Market Overview - On December 30, the A-share market opened lower but experienced a slight upward adjustment, with the Shanghai Composite Index facing resistance around 3979 points[2] - The total trading volume for both markets reached 21,617 billion yuan, above the median of the past three years[3] - The Shanghai Composite Index closed at 3965.12 points, unchanged, while the Shenzhen Component Index rose by 0.49% to 13,604.07 points[7] Sector Performance - Key sectors such as robotics, consumer electronics, cultural media, and energy metals performed well, while commercial retail, photovoltaic equipment, wind power equipment, and jewelry sectors lagged[3] - Over 60% of stocks in the two markets declined, with notable gains in industries like electric machinery and energy metals[7] Valuation Metrics - The average price-to-earnings (P/E) ratios for the Shanghai Composite and ChiNext indices are 16.28 times and 50.13 times, respectively, above the median levels of the past three years, indicating a suitable environment for medium to long-term investments[3] - The report emphasizes the importance of monitoring macroeconomic data, changes in overseas liquidity, and policy developments[3] Future Outlook - The central economic work conference has maintained a positive macro policy tone, shifting focus from total expansion to quality and sustainability[3] - The market anticipates that the Federal Reserve will continue its interest rate cut cycle in 2026, contributing to a more accommodative global liquidity environment[3] - The strengthening of the RMB is expected to enhance the attractiveness of RMB-denominated assets, facilitating capital inflows[3]

每经AI快讯，12月30日，南模生物(688265.SH)公告称，公司拟作为有限合伙人认缴出资人民币6500万 元参与上海心聚策源一期创业投资合伙企业(有限合伙)的扩募，扩募后基金规模为4.32亿元，公司出资 比例为15.05%。该基金投资范围包括新材料、人工智能、航空航天、量子科技、机器人、高端装备、 生物产业等战略性新兴产业的科技创新型项目和企业。 ...

国仪量子产品成功打破国外垄断。在营收高速增长下，公司启动科创板上市，助力高端科学仪器国产化。 高端科学仪器是前沿科技、国家安全和工业研发的基石，其高端化水平代表了整个国家的创新能力和科学技术发展水平，量子精密测量与量子计算更是国 家重点鼓励和支持的前沿技术行业。近年来，国家鼓励高端科学仪器行业的国产化和技术攻关，支持量子科技的研发与应用，陆续出台了多项政策，而在 国家政策鼓励下，除了相关已上市企业在二级市场受到资金热捧外，行业内一些未上市企业也加快了上市步伐，比如国仪量子技术（合肥）股份有限公司 （以下简称"国仪量子"） 就计划于2025年12月启动IPO，上市目标指向上交所科创板。 国仪量子表示，通过本次上市和募投项目的实施，公司将进一步提升公司治理水平，并结合股权激励完善核心人员激励及约束机制，持续吸纳引进复合背 景的专业人士，充实技术研发队伍储备，这将成为公司持续激发创新动力、实现高速增长和高质量发展的源动力，以回馈社会和广大投资者。 中科大少年班走出的领军人 国仪量子的实际控制人为贺羽和荣星。 他们并不直接持有公司股份，但通过合肥司坤间接控制公司27.20%表决权，同时贺羽还通过合肥微扰间接控制公 司 ...

港股市场策略周报 2025.12.22-2025.12.28 | 分析师： | 蒋开来 | | --- | --- | | 中央编号： | BWL381 | | 联系电话： | 852-6430 1060 | | 邮箱： | jiangkl@cnzsqh.hk | 1 港股市场策略周报 - 投资要点 l 港股市场表现回顾： l 港股市场宏观环境： 2 n 本周市场因圣诞假期仅交易2.5天，交易相对清淡，市场表现为 窄幅震荡上行，市场情绪在流动性宽松预期与产业利好 推动下保持韧性。本周恒生综指/恒生指数/恒生科技分别+0.44%/+0.5%/+0.37%。本周市场一级行业板块多数收 涨，仅资讯科技业、电讯业、医疗保健业收跌，分别下跌0.77%、1.09%、1.76%。 n 截至本周末，恒生综指的5年PE（TTM）估值分位点为82.56%，估值水平接近5年均值向上一个标准差。 n 基本面：11月工业企业利润增速进一步回落，主要受消费及地产等内需数据走弱拖累。 n 资金面：美联储2026年1月降息概率不足2成；上周港股仅有2.5个交易日，南向资金环比减少137.13亿元。 l 港股市场展望： n 基本面：国内经济仍 ...

