图片来源：网络 具身智能领军企业极佳视界宣布完成新一轮融资。 近日，极佳视界近日完成2亿元A2轮融资，由达晨财智领投，老股东华控基金联合领投，首发展创投、 浦耀信晔、财鑫资本、珠海科技产业集团、张科垚坤、复琢创投等知名机构跟投，老股东合鼎共资本更 超额追加投资。至此，在短短3个月内，公司已连续完成Pre-A、Pre-A+、A1及A2四轮融资，累计融资 额达5亿元，充分彰显资本市场对其技术路径与商业化前景的高度认可。 公司创始人兼CEO黄冠博士为清华大学自动化系创新领军工程博士，曾担任地平线机器人视觉感知技术 负责人、鉴智机器人合伙人兼算法副总裁，并拥有三星中国研究院、微软亚洲研究院等全球顶尖科研机 构的深厚背景。过去十年，他全程深度参与并推动了物理AI从技术萌芽到产业落地的关键演进，带领 团队屡次在FRVT、COCO、VOT等全球最具影响力的视觉AI竞赛中斩获冠军，并实现多项技术的大规 模产业化应用。 在自动驾驶领域，其团队提出的BEVDet系列方法已成为全球最具影响力的BEV感知范式之一，长期稳 居nuScenes榜单首位，并成功实现规模化量产；此外，团队还主导了地平线AIDI平台——业内最大规模 的数据闭 ...

中国经济何以不惧风浪、稳舵前行？ 习近平总书记强调："市场资源是我国的巨大优势，必须充分利用和发挥这个优势，不断巩固和增强这个优势，形成构建新发展格局的雄 厚支撑。" 一年来，应对外部环境复杂变化，我国始终坚持立足国内、依托国内大市场优势，充分挖掘内需潜力，全国统一大市场建设向纵深推进。 一个不断成长壮大的超大规模市场，夯筑起中国经济应对变局、开拓新局的坚实底气。 精准发力 厚植大市场优势 首次突破1800亿件！ 截至11月30日，我国快递年业务量再创新高，已超去年全年业务量，相当于去年全球快递包裹业务量的67%，折射超大规模市场的充沛活 力。 2025年11月10日，在中国邮政集团有限公司江苏扬州邮件处理中心，工作人员分拣快递包裹（无人机照片）。新华社发（孟德龙摄） 当今世界，经济发展最稀缺的资源是市场。 我国有14亿多人口，有全球最完整的产业体系，人均国内生产总值突破1万美元，是全球最大最有潜力的消费市场。 今年以来，政策"组合拳"精准发力，厚植大市场优势： 深入实施提振消费专项行动，安排3000亿元超长期特别国债资金支持消费品以旧换新，发布《关于扩大服务消费的若干政策措施》；下达 8000亿元"两重"建 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：量子位 王琛 投稿 量子位 | 公众号 QbitAI 2025年的冬天，黄浦江畔的风带着些许湿冷，但张江科学会堂周边的空气，却因高密度的算力运转而近 乎沸腾。 距离GDPS 2025全球开发者先锋大会启幕仅剩6天。这不是一场简单的赛事倒计时，而是中国具身智能 产业跨越"达尔文之海"的助推节点。 如果说过去几年是AI在数字世界的演练，那么此刻，则是硅基生命向物理世界发起的一次集体远征。 业界将12月12日这场大赛，称为"物理世界的第一张入场券"。 站在2025年的年终节点，我们将以上海为例，揭示中国具身智能产业的飞速进展：为什么是上海？为什 么是现在？ 懂开发者的城市，才是好生态 在2025年的全球版图中，上海不仅是一个地理坐标，更代表了一种"服务型政府"的极致生态。这种生态 的核心，在于对开发者最深层痛点的洞察： 不同于简单的资金漫灌，上海不仅给钱，更给"路"和"粮"。 场景开放：整座城市就是"试验田" 当我们还在讨论机器人能否上路时，上海已经把高端制造、医疗康养、城市治理等多达百个核心场景的 大门向企业敞开： 具身智能的大脑训练 ...

