Investment Rating - The report does not explicitly provide an investment rating for the industry but emphasizes the strategic importance of AI in manufacturing and its potential to enhance competitiveness on a global scale [4][10]. Core Insights - The issuance of the "AI + Manufacturing" action plan aligns with global industrial competition and domestic manufacturing transformation needs, aiming to empower manufacturing through AI technology [2][4]. - The plan focuses on creating a comprehensive development system that includes technology support, scenario empowerment, product innovation, ecosystem activation, and security assurance [7][10]. - By 2027, the plan aims for China's AI core technologies to achieve reliable supply, with the industry scale and empowerment level ranking among the world's top [6][13]. Summary by Sections Background and Core Positioning - The deep integration of AI and manufacturing is essential for reshaping industrial advantages and seizing development opportunities amid global competition [4]. - The plan is a response to the urgent need for China's manufacturing sector to upgrade and transition from scale expansion to quality and efficiency [4][5]. Key Policy Interpretations - The plan introduces five core measures to build a comprehensive development system, focusing on technology support, scenario empowerment, product innovation, ecosystem activation, and security assurance [7][9]. - It emphasizes the need for a dual-cycle empowerment system that connects technology supply and industrial application, fostering a collaborative ecosystem [6][10]. Challenges and Outlook - The report identifies challenges such as the need for real-time response capabilities in industrial models and the fragmentation of industrial data, which hinders model training accuracy [11][12]. - In the short term (1-2 years), the manufacturing sector is expected to enter a phase of benchmark leadership, with 500 typical application scenarios becoming replicable and scalable [13]. - In the long term, the AI-driven innovation ecosystem is projected to enhance China's global competitiveness in core technologies and industry scale, leading the global manufacturing sector towards intelligent transformation [13].

【编者按】 这是我们连续第五年推出"识局"特别策划。 每年广州两会期间，南方都市报都会邀请市局委办"一把手"回顾过往、展望将来，既交发展成绩单，也 谈发展新思路。这一策划已经成为政府回应期待、解读局势、凝聚共识的重要载体。 过去五年，广州发动产业与创新"双引擎"，以"识局"之智，实现跨越与突破。今年是"十五五"的开局之 年，如何承接"十四五"之成绩，为奔赴下一个五年开好局、起好步，尤为重要。 新鲜出炉的2026年广州市政府工作报告，围绕"十五五"时期经济社会发展的主要目标，着眼于今年之可 为，部署了深入挖掘内外需潜力、加快建设"12218"现代化产业体系、统筹推进教育科技人才一体发 展、持续深化重点领域改革等十个方面的重点工作。 这将带来怎样的新期待和新变化？"识局"邀请了二十位市局委办的"一把手"，解读广州2026年的新局 势，展望"十五五"时期的预期目标和实现路径。 当前财政收支"紧平衡"成为常态。广州财政如何优化资金配置，确保钱花在"刀刃"上？"核心理念是优 化排序、打破固化"，今年广州市两会期间，市财政局党组书记、局长姚露接受南都专访。 他表示，过去一年，广州完善支出预算分类排序机制，优化市级支出体系 ...

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The report highlights the significant progress in the development of smart factories in China, with over 15 leading smart factories, more than 500 excellent smart factories, and over 35,000 basic smart factories established, indicating a robust growth trend in the sector [9][10] - The evolution of smart factories is characterized by five core directions: expansion of factory construction, innovation in R&D design paradigms, upgrading of production capabilities, optimization of production management, and advancement in operational management [10][41] - The report emphasizes the need for the manufacturing industry to transition from quantity-driven growth to quality-driven improvements, addressing the challenges posed by global economic slowdowns and changing market demands [17][18] Summary by Sections Overall Trends - The report identifies four main drivers for the transformation of smart factories: industrial upgrades, changing market demands, technological advancements, and international cooperation [17][19] - It outlines a future vision for smart factories that includes the integration of AI across all manufacturing processes, leading to autonomous decision-making and enhanced collaboration within the manufacturing ecosystem [20][41] Industry Practices - The report describes a four-tiered system for cultivating smart factories, which includes basic, advanced, excellent, and leading levels, aimed at promoting digital transformation in manufacturing [41][42] - It notes that over 90% of manufacturing sectors are now covered by smart factory initiatives, with a focus on enhancing traditional industries and empowering consumer-driven sectors [50][49] Regional Development - The report discusses the regional disparities in smart factory development, with eastern regions leading and central regions making breakthroughs, highlighting the importance of localized strategies [12][49] Technology and Industry - The report emphasizes the need for a deep integration of technology and manufacturing systems, advocating for a shift towards a more resilient and intelligent industrial foundation [12][53] Future Outlook - The report envisions a next-generation smart manufacturing landscape characterized by autonomous manufacturing, ecological collaboration, and a focus on sustainability [12][41]

