2026：于临界处坚守，在折叠处重构展望 2026年，技术的快速迭代必将伴随路线的激烈竞争与优胜劣汰。我们怀抱审慎的乐观，坚信中国经 济的深厚底蕴与科技创新的巨大潜能。那些在实验室里酝酿的惊奇，在生产线上升级的工艺，终将 汇聚成推动社会进步的磅礴力量。 CAN PART ? 骏 马 启 新 · 创 赢２０２６ 证券时报。全国创投协会联盟 National Alliance of Vanture Capilal Associations 業 本书出印 科创星创始合伙 2025年，是新一轮科技革命的关键节点。我国的"十五五" 规划建议 与美国的"创世纪计划"，不约 而同地将人工智能、光子、量子、商业航天、脑机接口、可控核聚变和合成生物学等前沿技术列为 国家发展的核心目标。这标志着未来的全球竞争与发展轨迹，正清晰地向着这些硬核领域进发。 我们清晰地看到，经过过去十年的潜心摸索与积累，硬科技已度过缓慢的爬坡期，正站在加速爆 发、指数增长的临界点之上。 锚定长期：在深度调整中聚焦核心价值 2025年，也是中国创投行业经历深度调整后，走向复苏与坚定转型的一年。市场的逻辑从未如此清 晰：唯有回归"投早、投小、投长期、投硬科 ...

Summary of Conference Call Notes Industry Overview - **Aerospace and Space Industry**: Identified as the strongest theme for the year, with expectations for significant developments in Q2, particularly around March to April for successful recoveries. The anticipated IPO of SpaceX in June is expected to heighten market sentiment [1][1]. - **Quantum Technology**: Positioned as a medium-term investment opportunity with several upcoming events that could act as catalysts, including the Spring WA event, NVIDIA conference, advancements in autonomous driving applications, and breakthroughs in error correction capabilities. The core catalyst for the sector is expected to be the turning point in leading companies' financial reports and local government tenders for computers, estimated for Q2 [1][1]. - **Nuclear Fusion**: Focus on upcoming bids in Jiangxi and Chengdu post-holiday, with the CFEDR unveiling. Recommendations are made for platform-type enterprises, with a specific mention of Yongding Co., which is expected to enter a superconducting production phase starting Q1, alongside recent price increases in optical fibers [2][2]. Key Points and Arguments - **Aerospace Sector**: - Q2 is projected to be the peak period for the aerospace sector, with significant events expected in March-April [1][1]. - The IPO of SpaceX in June is anticipated to create a high point in market sentiment [1][1]. - Recent research on Hangsheng Satellite indicates strong fundamentals, and continued attention is advised for Cloud Horse [1][1]. - **Quantum Sector**: - The sector is viewed as having potential for short-term catalysts, with specific focus on leading companies' financial reports and local government tenders [1][1]. - He Xin Instruments is highlighted as having the most significant marginal changes expected soon, while Guo Dun is recommended for long-term investment based on Q1 financial reports being a sector benchmark [1][1]. - **Nuclear Fusion Sector**: - Emphasis on platform-type enterprises as a strategic focus, with Yongding Co. expected to see a ramp-up in superconducting production starting in Q1 [2][2]. - The recent increase in optical fiber prices is noted as a positive development for platform-type companies [2][2]. Additional Important Information - The mention of "three swordsmen" refers to key players in the aerospace sector, suggesting that any pullback in their stock prices should be viewed as an investment opportunity [1][1]. - The overall sentiment indicates a strong belief in the growth potential of the aerospace and quantum sectors, with specific companies highlighted for their promising outlooks [1][1][2][2].

