<p>隨着人工智能和半導體成為國家優先事項，市場已經開始佈局中國第十五個五年計劃將如何重塑其產業格局。</p>
<p><img src="https://imageproxy.pbkrs.com/https://contributor-assets.benzinga.com/wp-content/uploads/2026/01/22025309/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_22-1-2026_105218_thebambooworks.com_-1024x683.jpeg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="1024" height="683" original-src="https://imageproxy.pbkrs.com/https://contributor-assets.benzinga.com/wp-content/uploads/2026/01/22025309/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_22-1-2026_105218_thebambooworks.com_-1024x683.jpeg"/></p>
<p><em>圖片來源：Bamboo Works</em></p>
<p>並非所有被優先發展填充的行業最終都能在政策支持與商業現實之間生存下來。一些行業由於需求減弱、成本上升或商業模式缺陷，逐漸失去動力，最終從政策敍事和資本配置優先事項中消失。</p>
<p>在這樣的現實背景下，一個關鍵問題不僅是哪些行業將被寫入政策文件，隨着關注點轉向中國的新第十五個五年計劃，哪些行業實際上能夠走到終點。</p>
<h4><strong>人工智能自給自足：計算能力和芯片引領</strong></h4>
<p>在當前的政策環境中，人工智能不再被視為一個獨立的增長行業。相反，它被反覆框定為必須與製造業、能源系統和實體經濟深度融合的能力，強調開發行業和工業級的大模型。</p>
<p>這種表述有效地將對計算能力的需求從企業的可選擇性轉變為一種制度化的基礎需求形式。</p>
<p>光通信已成為最具代表性的受益者。在過去一年中，人工智能數據中心對 800G 和 1.6T 高速光模塊的需求推動了該細分市場的領先公司表現優於整體市場。</p>
<p><strong>中際旭創</strong>（300308.SZ）的股價在過去一年中飆升了 389.7%，市值接近 7000 億元人民幣（約 1000 億美元），而 <strong>光迅科技</strong>（300502.SZ）則上漲了 320%。這使得光組件成為在中國上海和深圳上市公司中，人工智能供應鏈中表現最強的細分市場之一。</p>
<p>在半導體領域，政策優先事項同樣從 “全面替代” 轉向 “可部署能力”。</p>
<p>對成熟節點工藝以及工業和汽車芯片的需求使得 <strong>中芯國際</strong>（0981.HK；688981.SH）重新回到了投資者的視野中。其股價在過去一年中上漲了約 80%，保持在中國最有價值的半導體公司之列。</p>
<p>相比之下，人工智能細分市場則顯示出更為明顯的分化。先進芯片製造商 <strong>寒武紀科技</strong>（688256.SH）在過去一年中上漲了超過 110%，這得益於對行業特定模型和推理工作負載的需求——這表明資本市場越來越重視計算能力的戰略角色。</p>
<p><strong>比特大陸</strong>（6082.HK）最近在香港上市，成為中國首家上市的自主研發 GPU 公司，其 IPO 認購超額約 2363 倍。自上市以來，其股價上漲了約 7%，投資者對其前景普遍持樂觀態度。</p>
<h4><strong>大型模型作為平台：估值分化</strong></h4>
<p>隨着模型能力逐漸趨同，市場關注點已從詢問哪個模型最強轉向識別誰能提供可擴展的人工智能平台。在中國，大型模型的競爭正從初創企業轉向主要互聯網平台。</p>
<p><strong>百度</strong>（BIDU.US；9888.HK）憑藉其文心模型和 <strong>阿里巴巴</strong>（BABA.US；9988.HK）憑藉通義千問，繼續享有較高的技術可見性，但投資者顯然不再那麼印象深刻。百度的股價和估值倍數仍然低迷，反映出投資者對人工智能能否有效提升其核心廣告和雲業務的懷疑。阿里巴巴的股價有所反彈，但其估值恢復仍受到雲盈利能力有限可見性的制約。</p>
