2025年，中国经济向新而行 低空飞行器划破长空 商业航天赛道形成万亿级生态 人机交互突破想象边界 …… 新兴产业与未来产业 正重塑中国经济的增长坐标 "十五五"规划建议明确提出 "培育壮大新兴产业和未来产业" 更让2025年的坚实步伐 成为未来五年产业升级的精彩序章 让我们启动这场"星际巡航" 一同探寻"星标"产业 低空经济爆发式发展 01乘势而飞 ↓↓↓ 02太空新基建 商业航天提速 03新能源 发电装机容量快速增长 04脑机接口 规模持续增长 05人工智能 专利领跑全球，算力扩容提速 06具身智能 中国市场占全球近三成 回望2025，群"星"闪耀 勾勒产业新图景 2026，再赴新程 续写高光！ 策划出品｜经济政声工作室《经济有数》栏目 21创意工作室 总统筹｜祝乃娟 执行统筹｜林虹张星林军明 视频｜白宇航谢和洋实习生吴思远胡梓颖李思远 文案｜周亦洋黄兰雯实习生李茗萱 审校｜陈晶晶黄志明 ...

关注公众号，点击公众号主页右上角" ··· "，设置星标 "⭐" ，关注 鑫椤锂电 资讯~ 鑫椤锂电 敬上 NEW YEAR 元 1 旦 / 快 / 乐 四气新元旦 万寿初今朝 尊敬的新老客户们： 岁月轮转，新元肇启。我们站在2026年的起点，向您致以最诚挚的问候：元旦快乐！ 回首2025，感谢您一路相伴相持。您的每一次关注、每一次咨询、每一份信任，都是我们深耕锂电数据、打磨研究报告的最强动力。 展望2026，愿我们继续携手，在新能源的星辰大海中，共同书写锂电的下一个黄金篇章！ ...

走在马来西亚槟城，可以看到整片两三层楼高的骑楼沿街铺展，罗马柱和铺设的地砖精致而典雅，这与 广州骑楼"避雨遮阳"的实用设计一脉相承。沿街而行，南海会馆、番禺会馆和五福书院等充满岭南特色 的建筑映入眼帘，岭南传统文化在南洋延续。 在深厚的历史渊源下，多年来，槟城与广东在经贸、文化交往等多领域始终保持着紧密的联系，而近年 来双方的投资合作更呈现双向奔赴的态势。比如，2025年10月，广东和槟城共8个单位在投资推介会上 签署了多项备忘录与合作协议，进一步促进两地在商贸与投资领域的交流与合作关系。 近日，马来西亚槟城州首席部长曹观友在接受21世纪经济报道记者专访时表示，槟城与广东的产业有非 常明显的互补性，广东创新能力强，在芯片设计、工业互联网、人工智能、新能源、生物医药及数字经 济等领域发展迅速，而槟城在半导体封测、工业自动化、精密工程、医疗器械制造和高端电子制造方面 积累深厚，"这种'设计强+制造强'的组合，为双方共同推动跨区域产业链布局提供强劲动力。" 近年来，马来西亚槟城也成了中企"出海"热潮的目的地。2025年10月底，中国企业联特科技（301205） 二期工厂在槟城开幕，成为中企扎根当地的典型案例。"从2 ...

Core Viewpoint - The Kunming government is actively promoting high-level talent recognition in the manufacturing sector, aiming to enhance the local economy and industry competitiveness through targeted support and services for skilled professionals [1] Group 1: Talent Recognition - A ceremony for the issuance of high-level talent certificates for manufacturing enterprises in Kunming is scheduled for December 31, 2025 [1] - The first batch includes 185 recognized high-level talents across key areas such as intelligent manufacturing, green chemicals, new energy, and biomedicine [1] Group 2: Benefits and Services - Recognized high-level talents will receive benefits under the "Spring City Talent Card" B category, which includes conveniences in 12 areas such as children's education, medical insurance, housing support, transportation, and government services [1] - The Kunming government plans to establish a regular service mechanism to ensure that policies are direct, accessible, and easily enjoyed by the talents [1]

