Core Viewpoint - The company emphasizes its commitment to the development and application of new products and technologies, particularly in relation to 6G technology, to create favorable conditions for future growth [1] Group 1 - The company is actively tracking the developments in 6G technology [1] - The company is focused on conducting preliminary research and technical reserves related to 6G [1] - The company aims to ensure a strong foundation for its future development through these efforts [1]

Group 1: Core Technology Trends - The global technology wave is reshaping the economic landscape, with a shift from "what can be done" to "what should be done" in 2026, integrating social responsibility into technological development [2] - Artificial intelligence (AI) is the main driver of technological innovation, moving towards large-scale implementation and industrialization [2][3] - AI will transition from conceptual demonstrations to a phase of value realization, focusing on the integration of technology, industry, and governance [3] Group 2: Robotics and AI - Humanoid robots are entering a phase of large-scale trials, driven by breakthroughs in physical AI that allow robots to understand and interact with physical laws [4][5] - The development of humanoid robots will significantly change human-machine coexistence, requiring global collaboration and unified technical standards [5] Group 3: Commercial Space - The commercial space industry in China is poised for significant growth, transitioning from capability building to value creation, with a focus on reusable rockets and satellite networks [6][7] - 2026 is expected to be a pivotal year for the commercialization of space services, driven by advancements in satellite communication technology [7] Group 4: Future Transportation - Super high-speed rail, utilizing low vacuum tube technology, aims to achieve speeds over 1000 km/h, overcoming weather-related disruptions [8][9] - China is at the forefront of this technology, with significant engineering breakthroughs and ongoing trials [10] Group 5: Quantum Technology - Quantum technology is becoming a focal point for global research, with quantum error correction recognized as a key area for future advancements [11][12] - China is positioned in the leading tier of quantum communication and computing, with significant contributions expected from regions like Sichuan [12] Group 6: 6G Technology - The development of 6G technology is underway, promising speeds 10-100 times faster than 5G and enabling comprehensive coverage across air, land, and sea [13][14] - Sichuan is actively working on key technologies to accelerate the industrialization of 6G [15] Group 7: Controlled Nuclear Fusion - Research in controlled nuclear fusion is advancing towards engineering practice, with multiple countries exploring various technological routes [16][17] - China's strategic development in nuclear fusion is gaining momentum, supported by recent legislative frameworks [17] Group 8: Deep Space Exploration - Deep space exploration aims to expand human understanding of the universe, with significant global advancements in observational technology [18][19] - Sichuan is emerging as a key research hub for astronomy and deep space exploration, contributing to national strategic initiatives [19] Group 9: Brain-Computer Interfaces - Brain-computer interfaces are evolving to enhance human-machine interaction, with applications in healthcare and consumer technology [20][21] - Sichuan has developed a complete industry chain for brain-computer interfaces, with a market size of 1 billion yuan, entering a new phase of clinical application [22] Group 10: Biomedicine - The biomedicine sector is a critical area for innovation, integrating biotechnology with pharmaceuticals to drive high-quality development [23][24] - Sichuan is actively cultivating its biomedicine industry, focusing on various key and emerging sectors to enhance its competitive edge [24]

Investment Rating - The industry investment rating is "Outperform the Market - A" [4] Core Insights - The importance of aerospace and satellite technology is increasingly recognized, with the acceleration of space infrastructure construction benefiting the related industry chain in the long term [2][12] - The report highlights significant recent developments in the commercial aerospace and satellite industry, including the launch of new satellite networks and rockets, which are expected to enhance the application potential of satellite infrastructure [1][11] - The report suggests focusing on incremental directions in space infrastructure, such as space computing power, 3D printing, terminal direct connection, and inter-satellite connectivity, as well as value-enhancing segments in low Earth orbit satellites [2][12] Summary by Sections Industry Performance - The report indicates that the industry has shown a relative return of 14.7% over the past month, 9.2% over three months, and 23.8% over twelve months, with absolute returns of 16.5%, 11.2%, and 47.4% respectively [6][13] Recent Developments - The report details various recent events, including the launch of the "TeraWave" satellite communication network by Blue Origin, which will consist of 5,408 low Earth orbit satellites, and the successful launch of multiple satellites by different companies [1][11] - It also mentions the approval of policies in Beijing to support the development of commercial satellite remote sensing data resources from 2026 to 2030, indicating a favorable regulatory environment for the industry [1][11] Investment Focus - The report recommends paying attention to companies involved in satellite and space asset management, safety, and applications, as well as those engaged in testing and simulation services [2][12]

