Group 1 - The ASEAN-China Free Trade Area (FTA) 3.0 negotiations have been fully completed, marking a significant step towards signing the upgraded protocol, enhancing economic cooperation in digital economy, artificial intelligence, and new energy sectors [1][3] - ASEAN and China have become each other's largest trading partners, with the FTA facilitating regional economic integration by reducing tariff barriers and optimizing trade policies, thus lowering trade costs and promoting economic exchanges [1][2] - Malaysia, as a key member of ASEAN and the rotating chair in 2025, is at the forefront of cooperation with China in digital economy, artificial intelligence, and green development, contributing significantly to regional economic integration [1][2] Group 2 - The Malaysian government has released a series of technical guidelines to promote technological innovation and the widespread application of digital technologies, accelerating local collaboration in areas like 5G with Chinese enterprises [2] - There is substantial potential for cooperation in artificial intelligence between Malaysia and China, focusing on joint development of natural language processing and machine vision technologies to support industrial upgrading and economic transformation [2] - China, as the largest country in terms of renewable energy capacity, is providing crucial support for ASEAN countries' energy structure transformation, with Malaysia making significant progress in solar, energy storage, and green transportation technologies through collaboration with Chinese companies [2]

A级旅游景区累计接待游客113.64万人次、营业收入2515.69万元，同比分别增长10.56%、14.98%；19家 重点监测商贸企业实现销售额6.28亿元，同比增长7.9%……今年"五一"假期，徐州市泉山区假日经济表 现亮眼。文旅消费与商贸经济同出彩，泉山文商旅融合凭实力"出圈"。 在徐州高质量发展综合考核中，泉山区已连续4年位列第一等次，实现主城区"四连冠"。如今，泉山全 力冲刺"千亿级实力城区"、现代产业强区、开放引领之区、消费活力之区，打造徐州城区经济"领头 羊"。"围绕迈向'千亿级'、打造'四个区'的目标定位，我们将更加巩固作为徐州综合实力最强的主城区 地位，以更加坚定的信心在全市大局中多作贡献，以更加高昂的士气在全国、全省发展中争先进 位。"徐州市人大常委会副主任，泉山区委书记，徐州淮海国际港务区党工委书记、管委会主任李勇 说。 5月9日，泉山区珠山数字经济产业园无人机培训基地启用，可提供考取中国民用航空局相关执照的全流 程服务。4月初，泉山低空一体化服务平台试运营。"14台无人机全天候提供政务服务，平台未来还计划 在交通出行等方面发力，把服务触角延伸到百姓身边。"徐州市低空产业发展有限公司负责 ...

Group 1 - The 34th Harbin International Economic and Trade Fair showcased Jixi City with a theme of "Graphite Capital, Poetic Jianghu," featuring a 150 square meter exhibition hall that highlights local industries and cultural characteristics [2] - A record number of over 80 enterprises from Jixi participated, covering various sectors such as industrial manufacturing, technological innovation, bio-economy, digital economy, mineral economy, green food, and cultural tourism, with nearly 300 exhibits on display [2] - The exhibition focused on "special, refined, unique, and new" products, presenting achievements through physical displays and models, while also promoting cooperation with Russian cities and enterprises [2][3] Group 2 - Jixi organized seven major supporting activities during the fair, the highest number in its history, including a conference on building "China's Acanthopanax Capital" and promoting high-quality development in the biopharmaceutical industry [3] - Governmental discussions were held with cities from Russia and Kyrgyzstan to deepen international cooperation, alongside a series of promotional and live-streaming events [3] - The exhibition integrated cultural performances and local specialty product displays, achieving a deep fusion of exhibition, discussion, and negotiation [3]

为贯彻落实习近平总书记在"上海合作组织+"阿斯塔纳峰会上的重要讲话精神，根据有关工作安排，国 家数据局、天津市人民政府将于2025年7月10日至11日，在天津市举办2025上合组织数字经济论坛。 本次论坛以"数字经济新纽带 共拓合作新空间"为主题，将围绕数实融合、城市全域数字化转型、数字 技术创新、数字基础设施建设、数据产权与隐私保护、数据资源开发利用等议题进行深入交流，推动建 立上合组织国家数字经济合作生态，促进产业间、城市间、高校间、智库间数字经济务实合作。届时， 将有上合组织国家数字经济领域政商代表、专家学者和社会各界人士齐聚论坛，进一步深化中国—上合 组织国家在数字经济领域的务实合作，为上合组织峰会营造良好氛围、筹备合作成果。 ...

