1. 公开市场操作 央行公告称， 12 月 26 日以固定利率、数量招标方式开展了 930 亿元 7 天期逆回购操作，操作利率 1.40% ，投标量 930 亿元，中标量 930 亿元。 Wind 数 据显示，当日 562 亿元逆回购到期，据此计算，单日净投放 368 亿元。当周 实现净回笼 348 亿元。 2025 年 12 月 29 日至 2026 年 1 月 4 日当周 央行 公开市场将有 6227 亿元 逆回购到期 ，其中周一、周二、周三、周日分别到期 673 亿元、 593 亿 元、 260 亿元、 4701 亿元。其中，周日到期的 7 天期逆回购金额为 2701 亿元，到期的 14 天期逆回购金额为 2000 亿元。 （*数据来源：Wind-央行动态PBOC） 2. 资金面 银行间市场资金面维持稳中偏宽格局， D R001 加权平均利率小降并继续运行于 1.26% 下方， D R007 因跨年原因续升约 4bp 。匿名点击（ X-repo ）系统 上，隔夜报价在 1.24% 有充足供给。非银机构当天融资压力亦有限。 海外方面，最新美国隔夜融资担保利率为 3.66% 。 // 债市综述 // （IM ...

Core Insights - The report by the China Academy of Information and Communications Technology (CAICT) highlights that the next five to ten years will be a critical period for competition in quantum information technology, application transformation, and industrial cultivation [1] Group 1: Market Overview - The average annual growth rate of quantum enterprises has been approximately 60 over the past five years, with over 800 global quantum information-related companies, of which about 50% are quantum computing firms [1] - The distribution of quantum enterprises is as follows: over 230 in the EU (29%), over 210 in the US (26%), and around 140 in China (17%) [1] - Investment and financing in the quantum information sector are expected to surge in 2025, with notable financing events in the first half of the year, including several companies securing millions in funding [1] Group 2: Quantum Computing - Quantum computing is at a critical stage of scientific research and prototype development, with multiple technological routes such as superconducting, ion trap, neutral atom, photonic, silicon semiconductor, and topological methods being pursued [2] - Quantum error correction is essential for transitioning quantum computing from laboratory settings to real-world applications, and quantum computing cloud platforms are vital for commercial viability [2] - The current phase of quantum computing is characterized by significant scientific breakthroughs but still early in engineering applications, necessitating a multi-dimensional perspective on technological progress and application prospects [2] Group 3: Quantum Communication - The quantum communication sector is experiencing rapid development in products that enhance quality and reduce costs, with significant contributions from telecom operators and industry-specific networks [3] - Challenges remain in the promotion and application of quantum secure communication, including the need for improved engineering levels, product quality, and increased competition in the post-quantum cryptography (PQC) industry [3] - The rise of quantum computing poses systemic threats to existing public key cryptography systems, leading to a global consensus on accelerating the development of PQC algorithms and standards [3] Group 4: Quantum Precision Measurement - The quantum precision measurement field is witnessing accelerated application and has broad industrial prospects, particularly in defense, aerospace, resource exploration, and biomedical sectors [4] - The quantum precision measurement industry chain is taking shape, with nearly 150 related companies globally, but large-scale commercialization faces challenges such as technology maturity and market acceptance [4] - The integration of AI with quantum precision measurement is emerging as a new focus, enhancing data processing capabilities and expanding application ranges [4]

Core Viewpoint - The integration of technology and industry remains a challenge, and the establishment of a technology business school aims to facilitate the transition of scientific research results from "shelves" to "market" [2][4][5]. Group 1: Challenges in Technology-Industry Integration - Historical trends indicate that technology has been a crucial driver for industrial upgrades, contributing nearly 80% to economic development [3]. - Despite significant advancements in China's technology sector, challenges persist in the integration of technological innovations into industrial applications, often requiring substantial capital investment and a multi-disciplinary approach [4][5]. Group 2: Establishment of Technology Business School - The China University of Science and Technology established a technology business school in collaboration with Anhui Province and Hefei City to cultivate "five-understanding" talents who are knowledgeable in technology, industry, capital, market, and management [5][6]. - The school integrates resources from various departments, leveraging a strong alumni network and research foundation to create a systematic talent training framework [6]. Group 3: Achievements and Impact - The technology business school has supported 210 projects, resulting in the development of 249 prototypes and the establishment of 9 companies, generating over 6 million yuan in sales and securing significant investment intentions [7].

