Core Viewpoint - The article outlines the key tasks and changes planned for 2026 in various sectors, including finance, employment, consumption, investment, urban development, and technological innovation, as part of China's strategic planning for economic growth and stability. Group 1: Fiscal Policy - In 2026, a more proactive fiscal policy will be implemented, focusing on expanding fiscal expenditure, optimizing government bond tools, enhancing transfer payment efficiency, and improving expenditure structure [2][3] - The fiscal policy aims to promote resident employment and income growth by coordinating various funds to support job stability and entrepreneurship [3] Group 2: Consumption and Investment - The government will support consumption through initiatives like the "old for new" program, optimizing subsidy standards, and promoting service consumption [4] - Measures will be taken to stabilize investment, including increasing central budget investments and utilizing various government investment funds to enhance investment efficiency [5] Group 3: Urban Development - High-quality urban renewal will be prioritized, focusing on community improvements, public space enhancements, and safety projects [6] Group 4: Industry and Technology - There will be an emphasis on enhancing industrial technological innovation capabilities, addressing core technologies, and developing a national manufacturing trial service network [9] - The government plans to cultivate emerging and future industries, including AI, integrated circuits, and biotechnology, while supporting innovation in sectors like 6G technology [10] Group 5: Infrastructure and Energy - The construction of cross-regional and cross-basin transportation corridors will be advanced to support national strategic goals [11] - The energy sector will see an increase in renewable energy supply, with significant additions in wind and solar power capacity, and a focus on future energy industries like hydrogen and nuclear energy [12] Group 6: Social Welfare - The implementation of direct disbursement of maternity benefits to insured individuals will be pursued, along with expanding coverage for flexible employment and migrant workers [13] - The real estate market will be stabilized by utilizing existing housing stock for affordable housing and other social needs [14]

随着"十五五"规划建议出炉，"新兴产业和未来产业"再度成为焦点热词。从"十四五"时期的崭露头角， 到"十五五"规划肩负重任，未来产业为何迎来战略升级？如何投资布局？本期《新质产业·超级机遇》 系列专栏聚焦未来产业。 在上海华山医院的手术室，一名患者在完成国内首例脑机接口手术后实现了"意念操控"；在安徽合肥的 物理研究所，可控核聚变技术的推进正汇编成"人造太阳"工程手册；在湖北武汉的国际车展，新一代氢 燃料电池商用车续航高达700km；在广东深圳的工厂流水线，人形机器人以更精确的柔性抓取变身高 能"分拣员"…… 未来产业正在中国创新沃土上多点开花，新一轮浪潮仍在积累蓄势。对于投资者来说，将长钱投资转换 为未来产业资本，其意义远不止于追求财务回报，更是参与时代变革、助力产业创新并塑造个人财富未 来的重要行动。 面对未来产业的广阔版图，围绕投资者的多元配置需求，嘉实基金以前瞻深度的基本面研究投研体系为 支撑，不断构建和优化产品供给和投资服务，希望帮助广大投资者穿越技术迷雾和市场波动，力争共同 抵达未来价值高地。 战略地位升级未来产业加速跑 作为新一轮科技革命和产业变革浪潮催生而来的全新"增长极"，未来产业是由前沿技 ...

Group 1 - The global technology competition is intensifying, with disruptive technologies at the core of the "future industries" becoming a prominent part of China's economic landscape, as highlighted in the "14th Five-Year Plan" [1][2] - The total financing in related fields has approached 70 billion yuan this year, with specific sectors like nuclear fusion and 6G seeing index increases of over 80% [1][4] - The future industries are transitioning from "concept validation" to "commercialization," becoming a leading force in driving economic and social transformation [1] Group 2 - The "14th Five-Year Plan" outlines a clear blueprint for future industries, focusing on seven key areas including quantum technology, biomanufacturing, hydrogen energy, nuclear fusion, brain-computer interfaces, embodied intelligence, and 6G [2] - Local governments are actively responding with supportive policies, such as Beijing's "Create the Future" initiative, which has supported 83 potential enterprises and facilitated over 2 billion yuan in financing [2] - Various cities like Shenzhen and Shanghai are implementing financial measures to support high-quality development in future industries, establishing a solid foundation for growth [2] Group 3 - The capital market's enthusiasm for future industries is evident, with IPOs and refinancing processes accelerating significantly, totaling nearly 70 billion yuan as of December 26, 2025 [4] - Notable fundraising includes 14 billion yuan from China Nuclear Power in the nuclear fusion sector and over 8 billion yuan from companies in the embodied intelligence sector [4] - The overall profitability of future industries is expected to improve, with a median net profit forecast of over 650 billion yuan for 381 companies in 2025, reflecting a year-on-year increase of over 20% [5] Group 4 - Market funds are actively seeking undervalued potential stocks, with over 40 companies showing a decrease in shareholder numbers, indicating a concentration of shares [6] - Companies like Fuzhijun Technology and Zhongyuan Neipei have seen significant reductions in shareholder numbers, suggesting increased market attention [6] - Some companies, despite underperforming in the market, are positioned in sectors like embodied intelligence and quantum technology, presenting potential investment opportunities [6]

