Core Insights - China's GDP growth for the first three quarters of the year is 5.2%, with total GDP surpassing 101 trillion yuan, indicating a stable economic performance despite external pressures and internal challenges [1] - The contribution of final consumption expenditure to economic growth is 53.5%, an increase of 9 percentage points compared to the previous year, highlighting its role as a key driver of economic growth [1] - Foreign trade remains stable, with total goods import and export value increasing by 4.0% year-on-year, showcasing resilience and sustainability in China's trade [1] Group 1: Economic Stability - The economic stability in China is underscored by the strong contribution of consumption to growth, which is crucial in the face of external shocks [3] - The "replace old with new" policy has been expanded this year, leading to increased adoption of smart products among consumers [3] - Service consumption is rapidly growing, with efforts made to enhance the quality of services to meet rising consumer demands for personalized and experiential offerings [3] Group 2: Innovation and Development Quality - China's innovation capabilities are a core strength, with significant advancements in various sectors, including humanoid robots and high-speed trains [2] - The user base for generative artificial intelligence reached 515 million by June this year, indicating explosive growth in this area [2] - The focus on cultivating new productive forces across different fields is contributing to the formation of super competitiveness in the economy [2] Group 3: Future Outlook - Achieving the annual economic targets is supported by a solid foundation, but it requires concerted efforts to navigate challenges [3] - The government aims to effectively leverage policy measures to balance short-term growth with long-term development, ensuring a smooth transition between old and new economic drivers [3] - Continuous reforms in key areas are necessary to enhance the internal momentum of economic development [3]

Economic Overview - China's GDP growth for the first three quarters of the year is 5.2%, with a total GDP exceeding 101 trillion yuan, indicating a stable economic performance despite external pressures and internal challenges [1] - Final consumption expenditure contributed 53.5% to economic growth, an increase of 9 percentage points compared to the previous year, highlighting its role as the main engine of growth [1] - Foreign trade showed resilience, with total goods import and export volume increasing by 4.0% year-on-year, reflecting strong sustainability [1] Innovation and Development Quality - China's innovation capabilities are a core strength, with significant advancements in various sectors, including humanoid robots and high-speed trains [2] - The user base for generative artificial intelligence reached 515 million by June this year, indicating explosive growth in this area [2] Consumer Trends - Consumption upgrade is a notable characteristic of the economy, with policies like the trade-in program promoting the adoption of smart products [3] - Service consumption is rapidly growing, driven by increasing demand for quality and personalized experiences, although there is still potential for expanding high-quality service supply [3] Future Outlook - The foundation for achieving annual economic targets is solid, but it requires concerted efforts to enhance policy effectiveness and balance short-term growth with long-term development [3]

Core Viewpoint - The recent performance of the STAR Market (科创板) has outpaced other sectors, driven by industrial prosperity and capital allocation, with expectations for continued structural strength despite potential short-term volatility [1][2]. Group 1: Market Performance - As of August 28, the STAR 200, STAR 100, and STAR 50 indices have increased by 51.01%, 43.47%, and 31.71% respectively year-to-date, leading all sector indices [1]. - The STAR Market is characterized as a "technology bull" market, significantly outperforming other sectors due to its focus on technology innovation [1][3]. Group 2: Industry Drivers - The surge in the STAR Market is attributed to high demand in "hard technology" sectors, particularly driven by the explosion in AI computing power, which has positively impacted sub-sectors like computing chips and optical modules [1][2]. - The STAR Market includes leading companies in chip design and development, such as Cambrian (寒武纪) and Haiguang Information (海光信息), which are benefiting from a strong domestic demand for high-end chips [2]. Group 3: Capital and Policy Support - There has been a significant increase in capital allocation towards the STAR Market, with daily turnover and trading volume rising, and the STAR Market ETF surpassing 250 billion yuan [2]. - Continuous policy and institutional benefits are being released, enhancing market confidence in the "hard technology" ecosystem [2]. Group 4: Future Outlook - The STAR Market is expected to maintain its structural strength, supported by accelerating industrial fundamentals and abundant capital, with over 10 trillion yuan of potential funds anticipated to enter the market [4]. - However, there are concerns regarding valuation pressures, as the overall PE ratio for the STAR Market exceeds 62 times, indicating potential volatility due to high valuations [5].

