Group 1 - The market for humanoid robots is in a phase of consolidation, awaiting new catalysts, with significant developments such as Tesla's Optimus mass production orders and Gen3 prototype release supporting market expectations [2] - The overall market performance on November 26 showed a mixed trend, with the Shanghai Composite Index down by 0.15%, while the Shenzhen Component Index and the ChiNext Index increased by 1.02% and 2.14% respectively [1] - The trading volume in the Shanghai and Shenzhen markets was 1.78 trillion, a decrease of 28.8 billion compared to the previous trading day [1] Group 2 - The mechanical industry strategy report from Galaxy Securities highlights that the machinery equipment index outperformed the market in 2025, with strong growth in sectors related to humanoid robots, AI PCB equipment, and lithium battery equipment [3] - Key investment themes for the mechanical equipment sector in 2026 include AI infrastructure, future industries, and cyclical recovery, with a focus on sectors such as humanoid robots and commercial aerospace [3] - The report suggests selecting high-quality stocks with upward beta characteristics in cyclical industries, including engineering machinery and wind power equipment [3]

Group 1: Market Overview - The Shenzhen Composite Index and the ChiNext Index both opened lower but closed higher, with the Shanghai and Shenzhen stock markets recording a total turnover of 1.78 trillion, a decrease of 28.8 billion from the previous trading day [1] - By the end of the trading session, the Shanghai Composite Index fell by 0.15%, while the Shenzhen Composite Index rose by 1.02%, and the ChiNext Index increased by 2.14% [1] Group 2: Bad Asset Market - Huatai Securities indicated that the marketization of bad asset transfers is entering a rapid development cycle, with a significant increase in the marketization of bad consumer loans expected in 2024 [2] - The China Banking Asset Management Association reported that the scale of bad loans traded in the first quarter of 2025 reached 48.3 billion, a year-on-year increase of 139% [2] - The demand for bad asset transfers is driven by rising non-performing loan ratios among retail loans and consumer finance companies, with personal loans accounting for over 70% of total transaction volume in the bad asset transfer market [2] Group 3: Robotics Sector - CITIC Construction Investment stated that the humanoid robot sector is in a phase of consolidation after significant adjustments in October, with key developments such as Tesla's Optimus mass production orders supporting market expectations [3] - The industry is on the verge of realizing its potential, but further catalysts are needed for upward revisions in expectations [3] Group 4: Machinery Sector - Galaxy Securities highlighted that the machinery sector outperformed the market in 2025, with technology-related sectors such as humanoid robots, AI PCB equipment, and lithium battery equipment showing significant gains [4] - The investment strategy for the machinery sector in 2026 focuses on AI infrastructure, future industries, and cyclical recovery, emphasizing the importance of new and emerging industries in China's economic transformation [4]

第三，要遵循未来产业特征和发展规律，强化支持政策的针对性。未来产业是由前沿技术驱动的前瞻性 新兴产业，高度不确定性是其区别于新兴产业、传统产业最显著的特征。为降低产业投资回报的不确定 性，解决早期投资、长期投资严重匮乏问题，要发展创业投资，建立未来产业投入增长和风险分担机 制，鼓励各类经营主体和社会资本投资未来产业。为降低发展路径选择的不确定性，解决未来产业技术 路线难把握、市场用户接受程度不高、配套制度不完善等问题，要探索多元技术路线、典型应用场景、 可行商业模式、市场监管规则，通过有组织地复制推广好经验好做法，降低全社会探路成本。为降低产 业生态不完善带来的不确定性，特别是解决经营主体少、产业链上中下游协作网络不健全等问题，要推 动创新资源向企业集聚，创新监管方式，培育壮大科技领军企业，促进中小企业专精特新发展，培育独 角兽企业，加快构建良好产业生态。 [ 责编：袁晴 ] 第一，要增强抢占发展先机的紧迫感，强化未来产业布局的前瞻性。纵观近现代历史，科技革命是产业 变革的先导，每一次科技革命都会孕育出一批重塑全球竞争格局的新产业，引发大国兴衰。科技革命是 厚积薄发、长期积累的结果，产业变革是量变到质变的过程 ...

