刚刚，国家发展改革委预告：国家发展改革委专题新闻发布会即将召开，介绍国家创业投资引导基金有 关工作。 记者注意到，近日，国家创业投资引导基金旗下三支子基金同日完成工商登记，预示着这一"航母级"基 金即将启航。今年3月，国家发展改革委主任郑栅洁透露，将设立国家创业投资引导基金，将带动地方 资金、社会资本近1万亿元，聚焦硬科技、坚持长周期、提高容错率，通过市场化方式投向科技型企 业。对此，业内人士及专家表示，设立"航母级"的国家创业投资引导基金，将极大助力中国"硬科技"企 业加速孵化和成长。 据企查查App显示，12月22日，京津冀创业投资引导基金合伙企业（有限合伙）、长三角创业投资引导 基金合伙企业（有限合伙）、粤港澳大湾区创业投资引导基金合伙企业（有限合伙）成立，出资额分别 为296.46亿元、471亿元、450.5亿元。其中，国家创业投资引导基金对京津冀创业投资引导基金出资占 比67.4627%、对粤港澳大湾区创业投资引导基金出资占比44.3951%，对长三角创业投资引导基金的出 资占比暂未显示。 国家创业投资引导基金主要引导金融资本投早、投小、投长期、投硬科技，这将加快孵化更多的独角兽 和瞪羚企业。 据悉 ...

分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 航天机器人领涨 A 股震荡上行 ——市场分析 相关报告 地址： 上海浦东新区世纪大道 1788 号 T1 座 22 楼 《市场分析：成长行业领涨 A 股震荡上行》 2025-12-24 《市场分析：电池贵金属领涨 A 股小幅上行》 2025-12-23 《市场分析：成长行业领涨 A 股震荡上行》 2025-12-22 联系人： 李智 电话： 0371-65585629 地址： 郑州郑东新区商务外环路10号18楼 证券研究报告-市场分析 发布日期：2025 年 12 月 25 日 投资要点： ◼ A 股市场综述 周四（12 月 25 日）A 股市场低开高走、小幅震荡上行，早盘股指低 后震荡上行，盘中沪指在 3955 点附近遭遇阻力，随后股指维持震 荡，尾盘再度上扬，盘中航天航空、机器人、通用设备以及风电设 备等行业表现较好；贵金属、能源金属、商业百货以及汽车整车等 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 板市场周四震荡上扬，创业板成分指数全天表现弱于主板市场。 ◼ 后市研判 ...

近日，国务院国资委党委书记、主任张玉卓表示，要接续发力新能源、新能源汽车、新材料、航空航 天、低空经济、量子科技、6G等重点领域，加大启航企业遴选培育力度。接续推动技术改造和大规模 设备更新，深入推进重点行业节能降碳改造。 编辑丨安安 作者丨彭鑫 ...

Group 1 - The Computer ETF (159998) has seen a turnover of 4.32% with a transaction volume of 97.6068 million yuan, while the tracked CSI Computer Theme Index (930651) increased by 0.66% [1] - Notable stocks within the Computer ETF include Zhongke Xingtu (688568) up by 6.02%, Tongfang Co., Ltd. (600100) up by 3.93%, and Aerospace Information (600271) up by 3.60% [1] - The Computer ETF has received significant capital inflow with a net subscription of 16.8 million units [1] Group 2 - Over the past year, the Computer ETF (159998) has grown by 12 million yuan, indicating substantial growth [3] - The Tianhong Sci-Tech Index ETF (589860) has a turnover of 8.9% with a transaction volume of 27.2589 million yuan, while the tracked SSE Sci-Tech Innovation Board Composite Index (000680) has increased by over 1% [3] - Key stocks in the Tianhong Sci-Tech Index ETF include Sainuo Medical (688108) up by 18.62% and Zhenlei Technology (688270) up by 17.08% [3] Group 3 - The Computer ETF (159998) focuses on the hard technology sector, covering software, hardware, and cloud computing, aligning with trends in the digital economy and AI development [3] - The Tianhong Sci-Tech Index ETF (589860) closely tracks the Sci-Tech Innovation Index, featuring leading technology companies with strong brand advantages and research capabilities [3] Group 4 - A significant advancement in quantum computing has been reported with the introduction of a self-repairing neutral atom quantum computer by "Atomic Computing," overcoming atomic loss challenges [4] - An Australian startup, SQC, has developed a silicon-based atomic processor achieving stable connectivity of 11 quantum bits, marking a notable progress in quantum computing [5] - The quantum technology sector is prioritized in China's "14th Five-Year Plan," with expectations for the global quantum computing market to exceed 800 billion USD by 2035 [5]

