Core Viewpoint - The report highlights the investment strategies and portfolio adjustments of Morgan Stanley fund manager Lei Zhiyong, focusing on the digital economy sector, particularly in intelligent computing infrastructure and AI applications [2][10]. Group 1: Fund Performance and Management - Lei Zhiyong's managed fund size increased by over 50% in Q1 2025, reaching a total management scale of 55.31 billion yuan, up from 36.09 billion yuan in the previous quarter [5]. - The fund "Damo Digital Economy Mixed" saw a net subscription of 763 million units during Q1, bringing its latest scale to 52.33 billion yuan, a nearly 55% increase from the end of last year [5]. - The fund maintained a high stock position, with stock holdings exceeding 90%, and made slight increases compared to the previous quarter [6]. Group 2: Investment Focus and Adjustments - The top ten holdings of the Damo Digital Economy Mixed fund remained stable, with structural adjustments made in individual stocks. New additions included KOTAI Power, Lens Technology, and Shenghong Technology, while stocks like Zhongji Xuchuang and Huadian were removed [7]. - The fund continues to focus on the digital economy sector, with a positive outlook on intelligent computing infrastructure and AI applications for future investment opportunities [9][10]. Group 3: Market Environment and Challenges - The market environment in 2025 has not been favorable for Lei Zhiyong, with only one of the three managed funds, Damo Wan Zhong Innovation, showing a profit, while the others reported negative returns [10]. - The strategy of focusing on the technology sector reflects Lei Zhiyong's long-term belief in AI, but the current market performance indicates that this approach may not yield leading returns compared to diversified investments [10].

Group 1 - The 2025 China-Singapore (Chongqing) Entrepreneur Exchange Conference was held in Chongqing, with representatives from 15 Singaporean companies and over 60 local entrepreneurs discussing cooperation opportunities and achieving more than 10 cooperation projects on-site [1] - This year marks the 10th anniversary of the implementation of the China-Singapore (Chongqing) Strategic Connectivity Demonstration Project, serving as a new node for deepening cooperation and development between Chongqing and Singapore [3] - Since the implementation of the connectivity project, Chongqing has become a major destination for Singaporean investments, attracting over 50 new enterprises, including CapitaLand, and establishing more than 30 key projects [3] Group 2 - The visiting Singaporean business delegation covers various sectors, including food wholesale, smart home appliances, financial trade, legal services, and healthcare, featuring internationally influential organizations and companies [3] - During the visit, representatives explored key landmarks and commercial projects in Chongqing, gaining insights into the local business environment, investment potential, and cooperation opportunities [5] - Future cooperation will focus on modern finance, commerce, digital economy, and health services, leveraging the advantages of the connectivity project and free trade zone to create open parks and projects [5] Group 3 - A strategic cooperation agreement was signed between the Chongqing International Chamber of Commerce and the China-ASEAN Economic and Trade Center during the event [6] - Chongqing aims to collaborate with Singapore to establish a core area for international exchanges in the central and western regions, facilitating Singaporean enterprises to set up regional headquarters and international procurement centers [6] - The partnership will also focus on building an international consumption center city core area and a financial industry park, attracting Singaporean companies to establish their international headquarters in Chongqing [6]

