既然旧的"效率优先"全球化逻辑不灵了，买房致富的路径也失 效了，那么，钱该往哪里去？ 作者：郑晨烨 封图：受访者供图 "如果商品不能越过国界，那么军队就要越过国界。"11月19日，在2025年第九届中欧国际工商 学院深圳论坛上，兴业银行首席经济学家鲁政委引用了法国经济学家巴斯夏的一句名言，来描述当 下的全球贸易局势。 他认为，全球经济正处于"康波萧条期"，老的技术潜力耗尽，新的技术还没长大，存量博弈导致 多边合作被零和思维取代。这种状态，就像科幻小说《三体》里的"乱纪元"，行星围着三颗恒星 转，轨道已经算不清楚了。 这种"乱"，在数据上表现得更直接。野村证券中国首席经济学家陆挺在现场算了一笔账：过去五 年，中国出口年均增长率接近8%，但在未来的"十五五"期间，这个数字可能会回落到3%至5%。 陆挺同时表示，不能只看新经济，而不管被称为"老登"的房地产行业，虽然房地产不再是增长支 柱，但它留下的债务链条和历史遗留问题，仍是未来五年中国宏观经济不得不面对的负累。 既然旧的"效率优先"全球化逻辑不灵了，买房致富的路径也失效了，那么，钱该往哪里去？ "要去大海里打鲸鱼，不要在烂泥塘里挖泥鳅。"深圳东方港湾投资管理股份 ...

经济观察报记者 郑晨烨 "如果商品不能越过国界，那么军队就要越过国界。"11月19日，在2025年第九届中欧国际工商学院深圳论坛上，兴业银行首席经济学家鲁政委引用了法国经 济学家巴斯夏的一句名言，来描述当下的全球贸易局势。 他认为，全球经济正处于"康波萧条期"，老的技术潜力耗尽，新的技术还没长大，存量博弈导致多边合作被零和思维取代。这种状态，就像科幻小说《三 体》里的"乱纪元"，行星围着三颗恒星转，轨道已经算不清楚了。 这种"乱"，在数据上表现得更直接。野村证券中国首席经济学家陆挺在现场算了一笔账：过去五年，中国出口年均增长率接近8%，但在未来的"十五五"期 间，这个数字可能会回落到3%至5%。 陆挺同时表示，不能只看新经济，而不管被称为"老登"的房地产行业，虽然房地产不再是增长支柱，但它留下的债务链条和历史遗留问题，仍是未来五年中 国宏观经济不得不面对的负累。 既然旧的"效率优先"全球化逻辑不灵了，买房致富的路径也失效了，那么，钱该往哪里去？ "要去大海里打鲸鱼，不要在烂泥塘里挖泥鳅。"深圳东方港湾投资管理股份有限公司（下称"东方港湾"）董事长但斌在现场给出了他的答案。在他看来，面 对这种变局，选择比努力更 ...

深圳市文化广电旅游体育局副局长何建辉：给大家剧透一下，即将举行的十五运会闭幕式还将是一个汇聚液态画布、裸眼3D、智能穿戴、5G云控、无人驾 驶等最新科技产品的秀场。 从"源火"火种采集到机器人火炬手，再到开幕式上机器人奏响千年礼乐，本届全运会科技感拉满，成为大湾区科技创新的"秀场"。 十五运会广东赛区执委会高科技产品展示专班副组长夏奇峰：协同广州、深圳等地市赛区共同遴选了130多款高科技产品，涵盖了技绽开幕、智慧场馆、赛 事保障、科技助残四大核心场景，全方位、多维度地构建起科技赋能体育的广东范式。这次十五运会的"0号"火炬手就是深圳企业打造的全球首个5G-A人形 机器人火炬手"夸父"。此外，在开幕式上一众前沿科技元素沉浸式交互呈现，每一处细节都彰显了科技创新的力量。 [ 责编：杨煜 ] 据了解，十五运会闭幕式将于11月21日在深圳宝安欢乐剧场举行。届时，将有哪些科技产品和创新技术亮相，也备受关注。 今天，十五运会广东省执委会在广州主新闻中心新闻发布厅举行"科技全运"专题新闻发布会，介绍了科技赋能十五运会的相关情况。 十五运会广东赛区执委会高科技产品展示专班副组长夏奇峰：采集十五运会"源火"火种的遥控潜水器"海 ...

