Core Insights - Shenzhen's "14th Five-Year Plan" emphasizes the establishment of five key centers: advanced manufacturing, industrial technology innovation, financial services, consumption, and logistics, aiming to enhance its global competitiveness [1][2] Group 1: Advanced Manufacturing - Shenzhen aims to become a global leader in advanced manufacturing by expanding emerging industries such as information technology, new energy, and smart home systems, while also upgrading traditional sectors like clothing and jewelry [1][5] - The city has achieved significant industrial performance, with the added value of advanced manufacturing and high-tech manufacturing accounting for 68.2% and 58.2% of the total industrial output value, respectively [5] - The focus on future industries includes the development of 6G technology, biomanufacturing, and quantum technology, which are expected to drive economic growth [6][7] Group 2: Financial Services - Shenzhen's financial sector has become the largest service industry, with an average annual growth rate of 6.9% during the "14th Five-Year Plan," contributing approximately 14% to the GDP [13] - The city is enhancing its financial services to support technological innovation and the real economy, with a significant increase in technology loans reaching 2.28 trillion yuan, a 14.24% growth from the beginning of the year [13][14] - Collaboration with Hong Kong is seen as a key strategy to boost Shenzhen's financial influence globally, leveraging both regions' strengths [14] Group 3: Consumption - Shenzhen has entered the "trillion-dollar club" for consumption, with plans to enhance its role as a global consumption center by developing international trade, exhibitions, and tourism [16] - The city aims to improve consumer conditions and innovate consumption scenarios to align with global supply and demand [16] Group 4: Logistics - Shenzhen Airport has become a major logistics hub, achieving over one million tons in annual cargo throughput, with 63 cargo routes, including 43 international destinations [18] - The city plans to enhance its logistics capabilities by building an international aviation hub and improving multi-modal transport networks to serve national and regional markets [18]

人工智能如水般流动 受水流跨越边界的启发，"空地流体人工智能"框架允许人工智能模型和数据在卫星和地面站之间持续流动。 研究人员将此描述为将传统的二维边缘人工智能架构扩展到太空。该框架基于三项核心技术：流体学习、流体推理和流体模型下载。每项技术都旨在确保人 工智能服务在卫星移动性和间歇性连接的限制下也能流畅运行。 （来源：中国航空报） 随着全球竞相迈向第六代移动通信网络（6G），真正的战场或许不在地球上，而是在轨道上。预计6G将于2030年左右实现商业化，研究人员已经开始重新 思考人工智能将如何在全球范围内运行。 国际电信联盟（ITU）已确定了6G的未来应用场景，例如"人工智能（AI）与通信的融合"和"无处不在的连接"，这标志着网络功能正在发生转变，不再局限 于数据传输。 一个主要障碍依然存在：如何在广袤、偏远且服务不足的地区提供无缝的人工智能服务。仅靠地面网络可能不足以满足这些需求，尤其是在人工智能工作负 载日益繁重且对延迟更加敏感的情况下。 一项新的研究提出了一种超越地面的解决方案。香港大学和西安电子科技大学的研究人员提出了一种将边缘人工智能与空地融合网络（SGIN）相结合的框 架，使卫星同时成为通信枢纽和 ...

相关ETF：科创50ETF(588000)。 展望后市，野村证券指出未来仍看好三条主线：1)AI算力链持续增长，相对看好谷歌/英伟达以及明年 Meta相关算力需求放量节奏，关注PCB/CCL、光模块板块作为核心受益赛道；2)持续看好国产替代加速 赛道，包括被动元件、模拟芯片等；3)持续看好AI端侧应用落地推动端侧SoC放量。 科创50ETF(588000)追踪科创50指数，指数持仓电子行业69.39%，计算机行业4.88%，合计74.27%，与 当前人工智能、机器人等前沿产业的发展方向高度契合。同时涉及半导体、医疗器械、软件开发、光伏 设备等多个细分领域，硬科技含量高，看好中国硬科技长期发展前景的投资者建议持续关注。 12月29日，科创50ETF(588000)微调，收跌0.14%。盘面上，芯原股份上涨5.71%，寒武纪上涨4.19%， 晶科能源上涨3.85%，中无人机上涨3.61%，芯联集成、天岳先进等涨超2%。 消息面上，全国信息通信监管工作会日前在北京召开，会议强调，要充分发挥需求的导向作用，系统推 进6G技术研发、标准研制和应用培育，深入实施工业互联网和人工智能融合赋能行动。要充分发挥网 络的基础作用 ...

