每经头条（nbdtoutiao）——天水麻辣烫、淄博烧烤、荣昌卤鹅⋯⋯"泼天流量"退去后，这些城市怎么 样了？ （记者 王晓波） 每经AI快讯，智动力（SZ 300686，收盘价：15.56元）10月10日晚间发布公告称，截至2025年9月30 日，公司通过股份回购专用证券账户以集中竞价交易方式累计回购公司股份约23万股，占目前公司总股 本的0.09%，最高成交价为13.5元/股，最低成交价为12.94元/股，成交总金额为人民币约300万元。 截至发稿，智动力市值为41亿元。 2025年1至6月份，智动力的营业收入构成为：通讯行业占比97.29%，其他业务占比2.71%。 ...

对比之下，日本、韩国和欧盟当年给美国的投资承诺也被反复"核查"，结果呢？2025年5月，欧洲议会公开质疑投资数字被夸大，韩企代表会后直言"宣传和 现实差距大"，气氛一度尴尬。 "特朗普会同意吗？"我拉了位常年跑华盛顿的同行问，他笑了下，说："你信他四年吹过的牛吗？"2025年7月，美国劳工局把6月就业数据重新核算，硬生生 砍掉十几万人，原先媒体吹的"经济大跃进"，换成了负增长，小字报上写得明明白白，没人敢多说一句，特朗普推特还甩锅给下属，说"统计口径有问题"， 看着像极了去年"美国优先"政策下的那场混乱。 换个角度，如果真有1万亿砸进来，谁最先受益？金融圈朋友私下聊起，嗓门压得很低，"别说1万亿了，连1亿的口子美国都卡得死紧"，尤其是半导体和人 工智能领域，一只蚂蚁都别想钻进来，哪怕中国企业真想买点美国科技股，审核流程能卡上半年，最后往往只剩下一封拒绝信。 细节里藏着真相，过去三年里，中企在美投资额度逐年缩水，2025年上半年只比2024年同期多出不到1.5%，按照美国商务部的数据，光审批流程就能耗掉 投资方一半耐心，别说"买通特朗普"，连和路边大爷下盘棋都难找人搭理。 "传闻是真的吗？"有财经自媒体在直播间 ...

据国家发展改革委消息，今年以来，国家发展改革委会同财政部等部门，认真贯彻落实党中央、国务院 关于实施"两新"政策的决策部署，有序下达超长期特别国债资金支持消费品以旧换新。各地各有关部门 持续完善实施机制，强化资金监督管理，推动消费品以旧换新政策取得积极成效。今年1——8月，全国 共有3.3亿人次申领消费品以旧换新补贴，带动相关商品销售额超过2万亿元；限额以上单位家用电器和 音像器材、文化办公用品、家具、通讯器材类商品零售额同比分别增长28.4%、22.3%、22.0%、 21.1%，支撑社会消费品零售总额同比增长4.6%。 近日，国家发展改革委已会同财政部，向地方下达了今年第四批690亿元超长期特别国债支持消费品以 旧换新资金，至此，全年3000亿元中央资金已全部下达。下一步，各有关部门将进一步组织地方合理把 握工作节奏，完善资金使用计划，均衡有序支出补贴资金，加强产品质量和价格监管，严厉打击骗补套 补等违法违规行为，平稳有序实施消费品以旧换新政策，推动补贴资金用到实处、见到实效。 值班编辑：夏木 ...

美股开盘，三大指数集体高开，纳指涨0.28%，标普500指数涨0.2%，道指涨0.25%。 现货黄金逼近4050美元/盎司，黄金股高开，GoldMining涨超10%，金田、哈莫尼黄金、美国黄金公司 涨超3%。 安赛乐米塔尔涨5.6%，欧盟将免税钢铁进口量砍半，超额部分将面临50%的关税。 美国太空通讯公司AST SpaceMobile涨超18%，与Verizon达成合作，明年起推卫星连接手机讯号服务。 (格隆汇) ...

路透社10月2日发表的一篇文章表示，支持以技术驱动的"智能经济"、实现产品和服务的不断创新，以及灵活的政策制定，保护了中国经济发展，并有助于 为中国的经济转型奠定坚实的基础。 这篇文章的作者是法国巴黎银行证券前亚太股票研究主管马尼什·雷乔杜里。雷乔杜里在文章中表示，得益于政府的新政策和现行政策，中国八月份经济不 乏亮点。 作者在文章中指出，北京为支持包括人工智能、半导体和其他先进制造业在内的中国"智能经济"所做的努力，使得信息技术和商业服务行业的发展，自2024 年初以来，超过了其他许多行业，并且这一趋势还将持续下去，因为中国正在大力投资工业机器人和人形机器人，以提升生产力。过去三年，全球超过一半 的工业机器人安装在中国。 路透社文章援引国际机器人联合会显示在中国安装的工业机器人比例不断上升 此外，中国政府的定向政策也为零售业提供了支撑。自2024年底实施以旧换新政策以来，零售业增长最快的领域——家用电器、家具、通讯和办公设备都从 这一政策中受益。今年前八个月，中国零售业销售额实现小幅增长。 作者认为，中国经济增长的另一个驱动力是消费者偏好的转变。中国千禧一代和 Z 世代正涌向新型国内产品和服务，那些可以促进 ...