<p>相比之下，<strong>騰訊</strong>（0700.HK）交出了最穩定的市場表現。騰訊並未強調模型排名，而是將人工智能能力嵌入其遊戲、廣告和企業服務中。其股價在過去一年中上漲了超過 50%，保持了中國最有價值科技公司的地位。</p>
<p>這表明投資者更願意為那些明顯提升現金流質量的人工智能敍事買單。</p>
<h4><strong>人工智能代理的崛起：從部署到貨幣化</strong></h4>
<p>比模型本身更具説明性的是人工智能代理的逐漸出現。與通用對話模型不同，代理旨在在特定場景中持續運行，主動處理研究、分析、內容生成和工作流程協調。這標誌着人工智能從支持工具轉變為現實工作流程的嵌入組件。</p>
<p>這一趨勢已經開始在中國市場顯現。</p>
<p>例如，<strong>字節跳動</strong> 的 Doubao 正在被整合到內容創作、數據組織和企業用例中。目標是將人工智能能力內化為可重用的工作模塊，作為提升組織和內容生產效率的基礎工具。</p>
<p>這種對比也突顯了中國與美國之間人工智能發展路徑的不同。美國科技巨頭繼續加大對前沿模型能力的投入，而中國則更強調快速部署和貨幣化。</p>
<p>在 12 月底，<strong>Meta</strong>（META.US）宣佈達成收購中國人工智能代理公司 Manus 的協議。這一舉動凸顯了中國人工智能生態系統的實際優勢，優先考慮快速部署和早期貨幣化，同時也為國內人工智能代理公司的未來發展開闢了新的可能性。</p>
<h4><strong>機器人和電力系統：效率作為結構性必要性</strong></h4>
<p>如果人工智能計算能力和大型模型構成了數字經濟的基礎，那麼機器人技術和電力系統正日益成為支撐當前升級浪潮的基礎設施。與早期強調技術展示的階段不同，政策制定者和市場現在關注的是哪些系統能夠在實際應用中產生可衡量和可複製的生產力提升。</p>
<p>在機器人行業，一個關鍵的發展是機器人即服務（RaaS）模型的興起。通過採用租賃安排或基於使用的定價，RaaS 將大額的前期資本支出轉化為可預測的運營費用，顯著降低了企業的採用門檻。</p>
<p>根據 Counterpoint Research 的報告，全球人形機器人安裝量預計將在 2025 年達到約 16,000 台，其中中國公司在市場份額上佔據前三名——即 <strong>智源機器人</strong>、<strong>宇樹機器人</strong> 和 <strong>優必選</strong>（9880.HK）。預計到 2027 年，累計安裝量將超過 100,000 台，主要應用於物流、製造和汽車行業——這些場景最有可能通過 RaaS 模型產生現金流。</p>
<p>在這些公司中，優必選的股價在過去一年中上漲了超過 135%。其他參與者，如工業自動化公司 <strong>英威騰科技</strong>（300124.SH）和 <strong>埃斯頓自動化</strong>（002747.SZ），在同一時期也上漲了約 30%。</p>
<p>一些市場觀察者警告稱，機器人和具身智能的估值泡沫風險可能出現得比人工智能本身還要快。這提醒投資者，除了高增長預期外，還應密切關注公司的實際商業化進展和現金流表現，以避免因估值過高而導致的潛在修正。</p>
<p>電力和能源系統的定價也在與機器人技術同步調整。人工智能計算、數據中心和自動化設備的擴展意味着，電力的定義不再僅僅依賴於公司提供更多的電量，而是越來越依賴於穩定性、靈活性和能效的要求。這一轉變使得一批私營電力設備和能源存儲公司重新進入投資者的視野。</p>
<p>在過去一年中，電力電子和能源存儲公司的股價顯著分化，儘管整體趨勢相比 2023 年有所改善。<strong>陽光電源</strong>（300274.SZ）的股價一度翻倍，得益於對能源存儲逆變器和大型電廠解決方案需求的恢復，促使市場重新評估其從太陽能設備製造商向能源管理平台提供商的轉型。</p>
<p>其他逆變器製造商，包括 <strong>金龍科技</strong>（300763.SZ）和 <strong>固德威科技</strong>（688390.SH），隨着海外能源存儲和商業及工業應用的滲透逐漸恢復估值，股價漲幅在 40% 到 80% 之間。</p>
<p><em>這是五部分系列的第二部分。要閲讀之前的部分，請點擊下面的鏈接：</em></p>
<p><em>第十五個五年計劃：太陽能和房地產等待下一個政策潮流</em></p>
<p><em>要訂閲 Bamboo Works 每週的免費通訊，請點擊</em> 這裏</p>
<p><strong><em>Benzinga 免責聲明：本文來自一位未付費的外部貢獻者。它不代表 Benzinga 的報道，並且未經過內容或準確性的編輯。</em></strong></p>

