2025年12月31日，A股三大指数集体高开后涨跌互现，创业板新能源ETF华夏（159368）早盘震荡走 弱，跌幅为0.87%。盘面上，迈为股份上涨5.39%，罗博特科上涨3.78%，阿尔特上涨2.63%，中来股 份、帝尔激光等涨超2%；截至发文，创业板新能源ETF华夏（159368）成交额达3146万元，规模居同 类基金首位。 展望后市，太平洋证券指出储能、锂电有望持续超预期，涨价、AI+提供弹性，应重视中上游定价权增 强的环节，具体产业链分析： （文章来源：每日经济新闻） （2）固态电池仍是2026年亮点：硫化物电解质产能将向"百吨级"爬坡，半固态电池在多领域批量商 用，全固态电池聚焦上车验证，行业将推进量产工艺、成本控制与标准建立。 （3）光储平价有望引领储能加快先行建设：国家发改委、能源局下发《关于做好2026年电力中长期合 同签约履约工作的通知》，明确直接参与市场交易的电力用户原则上不再执行政府制定的分时电价；改 革核心是保留分时电价机制但将定价权交予发用电双方，通过中长期合同协商确定"市场分时电价"；光 储投资商有望从"固定收益"转向"市场化运营"。 创业板新能源ETF华夏（159368）是全市场 ...

潜在独角兽。 作者/刘博 临近年末，一笔固态电池融资诞生。 投资界获悉，重庆太蓝新能源有限公司（下称"太蓝新能源"）完成超4亿元B+轮融资。 本轮融资由两江基金、君安回天、交银投资、潜江零度共同参与，清科资本持续担任财 务顾问。 据悉，本轮资金将用于加快公司车规级固态电池产品产业化进程，加大固态电池关键技 术研发投入，推进公司首条全固态电池量产线建设，强化新阶段人才体系建设，持续巩 固公司在多场景、多维度固态电池应用的先发优势。 来自于重庆，太蓝新能源背后的掌舵者是一位海归博后——高翔。他早年曾在日本、美 国 深 造 多 年 ， 怀 揣 科 技 报 国 的 想 法 ， 2 0 1 8 年 回 国 创 立 太 蓝 新 能 源 ， 一 路 崛 起 为 一 匹 固 态电池黑马。 崛起于重庆 海归博后带队 太蓝新能源的故事要从一位科学家说起。 高 翔 ， 曾 在 中 国 科 学 院 上 海 硅 酸 盐 研 究 所 取 得 博 士 学 位 。 2 0 11 年 ， 他 以 博 士 后 的 身 份 参 与 到 当 时 丰 田 汽 车 的 固 态 电 池 产 业 化 开 发 项 目 ；2 0 1 5 年 又 加 入 美 国 ...

Group 1: Domestic Chip Substitution - The rise of domestic AI chip manufacturers is marked by significant stock price increases, with companies like Cambrian Technology surpassing major firms like Kweichow Moutai [1] - The market anticipates more AI chip companies to go public, with notable performances from companies like Moer Technology and Muxi Co., which saw stock prices increase over four times on their debut [1] - The domestic market for intelligent computing chips is expected to grow from approximately 20% in 2024 to around 60% by 2029, indicating a strong trend towards domestic chip substitution [2] Group 2: AI Application Growth - The demand for AI inference is projected to continue growing as more AI applications are deployed, leading to increased procurement of domestic AI chips by data centers and cloud providers [2] - The shift in AI computing demand from training to inference presents opportunities for domestic chips, which can meet the lower performance requirements of inference tasks [1][2] Group 3: Quantum Computing Developments - Quantum technology is recognized as a strategic frontier technology, with significant breakthroughs expected in the coming years, although widespread application may still be 20 years away [6] - China's advancements in quantum communication and computing are noteworthy, with the "Zu Chongzhi No. 3" quantum computer expected to maintain a significant speed advantage over traditional supercomputers [6][7] Group 4: Commercial Space Acceleration - The commercial space sector is entering a new phase of rapid evolution, supported by government policies and increased capital investment [8] - The global commercial space market is projected to grow at a compound annual growth rate of 10.5% over the next five years, indicating strong demand and investment potential [8][9] Group 5: Solid-State Battery Innovations - Solid-state batteries are gaining attention as a transformative technology for electric vehicles, with several major automakers announcing plans for testing and production by 2026 [10][11] - Despite the excitement in the market, challenges remain in terms of cost, manufacturing processes, and achieving large-scale production [10][11] Group 6: L3 Autonomous Driving Advancements - The introduction of L3 autonomous driving technology is accelerating, with regulatory frameworks being established to support its commercial application [12][13] - The next few years are critical for the development of L3 technology, with expectations for increased vehicle production and improved algorithms [12][13] Group 7: Real Estate Debt Restructuring - Major real estate companies in China, such as Country Garden and Sunac, are successfully completing debt restructuring processes, which are crucial for their long-term recovery [14][15] - The restructuring methods include debt-to-equity swaps and extending repayment periods, aimed at reducing debt burdens and improving financial health [14]

