Group 1: Company Overview - The report focuses on Dengkang Oral Care (001328.SZ), a state-owned enterprise established in 2001, primarily producing oral hygiene products such as toothpaste, toothbrushes, and mouthwash [4] - The company aims to double its revenue and profit during the "14th Five-Year Plan" period, with a compound annual growth rate (CAGR) of 10.6% for revenue and 20.6% for net profit from 2019 to 2024 [4] - Adult toothpaste constitutes approximately 80% of the company's revenue, which is the main driver of recent growth [4] Group 2: Industry Analysis - The toothpaste market in China is the largest segment of the oral care industry, with a market size of approximately 30 billion yuan in 2023 [5] - The market is characterized by intense competition, with established brands dominating offline channels, while new brands are emerging in the e-commerce space [5] - Price sensitivity among consumers is low, and there has been a gradual increase in toothpaste prices since 2013, with a shift towards higher-priced functional products [5] Group 3: Competitive Advantages - Dengkang Oral Care has established competitive barriers through brand strength, research and development capabilities, and distribution channels [6] - The brand "Ling Suan Ling" has maintained vitality and is undergoing a transformation towards professionalization and modernization [6] - The company has a strong offline distribution network and is rapidly expanding its online presence, with e-commerce revenue expected to grow by 52% year-on-year in 2024 [6] Group 4: Growth Potential - There is significant room for product structure optimization, with the company introducing high-end products that enhance its product range [7] - The average factory price of products has increased from 2.63 yuan/100g to 3.30 yuan/100g from 2019 to 2024, reflecting a CAGR of 4.6% [7] - The company has successfully implemented a mature strategy for its flagship products on platforms like Douyin, indicating strong consumer demand and brand recognition [7] Group 5: Market Expansion Opportunities - The company is expanding into the whitening and gum care segments, which have larger market sizes compared to sensitivity products, with potential revenue increases of 3.9 billion yuan and 4.76 billion yuan, respectively [8] - The market for gum care and whitening toothpaste is estimated at 8.523 billion yuan and 7.061 billion yuan, respectively, indicating substantial growth opportunities [8] Group 6: Financial Forecast and Valuation - Revenue projections for Dengkang Oral Care are estimated to reach 1.747 billion yuan, 2.105 billion yuan, and 2.506 billion yuan for 2025-2027, with net profits expected to be 177 million yuan, 221 million yuan, and 271 million yuan for the same period [9] - The price-to-earnings (PE) ratios are projected to be 42X, 33X, and 27X for 2025-2027, reflecting the company's growing brand influence and successful product optimization [9]

Core Viewpoint - The future industry has been elevated to an unprecedented strategic height, highlighting the country's emphasis on the layout of cutting-edge industries and long-term considerations [1] Group 1: Nature and Characteristics of Future Industries - Future industries are driven by cutting-edge technologies and are in the early stages of development or industrialization, characterized by strategic, leading, disruptive, and uncertain attributes [2] - There is a need to distinguish between "true future" and "pseudo-windfall" industries, as some current layouts lack core technological support and are essentially short-term speculative behaviors [2] Group 2: Key Considerations for Future Industries - Establishing a scientific judgment system is crucial, focusing on technology maturity, patent barriers, and conversion efficiency to assess the critical point from laboratory to industrialization [2] - Demand should be differentiated between genuine needs and pseudo-needs, concentrating on core scenarios that address pressing issues such as "bottleneck" problems and improving public service levels [2] Group 3: Strategic Approaches to Future Industries - Maintaining strategic determination is essential, as future industries cannot pursue short-term returns and must adapt to technological advancements and evolving social demands [3] - A dynamic adjustment mechanism should be established to continuously evaluate technological routes and market prospects while adhering to long-term directions [3] Group 4: Importance of Future Industries - Developing future industries is not only necessary for economic growth but also essential for achieving high-level technological self-reliance and building a modern industrial system [3] - The ability to seize the initiative in future industries will define future development, with a focus on both global technological frontiers and practical applications [4]

