岁末回望，星河璀璨。2025年，中国科技以"极限"为尺，丈量认知疆域。 我们不仅是凝视星空的梦想家，更是重构物质、对话幽灵粒子、破译生命密码的创造者。这一年，中国 智慧以一系列原创性、颠覆性的重大突破，在宇宙、物质、生命与信息的秩序中，刻下了鲜明的中国印 记。不仅为中国高质量发展注入澎湃动能，也为全人类的文明进步贡献不可磨灭的东方力量。 星辰大海，逐梦前行。 ——编者 回望2025年，"人造太阳"的束流瞬间点亮，承载起人类探索"终极能源"的梦想；光电融合通信芯片问 世，为6G奠定了硬件基础；航天员安全往返天地间、国家太空实验室运行良好，飞天逐梦步履不停； 大桥飞架、高铁奔驰，远程手术隔空"操刀"、"云端教室"赋能山村课堂，民生保障更加有力；人工智 能、生物医药、机器人等一批标志性科技产品惊艳世界，24个全球创新集群入围全球百强，中国的创新 实力、综合竞争力得到越来越多的认可…… 放眼神州大地，以创新为主要引领和支撑的经济体系和发展模式正在形成，以科技创新为核心的全面创 新正在加快推进。这一年，在科技强国的征程上，我们又交出了一份令人满意的答卷。 原始创新标志性成果涌现，拓展认知边界 人们常用"薄如蝉翼"来形容 ...

在量化投资行业竞争日趋激烈的今天，能否构建多元化、全品类的投资策略体系，直接决定了资产管理 机构的核心竞争力和市场影响力。Duoer资本管理公司（Duoer Capital Management Co., Ltd）作为全球 领先的量化投资管理集团，凭借强大的技术实力和深厚的研究积累，构建了覆盖传统量化与数字资产的 全品类投资策略体系，在不同市场环境下均能保持稳健的收益表现，引领着量化投资领域的发展新方 向。近日，笔者深入剖析Duoer资本的投资策略体系，探寻其在量化投资领域持续领先的核心密码。 一、传统量化投资：技术驱动下的精准布局 传统量化投资是Duoer资本的核心业务领域之一，公司凭借领先的AI技术平台和丰富的市场经验，打造 了四大核心传统量化策略，实现了对传统金融市场的精准布局。 多因子量化策略是Duoer资本的王牌策略之一。该策略整合了300余个阿尔法因子，涵盖价值、成长、质 量、动量、流动性等多个维度，通过机器学习算法对因子进行动态优化和权重调整。与传统多因子策略 不同，Duoer资本的多因子策略具备强大的自适应能力，能够根据市场环境的变化，自动调整因子的配 置比例，精准捕捉不同市场周期下的超额收益 ...

《自然指数》在2025年底公布的应用科学榜单显示，中国的贡献分值高达22261，占据全球应用科学产 出的56%，而排名第二的美国仅有4099分、占比10%，中国科研机构更是垄断了前三十名的所有席位， 引起全球震动。 西方巨头还在用技术封锁思维构建护城河时，中国团队用开源精神和极致性价比改写了游戏规则。 DeepSeek的成功宣告：AI竞赛，中国不仅没有掉队，而且已经具备了引领下一程的能力。 二、全国首批载人无人机运营合格证颁发，低空经济元年开启 2025年3月28日，中国民航局向广东亿航通用航空和合肥合翼航空颁发全国首批载人类民用无人驾驶航 空器运营合格证。亿航EH216-S由此成为全球首款集型号合格证、生产许可证、标准适航证和运营合格 证"四证齐全"的载人无人机，标志着中国率先进入"载人无人机时代"。这一里程碑意味着，曾经只存在 于科幻电影中的"空中出租车"正式具备商业运营资格，低空经济万亿级市场的大门就此打开。 从无人机大国到载人无人机强国，中国再次走在世界前列。欧美还在为监管框架争论不休，中国已经完 成了从技术验证到商业落地的全流程闭环。 三、天问二号成功发射，小行星采样返回任务正式启航 这不是微小的领 ...

