华见早安之声 市场概述 周五，圣诞节后首个交易日， 美股大盘在历史高位附近缩量横盘，贵金属表现"疯狂"，金银铜铂金均创历史新高。 美股三大指数微跌，罗素小盘股指跌幅靠前。恐慌指数VIX跌至14下方。特斯拉跌2.1%、领跌科技七巨头。 美债收益率全周基本收平。 美元轻微反弹0.08%。 离岸人民币盘整于7.0整数关口附近。 加密货币冲高转跌。比特币日内一度涨破8.9万美元，随后较日高一度下挫3.2%。以太坊逼近3000美元后转跌。 黄金现货大涨逾1%，盘中刷新历史高点至4550美元上方， 白银飙升10%，站上79美元。现货铂金上涨8%至每盎司2,413.62美元，创新高。 COMEX铜期货 涨5.01%。 要闻 2026年全国两会召开时间来了： 政协3月4日，人大3月5日。 财政部： 2026年继续实施更加积极的财政政策，扩大财政支出盘子，继续支持消费品以旧换新。 中国11月规模以上工业企业利润同比下降13.1%， 前11个月同比微增，高技术制造业利润增速加快。 工业生产和利润率的下滑是利润增速收窄的 主因。 香港财政司司长陈茂波： 三方面助力人民币国际化，吸引全球优质公司来港上市，开拓国际黄金交易新机遇。 克 ...

据中国日报报道，12月27日，中核集团在苏州举办核技术医学转化与临床应用大会，并与苏州市联合宣 布：我国首个核医疗示范基地——苏州大学附属第二医院（核工业总医院）浒关院区二期项目正式启 用。核工业总医院浒关二期集核技术精准诊疗、临床试验、医学创新、培训交流功能于一体，聚焦核医 疗及肿瘤、慢病防治等重点方向。 公司方面，据中证报表示，景业智能、中广核技等。 *免责声明：文章内容仅供参考，不构成投资建议 *风险提示：股市有风险，入市需谨慎 中证报指出，核医疗正迎来政策红利与技术突破的双重催化，随着中国在核素制备、核药研发及核医疗 设备领域的自主化突破，核医疗产业将迎来加速发展。中国核医疗市场预计2025-2030年将保持高速增 长，到"十五五"末，年产值有望达到6000亿元左右。 ...

明日主题前瞻 1、商业航天 | 12月26日，上交所发布《上海证券交易所发行上市审核规则适用指引第9号——商业火箭企业适用科创板第五套上市标准》，从业务范围 及"硬科技"属性要求、取得标准、阶段性成果等方面对商业火箭企业适用科创板第五套上市标准作出了细化规定，旨在加快推进商业航天创新发展、主动服 务航天强国战略。 点评：中泰证券认为，资本的精准配置将加速推动企业攻克火箭回收、大推力发动机等核心技术，推动中大型可重复使用火箭从研发走向规模化应用，逐步 缩小与国际领先水平的差距。同时，商业火箭产业将进一步牵引上下游先进材料、精密制造等领域协同升级，为卫星互联网组网、太空资源开发等国家战略 提供坚实支撑。 2、人工智能 | 据新华网，国家金融监督管理总局12月26日对外发布《银行业保险业数字金融高质量发展实施方案》，从数字金融治理、数字金融服务、数 字技术应用、数据要素开发、风险管理和监管数字化智能化转型等方面提出了33项工作任务。 点评：国泰海通认为，金融行业作为数据、信息与决策密集型产业，其数智化转型需求与大模型技术特性高度契合，已成为AI应用落地的绝佳"试验田"。金 融机构IT支出持续扩张，2023年科技投入 ...

钛媒体App 12月27日消息，中核集团在苏州举办核技术医学转化与临床应用大会，并与苏州市联合宣 布：中国首个核医疗示范基地——苏州大学附属第二医院（核工业总医院）浒关院区二期项目正式启 用。核工业总医院浒关二期集核技术精准诊疗、临床试验、医学创新、培训交流功能于一体，聚焦核医 疗及肿瘤、慢病防治等重点方向。（广角观察） ...

