中国宝武山西太钢不锈钢精密带钢有限公司车间一角。新华社记者 詹彦 摄 在位于安徽省合肥市的中电信量子信息科技集团有限公司科技体验馆内拍摄的 " 墨子号 " 量子卫星模型 （ 2025 年 7 月 1 日摄）。新华社记者 张铖 摄 江苏省产业技术研究院膜科学技术研究所实验室，科研人员正在检查分子筛膜成品（ 2025 年 12 月 9 日 摄）。新华社记者 杨绍功 摄 "实践证明，我国自主创新事业是大有可为的！我国广大科技工作者是大有作为的！" 新年伊始，记者深入采访科研"追光者"。他们牢记习近平总书记的殷切嘱托，坚持面向世界科技前 沿、面向经济主战场、面向国家重大需求、面向人民生命健康"四个面向"的战略导向，在攻坚克难中追 求卓越，为高水平科技自立自强写下生动的实践注脚。 逐梦量子的远征 在青岛海洋生物医药研究院，研究人员在实验室里忙碌（ 2025 年 12 月 5 日摄）。新华社记者 李紫恒 摄 夜色朦胧，中国科学技术大学的实验室灯火通明。 一束光穿过层层叠叠的实验装置，在大气湍流模拟器的"干扰"下开始剧烈抖动，监视器中本应平滑 的波前出现道道"涟漪"。 "开始校正！"中国科学院院士、中国科学技术大学研究员彭 ...

Core Insights - The report emphasizes a long-term bullish outlook for the market, suggesting that the current phase is a "slow bull market" with potential for further upward movement, particularly in the spring of 2026 [4][22] - It highlights the importance of "running horse assets," which are leading companies with global competitiveness, as key investment opportunities [4][6] - The report indicates that the market has shown signs of recovery, with trading volumes stabilizing around 2 trillion yuan, reflecting improved investor sentiment [5][10] Long-term Strategy - The report suggests that the Chinese government's supportive policies and a shift towards market empowerment will enhance economic vitality, contributing to a more robust market environment [4][6] - It anticipates a recovery in public fund issuance and an increase in insurance capital inflows, which could further support market growth [4][6] Mid-term Analysis - The report predicts a potential "spring opening red" scenario, where market sentiment improves and leads to a rally starting from late December [5][22] - It notes that the current market valuation is not at an excessively high level, indicating room for growth as economic recovery progresses [5][23] Short-term Focus - The report identifies key sectors for investment, including high-end manufacturing, technology, and consumer goods, which are expected to benefit from the economic transition and easing of U.S.-China tensions [6][10] - It highlights the importance of monitoring trading volumes and market sentiment as indicators for entry points into the market [5][10] Macro Economic Overview - The report discusses the downward trend in U.S. Treasury yields and the influx of global capital into equity and bond markets, which is expected to positively impact the Chinese market [7][10] - It notes that the Chinese economy is showing signs of stabilization, with improvements in CPI data and a strong performance in high-frequency economic indicators compared to the previous year [7][10] Investment Portfolio Recommendations - The report recommends a "barbell strategy" focusing on both cyclical sectors and high-end manufacturing, as well as electric new energy sectors for January [8][10] - It emphasizes the importance of sector rotation and suggests that small-cap stocks may outperform large-cap stocks in the current market environment [10][22]

Key Points - The article emphasizes the importance of systematic and practical strategies in investment banking [2] - It discusses the positive economic outlook for early 2026, supported by improved PMI data and increased foreign capital inflow [8][9] - The article highlights the potential for a bull market in 2026, driven by improved supply-demand dynamics in the manufacturing sector and increased asset allocation towards equities [9] - It identifies key themes for investment in the spring, including AI, commercial aerospace, and nuclear fusion, as well as the impact of government policies on consumption and investment [9] - The valuation analysis of A-shares shows that various indices are at different historical percentiles, indicating potential investment opportunities in certain sectors [12][13] - The article notes significant adjustments in precious metals due to changes in margin requirements at CME and differing views within the Federal Reserve regarding interest rate cuts [14] - It discusses the launch of national venture capital guiding funds and the global competition for future industries, including quantum technology and hydrogen energy [21]

