2026年，紧扣全球先进制造业基地建设目标，浙江产业生态的生长方式有哪些新信号？ (2026年浙江全省经信工作会议现场，图片由浙江省经信厅提供) 1月8日，2026年浙江全省经信工作会议在杭州召开。21世纪经济报道记者从现场获悉，浙江提出，2026年规上工业增加值增长 6%左右、数字经济核心产业增加值增长8%、制造业投资增长8%以上、规上工业企业研发费用占营收比重达3.25%左 右、"415X"集群营收突破10万亿元。 围绕传统焕新、新兴壮大、未来抢滩，一些政策信号也已明确。浙江2026年将实施规上工业企业研发能力提升行动，加快建设 制造业中试平台；完善"浙江制造"品牌体系；完善企业内生裂变支持体系；制定新材料、生物医药、农机装备、商业航天等产 业发展行动方案。 2026年，浙江将实施未来产业"星火计划"，在新技术中，人工智能仍是重大方向。浙江将推动人工智能、智能物联、集成电 路、高端软件等集群提能升级，加快发展AI计算机、AI手机、智能穿戴设备等人工智能终端。制造业单项冠军重回全国第一 科技创新、集群体系是浙江抓经信工作的两个明确重点。 浙江省经信厅党组书记、厅长詹敏在会上做了题为《一体推进"两新"深度融合 ...

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Group 1 - The Chongqing Municipal Government has issued an action plan to promote "Artificial Intelligence +" which includes fostering new intelligent consumer products and business models [1] - The plan encourages the development of AI technologies and products, including AI smartphones, computers, and smart home appliances like refrigerators and washing machines [1] - The focus is shifting from computational infrastructure to end-user devices, with AI smart glasses expected to be a key application for AI technology [1] Group 2 - Wanlian Securities highlights that AI smart glasses are a core direction for the smart wearable market, with various manufacturers, including traditional eyewear makers and AR companies, actively entering the field starting in 2024 [2] - AI smart glasses are seen as a breakthrough into the AI smart terminal market, aiming to provide comprehensive efficiency-driven services [2] - The market potential for AI smart glasses is expected to grow significantly, especially with the support of purchase subsidies, and companies with strong IP reserves or capabilities in vertical fields are recommended for attention [2]

Core Viewpoint - The Chongqing Municipal Government has issued an "Artificial Intelligence+" action plan to foster new products and business models in smart consumption [1] Group 1: AI Development Initiatives - The plan encourages the exploration of new business models utilizing AI, aiming to develop a system of smart native technologies, products, and services [1] - There is a focus on developing AI smartphones and computers with multimodal interaction and intent understanding capabilities [1] Group 2: Smart Home Appliances - The initiative promotes the development of AI home appliances such as smart refrigerators and smart laundry machines, aiming to create a comprehensive smart home appliance ecosystem [1] - Solutions involving embodied intelligent robots for scenarios like delivery and shopping are to be introduced, innovating product forms and service models [1] Group 3: Wearable Technology - The plan includes the development of smart wearable products such as AI glasses, watches, and AR/VR devices [1]

Core Insights - The A-share market opened slightly lower on November 19, with the Kexin 50 ETF (588000) showing a fluctuating trend, peaking at a 0.28% increase during the session [1] - The Kexin 50 ETF has attracted significant capital inflow, with over 560 million yuan net inflow in the last three days and over 1.655 billion yuan in the last five days [1] - The Chongqing government released the "Artificial Intelligence Terminal Industry Innovation Transformation Action Plan (2026-2030)" on November 18, aiming for the AI terminal industry to exceed 300 billion yuan by 2030 [1] Industry Developments - The action plan focuses on promoting innovation in AI smartphones, AI computers, smart home appliances, and industrial robots, while also enhancing computing infrastructure and advancing core technologies like AI chips and smart sensors [1] - The recent local policies signify a shift in AI technology from model-level applications to terminal applications, indicating a new growth opportunity for the AI terminal industry chain [2] - Key sectors such as computing infrastructure, edge AI chips, smart sensors, and embodied intelligence are expected to benefit first from this trend, driving hardware innovation and ecosystem development [2] ETF Performance - The Kexin 50 ETF tracks the Kexin 50 Index, with 69.3% of its holdings in the electronics sector and 5.17% in the computer sector, totaling 74.47%, aligning well with the current trends in AI and robotics [2] - The ETF also covers various sub-sectors, including semiconductors, medical devices, software development, and photovoltaic equipment, indicating a high content of hard technology [2]