Group 1 - The ChiNext Index (399006) showed a brief recovery, with notable stock performances including Maiwei Co., Ltd. (300751) up by 19.87%, Guangwei Composites (300699) up by 14.94%, and Ruijie Networks (301165) up by 7.03% [1] - The National Venture Capital Guidance Fund was officially launched on December 26, with an initial capital of 100 billion yuan aimed at attracting social capital to form a total fund size of 1 trillion yuan, focusing on strategic emerging industries and future industries [1] - The guidance fund has a 20-year duration, including a 10-year investment period and a 10-year exit period, providing long-term funding support for enterprises and fostering the development of "small giants" and "unicorns" [1] Group 2 - Everbright Securities anticipates a stable and upward trend in the spring market, supported by ongoing policy efforts and increased capital inflows, with historical trends indicating a "spring rally" in the A-share market [2] - The TMT and advanced manufacturing sectors are expected to show greater elasticity during the "spring rally," with a potential for early capital positioning as market learning effects and profit accumulation increase [2] - The offshore RMB exchange rate is appreciating, which may lead to a gradual return of foreign capital to the Chinese market, further improving the funding environment [2]

Core Viewpoint - The "15th Five-Year Plan" for Shenzhen outlines the city's economic and social development goals, emphasizing high-quality growth, technological innovation, and enhanced living standards by 2035 [1] Group 1: Economic and Social Development Goals - The main objectives for Shenzhen during the "15th Five-Year" period include achieving new heights in high-quality development, breakthroughs in industrial and technological innovation, and significant improvements in social civilization and public welfare [1] - By 2035, Shenzhen aims to become a national model for high-quality development, with world-leading economic competitiveness and enhanced global influence as a modern international metropolis [1] Group 2: Industry and Innovation Focus - Shenzhen plans to accelerate the development of emerging industries, optimize traditional industries, and establish itself as a global leader in advanced manufacturing [3] - The city will implement an industrial innovation project to promote the application of new technologies and products, focusing on strategic emerging industries such as information technology, new energy, and aerospace [3] - Future industries like sixth-generation mobile communication, biomanufacturing, and quantum technology are identified as new economic growth points [2][3] Group 3: Traditional Industry Upgrading - Shenzhen will enhance the global competitiveness of traditional industries such as textiles, machinery, and electronics by promoting high-end, intelligent, and green transformations [4] - The city aims to develop a modern infrastructure system that supports high-quality service industry growth and positions Shenzhen as a significant global industrial and financial center [4] Group 4: Innovation and Financial Support - The plan emphasizes the integration of technological and industrial innovation, aiming to make Shenzhen a hub for new productivity and innovation [6] - Key technology areas for development include integrated circuits, advanced materials, and biomanufacturing, with a focus on achieving disruptive and asymmetrical technologies [6] - A multi-tiered financial service system will be established to support innovation and entrepreneurship, covering various investment types to foster long-term capital for hard technology [6]

Core Insights - The establishment of the "Guangdong-Hong Kong-Macao Greater Bay Area Venture Capital Guidance Fund" with a total target size of 50.45 billion yuan marks a significant investment initiative in Nanshan District, enhancing the integration of national-level venture capital with local innovation [2] - This fund is a strategic support measure for the national goal of building a globally influential international technology innovation center in the Greater Bay Area, positioning Nanshan as a core area for technological innovation and industrial integration [2] - The fund will focus on hard technology sectors and strategic emerging industries, providing long-term and stable capital support for seed and early-stage tech companies, aligning with Nanshan's innovation and entrepreneurship policies [2] Investment Strategy - The fund will utilize a "sub-fund + direct investment" model to support technology enterprises, aiming to accelerate breakthroughs in key technologies and facilitate the transformation of achievements within the region [2] - Nanshan District aims to attract more high-quality venture capital institutions, creating a venture capital ecosystem characterized by early, small, and technology-focused investments [3] - The establishment of the fund is seen as a critical step for Nanshan to integrate into the national innovation system and enhance regional strategic competitiveness [3] Future Initiatives - Nanshan District plans to implement a series of measures such as "multi-linkage and multi-service" to amplify the fund's impact and provide stronger financial support for high-quality development in Nanshan, Shenzhen, and the Greater Bay Area [3] - Huizhong Financial Holdings will manage the guidance fund, focusing on attracting more social capital, quality entrepreneurial projects, technology, and talent to Nanshan [3] - The management platform aims to fulfill three key roles: ensuring resources for technological innovation, leading industrial development strategies, and creating value from state-owned capital [3]

