专题：聚焦2025基金四季报：AI应用、商业航天、核聚变，谁领2026投资主线？ 近日，中国证券投资基金业协会发布的数据显示，截至2025年12月底，我国公募基金总规模攀升至37.71万亿元，较上月增加约6957.48亿元， 连续第九个月创下历史新高。 据21世纪经济报道记者统计，2025年全年公募基金规模激增4.89万亿元，增幅达14.9%。 从全年整体增长结构看，2025年各类基金规模均实现正增长。其中，债基规模大增60%，股票型基金大增36%。 规模近38万亿元 近日，中国证券投资基金业协会发布的最新数据显示，截至2025年12月底，我国公募基金总规模攀升至 37.71万亿元，较前一月增长约6957.48 亿元。 这已是该规模连续第九个月刷新历史纪录。从2025年4月底的33.12万亿元增长至2025年12月底的37.71万亿元。 与2024年末的32.83万亿元相比，2025年全年规模激增4.89万亿元，增幅高达14.9%。 截至2025年12月底，境内共有公募基金管理机构165家，包括150家基金管理公司和15家取得公募资格的资产管理机构。 在各类基金中，货币市场基金仍以15.03万亿元的规模占据首 ...

证券日报网1月29日讯，国机重装（601399）在接受调研者提问时表示，2025年，公司成功实现BEST核 聚变装置TF线圈盒的首台套研制与交付，并成功中标8套BESTTF线圈盒批量件项目，目前批量件正按 计划时序进行生产加工。 ...

Group 1: Company Overview and Strategy - The company has established significant product competitiveness and brand influence in the nuclear power sector, with over 150,000 nuclear valves in operation and a market share exceeding 90% for core products like nuclear butterfly and ball valves [3] - The company emphasizes a healthy competitive landscape characterized by complementary advantages and mutual development among peers in the nuclear power industry [3] - The company is committed to continuous investment in R&D to advance its product offerings and maintain its leading position in the market [9] Group 2: Product Lifecycle and Maintenance - Although nuclear valves have a design lifespan of up to 60 years, regular maintenance and replacement of key components are necessary due to harsh operating conditions [4][5] - The company implements preventive maintenance strategies to ensure the reliable operation of valves exposed to severe environments, such as seawater systems [4] Group 3: Expansion into New Markets - The company’s subsidiary, Jiangsu Shentong Nuclear Energy Equipment Co., is actively engaged in developing valves for nuclear fusion applications, currently working on a project for the China National Nuclear Corporation [6] - The subsidiary Shentong Semiconductor Technology is producing vacuum valves and process gas valves for industries like integrated circuits and photovoltaics, with products already validated and ready for mass production [7] - The company has established partnerships in the aerospace sector, supplying valves for satellite electric propulsion systems and rocket components [8] Group 4: Future Product Development - The company has developed a comprehensive product matrix that includes various high-quality nuclear valves and is focused on continuous product iteration and technological advancement [9] - Resources are being allocated to accelerate the development of cutting-edge valve products, aiming to provide more complete and leading-edge solutions to the market [9]

Group 1: International Collaboration in Science and Technology - China is actively promoting international cooperation in key scientific fields such as nuclear fusion, deep space exploration, and artificial intelligence, aiming to build a multi-level collaborative framework for global scientific governance [3][4][5] - The establishment of the International Lunar Research Station, led by China, has resulted in cooperation agreements with 17 countries and international organizations, showcasing China's leadership in international scientific projects [5][6] - The Chinese Academy of Sciences is opening multiple advanced fusion energy experimental facilities to global collaboration, emphasizing the importance of collective efforts to address energy challenges [4][7] Group 2: Advancements in Artificial Intelligence and Machine Chemistry - The Precision Intelligent Chemistry National Key Laboratory plans to establish an international organization for intelligent scientific standards, attracting attention from global research institutions [3][6] - The development of a machine chemist capable of conducting experiments autonomously has garnered interest from countries like Thailand and Singapore, with plans to share technology to assist in overcoming challenges in energy, medicine, and agriculture [6][7] - The initiative aims to democratize access to scientific research and innovation, breaking the monopoly of Western countries on AI data [6][7] Group 3: Global Governance and Rule Building - China is advocating for a fair and reasonable global scientific governance system, with the establishment of the International Society for Deep Space Exploration in Anhui [7] - The Hefei Fusion Declaration, signed by scientists from over ten countries, promotes the spirit of open sharing and collaborative win-win cooperation in fusion research [7] - The emphasis on building a new ecological system for global scientific collaboration reflects China's commitment to addressing common scientific goals for the benefit of humanity [7]

