Quantum Technology - The report highlights the release of the world's first 3D-extended architecture 10,000-qubit quantum processor VIO-40K by QuantWare, which aims to overcome the scaling bottleneck of quantum processors and is compatible with NVIDIA's NVQLink platform [3][7][8] - The 2025 Zhongguancun Quantum Conference announced 16 quantum technology achievements and a 500 million yuan investment fund to support quantum entrepreneurship, showcasing advancements in quantum computing and applications in energy [3][13][14] Biomanufacturing - Levinthal Biotech completed a multi-million Pre-A round financing to accelerate the development of its AI-driven full-atom model protein design platform Pallatom, which addresses the design challenges of cyclic peptides [3][15][16] - Aopu Mai's acquisition of 100% of Pengli Biotechnology was approved, enhancing its capabilities in cell culture media and CDMO services, thereby expanding its market position [3][20][21] - Baiaosaitu has established a dual-platform listing strategy with its recent listing on the STAR Market, focusing on innovative drug development driven by gene editing technology [3][23][24] Hydrogen Energy and Nuclear Fusion - The report notes the deepening international cooperation in nuclear fusion, with a Chinese expert set to chair the ITPA Coordination Committee from 2026 to 2028, and the signing of a contract for the mass production of the ITER first wall [3][28][29] - Snowman Group's metal plate fuel cell stack project has passed final acceptance, marking a significant step in the commercialization of hydrogen energy technology [3][30][31] Brain-Computer Interface - Neuralink has demonstrated a significant efficiency breakthrough with its new surgical robot, reducing the electrode implantation time from 17 seconds to 1.5 seconds, showcasing advancements in surgical precision and safety [3][34][46] - The report emphasizes the competitive landscape, with the U.S. leading in invasive technologies while China excels in non-invasive applications, highlighting the ongoing developments in both sectors [3][48][49] Embodied Intelligence - Beijing Humanoid Robotics has launched the first fully autonomous humanoid robot tour guide solution, integrating IoT capabilities for various applications in exhibition halls and shopping malls [3][50][51] - The Shanghai humanoid robot pilot alliance was established to enhance the supply chain for humanoid robots, indicating a collaborative effort to scale the industry [3][53][54] - Yushu Technology has introduced a humanoid robot App Store, allowing users to upload and share action models, further promoting the commercialization of humanoid robotics [3][55]

Core Insights - The report indicates that the 2025 Central Economic Work Conference is more focused on "structural adjustment," suggesting a potential for a structural market trend in the upcoming year [4][6][26] - Historical patterns show that years emphasizing "stabilizing growth" typically lead to stronger market performance, favoring large-cap stocks over small-cap and value stocks over growth stocks [2][10] - Conversely, years focused on "structural adjustment" tend to exhibit market volatility, with large-cap stocks remaining flat while small-cap stocks weaken [2][10] Summary by Sections Historical Performance Post-Central Economic Work Conference - The report categorizes past conferences into two themes: "stabilizing growth" and "structural adjustment," with specific years identified for each theme [1][2] - Years with a "stabilizing growth" focus include 2014, 2018, 2019, 2021, 2022, and 2024, characterized by economic slowdowns and policies aimed at maintaining stability [1][2] - Years emphasizing "structural adjustment" include 2013, 2015, 2016, 2017, 2020, and 2023, where the focus was on addressing structural issues and risks [2] Market Behavior and Style Preferences - In "stabilizing growth" years, the market index typically strengthens, with large-cap stocks outperforming small-cap stocks and value stocks outperforming growth stocks [2][10] - In "structural adjustment" years, the market tends to be more volatile, with large-cap stocks showing flat performance and small-cap stocks declining [2][10] Industry Performance Insights - The report notes that the focus of the Central Economic Work Conference influences the following year's market trends, with specific industry policies guiding investment directions [3][4] - For instance, the emphasis on "innovation-driven" policies in 2012 led to a TMT boom in 2013, while the focus on "new consumption" and "new infrastructure" in 2018 shaped market trends in 2019 [3] 2025 Conference Insights - The 2025 conference highlights a "supply strong, demand weak" scenario, indicating a need to balance supply and demand dynamics [4][6] - The report suggests that monetary policy will prioritize economic stability and reasonable price recovery, which could lead to improved corporate profitability if inflation expectations rise [6] - Expanding domestic demand is a key focus, with policies aimed at increasing consumer income and stabilizing investment to counteract previous declines in fixed asset investment growth [6] Market Outlook and Sector Allocation - The report anticipates a structural market trend in 2025, with specific sectors recommended for investment, including AI applications, semiconductor, and renewable energy sectors [7] - The report emphasizes the importance of monitoring macroeconomic conditions and policy developments to inform investment strategies in the upcoming year [7]