Investment Rating - The report provides a neutral investment rating for the technology finance sector, indicating a relative performance within -10% to 10% compared to the benchmark index [34]. Core Insights - The report emphasizes the importance of enhancing financial support for technology innovation, as outlined in the State Council's guidance on strengthening financial backing for achieving high-level technological self-reliance and building a strong technology nation [3]. - There is a notable trend of increasing financing activities in the technology sector, with significant records being set in various fields such as AI+AR glasses and Micro LED technology [12][13]. - The report highlights the performance of major indices in November 2025, noting a decline in A-share indices due to weak macroeconomic data and external market influences, while the communication and media sectors showed positive growth [19][29]. Summary by Sections 1. Financing News - Thunderbird Innovation completed a record financing round in the AI+AR glasses sector, marking the highest single financing amount in 2025 [8]. - JBD Shanghai completed over 1 billion RMB in B2 financing, setting a record in the Micro LED micro-display field [9]. - GAC High Domain's flying car project secured 200 million RMB in Pre-A financing, with total financing for the year reaching 500 million RMB [10]. - Dexmal, a company focused on embodied intelligence, announced several rounds of financing totaling nearly 10 billion RMB, indicating strong investor interest in advanced technology [11][12]. 2. Market Performance - In November 2025, major A-share indices experienced declines, with the Shanghai 50, ChiNext, and Sci-Tech 50 dropping by 1.39%, 4.23%, and 6.24% respectively [16]. - The technology growth sectors saw mixed results, with the communication and media industries recording positive growth, while other sectors such as machinery and pharmaceuticals faced declines [19]. 3. Loan Data - As of Q3 2025, the loan balance for technology SMEs reached 3.56 trillion RMB, reflecting a steady increase in financial support for this sector [21]. - The number of technology SMEs receiving loan support also rose, reaching 275,400 by Q3 2025 [24]. 4. IPO Activity - The report notes a stable number of IPOs in the domestic capital market, with the Hong Kong Stock Exchange seeing a peak of 15 IPOs in June 2025 [28]. 5. Overseas Financing - Sakana AI, a Japanese AI startup, raised approximately 20 billion JPY in B-round financing, achieving a post-financing valuation of about 400 billion JPY [13]. - Flexion, a US robotics startup, completed a 50 million USD financing round, with plans to expand its operations [13].

Core Insights - Aibono Medical's "Smart Medical Multi-Scene Project" has been recognized in the "2025 Key Application Scenario Project Support List" by Beijing's Science and Technology Commission, highlighting the company's innovative approach in the retail of contact lenses through 24-hour smart stores [1] - The introduction of humanoid robots in Aibono's stores has led to significant operational efficiency, automating the entire order process from receiving to delivery, thus enhancing the overall effectiveness of the business model [2] - Aibono Medical is expanding its presence with nearly 300 Toppop stores across China and plans to open more smart stores in cities like Suzhou and Chongqing, driven by the increasing demand for vision care products [3][5] Group 1: Technological Integration - The humanoid robots in the smart stores are capable of performing various tasks autonomously, which reduces the need for human intervention and allows staff to focus on inventory management [2] - The smart stores have demonstrated the commercial viability of embodied intelligence technology in the pharmaceutical retail sector, providing a new sales growth channel [5] Group 2: Strategic Partnerships - Aibono Medical has partnered with Galaxy General to integrate embodied intelligence technology into health retail, aiming to enhance productivity and service delivery [6] - The company has developed a comprehensive industrial layout covering R&D, production, and sales, with proprietary technologies that break the monopoly of international firms in the contact lens market [6] Group 3: Market Positioning - Aibono Medical's strategy combines medical and consumer needs, enhancing brand influence through efficient service delivery and a robust online and offline presence [3] - The company is committed to sustainable development in the industry, aligning with national strategic goals and expanding its network of smart stores nationwide [7]