Group 1 - The report emphasizes that the investment themes from the Two Sessions are not just one-time opportunities but have long-term implications for industry development and sustained excess returns [2][20]. - Short-term characteristics highlight that low valuation themes are more likely to experience valuation increases shortly after the Two Sessions [3][26]. - The correlation between market capitalization distribution and cumulative excess returns weakens over time, indicating that smaller market cap stocks (<100 billion) tend to outperform in the short term [3][30]. Group 2 - Cumulative excess returns and performance growth are significant in the long term, with themes often generating excess returns over a 360-day period post-Two Sessions [4][36]. - Historical analysis shows that only a few years (2017, 2019, 2023) underperformed, suggesting the importance of new proposals in the government work report [4][36]. - The average cumulative excess returns may not be realized in the same year as the Two Sessions, indicating a longer-term guidance effect [4][38]. Group 3 - Seasonal timing indicates that the best periods for investing in Two Sessions themes are February-March and October [5][55]. - The report suggests that themes failing to pass the first-quarter report test may see their momentum stall in spring [5][56]. Group 4 - The evolution of "blockbuster" themes shows a clear pattern: national policy setting, local follow-up, highlighting key enterprises/events, expanding networks, and standardized industry development [6][10]. - Common characteristics of successful themes include alignment with current trends, broad market potential, high recognizability, and performance support [6][10]. - Themes first introduced in the Two Sessions tend to have better long-term excess returns [6][12]. Group 5 - The report identifies investment opportunities in 2025, particularly in deep-sea technology and embodied intelligence (humanoid robots) [7][18]. - Deep-sea technology is positioned as a strategic area with strong performance support, while humanoid robots are seen as potential blockbuster themes due to their alignment with market trends [7][18]. - The report suggests that deep-sea technology has already shown significant gains since the Two Sessions, with a maximum increase of 16.91% and an excess return of 18.16% relative to the Wind All A index [12][16].

来源：这里是大兴 对接需求请扫码 5月16日下午，大兴区人民政府与北京国有资本运营管理有限公司（简称"北京国管"）在大兴区营 商服务中心举行"市区金融联动 赋能产融发展"基金合作签约仪式，两支总规模达40亿元的股权投 资基金正式落地。北京国管公司党委书记、董事长吴礼顺，北京国管公司党委副书记、董事、总经 理郭川，大兴区委书记初军威，区委副书记、区长刘洋参加。 签约活动现场，大兴区与北京国管双方正式签署市区战略合作协议，设立"北京大兴京国瑞""北京 大兴顺禧"两支股权投资基金，总规模达40亿元，在北京国管与区级平台合作设立基金规模中位居 前列。 据悉，新基金将重点支持大兴区生命健康、氢能、商业航天、先进制造、数字经济等领域创新型企 业，通过"资本+产业+生态"协同模式，加速构建全生命周期产业链生态，推动战略性新兴产业和 未来产业落地。 近年来，大兴区高度重视产业发展，持续优化区域营商环境。创新市区两级基金联动投资，围绕政 策支持、资源整合、项目研判、风险控制等方面，加速科技成果转化与产业链升级，累计向市级基 金推荐项目100余个，涉及人工智能、绿色能源、低空经济、新材料、医药等多个产业领域，已为 鞍石生物、智谱 ...

Core Insights - Chengdu High-tech Zone is experiencing robust growth in its digital cultural and creative industry, exemplified by the success of the "Nezha" film series, which ranks fifth in global box office history [1] - The region aims to become a world-class high-tech industrial park, with a projected GDP exceeding 340 billion yuan by 2024 [1] Industry Development - Chengdu High-tech Zone is focusing on three key industries: electronic information, pharmaceutical health, and digital economy, establishing a modern industrial system [2] - The launch of significant projects, such as the AMOLED production line with an investment of 63 billion yuan, is expected to position China as a leader in the OLED display sector [2] - The electronic information industry is expanding, with Chengdu leading in integrated circuits and flexible displays in Central and Western China [2] Pharmaceutical and Digital Economy - The pharmaceutical sector in Chengdu High-tech Zone ranks third nationally, housing over 3,900 companies, including major multinational firms [3] - The digital economy is thriving, with revenue from the sector exceeding 210 billion yuan in 2024, reflecting an 18% year-on-year growth [3] Innovation and Talent - Chengdu High-tech Zone has established a comprehensive innovation ecosystem, including 72 pilot testing platforms and a capital service system with over 323.6 billion yuan in funds [4][5] - The region has attracted over 800,000 talents, with more than 100,000 technology companies founded by these talents [5] Economic Growth and Business Environment - The opening of the first robot park in Western China aims to enhance the robotics industry and create a supportive environment for technology companies [6] - Chengdu High-tech Zone has implemented 35 initiatives to stimulate investment and improve the business environment, focusing on market expansion and cost reduction [6][7] - The area is home to 4,869 national high-tech enterprises and 142 specialized "little giant" companies, positioning it as a leader in Central and Western China [7]