Group 1 - Shanghai plans to accelerate the integration of AI in manufacturing, aiming to implement smart applications in 3,000 manufacturing enterprises over three years [3][5] - The initiative includes the establishment of 10 industry benchmark models, 100 benchmark smart products, and 100 demonstration application scenarios [3][5] - The AI industry in Shanghai has seen significant growth, with a scale exceeding 270 billion yuan and a growth rate of over 30% in the first half of the year [3][4] Group 2 - Companies like Yikaida Technology are exploring the integration of AI with industrial automation, aiming to create standardized solutions for various manufacturing processes [4] - Shanghai General Welding Machine Co., Ltd. has developed an intelligent welding workstation that utilizes AI for enhanced precision in welding tasks [4][5] - The "one industry, one policy" approach is being adopted to tailor AI implementation strategies based on the specific needs of different sectors, such as electronics and automotive [5][6] Group 3 - The initiative emphasizes the deployment of industrial robots in high-risk and repetitive tasks to improve efficiency and safety in sectors like electronics and automotive [7] - Companies like Shanghai ZaiKe Intelligent Technology are leveraging AI to enhance the capabilities of industrial robots, thereby transforming production processes [7][8] - New products, such as the RuiKe MR73A and MR73B robots, have been launched, showcasing advancements in mobility and environmental adaptability [8]

Core Insights - The report indicates that the Hong Kong stock market has officially entered a new bull market starting January 2024, marking the sixth complete bull-bear cycle since 2003 [1][5] - Historical data shows that during previous bull markets, the Hang Seng Index (HSI) experienced an average maximum drawdown of approximately 7% lasting about 12 trading days, while the Hang Seng Technology Index (HSTI) had an average maximum drawdown of around 8.8% [6][11] - The report emphasizes that the current market adjustment is significant but aligns with historical averages, suggesting that positive signals such as improved US-China relations and domestic policy initiatives could support market stability [1][4] Market Adjustment Analysis - The report analyzes the recent market adjustment, noting that since October 2, the HSI has seen a maximum decline of 8.2% and the HSTI has dropped by 14.6%, which is significant compared to historical small drawdowns [4][20] - Small drawdowns typically occur after rapid market increases and are often triggered by minor negative factors, while larger drawdowns are associated with liquidity tightening and substantial negative shocks [8][12] Future Market Outlook - The report forecasts that the bull market in Hong Kong stocks will continue into the fourth quarter, driven by optimism in the AI sector and a recovery in the internet sector [20][22] - It highlights that the technology sector remains the main focus, with potential benefits from AI developments and a favorable asset structure in Hong Kong [20][22] - The report also notes that foreign capital may return to the Hong Kong market if the Federal Reserve continues to lower interest rates and if US-China trade relations stabilize [22][23] Investment Opportunities - The report suggests that Hong Kong's internet giants are likely to benefit from the AI narrative, with significant investments expected in AI infrastructure [20][22] - It also points out that the low interest rate environment and policies promoting dividends could enhance the attractiveness of Hong Kong stocks, particularly in new consumption and innovative pharmaceuticals [23][24]

Core Viewpoint - The article discusses the current economic outlook and investment strategies in light of recent domestic and international developments, emphasizing the importance of AI and technology sectors as key growth areas [17][36]. Domestic Economic Outlook - The State Council's recent meeting highlighted the need to consolidate and expand the economic recovery, focusing on domestic circulation and stabilizing market expectations [17]. - Key strategies include stimulating consumption, increasing effective investment, and stabilizing the real estate market [17][35]. International Economic Outlook - Jerome Powell's dovish stance at the Jackson Hole meeting suggests potential adjustments in U.S. monetary policy, which could benefit global equity markets and enhance market risk appetite [17][35]. - The U.S. economy is expected to see a positive impact from these developments, with a potential for a stable dollar and declining U.S. Treasury yields [35]. Industry Developments - The domestic AI sector is experiencing significant advancements, with the release of DeepSeek-V3.1 and initiatives to integrate AI with manufacturing [36]. - The Shanghai government has introduced plans to promote AI in manufacturing, aiming to enhance the development of smart consumer electronics [36]. Investment Strategies - The article suggests a focus on the AI sector, non-bank financials, and Hong Kong internet stocks as promising investment areas [37]. - The AI sector is highlighted for its strong fundamentals, while non-bank financials are expected to benefit from a stable risk appetite for Chinese assets [37]. - The article also notes the potential for a rebound in Hong Kong tech stocks following the Fed's confirmation of interest rate cuts [37].