Core Insights - Data is recognized as the fifth production factor, with its value extraction process being more complex than traditional production factors due to its non-competitive, replicable, and infinite growth characteristics [1] - The development of a market-oriented system, represented by local data trading institutions and data merchants, is becoming the core driver for the growth of the data factor market [1][2] - The establishment of a clear policy framework and implementation path is crucial for enhancing the value of data elements, aiming for a well-functioning ecosystem of data supply and usage [1][4] Current Situation Analysis - The data factor market system is gradually improving, driven by policy guidance and industrial construction, focusing on data, technology, and infrastructure [2] - The digital economy's core industries are becoming significant drivers for the overall economic development in China, with the data factor market expected to grow at a compound annual growth rate (CAGR) of approximately 20.26% to exceed 300 billion by 2028 [6] Policy Analysis - The improvement of the policy framework for the data industry value chain and the establishment of local data systems are essential for the circulation of data factor value [4] Market Size Calculation - China's digital economy has grown from 27.2 trillion in 2017 to 53.9 trillion in 2023, with a CAGR of about 12.07% [6] - The data processing segment, focusing on data processing and analysis, is expected to become the largest sub-industry within the data factor market, reaching approximately 144 billion by 2028 [6] Data Value Chain Circulation - The establishment of a data ownership system based on the "Data Twenty Articles" is crucial for ensuring efficient circulation of data value [11] - Data registration is essential for asset ownership division and promoting data value release, with a "1+3" policy framework guiding public data resource management [13] - The data valuation policy framework is becoming more refined, with public data resource quantification standards emerging as important benchmarks [16] Capitalization of Data Assets - The entry of data assets into financial statements marks a significant step in the capitalization of data elements, with regulations coming into effect in 2024 [19] - The market for data asset transactions is characterized by a "cold inside, hot outside" distribution pattern, with off-market transactions dominating due to their flexibility and customization [21] Industry Practices - The financial sector is expected to see a CAGR of approximately 19.06%, reaching over 100 billion by 2028, driven by the integration of diverse data [30][31] - The industrial manufacturing sector is projected to grow at a CAGR of about 24.22%, with a focus on high-quality data sets and trusted data spaces [34] - The healthcare sector's data element scale is expected to grow steadily, with a CAGR of about 23.69%, emphasizing the importance of data compliance and security [36] Trends - High-quality data sets are becoming key to driving the artificial intelligence industry, with a shift from "single-point breakthroughs" to "holistic development" [39][40] - The construction of trusted data spaces will be crucial for ensuring the circulation and high-value application of data elements [42]

Summary of the Conference Call Company and Industry Overview - The conference call primarily discusses **Luxshare Precision** and its performance in the **consumer electronics**, **communications**, and **automotive** sectors, with a strong focus on its collaboration with **Apple** [2][3][8]. Key Points and Arguments Consumer Electronics - The **iPhone 17 series** has seen a significant year-on-year sales increase, with the first batch of **1.5 million units** sold out in September. Expected sales for September are projected to reach **5 million units**, with a year-end target of over **10 million units**, representing an increase of over **5 million units** year-on-year. Global sales are anticipated to rise by over **20 million units** [2][3]. - Apple has requested its supply chain to increase the production of the iPhone 17 standard version by at least **30%**, indicating strong market demand [2][3]. - Luxshare Precision is benefiting from Apple's investment in AI, with plans for a **$500 billion** investment in AI server factories in the U.S. expected to commence production next year [2][3][4]. Communications Sector - Luxshare has shown excellent performance in the communications sector, driven by the surge in AI computing demand and the need for high-speed connectivity. The company has made significant preparations in electrical and optical connection products, server power supplies, and thermal management solutions [2][5]. - The **Upin Ultra** next-generation server connection rate will increase to **448G**, with a substantial rise in the number of connectors, enhancing Luxshare's market space in electrical connections [8][10]. Automotive Sector - Luxshare's automotive business is growing through both organic growth and acquisitions. The acquisition of the German wiring harness manufacturer **Leoni** is expected to contribute profits next year, with profit margins gradually recovering to the company's overall levels by the following year [3][9]. - The company has secured new project designations from several mainstream automakers for its **T10,000** business, indicating a broadening of its automotive product line and customer base [9][10]. Additional Important Insights - Luxshare is actively collaborating with other edge AI manufacturers, including **OpenAI**, to advance edge AI device development, which may include robotics and other products [6][7]. - The overall outlook for Luxshare is optimistic, with strong growth potential across all business segments, particularly in consumer electronics and communications, while also expanding its footprint in the automotive sector [8][10][11]. - The company is currently viewed as undervalued, with expectations for significant performance and stock price growth in the coming years [10][11].

