本报记者 董红艳 北京报道 从区域上看，中关村板块成为年度最大亮点，办公新增需求呈现爆发式增长。据高力国际发布的数据， 中关村甲级写字楼市场2025年全年净吸纳量超17.6万平米，占全市总量的53%，创下近20年来的峰值纪 录，成为引领北京写字楼市场复苏的核心引擎。 2025年，房地产行业仍处于深度调整周期，价格低位循环、有效需求乏力等核心矛盾尚未根本化解。而 新质生产力方面，量子计算、可控核聚变等前沿赛道技术成果密集落地。 写字楼市场的冷暖变化，堪称经济景气度的"风向标"。2025年北京甲级写字楼市场呈现复苏态势，四季 度末空置率降至19.2%，同比下降1.5个百分点；全年空置率获得整体回调。中关村板块凭借科创产业集 聚优势，成为拉动市场回暖的核心动力源。 需要警惕的是，市场复苏基础仍不稳固。据高力国际向《华夏时报》记者透露的信息，2026年北京甲级 写字楼核心市场将迎来超70万平方米的新增供应，这一增量将直接推动年末空置率走高，市场承压格局 或将加剧。 高吸纳叠加低供给 2025年末，北京写字楼市场空置率实现实质性回落。据高力国际方面数据，北京甲级写字楼市场空置率 在今年四季度末降至19.2%，同比下降约 ...

Group 1 - The U.S. military operation is expected to impact international oil prices and exports, potentially stimulating the oil sector after the holiday [1] - Elon Musk announced that his brain-machine interface company will launch a large-scale output plan in 2026, moving towards nearly fully automated surgeries, which is beneficial for the brain-machine interface and human brain engineering sectors [1] - The accelerated development of artificial intelligence is expected to advance the commercialization of controlled nuclear fusion, which releases energy approximately four times that of nuclear fission per kilogram of fusion fuel, and nearly 4 million times that of oil or coal, benefiting the controlled nuclear fusion industry [1] Group 2 - In the consumer sector, the first holiday after Hainan's customs closure saw hotel occupancy increase by 1.5 times, with duty-free shopping in the Day Month Square rising by 1.4 times and Sanya International Duty-Free Store nearly doubling, leading to a total duty-free shopping amount of 505 million yuan over the two trading days, a significant year-on-year increase of 121.5%, benefiting Hainan's free trade zone and related sectors [1] - High-level leaders emphasized focusing economic development on the real economy and deepening reforms, placing new quality productivity in a more prominent strategic position, which is favorable for new quality productivity initiatives [1]

Core Insights - The 2026 Nuclear Fusion Energy Technology and Industry Conference will be held on January 16-17, 2026, in Hefei, Anhui, focusing on promoting collaboration and innovation in the nuclear fusion industry [1][9] - Hefei is recognized as a leading city for venture capital and is becoming a model for China's nuclear fusion industry, with a cluster of advanced fusion devices [4][12] - The region holds 37% of the national total of fusion-related patents, indicating a well-formed industrial chain [5][13] Industry Developments - The nuclear fusion sector is entering a capital expenditure expansion phase, with expected investments reaching 146.5 billion yuan in major domestic projects from 2025 to 2028 [7][14] - The demand for controllable nuclear fusion is increasing due to rising electricity needs driven by advanced technologies like AI [6][13] - Recent bidding statistics show a total of 117.4 million yuan in contracts awarded, with significant projects including a 6.3 million yuan contract for ITER PF converter control modules [6][14] Market Opportunities - The superconducting magnet segment is expected to benefit significantly, with a projected market size of nearly 30 billion yuan for superconducting magnets and over 10 billion yuan for superconducting materials [7][14] - Key projects such as BEST, Spark One, and others are anticipated to commence, leading to a continuous release of core component orders [7][15] - Recommended investment targets include companies involved in magnets, vacuum chambers, power systems, and detection equipment, such as Western Superconducting, YD Group, and Aikang Cyber [7][15]

