2、全国发展和改革工作会议12日至13日在北京召开。会议强调，扎扎实实做好明年发展改革重点工 作。要大力培育壮大新兴产业和未来产业，培育壮大若干新兴支柱产业，深化拓展"人工智能+"行动， 补齐科技服务业短板。中国信息通信研究院信息显示，今年以来，我国人工智能产业呈加速发展态势， 2025年人工智能核心产业规模有望突破万亿元。数据显示，今年以来，生产制造环节的大模型应用增长 显著，应用案例占比由去年的19.9%增长至25.9%，带动人工智能产业规模快速增长。2025年这个数值 将会超过1.2万亿元，增速会进一步提升。 点评："人工智能+"连续两年被中央经济工作会议重点强调，确认其作为引领性、颠覆性技术的战略地 位以及我国当下科技与产业融合的主攻方向。对比2024年中央经济工作会议中关于科技的提法是"以科 技创新引领新质生产力发展"，更侧重于指明方向，今年的导向更侧重确保科技创新能真正转化为可 见、可量化的产业新动能和产业链竞争力，我们预计，未来政策导向将更侧重于产业增加值、市场份 额、龙头企业培育等具体经济指标。概念股包括易点天下、拓尔思、中文在线等。 3、12月13日，据媒体报道，据中国神经科学学会脑机接口与 ...

每经记者｜杨建 每经编辑｜彭水萍 3、12月13日，据媒体报道，据中国神经科学学会脑机接口与交互分会年会透露，上海脑虎科技研发的 一款内置电池全植入脑机接口产品已于近期在复旦大学附属华山医院完成首例患者植入。据了解，目前 全球范围内掌握并验证内置电池全植入方案的公司数量极少，脑虎科技是除科技富豪马斯克的脑机接口 公司Neuralink之外，提供此类设备的首家中国公司，不仅填补了国内相关领域技术空白，也标志着中国 脑机接口技术跻身全球顶尖行列。复旦大学附属华山医院院长毛颖教授介绍称，患者术后1天即转入普 通病房，术后5天首次开机便成功实现意念操控。 点评：脑机接口下游应用市场潜力大，全球脑机接口医疗应用市场规模有望在2030年达到400亿美元， 2040年达到1450亿美元。脑机接口技术在医疗健康领域展现巨大潜力，为庞大的神经系统疾病患者群体 带来了新的治疗希望和康复途径。尤其是针对肢体运动障碍、意识与认知障碍、癫痫和精神性疾病等的 治疗和康复，脑机接口技术取得重要突破和长足进展。概念股包括中科信息、冠昊生物、爱朋医疗等。 （三）避雷针 （一）重要市场新闻 12月13日，据新华社报道，在中国国际经济交流中心举办 ...

Group 1: Economic Policies and Initiatives - The Central Economic Work Conference emphasizes the need for stable economic growth and quality development, with plans for incremental policies in response to changing circumstances [1] - The Ministry of Industry and Information Technology aims to enhance the digital transformation of the manufacturing sector and accelerate the development of satellite internet [2] - The Ministry of Commerce outlines 11 policy measures to boost consumption, focusing on collaboration between commerce and finance [4] Group 2: Consumer Financing and Support - The three departments, including the Ministry of Commerce, are promoting the development of personal consumption loans, emphasizing support for durable goods and digital products [5] - The notification highlights the importance of implementing differentiated policies for personal consumption loans to stimulate consumer spending [5] Group 3: Artificial Intelligence and Emerging Industries - The Chinese AI industry is expected to exceed 1 trillion yuan by 2025, with significant growth in large model applications in manufacturing [6] - The National Development and Reform Commission emphasizes the need to cultivate new emerging industries and enhance the "Artificial Intelligence +" initiative [7][8] Group 4: Space Industry Developments - Elon Musk's SpaceX is reportedly planning to go public, with a target valuation of approximately $1.5 trillion, potentially making him the world's first trillionaire [9] - The successful launch of the Di'er Five spacecraft marks a significant step in the commercialization of small cargo spacecraft in China's private space sector [10]

