9月25日，A股主要指数走强，创业板指领涨，突破3200点，续创三年多新高。自4月8日低点以来，创业板指累计涨幅 约80%。截至午间收盘，创业板指涨2.22%，报3256.38点；上证指数涨0.16%，报3859.62点；深证成指涨1.14%，报 13508.98点。 | 行情 | 资金净流入 | 涨跌分布 | | --- | --- | --- | | 上证指数 | 深证成指 | 北证50 | | 3859.62 | 13508.98 | 1578.37 | | +5.98 +0.16% | +152.83 +1.14% | -0.56 -0.04% | | 科创50 | 创业板指 | 万得全A | | 1482.69 | 3256.38 | 6326.32 | | +26.22 +1.80% | +70.81 +2.22% | +36.65 +0.58% | 盘面上，固态电池、AI应用、AI算力硬件、消费电子等科技成长方向集体爆发，龙头股宁德时代股价创出历史新高， 且市值超越贵州茅台，成为推动创业板指走高的重要推动力。下跌方面，港口航运、贵金属、旅游等板块调整幅度较 前。 宁德时代股价创历史新高 固态电池 ...

盘前要闻 1、习近平在联合国气候变化峰会发表视频致辞，宣布中国新一轮国家自主贡献 类型：行业 情绪影响：正面 习近平宣布中国新一轮国家自主贡献：到2035年，中国全经济范围温室气体净排放量比峰值下降 7%-10%，力争做得更好。非化石能源消费占能源消费总量的比重达到30%以上，风电和太阳能发电总 装机容量达到2020年的6倍以上、力争达到36亿千瓦，新能源汽车成为新销售车辆的主流。 2、美股三大指数收跌，中概股指数逆势大涨近3%！阿里巴巴涨超8% 类型：市场 情绪影响：正面 隔夜美股三大指数集体收跌，但中概股逆势大涨，纳斯达克中国金龙指数涨2.83%，阿里巴巴大涨超 8%，公司承诺加大对AI基础设施的投资，其他热门股中，京东涨5.74%、百度涨5.85%。 3、美国与欧盟达成贸易协议，将欧盟进口汽车的关税下调至15% 类型：宏观 情绪影响：正面 美国周三宣布将欧盟进口汽车的关税下调至15%，并追溯至8月1日生效，以巩固今夏双方达成的框架性 贸易协议条款；调整内容还包括自9月1日起对部分领域的豁免，例如飞机及零部件、仿制药及其原料， 以及部分金属和矿石。 4、商务部部长王文涛召开部分在美中资企业圆桌会，坚定维护 ...

近日，商务部等8部门联合印发《关于大力发展数字消费共创数字时代美好生活的指导意见》（以下简 称《指导意见》）。《指导意见》全面贯彻落实党中央、国务院决策部署，发挥超大规模市场优势，扩 大数字消费多元化供给，创新和丰富数字消费场景，促进数字消费更高水平供需动态平衡，激发和增强 社会经济活力，共创数字时代美好生活。 《指导意见》聚焦供需两侧协同发力，从4方面提出14项任务举措。一是丰富数字消费领域供给。扩大 数字产品消费，提升数字服务消费，创新数字内容消费，拓展数字消费渠道，以数字消费新供给激发消 费新需求。 二是培育壮大数字消费经营主体。提升数字消费企业创新能力，赋能中小企业数字化发展，支持数字消 费企业发展壮大，不断增强内生动力和创新活力。 三是优化数字消费支撑体系。打造数字消费平台载体，完善快递物流配送体系，提升支付便利化水平， 强化要素投入保障，加强财政金融支持，构建高效协同的数字消费生态体系，夯实数字消费发展基础。 四是营造数字消费良好环境。开展消费促进活动，推动国际交流合作，促进规范健康发展，统筹促进与 规范、国内与国际，以更优环境推动数字消费高质量发展。 《指导意见》要求各有关单位充分认识数字消费在 ...

