Core Viewpoint - The National Market Supervision Administration (NMSA) is focusing on enhancing the regulatory environment and responding to public expectations through a series of new regulations and standards aimed at various sectors, including finance, food safety, and technology [1][2]. Group 1: Regulatory Developments - The NMSA has introduced the "Credit Repair Management Measures" to establish a more scientific credit repair mechanism [1]. - A "Guideline for Enforcement of Commercial Bank Charging Behavior" has been released to standardize bank fees and reduce financing costs for enterprises [1]. - The NMSA has published 38 international standards related to key sectors such as 5G, semiconductors, new energy, and aerospace in the fourth quarter alone [1]. Group 2: Upcoming Regulations - New regulations, including the "Live E-commerce Supervision Management Measures" and "Network Trading Platform Rules Supervision Management Measures," are set to be introduced to regulate the platform economy [2]. - Two new systems, "Supervision Management Measures for Food Commissioned Production" and "Supervision Management Regulations for Food Safety Responsibilities of Chain Enterprises," will be released to strengthen food safety [2]. - The NMSA plans to announce revised "Prohibition of Monopoly Agreement Regulations" and introduce "Regulations to Stop Abuse of Administrative Power to Exclude or Restrict Competition" to create a fairer and more transparent business environment [2].

新华社北京12月16日电 记者16日从市场监管总局了解到，2025年我国牵头制定ISO、IEC国际标准275 项，新提国际标准提案459项。 据介绍，今年四季度，在5G、半导体、新能源、航空航天等领域，我国主导发布的国际标准达38项； 面向量子技术、AI等前沿方向，提出新提案60项。此外，近期市场监管总局将会同有关部门启动"人工 智能百项国家标准建设专项行动"。（记者赵文君） ...

仅第四季度，在5G、半导体、新能源、航空航天等领域，我国主导发布的国际标准就有38项；面向量 子技术、AI等前沿方向，提出新提案60项。另外，近期市场监管总局将会同有关部门启动"人工智能百 项国家标准建设专项行动"。 今天（16日），记者从市场监管总局解到，2025年我国牵头制定国际标准275项，新提国际标准提案459 项。 （文章来源：央视新闻） ...

据英国政府介绍，此次合作资金将用于两个部分：设立英德量子研发联合基金，由两国相关机构各出资 一半，预计2026年初启动项目申报；支持德国弗劳恩霍夫研究所位于英国格拉斯哥的应用光子学中心， 推动量子技术从实验室走向商业化应用。 当天，英国国家物理实验室与德国联邦物理技术研究院同步签署合作备忘录，计划联合参与全球量子技 术标准制定，搭建国际协作框架。 英国科学、创新和技术部表示，英德双方在科技研发与创新领域优势互补，此次合作将加速量子技术突 破，同时为两国创造更多高技能就业岗位。 英国与德国合作推进量子技术研发 中新社伦敦12月5日电 (欧阳开宇 刘施岑)英国与德国5日宣布深化科技与创新合作，共同投入1400万英 镑(约合1.32亿元人民币)，推进量子技术研发，解锁该技术在医疗、计算、网络安全等领域的应用潜 力。 英国政府资料显示，目前英国拥有欧洲最密集的量子科技企业集群，伦敦、牛津、剑桥、格拉斯哥等城 市形成产业集聚区，其中格拉斯哥凭借光子学研究优势，已成为欧洲量子技术商业化转化的重要基地。 (完) 来源：中国新闻网 编辑：万可义 广告等商务合作，请点击这里 本文为转载内容，授权事宜请联系原著作权人 数据显示， ...

