智通财经APP获悉，1月9日，中国证监会发布《境外发行上市备案补充材料要求(2026年1月5日—2026 年1月9日)》。中国证监会国际司共对10家企业出具补充材料要求，其中，要求东山精密(002384.SZ)补 充说明医疗器械生产开展情况等事项。据港交所2025年11月18日披露，苏州东山精密制造股份有限公司 递表港交所主板，瑞银集团、海通国际、广发证券和中信证券为其联席保荐人。 五、请补充说明你公司境外募投项目详细情况及履行境外投资审批、核准或备案的情况。 根据灼识咨询的资料，东山精密是全球第一大边缘AI设备PCB供应商，产品主要应用于智能手机、个人 计算机、汽车、工业与物联网设备，并正迅速将能力扩展至数据中心终端市场。 三、请补充说明本次发行完成前后，你公司控股股东、实际控制人持有发行人股份质押情况是否可能导 致重大权属纠纷，或导致发行人控股股东发生变化。 证监会请东山精密补充说明以下事项，请律师核查并出具明确的法律意见： 四、请补充说明你公司境外子公司涉及的境外投资、外汇登记等监管程序具体履行情况，并就合规性出 具结论性意见。 一、请补充说明你公司医疗器械生产、佣金代理、信息技术及社会经济咨询服务、太 ...

我放这个数据 ， 主要是想表达的是 ， 当前的时代和 上世纪 70 年代、 80 年代相比，具有非常强的 共 性。所以在这种背景下，我们说 这种所谓的叫 双重金属，既具有 " 国家战略安全属性 " ，还具备着生产力进步 、 新的科技进步对其需求提振 。 它具备双重金属的特 征，它会表现出价格的异常。 这个情况其实在 70 年代到 80 年代，其实都在这些金属上爆发过。之所以提，因为过去的几年的时间里， 我觉得我们跟当年的这个时代其实有着非常大的一个相同性。 我在 2016 年 写 《 见证逆潮 》 初稿 的时候，其实就提到过这两个时代的雷同，本质上来讲都是科技在经历战争或者经历 停滞 的大阶 段，像美国大概从 1965 年一直到 1980 年之间 ， 进入到 长期 的全要素生产率 停滞 阶段。 我们 目前所处 这个阶段中，逆全球化的特 征 —— 或者 说 右 翼 化的特征会比较明显 ， 同时地缘政治 比较 紧张， 而 科技的进步和新的生产力正在逐渐产生 。 在 上世纪 60 年代到 80 年代的阶段中，其实是完全一样的。工业时代带来的生产力红利已经结束，生产关系的错配正在产生。全球的右 翼化和冷战的这种思潮在 ...

Core Viewpoint - The implementation plan aims to enhance the adaptability of supply and demand in consumer goods, targeting the formation of three trillion-level consumption sectors and ten hundred-billion-level consumption hotspots by 2027, focusing on elderly products, smart connected vehicles, and consumer electronics [1] Group 1: Elderly Products - The plan emphasizes the development of age-friendly products, including elderly service robots, multifunctional nursing beds, and health monitoring devices [6][7] - It promotes the launch of comfortable, functional, and stylish clothing and footwear for the elderly, as well as food products that cater to their nutritional needs [9] - An initiative will be launched to support elderly products and services, encouraging home modifications for elderly care and promoting age-friendly product directories [11] Group 2: Smart Connected Vehicles - Significant breakthroughs have been made in key technologies for smart connected vehicles, establishing a complete industrial chain that includes smart cockpits, autonomous driving, and connected cloud control [12] - From January to October, retail sales of new energy passenger vehicles reached 10.15 million units, marking a year-on-year increase of 21.9% [12] - The production value of smart vehicle equipment manufacturing increased by 25.1% in the first three quarters, with new car sales of vehicles equipped with Level 2 driving assistance features growing by 21.2% [14] Group 3: Consumer Electronics - The definition of consumer electronics has evolved, now encompassing a wide range of products including personal computers, smartphones, and smart home devices, with a focus on integrating generative artificial intelligence technologies [17][18] - From January to October, the production of smartphones reached 1.02 billion units, with overall sales in the home appliance and communication equipment sectors also showing significant growth [19] - The plan encourages the development of smart home products, consumer electronics, and the establishment of a robust manufacturing base in the home appliance sector [23]

Core Viewpoint - The report from Credit Lyonnais anticipates Lenovo Group's revenue for the second quarter of fiscal year 2026 to grow by 13% year-on-year, with adjusted net profit expected to increase by 14% [1] Group 1: Financial Projections - Lenovo's IDG business revenue growth is expected to benefit from strong personal computer shipment volumes [1] - The target price for Lenovo has been raised from HKD 11.7 to HKD 12.8, while maintaining an "outperform" rating [1]

