Quantum Technology - The National Venture Capital Guidance Fund has been launched, focusing on quantum technology, biomedicine, brain-computer interfaces, and other future industries, with an initial capital of 100 billion yuan to attract social capital [5][6] - A significant breakthrough in quantum error correction has been achieved by the University of Science and Technology of China, demonstrating a key milestone in achieving fault-tolerant quantum computing [7][9][10] Biomanufacturing - The European Union has released the Biotechnology Act and associated measures to enhance global competitiveness in biotechnology, aiming to mobilize 10 billion euros in capital from 2026 to 2027 [11][12] - The EU's initiatives include accelerating clinical trials, establishing regulatory sandboxes, and enhancing the application of AI in biomanufacturing, addressing funding shortages and innovation barriers [13][16] Hydrogen Energy and Nuclear Fusion - The Ministry of Industry and Information Technology of China has included three key areas in its 2025 application plan for hydrogen energy, focusing on fuel cell systems, hydrogen compressors, and ammonia co-firing technology [17][18] - South Korea has advanced its nuclear fusion power demonstration target to the 2030s, planning to overcome eight core technologies by 2035 [19][20] - The UK Tokamak Energy ST40 device has set new records in plasma current and energy storage, marking significant progress in commercial fusion energy [21] Brain-Computer Interfaces - A new generation of closed-loop brain-computer interface has been developed by the Chinese Academy of Sciences, enabling functional recovery in spinal cord injury models through real-time decoding of brain movement intentions [22] Embodied Intelligence - The establishment of a national standardization committee for humanoid robots and embodied intelligence aims to enhance the quality and application of these technologies [25] - UBTECH plans to acquire a 43% stake in Fenglong Co., enhancing collaboration in humanoid robot manufacturing and supply chain integration [26][29] Sixth Generation Mobile Communication (6G) - The Ministry of Industry and Information Technology emphasizes systematic advancement in 6G technology research and standard development during the 14th Five-Year Plan period [30] - The U.S. has initiated a spectrum strategy for 6G, focusing on reallocating frequency resources to secure a leading position in global 6G development [31][32] - China has established a collaborative system involving government, industry, and research institutions to promote 6G development, positioning itself as a leader in the field [34][36]

中新网北京12月28日电 培育和壮大未来产业，关键在于创新人才。28日发布的《人才蓝皮书：中国创 新人才发展报告(2025)》显示，面向未来产业的中国创新人才与创新群体的结构、规模和发展趋势符合 未来产业需要。中国创新人才发展指数总体运行良好，预计2023~2025年中国创新人才发展指数年均增 长率为15.03%，其中投入和效能指数迅速上升。东部地区创新人才发展指数领跑全国，京津冀城市群 创新人才发展指数呈上升趋势，长三角城市群创新人才发展指数加速上升。北京面向未来产业的创新人 才发展整体向好，仍需关注增速放缓期创新人才结构性调整。 蓝皮书由首都经济贸易大学与社会科学文献出版社联合发布，是首经贸主创的第三部人才蓝皮书，分为 总报告、战略篇、产才篇、区域篇4个部分，定位于中国创新人才，聚焦"面向未来产业的创新人才与国 际科技创新中心建设"，通过收集有关创新人才的调查与统计数据，系统分析了创新人才的分布格局与 发展趋势、顶层设计与战略谋划、产才融合与机制运行、区域探索与经验启示，并提出相关对策建议。 蓝皮书指出，面向未来产业的中国创新人才与创新群体的结构、规模和发展趋势符合未来产业需要。其 中以两院院士和国家最高 ...

Core Insights - The national industrial and information technology work conference held on December 25-26 outlined key tasks for the "15th Five-Year Plan" period, emphasizing growth stabilization, innovation enhancement, integration promotion, governance optimization, and risk prevention [1] Group 1: Key Focus Areas for 2026 - The conference identified ten key areas for 2026, including consolidating the positive trend of the industrial economy, enhancing the resilience and security of industrial chains, and accelerating technological innovation capabilities [1] - The meeting emphasized the need to optimize traditional industries through standard leadership, equipment upgrades, process improvements, and management innovation [1] Group 2: Emerging and Future Industries - The Ministry of Industry and Information Technology (MIIT) aims to develop emerging pillar industries such as integrated circuits, new displays, new materials, aerospace, low-altitude economy, and biomedicine, while supporting AI advancements and satellite IoT commercial trials [2] - The MIIT plans to establish national emerging industry development demonstration bases and innovative industrial clusters, focusing on innovation tasks in future industry segments [2] Group 3: Industry Performance and Projections - Data from the conference indicated that from January to November 2025, the value added of high-tech manufacturing and equipment manufacturing industries grew by 9.2% and 9.3% year-on-year, respectively, with the core AI industry exceeding 1 trillion yuan and new energy vehicle exports surpassing 2 million units [2] - The MIIT projects that by 2025, the total telecommunications business volume and software business revenue will grow by approximately 9% and 12% year-on-year, respectively, with digital industry revenue also expected to increase by around 9% [2] Group 4: Governance and Competition - The 2025 Central Economic Work Conference highlighted the need to address "involution" competition, with the MIIT reporting steady progress in modernizing industry governance and implementing significant reform measures [3] - The MIIT aims to enhance the supply capacity of high-quality standard systems and promote coordinated policies between industry, finance, and taxation to foster industrial and financial cooperation [3]