从"源火"火种采集到机器人火炬手，再到开幕式上机器人奏响千年礼乐，本届全运会科技感拉满，成为大湾区科技创新的"秀场"。 央视网消息：11月19日，十五运会广东省执委会在广州主新闻中心新闻发布厅举行"科技全运"专题新闻发布会，介绍了科技赋能十 五运会的相关情况。 十五运会广东赛区执委会高科技产品展示专班副组长 夏奇峰：协同广州、深圳等地市赛区共同遴选了130多款高科技产品，涵盖了 技绽开幕、智慧场馆、赛事保障、科技助残四大核心场景，全方位、多维度地构建起科技赋能体育的广东范式。这次十五运会的"0 号"火炬手就是深圳企业打造的全球首个5G-A人形机器人火炬手"夸父"。此外，在开幕式上一众前沿科技元素沉浸式交互呈现，每 一处细节都彰显了科技创新的力量。 十五运会广东赛区执委会高科技产品展示专班副组长 夏奇峰：采集十五运会"源火"火种的遥控潜水器"海马"号下潜到1500多米的深 海采集可燃冰引燃取火，这一创举背后是科技与体育、海洋文化与绿色低碳理念的深度融合。 深圳市文化广电旅游体育局副局长 何建辉：给大家剧透一下，即将举行的十五运会闭幕式还将是一个汇聚液态画布、裸眼3D、智 能穿戴、5G云控、无人驾驶等最新科技产品 ...

Group 1 - Dongfeng Motor Group Co., Ltd. held an expanded leadership meeting on November 19, 2025, announcing the appointment of Liu Wei as the Chief Accountant and a member of the Party Committee [1] Group 2 - The heavy-duty truck market has seen a significant increase, with gas heavy trucks doubling in sales for two consecutive months, and companies like Beiqi/Beiben experiencing over a 300% increase in sales [9] - Zero One Automotive is restructuring the heavy truck industry with a "technological moat" through innovations such as integrated electric drive bridges and autonomous driving [9] - Chery Commercial Vehicles has signed a major strategic cooperation agreement, with Yin Tongyue in attendance [9] - A large order for new energy buses worth over 86 million yuan has been secured, highlighting competitive bidding in the sector [9]

Core Viewpoint - Beijing aims to promote the development of the 6G industry through various aspects including application ecology, core technology, and industrial layout [1] Group 1: Application Ecology - Beijing will cultivate application ecology focused on business scenarios, leveraging advantages in integrated communication to develop typical applications such as holographic communication and autonomous driving [1] - The strategy emphasizes driving industrial development from the application end and promoting deep integration of technology with vertical industries [1] Group 2: Core Technology Development - The city will systematically promote research and development of key core technologies, focusing on critical areas such as sensing, intelligent computing, and integrated communication technology [1] - Efforts will be made to overcome technical barriers in core communication equipment development, including next-generation base stations, satellite communication terminals, and high-speed transmission modules [1] - The goal is to enhance equipment performance and stability, driving application upgrades in industries like holographic communication, autonomous driving, and smart wearables [1] Group 3: Industrial Layout Optimization - Beijing plans to create innovative outcomes around technology industry breakthroughs, results transfer and transformation, local characteristic industry layout, and the construction of a 6G innovation ecosystem [1] - The establishment of a communication and collaboration platform among upstream and downstream enterprises in the 6G industrial chain is intended to explore the potential of key enterprises in the core industrial chain [1] - The initiative aims to promote a "leading goose effect" by coordinating 6G innovation resources across the city [1]

Core Insights - The concept of "digital empowerment" is gaining significant attention as digital technologies rapidly integrate into various sectors, transforming production methods, lifestyles, and social governance [1][2] Group 1: Digital Economy Growth - The digital economy in China is experiencing explosive growth, with the core industry value added expected to account for approximately 10% of GDP by 2024, and the number of 5G base stations reaching 4.251 million [1] - New innovative scenarios created by digital technologies are reshaping the future of production and life, including applications in digital agriculture, smart water management, and intelligent factories [1] Group 2: Challenges in Digital Empowerment - There are deep-seated issues that hinder the innovative application of digital technologies, such as the need for improved infrastructure and the existence of institutional barriers in the marketization of new data elements [2] - Key challenges include data rights confirmation, pricing, trading, and distribution, which require urgent solutions to unlock the potential of digital empowerment [2] Group 3: Technological Innovation and Reform - To fully harness the potential of digital empowerment, technological innovation and systemic reform are essential, focusing on strengthening technology, expanding application scenarios, and optimizing resource allocation [2][3] - Encouraging the establishment of various innovative platforms in the data field and promoting foundational research and original technology innovation are critical steps [2] Group 4: Resource Optimization - The government and market should leverage their respective advantages to enhance resource allocation, with the market playing a decisive role while the government provides guidance [3][4] - There is a need to construct a data element market and break down institutional barriers that restrict the smooth flow of resource elements [3] Group 5: Infrastructure Development - The construction of digital infrastructure should be prioritized, including the implementation of the "East Data West Computing" project and the development of diversified computing resources [4] - Enhancing communication network efficiency and expanding coverage of next-generation communication networks are vital for supporting digital services [4]