Core Viewpoint - Biomanufacturing is emerging as a transformative industry that utilizes living organisms to produce essential materials, marking a shift from traditional manufacturing methods reliant on fossil fuels to more sustainable practices using renewable resources [5][6]. Group 1: Definition and Importance of Biomanufacturing - Biomanufacturing involves using microorganisms, animal, or plant cells to produce desired substances by designing and controlling their metabolic pathways [5]. - This industry combines traditional fermentation techniques with synthetic biology, allowing for the production of pharmaceuticals, flavors, plastics, and fuels from renewable resources like sugar and carbon dioxide [5][6]. - It is considered a future industry because it represents a new manufacturing path driven by life, rather than an extension of traditional industries [5]. Group 2: Environmental and Economic Impact - Biomanufacturing is crucial for achieving carbon neutrality goals, as it utilizes renewable resources instead of fossil fuels, enabling a "carbon cycle" approach [6]. - Predictions suggest that by 2050, approximately 60% of industrial products could be produced through biomanufacturing, potentially generating an economic value exceeding $30 trillion [6]. Group 3: Current Developments in China - China is accelerating its biomanufacturing industry, with government reports emphasizing the need to cultivate new growth engines, including biomanufacturing [7]. - The country has established leading advantages in fermentation capacity, industrial scale, and engineering experience, positioning itself favorably in the future development of this industry [7]. Group 4: Innovations and Applications - Biomanufacturing is reshaping traditional production logic, enabling the cultivation of lab-grown meat and the production of microbial proteins and synthetic dairy products without livestock [8]. - In the fashion industry, biomanufacturing offers sustainable alternatives, such as bio-silk and mycelium leather, which can replace petroleum-based textiles [8]. - In construction, "bio-bricks" made from fungal mycelium and mineral particles can self-repair and absorb carbon dioxide, contributing to eco-friendly building practices [8]. Group 5: Challenges and Future Trends - Key challenges include the need for foundational capabilities in gene editing, strain design algorithms, and metabolic pathway databases, which are currently weak in China [10]. - The transition from laboratory success to industrial application faces hurdles, including process complexity and cost control [11]. - Future trends indicate a convergence of artificial intelligence with biomanufacturing, enhancing the design of living organisms, and a shift towards carbon circular manufacturing, where factories can utilize carbon dioxide as a raw material [12].

Core Insights - The event in Fuzhou led to the signing of 70 major industrial projects with a total investment of 112.39 billion RMB, aimed at enhancing high-quality connections between private enterprises and promoting deep integration of industries between Fujian and Taiwan [1][2] Group 1: Project Overview - The signed projects include 57 emerging industry projects in sectors such as new energy, new materials, integrated circuits, and biomanufacturing [1] - Notable projects include a 12-inch high-end analog integrated circuit chip manufacturing facility in Xiamen and a 5.57 million ton annual integrated expansion project in Zhangpu, both valued at over 10 billion RMB [1] - The projects are expected to generate an additional annual output value of over 130 billion RMB for Fujian Province once operational [2] Group 2: Participation and Scope - The event attracted over 500 representatives from various regions, including nearly 70 Taiwanese enterprises, highlighting the strong interest in biopharmaceutical cooperation [1] - The projects cover a wide range of fields, including advanced sectors like AI, robotics, and low-altitude economy, as well as traditional industries such as green chemicals and modern textiles [2] - Since the beginning of the year, Fujian Province has facilitated the connection of 2,220 private enterprise projects with a planned total investment of 400.9 billion RMB, achieving an 83.3% commencement rate for manufacturing projects [2]