Group 1 - The core viewpoint emphasizes that "boosting consumption" is a key point for expanding domestic demand and stabilizing growth, with Shenzhen's recent implementation plan aimed at enhancing consumer demand and market prosperity [1][2][3] - Shenzhen's approach includes a dual focus on demand and supply, aiming to enhance consumer capacity and willingness while optimizing supply-side measures [3][4] - The plan outlines specific measures to increase residents' income through high-quality employment, multi-channel income growth, and addressing overdue payments to businesses [4] Group 2 - Shenzhen aims to create an industrial consumer goods cluster characterized by digitalization, intelligence, and fashion, leveraging its strong manufacturing base [5][6] - The plan includes promoting AI terminal consumption and full-home smart products, with initiatives to enhance product visibility through flagship stores and experiential services [6] - The fashion consumer goods sector will be developed through product innovation and events, with a focus on local brands and unique offerings [7] Group 3 - The plan seeks to tap into the potential of basic service consumption, enhancing the quality of life services such as dining, property management, and elder care [8][9] - Dining is highlighted as a key area for potential growth, with strategies focusing on brand development and creative dining experiences [9][10] - Home services and elder care are also emphasized, with initiatives to improve service quality and accessibility for families [10]

Core Viewpoint - The article discusses the acceleration of the "engineer dividend" in China's economy, particularly in the pharmaceutical industry, highlighting the importance of talent, investment, and research and development (R&D) as key factors driving growth. Talent - The proportion of medical graduates from ordinary higher education institutions has shown a consistent upward trend since 2004, reaching 10.4% in 2021, up from 6.2% in 2003, indicating a significant increase in talent supply in the medical field [2] - The proportion of doctoral graduates in medical fields has also increased, reaching 18% in 2022, up from 11% in 2009, reflecting a growing emphasis on advanced medical education [2] Investment - Fixed asset investment growth in the pharmaceutical industry significantly accelerated from 2009 to 2016, with an average annual growth rate of 145% compared to the overall industry growth rate during that period [2] - The overall technical investment ratio also saw a central upward trend during this time, indicating increased capital allocation towards technology in the pharmaceutical sector [2] Research - The Nature Index, which measures the influence of research institutions in natural sciences, shows that China's biological sciences field's index rose from approximately 17.5% of the U.S. in 2019 to 37.8% in 2023, indicating a rapid increase in research output [2] - This growth in research output is a key indicator of the increasing R&D capabilities within China's pharmaceutical industry [2] Corporate R&D - The number of PCT (Patent Cooperation Treaty) patent applications in the pharmaceutical, biotechnology, and medical technology sectors has increased significantly, with China reaching 30% of the U.S. level by 2019 and projected to reach 48% by 2024 [3] - The R&D investment index for leading pharmaceutical companies has shown a marked increase since 2019, indicating a faster pace of R&D investment among top firms [3] - Pharmaceutical companies listed on the stock market have seen their R&D revenue as a percentage of total revenue enter double digits in 2023, surpassing the overall A-share market [3] R&D Harvest Period - The concept of "R&D harvest period" is highlighted as a critical lens for observing the current stage of China's economy and technology-intensive industries, emphasizing the importance of prior R&D efforts in driving future growth [4]

Group 1: Core Objectives of the Implementation Plan - The Shenzhen government has officially issued the "Implementation Plan for Boosting Consumption," which includes 39 specific measures aimed at enhancing residents' consumption capacity and willingness, increasing the supply of quality and diverse consumption options, and strengthening policy support and guarantees [1][2][4] Group 2: Enhancing Residents' Consumption Capacity and Willingness - The plan proposes actions to increase residents' income, ensure consumption capacity, and optimize consumption restrictions, including subsidies for eligible job-seeking graduates of up to 100,000 yuan [2][3] - Measures include expanding access to basic medical insurance for children, increasing educational resources, and improving healthcare services [3][4] Group 3: Increasing Quality and Diverse Consumption Supply - The plan emphasizes the promotion of artificial intelligence products and encourages local businesses to launch limited edition and co-branded products [4][5] - It supports the development of new service models in the housing market and encourages the establishment of integrated service spaces for various community needs [5][6] Group 4: Promoting New Consumption Trends - The plan aims to develop pet-friendly commercial areas and enhance cross-border pet services, reflecting the growing "pet economy" [6][7] - It also focuses on boosting tourism by enhancing duty-free shopping options and creating a world-class travel destination [7][8]

