Group 1: Macro and Strategy - The report highlights three major industry opportunities for the 2026 bull market: 1) The technology sector led by AI, with a shift from hardware to application expansion, focusing on humanoid robots and AI+ fields 2) The "double low" characteristics of real estate and liquor industries, indicating potential recovery as valuations and institutional holdings are at historical lows 3) Changes in supply-demand dynamics in resource products, supported by global factors, enhancing the value of resource allocations [8][10][11] Group 2: AI Industry - The AI industry is expected to transition from hardware to application, with significant growth in sectors such as governance, finance, manufacturing, education, and healthcare, driven by policy support and technological advancements [9] - The report emphasizes the importance of the AI application acceleration, particularly in edge computing and AI+ related fields, as well as the continued investment in the computing power supply chain [9] Group 3: Nuclear Fusion Industry - The nuclear fusion sector is identified as a key area for future energy systems, with its potential for near-infinite energy, high energy density, and minimal environmental impact, making it a strategic focus for development [12][13] - The report outlines the challenges of achieving controlled nuclear fusion, including the extreme conditions required for the reaction and the need for advanced materials and technologies [13][14] - Various approaches to achieving nuclear fusion are discussed, with magnetic confinement (Tokamak) being the most mature and commercially viable option [14] - The report forecasts significant market potential for nuclear fusion, estimating an investment scale of around 200 billion yuan during the 14th and 15th Five-Year Plans, with a total market space of 8-10 trillion yuan if fusion power plants replace 20% of China's total electricity generation [16] Group 4: Financial Strategies - The report suggests a strategic asset allocation of 35% in equities, 25% in bonds, 25% in commodities, and 15% in cash, indicating a recovery phase in the economic cycle [28] - It highlights the importance of emerging markets as a diversification strategy, particularly in the context of high valuations in developed markets [29] Group 5: REITs Market - The REITs market is showing signs of recovery, with significant inflows into commercial real estate REITs and a notable increase in the number of public offerings [21][22][25] - The report notes that data center, consumer, and energy REITs have performed well, indicating a positive trend in these sectors [24]

【重点推荐】 证券研究报告 | 2026年02月24日 | 晨会纪要 | | --- | | 数据日期:2026-02-13 | 上证综指 | 深证成指沪深 | 300 指数 | 中小板综指 | 创业板综指 | 科创 50 | | --- | --- | --- | --- | --- | --- | --- | | 收盘指数（点） | 4082.07 | 14100.18 | 4660.40 | 15387.66 | 4134.99 | 1470.33 | | 涨跌幅度（%） | -1.25 | -1.27 | -1.25 | -0.94 | -1.19 | -0.71 | | 成交金额（亿元） | 8468.08 | 11358.71 | 4528.78 | 3880.66 | 5421.16 | 615.92 | 宏观与策略 策略专题:策略专题研究-决胜 26 年牛市的三大行业机遇 行业与公司 公用环保行业专题:可控核聚变系列研究（一）-聚变启航，未来已来 【常规内容】 宏观与策略 宏观快评:1 月金融数据解读-居民信贷"破冰" 宏观快评:美国 1 月 CPI 点评-通胀回落，降息时点仍靠后 固定收益投 ...

这是 2025 年 1 月 15 日在安徽合肥拍摄的有 " 人造太阳 " 之称的全超导托卡马克核聚变实验装置 （ EAST ）。新华社记者 黄博涵 摄 2025 年 11 月 3 日拍摄的 " 夸父 " 园区的夸父雕像。新华社记者 陈诺 摄 2025 年 12 月 9 日拍摄的紧凑型聚变能实验装置（ BEST ）建设现场（无人机照片）。新华社记者 周牧 摄 Q：天上明明有太阳，这又是个啥"太阳"？ A：原来，这说的是俗称"人造太阳"的可控核聚变装置。 2025 年 3 月 9 日在中国科学院合肥物质科学研究院拍摄的聚变堆主机关键系统综合研究设施八分之一 真空室及总体安装系统主体平台。新华社记者 周牧 摄 万物生长靠太阳，而太阳的能量来自其内部的核聚变反应——在极高温度和压力下，氢原子聚变成 氦原子并释放出巨大能量。 人造太阳正是要模拟太阳的聚变反应。科学家找到的模拟方法不少，其中有一种名为"托卡马克"的 装置，它利用磁约束来实现受控核聚变，犹如一个螺旋形"磁跑道"，锁住高温等离子体，达到核聚变目 的。 这是人类对能源的终极梦想：安全、清洁、几乎无限。核聚变能原料丰富，比如来自海水中氢的同 位素氘和氚。一升海水 ...

