前言 文|青茶 在半导体材料领域，半绝缘碳化硅是名副其实的"战略基石"，是顶尖科技的核心材料。 过去数十年间，这项关键材料的制备技术，被美国牢牢掌控，Wolfspeed等巨头垄断全球市场，并长期 对华实施严格禁运，让中国相关产业发展处处受制。 直到2025年，山东大学徐现刚团队，攻克8-12英寸籽晶扩径与零螺位错制备技术，实现半绝缘碳化硅材 料自主量产。 从实验室里的千次尝试到生产线的稳定输出，从被国外专家嘲讽"连炉子都不会烧"到成为全球产能占比 超50%的产业强国，这一突破不仅打破了美国的长期封锁，更让中国在宽禁带半导体材料领域从"跟 跑"跃升至"领跑"。 美国技术垄断下的产业困境 半绝缘碳化硅的战略价值，从一开始就决定了它成为国际技术封锁的焦点。 这种材料的独特性能，使其成为现代高科技产业不可或缺的核心支撑，在先进雷达中，它能让探测距离 提升3倍；在新能源汽车里，它可将充电时间缩短至1/3，续航提升20%；在AI服务器中，它能让芯片工 作温度降低15-20℃，破解算力密度提升带来的散热难题。 正因为如此，美国将半绝缘碳化硅列为关键战略材料，从技术、产能、贸易三个维度构建起严密的封锁 体系。 早在上世纪90 ...

刚刚过去的2025年，主动权益基金赛道跑出"现象级"赢家：永赢基金任桀管理的永赢科技智选A以233.29% 的年度回报刷新纪录。该基金在2025年期间重仓的新易盛和胜宏科技在2024年—2025年累计涨幅均超10 倍，跻身本轮科技牛市的"超级牛股"行列。数据显示，这两只牛股上涨的背后与基金持仓变化密切相关， 新易盛基金持股数量占流通A股的比例峰值达40.65%，胜宏科技也达23.68%，成为股价上涨的重要支撑。 回溯A股近十年三波典型牛市，为避免上市初期连续涨停干扰涨幅统计，证券时报基金研究院剔除牛市期间上 市的个股，最终筛选出19只十倍股。在这些个股的上涨轨迹中，公募基金几乎都留下了深度参与的痕迹。2014 年—2015年"杠杆牛"的同花顺、光启技术，2019年—2021年"核心资产牛"的阳光电源、亿纬锂能等13只龙头， 2024年—2025年科技股行情中的新易盛、胜宏科技等标的，在各自的上涨周期里都出现过基金的阶段性加仓。 布局十倍股的三大逻辑 每一轮牛市都带有鲜明的时代特征，公募基金对潜力标的的布局逻辑，始终与政策导向和产业变迁紧密相连。 2014年—2015年"杠杆牛"期间，政策层面大力推动金融创新与 ...

关于布局方向，综合主流机构观点，近期配置思路聚焦两大核心主线，即科技成长与周期复苏。机构建 议，投资者可围绕科技自主创新与经济周期复苏两条主线开展研究与布局，同时密切关注政策动向及宏 观经济数据变化，灵活调整持仓结构，积极应对市场波动。 回顾2025年末，A股市场呈现稳步走强态势，股指多次逼近4000点整数关口。在政策支持力度持续加大 与市场情绪逐步回暖的双重驱动下，市场结构性机会凸显。步入2026年，多家券商陆续发布1月策略报 告，普遍对春季行情抱有积极预期，并明确了核心布局主线，机构共识认为春季行情具备较高关注价 值。 券商分析指出，从历史市场规律来看，A股通常在岁末年初存在"春季躁动"窗口。当前宏观政策层面有 望持续发力，助力经济平稳运行，为资本市场提供坚实支撑；同时，A股整体估值仍处于历史相对低 位，叠加上市公司质量持续提升，市场中长期向好的基础稳固。 ...

