Group 1 - The core focus of China's economic policy in 2026 will shift towards technological self-reliance and new productivity paradigms, moving away from the traditional real estate and investment-driven growth model [1] - The report emphasizes the importance of integrating resources through a new type of national system, focusing on key technologies such as integrated circuits, industrial mother machines, and high-end instruments, while also planning for future industries like quantum technology and sixth-generation mobile communications [1] - The structural transformation aims to enhance the security of the industrial chain and create a high-quality supply system, fostering a virtuous cycle among technology, industry, and finance to inject long-term growth momentum into the capital market [1] Group 2 - The logic of stimulating domestic demand is undergoing a profound shift, transitioning from physical consumption driven by subsidies for appliances and automobiles to service consumption as the new engine [1] - China's service consumption currently accounts for less than 50%, significantly lower than the nearly 70% in the United States, indicating substantial room for improvement [1] - The aging population is driving the "silver economy," while younger generations prefer experiences and spiritual satisfaction, further reinforcing the structural upward trend in service consumption, supported by intensive policy initiatives [1] Group 3 - The global liquidity environment is expected to improve significantly in 2026, with the Federal Reserve potentially initiating an unexpected rate-cutting cycle due to increasing fiscal pressures and political cycles [2] - The weakening of the US dollar will create favorable conditions for global risk assets, particularly emerging market equities, benefiting both A-shares and Hong Kong stocks [2] - Domestic policies focusing on technology and consumption will provide valuation support, potentially leading to a market value reconstruction trend, with quality growth and high-dividend leaders showing investment value [2]

2025年进入倒计时，2026年作为"十五五"规划开局的关键节点已然临近。当全球地缘政治动荡加剧、风 险成本持续攀升，世界经济在不确定性中艰难"寻路"时，中国"十五五"规划建议勾勒出一份清晰的发展 蓝图，叠加中国综合优势与积极的政策导向，成为变局中的"定盘星"。 "未来，'十五五'规划的实施，必将引领中国继续做全球经济发展的'稳定锚'，为全球市场增添更多信心 和力量。"全国政协委员，中国财政科学研究院研究员、原院长刘尚希关注到，"十五五"规划建议提 出"不确定难预料因素增多"的复杂环境，他认为，相较于"十四五"时期，更加强调风险挑战的严峻性。 然而，中国正以高质量发展的确定性应对一切不确定性。 摩根士丹利中国首席经济学家邢自强则对中国创新充满信心，他说："我对中国经济在未来五年取得星 辰大海(式)的科技自强是深信不疑的，这方面前景广阔。" "安全"成为未来谋划的逻辑起点 当前，大国竞争加剧与地缘政治动荡相互交织，全球发展的底层逻辑正在发生深刻转变，世界主题 从"和平与发展"转变为"安全与发展"。 "'安全'成为未来谋划的逻辑起点。"刘尚希谈到，这一转变直接导致全球风险成本显著上升。中国的战 略机遇其实是蕴藏在 ...

作为先进制造领域的关键工具，激光被誉为"最快的刀""最准的尺""最亮的光"。如今，该产业高质量发 展始终受到国家高度重视，济南正凭借深厚的产业积淀与完善的生态布局，在全国激光产业版图中占据 重要地位。 原标题：山东济南：汇聚高端智力资源，打造"中国激光第三极" ◎本报记者 王延斌 通讯员 杜世明 在山东济南发力打造"中国激光第三极"的关键时刻，一场重要会议的举行引来外界关注。近日，先进固 态激光、功能材料及高端应用研讨会在济南举行。此次会议吸引了9名院士以及380余位专家学者参与。 他们围绕先进固态激光技术及应用，共话激光技术创新突破，共商产业协同发展路径。 据介绍，本次研讨会聚焦"先进固态激光、功能材料及高端应用"，正是以技术创新为核心驱动力，将助 力我国在激光领域实现科技自立自强。中国科学院院士祝世宁在会上说："先进激光技术是国家战略科 技力量的重要组成部分，而固态激光技术更是全球科技竞争的制高点之一。" 从1985年济南铸锻所研制出中国第一台激光切割机，到如今成长为全国重要的激光加工装备产业基地， 济南激光产业已实现从单点突破到集群发展的转型。济南市科技局党组书记、局长黄波介绍，济南已构 建起覆盖激光外 ...

