新华社北京9月27日电（新华社记者周圆）一年一度的中国国际信息通信展览会日前在北京落幕，数智 技术当仁不让成为主角。 从智能眼镜的多模态交互，到无人矿车部署的5G-A网络，再到分拣铸件的具身智能机器人，人工智 能、云计算、大数据、5G通信等数智技术占据全场"C位"。 近期举行的多场展会上，这样的类似场景令人印象深刻： 在浙江，第四届全球数字贸易博览会上，"嗨游"平台通过多语言交互技术，支持多语种实时对话与场景 化翻译，帮助外国游客畅游中国； 在湖南，第四届北斗规模应用国际峰会上，登山服内置北斗定位芯片，可实现轨迹追踪、一键救援等功 能…… 一场场国际展会，展现出数字中国建设的显著成就，也呈现着数字经济日新月异的发展态势。 发展数字经济，是把握新一轮科技革命和产业变革新机遇的战略选择。 盛夏7月，在上海举行的2025世界人工智能大会现场，华为首次展出昇腾384超节点真机，算力总规模达 300PFLOPS。国产算力的系统级创新展示着中国数字经济新活力。 2025年，恰逢推进数字中国建设10周年。党的十八大以来，党中央高度重视发展数字经济，将其上升为 国家战略。"十四五"规划纲要专章部署"加快数字化发展建设数字中国 ...

Core Insights - The A-share market experienced a decline, with all three major indices dropping over 1%, while the AI computing and technology sectors initially opened strong but followed the overall market trend downwards [1] - Nvidia and OpenAI announced a strategic partnership to build and deploy at least 10 gigawatts of AI data centers, which will involve an investment of up to $100 billion from Nvidia [1] - The AI computing industry is expected to continue its growth trajectory, with significant performance releases anticipated in the coming years, indicating a high level of industry vitality and visibility [2] Market Performance - The AI computing sector, particularly the light module CPO concept stocks, saw significant declines, with the ChiNext AI index dropping over 2% and individual stocks like Guangku Technology falling nearly 8% [1] - The trading volume for popular ETFs was high, with the lowest fee ChiNext AI ETF (159381) exceeding 170 million yuan in trading volume, and the largest 5G communication ETF (515050) surpassing 900 million yuan [1] Industry Outlook - The capital expenditure for computing power remains in a high growth phase, with the domestic market accelerating in line with global AI development [2] - Nvidia is expected to continue upgrading its GPU capabilities, and North American cloud computing giants are increasing their investments, which will benefit companies closely related to the overseas AI industry chain [2] - By 2025, the AI computing industry chain is projected to accelerate further, driven by evolving demand in inference, creating broader growth opportunities [2] ETF Selection - The ChiNext AI ETF (159381) tracks the ChiNext AI index, with over 50% weight in light module CPO stocks, and has a low fee rate of 0.20% [3] - The 5G communication ETF (515050) focuses on the Nvidia, Apple, and Huawei supply chains, with a weight of 38% in light module CPO stocks and 14% in PCB circuit board stocks [3]