每经记者｜杨建 每经编辑｜肖芮冬 ｜2025年12月15日 星期一｜ NO.1 韩文秀：明年还将根据形势变化出台实施增量政策 2025-2026中国经济年会12月13日召开，主题为"贯彻落实中央经济工作会议精神，以高质量发展为'十 五五'开好局"。中央财办分管日常工作的副主任、中央农办主任韩文秀表示，做好明年经济工作，要坚 持稳中求进，提质增效，加大逆周期和跨周期调节，切实提升宏观经济治理效能。去年9月26日中央政 治局会议以来，先后出台实施了一系列政策措施，明年还将根据形势变化出台实施增量政策。要协同发 挥存量政策和增量政策的集成效应，推动经济稳中向好。 NO.4 商务部财务司负责人：将更大力度支持惠民生和提振消费 12月14日，商务部财务司负责人解读《关于加强商务和金融协同更大力度提振消费的通知》指出，《通 知》提出3方面11条政策措施。一是深化商务和金融系统协作。二是加大消费重点领域金融支持。三是 扩大政金企对接合作。下一步，商务部将会同中国人民银行、金融监管总局，指导各地相关部门和金融 机构加强协作，推动相关举措落地生效，更大力度支持惠民生和提振消费，为"十五五"良好开局作出积 极贡献。 NO.5 三 ...

Investment Rating - The report maintains an investment rating of "Outperform the Market - A" [5] Core Insights - The commercial aerospace and satellite internet industries are accelerating due to a resonance of technology and policy, marking a significant turning point for satellite internet as a crucial component of integrated space-ground networking infrastructure [1][12] - The satellite internet technology is characterized by its wide coverage, low latency for intercontinental communication, and low ground construction costs, addressing connectivity needs in remote areas and emergency scenarios [1][12] - The demand for space computing is emerging, driven by the exponential growth of AI model requirements, with major tech companies focusing on deploying data centers in space [2][13] Summary by Sections Industry Investment Rating - The report rates the industry as "Outperform the Market - A," indicating a projected investment return that exceeds the performance of the CSI 300 index by 10% or more over the next six months [5][27] Industry Performance - The report notes that the computer sector has underperformed relative to the CSI 300 index, with a 1-month relative return of -1.9% and a 3-month relative return of -7.6% [7][15] Key Industry Developments - The establishment of a dedicated regulatory body for commercial aerospace by the National Space Administration of China signifies a commitment to high-quality development in the sector [1][12] - SpaceX's Starlink project aims to deploy a constellation of approximately 42,000 satellites, enhancing military communication and reconnaissance capabilities [2][13] - The report highlights the increasing urgency for technological iteration and industrial acceleration in satellite internet and reusable rocket development in China [2][13] Beneficiaries and Recommendations - Companies involved in satellite control, space asset management, and testing services are expected to benefit from the growth in satellite numbers, with specific recommendations for firms like Xingtu Control and Shengbang Security [3][14] - The report suggests monitoring satellite payload and integrated service companies, including Zhongke Xingtou and Shanghai Hantong, as potential investment opportunities [3][14]

Core Viewpoint - The meeting emphasized the importance of promoting high-quality development in the telecommunications industry and outlined measures for implementation in the upcoming year, which marks the beginning of the "14th Five-Year Plan" [1] Group 1: Industry Development - The Ministry of Industry and Information Technology plans to advance the construction of information infrastructure with a focus on appropriate and proactive development [1] - There is a commitment to accelerate the research and development of 6G technology [1] - The development of satellite internet is prioritized to enhance connectivity [1] Group 2: Security and Governance - Strengthening network and data security measures is a key focus area [1] - The meeting highlighted the need to improve the modernization of industry governance and to consolidate the achievements in addressing "involution" competition [1] Group 3: Manufacturing and Financial Relief - The implementation of the "Excellence in Manufacturing Quality" initiative and the "New Industry Standardization Leadership" project will be deepened [1] - Efforts will be made to expedite the clearance of overdue payments owed to enterprises, aiming to alleviate the financial burden on businesses [1]

证券日报网讯12月12日，顺灏股份（002565）在互动平台回答投资者提问时表示，公司2025年6月以1.1 亿元人民币参股北京轨道辰光科技有限公司，持股比例为19.30%，该参股公司主要业务是通过将算力 卫星发射至晨昏轨道，组建太空数据中心，为客户提供算力服务，其经营范围包括微小卫星生产制造、 微小卫星科研试验、互联网信息服务等。 ...