Core Viewpoint - The Ministry of Industry and Information Technology (MIIT) of China has issued the "Manufacturing Industry Pilot Standard System Construction Guide (2025 Edition)" to accelerate the efficient transformation and application of major technological achievements, emphasizing the establishment of pilot verification and testing platforms [1][3]. Group 1: Standard System Construction - The guide aims to revise and establish over 50 standards by 2027 and 100 standards by 2030, creating an advanced manufacturing pilot standard system that includes basic general, key technology, and industry application standards [1][11]. - The manufacturing pilot is a transitional test that connects the technology chain, innovation chain, and industry chain, facilitating the flow of technological innovation to market application [7][1]. Group 2: Structure of the Standard System - The manufacturing pilot standard system consists of three parts: basic general standards, key technology standards, and industry application standards [2][13]. - Basic general standards provide the foundational support for the pilot system, while key technology standards define requirements for equipment, materials, platforms, validation, and outcome evaluation [2][13]. Group 3: Industry Application Focus - The guide emphasizes the need for industry-specific and actionable pilot standards, particularly in emerging and future industries such as brain-computer interfaces, the metaverse, artificial intelligence, quantum technology, and clean hydrogen [2][3]. - The industry application standards ensure that pilot activities are conducted scientifically within specific industries, covering sectors like raw materials, equipment manufacturing, consumer goods, and information technology [2][13]. Group 4: Development Status and Future Goals - China has established over 2,400 pilot platforms, with 241 selected as key cultivation platforms by MIIT, which have undertaken 25,000 pilot service projects [3][4]. - By the end of 2027, the goal is to further strengthen high-level pilot platforms and establish a modern pilot platform system with a nationwide service network [3][4].

第四届链博会将延续上一届展会设立的创新链专区，集中展示创新成果转化应用完整生态，精准搭建供需交流合作平台。把量子科 技、生物制造、氢能和核聚变能、脑机接口、具身智能、第六代移动通信等未来新的经济增长点作为链博会六链一展区重点展示内 容。 央视网消息：第四届链博会将于2026年6月22日至6月26日在北京举办。记者在12月29日举行的中国贸促会新闻发布会上了解到， 2026年，第四届全球供应链促进博览会的组织筹备工作正在有序开展，并将首次设置人工智能专区。 第四届链博会还将聚焦新能源、新材料、航空航天、低空经济等战略性新兴产业集群发展，组织国内外链主和链属企业在先进制造 链等展区进行集中展示。全面呈现我国以技术创新为驱动、以高质量为导向的新质生产力发展情况。还将升级"网上链博"平台，为 企业提供精准的供需匹配和决策支持，让全球观众随时随地"云参展"。 中国贸促会新闻发言人王文帅介绍，在数字科技链首次设置人工智能专区，组织国内外人工智能领域链主企业及其生态伙伴共同参 展，全景展现AI产业包括数据采集、智能分析到场景落地的完整生态。 ...

行业表现来看，中证1000ETF前几大重仓行业中，电子上涨0.21%，电力设备下跌0.6%，医药生物下跌 0.54%，计算机上涨0.43%，机械设备上涨0.84%。 从资金面来看，中证1000ETF（159845）近五个交易日资金净流入19.85亿元，近十个交易日净流入27.99亿 元。最新规模达502.15亿元，近一个月规模增长56.44亿元。今日盘中成交额7.59亿元，近一周日均成交高达14.76 亿元，流动性在同标的指数ETF中领先。 近日，中基协最新发布的公募基金市场数据显示，截至2025年11月底，我国公募基金总规模为37.02万亿元， 这是我国公募基金总规模今年以来第八次创下历史新高。 12月30日临近午盘，A股三大指数走势分化，其中沪指下跌0.11%。截至11:12，中证1000ETF（159845）上涨 0.29%。其他宽基指数中，上证50跌0.08%，中证500涨0.25%。 银河证券表示，短期依然关注防御性板块配置机会，重视明年政策红利与产业景气方向布局。（1）主线一： 全球百年未遇之大变局加速演进，国内经济底层逻辑转向新质生产力，人工智能、具身智能、新能源、可控核聚 变、量子科技、航空航 ...

