Group 1: 2025 A-Share Market Review - As of November 14, 2025, the overall A-Share index increased by 26.58%, with the ChiNext index and STAR 50 leading at 45.29% and 37.65% respectively [6] - Among 31 primary industries, 30 saw an increase in closing prices compared to the end of the previous year, with non-ferrous metals, communication, and electric equipment leading with gains exceeding 50% [4][19] - The food and beverage industry experienced a decline of 3.40% [4][19] Group 2: 2026 Investment Environment Analysis - The 2026 investment environment is characterized by a stable macroeconomic policy in China, with expected resilience in economic growth and a potential recovery in inflation from low levels [4][36] - The international landscape remains uncertain, with geopolitical risks and trade order challenges impacting global economic growth [36][40] - The "14th Five-Year Plan" is expected to provide a clear development blueprint, enhancing market confidence in China's long-term economic resilience [4][36] Group 3: Market Trend Predictions for 2026 - The A-Share market is anticipated to benefit from improved liquidity, with the current valuation being relatively reasonable compared to global equity markets [4][36] - Earnings growth is expected to become a key focus, driven by the deepening of China's economic transformation and the continuous development of emerging industries [4][36] - The PPI decline is expected to narrow, potentially leading to an increase in corporate profit margins [4][36] Group 4: Style Judgments for 2026 - Small-cap stocks are expected to perform well, particularly in the context of a favorable environment for risk appetite driven by the Fed's anticipated rate cuts and the upward trend in emerging industries [4][36] - Growth stocks are projected to continue outperforming value stocks in the first three quarters of 2026, supported by favorable policies and market conditions [4][36] - In the fourth quarter, as the U.S. midterm elections approach, market risk appetite may shift, potentially favoring value stocks [4][36] Group 5: Structural Investment Opportunities - The "14th Five-Year Plan" is expected to create significant policy dividends and industry opportunities, focusing on two main lines: new productivity driven by technology and the "anti-involution" policy promoting supply-demand optimization [4][36] - Key sectors to watch include artificial intelligence, new energy, and quantum technology, which are highlighted in the "14th Five-Year Plan" [4][36] - The consumer sector is seen as a potential area for investment, with policies aimed at expanding domestic demand [4][36]

央视网消息：2025年是联合国教科文组织定义的"国际量子科学与技术年"，也被称为"量子技术元年"。我国"十五五"锚定的六大未来产业当 中，量子科技被正式列入未来产业布局的首位。 赋能千行百业 量子科技如何改变生活？什么是量子科技？ "遇事不决，量子力学"，这是近年来大家常有的一句调侃，也让量子这个深奥的物理学概念走进了普通人的生活。量子是描述微观世界基本物 理量最小的，不可再分的单位，也是能量的最基本携带者。究竟什么是量子科技？量子科技，是以量子力学的基本原理为基础，利用量子叠 加、量子纠缠、量子不可克隆等特性，来实现量子计算、量子通信和量子测量等应用。 量子计算机有何"超能力"？ 2025年3月，我国自主研发的量子计算原型机"祖冲之三号"问世，刷新超导体系全球量子计算优越性新纪录。量子计算机有什么"超能力"？ 在安徽合肥的数据产业园，工程师们正在测试最新研发的量子计算机稳定性。 这个大家伙就是一台超导量子计算机，白色罐体相当于它的CPU，旁边的大黑箱子则是用来提供信号的。可能很多人会好奇为什么这台计算机 这么庞大？因为它具有超强算力，处理特定任务这台量子计算机只需要10分钟，而同样的任务，目前世界上最快的超 ...