Core Viewpoint - NEC's withdrawal from the 4G and 5G public base station development market signifies the complete collapse of the Japanese telecommunications equipment industry, highlighting the challenges faced by Japanese companies in the face of fierce competition from Chinese firms like Huawei and ZTE [1][5]. Group 1: NEC's Strategic Withdrawal - NEC's president, Takashi Morita, announced that the company will no longer invest in the public base station development sector, marking a significant shift from their previous goal of capturing 20% of the global market by 2030 [1][3]. - The company's market share has dwindled, with NEC and Fujitsu together holding less than 2% of the global base station market, while Huawei, Ericsson, and Nokia control nearly 80% [3][4]. - The competitive landscape for 5G has fundamentally changed, requiring higher technical standards and larger scale effects, which NEC, with a market share of less than 1%, cannot sustain [3][4]. Group 2: Structural Crisis in Japanese Telecommunications - NEC's exit reflects a broader crisis within the Japanese telecommunications equipment sector, with other companies like Fujitsu also divesting from similar businesses [5]. - The historical reliance on a closed domestic market has weakened Japanese firms' ability to compete globally, leading to their marginalization as they struggle to match the performance and cost-effectiveness of international competitors [5][6]. - NTT Docomo, Japan's largest mobile operator, has shifted its procurement strategy to favor foreign suppliers like Ericsson, further indicating the decline of domestic brands [6]. Group 3: NEC's Strategic Shift to Private Networks - Despite exiting the public base station market, NEC is pursuing a strategic pivot towards providing private 5G network solutions in collaboration with Cisco, targeting enterprise clients in Europe and the Middle East [7]. - This shift reflects NEC's recognition of the competitive landscape, where the enterprise private network market is less concentrated and allows for more customized services, an area where NEC has expertise [7]. Group 4: Challenges of Open RAN - NEC's previous involvement in Open RAN technology, which aimed to democratize the telecommunications equipment market, has not yielded the expected results, with deployment lagging behind initial projections [8][9]. - The challenges faced by Open RAN include technical maturity, total cost of ownership uncertainties, and system integration complexities, which hinder its widespread adoption [9][10]. Group 5: Rise of Chinese Competitors - In stark contrast to Japanese firms, Chinese companies like Huawei and ZTE have solidified their positions in the global 5G market, with Huawei holding 58% and ZTE 31% of the domestic market [11]. - Chinese firms are not only competitive on price but also lead in technological innovation, with Huawei's solutions significantly enhancing capacity and reducing energy consumption [11][12]. - The rapid advancement of technologies like 5G-A and RedCap by Chinese firms has established a generational gap in capabilities compared to their Japanese counterparts [12][14]. Group 6: Future Outlook and Implications - As Japan grapples with its telecommunications industry's decline, China is positioning itself for future advancements in 6G technology, leveraging its existing infrastructure and technological capabilities [14][15]. - The competitive landscape in telecommunications is evolving, with the importance of scale and continuous innovation becoming critical for survival in a technology-driven market [18].

Core Viewpoint - A Chinese research team has developed a novel high-precision, scalable analog matrix computing chip based on resistive random-access memory (RRAM), achieving 24-bit fixed-point precision for the first time globally, which allows for reduced computational card usage for similar tasks [1][12]. Group 1: Technology and Innovation - The new chip represents a significant leap in precision, reducing the relative error from 1% to one part in ten million (10^-7), thus addressing the historical precision bottleneck of analog computing [7][15]. - The chip can support advanced applications such as 6G, embodied intelligence, and AI model training, and can be produced using mature processes of 28nm and above, circumventing the bottleneck of photolithography [1][12]. - The research team has introduced a new feedback circuit and utilized classic iterative optimization algorithms to enhance precision without sacrificing energy efficiency or speed [11][15]. Group 2: Market and Application Potential - The chip is particularly suited for applications requiring large-scale matrix operations, such as AI model training, 6G communications, and supercomputing tasks, which are fundamentally based on matrix calculations [10][20]. - The team aims to scale the matrix size from 16x16 to 128x128 within two years, with a long-term goal of reaching 512x512, which would enable practical applications in medium-scale scenarios [24][25]. - The technology provides a potential alternative to reliance on advanced processes and NVIDIA GPUs, positioning the team at the forefront of modern analog computing [10][26]. Group 3: Strategic Importance - This development offers a "detour" for China's computing capabilities, potentially reducing dependence on advanced manufacturing processes and foreign technology [10][26]. - The successful demonstration of this new path confirms its potential, although significant investment and collaboration across the technology and industry sectors will be necessary to fully realize its capabilities [10][26].

