Group 1 - The report emphasizes the importance of abandoning illusions and tackling challenges head-on, highlighting the transition between old and new economic drivers, with a focus on domestic demand and technological innovation in sectors like AI, robotics, and semiconductors [3][13][36] - The report notes that while there are short-term risks, the long-term competitive advantages of Chinese exports are significant, with a record trade surplus of $1,127.1 billion as of May 2025, indicating a strong export trend [36][40] - The report discusses the increasing significance of the capital market, with expectations of a shift from a focus on liquidity to encouraging credit expansion, supported by recent policy changes aimed at stabilizing and activating the capital market [3][62][70] Group 2 - The report identifies key investment themes, including domestic consumption driven by policy support and the emergence of autonomous and controllable sectors, which are seen as vital for national strategy and economic resilience [4][5][30] - The report highlights the rapid growth potential of the marine economy, which is projected to contribute significantly to GDP, with a focus on deep-sea technology and green transformation initiatives [5][30] - The report outlines the expected growth in the humanoid robotics market, with a projected CAGR of over 80% from 2023 to 2028, indicating a strong investment opportunity in this sector [30][32]

不管HP，还是联想，或者DELL，甚至包括之前的华为都是如此，CPU、操作系统都不是自研的。 这样的模式下，最大的问题是担心别人卡你脖子，比如intel/AMD不给CPU了、微软不给windows系统 了，该怎么办？ 此外，因为CPU、操作系统都不是自研的，且大家的供应链都几乎相同，硬件同质化太严重，所以要做 出真正属于自己的特色非常不容易。 大家去对比看看、HP、DELL、联想等等的电脑，真的有本质区别么？很多配置甚至一模一样，不过是 品牌、服务、以及颜值不同而已。 而苹果，靠着自研的CPU，自研的MacOS，在整个PC产业里面，是独树一帜的，有着特别的魅力，引 来众多果粉的青睐，所以其PC销量一直保持在前五名。 如果大家有关注整个PC产业的话，就会发现不管这些PC厂商们怎么包装、吹牛，大家其实实际还只是 组装厂的模式，非常依赖供应链。 为何这么说？PC产业中，最核心的是CPU、操作系统这两项，然后再是DDR内存、SSD硬盘、GPU显 卡这些。 而PC厂商们，除了苹果自研了CPU、操作系统之外，其它几乎所有的厂商，都是整合供应链，使用的 是intel/AMD的CPU，微软的windows系统，以及AMD、i ...