2025年，注定是不凡的一年。回望这一年，科技领域以惊人的速度重塑着我们的生活，以人工智能、商 业航天等为代表的硬核科技深刻重塑着经济社会发展的底层逻辑与未来图景，"未来"正在加速度撞进现 实。 技术浪潮不仅催生了新的生产力，更成为驱动资本市场结构性行情的核心引擎。从底层算力设施的迭代 到前沿应用的普及，一系列年度科技热词清晰地勾勒出产业跃迁的路径，也为洞察未来投资方向提供了 关键坐标。 在AI算力需求的推动下，作为电子设备"骨架"的高端印刷电路板(PCB)产业实现技术跃迁。产品向高层 数、高密度、高可靠性方向加速演进，单板价值量与技术壁垒显著提升，这个传统产业正在成为支撑电 子信息产业创新发展的基石。正因如此，2025年PCB产业的强势崛起与技术蜕变，也标志着中国在全球 高端制造版图中，正从一个规模领先的"制造中心"，向定义技术标准的"创新源"与"赋能极"稳步跨越。 年度热词透视：技术突破与资本共振轨迹 这一年，从AI底层算力到太空前沿探索，每个"热词"都对应着一条崛起的产业链，而不少也映射到了市 场行情中。 热词一：AI智能体——AI的"觉醒时刻" 2025年初，以DeepSeek为代表的大模型作出战略性 ...

Core Insights - The year 2025 is marked by significant technological advancements, particularly in artificial intelligence and commercial space, reshaping economic and social development [2] - The technological wave is driving structural changes in capital markets, with emerging trends providing key investment directions [2] Group 1: Annual Technology Buzzwords - Each buzzword corresponds to a rising industry chain, reflecting market trends [4] Group 2: AI Agents - The strategic open-sourcing by models like DeepSeek has lowered barriers for AI development, leading to a surge in innovation and a shift in market expectations for Chinese tech [6] Group 3: Supernodes - Supernode architecture integrates hundreds of chips into efficient computing units, providing a differentiated development path in global computing power competition [8] Group 4: PCB Industry - The high-end PCB industry is evolving towards higher layers, density, and reliability, becoming a cornerstone for electronic information innovation [10] Group 5: AI Computing Power - AI computing power is now a strategic digital foundation in international tech competition, with China's "East Data West Computing" strategy accelerating [12] Group 6: Co-Packaged Optics (CPO) - CPO technology addresses challenges in data center expansion, becoming crucial for enhancing computing efficiency and reshaping value distribution in the optical communication industry [14] Group 7: Digital Economy - The digital economy in China is transitioning to a strategic phase, with AI and data driving efficiency and value creation across various sectors [16] Group 8: Controlled Nuclear Fusion - Significant breakthroughs in controlled nuclear fusion are anticipated, with China making strides in this area, attracting capital market attention [18] Group 9: Commercial Space - China's commercial space sector is entering a phase of rapid development, with a focus on satellite internet and a burgeoning trillion-dollar space economy [20] Group 10: Humanoid Robots - The humanoid robot industry is reaching a critical point of mass production, with significant events indicating a shift towards large-scale applications [22] Group 11: Quantum Computing - Quantum computing is accelerating from research to engineering exploration, with major economies prioritizing it in their tech strategies [24] Group 12: 2026 Outlook - The technological wave is expected to continue, with a focus on AI integration, independent innovation, and future industries [26] - Investment opportunities are anticipated in areas such as AI applications, commercial space, and defense industries [28][30]

