Core Insights - The "14th Five-Year Plan" emphasizes the strategic development of six future industries, including quantum technology, biomanufacturing, hydrogen energy, and nuclear fusion energy, with a focus on transitioning from laboratory research to real-world applications [1][3] Group 1: Industry Development - A compact fusion energy experimental device (BEST) has entered the assembly phase, aiming for commercial application of fusion energy during the "14th Five-Year Plan" [3] - Significant breakthroughs in core technologies have been achieved, with several quantum sensors developed and applied in precision equipment across various fields [5] - The "artificial ocean carbon cycle system" in Shenzhen has operated stably for over 500 hours in real seawater, achieving over 70% CO2 capture efficiency, converting seawater CO2 into green raw materials for plastic production [7] Group 2: Market Potential - The market for embodied intelligence is expected to exceed 5 billion yuan by 2025, while the brain-computer interface market is projected to surpass 3.8 billion yuan, and the biomanufacturing industry is anticipated to approach 1 trillion yuan in total scale [11] Group 3: Policy and Support - The government will continue to strengthen policy support, focusing on the core tracks of the six future industries, creating development clusters, and nurturing specialized and innovative enterprises to form new trillion-yuan industry tracks [12]

中国电子信息产业发展研究院（以下简称"赛迪研究院"）18日发布《2026年我国未来产业发展形势展 望》，预计2026年我国未来产业发展将迎来重要转折点，多赛道有望实现从技术突破到产业化落地的关 键跨越。 （文章来源：新华财经） 赛迪研究院未来产业研究中心副所长李艺铭表示，2026年，随着"十五五"规划开局，未来产业将加速构 建投入与风险分担机制，多赛道步入产业化关键阶段，科技创新和产业创新深度融合，场景大规模开放 应用有望加速打通技术到产业的路径。 报告指出，2026年我国未来产业发展将迎来重要转折点，多赛道有望实现从技术突破到产业化落地的关 键跨越。如，量子科技逐步从实验室走向特定场景应用，在金融风控、药物研发等领域开展试点示范； 生物制造技术路线持续成熟，在医药研发、农业育种等领域的应用深度不断拓展；可控核聚变进入工程 可行性验证关键阶段，商业化落地加速。这种多技术群协同突破、交叉融合的发展态势，将推动未来产 业从单点创新迈向系统突破，为经济高质量发展注入新动能。 2026年，场景大规模开放应用有望加速打通技术到产业的路径。国家将着力构建"技术突破－场景验证 －产业应用－体系升级"的闭环发展模式，分批次推 ...

今日午后，双创板块延续震荡整理态势，半导体、锂电池、电网设备等方向跌幅居前，截至14:07，科 创板50指数下跌1.1%，创业板指数下跌1.8%，创业板ETF（159915）盘中成交额超35亿元，净申购超 5.4亿份。 中国银河证券认为，临近年底，市场震荡结构的特征或将延续，行情轮动速度较快，重点关注明年政策 红利与景气方向的布局机会。配置机会上，全球百年未有之大变局加速演进，国内经济底层逻辑转向新 质生产力，人工智能、具身智能、新能源、可控核聚变、量子科技、航空航天等"十五五"重点领域值得 关注。 科创板50ETF（588080）、创业板ETF（159915）分别跟踪以上指数，且管理费率仅为0.15%/年，包括 这两只产品在内，易方达基金旗下双创板块相关ETF合计规模超过1800亿元，位居行业第一，为投资者 布局科技成长板块提供了便捷、多样的投资工具。 （文章来源：每日经济新闻） 科创板50指数由科创板中市值大、流动性好的50只股票组成，半导体行业占比超65%，聚焦"硬科技"龙 头企业；创业板指数则由创业板中市值大、流动性好的100只股票组成，AI硬件与新能源产业链权重约 60%，覆盖多家通信设备与锂电龙头 ...

每经AI快讯，有投资者在投资者互动平台提问：国家明确将在"十五五期间"大力支持"量子科技"的发 展，甚至将"量子科技"放在"可控核聚变"等科技领域的首位。请问贵司是否打算布局相关领域的热管 理？ 高澜股份（300499.SZ）12月18日在投资者互动平台表示，公司为国内工业热管理整体解决方案提供 商，产品主要应用于电力电子热管理、信息与通信热管理、储能热管理等领域，目前暂未涉及您所述领 域。公司将密切关注新领域的研究进展动态，持续探索公司产品的应用。 （记者 王瀚黎） ...