Core Viewpoint - Kangbashi New City in Inner Mongolia is a model of green development, continuously enhancing ecological civilization since being awarded the "National Ecological Civilization Construction Demonstration Zone" in 2019 [1] Group 1: Ecological Development and Urban Planning - Kangbashi District integrates the concept of "lucid waters and lush mountains are invaluable assets" into urban development, focusing on creating a modern, livable grassland city [3] - The district emphasizes high-standard planning and construction, prioritizing low-energy, low-pollution, and high-value green industries to ensure sustainable development [3] - Urban ecological infrastructure has been improved with the establishment of 34 parks, achieving a green coverage rate of 42.65% and ensuring that every citizen can access a park within a 10-minute walk [4] Group 2: Environmental Governance and Quality Improvement - Kangbashi has implemented measures to improve air quality, achieving an average PM2.5 level of 21 micrograms per cubic meter over the past five years, with over 320 days of good air quality [5] - The district has enhanced water quality in the Ulanmuren River, elevating its status from Class V to Class III, and has been recognized as a model for beautiful rivers and lakes [5] - Initiatives for waste management and recycling have led to the creation of "waste-free cells" and the establishment of intelligent waste sorting systems [5] Group 3: Low-Carbon Development and Economic Growth - Kangbashi aims to achieve carbon peak through comprehensive economic and social development, becoming a model for low-carbon urban construction [6] - The district has made significant progress in carbon reduction and transformation, supporting the development of new energy industries and electric public transport [6] - The service sector has diversified, with digital economy, cultural tourism, and financial services becoming key pillars, attracting well-known enterprises to the region [6] Group 4: Cultural and Tourism Development - Kangbashi has been recognized as a national-level night culture and tourism consumption cluster, enhancing its cultural influence through various attractions [7] - The district is advancing energy-saving and environmental protection industries, with distributed photovoltaic projects and waste-to-energy initiatives laying a foundation for a zero-carbon city [7] Group 5: Community Engagement and Green Living - The ecological initiatives in Kangbashi are centered around the people, focusing on improving environmental infrastructure and promoting a harmonious living environment [8] - The district is developing a park city model, with plans for pocket parks and green corridors to enhance urban green spaces [8][9] Group 6: Future Outlook and Sustainable Development - Kangbashi has transformed from a "desert city" to an "oasis city," receiving multiple accolades for its ecological and urban development achievements [10] - The district is committed to sustainable development, aiming to drive growth through ecological initiatives and contribute to ecological civilization [11]

老铁们，我是你们的老朋友帮主郑重。干了20年财经记者，见过三次大牛市五次股灾，但最近这行情真是让我这老江湖也直呼"活久见"。 别是数字经济和高端制造这两个方向，可能会有超预期的利好出台。 最后送大家一句话：牛市赚钱是运气，熊市不亏才是真本事。咱们做中长线投资的，要学会在逆风局里修炼内功。记住帮主郑重的铁律：宁可错过，不 要做错；等待，是为了更好的出击。五月的科技赛道，咱们不见不散！ 今天安记食品、国光连锁、国芳集团、中毅达这些前期的强势股说翻脸就翻脸，直接给追高的兄弟们表演了个"高台跳水"；想着低吸的那些算力等科技票 吧，天天阴跌就像钝刀子割肉，抄底抄成股东的感觉。最绝的是那些中位票，热点轮动比窜天猴还快，早盘刚追进去的票，下午就被砸成了"猪头三"，基 本都是盘中富贵，这哪是投资啊，分明是来玩心跳游戏的。 现在网上那些大V都在吐槽，说这行情比2015年股灾还刺激，简直是"多动多错，少动少错，不动不错"。不过帮主我得提醒大家，现在距离四月底还有四 个交易日，咱们得稳住心态。根据我跟踪的私募仓位数据，最近头部机构都在悄悄调仓换股，把高位的题材股往低位科技蓝筹转移。这让我想起2019年 一季度的行情，当时科技股也是 ...

Group 1 - The 27th China Beijing International Science and Technology Industry Expo (Beijing Sci-Tech Expo) will be held from May 8 to 11 at the National Convention Center, featuring a doubled exhibition area of approximately 50,000 square meters and over 800 participating enterprises and institutions [1][3] - The theme of this year's expo is "Technology Leading, Creating a Future," focusing on cutting-edge technology, emerging industries, and future industries, aiming to deepen international cooperation in technology and promote the integration of innovation, industry, finance, and talent [1][2] - A variety of activities will take place during the expo, including trade and investment promotion events, online display and matching, and a series of specialized forums and promotional meetings [3] Group 2 - The expo will showcase original achievements in foundational technologies such as quantum computing, gene editing, and flexible sensing technology, along with innovative products like room-temperature quantum computers and gene therapies for hereditary diseases [2] - Notable exhibits will include over 400 new achievements from the "Three Cities and One Area" and various sub-parks of Zhongguancun, featuring advanced technologies like reusable rockets and cutting-edge ophthalmic diagnostic equipment [2] - The upgraded online negotiation system will incorporate AI models to provide smarter and more precise services for participants, enhancing the overall experience of the expo [3]

