每经AI快讯，中国银河（601881）证券指出，短期来看，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：(1)主线一：全球百年 未遇之大变局加速演进，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。(2)主线二：反内卷政策温和推进，供需结构 优化叠加价格回升预期带动下，制造业、资源板块盈利修复路径清晰。(3)辅助线一：扩大内需政策导 向下消费板块迎来布局窗口。(4)辅助线二：出海趋势将带动企业盈利空间进一步打开。 ...

人民财讯12月15日电，中信建投研报称，量子科技作为国家重点布局的未来产业，近期催化不断，如国 仪量子技术（合肥）股份有限公司科创板IPO申请已获得受理，国家标准《无液氦稀释制冷机》正式发 布，建议持续关注量子科技产业链，尤其是量子计算整机、稀释制冷机、低温同轴线缆等环节。 转自：证券时报 ...

Investment Rating - The report maintains an investment rating of "Outperform the Market - A" [5] Core Insights - The commercial aerospace and satellite internet industries are accelerating due to a resonance of technology and policy, marking a significant turning point for satellite internet as a crucial component of integrated space-ground networking infrastructure [1][12] - The satellite internet technology is characterized by its wide coverage, low latency for intercontinental communication, and low ground construction costs, addressing connectivity needs in remote areas and emergency scenarios [1][12] - The demand for space computing is emerging, driven by the exponential growth of AI model requirements, with major tech companies focusing on deploying data centers in space [2][13] Summary by Sections Industry Investment Rating - The report rates the industry as "Outperform the Market - A," indicating a projected investment return that exceeds the performance of the CSI 300 index by 10% or more over the next six months [5][27] Industry Performance - The report notes that the computer sector has underperformed relative to the CSI 300 index, with a 1-month relative return of -1.9% and a 3-month relative return of -7.6% [7][15] Key Industry Developments - The establishment of a dedicated regulatory body for commercial aerospace by the National Space Administration of China signifies a commitment to high-quality development in the sector [1][12] - SpaceX's Starlink project aims to deploy a constellation of approximately 42,000 satellites, enhancing military communication and reconnaissance capabilities [2][13] - The report highlights the increasing urgency for technological iteration and industrial acceleration in satellite internet and reusable rocket development in China [2][13] Beneficiaries and Recommendations - Companies involved in satellite control, space asset management, and testing services are expected to benefit from the growth in satellite numbers, with specific recommendations for firms like Xingtu Control and Shengbang Security [3][14] - The report suggests monitoring satellite payload and integrated service companies, including Zhongke Xingtou and Shanghai Hantong, as potential investment opportunities [3][14]

Quantum Technology - The report highlights the release of the world's first 3D-extended architecture 10,000-qubit quantum processor VIO-40K by QuantWare, which aims to overcome the scaling bottleneck of quantum processors and is compatible with NVIDIA's NVQLink platform [3][7][8] - The 2025 Zhongguancun Quantum Conference announced 16 quantum technology achievements and a 500 million yuan investment fund to support quantum entrepreneurship, showcasing advancements in quantum computing and applications in energy [3][13][14] Biomanufacturing - Levinthal Biotech completed a multi-million Pre-A round financing to accelerate the development of its AI-driven full-atom model protein design platform Pallatom, which addresses the design challenges of cyclic peptides [3][15][16] - Aopu Mai's acquisition of 100% of Pengli Biotechnology was approved, enhancing its capabilities in cell culture media and CDMO services, thereby expanding its market position [3][20][21] - Baiaosaitu has established a dual-platform listing strategy with its recent listing on the STAR Market, focusing on innovative drug development driven by gene editing technology [3][23][24] Hydrogen Energy and Nuclear Fusion - The report notes the deepening international cooperation in nuclear fusion, with a Chinese expert set to chair the ITPA Coordination Committee from 2026 to 2028, and the signing of a contract for the mass production of the ITER first wall [3][28][29] - Snowman Group's metal plate fuel cell stack project has passed final acceptance, marking a significant step in the commercialization of hydrogen energy technology [3][30][31] Brain-Computer Interface - Neuralink has demonstrated a significant efficiency breakthrough with its new surgical robot, reducing the electrode implantation time from 17 seconds to 1.5 seconds, showcasing advancements in surgical precision and safety [3][34][46] - The report emphasizes the competitive landscape, with the U.S. leading in invasive technologies while China excels in non-invasive applications, highlighting the ongoing developments in both sectors [3][48][49] Embodied Intelligence - Beijing Humanoid Robotics has launched the first fully autonomous humanoid robot tour guide solution, integrating IoT capabilities for various applications in exhibition halls and shopping malls [3][50][51] - The Shanghai humanoid robot pilot alliance was established to enhance the supply chain for humanoid robots, indicating a collaborative effort to scale the industry [3][53][54] - Yushu Technology has introduced a humanoid robot App Store, allowing users to upload and share action models, further promoting the commercialization of humanoid robotics [3][55]

