（责任编辑：王治强 HF013） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 中信建投研报认为，脑机接口产业链上中游的技术进步带来下游应用端不断突破，近年来国内外在 运动恢复、语言沟通、听力重建等医疗领域的研究不断出现里程碑式成果。国家层面和各地区推出多项 政策利好行业加速发展，近期国家医保局发文为脑机接口新技术价格单独立项，其进入临床应用的服务 收费路径已经铺好。在技术革新和政策红利催化下，国内脑机接口公司有望逐步实现商业化应用。 ...

Group 1 - The domestic brain-computer interface companies are expected to gradually achieve commercialization due to technological advancements and supportive policies [2] - Recent milestones in medical research for rehabilitation, communication, and hearing restoration have been noted in the brain-computer interface sector [2] - The National Medical Insurance Administration has initiated a separate pricing project for new brain-computer interface technologies, paving the way for clinical application [2] Group 2 - The global Solid Oxide Fuel Cell (SOFC) market is entering an accelerated expansion phase, driven by power shortages in the U.S. and the need for reliable power supply in data centers [3] - SOFC's low redundancy configuration and power tracking advantages make it suitable for the fluctuating demands of data centers [3] - The Levelized Cost of Electricity (LCOE) for SOFC is approaching that of gas power generation, indicating potential cost advantages with further scale [3] Group 3 - The pulp and paper industry is expected to see continued excess profits for integrated pulp-paper leaders as demand gradually recovers [4] - The supply-demand dynamics for various paper types are changing, with the pulp-paper segment remaining relatively loose [4] - The production capacity for corrugated box paper has nearly concluded, which may lead to a recovery in capacity utilization and an upward adjustment in paper prices [4]

智通财经12月12日讯，市场昨日震荡调整，沪深两市成交额1.86万亿，较上一个交易日放量786亿。板 块方面，商业航天、次新股等板块涨幅居前，福建、房地产等板块跌幅居前。截至昨日收盘，沪指跌 0.7%，深成指跌1.27%，创业板指跌1.41%。 天风证券认为，受到电源建设周期及电网输电能力限制，美国电力紧缺给SOFC发展带来新机遇。数据 中心负荷波动极大，对供电可靠性要求极高。SOFC的低冗余配置、功率跟踪优势，使其更适配数据中 心需求。SOFCLCOE已接近燃气发电，天风证券认为随着规模化降本成本优势有望进一步体现。全球 SOFC进入加速扩产阶段。 中金公司：浆纸一体化龙头有望继续获得超额利润 中金公司发布造纸行业2026年展望称，展望2026年，消费需求仍在温和修复阶段，各类纸种供给变化各 异：浆纸系纸种供需仍然宽松，浆价成为行业补库、及去库关键推动力，浆纸一体化龙头有望继续获得 超额利润；箱板瓦楞纸产能已基本收尾，有望率先走出本轮供需失衡周期，迎来产能利用率修复，吨纸 价格中枢同比抬升的业绩修复行情。 中信建投：国内脑机接口公司有望逐步实现商业化应用 中信建投认为，脑机接口产业链上中游的技术进步带来下游 ...

专题：中央经济工作会议在北京举行 业内解读 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 核心观点 1、财政政策延续更加积极的政策基调，总体表述偏稳。货币政策把"物价合理回升"写进总要求，价格 和传导机制被放在更加突出的位置。 2、内需主导和国内大市场仍是发力的关键抓手。将以制度性增收为基础进一步提振消费，明确提出推 动投资止跌回稳，直面投资下行压力。 3、科技和产业政策方面，把建设国际科创中心和重点产业链作为两大抓手，对AI+、数字贸易、绿色 贸易、海洋经济、新型能源体系等重点产业提出了明确指向。 简评： （一）宏观政策导向突出"提质增效" 形势判断和方法论上，从2024年的"五个统筹"升级为2025年的"五个必须"。对比2024年的"五个统筹"， 即统筹市场和政府、总供给与总需求、新旧动能、增量与存量、质量与总量，今年会议给出了更加具 体、清晰的指向，强调必须充分挖掘经济潜能，必须坚持政策支持和改革创新并举，必须做到既"放得 活"又"管得好"，必须坚持投资于物和投资于人紧密结合，必须以苦练内功来应对外部挑战。在主要矛 盾方面，从强调"国内需求不足"改为"国内供强需弱矛盾突出"， ...

Core Viewpoint - The report interprets the 2025 Central Economic Work Conference, highlighting a continuation of a more proactive fiscal policy and a stable overall expression in economic strategy [1] Fiscal Policy - The fiscal policy will maintain a more proactive tone, aiming to stimulate economic growth through increased government spending and investment [1] Monetary Policy - The monetary policy emphasizes "reasonable recovery of prices," placing greater importance on price levels and transmission mechanisms [1] Domestic Demand - Domestic demand and the large domestic market are identified as key drivers for economic growth, with a focus on boosting consumption through institutional revenue increases [1] Investment - There is a clear intention to stabilize investment and address downward pressure on investment levels, indicating a proactive approach to counteract investment declines [1] Technology and Industry Policy - The report outlines two main focuses: building an international innovation center and key industrial chains, with specific directions for industries such as AI+, digital trade, green trade, marine economy, and new energy systems [1]

（文章来源：第一财经） 中信建投研报认为，脑机接口产业链上中游的技术进步带来下游应用端不断突破，近年来国内外在运动 恢复、语言沟通、听力重建等医疗领域的研究不断出现里程碑式成果。国家层面和各地区推出多项政策 利好行业加速发展，近期国家医保局发文为脑机接口新技术价格单独立项，其进入临床应用的服务收费 路径已经铺好。在技术革新和政策红利催化下，国内脑机接口公司有望逐步实现商业化应用。 ...

