关于布局方向，综合主流机构观点，近期配置思路聚焦两大核心主线，即科技成长与周期复苏。机构建 议，投资者可围绕科技自主创新与经济周期复苏两条主线开展研究与布局，同时密切关注政策动向及宏 观经济数据变化，灵活调整持仓结构，积极应对市场波动。 回顾2025年末，A股市场呈现稳步走强态势，股指多次逼近4000点整数关口。在政策支持力度持续加大 与市场情绪逐步回暖的双重驱动下，市场结构性机会凸显。步入2026年，多家券商陆续发布1月策略报 告，普遍对春季行情抱有积极预期，并明确了核心布局主线，机构共识认为春季行情具备较高关注价 值。 券商分析指出，从历史市场规律来看，A股通常在岁末年初存在"春季躁动"窗口。当前宏观政策层面有 望持续发力，助力经济平稳运行，为资本市场提供坚实支撑；同时，A股整体估值仍处于历史相对低 位，叠加上市公司质量持续提升，市场中长期向好的基础稳固。 ...

2026年元旦，鸿蒙团队发布新年感谢信，总结新鸿蒙生态过去449个日夜的发展历程与累计1000多万条 用户反馈。感谢信以"你的等待，终将值得"为题，集中回应用户在心愿单、评论区等渠道提出的真实意 见，并明确将持续通过系统迭代与体验优化，逐步兑现用户期待。 新年的第一缕晨光洒下，回望新鸿蒙生态相伴的449个日夜，我们的心中满是感恩：心愿单的每一个恳 切期许、评论区的每一条坦诚建议、门店和热线里的每一次交流，汇聚成的1000多万条反馈，这不是冰 冷的数字，而是你对鸿蒙饱含的热忱，更是我们前行的动力。 新的一年，我们期待，所有创新终将落地，所有期盼终有回响。我们会以敬畏之心对待每一条反馈，用 每一次进步证明：你的意见会被珍视，你的等待终将值得！ 感恩每一位认真生活的你，用指尖微光汇聚星河，照亮鸿蒙前路，也照亮科技自主创新的征程！ 向朝阳迈进的鸿蒙团队 2026年元旦 回望征途，我们曾不断问自己：在既有的生态格局中，为何要选择开辟一条更难的路？鸿蒙要破解的， 是世界级难题：既要以创新打破依赖，又要尊重用户的使用习惯；既要搭建开放生态，又要筑牢稳定根 基。这并不容易，但我们坚信，路虽远，行则将至；事虽难，做则必成。日复 ...

感恩每一位认真生活的你，用指尖微光汇聚星河，照亮鸿蒙前路，也照亮科技自主创新的征程！ 向朝阳迈进的鸿蒙团队 2026年元旦 回望征途，我们曾不断问自己：在既有的生态格局中，为何要选择开辟一条更难的路？鸿蒙要破解的， 是世界级难题：既要以创新打破依赖，又要尊重用户的使用习惯；既要搭建开放生态，又要筑牢稳定根 基。这并不容易，但我们坚信，路虽远，行则将至；事虽难，做则必成。日复一日，我们慢慢地让更多 用户，从"试试看"变成了"真喜欢"，为此，我们欢心雀跃。 新的一年，我们期待，所有创新终将落地，所有期盼终有回响。我们会以敬畏之心对待每一条反馈，用 每一次进步证明：你的意见会被珍视，你的等待终将值得！ 新年的第一缕晨光洒下，回望新鸿蒙生态相伴的449个日夜，我们的心中满是感恩：心愿单的每一个恳 切期许、评论区的每一条坦诚建议、门店和热线里的每一次交流，汇聚成的1000多万条反馈，这不是冰 冷的数字，而是你对鸿蒙饱含的热忱，更是我们前行的动力。 ...