Group 1 - A-shares indices opened lower but turned positive, with the Shanghai Composite Index up 0.03%, Shenzhen Component Index up 0.74%, and ChiNext Index up 0.94%, with over 3,500 stocks rising [1] - The optical module (CPO) index was active, with Dekoli rising nearly 7%, Lantech hitting the daily limit, and New Yisheng up over 3% [1] - The controlled nuclear fusion concept stocks surged, with Guojin Heavy Industry, Farsen, and China First Heavy Industries hitting the daily limit, and Changfu Co. rising 6.35% [1] Group 2 - The A-share satellite internet index saw strong gains, with Aerospace Huanyu up over 12%, Sichuan Chuang Electronics up 10%, and Tianhe Defense up over 9% [2] - The 6G index rose over 2%, with Chuangyuan Xinke hitting the daily limit, Changxin Bochuang and Yaguang Technology up over 6%, and Huace Navigation up over 4% [2] Group 3 - Gold concept stocks collectively rose, with Xiaocheng Technology up over 6%, and several other stocks like Hunan Silver and Zhaojin Gold following suit [3] - On December 12, Moer Thread opened lower, initially dropping over 15% before narrowing the decline to nearly 7%, resulting in a market value loss of nearly 30 billion [3] Group 4 - Moer Thread announced a significant price increase in its stock, which may lead to short-term decline risks, and plans to hold its first MUSA Developer Conference soon [5] - The company indicated that new products have not yet generated revenue and face uncertainties in market competition, product certification, and customer integration [5] Group 5 - In the Hong Kong market, the Hang Seng Technology Index rose 1.35%, with JD Health up over 3%, NIO up over 2%, and NetEase nearly 2% [6] - Consumer stocks in Hong Kong mostly rose, with Jiumaojiu up over 4% and Haidilao up 3%, following the Central Economic Work Conference's focus on boosting domestic consumption [6] - Semiconductor stocks fell, with Huahong Semiconductor down over 5% and SMIC down over 2%, as the Hang Seng Index announced changes to its semiconductor index [6]

记 者丨江 佩 佩 见 习 记 者 张 嘉 钰 1 2 月 1 2 日，A 股 三 大 指 数 低 开 后 陆 续 翻 红， 截 至 1 1:0 5， 沪 指 涨 0.0 3 %，深 成 指 涨 0.7 4 %，创 业 板 指 涨 0.9 4 %，盘 面 上 超 3 5 0 0 股 上 涨 。 | 内地股票 | | | | --- | --- | --- | | 行情 | 资金净流入 | 涨跌分布 | | 上证指数 | 深证成指 | 北证50 | | 3874.34 | 13244.78 | 1461.74 | | +1.03 +0.03% +97.39 +0.74% +18.57 +1.29% | | | | 科创50 | 创业板指 | 万得全A | | 1340.15 | 3193.49 | 6256.61 | | +14.32 +1.08% +29.81 +0.94% +37.23 +0.60% | | | | 沪深300 | 中证500 | 中证A500 | | 4568.27 | 7146.24 | 5514.57 | | +16.08 +0.35% +63.34 +0.89% +28.26 +0. ...

Group 1 - The satellite-themed ETFs, particularly the E Fund Satellite ETF (563530), led the market with a 1.48% increase on December 11, while 50 out of 53 bond ETFs also showed positive performance, with two 30-year government bond ETFs rising over 0.65% [1][4] - The commercial aerospace industry in China is experiencing technological breakthroughs and cost competitiveness that exceed market expectations, driven by the construction of low-orbit satellite internet and a potential for significant cost reduction in the rocket supply chain [4] - The month of December has seen significant capital inflows into bond, sci-tech, and A500 ETFs, with several ETFs recording net inflows exceeding 2 billion yuan, indicating strong investor interest in these sectors [3][8] Group 2 - The artificial intelligence-themed ETFs on the ChiNext board experienced a notable pullback after several days of gains, with some ETFs declining over 3% [2][6] - Real estate and communication sector ETFs also showed weakness, with declines exceeding 3% for several related ETFs [2][6] - Despite recent volatility, several Hang Seng technology ETFs have maintained significant net inflows, indicating continued investor interest despite negative returns in the short term [8]