Group 1 - China will release its trade balance for December 2025 on January 14, with total goods trade value for the first 11 months reaching 41.21 trillion yuan, a year-on-year increase of 3.6%. Exports were 24.46 trillion yuan, up 6.2%, while imports were 16.75 trillion yuan, up 0.2% [1] - In November 2025, China's goods trade showed a recovery with a total value of 3.9 trillion yuan, growing by 4.1%. Exports were 2.35 trillion yuan, increasing by 5.7%, and imports were 1.55 trillion yuan, rising by 1.7% [1] - Financial data for December 2025 is expected to be released next week, with November's data showing M2 and social financing growth rates remaining high, supporting a favorable monetary environment for economic recovery [1] Group 2 - The U.S. will release its December 2025 CPI data on January 13, with November's CPI showing a year-on-year increase of 2.7% and core CPI at 2.6%. This has led to market adjustments regarding the Federal Reserve's potential interest rate cuts in 2026 [2] - Several industry conferences are scheduled, including the second China eVTOL Innovation Development Conference from January 15-16, 2026, in Shanghai, focusing on the theme of "Innovation Leading, Smartly Opening a New Commercial Era for eVTOL" [2] Group 3 - Over 480 billion yuan worth of restricted shares will be unlocked in the A-share market next week, with 23 stocks facing unlocks, including Zhongke Lanyun, which has over 10 billion yuan in restricted shares [3][4][5] Group 4 - Two new stocks will be issued next week: Aisheren on January 12, priced at 15.98 yuan, and Hengyunchang on January 16, listed on the Sci-Tech Innovation Board [6][7]

Group 1 - Morgan Stanley and Citigroup are set to release their financial reports on January 15, 2026 [2] - The second China eVTOL Innovation Development Conference is scheduled for January 15, 2026 [2] - The fifth AIGC China Developer Conference will take place on January 18, 2026 [2] Group 2 - The U.S. Federal Reserve will publish its Beige Book on January 14, 2026, providing insights into economic conditions [2] - The OPEC monthly oil market report is expected to be released on January 14, 2026 [2] - The EIA will publish its monthly short-term energy outlook on January 14, 2026 [2]

Core Viewpoint - Shanghai Electric (601727)(02727) saw a stock increase of over 5%, currently at 4.58 HKD with a trading volume of 242 million HKD, driven by the upcoming 2026 Nuclear Fusion Energy Technology and Industry Conference in Hefei, Anhui [1] Group 1: Industry Developments - The 2026 Nuclear Fusion Energy Technology and Industry Conference will take place from January 16 to 17, 2026, focusing on promoting collaboration and innovation within the nuclear fusion industry [1] - Nuclear fusion energy has been included in national planning for future industries for the first time in 2025, and it is also a key focus in the national "14th Five-Year Plan" [1] Group 2: Company Performance and Prospects - Shanghai Electric has successfully delivered the world's first ITER project magnet cold test Dewar and is set to deliver key components for major national scientific infrastructure projects, including the CRAFT project and the compact fusion experimental device BEST [1] - The company is expected to leverage its leading position to enhance market share in traditional business areas while also exploring new growth opportunities in emerging sectors such as energy storage, hydrogen energy, and robotics, supported by its technological R&D advantages [1]

Core Viewpoint - Shanghai Electric (02727) has seen a stock increase of over 5%, currently at 4.58 HKD, with a trading volume of 242 million HKD, driven by developments in the nuclear fusion sector [1] Group 1: Industry Developments - The 2026 Nuclear Fusion Energy Technology and Industry Conference will be held from January 16 to 17, 2026, in Hefei, Anhui, focusing on promoting collaboration and innovation within the nuclear fusion industry [1] - Nuclear fusion energy has been included in national planning for future industries for the first time in 2025, and it is also a key focus in the "14th Five-Year Plan" [1] Group 2: Company Positioning - Shanghai Electric has successfully delivered the world's first ITER project magnet cold test Dewar and is set to deliver key components for major national scientific infrastructure projects, including CRAFT and the compact fusion experimental device BEST [1] - The company is expected to leverage its leading position to enhance market share in traditional business areas while also exploring new growth opportunities in emerging sectors such as energy storage, hydrogen energy, and robotics, supported by its technological R&D advantages [1]

