2025.10. 11 本文字数：2272，阅读时长大约4分钟 为继续培育未来产业，上海再发新政进行系统性布局。 10月11日，上海市政府新闻办举行市政府新闻发布会介绍了《关于加快推动前沿技术创新与未来产业培育的若干措 施》（下称"措施"），措施提出力争到2027年，突破一批前沿颠覆性技术，体系化布局建设一批未来产业集聚区，培 育20家左右未来产业生态主导型企业。到2030年，培育壮大一批未来产业，推动形成若干战略性新兴产业，成为具有 世界影响力的未来产业引领地。 作者 | 第一财经 金叶子 为何选定这些重点领域？ 在聚焦重点发展领域，提出围绕未来制造、未来信息、未来材料、未来能源、未来空间、未来健康六大方向，合理规 划、分层推进、精准培育。发展壮大细胞与基因治疗、脑机接口、生物制造、具身智能等领域，重点支持降低成本、 提高可及性、构建产业生态；加快培育第四代半导体、硅基光电子、第六代移动通信、类脑智能等领域，重点支持优 化产品设计、拓展应用场景、验证市场价值；加速布局量子科技、可控核聚变、再生医学等前沿领域，重点支持技术 难题攻关、技术路线收敛、产品可行性验证。 谈到为何选定这些方向，上海市科委副主任屈炜回 ...

Summary of Key Points from Conference Call Records Industry or Company Involved - Focus on the macroeconomic environment, particularly the Federal Reserve's monetary policy and its implications for various sectors, including emerging markets and the Asia-Pacific region's energy development. Core Insights and Arguments 1. **Federal Reserve's Monetary Policy** - The Federal Reserve has increased its tolerance for economic slowdown and rising unemployment, indicating a preference for maintaining labor market stability despite inflation exceeding target levels. The projected PCE inflation rates for 2025 and 2026 are 2.6% each [1][5][21]. 2. **Interest Rate Adjustments** - The Federal Reserve has lowered the federal funds rate by 25 basis points to 4.25% and is expected to reduce it further by 50 basis points by the end of the year. The decision reflects concerns over employment risks, with a mix of dovish and hawkish tones in their statements [2][6]. 3. **Economic Growth Projections** - The Federal Reserve has raised its economic growth forecasts for 2025 and 2026 by 2 percentage points, indicating a more tolerant stance towards inflation to stabilize the labor market [5]. 4. **Indonesia's Monetary Policy** - Indonesia's central bank unexpectedly cut interest rates to 4.75%, prioritizing growth over stability. The government is implementing measures to support economic growth, including a $1 billion stimulus plan [7][8]. 5. **Asia-Pacific Investment Themes** - Morgan Stanley is focusing on thematic investment strategies in the Asia-Pacific region, particularly in artificial intelligence, future energy, and longevity. Key areas of interest include corporate governance reforms in Japan, state-owned enterprise reforms in China, and digital payment ecosystems in India [9][17]. 6. **Diversified Investment Themes** - The multi-polar world investment theme encompasses supply chain redistribution, increased defense spending, and the diffusion of artificial intelligence and technology. Supply chain security initiatives are being implemented across multiple countries [10][11]. 7. **Future Energy Development in Asia-Pacific** - The future energy landscape in the Asia-Pacific region is expected to see significant growth in renewable energy markets, nuclear power development, and cooling technologies. China leads in solar and nuclear capacity, while the cooling equipment market is projected to grow significantly due to climate change [12][4]. 8. **Social Welfare Reforms in China** - China's upcoming five-year plan may include gradual easing measures to support service consumption and social welfare reforms aimed at rebalancing the economy and mitigating deflationary pressures. Proposed reforms could increase pension payments significantly [18][19][20]. 9. **Emerging Market Stock Performance** - The anticipated Federal Reserve rate cuts are expected to boost emerging market stocks, particularly in Asia and Latin America, as lower interest rates and a weaker dollar create favorable conditions for investment [21]. 10. **Investment Themes Trends** - Recent investment themes gaining traction include robotics, nuclear energy, defense, and artificial intelligence, while interest in the metaverse and Web 3.0 has waned. The focus is shifting towards practical applications and profitability in these sectors [22]. Other Important but Possibly Overlooked Content - The importance of evaluating investment themes based on upcoming technological and regulatory catalysts, such as advancements in small nuclear reactors and pollution control policies in China [23].

