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 ...

Group 1 - The market sentiment is positive, with the North Exchange 50 index rising by 1.19% and the trading volume decreasing by 11.69% compared to the previous week [2][12][16] - Key market themes include commercial aerospace, Hainan "closure" theme, liquid cooling, lithium battery material price increases, and rising copper prices, indicating active thematic investments in future industries such as quantum technology, biomanufacturing, hydrogen energy, nuclear fusion, brain-computer interfaces, embodied intelligence, and sixth-generation mobile communication [12][13][14] - The report maintains a positive outlook on the North Exchange thematic market during the spring rally, emphasizing the importance of timing in thematic investments and highlighting specific stocks to watch, including Fujida, Xingtou Measurement and Control, and others in emerging technology sectors [13][14] Group 2 - The North Exchange saw one new stock listed this week, Jiangtian Technology, which had a significant first-day increase of 180.58% [26][7] - The report notes that the quality of new stocks on the North Exchange is expected to continue improving, with attention on the upcoming listing of Hengtong Light [14][26] - The new three-board market saw 10 new listings and 42 delistings this week, with a total of 5,956 companies currently listed [47][49]

以下文章来源于东四十条资本 ，作者鲁智高 东四十条资本 . 聚焦股权投资行业人物、事件、数据、研究、政策解读，提供专业视角和深度洞见 | 创投圈有趣的灵魂 将投中网设为"星标⭐"，第一时间收获最新推送 估值超95亿元。 作者丨鲁智高 来源丨 东四十条资本 合肥又一家明星独角兽要IPO了。 回到故事的主角——创立了国仪量子的90后"天才"。 1992年在四川遂宁出生后，贺羽于2009年考入中科大少年班学院，师从量子科技领域知名科学家杜 江峰，最终完成本硕博连读。 读书期间，他听完杜江峰讲述的因购买国外高端科学仪器而遭遇对方刁难的故事后，备受震惊。次 日，年仅17岁的贺羽便告诉导师，"振兴自主科学仪器这个事我一定要干。" 在杜江峰的安排下，贺羽一边参与课题组做科研，另一边利用学校办公室尝试创业。将中科大创业计 划资助的40万元作为启动资金，他第一次创业方向选择了教学类仪器。 由于产品销量欠佳，他的首次创业以失败告终。不过贺羽并没有放弃创业，在升级产品及调整推广方 向后，他带领团队最终卖出了二十多万套产品，获得了创业后的第一桶金。 这些宝贵的经历，为贺羽创办国仪量子打下坚实的基础。为了推动量子测量技术产业化和高端科 ...

证券研究报告 A股2026年十大预测 证券分析师：陈刚 执业证书编号：S0600523040001 邮箱：cheng@dwzq.com.cn 研究助理：林煜辉 执业证书编号：S0600124060012 邮箱：linyh@dwzq.com.cn 研究助理：孔思迈 执业证书编号：S0600124070019 邮箱：kongsm@dwzq.com.cn 证券分析师：谢立昕 执业证书编号：S0600525080001 邮箱：xielx@dwzq.com.cn 证券分析师：蒋珺逸 执业证书编号：S0600525040004 邮箱：jiangjy@dwzq.com.cn 2025年12月28日 请务必阅读正文之后的免责声明 回顾2025年提出的十大预测 风险提示：经济复苏不及预期；美债见顶下行迟于预期；地缘政治事件黑天鹅。 数据来源：Wind，东吴证券研究所；注：涨幅若无其他说明，统计区间均为2025年1月1日-2025年12月26日） 2 ◼ 回顾2025年提出的十大预测： ➢ 预测一：A股震荡上行，进入新的波动中枢（万得全A涨幅为28.1%，沪指四季度围绕3900点震荡） ➢ 预测二：2025年A股交易结构比指数更 ...