Core Insights - The 2026 "Bet on China" top ten core assets have been announced by Gelonghui, a well-known independent research institution in China, based on votes from millions of members across over 70 countries [1][3] - The selection process involved over half a month of voting, resulting in hundreds of thousands of valid votes, emphasizing the collective wisdom of global investors [3] Selection Criteria - The selected listed companies must meet four key principles, reflecting the uncertainties in the Chinese investment market for 2025, including fluctuating recovery expectations, real estate stability concerns, and the ambiguity in investment directions related to AI and new energy [2] Performance Metrics - Since the end of 2018, the "Bet on China" top ten core assets index has achieved a cumulative increase of 318.67%, significantly outperforming the CSI 300 index (+56.2%), Hang Seng index (-0.82%), and S&P 500 index (+175.3%) [3] - In 2025, the equal-weighted return of the top ten core assets reached 35.1%, again surpassing the CSI 300 index (+17.7%), Hang Seng index (+27.8%), and S&P 500 index (+17.3%) [3] Core Assets Overview 1. **Zhongji Xuchuang (300308)**: Expected to benefit from the acceleration of AI computing infrastructure in China, with a projected demand for optical modules reaching 18 billion yuan, and a 50% annual growth in domestic demand for 800G optical modules [5] 2. **Tencent Holdings (00700.HK)**: With a massive user base, Tencent is expected to see its advertising revenue exceed 40 billion yuan in 2026, driven by its social media platforms and AI efficiency improvements [6][7] 3. **Alibaba (09988.HK)**: Anticipated to achieve 170 billion yuan in revenue from cloud services, with a growth rate of 34%, while also focusing on domestic consumption upgrades [7][8] 4. **Gold ETF (518880)**: Positioned as a key hedging tool for domestic investors, with a forecasted gold price potentially reaching 5,000 USD per ounce, supported by liquidity and geopolitical factors [8] 5. **Luoyang Molybdenum (603993/03993.HK)**: Expected to produce 660,000 tons of copper and 120,000 tons of cobalt in 2026, benefiting from the growth of the domestic electric vehicle market [9] 6. **Ping An Insurance (601318/02318.HK)**: Projected to see a 20%-25% increase in market value, benefiting from the domestic interest rate cycle and a focus on quality equity assets [10] 7. **Dongfang Caifu (300059)**: Anticipated to see a 22%-28% growth in market value, driven by increased capital market activity and AI-driven wealth management services [11] 8. **Wanhua Chemical (600309)**: Expected to achieve a net profit of 15.5-16.2 billion yuan in 2026, supported by domestic demand for MDI and new materials [12] 9. **WuXi AppTec (02268.HK)**: Positioned as a leader in the ADC field, with over 60% of its pipeline serving domestic clients, reflecting the growth of China's biopharmaceutical industry [13] 10. **Trip.com Group (09961.HK)**: Projected to see a revenue growth of over 25%, benefiting from the recovery of domestic travel and tourism [14] Conclusion - The ten core assets are aligned with China's key sectors such as AI computing, new energy, consumption, finance, and biomedicine, reflecting the country's new productive forces and upgrading of livelihoods [14]

西方电力捉襟见肘 现在人工智能发展得飞快，可这也带来大麻烦，尤其是电力供应跟不上。英伟达的黄仁勋今年在乔罗根 的节目里直言，AI扩展太猛，电力成了新瓶颈。要是不解决，芯片再厉害也白搭。他还预测，AI计算 需求2025年已经暴涨，以前以为芯片是核心，现在电力更关键。 要知道，英伟达自家处理器集群到2027年一年可能吃掉150到200吉瓦电，这相当于一个国家全年用电 量。黄仁勋还警告，美国数据中心建得慢，电力容量不够，可能让中国在AI赛道上超车。他甚至说， 未来科技公司得自己搞小型核反应堆来发电，不然AI就卡壳了。这话不是随便说说，英伟达员工邮件 里也提了整合低延迟处理器，但电力问题始终绕不开。 发展中国家更惨，像乍得、马拉维，农村地区电力覆盖率低，基础设施跟不上。 中国电网游刃有余 中国这边，电力供应倒是不慌，底气来自于多年积累的基础设施和新能源布局。早些年，我们也尝过缺 电的苦，90年代广东工厂开三停四，拉闸限电是家常便饭。但从2000年启动西电东送工程开始，情况就 变了。这项目把西部能源富集区电力输到东部需求大户，通过特高压技术实现高效传输。特高压就是电 压超高的传输方式，交流1000千伏，直流±800千伏 ...