Group 1 - The National Renewable Energy Battery Index rose by 1.3% at midday, while the Shanghai Carbon Neutrality Index increased by 0.7%, and the New Energy Index went up by 0.5%. Conversely, the Photovoltaic Industry Index fell by 0.2%. The Energy Storage Battery ETF (159566) saw a net subscription of 8 million units during the half-day session [1]. Group 2 - The New Energy ETF managed by E Fund tracks the China Securities New Energy Index, which has been published since 2015 and covers the entire new energy industry chain, including lithium batteries, photovoltaics, wind power, hydropower, and nuclear power. The index has a rolling price-to-earnings ratio of 50.9 times and a valuation percentile of 84.3% since its inception [2]. - The Energy Storage Battery Index focuses on the energy storage sector and consists of 50 companies involved in battery manufacturing, energy storage inverters, and battery temperature control systems. It has a rolling price-to-sales ratio of 30.0 times and a valuation percentile of 82.6% since its inception, indicating potential benefits from future energy development opportunities [2]. - The Photovoltaic ETF also managed by E Fund tracks the China Securities Photovoltaic Industry Index, which has been published since 2019 and includes 50 representative companies across the photovoltaic industry chain. The index has a rolling price-to-earnings ratio of 2.4 times and a valuation percentile of 47.6% [2]. - The Carbon Neutrality ETF managed by E Fund tracks the Shanghai Carbon Neutrality Index, which focuses on the carbon neutrality sector and includes 100 stocks with significant market capitalization in clean energy, energy storage, and high-carbon reduction potential industries. The index has a rolling price-to-sales ratio of 23.8 times and a valuation percentile of 80.1% since its inception [2].

Core Insights - The global energy system is undergoing unprecedented transformation driven by the "dual carbon" goals, leading to systemic restructuring and paradigm shifts in energy production and consumption [1][3] - The future energy concept is evolving from a mere idea to a practical reality, becoming a key driver for the development of new productive forces [1][7] Group 1: Energy System Transformation - The traditional energy system is characterized by centralized supply, whereas the future energy system will be decentralized, intelligent, and networked, allowing users to transition from passive consumers to active participants and collaborators [2][4] - Emerging business models such as distributed photovoltaics, energy storage technologies, and virtual power plants are redefining energy production, distribution structures, and market mechanisms [2][4] Group 2: China's Strategic Role - China is showcasing unique systemic advantages in future energy development through a complete framework that includes technological breakthroughs, institutional innovations, and market cultivation, exemplified by projects like zero-carbon industrial parks and integrated energy systems [3][5] - On a global scale, China is becoming a significant driver and solution provider for future energy development through initiatives like the Belt and Road green energy cooperation and participation in international standard-setting [3][5] Group 3: Technological Integration and Ecological Restructuring - The development of future energy relies on the deep integration of multiple technologies, stakeholders, and scenarios, with AI technology enhancing energy system applications such as smart scheduling and predictive maintenance [4][5] - The collaborative development of hydrogen, nuclear, and new energy storage technologies offers diversified pathways for energy security and clean transition [4][5] Group 4: Future Energy Conference - The 7th Future Energy Conference will be held on October 22-23, 2025, in Suzhou, focusing on themes like multi-energy collaboration, intelligent energy systems, and green finance [6][9] - The conference aims to gather experts from various sectors to discuss cutting-edge topics and establish the "Global Future Energy Council" as a platform for international cooperation [6][9] Group 5: Accelerating the Transition - The transition to future energy is not a distant vision but a rapidly occurring reality, driven by technological advancements, policy support, and evolving market mechanisms [7][10] - The upcoming conference is expected to facilitate the exchange of global wisdom and collaborative efforts, contributing to the establishment of a clean, low-carbon, and efficient modern energy system [7][10]

