Core Insights - The government investment funds in China have received a structured "roadmap" and "guidance" for their investment directions, focusing on nurturing emerging pillar industries and emphasizing early, small, long-term, and hard technology investments [2][3] Group 1: Government Investment Fund Guidelines - The National Development and Reform Commission (NDRC) and other departments have issued the "Work Method" to systematically regulate the layout and investment direction of government investment funds for the first time at the national level [2][5] - The "Work Method" aims to address issues such as mismatched fund establishment and operation with local resources and industrial foundations, unclear fund positioning, and homogenized investment [2][5] - The "Management Method" was also introduced to complement the "Work Method," marking a shift from extensive management to refined management of government investment funds [2][5] Group 2: Investment Focus and Strategy - The newly launched National Venture Capital Guidance Fund is expected to leverage a trillion-scale investment, focusing on cutting-edge fields such as artificial intelligence, biopharmaceuticals, quantum technology, and 6G, with a lifespan of 15 to 20 years to match the long-term R&D needs of hard technology [3][4] - The government investment funds are designed to support major strategies, key areas, and weak links where the market cannot effectively allocate resources, promoting deep integration of technological and industrial innovation [7][8] - The "Work Method" emphasizes that funds should align with national major plans and encourage industries while avoiding investments in restricted or eliminated sectors [7][9] Group 3: Evaluation and Management Mechanisms - The "Management Method" establishes a comprehensive evaluation system for fund operations, combining quantitative and qualitative assessments to ensure alignment with national strategic planning and effective market intervention [10][11] - Funds that perform well according to the evaluation will receive preferential treatment in project promotion and financing, while poorly performing funds may face restrictions and corrective measures [10][11] - The evaluation results will be linked to future budget arrangements and management team incentives, creating a mechanism that encourages fund management institutions to adhere to policy missions [11]

2026.01.12 本文字数：3037，阅读时长大约5分钟 作者 |第一财经 曹璐 2026年开年，A股一场"太空主题"资本盛宴正在上演。 实际上，该板块的爆发并非毫无征兆，而是呈现持续走强的态势。截至1月12日，卫星产业指数在年初6 个交易日中已上涨35.54%，近一个月的涨幅高达76.83%；商业航天指数表现同样亮眼，年内上涨 23.44%，近一个月累计涨幅达43.8%，显著跑赢大盘。 就个股而言，上述两大指数涵盖的110只成份股中，当日共有国博电子（688375.SH）、航天电子 （600879.SH）、中国卫通等18只个股涨停；最近一个月内，股价实现翻倍的成份股已扩大至13只，其 中超捷股份累计上涨145.49%，中国卫通、航天环宇（688523.SH）等4只个股涨幅也均超过130%，板块 赚钱效应凸显。 1月12日，两市成交额突破3.64万亿元创下历史新高，商业航天、卫星产业两大指数单日涨幅均超8%， 中国卫通（601698.SH）等18只成份股集体涨停，多只卫星主题ETF亦强势涨停；其中，卫星产业指数 近一个月暴涨超76%，同期翻倍股超10只。 同时，资金正借道ETF大举布局这一赛道。近一个月， ...

Core Insights - The government investment funds in China have established a systematic framework for investment direction and planning, focusing on nurturing emerging pillar industries and emphasizing early, small, long-term, and hard technology investments [1][4] Group 1: Government Investment Fund Framework - The National Development and Reform Commission (NDRC) and other departments have released the "Work Method" to systematically regulate the layout and direction of government investment funds for the first time at the national level [1][3] - The "Work Method" aims to address issues such as mismatched fund establishment and operation with local resources and industry foundations, unclear fund positioning, and homogenized investment directions [1][3] - The "Management Method" was also introduced to complement the "Work Method," marking a shift from extensive management to refined management of government investment funds [1][3] Group 2: Investment Focus and Strategy - The newly launched National Venture Capital Guidance Fund is expected to mobilize trillions in investment, focusing on cutting-edge fields such as artificial intelligence, biopharmaceuticals, quantum technology, and 6G, with a lifespan of 15 to 20 years to match the long-term R&D needs of hard technology [2][5] - The government investment funds are required to support major strategies, key areas, and weak links where the market cannot effectively allocate resources, promoting deep integration of technological and industrial innovation [6][7] - The funds must align with national major plans and encourage industries listed in the national industrial directory while avoiding investments in restricted or eliminated sectors [6][7] Group 3: Evaluation and Management Mechanisms - The "Management Method" establishes a comprehensive evaluation system for fund operations, combining quantitative and qualitative assessments to ensure alignment with national strategic planning and effective market intervention [8][9] - Funds that perform well in evaluations will receive preferential treatment in project promotion and financing, while poorly performing funds may face restrictions and corrective measures [8][9] - The evaluation results will be linked to future budget arrangements and management team incentives, creating a mechanism that encourages fund management institutions to adhere to policy missions [9][10]