Core Viewpoint - Japan's combination of expansive fiscal policy and tight monetary policy may lead to risks of a reversal in carry trades, necessitating vigilance regarding the Bank of Japan's hawkish stance and the Federal Reserve's dovish periods [1] Group 1: Economic Stimulus Plan - The Japanese government has introduced an economic stimulus plan totaling 21.3 trillion yen (approximately 135 billion USD), slightly above market expectations but lower than 2022 levels [1] - The stimulus plan focuses on three main areas: 11.7 trillion yen (55%) for inflation subsidies and livelihood support, 7.2 trillion yen (34%) for strategic industry investments, and 1.7 trillion yen (8%) for defense and diplomacy [4] - The fiscal stimulus may increase Japan's deficit ratio to 3% by 2026, with Japan's deficit expected to expand by 1.77 percentage points, compared to 1 percentage point for the U.S. and 0.84 percentage points for Germany [4] Group 2: Impact on GDP and Inflation - The fiscal stimulus is projected to boost Japan's GDP growth rate by 0.5 percentage points in 2026, although the impact is expected to be lower than that of the U.S. and Germany [5] - Japan's fiscal multiplier is low at 0.27, compared to an average of 0.8 for developed economies, which contributes to the lower effectiveness of the stimulus [5] - The stimulus may temporarily lower overall inflation but could increase core inflation pressures due to rising demand [6][7] Group 3: Monetary Policy and Carry Trade Risks - The combination of fiscal expansion and cautious monetary tightening may increase the risk of a reversal in carry trades, as the narrowing U.S.-Japan interest rate differential diminishes the profitability of such trades [10][11] - The 2-year U.S.-Japan interest rate differential has decreased from 3.7% at the beginning of the year to 2.5%, heightening the risk of carry trade reversals [11] - The potential for increased volatility in the currency and bond markets may trigger risks of carry trade unwinding, particularly during periods of policy mismatch between the Bank of Japan and the Federal Reserve [11]

Core Viewpoint - The article discusses the economic stimulus plan introduced by Prime Minister Kishi Sanae, which is expected to weaken the yen and increase inflationary pressures in Japan. The combination of expansive fiscal policy and tight monetary policy may lead to risks of a reversal in carry trade, necessitating caution regarding the divergence in monetary policies between the Bank of Japan and the Federal Reserve [2][8]. Group 1: Economic Stimulus Plan - Kishi Sanae's economic stimulus plan amounts to 21.3 trillion yen (approximately 135 billion USD), slightly exceeding market expectations of 17 trillion yen. The fiscal deficit rate for Japan is projected to rise significantly in 2026 [3][9]. - The stimulus plan focuses on three main areas: 55% for inflation subsidies and social welfare (11.7 trillion yen), 34% for strategic industry investments (7.2 trillion yen), and 8% for defense and diplomacy (1.7 trillion yen) [3][15]. Group 2: Impact on GDP and Inflation - The expansive fiscal policy may raise Japan's GDP growth by 0.5 percentage points in 2026, which is lower than the contributions expected from the US (0.6 points) and Germany (0.63 points). The fiscal deficit rate is expected to increase by 1.77 percentage points in Japan, compared to 1.0 points in the US and 0.84 points in Germany [4][23]. - While the inflation subsidies may temporarily lower the overall CPI growth by 0.7 percentage points in early 2026, they could simultaneously increase core inflation pressures in the medium term due to rising real incomes and a weaker yen [4][29]. Group 3: Risks of Carry Trade Reversal - The combination of high inflation and a weak yen makes it difficult for Kishi's expansive fiscal policy to coexist with the Bank of Japan's loose monetary policy. Recent hawkish signals from the Bank of Japan suggest a potential shift towards interest rate hikes [5][35]. - The divergence between the yen and US dollar interest rates, with the yen reaching a low of 157.9 against the dollar while the US-Japan 2-year interest rate spread narrows to around 2.5%, indicates that the market has priced in risks associated with Japan's fiscal expansion [5][41]. - The current conditions suggest a potential for a reversal in carry trade, although the impact may be milder compared to August 2024. Factors such as net short positions in the yen, the degree of divergence between exchange rates and interest rates, volatility, and triggering conditions should be monitored [5][47].

Core Points - The Japanese government is designating critical technologies for economic security as "national strategic technologies" [1] - This initiative includes six key areas: artificial intelligence, advanced robotics, quantum technology, semiconductors and communications, biotechnology and healthcare, nuclear fusion, and space [1] - The aim is to promote investment in these competitive technology sectors by providing extensive support from startup to practical application, including research budget allocation and tax incentives [1]