Group 1 - The National Venture Capital Guidance Fund has officially launched, focusing on cutting-edge fields such as artificial intelligence, biopharmaceuticals, quantum technology, and 6G, with a lifespan of 15 to 20 years to match the long-term R&D needs of hard technology [2] - The fund aims to leverage a substantial fiscal investment to mobilize trillions in social capital, with at least 70% of investments directed towards seed and early-stage companies [2][3] - The fund operates as a "fund of funds," delegating decision-making to regional funds, which enhances efficiency and separates government guidance from market operations [2] Group 2 - Japan's new fiscal year budget is set at approximately 122.3 trillion yen (about $786 billion), marking a 6.3% increase from the previous year's budget [4] - The government plans to issue around 29.6 trillion yen in new bonds to support this budget, with a slight reduction in reliance on debt issuance [4][5] - The budget focuses on social security, debt repayment, and defense spending, reflecting the increasing financial pressures due to an aging population and rising costs [4][5] Group 3 - China's civil aviation sector is projected to achieve a record high of 770 million passenger trips in 2025, a 5.4% increase from 2024 and a 16.6% increase from 2019 [6] - The average economy class ticket price is expected to drop by 2.9% to 740 yuan, indicating a strategy of "price for volume" among airlines [6][7] - Despite the increase in passenger numbers, the low ticket prices are compressing profit margins, raising concerns about the sustainability of this pricing strategy [7] Group 4 - The robot rental market is experiencing explosive growth, with daily rental prices for basic intelligent robots dropping to around 200 yuan, while more advanced models range from 2,000 to 5,000 yuan [8] - The demand for robot rentals is high, with bookings extending into February, but prices are fluctuating significantly [8] - The market for humanoid robots is still in its early stages, and broader applications are needed for significant growth [9] Group 5 - The price of tomatoes has surged, with retail prices in many regions exceeding 10 yuan per jin, reflecting a nearly 71.9% year-on-year increase [10] - Adverse weather conditions have impacted supply, leading to higher prices during a seasonal transition period [10] - The demand for tomatoes is expected to rise further as the New Year and Spring Festival approach, maintaining upward pressure on prices [10] Group 6 - A report from Visa indicates that 28% of American adults would be pleased to receive cryptocurrency as a gift, with this figure rising to 45% among Gen Z [11] - Nearly half of shoppers have utilized AI tools for shopping tasks, highlighting the growing integration of technology in consumer behavior [11][12] - The rising inflation has made cryptocurrency a more appealing gift option, reflecting a shift in consumer preferences towards asset-based gifts [11] Group 7 - The LOF market has seen significant volatility, with multiple funds experiencing rapid price fluctuations, indicating potential irrational trading behavior [13] - The recent surge in silver prices has created arbitrage opportunities in the LOF market, but the risks associated with such trading strategies are evident [13] - The complexity of LOF products and the lack of transparency can lead to vulnerabilities for ordinary investors [13] Group 8 - The stock market experienced a slight increase, with the Shanghai Composite Index rising by 0.1% amid a volatile trading session [14] - Market sentiment showed signs of recovery after a brief dip, although many stocks turned from gains to losses [14] - The trading volume was substantial, indicating active market participation despite the fluctuations [14]

格隆汇12月27日｜据辽宁日报，辽宁省委书记许昆林强调，辽宁省量子科技等未来产业发展具有一定基 础和条件，要紧盯关键环节，力争在若干细分领域形成独特优势和产业特色。要加强科学规划统筹谋 划，围绕国家战略需求和前沿技术发展趋势，结合"十五五"规划编制，科学制定量子科技等未来产业发 展规划，推动形成从基础研究、应用研究、技术研发到产业化的全链条布局，尽快形成体系化能力。要 着力提升创新能力，积极引进量子科技等未来产业领军企业，推动形成龙头企业引领、众多企业聚集、 各创新主体协作的良好发展生态；加强相关学科和课程体系建设，加快培养一批高精尖人才，注重人才 引进，通过"引进一个团队、催生一批项目、吸引更多人才"，形成聚才效应；大力支持相关高校院所开 展以市场需求、成果转化为导向的产业技术研发，力争在基础研究、关键核心技术攻关上取得新突破； 推动科技创新和产业创新深度融合，加快科技成果工程化突破和产业化应用，切实转化为现实生产力、 新质生产力。要营造良好政策环境，加快构建多元化长期稳定投入机制，建立量子科技等未来产业扶持 政策体系和服务体系，在技术攻关、协同创新、场景开放、集群培育等方面形成更加有力的政策支持。 ...