Group 1 - The core viewpoint of the article emphasizes the strengthening of Japan-UK bilateral relations in response to geopolitical challenges, particularly concerning China and North Korea, and the importance of a "free and open Indo-Pacific" [2][4] - Japan and the UK have agreed to collaborate on securing critical mineral supply chains to counter China's tightening of rare earth export controls [2][5] - The leaders highlighted the interconnectedness of security in the Atlantic and Indo-Pacific regions, with Japan-UK cooperation symbolizing this relationship [4][5] Group 2 - Both leaders agreed to hold foreign and defense minister-level consultations (2+2 talks) and confirmed progress on the joint development of next-generation fighter jets, marking Japan's first large defense equipment production collaboration with a country other than the US [5] - The discussions included cooperation in advanced technology fields such as artificial intelligence (AI) and quantum technology [5] - The UK Prime Minister invited the Japanese Prime Minister to visit Chequers, the official country residence of the UK Prime Minister [5]

（来源：千龙网） 26日的发布会上，北京市科委、中关村管委会党组成员、副主任翟天瑞介绍，"十五五"时期，北京将通 过多维举措全面激活科技创新动能，推动区域创新发展提质增效。推动在京全国重点实验室集群式发 展。 为巩固科技创新策源引领优势，北京将进一步完善部市合作机制，支持国家实验室牵头承担国家科技重 大专项，跨区域整合创新资源。同时，推动在京全国重点实验室集群式发展，助力清华大学南口全国重 点实验室基地、北京大学昌平产教研融合创新中心建设，强化怀柔重大科技基础设施集群的后续建设与 开放运行。此外，还将支持高水平研究型大学开展使命导向的科技创新，承担国家及区域重大科技攻关 任务，支持中国科学院等国家科研机构在京布局，持续实施攻坚专项和先导专项。 人才是科技创新的核心支撑。翟天瑞表示，北京将大力引进战略科学家、科技领军人才及青年人才，通 过多举措强化人才培育与保障。深化"新工科"建设，鼓励高校超常规布局前沿学科、交叉学科、新兴学 科，引导市属高校新增急需紧缺学科专业和学位授予点；推动"双一流"高校有序扩大招生规模，深化产 教融合协同育人，推进工程硕博士培养改革专项试点，吸纳更多高校与科技型企业参与。同时，布局新 ...

Economic Growth and Stability - China's economy is projected to exceed 140 trillion yuan by 2025, indicating a more stable economic environment which benefits the general public [1] - The increase in economic size allows for enhanced social safety nets, including consistent pension increases and expanded healthcare coverage [1] Employment and Job Creation - The continuous growth of China's economy contributes to job stability, with an estimated 2 million new jobs created for every 1% increase in economic growth [3] - New industries and professions are emerging as the economy grows, with significant advancements in high-performance chips, AI, and advanced manufacturing [5] Income Growth and Consumer Impact - The economic total of 140 trillion yuan represents a 5% increase from the previous year, correlating with a 5% real growth in per capita disposable income [7] - The growth in the economy and income levels reflects the collective effort of the population, emphasizing the interconnectedness of individual contributions to economic progress [7] Policy and Future Outlook - The current year marks the beginning of the "15th Five-Year Plan," with numerous policies aimed at boosting consumption, investment, and overall economic development being implemented [7] - The expectation is that the economy will continue to thrive, leading to improved living standards for the population [7]

Group 1 - The core viewpoint is that China's economy is projected to exceed 140 trillion yuan by 2025, which signifies a more stable economic environment that benefits the general public [1] - The increase in economic output is expected to enhance employment stability, with estimates suggesting that a 1% growth in the economy could create approximately 2 million new jobs [3] - The growth in economic output has led to the emergence of new industries and professions, such as AI trainers and aerospace engineers, contributing to job creation and innovation [5][6] Group 2 - The economic total of 140 trillion yuan represents a 5% increase from the previous year, which aligns with a 5% growth in residents' disposable income, indicating synchronized economic and income growth [8] - The current year marks the beginning of the "15th Five-Year Plan," with numerous favorable policies in consumption, investment, industry, and public welfare being implemented [10]