Market Performance - A-shares saw collective gains across the three major indices from April 21 to April 25, with the Shanghai Composite Index closing at 3295.06 points, up 0.56%, the Shenzhen Component Index at 9917.06 points, up 1.38%, and the ChiNext Index at 1947.19 points, up 1.74% [2][3] - Approximately 65% of stocks experienced price increases during the week, with 141 stocks rising over 15% and 48 stocks declining over 15% [2] Sector Performance - The automotive, beauty care, basic chemicals, machinery equipment, and public utilities sectors showed significant gains, while the food and beverage, real estate, coal, social services, and banking sectors experienced declines [2] International Market Overview - The U.S. stock market indices also rose on April 25, with the Dow Jones Industrial Average increasing by 20.10 points to 40113.50 points (up 0.05%), the S&P 500 rising by 40.44 points to 5525.21 points (up 0.74%), and the Nasdaq Composite gaining 216.90 points to 17382.94 points (up 1.26%) [4][5] - European indices also saw gains, with the FTSE 100 closing at 8415.25 points (up 0.09%), the CAC 40 at 7536.26 points (up 0.45%), and the DAX at 22242.45 points (up 0.81%) [4] Commodity Prices - International oil prices increased, with light crude oil futures for June delivery rising by $0.23 to $63.02 per barrel (up 0.37%) and Brent crude oil futures for June delivery increasing by $0.32 to $66.87 per barrel (up 0.48%) [4] Policy Developments - The Ministry of Commerce and other departments announced a reduction in the threshold for departure tax refunds, allowing foreign travelers to apply for refunds on purchases of 200 RMB or more [5] - The State Council approved nuclear power projects, emphasizing the importance of safety and adherence to the highest global standards [6] - A seminar on the development of artificial intelligence terminals was held, focusing on technological innovation and the promotion of AI applications [7][8] Industry Insights - The retail sector, particularly department stores, is expected to benefit from the new departure tax refund policy, which may enhance inbound tourism spending [5] - The nuclear power sector is recognized for its efficiency and low environmental impact, with potential future applications in desalination and hydrogen production [6] - The transportation sector aims to integrate clean energy and promote electric vehicles as the mainstream option by 2035 [9]

Group 1 - Tsinghua University has established an AI hospital, marking a new phase in the integration of AI and healthcare, aiming to create a sustainable and high-quality medical service ecosystem [1] - The AI hospital will initially focus on general medicine and specialized departments such as ophthalmology, radiology, and respiratory medicine, leveraging existing healthcare facilities [1] - The initiative is expected to alleviate the imbalance of medical resources and enhance the level of grassroots medical services, presenting investment opportunities in AI healthcare infrastructure and data platforms [1] Group 2 - Neusoft Group and Tongji University have jointly established a future vehicle-mounted AI laboratory, targeting the rapid application of smart connected vehicles in China [2] - The laboratory will focus on lightweight AI, augmented reality navigation, and multimodal interaction, leveraging academic and industrial expertise [2] - This collaboration highlights the acceleration of industry-academia-research synergy in the smart automotive sector, with potential investment opportunities in human-computer interaction and high-precision positioning [2] Group 3 - An AI terminal industry development seminar emphasized the need for enhanced inter-departmental collaboration and industry synergy to promote technological innovation and application [3] - The meeting called for the acceleration of AI technology adoption in consumer terminals and the establishment of a standardized evaluation system for intelligent products [3] - The initiative aims to expand the market for AI terminal products in China, with potential growth in smart home and wearable device sectors [3]

科创板周报 · 科创板 深圳发布《加快推进 AI 终端产业发展行动计划》 科创板周报 (3.3-3.7) 2025年3月11日 核心观点(3.3-3.7) 分析师 吴砚靖 ☎: 010-66568589 网: wuyanjing@chinastock.com.cn 分析师登记编码：S0130519070001 邹文倩 ☎：010-86359293 网: zouwenqian@chinastock.com.cn 分析师登记编码：S0130519060003 相对沪深 300 表现图 2025-3-10 资料来源：iFinD，中国银河证券研究院 相关研究 【银河科创板】周报_DeepSeek 高成本利润率 利好 AI 产业链上下游-20250304 【银河科创板】周报_首批科创综指 ETF 已开始 发行-20250218 【银河科创板】周报_2025 开年以来科创板上市 公司回购热情不减-20250211 【银河科创板】周报_电子、医药生物、计算机 业绩预告表现较好-20250122 【银河科创板】周报_科创板成为 A 股指数化投 资比例最高板块-20250114 www.chinastock.com.cn 证券 ...