他对记者解释，在脑机接口系统中，"硬件"如同肉体，由脑虎科技、景昱医疗等公司提供的电极或外设 构成；"灵魂"则是介于大脑与外设之间的算法系统，脑电分析解码是它们专注研究的领域。 作为我国脑机接口技术发展的前沿阵地，上海已形成覆盖侵入式、半侵入式和非侵入式技术的完整研发 体系。未来五年，上海将多层次培育更多脑机接口技术和产品应用落地。 日前公布的《上海市脑机接口未来产业培育行动方案（2025-2030年）》（下称"方案"）提出，2027年 前，实现高质量脑控，半侵入式脑机接口产品在国内率先实现临床应用，侵入式脑机接口研发取得突 破，脑机接口创新生态初步构建。具体围绕加速脑机接口产品化、构建共性技术研发服务平台、推动临 床试验与应用示范、健全产品标准与检测体系、培育产业创新生态等方面展开。 2024年6月以来，上海围绕强化科技创新策源功能，聚焦脑机接口等未来产业新赛道，健全"比选寻优、 动态优化"未来产业培育机制，建立专业化项目经理队伍，实施全生命周期项目管理。 去年12月举行的"2025脑机接口大会"上，多项新技术和产品首发，并揭牌了"脑机接口产业联盟长三角 分联盟"。"上海在脑机接口技术领域取得了系列阶段性突 ...

2026.01.12 2026阿驴「躺赢日历」限量发售中12个月，12个我，陪你轻松一整年～ 2026，不一定每天都是晴天 和一个始终在你这边、陪你向前走的阿驴 戳这里直达购买 （限量200本，售完即止） 微信编辑| 生产队的驴 第一财经持续追踪财经热点。若您掌握公司动态、行业趋势、金融事件等有价值的线索，欢迎提供。专 用邮箱：bianjibu@yicai.com （注：我们会对线索进行核实。您的隐私将严格保密。） 但希望每月翻到新一页的你 都能看到一份不一样的祝福 ...

Core Viewpoint - The AI application sector in the A-share market has seen a significant surge, driven by the concept of AI marketing GEO (Generative Engine Optimization), which aims to enhance brand visibility in AI-generated content [2][4]. Group 1: Market Performance - After the A-share market opened on January 12, stocks in the AI application sector, including 易点天下 (301171.SZ), 中文在线 (300364.SZ), and 天龙集团 (300063.SZ), surged by 20%, with several stocks hitting the daily limit [2]. - The Media ETF 华夏 (516190.SH) rose over 8%, while 恒生互联网ETF (513330.SH) increased by nearly 3% [2]. Group 2: Future Projections - Institutions predict that the digital marketing GEO will capitalize on AI dividends, with 2026 expected to be a pivotal year for AI application commercialization [4]. - According to 华鑫证券, the dual drivers of AI applications and domestic demand remain promising, with various sectors like digital marketing and e-commerce being favorable for AI commercialization [4]. Group 3: Consumer Behavior and Trends - As consumers increasingly turn to AI assistants like 豆包, DeepSeek, and 元宝 for inquiries, brand visibility in AI search results is becoming crucial for influencing consumer decisions [4]. - QuestMobile's statistics show that 豆包 leads the native AI market with 155 million weekly active users, followed by DeepSeek with over 80 million and 元宝 with over 20 million [4]. Group 4: Industry Insights - The investment logic in the AI industry is shifting from a "computing power competition" to focusing on "application value" [5]. - The head of a consulting firm warns that while GEO presents commercial opportunities, it also faces challenges, including the risk of misuse leading to the generation of false information [5]. - A rational understanding and application of GEO is essential, as the greatest monetization opportunities will belong to brands that effectively convey real value to consumers using AI technology [5].

