人民财讯1月7日电，1月5日至6日，国务院国资委党委书记、主任张玉卓赴四川深入有关中央企业科 研、生产一线调研，张玉卓强调，今年是"十五五"开局之年，中央企业要抢抓机遇、锐意创新，积极为 经济稳中向好注入强劲动能。要切实狠抓提质增效，深化精益管理，以有效投资积蓄发展潜力，靠前谋 划实施一批重大项目和标志性工程，持续增强价值创造能力；加快推动产业升级，统筹推进传统产业巩 固提升和新兴动能培育壮大，推动传统产业智能化绿色化融合化转型，大力发展战略性新兴产业与未来 产业，开辟增长的"第二曲线"；持续加强科技创新，瞄准重点领域关键环节，加大研发投入，优化创新 生态，培育拓展应用场景；着力深化改革攻坚，进一步完善公司治理结构，探索更加符合行业和企业特 点的管理运营体系，更好激发各级企业各类人才的积极性主动性创造性。 ...

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - The short - term view of IH2603 is "shock", the medium - term view is "shock", the intraday view is "bullish", and the overall view is "bullish with shocks". The core logic is that the expectations of policy benefits and the trend of net capital inflows remain unchanged [1]. - For the IF, IH, IC, and IM varieties, the intraday view is "bullish", the medium - term view is "shock", and the reference view is "bullish with shocks". The short - term stock index is expected to run bullishly with shocks. The main reasons are the continuous increase in market liquidity and policy benefit expectations after the holiday, and the strong willingness of leveraged funds to enter the market [5]. 3. Summary by Relevant Catalogs 3.1 Variety Viewpoint Reference - Financial Futures Stock Index Sector - **IH2603**: - Short - term: Shock [1] - Medium - term: Shock [1] - Intraday: Bullish [1] - Viewpoint reference: Bullish with shocks [1] - Core logic: Expectations of policy benefits and the trend of net capital inflows remain unchanged [1] 3.2 Main Variety Price Market Driving Logic - Financial Futures Stock Index Sector - **Varieties**: IF, IH, IC, IM [5] - **Intraday view**: Bullish [5] - **Medium - term view**: Shock [5] - **Reference view**: Bullish with shocks [5] - **Core logic**: The stock market has risen sharply and continuously after the holiday. The trading volume in the Shanghai, Shenzhen and Beijing stock markets reached 2832.2 billion yuan, an increase of 265 billion yuan from the previous day. The reasons are the return of market liquidity and the continuous increase in policy benefit expectations. The policy emphasizes the construction of a modern industrial system, and related industrial chain stocks have risen significantly. The margin trading balance has exceeded 2.5 trillion yuan, and the margin trading purchase amount is close to 300 billion yuan, indicating strong willingness of leveraged funds to enter the market and optimistic market sentiment. In the long - run, policy benefits and net capital inflows are the main drivers for the upward movement of the stock index. With the implementation of policy benefits in 2026 and continuous net capital inflows, the risk appetite of the stock market will continue to rise [5]

Core Insights - The article discusses the recent launch of various government-guided funds aimed at supporting early-stage and innovative companies, particularly in strategic emerging industries and hard technology sectors [7][8][9]. Government-Backed Funds - The National Venture Capital Guidance Fund was officially launched on December 26, with a fiscal contribution of 100 billion yuan, aiming to attract social capital to form a total fund size of 1 trillion yuan [7]. - The fund will focus 70% of its investments on seed and early-stage companies, with individual investments capped at 50 million yuan and a long-term duration of 20 years [7]. - The Guangdong-Hong Kong-Macao Greater Bay Area Fund has been established in Shenzhen with a target size of 50.45 billion yuan, emphasizing early and small investments in strategic emerging industries [8]. - The Sichuan Social Security Science and Technology Fund has signed agreements for an initial scale of 20 billion yuan, focusing on key technology breakthroughs and industrialization [9]. - The Hubei Social Security Science and Technology Fund has also been established with an initial scale of 20 billion yuan, targeting industries such as optoelectronics and automotive manufacturing [9]. Market-Driven Funds - The Oriental Jiafu National SME Development Sub-Fund has completed its first closing at 1.6 billion yuan, with a target total size of 2 billion yuan, focusing on advanced manufacturing and life sciences [16]. - Shengshi Investment has successfully established the first S Fund restructuring fund in China, exceeding 600 million yuan, aimed at providing innovative solutions for S Fund exits [17]. - The Deep Industry Group has set up a 500 million yuan biopharmaceutical industry fund, focusing on strategic emerging industries [17]. Specific Fund Initiatives - The Jiangsu Changdian Technology Co., Ltd. has invested 403.8 million yuan in a private fund with a total size of 1.346 billion yuan, focusing on semiconductor manufacturing [20]. - The Guangdong Wenkai Green Technology Co., Ltd. is participating in a 500 million yuan fund that targets new energy and new materials [21]. - The Ningbo Chip Innovation Fund has been established with a total size of 1 billion yuan, focusing on semiconductor and intelligent manufacturing sectors [18].