Core Insights - Shenzhen Stock Exchange listed companies are focusing on innovation-driven development, enhancing their overall strength and competitiveness [1] - The overall performance of these companies is stable and improving, with significant increases in R&D investment and a clear emphasis on "high growth" characteristics [1][2] Group 1: R&D Investment and Growth - In 2024, sample companies in the ChiNext Index invested a total of 88 billion yuan in R&D, representing a 10% year-on-year increase [2] - 20 sample companies invested over 1 billion yuan in R&D, primarily in sectors such as new energy vehicles, next-generation information technology, and biotechnology [2] - Next-generation information technology companies saw a 13% increase in R&D investment and a 36% increase in net profit year-on-year [2] Group 2: Revenue and Profitability - In 2024, the total revenue of the Shenzhen 100 Index sample companies reached 7.5 trillion yuan, with overseas revenue of 1.9 trillion yuan, marking an 11% year-on-year growth [4] - In Q1 2025, the Shenzhen 100 sample companies continued to show positive trends, with revenue increasing by 7% and net profit by 21% year-on-year [4] - Key industries such as advanced manufacturing and digital economy reported significant revenue growth, with overseas revenue in the digital economy sector increasing by 18% [4] Group 3: Market Environment and Investor Sentiment - Shenzhen Stock Exchange provides a favorable financing environment, policy support, and market resources for innovative enterprises, contributing to their growth [3] - Over 90% of Shenzhen 100 Index sample companies implemented or announced dividend plans in 2024, with total dividends reaching 275.4 billion yuan, a year-on-year increase of 8% [4] - The ChiNext Index has gained favor among institutional investors, with product scale surpassing 160 billion yuan and net inflows exceeding 50 billion yuan in 2024 [4]

Group 1 - The 22nd China-ASEAN Expo (CAEXPO) will be held from September 17 to 21 in Nanning, showcasing six major highlights including the implementation of the Free Trade Zone 3.0, a focus on artificial intelligence, cross-border industrial chain integration, green leadership, brand empowerment, and service upgrades [1] - The overall progress of exhibition and investment attraction for this year's CAEXPO has exceeded previous years, with a total exhibition area of over 150,000 square meters, featuring both international and domestic exhibitions [1] - The event will include the signing of a Memorandum of Understanding (MOU) or Memorandum of Agreement (MOA) for the establishment of the China-ASEAN Artificial Intelligence Innovation Cooperation Center [1] Group 2 - The artificial intelligence sector has become a focal point for ASEAN countries, with Myanmar showcasing AI applications in agriculture, logistics, education, and digital commerce as the theme country for this year's CAEXPO [2] - Indonesia plans to present its growing digital economy and AI innovation ecosystem, aiming to sign a cooperation memorandum with the China-ASEAN AI Innovation Center during the event [2] - Malaysia and Vietnam will also actively participate, with Malaysia organizing enterprises in AI and advanced manufacturing, while Vietnam will showcase high-tech solutions and investment opportunities between ASEAN and China [2]

Core Viewpoint - Guangdong Province has introduced a series of measures to stimulate market vitality and accelerate the construction of a modern industrial system, focusing on nurturing new productive forces and optimizing services for over 19 million market entities [1][2] Group 1: Policy Measures - The new policy includes 12 measures aimed at fostering new productive forces, optimizing lifecycle services, and enhancing foreign investment attraction [1][2] - A total of over 1 trillion yuan industrial investment fund will be established to support early-stage investments in hard technology sectors [2][8] - The policy addresses financing challenges for enterprises by implementing a "fiscal interest subsidy + government guarantee" strategy, with a maximum annual subsidy of 200 billion yuan for new bank loans to eligible manufacturing and high-tech enterprises [2][3] Group 2: Financing Support - The annual subsidy for bank loans is capped at 200 billion yuan, which is approximately 30% of the expected increase in manufacturing loans for 2024 [3] - The provincial government plans to increase funding for the government guarantee system, potentially supporting over 100 billion yuan in new financing for small and medium-sized enterprises [3] - Financing guarantees will help enterprises that do not meet bank loan criteria to obtain credit, thereby addressing the financing bottleneck [3] Group 3: Service and Infrastructure - The policy establishes a comprehensive service system for enterprises, ensuring that major advanced manufacturing projects receive necessary land and permits promptly [4][5] - Approximately 600,000 acres of industrial land will be designated to support the long-term development of the manufacturing sector [4] - The "Million Talents Gather in South Guangdong" initiative aims to attract high-level talent by simplifying residency processes for skilled individuals [5] Group 4: Foreign Investment Incentives - The new measures enhance incentives for foreign investment, including a maximum reward of 1.3 million yuan for multinational company headquarters and up to 600,000 yuan for foreign R&D centers [6][7] - In the first quarter, Guangdong saw a 16.9% increase in newly established foreign enterprises, with actual foreign investment reaching 35.76 billion yuan [6][7] Group 5: Economic Impact - The strategic focus on 12 key sectors aligns with national strategies and highlights Guangdong's role as a major economic player, with 20 strategic industrial clusters achieving a 5.2% increase in value-added output [8] - The combination of a large market, robust supply chains, and a skilled workforce positions Guangdong as a preferred destination for global investment [8]