即将过去的2025年，科技产业历经诸多变革，助推科技股成为贯穿全年的行情主线。年末之际，人工智 能、芯片、新能源等科技主题的行情波动明显放大。随着AI泡沫之争再起，新一年的科技投资脉络成 为市场关注焦点。 一是算力板块中的海内外算力趋于均衡，过去几年海外算力个股涨幅显著，后续持续大幅上涨的难度加 大。而国产算力正迎来关键突破期，收入与利润即将进入大幅释放阶段，有望加速突围。 二是AI领域内部的结构均衡。过去三年，市场投资重心集中在算力等"卖铲子"的基建类企业，经过长期 布局，基础设施建设已日趋完善，应用端批量爆发的条件逐渐成熟。2026年，AI应用有望迎来实质性 突破。 第三，科技板块内部有望实现AI与非AI领域的更均衡发展。AI作为产业界主流话题，已在资本市场表 现三年且成绩亮眼；而商业航天、量子计算等新板块，若后续出现产业新变化，阶段性表现或不逊于 AI。 谈及科技板块中具体看好的细分方向，赵凤飞明确指出，2026年三大方向将迎来关键节点。首先是固态 电池，有望进入小批量量产元年，开启动力电池领域的技术迭代；其次是商业航天，可回收技术大概率 实现重大突破，破解卫星互联网建设的运力瓶颈，为太空算力等宏大场景 ...

新华财经纽约12月16日电（记者刘亚南）据多家媒体报道，由于不满英国在食品、工业品标准以及数字 监管方面的政策，美国已经暂停执行今年9月与英国达成的一份科技合作协议。 特朗普政府在4月初宣布对贸易伙伴大范围加征关税后，美国与英国在5月8日达成一项新的贸易协议， 部分撤回特定领域的关税，进一步扩大双方产品的市场准入。然而，协议的诸多细节当时并未敲定。 （文章来源：新华财经） 白宫科技政策办公室主任迈克尔·克拉齐奥斯（Michael Kratsios）16日在社交媒体上表示："根据《美英 科技繁荣协议》第三款的规定，一旦英国在实施美英贸易协议下承诺方面取得显著进展，我们希望恢复 对英国的工作。" 克拉齐奥斯表示，希望根据《美英科技繁荣协议》继续在人工智能、量子计算、核能和其他关键技术领 域进行富有成效的协作。 据报道，英国政府官员在16日确认了美国暂停实施《美英科技繁荣协议》的消息。英国首相斯塔默一名 发言人表示，双边谈判还在进行，这种复杂的谈判需要时间。 ...

Group 1: Silver and Gold Market Reaction - On December 17, silver prices surged over 3%, reaching a peak of over $66, while gold prices also increased by more than 0.5% [1] - The London silver market reported a closing price of $65.729, with an opening increase of $2.010, representing a 3.16% rise [2] Group 2: U.S. Trade Relations and Technology Cooperation - The U.S. has threatened to retaliate against the EU if it continues to undermine American service providers, indicating a potential escalation in trade tensions [3] - The U.S. has suspended the implementation of a technology cooperation agreement with the UK due to dissatisfaction with British policies on food, industrial standards, and digital regulation [3] - The U.S. hopes to resume cooperation with the UK on key technologies such as artificial intelligence and quantum computing once substantial progress is made in bilateral trade negotiations [4]

Group 1 - Century United Holdings (01959) resumed trading with an initial increase of over 33%, currently up 4.24%. The company announced a cash deal of approximately HKD 153 million for the acquisition of about 377 million shares, representing 71.12% of the total issued share capital, at HKD 0.405 per share [1] - Changfei Optical Fiber (06869) rose over 10% following a report from Huatai Securities indicating that the company's optical fiber and cable business is benefiting from AI computing demand, leading to continuous product structure optimization [1] - Kangnait Optical (02276) increased by over 5% after the launch of Quark AI glasses, marking Alibaba's entry into the AI glasses market [1] - Tanwan, a subsidiary of Tanwan (09890), signed a cooperation agreement with COEXIST Group for artist work development, contributing to a monthly increase of over 30% in stock price, currently up 4.34% [1] Group 2 - Yaojie Ankang-B (02617) surged nearly 14%, currently up 18.57%. The company announced that its core product, Tiengotine, has published exploratory Phase II clinical results for cholangiocarcinoma in a high-impact journal [2] - China Silver Group (00815) rose over 7% as spot silver prices exceeded USD 65 per ounce, marking one of the strongest rebounds in commodities for 2025 [2] - Yidu International (00259) fell over 12%, currently down 12.67%, as Muxi shares debuted on the STAR Market with a 568% opening increase, reaching a market cap of CNY 280 billion [2] - Gaoya Optical (00907) experienced a significant drop of 40%, currently down 34.67%, after receiving a notice from the stock exchange regarding insufficient operational levels to maintain listing [2] Group 3 - Zhaoyan New Drug (06127) increased by over 10% as the market focused on the rising prices of preclinical evaluation test assets, with experimental monkeys priced at approximately CNY 140,000 each [3] Group 4 - Airline stocks saw gains, with Eastern Airlines (00670) up 5.66%, Air China (00753) up 5.56%, and Southern Airlines (01055) up 7.22%. Recent operational data showed strong passenger load factors for November, with Eastern Airlines at 87.37%, Southern Airlines at 86.29%, and Air China at 83.3% [4] Group 5 - Pfizer (PFE.US) fell 3.41% as the company predicts minimal sales growth next year due to costly acquisitions aimed at refreshing its drug portfolio [5] - Quantum computing stocks saw collective gains, with IonQ Inc (IONQ.US) up 7.81%, D-Wave Quantum (QBTS.US) up 7.5%, and others showing similar increases [5] - Hesai Technology (HSAI.US) rose 3.64% as the company announced its participation in CES 2026 in Las Vegas [5] - Pony.ai (PONY.US) increased by 7.28% following the announcement of the first batch of L3 autonomous driving vehicle approvals in China [5] Group 6 - Lemonade (LMND.US) rose 8.38% after Morgan Stanley upgraded the stock to hold and raised the target price from USD 53 to USD 85 [6] - Seagate Technology (STX.US) increased by 0.89% as Morgan Stanley reiterated its "overweight" rating, expecting continued demand for hard disk drives until 2027 [6] - Bitcoin-related stocks rebounded strongly, with Strategy (MSTR.US) up 3.34%, Circle (CRCL.US) up 9.99%, and Coinbase (COIN.US) up 0.87%, as Bitcoin prices returned above USD 87,000 [6] - UBS (UBS.US) rose 4.94%, reaching its highest price since 2008, following a proposed compromise on new capital rules by Swiss lawmakers [6]