Core Viewpoint - The report interprets the 2025 Central Economic Work Conference, highlighting a continuation of a more proactive fiscal policy and a stable overall expression in economic strategy [1] Fiscal Policy - The fiscal policy will maintain a more proactive stance, indicating a commitment to stimulate economic growth through increased government spending and investment [1] Monetary Policy - The monetary policy emphasizes "reasonable recovery of prices," placing greater importance on price levels and transmission mechanisms within the economy [1] Domestic Demand - Domestic demand and the large domestic market are identified as key drivers for economic growth, with a focus on boosting consumption through institutional revenue increases [1] Investment - There is a clear intention to stabilize investment and address downward pressure on investment levels, indicating a proactive approach to counteract potential declines [1] Technology and Industry Policy - The report outlines two main focuses: building an international innovation center and key industrial chains, with specific directions for industries such as AI+, digital trade, green trade, marine economy, and new energy systems [1]

Core Insights - The central economic work conference concluded that current economic issues are primarily related to developing and transitioning challenges, which can be resolved through effort [1] - The conference outlined a 2026 economic vision focusing on expanding domestic demand, stabilizing investment, managing local government debt, advancing anti-involution measures, stabilizing the real estate market, and fostering new growth drivers [1][2] - Incremental policies were introduced, with a more proactive fiscal stance, maintaining a high deficit rate, expanding debt issuance, and tax reforms, while monetary policy remains "appropriately loose" targeting a reasonable recovery in prices [1][4] Fiscal Policy - The fiscal policy remains expansionary, with an emphasis on maintaining necessary fiscal deficits and total debt levels, with expectations for the deficit rate to stay at 4% and special bonds potentially expanding to 5 trillion yuan [5][17] - Local special bonds are expected to increase significantly to address fiscal difficulties and support local governments in debt management, with a notable rise in new special bonds issued this year [5][17] Monetary Policy - Monetary policy is anticipated to continue with rate cuts and reserve requirement ratio reductions, focusing on stabilizing economic growth and ensuring ample liquidity [6][18] - The emphasis on guiding financial institutions to support key areas such as domestic demand, technological innovation, and small and medium enterprises indicates the potential for more structural policy tools [7][19] Domestic Demand and Investment - Expanding domestic demand is prioritized, with strategies to boost consumption through income growth plans and optimizing policy implementations, while also addressing supply-side improvements [8][20] - Investment strategies aim to stabilize and increase central budget investments, optimize project implementations, and enhance urban renewal efforts, with expectations for infrastructure investment to improve [8][20] Real Estate Market - The real estate market is targeted for stabilization, with policies to control inventory and encourage the acquisition of existing homes for affordable housing, alongside potential demand-side support measures [9][21] - Despite stabilization efforts, real estate investment is likely to remain in negative growth territory due to ongoing constraints [9][21] Industry Trends - The focus on new growth drivers, including artificial intelligence, service industries, new energy, and marine economy, highlights the importance of innovation and industrial upgrading for economic development [10][22] - The commitment to addressing involution and enhancing service quality indicates a strategic shift towards sustainable economic practices, although consumer recovery remains uncertain [10][22]

Group 1 - The central economic work conference has provided direction and fundamental guidelines for high-quality economic development in China, which the company aims to implement as a core task [1] - The company will focus on enhancing political awareness and unifying actions with the central government's scientific judgment on the economic situation, translating conference requirements into actionable business strategies [1][2] Group 2 - The company is committed to serving the real economy by integrating into national strategies and enhancing its role in risk management for enterprises, having served over 1,000 industrial clients in the Chengdu-Chongqing area with a sevenfold increase in client equity scale during the 14th Five-Year Plan [2] - The company plans to continue developing systematic service solutions in areas such as technological innovation, green transformation, and rural revitalization to demonstrate the effectiveness of implementing the conference's spirit [2] Group 3 - The company will focus on talent development to enhance professional capabilities and service levels, aiming to build a resilient financial team capable of facing complex risks [3] - During the 14th Five-Year Plan, the company achieved recognition for three digital research outcomes and plans to strengthen its cross-border service capabilities by collaborating with its parent company [3] Group 4 - The company emphasizes risk control as a priority, aiming to enhance its risk prevention system and comply with regulatory requirements to ensure a safe operational environment [4] - The company is committed to investor protection and reinforcing discipline among employees to maintain compliance and safeguard its operations [4]

Core Insights - The forum focused on how financial technology can provide personalized services to ordinary customers, emphasizing the importance of understanding individual client needs [1] Group 1: Company Initiatives - The company is developing the "Lingxi Platform" to create a powerful "intelligent brain" for its service system, utilizing AI models to analyze customer behavior across various touchpoints [1] - The "Youwen System" is being upgraded to integrate "intelligent + human" customer service, allowing for quick resolution of common issues while ensuring professional and personalized service [2] - The establishment of a "Inclusive Center" aims to create a centralized service system for long-tail customer groups, enhancing operational efficiency and enabling proactive engagement with previously underserved clients [2]