Market Performance - On September 19, the three major A-share indices collectively declined, with the Shanghai Composite Index down 0.3%, the Shenzhen Component Index down 0.04%, and the ChiNext Index down 0.16% [1] - The total trading volume in the Shanghai and Shenzhen markets was 23,494 billion yuan, a decrease of 8,172 billion yuan compared to the previous day, with over 3,400 stocks declining [1] Sector Performance - Energy metals, photolithography machines, education, tourism and hotels, coal, and engineering machinery sectors showed the highest gains, while humanoid robots, paper-making, innovative drugs, diversified finance, and liquid-cooled servers experienced the largest declines [1] ETF Performance - Major broad-based ETFs showed slight increases, with the A500 ETF (512050) rising by 0.09%. However, AI-related ETFs saw declines, with the chip ETF (159995) down 1.79% and the AI ETF (515070) down 1.06% [1] - The 5G communication ETF (515050) increased by 1.27%, and the ChiNext AI ETF (159381) rose by 0.43%, indicating strong performance in the AI computing hardware supply chain, including optical modules, PCBs, and servers [1] Foreign Investment Outlook - Foreign institutions remain optimistic about the A-share market, with Goldman Sachs maintaining an "overweight" rating and predicting an 8% upside for A-shares over the next 12 months [2] - The MSCI China and CSI 300 are currently trading at 13.5 times and 14.7 times their 12-month expected P/E ratios, respectively, which are below the historical bull market valuation limits of approximately 15-20 times [2] Market Drivers - A liquidity-driven bull market is unfolding in the Chinese stock market, with "reflation" expectations and the autonomous development of AI being key catalysts for this rally [2] - There is significant potential for incremental capital in the Chinese stock market moving forward [2] Sector Allocation - Short-term performance may favor small-cap and growth stocks due to liquidity boosts from potential Federal Reserve rate cuts. However, if domestic policies do not support this performance, attention should shift to sectors with fundamental support and U.S.-China mapping opportunities [2] - Key areas to focus on include technology-related sectors such as computing power, robotics, and supply chains, as well as sectors showing improved fundamentals like internet, tech hardware, consumer electronics, innovative drugs, non-ferrous metals, and non-bank financials [2]

Core Insights - The "14th Five-Year Plan" period is a milestone for China's technological innovation development, with significant improvements in innovation capabilities and foundational support for becoming a technology powerhouse [1][4]. R&D Investment and Achievements - By 2024, China's total R&D investment is expected to exceed 3.6 trillion yuan, a 48% increase from 2020, with an R&D intensity of 2.68%, surpassing the EU average [1]. - Basic research funding will reach 249.7 billion yuan in 2024, a growth of over 70% since 2020, with major breakthroughs in quantum technology, life sciences, material sciences, and space sciences [1]. Technological Advancements - The country has made significant strides in key technologies, particularly in high-end equipment and advanced manufacturing, facilitating the transformation of traditional industries towards high-end, intelligent, and green production [4]. - The "京华号" shield machine set a record of 542 meters of excavation in a month, and the "梦想" deep-sea drilling vessel can reach depths of 11,000 meters, showcasing advancements in high-end equipment [4]. Emerging Industries - China is fostering the growth of emerging industries through deep integration of technology and industry, achieving major breakthroughs in new-generation information technology and renewable energy [5]. - Approximately 4.6 million 5G base stations have been established, maintaining global leadership in technology and user numbers, which supports digital upgrades across various sectors [6]. Environmental and Agricultural Innovations - Efforts to improve air quality have led to an 18% reduction in PM2.5 concentration in the Beijing-Tianjin-Hebei region through precise pollution control measures [9]. - Advances in agricultural technology include the development of disease-resistant and drought-resistant crop varieties, enhancing food security and agricultural productivity [10]. Transportation and Healthcare Developments - The CR450 train can reach speeds of 400 km/h, and the C919 aircraft has received over 1,000 domestic and international orders, marking significant milestones in transportation technology [10]. - Innovations in healthcare include the development of a 5.0T MRI machine and a dual-antibody drug for cancer treatment, which have improved patient care and reduced costs [11].

期货日报网讯（记者 杨美 见习记者 肖佳煊）9月18日，国新办举行"高质量完成'十四五'规划"系列主题 新闻发布会，介绍"十四五"时期科技创新发展成就。科技部部长阴和俊在会上表示，科技创新和产业创 新是发展新质生产力的基本路径。十四五"期间，我们持续加强关键核心技术攻关和成果应用，以科技 创新引领新质生产力发展。 其中，我国持续深化科技和产业融合创新，在新一代信息技术、新能源等领域取得了重大技术突破，引 领新兴产业蓬勃发展。据阴和俊介绍，在信息领域，我国已建成约460万个5G基站，技术和用户数保持 全球领先，赋能千行百业数字化升级发展。在新能源领域，持续打破光伏晶硅电池效率的世界纪录，光 伏、风电新增装机连续4年超过1亿千瓦；全国新能源汽车累计销售突破4000万辆，产销量连续10年保持 全球第一，为全球减碳目标作出中国贡献。 ...