Core Insights - Quantum technology is transitioning from laboratory research to national strategic focus, with unprecedented policy support and capital influx, but faces challenges in technology pathways and commercial viability [2][4][6] Investment Landscape - Global quantum financing experienced a "V-shaped recovery," reaching approximately 34.9 billion yuan by Q3 2025, surpassing the total of the previous two years and setting a historical high [10][18] - The U.S. quantum companies received 4.045 billion USD in funding from Q1 to Q3 2025, while China's quantum companies only secured 79 million USD, highlighting a significant funding disparity of 51 times [18][19] Policy and Strategic Initiatives - The Chinese government has prioritized quantum technology in its 15th Five-Year Plan, marking its strategic importance in future industrial development [6][7] - A strategic fund of 51 billion yuan was established to support state-owned enterprises in the quantum sector, aiming to bridge gaps in the quantum industry chain [7] Technological Advancements - Quantum computing is seen as a potential disruptor in fields like drug discovery and financial modeling, while quantum communication offers theoretically secure information transmission [8][24] - China has built the world's largest quantum communication network, with significant advancements in quantum key distribution and secure communication applications [33][45] Market Dynamics - The market for quantum technology is characterized by a stark contrast between the U.S. and China, with U.S. companies receiving substantial government contracts and funding, while Chinese companies struggle to convert technological breakthroughs into commercial success [22][24] - The Chinese quantum industry is rich in innovative startups but lacks the large-scale strategic capital necessary for significant market impact [21][48] Future Outlook - By 2030, the competition in quantum technology will likely focus on the ability to transition from theoretical research to reliable products and robust application ecosystems [3][40] - The development of quantum computing hardware and the establishment of a comprehensive supply chain will be critical for both U.S. and Chinese companies to succeed in the global quantum race [49]

深入来看，美银表示 AI 竞赛仍处于"早期到中期阶段"，尽管英伟达、博通等股票近期出现波动，但投 资者应关注行业领导者。 至于模拟芯片领域，美国银行的分析师表示，投资者应该"保持选择性"，因为他们对行业好转持怀疑态 度。"平淡的宏观环境(工业 PMI < 50)、汽车产量下降、中国竞争加剧以及消费需求低迷，使得模拟芯 片投资艰难，"分析师补充道。 智通财经APP获悉，美国银行认为，在人工智能支出热潮仍有很长一段发展期的信念下，英伟达 (NVDA.US)、博通 (AVGO.US) 和泛林集团(LRCX.US)是其 2026 年最值得持有的半导体股票之一。 2026 年其他新兴主题包括共封装光学、机器人技术和量子计算。其中，Lumentum (LITE.US) 和 Coherent (COHR.US) 被视为共封装光学领域的领导者。分析师补充说，白宫在 2026 年对机器人技术的 关注应该会使泰瑞达受益。最后，量子计算仍被视为一个"新兴的机会"，尽管它具有长期的影响。 该公司预测，在"强劲的数据中心利用率、供应紧张、企业采用以及 LLM 开发者、超大规模云服务商 和主权客户之间的竞争"的推动下，AI 半导体将迎来 ...