Core Insights - The focus of national development is shifting from "quantitative recovery" post-pandemic to "qualitative leap" in the "15th Five-Year Plan" [1] - The "15th Five-Year Plan" emphasizes "high-level technological self-reliance" and aims for a dual goal of "effective qualitative improvement and reasonable quantitative growth" [5][11] Group 1: Economic and Industrial Strategy - The national strategy is entering a new cycle centered on innovation efficiency, industrial structure, and regional collaboration, marking a shift from "policy following" to "system co-creation" [4] - The plan aims to build a modern industrial system with advanced manufacturing as the backbone, focusing on future industries like quantum technology, biomanufacturing, and hydrogen energy [11] - The transition from "incremental manufacturing" to "efficiency manufacturing" indicates a shift in focus from merely increasing production to optimizing resource allocation [12] Group 2: Investment Opportunities - Hard technology investment, including semiconductors and advanced materials, is positioned as a foundational logic for "systematic breakthroughs" [10] - Investment institutions are encouraged to engage in pre-financing and result transformation for national technology tasks, fostering capital co-creation [10] - The emphasis on "entrepreneurial investment + risk-sharing mechanisms" presents opportunities for investment firms to participate in national innovation initiatives [10] Group 3: Green Development - The "15th Five-Year Plan" elevates green development from a secondary goal to a structural institution, influencing all industrial allocations [17] - The integration of green issues into financial and market mechanisms signifies a shift in perspective, making green development a capital issue [17] - Sustainable investment opportunities in green infrastructure and carbon asset management are expected to grow [20] Group 4: Consumer and Market Dynamics - The plan positions consumption upgrade as a core driver of economic structural transformation, moving from recovery to quality enhancement [22] - The "silver economy" is recognized as a significant industrial opportunity, transforming aging issues into growth engines [22][25] - Investment opportunities in healthcare, elder care, and technology-assisted living are anticipated to rise due to demographic shifts [25] Group 5: Regional Development - The focus of regional policy is shifting from "development gradient" to "structural coordination," promoting a unified market and efficient resource allocation [27] - Investment institutions are encouraged to collaborate with local guiding funds to strengthen project foundations and facilitate new industry development in less developed regions [30] Group 6: Financial Market Reforms - The "15th Five-Year Plan" emphasizes structural improvements in capital markets, transitioning from a focus on financing to a comprehensive investment-funding-exit cycle [32] - Direct investment institutions are identified as key players in building a strong financial nation, with multiple exit pathways being developed [35] - The plan aims to enhance the inclusivity and adaptability of capital market systems, promoting direct financing methods [31] Strategic Summary - The "15th Five-Year Plan" outlines new engines for China's economic growth, including technological innovation and green transformation, while establishing a more inclusive capital market system [36] - Investment institutions are encouraged to align their strategies with national planning, leveraging professional judgment to identify promising sectors and companies for investment [36]

图为位于江苏省如皋市城北街道的如皋经济技术开发区氢能产业园。吴树建摄（人民视觉） 图为位于重庆市的七腾机器人有限公司展厅内，工作人员在介绍防爆四足机器人产品。新华社记者 王 全超摄 未来产业是中国"三新"（新产业、新业态、新商业模式）经济的重要一环。去年，中国"三新"经济增加 值占GDP比重已超过18%。"十五五"规划建议提出"前瞻布局未来产业"，"推动量子科技、生物制造、 在安徽省合肥市举办的2025量子科技和产业大会量子科技成果展上，观众正参观超导量子计算机。程兆 摄（人民视觉） 氢能和核聚变能、脑机接口、具身智能、第六代移动通信等成为新的经济增长点"。 布局"未来产业"，"十五五"规划建议为什么"点名"量子科技、生物制造等6项产业？如何挖掘中国未来 产业的应用价值？ "新"—— 从科幻走进生活 一个"新"字，是许多人评价这6大未来产业的高频词：新颖、新鲜、新奇。 氢能来自氢氧反应释放的化学能，反应产物唯有水而已——"车后没有噪音和尾气，车前没有氮氧化合 物的刺鼻气味。'静''净'两字都占了。"在"家门口"体验过氢能大巴车，北京市朝阳区居民刘女士赞不绝 口。 具身智能让AI拥有物理载体，实现感知、觉醒、行 ...

Core Viewpoint - The Chinese government has outlined a strategic initiative to proactively layout future industries, focusing on six key areas: quantum technology, biomanufacturing, hydrogen energy and nuclear fusion, brain-computer interfaces, embodied intelligence, and sixth-generation mobile communication. This initiative aims to enhance the country's industrial structure and drive economic growth [1]. Group 1: Future Industry Layout - The strategic layout of future industries is expected to clarify the direction of China's industrial structure and serve as a new pillar for economic growth [1]. - The six core areas identified for future industry development are characterized by their strategic, leading, and disruptive features [1]. Group 2: Advantages of Development - China possesses three unique advantages for developing future industries: a new type of national system for resource concentration, a complete industrial system for technology commercialization, and a vast market for rapid application and iteration of new technologies [1]. - The country is also expected to leverage its technological innovation advantages to support these developments [1]. Group 3: Technological Advancements - In embodied intelligence, China is achieving breakthroughs in both "smart brains" and "strong bodies," with increasing levels of model generalization [2]. - The country has developed leading brain-computer interface technologies, including ultra-flexible, minimally invasive electrodes and dynamic electrodes that can navigate within animal brains [2]. - In biomanufacturing, China leads globally in CAR-T cell therapy and original drug production [2]. - Quantum technology advancements include the "Zuchongzhi No. 3" supercomputer, which is significantly faster than the world's fastest supercomputer, and the "Wukong" quantum computer, which has completed over 710,000 calculations globally [2]. Group 4: Innovation Rankings - According to the Global Innovation Index 2025, China has entered the top ten for the first time, achieving its highest ranking at fourth place [3]. - The Global Key and Emerging Technologies Index 2025 indicates that while the U.S. remains the leading technology power, China ranks second in key technology fields such as semiconductors and artificial intelligence [3]. - China has 24 of the world's top 100 innovation clusters, maintaining its position as the global leader for three consecutive years [3]. Group 5: Policy Initiatives - The National Development and Reform Commission and the Ministry of Industry and Information Technology have issued implementation opinions to promote innovation in future industries, including specific policies for brain-computer interfaces and biomanufacturing [4]. - The State Council has introduced measures to accelerate the cultivation of application scenarios across various fields, establishing a comprehensive ecosystem for future industries [4]. Group 6: Industry Growth - Approximately 350 companies related to brain-computer interfaces have emerged in China, creating a complete industrial chain from core components to end applications [5]. - China has established the largest solar panel and flat screen film production bases globally, along with 23 biomanufacturing bases [5]. - With over 300 billion yuan allocated to quantum technology and substantial local funding, major provinces are developing numerous quantum technology application scenarios [5]. - The country has built 4.55 million 5G base stations, indicating a strong push towards future industries characterized by national strategic guidance and large-scale market applications [5].