新华社北京1月4日电 题：科研追光者的破壁之路 新华社记者刘菁、陈诺、周畅 "实践证明，我国自主创新事业是大有可为的！我国广大科技工作者是大有作为的！" 新年伊始，记者深入采访科研"追光者"。他们牢记习近平总书记的殷切嘱托，坚持面向世界科技前沿、 面向经济主战场、面向国家重大需求、面向人民生命健康"四个面向"的战略导向，在攻坚克难中追求卓 越，为高水平科技自立自强写下生动的实践注脚。 逐梦量子的远征 夜色朦胧，中国科学技术大学的实验室灯火通明。 一束光穿过层层叠叠的实验装置，在大气湍流模拟器的"干扰"下开始剧烈抖动，监视器中本应平滑的波 前出现道道"涟漪"。 "开始校正！"中国科学院院士、中国科学技术大学研究员彭承志目光紧锁屏幕，一边小声地提醒同事。 只见，光路上一块镜子正快速改变镜面的形状，像一只无形而精准的手，将四散的光又聚回在一起，屏 幕上的波纹也逐渐抚平。 彭承志轻轻松出了一口气，思考起另外一个难题。"我们怎么才能在地面上，稳稳接住数万公里外量子 卫星上的光信号？"他问记者，随即笑着打了个比方：这好比站在桥上，往疾驰而过的高铁扔硬币，"要 保证每一次都能投进车厢里一个晃动的储蓄罐里"。 在这个近乎"雕 ...

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 Insights - The article highlights a structural shift in industry focus from "can it be done" to "can it be scaled" as generative AI begins to penetrate the core of enterprise IT and operations, indicating a move towards system capability building and efficiency enhancement [1] Group 1: AI-Driven IT - Artificial intelligence is transforming IT functions from a maintenance role to an efficiency and innovation engine, with a decrease in the proportion of Keep The Lights On (KTLO) activities and an acceleration of Agentic Workflows and Generative AI [2][3] - This transformation signifies a shift of IT from a cost center to a scalable value delivery platform [3] Group 2: Quantum Strategy - Quantum technology has been officially integrated into national future industry core layouts, with post-quantum encryption, quantum computing, and quantum communication becoming key long-term competitive advantages [4] - Although general quantum computing is not yet mature, the demand for security and specific application scenarios is prompting companies to prepare in advance [4] Group 3: Evolving Computing Landscape - The ongoing AI boom has led to a reassessment of computing costs and hardware concentration, with Nvidia still holding a dominant position but the AI hardware market transitioning from a single-pole to a multi-pole competition, indicating the emergence of a "warring states" era [5][6] Group 4: 5G Value Realization - The commercialization of 5G has entered an "impact period," shifting the industry focus from network coverage to monetization capabilities [6] - Applications such as private networks, Multi-access Edge Computing (MEC), and APIs are beginning to yield returns, with the core competition among operators shifting to "how well it is used" rather than "how quickly it is built" [6]

2026年，农历丙午年，是十二生肖中的马年。在中国传统文化语境中，马象征着活力、奋进与致远。 尤为特殊的是，2026年恰逢中国"十五五"规划的开局之年，承前启后，意义深远。《中共中央关于制定 国民经济和社会发展第十五个五年规划的建议》（下称《建议》）已于2025年10月发布。与"十四五"一 脉相承，推动高质量发展仍是核心主题，但任务排序出现关键调整：《建议》将"建设现代化产业体 系"置于首位，"加快高水平科技自立自强"次之，这与"十四五"时期科技创新首位的表述形成对比。 瑞银投资银行高级中国经济学家张宁认为，从"十五五"规划建议可推演得出，未来五年最核心的三大宏 观主题清晰明确，分别是：建设现代化产业体系、促进科技创新与自立自强、坚持扩大内需（尤其是提 振消费）。这三大主题与过去五年保持一致，仅在排序上略有调整。 蓝图绘就，号角吹响。作为国民经济发展的"指南针（300803）"，五年规划通过政策信号与资源配置， 深刻影响资本市场走向与行业格局演变。 站在2026年这一新的历史起点，未来五年哪些领域将孕育高确定性机遇？ 商业航天 自2015年"中国商业航天元年"启程，商业航天已走过波澜壮阔的十年。"十五五"规划 ...

天天IPO . 投资界（PEdaily.cn）旗下，专注IPO动态 以下文章来源于天天IPO ，作者余梦莹 量子企业排队IPO。 作者/余梦莹 一百年前，在德国黑尔戈兰岛上，物理学家维尔纳·海森堡提出了矩阵力学，标志着量 子力学的诞生。 今年是国际量子科学与技术年。继9月本源量子启动I PO辅导后，又一家 量子企业 I PO 快了—— 投资界-天天I PO 获悉，国仪量子（合肥）技术有限公司（简称"国仪量子"） 在上交所科创板I PO申请获受理。 身后是来自中科大的9 0后科学家杜江峰、贺羽师徒以及两位师兄弟。瞄准高端科学仪器 的国产替代，他们在一间1 4平米的办公室里做起了仪器，利用量子特性实现更微观尺度 的精密测量，至今背后集结了众多知名机构。 外 界 可 能 不 知 道 ， 在 合 肥 高 新 区 云 飞 路 ， 一 条 " 量 子 大 道 " 悄 然 崛 起 ， 超 3 0 家 量 子 科 技 企业比邻而居。它们绝大多数由中科大孵化，一举将未来产业的轮廓画进现实。 中科大校友，干出一个IPO 这是一个师兄弟齐上阵的故事。 1 9 9 2年出生于四川遂宁，贺羽的科学天分很早就展现了出来。1 6岁那年考入 ...