Core Insights - By 2025, China is expected to achieve significant breakthroughs in various scientific fields, including quantum technology and lunar research, contributing to the nation's technological self-reliance and innovation [3][5]. Group 1: Space Exploration - The Chang'e 6 mission is set to return samples from the moon's far side, revealing new insights into lunar oxidation mechanisms and marking a major scientific breakthrough in lunar research [4]. - The Tianwen-2 probe will conduct close-range exploration of a near-Earth asteroid, with a sample return expected by the end of 2027, indicating a shift towards long-term space exploration and resource utilization [4]. - China plans to advance its lunar research station, manned lunar missions, Mars sample return, and Jupiter system exploration, enhancing its capabilities in deep space exploration [4]. Group 2: Quantum Computing - Quantum computing is identified as a critical future technology, with China focusing on achieving full autonomy in quantum computing through the development of hardware and software systems [7]. - The third-generation superconducting quantum computer "Benyuan Wukong" has been launched, participating in numerous collaborations across key industries and achieving international cooperation in quantum computing [8]. - The development of quantum computing is likened to building a rocket, emphasizing the importance of integrating hardware and software for effective functionality [7]. Group 3: Brain-Computer Interfaces - Brain-computer interface technology is evolving to connect biological intelligence with machine intelligence, utilizing advanced decoding and encoding techniques to interpret brain signals [9]. - Clinical advancements in brain-computer interfaces are being made, with the establishment of comprehensive clinical trial centers and the initiation of global trials [11]. - The technology aims to redefine the boundaries of intelligence by merging carbon-based and silicon-based systems, enhancing cognitive capabilities [10]. Group 4: Digital Intelligence Technologies - Digital intelligence technologies, including cloud computing and artificial intelligence, are seen as essential tools for enhancing innovation across various industries [13]. - The integration of digital technologies into industrial processes is expected to significantly improve production efficiency and transform manufacturing paradigms [13]. - Open collaboration and resource sharing are highlighted as accelerators for technological advancement, contributing to global challenges [14]. Group 5: Hydrogen Energy - Hydrogen energy is recognized as a vital component of the renewable energy revolution, complementing electricity and supporting sustainable development [16]. - China has made significant progress in hydrogen fuel cell technology and is establishing a related industrial chain to enhance the role of hydrogen in the energy transition [17]. - The future of hydrogen energy will focus on tailored solutions that meet specific regional needs, ensuring its benefits for society [16]. Group 6: Research Talent Development - Universities are positioned as key players in nurturing research talent, aligning educational programs with national strategic needs [19]. - The emphasis is on practical applications of research, encouraging scientists to engage with industry and address real-world challenges [19]. - A supportive environment for young researchers is essential, promoting innovation and allowing for flexible evaluation of research outcomes [20]. Group 7: Basic Research Support - Basic research in China is gaining increased attention and funding, although it still lags behind developed countries in terms of investment [22]. - Continuous support for basic research is necessary, including funding stability and diverse investment channels to foster groundbreaking discoveries [22][23]. - A positive research culture is crucial for sustaining long-term engagement in basic research, promoting a supportive atmosphere for scientists [23]. Group 8: Science Popularization - The relationship between scientific innovation and public science education is emphasized, with efforts to enhance public understanding of science [24][25]. - Initiatives aimed at improving scientific literacy among youth are seen as foundational for future technological advancements [25][26].