Investment Rating - The report rates the controlled nuclear fusion industry as "Outperform the Market" [1][8] Core Insights - Controlled nuclear fusion is considered the "ultimate energy solution" due to its potential for near-infinite energy, high energy density, and minimal environmental impact [1][13] - The industry is experiencing a second acceleration phase driven by advancements in technology, increased capital expenditure, and supportive policies [3][38] - The market space for nuclear fusion is projected to reach 800-1000 billion yuan, with significant growth expected as the technology matures [6][8] Summary by Sections Introduction to Controlled Nuclear Fusion - Nuclear fusion involves the combination of two light atomic nuclei to form a heavier nucleus, releasing significant energy [1][15] - It is viewed as a solution to energy challenges, offering advantages over traditional energy sources [1][17] Advantages of Nuclear Fusion - Fusion fuel sources are abundant, and the energy density is significantly higher than that of fission [2][21] - It has inherent safety features, reducing the risk of catastrophic failures [2][21] Development of Nuclear Fusion in China - China is pursuing multiple technological pathways, primarily focusing on the Tokamak route for commercial power generation [3][38] - The country aims to demonstrate controlled nuclear fusion power generation by around 2030 and achieve commercial viability by 2050 [3][38] Industry Catalysts - The industry is currently in a phase of rapid development, with increased investment and participation from both state-owned and private enterprises [3][38] - The integration of AI and advancements in high-temperature superconductors are expected to further accelerate progress in the nuclear fusion sector [3][38] Market Potential - The nuclear fusion market is expected to generate substantial demand for engineering and equipment, with annual investments projected at around 20 billion yuan during the 14th and 15th Five-Year Plans [6][8] - Long-term projections suggest that fusion power plants could replace a significant portion of current electricity generation, contributing to carbon neutrality goals by 2060 [6][8] Industry Chain Overview - The nuclear fusion industry chain includes key components such as superconducting materials, vacuum systems, and various auxiliary systems [4][6] - Major companies involved in the sector include 应流股份, 许继电气, and 中国核电, all rated as "Outperform the Market" [8]

2026：于临界处坚守，在折叠处重构展望 2026年，技术的快速迭代必将伴随路线的激烈竞争与优胜劣汰。我们怀抱审慎的乐观，坚信中国经 济的深厚底蕴与科技创新的巨大潜能。那些在实验室里酝酿的惊奇，在生产线上升级的工艺，终将 汇聚成推动社会进步的磅礴力量。 CAN PART ? 骏 马 启 新 · 创 赢２０２６ 证券时报。全国创投协会联盟 National Alliance of Vanture Capilal Associations 業 本书出印 科创星创始合伙 2025年，是新一轮科技革命的关键节点。我国的"十五五" 规划建议 与美国的"创世纪计划"，不约 而同地将人工智能、光子、量子、商业航天、脑机接口、可控核聚变和合成生物学等前沿技术列为 国家发展的核心目标。这标志着未来的全球竞争与发展轨迹，正清晰地向着这些硬核领域进发。 我们清晰地看到，经过过去十年的潜心摸索与积累，硬科技已度过缓慢的爬坡期，正站在加速爆 发、指数增长的临界点之上。 锚定长期：在深度调整中聚焦核心价值 2025年，也是中国创投行业经历深度调整后，走向复苏与坚定转型的一年。市场的逻辑从未如此清 晰：唯有回归"投早、投小、投长期、投硬科 ...

Group 1 - The core viewpoint of the articles highlights a significant shift in investment behavior among residents, moving from traditional bank deposits to diversified financial products such as bank wealth management, stocks, and gold, driven by declining deposit rates [1][2][3] - In 2025, gold emerged as a standout asset, achieving a price of over $4,300 per ounce with a 65% annual increase, while silver also performed well, rising by 129.83% due to demand in green energy sectors [5][6] - The A-share market experienced a notable recovery, with the Shanghai Composite Index rising from a low of 3,096 points to over 4,000 points by October 2025, driven by technological advancements and institutional support [6][15] Group 2 - The global economic landscape in 2025 was characterized by a slowdown in growth and geopolitical tensions, yet capital markets saw a bull run in commodities, particularly in gold and silver, while the bond market remained stable [2][3] - Institutions surveyed indicated a strong preference for equities, with 70.80% believing stocks would be the most valuable asset in 2025, a significant increase from 46.15% in 2024 [1] - The investment strategy for 2026 is expected to focus on managing uncertainty, with a continued emphasis on A-shares and gold as primary assets [2][10] Group 3 - The outlook for 2026 suggests that the bull market may continue, with expectations of a weaker dollar and ongoing demand for precious metals, particularly gold and silver, which are projected to reach prices of $6,300 to $6,600 per ounce by the end of 2026 [9][10] - The anticipated increase in the Chinese yuan's value may influence foreign investment behavior, with a gradual appreciation expected to support market liquidity [10][12] - Analysts predict that the investment landscape will shift towards a more balanced approach, focusing on corporate earnings recovery and technological advancements as key drivers for market performance in 2026 [13][14]