Core Viewpoint - The Hefei Municipal Committee emphasizes the development of future industries with a focus on "quantum intelligence" and aims to drive innovation in sectors with technological advantages and development foundations [1] Group 1: Quantum Technology Industry - The plan includes promoting breakthroughs and applications in quantum communication, quantum computing, and quantum precision measurement [1] - There is a focus on accelerating the research and industrialization of key materials, devices, and equipment [1] - The initiative aims to expand "quantum+" demonstration projects in government, finance, energy, and meteorology sectors [1] Group 2: Nuclear Fusion and Hydrogen Energy Industry - The development of compact fusion energy experimental devices is highlighted as a key infrastructure project [1] - The plan aims to accelerate the development of superconducting materials, equipment, and smart sensors [1] - There is an emphasis on advancing the application of hydrogen and ammonia energy technologies and laying out advanced nuclear energy technologies like small reactors [1] Group 3: Biomanufacturing Industry - The focus is on biobased chemicals and materials, new food products, bio-agriculture, and non-food biomass raw materials [1] - The initiative aims to expand large-scale applications in these areas [1] Group 4: Embodied Intelligence Industry - The plan promotes the integrated development of intelligent decision-making systems, high-precision control systems, and innovative structural design [1] - It aims to construct a full-chain innovation ecosystem encompassing precision processing, data training, evaluation, and competitive testing [1] Group 5: Emerging Technologies - The strategy includes tracking and laying out plans in niche areas such as brain-computer interfaces, sixth-generation mobile communication, and deep space and deep sea exploration [1] - The goal is to promote more technological research and industrialization to achieve "parallel running" and "leading" positions in these fields [1]

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]

来源：光大证券微资讯 热点聚焦 HOT 1、2026年新兴市场股票迎来多年来最强开局，升至2021年以来最高，市场看好亚洲在人工智能领域的 地位上升，推动该地区科技股大涨。MSCI发展中国家指数新年首个交易日上涨1.7%，达到自2021年2 月以来最高。1月2日，港股开年大涨，恒指收涨2.76%，恒生科技指数涨4%。"港股GPU第一股"壁仞科 技上市首日大涨超75%，公开发售阶段获逾2347倍认购。港交所披露，国家集成电路基金在中芯国际H 股的持股比例于12月29日从4.79%升至9.25%。 2、1月2日，离岸人民币兑美元升破6.97，最高升至6.9678，创2023年5月以来新高。2025年美元创下八 年来最大年度跌幅，美元即期指数全年下跌了约8%，交易员押注其将进一步走低。投资者认为，若下 一任美联储主席如预期般选择大力降息，美元将进一步贬值。 3、据央视新闻，白宫表示，美国对委内瑞拉的石油禁运仍完全有效。将让美国大型石油公司进入委内 瑞拉。此前，消息人士称，八个欧佩克+国家原则上同意在26Q1暂停石油产量增长。1月3日，WTI原油 期货跌0.17%，报57.32美元/桶，一周累涨1.04%；布油期货跌 ...