Group 1 - The year marks the beginning of the "14th Five-Year Plan," emphasizing the need for high-quality development and the importance of seizing new opportunities [1] - Industrial operating systems are identified as the core support for intelligent manufacturing, with a focus on enhancing independent innovation capabilities and achieving breakthroughs in key technologies [1] - The intelligent product and solution showcase at the AI Ecological Street in Nanjing highlights the need for a robust innovation ecosystem and the promotion of AI across various industries [1] Group 2 - The company, Zhongke Chuangda Software Technology Co., is recognized for its achievements in smart operating system development and is encouraged to focus on intelligent, green, and integrated directions [2] - There is a strong emphasis on the urgency of integrating technological and industrial innovation, with a call to implement the "Artificial Intelligence+" initiative to foster emerging pillar industries [2] - Nanjing is urged to take a proactive role in cultivating leading technology enterprises and advantageous industrial clusters to contribute to the development of new productive forces [2]

Core Insights - The "15th Five-Year Plan" emphasizes the cultivation and expansion of emerging and future industries, aiming to create new pillar industries and strategically position future industries for growth [1] Group 1: Emerging Industries - During the "14th Five-Year Plan," China's emerging industries accelerated development, forming significant scale effects with several trillion-yuan market opportunities emerging by 2025 [2] - The commercial aerospace industry is on the verge of explosion, with advancements such as the successful launch of the Zhuque-3 rocket and accelerated deployment of satellite internet constellations [2] - The low-altitude economy is entering a commercial phase, marked by the issuance of operational certificates for manned civil unmanned aerial vehicles and the promotion of typical application scenarios by the Ministry of Transport [2] - New materials are crucial for breakthroughs in aerospace performance, with innovations in high-strength stainless steel and carbon fiber composites being utilized in key projects [2] Group 2: Energy Transition - China's energy transition has accelerated, establishing the world's largest power infrastructure and renewable energy systems, with plans to increase the share of renewable energy significantly by 2026 [3] - The "15th Five-Year Plan" aims to enhance emerging pillar industries, focusing on innovation in sectors like renewable energy, new materials, aerospace, and low-altitude economy [3] Group 3: Future Industries - Rapid advancements in future industries such as artificial intelligence, quantum information, and biomanufacturing have been noted, with significant breakthroughs achieved during the "14th Five-Year Plan" [4] - The development of 6G technology is prioritized, with expectations for commercial applications to begin around 2030, indicating a deep integration with AI [4][5] - Future industries are characterized by their potential to create new demands and economic forms, with quantum technology and nuclear fusion energy expected to play pivotal roles [6] Group 4: Market Opportunities and Challenges - Emerging industries are entering a rapid growth phase, with key scenarios being validated and replicable business models established, while future industries are still in the exploratory phase [7] - The uncertainty in future industries stems from both technological and commercial aspects, requiring significant R&D investment and policy support [8] - The collaboration between emerging and future industries is essential for driving new economic engines, with a focus on innovation and long-term value creation [9]

Core Viewpoint - The Guizhou government has issued a five-year action plan aimed at achieving an urbanization rate of approximately 83% in Guiyang and Gui'an, targeting a resident population of around 7.5 million to establish a megacity [1] Group 1: Urbanization and Population Integration - The plan emphasizes the integration of agricultural migrants into urban areas, ensuring access to basic public services, employment support, and education for their children [1] - It aims to protect the land rights and property rights of farmers moving to cities, while also exploring market mechanisms for the exit of rural property rights [1] Group 2: County-Level Urbanization - The action plan focuses on promoting new urbanization centered around county-level development, with a goal for the economic output of the "one city and three counties" to stabilize at around 20% of the city's total [2] - It includes initiatives for industrial development, talent training, and the establishment of innovation platforms, with plans for 56,000 vocational training sessions over five years [2] Group 3: Urban Spatial Structure - The plan outlines a spatial structure for the Guiyang metropolitan area, featuring a core area and multiple centers, each with specific functional focuses such as technology, logistics, and finance [3] - It aims to enhance intercity commuting efficiency and develop a one-hour commuting circle around Guiyang [3] Group 4: Urban Renewal and Resilience - The action plan includes measures for urban renewal, safety enhancements, and the construction of 1,800 kilometers of underground pipelines over five years [4] - It targets a gas pipeline coverage rate of over 88.5% and aims to increase green coverage in urban areas to over 40% [4] - The plan also emphasizes the development of smart city infrastructure, including the construction of 37,000 new 5G base stations [4]