Core Viewpoint - The article emphasizes the importance of the public fund industry in aligning with national strategies and promoting high-quality development during the "14th Five-Year Plan" period, focusing on principles such as leadership, investor interests, and sustainable growth [1][2][3]. Group 1: Principles for Development - The public fund industry must adhere to the principle of comprehensive leadership by the Party, ensuring alignment with national strategies and focusing on key areas for development [1]. - A people-centered approach is essential, prioritizing investor interests and providing accessible, transparent products to enhance long-term returns for clients [1]. - High-quality development is crucial, with a focus on strategic emerging industries and the integration of ESG principles into investment practices [1][2]. Group 2: Reform and Market Dynamics - Comprehensive reforms in the public fund industry are necessary, including establishing a performance-based assessment system and optimizing fee structures [2]. - The industry should balance effective market mechanisms with proactive government involvement, particularly in strategic emerging sectors like new energy and materials [2]. - Risk management must be enhanced to navigate uncertainties in the capital market, promoting a stable investment environment [2]. Group 3: Industry Contributions and Innovations - The public fund industry has significant potential to contribute to the modernization of the industrial system by strengthening research and investment capabilities [3]. - A commitment to long-term returns and professional services is vital, with a focus on identifying high-quality assets and providing clear, transparent investment products [4]. - The industry aims to support national strategies through various financial initiatives, including technology finance, green finance, and inclusive finance [5]. Group 4: Cultural and Talent Development - The industry is focused on cultivating a culture of compliance, integrity, and professionalism, ensuring that capital is directed efficiently towards key development areas [5][6]. - Building a skilled talent team that aligns with national strategies and the long-term interests of fund holders is a priority [5][6]. - Continuous learning and adherence to the Party's directives are emphasized as essential for fulfilling the responsibilities of the public fund industry [6].

Group 1 - The Hong Kong stock market experienced fluctuations, with active sectors including semiconductors, non-ferrous metals, and consumer goods, while the pharmaceutical sector saw a decline [1] - The Hang Seng Technology Index and the CSI Hong Kong Stock Connect Consumer Theme Index both rose by 0.9%, while the CSI Hong Kong Stock Connect Pharmaceutical and Health Comprehensive Index fell by 0.8% [1] - Capital inflows continued, with the Hang Seng Technology ETF and the Hong Kong Stock Connect Internet ETF receiving net inflows of 920 million yuan and 280 million yuan respectively last week [1] Group 2 - CITIC Securities highlighted that the "14th Five-Year Plan" emphasizes the construction of a modern industrial system and accelerating high-level technological self-reliance, which may lead to new policy support for strategic emerging industries such as new energy, new materials, and aerospace [1] - By 2026, the Hong Kong stock market is expected to benefit from the internal catalysts of the "14th Five-Year Plan," with investment opportunities in AI-related sectors and consumer electronics [1]

"在一起"理念落地成光 据了解，《鸿蒙星光盛典》内容总设计任学安从情感共鸣角度出发，希望整场盛典能呼应"因为爱、所 以爱"的温暖逻辑，让所有生态伙伴因信念而相聚、因热爱而同行。同时，他指出，晚会体现的鸿蒙不 仅仅是一款开源系统，更是一种连接亿万你我的强大精神力量。晚会的所有元素都围绕一条主线：聚是 鸿蒙气，散是满天星。 据了解，从策划之初，项目团队便与鸿蒙生态合作伙伴们展开深度共创，在长达数月的筹备期里，双方 召开了数十场创作会，共同研读、反复提炼鸿蒙背后的精神气质与文化内核，将"在一起，就可以"的理 念细化为晚会的每一处表达、每一个设计。 这场盛典，不仅是一次视听呈现，也是一次国家媒体制播实力与自主科技生态的温暖握手。盛典彩排期 间，满载科技的"大红车"——中央广播电视总台4K/8K超高清转播车，刚刚结束全运会的转播便驻进现 场。作为总台"思想+艺术+技术"融合创新的标志性符号，它见证宏大，亦记录温情，成为这场盛典的 专业基石。 更具创新性的尝试来自拍摄终端的突破。《鸿蒙星光盛典》技术总负责人姚远与竖屏总导演李乃燊带领 团队，使用13台搭载鸿蒙系统的HUAWEI Mate 80系列手机，完成了盛典全要素彩排 ...

证券研究报告·行业跟踪周报·建筑材料 建筑材料行业跟踪周报 地产数据环比不悲观 2025 年 12 月 22 日 增持（维持） [Table_Tag] [Table_Summary] 投资要点 ◼ 周观点：（1）11 月地产数据同比来看，如期降幅扩大，但环比来看，除 了拿地金额大幅弱化，地产销售和建安投资仍保持了正常季节性规律。 地产数据分叉值得重视，若能持续则说明地产有企稳迹象。经济工作会 议之后，经济刺激预期有所弱化。美联储议息决议反映出后续降息路径 比较纠结。短期市场或进入震荡期，首先关注红利高息方向，例如兔宝 宝、上峰水泥、塔牌集团、欧普照明、欧派家居等。其次是欧美出口产 业链，例如中国巨石、中材科技、圣晖集成、亚翔集成、爱丽家居、石 头科技、海尔智家等。再次是装修消费方向，例如三棵树、悍高集团、 箭牌家居、兔宝宝、欧派家居等。中长期而言，中国国力的相对上升和 再通胀进程或推动汇率持续升值，消费和科技白马公司值得战略性关 注。（2）科技方面，十五五期间科技自立自强是重中之重。国产半导体 有望加快发展，尤其是先进制程，继续推荐洁净室工程板块，订单均有 高增，例如圣晖集成，建议关注亚翔集成和柏诚股份，受益 ...

