从研发到生产仅用了半年，2025年4月，第一台"远游"诞生，如今已进入量产阶段。袁超介绍，公司建 立了4条人形机器人自动化生产线，可实现年产1500台。 前瞻布局未来产业，探索多元技术路线、典型应用场景、可行商业模式、市场监管规则，推动量子科 技、生物制造、氢能和核聚变能、脑机接口、具身智能、第六代移动通信等成为新的经济增长点。 ——摘自"十五五"规划建议 湖北武汉，上午10点，两台1.3米高的人形机器人准时行动起来：踩准节拍，旋转跳动。一舞结束，全 国首家人形机器人7S店正式开始一天的营业。 汽车4S店做汽车销售及售后服务，那人形机器人7S店呢？ 走进店内，只见不同体型和身高的人形机器人在"忙碌"：有的踢球，有的卖货，有的奏乐……"这里有 17款人形机器人，售价在7999元到70万元之间，可以应用在工业制造、文旅导览、康养护理、特种作业 等10余个场景。"店长胡龙丹介绍，人形机器人7S店不仅有销售、零配件、售后、信息反馈服务，还能 提供解决方案、展示和培训，共7种功能，基本覆盖人形机器人从零部件、整机到场景应用的完整产业 链。 7S店入口处，一款"脚下长轮"的人形机器人吸引了不少顾客围观。"它叫'远游'，身 ...

"通过植入AI算法，新系统将催生更灵活、智能的AI无线网络，不仅可在多种复杂场景下应用，同步实 现实时数据传输与环境精准感知，还可自动规避干扰信号，让网络信号传输更安全通畅。"王兴军说。 《 人民日报 》( 2026年01月27日 08 版) 针对此，北京大学王兴军教授、舒浩文研究员及香港城市大学王骋教授组成的联合团队，成功研制出面 向6G通信的超宽带光电融合集成系统，首次实现全频段、灵活可调谐的高速无线通信，为未来更畅 通、可靠的6G无线通信提供保障。 北京大学电子学院副院长、教授王兴军说："这就好比6G通信有了超宽高速公路，过去，信号只能挤在 一两个车道，而现在有更多车道可以选择，跑得更快。" 超高频光电融合芯片的制备是国内外研究热点，全球许多团队同期开展工作，向该项技术发起冲锋。面 对竞争，北京大学和香港城市大学研究团队即使远隔千里，也互相信任和支持，实现了高效合作。 "十五五"规划建议提出，前瞻布局未来产业，探索多元技术路线、典型应用场景、可行商业模式、市场 监管规则，推动量子科技、生物制造、氢能和核聚变能、脑机接口、具身智能、第六代移动通信等成为 新的经济增长点。 6G作为下一代无线通信网络，需要在 ...

时隔三年多，主动权益基金发行市场重现发行份额超70亿份"爆款产品"。1月20日成立的偏股混合型基金广发研究智选A，发行份 额高达72.21亿份，成为难得的"爆款产品"。 偏股混合型基金热度重启，打破了2025年以来被动指数产品占据绝对主导的局面。市场风向，正悄然生变。 尽管发行数量和份额暂未达到2025年底的水平，不过从平均发行份额来看，基金发行市场的回暖较为显著。截至1月25日，1月以 来新成立基金的平均发行份额达到9.47亿份，远超2025年12月6.33亿份的平均发行份额。上一次单月平均发行份额超过本月，还 是在2025年2月。 主动权益爆款基金重现 从单只产品来看，发行端的回暖也可见一斑，尤其是主动权益基金。 1月7日至1月16日期间认购、1月20日成立的偏股混合型基金广发研究智选A，发行份额高达72.21亿份，成为难得的爆款产品。 值得注意的是，上一次有偏股混合型基金发行份额超过70亿份，还要追溯到2022年10月。 基金发行回暖迹象显现 数据显示，截至1月25日，年初以来已有76只新基金成立（仅统计初始份额），合计发行份额达719.39亿份。 其中，新成立股票型基金31只，发行份额165.06亿份 ...

1月21日，"中国最强地级市"苏州正式发布"十五五"规划建议。证券时报记者注意到，规划建议中提 出，要推动具身智能、量子科技、氢能和核聚变能、脑机接口等产业加快形成新的经济增长点。与此同 时，当地还将大力服务企业上市，推动上市企业做大做强，培育更多千亿级规模上市企业。 加快发展新质生产力 规划建议指出，要完善区域创新体系，做强全省重要创新增长极，高水平融入上海（长三角）国际科技 创新中心建设，打造具有全球影响力的产业科技创新中心主承载区。 规划建议指出，要坚守实体经济，实施"苏州智造"强基提质工程，坚持智能化、绿色化、融合化方向， 深化"1030"产业体系建设，着力打造先进制造业集群，保持制造业比重高于40%，创建国家新型工业化 示范区，高水平建设制造强市、质量强市，打造具有国际竞争力的"智能制造之城"。 加强关键核心技术攻关。强化战略科技力量建设，全力服务保障苏州实验室。高水平建设国家生物药、 第三代半导体技术创新中心。争取建设更多国家重大科技基础设施、牵头类全国重点实验室，壮大省重 点实验室队伍。争取建设国家级量子科技、深海信息技术与装备等创新中心，推动硅光子集成工艺制造 基础工艺平台等建设。绘制科技路线 ...