Group 1 - The core viewpoint of the articles highlights the significant achievements of Peng Chengzhi in the field of quantum technology, including his role in the successful listing of GuoDun Quantum on the A-share Sci-Tech Innovation Board and the company's stock price increase of approximately 70% this year, with a current market value of around 45 billion yuan [1] - Peng Chengzhi, a prominent quantum scientist and a student of Pan Jianwei, has been involved in major quantum technology projects, including the construction and operation of ground stations for the quantum science satellite "Mozi" and the development of national infrastructure projects like the quantum secure communication "Beijing-Shanghai Line" [3] - The year marks the centenary of quantum mechanics, and quantum communication is recognized as a crucial pillar of future information science, capable of surpassing the performance limits of classical communication for more efficient and secure information transmission [3] Group 2 - The national strategy has intensified its focus on the quantum field, indicating that the quantum technology industry is at a critical stage of acceleration, necessitating contributions from more young scientists [4] - The election of Peng Chengzhi as an academician of the Chinese Academy of Sciences at the age of 48 reflects the rapid development of quantum technology in China and the emergence of young talent in the field [3][4] - The achievements in quantum information research, such as the development of the "Zu Chongzhi III" superconducting quantum computing prototype, demonstrate significant advancements, with its processing speed surpassing the fastest supercomputers by a factor of ten trillion [3]

Core Viewpoint - The article emphasizes the importance of intellectual property (IP) as a core measure of regional innovation capability and a key support for cultivating new productive forces in Wuhan, which has been approved to build a national intellectual property protection highland in January 2024 [1]. Group 1: Intellectual Property Protection Initiatives - Wuhan's Intellectual Property Protection Center provides "one-on-one" precise services to support national laboratories and strategic technological forces, facilitating rapid examination and confirmation of invention patents [2]. - By October 2025, the center has processed 118 pre-examination cases, granting 94 patents, with 247 patents in cutting-edge fields entering a fast-track examination "green channel," significantly reducing the time from application to authorization [2]. - The center has established a regular contact mechanism with national and provincial laboratories, forming a specialized team of legal, practical, and data analysis experts to provide comprehensive services from application to rights protection [2]. Group 2: Batch Pre-examination and Efficiency - In February 2024, Wuhan's Intellectual Property Protection Center was approved as a national pilot unit for batch pre-examination of invention patent applications, completing 311 cases with an average pre-examination period of about 2 days, achieving a 70% reduction in overall examination time by October 2025 [3][4]. - The pilot focuses on key projects and major enterprises, including Huazhong University of Science and Technology and Changfei Fiber, covering critical technologies such as semiconductors and humanoid robots [3]. - The center has implemented a collaborative pre-examination mechanism involving R&D personnel, patent agents, and examiners, enhancing communication efficiency and examination quality [3]. Group 3: High-Value Patent Cultivation - By 2025, Wuhan has established 59 high-value patent cultivation centers at provincial and municipal levels, covering strategic emerging industries such as optoelectronic information and artificial intelligence [5]. - These centers serve as both sources of patent output and connectors for technology transfer, exemplified by a patent that generated over 100 million yuan in product value and was licensed to major companies globally [5]. - The city conducts regular seminars on patent analysis, layout, and transformation, promoting a closed-loop ecosystem of "technology R&D—patent protection—industry application" [5]. Group 4: Intellectual Property Navigation and Resource Activation - The city focuses on patent navigation in industries like Beidou and humanoid robots, aligning patent layout with industry needs [6]. - The National Optoelectronic Industry Intellectual Property Operation Center has evaluated over 25,000 patents, facilitating 1,158 cooperation intentions and effectively activating existing patent resources [6]. Group 5: High-Value Invention Patents Statistics - As of June 2025, Wuhan has an average of 44.15 high-value invention patents per 10,000 people, indicating rapid creation, strict protection, and efficient utilization of intellectual property as a core support for building a national science and technology innovation center [7].

Core Viewpoint - The research team from Shanghai Jiao Tong University has made significant advancements in quantum interference technology and quantum precision measurement by proposing and implementing a new interference architecture called the "quantum twin interferometer," which has improved the signal-to-noise ratio of quantum correlated interferometer phase measurement by three orders of magnitude [1][2]. Group 1: Breakthroughs in Quantum Measurement - The team has successfully surpassed the standard quantum limit in sensitivity for measuring weak signals, which has been a long-standing challenge in the field [1]. - The newly developed quantum correlated interferometer and quantum-enhanced gradient meter have maintained the best international records in this area [1]. Group 2: New Measurement Paradigm - The quantum twin interferometer replaces the existing balanced homodyne detection method, utilizing entangled twin beams in a parallel configuration to establish a new paradigm for phase measurement that combines quantum correlation interference and entanglement detection [2]. - This achievement represents a significant milestone in the advancement of quantum metrology [2].