Group 1 - The "Future Industry Conference" was successfully held at Harbin Institute of Technology from December 25 to 27, focusing on the theme "Towards a New Quality Chain Future" [1] - The conference was co-hosted by the China Electronic Information Industry Development Research Institute and Harbin Institute of Technology, with support from Beijing CCID Publishing Media Co., Ltd. and the School of Business at Harbin Institute of Technology [1] - Su Bo, Deputy Director of the National Manufacturing Power Construction Strategy Advisory Committee, emphasized the transition of China's manufacturing development from "catching up" to "keeping pace" and then to "leading" in certain areas, highlighting the importance of innovation and collaboration for future industrial development [1] Group 2 - The opening ceremony included the establishment of the "Future Industry 50 Forum" and the Future Industry Department at Harbin Institute of Technology's School of Business [2] - Professor Ma Tao, Dean of the School of Business, released the "2025 China Strategic Emerging Industries and Future Industry Development Report" [2] - Pu Songtao, Director of the CCID Think Tank Future Industry Research Center, delivered a keynote report on the outlook for China's future industry development in 2026, analyzing policy, application traction, and international competition, while providing recommendations from the perspectives of platforms, scenarios, talent, and capital [2]

Group 1 - The "Guochuang Guangdong-Hong Kong-Macao Fund" has been established with a total investment of 30 billion yuan from Nanshan District, marking the largest and highest-level national guiding fund participation by the district to date [1] - The fund aims for a target scale of 50.45 billion yuan and is a significant support measure for the national strategy to build a "globally influential international technology innovation center" in the Guangdong-Hong Kong-Macao Greater Bay Area [1] - The fund will focus on investments in hard technology sectors, targeting strategic emerging industries and future industries, providing long-term and stable capital support for seed and early-stage technology enterprises [1] Group 2 - Nanshan District aims to attract more high-quality venture capital institutions to gather in the area, expanding its venture capital "partner circle" [2] - The district plans to create a venture capital cluster with unique Nanshan characteristics, forming a capital aggregation effect to build a strategic guarantee for becoming an international venture capital core area [2]

Core Viewpoint - The establishment of the National Venture Capital Guidance Fund aims to mobilize over one trillion yuan in funding to support strategic emerging industries and future industries through a three-tiered investment structure [1][2][5]. Group 1: Fund Structure and Objectives - The National Venture Capital Guidance Fund features a three-tier structure: "Fund Company - Regional Fund - Sub-Fund," designed to leverage central government funds to attract social capital [2][3]. - The fund aims to achieve a market "blood production" of one trillion yuan by effectively utilizing central funds to stimulate private investment [2]. - The fund will focus on early-stage investments, targeting seed and startup companies, with at least 70% of investments directed towards these stages [3]. Group 2: Investment Strategy - The fund emphasizes four investment principles: investing early, investing small, investing long-term, and investing in hard technology [3]. - Investments will be limited to companies with valuations below 500 million yuan, ensuring funds reach the grassroots level of various industries [3]. - The fund will have a 20-year lifespan, allowing for longer investment horizons, particularly in sectors like innovative pharmaceuticals that require extended return periods [3]. Group 3: Management and Oversight - A management model combining online monitoring and offline observers will be established to identify and mitigate risks early [4]. - The fund will implement a diversified exit strategy to ensure that investments can be recouped effectively, reducing reliance on IPOs [4][6]. - Performance evaluation will focus on overall effectiveness and post-investment support rather than the success of individual projects [4][6]. Group 4: Regional Funds and Initial Operations - Three regional funds have been established: Beijing-Tianjin-Hebei, Yangtze River Delta, and Guangdong-Hong Kong-Macao Greater Bay Area, each with a target scale exceeding 50 billion yuan [7][8]. - These regional funds are designed to implement national strategies and facilitate the flow of capital into local innovation and technology sectors [7][8]. - As of December 26, the regional funds have signed investment intentions with 49 sub-funds and 27 direct investment projects, indicating readiness for operational deployment [8].

Core Insights - The Gansu Provincial Committee of the Communist Party has released recommendations for the 15th Five-Year Plan, emphasizing the acceleration of future industry cultivation [1] Group 1: Future Industries - The plan includes the implementation of an innovation development action for future industries, aiming to create a development roadmap and establish mechanisms for investment growth and risk sharing [1] - Key sectors identified for development include future manufacturing, future information, future energy, future materials, future space, and future health [1] Group 2: Nuclear Technology and Quantum Science - The plan continues to promote the construction of thorium-based molten salt reactor projects, enhancing the development of key equipment and materials, and accelerating the application of nuclear technology [1] - There is a focus on developing quantum measurement, quantum communication, and quantum computing, with an aim to incubate quantum technology industries and startups [1] Group 3: Robotics and Biotechnology - The initiative emphasizes strengthening the research and manufacturing of special robots in areas such as intelligent manufacturing, smart logistics, and emergency safety, promoting multi-scenario applications in manufacturing and services [1] - The plan targets medical and rehabilitation applications, pushing for the research and industrialization of brain-computer interface technology [1] - It also focuses on biological agriculture and biological materials, aiming to expand the biological manufacturing industry towards mid-end growth and breakthroughs in high-end sectors [1]