板块方面，贵金属、能源金属及其他金属行业板块领跌，贸易、固态电池、零售、商业航天、光伏等也 纷纷走低。另一方面，啤酒、离境退税、人脸识别、数字营销、多模态AI概念走强。 12月30日，A股三大指数集体低开，其中上证指数跌0.44%，深证成指跌0.52%，创业板指跌0.44%。 （原标题：A股三大指数集体低开，贵金属等板块领跌） ...

本报记者 昌校宇 中欧基金权益专户投委会主席、基金经理王培预计，2026年或迎来估值演绎的下半场，企业盈利有望成 为股价的核心驱动因素。王培分析称："当前市场正处于基本面拐点，上市公司营收端的修复动能持续 增强，叠加PPI（工业生产者出厂价格指数）回正预期增强，企业在2026年实现盈利增长值得期待。" 方正富邦基金首席投资官汤戈认为，2026年A股上市公司盈利增速和ROE（净资产收益率）水平有望继 续修复，业绩的增长将消化部分估值压力，使市场上涨的基础更为扎实。 科技投资成共识 科技仍然是各家公募机构关注度最高的投资主线，特别是在"AI投资逻辑将从基础设施建设向实际应用 场景深度扩散"上形成了共识。 近日，国泰基金、中欧基金、长城基金、方正富邦基金等公募机构相继召开2026年度投资策略会，分析 市场走势。 尽管各家公募机构视角各异、表述不同，却也存在共识：2026年A股市场有望从估值修复主导，逐步转 向盈利与估值双重驱动的新阶段；科技仍是贯穿中长期的核心主线，同时消费复苏、企业"出海"等多条 脉络也将交织出丰富的结构性机遇，共同描绘出一幅积极向好的投资图景。 业绩有望增长 回顾2025年，估值扩张是A股市场上 ...

Core Insights - The capital market in 2025 experienced structural fluctuations, with non-ferrous metals, TMT, and power equipment being market highlights, while dividend sectors and real estate faced pressure. As 2026 approaches, structural opportunities are emerging supported by policy stabilization, corporate profit recovery, and liquidity influx [4] Group 1: Global Liquidity Improvement - The global macro environment in 2026 is expected to release positive signals, with the U.S. fiscal and monetary policies likely to trend towards easing. The "Great Beautiful Act" could lead to a long-term tax cut, potentially increasing the federal deficit by approximately $3.4 trillion over the next decade, and the debt ceiling may rise by $5 trillion (a 12% increase) [5] - A low-interest-rate environment is expected to ease global liquidity constraints, alleviating capital outflow pressures in emerging markets and creating a relatively stable external environment for A-shares [5] Group 2: Domestic Economic Recovery - Domestic policies are aligning with micro signals to create a warming effect. The Central Economic Work Conference at the end of 2025 and the 2026 Two Sessions will emphasize "seeking progress while maintaining stability and improving quality and efficiency" [6] - Industrial enterprises are currently at the bottom of the inventory cycle, with a narrowing decline in PPI indicating an approaching replenishment cycle. The cumulative year-on-year growth of net profit excluding non-recurring gains for all A-shares in Q3 2025 was 3.2%, and asset turnover rates are stabilizing [6] - The "anti-involution" policy is expected to drive price recovery, leading to a positive cycle in corporate profits. Institutional investors such as insurance funds and bank wealth management are anticipated to become significant sources of incremental funds in 2026, further solidifying market liquidity [6] Group 3: Key Investment Areas for 2026 - Focus on the AI supercycle, with continued prosperity in domestic and international computing power chains. Attention should be given to new technology iterations and inflation-related sectors, particularly the gaming industry and the gradual development of smart terminals and AI applications [7] - High-end manufacturing going overseas should be monitored, especially in sectors like energy storage-lithium batteries and AI-related high-demand segments. Sustainable growth potential exists in domestic and overseas markets for heavy trucks, passenger vehicles, and construction machinery [8] - Long-term attention should be given to the revaluation of strategic resources, including precious and industrial metals. Energy and lithium carbonate show signs of bottoming out, while the chemical sector's resource products and significantly rebounding blue-chip varieties are also worth investing in [8] - Continuous monitoring of breakthroughs in frontier technologies such as robotics, solid-state batteries, controlled nuclear fusion, aerospace, and quantum computing is recommended [9] - New consumption trends and innovative pharmaceuticals are areas of interest, with solid fundamentals in emotional, service, and technology consumption. The innovative drug sector remains a long-term trend, with improved cost-effectiveness following recent declines [9] Conclusion - The equity market outlook for 2026, while facing challenges, is supported by a "triple support" system of policy stabilization, profit recovery, and liquidity influx, which may solidify the foundation for structural market trends. Investors are encouraged to align with industry trends and core logic while capturing opportunities from a long-term perspective [10]