"科技创新成果从实验室走向产业端，往往需要跨越'魔鬼河''死亡谷''达尔文海'等多重考验。在此过程 中，资金的加持与全链条的赋能缺一不可。"12月26日，在2025上证（无锡）新质生产力研讨会暨第七 届上证最佳分析师评选颁奖仪式上，中国科学技术大学党委常委、副校长傅尧以《科技引领创新为先建 设世界一流科技商学院》为题发表主旨演讲。他围绕科技与产业"融合难"等问题，阐述了中国科学技术 大学通过建设科技商学院，推进教育、科技、人才"三位一体"发展，培养复合型科技产业组织"五懂"人 才，构建起助力科研成果从"书架"走向"货架"的独特模式。 科技与产业"融合难"问题仍待解决 "从历史发展规律来看，科技一直是驱动产业升级的重要引擎。当前，科技进步对经济发展的贡献率已 接近80%。"傅尧说。 近年来，我国科技事业取得突破性进展。"十五五"规划建议提出，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、第六代移动通信等成为新的经济增长点。"实际上，在量子科技、核聚 变能等领域，我们早在二十多年前就与美国并肩起跑，现在基本实现领跑或并跑。"傅尧说。 傅尧认为，当前，中国正迎来科技创新与产业经济发展"天时地利人和" ...

2026未来产业新材料博览会 中国未来产业崛起引领全球新材料创新发展 2026年6月10-12日 上海新国际博览中心 新材料是未来高新技术产业发展的基石和先导，新材料的突破将加速未来产业变革! 2026未来产业新材料博览会（上海） (Future Industries New Materials Expo 2026，简称" FINE 2026 ")，由 「 DT新材料 」 主办的 第十届国际碳材料产业博览 会 (Carbontech 2026)、 第七届热管理产业博览会 (iTherM 2026)和 新材料科技创新博览会 (AMTE 2026)三大展重磅升级而来，旨在打造一个以未来产业终端为 引领、立足国际视野的新材料领域标杆展会。 FINE 2026 ， 以 50,000平 展区 与 超过 300场 战 略与前沿科技报告，全景呈现应用于人工智能、智算/数据中心、具身智能、低空经济、航空航天、智能汽车、 AI消费电子、量子科技、6G、脑机接口、新能源、生物制造等产业的热门创新成果， 并重点聚焦 未来产业五大共性需求（先进半导体、先进电池、轻量化、 低碳可持续、热管理） ， 呈现从终端、部件、材料、技术装备到前 ...

华西策略李立峰团队称，岁末年初多头势力聚集，"春季躁动"行情有望抢跑。一方面，海外货币政策不确定性消退，后续国内春 节与"两会"召开时间较为接近，节前对两会的政策预期有望支撑风险偏好；另一方面，年初通常是保险、年金等绝对收益资金进 行新一轮配置的窗口期，在政策预期向好的背景下，增量资金入场意愿较强，近期国内机构资金、融资资金等已出现"抢跑"迹 象。 本周各家券商策略分析师整体依旧保持乐观。 | | 一周策略前瞻 | | | | --- | --- | --- | --- | | 芬商/分析师 结论 | 逻辑 | | 关注板块 | | 兴证策略 张启尧 言? | 要反映的是美元再度走弱叠加年末"结汇潮 人民币"破7"后，行业如何配 | | 人民币升值影响行业配置的四个逻辑: 盈利层面,1)人民币升值降低进口成 3）人民币升值提升国内居民购买力， | | | 近期人民币加速升值引发市场关注。背后主 | | | | | | | 本,原材料进口依赖度较高的行业受 | | | | | 益;2)人民币升值驱动外币负债成本 | | | " 带动下,人民币相对其他非美货币的"补 | | 下降,持有较多美元负债的行业受益; | ...

Group 1 - China's technological innovation capabilities have steadily improved, showcasing significant breakthroughs and achievements in various fields, particularly in space and deep-sea exploration [1][3] - The EAST facility in Anhui achieved a world record of 1 million degrees Celsius plasma maintained for 1066 seconds, marking a major leap in fusion energy research [1] - The Chang'e 6 mission successfully returned the first batch of lunar samples, contributing to the understanding of lunar soil and its cosmic secrets [3] Group 2 - Chinese scientists are making strides in deep-sea exploration, completing manned missions to the Arctic and initiating the UN's "Decade of Ocean Science" global deep-sea exploration plan [4] - Significant advancements in basic research include evidence supporting Lamarckian evolution and breakthroughs in quantum technology, enhancing the understanding of quantum mechanics [6][8] - The development of ultra-high precision measurement techniques in neutrino experiments and the discovery of over 1170 pulsars by the FAST telescope highlight the progress in fundamental science [10] Group 3 - The AI sector in China is evolving, with advancements enabling AI to transition from virtual applications to real-world capabilities, exemplified by humanoid robots that can adapt to physical challenges [11] - The achievements in various scientific fields reflect China's transition from following to leading in technology innovation, contributing to the nation's strength and confidence in future endeavors [13]

