它以静水深流的战略定力 承接"千年大计" 又以只争朝夕的建设节拍 见证日新月异 "未来之城"雄安 曾是华北平原的一方水土 如今 正悄然拔节生长 一座城的理想蓝图 从容落笔于华北平原之上 0:00 站在岁末回望 镜头如同多棱镜 折射出"未来之城"的多元魅力 拔节之姿 "十四五"以来 雄安新区每年保持2000亿元投资规模 地区生产总值年均增长17.1% 一年一个节点 每年一个模样 新区不仅是北京非首都功能疏解的集中承载地 也在打造新时代高质量发展的全国样板 航拍镜头下的雄安 是妙笔，是震撼 更是奇迹 这里 中国星网雄安总部办公楼（2025年6月29日摄，无人机照片）。中国星网集团成立于2021年4月，是中央批准成立的一家从事卫星互联网设 计建设运营的国有重要骨干企业，也是首家注册落户雄安新区的中央企业。 雄安城市计算中心（2025年3月15日摄，无人机照片）。被誉为雄安之眼的雄安城市计算中心缀于新城额间，该建筑的拱形借鉴了千年古 桥赵州桥的形制。 雄安商务服务中心夜景（2025年3月15日摄，无人机照片）。雄安商务服务中心是雄安新区首个标志性城市建筑群，其朱红墙体、灰色飞 檐的建筑彰显中式特色。 京雄高速雄安收费 ...

Core Insights - The article highlights the growing focus on future industries in China, as emphasized in the "14th Five-Year Plan," which aims to cultivate and expand emerging industries and future sectors [1] - It discusses the importance of exploring diverse technological routes, typical application scenarios, feasible business models, and market regulatory rules to drive economic growth through sectors like quantum technology, biomanufacturing, hydrogen energy, nuclear fusion, brain-computer interfaces, embodied intelligence, and 6G mobile communication [1] Group 1: Market Trends - The article notes that over 381 concept stocks have seen a decline in shareholder numbers compared to the end of Q3, with more than 40 companies experiencing a decrease, and 27 companies showing a decline exceeding 3% [1] - 福晶科技 (Fujing Technology) has seen a significant drop in shareholder numbers, with a decrease of nearly 26% compared to the end of Q3 [1] Group 2: Investment Opportunities - Among the 27 companies with a shareholder decline over 3%, only 10 companies have recorded a year-to-date increase of less than 19%, indicating potential for price recovery in the future industry sector [1] - The table lists several companies with their respective year-to-date performance and shareholder decline percentages, highlighting potential stocks for future investment, such as 致远新能 (Zhiyuan New Energy) with a 3.59% increase and a 10.40% decline in shareholder numbers [2]

Core Viewpoint - The National Venture Capital Guidance Fund has officially launched, marking a significant milestone for the venture capital industry in China, aimed at supporting technological innovation and development in key sectors [1][2]. Group 1: Fund Structure and Investment Strategy - The National Venture Capital Guidance Fund is established with a three-tier structure: "Fund Company - Regional Fund - Sub-Fund," which aligns national strategies while considering regional industrial characteristics [2]. - The fund will utilize 100 billion yuan from special long-term government bonds, encouraging social capital participation at the regional fund and sub-fund levels [2]. - The fund focuses on early-stage, small, long-term investments in hard technology, targeting strategic emerging industries and future industries as outlined in the 14th Five-Year Plan [1][5]. Group 2: Regional Funds and Investment Intentions - Three regional funds have been established: Beijing-Tianjin-Hebei Venture Capital Guidance Fund, Yangtze River Delta Venture Capital Guidance Fund, and Guangdong-Hong Kong-Macau Greater Bay Area Venture Capital Guidance Fund, each with a total scale exceeding 50 billion yuan [3]. - The regional funds have signed investment intentions with 49 sub-funds and 27 direct investment projects, indicating readiness for operational investment [3]. Group 3: Market Impact and Trends - The venture capital market in China is showing signs of recovery, with a reported 18.3% increase in the number of newly raised funds and an 8.0% increase in total fundraising scale in the first three quarters of 2025 [3]. - Key investment areas include IT, semiconductors, biotechnology/healthcare, and mechanical manufacturing, reflecting a focus on hard technology sectors [3]. Group 4: Role of the Guidance Fund - The National Venture Capital Guidance Fund aims to address the long-term capital shortage in the venture capital industry by acting as an "angel investor" to support early-stage innovative enterprises [5]. - The fund will complement existing funds focused on growth-stage cultivation and technology transfer, avoiding redundancy in the market [5]. Group 5: Performance Management and Regulatory Framework - The Ministry of Finance will actively fulfill its responsibilities as a state investor, focusing on performance evaluation and compliance of the guidance fund [6]. - A comprehensive risk prevention system covering the entire lifecycle of the fund will be established to enhance the effectiveness of fund utilization [6].

