□杨洪于 在临潼,我看见了那一排俑。它们只是陶土,它们又并非陶土。以热血煅烧过的外壳,永远封印着帝国的威 仪与战士的精魄。霜冷朔月,这些横亘于历史画卷的影子,用静默的威严把时光的缝隙拓宽,开凿成文明的 长河。 这排立于军阵前列的陶俑,被称为"科头锐士"。"锐士",是秦国最精锐的士卒；而"科头锐士",专指作战时 不戴头盔,以血肉之躯向死而生、勇于陷阵先登的兵王。从人到俑,他们未必具名于青史之上,却永远站成 了我们目光中的刀锋。 止戈为武,铸剑为犁。那金铁交鸣的时代已然远去,但任何一个族群总需要挺身而出、迎难而上的"先行 者"与"排头兵"。纵横驰骋于人工智能赛道,在大数据、大算力、大模型、智能体的疆场上为国争光的人, 亦如当初攻城略地的精锐一般,扛起了科技自立自强的时代重任。 历史机遇稍纵即逝,每一个与人工智能行业有关的人,都应是入局者而非旁观者。守土有责、守土负责、 守土尽责,需要我们这些服务者谋篇布局,找准定位。以"组织产业、服务企业"的理念,为人工智能领域那 些敢闯敢试的头部企业送上最精准的支撑,恰似为"科头锐士"披上铠甲。 犹记2024年仲夏,蝉鸣聒噪得让人心烦,办公室里的灯光却常常亮到深夜。大数据在云端 ...

Group 1 - UBS Wealth Management predicts that the Chinese stock market will continue to have upward potential through 2026, driven by advanced manufacturing and technology as new growth engines [1] - The technology sector, which accounts for about half of the MSCI China Index, is becoming increasingly resilient to external shocks and U.S. economic cycles [1] - The Hang Seng Tech Index is expected to see a 37% growth in earnings per share by 2026, with approximately 7 trillion RMB in excess household savings likely to flow into the stock market [1] Group 2 - Barclays anticipates that the Bank of Japan will raise interest rates in July and December of 2026, influenced by the spring wage negotiation cycle [2] - The report emphasizes the importance of wage negotiations as a key factor in the Bank of Japan's monetary policy and its response to the risk of yen depreciation [2] Group 3 - OANDA reports that multiple factors are driving a historic surge in precious metals, with gold potentially reaching $5,000 per ounce and silver $90 per ounce in the coming year [3] - The report attributes the rise to speculative trading, low liquidity at year-end, expectations of long-term Fed rate cuts, a weaker dollar, and increased geopolitical risks [3] - Platinum and palladium prices have surged due to supply constraints and strong industrial demand, with platinum up approximately 165% and palladium over 90% year-to-date [3] Group 4 - CICC suggests focusing on asset trend changes rather than specific gold price predictions, as current gold prices are above short-term valuation models, indicating potential bubbles [4] - The report anticipates that the gold bull market may not end soon, but volatility is expected to increase as prices deviate from fundamental indicators [4] - CICC maintains an optimistic outlook on Chinese assets, emphasizing the benefits of the AI technology wave and ample liquidity, while suggesting a focus on technology growth in the short term [5][6] Group 5 - CITIC Securities highlights the importance of maintaining macro liquidity stability through tools like reserve requirement ratio cuts and interest rate reductions [6] - The report predicts a 5%-10% increase in the overall A-share market in 2026, with Hong Kong stocks expected to experience a rebound in performance [6] - The outlook for commodities includes expectations for gold to challenge $5,000 per ounce and copper prices to rise to $12,000 per ton due to supply constraints and demand drivers [6] Group 6 - CITIC Securities notes a trend of diminishing focus on quantitative targets by the People's Bank of China, with an emphasis on long-term structural reforms [7] - The report indicates that the central bank's policy may shift towards addressing supply-side issues and reducing financing costs [7] Group 7 - Huatai Securities states that the current appreciation of the RMB is likely to enhance foreign interest in RMB-denominated assets, creating a positive feedback loop for capital inflows [8] - The report suggests that the strengthening of the RMB will continue to support the valuation of both onshore and offshore RMB assets [8] Group 8 - CITIC Jin Investment reports that rising storage costs have begun to impact consumer electronics prices, with several manufacturers increasing product prices by 100-200 RMB [9] - The report indicates that the cost pressures from rising storage prices are likely to lead to a temporary decline in consumer electronics sales [9] Group 9 - Galaxy Securities notes that leading liquor companies are adjusting their strategies for 2026, focusing on maintaining price stability and channel profitability amid cyclical pressures [10] - The report emphasizes the importance of developing new consumer segments and adapting to new consumption trends as part of long-term transformation efforts [10]