白重恩指出，当前经济面临总需求不足、供强需弱、价格疲软等问题，亟需更积极的财政政策和货币政 策协同发力。而当前政策实施需重点解决两大核心问题："钱花到什么地方去"与"钱从哪来"。 在投资方向上，白重恩表示，投资于物与投资于人都是重要方面，但均面临现实考量。投资于物方面， 新质生产力发展、科技自主创新、制造业做强做优等领域的投资毋庸置疑，但房地产库存高企不宜再过 度投资，传统基建边际收益下降且存在后续维护成本，制造业投资也需防范产能过剩风险；投资于人方 面，医疗、养老、教育等领域亟需加大投入，但这类支出具有不可逆性，需统筹规划。此外，转移支 付、"以旧换新"等政策效果的持续性，以及地方政府债务化解中的道德风险问题，也需审慎对待。 白重恩指出，在资金来源上，赤字规模与债务水平的把控需兼顾短期效果与长期可持续性。对此，白重 恩提出"投资于改革"的新思路："所谓投资于改革，就是用现在大力度的财政和货币政策来支持改革的 过渡成本，尤其是在当前总需求不足的情况下，一旦解决了过渡成本问题，就为更好地推进改革铺平了 道路。" 他强调，改革长期收益显著，但短期往往存在过渡成本，而当前环境恰好为支付这一成本、实现更优制 度安排提 ...

01 点点星光 汇聚成炬 鸿蒙 "在一起" 的坚守与合力 ， 并非空口号，而是落地各行各业 参与者 的实践，构成鸿蒙生态价值的基础。 从宁夏大学课堂到中科院实验室，不同身份的追光者们，正用亲身经历勾勒出生态共建的多元图景。 宁夏大学秦飞舟教授的分享，正是这幅图景里颇具代表性的一笔。 当孙楠《给所有知道我名字的人》的歌声穿越时间与屏幕，坚守与荣光的共鸣里，藏着鸿蒙生态最动人的密码。 这正是 昨天在央视播出的 《鸿蒙星光盛典》 "在一起" 的核心主题：聚是一团火，散是满天星，中国科技的每一步跨越，都源于千千万万人的携手 同行。 在 "十四五"规划收官、"十五五规划"启幕的关键节点，在数字中国建设十周年的重要时刻，一场由中央广播电视总台与广东省人民政府等联合打造 的科技创新提气晚会应势而来。 四万张座椅空空荡荡，这座体育场里没有一位观众。我们曾许下约定，要携手在这里点亮漫天星光。原定于11月28日的鸿蒙星光盛典，因11月26日香港新 界大埔宏福苑火灾的重大人员伤亡，节目组怀着对生命的敬畏与对受灾同胞的惦念紧急延期，最终以录播形式于12月20日呈现，赴约的形式虽有改变，但 你瞧，那束光从未熄灭。这场特别的晚会，不仅勾 ...

环球网发表社评称，路透社近日"爆料"了一个所谓的中国"曼哈顿计划"，称中国科学家建造出了华盛顿 多年来一直试图阻止的东西：一台极紫外（EUV）光刻机原型机。且不论通篇"知情人士透露"的报道是 不是"烟雾弹"，其字里行间对中国科技进步的焦虑显而易见。这种焦虑恰恰让世人看到，一种在西方时 常出现的不健康心态。中国坚持科技自主创新的目的是自立自强，对尖端技术的创新突破无论进行到哪 一步都不影响对外合作，这一点在航天科技、绿色能源等许多领域都得到反复验证。 ...

Group 1 - The article discusses China's advancements in technology, particularly the development of a prototype extreme ultraviolet (EUV) lithography machine, which has been a focus of concern for Western nations [1] - The EUV lithography machine is considered a critical technology, with only ASML from the Netherlands currently able to produce it, highlighting China's historical reliance on imports for high-end equipment [1] - China's domestic development of deep ultraviolet (DUV) lithography machines has shown progress, with official specifications released indicating a resolution of 65 nanometers and overlay accuracy of 8 nanometers [1] Group 2 - The article emphasizes the importance of international cooperation in the semiconductor industry, especially for complex systems like lithography machines, which require collaboration among multiple countries [2] - Despite breakthroughs in lithography technology, the nature of the semiconductor industry remains unchanged, and China recognizes the need for open international collaboration [2] - China's commitment to technological self-reliance does not hinder its willingness to cooperate internationally, as evidenced by successful partnerships in various fields [2] Group 3 - The article argues that technology should serve the global community and that restrictive measures against China ultimately harm the global tech industry, including Western interests [3] - It highlights that over 30% of high-impact research projects in the U.S. involve Chinese scientists, indicating the significance of U.S.-China collaboration for technological progress [3] - The article calls for a shift away from fear and hegemony towards open cooperation to share the benefits of technological advancements and address global challenges [3]