Core Insights - During the "14th Five-Year Plan" period, China has made significant strides towards high-level technological self-reliance, with emerging and future industries showing robust vitality and growth potential [1][3] Emerging Industry Development - The emerging industries in China have rapidly developed and formed scale effects, with multiple trillion-yuan markets accelerating formation [2] - By 2025, China's commercial aerospace industry is on the brink of explosion, with significant advancements in reusable launch vehicles and satellite internet applications [2] - The low-altitude economy is also gaining traction, with the issuance of operational certificates for manned civil unmanned aerial vehicles marking the entry into commercial use [2] New Energy Industry - China has established the world's largest power infrastructure and renewable energy system, creating the most complete new energy industry chain globally [3] - The "15th Five-Year Plan" emphasizes the development of emerging pillar industries, including new energy, new materials, aerospace, and low-altitude economy [3] Future Industry Breakthroughs - Significant progress has been made in future industries such as artificial intelligence, quantum information, and biomanufacturing, with key breakthroughs achieved [4] - The integration of 6G and AI is becoming a consensus in the industry, with clear development directions emerging [4] - The biomanufacturing industry has expanded steadily, reaching a total scale of 1.1 trillion yuan, becoming a new economic growth point [4] Dual-Engine Development - Emerging and future industries, while both part of the "long slope, thick snow" track, have different development stages, leading to varying market opportunity release rhythms [6] - Emerging industries are entering a rapid growth phase, with vertical segments expected to explode in the next 3 to 4 years, while future industries will focus on technology and application exploration in the early stages of the "15th Five-Year Plan" [6] Investment and Market Dynamics - The future industries face challenges related to technological and commercial uncertainties, with unclear business models and long investment return cycles [7] - The "15th Five-Year Plan" period is seen as a critical window for future industries, with policy support and technological breakthroughs expected to drive development [7] - Investors are advised to focus on companies' core technology reserves and their progress in validating business value through application scenarios [8]