世界最大直径水下盾构隧道—济南黄岗路黄河隧道贯通,标志着中国水下隧道建设领域迎来里程碑式突 破。 全球最大固体火箭从海边腾空而起,世界最大直径盾构机在黄河底悄然穿行,不会熔毁的核反应堆稳定运 行近万小时,人形机器人的"关节"在青岛实现国产突破——这些看似科幻的场景,正在齐鲁大地上演为现 实。 从"上天"的商业航天突破,到"入地"的基建技术革新,从"下海"的核能安全引领,到"登极"的智能装备突围, 山东以全维度硬核成果,书写着科技自立自强的答卷。背后是政策精准赋能、平台能级跃升、人才活力 迸发的全链支撑,齐鲁大地正以创新为笔,绘就高水平创新型省份的壮阔图景。 记者 张阿凤 闫丽君 尚青龙 上天 商业航天的"山东速度" 2025年10月11日上午,山东海阳附近海域烈焰升腾,声震碧波。引力一号(遥二)运载火箭以"东方航天 港"号发射船为平台,成功将多颗卫星准确送入预定轨道。这是继2024年1月成功首飞后,这型全球运力最 大的固体运载火箭的又一次苍穹远征。 三年前,当引力一号项目立项时,几个年轻人因共同的"航天梦"聚在一起,开始向星辰大海进发。过去,一个 中型运载火箭的研制时间往往需要7-8年,而这支平均年龄不到35 ...

Core Viewpoint - UBS Wealth Management's Investment Office anticipates that the upward trend in the Chinese market is likely to continue until 2026, driven by advanced manufacturing and technological self-reliance as new growth engines [1] Group 1: Market Outlook - UBS believes that with domestic investors entering the market and global capital reallocating, there is still room for the Chinese stock market to rise [1] - The technology sector, which accounts for approximately half of the MSCI China Index, is increasingly resilient to the U.S. economic cycle and external shocks [1] Group 2: Growth Projections - The pace of AI monetization in China is ahead of other markets, with the Hang Seng Tech Index expected to see a 37% growth in earnings per share by 2026 [1] Group 3: Investment Opportunities - In the context of low interest rates and limited alternative investment options, approximately 7 trillion RMB of excess household savings is expected to flow into the stock market [1] - UBS continues to favor the Chinese market, focusing on cloud computing, e-commerce, AI, digital infrastructure, and selected telecommunications, financial, and utility companies [1] - Short-term market volatility due to tariffs or geopolitical factors may present good buying opportunities [1]

主要有三方面优势： 一是久期长。保险业特别是寿险业，它的负债期限是非常长的，注重跨周期配置资产，有助于克服短期利益的诱惑，发掘企业全生命周期的投资价值。 尊敬的各位领导，各位嘉宾，大家上午好！今天我也是第一次参加证券市场的年会，感到非常高兴。在这里我代表中国保险行业协会，向我们本次年会的召 开表示祝贺！ 党的二十届四中全会提出，加快高水平科技自立自强，引领发展新质生产力。中央经济工作会议也强调要因地制宜发展新质生产力。保险业具有经济减震器 和社会稳定器的功能，保险资金作为耐心资本，在支持实体经济发展方面发挥着非常重要的作用。刚才主题演讲的几位嘉宾的讲话我都认真听了，也都提到 过类似的观点。下面我主要围绕保险资金服务新质生产力发展方面谈几点粗浅的看法。 第一，保险资金是推动新质生产力发展的重要力量。 历史上科技的每一次重大突破都会引起生产力的深刻变革。机械化、电气化、信息化加速改变了世界发展的格局。当前新一轮的科技革命和产业变革正处于 一个突破期，以量子科技、生物制造、氢能和核聚变能、脑机接口、具身智能等为代表的前沿技术与产业蓬勃涌现，引领着全球发展的新格局。习近平总书 记也多次强调，关键核心技术是要不来、买不 ...

