□ 史修松姜东旭 在全球竞争日趋激烈的当下，科技领军企业已成为国家核心竞争力的重要载体，不仅深刻推动社会生产 生活方式革新，更在引领产业升级、激活发展动能中扮演着不可替代的角色。从发展现状来看，我国科 技领军企业逐步呈现业务领域多元、技术路径多样的发展特征，在部分细分赛道实现了突破，一批企业 在人工智能、集成电路、量子科技、生物制造等前沿领域建立起市场优势。但与全球科技领军企业相 比，在核心技术自主可控、全球市场话语权、产业链整合能力等关键维度仍存在一定差距。 要素市场化配置，增强科技领军企业成长的核心动力协同 市场机制的资源要素配置能力是科技领军企业成长的核心动力。市场机制无论是在激励科技领军企业领 导人方面，还是在支持科技领军企业全程发展壮大的融资功能上，抑或在技术迭代引发的优胜劣汰过程 中，其选择机制直接影响企业的决策。科技领军企业的市场机制是依托市场定价信号、人才市场配置效 率与产品市场竞争规则，构建以市场信号为核心的创新要素配置体系。其核心特征在于确立市场作为评 判科技领军企业优劣的标准，通过多维市场因素的协同作用，实现对行政干预的有效替代与超越。 市场机制引导创新资源向高价值领域集中，通过竞争压力 ...

Core Insights - The overall level of future industrial development in China is steadily improving, with cities like Shanghai and Beijing strengthening their advantages [1] - The "2022-2024 Future Industry Comprehensive Index" indicates that Shanghai and Beijing are leading, with Shanghai ranking first twice in three years [1][2] - The report emphasizes the need for cities to achieve coordinated development based on their unique endowments to avoid "involution" competition [5] Group 1: Future Industry Potential - The evaluation of ten core cities (Beijing, Shanghai, Tianjin, Shenzhen, Guangzhou, Nanjing, Hangzhou, Wuhan, Chengdu, Hefei) focuses on innovation capability, market potential, and policy support [2] - The Yangtze River Delta and Pearl River Delta regions show robust performance, with cities like Hangzhou and Guangzhou experiencing nearly 20% index growth [2][5] - Midwestern cities like Wuhan, Chengdu, and Hefei are rapidly releasing development potential, with Wuhan and Chengdu showing a cumulative index increase of about 50% [2] Group 2: Innovation and Policy Support - Innovation capabilities are concentrated in tech hubs like Beijing, Shanghai, and Shenzhen, with Beijing consistently leading [5] - Market potential is stratified, with Shanghai, Shenzhen, Guangzhou, and Beijing identified as core areas for future industrial commercialization [5] - The gap in policy support among cities is narrowing, indicating a clear trend of latecomer cities catching up [5] Group 3: Strategic Development Initiatives - Shanghai is accelerating the construction of an international technology innovation center, focusing on six key areas: future manufacturing, information, materials, energy, space, and health [6] - By 2027, Shanghai aims to achieve breakthroughs in disruptive technologies and establish future industry clusters [6] - The Shanghai State-owned Capital Investment Company is developing a three-in-one model for future industry funding and innovation incubation [7] Group 4: Global Trends and Collaboration - Major global economies are rapidly advancing in fields like embodied intelligence, brain-machine interfaces, and 6G technology [8] - Strengthening collaboration between Beijing and Shanghai is essential to establish a world-class future industry source [8]

Core Insights - The second "Beijing-Shanghai Forum on Future Industry Development" highlighted that Shanghai and Beijing continue to lead the nation in comprehensive future industry development levels, with significant differentiation in competitive strengths among key cities [1] Group 1: Future Industry Trends - The report released at the forum evaluated the potential of ten cities across six key future industry sectors using a framework that includes innovation sources, market potential, and policy empowerment [1] - Cities exhibit clear differentiation in their advantageous sectors, such as Beijing and Hefei leading in quantum technology, while Shanghai, Beijing, and Guangzhou are in the top tier for biomanufacturing [1] - Shenzhen and Guangzhou dominate the 6G industry, indicating a need for cities to achieve coordinated development based on their unique endowments to avoid homogenized competition [1] Group 2: Technological and Financial Insights - Experts discussed the development prospects and challenges of the "space computing network," emphasizing the need to reduce launch costs and address heterogeneous resource management [3] - The acceleration of global layouts in embodied intelligence, brain-computer interfaces, 6G, and quantum technology was noted, with AI transitioning from quantitative to qualitative changes [3] - Financial innovation is deemed crucial for supporting the fourth industrial revolution, necessitating the construction of future financial forms to meet substantial capital demands and address revenue uncertainties [3] Group 3: Talent and Mechanism Innovation - Challenges in the future industry include a shortage of high-level technology and entrepreneurial talent, insufficient training, and barriers to talent mobility [4] - Six innovative paths for institutional mechanisms were proposed, including establishing collaborative education models and creating a diversified incentive mechanism [4] - The importance of capital cycle services and collaborative education models in supporting future industry development was discussed in sub-forums [4]