对于后市，我们比市场共识更乐观：部分投资者以政策表述从"超常规"到"跨周期"解读政策不积极，但 这存在谬误，2025年超常规是相较于2024年尾部风险暴露而言。面向2026年，中央经济工作会议明 确"巩固拓展经济稳中向好势头"，并要求财政政策"更加积极"与"内需主导"，首次提出"推动投资止跌 回稳"，并时隔十年重提房地产"去库存"；中财办副主任韩文秀表示将根据形势变化出台实施增量政 策，继续实施"国补"与靠前实施"十五五"重点项目，隐含了实现"十五五"良好开局的开门红重要性。考 虑近期经济活动转淡与房地产销售面积下滑加快，政策预期有望上修。在人民币稳定的前提下，2026年 初中国央行降息预期有望提高。在交易层面，保收益降仓位已经步入尾声，岁末年初的再配置与机构资 金回流有望改善市场流动性和活跃成交，跨年攻势已经开始。 考虑到前期股指的大幅调整、总量政策加码与增量入市环境，当下是布局春季行情的重要窗口。春节前 具备产业趋势的大盘成长有望占优，受益险资"开门红"配置的大盘价值也有望反弹。看好科技/券商保 险/消费。 中信建投：跨年有望迎来新一波行情 从9月初至12月初，AH两地市场经历了较长时间的调整，投资者情绪 ...

Market Overview - The A-share market experienced fluctuations this week, with the technology growth sector performing notably well, as the ChiNext Index rose nearly 3% over the week [1] - Market analysts expect the structural characteristics of market fluctuations to continue as the year-end approaches, with a rapid rotation of market trends [1] Monetary Policy - The People's Bank of China emphasized the importance of using various monetary policy tools, such as reserve requirement ratio cuts and interest rate reductions, to promote stable economic growth and reasonable price recovery [2] - The central bank aims to maintain ample liquidity and support the real economy through financial measures [2] Investment Promotion - The National Development and Reform Commission highlighted the need for multiple measures to stabilize investment and boost consumption, focusing on the implementation of the 14th Five-Year Plan and comprehensive reforms [3] Index Adjustments - Significant adjustments to Shenzhen Stock Exchange indices will take effect on December 15, including the addition of companies like Demingli and Woer Nuclear Materials to the Shenzhen Component Index [4] - These adjustments aim to enhance the representation of emerging industries within the indices [4] Investment Outlook - China Galaxy suggests focusing on policy dividends and economic trends for next year, identifying key areas such as artificial intelligence, new energy, and manufacturing recovery as potential investment opportunities [5] - Open Source Securities notes that opportunities in some oversold growth sectors, such as military and AI applications, have begun to emerge [6] - Dongwu Securities indicates that the window for spring market positioning has opened, recommending attention to technology trends and high-growth sectors [7] Year-End Market Sentiment - Yields are expected to stabilize and consolidate towards the end of the year, with limited overall opportunities in the index space [8] - Financial and consumer sectors, along with engineering machinery and internet consumption in Hong Kong, are highlighted as areas of interest [9] Long-Term Investment Strategies - Fortune Fund emphasizes the importance of technology and cyclical recovery opportunities, focusing on sectors like AI and engineering machinery for future investments [10] - Caitong Fund notes that the current environment of global liquidity easing provides a foundation for market valuation recovery, with a focus on high-growth sectors and innovative consumption [11]

本周，A股三大指数震荡，科技成长板块表现突出，创业板指全周上涨近3%。 展望后市行情，业内机构认为，临近年底，市场震荡的结构特征或将延续，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；短期和长期来看，科技占优的条件依然未变，部分超跌成长行 业的机会已经有所显现。 影响后市投资大事件 央行：灵活高效运用降准降息等多种货币政策工具 深市指数样本重要调整，下周一生效 12月15日起，深证成指、创业板指、深证100、创业板50等深市指数样本调整将生效。其中，深证成指 调入德明利、沃尔核材、拓维信息等，创业板指调入双林股份、常山药业、富临精工等，深证100指数 调入藏格矿业、国货航、东山精密等，创业板50指数调入常山药业、菲利华、协创数据等。本次调整进 一步强化了指数对新兴产业的表征性，实现"质效焕新"。 机构后市投资观点 中国银河：重点关注明年政策红利与景气方向机会 短期来看，临近年底，市场震荡结构特征或将延续，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，看好四个方向：一是人工智能、具身智能、新能源、可控核聚变、量子科技、航空航 天等政策提及重点领域；二是"反内卷"政策温和推进，制造 ...