2025年9月5日，嘉宾在第三届深空探测（天都）国际会议上参加深空探测实验室与国际合作伙伴签约仪 式。新华社记者 周牧 摄 新华社合肥1月29日电 题：中国积极推进科技合作助力攻克全球难题 新华社记者刘菁、陈诺、何曦悦 今年1月，中国科学技术大学精准智能化学全国重点实验室向中国科学院提交了一份申请：计划于2026 年成立智能科学家生态联盟国际组织，与全球多国共建智能科研标准生态。这一实验室诞生的能自 己"看"论文、"想"方案、"做"实验的机器化学家，吸引了英国、新加坡、印度、泰国等国的高校科研院 所及专家的目光。 这样的国际合作，早已在中国科技前沿领域多点开花、成势见效。过去一年中，中国正以核聚变、深空 探测、人工智能等关键领域为支点，构建起大科学工程协同攻关、前沿技术成果普惠共享、全球科技治 理规则共建共商的多层次合作格局，在能源安全、深空探索、数字发展等事关人类未来的领域，探索协 同创新、共同攻克难题的新路径。 2025年12月末，国际热核聚变实验堆ITER的又一批重要部件——校正场线圈采购包在安徽合肥顺利竣 工，即将起运交付。总部位于法国的ITER是当今世界规模最大、影响最深远的国际大科学工程，被称 作 ...

20260128复盘 宏观： 1. 特朗普表示对美元下跌不感到担心。 还表示美国一支"大型舰队"正在前往伊朗，希望最终不必动用它。 2. 达里奥：我们正处在一个持续约80年的"大周期"（当前周期始于1945年）的末期，并正从内部冲突加剧的第5阶 段，滑向可能发生剧烈秩序重组的第6阶段。 人工智能： 1. 工业富联、SK海力士、希捷、AS 20260128复盘 1. 特朗普表示对美元下跌不感到担心。 还表示美国一支"大型舰队"正在前往伊朗，希望最终不必动用它。 2. 达里奥：我们正处在一个持续约80年的"大周期"（当前周期始于1945年）的末期，并正从内部冲突加剧的第5阶 段，滑向可能发生剧烈秩序重组的第6阶段。 人工智能： 1. 工业富联、SK海力士、希捷、ASML业绩超预期。 ASML称近几个月许多客户对人工智能需求乐观。 2. 卖方：在功率提高的进程中，液冷cage逐渐受益。 宏观： 3. 软银正洽谈向OpenAI追加投资至多300亿美元。 4. 近一年全球模型tokens使用量高速增长244%。 5. 腾讯云、阿里云上线Clawdbot。 1. 中国商火：坚决打赢主力箭首飞及回收攻坚战 全力突破可重复使 ...

Core Insights - The article highlights three significant technological advancements from Hefei that have been recognized as part of the 2025 China's Top Ten Scientific Progresses [1] Group 1: Technological Achievements - The EAST (Experimental Advanced Superconducting Tokamak) achieved a world record by maintaining a temperature of 100 million degrees Celsius for 1066 seconds, marking a milestone in nuclear fusion research [1] - A high-precision AI diagnostic tool developed by the University of Science and Technology of China predicts the recurrence risk of liver cancer with an accuracy of 82.2%, providing a crucial tool for global precision diagnosis and treatment [1] - The "Zuchongzhi No. 3" quantum computing prototype was successfully constructed, capable of solving the "quantum random circuit sampling" problem at a speed 10 trillion times faster than the current fastest supercomputer [1]

产业观察 [table_Header]2026.01.28 合肥核聚变科技与产业大会召开 摘要： 产业研究中心 | [Table_Authors] | 陈磊(分析师) | | --- | --- | | | 021-38038037 | | | chenlei5@gtht.com | | 登记编号 | S0880522060001 | | | 王浩(分析师) | | | 0755-23976068 | | | wanghao2@gtht.com | | 登记编号 | S0880513090004 | | | 鲍雁辛(分析师) | | | 0755-23976830 | | | baoyanxin@gtht.com | | 登记编号 | S0880513070005 | [Table_Report] 往期回顾 【具身智能产业动态】魔法原子、银河通用相继 宣布为总台 2026 春晚机器人合作伙伴 2026.01.26 【公链技术周报】以太坊重归去信任化本源，主 权货币与高性能网络竞逐技术高地 2026.01.25 分布式量子传感：加州理工学院推出全光学损耗 容忍的 DQS 方案 2026.01.25 力鸿一号遥一 ...

