Core Insights - During the "14th Five-Year Plan" period, China has made significant strides towards high-level technological self-reliance, with emerging and future industries showing robust vitality and growth potential [1][3] Emerging Industry Development - The emerging industries in China have rapidly developed and formed scale effects, with multiple trillion-yuan markets accelerating formation [2] - By 2025, China's commercial aerospace industry is on the brink of explosion, with significant advancements in reusable launch vehicles and satellite internet applications [2] - The low-altitude economy is also gaining traction, with the issuance of operational certificates for manned civil unmanned aerial vehicles marking the entry into commercial use [2] New Energy Industry - China has established the world's largest power infrastructure and renewable energy system, creating the most complete new energy industry chain globally [3] - The "15th Five-Year Plan" emphasizes the development of emerging pillar industries, including new energy, new materials, aerospace, and low-altitude economy [3] Future Industry Breakthroughs - Significant progress has been made in future industries such as artificial intelligence, quantum information, and biomanufacturing, with key breakthroughs achieved [4] - The integration of 6G and AI is becoming a consensus in the industry, with clear development directions emerging [4] - The biomanufacturing industry has expanded steadily, reaching a total scale of 1.1 trillion yuan, becoming a new economic growth point [4] Dual-Engine Development - Emerging and future industries, while both part of the "long slope, thick snow" track, have different development stages, leading to varying market opportunity release rhythms [6] - Emerging industries are entering a rapid growth phase, with vertical segments expected to explode in the next 3 to 4 years, while future industries will focus on technology and application exploration in the early stages of the "15th Five-Year Plan" [6] Investment and Market Dynamics - The future industries face challenges related to technological and commercial uncertainties, with unclear business models and long investment return cycles [7] - The "15th Five-Year Plan" period is seen as a critical window for future industries, with policy support and technological breakthroughs expected to drive development [7] - Investors are advised to focus on companies' core technology reserves and their progress in validating business value through application scenarios [8]

近日，中金上汽新兴产业基金2025年度运营情况汇报会在西安顺利召开。本次会议以"聚焦未来产业，共谋转型升级"为主题，汇聚基金合伙人代表、行业 专家、被投企业及生态合作伙伴，围绕基金运营、产业前沿趋势展开深度交流与展望。 中金资本董事总经理、中金上汽新兴产业基金委派代表魏奇汇报了基金的年度运营情况。他介绍，中金上汽新兴产业基金认缴规模50亿元，2025年基金运 营平稳健康，经营业绩优良。基金长期深耕先进制造和战略性新兴产业，积极响应国家号召和公司战略部署，投资组合覆盖半导体、机器人、新能源、人 工智能、商业航天、量子科技等硬科技领域。2025年三家明星被投企业——正力新能(03677.HK)、东阳光药(06887.HK)、沐曦股份(688802.SH)成功上市； 数家被投企业已申报A股或港股IPO，包括MiniMax、镁伽科技、盛合晶微、临工重机等；此外，2026年上半年预计还有五家被投企业申报IPO。最后，魏 奇结合基金重点关注的科技赛道，分享了"十五五"规划重点布局的航空航天、量子科技、核聚变能、具身智能等新兴产业和未来产业的国际发展趋势及竞 争态势。 中金公司投资银行部执行总经理、数字化工业方向负责人吴占 ...

Core Viewpoint - The 2026 Nuclear Fusion Energy Technology and Industry Conference will be held in Hefei, Anhui, aiming to promote collaboration and innovation in the nuclear fusion industry chain [3][6]. Group 1: Conference Details - The conference will take place from January 16 to 17, 2026, at the CRAFT facility in Hefei, focusing on the theme "Nuclear Power, Creating the Future" [3]. - The event is guided by several organizations, including the Chinese Physical Society and the Anhui Provincial Development and Reform Commission, and will gather leaders from various sectors, including government, academia, and industry [6]. Group 2: Hefei's Role in Nuclear Fusion - Hefei is recognized as a leading city for venture capital and is becoming a model for China's nuclear fusion industry, with a cluster of advanced fusion devices [7]. - The region has established a comprehensive innovation chain covering key technology areas in magnetic confinement nuclear fusion, supported by major facilities like EAST and BEST [7][8]. Group 3: Industry Trends and Projections - In 2025, nuclear fusion energy will be included in national planning as a key future industry, reflecting its growing importance [9]. - The demand for controllable nuclear fusion is increasing due to rising electricity needs driven by advanced technologies like AI, with the industry entering an "engineering feasibility verification" phase [10]. - A significant capital expenditure expansion cycle for controllable nuclear fusion is expected from 2025 to 2028, with projected investments reaching 146.5 billion yuan [11]. Group 4: Market Opportunities - The superconducting magnet segment is anticipated to benefit significantly, with the market size for high-temperature superconducting magnets estimated at nearly 30 billion yuan [11]. - Key projects such as BEST and others are expected to commence, leading to a continuous release of core component orders [11]. - Companies in various segments, including superconducting materials, vacuum chambers, and power systems, are highlighted as potential beneficiaries of the nuclear fusion industry's growth [11].