编者按 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财年的量子研发拨款从18亿美元大幅提升至27亿美元，重点从基础研究转向实际应 用开发。在《2025年美国国家安全战略》中，量子技术与人工智能、生物技术并列，被定义为"决定未 来全球竞争格局的关键领域"。 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。 当量子力学遇上新一轮科技革命的浪潮，量子科技来到产业化 ...

发展意义 未来产业既是全球价值链重构的"主战场"，也是培育新质生产力、塑造长期竞争优势的"先手棋"。一方面，它们以颠覆性技术突破和跨界融合为特征，能够 带动传统产业升级、催生全新业态；另一方面，其高成长、高附加值、高外溢属性，可在短期内形成万亿级增量市场，在中长期构筑国家科技安全屏障。 一、未来新十大万亿产业发展背景 赛道竞争形势 全球已呈"引领型国家领跑、追赶型国家加速"格局。美、欧、日、韩通过立法、补贴、标准、人才四位一体的体制机制创新，在先进制造、人工智能、量子 科技、新一代通信等领域构筑起"技术—产业—生态"全面领先优势。麦肯锡预测，仅人工智能一项，2030 年即可为全球经济贡献 25.6 万亿美元，相当于全 球 GDP 的 8%；GVR 则给出人形机器人 2023-2030 年 21% 以上的复合增速。面对新一轮科技-产业革命，中国正处于新旧动能接续转换、经济转型升级的关 键窗口期，30 余个省级行政区密集出台未来产业政策，标志着"顶层战略+地方试点"的中国路径全面开启。 二、国内外赛道布局全景扫描 国外布局 量子科技：美欧日聚焦量子通信、量子计算、量子加密、量子互联网、量子传感器全链条； 人工智能 ...

Group 1 - The core focus of the news is on the development and support of future industries in China, as highlighted by the "14th Five-Year Plan" which emphasizes nurturing emerging industries and exploring diverse technological routes and business models [3] - Various cities, including Beijing, Shenzhen, and Shanghai, are actively promoting future industries through initiatives and financial measures, with Beijing supporting 83 potential future industry companies and facilitating over 2 billion yuan in financing for 60 companies [4][5] - The future industries mentioned have significantly outperformed the market, with specific indices showing substantial annual growth, such as the nuclear fusion index rising over 83% and the 6G index increasing by more than 80% [5] Group 2 - Future industries are characterized by strong growth momentum, driven by disruptive technologies, with a projected median net profit of over 650 billion yuan for related companies by 2025, indicating a year-on-year growth of over 20% [6] - Specific companies within the future industries are expected to see remarkable profit increases, with over 60 companies projected to achieve net profit growth exceeding 100% by 2025, including notable firms like Foton Motor and Sino Medical [6][7] - A subset of companies has shown a decrease in shareholder numbers, indicating potential for price recovery, with 10 companies identified as having significant rebound potential due to their stock performance being below 19% for the year [8][9]

据中国政府网，近期，多部门召开工作会议，梳理总结2025年工作，研究部署2026年重点任务。2026年收入、消费、住房、生育等方面将有哪些变 化，一起来看看。 明年继续实施更加积极的财政政策 根据全国财政工作会议，2026年继续实施更加积极的财政政策。一是扩大财政支出盘子，确保必要支出力度。二是优化政府债券工具组合，更好发 挥债券效益。三是提高转移支付资金效能，增强地方自主可用财力。四是持续优化支出结构，强化重点领域保障。五是加强财政金融协同，放大政 策效能。 明年财政将促进居民就业增收 根据全国发展和改革工作会议，2026年，将综合整治"内卷式"竞争和培育发展新动能。完善重点行业产能治理和重大基础设施调控，大力培育壮大 新兴产业和未来产业，培育壮大若干新兴支柱产业，深化拓展"人工智能+"行动，补齐科技服务业短板，完善低空经济产业生态，深入推进数字经济 高质量发展。 根据全国财政工作会议，2026年，将进一步强化保基本、兜底线，切实加强民生保障。明年将促进居民就业增收：统筹就业补助资金、失业保险基 金等各类资金，引导支持企业稳岗扩岗、重点群体就业创业等；积极发挥税收、社会保障、转移支付等调节作用，多渠道增加居 ...