Core Insights - The article highlights the integration of drones into public security operations in Nanjing, showcasing their effectiveness in traffic management, event security, and emergency rescue [1][2] Group 1: Drone Utilization in Public Security - Nanjing has established a "5-minute drone policing circle" with over 200 drone deployment points across the city, enhancing the efficiency of law enforcement [1] - Drones can automatically identify traffic violations and send real-time alerts to vehicle owners, creating an intelligent feedback loop for public safety [1] - During large events, drones have been instrumental in crowd management, exemplified by the successful orchestration of the Nanjing Marathon and the orderly evacuation of over 60,000 fans during a soccer match [1] Group 2: Emergency Response and Rescue Operations - Drones equipped with thermal imaging have proven effective in emergency situations, such as locating a missing elderly person in just 27 minutes [2] - Since the launch of the "Golden Eagle" initiative in 2024, police drones have flown over 100,000 kilometers and participated in more than 700 rescue operations [2] Group 3: Technological Advancements and Training - The Nanjing police have established a drone training base, completing over 1,000 training sessions and collaborating with research institutions to develop specialized drones for various operational needs [2] - The integration of 6G technology into drones has improved communication reliability in complex environments, marking a significant technological upgrade in police operations [2] Group 4: Future Developments - The Nanjing police plan to further integrate drones with big data and artificial intelligence to create a more intelligent and efficient low-altitude policing system, contributing to modern urban governance [2]

作者丨易妍君 编辑丨张星 机构最新统计数据显示，截至2025年4季度末，中际旭创代替宁德时代成为主动权益基金（包括主动股 票基金、偏股混合基金、灵活配置基金）第一大重仓股。 截至1月23日收盘，中 际旭创 股价报585元，总市值6500亿元。 公募主动权益基金第一大重仓股有了"新面孔"。 同时，主动权益基金第二大至第十大重仓股排序均较上一季度发生变化，如新易盛取代腾讯控股成为基 金第二大重仓股，紫金矿业从第八大重仓股晋级为第五大重仓股，寒武纪-U升为第七大重仓股；而宁 德时代、腾讯控股分别退为第三、第四大重仓股，中芯国际退出了前十大重仓股队列。 另外，主动权益基金在行业配置层面也有调整。据机构统计，2025年4季度，主动权益基金增配较多的 行业包括有色金属、通信、非银、化工、机械；主要减配了电子、医药生物、传媒、计算机、电力设备 等行业。 "从宏观角度看，市场资金在追求短期收益与长期战略配置之间寻求平衡，对行业发展前景与政策环境 的综合考量导致了资金流向的调整。"受访人士向21世纪经济报道记者指出。 重仓股排序更迭 截至2026年1月22日，公募基金2025年第4季度报告基本披露完毕，主动权益基金前十大重仓股 ...

作者 丨易妍君 截至2026年1月22日，公募基金2025年第4季度报告基本披露完毕，主动权益基金前十大重仓 股名单随之更新。 从持股绝对市值来看，据国信证券经济研究所金融工程组统计， 截至2025年4季度末，主动权 益基金持有市值排名前十的个股依次是：中际旭创、新易盛、宁德时代、腾讯控股、紫金矿 业、阿里巴巴-W、寒武纪-U、立讯精密、贵州茅台、东山精密。 编辑丨张星 公募主动权益基金第一大重仓股有了"新面孔"。 机构最新统计数据显示，截至2025年4季度末， 中际旭创代替宁德时代成为主动权益基金（包 括主动股票基金、偏股混合基金、灵活配置基金）第一大重仓股。 截至1月23日收盘，中际旭创 股价 报585 元，总市值6500亿元。 同时，主动权益基金第二大至第十大重仓股排序均较上一季度发生变化，如新易盛取代腾讯控 股成为基金第二大重仓股，紫金矿业从第八大重仓股晋级为第五大重仓股，寒武纪-U升为第七 大重仓股；而宁德时代、腾讯控股分别退为第三、第四大重仓股，中芯国际退出了前十大重仓 股队列。 另外，主动权益基金在行业配置层面也有调整。据机构统计，2025年4季度，主动权益基金增 配较多的行业包括有色金属、通信 ...

