《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》明确提出，"培育壮大新兴产业和 未来产业""着力打造新兴支柱产业""前瞻布局未来产业"。 在"十四五"圆满收官、"十五五"扬帆启航的关键节点上，以新兴产业和未来产业为代表的新赛道活力迸 发。2025年，新兴产业在集群壮大、技术迭代的双重驱动下，市场机遇不断涌现；未来产业在实现技术 突破向场景落地的跨越中，市场空间逐步显现。业内专家表示，新兴产业与未来产业均属于高天花板、 高成长性的"长坡厚雪"赛道。展望"十五五"，随着技术深化落地，新兴产业集群将持续扩容，未来产业 将逐步成长为新经济增长点。 市场空间持续释放 "十四五"期间，我国新兴产业加速发展并形成规模效应，一批万亿元级市场空间逐步显现。 2025年，我国商业航天产业已站在爆发前夜。朱雀三号遥一运载火箭发射入轨，揭开了我国可重复使用 运载火箭密集首飞的序幕；卫星互联网星座部署提速；三大电信运营商陆续获卫星移动通信业务经营许 可，卫星互联网应用场景加速渗透至个人用户市场，相关产业链不断延伸。 航空航天打开了新空间，低空经济则在民生领域开发更多机遇。全国首批载人类民用无人驾驶航空器运 营合格证的颁发， ...

Core Viewpoint - The Guizhou government has issued a five-year action plan aimed at achieving an urbanization rate of approximately 83% in Guiyang and Gui'an, targeting a resident population of around 7.5 million to establish a megacity [1] Group 1: Urbanization and Population Integration - The plan emphasizes the integration of agricultural migrants into urban areas, ensuring access to basic public services, employment support, and education for their children [1] - It aims to protect the land rights and property rights of farmers moving to cities, while also exploring market mechanisms for the exit of rural property rights [1] Group 2: County-Level Urbanization - The action plan focuses on promoting new urbanization centered around county-level development, with a goal for the economic output of the "one city and three counties" to stabilize at around 20% of the city's total [2] - It includes initiatives for industrial development, talent training, and the establishment of innovation platforms, with plans for 56,000 vocational training sessions over five years [2] Group 3: Urban Spatial Structure - The plan outlines a spatial structure for the Guiyang metropolitan area, featuring a core area and multiple centers, each with specific functional focuses such as technology, logistics, and finance [3] - It aims to enhance intercity commuting efficiency and develop a one-hour commuting circle around Guiyang [3] Group 4: Urban Renewal and Resilience - The action plan includes measures for urban renewal, safety enhancements, and the construction of 1,800 kilometers of underground pipelines over five years [4] - It targets a gas pipeline coverage rate of over 88.5% and aims to increase green coverage in urban areas to over 40% [4] - The plan also emphasizes the development of smart city infrastructure, including the construction of 37,000 new 5G base stations [4]

本报记者 李乔宇 "十四五"期间，我国在高水平科技自立自强的征程上留下了坚实足迹，以新兴产业和未来产业为代表的新赛道活力迸发。 在新兴产业成为经济增长重要引擎的同时，我国也积极布局未来产业。"十四五"以来，我国在未来产业前沿领域进展迅 速，人工智能、量子信息、生物制造等一批未来产业关键领域取得突破。 嫦娥六号实现世界首次月球背面采样返回、国产大飞机C919腾空起飞、具身智能走进大众生活、第六代移动通信（6G） 时间表日趋清晰……新兴产业在集群壮大、技术迭代的双重驱动下，万亿元级市场机遇不断涌现；未来产业在从技术突破向场 景落地的跨越中，市场空间逐步显现。 受访专家表示，新兴产业与未来产业均属于高天花板、高成长性的"长坡厚雪"赛道。立足"十五五"新起点，随着技术深化 落地，新兴产业集群将持续扩容，未来产业将逐步成长为新经济增长点。二者将协同发力、双轮驱动，以硬核实力壮大经济发 展新引擎。 新兴产业集群发展 "十四五"期间，我国新兴产业快速发展并形成规模效应，多个万亿元级市场加速成型。 2025年，我国商业航天产业站在爆发前夜。朱雀三号遥一运载火箭以及长征十二号甲遥一运载火箭发射入轨，揭开了我国 可重复使用运载火 ...

