In September 2023, the concept of "new quality productivity" was mentioned for the first time. Regarding its connotation, the people's ** document said that compared with traditional productivity, new quality productivity refers to the use of a large number of new technologies such as big data, artificial intelligence, the Internet, cloud computing and high-quality workers, modern finance, data and information and other elements to give birth to new industries, new technologies, new products and new formats. "New quality productivity" will simultaneously drive the upgrading and transformation of traditional industries and the development of emerging industries such as AI and data elements, and is expected to become one of the important investment themes in 2024.
First, the key to new quality productivity lies in the breakthrough of core technology
Scientific and technological innovation can give birth to new industries, new models and new kinetic energy, and is the core element of the development of new quality productive forces. It is necessary to strengthen scientific and technological innovation, especially original and disruptive scientific and technological innovation, accelerate the realization of high-level scientific and technological self-reliance and self-reliance, and do a good job in tackling key core technologies.
Fight hard to make original and disruptive scientific and technological innovation achievements emerge one after another, and cultivate new momentum for the development of new quality productivity.
The concept and connotation of new quality productivity.
The new quality of productivity promotes the realization of new industrialization. Strategic emerging industries and future industries are two specific manifestations of new quality productivity, which can help industrial production achieve "intelligent transformation and digital transformation" - intelligent transformation and digital transformation, so as to achieve new industrialization. At present, China is in a critical period of moving from an industrial power to an industrial power, accelerating the promotion of new industrialization, realizing high-level scientific and technological self-reliance and self-reliance, and enhancing the competitiveness of the global industrial chain are the inevitable requirements for accelerating the formation of new quality productivity and realizing Chinese-style modernization.
New quality productivity-related industries.
According to the National Bureau of Statistics, China's strategic emerging industries accounted for 7 percent of GDP in 20146% rose to more than 13% in 2022. Among them, the new energy industry in the strategic emerging industries has developed rapidly, and its proportion in the economy has risen rapidly. In the future, with the policy support superimposed on the catalysis of the technological revolution, the new generation of information technology, high-end equipment manufacturing and other industries may continue to lead the development of new quality productivity, according to the "14th Five-Year Plan" in the goal, China's strategic emerging industries will rise to 17% of GDP in 25 years.
2. Accelerate the construction of the digital economy and enhance the momentum of new quality productivity
There is still a lot of room for improvement in China's digitalization. In December 2023, the Ministry of Industry and Information Technology and other eight departments jointly issued the "Guiding Opinions on Accelerating the Transformation and Upgrading of Traditional Manufacturing Industries", proposing that by 2027, industrial enterprises will be digitalized R&D and design.
The penetration rate and the numerical control rate of key processes exceeded % respectively. As of 2023, the most recent percentages for both indicators.
Not 79% vs. 609%, which is still far from the target planned for 2027.
The penetration rate of digital R&D and design tools in China's industrial enterprises & the numerical control rate of key processes has grown steadily (%)
In recent years, countries have continued to invest in the field of science and technology, especially in the field of high-tech science and technology, forming a huge competitive effect, China is still in the scientific research investment and developed countries, and due to the scientific and technological competition between China and the United States, China has been restricted in a number of scientific research fields, and the development of strategic emerging industries has been affected to a certain extent.
The proposal of the new quality productivity guidelines has made us re-understand the importance of scientific research investment and independent research and development, as well as the firm confidence of the top management in rejuvenating the country through science and technology.
3. Data elements have become a key driving force for high-quality economic development
The participation of data elements in the distribution is a major innovation in the theory and practice of distribution in China, and it is the essential requirement for the development of new quality productivity. As a new factor of production, data has been rapidly integrated into all aspects of production, distribution, circulation, consumption and social service management, and has become a key driving force for high-quality economic and social development. Compared with other factors of production, data breaks the constraints of traditional factors on growth, and as a new factor of production and an important strategic resource, it will significantly promote the upgrading of the means of production, optimize the industrial structure, and improve the total factor productivity by synergizing with other factors of production and penetrating all aspects of production, distribution, circulation, and consumption, thereby triggering a leap in productivity and subversive changes in the whole field of the economy.
Related ETFs:
ChiNext 200 ETF ChinaAMC (159573, Class A 020837 Class C 020838) tracks the ChiNext 200 Index, and the index covers industries with computer, electronics, medicine and biology, power equipment and media weights respectively. 1% and 89%, the new economy has significant characteristics.
The index is another cutting-edge style index of the GEM, with a total market value of less than 10 billion yuan among the 155 constituent stocks, which is obviously rare and is a more representative style index of small and medium-cap growth stocks on the GEM. The ChiNext 200 Index has performed well for a long time, and has obvious performance advantages over indices such as ChiNext. Since 2023, the GEM 200 has bucked the trend**552%, outperforming the GEM index by more than 24%. Since 2012, the cumulative return has been 145%, with an annualized return of more than 8%, which is higher than other major broad-based indices such as the CSI 500, opening up a new investment perspective in the ChiNext market, and the investment cost performance is highlighted.
ETF vane" column continues to be updated, welcome to pay attention!
New Quality Productivity Data**: The above products are all R4 (medium and high risk) risk levels, all of which belong to the index, and there are major risks such as the deviation of the return of the underlying index from the average return of the market, the fluctuation of the underlying index, and the deviation of the return of the portfolio from the return of the underlying index, and the specific risks such as the risk of connection**, tracking deviation risk, and the risk of difference in performance from the target ETF, and the historical performance of the market or related products does not represent the future. Subscription: Class A** subscription, a one-time subscription fee will be charged, and there is no sales service fee; There is no subscription fee for category C, but there is a sales service fee. There may be a big difference in the long-term performance of the two due to different fees and establishment times, etc., please refer to the product periodic report for details. Before investing, investors should carefully read the "Contract", "Prospectus" and "Product Key Facts Statement" and other legal documents, fully understand the risk-return characteristics and product characteristics, and fully consider their own risk tolerance according to their own investment objectives, investment period, investment experience, asset status and other factors, and make rational judgments and prudent investment decisions on the basis of understanding the product situation and sales suitability opinions, and independently bear investment risks.
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