Core Insights - The future industry has been elevated to an unprecedented strategic height, highlighting the country's emphasis on the layout of cutting-edge industries and long-term considerations [2] - Future industries are crucial for shaping national competitiveness and leading a new round of technological revolution and industrial transformation [2] - Identifying and systematically laying out future industries will determine a country's position in the global industrial landscape [2] Group 1: Nature and Characteristics of Future Industries - Future industries are driven by cutting-edge technologies and are in the early stages of development, characterized by strategic, leading, disruptive, and uncertain attributes [3] - There are phenomena of concept generalization and overcrowding in certain regions and fields, where some so-called future industries lack core technological support and rigid demand, essentially representing short-term speculative behavior [3] - True future industries have the potential to reconstruct production systems, change lifestyles, and reshape global division of labor [3] Group 2: Framework for Evaluating Future Industries - Establishing a scientific evaluation system is key to understanding future industries, focusing on technology maturity, patent barriers, and conversion efficiency to assess the critical point from laboratory to industrialization [4] - Demand should differentiate between genuine needs and false demands, concentrating on core scenarios that address critical issues, enhance public service levels, and improve ecological quality [4] - Strategic direction should prioritize areas concerning national security, industrial autonomy, and public welfare [4] Group 3: Long-term Development and Strategic Positioning - Maintaining strategic determination is essential, as future industries cannot pursue short-term returns and will evolve with technological advancements and societal needs [4] - A dynamic adjustment mechanism should be established to continuously evaluate technological routes and market prospects while adhering to long-term directions [4] - The development of future industries is not only necessary for economic growth but also for achieving high-level technological self-reliance and building a modern industrial system [4] Group 4: Action and Implementation - The future of industries lies in actions rather than concepts, and in long-term value rather than short-term trends [5] - A scientific approach to trend analysis and strategic determination in long-term planning is essential for transforming the future potential of industries into high-quality development [5] - Winning the future requires both a visionary outlook on global technological frontiers and a grounded approach to converting technological breakthroughs into industrial advantages [4][5]

（来源：经济参考报） 赛迪研究院未来产业研究中心副所长李艺铭表示，针对未来产业投入中面临的超高资金密集、超长周期 投入、风险性极高的特性，需因地制宜、分类施策，共同破解未来产业"谁来投"的问题。其中，政府资 金要解决"耐心投"问题，发挥财政资金杠杆，推动面向投早、投小、投长期、投硬科技的科技金融创 新。社会资本要解决"放心投"问题，盘活创投资金和民营资本。金融机构要解决"联动投"问题，用好银 行信贷、资本市场、科技保险、债券发行等多种渠道，畅通政府投资基金的金融全生命周期。 随着科技创新和产业创新深度融合，赛迪研究院近日发布的《2026年我国未来产业发展形势展望》认 为，2026年我国未来产业多赛道有望实现从技术突破到产业化落地的关键跨越。如，量子科技逐步从实 验室走向特定场景应用，在金融风控、药物研发等领域开展试点示范；生物制造技术路线持续成熟，在 医药研发、农业育种等领域的应用深度不断拓展；可控核聚变进入工程可行性验证关键阶段，商业化落 地加速。 北京市日前宣布，计划每年投入1亿元，发现培育100家以上"创赢未来"企业。广东省发布政策指引，设 立总规模1000亿元的广东省战略性新兴产业投资引导基金，首期5 ...

2月9日上午，习近平总书记来到位于北京亦庄的国家信创园，了解信息技术应用创新和北京加快建 设国际科技创新中心情况。 信创是保障信息技术安全的基础，也为"落子"未来，推动量子科技、脑机接口等领域发展持续夯实 着底层技术支撑。 1月30日，中共中央政治局进行第二十四次集体学习，聚焦的主题正是前瞻布局和发展未来产业。 新一轮科技革命和产业变革加速演进，作为新质生产力的重要载体，发展未来产业是应对全球产业 竞争的主动选择，塑造长远发展新优势的关键支点。 "十五五"开局之年的首次地方考察、首次集体学习，释放加快实现高水平科技自立自强的鲜明信 号，凸显当前以重大科技创新推动未来产业发展，谋定在先、赢得主动的战略性、紧迫性。 （一）擘画全局，抢占未来制高点 在决定未来走向的关键时点，未来产业的战略意义提升到新的高度。 今年中央政治局首次集体学习中，习近平总书记强调，要站在推进强国建设、民族复兴伟业的战略 高度，立足客观条件，发挥比较优势，坚持稳中求进、梯度培育，推动我国未来产业发展不断取得新突 破。 在北京考察期间，习近平总书记来到亦庄这个新兴产业、未来产业发展的"热土"，再次把目光投向 科技创新和产业创新，察看代表性科技 ...