中央经济工作会议部署明年工作 ——政策双周报（2025 年第 11 期） 许冬石：中国银河证券宏观分析师、新发展研究院学术委员会执行负责人 路自愿：中国银河证券新发展研究院区域经济研究员 www.chinastock.com.cn 证券研究报告 请务必阅读正文最后的中国银河证券股份有限公司免责声明。 政策双周报（2025 年第 11 期） 中央经济工作会议部署明年工作 ——政策双周报（2025 年第 11 期） 2025 年 12 月 22 日 分析师 许冬石 ：010-8357-4134 ：xudongshi_yj @chinastock.com.cn 分析师登记编码：S0130515030003 路自愿 ：136-7105-7587 ：luziyuan_yj@chinastock.com.cn 分析师登记编码：S0130525070001 风险提示 请务必阅读正文最后的中国银河证券股份有限公司免责声明。 1 ⚫ 12 月上半月，提示重点关注中央经济工作会议：会议直面困难挑战，明确指 出供强需弱突出。明年宏观政策要求"跨""逆"结合 。货币政策表态更加积 极。同时，会提注重做好统筹内外部均衡 ，在外部压力暂 ...

Group 1 - The core viewpoint of the news highlights the positive momentum in the Chinese equity market driven by improving corporate earnings, capital allocation shifts, and policy optimization, with a focus on key sectors such as AI, new energy, and quantum technology [1][3] - The U.S. labor statistics indicate a slight increase in the unemployment rate to 4.6%, the highest since September 2021, which supports the rationale for a recent 25 basis point interest rate cut [1] - The upcoming 2026 economic work plan emphasizes expanding domestic demand, strengthening industries, and promoting reforms, with a particular focus on technology development and market-driven initiatives [3] Group 2 - Haidong International's updates on the volcanic engine and AI agent platform enhancements aim to reduce integration costs and clarify project boundaries, facilitating business value creation [2] - The demand for AI computing power is driving growth in the optical module industry, with 800G products entering mass production and 1.6T products poised for large-scale deployment, indicating a significant upward trend in the industry [2] - The performance of various ETFs, particularly those tracking the Sci-Tech sector, shows strong upward movement, with notable increases in individual stocks such as Zhuojing Technology and Zhongxin International [4][5][6] Group 3 - The Sci-Tech ETFs are designed to provide exposure to a basket of leading Sci-Tech stocks, with features such as daily trading and no restrictions on account assets or investment duration [6][7] - The Sci-Tech 50 ETF, Sci-Tech 100 ETF, and Sci-Tech 200 ETF focus on different segments of the Sci-Tech market, reflecting the performance of large-cap, mid-cap, and small-cap companies respectively [7][8] - The Sci-Tech Growth ETF targets high-growth companies within the Sci-Tech sector, emphasizing those with strong revenue and profit growth metrics [8]

| 指数 涨跌（％） | | --- | | 名称 | | 上证指数 3890 0.36 -1.43 0.03 | | 深证综指 2465 0.98 - -0.34 - -0.34 | | 风格指数 (%) | | 昨日 近１个月 近６个月 | | | --- | --- | --- | --- | | 大盘指数 | 0.3 | -0.29 | 19.5 | | 中盘指数 | 0.91 | 0.82 | 27.19 | | 小盘指数 | 0.8 | -0.69 | 22.68 | | 涨幅居前 行业(%) | 昨日 | 近１个月 近６个月 | | | Status I. Any S | A BA | Free of Concession of Children | AA - 1 | | 30.51 装修装饰II 3.33 | | | --- | --- | | 能源会属 3.26 85.77 | -3.9 | | -般零售 3.22 18.79 | 8.93 | | 电视广播II 3.22 19.29 | -0.5 | | 汽车服务Ⅱ 3.14 -0.66 | | | 跌幅居前 昨日 近１个月 近６个月 行业 ...

Group 1: Market Overview - The Shanghai Composite Index closed at 3890 points, with a daily increase of 0.36% and a monthly change of 0.03% [1] - The Shenzhen Composite Index closed at 2465 points, with a daily increase of 0.98% and a monthly change of -0.34% [1] - Large-cap indices showed a slight increase of 0.3% yesterday, while mid-cap and small-cap indices increased by 0.91% and 0.8% respectively [1] Group 2: Industry Performance - The decoration and renovation industry saw a daily increase of 3.33%, but a decline of 7.79% over the past month, while it increased by 30.51% over the past six months [1] - The energy metals sector increased by 3.26% yesterday, with an impressive 85.77% increase over the past six months [1] - The general retail sector increased by 3.22% yesterday, with an 8.93% increase over the past month and an 18.79% increase over the past six months [1] Group 3: Notable Declines - The components sector experienced a decline of 0.74% yesterday, with a 3.46% increase over the past month and a significant 69.42% increase over the past six months [1] - The other electronics sector declined by 0.68% yesterday, with a 42.32% increase over the past six months [1] - State-owned large banks saw a decline of 0.67% yesterday, with a 7.66% increase over the past six months [1]

