第一梯队（绝对主线）：半导体制造（华虹、中芯）与核心AI芯片（地平线）。涨幅遥遥领先，是硬 科技和国产替代逻辑的集中体现。 第二梯队（成长赛道）：智能电车（小鹏、零跑）、AI应用（百度、商汤）、数字健康（京东健 康）。享受产业趋势红利，但竞争格局或盈利路径仍在验证中。 第三梯队（价值修复）：平台型互联网巨头（阿里、腾讯）及成熟应用（网易、快手、腾讯音乐）。涨 幅主要来自盈利兑现、分红回购带来的价值重估，属于"高质量成熟资产"。 港股2025年行情收官，恒生科技指数全年累计大涨23.45%，创下自2020年以来最佳年度表现。在30只 恒生科技指数成份股中，有22只个股上涨，8只个股下跌。 其中，华虹半导体大涨243.19%居前，地平线机器人大涨140.56%，中芯国际大涨124.69%，京东健康大 涨97.51%，阿里巴巴-W大涨77.50%，小鹏汽车-W大涨70.10%，百度集团-SW大涨59.01%，腾讯音乐- SW大涨58.44%。 这张榜单揭示了2025年资金在科技领域的偏好顺序： | 序号 | 代码 | 名称 | 最新价 | 涨跌幅 | 年初至今涨跌 √ | | --- | --- | --- | - ...

围绕2025年资本市场的IPO环境，全球上市加速器集团于2025年11月9日前邀请业界大咖，开启"2025企 业转型升级与中美港上市"31期高峰公益论坛。 业内专家指出："中国企业的盈利模式，已经从单一的产品驱动，逐渐转变为'产品+资本'的双模式驱 动，这是企业未来发展的方向及趋势。从这个角度来说，选择上市是最可靠的，从而开创它的二次辉 煌。"不可否认的是，企业进行融资后，可以广泛吸收社会当中的资金，有了这些资金的支持之后，可 以快速地提高产品的竞争力和市场的占有率，对长远发展十分重要。 主讲嘉宾1曾任国家发改委国际合作中心副主任,现任国家发改委市场与价格研究所副所长刘建兴主讲了 高质量共建"一带一路",构建互利共赢合作新格局。 一是推进共建"一带一路"绿色发展。推动绿色丝绸之路建设与联合国可持续发展议程深入对接。围绕绿 色基建、绿色生态、绿色能源、绿色交通、绿色金融等重点领域，依托和完善"一带一路"绿色发展国际 联盟等重要平台，落实好"一带一路"绿色投资原则。 二是加快培育数字领域合作新业态新模式。深化数字治理合作，加快推进加入《数字经济伙伴关系协 定》（DEPA）等协定谈判进程，加快世界贸易组织（WTO） ...

Core Viewpoint - New quality productivity is an inevitable path for switching economic growth momentum, characterized by high technology, high efficiency, and high quality, driven by technological breakthroughs and innovative allocation of production factors [4][10]. Group 1: Overview of New Quality Productivity - New quality productivity is defined as advanced productivity that achieves significant leaps in labor, materials, and objects through technological revolutions and deep industrial transformations [4]. - The development of new quality productivity is supported by various government policies aimed at enhancing emerging industries and future industries [5][24]. Group 2: Key Industry Core Sorting - The overall development of new quality productivity in Chinese provinces shows a trend of improvement and uneven development, with 20 provinces reaching a medium to high level since 2021 [9][10]. - High-level provinces such as Beijing, Shanghai, Zhejiang, Guangdong, and Jiangsu are expected to benefit first due to their advantages in higher education resources, innovation talent distribution, and infrastructure [9][10]. Group 3: Development Potential in Related Fields - The new quality productivity industry chain can be broken down into six core segments: digital economy, high-end equipment, biotechnology, smart electric vehicles, energy transition, and future industries [11][25]. - Each segment is expected to experience long-term favorable conditions driven by policies, with high-end equipment and energy transition showing significant growth potential [12][11]. Group 4: Investment Outlook - The focus on optimizing supply chains and actively cultivating emerging and future industries is crucial for enhancing new quality productivity [11][25]. - The government is expected to implement policies to address overcapacity in certain industries, promoting industrial restructuring and enhancing domestic demand [24][25].