宏观周报 春季躁动将至？ 宏观与资产论（20251228） 核心结论 一、本周美股开启"圣诞行情"，上证指数实现八连阳，资金面宽松也推动 近期利率债收益率多数下行。随着新一年临近，关于"跨年行情"和"春季 躁动"行情讨论升温，一般而言这背后的逻辑主要受岁末年初流动性与风险 偏好驱动，和宏观基本面关联度不高。不过在 2024 年、2025 年跨年行情均 出现了缺席——2024 年流动性明显不紧，但权益市场信心偏弱，而 2025 年 A 股躁动行情前置、美联储态度边际转鹰和人民币汇率承压导致 A 股表现不 佳；债市则在年末相对机会更好，到次年 1 月转为震荡。 相比起过去两年，我们认为 2026 年 A 股"春季躁动"行情处在一个更有利 的宏观环境，这也意味着可能 1 月股市机会将好于债市： 1、作为春季躁动的核心驱动力，流动性不是担忧。市场对海外央行政策中 性化定价较为充分，国内 2026 年上半年政策性降息和降准仍有空间，但迫 切性不强。国债利差走扩仍然支撑成长和顺周期的景气溢价。 2、从过去几年的跨年行情来看，股票和人民币走势较为同步。而不同于 2024 年末，今年年底人民币出现了有序升值。尽管我们认为短期 ...

Group 1 - The three major indices in the stock market have risen, with the Shanghai Composite Index increasing by 1.88%, the Shenzhen Component Index by 3.53%, and the ChiNext Index by 3.90, indicating a positive market trend [1][16] - Citic Securities suggests that the market requires more diverse sources of economic growth to sustain upward momentum, emphasizing the need for structural opportunities in a fluctuating market [2][17] - Everbright Securities highlights the potential for a "spring rally" driven by policy support and increased capital inflows, suggesting that historical patterns indicate a seasonal market uptrend [3][18] Group 2 - The focus on growth and consumption sectors is recommended, with particular attention to the commercial aerospace concept as a potential investment opportunity [4][19] - Zhongtai Securities notes that the market has room for upward movement before the Spring Festival, with a favorable risk appetite and a focus on low-cost positioning [5][20] - Zheshang Securities identifies three driving factors for the market's shift towards a bullish sentiment, including strong performance from the CSI A500 ETF and the ongoing popularity of commercial aerospace [6][21] Group 3 - The overall valuation of A-shares has expanded, with the non-ferrous metals sector leading the gains, driven by global liquidity and tight supply conditions [10][26] - The current PB (LF) for the non-ferrous metals sector is at the 84.4% historical percentile, indicating that valuations have not reached extreme levels [10][26] - Long-term strategies under the current trend include focusing on technology and defensive sectors, particularly in light of the ongoing appreciation of the RMB [11][27] Group 4 - The market is expected to stabilize around the 4000-point mark on the Shanghai Composite Index, with a focus on macroeconomic data and policy changes [12][28] - The upcoming Spring Festival is anticipated to bring about a continuation of the spring rally, with a focus on technology and cyclical sectors [13][29] - The outlook for January includes expectations of further policy support and a potential increase in liquidity, which may enhance market conditions [14][30]

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：中原证券股份有限公司 A 股市场综述 周五（12 月26 日）A 股市场冲高遇阻、小幅震荡上行，早盘股指低后震荡上行，盘中沪指在3977 点附 近遭遇阻力，午后股指维持震荡，盘中航天航空、光伏设备、电池以及有色金属等行业表现较好；酿 酒、医疗器械、电源设备以及半导体等行业表现较弱，沪指全天基本呈现小幅震荡上行的运行特征。创 业板市场周五震荡上扬，创业板成分指数全天表现与主板市场基本同步。 后市研判及投资建议 MACD金叉信号形成，这些股涨势不错！ MACD金叉信号形成，这些股涨势不错！ 责任编辑：郭栩彤 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：中原证券股份有限公司 A 股市场综述 周五（12 月26 日）A 股市场冲高遇阻、小幅震荡上行，早盘股指低后震荡上行，盘中沪指在3977 点附 近遭遇阻力，午后股指维持震荡，盘中航天航空、光伏设备、电池以及有色金属等行业表现较好；酿 酒、医疗器械、电源设备以及半导体等行业表现较弱，沪指全天基本呈现小幅震荡上行的运行特征。创 业板市场周五震荡上扬，创业板 ...