21世纪经济报道记者 曹媛 深圳报道 深创投是深圳市引导基金的受托管理机构，在股权投资市场，连续押中"明星企业"实属不易。 在国内，深圳市引导基金是培育上市公司数量最多的政府引导基金。过去10年，深圳市引导基金"集团 军"已累计支持8000余个产业项目，助力超1500家企业成长为"专精特新"企业，近600家企业成功上市。 深圳市引导基金是由深圳市政府出资设立，并按市场化方式运作的政府投资基金，成立于2015年，规模 1000亿元人民币。 大疆、宇树、摩尔线程、商汤科技、迈瑞医疗……在这些"明星企业"背后，都能见到一家投资机构的身 影——深圳市创新投资集团（简称"深创投"）。 "政府引导+市场运作"是深圳市引导基金的最大特点之一，"子基金的日常管理、项目投资、投后管理等 工作由专业基金管理机构按照市场化原则开展，政府部门不以行政手段干预子基金日常管理事务和具体 项目投资决策。"深圳市引导基金投资有限公司董事长、总经理张键说道。 深圳通过政策性资金撬动社会资本，实现放大效应。自2015年至2025年3月初，深圳财政已实缴出资超 1500亿元，分批次设立13支政府投资引导基金，累计撬动资本近5000亿元，设立300 ...

深圳市引导基金是由深圳市政府出资设立，并按市场化方式运作的政府投资基金，成立于2015年，规模 1000亿元人民币。 "政府引导+市场运作"是深圳市引导基金的最大特点之一，"子基金的日常管理、项目投资、投后管理等 工作由专业基金管理机构按照市场化原则开展，政府部门不以行政手段干预子基金日常管理事务和具体 项目投资决策。"深圳市引导基金投资有限公司董事长、总经理张键说道。 大疆、宇树、摩尔线程、商汤科技、迈瑞医疗……在这些"明星企业"背后，都能见到一家投资机构的身 影——深圳市创新投资集团（简称"深创投"）。 深创投是深圳市引导基金的受托管理机构，在股权投资市场，连续押中"明星企业"实属不易。 在国内，深圳市引导基金是培育上市公司数量最多的政府引导基金。过去10年，深圳市引导基金"集团 军"已累计支持8000余个产业项目，助力超1500家企业成长为"专精特新"企业，近600家企业成功上市。 深圳通过政策性资金撬动社会资本，实现放大效应。自2015年至2025年3月初，深圳财政已实缴出资超 1500亿元，分批次设立13支政府投资引导基金，累计撬动资本近5000亿元，设立300余支子基金。 在国资容错机制加速建立背 ...

分析师：刘智 登记编码：S0730520110001 liuzhi@ccnew.com 021-50586775 ⚫ 11 月中信机械板块下跌 5.02%，跑输沪深 300 指数（-3.24%）1.78 个百分点，在 30 个中信一级行业中排名第 26 名：截至 2025 年 11 月 25 日收盘，11 月中信机械板块下跌 5.02%，跑输沪深 300 指数（-3.24%）1.78 个百分点，在 30 个中信一级行业中排名第 26 名。11 月三级子行业中高空作业车、其他运输设备、船舶制造 涨幅三个子行业取得正涨幅，分别上涨 2.22%、1.35%、0.31%； 锂电设备、叉车、光伏设备跌幅居前。 机械 十五五规划强调科技自立，未来产业引 领，重点关注周期复苏和未来产业投资机 遇 ——机械行业月报 证券研究报告-行业月报 强于大市(维持) 机械相对沪深 300 指数表现 资料来源：中原证券 -7% -1% 5% 12% 18% 25% 31% 37% 2024.11 2025.03 2025.07 2025.11 机械 沪深300 相关报告 《机械行业月报：持续关注工程机械、船舶、 机器人、AIDC 等高景 ...

Core Insights - The event on November 24, 2025, in Beijing focused on quantum technology, featuring eight innovative companies and facilitating deep exchanges with investment institutions to explore new trends in industry development [1][2] - The Beijing Economic and Information Technology Bureau aims to select potential enterprises through this public roadshow and provide rewards of up to 1 million yuan to promote rapid development in future industries [1][4] Group 1: Event Overview - The public roadshow is part of the "Winning the Future" project series, aimed at creating a long-term communication mechanism for government-enterprise connections and industry-academia-research integration [1][4] - The event gathered eight potential companies in the quantum field to bridge social capital with early-stage investments in hard technology, addressing financing bottlenecks for innovative enterprises [2][4] Group 2: Financial Support and Policies - The People's Bank of China introduced various financial support tools for technology innovation, including equity-linked loans and technology enterprise acquisition loans, to assist quantum technology companies [2] - The equity-linked loan allows banks to mitigate credit risk through future equity gains, addressing the financing challenges faced by asset-light technology firms [2] Group 3: Market Trends and Projections - According to a report shared at the event, global quantum technology financing reached $4.8 billion in the first three quarters of 2025, indicating a booming investment climate in the sector [3] - The report suggests that confidence among quantum investment institutions is gradually recovering, marking a significant increase compared to previous years [3] Group 4: Future Industry Development - The Beijing Economic and Information Technology Bureau plans to support the Haidian District in establishing a national-level future industry pilot zone, enhancing Beijing's influence in frontier technology innovation [5] - The city has implemented over 40 municipal policies to promote future industries, with a focus on artificial intelligence and 6G, aiming to lead in national competitiveness [4][5]