天眼查显示，近日，佳木斯龙源绿储新能源有限公司成立，法定代表人为赵文学，注册资本10000万人 民币，由北京绿微新能源发展有限公司全资持股。 序号股东名称持股比例1北京绿微新能源发展有限公司100% 企业名称佳木斯龙源绿储新能源有限公司法定代表人赵文学注册资本10000万人民币国标行业电力、热 力、燃气及水生产和供应业>电力、热力生产和供应业>电力生产地址黑龙江省佳木斯市郊区红旗街道 办新府社区新府苑二期32号楼101室商服企业类型有限责任公司（非自然人投资或控股的法人独资）营 业期限2025-12-31至无固定期限登记机关佳木斯市郊区市场监督管理局 来源：市场资讯 经营范围含新兴能源技术研发；新能源原动设备销售；配电开关控制设备销售；试验机销售；太阳能热 利用产品销售；新材料技术研发；金属制品研发；电力电子元器件销售；合成材料销售；能量回收系统 研发；电池销售；蓄电池租赁；技术服务、技术开发、技术咨询、技术交流、技术转让、技术推广；集 成电路设计；互联网安全服务；机械电气设备销售；智能输配电及控制设备销售；合同能源管理；节能 管理服务；在线能源计量技术研发；在线能源监测技术研发；软件开发；软件销售；信息系统 ...

Core Insights - The article presents the "Top 10 Core Assets for 2026" as voted by millions of members from over 70 countries, highlighting the collective wisdom of global investors in navigating market uncertainties [2][5]. Summary by Categories Core Assets - The selected core assets include: - **Zhongji Xuchuang (中际旭创)**: Market cap of 6,778 million RMB, focusing on AI and advanced manufacturing [3] - **Tencent (腾讯)**: Market cap of 49,160 million RMB, centered on AI applications [3] - **Alibaba (阿里巴巴)**: Market cap of 24,500 million RMB, involved in AI and cloud computing [3] - **Gold ETF (黄金ETF)**: Market cap of 1 million RMB, categorized under precious metals [3] - **Luoyang Molybdenum (洛阳钼业)**: Market cap of 4,279 million RMB, with no specific industry listed [3] - **China Ping An (中国平安)**: Market cap of 12,400 million RMB, in the financial sector [3] - **Dongfang Caifu (东方财富)**: Market cap of 3,663 million RMB, with no specific industry listed [3] - **Wanhua Chemical (万华化学)**: Market cap of 2,400 million RMB, in the chemical industry [3] - **WuXi AppTec (药明合联)**: Market cap of 1,515 million RMB, in the pharmaceutical sector [3] - **Trip.com Group (携程集团)**: Market cap of 3,250 million RMB, in consumer discretionary [3] Market Context - The investment landscape in China for 2025 is characterized by uncertainties, including fluctuating recovery expectations, geopolitical tensions, and evolving trends in real estate and AI [4]. - The article emphasizes the importance of collective intelligence in investment decisions, asserting that the aggregated insights from millions can effectively guide investors through market complexities [5][7]. Performance Metrics - From 2019 to 2025, the "Top 10 Core Assets Index" achieved a cumulative growth of 318.67%, significantly outperforming the CSI 300 Index (+56.2%) and the Hang Seng Index (-0.82%) [11]. - In 2025, the equal-weighted return of the top assets reached 35.1%, again surpassing the performance of major indices [11]. Selection Criteria - The selected companies must meet four key principles: 1. Represent Chinese enterprises with a domestic market focus 2. Align with future economic directions and create long-term value 3. Possess competitive advantages or potential in emerging sectors 4. Have a projected market cap growth of 20% or more in 2026 [10] Individual Company Insights - **Zhongji Xuchuang**: Expected to benefit from a surge in AI-related demand, with a projected market cap growth of 25%-30% [12]. - **Tencent**: Anticipated to see a 25%-30% increase in adjusted net profit, driven by its strong domestic user base and advertising revenue [13]. - **Alibaba**: Forecasted to achieve a 25%-28% stock price increase, supported by its dual focus on AI and consumer markets [14]. - **Gold ETF**: Positioned as a key hedging tool, with a projected 28%-32% growth in fund inflows [15]. - **Luoyang Molybdenum**: Expected to maintain its leading position in the battery materials sector, with a projected net profit of 320-350 million RMB [16]. - **China Ping An**: Anticipated to grow its market cap by 20%-25%, benefiting from the domestic financial market's recovery [17]. - **Dongfang Caifu**: Projected to see a 22%-28% increase in market cap, driven by the growth in wealth management services [18]. - **Wanhua Chemical**: Expected to achieve a net profit of 155-162 million RMB, supported by domestic demand [19]. - **WuXi AppTec**: Positioned as a leader in the ADC field, with significant growth driven by domestic innovation [20]. - **Trip.com Group**: Forecasted to grow revenue by over 25%, capitalizing on the recovery of domestic travel [21]. Conclusion - The selected core assets reflect a strategic alignment with China's economic growth and key sectors, including AI, renewable energy, finance, and healthcare, emphasizing their potential for long-term value creation [22].