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]

Core Viewpoint - The company, Shoubeide (300322), clarified on an interactive platform that it has not achieved "6G terahertz prototype machine with 1Tbps transmission rate" or "quantum encryption antenna" [1] Group 1: Company Developments - The company has completed the research and development of satellite communication antennas [1] - It has received mass production orders for low-orbit satellite communication antennas and is about to deliver in bulk [1] - The company has delivered over 100,000 units of high-orbit satellite communication antennas to leading domestic customers this year [1] Group 2: Industry Engagement - The company is closely following the development of 6G technology and actively engaging in related work [1]

Core Insights - A Chinese research team has developed a new type of chip based on resistive random-access memory (RRAM) that achieves a precision of 24-bit fixed-point accuracy in analog matrix computations, marking a significant advancement in computational efficiency and energy consumption for AI applications [2][12][15] - This chip can support various cutting-edge applications, including 6G communication, embodied intelligence, and AI model training, while being produced using mature 28nm technology, thus avoiding reliance on advanced lithography processes [2][4][10] Technology Overview - The new chip represents a departure from traditional digital computing paradigms, which rely on binary logic and silicon-based transistors, to a more efficient analog computing approach that directly utilizes physical laws for calculations [4][6][15] - The precision of analog computing has been significantly improved, reducing relative error from 1% to one part in ten million (10⁻⁷), which is crucial for large-scale computations where errors can accumulate exponentially [8][12][15] Innovation Highlights - The chip's innovations include the use of RRAM as a core component, a novel feedback circuit design that minimizes energy consumption while enhancing accuracy, and the implementation of classic iterative optimization algorithms for efficient matrix equation solving [15][16] - The chip's architecture allows for high-speed, low-power solutions to matrix equations, making it suitable for applications that require rapid computations, such as second-order training methods in AI [19][21] Application Potential - The chip is particularly well-suited for medium-scale applications, such as AI model training and 6G MIMO systems, where it can outperform traditional digital chips [18][25] - Future plans include scaling the chip's matrix size from 16x16 to 128x128 within two years, with aspirations to reach 512x512, which would enhance its applicability in various computational scenarios [25][26] Strategic Value - This development provides China with a potential alternative to reliance on advanced processes and NVIDIA GPUs, positioning the country favorably in the global computational landscape [10][11] - The successful demonstration of this new computing paradigm is seen as a critical step towards addressing future computational demands, emphasizing the need for ongoing investment in technology and infrastructure [11][26]

文 |《瞭望》新闻周刊记者 钱沛杉 在位于江苏南京的紫金山实验室，一台设备以恒定节奏持续颠动着乒乓球，小球可以长时间规律地圆周 跳动，仿佛被丝线精确操控。这是全球首个面向6G的"时延有界确定性无线接入演示系统"。整个颠球 过程，完全依靠6G网络实时无线控制，展现对时延和稳定性的极高控制能力。 6G最大的变化，是将实现通信卫星与地面网络、低空平台的深度融合，构建"空—天—地—海"无缝覆 盖的全域网络，让地球上每一个角落都能随时畅享高速互联 当5G正以高速率、低时延和海量连接，改变社会生产和生活模式时，新一代移动通信的全球竞合已启 幕。业内认为，6G将从底层重构信息传递、处理与认知的方式，成为支撑智能时代的关键基础设施， 即未来数字社会的"神经网络"。 太赫兹波独特的物理特性使其兼具通信与感知能力。这意味着6G网络不仅能传递信息，还能像雷达一 样，对周围环境进行高精度成像、测距和特征识别，实现通信感知一体化。 紫金山实验室正在验证的无人机送药正是这一特性的应用。依托紫金山实验室6G网络，无人机从百信 药房（文化名园店）起飞，跨越7.4公里城市空域，可精准抵达科技城店，配送效率达人工2～3倍，大 幅缩短送货时间，解 ...

每经记者｜闫峰峰 每经编辑｜吴永久 近日，国脉科技完成出售全部已回购股份，以约1.80亿元套现，相较回购成本实现79%的盈利。 在国脉科技减持回购股份前，公司控股股东的一致行动人福建国脉集团有限公司（以下简称国脉集团） 已于今年7月完成1%股份减持，并于12月25日完成向厦门大学教育发展基金会（以下简称厦大基金会） 无偿捐赠630万股公司股份（占公司总股本的0.63%）的过户手续。 在以上一系列减持、捐赠之前，公司股价在3月份曾经历了一波显著的上涨，其后总体维持高位横盘震 荡。而公司今年第三季度的业绩却没有延续高增长态势，并有一定程度下滑，而公司的股东户数较年初 也有超过40%的增幅。 回购计划精准"抄底"，盈利79%完成减持 国脉科技近日公告，截至2025年12月25日，公司通过集中竞价交易方式减持回购股份数量为1553.67万 股，占公司总股本的比例为1.54%，减持所得资金总额为1.79亿元（已扣除交易费用、印花税）。此次 股份出售的价格区间为每股11.22元至12.57元，成交均价为11.56元/股。 对比当初的回购成本，本次股份出售为国脉科技带来了可观的投资回报。公司于2024年2月5日召开第八 届 ...