Investment Rating - The report maintains a "Positive" investment rating for the software and services industry [7]. Core Insights - The computer sector experienced a continued decline, with an overall drop of 2.33%, ranking 7th among major industries in the Yangtze River region. The total trading volume accounted for 7.73% of the market, with Huawei-related stocks being particularly active [2][4]. - The report highlights the launch of Gemini-3 by Google, emphasizing its advanced capabilities and the importance of multi-modal applications and commercialization [6][41]. - The report suggests focusing on the developments in AI products, particularly those that exceed expectations, and continues to favor domestic AI chains, computing power chains, and the international expansion of AI [6][55]. Summary by Sections Market Performance - The overall market saw a significant decline, with the Shanghai Composite Index falling below 3900 points, closing at 3834.89, representing a 3.90% drop. The computer sector's decline of 2.33% places it 7th among major industries [4][14]. Key Events - The 2025 Quantum Technology and Industry Conference was held in Hefei, focusing on advancements in quantum communication, computing, and precision measurement [20][23]. - The launch of the satellite IoT business trial was announced at the 2025 China 5G + Industrial Internet Conference, which is expected to enhance the satellite communication market [31][40]. Recommendations - The report recommends focusing on Gemini-3, which features a sparse MoE architecture capable of processing up to 1 million tokens, with pricing structures detailed for input and output [6][41]. - Continued emphasis is placed on the potential of domestic AI chains and key players with significant market positioning [6][55]. Industry Developments - The quantum technology sector is experiencing rapid growth, with significant advancements showcased at the recent conference, indicating a shift towards commercialization [28]. - The satellite IoT trial is expected to stimulate investment opportunities in the satellite internet sector, supported by recent policy initiatives [31][40].

近日，北工投资注册资本由10亿元增加至100亿元。此次增资是北京国资公司获批成为国有资本投资公司改革试点企业后，聚焦发展耐心资本、推 动科技创新的重要举措。 北工投资是北京国资公司的全资子公司，是专注于高精尖产业的专业投资平台。公司始终围绕北京市产业发展导向优化资本投资布局，从夯实传统制 造业根基，到构建现代化产业体系，再到前瞻布局前沿科技领域，累计为超过500个高精尖产业项目提供逾380亿元资金支持，在推动首都产业结构 优化升级中发挥了积极作用。 来源：北工投资 每日｜荐读 论坛： 新一批敲钟人，已在路上 荐读： 重新发现香港：科创时代的新蓝图 榜单： 全国首只AIC产业母基金来了 热文： 投资人"忙疯了" 北工投资成立于2002年，在北京市加快工业结构调整、构建现代产业体系的战略背景下，公司以服务首都战略为导向，深入践行"长期资本、耐心 资本、战略资本"的投资理念。在半导体显示与集成电路领域，北工投资重点支持京东方、龙芯中科、中芯北方等领军企业；在汽车产业领域，通过 投资海纳川、北汽股份、北汽蓝谷等重点企业，深度参与北京市汽车产业链的转型升级。此外，北工投资还先后投资了国内卫星遥感企业世纪空间、 创新药企 ...

量子产业重大成果项目在会上同步亮相。在量子通信领域，中国电信集团有限公司发布全球最大规模、 互联互通、广泛应用的量子安全基础设施，国家电网有限公司发布面向分布式新能源量子加密系列产 品；在量子计算领域，科大国盾量子技术股份有限公司与中电信量子集团联合发布面向千比特规模设计 的超导量子计算系统解决方案；中国电子科技集团有限公司发布超导量子计算机用XS1000型稀释制冷 机等。 此次系列成果的集中发布，标志着我国量子科技在基础研究与产业应用两大维度均实现跨越式发展，为 量子技术全面赋能经济社会发展注入强劲动力。（记者洪敬谱） 本次发布的量子科技重大成果包括：超导量子计算领域，"祖冲之三号"刷新"量子计算优越性"纪录；中 性原子量子计算领域，科研团队实现AI赋能的2024个原子无缺陷阵列调控；光量子计算领域，首次在 光量子芯片上实现多比特连续变量量子纠缠；量子通信领域，跨越12900公里，洲际星地量子密钥分发 再创纪录；量子精密测量领域，提升新物理搜寻探测界限17个数量级。 11月20日，以"百年量子·智启未来"为主题的2025量子科技和产业大会在安徽合肥开幕，一批量子科技 及产业领域的重大成果在开幕式上集中发布。 ...