人民财讯11月26日电，中共北京市委关于制定北京市国民经济和社会发展第十五个五年规划的建议发 布。其中提出，发展壮大高精尖产业。统筹传统产业提升、新兴产业发展、未来产业布局，巩固壮大实 体经济根基。推动重点产业提质升级，扩大新一代信息技术、医药健康等产业集群优势，培育人工智 能、绿色先进能源和低碳环保等一批新产业（300832）集群。实施产业创新工程，推动新技术新产品新 场景大规模应用，加快集成电路、机器人和智能制造、智能网联汽车、空天技术等战略性新兴产业发 展。完善未来产业投入增长和风险分担机制，培育第六代移动通信、量子科技、生物制造、脑机接口等 新增长点。围绕重点产业链健全安全风险评估、预警和应对机制，推进关键装备、软件、工艺、材料国 产化替代，提升战略性资源供应保障能力，增强产业链供应链韧性和安全水平。加强质量品牌建设。 ...

11月25日，第十四届中国创新创业大赛合成生物与生物制造专业赛决赛在常州举行。本次大赛精准 聚焦常州重点布局的"6+X"未来产业赛道，以赛事为平台，面向全国遴选并吸引合成生物领域顶尖人才 与优质项目，为培育新质生产力、构建未来产业竞争力注入强劲动能。 近年来，常州积极抢抓合成生物产业发展风口，今年出台了《常州市加快未来产业培育发展实施方 案（2025—2030年）》，全力打造合成生物产业创新高地，重点支持合成生物各细分领域技术研发、合 成生物产业配套领域全产业发展，以此推动优化产业结构、重塑城市竞争优势。 作为国内规格最高的创新创业赛事，常州已连续承办3届中国创新创业大赛行业全国赛。本届专业 赛吸引95家企业与团队参赛，最终44个前沿项目晋级决赛。为切实推动"创新火花"落地生根，本次大赛 特别设计了"展示+对接+体验"的多元活动矩阵，邀请参赛代表、投融资机构等赴园区实地调研。同 时，提前梳理项目落地、融资、技术等核心诉求，搭建"一对一"深度交流通道，全力促成优质项目与本 地产业生态融合。 ...

Core Insights - The event focused on quantum technology, featuring eight innovative companies and aimed to create a financing service platform for startups [1][3] - The Beijing Economic and Information Technology Bureau plans to select potential companies through public roadshows and provide rewards up to 1 million yuan to promote rapid development [1][5] Group 1: Event Overview - The 2025 Beijing Future Industry Public Roadshow for Quantum Technology was held in Zhongguancun, showcasing eight quantum innovation companies [1] - The event facilitated deep exchanges between innovative companies and investment institutions, exploring new trends in industry development [1][3] Group 2: Financing Support - The event aimed to address financing bottlenecks for innovative companies by promoting early and small investments in hard technology [3] - Various financial support tools for technology innovation were discussed, including equity-linked loans and technology enterprise acquisition loans [3] Group 3: Market Insights - Global quantum technology financing reached $4.8 billion in the first three quarters of 2025, indicating a booming investment climate [4] - The confidence of quantum investment institutions is gradually recovering, reflecting a positive outlook for the sector [4] Group 4: Future Industry Development - The roadshow is part of the "Win the Future" project, aimed at discovering quality enterprises and strengthening future industry cultivation mechanisms [5] - Beijing is prioritizing future industries as a key component of its economic growth strategy, with a focus on disruptive technologies [5][6] Group 5: Regional Focus - Haidian District, hosting the event, is a key area for quantum information development, housing 18 quantum technology companies, which is two-thirds of the city's total [6] - The Beijing Economic and Information Technology Bureau plans to support Haidian in creating a national-level future industry pilot zone [6]