□ 中国宏观经济研究院 徐 策 中国经济信息网 左登基 □ 新一代智能终端与智能体，作为连接人工智能大模型能力与现实世界任务执行的关键载体，不仅是人 工智能技术落地的核心接口，更是实现"人工智能+"赋能千行百业、服务千家万户的重要抓手 □ 当前，我国推动新一代智能终端和智能体等应用顶层设计不断完善，技术生态日益成熟，行业发展 从"技术驱动"迈向"价值交付"，人工智能步入大规模普及商用的黄金机遇期 □ 伴随政策与市场有力驱动，新一代智能终端和智能体等应用将激活新的万亿规模增量市场空间。预计 到2030年，中国AI终端市场销售收入将达1.48万亿元，从2024年至2030年间，复合增长率将达到37.33% □ 当前，新一代智能终端与智能体正处于从技术突破迈向规模应用的关键攻坚期，但仍面临基础设施支 撑不足等多重掣肘，亟须以国家战略需求为统领，以应用需求为导向，系统谋划、协同推进重大制度改 革、重大技术攻关和重大场景落地，通过实施系统性政策创新，加快构建支撑"人工智能+"行动的全产 业链服务生态 党的二十届四中全会通过的《中共中央关于制定国民经济和社会发展第十五个五年规划的建议》明确指 出，全面实施"人工智能+"行 ...

Market Overview - The Hang Seng Index closed at 23,831 points, down 145 points or 0.61%, while the Hang Seng China Enterprises Index fell 47 points or 0.49% to 9,656 points, with total market turnover decreasing to HKD 82.799 billion [1][5] - On the previous trading day, the Hang Seng Index rose 2.15% to 25,617.42 points, with a total market turnover of HKD 380.231 billion and net inflow of southbound funds amounting to HKD 11.942 billion [1][5] Sector Performance - Local real estate, software, and 5G concept sectors experienced the largest declines, while gold stocks performed well, with Zijin Mining rising nearly 8% to a new high [1][5] - Pharmaceutical stocks rebounded significantly, with MicroPort Medical rising over 20% and WuXi Biologics and WuXi AppTec both increasing by 8% [1][5] - Technology stocks showed strong performance, with Alibaba surging nearly 19% and SMIC rising nearly 5% [1][5] Investment Recommendations - The report suggests continued focus on sectors such as artificial intelligence, robotics, semiconductors, and industrial software, which are seen as new productivity drivers [3] - It also highlights the potential in new consumption sectors supported by policy, including infant consumption, sports apparel, and IP film and animation [3] - The report emphasizes the value of investing in state-owned enterprises with low valuations and high dividends, as well as technology companies benefiting from AI integration [3] Capital Flow - Since the beginning of the year, net inflows from southbound funds have totaled HKD 990.9 billion, significantly surpassing last year's total of HKD 807.9 billion [3] Company Highlights - China Nonferrous Metal Mining (01258HK) has seen a cumulative increase of 131% since the recommendation on April 23 [3] - ZTE Corporation (0763HK) has risen 49% since its recommendation on August 4 [3] - Yanzhou Coal Mining (1171HK) announced a share buyback plan with a total amount between RMB 200 million to 500 million, indicating confidence in its stock value [8]