Core Viewpoint - Hainan Province is planning to establish a modern industrial system with a "45432" framework, focusing on optimizing existing industries and fostering new productive forces to enhance economic development [1][2]. Group 1: Industrial Optimization - The four leading industries in Hainan, namely tourism, modern services, high-tech industries, and tropical efficient agriculture, currently account for over 67% of the province's GDP. The province aims to enhance these sectors through chain supplementation and optimization during the 14th Five-Year Plan period [2]. Group 2: New Productive Forces - Hainan will leverage its unique resources to develop five new productive force tracks, including creating a "Southern Seed Silicon Valley," establishing a core hub for deep-sea technology innovation, expanding aerospace-related industries, developing a low-altitude economy, and building a green and low-carbon industrial supply chain [2]. Group 3: Future Industries - The province will focus on four cutting-edge fields: biomanufacturing, hydrogen energy, brain-computer interfaces, and embodied intelligence, to cultivate new hotspots for future industries [2]. Group 4: Consumer Development - Hainan plans to enhance its duty-free shopping reputation, develop the Boao Lecheng Medical Special Zone, and strengthen the "Study in Hainan" brand to boost consumption [2]. Group 5: Talent and Innovation - The province will implement the "Million Talents to Prosper Hainan" initiative to create a hub for technological innovation, reform, and open cooperation [3].

Core Insights - The "Understanding China" International Conference is being held for the 12th year, focusing on the theme of "New Layout, New Development, New Choices - Chinese-style Modernization and the New Global Governance Pattern" [1] - The conference aims to discuss the significance of the 14th Five-Year Plan and its implications for global governance, emphasizing China's role in providing new opportunities for developing countries [2][3] Group 1: Conference Themes and Objectives - The conference introduces two new topics: understanding the 14th Five-Year Plan and the four global initiatives, including the Global Governance Initiative [2] - The 14th Five-Year Plan is seen as a departure from the notion that modernization equals Westernization, offering new choices for developing countries [2][6] - The conference serves as a platform for global South countries to learn from China's modernization experience and to promote the concept of a community with a shared future for mankind [3][7] Group 2: International Cooperation and China's Role - Former Italian Prime Minister Romano Prodi highlights China's increasing importance in international cooperation, contrasting it with the past U.S.-led initiatives [2] - The conference emphasizes the need for collaboration among nations, particularly in the context of global challenges [2][4] - The participation of representatives from 72 countries, with a significant portion from the global South, indicates the growing influence of the conference [3] Group 3: Economic Strategies and Development Plans - The 14th Five-Year Plan focuses on domestic demand and international cooperation as core components of China's modernization strategy [3][6] - The plan aims to integrate economic growth with global cooperation, emphasizing shared opportunities and mutual development [6][7] - The plan includes innovative strategies for technology and industry, aiming to establish new economic growth points [8][9] Group 4: Regional Development and Innovation - The conference discusses the development experiences of the Guangdong-Hong Kong-Macao Greater Bay Area and Hainan Free Trade Port, highlighting their roles in China's modernization [12][13] - The Greater Bay Area is viewed as a vibrant region with significant potential for economic development and innovation [12] - The Hainan Free Trade Port is set to enhance international trade and cooperation, marking a new phase of China's high-level opening up [13]