Group 1 - The core focus is on promoting high-quality development in Daxing District, which is positioned as a key area for the capital's growth and regional collaboration [1][2] - Daxing District is identified as a crucial region for the development of a new urban area, emphasizing the need for continuous innovation and expansion of external cooperation [1][2] - The development plan includes enhancing infrastructure such as education, healthcare, and transportation to attract various resources and improve urban quality [2][3] Group 2 - Daxing District has significant geographical advantages and development potential, with a focus on leveraging the new opportunities presented by the Daxing International Airport [3] - The strategy includes strengthening collaboration with neighboring regions and enhancing the operational mechanisms of the airport economic zone to create a world-class economic area [3] - The emphasis is on developing six key industries: air economy, biomedicine, future energy, commercial aerospace, digital economy, and agricultural technology to build a modern industrial system [3]

Core Viewpoint - The establishment of the Baima Lake Laboratory's New Energy and Marine Energy Industry Incubator in Hangzhou aims to accelerate the transformation of scientific achievements and industry incubation in the future energy sector [1][3]. Group 1: Incubator Overview - The incubator is a collaboration between Baima Lake Laboratory and Zhejiang Xunxing Future Industry Operation Management Co., supported by state capital and local government [3]. - Nearly 20 companies have already settled in the incubator, focusing on cutting-edge energy technologies such as solar cells, all-solid-state batteries, compressed air energy storage, and hydrogen fuel cells [3][4]. Group 2: Support and Resources - The incubator provides comprehensive support for enterprises, from feasibility and mechanism verification to productization and commercialization [3]. - The incubator facilitates connections to more R&D resources, aiding in technology iteration, particularly in the compressed air energy storage sector [3][4]. Group 3: Financial Support and Future Plans - A "Hangzhou Science and Technology Financial Service Alliance" has been established to create a funding mechanism for hard tech projects within the incubator [6]. - The incubator plans to expand its incubation model and build provincial and national-level incubation platforms [6]. Group 4: Regional Industry Development - Hangzhou High-tech Zone (Binjiang) has focused on the "dual carbon" goal, actively developing sectors like photovoltaics, energy storage, and emerging energy, with 120 national high-tech enterprises and 165 provincial technology-based SMEs already established [6].

Core Viewpoint - The renewable energy sector is experiencing positive momentum, with various indices reflecting significant gains in the market, indicating a growing interest and investment in clean energy technologies. Group 1: Index Performance - The Guozheng New Energy Battery Index rose by 2.5% as of midday close [1] - The Zhongzheng New Energy Index increased by 2.2% [1] - The Zhongzheng Photovoltaic Industry Index saw a rise of 1.6% [1] - The Zhongzheng Shanghai Carbon Neutrality Index grew by 1.0% [1] Group 2: ETF Tracking Indices - The New Energy ETF managed by E Fund tracks the Zhongzheng New Energy Index, which covers the entire renewable energy industry chain, including lithium batteries, photovoltaics, wind power, hydropower, and nuclear power [2] - The Energy Storage Battery ETF also managed by E Fund tracks the Guozheng New Energy Battery Index, focusing on companies involved in battery manufacturing and energy storage systems [2] - The Photovoltaic ETF managed by E Fund tracks the Zhongzheng Photovoltaic Industry Index, which includes 50 representative companies across the photovoltaic industry chain [2] - The Carbon Neutrality ETF managed by E Fund tracks the Zhongzheng Shanghai Carbon Neutrality Index, comprising 100 stocks with significant potential for carbon reduction in high-emission sectors [2] Group 3: Valuation Metrics - The Zhongzheng New Energy Index has a valuation of 40.5 times earnings, with a 56.2% increase since its inception in 2015 [2] - The Guozheng New Energy Battery Index has a valuation of 23.2 times earnings, with a 62.1% increase since its inception in 2015 [2] - The Zhongzheng Photovoltaic Industry Index has a valuation of 1.9 times sales, with a 25.0% increase since its inception in 2019 [2] - The Zhongzheng Shanghai Carbon Neutrality Index has a rolling valuation of 21.2 times earnings, with a 56.6% increase since its inception in 2021 [2]