Core Viewpoint - The article discusses the impact of the U.S. government's increased tariffs on Chinese imports, specifically the rise to 125%, and China's response to impose similar tariffs on U.S. goods. It emphasizes the resilience and adaptability of Zhejiang's economy in facing these challenges, highlighting the importance of innovation and a supportive business environment [1][2][4]. Group 1: Economic Impact and Response - The U.S. has raised tariffs on Chinese goods to 125%, which violates international trade rules and puts pressure on foreign trade enterprises in Zhejiang [1]. - Zhejiang's export value is projected to reach 3.9 trillion yuan in 2024, with a trade openness level 16 percentage points higher than the national average [1]. - The response from Zhejiang's businesses reflects a willingness to endure hardships, with a focus on maintaining competitiveness through strong product quality and diverse markets [1]. Group 2: Strategic Recommendations - Companies should focus on upgrading products and services, transitioning towards high-end, intelligent, and green solutions, while the government should enhance the business environment by being responsive to market needs [2][6]. - The key to overcoming the challenges posed by tariffs lies in leveraging the strengths of the private economy and digital economy, as over 80% of Zhejiang's exports are generated by private enterprises [5]. - Emphasizing the importance of digital economy initiatives, such as the "online Silk Road," can help improve supply and demand information asymmetries, facilitating high-quality exports [5]. Group 3: Long-term Development Perspective - The imposition of tariffs may inadvertently drive technological and industrial innovation in China, pushing for deeper integration of technology and industry [4]. - The competition between nations increasingly centers on the ability to innovate, necessitating a focus on transforming technological advancements into productive capabilities [7]. - A conducive environment for innovation and fair competition is essential for the growth of enterprises, which includes reforms to support talent mobility and a commitment from government officials to uphold market principles [7]. Group 4: Confidence Building Among Entrepreneurs - The "Four Thousand" spirit, which embodies resilience and innovation, is crucial for boosting the confidence of private entrepreneurs in Zhejiang [8]. - Systemic reforms in areas such as property rights protection and income distribution are necessary to foster an environment conducive to innovation and entrepreneurship [8]. - Entrepreneurs are encouraged to align with trends in digitalization, sustainability, and human-centered development to ensure compliance and drive growth in both traditional and emerging sectors [8].

Group 1 - The China Securities Digital Economy Theme Index (931582) decreased by 1.52% as of March 31, 2025, with mixed performance among constituent stocks [1] - Leading gainers included Huada Jiutian (301269) up 4.43%, Guanglian Da (002410) up 2.28%, and Sanhuan Group (300408) up 2.16%, while leading decliners were Nasda (002180) down 4.51%, Mingzhi Electric (603728) down 4.40%, and Tonghuashun (300033) down 4.32% [1] - The Digital Economy ETF (560800) fell by 1.65%, with the latest price at 0.77 yuan and a trading volume of 10.7362 million yuan [1] Group 2 - The Digital Economy ETF closely tracks the China Securities Digital Economy Theme Index, which selects listed companies in high digitalization sectors to reflect the overall performance of digital economy theme stocks [2] - As of February 28, 2025, the top ten weighted stocks in the index included Dongfang Caifu (300059), SMIC (688981), and Huichuan Technology (300124), collectively accounting for 50.97% of the index [2] Group 3 - The ongoing technological competition among major countries is intensifying, necessitating the localization of AI computing power, supported by policies aimed at increasing the share of self-controlled computing power [1] - The development of leading models like DeepSeek and AIAgent is expected to significantly increase the demand for inference computing power, marking a shift from training-driven to inference-driven demand [1] - Major tech companies are open-sourcing their models, accelerating the democratization of AI and advancing multimodal technology, which presents new development opportunities for AI applications [1]