Core Viewpoint - The article discusses the ongoing debate surrounding 5G technology and the upcoming 6G, emphasizing the necessity of research and investment in 6G to maintain technological leadership and address industry needs [1][3][5]. Group 1: Importance of 6G Research - Researching 6G technology and establishing standards is essential as ICT technology is at the core of the fourth industrial revolution [3][4]. - Maintaining a leading position in 6G is crucial for the overall communication industry, as it relates to various wireless communication methods beyond just mobile networks [5][6]. Group 2: 5G Evaluation - It is premature to conclude the success of 5G, as its primary goal was to transition from consumer internet to industry internet, which requires more time for application development [7][8]. - The success of 6G is expected to be higher than that of 5G due to the lessons learned and the evolving industry landscape [8]. Group 3: Demand-Driven Development - The primary demand driving 6G development is expected to come from the AI wave, with AI applications requiring higher network performance [9][11]. - 6G will also address other communication scenarios, such as integrated communication across various domains [11]. Group 4: Evolution of Network Upgrades - The traditional ten-year upgrade cycle for mobile communication technology may change based on emerging demands, which could lead to more frequent or delayed upgrades [12][13]. - The current 5G infrastructure, with over 483.8 million base stations in China, highlights the need to maximize the value of existing investments before moving to 6G [13]. Group 5: Challenges Ahead for 6G - There are significant technical risks associated with achieving the ambitious goals of 6G, including limitations in frequency efficiency and the need for new technologies [16][18]. - The potential for standard fragmentation due to geopolitical tensions poses a risk to the unified development of 6G [20][21]. - The competition in the communication sector is expected to intensify, necessitating continuous innovation and investment to maintain a competitive edge [21][23].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The bond market sentiment has recovered as some negative factors eased. The regulatory adjustment of the margin ratio for margin trading cooled the equity market, leading to a decline in market risk appetite. In 2025, China's economic structural contradictions still need improvement. In the next stage, facing significant external uncertainties, the endogenous growth foundation of the economy needs further consolidation, and expanding domestic demand will become the policy focus. The central bank stated that there is still room for reserve requirement ratio cuts and interest rate cuts this year as internal and external constraints weaken. The issuance pace of interest rate bonds in January was stable, alleviating market concerns about the supply pressure of long - term bonds. It is expected that interest rates will fluctuate within a narrow range in the short term, and the market is still waiting for new incremental information for directional selection [102][103]. 3. Summary by Directory 3.1. Market Review - **Weekly Data**: The 30 - year TL2603 contract rose 1.03%, the 10 - year T2603 contract rose 0.12%, the 5 - year TF2603 contract rose 0.07%, and the 2 - year TS2603 contract rose 0.02%. The trading volume of TF, T, TS, and TL main contracts decreased. The open interest of the TS main contract decreased, while that of TF, T, and TL main contracts increased [12][27]. 3.2. News Review and Analysis - **Domestic News**: In 2025, China's GDP increased by 5.0% year - on - year, with a 4.5% increase in the fourth quarter. Fiscal and financial policies to boost domestic demand were introduced, including a 500 billion yuan private investment special guarantee plan and loan discount policies. The National Development and Reform Commission planned to implement measures to boost employment and income, and support the service industry. The first batch of 93.6 billion yuan of ultra - long - term special treasury bonds for equipment renewal was issued [33][34]. - **Overseas News**: The US economy showed strong data, with the Q3 2025 GDP final value growing at an annualized rate of 4.4% quarter - on - quarter. The core PCE price index in November increased by 2.8% year - on - year. The situation in Greenland eased, and the US president reached a "framework agreement" with NATO on the Greenland issue [35][102]. 3.3. Chart Analysis - **Spread Changes**: The yield spreads between 10 - year and 5 - year, and 10 - year and 1 - year bonds narrowed. The spreads between 2 - year and 5 - year, and 5 - year and 10 - year main contracts widened. The 10 - year contract's inter - period spread narrowed, the 30 - year contract's inter - period spread widened, the 5 - year contract's inter - period spread narrowed, and the 2 - year contract's inter - period spread fluctuated [41][50][54]. - **Main Contract Position Changes**: The net short positions of the top 20 holders of the T main contract increased significantly [68]. - **Interest Rate Changes**: Overnight, 2 - week, and 1 - week Shibor rates increased, while the 1 - month Shibor rate decreased. The DR007 weighted average rate rebounded to around 1.49%. The yields of treasury bonds decreased across the board, with the 1.7 - year yield decreasing by 1 - 4.3bp, and the 10 - year and 30 - year yields decreasing by 1.1bp and 4.85bp to 1.83% and 2.26% respectively. The yield spreads between US and Chinese 10 - year and 30 - year treasury bonds widened [72][78]. - **Bond Issuance and Maturity**: This week, the total bond issuance was 1.569038 trillion yuan, the total repayment was 1.019335 trillion yuan, and the net financing was 549.703 billion yuan [85]. - **Market Sentiment**: The central parity rate of the RMB against the US dollar was 6.9929, up 149 basis points this week. The spread between the offshore and onshore RMB exchange rates narrowed. The 10 - year US treasury bond yield increased, the VIX index rose sharply and then fell. The 10 - year treasury bond yield in China decreased, and the A - share risk premium remained the same as last week [91][94][99]. 3.4. Market Outlook and Strategies - **Domestic**: In 2025, China's economy maintained a stable and progressive growth trend, but there were significant internal structural differences. The growth momentum mainly relied on strong exports and stable production, while domestic demand recovery was more policy - driven, and the self - growth momentum of investment and consumption was insufficient [102]. - **Overseas**: The US economic data was strong, and the consumer resilience supported economic expansion. The situation in Greenland improved [102]. - **Outlook**: With the easing of some negative factors, the bond market sentiment has recovered. It is expected that interest rates will fluctuate within a narrow range in the short term, and the market is waiting for new information for directional selection [103].