【导读】年末发行冲刺，权益类基金成"主力军" 临近年底，新基金发行掀起小高潮，有超120只基金正在或即将发行。权益类基金成为发行"主力军"， 占比超过六成；指数基金成为很多基金公司重点布局方向；"固收+"基金、FOF也占较大比例。与此同 时，基金公司继续上报新品，12月以来有120只新基金上报。 多位业内人士表示，基金公司在年底前密集推出新基金，意在把握当前市场机会，同时布局2026年投资 窗口。在政策引导下，基金发行的重心也将从规模扩张转向注重持有体验与长期业绩。 正在或即将发行 为明年"春播"做准备 在积极发行新基金的同时，基金公司也在密集上报新品，为明年"春播"做准备。12月以来，已有120只 新产品上报，其中，指数型产品占比过半，不仅有中证500指数、创业板50指数、沪深300指数等指数基 金或指数增强基金，也有有色金属、石油天然气、新能源等主题ETF。主动权益基金已经上报逾40只， 其中，"科技+成长"成为最受重视的方向，不少上报的产品名称中带有"科技先锋""先进制造""睿选成 长""成长领航"字眼。此外，还有十多只FOF于近期上报。 展望2026年，汇成基金研究中心表示，新基金发行预计将延续万亿元 ...

中国基金报记者 曹雯璟 临近年底，新基金发行掀起小高潮，有超120只基金正在或即将发行。权益类基金成为发行"主力军"，占比超过六成；指数基金成为很多基 金公司重点布局方向；"固收+"基金、FOF也占较大比例。与此同时，基金公司继续上报新品，12月以来有120只新基金上报。 多位业内人士表示，基金公司在年底前密集推出新基金，意在把握当前市场机会，同时布局2026年投资窗口。在政策引导下，基金发行的 重心也将从规模扩张转向注重持有体验与长期业绩。 超120只基金 正在或即将发行 Wind数据显示，截至12月12日，目前正在发行的基金达90只，此外，还有31只基金等待发行。 权益类基金成为发行"主力军"，占比超六成。其中，指数型基金占"大头"，既有上证50指数、中证800指数、创业板指数等宽基ETF，也 有卫星产业、航空、芯片等高景气细分赛道产品。不少主动权益类基金由知名基金经理管理，比如路博迈港股通科技拟由魏晓雪管理、平 安产业竞争力混合基金拟由林清源管理、广发质量优选股票基金将由杨冬管理。此外，今年颇受市场青睐的"固收+"基金和FOF也在新基金 占较大比例，"多资产""稳健""多元"等成为产品宣传卖点。 汇成基 ...

2026未来产业新材料博览会 中国未来产业崛起引领全球新材料创新发展 2026年6月10-12日 上海新国际博览中心 新材料是未来高新技术产业发展的基石和先导，新材料的突破将加速未来产业变革! 2026未来产业新材料博览会（上海） (Future Industries New Materials Expo 2026，简称" FINE 2026 ")，由 「 DT新材料 」 主办的 第十届国际碳材料产业博览 会 (Carbontech 2026)、 第七届热管理产业博览会 (iTherM 2026)和 新材料科技创新博览会 (AMTE 2026)三大展重磅升级而来，旨在打造一个以未来产业终端为 引领、立足国际视野的新材料领域标盛会。 FINE 2026 ， 以 50,000平 展区 与 超过 300场 战 略与前沿科技报告，全景呈现应用于人工智能、智算/数据中心、具身智能、低空经济、航空航天、智能汽车、 AI消费电子、量子科技、6G、脑机接口、新能源、生物制造等产业的热门创新成果， 并重点聚焦 未来产业五大共性需求（先进半导体、先进电池、轻量化、 低碳可持续、热管理） ， 呈现从终端、部件、材料、技术装备到前沿 ...