Core Viewpoint - The article emphasizes the importance of supporting young university teachers in China to enhance their development and contributions to education and innovation, addressing challenges such as funding shortages, career advancement bottlenecks, and increasing life pressures [1][2]. Group 1: Challenges Faced by Young University Teachers - Young university teachers are facing difficulties such as a lack of research funding, congested promotion pathways, and increased life pressures, which hinder their development [1]. - The current evaluation system tends to undervalue teaching performance, focusing primarily on research output, which can discourage effective teaching [2]. Group 2: Proposed Reforms and Initiatives - The "14th Five-Year Plan" suggests a comprehensive approach to enhance the development of young university teachers, promoting a synergy between technological innovation and talent cultivation [1]. - Reforms include the introduction of "teaching-specialized" senior titles to recognize teaching excellence alongside research achievements, aiming to create a more balanced evaluation system [2]. - Initiatives like the "Zhongying Young Scholars" fund at Shanghai Jiao Tong University provide startup funding for young teachers to pursue innovative research, fostering a supportive environment for creativity [2]. Group 3: Evaluation and Support Mechanisms - The article highlights the need for a reform in evaluation systems to focus on quality and impact rather than quantity, with examples of universities implementing diverse evaluation criteria [3]. - It stresses the importance of creating a supportive ecosystem that includes both reducing non-teaching burdens and enhancing resources for young teachers, thereby facilitating their growth and contributions to education and research [3].

Core Viewpoint - The article highlights the significant debut of three GPU companies in the A-share market, showcasing China's advancements in technology and innovation, with a particular focus on the impressive performance of Moole Technology, dubbed the "Chinese version of Nvidia" [1][3]. Group 1: Company Highlights - Moole Technology (688795) opened at 650 yuan, achieving a rise of over 500%, with a current price around 590 yuan, reflecting a gain of over 400% [1]. - Muxi Co., Ltd. (688802) launched its IPO with an issuance price of 104.66 yuan per share, offering 40.1 million shares, which constitutes 10.02% of the total post-issue share capital [1]. - Angrui Microelectronics (688790) quietly commenced its IPO with a price of 83.06 yuan per share, focusing on RF and analog integrated circuit design [3]. Group 2: Financial Performance - Moole Technology's projected revenues from 2022 to 2025 are 0.46 billion, 1.24 billion, 4.38 billion, and 7.02 billion yuan, with corresponding net losses of -1.894 billion, -1.703 billion, -1.618 billion, and -271 million yuan [5]. - Muxi Co., Ltd. is expected to generate revenues of 0.4264 million, 53.0212 million, and 743.0716 million yuan from 2022 to 2024, with net losses of -77.6965 million, -87.1158 million, and -140.8879 million yuan [6]. - Angrui Microelectronics anticipates revenues of 923.0447 million, 1.6948705 billion, and 2.1013197 billion yuan from 2022 to 2024, with net losses of -289.8854 million, -450.1332 million, and -64.7092 million yuan [6].

Group 1 - The core viewpoint emphasizes the importance of promoting a virtuous interaction between technological innovation and talent cultivation, highlighting the need for a cohesive development of education, technology, and talent [1] - There is a structural mismatch between talent cultivation and technological innovation supply and demand, necessitating a coordinated approach to advance education, technology, and talent [1] Group 2 - Establishing a dynamic talent cultivation mechanism that aligns with technological development needs is crucial, focusing on reforming educational concepts, systems, and methods to produce high-level innovation talents [2] - The mechanism should include monitoring and forecasting talent demand, adjusting academic disciplines, and targeting urgent talent needs in strategic fields such as artificial intelligence and biotechnology [2] Group 3 - Deepening the collaboration between education and technology is essential, particularly in nurturing young scientific talents and strategic scientists to address major technological challenges [3] - A supportive mechanism for talent organization, research funding, and incentives should be established to enhance the cultivation of strategic talents [3] Group 4 - Creating a conducive environment for talent growth involves reforming evaluation systems to focus on innovation capability and contribution, detaching talent titles from resource allocation [4] - Fostering an innovative culture that encourages risk-taking and respects scientific endeavors is vital for nurturing outstanding talents [4]