突击分红又巨额补流质疑存在过度融资 《新财闻》获悉，频准激光在2022年至2025年上半年实现的营业收入分别为8042.91万元、1.48亿元、 2.92亿元和1.80亿元，复合增长率达90.49%。而同期扣除非经常性损益后归属于母公司股东的净利润分 别为3088.55万元、5780.31万元、11,143.08万元和 6615.36 万元。 随着资本市场服务科技创新战略的深入推进，A股IPO审核节奏显著加快。据沪深北三大交易所最新数 据，仅12月上半月，已有12家企业通过上市委审议，创下2025年以来单月过会数量新高。 其中，科创板、创业板及北交所合计占比超83%，半导体、人工智能、高端制造等"硬科技"领域企业成 为本轮提速主力。同时，IPO审核不仅数量激增，速度亦大幅提升。以摩尔线程、沐曦股份等为代表的 一批半导体企业，从提交注册到获证监会批文平均仅用时14天，部分项目甚至压缩至3–5个工作日。 《新财闻》获悉，IPO加速背后是清晰的顶层设计。今年6月，科创板"1+6"改革落地，试点IPO预先审 阅机制、扩大第五套标准适用范围、设立科创成长层，制度包容性显著增强。然而，IPO审核的"加速 度"不等于门槛降 ...

Core Viewpoint - The article emphasizes the achievements and future plans of the Changsha Economic Development Zone, highlighting its growth in industrial strength, innovation, and support for entrepreneurs, particularly in the context of the upcoming "15th Five-Year Plan" [1][4]. Group 1: Achievements During the "14th Five-Year Plan" - The number of market entities in the park increased from 3,700 to 7,000, with total industrial output value expected to exceed 100 billion yuan, marking a significant growth from 67 billion yuan [2][3]. - The park's comprehensive strength improved, ranking 92nd in the national evaluation of economic development zones, a rise of 32 places [2]. - The park has fostered a strong industrial ecosystem, with nearly 90% of the total industrial output value coming from key industries, and over 400 high-tech enterprises established [2][3]. Group 2: Future Plans for the "15th Five-Year Plan" - The park aims to focus on high-quality development, targeting an annual industrial output growth of over 12% and establishing a modern industrial system [4][5]. - Plans include creating four key areas: Advanced Manufacturing Demonstration Zone, Technology Innovation Leading Zone, Reform and Opening Pioneer Zone, and a Model Area for Industry-City Integration [4][5][6]. Group 3: Support for Entrepreneurs - The park will provide comprehensive support for young entrepreneurs, including a 60,000 square meter innovation and entrepreneurship base, and a matrix of entrepreneurial support facilities [7][8]. - Financial support will be enhanced through various funding channels, including risk compensation funds and entrepreneurial loans [7][8]. - The park emphasizes collaboration with universities to foster innovation and entrepreneurship, aiming to attract young talent and create a vibrant entrepreneurial ecosystem [8][9].

Core Viewpoint - The article discusses the insights of Yin Yanlin, a member of the 14th National Committee of the Chinese People's Political Consultative Conference, regarding the "15th Five-Year Plan" and its implications for the development of China's industrial system [1][2] Group 1: Achievements and Challenges - During the "14th Five-Year Plan" period, China made significant achievements in industrial development, including the formation of a complete industrial system and steady progress in new productivity, while addressing some critical issues in the industrial chain [1] - However, there remains considerable room for improvement in technological innovation capabilities and the upgrading of industrial structures within China's industrial system [1] Group 2: Strategic Directions of the 15th Five-Year Plan - The "15th Five-Year Plan" is positioned as a critical period for achieving socialist modernization, with goals such as significant improvements in high-quality development and enhanced quality of life for the people [1] - The plan emphasizes the exploration of diverse technological routes, typical application scenarios, feasible business models, and market regulatory frameworks to promote new economic growth points in areas like quantum technology, biomanufacturing, hydrogen energy, nuclear fusion, brain-computer interfaces, embodied intelligence, and 6G mobile communication [1] Group 3: Focus on Traditional Industries - Yin Yanlin asserts that the focus of economic development should remain on the real economy, with traditional industries serving as the foundation of China's industrial system [2] - The transformation and upgrading of traditional industries through new technologies can create new productivity, highlighting the importance of maintaining this sector [2] Group 4: Future Development Principles - The future development of industries should adhere to the principle of combining effective markets with proactive government involvement, ensuring that market forces primarily guide industrial development and resource allocation while the government plays a role in creating a conducive environment [2]