Group 1 - The market sentiment is positive, with the North Exchange 50 Index rising by 1.19% and a total of 76 stocks increasing in value, while 209 stocks declined, resulting in a rise-fall ratio of 0.36 [2][8][30] - Key market themes include commercial aerospace, Hainan's "closure" theme, liquid cooling, rising lithium battery material prices, and record copper prices, indicating active thematic investments in future industries such as quantum technology, biomanufacturing, hydrogen energy, and nuclear fusion [8][9][12] - The report emphasizes the importance of timing in thematic investments, particularly in the context of the upcoming "14th Five-Year Plan" and suggests focusing on North Exchange stocks related to future industries [9][10] Group 2 - The North Exchange's new stock quality is expected to improve, with attention on changes in new stock allocation policies for 2026 and upcoming listings, including Wei Dongguang [10][21][27] - This week, one new stock, Jiangtian Technology, was listed with a first-day increase of 180.58%, bringing the total number of listed companies on the North Exchange to 287 [21][27] - The report highlights the potential for significant returns from low-valuation stocks such as Tongli Co., KAIT Co., and others, as new funds are expected to return in early 2026 [10][12][40]

专题：中国财富管理50人论坛2025年会 12月27日金融一线消息，中国财富管理50人论坛2025年会在京召开，本届年会的主题是"迈向'十五 五'建设金融强国"。华泰资产党委书记白秋晨参与"低利率挑战：市场价值重构与机构应对之策"圆桌讨 论。 关于宏观经济，白秋晨认为，2026年经济仍将保持平稳增长，增速可能持平于今年。对于经济关键领 域，白秋晨给出具体判断：消费需求虽仍较弱，但在政策加力下有望保持一定增速；投资方面，制造业 投资供需回归再平衡，基建与地产投资可能继续拖累经济；出口则凭借完整产业链韧性与贸易战缓和态 势，有望保持一定韧性，2025 年 1-11 月我国出口增速达 5.4%，大超市场预期；物价方面，2026 年可 能仍处于通缩环境之中。 关于明年的投资市场，白秋晨表示，一场主要由新经济支撑的结构性牛市有望延续。支持这个判断的理 由主要有五点： 一是宏观经济保持韧性，政策加力内需，为股市提供 "下行有底" 的支撑。上证指数已在 2500-4000 点 区间震荡十年，伴随经济转型方向明朗，股市向上动能可观。 二是短期政策聚焦内需与 "十五五" 规划中期目标结合，将助力经济高质量发展，为企业盈利提供坚 ...

基金设立层面，北京、江苏、广东等地均有基金宣布设立或落地，基金主要聚焦人工智能、商业航天、 集成电路、新能源、生物医药 等赛道 。北京 20亿商业航天社会化专项基金主攻航天赛道。广东30亿人工智能与机器人产业基金子基金瞄准AI领域。此外， 慕华联合智元设立基金 布局AI产业 链。 值得关注的是， 本周内江苏、湖北多地百亿社保科创基金集中亮相 。 此外， 首期5亿元的弘晖重庆新质生产力基金完成备案； 同时，两广等多地 基金管理人遴选工作正在推进。 千亿航母级国家创业投资引导基金成立 导读 本周上海、成都等地均有母基金宣布落地或出资，母基金重点布局生物医药、人工智能、交通设施、能源资源等领域。 值得关注的是，本周千亿航母级国家创业投资引导基金正式启航， 旗下三只区域子基金分别在北京、上海、深圳三地同日完成工商登记。 2025年12月22日，国家创业投资引导基金（以下简称"国家创投引导基金"）旗下的三只区域子基金，分别在北京、上海、深圳三地同日完成工商登 记。据介绍，首批三只区域基金已与49只子基金和27个直投项目签订投资意向，预计近期可完成一批重点子基金和直投项目投资。未来，引导基金 将推动在三个区域设立超过60 ...

