近日，"人工智能+"行动迎来重要进展。国务院印发的《关于深入实施"人工智能+"行动的意见》（以下 简称《意见》）提出，推动智能终端"万物智联"，培育智能产品生态，大力发展智能网联汽车、人工智 能手机和电脑、智能机器人、智能家居、智能穿戴等新一代智能终端，打造一体化全场景覆盖的智能交 互环境。 "此次《意见》的出台，让我国新一代智能终端的发展有了顶层设计和落地方向，推动我国智能终端产 业加速从'功能互联'迈向'自主智能'的新阶段。人工智能手机和电脑作为智能终端的核心载体，将加速 AI技术在消费、工业、医疗等领域的应用，推动智能经济核心产业规模的快速增长。"中国人工智能学 会理事汪镭对《证券日报》记者表示。 政策东风催生AI终端新赛道 今年以来，我国对人工智能新终端和新业态的重视程度提升至新高度。"人工智能手机和电脑"亦多次出 现在我国围绕人工智能部署的相关政策中。 2025年《政府工作报告》首次提出"人工智能手机和电脑"。在业内人士看来，这意味着我国"人工智能 +"战略在终端层面的全面落地，将通过数字技术赋能制造业，培育经济增长新动能。 今年5月份，国家数据局综合司印发的《数字中国建设2025年行动方案》提出， ...

行 业 报 告 行业点评 国务院印发"人工智能+"行动意见，我国AI产业未来将加速 发展 强于大市( 维持) 行情走势图 证券分析师 杨钟 投资咨询资格编号 S1060525080001 yangzhong035@pingan.com.cn 闫磊 投资咨询资格编号 S1060517070006 YANLEI511@pingan.com.cn 徐碧云 投资咨询资格编号 S1060523070002 XUBIYUN372@pingan.com.cn 陈福栋 投资咨询资格编号 S1060524100001 CHENFUDONG847@pingan.com.cn 王佳一 投资咨询资格编号 S1060525070001 WANGJIAYI446@pingan.com.cn 2025年08月27日 事项： 2025年8月26日，国务院印发《关于深入实施"人工智能+"行动的意见》。 平安观点： 电子 行 业 点 评 研 究 报 告 通过本地化数据处理实现低延迟、高隐私与强交互体验，已从单一语音 助手拓展至多模态全场景。高通在《AI变革正在推动终端侧推理创新》 中也指出，DeepSeek R1的推出标志着推理向端侧迁移，AI ...

文字早评 2025/08/27 星期三 消息面： 1、国务院发布深入实施"人工智能+"行动的意见，到 2027 年新一代智能终端、智能体等应用普及率 超 70%；强化智能算力统筹；推动智能终端"万物智联"，大力发展智能网联汽车、人工智能手机和电 脑、智能机器人、智能家居、智能穿戴等新一代智能终端； 2、今年 7 月货币基金规模增长超 3800 亿元，股票基金规模增长超 1900 亿元，混合基金规模增长超 1300 亿元，而债券基金规模下降超 460 亿元; 3、寒武纪：2025 年上半年实现营业收入 28.81 亿元，同比增长 4347.82%；实现净利润 10.38 亿元，同 比扭亏； 4、美国 7 月耐用品订单环比下降 2.8%，预期下降 4%，前值下降 9.4%。 期指基差比例： IF 当月/下月/当季/隔季：-0.08%/-0.25%/-0.54%/-0.97%； IC 当月/下月/当季/隔季：-0.68%/-1.19%/-2.51%/-4.33%； IM 当月/下月/当季/隔季：-0.82%/-1.52%/-2.96%/-5.08%； IH 当月/下月/当季/隔季：0.03%/0.07%/0.12% ...

人民财讯8月26日电，国务院印发《关于深入实施"人工智能+"行动的意见》，其中提出，培育产品消费 新业态。推动智能终端"万物智联"，培育智能产品生态，大力发展智能网联汽车、人工智能手机和电 脑、智能机器人、智能家居、智能穿戴等新一代智能终端，打造一体化全场景覆盖的智能交互环境。加 快人工智能与元宇宙、低空飞行、增材制造、脑机接口等技术融合和产品创新，探索智能产品新形态。 ...

Core Insights - The integration of artificial intelligence (AI) with mobile communication is expanding the boundaries of the information and communication industry, leading to new growth opportunities [1][2][3] - The development of AI technologies and their applications in various sectors, including telecommunications, is rapidly evolving, with significant advancements in smart devices and services [2][3][4] Industry Developments - In the first five months of this year, telecommunications revenue in China reached 748.8 billion yuan, marking a 1.4% year-on-year increase, driven by the growth of 5G and gigabit optical networks [1] - The number of 5G base stations in China reached 4.486 million by the end of May, accounting for 35.3% of all mobile base stations, with 5G mobile phone users totaling 1.098 billion, representing 60.8% of mobile phone users [7][8] Technological Innovations - The Shanghai World Mobile Communication Conference showcased various AI-driven technologies, including humanoid robots, electronic guide dogs, and smart connected vehicles, highlighting the transformative impact of AI on daily life [2][5][6] - China has developed 433 large models for AI applications, emphasizing the country's advancements in open-source, low-cost, and high-efficiency AI solutions [3] Future Trends - The concept of "carbon-silicon fusion" is emerging, where AI technologies are expected to enhance the integration of energy and information, leading to new forms of intelligent life and societal roles [4][6] - The telecommunications industry is transitioning towards a more integrated network that combines satellite and ground networks, enhancing overall connectivity and enabling advanced applications such as immersive XR and industrial automation [8]