Key Points Summary of Jingjin Equipment Conference Call Company Overview - Jingjin Equipment is a leading company in the solid-liquid separation equipment industry, with a continuously increasing market share. Its products are widely used in environmental protection, mineral processing, and new energy sectors, demonstrating strong pricing power with a gross margin maintained around 30% [2][4][5]. Core Insights and Arguments - **Market Position and Company Quality**: Jingjin Equipment holds a dominant position in the solid-liquid separation equipment sector, with its market share consistently rising. The company’s products are utilized across various industries, including environmental protection, mineral processing, and new energy materials, allowing it to maintain a gross margin of approximately 30% [4][5]. - **Recovery of Downstream Demand**: The company faced increased operational pressure due to a decline in demand from the lithium battery sector. However, with a rebound in capital expenditure in the lithium battery industry, a clear recovery in downstream demand is anticipated, which is expected to significantly enhance the company's operational capabilities and profit levels. By 2026, profitability across the lithium battery supply chain is projected to recover, providing new growth momentum for Jingjin Equipment [2][4][5]. - **Governance and Management Optimization**: The company has completed a board restructuring and management adjustments to enhance its governance structure, indicating a commitment to strengthening operational capabilities and improving overall management and operational efficiency [2][7]. - **Cash Flow and Dividend Policy**: Despite facing pressure on performance in 2024 due to macroeconomic factors and declining new energy demand, the company’s long-term competitiveness remains solid. It maintains strict payment terms with downstream customers, resulting in a healthy cash flow that supports a high dividend policy [2][7]. - **International Market Expansion**: Jingjin Equipment is actively expanding into overseas markets, with plans for equipment integration and consumables market development. These initiatives are expected to support a doubling of the company's scale and maintain stable operational capabilities in comparison to overseas competitors [2][5][7]. Industry Dynamics - **Filter Press Industry Demand**: The demand for filter presses is expected to contract from 2023 to 2025, but is projected to rebound to over 4 billion yuan by 2026 as the new energy market recovers, aligning with increased lithium battery production capacity [2][11]. - **Mineral Processing and Environmental Protection Impact**: The mineral processing and environmental sectors are expected to maintain steady growth even during macroeconomic downturns. The mineral processing sector benefits from rising prices of non-ferrous metals, while the environmental sector is supported by regulatory targets for sludge treatment, which are expected to drive annual demand growth of 4.5 to 5 billion yuan [12]. - **Sand and Gravel Aggregate Industry**: The sand and gravel aggregate industry is anticipated to provide opportunities for Jingjin Equipment to increase its market share, with the market size currently around 1.5 to 2 billion yuan. Post-industry consolidation, the company’s market share could rise to over 40% [13]. Future Growth Potential - **Downstream Demand Recovery**: There is a clear expectation of recovery in downstream demand, particularly in lithium batteries, environmental protection, and mineral processing sectors. The company has strengthened its market share through promotional activities, increasing from a previous base of 40% [14]. - **Profitability and Cash Flow Outlook**: The company’s gross margin has decreased from around 30% to approximately 20%, but is expected to improve as cost adjustments and pricing power return. The cash flow remains robust, with a net cash ratio above 1.2, supporting its dividend capacity and indicating superior profitability compared to peers [14][17]. - **International Strategy and Challenges**: Jingjin Equipment's focus on single-category filter presses allows for competitive pricing and scale advantages in non-European and American markets. However, the company needs to enhance its lifecycle maintenance service capabilities to meet the demands of overseas customers [20]. - **Profit Forecast**: The company’s performance is expected to stabilize in the fourth quarter of 2025, with a projected net profit recovery to around 800 million yuan by 2027, supported by a high dividend yield of 5.5% [21][22]. Additional Insights - **Indirect Overseas Demand**: Although direct overseas sales account for about 5% of total retail revenue, there are indirect exports through domestic purchases for overseas projects, suggesting that actual overseas demand may be higher than reported [18]. - **Comparison with Competitors**: Jingjin Equipment's focus on filter presses and consumables results in higher profitability compared to competitors like Andritz and Metso, which have diversified product lines. Jingjin's EBITDA margin is approximately 20%, significantly higher than Andritz's 12% [19].