Core Insights - The "14th Five-Year Plan" period prioritizes the construction of a modern industrial system, marking a strategic shift from single-point technological breakthroughs to systematic industrial upgrades [6][19]. - The new energy industry is transitioning from a focus on installed capacity to building a "source-grid-load-storage" collaborative system, emphasizing dynamic balance between production and consumption [7]. - The aerospace sector is developing a dual-driven model of national engineering and commercial space, with large aircraft industrialization and commercial space driving the scale and capability of the industry chain [8]. - Future industries such as 6G and quantum technology place China in the global leading tier of R&D, aiming to seize the high ground in technology standards and industrial ecosystems through forward-looking layouts [9]. - The transformation of traditional industries emphasizes not only greening and intelligentization but also explicitly promotes "service-oriented manufacturing," guiding the manufacturing sector to extend services throughout the product lifecycle [10]. Group 1: Modern Industrial System - The construction of a modern industrial system is the primary task of the "14th Five-Year Plan," highlighting its core position as a foundation for new era development [19][20]. - The modern industrial system consists of three parts: upgrading traditional industries, developing emerging pillar industries, and strategically laying out future industries [20]. Group 2: Emerging Pillar Industries - The cultivation of emerging pillar industries is positioned as the strategic core of the modern industrial system, providing a strong new growth engine for high-quality development [23]. - Key emerging pillar industries include new energy, new materials, aerospace, and low-altitude economy, which are expected to drive explosive growth in multiple trillion-level markets [23]. Group 3: New Energy - The new energy sector has evolved into a comprehensive ecosystem encompassing "production, storage, transmission, and application," with a strategic significance in ensuring national energy security and achieving carbon neutrality [24]. - As of the end of 2024, China's cumulative installed capacity of new energy reached 1.41 billion kilowatts, maintaining a global leading position [25]. - The annual new installed capacity during the "14th Five-Year Plan" period is expected to remain around 30 million kilowatts [25]. Group 4: New Materials - The new materials industry in China has rapidly grown, with total output value exceeding 8 trillion yuan in 2024, but still faces structural challenges with about 30% of key high-end materials relying on imports [34]. - Significant breakthroughs are being made in various fields, including third-generation semiconductor materials and high-end alloys for aerospace applications [39]. Group 5: Aerospace - The aerospace sector has formed a dual-driven model of national major projects and commercial markets, with the C919 large aircraft and commercial space rapidly developing [42]. - The market size of China's aerospace manufacturing industry is expected to reach 601.7 billion yuan by 2025, with a compound annual growth rate of approximately 14.05% [42]. Group 6: Low-altitude Economy - The low-altitude economy, driven by various manned and unmanned aerial vehicles, is expected to reach a scale of 505.95 billion yuan in 2023, with a year-on-year growth of 33.8% [50]. - The market is projected to exceed 1 trillion yuan by 2026, with a compound annual growth rate of approximately 29.6% from 2021 to 2026 [50]. Group 7: Future Industries - Future industries represent cutting-edge technological and industrial development directions, including quantum technology, biomanufacturing, hydrogen energy, and brain-computer interfaces [61]. - The quantum technology sector is expected to grow significantly, with the industry scale projected to reach approximately 80 billion USD by 2024 and potentially near 1 trillion USD by 2035 [64].

2025年12月28日，中国科学院合肥物质科学研究院发布消息称，该院等离子体物理研究所承担的国际热 核聚变实验堆ITER计划校正场线圈采购包完成全部制造任务，最后4个线圈顺利竣工交付。 从1月被称为"人造太阳"的全超导托卡马克EAST装置再次刷新世界纪录、首次实现1亿摄氏度等离子体 持续运行1066秒，到12月完成关键制造任务攻关，"可控核聚变"成为2025年科技创新领域热词，正从科 学研究走向工程化验证，成为未来破解AI算力中心等新型高能耗场景能源困局的关键方向。 技术突破引发资本竞逐——在115亿元加注下中国聚变能源有限公司挂牌成立，上海国投扩募总规模150 亿元的未来产业基金重点支持可控核聚变等前沿技术领域，星能玄光、翌曦科技等初创企业年内完成多 轮融资；在A股市场，合锻智能、永鼎股份等产业链相关上市公司市值屡创新高，投资者热情空前高 涨。 科学家和工程师普遍认为，一旦核聚变能实现规模应用，地球将拥有一种不依赖化石燃料、无有害废物 排放的无限清洁能源，从根本上重塑全球能源格局。在这场能源革命的竞争中，我国已成为不容忽视的 重要参与者。"十五五"规划建议中明确提出"推动量子科技、生物制造、氢能和核聚变能、 ...