Core Viewpoint - The 2026 Nuclear Fusion Energy Technology and Industry Conference will be held in Hefei, Anhui, aiming to promote collaboration and innovation in the nuclear fusion industry chain [3][6]. Group 1: Conference Details - The conference will take place from January 16 to 17, 2026, at the CRAFT facility in Hefei, focusing on the theme "Nuclear Power, Creating the Future" [3]. - The event is guided by several organizations, including the Chinese Physical Society and the Anhui Provincial Development and Reform Commission, and will gather leaders from various sectors, including government, academia, and industry [6]. Group 2: Hefei's Role in Nuclear Fusion - Hefei is recognized as a leading city for venture capital and is becoming a model for China's nuclear fusion industry, with a cluster of advanced fusion devices [7]. - The region has established a comprehensive innovation chain covering key technology areas in magnetic confinement nuclear fusion, supported by major facilities like EAST and BEST [7][8]. Group 3: Industry Trends and Projections - In 2025, nuclear fusion energy will be included in national planning as a key future industry, reflecting its growing importance [9]. - The demand for controllable nuclear fusion is increasing due to rising electricity needs driven by advanced technologies like AI, with the industry entering an "engineering feasibility verification" phase [10]. - A significant capital expenditure expansion cycle for controllable nuclear fusion is expected from 2025 to 2028, with projected investments reaching 146.5 billion yuan [11]. Group 4: Market Opportunities - The superconducting magnet segment is anticipated to benefit significantly, with the market size for high-temperature superconducting magnets estimated at nearly 30 billion yuan [11]. - Key projects such as BEST and others are expected to commence, leading to a continuous release of core component orders [11]. - Companies in various segments, including superconducting materials, vacuum chambers, and power systems, are highlighted as potential beneficiaries of the nuclear fusion industry's growth [11].

Core Insights - Extreme environments serve as a "touchstone" for technological innovation, enabling in-depth exploration of natural laws and the limits of life, thus driving scientific advancements and new technological breakthroughs [1] Group 1: Breakthroughs in Extreme Conditions - In February 2025, a comprehensive extreme conditions experimental facility was completed, capable of providing temperatures as low as 1 millikelvin, pressures exceeding 300 billion pascals, magnetic field strengths up to 26 teslas, and ultrafast light field pulse widths not exceeding 100 attoseconds, significantly enhancing China's capabilities in material science [2] - In September 2025, the world's largest supergravity centrifuge in Hangzhou was operational, achieving a maximum arm linear speed of 137 meters per second, generating 300 times Earth's gravity, and supporting a maximum load of 20 tons, simulating soil settlement over a century in a single day [4] - In 2025, China's first ice-capable manned deep-sea operation mother ship "Exploration No. 3" and the "Fighter" submersible successfully completed manned deep-sea missions in the Arctic, overcoming extreme conditions of -30°C and approximately 600 atmospheres [5][7] Group 2: Advances in Nuclear Fusion Research - The EAST (Experimental Advanced Superconducting Tokamak) achieved a world record of 100 million degrees Celsius and stable plasma operation for 1066 seconds in 2025, marking a significant leap from basic science to engineering practice in fusion energy research [8] - The EAST facility has conducted over 150,000 plasma operations since its inception in 2006, consistently setting new world records and maintaining international leadership in engineering and physics [15] - The construction of the next-generation fusion experimental device, BEST, is progressing, with plans to demonstrate fusion energy generation by 2030 [16][18] Group 3: Future Prospects in Extreme Condition Research - The establishment of advanced extreme condition experimental facilities is becoming a crucial paradigm in scientific research, aimed at discovering new materials, revealing new laws, and opening new applications [21] - China's focus on extreme conditions in deep-sea, high-altitude, and polar environments is expected to drive the development of multiple disciplines, exploring scientific questions related to material states, life behaviors, and cosmic evolution, thereby supporting innovations in new materials and energy sectors [23]

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].

Group 1 - 2026 is expected to be a significant year, marking the beginning of the 15th Five-Year Plan and various industry milestones, including autonomous driving, liquid cooling, and commercial space travel [1] - The A-share market is characterized by a strong tendency to speculate on concepts, with several industries already experiencing heated speculation in 2025 [1] Group 2 - Predictions for 2026 include the Federal Reserve likely cutting interest rates more than twice, with a projected inflation rate of 2.6% and economic growth at 4.3% [2] - The Chinese yuan is expected to appreciate to 6.5 due to the weakening of the US dollar, attracting foreign capital into Chinese assets [2] - A rebound in both CPI and PPI is anticipated in the second half of 2026, driven by rising global commodity prices and a potential end to over 40 months of negative PPI growth [2] - The Shanghai Composite Index is projected to reach 4153 points in the first half of 2026, with a focus on emerging industries and low PE cyclical stocks [2] - The A-share market is expected to see a balanced style, with a concentration on new industries and a continuation of the bull market in precious and industrial metals due to the Fed's rate cuts [2] - The upcoming bull market in non-ferrous metals is expected to be significant, driven by both demand from AI-related industries and limited supply growth due to long-term industry stagnation [2]