Summary of Key Points from Conference Call Records Industry Overview - **China's Economic Growth**: In the first three quarters of 2025, China's economy grew by 5.2%, laying a foundation for the annual target of 5% growth. The forecast for 2026 includes a recovery in infrastructure and manufacturing investments, optimistic export conditions, and a retail growth rate in the service sector potentially reaching 6% [1][5][12]. Core Insights and Arguments - **Investment Forecasts**: - Infrastructure investment is expected to rebound to over 5% growth in 2026, while manufacturing investment is projected to stabilize around 5% due to technological and pricing factors [1][7]. - Real estate investment is anticipated to see a reduced decline, although inventory pressures remain, necessitating enhanced destocking policies [1][10]. - **Export Performance**: - Strong export performance in 2025 is expected to continue into 2026, with a growth rate of approximately 5%, supported by industrialization in emerging markets and a potential easing of trade tensions [1][11]. - **Fiscal and Monetary Policy**: - The fiscal policy for 2026 is projected to be proactive, with new special bond issuance potentially increasing to 4.6 trillion yuan and a broad deficit rate around 9.5%. Monetary policy may maintain liquidity stability, with a possible reserve requirement ratio cut of 50 basis points [1][13]. - **Inflation and Economic Growth**: - The Consumer Price Index (CPI) is expected to stabilize above 0.5%, while the Producer Price Index (PPI) is projected to gradually recover to around -0.5%. Overall, inflation is anticipated to return to approximately 0%, with GDP growth expected at 5% [1][16]. Additional Important Insights - **Consumer Market Trends**: - The current consumer spending rate in China is about 40%, lower than in developed countries. The service sector is expected to drive GDP growth, with retail growth in services projected at 6% for 2026, up from 5.4% in 2025 [1][6]. - **Banking Sector Dynamics**: - The banking sector is experiencing a dividend-driven market, supported by stable dividend yields and effective risk management. The performance of large banks remains strong, with a focus on maintaining dividend stability [3][24]. - **Wealth Management Growth**: - The scale of investable assets for residents has surpassed 300 trillion yuan, with a projected compound annual growth rate of 15%. This growth is expected to continue, driven by a shift towards higher-return assets [40][41]. - **Securities Market Performance**: - The securities market saw a 73% increase in IPOs in 2025, with significant growth in bond underwriting as well. The overall market remains active, with daily trading volumes significantly increasing [36][37]. - **Investment Banking Trends**: - Investment banking is expected to benefit from a supportive regulatory environment, with a focus on enhancing capital market inclusivity and adaptability. The growth in IPOs and refinancing activities indicates a recovery trend in the sector [39][44]. Conclusion The conference call highlighted a cautiously optimistic outlook for China's economy in 2026, with expected growth in infrastructure, manufacturing, and exports. The banking and securities sectors are positioned for continued growth, supported by favorable fiscal and monetary policies. Investors should monitor these trends closely to identify potential opportunities and risks in the market.