Group 1: Federal Reserve Interest Rate Decisions - There is increasing divergence within the Federal Reserve regarding the potential for interest rate cuts in December, with some officials suggesting further easing is possible while others see no need for a cut [6][7]. - Market expectations for a December rate cut fluctuated significantly, initially exceeding 90% but later dropping to around 30% due to data availability issues from the government shutdown [7]. - Following dovish comments from New York Fed President Williams, the probability of a 25 basis point cut rose to over 70%, but this was tempered by comments from Boston Fed President Collins [6][7]. Group 2: National Economic Performance - The National Bureau of Statistics reported that China's economy continued to show steady progress in October, with stable production and demand, and overall stability in employment and prices [8]. - Key indicators of economic performance include a 4.9% year-on-year increase in industrial output, with significant growth in advanced manufacturing and modern services [8]. - Emerging industries are becoming increasingly significant, with high-tech investments experiencing explosive growth, particularly in robotics and AI, contributing to high-quality economic development [8]. Group 3: Pension System Developments - The Ministry of Finance and the People's Bank of China announced that electronic savings bonds will be included in personal pension products starting June 2026, enhancing investment options for pension investors [10]. - This inclusion aims to fill the gap for low-risk, moderate-return products in the pension system, thereby improving the attractiveness and coverage of personal pension schemes [10]. Group 4: H-share Audit Business Expansion - The Ministry of Finance and the China Securities Regulatory Commission have initiated the expansion of the list of accounting firms eligible for H-share audits, adding two more firms to the existing list [11]. - This expansion is the first since December 2010 and aims to enhance the quality and international competitiveness of accounting services for companies seeking to list in Hong Kong [11]. Group 5: Sovereign Bond Issuance - The Chinese Ministry of Finance successfully issued €4 billion in sovereign bonds in Luxembourg, with a 4-year bond at a 2.401% interest rate and a 7-year bond at 2.702% [12]. - The issuance attracted a diverse range of global investors, indicating strong international confidence in China's economic resilience [12]. Group 6: U.S. Employment Data - In September, the U.S. non-farm payrolls increased by 119,000, significantly surpassing market expectations, while the unemployment rate rose to 4.4%, the highest since October 2021 [13]. - Job growth was primarily driven by the education and healthcare sectors, while cyclical industries like manufacturing and transportation showed weakness, indicating an unstable growth foundation [13].

Investment Rating - The report maintains a "Positive" investment rating for the industry [5]. Core Insights - The 2025 Quantum Technology and Industry Conference was held in Hefei, focusing on the development trends and industrial application prospects of quantum communication, quantum computing, and quantum precision measurement [1][3]. - China's quantum technology industry is transitioning from academic research to commercialization, which is expected to drive the development of the entire quantum technology industry chain, including core components for quantum communication and quantum computing [1][9]. - The conference showcased significant advancements in quantum technology, indicating that the industry is entering a phase of accelerated development and that conditions for commercialization are maturing [9]. - Hefei is emerging as a key hub for quantum industry development, supported by academic institutions like the University of Science and Technology of China, with 93 companies currently operating in the region [9]. - The report suggests focusing on the entire quantum technology industry chain, particularly leading companies in quantum computing and quantum communication [1][9]. Summary by Sections Event Description - The conference gathered renowned scholars, representatives from key universities, state-owned enterprises, quantum industry chain companies, and financial institutions to discuss cutting-edge quantum technologies [3]. Industry Development - The scale of the conference has expanded significantly, with 117 participating companies and an exhibition area of 10,000 square meters, reflecting high industry prosperity [9]. - The Anhui province is implementing a "thousand scenarios" action plan for quantum information, aiming to establish 1,000 application scenarios by 2027 [9].