Group 1 - The "Moon's Dark Side" project is set to launch a new multimodal model, potentially named K2.1/K2.5, in January or March of this year [2] - DeepSeek released a new paper on New Year's Day, introducing a new architecture called mHC (Manifold-Constrained Hyperconnection) aimed at addressing instability issues in large-scale model training while maintaining significant performance gains [2] - Zhiyuan's Embodied Research Center announced the launch of the second-generation integrated embodied large brain system, GenieReasoner, which addresses the alignment challenges between semantic reasoning and action control in VLA models [2] Group 2 - AI is accelerating the commercialization of controlled nuclear fusion, which is seen as a key solution for global energy and environmental issues, with expectations for fusion energy to connect to the grid by the 2030s [2]

Group 1 - The controlled nuclear fusion industry has gained significant market attention, with the Wande controllable nuclear fusion concept index showing a cumulative increase of 83.19% in 2025 [1] - The implementation of the "Atomic Energy Law of the People's Republic of China" in 2026 will encourage and support controlled nuclear fusion research, providing institutional guarantees for innovation in fusion energy [1] - The controlled nuclear fusion sector is highlighted as a key forward-looking industry in China's 14th Five-Year Plan, with regions like Anhui, Sichuan, and Shanghai focusing on its development [1] Group 2 - The recent Jinjiang Forum indicated that global fusion energy research has entered a new engineering phase, with major fusion devices' progress becoming a direct window into the field's development [2] - The ITER project, the world's largest nuclear fusion experiment, aims to simulate the sun's fusion process and is expected to achieve full power operation by 2035, with significant advancements in construction since 2025 [2] - Chinese institutions have made substantial progress in the ITER project, including the completion of key components and contracts for essential systems [2][3] Group 3 - Major domestic fusion devices like EAST, BEST, and the Chinese Circulation III and IV are making notable advancements, with EAST achieving a high plasma temperature of 100 million degrees Celsius and stable operation for 1066 seconds in 2025 [3] - The BEST project in Anhui is set to be completed by 2027, with a bidding budget of 2.043 billion yuan in 2025, while the Chinese Circulation IV aims to validate the reliability of large high-temperature superconducting magnets [4][5] Group 4 - The fusion energy industry is seeing a surge in investment, with over 150 billion yuan planned for ongoing or upcoming projects, and expected investments of 14.9 billion yuan, 24.5 billion yuan, and 17.4 billion yuan from 2025 to 2027 [11] - The industry is anticipated to enter a peak bidding period, benefiting upstream raw material suppliers, midstream equipment manufacturers, and downstream operational sectors as fusion technology progresses [10][11] Group 5 - Regions like Anhui, Sichuan, and Shanghai are intensifying their focus on nuclear fusion, with Anhui emerging as a significant hub for fusion research and industry, housing nearly 60 related enterprises [7] - Shanghai is accelerating the development of cutting-edge technologies in fusion energy, with initiatives to enhance collaboration and innovation in the sector [8] - Sichuan's historical connection to controlled nuclear fusion is being revitalized, with plans to develop new industries and technologies related to fusion energy [9]

受太阳启发，人类致力于在地球上实现可控核聚变，也因此将其誉为"人造太阳"。可控核聚变产生的聚 变能具有资源丰富、环境友好、安全零碳等突出优点，被视为解决全球能源与环境问题、推动人类社会 可持续发展的根本途径之一。世界经济论坛官网日前报道称，各国政府和工业界的研究表明，聚变能有 望在本世纪30年代开始接入电网。而如今蓬勃发展的人工智能（AI）技术，正成为加速可控核聚变迈 向商业化的重要推动力，多国政府与企业持续增加对可控核聚变的投入，多个聚变示范堆计划稳步推 进，商业化进程明显加快。（科技日报） ...