Core Viewpoint - The article discusses the potential of Hangzhou to become a new "Silicon Valley" in China, emphasizing its unique characteristics and the emergence of a "Silicon Alley" model that focuses on urban innovation and application-driven technology solutions [2][7][24]. Group 1: Economic Indicators - Hangzhou's land auction prices have reached nearly 90,000 yuan per square meter, making it the third highest in China, trailing only behind Shanghai and Beijing [2]. - The city has seen a net population inflow of 455,000 in 2024, the highest in the country, with nearly a quarter of this number moving to Hangzhou [2]. - Financial institutions in Hangzhou have a deposit balance nearing 8 trillion yuan, reflecting the city's economic vitality and potential for future growth [4]. Group 2: Innovation and Development - Hangzhou's digital economy core industry accounts for 42% of its GDP, with a technology contribution rate exceeding 68% [10]. - The city has established over 50,000 innovative enterprises in its Future Technology City, which spans more than 120 square kilometers, boasting a patent density 1.5 times that of Silicon Valley [7][10]. - The local government has streamlined its development zones, reducing the number from 1,059 to 134, focusing on enhancing the quality of remaining parks and towns [10][11]. Group 3: Urban Development Model - The "Silicon Alley" model emphasizes innovation emerging from urban centers rather than large tech parks, contrasting with the traditional Silicon Valley approach [15][19]. - Hangzhou's approach to innovation is characterized by addressing practical human needs and market demands, focusing on cost-saving, mass production, and rapid deployment of solutions [24][25]. - The city is leveraging its historical and cultural resources to foster a vibrant local culture while integrating technology and innovation into everyday life [29][31]. Group 4: Future Trends - The value of core urban areas in Hangzhou is expected to rise, with significant price differentiation in real estate, particularly in the main urban districts [28]. - There is a potential shift away from reliance on large corporations, with smaller, more agile companies driving innovation [28]. - The local government is transitioning from a management-focused role to a service-oriented approach, which is crucial for fostering a supportive environment for startups and small enterprises [28].

以动力电池产业为标杆，宜宾已集聚120余个产业链项目，涵盖正负极材料、电解液等关键环节， 形成完备的产业生态；晶硅光伏产业从零起步，快速完成全产业链布局，2024年产值达288亿元；新型 储能产业依托中国中车，初步构建从研发、集成到关键部件的完整链条。 吉利控股集团有限公司资深副总裁、高级顾问俞学良在谈及落户宜宾的感受时表示："落户宜宾以 来，我们深切感受到这里优质的营商环境和广阔的发展前景。从政策扶持到服务效率，从基础设施到人 才资源，宜宾都为我们提供了全方位的支持和保障。这种贴心的服务和良好的投资环境，让我们对未来 的发展充满了信心。" 近年来，宜宾市积极探索招商引资新路径，推出"产业链+基金+资本+场景+科技+专业化公司+会 展"协同发展战略。今年初，宜宾在四川省率先举办产业投资基金群发布会，发布超600亿元的基金矩 阵，以及首期总规模196亿元的基金合作榜单。经过前期广泛对接31家意向基金机构，宜宾共链接项目 107个，在此次活动中签约基金机构8家，签约基金推荐项目18个、协议金额达82.9亿元。 "面向未来，宜宾将充分发挥产业基金的引领作用，重点布局新型储能、智能网联新能源汽车、人 工智能、低空经济 ...

Core Viewpoint - The government aims for a GDP growth target of around 5% for 2025, emphasizing the need for stable employment, risk prevention, and improving people's livelihoods, supported by economic growth potential and favorable conditions [1][6]. Group 1: Economic Growth and Conditions - The economic growth target of 5% for 2025 is supported by several favorable conditions, including more proactive macroeconomic policies, particularly in fiscal and monetary areas [6][10]. - The government plans to increase the scale of new government debt to 11.86 trillion yuan, a rise of 2.9 trillion yuan from the previous year, which will positively impact investment and consumption [6][10]. - The balance of contributions from exports, investment, and consumption to economic growth is noted, with significant advancements in strategic emerging industries driven by technological innovation [5][6]. Group 2: Fiscal and Monetary Policies - The fiscal policy will see a deficit rate increase to around 4%, with a total deficit scale of 5.66 trillion yuan, marking a nearly 40% increase from last year [10]. - The monetary policy will be more accommodative, maintaining ample liquidity and supporting sectors like technology innovation and consumption [10][11]. Group 3: Consumption and Investment - To boost consumption, the government will implement special actions, including increasing income for low- and middle-income groups and stabilizing asset values in real estate and stock markets [11][12]. - Investment efficiency will be improved by selecting key projects for government investment and encouraging private sector participation in infrastructure projects [12][14]. Group 4: Key Industries and Reforms - Focus areas for new quality productivity include digital economy, green economy, life sciences, and low-altitude economy, with significant technological breakthroughs expected [15][16]. - Key reforms to be pushed include enhancing the vitality of business entities, accelerating the construction of a unified national market, and deepening fiscal and tax reforms to increase local financial autonomy [17][18].