来源：上海证券报·中国证券网 德同资本合伙人孙国祥 此外，孙国祥还提及德同资本积极关注并购与出海机遇，尤其在中东、东南亚等地积累资源，助力企业 实现高质量成长。 圆桌上，孙国祥还讨论了当前热门赛道出现的拥挤与泡沫现象。孙国祥坦言，赛道拥挤不可避免。但他 认为机会仍然存在，"因为相信，所以看见"，投资者不应因"泡沫"而退缩，而应"冷思考"，深入产业链 寻找尚未成熟、亟待突破的环节。 他以光模块行业为例分析，虽然部分公司股价涨幅显著，但国内企业与海外龙头在毛利率上仍存在明显 差距，主要原因之一就是前者尚未掌握高价值的核心器件，这也构成了未来的投资机会。 就人工智能投资方面，孙国祥表示，德同资本在人工智能领域布局较早，2023年即提出"All in AI"。 2025年以来，德同资已在大模型、算力基础设施、具身智能等细分方向落子，投资千诀科技、无问芯 上证报中国证券网讯（记者 王玉晴）12月16日，上证多层次资本市场高质量发展大会在江苏南通举 行。在题为"掘金'十五五'投资与并购机遇"的圆桌对话中，德同资本合伙人孙国祥围绕"十五五"投资布 局、赛道选择与泡沫应对等议题，分享了德同资本的前瞻策略与实践思考。 孙国祥介 ...

Core Viewpoint - The 2026 Future Industries New Materials Expo (FINE 2026) aims to lead global innovation in new materials, emphasizing their critical role in the transformation of high-tech industries in China and worldwide [2][3]. Group 1: Event Overview - FINE 2026 will take place from June 10-12, 2026, at the Shanghai New International Expo Center, featuring a 50,000 square meter exhibition area and over 300 strategic and cutting-edge technology reports [3][7]. - The expo will focus on five common demands in future industries: advanced semiconductors, advanced batteries, lightweight materials, low-carbon sustainability, and thermal management [6][9]. Group 2: Market Opportunities - China has established global influence in sectors such as new energy vehicles, photovoltaics, wind power, lithium batteries, and robotics, creating significant market opportunities for new materials [5]. - The government has identified key areas for breakthroughs in the 14th Five-Year Plan, including embodied intelligence, 6G, quantum technology, and hydrogen energy [5]. Group 3: Event Features - The expo will feature six specialized thematic exhibition areas, including advanced semiconductors, advanced batteries, lightweight materials, and thermal management technologies [9][12]. - FINE 2026 is expected to attract over 100,000 professional visitors and will include 30+ forums with 300+ renowned experts sharing insights on cutting-edge technology trends and investment strategies [7][22]. Group 4: Networking and Collaboration - The event will facilitate direct interactions between over 5,000 end-users and quality investment institutions, promoting face-to-face orders, collaborations, and investment discussions [6][36]. - DT New Materials has a decade of experience and a network of over 200,000 contacts, providing extensive resources for participants [6][50].

文/瑞财经 李姗姗 "去少有人走的路上闯一闯"。八年前，张磊带着他的同门师弟们走上了创业之路。 在上海频准激光科技股份有限公司（下称"频准激光"）里，汇聚了国内顶尖人才。带队创业的三人是中科院上海光机所的博士，公司核心团队里的另外两 人也是博士学历。 硬核的高管团队让频准激光获得了资本的青睐，联新资本、普华资本、国投创业、元和控股、毅达资本等知名投资机构和国有资本纷纷入局。 频准激光主要从事精准激光器的研发、生产与销售。不同于传统激光器，频准激光主要面向量子科技领域、半导体领域以及前沿科研领域推出产品。当 前，频准激光正冲刺上交所科创板上市。 站在下游市场的风口上，频准激光实现业绩的快速攀升，近三年营收规模翻了2.7倍，净利润亦在2024年突破1亿元，毛利率水平更是达到同行的两倍之 多。 01 多方资本涌入 高管屡次减持 频准激光的前身频准有限成立于2017年11月，公司初始注册资本100万元，由张磊、刘丽伟、姜华卫分别持股48%、48%及4%。在后来的股权变动中，刘 丽伟、姜华卫退出持股。 公司股权转让过程中，曾存在股权代持情况。2019年11月，由于潘伟巍在加拿大多伦多公派留学，不便回国办理工商变更程序， ...