Investment Rating - The report assigns an "Outperform" rating to the nuclear fusion industry [1] Core Insights - China's nuclear fusion technology has developed over 60 years, establishing a theoretical and engineering foundation for next-generation energy [1] - The report highlights significant advancements in nuclear fusion technology, with many countries accelerating their development strategies, particularly in the U.S. with Tokamak and linear devices [3] - The investment in China's nuclear fusion sector is expected to be sustainable, benefiting the related industrial chain [1][3] Summary by Sections Industry Overview - The nuclear fusion industry is transitioning from a "0 to 1" phase, with key components such as magnets, power supplies, and vacuum switches presenting investment opportunities [3][29] - The report emphasizes the importance of the ITER project in enhancing China's theoretical knowledge and equipment manufacturing capabilities [3][21] Technological Advancements - Breakthroughs in key technologies, including superconducting magnets and tritium processing, have resolved engineering obstacles in nuclear fusion devices [3][21] - The report notes that the U.S. aims to demonstrate nuclear fusion by 2030 and commercialize it by 2040, while China is expected to see significant project launches in the next 2-3 years [3][29] Policy and Government Support - The Chinese government has identified nuclear fusion as a key focus for future energy development, with various local governments actively supporting foundational research and equipment manufacturing [3][31] - The report outlines that the 14th Five-Year Plan emphasizes the importance of nuclear fusion, hydrogen energy, and biomass as future energy sources [3][29] Investment Recommendations - The report recommends focusing on companies involved in core components of the nuclear fusion industry, such as Western Superconducting, Lianchuang Optoelectronics, and Antai Technology [3][29] - It suggests that the nuclear fusion sector is poised for accelerated investment during the 14th Five-Year Plan period [3][29]

Core Viewpoint - The article highlights that the United States is losing the future competition with China in clean energy, as China is leading in the installation of renewable energy sources while the U.S. continues to promote fossil fuels [1] Group 1: China's Clean Energy Leadership - China installed more wind turbines and solar panels last year than the rest of the world combined [1] - Chinese companies are building electric vehicle and battery factories in various countries, including Brazil, Thailand, Morocco, and Hungary [1] Group 2: U.S. Energy Strategy - The U.S. government, under President Trump, is pressuring Japan and South Korea to invest "trillions of dollars" in projects to transport natural gas to Asia [1] - General Motors has canceled plans to manufacture electric vehicles in Buffalo, New York, and instead is investing $888 million in producing V8 gasoline engines [1] Group 3: Competitive Gap - The article suggests that China has already widened the gap with the U.S. in the race for future energy development [1]

Core Viewpoint - The article highlights the transformation of Jiaxing from a resource-poor agricultural city to an industrial powerhouse, driven by the "Red Boat Spirit," which embodies innovation, perseverance, and dedication to the people [1][2]. Group 1: Economic Development - By 2024, Jiaxing's GDP reached 756.95 billion yuan, with industrial strength ranking third in Zhejiang province, marking its emergence as a significant economic city [2]. - The traditional manufacturing sector in Jiaxing generated an added value of 181.94 billion yuan in 2024, with a year-on-year growth of 13.3%, the highest in the province [7]. Group 2: Industry Transformation - The wool sweater industry in Honghe has evolved from a small market in the 1970s to a global hub, with over 200 companies and an annual export value exceeding 20 billion yuan [4][5]. - The rise of the chemical fiber industry in Tongxiang, led by Tongkun Group, has transformed from near bankruptcy to a global leader with revenues exceeding 200 billion yuan [5]. Group 3: Innovation and Future Industries - Jiaxing is focusing on future industries such as artificial intelligence, life health, and future energy, with established bases in third-generation semiconductors and hydrogen energy [13]. - The establishment of the Zhejiang Tsinghua Yangtze River Delta Research Institute has fostered 78 listed companies and accelerated industrial upgrades, achieving an industrial output value of 60.5 billion yuan in 2024 [9][10]. Group 4: Strategic Initiatives - The "135N" system aims to develop a global advanced manufacturing cluster and several national and regional advanced manufacturing clusters, with strategic emerging industries accounting for 44.4% of the city's industrial output in 2024 [10]. - Jiaxing's commitment to future industries is evident in its comprehensive support system, including land, talent, funds, and innovative resources [13].