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国信证券张立超、王开:构筑新质生产力投资框架体系
Group 1: Core Concepts of New Quality Productivity - New quality productivity is a key engine driving high-quality economic development in China, representing a deep integration of technological innovation and industrial upgrading [1][2] - The concept emphasizes the cultivation of strategic emerging industries such as new energy, new materials, advanced manufacturing, and electronic information, aiming to enhance new development momentum [2][3] - The transition to new quality productivity marks a significant improvement in total factor productivity, driven by technological innovation and the restructuring of industrial value chains [3][4] Group 2: Development Pathways for Enterprises - Enterprises are the main practitioners of new quality productivity, focusing on upgrading traditional industries and strategically positioning emerging industries [4][5] - Traditional industries are essential for economic development and serve as a fertile ground for new quality productivity, while emerging industries inject new momentum into economic growth [7][8] - The development of commercial aerospace exemplifies the transition from government-led initiatives to commercial operations, highlighting the rapid growth of the industry in China [7][9] Group 3: Regional Development Strategies - Different regions in China should adopt tailored approaches to develop new quality productivity based on their resource endowments and industrial foundations [8][9] - The Guangdong-Hong Kong-Macao Greater Bay Area is a key region for cultivating new quality productivity, characterized by a complete industrial system and strong economic complementarity [9][10] - Major cities like Beijing, Shanghai, and Guangdong are focusing on specific industries such as integrated circuits, smart connected vehicles, and advanced manufacturing to drive regional economic growth [8][9] Group 4: Investment Opportunities - Investment strategies should focus on sectors that integrate digital and traditional economies, emerging industries with rapid market penetration, and future industries with technological breakthroughs [10] - The importance of selecting the right market segments is emphasized, with attention to opportunities in information technology, finance, and industrial sectors [10]