Core Viewpoint - The HarmonyOS team expresses gratitude for user feedback and outlines the development journey of the new HarmonyOS ecosystem over the past 449 days, emphasizing the importance of user input in shaping future innovations [1] Group 1: User Feedback and Engagement - The company has received over 10 million pieces of user feedback, which are seen as a source of motivation and not just numbers [1] - The team acknowledges the importance of user suggestions from various channels, including wish lists and comment sections, and commits to continuous system iterations and experience optimization [1] Group 2: Vision and Challenges - The company aims to address significant challenges in the tech ecosystem by innovating while respecting user habits and building an open yet stable ecosystem [1] - The team reflects on the difficult path chosen to create HarmonyOS, believing that perseverance will lead to success despite the challenges faced [1] Group 3: Future Aspirations - The company expresses hope that all innovations will eventually materialize and that user expectations will be met in the new year [1] - The team commits to valuing every piece of feedback and proving that user patience will be rewarded [1]

Core Insights - The company expresses gratitude for the feedback received over the past year, highlighting over 10 million pieces of feedback as a source of motivation for future developments [1] Group 1: Company Vision and Goals - The company aims to innovate and break dependencies while respecting user habits, indicating a commitment to creating an open ecosystem with a stable foundation [1] - The company acknowledges the challenges of its mission but remains confident that perseverance will lead to success [1] Group 2: User Engagement and Feedback - The transition of users from "trying it out" to "truly liking it" reflects the company's successful engagement strategy [1] - The company emphasizes the importance of valuing user feedback and aims to demonstrate that every opinion is cherished and worth the wait [1]

Core Viewpoint - The current economic environment in China faces challenges such as insufficient total demand, strong supply but weak demand, and price weakness, necessitating more proactive fiscal and monetary policy collaboration [3][7]. Investment Direction - Investment in both physical assets and human capital is crucial, but each faces practical considerations. Investment in new productive forces, technological self-innovation, and strengthening manufacturing is essential, while excessive investment in real estate is inadvisable due to high inventory levels. Traditional infrastructure investment has diminishing marginal returns and maintenance costs, and manufacturing investment must guard against overcapacity risks [3][7]. - Human capital investments in healthcare, elderly care, and education require increased funding but must be carefully planned due to their irreversible nature [3][7]. Funding Sources - The management of deficit size and debt levels must balance short-term effects with long-term sustainability. A new approach termed "investment in reform" is proposed, which involves using current strong fiscal and monetary policies to support the transitional costs of reforms, especially in the context of insufficient total demand [3][7]. Reform Directions - Local fiscal reform is highlighted as a key area for progress, suggesting that the central government should replace part of local debt with national bonds while coordinating with local fiscal reforms and market-oriented financing platform reforms [4][8]. - Financing platforms should transition from primarily serving fiscal needs to becoming genuine market entities, optimizing tax and expenditure structures to achieve fiscal balance [4][8]. Policy Coordination - After the issuance of national bonds by the fiscal department, the monetary department should actively purchase these bonds to mitigate market shocks. Expanding the central bank's balance sheet is not expected to have significant negative impacts and can alleviate local government debt pressure, enabling more active support for livelihoods and local development, thus stimulating economic growth and returning prices to reasonable levels [9]. - Moderate inflation, while appearing as an "inflation tax," can actually promote total demand growth, stabilize prices, increase employment, and enhance asset value, ultimately benefiting residents in the long run [9].

01 点点星光 汇聚成炬 鸿蒙 "在一起" 的坚守与合力 ， 并非空口号，而是落地各行各业 参与者 的实践，构成鸿蒙生态价值的基础。 从宁夏大学课堂到中科院实验室，不同身份的追光者们，正用亲身经历勾勒出生态共建的多元图景。 宁夏大学秦飞舟教授的分享，正是这幅图景里颇具代表性的一笔。 当孙楠《给所有知道我名字的人》的歌声穿越时间与屏幕，坚守与荣光的共鸣里，藏着鸿蒙生态最动人的密码。 这正是 昨天在央视播出的 《鸿蒙星光盛典》 "在一起" 的核心主题：聚是一团火，散是满天星，中国科技的每一步跨越，都源于千千万万人的携手 同行。 在 "十四五"规划收官、"十五五规划"启幕的关键节点，在数字中国建设十周年的重要时刻，一场由中央广播电视总台与广东省人民政府等联合打造 的科技创新提气晚会应势而来。 四万张座椅空空荡荡，这座体育场里没有一位观众。我们曾许下约定，要携手在这里点亮漫天星光。原定于11月28日的鸿蒙星光盛典，因11月26日香港新 界大埔宏福苑火灾的重大人员伤亡，节目组怀着对生命的敬畏与对受灾同胞的惦念紧急延期，最终以录播形式于12月20日呈现，赴约的形式虽有改变，但 你瞧，那束光从未熄灭。这场特别的晚会，不仅勾 ...