Group 1: Core Insights - The article discusses the launch of a national venture capital fund with a direct investment of 100 billion yuan to leverage over a trillion yuan in social capital, indicating a significant shift in the entrepreneurial landscape [1][2] - It emphasizes five key sectors that present real opportunities for wealth generation by 2026, highlighting the intersection of policy support and technological advancements [2][62] Group 2: Embodied Intelligence - The first opportunity is in embodied intelligence, specifically humanoid robots, with a notable company, UBTECH, reporting over 1.3 billion yuan in orders this year, surpassing the total industry sales from the previous year [7][8] - The article notes that 2025 is expected to be a financing year for embodied intelligence, while 2026 will focus on actual deliveries, with major companies like BYD and Foxconn placing orders [10][13] - Opportunities for ordinary entrepreneurs lie in components such as dexterous hands and sensors, as well as in robot maintenance and after-sales services, which are expected to become lucrative as robots are deployed in factories [15][18] Group 3: AI Application Layer - The second opportunity focuses on the AI application layer, particularly vertical industry AI tools, as the price war for large models has concluded, paving the way for a golden era of application [19][22] - Examples include an AI legal assistant that automates contract review for small businesses and an AI video editing tool for e-commerce, both demonstrating significant revenue potential [23][27] - The article advises against creating generic AI solutions and instead suggests developing specific industry applications that can save costs or generate revenue for businesses [29][30] Group 4: Low-altitude Economy - The third opportunity is in the low-altitude economy, projected to reach a market size of 3.5 trillion yuan, with recent developments like the launch of a manned eVTOL route between Shenzhen and Zhuhai [31][39] - Key opportunities include the development of supporting infrastructure such as landing pads and charging stations, as well as low-altitude logistics and tourism services [37][38] Group 5: Quantum Technology and Brain-Machine Interfaces - The fourth opportunity involves quantum technology and brain-machine interfaces, with the national venture capital fund focusing on these critical technologies [40][41] - There is potential for early-stage projects in quantum communication and medical rehabilitation using brain-machine interfaces, with significant market demand for rehabilitation services [44][45] - Entrepreneurs with access to medical or academic resources are encouraged to explore technology transfer services or invest in early-stage funds in these sectors [46][48] Group 6: Chinese Enterprises Going Global - The final opportunity is for Chinese enterprises to expand overseas, capitalizing on the significant market potential outside of China, particularly in Southeast Asia [50][51] - Successful examples include cross-border e-commerce and live-streaming sales, where Chinese products are in high demand due to a lack of local supply chains [52][53] - The article cautions that entering foreign markets requires understanding local regulations and consumer habits, suggesting partnerships with local experts or established companies [56][58]

这是有 " 人造太阳 " 之称的全超导托卡马克核聚变实验装置（ EAST ）。新华社记者 黄博涵 摄 图为 " 奋斗者 " 号载人潜水器。（中国科学院深海科学与工程研究所提供） 建设中的江门中微子实验中心探测器（拼接照片， 2024 年 10 月 9 日摄）。 新华社记者 金立旺 摄 人工智能大模型你追我赶，芯片自主研发有了新突破，我国成为创新力上升最快的经济体之一。天 问二号开启"追星"之旅，雅下水电工程开工建设，首艘电磁弹射型航母正式入列。人形机器人亮出"功 夫模式"，无人机演绎绚丽"烟花"……回眸2025，科技与产业深度融合，创新成果竞相涌现。 走进2026，从微观到宏观、从基础到应用，重大成果正由"点状突破"迈向"系统爆发"，"硬核实 力"与"民生温度"共同勾勒出中国科技新答卷的鲜明底色。 聚变能源领域，我国"人造太阳"全超导托卡马克核聚变实验装置（EAST）实现1亿摄氏度1000 秒"高质量燃烧"，实现从基础科学向工程实践的重大跨越，对加快实现聚变发电具有重要意义。 种子科研领域，"种子精准设计与创造"先导专项在水稻、小麦及鱼类等动植物上实现突破，成功培 育出增产10%至20%、减投减损15%至20 ...