随着"十五五"规划建议出炉，"新兴产业和未来产业"再度成为焦点热词。从"十四五"时期的崭露头角， 到"十五五"规划肩负重任，未来产业为何迎来战略升级？如何投资布局？本期《新质产业·超级机遇》 系列专栏聚焦未来产业。 在上海华山医院的手术室，一名患者在完成国内首例脑机接口手术后实现了"意念操控"；在安徽合肥的 物理研究所，可控核聚变技术的推进正汇编成"人造太阳"工程手册；在湖北武汉的国际车展，新一代氢 燃料电池商用车续航高达700km；在广东深圳的工厂流水线，人形机器人以更精确的柔性抓取变身高 能"分拣员"…… 未来产业正在中国创新沃土上多点开花，新一轮浪潮仍在积累蓄势。对于投资者来说，将长钱投资转换 为未来产业资本，其意义远不止于追求财务回报，更是参与时代变革、助力产业创新并塑造个人财富未 来的重要行动。 面对未来产业的广阔版图，围绕投资者的多元配置需求，嘉实基金以前瞻深度的基本面研究投研体系为 支撑，不断构建和优化产品供给和投资服务，希望帮助广大投资者穿越技术迷雾和市场波动，力争共同 抵达未来价值高地。 战略地位升级未来产业加速跑 作为新一轮科技革命和产业变革浪潮催生而来的全新"增长极"，未来产业是由前沿技 ...

Group 1 - The global technology competition is intensifying, with disruptive technologies at the core of the "future industries" becoming a prominent part of China's economic landscape, as highlighted in the "14th Five-Year Plan" [1][2] - The total financing in related fields has approached 70 billion yuan this year, with specific sectors like nuclear fusion and 6G seeing index increases of over 80% [1][4] - The future industries are transitioning from "concept validation" to "commercialization," becoming a leading force in driving economic and social transformation [1] Group 2 - The "14th Five-Year Plan" outlines a clear blueprint for future industries, focusing on seven key areas including quantum technology, biomanufacturing, hydrogen energy, nuclear fusion, brain-computer interfaces, embodied intelligence, and 6G [2] - Local governments are actively responding with supportive policies, such as Beijing's "Create the Future" initiative, which has supported 83 potential enterprises and facilitated over 2 billion yuan in financing [2] - Various cities like Shenzhen and Shanghai are implementing financial measures to support high-quality development in future industries, establishing a solid foundation for growth [2] Group 3 - The capital market's enthusiasm for future industries is evident, with IPOs and refinancing processes accelerating significantly, totaling nearly 70 billion yuan as of December 26, 2025 [4] - Notable fundraising includes 14 billion yuan from China Nuclear Power in the nuclear fusion sector and over 8 billion yuan from companies in the embodied intelligence sector [4] - The overall profitability of future industries is expected to improve, with a median net profit forecast of over 650 billion yuan for 381 companies in 2025, reflecting a year-on-year increase of over 20% [5] Group 4 - Market funds are actively seeking undervalued potential stocks, with over 40 companies showing a decrease in shareholder numbers, indicating a concentration of shares [6] - Companies like Fuzhijun Technology and Zhongyuan Neipei have seen significant reductions in shareholder numbers, suggesting increased market attention [6] - Some companies, despite underperforming in the market, are positioned in sectors like embodied intelligence and quantum technology, presenting potential investment opportunities [6]

Group 1 - The ChiNext Index (399006) showed a brief recovery, with notable stock performances including Maiwei Co., Ltd. (300751) up by 19.87%, Guangwei Composites (300699) up by 14.94%, and Ruijie Networks (301165) up by 7.03% [1] - The National Venture Capital Guidance Fund was officially launched on December 26, with an initial capital of 100 billion yuan aimed at attracting social capital to form a total fund size of 1 trillion yuan, focusing on strategic emerging industries and future industries [1] - The guidance fund has a 20-year duration, including a 10-year investment period and a 10-year exit period, providing long-term funding support for enterprises and fostering the development of "small giants" and "unicorns" [1] Group 2 - Everbright Securities anticipates a stable and upward trend in the spring market, supported by ongoing policy efforts and increased capital inflows, with historical trends indicating a "spring rally" in the A-share market [2] - The TMT and advanced manufacturing sectors are expected to show greater elasticity during the "spring rally," with a potential for early capital positioning as market learning effects and profit accumulation increase [2] - The offshore RMB exchange rate is appreciating, which may lead to a gradual return of foreign capital to the Chinese market, further improving the funding environment [2]