Group 1 - The core driving force of economic growth and industrial transformation is technological innovation, which has been recognized by the capital market as a significant trend [1] - Since 2025, the A-share market has seen a remarkable performance in technology stocks, with the Sci-Tech Innovation Board (STAR Market) becoming the main platform for this surge due to policy support and technological breakthroughs [1] - As of August 11, 2025, the STAR Market Composite Index has increased by 22% year-to-date, significantly outperforming broader indices such as the CSI 300 and the SSE 50 [1] Group 2 - The STAR Market has established itself as a pillar of the current technology stock rally, with the number of listed companies reaching 589 and total market capitalization exceeding 7 trillion yuan [2] - Over 80% of companies on the STAR Market are in emerging industries such as new-generation information technology, biomedicine, and high-end equipment manufacturing, contributing to a robust industrial ecosystem [2] - The AI sector has seen significant capital expenditure growth, with the STAR AI and STAR Chip indices recording cumulative increases of over 109% and 95% respectively since September 24 of the previous year [2] Group 3 - The "KOT" valuation logic is gaining traction in the capital market, supported by the development advantages of "reform, innovation, going global, and mergers and acquisitions" [3] - The recent upward trend in STAR Market indices reflects the market's positive response to the "KOT" valuation logic, bolstered by a series of reforms aimed at enhancing the adaptability of quality technology enterprises [4] - The introduction of the "1+6" policy measures in June 2025 has created a growth layer for technology companies that have significant breakthroughs but are currently unprofitable, providing more investment opportunities [4]

Group 1 - The core driving force for economic growth and industrial transformation is technological innovation, with the Sci-Tech Innovation Board (STAR Market) emerging as a key platform for technology stocks since 2025, supported by policy and technological breakthroughs [1][2] - As of August 11, the STAR Market Composite Index has increased by 22% year-to-date, significantly outperforming broader indices like the CSI 300 and SSE 50, indicating strong market confidence in "hard technology" [1][2] - The STAR Market has seen a substantial increase in listed companies, reaching 589 with a total market capitalization exceeding 7 trillion yuan, with over 80% of companies in emerging industries such as new-generation information technology and biomedicine [2][3] Group 2 - The growth potential of "hard technology" companies on the STAR Market has been a crucial support for the recent rise in technology stocks, particularly in the AI sector, where domestic models like DeepSeek have driven significant capital expenditure growth [2][3] - The STAR Market's AI and chip indices have recorded cumulative increases of 109% and 95% respectively since September 2022, reflecting high market enthusiasm for these sectors [2][3] Group 3 - The performance of innovative pharmaceutical companies on the STAR Market has been a highlight in the technology stock rally, with significant milestones achieved in drug development and commercialization [4] - Notable achievements include a record-breaking $12.5 billion upfront payment for a PD-1/VEGF dual antibody candidate and the approval of multiple new drugs, showcasing the competitive strength of Chinese innovative drugs [4] Group 4 - The STAR Market has implemented a series of reforms to enhance the inclusivity and adaptability of quality technology companies, including the establishment of a growth tier for unprofitable tech firms, which has improved liquidity and investor engagement [5][6] - The introduction of 32 STAR Market indices has provided a diverse range of investment options, attracting approximately 200 million investors and significantly increasing the scale of STAR Market ETFs [7][8]

Core Viewpoint - China's manufacturing sector is transitioning towards high-quality development, emphasizing technological self-reliance and innovation to enhance industrial capabilities [2][4]. Group 1: Economic Performance - In the first half of the year, the added value of China's manufacturing industry increased by 7.0%, with equipment manufacturing and high-tech manufacturing growing by 10.2% and 9.5% respectively [4]. - The production of 3D printing equipment, new energy vehicles, and industrial robots saw significant increases of 43.1%, 36.2%, and 35.6% respectively [4]. Group 2: Innovation and Development - China is moving from being a global manufacturing hub to a global innovation center, with R&D expenditure expected to reach 2.68% of GDP by 2024, surpassing the EU average [4]. - Corporate investment in R&D accounts for over 77% of total R&D spending, highlighting the role of enterprises in driving innovation [4]. Group 3: Strategic Focus - The focus on technological innovation and industrial upgrading is crucial for economic transformation, with an emphasis on integrating technology and industry to foster new productive forces [5][6]. - The government is implementing reforms to stimulate the economy and enhance innovation, including the introduction of the Private Economy Promotion Law and the establishment of a unified national market [6].