2026.01.12 今日记者就价格调整情况向茅台方面求证，但截至发稿时未获回应。 肖竹青表示，此举是茅台推进"市场化"改革的一系列举措之一，一方面通过市场供求关系调节发货节 奏，另一方面建立价格随行就市的机制，尊重市场规律并及时调整公司相关产品的价格政策。贵州茅台 此次营销转型意在争取消费者，这也与特斯拉、苹果等品牌的营销逻辑相一致。正如茅台集团董事长陈 华所言："茅台酒代理商可以赚到钱，但暴利时代一去不复返了。" 作者 |第一财经 栾立 近日有消息称，贵州茅台下调了部分产品的合同价，多款产品下调幅度超过千元。有经销商证实了这一 调整，并表示相关产品的市场价格也在持续回落。在业内看来，此次调整也是茅台价格市场化改革的一 部分，旨在让价格更好地"随行就市"。 据市场传言，陈年贵州茅台酒（15）2026年合同价为3409元/瓶，而2025年打款价为5399元；43度贵州 茅台酒2026年合同价为739元/瓶，2025年计划内价格为798元；茅台系列酒"茅台1935"也从原出厂价798 元/瓶调整为668元/瓶。另据白酒独立评论员肖竹青介绍，精品茅台的出厂价从2969元/瓶下调至1859元/ 瓶，零售指导价从32 ...

近日有消息称，贵州茅台下调了部分产品的合同价，多款产品下调幅度超过千元。有经销商证实了这一 调整，并表示相关产品的市场价格也在持续回落。在业内看来，此次调整也是茅台价格市场化改革的一 部分，旨在让价格更好地"随行就市"。 今日记者就价格调整情况向茅台方面求证，但截至发稿时未获回应。 肖竹青表示，此举是茅台推进"市场化"改革的一系列举措之一，一方面通过市场供求关系调节发货节 奏，另一方面建立价格随行就市的机制，尊重市场规律并及时调整公司相关产品的价格政策。贵州茅台 此次营销转型意在争取消费者，这也与特斯拉、苹果等品牌的营销逻辑相一致。正如茅台集团董事长陈 华所言："茅台酒代理商可以赚到钱，但暴利时代一去不复返了。" 不过部分酒商对茅台官方价格调整感到不满，有酒商表示，自己此前进货的精品茅台价格都高于2299 元，如今茅台官方降价后，就会出现不同程度地亏损。日常酒商做生意也会有茅台的需求，未来行业批 发价怎么定都成了未知数。 据市场传言，陈年贵州茅台酒（15）2026年合同价为3409元/瓶，而2025年打款价为5399元；43度贵州 茅台酒2026年合同价为739元/瓶，2025年计划内价格为798元；茅台系列 ...

1月12日，恒生指数收涨1.44%，恒生科技指数涨3.1%。 | 代码 | 名称 | 现价 | 涨跌 | 涨跌幅 | 成交额 | | --- | --- | --- | --- | --- | --- | | HSI | 恒生指数 | 26608.48c | 376.69 | 1.44% | 3062亿 | | HSTECH | 恒生科技 | 5863.20c | 176.06 | 3.10% | 1038亿 | | HSBIO | 恒生生物科技 | 16175.18c | 121.26 | 0.76% | 177亿 | | HSCEI | 恒生中国企业指数 | 9220.08c | 171.55 | 1.90% | 1211亿 | | HSCI | 恒生综合指数 | 4084.35c | 59.75 | 1.48% | 2237亿 | 科网股全线大涨，金蝶国际涨逾12%，阿里健康涨逾10%，快手涨逾7%，商汤、美团、哔哩哔哩涨逾 6%，阿里巴巴、百度集团、网易、京东集团、腾讯控股均走高。 | 代码 | 名称 | 现价 | 涨跌 | 涨跌幅 · | 成交额 | | --- | --- | --- | --- ...

Group 1 - The controllable nuclear fusion concept stocks experienced a significant rise, with the sector index increasing by over 4% as of the report time [1] - Notable stocks include Tianli Composite, which surged by 28.20%, and Zhongtai Co., which saw a 20.02% increase [2][3] - Other companies like China Nuclear Construction and Snowman Group reached their daily limit up, while several others, including Ha Welding and Changfu Co., rose by over 10% [3] Group 2 - Tianli Composite's total market value reached 134.1 billion, with a current price of 122.83 [2] - Zhongtai Co. has a total market value of 121.9 billion, with a current price of 31.60 [2] - China Nuclear Construction's market value is 601.01 billion, with a current price of 19.94, reflecting a 49.98% increase [2]