費城交易所 半導體 ETF - iShares

中國 MSCI ETF - iShares

騰訊控股(ADS)

華夏國證半導體芯片ETF

中際旭創

富時中國 3 倍做多 ETF - Direxion

華夏上證科創板半導體材料設備主題ETF

標普半導體 ETF - SPDR

半導體 3 倍做多 - Direxion

<p>中國第十五個五年規劃強調技術自立，特別是在人工智能和半導體領域。雖然人工智能已融入製造和能源系統，但中際旭創和中芯國際等光通信和半導體公司股票大幅上漲。重點正從模型的強度轉向可擴展的人工智能平台，騰訊通過將人工智能嵌入各項服務中，超越了競爭對手。人工智能代理的出現標誌着從支持工具向工作流程中不可或缺的組成部分的轉變，突顯了中國與美國相比的快速部署策略。該計劃旨在在不斷變化的市場需求中重塑中國的產業格局</p>

<p><em>As AI and semiconductors become national priorities, markets are already positioning for how China's 15th Five-Year Plan will reshape its industrial landscape</em></p>
<div class="lb-trans"><p>隨着人工智能和半導體成為國家優先事項，市場已經開始佈局中國第十五個五年計劃將如何重塑其產業格局。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://contributor-assets.benzinga.com/wp-content/uploads/2026/01/22025309/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_22-1-2026_105218_thebambooworks.com_-1024x683.jpeg" alt="" original-src="https://contributor-assets.benzinga.com/wp-content/uploads/2026/01/22025309/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_22-1-2026_105218_thebambooworks.com_-1024x683.jpeg"/></p>
<p><em>Image Credit: Bamboo Works</em></p>
<div class="lb-trans"><p><em>圖片來源：Bamboo Works</em></p>
</div><p>Not every industry filled prioritized for development in China ultimately survives tensions between policy support and commercial reality. Some sectors gradually lose momentum due to weakening demand, rising costs, or flawed business models, eventually fading from both policy narratives and capital allocation priorities.</p>
<div class="lb-trans"><p>並非所有被優先發展填充的行業最終都能在政策支持與商業現實之間生存下來。一些行業由於需求減弱、成本上升或商業模式缺陷，逐漸失去動力，最終從政策敍事和資本配置優先事項中消失。</p>
</div><p>With such a reality as backdrop, a key question is not only which industries will be written into policy documents as attention shifts to China's new 15th Five-Year Plan, but which ones are actually capable of making it to the finish line.</p>
<div class="lb-trans"><p>在這樣的現實背景下，一個關鍵問題不僅是哪些行業將被寫入政策文件，隨着關注點轉向中國的新第十五個五年計劃，哪些行業實際上能夠走到終點。</p>
</div><h4><strong>AI self-reliance: Computing power and chips take the lead</strong></h4>
<div class="lb-trans"><h4><strong>人工智能自給自足：計算能力和芯片引領</strong></h4>
</div><p>In the current policy environment, AI is no longer being positioned as a standalone growth industry. Instead, it is repeatedly framed as a capability that must be deeply integrated with manufacturing, energy systems and the real economy, with an emphasis on developing industry- and industrial-grade large models.</p>
<div class="lb-trans"><p>在當前的政策環境中，人工智能不再被視為一個獨立的增長行業。相反，它被反覆框定為必須與製造業、能源系統和實體經濟深度融合的能力，強調開發行業和工業級的大模型。</p>
</div><p>This language effectively elevates demand for computing power from a discretionary corporate choice to an institutionalized form of foundational demand.</p>
<div class="lb-trans"><p>這種表述有效地將對計算能力的需求從企業的可選擇性轉變為一種制度化的基礎需求形式。</p>
</div><p>Optical communications have emerged as the most representative beneficiary. Over the past year, demand from AI data centers for 800G and 1.6T high-speed optical modules has driven leading companies in the segment to outperform the broader market.</p>