1. Report Industry Investment Rating - No information provided in the report. 2. Core Viewpoints - On January 6, 2026, all stock indices rose significantly. The trading volume of the Shanghai, Shenzhen, and Beijing stock markets reached 2.8322 trillion yuan, an increase of 265 billion yuan from the previous day. The continuous increase in trading volume after the holiday is mainly due to the return of market liquidity and the rising expectation of policy benefits. The policy emphasizes the construction of a modern industrial system, which drives the significant rise of related industrial chain stocks. The margin trading balance and margin trading amount have both increased, indicating strong willingness of leveraged funds to enter the market and optimistic market sentiment. In the medium to long term, the expectation of policy benefits and the trend of net capital inflow are the main drivers for the upward movement of stock indices. With the implementation of policy benefits in 2026 and continuous net capital inflow, the risk appetite of the stock market will continue to rise. It is expected that the stock indices will fluctuate strongly in the short term. For options, since the current position PCR and implied volatility are within the normal range, a bull spread or ratio spread strategy with a mild bullish view can be adopted [3]. 3. Summary by Relevant Catalogs 3.1 Option Indicators - On January 6, 2026, the 50ETF rose 1.92% to close at 3.235; the 300ETF (Shanghai Stock Exchange) rose 1.55% to close at 4.919; the 300ETF (Shenzhen Stock Exchange) rose 1.52% to close at 4.996; the CSI 300 Index rose 1.55% to close at 4790.69; the CSI 1000 Index rose 1.43% to close at 7864.90; the 500ETF (Shanghai Stock Exchange) rose 2.17% to close at 7.961; the 500ETF (Shenzhen Stock Exchange) rose 2.15% to close at 3.141; the ChiNext ETF rose 0.67% to close at 3.303; the Shenzhen 100ETF rose 1.08% to close at 3.553; the SSE 50 Index rose 1.90% to close at 3158.76; the STAR 50ETF rose 1.76% to close at 1.51; and the E Fund STAR 50ETF rose 1.89% to close at 1.46 [5]. - The trading volume PCR and position PCR of various options on January 6, 2026, and their changes compared with the previous trading day were provided, such as the trading volume PCR of SSE 50ETF options was 58.87 (previous day: 91.01), and the position PCR was 107.49 (previous day: 109.04) [6]. - The implied volatility of at - the - money options in January 2026 and the 30 - trading - day historical volatility of the underlying assets for various options were provided, such as the implied volatility of at - the - money SSE 50ETF options in January 2026 was 13.26%, and the 30 - trading - day historical volatility of the underlying asset was 11.68% [7]. 3.2 Related Charts - **SSE 50ETF Options**: Included charts of the SSE 50ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and implied volatility of at - the - money options for each term [9][11][13][17]. - **SSE 300ETF Options**: Included charts of the SSE 300ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and implied volatility of at - the - money options for each term [22][24][26][32]. - **SZSE 300ETF Options**: Included charts of the SZSE 300ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and implied volatility of at - the - money options for each term [35][37][39][41][45]. - **CSI 300 Index Options**: Included charts of the CSI 300 index trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and implied volatility of at - the - money options for each term [48][50][52][54][58]. - **CSI 1000 Index Options**: Included charts of the CSI 1000 index trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and implied volatility of at - the - money options for each term [61][64][66][68][72]. - **SSE 500ETF Options**: Included charts of the SSE 500ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and implied volatility of at - the - money options for each term [75][77][79][83]. - **SZSE 500ETF Options**: Included charts of the SZSE 500ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and implied volatility of at - the - money options for each term [88][90][92][97]. - **ChiNext ETF Options**: Included charts of the ChiNext ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and implied volatility of at - the - money options for each term [101][103][105][111]. - **Shenzhen 100ETF Options**: Included charts of the Shenzhen 100ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and implied volatility of at - the - money options for each term [114][116][118][124]. - **SSE 50 Index Options**: Included charts of the SSE 50 index trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and implied volatility of at - the - money options for each term [127][129][131][137]. - **STAR 50ETF Options**: Included charts of the STAR 50ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and implied volatility of at - the - money options for each term [140][142][144][148]. - **E Fund STAR 50ETF Options**: Included charts of the E Fund STAR 50ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and implied volatility of at - the - money options for each term [151][153][154].