Core Insights - The report highlights the positive performance of various sectors in the A-share market, particularly in financial, petrochemical, and aerospace industries, indicating a slight upward trend in the market [5][9][10] - The central economic work conference emphasizes a shift in policy focus from total expansion to quality and sustainability, with a strong emphasis on technology and industry [8][12][14] - The report suggests that the average price-to-earnings ratios for the Shanghai Composite Index and the ChiNext Index are above their three-year median levels, indicating a favorable environment for medium to long-term investments [9][10][12] Domestic Market Performance - The Shanghai Composite Index closed at 3,965.28 with a slight increase of 0.04%, while the Shenzhen Component Index decreased by 0.49% to 13,537.10 [3] - The A-share market has shown resilience with a trading volume of 21,578 billion, indicating strong investor interest [8][10] - The report notes that various sectors such as banking, petrochemical, and software development have performed well, while sectors like energy metals and pharmaceuticals have lagged [5][9] Industry Analysis - The humanoid robot sector is expected to become a key focus in the U.S. technology strategy, with recommendations to continue monitoring humanoid robots and AIDC supporting equipment [14] - The power sector is experiencing a collaboration between the largest power company and Google for AI initiatives, although the sector's performance has been below market expectations [16] - The solar industry is witnessing significant price increases in silicon wafers and batteries, with a focus on leading companies in the segment [18][19] Investment Recommendations - The report suggests focusing on companies with stable fundamentals, high dividends, and strong growth potential in sectors such as engineering machinery and high-speed rail equipment [15] - In the animation film industry, the report recommends attention to companies like Light Chaser Animation, which have a strong project pipeline and IP management capabilities [26][28] - The automotive sector is advised to focus on companies with innovative driving technologies and those positioned for growth in the intelligent and connected vehicle market [31]

编者按 量子之光刺破边界，未来产业浪潮奔涌。"十五五"规划指明了未来产业方向，推动量子科技、生物制 造、氢能和核聚变能、脑机接口、具身智能、第六代移动通信（6G）等成为新的经济增长点。我国未 来产业已从战略布局迈入产业化攻坚的关键阶段。 中国证券报推出"壮大产业新动能-区域探索与实践"系列报道，以量子科技为开篇。从合肥"量子大 道"的集聚生态到深圳具身智能的全链布局，从武汉生物城的集群崛起至上海临港（600848）创新药的 全球竞速，报道以"政策-区域-企业"三维透视，定格科研突破向产业动能转化的鲜活瞬间，解读技术迭 代与场景融合的创新密码。旨在以深度洞察与鲜活案例，勾勒中国未来产业的成长脉络，见证新质生产 力如何为高质量发展注入澎湃持久的时代动能。 ● 本报记者 杨洁 全球角力场 在科技竞争日趋白热化的今天，量子科技已不再是单纯的学术探索，而是上升为国家战略的核心组成部 分，成为大国博弈的"漩涡浪尖"。全球主要国家纷纷出台专项政策、加码资金投入，力图在这场未来产 业竞争中抢占先机。 美国将量子技术视为维护国家安全与科技霸权的关键支柱。其2024年底通过《国家量子倡议重新授权法 案》，将2025-2029财年 ...

Core Insights - Hefei's "Quantum Avenue" has become a global landmark for quantum technology, housing over 30 leading quantum enterprises and attracting one-third of the world's core quantum companies [1] - The city has implemented a comprehensive policy framework to support the long-term development of the quantum industry, emphasizing the importance of sustained capital and top-level design [2][3] - Hefei aims to cultivate two publicly listed companies and achieve a quantum industry scale of 5 billion by 2027, showcasing its commitment to building a robust quantum ecosystem [5] Policy and Support - Hefei has established a "policy toolbox" since 2020, including the "Hefei Quantum Information Industry Development Plan (2020-2030)" to accelerate the transformation of quantum technology from research to application [2] - The city has increased the risk tolerance for angel and seed funds to 40% and 50%, respectively, and introduced unique financial products to support the growth of small and medium-sized quantum enterprises [3] Application and Innovation - Hefei is actively creating a "city of all-domain scene innovation," providing extensive application scenarios for quantum technology, which serves as a catalyst for technological iteration [4] - The integration of quantum technology into various sectors, such as e-government and industrial applications, is evident, with significant projects like the first operational substation in China incorporating quantum measurement, communication, and computing technologies [4] Future Prospects - The strategic collaborations between quantum companies and industries such as biomedicine and intelligent driving are paving the way for new applications and breakthroughs in quantum computing [4] - Hefei's approach combines policy support, capital investment, and broad application scenarios to solidify its position as a leader in the quantum industry [5]