本报呼和浩特12月27日讯（记者吴浩）今年以来，内蒙古自治区乌海市加快资源型城市转型步伐，锚定 建设西北地区固态电池产业创新高地目标，加快构建固态电池产业生态。 "乌海清陶项目计划总投资70亿元，分期建设年产5万吨固态电池专用材料、10吉瓦时固态电池及储能系 统，配套风光新能源与储能电站。"清陶（乌海）能源科技有限公司总经理何泓材说。 乌海市委副书记、市长齐海斌表示，乌海将加快产业转型步伐，围绕构建小而精、小而强的现代化产业 体系发展思路，向先进制造业、战略性新兴产业和未来产业进军，谋划打造固态电池、硅基新材料、可 降解材料、精细化工4条全产业链。预计到2030年，乌海固态电池产业链产值将突破215亿元，正负极材 料产能达到20万吨，固态电池产能达到30吉瓦时。 （文章来源：经济日报） 为加快布局固态电池产业，乌海市规划建设了1700余亩固态电池产业园，打造首家自治区级新能源、新 材料院士工作站，先后引进清陶、国轩等行业龙头企业，推动固态电池正极材料、石墨负极材料、独立 储能电站等一批产业链项目建成投产。 目前，乌海固态电池产业园已入驻多家固态电池领域上下游企业。园区内的清陶（乌海）能源科技有限 公司，是乌海 ...

本报呼和浩特12月27日讯（记者吴浩）今年以来，内蒙古自治区乌海市加快资源型城市转型步伐，锚定 建设西北地区固态电池产业创新高地目标，加快构建固态电池产业生态。 目前，乌海固态电池产业园已入驻多家固态电池领域上下游企业。园区内的清陶（乌海）能源科技有限 公司，是乌海市重点招商引资项目。该项目利用乌海绿电与低成本制造优势，正在打造成为国际知名的 固态电池专用材料生产基地和创新平台。 "乌海清陶项目计划总投资70亿元，分期建设年产5万吨固态电池专用材料、10吉瓦时固态电池及储能系 统，配套风光新能源与储能电站。"清陶（乌海）能源科技有限公司总经理何泓材说。 乌海市委副书记、市长齐海斌表示，乌海将加快产业转型步伐，围绕构建小而精、小而强的现代化产业 体系发展思路，向先进制造业、战略性新兴产业和未来产业进军，谋划打造固态电池、硅基新材料、可 降解材料、精细化工4条全产业链。预计到2030年，乌海固态电池产业链产值将突破215亿元，正负极材 料产能达到20万吨，固态电池产能达到30吉瓦时。 乌海是内蒙古重要的工业城市，拥有煤焦化工、氯碱化工两大传统支柱产业，已建立焦油、沥青等产业 链，能够为固态电池产业链，特别是负极材 ...