<div class="lb-trans"><p>光通信已成為最具代表性的受益者。在過去一年中，人工智能數據中心對 800G 和 1.6T 高速光模塊的需求推動了該細分市場的領先公司表現優於整體市場。</p>
</div><p>Shares of <strong>Zhongji Innolight</strong> (300308.SZ) have surged 389.7% over the past year, with its market capitalization approaching 700 billion yuan ($100 billion), while <strong>Eoptolink Technology</strong> (300502.SZ) jumped 320%. That's made optical components one of the strongest-performing segments in the AI supply chain among companies listed on China's domestic markets in Shanghai and Shenzhen.</p>
<div class="lb-trans"><p><strong>中際旭創</strong>（300308.SZ）的股價在過去一年中飆升了 389.7%，市值接近 7000 億元人民幣（約 1000 億美元），而 <strong>光迅科技</strong>（300502.SZ）則上漲了 320%。這使得光組件成為在中國上海和深圳上市公司中，人工智能供應鏈中表現最強的細分市場之一。</p>
</div><p>In semiconductors, policy priorities have similarly shifted from &#34;comprehensive substitution&#34; toward &#34;deployable capability.&#34;</p>
<div class="lb-trans"><p>在半導體領域，政策優先事項同樣從 “全面替代” 轉向 “可部署能力”。</p>
</div><p>Demand for mature-node processes as well as industrial and automotive chips has put <strong>SMIC</strong> (0981.HK; 688981.SH) back onto investor radars. Its shares have risen about 80% over the past year, keeping it among the most valuable semiconductor names in China.</p>
<div class="lb-trans"><p>對成熟節點工藝以及工業和汽車芯片的需求使得 <strong>中芯國際</strong>（0981.HK；688981.SH）重新回到了投資者的視野中。其股價在過去一年中上漲了約 80%，保持在中國最有價值的半導體公司之列。</p>
</div><p>The AI segment, by contrast, has shown far sharper divergence. Advanced chipmaker <strong>Cambricon Technologies</strong> (688256.SH) has gained more than 110% over the past year, driven by demand for industry-specific models and inference workloads — an indication that capital markets are increasingly pricing in the strategic role of computing power.</p>
<div class="lb-trans"><p>相比之下，人工智能細分市場則顯示出更為明顯的分化。先進芯片製造商 <strong>寒武紀科技</strong>（688256.SH）在過去一年中上漲了超過 110%，這得益於對行業特定模型和推理工作負載的需求——這表明資本市場越來越重視計算能力的戰略角色。</p>
</div><p><strong>Biren Technology</strong> (6082.HK), recently listed in Hong Kong as China's first domestically developed GPU company to go public, saw its IPO oversubscribed by about 2,363 times. Its shares are up roughly 7% since the listing, with investors remaining broadly optimistic about its prospects.</p>
<div class="lb-trans"><p><strong>比特大陸</strong>（6082.HK）最近在香港上市，成為中國首家上市的自主研發 GPU 公司，其 IPO 認購超額約 2363 倍。自上市以來，其股價上漲了約 7%，投資者對其前景普遍持樂觀態度。</p>
</div><h4><strong>Large models as platforms: Valuation divergence</strong></h4>
<div class="lb-trans"><h4><strong>大型模型作為平台：估值分化</strong></h4>
</div><p>As model capabilities gradually converge, market attention has shifted from asking which model is the strongest to identifying who can offer a scalable AI platform. In China, competition in large models is moving away from startups toward major internet platforms.</p>
<div class="lb-trans"><p>隨着模型能力逐漸趨同，市場關注點已從詢問哪個模型最強轉向識別誰能提供可擴展的人工智能平台。在中國，大型模型的競爭正從初創企業轉向主要互聯網平台。</p>