在此需说明，分析师并非认为人工智能本身缺乏发展持续性，相反，分析师预计它将继续保持高速增 长。 真正面临风险的，是那些投入到数据中心、图形处理器、冷却系统、供电及布线等领域高达数千亿美元 的人工智能资本开支 —— 未来的人工智能技术，根本无需如此庞大的硬件投入规模。 在数据中心支出缩减的潜在风险面前，没有哪家企业比英伟达受到的冲击会更大。 如今，该公司的绝大部分营收和利润都来源于为数据中心提供相关产品。 2.电力供应受限。美国电网的供电能力，难以支撑所有规划中新数据中心的运行需求。而新建发电厂投 入运营往往需要数年时间，部分项目甚至要超过十年。 3.能效持续提升。在人工智能技术自身等因素的推动下，各类设备和系统的能效将不断提高，这会减少 对基础设施的投资需求。 4.投资回报率不足。人工智能虽已改变诸多领域，但真正由此实现盈利增长的案例却屈指可数。 目前，大规模人工智能投资能获得市场平均回报率的案例寥寥无几，仅有微软和帕兰提尔科技等少数企 业或许取得了可观回报，其他多数企业的投资回报情况均不尽如人意。 5.投资者与首席财务官的耐心有限。对于这种回报难以量化的大规模投资，财务部门、公司董事及投资 者还能容忍多久？ ...

"金融发展逻辑正在由'规模扩张'转向'质量升级'，数字金融作为科技与产业融合的关键基础设施， 正被人工智能、大数据、区块链、云计算等新技术全面重塑，智能化、场景化、普惠化成为全球竞争新 高地。"在2025数字金融与科技金融大会上，中关村金融科技产业发展联盟理事长、中科软董事长兼总 裁左春表示。 近年来，作为金融"五篇大文章"之一，数字金融加速渗透至金融服务全链条，成为驱动金融业提质 增效的关键引擎。在其赋能新质生产力发展的同时，还伴随着数据安全、跨界监管适配不足等新挑战， 在这一过程中，如何平衡创新与安全的边界？未来数字金融发展将走向何方？ 数字金融与科技金融协同发展 "加快建设金融强国，最核心的内容就是要大力发展数字金融、科技金融。"中关村金融科技产业发 展联盟专委会主任委员周延礼表示，数字金融和科技金融融合发展，科技金融提供保障，数字金融提供 运作方式。 国家金融与发展实验室副主任、研究员杨涛表示，数字金融创新需要更多面向企业端，深入服务产 业链与企业。另外，数字金融手段如何助力化解科技金融发展中的痛点与难题也成为业界关注的话题。 中关村互联网金融研究院与中关村金融科技产业发展联盟近日联合发布的《中国金融 ...

当前，人工智能、量子计算、数据要素等前沿力量正推动金融服务完成从效率提升到生态重构的关 键跨越。与此同时，数字金融逐渐成为驱动实体经济高质量发展的重要引擎。 可以看到，从政策框架的顶层设计到市场主体的实践探索，一个以智能为核心、以合规为底线、以 共生为目标的金融新生态正在加速形成，为经济转型升级注入强劲动能。 政策领航 AI重塑金融的顶层支撑与实践突破 人工智能在金融领域的深化应用，离不开国家政策的精准领航与持续赋能。近年来，从宏观战略到 具体举措，政策体系不断完善，为技术创新划定边界、指明方向。 2023年召开的中央金融工作会议提出，做好科技金融、绿色金融、普惠金融、养老金融、数字金 融"五篇大文章"；2024年《政府工作报告》进一步强调推动数字经济创新发展，并将人工智能列入重点 突破方向；2025年8月，国务院发布《关于深入实施"人工智能+"行动的意见》，明确要求在金融等重点 领域布局人工智能应用，加快构建行业共性平台。业内人士认为，从"互联网+"到"人工智能+"，国家政 策始终紧扣技术发展脉搏，为科技创新提供了稳定的制度环境。 融合破局 技术协同与数据治理的生态构建 大模型的持续演进，推动金融服务从"被 ...

即将过去的2025年，科技产业历经诸多变革，助推科技股成为贯穿全年的行情主线。年末之际，人工智 能、芯片、新能源等科技主题的行情波动明显放大。随着AI泡沫之争再起，新一年的科技投资脉络成 为市场关注焦点。 迷雾之中， 长城基金2026年度投资策略会 如约而至。赵凤飞、尤国梁、梁福睿、龙宇飞、韩林、刘疆 等多位深耕"科技+"领域的基金经理，聚焦科技投资领域的热门问题展开深度探讨。 以下为本次策略会中长城基金"科技+"基金经理分享的部分精彩观点： 赵凤飞： 2026年的市场风格将更加均衡： 一是 算力板块内海外与国产算力趋向均衡， 二是 AI领域内 算力与应用趋向均衡， 三是 科技板块内AI与商业航天、量子计算等非AI赛道趋向均衡。 尤国梁： 前不久的可回收火箭发射相当于商业航天产业的"成人礼"，直接为 卫星互联网、太空算力、 6G 等未来赛道铺好了运力底座，一个全新的万亿级市场正在被打开。 梁福睿： 面对国内集采、海外药价管控带来的全球医药通缩压力，只有具备 全球化能力、能迭代现有 治疗方式的创新药与器械企业，才能突破发展瓶颈 。 龙宇飞： 医药行业核心竞争力标准持续演进 ：十几年前比拼商业化能力，5-10年前 ...