Core Insights - The article emphasizes the importance of new quality productivity in driving economic growth, particularly in sectors like commercial aerospace and embodied intelligence, as highlighted by recent government policies and technological advancements [1][2][3] Group 1: Emerging Sectors - The concept of new quality productivity is expanding, with significant focus on commercial aerospace and embodied intelligence as key emerging sectors [2][3] - The government has elevated the status of embodied intelligence and commercial aerospace, indicating their strategic importance in future economic development [2][3] - Technological breakthroughs in embodied intelligence and commercial aerospace are facilitating their application in various industries, enhancing their relevance [2][3] Group 2: Investment Directions for 2026 - Analysts predict that 2026 will mark a transition from strategic planning to practical implementation of new quality productivity, becoming a core engine for economic advancement [3][4] - Recommended investment areas include: - Power equipment, particularly lithium batteries and energy storage, driven by global infrastructure demands and policy support [4] - The electronics sector, focusing on AI supply chains, storage, and self-sufficiency, with expected growth in demand for ASIC chips and storage solutions [4] - The military industry, including commercial aerospace and aviation engine sectors, benefiting from increased policy focus and new equipment orders [4] Group 3: Long-term Growth Potential - The investment opportunities in 2026 are expected to arise from sectors that integrate cutting-edge technology with the domestic market, aligning with national strategic goals [5] - Key areas identified for significant potential include the AI supply chain, new energy and advanced manufacturing, and sectors benefiting from the "anti-involution" trend in manufacturing [5]

● 本报记者赵中昊 从技术端看，今年以来具身智能领域取得了一系列重要的技术突破，涵盖了从核心算法、模型架构到关 键数据生态等多个层面，并已开始在工业、特种作业等场景中落地应用；商业航天领域近期迎来可复用 箭型密集首飞，卫星批量化智能制造与商业航天发射场常态化运行。此外，政策亦催生出以深海科技、 深地科技为典型代表的一系列前期未获重点关注的行业方向，随着技术突破和战略价值提升，后续有望 走向新质生产力的核心。 华福证券研究所所长助理、策略首席分析师周浦寒表示，在宏观政策定调与技术演进的双重驱动下，新 质生产力的内涵不断拓展，部分细分赛道的重要性显著提升：一是政策明确支持的商业航天、低空经济 等新兴产业与生物制造、量子科技、具身智能、6G等未来产业赛道；二是因技术突破与市场认知深化 而"催生"或重点关注的行业方向，2025年市场对新质生产力的投资逻辑从泛主题炒作向细分景气度和真 实技术壁垒深化，催生了对"反内卷"主题、AI全产业链国产化突破和"科创成长层"引领的资本市场服务 前移等方向的聚焦。 2026年锚定新质生产力落地方向 党的二十届四中全会提出，加快高水平科技自立自强，引领发展新质生产力。中央经济工作会议也 ...

Core Insights - The article discusses the emergence of "embodied intelligence" companies, particularly focusing on the operational model of the company Zhi Ping Fang, which has opened a robot-operated coffee shop in Beijing, aiming to enhance brand exposure and public engagement with robotics [1][4]. Group 1: Business Model and Operations - Zhi Ping Fang has launched a robot coffee shop named "Zhi Mo Fang" in Beijing's Chaoyang Park, featuring two humanoid robots that prepare coffee for customers [1][4]. - The robots can complete the coffee-making process in approximately 1.5 minutes, but human staff are still required for tasks such as customer interaction and replenishing supplies [4][6]. - The company plans to establish 1,000 "Zhi Mo Fang" locations across China within three years, targeting tourist spots, commercial areas, and cultural venues [4][6]. Group 2: Market Strategy and Consumer Engagement - The initiative is a collaboration between Zhi Ping Fang and the Chaoyang District Cultural and Tourism Bureau, aiming to showcase the practical applications of humanoid robots in public settings [6]. - The business model includes direct sales of robots to operators or revenue-sharing partnerships with businesses [6]. - The company aims to leverage the novelty of humanoid robots to provide emotional value and enhance consumer experience, despite concerns about the sustainability of public interest [7][8]. Group 3: Challenges and Future Outlook - The company acknowledges that public exposure may reveal product issues, but views real user feedback as an opportunity for rapid product iteration and improvement [8]. - Zhi Ping Fang recognizes the long-term nature of the embodied intelligence sector, emphasizing the need for patience and confidence in technology development [8].