Core Viewpoint - The 2025 (20th) China Brand Person Annual Conference will be held on December 29 in Shenzhen, focusing on the theme "Who Earns Respect for China," gathering over 2,000 elites from various sectors to reflect on the development of Chinese brands and explore new trends and opportunities in brand building [3][16]. Group 1: Event Overview - The conference celebrates its 20th anniversary, likened to the "Oscars" of the brand community, aiming to consolidate wisdom and strength for Chinese brands [3][16]. - The event will feature discussions among leaders from politics, business, academia, and media, emphasizing the historical journey and future prospects of Chinese brands [3][16]. Group 2: Key Discussions -苗绿, the Deputy Secretary-General of the International Talent Organization (AGTO), emphasized that brand figures are the "captains and helmsmen" defining and conveying Chinese values [5][19]. - 西尼沙·贝尔扬, the Ambassador of Bosnia and Herzegovina to China, highlighted that Chinese entrepreneurs aim for long-term partnerships and contribute to a positive global image of China, showcasing creativity and passion [5][19]. - 高志凯, Vice President of the Globalization Think Tank (CCG), stated that every Chinese person represents the "China" brand, and it is a collective responsibility to protect this brand image [8][21]. Group 3: Insights on Brand Development - 王辉耀, a former counselor of the State Council, noted that the era of Chinese brands has arrived, and individuals should act as brand ambassadors, contributing value to society and the world [10][23]. - 李有泉, Executive Director and President of燕之屋, expressed concerns about the anxiety stemming from rapid changes in the consumer market, which has evolved in three decades compared to the West's three centuries [12][25]. - The consensus among the speakers is that values such as "integrity," "inclusiveness," and "sustainability" are essential for brands to earn global respect [14][27]. Group 4: Localization and Market Strategy - 韩普迪, the Commercial Counselor of the Indonesian Embassy in China, praised successful Chinese brands that have integrated into local Indonesian life, suggesting that "genuine localization" is key to winning markets [14][27].

Investment Trends - The "14th Five-Year Plan" period emphasizes investment in traditional industries focusing on high-end, intelligent, green, and integrated development, with a strong push for technological innovation and transformation[7] - Manufacturing investment growth rates from 2021 to 2024 are projected at 13.5%, 9.1%, 6.5%, and 9.2% respectively, indicating a robust investment environment despite external pressures[17] - In 2025, manufacturing investment growth slowed to 1.9%, a decline of 7.3 percentage points from 2024, highlighting a potential downturn in investment momentum[26] Structural Challenges - Investment efficiency has declined, with the incremental capital output ratio (ICOR) rising to approximately 14.9 from 13.1, indicating increased investment required for each unit of output[32] - The capacity utilization rate for major industrial enterprises was 74.6% in Q3 2025, reflecting a 0.5 percentage point decrease year-on-year, suggesting underutilization of resources[30] - Investment in high-tech manufacturing has significantly slowed, with growth rates dropping below overall manufacturing investment in 2024, indicating structural weaknesses in emerging sectors[32] Strategic Recommendations - Establish a dynamic identification system for investment directions aligned with the "14th Five-Year Plan" to enhance investment effectiveness and adaptability[9] - Focus on four key investment areas: upgrading traditional industries, fostering emerging industries, planning for future industries, and optimizing supply in weak links[44] - Emphasize the importance of human capital alongside material capital in investment strategies to enhance overall economic returns[41]

Group 1 - The core point of the news is that Steady Medical has experienced a decline in stock price, dropping 5.07% to 36.15 CNY per share, with a total market value of 21.051 billion CNY [1] - Steady Medical's stock has fallen for three consecutive days, with a cumulative decline of 4.15% during this period [1] - The company, established on August 24, 2000, specializes in the research, production, and sales of cotton products, with its main revenue sources including wet and dry cotton towels (19.87%), surgical consumables (18.15%), traditional wound care products (13.88%), and sanitary napkins (13.02%) [1] Group 2 - From the perspective of fund holdings, one fund under Fuan Da has Steady Medical as a top ten holding, with 12,500 shares held, representing 0.97% of the fund's net value [2] - The fund, Fuan Da Steady Allocation 6-Month Holding Period Mixed Fund (015047), has reported a year-to-date return of 0.57% and a one-year return of 7.06% [2] - The fund manager, Zhao Hengyi, has a tenure of over 14 years, with the best fund return during his management being 44.66% [2]

上证报中国证券网讯（记者 汪友若）"用一个词来总结2025年的香港资本市场，我想应该是'风生水 起'。市场整体非常活跃，包括IPO、再融资、可转债，股票增发等在内的总融资额在2025年达到960亿 美元，较2024年的352亿美元翻一番有余。"高盛亚洲（除日本外）股票资本市场主管王亚军在1月15日 的交流会上说。 "今年年初到现在我们异常繁忙。"展望2026年，王亚军认为，港股市场的火热趋势有望延续。他表示， 2025年港股市场总融资额较历史平均水平高出约20%，预计2026年这一数字仍将维持高位。与此同时， 人工智能及产业链相关企业的首次上市需求旺盛，将进一步吸引国际长线资金对中国资产的关注。 2026年港股IPO与再融资料将保持活跃 上证报中国证券网讯（记者 汪友若）"用一个词来总结2025年的香港资本市场，我想应该是'风生水 起'。市场整体非常活跃，包括IPO、再融资、可转债，股票增发等在内的总融资额在2025年达到960亿 美元，较2024年的352亿美元翻一番有余。"高盛亚洲（除日本外）股票资本市场主管王亚军在1月15日 的交流会上说。 "今年年初到现在我们异常繁忙。"展望2026年，王亚军认为，港 ...