Core Insights - Cumulative sales of new energy vehicles in China have surpassed 40 million, maintaining the world's highest production and sales for 10 consecutive years [1] Group 1: Technological Innovation - During the 14th Five-Year Plan period, China has focused on strengthening key core technology breakthroughs and their application, leading to positive outcomes in technological innovation [1] - In the high-end equipment sector, China has independently developed the "Jinghua" 16.07-meter ultra-large diameter shield machine and the first domestically designed and built "Dream" deep-sea drilling vessel [1] - In advanced manufacturing, technologies such as artificial intelligence, the Internet of Things, and big data are facilitating the transition from traditional manufacturing to intelligent manufacturing, with China having the highest number of "lighthouse factories" globally, accounting for over 40% [1] Group 2: Digital and Renewable Energy Development - In the information sector, approximately 4.6 million 5G base stations have been established in China, maintaining a global lead in technology and user numbers, which supports the digital transformation across various industries [1] - In the renewable energy sector, China continues to break world records in photovoltaic silicon battery efficiency, with new installations of solar and wind power exceeding 100 million kilowatts for four consecutive years [1] - The cumulative sales of new energy vehicles in China have reached over 40 million, contributing significantly to global carbon reduction goals [1]

Group 1 - The Chinese government is focusing on strengthening key core technology breakthroughs and application achievements during the "14th Five-Year Plan" period, with positive results in technological innovation leading to new productive forces [1] - In the high-end equipment sector, China has independently developed the "Jinghua" 16.07-meter ultra-large diameter shield machine and the first domestically designed and built "Dream" deep-sea drilling vessel [1] - In advanced manufacturing, technologies such as artificial intelligence, the Internet of Things, and big data are enabling the transition from traditional manufacturing to intelligent manufacturing, with China having the largest number of "lighthouse factories" globally, accounting for over 40% [1] Group 2 - Approximately 4.6 million 5G base stations have been built in China, maintaining a global lead in technology and user numbers, facilitating digital upgrades across various industries [1][2] - In the renewable energy sector, China has continuously broken world records for photovoltaic silicon battery efficiency, with new installations of photovoltaic and wind power exceeding 100 million kilowatts for four consecutive years; cumulative sales of new energy vehicles have surpassed 40 million, maintaining the global lead for ten consecutive years [1] - In the field of artificial intelligence, multiple general models have emerged in China, with some achieving accuracy rates exceeding 95%, creating over a hundred benchmark application scenarios [2]

Group 1 - During the "14th Five-Year Plan" period, China has strengthened key core technology research and application, achieving positive results in technological innovation leading to new productive forces development [1] - In the high-end equipment sector, China has independently developed the "Jinghua" 16.07-meter ultra-large diameter shield machine and the first domestically designed and built "Dream" deep-sea drilling vessel [1] - In advanced manufacturing, technologies such as artificial intelligence, IoT, and big data are enabling the transition from traditional manufacturing to intelligent manufacturing, with China having the largest number of "lighthouse factories" globally, accounting for over 40% [1] - Approximately 4.6 million 5G base stations have been built in China, maintaining global leadership in technology and user numbers, facilitating digital upgrades across various industries [1] - In the renewable energy sector, China has continuously broken world records for photovoltaic silicon battery efficiency, with new installations of solar and wind power exceeding 100 million kilowatts for four consecutive years; cumulative sales of new energy vehicles have surpassed 40 million, maintaining global leadership in production and sales for ten consecutive years [1] Group 2 - China is proactively laying out advanced technologies such as artificial intelligence and brain-computer interfaces, creating new advantages in emerging industries [2] - In the field of artificial intelligence, multiple general models have emerged in China that reach international advanced levels, with some models achieving accuracy rates exceeding 95%, creating over a hundred benchmark application scenarios [2] - Breakthroughs in humanoid robot technology have been achieved, with advancements in multi-modal perception and brain-cerebellum models, promoting the deep integration of humanoid robots in applications such as automotive manufacturing, logistics, and power inspection [2] - In the brain-computer interface sector, significant progress has been made, helping paraplegic patients stand and walk, and blind individuals regain light perception; domestic brain stimulators have been fully commercialized, aiding 30,000 Parkinson's disease patients in improving motor functions [2]