Core Viewpoint - The implementation of the "Ten Key Industries Stabilization Growth Plan" aims to provide a clear roadmap for the industrial economy's stability and transformation, focusing on ten key sectors that account for approximately 70% of the industrial economy [1] Group 1: Policy Framework - The plan emphasizes a dual approach of supply and demand, establishing a systematic policy framework to address structural challenges through the elimination of outdated capacity and optimization of industrial structure [2] - Specific measures are tailored to different industries, such as promoting upgrades in the electronic information manufacturing sector and focusing on new energy and smart grid equipment in the power equipment sector [2] Group 2: Technological Innovation - The plan prioritizes technological innovation and quality improvement, outlining differentiated innovation paths for various industries, including smart manufacturing in machinery and green products in light industry [3] - A complete industrial ecosystem is established across the ten industries, facilitating the incubation and application of new technologies and models, thereby enhancing overall competitiveness [3] Group 3: Systemic Effects and Industry Chain Collaboration - The plan highlights the importance of systemic effects and collaboration within the industry chain, where the interconnected nature of these industries can create a ripple effect, enhancing technological progress and cost reduction across related sectors [4] - The comprehensive implementation of the stabilization growth plan is expected to usher in a new strategic development opportunity for the ten key industries, contributing to both current economic stability and long-term industrial development [4]

Core Viewpoint - The implementation of the "Ten Key Industries Stabilization Growth Plan" aims to provide a clear roadmap for the industrial economy's stability and transformation, focusing on ten key sectors that account for approximately 70% of the industrial economy [1][3]. Group 1: Policy Framework - The plan emphasizes a dual approach of supply and demand, establishing a systematic policy framework to address structural challenges through the elimination of outdated capacity and optimization of industrial structure [3][4]. - Specific measures are tailored to different industries, such as promoting upgrades in the electronic information manufacturing sector and focusing on new energy and smart grid equipment in the power equipment sector [3][4]. Group 2: Technological Innovation and Quality Improvement - The plan prioritizes technological innovation and quality enhancement, outlining differentiated innovation paths for various industries, such as advancing smart manufacturing in machinery and developing green products in light industry [4][5]. - A complete industrial ecosystem is being constructed across the ten industries, facilitating the incubation and large-scale application of new technologies and models, which will enhance overall competitiveness [4][5]. Group 3: Systemic Effects and Industry Chain Collaboration - The plan highlights the importance of systemic effects and collaboration within the industry chain, where the long chains and high interconnectivity of these industries can create a ripple effect across related sectors [5][6]. - The healthy development of the electronic information manufacturing sector can drive technological advancements and cost reductions in related industries like photovoltaics and lithium batteries [5][6]. Group 4: Long-term Development and High-Quality Growth - The comprehensive implementation of the stabilization growth plan is expected to usher in a new strategic development opportunity for the ten key industries, impacting both current economic stability and the long-term development of China's industrial system [6]. - By balancing stabilization and structural adjustment, the plan aims to promote the coordinated development of traditional industry upgrades and emerging industry cultivation, moving towards high-quality development [6].

Core Viewpoint - The new round of ten key industries' steady growth plans aims to stabilize the industrial economy amidst external uncertainties and internal structural adjustments, focusing on maintaining reasonable growth rates to support the overall economy [1][2]. Group 1: Key Industries and Their Importance - The ten key industries targeted include steel, non-ferrous metals, petrochemicals, chemicals, building materials, machinery, automobiles, power equipment, light industry, and electronic information manufacturing, which collectively account for about 70% of the industrial economy [4][6]. - These industries are characterized by long industrial chains, high interconnectivity, and strong driving effects, making them crucial for the overall stability of the industrial economy [6]. Group 2: Policy Differences and Focus - The current steady growth policies differ fundamentally from those in 2023, shifting from "quantitative growth" to "quality and efficiency" [2][10]. - The new policies emphasize structural optimization and long-term high-quality development, focusing on both supply and demand sides [2][11]. - On the supply side, the emphasis is on technological innovation to optimize supply, while on the demand side, the focus is on creating new demand and exploring new markets [11][12]. Group 3: Specific Industry Goals - The automotive sector aims for annual sales of approximately 32.3 million vehicles by 2025, with a 3% year-on-year growth, and a target of 15.5 million new energy vehicles, representing a 20% increase [6]. - The power equipment sector targets an average revenue growth of around 6% for traditional power equipment and aims to enhance the export volume of new energy equipment [7]. - The electronic information manufacturing sector aims for an average growth rate of 7% in value-added output, with a revenue growth target of over 5% for the sector as a whole [7][8].