2月9日上午，习近平总书记来到位于北京亦庄的国家信创园，了解信息技术应用创新和北京加快建设国 际科技创新中心情况。 信创是保障信息技术安全的基础，也为"落子"未来，推动量子科技、脑机接口等领域发展持续夯实着底 层技术支撑。 1月30日，中共中央政治局进行第二十四次集体学习，聚焦的主题正是前瞻布局和发展未来产业。 新一轮科技革命和产业变革加速演进，作为新质生产力的重要载体，发展未来产业是应对全球产业竞争 的主动选择，塑造长远发展新优势的关键支点。 "十五五"开局之年的首次地方考察、首次集体学习，释放加快实现高水平科技自立自强的鲜明信号，凸 显当前以重大科技创新推动未来产业发展，谋定在先、赢得主动的战略性、紧迫性。 （一）擘画全局，抢占未来制高点 在决定未来走向的关键时点，未来产业的战略意义提升到新的高度。 今年中央政治局首次集体学习中，习近平总书记强调，要站在推进强国建设、民族复兴伟业的战略高 度，立足客观条件，发挥比较优势，坚持稳中求进、梯度培育，推动我国未来产业发展不断取得新突 破。 在北京考察期间，习近平总书记来到亦庄这个新兴产业、未来产业发展的"热土"，再次把目光投向科技 创新和产业创新，察看代表性科技 ...

2月9日上午，习近平总书记来到位于北京亦庄的国家信创园，了解信息技术应用创新和北京加快建 设国际科技创新中心情况。 信创是保障信息技术安全的基础，也为"落子"未来，推动量子科技、脑机接口等领域发展持续夯实 着底层技术支撑。 1月30日，中共中央政治局进行第二十四次集体学习，聚焦的主题正是前瞻布局和发展未来产业。 新一轮科技革命和产业变革加速演进，作为新质生产力的重要载体，发展未来产业是应对全球产业 竞争的主动选择，塑造长远发展新优势的关键支点。 "十五五"开局之年的首次地方考察、首次集体学习，释放加快实现高水平科技自立自强的鲜明信 号，凸显当前以重大科技创新推动未来产业发展，谋定在先、赢得主动的战略性、紧迫性。 （一）擘画全局，抢占未来制高点 在决定未来走向的关键时点，未来产业的战略意义提升到新的高度。 2013年9月，十八届中共中央政治局集体学习将"课堂"搬到中关村。习近平总书记深刻指出："即将 出现的新一轮科技革命和产业变革与我国加快转变经济发展方式形成历史性交汇，为我们实施创新驱动 发展战略提供了难得的重大机遇。机会稍纵即逝，抓住了就是机遇，抓不住就是挑战。" 2014年6月，两院院士大会上，提到"有的 ...

Group 1 - The core message emphasizes the importance of cultivating future industries to seize technological and industrial leadership, enhance new productivity, and improve people's quality of life [1] - Future industries are characterized by foresight, strategic significance, and disruptive features, requiring a focus on the main directions during the "14th Five-Year Plan" period, aligning with national strategic needs and technological maturity [2] - The collective learning session highlighted the need to leverage the advantages of a new type of national system and the role of enterprises in driving innovation and technological breakthroughs [2][3] Group 2 - The Central Committee's document aims to anchor agricultural modernization and promote comprehensive rural revitalization, focusing on enhancing agricultural production capacity and implementing precise assistance measures [2][3] - Key tasks include stabilizing grain production at around 1.4 trillion jin, improving agricultural technology innovation, and ensuring farmers' stable income through effective support mechanisms [3][6] - The document outlines the necessity for systemic innovation and strong leadership in agricultural work to provide foundational support for modernization [6][7] Group 3 - The "2026 'Happy New Year' Spring Festival Special Activity Plan" aims to stimulate consumption during the Spring Festival by promoting various sectors such as dining, travel, and shopping [4][5] - The plan includes measures like prize invoices, trade-in subsidies, and financial consumer red envelopes to enhance consumer engagement and spending [5] Group 4 - The State Council's press conference clarified the central document's focus on four key tasks and two major support guarantees for rural revitalization, addressing issues like food security and agricultural technology innovation [6][7] - Emphasis is placed on developing county-level industries and ensuring stable employment for migrant workers to enhance rural economic resilience [7] Group 5 - Shanghai has initiated a program to purchase second-hand homes for affordable rental housing, targeting new citizens and young professionals to meet their housing needs [11][12] - The project aims to innovate the supply model for affordable housing by acquiring existing residential properties, thereby shortening construction cycles and optimizing regional layouts [12]