证券研究报告 2025 年 11 月 24 日 湘财证券研究所 宏观研究 宏观研究深度报告 全球经济慢复苏，"十五五"引领新方向 ——宏观经济展望 相关研究： | 1. | 《经济磨底，政策加码》 | | | --- | --- | --- | | | 2023.10.18 | | | 2. | 《千磨万击还坚劲》 | | | | 2024.03.25 | | | 3. | 《东隅已逝，桑榆非晚》 | | | | 2024.06.24 | | | 4. | 《行到水穷处，坐看云起 | | | 时》 | | 2024.12.23 | 分析师：何超 证书编号：S0500521070002 Tel：021-50295325 Email： hechao@xcsc.com 地址：上海市浦东新区银城路88 号 中国人寿金融中心10楼 核心要点： ❑ 海外宏观：全球经济身处复苏周期 10 月 14 日，国际货币基金组织（IMF）发布最新一期《世界经济展望报 告》，小幅上调今年世界经济增长预期。报告将阿联酋今年经济增长预 期上调至 4.8%，高于其今年 4 月发布的预测。报告显示，中东和中亚地 区的经济增长将从 2024 年 ...

"遇事不决，量子力学"，这是近年来大家常有的一句调侃，也让量子这个深奥的物理学概念走进了普通人的生活。 量子是描述微观世界基本物理量最小的、不可再分的单位，也是能量的最基本携带者。量子科技，就是利用量子叠加、量子纠缠、量子不可克隆等特性，来 实现量子计算、量子测量和量子通信等应用。我国自主研发的量子计算原型机"祖冲之三号"刷新了超导体系全球量子计算优越性新纪录。 这样颠覆未来的新科技，究竟能干什么、又带来哪些改变？ 探访微观世界的无限可能 中国电信安徽公司量子产品团队总监 毛潇筱：我们搭建了融合算力服务平台，可以在线使用量子计算机的服务，可以为气象预测、生物化学，包括金融科 技等各个领域提供量子计算服务，未来我们使用量子计算可以像用水用电一样方便。 在安徽合肥的数据产业园，工程师们正在测试最新研发的量子计算机稳定性。 总台央视记者 张丛婧：这个大家伙就是一台超导量子计算机，白色罐体相当于它的CPU，旁边的大黑箱子则是用来提供信号的，可能很多人会好奇为什么 这台计算机这么庞大？ 如果说量子计算是"最强大脑"，那么量子测量就是感知微观世界的"慧眼"。 因为它具有超强算力，处理特定任务，这台量子计算机只需要10分钟 ...

央视网消息："遇事不决，量子力学"，这是近年来大家常有的一句调侃，也让量子这个深奥的物理学概念走进了普通人的生活。量子是描述微 观世界基本物理量最小的、不可再分的单位，也是能量的最基本携带者。 量子科技就是利用量子叠加、量子纠缠、量子不可克隆等特性，来实现量子计算、量子测量和量子通信等应用。这是我国自主研发的量子计算 原型机"祖冲之三号"，它刷新了超导体系全球量子计算优越性新纪录。 记者探访：微观世界的无限可能 这样颠覆未来的新科技，究竟能干什么，又带来哪些改变？ 在安徽合肥的数据产业园，工程师们正在测试最新研发的量子计算机稳定性。 这个大家伙就是一台超导量子计算机，白色罐体相当于它的CPU，旁边的大黑箱子则是用来提供信号的。可能很多人会好奇为什么这台计算机 这么庞大？因为它具有超强算力，处理特定任务这台量子计算机只需要10分钟，而同样的任务，目前世界上最快的超级计算机也需要大概1.6 万年。 中电信量子集团量子计算高级研究员张鑫方介绍，从核心处理器到大型稀释制冷机以及测控软硬件系统，全部实现了国产化，将量子计算核心 技术牢牢把握在自己手中。 眼下，这台量子计算机首次面向全球开放应用服务，让更多人都能用上这样 ...