每经记者｜胥帅 每经编辑｜唐元 在人工智能以惊人速度重塑世界的今天，一场关于未来基石——能源的静默竞赛早已在全球拉开帷幕。算力，作为AI时代的"新石油"，其爆炸式增长的背 后，是对电力供给前所未有的渴求。成都市政协委员、成都中天泰瑞科技董事长窦云骋，眼下更关注能源，特别是新型的核聚变技术。 1月27日，成都市政协十六届四次会议开幕，成都进入两会时间。《每日经济新闻》记者专访了窦云骋。 "在我们行业内有一个深刻的解读：人工智能的终点是能源，而能源的终点就是核聚变。"他认为，站在国家"十五五"规划将核聚变正式列为未来产业的历史 性节点，成都需系统审视自身优势与不足，加快将科研潜力转化为产业实力。 核聚变是能源尽头 从ChatGPT横空出世到Sora惊艳亮相，大模型迭代的速度令人目不暇接，但其背后是堪称"吞电巨兽"的超级算力集群。窦云骋指出，全球AI竞赛不仅是算法 与芯片的较量，更是能源储备与供给能力的比拼。他援引特斯拉与SpaceX创始人埃隆·马斯克的观点称，美国电网老化、审批冗长难以支撑算力增长。Meta 等科技巨头不仅在抢购GPU，更在积极投资能源资产，以保障其数据中心的"电力安全"。"这释放了一个信号：可持 ...

Group 1: Equity Market Outlook - The equity market in 2026 is expected to be vibrant with diverse opportunities, amidst challenges and geopolitical risks leading to high volatility [1][15] - The domestic economy is undergoing a critical phase of transitioning from old to new growth drivers, with real estate bottoming out and some manufacturing sectors facing overcapacity [1][15] - Optimism is supported by the ongoing technological revolution and a favorable global liquidity environment, alongside domestic policies that nurture the capital market [1][15] Group 2: Growth Directions - Artificial Intelligence (AI) remains a key growth engine, expanding from traditional TMT sectors to broader industrial chains, including power equipment, non-ferrous metals, smart driving, and robotics [1][15] - Emerging sectors like commercial aerospace are also showing sustained vitality [1][15] - Traditional cyclical industries are advised to align with their capacity cycles to capitalize on opportunities arising from anti-involution policies [1][15] Group 3: Consumer and Healthcare Sector - The consumer healthcare sector has entered an attractive valuation zone after a prolonged adjustment, with central government policies focusing on expanding domestic demand [2][16] - Companies that excel in service consumption and health sectors, or those with strong cost-performance ratios, are seen as having opportunities to navigate through cycles [2][16] - The Hong Kong stock market is influenced by both domestic fundamentals and global liquidity, with potential for valuation recovery under the backdrop of anticipated interest rate cuts by the Federal Reserve [2][16] Group 4: Investment Strategies - The core strategy for identifying opportunities is to seek assets with asymmetric risk-reward profiles, where downside risks are manageable and upside potential is significant [2][17] - The investment landscape in 2026 is characterized by diverse opportunities, but caution is advised around market levels near 4000 points [2][17] Group 5: Consumer Trends - The new consumption era is driven by structural opportunities that outweigh total growth, focusing on emotional value, policy renewal, health, and technology integration [3][18] - Key consumer groups include Generation Z, the aging population seeking self-pleasure, and new middle-class consumers emphasizing quality and cost-effectiveness [4][19] - Investment themes include the experience economy, health and aging services, and the integration of AI in consumer products [4][19] Group 6: Bond Market Outlook - The bond market is expected to improve in 2026, with negative factors that previously suppressed the market beginning to dissipate [6][21] - The credit bond market is viewed as a core direction for investment, with supply shrinking and demand expected to increase from various sources [8][23] - The overall bond market environment is anticipated to be more favorable, with rational pricing and a gradual recovery in demand as banks' interest margin pressures ease [7][22] Group 7: Technology Trends - The core of technological development is centered around enhancing production efficiency, improving quality of life, and ensuring safety [11][25] - AI is projected to remain the driving force in technology, with significant capital expenditure growth potential, despite the current early-stage investment landscape [12][26] - Emerging technologies such as nuclear fusion, advanced lithography, brain-machine interfaces, and quantum technology are highlighted as key areas for future investment [12][26]