Core Insights - The third Xiong'an Future City Scenario Conference will focus on cutting-edge technologies and future industries, launching 12 specialized competitions to promote the large-scale application and industrialization of new technologies, products, and scenarios in Xiong'an New Area and Hebei Province [1][2] Group 1: Competitions and Events - The conference will feature 12 specialized competitions, including the Xiong'an Aerospace Information Innovation Technology Competition, Xiong'an Low-altitude Transportation Innovation Technology Application Competition, and Xiong'an International Robot Competition, among others, covering a total of 35 tracks [1] - New competitions have been added, such as the Green Energy Competition and Smart Express Logistics Competition, indicating an expansion and optimization of the event compared to previous editions [1] Group 2: Project and Resource Development - The event will leverage the modern urban construction of Xiong'an and the rich resource scenarios in Hebei, identifying nearly 100 key directions for scenario development and a number of major engineering projects to support the implementation of these scenarios [2] - The competitions are scheduled to take place from April to June next year, with online registration already open for participating teams and companies through the official platform [2]

记者了解到，在这9场路演活动中，累计近200家投资机构、30家金融机构与150家企业开展对接，其中 脱颖而出的83家企业获得市级财政资金支持。路演活动后续，市经信局还与中国人民银行北京市分行联 合举办了3场金融对接活动，通过金融产品接续赋能企业发展。 据经信局方面介绍，"创赢未来"公开路演活动是北京市建立未来产业投入增长机制的重要举措，聚焦未 来产业重点领域多技术路线布局，持续引导社会资本投入，形成"企业发现—助推成长—产业集聚"的全 链条机制，支持未来产业领域潜力企业成长。 下一步，市经信局将持续组织开展"创赢未来"公开路演活动，发现和支持一批高成长潜力的未来产业企 业，并依托产业链上下游合作机制、中小企业服务体系等，对纳入培育范围的企业实施全周期跟踪服 务。 本报讯（记者 杨天悦）资本赋能是推动未来产业发展的重要因素。记者近日从市经信局获悉，"创赢未 来"公开路演活动已陆续举办9场，搭建起创新企业与社会资本精准对接的桥梁。据统计，共有83家企业 通过上述路演活动获得市级财政资金支持，在后续举行的融资对接活动中，数十家未来产业潜力企业又 获得超40亿元的金融支持。 获得支持的未来产业潜力企业，主要覆盖未来信 ...

（来源：中国改革报） 转自：中国改革报 用耐心资本陪伴企业"长跑" 白京羽指出，国家发展改革委、财政部发起设立国家创业投资引导基金，旨在发挥中央资金引领带动作 用，广泛吸引地方政府、中央企业、金融机构、民间资本等多方参与，形成万亿资金规模，通过投基 金、投企业、投项目，加大对战略性新兴产业和未来产业支持力度，加快培育和发展新质生产力。 对于引导基金的定位，白京羽归纳了"四个坚持"：一是坚持做早期基金。"今天的科技领军企业都是曾 经的种子企业、初创企业。"白京羽表示，这类种子企业、初创企业成长性好、前景广阔，但同时风险 较高、不确定性较大，社会资本对其很关注，但投资普遍持审慎态度。针对这一问题，引导基金将种子 期、初创期、早中期企业作为投资重点，支持企业聚焦前沿领域开展原创性、颠覆性的技术攻关，为企 业搭建成果转化的平台和桥梁，促成资本与创新的"双向奔赴"。 二是坚持做耐心基金。科创企业成长壮大是一场旷日持久的"马拉松"，需要资本的耐心陪伴。引导基金 设置20年存续期，其中10年投资期、10年退出期，这样通过更长久的投资期限，为企业提供长周期的资 金供给；又通过更宽松的退出时限，为企业提供更多的发展空间，用耐心 ...

Core Insights - The National Venture Capital Guiding Fund has officially launched with an investment of 100 billion RMB, marking a significant entry into the market aimed at revitalizing the venture capital landscape in China [1][2][9]. Group 1: Fund Structure and Strategy - The fund is structured in a three-tier system: a national fund at the top, regional funds in the middle, and sub-funds and direct investment projects at the bottom, designed to leverage investments and stimulate the market [22][26]. - The national fund has a 20-year lifespan, significantly longer than traditional funds, allowing for more patient capital investment in long-term projects [24]. - The fund aims to invest at least 70% of its capital in seed and early-stage companies, focusing on hard technology sectors such as integrated circuits, artificial intelligence, and future energy [25][16]. Group 2: Market Impact and Objectives - The fund is designed to address the current "money shortage" in the venture capital market, which has been exacerbated by geopolitical factors and a preference for later-stage investments [13][14]. - By eliminating regional investment requirements, the fund allows capital to flow freely to the best projects regardless of location, promoting a unified national market [26][27]. - The initiative is expected to inject significant liquidity into the market, potentially leveraging the initial 100 billion RMB to generate up to 1 trillion RMB in total investment [22][20]. Group 3: Long-term Vision and Challenges - The fund represents a strategic commitment to nurturing innovation and technology in China, responding to the urgent need for investment in critical sectors to maintain competitiveness on a global scale [19][18]. - It acknowledges the high-risk nature of early-stage investments and aims to provide a supportive environment for startups, allowing for a higher tolerance for failure [14][27]. - The fund's establishment is seen as a necessary step to overcome existing barriers in the venture capital ecosystem, fostering a more dynamic and innovative entrepreneurial landscape [3][27].