Core Points - The implementation plan for "AI + Manufacturing" in Shanghai aims to deeply integrate artificial intelligence technology with the manufacturing industry, accelerating the new industrialization process and forming new productive forces [1][8] - Shanghai plans to promote the intelligent application of 3,000 manufacturing enterprises within three years, establish 10 industry benchmark models, and create around 100 benchmark intelligent products [2][8] - The plan focuses on various industries including integrated circuits, electronic information, automotive, high-end equipment, shipbuilding, aerospace, advanced materials, steel, fashion consumer goods, and pharmaceutical manufacturing [4][8] Group 1: Three-Year Goals - Shanghai aims to implement intelligent applications in 3,000 manufacturing enterprises, enhancing production efficiency, reducing operational costs, and improving product quality [2][3] - The establishment of 10 "AI + Manufacturing" demonstration factories will showcase integrated advanced AI technologies [2][3] - The development of around five comprehensive integration service providers will offer one-stop intelligent solutions for enterprises [3] Group 2: Industry-Specific Strategies - For traditional manufacturing sectors like steel and shipbuilding, the focus will be on intelligent transformation of production processes, promoting human-machine collaborative manufacturing units [4] - In emerging manufacturing sectors such as electronic information and automotive, the emphasis will be on developing specialized models for specific scenarios to enhance the efficiency of large and small models [4] - The plan encourages collaboration between consumer terminal companies and AI firms to develop intelligent products, enhancing the capabilities of terminal devices [5] Group 3: Robotics Application - The plan highlights the deployment of industrial robots in sectors with repetitive, hazardous tasks, such as welding and painting in automotive manufacturing [7] - Large-scale application of intelligent robots aims to automate production processes, reduce labor costs, and improve product quality [7] - Safety and reliability standards for humanoid robots in industrial settings will be established to ensure safe applications [7] Group 4: Industry Growth Metrics - Shanghai's AI industry scale surpassed 270 billion yuan, with a growth rate exceeding 30% in the first half of the year [9] - The production of service robots and industrial robots increased by 16.1% and 11.9%, respectively [9] - The total computing power in Shanghai exceeded 70,000 P, with significant infrastructure developments in 5G networks [9]

Investment Rating - The industry investment rating is "Outperform" and is maintained [2] Core Insights - The report highlights the implementation plan for "AI + Manufacturing" in Shanghai, aiming to integrate AI deeply into the manufacturing sector over three years, targeting 3,000 manufacturing enterprises for smart applications and establishing 10 benchmark smart factories [5][6] - The market size for AI applications in the manufacturing sector in China is expected to reach 14.1 billion yuan by 2025, with a growth rate of over 40% since 2019 [7] - The report emphasizes the transformation of manufacturing from product-centric to user-centric models, enhancing operational efficiency and meeting personalized consumer demands [7] Summary by Sections Industry Overview - The closing index level is 5445.3, with a 52-week high of 5445.3 and a low of 2805.53 [2] AI + Manufacturing Initiatives - The Shanghai government plans to promote AI integration in manufacturing, focusing on industrial software, humanoid robots, and smart consumer terminals [6] - Specific goals include developing industrial software capabilities, deploying humanoid robots in high-risk work environments, and upgrading AI consumer electronics [6] Market Potential - AI's impact on manufacturing is projected to reduce R&D cycles by approximately 20.7%, increase production efficiency by about 34.8%, and lower defect rates by around 27.4% [7] - The report indicates a shift towards flexible production to cater to individual consumer needs, marking a significant change in service models within the industry [7] Investment Recommendations - Suggested companies for investment include those in AI industrial software, robotics, and AI consumer terminals, such as Dingjie Zhishi, HanDe Information, and Xiaomi Group [8]