Group 1 - The global technology competition is intensifying, with disruptive technologies at the core of the "future industries" becoming a prominent part of China's economic landscape, as highlighted in the "14th Five-Year Plan" [1][2] - The total financing in related fields has approached 70 billion yuan this year, with specific sectors like nuclear fusion and 6G seeing index increases of over 80% [1][4] - The future industries are transitioning from "concept validation" to "commercialization," becoming a leading force in driving economic and social transformation [1] Group 2 - The "14th Five-Year Plan" outlines a clear blueprint for future industries, focusing on seven key areas including quantum technology, biomanufacturing, hydrogen energy, nuclear fusion, brain-computer interfaces, embodied intelligence, and 6G [2] - Local governments are actively responding with supportive policies, such as Beijing's "Create the Future" initiative, which has supported 83 potential enterprises and facilitated over 2 billion yuan in financing [2] - Various cities like Shenzhen and Shanghai are implementing financial measures to support high-quality development in future industries, establishing a solid foundation for growth [2] Group 3 - The capital market's enthusiasm for future industries is evident, with IPOs and refinancing processes accelerating significantly, totaling nearly 70 billion yuan as of December 26, 2025 [4] - Notable fundraising includes 14 billion yuan from China Nuclear Power in the nuclear fusion sector and over 8 billion yuan from companies in the embodied intelligence sector [4] - The overall profitability of future industries is expected to improve, with a median net profit forecast of over 650 billion yuan for 381 companies in 2025, reflecting a year-on-year increase of over 20% [5] Group 4 - Market funds are actively seeking undervalued potential stocks, with over 40 companies showing a decrease in shareholder numbers, indicating a concentration of shares [6] - Companies like Fuzhijun Technology and Zhongyuan Neipei have seen significant reductions in shareholder numbers, suggesting increased market attention [6] - Some companies, despite underperforming in the market, are positioned in sectors like embodied intelligence and quantum technology, presenting potential investment opportunities [6]

"三问"浙江：聚力创新，何以成为新锚点？ 中新网杭州12月29日电(奚金燕 蓝伊旎)"十四五"即将圆满收官，沿海各省份正紧锣密鼓地部署来年经济 工作，确保"十五五"开好局、起好步。 作为经济大省，近日浙江省委经济工作会议明确：明年的经济工作中，打头阵的依然是"创新"二字。会 议提出，要聚焦聚力建设创新浙江、因地制宜发展新质生产力，加快构建浙江特色现代化产业体系。 回望这一年，从"杭州六小龙"脱颖而出，到具身智能、低空经济等新兴产业活力涌动，浙江正是以"创 新"一次次出圈。新旧动能转换背后，也让人不禁思考："创新"何以成为这个制造大省的"新锚点"？ 数字赋能 传统制造业"破茧新生" 曾几何时，在全球供应链版图上，拥有义乌小商品、永康五金、慈溪小家电等产业集群的浙江被视 为"世界工厂"。 从构建现代化产业体系，到建设全球先进制造业基地，"十四五"以来，浙江着力谋求一场关乎发展动能 的深刻蝶变，成效也在逐步显现：2024年，新能源汽车及零部件产业集群成为该省"新晋"万亿级产业集 群。而这背后，是产业链上下游在创新浪潮中协同共进的身影。 在双环传动新能源汽车齿轮生产工厂，每月有数万件产品发往国内外市场。每个齿轮上的专 ...

Key Points - The article emphasizes the importance of systematic and practical strategies in investment analysis [2] - It discusses the favorable conditions for the spring market rally, including liquidity support and upcoming events that may influence market sentiment [8] - The article provides a detailed valuation comparison of various A-share indices, highlighting their current price-to-earnings (PE) and price-to-book (PB) ratios relative to historical percentiles [11][13] - It identifies specific industry sectors with high valuations, such as real estate and electronics, which are above the 85th percentile historically [11] - The article outlines investment themes for the upcoming year, including quantum technology, hydrogen energy, and brain-machine interfaces, indicating potential growth areas [16][18] - A strategic outlook for gold in 2026 is presented, focusing on the implications of the U.S. fiscal deficit and the trend of de-dollarization on gold prices [19]

今年以来，未来产业备受资金青睐。 "十五五"规划建议提出，培育壮大新兴产业和未来产业。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。 多地积极培育未来产业 作为引领经济社会变革的前沿力量，近年来，全国各地积极支持未来产业的发展。公开报道显示，北京 自去年7月启动的"创赢未来"公开路演活动目前已举办9场，累计支持83家未来产业潜力企业，推动60家 企业获得融资超20亿元、36家企业获得银行信贷19.8亿元。 今年上半年，深圳提出15条金融措施，全力支持未来产业高质量发展。9月，上海印发的《关于加快推 动前沿技术创新与未来产业培育的若干措施》提出，支持未来产业生态主导型科技企业前瞻谋划新赛 道，加速投资、孵化未来产业创新主体。 10月，《广州市关于加快培育发展未来产业的实施意见》提出，到2029年，未来产业技术创新、产业培 育全面发展，突破一批重点领域关键核心技术，场景示范效应深度拓展，创新主体活力充分，产业竞争 力加速跃升，基本形成未来产业集聚发展态势。 在政策红利的推动下，自去年 ...