Core Insights - The annual operation report meeting of the CICC SAIC Emerging Industries Fund for 2025 was successfully held in Xi'an, focusing on future industries and transformation upgrades [1][13] - The fund has a subscribed scale of 5 billion yuan and has shown stable and healthy operations in 2025, with excellent business performance [3][15] - The fund's investment portfolio covers advanced manufacturing and strategic emerging industries, including sectors like semiconductors, robotics, new energy, artificial intelligence, commercial aerospace, and quantum technology [3][15] Fund Performance - Three star portfolio companies, Zhengli New Energy (03677.HK), Dongyangguang Pharmaceutical (06887.HK), and Muxi Co., Ltd. (688802.SH), successfully went public in 2025 [3][15] - Several portfolio companies have applied for IPOs on A-shares or Hong Kong stocks, including MiniMax, Magnesium Technology, Shenghe Jingwei, and Lingong Heavy Machinery [3][15] - An additional five portfolio companies are expected to apply for IPOs in the first half of 2026 [3][15] Industry Trends - The CICC Capital's representative highlighted key emerging industries and international development trends, including aerospace, quantum technology, nuclear fusion energy, and embodied intelligence [3][15] - The analysis of artificial intelligence development indicated that China's AI industry has formed a systematic and phased development path, with advantages in large model open-source ecosystems and application scenarios [5][17] - The commercial aerospace sector has seen validated business feasibility with the growth of SpaceX, while the low-altitude economy is still in the introduction phase but has clear policy support [7][19] Investment Strategy - The investment strategy emphasizes long-term growth potential in future industries, despite facing uncertainties, compared to mature industries where new entrants face significant challenges [11][23] - The CICC Capital and partners will continue to strengthen collaboration and systematically advance investments in cutting-edge technology fields to support industrial upgrades and development [11][23] - The meeting participants agreed that deepening industry engagement, forward-looking layouts, and open collaboration are essential to navigate changes and embrace a new chapter in Chinese innovation and manufacturing [12][24]

Core Viewpoint - The investment in future industries such as quantum technology, nuclear fusion, and brain-computer interfaces is essential despite their current low maturity and high uncertainty, as these innovations have the potential to drive significant societal advancements [1][2]. Group 1: Historical Context - Historical technological advancements like the steam engine and electricity, which initially faced skepticism, ultimately led to major industrial revolutions and societal progress [1]. - The current future industries may evolve into tomorrow's emerging and dominant industries, with significant investments from major economies to secure technological leadership and market influence [2]. Group 2: China's Practical Experience - China's technological breakthroughs today are the result of long-term investments made years ago, such as the successful push for 5G and the rapid growth of the new energy vehicle sector [3]. - The rapid pace of technological development necessitates a proactive approach to investment, as the window for opportunity in many fields is shrinking [3]. Group 3: National Strategy and Support - China ranks second globally in R&D expenditure and leads in the number of researchers, high-level international publications, and patent applications, providing a strong foundation for future industry development [4]. - The "14th Five-Year Plan" emphasizes the importance of forward-looking strategies for future industries, advocating for tailored approaches to avoid redundancy and overcapacity [4]. Group 4: Global Responsibility and Future Outlook - As the world's second-largest economy, China's exploration of future industries is not only vital for its own development but also aims to share technological advancements with humanity [5]. - The development of future industries is framed as a necessary endeavor, focusing on effective execution rather than questioning the need for such investments [5].

Core Insights - The ITER project has successfully completed the manufacturing tasks for all correction field coils, marking a significant milestone in the development of controlled nuclear fusion technology, which is expected to become a key energy source for high-energy consumption scenarios like AI computing centers [1] - The establishment of China Fusion Energy Co. with a strategic financing of 11.5 billion yuan reflects the strong investment interest in nuclear fusion, indicating a shift from research to engineering and commercialization [3][4] - The global commercial fusion industry has attracted $9.7 billion in investments as of July 2025, representing a 414% increase compared to 2021, with projections suggesting the market could reach $496.55 billion by 2030 [4] Investment and Market Dynamics - The rapid growth in investment in nuclear fusion technology is driven by increasing confidence in its commercialization, with significant funding rounds completed by various private companies in the sector [4][5] - The dual-track industrial structure is emerging, where state-led large Tokamak devices complement the efforts of private startups focusing on compact fusion devices, creating a synergistic development environment [5][6] - The demand for high-temperature superconducting materials is surging, driven by the compact fusion device development trend, presenting a significant market opportunity [4] Industry Structure and Future Outlook - The nuclear fusion sector is transitioning from a research phase to an industrialization phase, with various regions in China, such as Anhui, Sichuan, and Guangdong, incorporating fusion energy into their future industrial plans [8][9] - The establishment of a comprehensive industrial ecosystem is crucial, with recommendations for enhancing integration across research, design, construction, and operation to improve efficiency and responsiveness [9] - The next decade is viewed as a critical window for the nuclear fusion industry, with expectations for technology convergence, supply chain maturity, and enhanced engineering capabilities [9]