Core Viewpoint - The article emphasizes the strong resilience, vitality, and potential of Sichuan's economy, highlighting the need for continued efforts to achieve high-quality development and address various challenges as the province enters the "15th Five-Year Plan" period [3][9]. Economic Performance - In 2025, Sichuan's economy showed a positive recovery trend, with GDP growth rates of 5.5% in Q1, 5.6% in H1, and 5.5% in the first three quarters, improving its ranking among the top ten economic provinces from seventh to fifth [5]. - The province faced challenges such as international trade friction and insufficient domestic demand while undergoing structural adjustments and transformation [5]. Technological and Industrial Development - Sichuan is advancing new productive forces, exemplified by the successful operation of the world's first commercial supercritical carbon dioxide power generation unit [5]. - The province is focusing on technological innovation to drive industrial innovation, implementing the "15+N" key industrial chain strategy and promoting future industry development through major technological projects [6]. Reform and Opening Up - Significant progress has been made in reform and opening up, with 314 reform measures being advanced and notable achievements in state-owned enterprise reforms [6]. - Major events such as the Western China International Fair and the "Belt and Road" technology exchange conference have enhanced Sichuan's openness and international cooperation [6]. Regional Development - The Chengdu-Chongqing economic circle is being strengthened, with improvements in Chengdu's core functions and regional economic support [6]. - Industrial growth has been robust, with 23 consecutive months of double-digit growth in the industrial sector and a steady recovery in the service sector [6]. Social Welfare and Employment - Sichuan has made strides in social welfare, addressing employment for over 2,000 college graduates and improving the living standards of 42,000 disadvantaged individuals [7]. - The province's economic resilience and vitality are reflected in its ability to navigate challenges and achieve significant milestones during the "14th Five-Year Plan" period [7]. Future Opportunities - The "15th Five-Year Plan" period presents new opportunities for Sichuan, with a focus on enhancing its role as a key driver of western development and improving the Chengdu-Chongqing economic circle [9][10]. - The province is expected to benefit from supportive national macroeconomic policies and strategic missions assigned to it, which will facilitate further development [9][10].

Core Viewpoint - The economic outlook for Sichuan in 2025 shows resilience, vitality, and potential, with a strong foundation for long-term growth despite facing various challenges [1][2][6]. Economic Performance - In 2025, Sichuan's economy demonstrated a recovery trend, with GDP growth rates of 5.5% in Q1, 5.6% in Q2, and 5.5% in Q3, improving its ranking among the top ten economic provinces from seventh to fifth [2][3]. - The province faced challenges such as international trade friction and insufficient domestic demand while undergoing structural adjustments and transitioning to new growth drivers [2][3]. Innovation and Development - Sichuan is advancing new productive forces, exemplified by the successful operation of the world's first commercial supercritical CO2 power generation unit [2]. - The province is focusing on technological innovation to drive industrial transformation, implementing the "15+N" key industrial chain strategy and major technology projects in sectors like artificial intelligence and low-altitude economy [3][4]. Regional Coordination - Industrial growth has been robust, with 23 consecutive months of double-digit growth, and service sector recovery averaging a one percentage point increase each quarter [3]. - The Chengdu-Chongqing economic circle is deepening, enhancing Chengdu's core functions and regional influence, while local development is showing significant results [3][4]. Social Welfare - In 2025, Sichuan addressed employment for over 2,000 college graduates and allocated 400 million yuan to improve the welfare of 42,000 disadvantaged individuals [4]. Future Opportunities - The year 2026 marks the beginning of the "15th Five-Year Plan," with Sichuan positioned to leverage national macroeconomic policies and strategic missions to enhance its development [5][6]. - The province's infrastructure and industrial structure are improving, with significant projects like the completion of the Jinsha River Silver River Hydropower Station and the launch of the first high-altitude computing center [6][7]. Economic Strategy - The overall economic strategy for 2026 emphasizes high-quality development, expanding domestic demand, optimizing supply, and ensuring stability in employment, enterprises, and market expectations [8].

Core Insights - The Sichuan Provincial Economic Work Conference highlighted the province's strong economic resilience, vitality, and potential, indicating a favorable long-term outlook for the economy as it enters the "15th Five-Year Plan" period [1][8]. Economic Performance - In 2025, Sichuan's economy showed a positive recovery trend, with year-on-year growth rates of 5.5% in Q1, 5.6% in H1, and 5.5% in the first three quarters, improving its ranking among the top ten economic provinces from seventh to fifth [1]. - The province faced challenges such as international trade friction and insufficient domestic demand while undergoing structural adjustments and transformation [1]. Technological Advancements - Sichuan successfully launched the world's first commercial supercritical carbon dioxide power generation unit, marking a significant technological achievement [2][4]. - The province is advancing its "15+N" key industries strategy, focusing on technology-driven industrial innovation and implementing major technology projects in areas like artificial intelligence and low-altitude economy [5]. Regional Development - Industrial growth has remained robust, with 23 consecutive months of double-digit growth, while the service sector has shown consistent recovery [5]. - The Chengdu-Chongqing economic circle is being further developed, enhancing the core functions of Chengdu and promoting regional economic coordination [5]. Employment and Social Welfare - Sichuan has addressed employment challenges by providing jobs for over 2,000 college graduates and increasing support for 42,000 vulnerable individuals [7]. Long-term Economic Support - The province's long-term economic stability is supported by favorable national macroeconomic policies and strategic missions assigned to Sichuan, including enhancing the development capabilities of the Chengdu-Chongqing economic circle [8][9]. - Infrastructure improvements and ongoing industrial upgrades are expected to bolster economic potential and innovation [9]. Future Outlook - The upcoming "15th Five-Year Plan" period presents both opportunities and challenges, with a collective commitment from provincial leaders to achieve set goals through hard work and determination [11].