环球网发表社评称，路透社近日"爆料"了一个所谓的中国"曼哈顿计划"，称中国科学家建造出了华盛顿 多年来一直试图阻止的东西：一台极紫外（EUV）光刻机原型机。且不论通篇"知情人士透露"的报道是 不是"烟雾弹"，其字里行间对中国科技进步的焦虑显而易见。这种焦虑恰恰让世人看到，一种在西方时 常出现的不健康心态。中国坚持科技自主创新的目的是自立自强，对尖端技术的创新突破无论进行到哪 一步都不影响对外合作，这一点在航天科技、绿色能源等许多领域都得到反复验证。 ...

Group 1 - The article discusses China's advancements in technology, particularly the development of a prototype extreme ultraviolet (EUV) lithography machine, which has been a focus of concern for Western nations [1] - The EUV lithography machine is considered a critical technology, with only ASML from the Netherlands currently able to produce it, highlighting China's historical reliance on imports for high-end equipment [1] - China's domestic development of deep ultraviolet (DUV) lithography machines has shown progress, with official specifications released indicating a resolution of 65 nanometers and overlay accuracy of 8 nanometers [1] Group 2 - The article emphasizes the importance of international cooperation in the semiconductor industry, especially for complex systems like lithography machines, which require collaboration among multiple countries [2] - Despite breakthroughs in lithography technology, the nature of the semiconductor industry remains unchanged, and China recognizes the need for open international collaboration [2] - China's commitment to technological self-reliance does not hinder its willingness to cooperate internationally, as evidenced by successful partnerships in various fields [2] Group 3 - The article argues that technology should serve the global community and that restrictive measures against China ultimately harm the global tech industry, including Western interests [3] - It highlights that over 30% of high-impact research projects in the U.S. involve Chinese scientists, indicating the significance of U.S.-China collaboration for technological progress [3] - The article calls for a shift away from fear and hegemony towards open cooperation to share the benefits of technological advancements and address global challenges [3]

Core Viewpoint - The article emphasizes the importance of supporting young university teachers in China to enhance their development and contributions to education and innovation, addressing challenges such as funding shortages, career advancement bottlenecks, and increasing life pressures [1][2]. Group 1: Challenges Faced by Young University Teachers - Young university teachers are facing difficulties such as a lack of research funding, congested promotion pathways, and increased life pressures, which hinder their development [1]. - The current evaluation system tends to undervalue teaching performance, focusing primarily on research output, which can discourage effective teaching [2]. Group 2: Proposed Reforms and Initiatives - The "14th Five-Year Plan" suggests a comprehensive approach to enhance the development of young university teachers, promoting a synergy between technological innovation and talent cultivation [1]. - Reforms include the introduction of "teaching-specialized" senior titles to recognize teaching excellence alongside research achievements, aiming to create a more balanced evaluation system [2]. - Initiatives like the "Zhongying Young Scholars" fund at Shanghai Jiao Tong University provide startup funding for young teachers to pursue innovative research, fostering a supportive environment for creativity [2]. Group 3: Evaluation and Support Mechanisms - The article highlights the need for a reform in evaluation systems to focus on quality and impact rather than quantity, with examples of universities implementing diverse evaluation criteria [3]. - It stresses the importance of creating a supportive ecosystem that includes both reducing non-teaching burdens and enhancing resources for young teachers, thereby facilitating their growth and contributions to education and research [3].