人民财讯12月12日电，中共湖南省委关于制定湖南省国民经济和社会发展第十五个五年规划的建议发 布。其中提出，加强原始创新和关键核心技术攻关。加大全社会研发经费投入，鼓励企业加大基础研究 投入。推动集成电路、先进材料、未来能源、生物制造等重点领域关键核心技术攻关取得突破，破解一 批"卡脖子"难题。推进国家中药材种质研究重大科技基础设施、飞行器起降安全实验设施等建设。建设 任务导向型实验室体系，争创更多全国重点实验室。深化长株潭国家自主创新示范区建设。培育建设一 批国家技术创新中心、产业技术工程化中心、制造业创新中心等国家级创新平台。健全创新平台基地统 筹管理机制，构建高效开放协同的创新平台体系。 ...

现代化产业体系是中国式现代化的物质技术基础。"十五五"规划建议对"建设现代化产业体系，巩 固壮大实体经济根基"作出部署，明确要求"坚持把发展经济的着力点放在实体经济上"，提出"构建以先 进制造业为骨干的现代化产业体系"。 12月8日至11日，聚焦"优化提升传统产业""培育壮大新兴产业和未来产业""促进服务业优质高效发 展""构建现代化基础设施体系"等重点任务，中国经济网刊发四篇文章进行解读。一起来看。 推动更多传统产业"老树发新芽" 传统产业是当前我国产业体系的"基本盘"，其增加值在制造业中占比80%左右。在"十五五"规划建 议中，就如何"建设现代化产业体系，巩固壮大实体经济根基"，"优化提升传统产业"被摆在了首位。 首位任务，彰显分量之重，释放鲜明信号——推动更多传统产业"老树发新芽"。在现代化产业体系 里，传统产业与新兴产业、未来产业互为支撑、融合发展。优化提升传统产业，能够为新一代信息技术 和智能制造技术等提供多维应用场景，为新兴产业和未来产业的发展提供广阔市场空间。新兴产业和未 来产业的发展，也依赖传统产业在零部件加工精度、关键材料等方面给予保障。 产业"家底"越来越厚实。"十四五"以来，46个城市开 ...

Core Viewpoint - The article emphasizes the importance of seizing opportunities in future industries, particularly in quantum technology, biotechnology, hydrogen energy, and nuclear fusion, as outlined in China's 15th Five-Year Plan [1] Group 1: Quantum Technology Development - Guangdong has established a clear strategic layout for quantum technology, aiming to create a world-class quantum information technology innovation platform and a southern base for quantum information industry [4][13] - The first large-scale dedicated optical quantum computer manufacturing plant in Shenzhen marks a significant transition from laboratory principles to engineering mass production, filling a global gap in the industry [5][14] - The Guangdong-Hong Kong-Macau Greater Bay Area is forming a robust "innovation magnetic field," with increased activity in quantum technology, including forums and collaborative events among universities and enterprises [6][14] Group 2: Sustainable Quantum Innovation Ecosystem - A comprehensive development framework covering basic research, technology breakthroughs, platform construction, and industry cultivation is rapidly taking shape in the Greater Bay Area [8][15] - Guangdong is implementing open talent recruitment plans and enhancing quantum information science education in key universities to support the growth of the quantum ecosystem [15] - The unique "one country, two systems, three tariff zones" structure of the Greater Bay Area is fostering a distinct path for quantum technology development, focusing on international research, industry demand, and regional collaboration [15] Group 3: Future Industries in Other Regions - In Hubei, the hydrogen energy industry is being developed with a comprehensive approach, aiming for a total industry chain output value of 100 billion yuan by 2027 [23] - Hubei has established a full-chain innovation matrix in biotechnology, with several products leading globally in market share [21] - The province is also advancing in 6G communication technology, with significant investments and developments aimed at becoming a leader in the global 6G landscape [20][22]