转自：北京日报客户端 科技史研究是深入推进中国特色社会主义政治经济学发展的重要工具。恩格斯曾经说过："即使只是在 一个单独的历史事例上发展唯物主义的观点，也是一项要求多年冷静钻研的科学工作，因为很明显，在 这里只说空话是无济于事的，只有靠大量的、批判地审查过的、充分地掌握了的历史资料，才能解决这 样的任务。"中国今天的经济学，特别是政治经济学研究要丰富和发展，就必须深入到生产力的各个部 门里面去，因此就必须下功夫钻研科学技术和产业史，了解人类怎样从科学发明转变到技术应用，又怎 样由新的科技形成新的产业，以及这个产业是怎样扩张、成熟起来并成为支柱产业，最后又是怎样被新 的科技革命所形成的新的产业所取代的。在这方面，新中国史尤其是改革开放史等提供了大量研究素 材，值得深入研究。 综上所述，随着以《中华人民共和国科学技术史纲》等为代表的新中国科技史研究论著的出版，相关研 究机构和人员的持续跟进，新中国科技史研究显示出勃勃生机。新中国科技史研究与新中国的科学技术 发展同频共振，后者的飞速发展为前者提供了不竭动力，前者则持续记述、总结后者的规律及特点，二 者共同为强国建设、民族复兴伟业提供重要支持。 （作者为当代中国研 ...

倪黎祥 摄 哈尔滨工业大学苏州高等研究院由哈尔滨工业大学、苏州市政府、吴中区政府合作共建，将在哈尔滨工业大 学苏州研究院基础上，升级打造机器人及装备制造、人工智能、先进材料、航空航天等领域科研平台，建设集科 技创新、人才培养、产业孵化、国际交流于一体的新型研发机构。 会见中，范波、吴庆文感谢哈工大给予苏州发展的关心支持。范波说，当前，苏州正认真学习贯彻党的二十 届四中全会精神和习近平总书记对江苏、苏州工作重要讲话重要指示精神，大力实施创新引领工程，坚持教育发 展、科技创新、人才培养一体化推进，因地制宜发展新质生产力。哈工大是蜚声中外的知名高校，在航空航天、 智能制造、新材料等领域取得了诸多成就，为国家现代化建设提供了重要支撑。希望哈工大继续把苏州作为战略 布局的重点，导入更多创新资源、优秀人才，优化学科布局、创新科研范式，共同推动科技创新与产业创新深度 融合，为实现高水平科技自立自强多作贡献。苏州将全力做好服务保障，携手哈工大谱写校地合作新篇章。 12月21日，哈尔滨工业大学苏州高等研究院合作签约仪式举行。市委书记范波、市长吴庆文会见了哈尔滨工 业大学校长韩杰才一行，共同见证签约。 哈尔滨工业大学副校长刘挺、 ...

Group 1: Renewable Energy Breakthrough - The core viewpoint of the article highlights that "Global Renewable Energy Growth is Unstoppable" has been recognized as the top scientific breakthrough of 2025 by the journal Science, indicating a significant shift where renewable energy production will surpass traditional energy in multiple sectors, primarily led by China [1] - China's renewable energy sector has achieved significant technological breakthroughs in hydropower, wind power, photovoltaics, biomass energy, and new energy storage technologies, leading to a continuous expansion of installed capacity and progress in building a new energy system [1] - During the 14th Five-Year Plan period, China's renewable energy generation capacity share increased from 40% to approximately 60%, with annual new installed capacities for wind and solar power surpassing 100 million and 200 million kilowatts respectively, providing crucial support for the green and low-carbon development of China's economy and society [1] Group 2: Global Technological Influence - The article notes that China's technological influence is on the rise, with the country entering the top ten of the global innovation index for the first time and the "Shenzhen-Hong Kong-Guangzhou" innovation cluster ranking first among global innovation clusters [2] - The year 2025 is marked by multiple scientific achievements from China, including notable figures being recognized in the global scientific community, reflecting the vibrant technological innovation landscape in the country [2] - The upcoming 15th Five-Year Plan emphasizes the strategic role of technological innovation in national development, showcasing a strong commitment to seizing technological leadership [2] Group 3: Innovation Ecosystem - The article emphasizes the need to leverage China's institutional advantages to consolidate resources for research and development, talent, technology, and funding to tackle key core technologies [3] - It advocates for closer collaboration among universities, research institutions, enterprises, and financial institutions to promote deep integration of technological and industrial innovation, facilitating the transformation of scientific achievements into productive forces [3] - To foster a conducive environment for innovation, it suggests increasing R&D investment and implementing systems that encourage researchers to focus on their work, thereby transforming external pressures into motivation for technological self-reliance [3]