</div><p><strong>Baidu</strong> (BIDU.US; 9888.HK), with its Ernie model, and <strong>Alibaba</strong> (BABA.US; 9988.HK), with Tongyi Qianwen, continue to enjoy high technical visibility, but investors are clearly less impressed. Baidu's share price and valuation multiples remain depressed, reflecting investor skepticism over whether AI can meaningfully lift its core advertising and cloud businesses. Alibaba's shares have rebounded, but its valuation recovery remains constrained by limited visibility into cloud profitability.</p>
<div class="lb-trans"><p><strong>百度</strong>（BIDU.US；9888.HK）憑藉其文心模型和 <strong>阿里巴巴</strong>（BABA.US；9988.HK）憑藉通義千問，繼續享有較高的技術可見性，但投資者顯然不再那麼印象深刻。百度的股價和估值倍數仍然低迷，反映出投資者對人工智能能否有效提升其核心廣告和雲業務的懷疑。阿里巴巴的股價有所反彈，但其估值恢復仍受到雲盈利能力有限可見性的制約。</p>
</div><p>By contrast, <strong>Tencent</strong> (0700.HK) has delivered the most stable market performance. Rather than emphasizing model rankings, Tencent has embedded AI capabilities across its gaming, advertising and enterprise services. Its shares have risen more than 50% over the past year, maintaining its position as China's most valuable technology company.</p>
<div class="lb-trans"><p>相比之下，<strong>騰訊</strong>（0700.HK）交出了最穩定的市場表現。騰訊並未強調模型排名，而是將人工智能能力嵌入其遊戲、廣告和企業服務中。其股價在過去一年中上漲了超過 50%，保持了中國最有價值科技公司的地位。</p>
</div><p>This suggests investors are more willing to pay for AI narratives that clearly enhance cash flow quality.</p>
<div class="lb-trans"><p>這表明投資者更願意為那些明顯提升現金流質量的人工智能敍事買單。</p>
</div><h4><strong>The rise of AI agents: From deployment to monetization</strong></h4>
<div class="lb-trans"><h4><strong>人工智能代理的崛起：從部署到貨幣化</strong></h4>
</div><p>More telling than the models themselves is the gradual emergence of AI agents. Unlike general-purpose conversational models, agents are designed to operate continuously within specific scenarios, proactively handling research, analysis, content generation and workflow coordination. This marks a shift from AI as a support tool to AI as an embedded component of real-world workflows.</p>
<div class="lb-trans"><p>比模型本身更具説明性的是人工智能代理的逐漸出現。與通用對話模型不同，代理旨在在特定場景中持續運行，主動處理研究、分析、內容生成和工作流程協調。這標誌着人工智能從支持工具轉變為現實工作流程的嵌入組件。</p>
</div><p>This trend has already begun to materialize in the Chinese market.</p>
<div class="lb-trans"><p>這一趨勢已經開始在中國市場顯現。</p>
</div><p><strong>ByteDance's</strong> Doubao, for example, is being integrated into content creation, data organization, and enterprise use cases. The goal is to internalize AI capabilities into reusable work modules, serving as foundational tools to boost organizational and content production efficiency.</p>
<div class="lb-trans"><p>例如，<strong>字節跳動</strong> 的 Doubao 正在被整合到內容創作、數據組織和企業用例中。目標是將人工智能能力內化為可重用的工作模塊，作為提升組織和內容生產效率的基礎工具。</p>
</div><p>This contrast also highlights differing AI development paths between China and the U.S. American tech giants continue to double down on frontier model capabilities, while China places greater emphasis on rapid deployment and monetization.</p>
<div class="lb-trans"><p>這種對比也突顯了中國與美國之間人工智能發展路徑的不同。美國科技巨頭繼續加大對前沿模型能力的投入，而中國則更強調快速部署和貨幣化。</p>
</div><p>In late December, <strong>Meta</strong> (META.US) announced a deal to acquire Manus, a Chinese AI agent company. Such a move underscores the practical advantages of China's AI ecosystem, which prioritizes rapid deployment and early monetization, while also opening up new possibilities for the future development of domestic AI agent companies.</p>