1月5日上午，山东省新动能未来产业基金签约发布仪式在金家岭金融区举行。市委常委、副市长 耿涛出席并致辞。 来源：青岛日报 | 每日｜荐读 | | --- | | 热文： 谁押中了沐曦股份？ | | 荐读： 2025募资市场年度观察：一年聊过239家LP的真实感受 | | 荐读： 2025年IPO退出盘点：哪些GP赚钱了？ | | 热文： 投资人"忙疯了" | 据悉， 山东省新动能未来产业基金 首期规模30亿元，将重点投向未来智造、未来信息、未来材 料、未来能源、未来空间和未来健康六大前沿领域，支持青岛市、山东省加快打造特色鲜明、优势 突出的未来产业集群。 ...

申报企业应在2025年1月1日至2025年12月31日期间取得全国中小企业股份转让系统有限责任公司出具的 同意企业进入全国中小企业股份转让系统挂牌的函(以下简称新三板挂牌函)；或完成由新三板基础层调 层到创新层；在支持资金拨付时，企业未在全国中小企业股份转让系统摘牌。 本次支持方式采取后补助方式。对获准在基础层挂牌的企业，给予不超过50万元资金支持；获准调层后 进入创新层的企业，给予不超过50万元资金支持；获准直接进入创新层挂牌的企业，给予不超过100万 元资金支持。 本次项目采取线上申报方式进行，申报时间：2026年1月5日(星期一)至2026年1月16日(星期五)17：00。 素材来源：北京市科学技术委员会 1月4日，北京市科学技术委员会、中关村科技园区管理委员会发布《关于征集2026年度新三板挂牌补贴 支持资金项目的通知》。其中提出，支持企业在全国中小企业股份转让系统挂牌或调层，给予企业资金 支持，用于企业研发投入，助推企业创新合规发展，加快实现资本市场上市。 申报企业为注册在中关村国家自主创新示范区范围内的国家高新技术企业和中关村高新技术企业。符合 支持条件的注册在北京市其他区域的高新技术企业参照执行 ...

2025年作为"十四五"收官之年，国办1号文等政策红利精准释放、千亿级国家创投引导基金叠加地方产业集群政策、并购重组规则优化，从资金供给、产 业方向到退出渠道全方位发力。这一年既是政策与市场深度互动的实践场，也是硬科技与"AI+"赛道加速突围的关键期。 一级市场是否开始回暖？市场出现了哪些新机遇？智通财经创投通联合执中，从数据视角呈现2025年一级市场募投领域的资金动向与变化趋势。 第一部分：募资市场 备案基金：新备案基金数近四年来首次回升，小规模基金占比提高 2025年，新备案的中国私募股权投资基金共计5162支，注册资本总额约2.79万亿元，较2024年分别同比增长19.38%和15.49%；备案基金数近四年来首次回 升。从基金注册地来看，浙江、江苏、广东、山东四省备案基金数继续保持前四位，累计占比57%；从备案基金规模来看，北京、浙江、江苏、上海四地 区备案基金注册资本均超2000亿元，累计占比54%。 从备案基金规模来看，新备案基金以小规模基金为主，注册资本在1亿元及以下的基金数占比约50.91%，1-5亿元之间的占比29.19%，较2024年分别提高 0.79和1.35个百分点；而30亿元以上的基金 ...

此次签约是积极贯彻省"十五五"规划中"前瞻布局未来产业"战略要求和落实青岛市加快培育发展未来产 业部署的具体举措。下一步，青岛市财政局将进一步优化全市政府投资基金布局，立足青岛"10+1"创新 型产业体系，以基金为纽带，吸引前沿项目、高端人才与优质资本落地，着力打造具有全国影响力的未 来产业高地，以点带面牵引创新要素高效流动、深度耦合，推动产业结构转型升级，放大区域创新辐射 效应。 山东省新动能未来产业基金由省新动能基金公司联合青岛财通集团共同设立，旨在充分发挥省、市政府 投资基金的引领作用和青岛本地产业资源优势，有效链接技术、人才与资本资源，引导社会资金精准投 向具有成长潜力的未来产业项目。该基金首期规模30亿元，将围绕青岛未来产业发展规划，精准投向未 来智造、未来信息、未来材料、未来能源、未来空间和未来健康六大方向，发掘培育一批具有核心技术 和成长潜力的优质企业，助力打造特色鲜明、优势突出的未来产业集群。 据介绍，山东省新动能基金公司成立于2018年，并于2020年7月获批成为省属一级金融企业，截至目前 公司已在青岛市设立35支基金，基金认缴规模555亿元，实缴出资317亿元，其中省级引导基金实缴出资 5 ...

