来源： 央视新闻 #机器人背后一群敢闯的年轻人#【#新质生产力将展开新的画卷#】#主播说联播# 2025，从春晚舞台到 机器人零售店，从保姆机器人进康养社区到机器人运动会，机器人快速"进化"，进入千行百业。这背 后，是一群敢闯敢干的年轻人。比如，宇树科技创始人王兴兴，在硕士论文就写了关于四足机器人的内 容；"00后"杨丰瑜，给奶奶造保姆机器人，自嘲掉了很多头发。[加油]中国已迎来新质生产力爆发式增 长的时代。国产大模型DeepSeek横空出世，我国在人工智能领域取得重大突破。此外，从核聚变、量 子计算机、中微子，到脑机接口、全固态电池等等，都有新进展和新突破。明年是"十五五"开局之年， 新质生产力将展开新的画卷，让人充满期待！ ...

Group 1 - The A-share market achieved multiple historical records in 2025, with a significant recovery in market confidence driven by technology and new consumption [2][14] - The total market capitalization of A-shares surpassed 100 trillion yuan in June 2025, and trading volume reached a historical high in August, indicating deep recovery in market participation and confidence [14] - The rise of new consumption, exemplified by successful products like Labubu and the global box office success of "Nezha 2," injected new growth momentum into the consumption sector [14] Group 2 - After the National Day holiday, the market experienced fluctuations, particularly in the technology sector, due to both external factors like the Federal Reserve's interest rate expectations and internal profit-taking [15] - Despite short-term volatility, the core narrative supporting market optimism remains unchanged, with expectations of a reasonably ample domestic liquidity environment and gradual recovery in corporate earnings [15] Group 3 - The market style in 2026 is expected to become more balanced and refined, moving away from being dominated by a single style [16] - The investment focus is anticipated to shift towards AI applications, with a transition from infrastructure to actual applications and commercialization [16] - Companies with solid performance in AI applications, domestic substitution, and overseas expansion are likely to attract market attention due to their high growth potential [16] Group 4 - From a financial perspective, 2026 may exhibit characteristics of "profit handover," with key areas of focus including the "computing power-storage-power-manufacturing" chain and the commercialization of application endpoints [17] - Monitoring order and profit recovery progress will be crucial, alongside attention to supply-side reforms and capital market optimizations [17] Group 5 - The key investment factor in 2026 is expected to be the ability to deliver on fundamental performance, with a shift in market scrutiny towards the quality of earnings growth and sustainability of business models [18] - Companies with core technologies and clear commercialization paths in sectors like AI, pharmaceuticals, and high-end manufacturing are likely to stand out [18] Group 6 - Positive factors include ongoing anti-involution policies improving the corporate profit environment and a long-term trend of asset allocation towards equity markets, potentially leading to substantial incremental capital [19] - The upward trend in industries like AI, semiconductors, and smart vehicles may provide clear investment lines [19] Group 7 - Opportunities are expected to arise in new consumption areas, particularly those integrating AI technology, such as intelligent companionship and interactive entertainment [21] - The AI computing infrastructure and consumer electronics driven by AI innovations are anticipated to see significant growth, alongside the international expansion of healthcare sectors [21]

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]

Core Viewpoint - The 2025 Global Investor Conference highlighted the consensus among global investors regarding the upward revaluation of Chinese assets, driven by resilient listed companies, technological innovation, comprehensive market reforms, and an open investment environment [1]. Group 1: Resilient Listed Companies - A-share listed companies demonstrate strong resilience and adaptability despite international economic disruptions, with a total revenue of 20.82 trillion yuan in 2024, reflecting a compound annual growth rate of 8.55% since the 14th Five-Year Plan [2]. - In 2024, 2,443 listed companies in Shenzhen distributed dividends totaling 575.3 billion yuan, a year-on-year increase of 36% [2]. - The recovery in demand for sectors like automotive and home appliances, supported by policies such as "trade-in," has significantly boosted company performance, with the consumer sector in Shenzhen achieving a revenue of 5.68 trillion yuan, up 4% year-on-year [2]. Group 2: Technological Innovation - The launch of the domestic large model DeepSeek has garnered global attention, showcasing China's technological innovation capabilities and potential [3]. - In 2024, China's total R&D expenditure reached 3.6 trillion yuan, an increase of 8.3%, with over 570 Chinese industrial companies ranking among the global top 2,500 in R&D investment [4]. - In Shenzhen, 14% of companies have an R&D intensity exceeding 10%, with BYD investing 54.2 billion yuan and CATL investing 18.6 billion yuan in R&D, both surpassing their net profits [4]. Group 3: Market Reforms - Since 2024, significant reforms in the capital market, including the new "National Nine Articles," have been implemented, enhancing regulatory efficiency and creating a more coordinated investment and financing ecosystem [7]. - The Shenzhen Stock Exchange has seen a 214% year-on-year increase in major asset restructurings since September 2024 [8]. - The introduction of a registration-based IPO system has led to nearly 90% of new listings being high-tech companies, with a significant portion belonging to strategic emerging industries [7]. Group 4: Open Investment Environment - Following the Central Political Bureau meeting on September 26, 2024, foreign investment in Shenzhen's strategic emerging industries increased by 40%, with trading volume rising by 90% [11]. - The Shenzhen Stock Exchange has organized 14 global roadshows covering 107 listed companies, facilitating direct engagement between foreign investors and leading companies [11]. - Future initiatives include optimizing the Shenzhen-Hong Kong Stock Connect mechanism and conducting over 10 overseas roadshow events to enhance communication with foreign investors [12].