Group 1 - The article emphasizes the importance of cultivating future industries to seize technological and industrial advantages, enhance modern industrial systems, and improve people's quality of life [2] - The focus is on the strategic, forward-looking, and disruptive characteristics of future industries, which require tailored development based on national strategic needs and technological maturity [2] - The article highlights the need for collaboration between emerging and traditional industries, leveraging the advantages of a new type of national system and the role of enterprises in driving innovation [2] Group 2 - The Central Document No. 1 outlines the goal of agricultural modernization and comprehensive rural revitalization, emphasizing the enhancement of agricultural production capacity and the implementation of precise assistance measures [4] - Key targets include stabilizing grain production at around 1.4 trillion jin, improving agricultural technology innovation, and ensuring farmers' stable income through various support mechanisms [4][5] - The document also stresses the importance of building beautiful and livable rural areas through infrastructure improvements and ecological protection [4][5] Group 3 - The "Happy New Year" initiative aims to stimulate consumption during the Spring Festival, focusing on six key areas including food, accommodation, transportation, tourism, shopping, and entertainment [6] - The initiative includes measures such as prize invoices, subsidies for replacing old products, and financial incentives to encourage consumer spending [6][7] Group 4 - The State Council's press conference elaborated on the Central Document No. 1, highlighting four key tasks and two major support guarantees for rural revitalization [8] - The tasks include enhancing agricultural production capacity, implementing regular assistance, promoting farmers' income stability, and advancing rural construction [8][9] Group 5 - The market regulatory authority has outlined six key areas of focus to support high-quality economic development, including promoting a unified national market and optimizing the consumer environment [10] - The regulatory efforts will also address platform economy governance and enhance quality standards across various sectors [10][11] Group 6 - Shanghai has initiated a pilot program to acquire second-hand housing for affordable rental projects, targeting young professionals and new residents [12] - The program aims to match housing supply with demand effectively, ensuring a balance between work and living conditions for talent in the city [12][13]

策略周报 每周海内外重要政策跟踪 国内宏观：2 月 2 日，中共中央、国务院发布关于《现代化首都都市圈空间 协同规划（2023－2035 年）》；同日，商务部等九单位启动 2026"乐购新 春"春节特别活动，促进假期消费。2 月 3 日，国务院国资委党委召开专题 党委会议，提出要大力发展战略性新兴产业和未来产业。2 月 4 日，中国人 民银行召开 2026 年信贷市场工作会议要求不断加强对重大战略、重点领域 和薄弱环节的优质金融服务。 2 月 5 日，财政部等三部门发布海南自由贸 易港岛内居民消费的进境商品"零关税"政策；同日，国家网信办等 11 部 门联合印发《关于提升境外人员入境数字化服务便利性的实施意见》。2 月 7 日，国家数据局、工业和信息化部、公安部、证监会联合发布《关于培育 数据流通服务机构 加快推进数据要素市场化价值化的意见》，首次明确我 国将培育三类数据流通服务机构，包括数据交易所（中心）、数据流通服务 平台企业和数据商。2 月 8 日，央行公布中国 1 月末黄金储备报 7419 万盎司， 为连续第 15 个月增持黄金。 证券研究报告 | 2026年02月11日 产业政策：2 月 2 日，市 ...