Economic Growth and Development - In 2024, Shanghai's GDP surpassed 5 trillion yuan, marking a new stage in its economic and social development [1] - In the first three quarters of this year, Shanghai's GDP exceeded 4 trillion yuan, with a year-on-year growth of 5.5%, outpacing the national average [1] - Shanghai has made significant progress in seven key areas: technological innovation, business environment, openness, consumption stimulation, foreign trade stability, investment promotion, and regional collaboration [1] Leading Industries - Shanghai's three leading industries—integrated circuits, biomedicine, and artificial intelligence—have shown remarkable growth, with manufacturing output increasing by 8.5% year-on-year [3] - The biomedicine sector is expected to exceed 1 trillion yuan this year, with nine innovative drugs and nine innovative medical devices approved for market [3] - The artificial intelligence sector grew by 12.8%, while integrated circuits grew by 11.3% [3] Business Environment Improvement - Shanghai has implemented an "8.0 version" action plan with 58 measures to optimize the business environment, continuing its annual tradition since 2018 [5] - The city has introduced a "check code" system for administrative inspections, achieving a near-complete implementation of "no code, no inspection" [5] - The "Shen Dui" platform for precise service policies has been launched, allowing businesses to access benefits without application [5] Foreign Trade and Investment - Shanghai's foreign trade policies have been bolstered by tax support, customs facilitation, and financial guarantees, leading to a 5.4% year-on-year increase in total foreign trade to 3.34 trillion yuan [10] - The city has seen a steady increase in exports, reaching 1.48 trillion yuan in the first three quarters, with a growth rate of 11.3% [10] - Shanghai has become a hub for foreign investment, with 1,066 regional headquarters and 633 foreign R&D centers established [11] Consumption Recovery - Shanghai's social retail sales have turned positive, with a year-on-year growth of 5% in the first eleven months [8] - The city has implemented a series of policies to stimulate consumption, including subsidies for replacing old appliances and expanding the scope of automobile trade-in subsidies [8] - A total of 1 billion yuan has been allocated for consumption vouchers, focusing on sectors like dining, tourism, and culture [9] Technological Innovation and Collaboration - The construction of the Shanghai (Yangtze River Delta) International Technology Innovation Center has been prioritized, enhancing collaboration with neighboring provinces [12] - The release of 23 supporting policies for the G60 Science and Technology Innovation Corridor aims to foster regional cooperation and resource sharing [13] - Shanghai's initiatives include the establishment of innovation parks and the formation of a patent alliance to support emerging industries [13]

—— 在全球科技产业的演进图谱上，一个清晰而高效的"创新闭环"已然成型。国际消费电子展（CES）与亚洲消费电子展（CES Asia）作为这个闭环的两 大关键节点，正分别承担着"趋势策源地"与"价值转化地"的独特使命。行业共识指出：一项创新在拉斯维加斯CES上的亮相，仅是其漫长旅程的"进行 时"；只有在北京CES Asia的舞台上完成与市场、资本及产业生态的深度对接，才能标志着其商业旅程迈入"完成式"。 CES：全球趋势的策源地与定义者 1. 市场验证与产品校准：面对全球最具活力和挑剔的消费者群体之一，创新将接受最真实的市场反应测试，直接影响最终的量产决策与功能定义。 2. 产业生态整合：展会汇聚了从核心元器件供应商、制造商到分销商、平台运营商乃至地方政府在内的完整产业生态。许多在CES上达成的合作意向，在 此转化为具体的供货合同、生产订单与落地支持协议。 3. 投资与规模化落地：对于投资者而言，在CES Asia上看到的，是经过初步验证、具备清晰市场路径和本地化策略的项目，投资风险显著降低，交易达成 的概率大幅提升。 闭环逻辑：从概念到商业的必经之路 每年一月，拉斯维加斯的CES都被视为全球科技趋势的"开年第 ...