<div class="lb-trans"><p>在 12 月底，<strong>Meta</strong>（META.US）宣佈達成收購中國人工智能代理公司 Manus 的協議。這一舉動凸顯了中國人工智能生態系統的實際優勢，優先考慮快速部署和早期貨幣化，同時也為國內人工智能代理公司的未來發展開闢了新的可能性。</p>
</div><h4><strong>Robotics and power systems: Efficiency as a structural necessity</strong></h4>
<div class="lb-trans"><h4><strong>機器人和電力系統：效率作為結構性必要性</strong></h4>
</div><p>If AI computing power and large models form the foundation of the digital economy, then robotics and power systems are increasingly becoming the infrastructure that supports the current wave of upgrades. Unlike earlier phases that emphasized technological demonstrations, both policymakers and markets are now focused on which systems can generate measurable and replicable productivity gains in real-world applications.</p>
<div class="lb-trans"><p>如果人工智能計算能力和大型模型構成了數字經濟的基礎，那麼機器人技術和電力系統正日益成為支撐當前升級浪潮的基礎設施。與早期強調技術展示的階段不同，政策制定者和市場現在關注的是哪些系統能夠在實際應用中產生可衡量和可複製的生產力提升。</p>
</div><p>In the robotics sector, a key development has been the rise of the robotics-as-a-service (RaaS) model. By adopting leasing arrangements or usage-based pricing, RaaS converts large upfront capital expenditures into predictable operating expenses, significantly lowering barriers to adoption for enterprises.</p>
<div class="lb-trans"><p>在機器人行業，一個關鍵的發展是機器人即服務（RaaS）模型的興起。通過採用租賃安排或基於使用的定價，RaaS 將大額的前期資本支出轉化為可預測的運營費用，顯著降低了企業的採用門檻。</p>
</div><p>According to Counterpoint Research, global installations of humanoid robots are expected to reach approximately 16,000 units in 2025, with Chinese companies occupying the top three positions by market share — namely <strong>Zhiyuan Robotics</strong>, <strong>Unitree Robotics</strong>, and <strong>Ubtech</strong> (9880.HK). Cumulative installations are projected to exceed 100,000 units by 2027, with primary applications in logistics, manufacturing and the automotive sector — scenarios where RaaS models are most likely to generate cash flow.</p>
<div class="lb-trans"><p>根據 Counterpoint Research 的報告，全球人形機器人安裝量預計將在 2025 年達到約 16,000 台，其中中國公司在市場份額上佔據前三名——即 <strong>智源機器人</strong>、<strong>宇樹機器人</strong> 和 <strong>優必選</strong>（9880.HK）。預計到 2027 年，累計安裝量將超過 100,000 台，主要應用於物流、製造和汽車行業——這些場景最有可能通過 RaaS 模型產生現金流。</p>
</div><p>Among these companies, Ubtech's stock price has risen by more than 135% over the past year. Other players, such as industrial automation firms <strong>Inovance Technology</strong> (300124.SH) and <strong>Estun Automation</strong> (002747.SZ), have also gained roughly 30% over the same period.</p>
<div class="lb-trans"><p>在這些公司中，優必選的股價在過去一年中上漲了超過 135%。其他參與者，如工業自動化公司 <strong>英威騰科技</strong>（300124.SH）和 <strong>埃斯頓自動化</strong>（002747.SZ），在同一時期也上漲了約 30%。</p>
</div><p>Some market observers caution that valuation bubble risks in robotics and embodied intelligence could emerge even faster than in AI itself. This serves as a reminder that beyond high-growth expectations, investors should pay close attention to companies' actual commercialization progress and cash flow performance, in order to avoid potential corrections driven by overly inflated valuations.</p>