Core Viewpoint - The article discusses the importance of quantum computing in Wuhan's development strategy, highlighting various proposals aimed at enhancing the city's capabilities in this field [1][3]. Group 1: Quantum Computing Development - Quantum computing is recognized as a core branch of quantum technology, offering significant advantages over classical computing through its unique properties like superposition and entanglement [3]. - The Chinese government's "14th Five-Year Plan" emphasizes the strategic importance of quantum technology, positioning it as a key area for future economic growth [3][4]. Group 2: Current Status and Challenges - Wuhan has established a solid foundation in quantum computing, particularly through institutions like the Chinese Academy of Sciences, achieving notable progress in neutral atom quantum computing [4]. - Despite these advancements, Wuhan faces challenges in research and development, computational power integration, application trials, and building an industrial ecosystem [4][5]. Group 3: Recommendations for Advancement - Increase research efforts focused on neutral atom quantum bits, quantum error correction, and quantum cloud platform applications to address development challenges [5]. - Accelerate the construction of a hybrid computing platform that integrates quantum and classical computing to provide efficient computational services [5]. - Initiate pilot applications of quantum computing in key industries such as biomedicine, new materials, and financial risk management to validate technology feasibility [5]. - Build a quantum computing ecosystem by fostering collaboration between universities and research institutions, and providing access to quantum cloud platforms for educational purposes [5].

Core Insights - The rapid rise of AI technology is reshaping industries, leading to a surge in IPOs for tech companies, particularly in the AI and GPU sectors [1][3][4] - MiniMax, an AI model company, is expected to become one of the fastest companies to go public, with a potential listing in January 2026 [3] - The IPO market is witnessing a significant shift, with a notable increase in listings from unprofitable tech companies, driven by supportive policies and market conditions [4][5] Industry Trends - As of December 26, 2025, the A-share market saw a total IPO amount of 1,290.1 billion, significantly lower than previous years, but with a fundamental shift towards unprofitable tech companies [4][10] - The introduction of new listing standards on the Sci-Tech Innovation Board and the Growth Enterprise Market has facilitated the entry of unprofitable tech firms into the market [5][11] - The trend of unprofitable tech companies going public is supported by a clear policy direction aimed at fostering innovation and growth in the tech sector [5][17] Market Dynamics - The majority of newly listed companies in 2025 are tech firms, with a significant portion being unprofitable, indicating a shift in investor sentiment towards innovation over immediate profitability [6][9] - Major brokerage firms dominate the IPO landscape, with a concentration of listings from a few top firms, highlighting a monopolistic trend in the tech IPO market [9][10] - The rapid listing process for companies like Moer Thread and Muxi reflects a broader trend of accelerated capital market access for tech firms [7][11] Investment Opportunities - The current environment presents a unique opportunity for investment banks to engage with high-potential tech companies early in their development, emphasizing the importance of "investment first" strategies [12][14] - The success of IPOs for companies like Moer Thread and Muxi has generated significant profits for their underwriting banks, showcasing the lucrative nature of tech IPOs [9][10] - The focus on deep industry engagement and support for tech firms is reshaping the role of investment banks, moving from traditional underwriting to comprehensive value creation [11][12] Regulatory Environment - Recent regulatory changes have created a more inclusive environment for tech companies, allowing for greater flexibility in listing requirements, particularly for unprofitable firms [5][15] - The role of investment banks as gatekeepers is emphasized, with a focus on maintaining high standards for tech firms seeking to go public [17] - The ongoing support from government and institutional investors is crucial for the sustainability of the tech IPO boom, particularly in high-growth sectors like semiconductors and AI [15][16]