Core Viewpoint - The market is increasingly focused on investment opportunities for 2026 as the A-share market approaches the end of 2025, with sectors like metals, TMT, and power equipment performing well, while dividend stocks and real estate are under pressure [1] Group 1: Global Economic Environment - The global macroeconomic landscape is expected to show positive changes in 2026, with the U.S. likely to adopt more accommodative fiscal and monetary policies, potentially increasing the federal deficit by approximately $3.4 trillion over the next decade [4] - The anticipated fiscal expansion in the U.S. may require a low-interest-rate environment, which could improve global liquidity and stabilize the external environment for the A-share market [4] Group 2: Domestic Economic Policies - The Central Economic Work Conference at the end of 2025 has set a policy direction of "seeking progress while maintaining stability," indicating a focus on quality and efficiency improvements [5] - Industrial enterprises are at the bottom of the inventory cycle, with a narrowing decline in PPI suggesting an approaching recovery phase for corporate profits, as evidenced by a 3.2% year-on-year growth in net profit for all A-shares in Q3 2025 [5] Group 3: Investment Opportunities for 2026 - The A-share market is expected to remain structurally driven, with five key areas for investors to focus on: 1. AI Super Cycle: Continued growth in domestic and international computing power chains, with a focus on new technology iterations and the gaming industry [9] 2. High-end Manufacturing Overseas: Attention on sectors like energy storage and lithium batteries, as well as heavy-duty vehicles and engineering machinery that offer growth potential [11] 3. Strategic Resource Revaluation: Long-term focus on precious and industrial metals, with particular attention to energy and lithium carbonate showing signs of stabilization [11] 4. Frontier Technology Breakthroughs: Ongoing interest in industries such as robotics, solid-state batteries, and quantum computing [11] 5. New Consumption and Innovative Pharmaceuticals: Focus on sectors with solid fundamentals in consumer and technology spending, as well as innovative medical devices [11] Group 4: Market Liquidity - The degree of asset allocation migration towards equity markets is still in its early stages, with significant room for growth as indicators remain at historical lows [10] - Institutional investors, including insurance funds and bank wealth management products, are expected to become important sources of marginal capital in 2026, further enhancing market liquidity [10]

Group 1 - The Ministry of Commerce of China has expressed strong opposition to the U.S. decision to impose 301 tariffs on certain Chinese semiconductor products, stating that it does not recognize the conclusions of the U.S. 301 investigation and has lodged formal representations through the China-U.S. economic and trade consultation mechanism [2] - The Ministry of Commerce emphasized its commitment to maintaining the security and stability of global supply chains and facilitating compliant trade, particularly regarding rare earth magnet exports to the U.S. [2] - The Shanghai Stock Exchange has announced the scheduled disclosure dates for 2025 annual reports, with Chipway Technology set to disclose on February 3, 2026, followed by *ST Huawang and Shangwei Co. on February 13 and 14, 2026, respectively [2] Group 2 - The State Administration for Market Regulation has identified issues related to the "Antarctic Krill Oil" incident, highlighting non-compliance in the production and processing behaviors of some enterprises, and plans to implement new regulations to enhance supervision over food entrusted production [3] - The National Development and Reform Commission will hold a press conference on December 26 to discuss the work related to the National Venture Capital Guidance Fund [4] - The National Press and Publication Administration has approved 144 domestic online games for December 2025 [5] Group 3 - The Shanghai Municipal Government has issued an implementation plan to strengthen the open-source system, aiming to build a competitive open-source innovation hub by 2027, with goals including the establishment of 1-2 internationally influential open-source communities and the cultivation of 100 commercial open-source enterprises [5] - The Guangzhou Municipal Government has introduced 18 measures to support the development of the gaming and e-sports industry, encouraging technological innovation and collaboration with national-level projects [6] - A team from the National University of Defense Technology has set a new global record in magnetic levitation experiments, accelerating a test vehicle weighing tons to 700 km/h in just two seconds [6] Group 4 - Major silicon wafer companies have significantly raised their prices, with 183N silicon wafers priced at 1.4 yuan per piece, 210RN at 1.5 yuan, and 210N at 1.7 yuan, reflecting an average increase of 12%, attributed to rising upstream silicon material costs [6] Group 5 - Shanghai Port Bay reported that its commercial aerospace and perovskite solar business will account for less than 1% of the company's revenue in 2024 [8] - Huadian Technology has signed a contract worth 265 million yuan for six major pipelines for a supercritical power plant [8] - Yichang Technology will see the Chuzhou State-owned Assets Supervision and Administration Commission become its actual controller, with shares resuming trading on the 26th [8] Group 6 - Unisoc Microelectronics plans to establish a new company with a subsidiary of CATL to engage in automotive domain control chip business [9] - Baina Qiancheng intends to acquire 100% of Zhonglian Century's shares, with trading resuming on the 26th [9] - Zhongding Holdings plans to set up a joint venture to manufacture humanoid robots [9] Group 7 - Guangju Energy intends to collaborate with China General Nuclear Power Corporation in areas such as electricity sales and virtual power plants [10] - Zhongwei Co. has signed a strategic cooperation framework agreement with Xinwanda for solid-state batteries [10]