Group 1: Global AI Market Overview - The global AI IT investment is projected to reach $315.9 billion in 2024 and is expected to grow to $1,261.9 billion by 2029, with a five-year CAGR of 31.9% [1] - The generative AI market is anticipated to have a five-year CAGR of 56.3%, reaching $607.1 billion by 2029, accounting for 48.1% of the total AI market investment [1] Group 2: Regional Insights - The global AI market is divided into nine core regions, with the US and China being the primary drivers, collectively accounting for nearly 70% of the market [4] - By 2029, the European AI market is expected to reach approximately $250 billion, with Western Europe representing over 90% of this market [4] - The Middle East, Africa, and Latin America are experiencing rapid AI industry growth, with a five-year CAGR of 40%, indicating potential as new growth points in the global AI market [4] Group 3: China AI Market Insights - China's total AI investment is projected to reach $111.4 billion by 2029, with a five-year CAGR of 25.7% [7] - The "AI+" initiative is driving the integration of AI across various sectors, elevating its status to a national strategic priority [7] Group 4: Generative AI in China - In 2024, generative AI is expected to account for 18.2% of China's total AI market investment, with this share increasing to 41.1% by 2029, translating to over $45 billion in investment [8] - Generative AI is enhancing automation and intelligence across various verticals, improving efficiency in strategic decision-making and software development [8] Group 5: Industry Investment Trends - The software and information services, telecommunications, and banking sectors are the top three industries investing in AI, projected to account for 43.5%, 7.0%, and 6.0% of the market by 2029, respectively [9] Group 6: AI Application Scenarios in China - Intelligent infrastructure allocation is the largest application scenario in China's AI market, accounting for approximately 40% of the total market [10] - Customer service and self-service powered by AI is the second-largest application scenario, enhancing customer interaction and support [10] - Enhanced contact centers and field services are also significant, utilizing digital channels and intelligent systems to optimize customer service [10] Group 7: Challenges and Future Directions - The complexity and scale of generative AI models are rapidly increasing, driving the growth of the AI market in China [12] - There is a need for improved intelligent computing power and model capabilities, as well as the establishment of high-level open-source communities to foster innovation [12]

然而，这个看似行得通的方案却存在明显的缺陷。特朗普不仅要求欧盟站在美国立场上进行"二级制 裁"，而且他的要求过于极端，几乎将欧盟推向了与中国全面对抗的边缘。欧盟是否愿意屈从于这种压 力？答案显然是否定的。尽管欧盟在应对俄罗斯的能源供应问题上始终处于紧张状态，但对于中国的经 济合作，欧盟显然没有足够的决心去斩断这种重要的贸易纽带。 要理解欧盟的两难境地，必须先了解其内部分歧。即使特朗普施加了巨大的外交压力，要求欧盟"站 队"，但欧盟内部并非一致对外。许多国家（如德国、法国）与中国有着紧密的经济关系，尤其是在高 科技和能源领域，欧洲市场对中国的依赖程度远超美国的要求。事实上，欧盟与中国之间的贸易额已经 达到了数千亿美元，涉及多个行业，包括汽车、电力、通讯和高科技产业。这些产业的稳定性对于欧盟 经济来说至关重要。 此外，欧盟的能源问题也是个不容忽视的现实。在特朗普施压的同时，欧盟成员，如匈牙利、斯洛伐克 等，仍然依赖俄罗斯的能源供应。这使得欧盟在制裁俄罗斯时，面临着经济上的巨大挑战。如果欧盟再 对中国和印度加征高额关税，它不仅将失去与中国的经济合作机会，还将加剧自己在能源领域的危机。 再加上，欧盟面临着来自俄乌冲突 ...

证券研究报告·北交所报告·北交所定期报告 北交所定期报告 20250918 美联储降息 25 个基点，北证 50 指数下跌 1.01% ◼ 今日新股：无 ◼ 风险提示：个股盈利不及预期，行业竞争加剧，贸易摩擦加剧，政策不 及预期等。 2025 年 09 月 18 日 证券分析师 朱洁羽 执业证书：S0600520090004 zhujieyu@dwzq.com.cn 证券分析师 易申申 执业证书：S0600522100003 yishsh@dwzq.com.cn 证券分析师 余慧勇 执业证书：S0600524080003 yuhy@dwzq.com.cn 证券分析师 薛路熹 执业证书：S0600525070008 xuelx@dwzq.com.cn 研究助理 武阿兰 执业证书：S0600124070018 wual@dwzq.com.cn 相关研究 《港股新政优化资本准入，工信部征 集智能网联汽车组合驾驶辅助相关标 准意见》 2025-09-17 《商务部加大信贷力度，北证 50 收涨 0.63%》 2025-09-16 东吴证券研究所 1/8 请务必阅读正文之后的免责声明部分 内容目录 | 1. 资本市场新 ...