Group 1 - The core viewpoint emphasizes the importance of technological innovation in driving high-quality development during the "14th Five-Year Plan" period in China [1] - The country has made significant advancements in key core technologies and their applications, leading to positive outcomes in various sectors [1] Group 2 - In the high-end equipment sector, China has developed the "Jinghua" 16.07-meter ultra-large diameter shield tunneling machine and the first domestically designed and built "Dream" deep-sea drilling vessel [2] - In advanced manufacturing, technologies such as artificial intelligence, the Internet of Things, and big data are facilitating the transition from traditional manufacturing to intelligent manufacturing, with China having the largest number of "lighthouse factories" globally, accounting for over 40% [2] - Approximately 4.6 million 5G base stations have been established in China, maintaining a global lead in technology and user numbers, which supports digital upgrades across various industries [2] - In the renewable energy sector, China has continuously broken world records for the efficiency of photovoltaic silicon batteries, with new installations of solar and wind power exceeding 100 million kilowatts for four consecutive years; cumulative sales of new energy vehicles have surpassed 40 million, maintaining the world's highest production and sales for ten consecutive years [2] Group 3 - China is proactively laying out plans for future industries, focusing on cutting-edge technologies such as artificial intelligence and brain-computer interfaces to create new advantages [3] - In the field of artificial intelligence, several domestic general models have reached internationally advanced levels, with some achieving accuracy rates exceeding 95%, leading to the development of over a hundred benchmark application scenarios [3] - Breakthroughs in humanoid robot technology, including multi-modal perception and brain-cerebellum models, are accelerating the application of humanoid robots in sectors like automotive manufacturing, logistics, and power inspection, laying a solid foundation for the development of a trillion-dollar industry [3] - The brain-computer interface technology has enabled paraplegic patients to stand and walk, and blind individuals to regain light perception; domestically produced brain stimulators are now fully commercialized, helping 30,000 Parkinson's disease patients improve motor functions across 400 hospitals in eight countries [3]

Group 1 - AI computing power sector has seen a strong rally, with companies like Zhongji Xuchuang and Xinyi Sheng rising over 7%, and Shenghong Technology increasing by over 13% [1] - Google is actively promoting the external deployment of its TPU in small cloud service providers' data centers, with the seventh generation TPU Ironwood designed specifically for AI inference scenarios [1] - The Ironwood TPU boasts a peak computing power that is over 24 times that of the world's largest supercomputer, El Capitan, when configured with 9216 chips, and requires a communication bandwidth of 1.2 TBps [1] Group 2 - The Huaxia ChiNext AI ETF (159381) tracks the ChiNext AI Index, with over 50% weight in optical module CPO, and the top three weighted stocks being Xinyi Sheng (20.3%), Zhongji Xuchuang (18.8%), and Tianfu Communication (6.5%) [2] - The 5G Communication ETF (515050) tracks the CSI 5G Communication Theme Index, focusing on the supply chains of Nvidia, Apple, and Huawei, with optical module CPO stocks accounting for 38% of its weight [2] - The latest scale of the 5G Communication ETF exceeds 8 billion yuan, and it has a low comprehensive fee rate of only 0.20% [2]