贾飙 ◎记者 何奎 累计管理规模已超4500亿元、陪伴中国"英伟达"们成长……十年栉风沐雨、砥砺前行，中保投资有限责 任公司（下称"中保投资"）作为"中字头"保险行业基金——中国保险投资基金的管理人和普通合伙人， 成立十年来，交出了一份亮眼的"成绩单"。 1 2015年，国务院同意中国保险投资基金设立方案；同年12月18日，中保投资在上海成立，并被赋予"服 务实体经济发展，促进经济提质增效升级"的使命。如今，中保投资拥有"股+债+夹层"特点鲜明的丰富 产品工具箱，是国内长期投资、耐心资本领域不容忽视的重要力量，也成为耐心资本服务国家战略的成 功典范。 近日，中保投资董事长、上海资产管理协会会长贾飙在接受上海证券报记者专访时表示，公司将继续坚 定以耐心资本服务实体经济发展的使命，未来将通过"一基、两业、三全、四化"的新战略规划实施，致 力于打造一流的综合性资产管理集团。 为国担当： 当好耐心资本服务新质生产力发展 12月5日，成立仅5年、号称"中国版英伟达"的摩尔线程在科创板上市，以114.28元/股的发行价、近80亿 元的募资总额，双双创下2025年科创板IPO之最，成为资本市场名副其实的"明星项目"。在摩尔 ...

Group 1 - The central economic work conference emphasizes "innovation-driven development" as a key task for the upcoming year, focusing on nurturing new growth drivers [1] - The National Bureau of Statistics highlights the significant potential of industries such as new energy, new materials, aerospace, and low-altitude economy, which are expected to become emerging pillar industries [1] - By 2025, the low-altitude economy market size in China is projected to reach 1.5 trillion yuan, with expectations of growing to 3.5 trillion yuan by 2035 [12] Group 2 - The low-altitude application scenarios are rapidly expanding, with various uses from drone delivery to emergency rescue and sightseeing [3] - The Zero Gravity Aircraft Industry has signed a strategic cooperation agreement for the procurement of 50 ZG-ONE aircraft, indicating strong market demand [5] - The delivery of the world's first eVTOL aircraft with all three airworthiness certificates marks a significant milestone in the industry [9] Group 3 - Shanxi province is actively promoting the development of new industries, focusing on third-generation semiconductors, new materials, and synthetic biology, among others [20] - The production capacity of silicon carbide single crystals at Shanxi ShuoKe Crystal Co., Ltd. has reached 300,000 pieces annually, positioning the company as a leader in the domestic market [18] - The automotive industry in Shiyan, Hubei, is transitioning towards new energy and materials, with over a thousand automotive enterprises contributing to a diverse supply chain [22] Group 4 - The "embodied intelligence" sector is rapidly evolving, with significant investments and a growing number of companies involved, exceeding 400 billion yuan in financing [23][24] - The market for humanoid robots is expected to reach a scale of 100 billion yuan by 2030, driven by innovation and demand [24] - The integration of technological and industrial innovation has led to a 42% increase in the added value of high-tech manufacturing during the "14th Five-Year Plan" period [26]

Group 1 - Several foreign institutions, including UBS, JPMorgan, and Fidelity International, believe that Chinese assets have a solid foundation for continued rebound due to profit growth, accelerated innovation, and attractive valuations in their 2026 macroeconomic and stock market outlooks [1] - International long-term capital is showing strong interest in Chinese assets, particularly in sectors like healthcare, robotics, and low-altitude economy, with significant investments from Middle Eastern funds [2] - As of November, foreign long-term capital net bought approximately $10 billion in A-shares and H-shares, contrasting sharply with an outflow of about $17 billion in 2024, indicating a positive trend in foreign investment [3] Group 2 - Deutsche Bank projects that consumption will remain the main driver of China's economic growth, with a recovery in investment contributions and strong export performance [4] - The Central Economic Work Conference emphasized the need for effective qualitative improvements and reasonable quantitative growth in the economy, which is expected to support ongoing structural reforms [5] - UBS highlights that the technology sector in China represents one of the most significant global opportunities, with expected corporate profit growth of up to 37% in 2026, driven by ample liquidity [6]

专题：第十八届中国工业论坛 第十八届中国工业论坛于12月16日在北京举办，主题为"融合创新 工业当强"。中国机械工业联合会党 委副书记、副会长张文宏出席并致辞。 张文宏表示，今年前三个季度，规模以上机械工业增加值同比增长8.7%，高于全国工业平均水平，有 力支撑了工业经济的平稳运行。机械工业必须坚持科技自立自强，加快推动科技创新和产业创新的深度 融合，坚持智能化、绿色化、融合化的方向。 新浪声明：所有会议实录均为现场速记整理，未经演讲者审阅，新浪网登载此文出于传递更多信息之目 的，并不意味着赞同其观点或证实其描述。 责任编辑：王翔 专题：第十八届中国工业论坛 第十八届中国工业论坛于12月16日在北京举办，主题为"融合创新 工业当强"。中国机械工业联合会党 委副书记、副会长张文宏出席并致辞。 责任编辑：王翔 张文宏表示，今年前三个季度，规模以上机械工业增加值同比增长8.7%，高于全国工业平均水平，有 力支撑了工业经济的平稳运行。机械工业必须坚持科技自立自强，加快推动科技创新和产业创新的深度 融合，坚持智能化、绿色化、融合化的方向。 新浪声明：所有会议实录均为现场速记整理，未经演讲者审阅，新浪网登载此文出于传递更 ...