Group 1 - The core viewpoint of the article highlights the significant shift in investment behavior among residents due to declining bank deposit rates, leading to increased interest in financial products, stock markets, and commodities like gold [2][6][10] - In 2025, 40% of investors reported substantial returns, with some achieving over 140% annual gains through diversified financial strategies [3][5] - The article notes that despite global economic slowdowns and geopolitical tensions, capital markets experienced a transformation driven by factors such as interest rate cuts by the Federal Reserve and deep industry changes, resulting in a bull market for commodities like gold and silver [6][8][10] Group 2 - The performance of gold was particularly notable in 2025, with prices reaching over $4,300 per ounce, marking a 65% increase, and gold ETFs doubling in size [10] - The A-share market also saw significant movements, with the Shanghai Composite Index rising from 3,096 points to over 4,000 points during the year, driven by technological advancements and demand for industrial metals [11] - Looking ahead to 2026, institutions predict continued investment in A-shares and gold, with a focus on managing uncertainty and adapting to changing market conditions [7][12][14] Group 3 - The article discusses the anticipated trends for 2026, including a potential continued bull market for gold and silver, with forecasts suggesting gold could reach $6,300 to $6,600 per ounce by the end of 2026 [13] - Analysts expect the Chinese yuan to appreciate steadily, influenced by the Federal Reserve's policies and domestic economic conditions, which may alter foreign investment behaviors [14] - The investment landscape for 2026 is expected to focus on technology and domestic demand, with a balanced market style anticipated, emphasizing the importance of corporate earnings recovery [16][17][18]

Core Viewpoint - The article discusses China's advancements in nuclear fusion technology, specifically the development of the "artificial sun" known as the EAST (Experimental Advanced Superconducting Tokamak) and its significance in achieving clean and nearly limitless energy through controlled nuclear fusion [2][4][6]. Group 1: Nuclear Fusion Technology - Nuclear fusion mimics the sun's energy production by fusing hydrogen atoms into helium under extreme conditions, releasing vast amounts of energy [2]. - The EAST facility, established by the Hefei Institute of Physical Science, has achieved significant milestones, including breaking world records in fusion experiments [6][4]. - The facility operates under extreme conditions, including ultra-high temperatures and strong magnetic fields, and has over 200 core technologies [4]. Group 2: Future Developments - The "Kua Fu" facility is dedicated to developing core components for the next generation of nuclear fusion reactors, with a focus on improving supporting equipment alongside core technologies [6][9]. - The compact fusion energy experimental device (BEST) is under construction and is expected to demonstrate plasma "burning" by the end of 2027, with hopes of achieving practical fusion energy by around 2030 [9][11]. - The article highlights the cultural significance of the Kua Fu statue and its connection to the scientific advancements being made in fusion energy [1][7].

Core Viewpoint - The A-share market in 2025 has transitioned from "hope" to "growth," with significant advancements in hard technology sectors, leading to a notable increase in market performance and investor sentiment [8][6]. Group 1: Market Performance - The Shanghai Composite Index (沪指) has surpassed the 4,000-point mark, marking a significant recovery and growth in the market [5][17]. - In 2025, there were over 40 trading days with transaction volumes exceeding 2 trillion, and four days with volumes surpassing 3 trillion [17]. - The market's recovery is characterized by a shift from "valuation repair" to "profit growth," indicating a more sustainable growth trajectory [15][12]. Group 2: Sector Highlights - Hard technology sectors, including CPO, controllable nuclear fusion, and commercial aerospace, have emerged as key drivers of market growth [6]. - Notable companies such as Ningde Times have seen their market capitalization exceed that of Kweichow Moutai, while Cambrian Technology has become the highest-priced stock [6]. Group 3: Investor Sentiment - Many investors have experienced significant gains, with some stocks doubling in value, reflecting a positive sentiment in the market [24]. - The article emphasizes the importance of patience and belief in the market's long-term potential, suggesting that those who invest wisely will be rewarded [14][12].

人工智能正加速走进越来越多的应用场景。在科研领域，人工智能也逐渐深入核心环节，助推更多研究 成果加速涌现。今天，我们将通过近期我国科学家的一些突破性成果，来看人工智能怎样助力科研。首 先，让我们走进西湖大学，看人工智能如何协助科学家设计蛋白质，并精准锁定治疗疾病的靶点。 蛋白质既是生命活动的重要执行者，也是疾病治疗与药物研发的核心靶点。目前，人类已经发现的蛋白 质有2亿多种，但仍然无法满足我们的特定需要。因此，科研人员需要像设计师一样，根据功能和目标 去设计出特定的蛋白质，而这一过程极其复杂。在西湖大学，科研人员开发了一种全新的生成式大模 型，可以帮助他们从零开始设计具有全新功能的蛋白质。借助这一人工智能大模型，团队已取得多项新 发现，例如找到了一种有望用于治疗阿尔茨海默病的全新蛋白酶。 人工智能可以基于海量数据，构建出多种蛋白质结构与功能之间的对应关系。科研人员只需要设定好目 标和条件，大模型就能进行计算推演，并给出可能的蛋白质设计方案，供团队筛选与验证。 不过科研人员也指出，人工智能赋能蛋白质研究目前还存在技术局限。由于大多数的大模型训练数据主 要还是静态蛋白质结构数据，因此目前还难以模拟出蛋白质复杂动态 ...