<div class="lb-trans"><p>一些市場觀察者警告稱，機器人和具身智能的估值泡沫風險可能出現得比人工智能本身還要快。這提醒投資者，除了高增長預期外，還應密切關注公司的實際商業化進展和現金流表現，以避免因估值過高而導致的潛在修正。</p>
</div><p>Power and energy systems are being repriced alongside robotics. The expansion of AI computing, data centers and automated equipment means that electricity is no longer defined solely by a company's ability a to provide more volume, but increasingly by requirements for stability, flexibility, and energy efficiency. This shift has brought a new group of privately owned power equipment and energy storage companies back onto investor radars.</p>
<div class="lb-trans"><p>電力和能源系統的定價也在與機器人技術同步調整。人工智能計算、數據中心和自動化設備的擴展意味着，電力的定義不再僅僅依賴於公司提供更多的電量，而是越來越依賴於穩定性、靈活性和能效的要求。這一轉變使得一批私營電力設備和能源存儲公司重新進入投資者的視野。</p>
</div><p>Over the past year, share prices for power electronics and energy storage companies have diverged significantly, though the overall trend has improved compared with 2023. Shares of <strong>Sungrow Power Supply</strong> (300274.SZ) more than double at one point, supported by a recovery in demand for energy storage inverters and large-scale power plant solutions, prompting the market to reassess its transition from a solar equipment manufacturer to an energy management platform provider.</p>
<div class="lb-trans"><p>在過去一年中，電力電子和能源存儲公司的股價顯著分化，儘管整體趨勢相比 2023 年有所改善。<strong>陽光電源</strong>（300274.SZ）的股價一度翻倍，得益於對能源存儲逆變器和大型電廠解決方案需求的恢復，促使市場重新評估其從太陽能設備製造商向能源管理平台提供商的轉型。</p>
</div><p>Other inverter manufacturers, including <strong>Ginlong Technologies</strong> (300763.SZ) and <strong>GoodWe Technologies</strong> (688390.SH), have also seen gradual valuation recoveries as penetration of overseas energy storage and commercial and industrial applications increases, with share gains ranging from 40% to 80%.</p>
<div class="lb-trans"><p>其他逆變器製造商，包括 <strong>金龍科技</strong>（300763.SZ）和 <strong>固德威科技</strong>（688390.SH），隨着海外能源存儲和商業及工業應用的滲透逐漸恢復估值，股價漲幅在 40% 到 80% 之間。</p>
</div><p><em>This is part 2 in a 5 part series. To read previous parts, click on the links below:</em></p>
<div class="lb-trans"><p><em>這是五部分系列的第二部分。要閲讀之前的部分，請點擊下面的鏈接：</em></p>
</div><p><em>15th Five-Year Plan: Solar and property wait for the next policy tide</em></p>
<div class="lb-trans"><p><em>第十五個五年計劃：太陽能和房地產等待下一個政策潮流</em></p>
</div><p><em>To subscribe to Bamboo Works weekly free newsletter, click</em> here</p>
<div class="lb-trans"><p><em>要訂閲 Bamboo Works 每週的免費通訊，請點擊</em> 這裏</p>
</div><p><strong><em>Benzinga Disclaimer: This article is from an unpaid external contributor. It does not represent Benzinga’s reporting and has not been edited for content or accuracy.</em></strong></p>
<div class="lb-trans"><p><strong><em>Benzinga 免責聲明：本文來自一位未付費的外部貢獻者。它不代表 Benzinga 的報道，並且未經過內容或準確性的編輯。</em></strong></p>
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China's 15th Five-Year Plan: Opportunities And Trade-offs Under Technological Self-reliance

- 市場佈局正隨着中國第十五個五年計劃重塑產業格局。  
- 人工智能和半導體成為優先事項，需求與投資呈現明顯差異。  
- 機器人和電力系統正在推動生產力提升，投資者需關注實際商業化進展。

中國第十五個五年計劃：在技術自立背景下的機遇與權衡