Group 1: Beijing-Tianjin-Hebei International Technology Innovation Center - The construction of the Beijing-Tianjin-Hebei International Technology Innovation Center is a significant decision made by the central government to enhance global influence and competitiveness in technology innovation [1] - The center is the first comprehensive national technology innovation center in China, responsible for the evaluation and management of key national R&D programs [1] - Emphasis on strengthening the layout of key technology fields and integrating disruptive technologies with industrial innovation [1][4] Group 2: Aviation Engine Maintenance Company - Beijing Aircraft Engine Maintenance Company, a joint venture with Rolls-Royce, officially opened on October 10, marking the first such company in mainland China [2] - The focus is on high-thrust aviation engine maintenance, aiming to expand into the global high-end aviation service market [2] Group 3: Intelligent Connected New Energy Vehicles - The Beijing-Tianjin-Hebei Intelligent Connected New Energy Vehicles Technology Ecological Port aims to be a supply chain support base for the northern provinces [3] - The project emphasizes advanced manufacturing, green low-carbon smart parks, and the integration of various technologies [3][4] Group 4: Talent Development and International Cooperation - There is a strong focus on coordinating education and technology talent development to meet regional industrial needs [5] - The initiative includes optimizing university programs, enhancing talent retention, and promoting international scientific collaboration [5]

Quantum Technology - The National Venture Capital Guidance Fund has been launched, focusing on quantum technology, biomedicine, brain-computer interfaces, and other future industries, with an initial capital of 100 billion yuan to attract social capital [5][6] - A significant breakthrough in quantum error correction has been achieved by the University of Science and Technology of China, demonstrating a key milestone in achieving fault-tolerant quantum computing [7][9][10] Biomanufacturing - The European Union has released the Biotechnology Act and associated measures to enhance global competitiveness in biotechnology, aiming to mobilize 10 billion euros in capital from 2026 to 2027 [11][12] - The EU's initiatives include accelerating clinical trials, establishing regulatory sandboxes, and enhancing the application of AI in biomanufacturing, addressing funding shortages and innovation barriers [13][16] Hydrogen Energy and Nuclear Fusion - The Ministry of Industry and Information Technology of China has included three key areas in its 2025 application plan for hydrogen energy, focusing on fuel cell systems, hydrogen compressors, and ammonia co-firing technology [17][18] - South Korea has advanced its nuclear fusion power demonstration target to the 2030s, planning to overcome eight core technologies by 2035 [19][20] - The UK Tokamak Energy ST40 device has set new records in plasma current and energy storage, marking significant progress in commercial fusion energy [21] Brain-Computer Interfaces - A new generation of closed-loop brain-computer interface has been developed by the Chinese Academy of Sciences, enabling functional recovery in spinal cord injury models through real-time decoding of brain movement intentions [22] Embodied Intelligence - The establishment of a national standardization committee for humanoid robots and embodied intelligence aims to enhance the quality and application of these technologies [25] - UBTECH plans to acquire a 43% stake in Fenglong Co., enhancing collaboration in humanoid robot manufacturing and supply chain integration [26][29] Sixth Generation Mobile Communication (6G) - The Ministry of Industry and Information Technology emphasizes systematic advancement in 6G technology research and standard development during the 14th Five-Year Plan period [30] - The U.S. has initiated a spectrum strategy for 6G, focusing on reallocating frequency resources to secure a leading position in global 6G development [31][32] - China has established a collaborative system involving government, industry, and research institutions to promote 6G development, positioning itself as a leader in the field [34][36]

Group 1: IPO Updates - Qingsong Health Group officially listed on the Hong Kong Stock Exchange on December 23, 2025, under the stock code "2661" [3] - The company issued 26,540,000 shares, with a subscription rate of 1,421.47 times for the Hong Kong public offering and 2.9 times for the international offering [3] - The funds raised will be used for AI technology upgrades, health service expansion, and industry chain integration [4] Group 2: Company Profiles - Qingsong Health Group, established in 2014, operates as a one-stop digital health and insurance service platform, ranking 10th in China's digital health service market by revenue in 2024 [4] - Wallran Technology plans to list on the Hong Kong Stock Exchange on January 2, 2026, as the "first GPU stock" in Hong Kong, with an expected fundraising of between HKD 4.21 billion and HKD 4.85 billion [6][7] - Wallran Technology's revenue is projected to grow from CNY 499,000 in 2022 to CNY 337 million in 2024, with a compound annual growth rate of 2,500% [8] Group 3: Financial Performance - Wallran Technology has secured sales agreements worth approximately CNY 1.2407 billion, indicating strong future revenue potential [9] - Stone Technology, a leading smart vacuum cleaner brand, reported revenue exceeding CNY 12 billion and a net profit of over CNY 1 billion in the first three quarters of this year [13] - Ruipai Pet's revenue for the first half of 2025 was CNY 943 million, an increase of 8.5% compared to the same period in 2024 [21] Group 4: Market Position - Stone Technology holds a 23.4% market share by GMV and 16.7% by sales in the smart vacuum cleaner market in 2024 [12] - Ruipai Pet is the second-largest pet medical service provider in China, with 548 operating pet hospitals across 70 cities [19] - Vision Technology ranks second globally in the shipment of silicon-based OLED products for XR devices, capturing 35.2% of the market share [17] Group 5: Future Prospects - Vision Technology has established key partnerships with major clients and aims to deliver millions of silicon-based OLED micro-displays annually starting in 2026 [17] - Tongxin Medical is focused on innovative solutions for advanced heart failure treatment and has received regulatory approvals for its implantable heart devices in China and the U.S. [24] - Cloud Deep Technology is advancing in the field of embodied intelligence, with successful applications in various industries, including emergency response and industrial operations [30]