Core Insights - The "World Fusion Energy Group" held its second ministerial meeting and the 30th International Conference on Fusion Energy in Chengdu, highlighting advancements in controllable nuclear fusion and the launch of the Fusion Innovation City [1][4] Group 1: Nuclear Fusion Developments - Chengdu is positioning itself as a global hub for controllable nuclear fusion technology, with the launch of a development plan aimed at establishing a research and industrial cluster [4][5] - The plan includes the establishment of the Fusion Innovation City, which will focus on technology research, industrial development, and international collaboration in the fusion energy sector [4][5] - Key facilities and projects include the "Chinese Circulation No. 3" and the International Atomic Energy Agency's fusion research and training collaboration center [4] Group 2: Nuclear Technology Innovations - A range of innovative nuclear technologies were showcased, including a plasma high-temperature melting system capable of reaching temperatures above 5000 degrees Celsius for hazardous waste treatment [2] - The China Nuclear Power Research and Design Institute presented a modular small reactor design, which is easier to assemble and occupies one-third the space of traditional power plants, suitable for urban heating and seawater desalination [2] - The e-FLASH radiotherapy device developed by Zhongjiu Flash Medical Technology Co. is undergoing clinical trials, promising faster and more efficient cancer treatment [3] Group 3: Nuclear Medical Industry Growth - A new policy initiative titled "Further Promote High-Quality Development of the Nuclear Medical Industry" was introduced, featuring 24 measures to support industry upgrades and expand application demands [6] - Chengdu aims to establish three nuclear drug bases, while Luzhou focuses on nuclear diagnostic applications, and Deyang is developing a nuclear power equipment industrial park with a total investment of 40 billion yuan [6]

Core Insights - The event held in Mianyang, Sichuan, focused on "disruptive technologies and future industrial development," featuring discussions on cutting-edge fields such as embodied intelligent robots, nuclear medicine, and materials science [1] - The "Disruptive Technology Industrialization Index Report (2025)" was released, aiming to scientifically assess the transition of disruptive technologies from laboratory to application, providing strategic insights for future industrial trends and resource allocation [1] Disruptive Technology Industrialization Index (DTII) - The DTII was created to quantify the complex process of transforming disruptive technologies from ideas to products and industries, filling a gap in decision-making support for governments, markets, and enterprises [2] - The index features a unique "Five Forces" evaluation framework, which includes: 1. Technological Innovation Power 2. Industrial Development Power 3. Ecological Support Power 4. Future Growth Power 5. Market Transformation Power [2][3] Key Findings - The report identifies three critical findings regarding the core mechanisms and driving forces of disruptive technology industrialization [4] - A significant breakthrough is the revelation of the decisive role of the "R&D market" in early industrialization stages, particularly for technologies like high-temperature superconductors and controlled nuclear fusion, which often lack mature commercial products [4] - The report emphasizes that regions like Beijing, the Yangtze River Delta, and the Guangdong-Hong Kong-Macao Greater Bay Area serve as irreplaceable "innovation sources," creating a self-accelerating effect through the synergy of technological innovation, industrial development, and ecological support [4] Future Developments - The DTII will continue to evolve by integrating real-time data and AI analysis, enhancing dynamic monitoring and predictive capabilities, and expanding its coverage to strengthen international comparisons [5] - The goal is to transform the index from an assessment tool into a strategic navigation platform, acting as a "barometer" and "catalyst" for deep integration of technological and industrial innovation, contributing to the construction of a strong technological nation [5]

Core Insights - Guangzhou Pharmaceutical Group Co., Ltd. (referred to as "Guangyao Group") has established a joint venture named Guangzhou Baiyunshan (600332) Xihe Health Pharmaceutical Co., Ltd. (referred to as "Baiyunshan Xihe Health") with the Xiamen Rare Earth Research Institute to enter the nuclear medicine sector [1][2] - Nuclear medicine, which involves radioactive drugs for diagnosis and treatment, is becoming a strategic focus for the global biopharmaceutical industry, with major pharmaceutical companies investing in this area [1] - The Chinese government has introduced policies to support the development of the nuclear medicine industry, including the "Medical Isotope Medium and Long-term Development Plan (2021-2035)" [1] Company Developments - Baiyunshan Xihe Health was established on August 15 with a registered capital of 50 million yuan, co-funded by Guangyao Group and the Xiamen Rare Earth Research Institute [2] - The technical team of Baiyunshan Xihe Health successfully produced high-quality Zirconium-89 using an advanced domestic solid target system, filling a gap in domestic production [2] - Guangyao Group has set clear goals: short-term focus on rapid industrialization of rare earth diagnostic and therapeutic nuclear products; mid-term plans to build a nuclear production and R&D base; and long-term commitment to providing smart nuclear medical solutions [2]