扫码观看视频 船舶近日停靠在宁波舟山港梅山港区装卸货物。 新华社记者 翁忻旸摄 前不久召开的中共二十届四中全会，审议通过了《中共中央关于制定国民经济和社会发展第十五个 五年规划的建议》（下称"《建议》"）。《建议》提出了中国未来5年发展的总体思路、重大原则、主 要目标、战略任务。未来如何继续通过全面深化改革、扩大高水平对外开放，促进高质量发展？近日， 在海南海口举行的第91次中国改革国际论坛上，来自国内外的专家学者围绕《建议》展开热议。专家表 示，未来5年，中国将在开放中谋发展，在改革中增动力，迈向更高质量、更可持续的发展新阶段。 进一步全面深化改革谋求新突破 【观察】 《建议》提出，"十五五"时期要"以改革创新为根本动力"，将"坚持全面深化改革"作为"十五五"时 期经济社会发展必须遵循的原则之一，并将"进一步全面深化改革取得新突破"列为"十五五"时期经济社 会发展主要目标之一，内容包括国家治理体系和治理能力现代化深入推进，社会主义市场经济体制更加 完善，高水平对外开放体制机制更加健全，全过程人民民主制度化、规范化、程序化水平进一步提高， 社会主义法治国家建设达到更高水平。 "十四五"以来，重点领域改革破立并 ...

Core Insights - The communication and electronics sectors have consistently ranked among the top five industries in annual growth for three consecutive years (2023-2025), with the communication sector achieving the highest growth in both 2023 and 2025, a rare occurrence in A-share history [2][5] - The AI "siphon effect" has significantly boosted the performance of the communication sector, which has seen an 81.67% increase year-to-date as of December 14, 2025, leading all industries [2][3] - The historical trend indicates that most industries do not maintain top rankings for more than three years, with the food and beverage sector being the only exception that achieved five consecutive years in the top ranks from 2016 to 2020 [5][6] Communication Sector Performance - The communication sector's growth is driven by high demand related to AI, with specific sub-sectors such as optical modules, domestic chips, AI power supplies, optical fibers, and high-speed copper connections showing remarkable annual increases of 172.08%, 41.16%, 33.04%, 81.77%, and 60.83% respectively [2][3] - Companies like Zhongji Xuchuang and Xinyi Sheng reported record net profits for the first three quarters, with increases of 90.05% and 284.38% respectively [4] Electronics Sector Performance - The electronics sector, while not as high as communication, still ranked third with a year-to-date growth of 45.9% as of December 14, 2025, maintaining a position in the top five for three consecutive years [4][5] Historical Context and Future Outlook - The communication and electronics sectors breaking the "three-year barrier" is significant, indicating a shift in market dynamics driven by a deeper, more sustainable industrial momentum linked to the global AI revolution and China's technological self-reliance strategy [7][9] - Analysts are optimistic about the communication sector's prospects for 2026, with many institutions highlighting sub-sectors like AI computing, AI applications, and satellite internet as particularly promising [8][9] - The anticipated deployment of 1.6T high-speed optical modules in 2026 is expected to create new opportunities within the AI hardware supply chain [8]

Core Viewpoint - The communication and electronics sectors have consistently ranked among the top five industries in annual growth for three consecutive years (2023-2025), with the communication sector achieving the highest growth in both 2023 and 2025, a rare occurrence in A-share history [3][4]. Group 1: Communication Industry Performance - As of December 14, 2025, the communication industry has seen a remarkable growth of 81.67%, leading all sectors. Key sub-sectors such as optical modules, domestic chips, AI power supplies, optical fiber cables, and high-speed copper connections have experienced significant annual growth rates of 172.08%, 41.16%, 33.04%, 81.77%, and 60.83% respectively [4]. - The financial performance of companies in the optical module sector has been outstanding, with firms like Zhongji Xuchuang and Xinyi Sheng reporting record net profits of 7.132 billion and 6.327 billion yuan, reflecting year-on-year growth rates of 90.05% and 284.38% respectively [4]. Group 2: Electronics Industry Performance - The electronics industry, while not as high as the communication sector, has also performed well, with a year-to-date growth of 45.9%, ranking third overall. This marks the third consecutive year that the electronics sector has placed in the top five for annual growth [5]. Group 3: Historical Context and Trends - Historically, the communication industry has rarely maintained a top-five position for more than two consecutive years, with notable fluctuations in its annual rankings. In contrast, the food and beverage sector has demonstrated remarkable resilience, maintaining a top-five position for five consecutive years from 2016 to 2020 [6][7]. - The current performance of the communication and electronics sectors challenges the historical trend of industries typically experiencing cyclical peaks and troughs, suggesting a more sustained growth driven by deeper, long-term industry dynamics such as the global AI revolution and China's technological self-reliance strategy [10]. Group 4: Future Outlook - Analysts from various institutions are optimistic about the communication sector's prospects for 2026, particularly in sub-sectors like AI computing, AI applications, and satellite internet. The year 2026 is anticipated to be pivotal for the deployment of 1.6T high-speed optical modules, with significant advancements in revolutionary technologies [11]. - The growth of the communication industry is expected to be supported not only by high demand but also by infrastructure upgrades and favorable policy directions, indicating a robust growth trajectory in the context of increasing national emphasis on technological development [12].