Group 1 - The core achievements in communication technology include a 42% global share of standard essential patent declarations in 5G, showcasing China's leadership in 5G technology development and standard-setting [1] - In the 6G domain, China has completed the first phase of technical testing, accumulating over 300 key technology reserves, and has officially launched the second phase of 6G technical testing [1] - The Ministry of Industry and Information Technology (MIIT) aims to convert technological advantages into practical services, focusing on enhancing the quality of life for citizens through technology [1] Group 2 - The MIIT plans to deepen the upgrade of digital services for the elderly and disabled, promoting better digital products and services to enhance their experience with smart technology [2] - The initiative to expand the coverage of "second number renewal" aims to simplify the process for users when changing phone numbers, ensuring personal information security while improving service convenience [2] - The MIIT acknowledges concerns about AI and robotics potentially displacing jobs, emphasizing the need to enhance workers' AI literacy and cultivate talent that understands both AI and manufacturing [2][3] Group 3 - Historical patterns indicate that major technological revolutions, such as the Industrial Revolution and the Information Technology Revolution, have ultimately led to productivity improvements and job creation despite initial employment concerns [3] - The MIIT will focus on emerging and future industries during the 14th Five-Year Plan, implementing strategic technology projects and supporting the establishment of future industry pilot zones [3]

Group 1 - The consumer-grade 3D printing industry is on the verge of explosive growth, with a market size of hundreds of billions and a 90% share of domestic production, indicating potential investment opportunities in related companies [1] - Copper replacement technology is expected to exceed a 40% penetration rate by 2027, with silver paste and copper slurry materials projected to generate a profit margin of 730 million, highlighting investment opportunities in the photovoltaic cost reduction sector [1] - The 6G technology trials have entered the second phase, with a trillion-level commercial market countdown, suggesting significant future investment potential [1] - China's commercial space industry is entering a rapid development phase, with core segments of the industry chain poised to benefit first, indicating a favorable investment landscape [1]