智通财经APP获悉，方正证券发布研报称，当前A股与美股ROE水平相对错位，美股处历史高位，A股则筑底回升。参考美股经验，长期来看，成熟市场 资产周转率因经济与营收增速中枢下移而步入稳态，杠杆率也因企业加杠杆需求递减而逐步平稳，净利率是长期决定市场ROE变化的核心因素。当前国内 经济环境稳中有进，"十五五"规划为未来高质量发展指明方向，上市公司盈利效率长期将不断向好。 方正证券主要观点如下： 核心结论 本文系统对比分析了美股与A股上市公司ROE长期走势，并对其变化背后原因进行探讨： 一、A股与美股ROE对比分析 1）当前A股与美股ROE水平相对错位，美股处历史高位，A股则筑底回升。2）净利率&资产周转率表现分化为造成A股与美股ROE错位主要原因。 二、杜邦三因子分解 净利率：1）净利率是美股ROE强势最核心因素，美股ROE走势基本由净利率刻画。2）A股净利率近年缓慢波动下行，当前底部蓄力待发。 资产周转率：1）美股周转率经历长期下行后已步入稳态。2）当前A股周转率如同美股早期仍处下行通道，预计未来将如美股逐步平稳。 杠杆率：1）美股杠杆率绝对值较高，已在高位持续平稳。2）A股杠杆率同样已趋于稳定，未来持续上行空 ...

Core Insights - Tianjin Economic and Technological Development Zone has released the "Future Industry Cultivation and Development Action Plan (2025-2027)" aiming to establish a "4+2+X" future industry layout by 2027, focusing on key technologies, products, applications, talent, and competitive enterprises in future industries [1][2] Group 1: Future Industry Development Strategy - The action plan aims to create a world-class future industry ecosystem, emphasizing "future-oriented advantages" and "industrialization of future technologies" as the two main lines of development [1] - The "4+2+X" future industry development system will focus on four cornerstone tracks: nucleic acid drugs, biomanufacturing, general artificial intelligence, and basic and key materials [1] - The plan also includes two cutting-edge tracks: embodied intelligence and automotive-grade chips, along with several potential tracks such as future healthcare, nano-manufacturing, and software-defined interconnect chips [1] Group 2: Implementation Actions - To achieve the development goals, the Tianjin Economic and Technological Development Zone will focus on a complete innovation ecosystem, implementing ten key actions including technology innovation source actions and future enterprise cultivation actions [2] - The technology innovation source action will concentrate on building high-level innovation platforms, aiming for 1 to 3 key source platforms for each track [2]

Group 1 - The report highlights that the Shanghai Composite Index has achieved a remarkable 16 consecutive days of gains, with growth styles, particularly in commercial aerospace, nuclear fusion, and 6G themes, significantly outperforming the market. This trend is attributed to China's economic transformation and the initiation of the 14th Five-Year Plan, which emphasizes new economic growth points such as quantum technology and hydrogen energy [1][2][3] - Historical data indicates that occurrences of ten consecutive days of gains in the A-share market are extremely rare, with only seven instances since 1990. The report notes that while short-term (5-day) gains are highly probable following such streaks, longer-term performance shows mixed results, necessitating an analysis of the core factors driving the market [2][4] - The report discusses the historical context of previous consecutive gain streaks, particularly from 1990 to 1992, where institutional reforms and stock scarcity propelled market growth. The completion of the stock split reform in 2006 is also noted as a significant factor that led to a bull market, supported by a healthy macroeconomic environment [3][5][7] Group 2 - The report emphasizes that strong fundamentals provide room for valuation recovery, and the smooth progress of reforms has catalyzed the current bull market. Short-term catalysts for consecutive gains stem from adjustments due to policy constraints, while mid-term factors include the ongoing stock split reform that boosts market sentiment [7][10] - Long-term market pricing remains anchored to fundamentals, with indicators suggesting that PPI growth is expected to converge, leading to an increase in corporate profit margins and subsequently driving A-share earnings recovery. The report suggests that the bull market is not yet over [11][12] - Investment recommendations focus on three key areas: the AI industry chain, sectors highlighted in the 14th Five-Year Plan such as aerospace and new materials, and cyclical price increases in industrial metals and chemicals, which are expected to show strong performance due to supply-demand dynamics and policy support [12]