Core Insights - The recent semiconductor technology roadmap by the Korean Society of Semiconductor Engineers (ISE) predicts advancements down to 0.2nm, indicating a shift in the competitive landscape of the semiconductor industry rather than just a focus on smaller process nodes [1][3]. Device and Process Technology Roadmap - The roadmap outlines a 15-year vision from 2025 to 2040, focusing on nine key semiconductor technology trends, including AI semiconductors, optical interconnects, and quantum computing [1][3]. - The evolution of logic devices aims to maintain performance and power efficiency while reducing size, with a shift from Design-Technology Co-Optimization (DTCO) to System-Technology Co-Optimization (STCO) [4][5]. Logic Technology Trends - Logic device nodes are projected to progress from 2nm in 2025 to 1nm by 2031, and approach 0.2nm by 2040, with key variables including gate length and 3D integration capabilities [5][12]. - The transition from FinFET to Gate-All-Around (GAA) structures is expected, with further innovations like CFET (Complementary FET) enhancing performance through 3D stacking [8][10]. Metal Interconnect Technology - Metal interconnects are becoming a critical performance bottleneck, necessitating innovations in materials and processes to achieve lower resistance and higher reliability [14][15]. - Backside Power Delivery Networks (BSPDN) are anticipated to be introduced around 2028, improving power efficiency and area utilization [14][15]. Memory Technology Trends - The semiconductor industry is shifting focus from computation to memory, with AI and HPC driving demand for high-capacity, high-bandwidth, low-latency, and low-power memory solutions [16][17]. - DRAM technology is evolving towards vertical channel transistors and stacked architectures, with significant advancements expected in the coming years [19][21]. Non-Volatile Memory (NVM) Developments - 3D NAND technology is projected to increase in layer count, reaching up to 2000 layers by 2040, while facing challenges in manufacturing processes [23][25]. - New NVM technologies like PCM and ReRAM are being explored, with PCM seen as having balanced scaling potential [26][27]. AI Semiconductor Roadmap - The AI hardware market is expected to grow significantly, with AI-related computing projected to account for about 20% of global computing demand by 2025 [29][30]. - Performance for training and inference hardware is expected to improve dramatically, with TOPS/W metrics increasing significantly by 2040 [30][31]. Optical Interconnect Technology - Optical interconnects are viewed as a key solution to the limitations of traditional copper interconnects, with applications expanding in data centers and AI-driven systems [33][36]. - The roadmap anticipates the introduction of Co-Packaged Optics (CPO) technology, which integrates optical and electronic components to enhance data transmission capabilities [42][44].

丨证券研究报告丨 行业研究丨行业周报丨软件与服务 [Table_Title] 2025 年第 52 周计算机行业周报： 2025 深圳脑博会召开，关注脑机接口产业进展 报告要点 [Table_Summary] 上周计算机板块持续反弹，整体上涨 2.13%，在长江一级行业中排名第 14 位，两市成交额占 比为 5.77%，商业航天/太空算力相关标的活跃。上周我国科大团队在码距为 7 的表面码上实现 了低于纠错阈值的量子纠错；长征十二号甲遥一运载火箭飞行试验任务获得基本成功；上交所 支持正处于大规模商业化关键时期的商业火箭企业，适用第五套上市标准登陆科创板。建议关 注三条主线：1、侵入式脑机接口海外先进产业链的国内映射标的；2、非侵入式脑机接口在消 费场景的产品落地相关标的；3、脑机接口下游应用端相关标的。 分析师及联系人 [Table_Author] 宗建树 陈耀文 SAC：S0490520030004 SAC：S0490525070002 SFC：BUX668 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 软件与服务 cjzqdt11111 [Table_Ra ...

本文由 AI 算法生成，仅作参考，不涉投资建议，使用风险自担 【12月29日，IonQ与Rigetti Computing发展路径各异引投资者权衡】IonQ实现三位数营收增长，还获 新融资，将扩大离子阱系统规模。而Rigetti Computing（RGTI）则推进超导量子比特技术，投资者正权 衡二者不同的商业化路径。 ...