Investment Rating - The industry investment rating is "Overweight" indicating a positive outlook for the sector compared to the overall market performance [10]. Core Insights - The report emphasizes that the valuation reassessment of AI in the internet sector (including cloud computing, chips, and applications) is ongoing, driven by both domestic and global factors [3]. - The competition for entry points in the AI application market is intensifying, which is crucial for the monetization of AI applications [3]. - Key recommendations include major players like Tencent, Alibaba, Baidu, and Bilibili, focusing on their AI capabilities and growth potential [3]. Summary by Relevant Sections AI and Internet Sector - The report highlights the importance of self-reliance in AI technology as emphasized in the recent political meetings in China [3]. - Upcoming earnings reports from major US tech companies are expected to influence global AI investment narratives [3]. - The strategic expansion of OpenAI and ByteDance into various applications is noted as a significant trend [3]. Gaming Sector - The gaming sector has seen a correction, with previous high expectations now adjusted, making valuations more attractive [3]. - Companies like Huya and Bilibili are highlighted for their growth potential in the gaming market, with specific titles performing well [3]. - The report notes the long lifecycle and profitability of SLG games, with cash flow supporting new business explorations [3]. E-commerce and Entertainment - Pop Mart's stock price volatility reflects differing views on IP lifecycle management, with expectations for sales growth in North America [3]. - Mango TV is seen as stabilizing, with upcoming content expected to drive revenue growth [3]. - The report anticipates potential for increased membership and advertising revenues driven by popular content [3]. Valuation Table - A detailed valuation table is provided, showing market capitalizations and revenue projections for key companies in the gaming, cloud computing, and entertainment sectors [5]. - For instance, Tencent's projected revenue for 2025 is 74.64 billion RMB, with a net profit of 25.56 billion RMB, reflecting a year-on-year growth of 15% [5]. Key Recommendations - The report recommends focusing on companies with strong AI capabilities and growth potential, including Tencent, Alibaba, Baidu, and Bilibili, among others [3]. - It also suggests monitoring the gaming sector for emerging opportunities, particularly in companies like Huya and Bilibili [3].

Group 1 - The Guangzhou Low Economic Trade Fair is scheduled to take place from December 12 to 14, 2025, at the Canton Fair Exhibition Center, focusing on the theme "Innovate Low Altitude, Serve Global Trade" [2] - The exhibition will cover over 60,000 square meters, showcasing new products, technologies, and business models in the low-altitude economy, including eVTOLs, drones, and intelligent robots [2] - The event will feature more than 20 specialized forums, gathering domestic and international experts to discuss industry innovation, challenges, and development paths for high-quality growth in the low-altitude economy [2] Group 2 - The "1+5+N" innovative trade service model was introduced, which includes a comprehensive ecosystem for export trade, five trade ecosystems, and multiple trade matchmaking events [3] - The exhibition has already secured 80% of its exhibition space, attracting leading companies in the low-altitude economy such as EHang, XPeng, DJI, and XAG [3] - The fair is expected to attract over 600 industry chain enterprises and more than 50,000 domestic and international visitors from over 50 countries and regions [3]

Core Insights - The 2025 International Low Altitude Economic Trade Expo (Guangzhou) will take place from December 12 to 14, 2025, at the Canton Fair Exhibition Center, covering an exhibition area of 60,000 square meters and expected to attract over 600 industry chain enterprises [1][2] Group 1: Event Highlights - The expo will introduce an innovative trade service model called "1+5+N," aimed at addressing trade challenges in the low-altitude economy sector, focusing on ecological service standards and full industry chain support [1] - Five major trade ecosystems will be established, including international capital linkage, international industry demand exploration, multi-dimensional innovation trade ecology, global business chain aggregation, and digital empowerment of industry services [1] - The event will feature core, supply chain, and service trade exhibition areas, showcasing products and technologies such as eVTOL, drones, autonomous vehicles, and intelligent robots [2] Group 2: Industry Collaboration - Various agreements were signed between institutions like Guangdong University of Foreign Studies and the Macau Low Altitude Economy Association to promote international trade cooperation in the low-altitude economy [1] - The expo will host over 20 specialized forums covering key topics such as airspace management, standard formulation, and investment financing [2] - The "Golden Wing Award" will continue to recognize innovative enterprises and individuals in the low-altitude economy sector [2] Group 3: Regional Focus - Guangzhou is positioning itself as a service platform for the low-altitude economy, leveraging the advantages of the Guangdong-Hong Kong-Macao Greater Bay Area for research, manufacturing, and application scenarios [2] - The low-altitude economy primarily refers to economic activities occurring below 1,000 meters, including drone delivery, agricultural protection, and geographic surveying, with significant concentration of drone companies in the Greater Bay Area [2]