Group 1 - The core idea is that Chaoyang District is positioning itself as a key engine for Beijing's international technology innovation center by developing the "Technology Hundred Parks" initiative during the 14th Five-Year Plan period [4] - The "Guangzhi Space" in Zhongguancun Chaoyang Park aims to gather at least 500 sci-tech enterprises by 2027, including over 10 leading companies, and to create a trillion-yuan AI industry cluster by 2030 [2] - The district is focusing on three main industries: artificial intelligence, industrial internet, and technology services, while also planning to develop emerging sectors such as the metaverse, digital healthcare, and smart robotics [4] Group 2 - The Boson Quantum company, founded by a team from top institutions, has achieved significant milestones, including the delivery of China's first commercial quantum computer and the development of a 1000-qubit coherent optical quantum computer [1] - The Olympic Center area is being transformed into a hub for robotics innovation, with plans for a robot restaurant and the establishment of a national humanoid robot training base [3] - The technology service industry in Chaoyang contributed 47.5% to the city's overall growth from January to November 2025, indicating its significant role in the local economy [4]

Group 1 - The core focus of the news is the accelerated development of future industries in Beijing Economic-Technological Development Area (also known as Beijing Yizhuang), with 22 key projects signed and major benchmark projects set to commence construction [1] - Over 80% of the signed projects are future industry projects, including Baichang Intelligent Automotive's plan to establish a vehicle manufacturing company focused on L4 autonomous driving and ZTE's focus on AI and 6G with the establishment of six companies in the area [1] - During the 14th Five-Year Plan period, the average annual GDP growth of Beijing Yizhuang is projected to be 10%, with the integrated circuit equipment industry leading the nation and a significant number of "specialized and innovative" small giant enterprises and international patents [1] Group 2 - Beijing Guoke Tianxun Technology Co., Ltd. has seen its revenue scale grow several times since relocating its headquarters to Yizhuang in 2021, benefiting from the complete ecosystem support available in the area [2] - The development strategy for the 15th Five-Year Plan includes a strong focus on emerging industries such as embodied intelligence, commercial aerospace, 6G, quantum technology, brain-computer interfaces, and synthetic biology, aiming to create a high-level new productivity model [2] - The local government aims to enhance economic quality, urban appearance, and public welfare through a comprehensive upgrade of the development ecosystem, aligning the creativity of scientists and entrepreneurs with the growth potential of innovative enterprises [2]

Group 1 - The Beijing Economic-Technological Development Area (also known as "Beijing Yizhuang") is accelerating its development of future industries, with over 80% of the signed projects being future industry projects [1] - Major companies such as Baichang Intelligent Automotive and ZTE are establishing operations in the area, focusing on L4 autonomous vehicles and advancements in AI and 6G technology [1] - During the 14th Five-Year Plan period, the GDP of the Beijing Economic Development Zone is expected to grow at an average annual rate of 10%, with the integrated circuit equipment industry leading the nation [1] Group 2 - Beijing Guoke Tianxun Technology Co., Ltd. has seen its revenue scale increase by several times since moving its headquarters to Yizhuang in 2021, benefiting from the complete ecosystem support in the area [2] - The development strategy for the 15th Five-Year Plan includes a focus on embodied intelligence, commercial aerospace, 6G, quantum technology, brain-computer interfaces, and synthetic biology to create a high-level new productivity model [2] - The local government aims to enhance economic quality, urban appearance, and public welfare through a comprehensive upgrade of the development ecosystem [2]

Group 1 - The Beijing Economic and Technological Development Zone (also known as Beijing Yizhuang) is accelerating its development of future industries, with over 80% of the signed projects being future industry projects [1] - Major companies such as Baichang Intelligent Automotive and ZTE are establishing operations in the zone, focusing on L4 autonomous vehicles and AI/6G technologies respectively [1] - During the 14th Five-Year Plan period, the GDP of the Beijing Economic and Technological Development Zone is expected to grow at an average annual rate of 10%, with leading industries such as integrated circuit equipment and a high number of "specialized and innovative" small giant enterprises [1] Group 2 - Beijing Guoke Tianxun Technology Co., Ltd. has seen its revenue scale grow significantly after relocating to Beijing Yizhuang, benefiting from a complete ecosystem for communication chip development [2] - The development strategy for the 15th Five-Year Plan includes a focus on advanced industries such as embodied intelligence, commercial aerospace, 6G, quantum technology, brain-computer interfaces, and synthetic biology [2] - The goal is to create a high-level new productivity model that enhances economic quality, urban appearance, and public welfare [2]