Quantum Technology - China has established the world's largest quantum communication network, comprising 8 core sites and 159 access stations [4] - The third-generation superconducting quantum computer "Benyuan Wukong" is set to officially operate in January 2024, with over 80% domestic components [9] - "Benyuan Wukong" has been accessed over 37 million times by users from 163 countries, completing 740,000 quantum computing tasks across various fields [11] Biological Manufacturing - Biological manufacturing combines traditional fermentation and synthetic biology, opening new industrial spaces [12] - China holds over 70% of global biological fermentation capacity, leading in the production of amino acids and organic acids [12] - Challenges include the need for core strains and key enzymes, as well as the development of a robust biological information database [13] Nuclear Fusion Energy - Controlled nuclear fusion, known as "artificial sun," is advancing with significant breakthroughs in technology [14][15] - The "China Circulation No. 3" has achieved record ion and electron temperatures of 120 million and 160 million degrees Celsius, respectively [15] - By 2027, "China Circulation No. 3" is expected to conduct burning plasma experiments, moving towards commercial fusion power generation by mid-century [15] Brain-Computer Interface - Brain-computer interface technology is expanding into various fields, including medical rehabilitation and consumer electronics [17][18] - The industry is supported by a collaborative ecosystem involving research, industry, and policy frameworks [18] - Key focus areas include core technology development, innovation ecosystem enhancement, and ethical regulatory frameworks [18] Humanoid Robotics - Humanoid robots are evolving rapidly, with advancements in joint modules and motion control [19][20] - The Shenzhen area is developing a "embodied intelligence port," fostering a complete industrial chain from R&D to application [20] - The local government has introduced action plans to promote technological innovation and industry development in humanoid robotics [20] 6G Technology - 6G technology aims to enhance connectivity and integrate various technologies, supporting the development of a smart society [21][22] - It is expected to achieve 10 to 100 times the speed and reliability of 5G, covering all domains of connectivity [21] - China is advancing in 6G research and aims for commercial implementation by 2030 [22]

Core Insights - The article discusses the development of future industries in China, focusing on quantum technology, biomanufacturing, nuclear fusion energy, brain-computer interfaces, and embodied intelligence as key growth areas for high-quality development [10][15][18]. Quantum Technology - The "Quantum Avenue" in Hefei is home to numerous tech companies, creating a complete ecosystem for quantum computing, communication, and measurement [11]. - The third-generation superconducting quantum computer "Benyuan Wukong" is set to officially operate in January 2024, with over 80% of its components domestically produced [11]. - "Benyuan Wukong" has been accessed over 37 million times by users from 163 countries, completing 740,000 quantum computing tasks across various fields [12]. Biomanufacturing - Biomanufacturing combines traditional fermentation and synthetic biology, enabling customized production of medical products and sustainable materials [13]. - China holds a significant advantage in biomanufacturing, accounting for over 70% of global fermentation capacity and leading in the production of amino acids and organic acids [13]. - Challenges include the need for core strains and key enzymes, which require improved biological information databases and design tools [14]. Nuclear Fusion Energy - China is making significant strides in nuclear fusion research, with the "China Circulation No. 3" achieving record temperatures of 120 million degrees Celsius for ions and 160 million degrees Celsius for electrons [16]. - The establishment of the first International Atomic Energy Agency fusion research and training center in China marks a shift from participant to key player in global fusion energy development [16]. Brain-Computer Interfaces - Brain-computer interface technology is rapidly expanding into various fields, particularly in healthcare for rehabilitation and assistive technologies [18]. - China is developing a robust ecosystem for brain-computer interfaces, with significant advancements in clinical applications and policy support aimed at creating a competitive industry by 2030 [19]. Embodied Intelligence - The development of humanoid robots is advancing, with companies focusing on high-performance hardware and software to enhance capabilities in various applications [20]. - Shenzhen is emerging as a hub for embodied intelligence, with a complete industrial chain supporting technology development and market application [21]. 6G Technology - 6G technology aims to integrate communication, sensing, advanced computing, and AI, significantly enhancing connectivity and supporting the digital transformation of society and industries [22]. - China is leading in 6G research and is expected to achieve commercial deployment by 2030, with ongoing efforts in technology validation and ecosystem development [23].