Market Overview - The market experienced a high opening followed by a decline, with all three major indices turning negative during the session. The Shanghai and Shenzhen markets saw a half-day trading volume of 1.45 trillion, a significant increase of 251.3 billion compared to the previous trading day. Over 3,900 stocks in the market declined [1] - The Shanghai Composite Index fell by 0.19%, while the Shenzhen Component Index rose by 0.17%, and the ChiNext Index decreased by 0.15% [1] Sector Performance - The lithium battery supply chain showed strong performance, with Tianji Co. achieving three consecutive trading limits in four days, and several other stocks like Hongyuan Pharmaceutical and Yongxing Materials hitting their daily limits [1] - The commercial aerospace sector remained active, with Shenjian Co. achieving seven consecutive trading limits and Jiuding New Materials achieving four consecutive limits [1] - The photovoltaic sector saw partial gains, with stocks like GCL-Poly and Yijing Photovoltaic hitting their daily limits [1] - The Hainan Free Trade Zone concept stocks were also active, with Hainan Development achieving five limits in six days [1] - In contrast, the computing hardware sector showed weakness, with Changguang Huaxin dropping over 10% [1] Lithium Market Insights - The main contract for lithium carbonate surged past 130,000, increasing by over 8% during the day, marking a new high since November 2023. The market outlook for lithium prices remains optimistic due to recovering quarterly earnings from lithium companies and increasing demand from new energy vehicles [3] - The China Nonferrous Metals Industry Association's lithium division indicated that lithium futures prices are expected to gradually rise by November 2025, with increased volatility anticipated [3] Hainan Free Trade Zone Developments - The Hainan Free Trade Port officially commenced its first week of full island closure, with customs reporting over 400 million yuan in "zero tariff" imports and over 20 million yuan in domestic processing goods exempt from tariffs [5] - The duty-free shopping market in Hainan saw a surge, with shopping amounts reaching 1.1 billion yuan and 165,000 shoppers during the week of December 18-24 [5] Photovoltaic Sector Developments - Four leading silicon wafer companies significantly raised their prices on December 25, with average increases reaching 12%. This price hike is attributed to substantial increases in upstream silicon material costs [9][20] Investment Trends - UBS Wealth Management forecasts that the Chinese stock market will continue to have upward potential, driven by advanced manufacturing and technology sectors. The report highlights that AI and technology are key growth drivers, with expectations for significant earnings growth in the Hang Seng Technology Index by 2026 [30] - The National Development and Reform Commission announced that the National Venture Capital Guidance Fund will increase investments in early-stage projects in sectors such as integrated circuits, artificial intelligence, aerospace, and low-altitude economy [31]

Core Viewpoint - The general aviation sector is experiencing significant growth, driven by government support and strategic initiatives aimed at enhancing technological independence and promoting the low-altitude economy and commercial aerospace development [1][2]. Group 1: Market Performance - As of December 26, 2025, the China General Aviation Theme Index (931855) rose by 1.83%, with notable increases in constituent stocks such as Guanglian Aviation (300900) up 13.94% and Zhongfu Shenying (688295) up 13.03% [1]. - The General Aviation ETF (561660) also saw a rise of 1.91%, marking its third consecutive increase, with the latest price reported at 1.17 yuan [1]. Group 2: Government Initiatives - A successful satellite launch using the Long March 8A rocket from Hainan's commercial space launch site occurred, deploying 17 low-orbit satellite internet satellites into their designated orbits [1]. - The strategic emerging industry development fund, with a scale of 51 billion yuan, has officially launched, focusing on providing substantial financial support to the aerospace sector and related industries [1]. Group 3: Index Composition - The China General Aviation Theme Index tracks 50 listed companies involved in various aspects of general aviation, including manufacturing, infrastructure, and operations [2]. - The top ten weighted stocks in the index account for 40.68% of the total index, with key companies including Aerospace Electronics (600879) and Haige Communication (002465) [2].