Core Insights - New quality productivity is the core engine driving high-quality economic development in China, characterized by high technology, high efficiency, and high quality, resulting from technological revolutions, innovative resource allocation, and deep industrial transformation [4][8] - The development of new quality productivity signifies a transition from old to new driving forces, marked by a significant increase in total factor productivity (TFP), emphasizing technological innovation and the restructuring of industrial value chains [4][20] - The investment opportunities in new quality productivity are categorized into six core industrial tracks: digital economy, high-end equipment, biotechnology, smart electric vehicles, energy transition, and future industries like quantum information [4][20][38] New Quality Productivity Overview - New quality productivity is defined as advanced productivity that achieves significant leaps in labor, materials, and objects through technological breakthroughs and innovative configurations [8][19] - The overall development of new quality productivity across provinces shows a gradient improvement, with high-level provinces like Beijing, Shanghai, Zhejiang, Guangdong, and Jiangsu expected to benefit first due to their advantages in higher education resources, innovation talent distribution, and infrastructure [19][18] Key Industry Core Analysis - The six core tracks of new quality productivity include: 1. Digital economy, driven by data collection and processing, cloud computing, and AI technologies [39] 2. High-end equipment, which encompasses key materials, core components, and integrated applications [46] 3. Biotechnology, focusing on medical devices and innovative drugs [49] 4. Smart electric vehicles, emphasizing intelligent connectivity [38] 5. Energy transition, which aims for carbon neutrality through the development of non-fossil energy sources [52] 6. Future industries, including quantum technology and low-altitude economy [61][68] Investment Outlook - The investment landscape is shaped by the need to optimize resource allocation efficiency and enhance total factor productivity, with a focus on avoiding overcapacity and low-level repetitive construction [23][31] - The government is expected to implement policies to promote domestic demand and facilitate the transition towards new quality productivity, which includes large-scale equipment updates and consumer goods replacement initiatives [31][32]

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]

Group 1: Core Characteristics and Development Logic of New Quality Productivity - New quality productivity represents a new understanding of the relationship between technological revolution, industrial transformation, and economic development, emphasizing the cultivation of strategic emerging industries such as new energy and advanced manufacturing [2][3] - The transition to new quality productivity is marked by a significant increase in total factor productivity, driven by technological innovation and the restructuring of industrial value chains [3][4] - The development of new quality productivity requires deep integration of education, technology, and talent, focusing on information technology empowerment and high-end talent cultivation [3] Group 2: Corporate Development Pathways - Companies can develop new quality productivity through traditional industry transformation and strategic layout of emerging industries, promoting intelligent and green transitions in manufacturing [4][5] - The effectiveness of new quality productivity can be evaluated through indicators such as corporate competitiveness, innovation efficiency, sustainability, and social value, highlighting its advanced nature compared to traditional productivity [4][5] Group 3: Core Industry Tracks of New Quality Productivity - New quality productivity investment can be broken down into six core industry tracks: digital economy, high-end equipment, biotechnology, smart electric vehicles, energy transition, and future industries [5][6] - The digital economy relies on data collection and processing, while high-end equipment encompasses key materials and core components, indicating a broad scope for investment opportunities [5][6] Group 4: Regional Development Layout - Different regions should adopt targeted approaches to develop new quality productivity based on their resource endowments and industrial foundations, with cities like Beijing, Shanghai, and Guangdong leading in various strategic sectors [8][9] - The Guangdong-Hong Kong-Macao Greater Bay Area is highlighted as a key region for cultivating new quality productivity, with a complete industrial system and strong economic complementarity [9] Group 5: Future Outlook and Investment Strategies - Future investment strategies should focus on technology-driven sectors, identifying valuable industry nodes and constructing investment portfolios that integrate traditional and emerging industries [10] - Attention should be given to sectors such as information technology, finance, and industrial opportunities, as well as mergers and acquisitions that may arise from industry logic [10]