分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 晨会聚焦 资料来源：聚源，中原证券研究所 -12% -6% -1% 5% 11% 17% 23% 29% 2024.12 2025.04 2025.08 2025.12 上证指数 深证成指 | 国内市场表现 | | | | | --- | --- | --- | --- | | 指数名称 | | 昨日收盘价 | 涨跌幅(%) | | 上证指数 | | 3,940.95 | 0.53 | | 深证成指 | | 13,486.42 | 0.88 | | 创业板指 | | 2,022.77 | -0.47 | | 沪深 | 300 | 4,634.06 | 0.29 | | 上证 | 50 | 2,443.97 | -0.52 | | 科创 | 50 | 891.46 | 0.14 | | 创业板 | 50 | 1,924.26 | -0.67 | | 中证 | 100 | 4,497.15 | 0.18 | | 中证 | 500 | 7,352.04 | 1.31 | | 中证 | 1000 | ...

Core Insights - The report maintains an "Overweight" rating for the industry, focusing on three core areas: quantum communication, quantum computing, and quantum precision measurement, indicating that quantum technology is transitioning from frontier exploration to industrialization, with significant prospects for investment by 2026 [1] Group 1: Quantum Technology Development - Quantum technology is becoming a global strategic high ground, with its industrialization process exceeding expectations. The 2025 Nobel Prize in Physics will be awarded to scientists in the quantum field, further increasing attention on quantum technology [1][2] - The core advantages of quantum technology lie in utilizing quantum superposition and entanglement effects to break through the performance limits of classical information systems, thereby reconstructing computing, communication, and measurement systems [1] Group 2: Market Expansion - The global market for quantum communication is projected to reach $951 million in 2024 and is expected to grow to $10.5 billion by 2034, with a CAGR of approximately 28.3%. The Chinese market is anticipated to grow at a CAGR of 52.3% from 2025 to 2030 [2][34][39] - Quantum computing is expected to reach a global market size of $5.04 billion in 2024, with projections of over $800 billion by 2035, driven by its potential in material design and drug development [2][49] - The global market for quantum precision measurement is estimated to be $1.674 billion in 2024, with expectations to reach $4.497 billion by 2035, showing a growth rate exceeding 30% in China [2] Group 3: Technological and Application Breakthroughs - International giants are leading the industry development, with companies like Microsoft, Google, and IBM making significant advancements in quantum hardware and software. For instance, Microsoft has launched a topological qubit processor, while Google has achieved breakthroughs in quantum error correction [3][8] - Domestic companies are solidifying the industrial foundation, with Guoyi Quantum focusing on quantum precision measurement, Benyuan Quantum launching a quantum control system, and Guodun Quantum achieving mass production of single-photon detectors [3][9] Group 4: Policy and Industry Support - The Chinese government has included quantum technology in its "New Infrastructure" initiative, providing multi-dimensional support from top-level design to technological breakthroughs and application implementation, accelerating industry development [1]

Core Insights - The article discusses the potential of high-temperature superconducting technology in addressing energy transmission losses and optimizing power distribution, emphasizing the role of strong magnetic field scientific facilities in this context [1][2] Group 1: Energy Security and Superconducting Technology - Strong magnetic fields are highlighted as having unique value in strategic research related to national energy security, with high-field superconducting technology being a core foundation for future compact fusion energy devices [1] - Research findings on high-temperature superconductors under strong magnetic fields provide critical scientific evidence for the design of new superconducting materials aimed at achieving efficient low-loss energy applications [1] Group 2: Life Sciences and Magnetic Field Applications - Strong magnetic field technology is opening new frontiers in life sciences, particularly through "strong field biological magnetic resonance," which offers unprecedented resolution for exploring biomolecular structures and dynamics [2] - The application of strong magnetic fields in unconventional superconductivity research is being explored, contributing to breakthroughs in materials essential for quantum technology development [2] Group 3: Collaborative Research Framework - China's strong magnetic field initiatives are forming a distinctive and complementary framework based on three major facilities: pulsed, steady-state, and comprehensive extreme condition setups [2] - There is a call for enhanced collaboration among strong magnetic field facilities and other major scientific installations, such as light sources and neutron sources, to build a world-class research system for extreme conditions [2] - The importance of attracting and nurturing young leading talents to produce original results and solve critical core technology challenges is emphasized, contributing to high-quality development [2]