Group 1 - ASUS is seeking to launch artificial intelligence computers in Japan, indicating a strategic expansion into the AI market [1] - The company has warned that prices in the United States may increase, potentially affecting its competitive positioning [1] - This move aligns with the growing demand for AI technology and reflects the company's commitment to innovation in the tech industry [1]

Group 1 - UBS Wealth Management's report highlights the importance of achieving technological self-sufficiency in China, especially in the context of U.S. technology export controls [1] - China is expected to see strong growth in AI computing investments, with self-sufficiency in AI computing projected to rise from 33% in 2024 to 90% by 2029, increasing local AI computer market value from $6 billion to $81 billion [1] - Global AI spending is forecasted to grow by 60% this year to $360 billion, with an additional 33% increase expected by 2026, reaching $480 billion [1] Group 2 - UBS believes that if tariff conditions improve, tech stocks could benefit from strong earnings growth of 12% or more, supporting a continued recovery [2] - The impact of new tariffs from the Trump administration has not yet been fully reflected in inflation data, with potential inflation effects becoming more apparent as inventory levels decrease [2] - The temporary suspension of retaliatory tariffs between the U.S. and China is expected to help limit inflation by reducing import costs and avoiding supply chain damage [2]

Core Viewpoint - The Chinese government's strategy in response to external uncertainties is to stabilize consumption in the short term while focusing on technological innovation for future growth [2][4]. Economic Growth and Inflation Targets - The GDP growth target for 2025 is set at around 5%, aligning with the need to maintain employment and stabilize the economy amid external changes [4][10]. - The inflation target has been adjusted down to around 2%, reflecting a more pragmatic approach to managing price levels and addressing low inflation concerns [5][10]. Employment and Agricultural Goals - The urban unemployment rate target remains at around 5.5%, with a goal of creating 12 million new urban jobs, indicating a focus on employment stability [6]. - The grain production target has been raised to 1.4 trillion jin, emphasizing the importance of food security in the face of external challenges [7]. Fiscal Policy and Government Investment - The fiscal deficit rate for 2025 is set at 4%, with a new deficit scale of 566 billion yuan, indicating a more proactive fiscal stance [10][11]. - Government investment will focus on major strategic projects, aiming to leverage public investment to stimulate social investment and improve overall investment efficiency [34][36]. Monetary Policy - The monetary policy remains moderately accommodative, with potential interest rate cuts and reserve requirement ratio reductions anticipated to support economic growth [18][20]. - The focus will be on balancing liquidity and maintaining stable financing costs, with an emphasis on supporting technology, consumption, and the real estate market [19][21]. Consumption and Consumer Confidence - The government aims to boost consumption through various measures, including subsidies for upgrading consumer goods and enhancing service consumption [24][25]. - Policies will focus on increasing disposable income and reducing household burdens to enhance consumer confidence and spending [26][27]. Technological Innovation and Industrial Development - The government emphasizes the importance of technological innovation in driving new productive forces and modernizing the industrial system [38]. - There will be a push for the integration of technology and industry, fostering the development of advanced manufacturing and modern service sectors [38].

Macro - The fiscal policy for 2025 aims for a deficit rate of 4%, signaling a proactive fiscal stance, with a nominal GDP target of approximately 141.5 trillion yuan, reflecting a growth rate of about 4.9% [2][3][10] - The overall revenue growth target for 2025 is set at around 3.6%, which is higher than the actual growth of -3.4% in the previous year, indicating a shift towards positive growth in key tax categories [10][11] Electronics - The electronics sector is currently over-allocated, with active public funds holding 9.63% of their stock investment value in this industry, driven by factors such as the Deepseek model and increased capital expenditure from leading cloud companies [16][17] - The electronics index has risen by 8.19% as of February, with dynamic PE at the 94.71 percentile over the past decade, indicating strong market performance [17] - The domestic semiconductor industry is making significant progress, with wafer foundries expanding capacity and high-end passive components seeing accelerated localization [17] Computer - The government work report elevates "Artificial Intelligence+" to a national strategy, promoting the large-scale application of AI and the integration of digital technology with the real economy, which is expected to drive growth in the computer industry [19][20] - The report emphasizes the need for new infrastructure and intelligent terminal innovation, forecasting a substantial demand for computing power and data infrastructure [20][21] Pharmaceuticals - The 2025 government work report focuses on innovation in pharmaceuticals, including the establishment of an innovative drug directory and support for the development of innovative drugs [24][25] - The report indicates an increase in financial support for medical insurance, with per capita subsidies expected to reach 700 yuan per year, which will enhance the payment capacity for innovative drugs [26] - The pharmaceutical sector is anticipated to recover, with structural opportunities arising from the support for commercial insurance and the recovery of medical consumption [28] Environmental - The 2025 government work report maintains a strong commitment to green transformation, with a focus on developing clean energy and low-carbon traditional energy [30][31] - The report highlights the expected growth in offshore wind power installations, with projections of 10-15 million kilowatts of new capacity in 2025 [31][32] - The demand for green electricity is expected to increase significantly, driven by improved consumption and pricing conditions in the renewable energy sector [33][34] Home Appliances - The government is prioritizing consumer spending, with significant subsidies allocated for appliance upgrades and replacements, particularly in the home appliance sector [37][38] - The home appliance industry is expected to benefit from a seamless transition of subsidy policies into 2025, enhancing domestic demand [38][39] - Globalization presents a significant opportunity for the home appliance industry, with companies expanding their production capabilities internationally [39][40] Communication - The government work report emphasizes the establishment of a growth mechanism for future industries, including biomanufacturing, quantum technology, and 6G, indicating a commitment to scaling these sectors [43][44] - The report outlines plans for expanding 5G applications and optimizing national computing resource layouts, which are expected to foster the development of a competitive digital industry cluster [43]