Core Insights - Hydrogen energy and nuclear fusion are identified as future industries in the "14th Five-Year Plan," expected to become new economic growth points and accelerate the transition from laboratory to industrial application, contributing to the "dual carbon" goals [1] Hydrogen Energy - Hydrogen energy is produced through the chemical reaction of hydrogen and oxygen, utilizing primary energy sources like wind, solar, coal, and natural gas, making it a secondary clean energy source [2] - The hydrogen industry is emerging, with hydrogen fuel cell vehicles offering longer ranges and faster refueling; hydrogen is also being used in steelmaking to replace coke, significantly reducing carbon emissions [2] - By the end of 2024, national hydrogen production capacity is expected to exceed 50 million tons per year, with a year-on-year growth of approximately 1.6%; over 600 renewable energy electrolysis hydrogen production projects are planned nationwide [2] - The development of the hydrogen industry is crucial for accelerating the construction of a new energy system and achieving carbon peak and carbon neutrality goals [2] Nuclear Fusion Energy - Nuclear fusion is likened to the ultimate energy dream, where hydrogen atoms fuse into helium under extreme temperatures and pressures, releasing vast amounts of energy [3] - The raw materials for nuclear fusion are abundant, derived from isotopes of hydrogen found in seawater, and it is considered a clean and safe energy source [3] - For instance, the energy produced from 1 liter of seawater's deuterium is equivalent to that from 300 liters of gasoline [3] - Significant advancements in nuclear fusion research have been reported in China, including breakthroughs in temperature and duration of high-quality burning, bringing the "artificial sun" closer to reality [3] - The technology of fusion energy is transitioning from scientific research to engineering practice and commercial application [3]

Core Insights - The "15th Five-Year Plan" emphasizes the construction of a modern industrial system centered on advanced manufacturing, focusing on intelligent, green, and integrated development [1] - New industries such as quantum technology, biomanufacturing, hydrogen energy, nuclear fusion energy, brain-computer interfaces, embodied intelligence, and 6G mobile communication are identified as new economic growth points [1] Group 1: Future Industries - New Energy: Newao has been exploring nuclear fusion since 2017, focusing on the "hydrogen-boron fusion" route, achieving significant breakthroughs with the "Xuanlong-50U" device, which reached a plasma current of one million amperes and a magnetic field of 1.2T [2] - Brain-Computer Interfaces: Newao has initiated the "China Brain-Computer Valley" project to promote the industrialization of brain-computer interfaces, positioning itself in a competitive global landscape [3] Group 2: Intelligent Transformation - Comprehensive Empowerment: Newao is enhancing industrial intelligence transformation by developing platforms like the "Pan-Energy Network" and "Safety Network," focusing on integrated smart models in energy and safety sectors [4] - Energy and Carbon Intelligence: Newao has introduced integrated digital products and services to help industries achieve energy savings and efficiency improvements, exemplified by a project that increased green electricity usage by 15% [4] Group 3: Safety Intelligence - Safety Solutions: Leveraging over 30 years of experience in gas safety operations, Newao provides tailored safety solutions, such as an intelligent risk map for hazardous materials transportation, ensuring zero accidents in a technology park [5] Group 4: Future Outlook - Continued Investment: Newao plans to deepen its industrial intelligence transformation and increase R&D investment in future technologies, contributing to the modern industrial system with robust technology and practical solutions [6]

Group 1 - The core viewpoint emphasizes the acceleration of energy transition in China, with a focus on building a new energy system and promoting emerging technologies as new economic growth points [1][3][10] - In the electricity consumption of the whole society, one-third is green electricity, and the proportion of non-fossil energy in national energy consumption increases by 1 percentage point annually, while coal's share decreases by 1 percentage point each year [3] - China is leading the world in renewable energy and new energy vehicles, enhancing the "green content" of industries while balancing economic growth and environmental protection [3][12] Group 2 - The rapid development of the digital economy in China is highlighted, with new e-commerce becoming a vibrant component, and over half of live-streaming e-commerce actively using generative AI to optimize operations [7][8] - Emerging industries such as quantum technology, biomanufacturing, hydrogen energy, and brain-machine interfaces are being prioritized in China's strategic layout to seize global technological competition [10][12] - The "14th Five-Year Plan" targets future industries that represent revolutionary technological breakthroughs, indicating a significant potential for productivity leaps and industrial empowerment [12]