接续发力新能源、新能源汽车、新材料、航空航天、低空经济等重点领域，积极发展平台经济，超前谋 划量子科技、具身智能、生物制造、绿色船舶、6G等前沿赛道，推动企业发展动能持续转换。 12月22日，《人民日报》第2版刊发《做强做优做大国有企业和国有资本（权威访谈·学习贯彻党的二十 届四中全会精神）——访国务院国资委党委书记、主任张玉卓》。 张玉卓表示，抓好新兴产业和未来产业培育。深入实施焕新、启航行动，突出工程和场景牵引，找准未 来5年体量足够大、增速足够快、前景足够好的新赛道，坚持"梯次培育、分类施策"，接续发力新能 源、新能源汽车、新材料、航空航天、低空经济等重点领域，积极发展平台经济，超前谋划量子科技、 具身智能、生物制造、绿色船舶、6G等前沿赛道，推动企业发展动能持续转换。 以下为原文： 做强做优做大国有企业和国有资本（权威访谈·学习贯彻党的二十届四中全会精神） ——访国务院国资委党委书记、主任张玉卓 习近平总书记强调："国有企业是我们党执政兴国的重要支柱和依靠力量"。党的二十届四中全会审议通 过的"十五五"规划建议强调，"深化国资国企改革，做强做优做大国有企业和国有资本"。为深入学习贯 彻党的二十届四中全 ...

Group 1 - The core viewpoint is that the market is beginning to focus on the potential for a sustained appreciation of the RMB, which could influence asset allocation strategies [1] - Approximately 19% of industries may see profit margin improvements due to RMB appreciation, leading to increased investor interest in these sectors [1] - Key sectors to watch under a strengthening RMB include aviation, gas, and paper industries driven by short-term muscle memory, as well as upstream resources, consumer goods, and services influenced by profit margin changes [1] Group 2 - The 2026 spring market is anticipated to be active, with a focus on non-mainstream sectors such as policy themes and high-dividend stocks, while the mainline structure (AI industry chain, cyclical stocks) may have limited upward potential [2] - A classic "cross-year-spring" market is forming, with significant institutional investors increasing their holdings in broad-based ETFs, indicating stable incremental capital for the market [3] - The A-share market is expected to resonate upward with global markets, driven by clear mid-term policy and liquidity expectations following the Federal Reserve's interest rate decisions [4] Group 3 - The current market is characterized by a narrow range of fluctuations, influenced by external factors such as U.S. AI bubble concerns and Japan's interest rate hikes, with a potential upward trend as investor sentiment improves [4] - The focus for A-share industry allocation includes dividend value, cyclical recovery, and thematic hotspots, particularly in metals, non-bank financials, and AI sectors [4] - The market is entering a critical window for cross-year layout, with attention on potential signals for a small rally around the New Year [5][6] Group 4 - The market is experiencing a structural trend change, with significant discrepancies in expectations for consumption, non-bank finance, and technology sectors as 2026 approaches [10][11] - Key investment themes include AI applications, commercial aerospace, and nuclear power, with a focus on sectors benefiting from domestic demand recovery and structural policy incentives [12] - The upcoming "15th Five-Year Plan" is expected to drive structural opportunities, particularly in AI, renewable energy, and quantum technology sectors [12]

本报记者 王昊男 深入贯彻落实习近平总书记重要指示精神和党中央决策部署，北京在全国率先整合设立市委教育科技人 才工作领导小组，市委主要负责同志直接抓、亲自抓。 实现高质量发展，北京优势在哪？ 数据是一扇观察之窗：92所高校，185个一流学科；145个全国重点实验室，1000多家科研机构；在京两 院院士约占全国一半……教育、科技、人才，北京最大的优势所在。 "一体推进教育强国首善之区、国际科技创新中心以及高水平人才高地建设。"北京市委书记尹力表示， 北京作为首都，要坚持首善标准，用好教育科技人才资源优势，在发展新质生产力、培育壮大新动能上 持续发力，为高质量发展注入强劲动力。 破难点，创新机制，协同育人—— 从选址到开学，仅用3个月。探访北京中关村学院，"超常规速度背后，是不拘一格育人才的决心。"院 长刘铁岩介绍，学院创新设置人工智能交叉等多条培养路径，打造前沿课程体系，"打破传统办学模 式，学生入学即进项目。" 一支由90后学生组建的跨学科研究团队，正在用人工智能技术向改造光合作用酶的难题发起挑战。团队 指导教师曹川介绍，该研究有望将酶效率提升20%，作物光能利用率提高10%。 聚焦教育、科技、人才发展中的" ...