1. Report Industry Investment Rating - No information provided in the report. 2. Core Viewpoints - On January 6, 2026, all stock indices rose significantly. The trading volume of the Shanghai, Shenzhen, and Beijing stock markets reached 2.8322 trillion yuan, an increase of 265 billion yuan from the previous day. The continuous increase in trading volume after the holiday is mainly due to the return of market liquidity and the rising expectation of policy benefits. The policy emphasizes the construction of a modern industrial system, which drives the significant rise of related industrial chain stocks. The margin trading balance and margin trading amount have both increased, indicating strong willingness of leveraged funds to enter the market and optimistic market sentiment. In the medium to long term, the expectation of policy benefits and the trend of net capital inflow are the main drivers for the upward movement of stock indices. With the implementation of policy benefits in 2026 and continuous net capital inflow, the risk appetite of the stock market will continue to rise. It is expected that the stock indices will fluctuate strongly in the short term. For options, since the current position PCR and implied volatility are within the normal range, a bull spread or ratio spread strategy with a mild bullish view can be adopted [3]. 3. Summary by Relevant Catalogs 3.1 Option Indicators - On January 6, 2026, the 50ETF rose 1.92% to close at 3.235; the 300ETF (Shanghai Stock Exchange) rose 1.55% to close at 4.919; the 300ETF (Shenzhen Stock Exchange) rose 1.52% to close at 4.996; the CSI 300 Index rose 1.55% to close at 4790.69; the CSI 1000 Index rose 1.43% to close at 7864.90; the 500ETF (Shanghai Stock Exchange) rose 2.17% to close at 7.961; the 500ETF (Shenzhen Stock Exchange) rose 2.15% to close at 3.141; the ChiNext ETF rose 0.67% to close at 3.303; the Shenzhen 100ETF rose 1.08% to close at 3.553; the SSE 50 Index rose 1.90% to close at 3158.76; the STAR 50ETF rose 1.76% to close at 1.51; and the E Fund STAR 50ETF rose 1.89% to close at 1.46 [5]. - The trading volume PCR and position PCR of various options on January 6, 2026, and their changes compared with the previous trading day were provided, such as the trading volume PCR of SSE 50ETF options was 58.87 (previous day: 91.01), and the position PCR was 107.49 (previous day: 109.04) [6]. - The implied volatility of at - the - money options in January 2026 and the 30 - trading - day historical volatility of the underlying assets for various options were provided, such as the implied volatility of at - the - money SSE 50ETF options in January 2026 was 13.26%, and the 30 - trading - day historical volatility of the underlying asset was 11.68% [7]. 3.2 Related Charts - **SSE 50ETF Options**: Included charts of the SSE 50ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and implied volatility of at - the - money options for each term [9][11][13][17]. - **SSE 300ETF Options**: Included charts of the SSE 300ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and implied volatility of at - the - money options for each term [22][24][26][32]. - **SZSE 300ETF Options**: Included charts of the SZSE 300ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and implied volatility of at - the - money options for each term [35][37][39][41][45]. - **CSI 300 Index Options**: Included charts of the CSI 300 index trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and implied volatility of at - the - money options for each term [48][50][52][54][58]. - **CSI 1000 Index Options**: Included charts of the CSI 1000 index trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and implied volatility of at - the - money options for each term [61][64][66][68][72]. - **SSE 500ETF Options**: Included charts of the SSE 500ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and implied volatility of at - the - money options for each term [75][77][79][83]. - **SZSE 500ETF Options**: Included charts of the SZSE 500ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and implied volatility of at - the - money options for each term [88][90][92][97]. - **ChiNext ETF Options**: Included charts of the ChiNext ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and implied volatility of at - the - money options for each term [101][103][105][111]. - **Shenzhen 100ETF Options**: Included charts of the Shenzhen 100ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and implied volatility of at - the - money options for each term [114][116][118][124]. - **SSE 50 Index Options**: Included charts of the SSE 50 index trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and implied volatility of at - the - money options for each term [127][129][131][137]. - **STAR 50ETF Options**: Included charts of the STAR 50ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and implied volatility of at - the - money options for each term [140][142][144][148]. - **E Fund STAR 50ETF Options**: Included charts of the E Fund STAR 50ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and implied volatility of at - the - money options for each term [151][153][154].

1月5日上午，山东省新动能未来产业基金签约发布仪式在金家岭金融区举行。市委常委、副市长 耿涛出席并致辞。 来源：青岛日报 | 每日｜荐读 | | --- | | 热文： 谁押中了沐曦股份？ | | 荐读： 2025募资市场年度观察：一年聊过239家LP的真实感受 | | 荐读： 2025年IPO退出盘点：哪些GP赚钱了？ | | 热文： 投资人"忙疯了" | 据悉， 山东省新动能未来产业基金 首期规模30亿元，将重点投向未来智造、未来信息、未来材 料、未来能源、未来空间和未来健康六大前沿领域，支持青岛市、山东省加快打造特色鲜明、优势 突出的未来产业集群。 ...

Group 1 - The Beijing Municipal Science and Technology Commission and the Zhongguancun Science Park Management Committee announced a notification for collecting projects for the 2026 New Third Board listing subsidy support fund, aimed at providing financial support for enterprises to enhance R&D investment and promote innovation compliance development [1] - Eligible enterprises must be registered as national high-tech enterprises or Zhongguancun high-tech enterprises within the Zhongguancun National Independent Innovation Demonstration Zone, with similar conditions applicable to high-tech enterprises registered in other areas of Beijing [1] - Supported industries include advanced and future industries such as new generation information technology, integrated circuits, healthcare, smart equipment, energy conservation and environmental protection, new energy vehicles, new materials, artificial intelligence, software and information services, and technology services [1] Group 2 - The subsidy will be provided in a post-subsidy manner, with a maximum of 500,000 yuan for enterprises approved for listing in the basic tier, 500,000 yuan for those transitioning to the innovation tier, and 1,000,000 yuan for those directly entering the innovation tier [2] - The application process will be conducted online, with the submission period from January 5, 2026, to January 16, 2026, by 17:00 [3]