（原标题：创投"国家队"落地出资，四大亮点值得关注！） 一汪大"活水"正涌向2026年的一级市场！ 年末岁终，一级市场期待已久的国家创业投资引导基金（以下简称"国家创投引导基金"）终于传来了落 地的声音。其出资的三只区域子基金分别在北京、上海、深圳三地同日完成工商登记。这意味着，这只 在今年3月份全国两会期间首次官宣设立的万亿级基金"航母"，完成了其在京津冀、长三角、粤港澳大 湾区三大核心经济圈的战略部署，正式扬帆起航。 出资三只区域性母基金 国家发展改革委相关负责人表示，新设立的国家创业投资引导基金将有力解决科创企业发展初期普遍面 临的资金短缺问题，更好发挥创业投资支持科技创新的重要作用，推动重大科技成果向现实生产力转 化，加快实现高水平科技自立自强，培育发展新质生产力。 创新性设计四大亮点 仔细梳理该基金的设计结构和出资条件，记者发现该基金有不同于以往地方政府引导基金的四大创新 点： 一是基金采取"母母基金"架构。有别于普通的母基金，国家创投引导基金实际上是母基金的母基金，即 由其出资给区域性的母基金，再由区域性母基金出资给子基金。这种"国家级母母基金—区域母基金— 子基金"的全新三层架构之下，国家创投引 ...

记得今年3月，国家发展改革委主任郑栅洁在全国两会经济主题记者会上透露，国家正在推动设立国家创业投资引导基金——聚焦人工智能、量子科技、 氢能储能等前沿领域，吸引带动地方、社会资本近1万亿元，基金存续期达到20年。 行至年尾，千亿级"航母"引导基金正式亮相，这无疑给创投行业带来超级活水。 浮出水面。 投资界-解码LP获悉，近日国家创业投资引导基金（简称：国家创投引导基金）旗下的三支区域子基金，分别在北京、上海、深圳三地同日完成工商登 记。 千亿级母基金来了，落地北上深 具体来看这三支刚刚注册成立的创投引导基金。 | 序号 | | 合伙人名称 | 出资比例: | 认缴出资额(万元) 。 | 认缴出资日期 : | 间接持股比例 | 首次持股日期:关联产品/机构 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1 | ਜ | 国家创业投资引导基金有限公司 | 44.3951% | 2000000 | | | 2025-12-22 | - | | 2 | | 深圳市国创引科创投资合伙企业(有限合伙) 国有企业 | 41.9534% | 1890 ...

Market Overview - Major A-share indices collectively rose, with the Shanghai Composite Index up 0.53% to 3940 points, the Shenzhen Component Index up 0.88%, and the ChiNext Index up 0.77% [1] - The total trading volume in the Shanghai and Shenzhen markets was 1.88 trillion yuan, a decrease of 19.6 billion yuan from the previous trading day [1] Sector Performance - The commercial aerospace sector saw a significant surge, with multiple stocks hitting the daily limit, including New Jingang, Chaojie Co., and Xinle Energy [4][6] - The CPO sector also performed well, with Ying Tang Zhi Kong hitting the daily limit [7] - The AI glasses sector was active, with stocks like Huanxu Electronics and Runbei Aerospace reaching the daily limit [9] - The nuclear pollution prevention sector rose, with Puni Testing hitting the daily limit [11] - The autonomous driving concept gained traction, with stocks like Zhejiang Shibao and Hezhong Shizhuang hitting the daily limit [13] Notable Stocks - New Jingang rose by 20.02% to 22.66 yuan, Chaojie Co. increased by 20% to 112.44 yuan, and Xinle Energy also rose by 20% to 30.24 yuan [5] - Ying Tang Zhi Kong increased by 20% to 14.82 yuan, while Huanxu Electronics rose by 10.01% to 30.55 yuan [10] - Puni Testing rose by 19.95% to 9.32 yuan, and other stocks in the nuclear pollution sector also saw gains [11] Policy and Regulatory Developments - The completion of Blue Arrow Aerospace's IPO guidance work was announced, with the China International Capital Corporation as the advisory institution [6] - The establishment of a dedicated Commercial Aerospace Department by the National Space Administration indicates a push for high-quality development in China's commercial aerospace industry [6] - The recent issuance of L3-level autonomous driving vehicle license plates in Beijing marks a significant step in the development of smart connected vehicles [14]