSI 300 index, with absolute returns of 15.48% [2] Key Developments - OpenAI has released several AI models and applications, including the AI browser and Sora 2 model, which have gained traction in the market [3] - Xiaopeng Motors plans to launch three L4-level Robotaxi models in 2026, equipped with advanced AI capabilities and safety features [5] - The seventh generation Robotaxi from Xiaoma Zhixing is set to begin operations in major cities, showcasing significant technological advancements and cost reductions [5] Investment Recommendations - The report suggests monitoring companies within the related supply chain, including Siwei Tuxin, Zhongke Chuangda, and Xiaoma Zhixing, as they are positioned to benefit from the growth in the autonomous driving sector [5]