韩国产业通商资源部周五表示，政府将努力到 2030 年扶持 500 家年出口额超过 1000 万美元的中小企 业，这是促进中小型企业出口工作的举措的一部分。 去年，韩国的出口额首次突破 7000 亿美元大关，但出口额排名前 1%的企业（即年出口额超过 5000 万 美元的企业）占到该国总出口额的 84%。中小企业仅占8%。 韩国产业通商资源部表示，通过该项目，韩国将努力减少对少数几家大型企业的依赖。 根据该谅解备忘录，被认定为在消费品、人工智能、半导体、汽车等领域的具有出口潜力的中小企业， 每家均可申请最高 5.6 亿韩元（约合 38.1 万美元）的资金支持，支持期限最长可达三年。 "如果这五家专业机构与政府能够携手合作，将小型出口企业培育成在全球市场占据重要地位的企业， 那么在不远的将来，韩国就能迎来年出口额达到1万亿美元的时代。" 责任编辑：于健 SF069 韩国产业通商资源部周五表示，政府将努力到 2030 年扶持 500 家年出口额超过 1000 万美元的中小企 业，这是促进中小型企业出口工作的举措的一部分。 去年，韩国的出口额首次突破 7000 亿美元大关，但出口额排名前 1%的企业（即年出口额超过 ...

Group 1 - The article emphasizes the need to accurately unleash consumer potential through various initiatives [1] - It outlines plans to implement detailed guidelines for a consumption upgrade program in Hunan Province by 2026, alongside increasing the distribution of consumption vouchers [2] - The goal is to conduct over 500 promotional events in the first quarter and distribute nearly one million yuan in hot spring consumption vouchers to national tourists [2] - A systematic approach to spring cultural and tourism consumption is highlighted, including the implementation of a special action plan to boost cultural tourism consumption and the "Bring Customers to Hunan" plan [2] Group 2 - The article discusses the identification and preparation of 4,345 major projects in Hunan, with plans to advance them in the first quarter [3] - Key infrastructure projects include the Shaoyong, Tongji, Changgan, and Yichang railways, as well as the expansion of the G4 Beijing-Hong Kong-Macau Expressway and the renovation of Changsha Airport [3] Group 3 - The article mentions initiatives to support industrial enterprises in increasing production efficiency, including post-holiday resumption assistance and guidance for equipment upgrades [4] - It emphasizes the need for enhanced coordination and support for industries such as new-generation information technology, new energy, low-altitude economy, and electrical equipment [4] Group 4 - The article highlights efforts to promote high-quality development in the service sector, including stabilizing the real estate market and increasing financial support for the real economy [5] - It also mentions the steady development of the transportation industry and support for cultivating large-scale service enterprises [5] Group 5 - The article outlines strategies to stabilize and improve foreign trade and investment, including guiding production-oriented enterprises suitable for export to engage in foreign trade [6] - It emphasizes targeted investment attraction efforts and the implementation of the "Attracting Large, Strong, and Leading Enterprises" initiative [6] Group 6 - The article discusses the orderly advancement of winter and spring agricultural production, focusing on stabilizing grain and oil production and promoting livestock development [7] - It also mentions efforts to expand vegetable production and actively promote fishery development [7] Group 7 - The article stresses the importance of ensuring the safety of people's livelihoods, with a focus on stabilizing employment through over 2,000 online and offline recruitment events [8] - It highlights the need to ensure energy supply and safety during peak winter demand [8]

今天，我只和大家聊点实在的。 不知道你们发现没有，最近这生意是越来越难做了。去年这时候，我和很多品牌创始人凑一起喝酒，三句话离不开"起号了吗"、"投流ROI多少"、"今天爆 单没"。 一屋子人，十个有八个在All in短视频和直播，感觉不搞这个就跟不上时代了。 但现在呢？流量贵得离谱，直播间里人声鼎沸，实际算算账，刨去投流、坑位、退货，利润薄得跟张纸似的。更难受的是，用户跟得了健忘症一样——今 天在你直播间买得火热，明天就不认识你是谁了。 我琢磨了小半年，最近算是想明白了。做品牌的，马上要彻底换一种活法了。如果你还按照过去三年的打法埋头往前冲，大概率会撞上一堵隐形的墙。而 一个新的时代红利GEO将会成为所有消费品牌最大新红利。所谓GEO（生成式引擎优化）。它不是优化你怎么在街上吆喝，而是优化你怎么让这个"最懂 行的向导"脑子里有你的好，并且记得住、讲得出、信得过，抓住月活已经过亿的AI最大的流量红利机会。 你自我吆喝得再响，如果向导脑子里没你的"知识档案"和"信任凭证"，他根本不会提起你。流量的大门，就从"推荐页"，悄无声息地挪到了类似豆包，千 问、seepseekAI"问答框"里。 下面这10个观点，是我跟 ...