Core Viewpoint - The computer industry has shown strong resilience in AI applications, particularly in sectors like energy and intelligent driving, with a notable performance boost driven by domestic models like DeepSeek [1] Group 1: Industry Performance - The computer industry has ranked high in terms of growth since the beginning of the year, primarily due to the catalyst of domestic large models [1] - The performance of the computing infrastructure and AI applications in specific sectors is expected to continue to show resilience in 2024, with a recovery in the first quarter of 2025 [1] Group 2: Financial Outlook - The 2024 performance is anticipated to continue to bottom out, while the first quarter of 2025 is expected to see a marginal recovery in the computing sector's performance [1] - Cost control measures and AI-enabled business improvements are contributing to early signs of efficiency gains for companies [1] - The cash flow situation in the computing sector is expected to improve gradually due to the issuance of long-term special government bonds and the ongoing progress of local debt [1]

21世纪经济报道 记者 崔文静 北京报道5月19日至20日，由深交所主办的2025全球投资者大会在深圳举 行。开幕式上，深交所理事长沙雁的致辞，让与会人士深刻感受到中国资本市场的一个"稳"字。 "一个'稳稳的中国'将为全球投资者提供投资兴业的沃土。"沙雁表示，"中国资产向上重估成为全球投资 者的热议话题，这一'共识'正在不断扩大。" 中国资产向上重估，的确成为不少国内外投资者的新共识。21世纪经济报道记者了解到，尤其是2024年 四季度以来，海外投资者长期布局中国的积极性明显提升。 "去年四季度以来，要想成为赴港上市的中国企业的基石投资人，需要靠'抢'。无论是中国投资机构， 还是外资机构，长期布局中国的热情都颇为高涨。"有外资投行、内资券商保代告诉21世纪经济报道记 者。 具体来看，中国资产向上重估成为全球"共识"体现在四大方面：具备韧性的上市公司群体为资本市场提 供稳定基础，新质生产力驱动下的科技创新热潮为投资中国资本市场提供了广阔空间，中国资本市场进 一步全面深化改革开启了高质量发展的新阶段，中国资本市场主动扩大开放打造有竞争力和吸引力的投 资环境。 共识一：具备韧性的上市公司群体为资本市场提供稳定基础 ...

Core Viewpoint - The rapid update of undergraduate programs in Henan's universities is a necessary response to national and regional economic and social development, as well as market demand [1][2]. Group 1: New Programs and Trends - Henan has added 146 new undergraduate programs across 47 universities, including fields like intelligent construction, smart agriculture, and aviation maintenance engineering, which will be included in the 2025 enrollment plan [1]. - The introduction of new programs is not merely a numerical adjustment but reflects a broader trend of integrating cutting-edge fields such as artificial intelligence, electronic information, and smart manufacturing into the curriculum [2]. - The emergence of programs related to elderly care and health services indicates a response to the growing silver economy and societal needs [2]. Group 2: Educational Strategy and Industry Alignment - The focus on interdisciplinary and integrated approaches in education is becoming a significant trend, with engineering and arts merging, and medical fields incorporating psychological knowledge [2]. - Universities are encouraged to align new program offerings with their institutional capabilities and societal needs, avoiding the temptation to follow trends without considering their educational capacity [2]. - The quality of graduates remains paramount, and universities must strengthen their academic foundations to ensure that students are well-prepared for the job market [3].

今年的《政府工作报告》提出，健全创投基金差异化监管制度，强化政策性金融支持，加快发展创业投 资、壮大耐心资本。前不久，国家发展改革委有关负责人表示，近期将设立国家创业投资引导基金，做 优做强做大创新型企业。这不仅传递出国家培育壮大新兴产业、未来产业的坚定决心，也给众多"嗷嗷 待哺"的科技型企业注入发展信心。 一方面，创投基金要始终坚持投早、投小、投长期、投硬科技的基本定位，着眼布局新兴产业、未来产 业，帮助科技型企业破解初创时期"无人问津"的资金困境。另一方面，要紧盯科技创新的前沿阵地，为 不同类型、不同发展阶段的企业提供差异化的资本支持，推动优质资源要素向开展关键核心技术攻关的 科技型企业集聚。 创投基金作为科创投资的领路人和风向标，还要坚持长周期、提高容错率，通过聚沙成塔、集腋成裘的 示范效应，撬动更多社会资本投身创新创业领域，营造"长钱长投"的良好投资导向。进一步打通"募投 管退"各环节痛点堵点，通过并购、S基金等方式完善退出渠道，消除长期资本、耐心资本的后顾之忧， 实现"科技—产业—金融"的良性循环。 (本文来源：经济日报 作者：魏钊攀 中国经济网供稿) 科技创新型企业普遍具有前期投入多、产出周期长、 ...