人民财讯12月26日电，国家发改委产业发展司发布文章《大力推动传统产业优化提升》。文章指出，对 高端数控机床、高端船舶等重大装备产业，关键在于重点突破、协同联动。产业链、供应链在关键时刻 不能掉链子，这是大国经济必须具备的重要特征。我国高端数控机床、高端船舶产业在部分关键核心领 域还受制于人，提升产业链供应链韧性和安全水平的重要性和紧迫性日益突出。"十五五"时期，要加速 突破关键核心技术瓶颈，加快产业模式和企业组织形态变革，实现高水平科技自立自强。强化产业基础 再造和重大技术装备攻关，加快解决"卡脖子"难题，保证产业链体系自主可控、安全可靠。发展先进制 造业集群，加速水平分工的横向联合和上下游协作的垂直整合，推动产业聚集化、集群化发展。强化企 业科技创新主体地位，发挥龙头企业引领支撑作用，促进大中小企业融通创新，加快重点产品创新和示 范应用，深化产学研用协同。 ...

国家发展改革委产业发展司发布文章《大力推动传统产业优化提升》。文章指出，对高端数控机床、高 端船舶等重大装备产业，关键在于重点突破、协同联动。产业链、供应链在关键时刻不能掉链子，这是 大国经济必须具备的重要特征。我国高端数控机床、高端船舶产业在部分关键核心领域还受制于人，提 升产业链供应链韧性和安全水平的重要性和紧迫性日益突出。"十五五"时期，要加速突破关键核心技术 瓶颈，加快产业模式和企业组织形态变革，实现高水平科技自立自强。强化产业基础再造和重大技术装 备攻关，加快解决"卡脖子"难题，保证产业链体系自主可控、安全可靠。发展先进制造业集群，加速水 平分工的横向联合和上下游协作的垂直整合，推动产业聚集化、集群化发展。强化企业科技创新主体地 位，发挥龙头企业引领支撑作用，促进大中小企业融通创新，加快重点产品创新和示范应用，深化产学 研用协同。 ...

Group 1 - The article emphasizes the importance of integrating education, technology, and talent development as part of the strategic planning for the next five years, as outlined in the 20th National Congress [1] - It highlights the need for a coordinated mechanism to ensure the comprehensive leadership of the Party in the reform and development of education, technology, and talent [1] - The article calls for the alignment of policies and resources to support key industries and promote collaborative talent development and research projects [1] Group 2 - The article discusses the establishment of a national strategic technology force and the implementation of major technology tasks to foster autonomous innovation and talent cultivation [2] - It stresses the importance of building high-level talent teams and promoting organized scientific research and systematic talent training [2] - The integration of technological innovation with industrial innovation is highlighted as a means to strengthen the modern industrial system [2] Group 3 - The article outlines the need for a talent cultivation model that addresses urgent and scarce talent requirements, particularly in strategic fields like AI and biotechnology [3] - It advocates for the enhancement of educational programs and the establishment of high-level research platforms to support talent development [3] - The focus is on improving the training of STEM talents and fostering collaboration between universities and enterprises [3] Group 4 - The article emphasizes the optimization of the national strategic talent system to build a strong team for technological self-reliance [4] - It discusses the identification and cultivation of high-level, multidisciplinary talents with potential as strategic scientists [4] - The article calls for mechanisms to support young talents and enhance their career development [4] Group 5 - The article proposes reforms in evaluation and incentive systems to motivate scientific personnel to engage in national development [5] - It suggests the establishment of a classification evaluation system that aligns with the nature of scientific research and talent growth [5] - The article highlights the importance of creating a supportive environment for researchers and facilitating talent mobility between academia and industry [5]