笔者认为，会议充分肯定了2025年经济社会发展取得的显著成绩，指出我国经济运行"总体平稳、稳中有进"，新质生产 力稳步发展，改革开放、风险化解、民生保障等均迈出坚实步伐。更为重要的是，会议从时间维度上高度评价了"十四 五"时期的历史性成就：有效应对各种冲击挑战，经济、科技、国防等硬实力和文化、制度、外交等软实力得到明显提 升，为实现第二个百年奋斗目标奠定了更为坚实的基础。 这份来之不易的成绩单，根本在于以习近平同志为核心的党中央的坚强领导，源于在实践中不断深化对经济工作的规律 性认识。从"七个坚持"到"五个必须"，再到"六个坚持"和"五个必须统筹"，我们党领导经济工作的思想认识和工作方法持 续完善，为驾驭复杂经济局面提供了科学方法论。此次会议前夕，多家国际组织和国际商业机构相继上调中国经济增长 预期，普遍看好中国经济发展前景，认为中国将继续为全球市场注入增长动力。这从外部印证了中国经济强大的韧性与 活力。 立足新起点 把握"十五五"开局新方位 承续"十四五"辉煌，开启"十五五"征程。2026年作为新一个五年规划的开局之年，其经济工作成效直接关系到我国中长 期发展目标的顺利实现。会议明确提出要实现"十五五"良好 ...

本月初在深圳举办的第六届生物制造产业大会上，华恒生物科技股份有限公司董事长郭恒华也表 示："我们很多海外客户反复告诉我们，他们希望我们的供应链和生产更靠近他们的市场。"她补充说， 海外订单约占到公司总销售额的一半。 郭恒华说："我相信未来五到八年内，中国企业将在海外扩张以及建设区域一体化的制造和供应体系方 面取得重大突破。" 【文/观察者网 陈思佳】 "中国生物企业在国内取得成功后，正着手拓展全球市场。"据香港《南华早报》12月11日报道，业内人 士表示，随着中国生物技术行业的制造基础和供应链不断加强，以及全球对生物技术的需求持续增长， 中国生物企业有望未来十年内在全球取得重大突破。 近年来，生物制造行业在国内迅速发展，涉及利用工程菌株和细胞生产从化妆品、医药到食品原料和农 业投入品等多种日常产品。今年3月发布的政府工作报告首次将生物制造列为未来产业之一，提出要建 立未来产业投入增长机制。 9月25日至26日在湖南常德举办的2025中国生物制造科技创新论坛上，工业和信息化部消费品工业司司 长何亚琼表示，据统计，我国生物制造产业总规模近万亿元，发酵产能占全球70%以上，一批有竞争力 的生物制造产业集聚区逐步成长 ...

十五五规划建议明确提出"加快打造新兴支柱产业、大力提振消费"，这不仅是产业升级的号角，更是品 牌创新与品质创新的重要契机。近日，在央视《对话·创新中国行》节目现场，华熙生物董事长赵燕围 绕企业在透明质酸（玻尿酸）领域的创新突破、全球竞争策略及产业升维思考展开深度分享。 谈及十五五规划建议提出的"推动产业绿色智能融合发展"，赵燕指出，中国企业实现产业升维的突破点 在于三大核心：一是筑高技术创新壁垒，建立持续创新体系，引领行业发展；二是强化质量标准建设， 筑牢品质根基；三是主导制定评价标准，联合国家权威部门与行业协会构建行业标准体系，掌握话语 权。"只有拥有标准话语权，在国际上才有同等对话的权利，才能真正实现从中国制造到中国创造的跨 越。" 赵燕强调，华熙生物的实践正是如此，从突破透明质酸规模化生产技术，到如今布局细胞外基质 （ECM）等前沿研究，通过单点技术突破将单一物质做到全球第一，再推动技术转化为国家标准物 质，构筑起行业技术标准的话语权，奠定核心技术壁垒进而实现系统布局。 对于未来3-5年的核心目标，赵燕聚焦生物制造产业的关键短板：持续筑牢中国的合成生物中试转换平 台。她表示，华熙生物致力于打通产学研，将 ...