Core Viewpoint - The new round of ten key industry growth stabilization plans has been launched to support industrial growth amid external and internal economic challenges, focusing on maintaining reasonable growth rates in key industries to stabilize the overall economy [1][2]. Group 1: Industry Growth Plans - The plans include the "Electronic Information Manufacturing Industry Action Plan (2025-2026)", "Power Equipment Industry Growth Stabilization Work Plan (2025-2026)", and "Automobile Industry Growth Stabilization Work Plan (2025-2026)" [1]. - The ten key industries targeted are steel, non-ferrous metals, petrochemicals, chemicals, building materials, machinery, automobiles, power equipment, light industry, and electronic information manufacturing, which collectively account for about 70% of the industrial economy [3][4]. Group 2: Specific Industry Goals - The "Automobile Plan" aims for annual vehicle sales of approximately 32.3 million by 2025, a year-on-year increase of about 3%, with new energy vehicle sales expected to reach 15.5 million, a growth of about 20% [3]. - The "Power Equipment Plan" sets a target for traditional power equipment to maintain an average annual revenue growth rate of around 6%, while the advanced manufacturing cluster in the power equipment sector aims for a 7% annual revenue growth [4]. - The "Electronic Information Manufacturing Plan" anticipates an average growth rate of 7% for major electronic equipment manufacturing, with a target of over 40% market penetration for large-screen televisions by 2026 [4][6]. Group 3: Policy Focus and Changes - The current stabilization policies emphasize quality and efficiency alongside growth, shifting from a focus on quantity to structural optimization and long-term high-quality development [2][8]. - The policies aim to enhance supply through technological innovation and address irrational market competition, promoting a unified national market [2][7]. - The emphasis on creating new demand and exploring new markets marks a shift from the previous focus on restoring consumer growth [7][8].

Core Viewpoint - The article discusses the recent policy support for the AI industry in Henan Province, aiming to integrate AI into new industrialization and achieve a scale of over 160 billion yuan by 2027, establishing Henan as a significant AI industrial hub and innovation application demonstration area [1][2]. Group 1: Policy and Goals - The Henan Provincial Government has issued an action plan to accelerate AI-enabled new industrialization from 2025 to 2027, focusing on deep integration of AI with manufacturing to promote high-end, intelligent, and green transformation [2][6]. - The plan sets a target for the AI industry in Henan to exceed 160 billion yuan by 2027, establishing it as a national AI industrial highland and innovation application demonstration zone [1][2]. Group 2: Technological Development - The action plan emphasizes the need for high-end chip development and the strengthening of AI applications in smartphones, personal computers, and integrated large models [1][4]. - It aims to enhance production efficiency and precision through AI algorithms in various sectors, including the development of high-performance batteries and electric control systems [2][3]. Group 3: Infrastructure and Support - The plan includes the establishment of a comprehensive financial service system to support AI companies in fundraising and going public [1][4]. - It also focuses on improving computing power and network infrastructure, integrating into the national computing network, and promoting the construction of regional computing resource scheduling [5][6]. Group 4: Investment Opportunities - The "Artificial Intelligence+" initiative is seen as a cornerstone for the large-scale promotion of the AI industry in China, aiming to enhance national competitiveness and seize global AI leadership [7][8]. - Investment opportunities are identified in smart infrastructure, industrial intelligence platforms, and healthcare solutions, with a focus on domestic AI chip production and industrial intelligence [8].

Core Insights - The article discusses the transformative impact of revolutionary technologies on wealth creation, highlighting that while some innovations lead to significant wealth accumulation, others may reinforce existing structures without generating substantial financial returns [1][2]. Group 1: Historical Context of Technological Innovations - The microprocessor, invented in 1971, initially served as a calculator component but later became foundational for personal computers, leading to a massive wave of innovation and wealth creation [3][4]. - The early personal computer market faced skepticism, with major companies like IBM initially dismissing its potential, which allowed smaller innovators to thrive [12][15]. - The rise of personal computers took time, with significant growth occurring only after practical applications emerged, demonstrating the need for patience and momentum in technological revolutions [8][10]. Group 2: Investment Dynamics in Emerging Technologies - The article contrasts the investment landscape of the personal computer revolution with the current state of generative artificial intelligence (AI), suggesting that AI may face similar challenges in wealth distribution [19][37]. - Investors are cautioned that the current phase for AI may be a "bad timing" stage, where the benefits of innovation may not flow to the creators but rather to the end customers [2][40]. - Historical examples, such as container shipping, illustrate that while a technology can revolutionize an industry, the financial benefits may not accrue to the innovators but rather to the customers and established players [24][35]. Group 3: Future Outlook for AI Investments - The potential for generative AI to create significant economic value is acknowledged, but the article raises questions about who will capture this value and how [39][45]. - The investment strategy suggested is to focus on downstream opportunities that leverage AI to enhance efficiency and reduce costs, rather than upstream investments in foundational technologies [40][45]. - The article emphasizes that the ultimate beneficiaries of AI advancements will likely be consumers, who will enjoy lower prices and improved services as a result of increased efficiency [48].