Core Insights - The communication and electronics industries have ranked among the top five sectors in annual growth for three consecutive years (2023-2025), with the communication sector achieving the highest growth in both 2023 and 2025, a rare occurrence in A-share history [1][5] - The AI "siphon effect" has significantly boosted the performance of the communication sector, which has seen an 81.67% increase in growth as of December 14, 2025, leading all sectors [1][2] - The historical trend indicates that most industries experience cyclical peaks and troughs, with the food and beverage sector being the only one to maintain a strong performance over five consecutive years [3][4] Communication Industry Performance - The communication sector's growth is driven by increased demand related to AI, with specific segments like optical modules and domestic chips showing remarkable annual growth rates of 172.08% and 41.16%, respectively [1][2] - Companies such as Zhongji Xuchuang and Xinyi Sheng reported record net profits in the first three quarters of 2025, with increases of 90.05% and 284.38% year-on-year [2] Electronics Industry Performance - The electronics sector, while not as high as communication, still ranked third with a growth rate of 45.9% as of December 14, 2025, maintaining a position in the top five for three consecutive years [2] - The sector's performance has been characterized by significant fluctuations historically, with notable peaks and troughs [3][4] Historical Context and Future Outlook - The communication and electronics industries' sustained performance from 2023 to 2025 challenges historical norms, suggesting a shift in underlying market dynamics driven by the global AI revolution and China's technological self-reliance strategy [5][6] - Analysts are optimistic about the communication sector's prospects for 2026, with expectations for significant advancements in AI hardware and the deployment of 1.6T high-speed optical modules [6][7] - The growth of the communication industry is expected to be supported by infrastructure upgrades and favorable policy directions, indicating a robust future trajectory [7]

Market Structure - The A-share market has formed a dual-core industrial structure centered on technology growth and midstream manufacturing, driven by macroeconomic cycles, industrial policy guidance, and market funding preferences [6][9][12] - The technology sector has developed into a high-prosperity cluster with significant internal linkage, while the manufacturing sector serves as a market stabilizer, maintaining connections with various fields [10][12] - The TMT sector has shown a clear rotation characteristic with midstream manufacturing since 2021, constituting the core direction for market capital allocation [12][16] Market Sentiment - The three-dimensional sentiment model provides an objective and sensitive monitoring of market sentiment, which is crucial for observing phase changes in the market [23][51] - In 2025, the market sentiment exhibited a dual-cycle pattern, with a small cycle from January 6 to April 14 and a larger cycle from April 15 to October 29, reflecting the complex interplay of policy and external factors [51][52] - The sentiment phases are closely linked to industrial rotation, with TMT industries gaining prominence during positive sentiment periods, while upstream resource industries serve as defensive plays during cautious sentiment [52][53] Policy Frequency Analysis - The "14th Five-Year Plan" and "15th Five-Year Plan" highlight a strategic emphasis on technological innovation and manufacturing, indicating a shift towards self-reliance and security in the industrial framework [56][57] - The frequency of terms related to safety, technology, and energy in the "15th Five-Year Plan" suggests a deepening focus on these areas, reflecting their importance in the context of modernizing China's economy [57]

编者按 0:00 随着时代步伐的奔涌向前，很多古城面临"记忆消失"的危机。古城的传统风貌如何精准留存?今天，一 起走进"中华古城数字图谱集成工程"，看中华古城如何在数字时代让"古今对话"成为可能。 千万IP创科普，共筑科技强国梦。为普及科学知识，弘扬科学精神，提高全民科学文化素质，助力实现 高水平科技自立自强，中国科协科普部与人民网联合策划推出"见证科技之路"主题报道，聚焦国家科技 战略政策、重要科技奖项、"卡脖子"关键核心技术等，深入基层一线开展采访调研，推出一批生动鲜活 的科普精品，大力弘扬科学家精神，为建设科技强国汇聚磅礴力量。 ...