Group 1: Government Initiatives and Innovations - The government report highlights the launch of the world's first Beidou high-precision chip and the fastest magnetic levitation technology, showcasing advancements in various fields [1] - The report emphasizes the establishment of "Wan Zhao Pioneer" cities, aiming to enhance high-performance computing capacity by over 2500P, which is crucial for future industrial ecosystems [5] - The construction of facilities like the magnetic confinement deuterium-deuterium fusion neutron source is accelerated, representing a significant step towards sustainable energy solutions [8] Group 2: Smart Manufacturing and Industry Leadership - Two companies, Wuhan Changfei Optical Fiber and Cable Co., Ltd. and Wuhan BOE Optoelectronics Technology Co., Ltd., have been recognized as the first batch of national leading smart factories, marking Wuhan's leadership in intelligent manufacturing [4] - The concept of "root technology, root enterprises, and root industries" is introduced, focusing on fostering innovation and long-term growth within the local ecosystem [10] - The establishment of "Silicon Alleys" aims to create innovation clusters that facilitate the transformation of technological achievements into market applications, enhancing the local entrepreneurial environment [9] Group 3: Future Technologies and Research - The government report outlines a strategic focus on emerging industries such as embodied intelligence, future displays, 6G, synthetic biology, quantum technology, brain-machine interfaces, hydrogen energy, and nuclear fusion [3] - The emphasis on building a robust computing infrastructure is seen as essential for meeting the increasing demands of artificial intelligence across various sectors [7]

Core Insights - The "15th Five-Year Plan" emphasizes the cultivation and expansion of emerging and future industries, aiming to create new pillar industries and strategically position future industries for growth [1] Group 1: Emerging Industries - During the "14th Five-Year Plan," China's emerging industries accelerated development, forming significant scale effects with several trillion-yuan market opportunities emerging by 2025 [2] - The commercial aerospace industry is on the verge of explosion, with advancements such as the successful launch of the Zhuque-3 rocket and accelerated deployment of satellite internet constellations [2] - The low-altitude economy is entering a commercial phase, marked by the issuance of operational certificates for manned civil unmanned aerial vehicles and the promotion of typical application scenarios by the Ministry of Transport [2] - New materials are crucial for breakthroughs in aerospace performance, with innovations in high-strength stainless steel and carbon fiber composites being utilized in key projects [2] Group 2: Energy Transition - China's energy transition has accelerated, establishing the world's largest power infrastructure and renewable energy systems, with plans to increase the share of renewable energy significantly by 2026 [3] - The "15th Five-Year Plan" aims to enhance emerging pillar industries, focusing on innovation in sectors like renewable energy, new materials, aerospace, and low-altitude economy [3] Group 3: Future Industries - Rapid advancements in future industries such as artificial intelligence, quantum information, and biomanufacturing have been noted, with significant breakthroughs achieved during the "14th Five-Year Plan" [4] - The development of 6G technology is prioritized, with expectations for commercial applications to begin around 2030, indicating a deep integration with AI [4][5] - Future industries are characterized by their potential to create new demands and economic forms, with quantum technology and nuclear fusion energy expected to play pivotal roles [6] Group 4: Market Opportunities and Challenges - Emerging industries are entering a rapid growth phase, with key scenarios being validated and replicable business models established, while future industries are still in the exploratory phase [7] - The uncertainty in future industries stems from both technological and commercial aspects, requiring significant R&D investment and policy support [8] - The collaboration between emerging and future industries is essential for driving new economic engines, with a focus on innovation and long-term value creation [9]

Macro News - Zheng Zhajie emphasized the need to build a modern industrial system during the "14th Five-Year Plan" period, focusing on optimizing and enhancing traditional industries such as chemicals, machinery, and shipbuilding to strengthen their global competitiveness [1] - The development of strategic emerging industry clusters, including new energy, new materials, aerospace, and low-altitude economy, is prioritized, with a push for quantum technology, biomanufacturing, hydrogen energy, nuclear fusion energy, brain-computer interfaces, embodied intelligence, and sixth-generation mobile communication to become new economic growth points [1] Shanghai Investment Encouragement - The Shanghai Municipal Development and Reform Commission and other departments issued measures to encourage foreign-invested enterprises to reinvest domestically, comprising 15 initiatives [1] - Key measures include supporting various reinvestment methods, enhancing project coordination services, optimizing land resource allocation, encouraging technological upgrades, and supporting domestic production and R&D innovation [1] - Additional initiatives involve simplifying medical device production processes, facilitating multi-warehouse coordination for drug wholesale, easing food chain operations, implementing profit reinvestment tax policies, and broadening financing channels for reinvestment [1]