Core Insights - The article emphasizes the strategic importance of advancing future industries in China, focusing on key technologies and sectors that can drive economic growth and national rejuvenation [1] Group 1: Future Industry Development - The "14th Five-Year Plan" outlines a comprehensive approach to future industry development, highlighting the need for breakthroughs in key core technologies [1] - The Beijing Humanoid Robot Innovation Center has launched the "Embodied Tiangong 3.0," a new generation of general-purpose robots with significant improvements in motion control and autonomous operation [1] - The "15th Five-Year Plan" suggests forward-looking layouts for future industries, including quantum technology, biomanufacturing, hydrogen energy, nuclear fusion, brain-machine interfaces, embodied intelligence, and 6G mobile communication [1] Group 2: Brain-Machine Interface - In Guangzhou, a clinical research ward for brain-machine interfaces is helping patients with severe conditions regain mobility through non-invasive training methods [2] Group 3: Quantum Technology and Hydrogen Energy - Anhui Province has made significant advancements in quantum technology, achieving a breakthrough in scalable quantum relay modules and quantum key distribution over distances exceeding 100 kilometers [3] - Jiangxi Province is developing a comprehensive hydrogen energy ecosystem, with a recent project enabling hydrogen-powered trucks to achieve over 600 kilometers of range with quick refueling [3] Group 4: Policy Support and Innovation - The Chinese government is focusing on enhancing the collaboration between industry, academia, and research to promote key technological advancements [4] - During the "14th Five-Year Plan," China accounted for over 20% of global patent applications in biomanufacturing and produced 70% of global bio-fermentation products [4] - The development of the 6G industry is entering a critical phase of technological innovation and clearer industrial direction [4] Group 5: Investment and Support Systems - The National Venture Capital Guidance Fund will be launched in December 2025 to increase support for strategic emerging industries and future industries [5] - The National Development and Reform Commission plans to create a high-quality, comprehensive venture capital service system to support enterprise growth through governance, strategic planning, and industry collaboration [6]

与此同时，12年间京津、京冀、津冀间协同创新指数的相对差距也在缩小。 从400吨"巨无霸"到大模型 京津冀协同示范效应显现 一台3D打印机、一个化工大模型，背后隐藏着怎样的京津冀科创密码？ 从国内最大金属3D打印机的津冀中试，到全国首个化工安全大模型的京冀共建，京津冀协同创新正加 速演绎"北京研发、天津转化、河北应用"的"创新铁三角"模式。 三地联合攻关破解"卡脖子"技术，用实践诠释科技与产业的深度"化学反应"。 数据显示，2013年以来北京流向津冀技术合同成交额累计超3700亿元，目前形成7个国家先进制造业集 群，协同创新指数年均增长13.1%。 新春伊始，走进天津滨海-中关村科技园，一台高12米、重400吨的庞然大物映入眼帘，这是目前国内最 大的金属3D打印机，能够将20米长的钢板一体成型，主要用于海上浮式平台、油气平台等海洋装备制 造。 这一"巨无霸"的研发单位，是北京理工大学机械与车辆学院。由于北京场地限制无法进行1:1样机试 制，团队最终选择落户天津，完成中试调试。 这不是技术局限，而是智慧分工：北京做能做的，天津做该做的。 更具样本价值的案例，来自化工安全大模型。河北鑫海化工集团有限公司投资850 ...

（来源：中国改革报） 转自：中国改革报 □ 陈学谦 中国产业发展促进会氢能分会会员单位——保时来新材料科技（苏州）有限公司（以下简称"保时来"） 近日完成新一轮融资，本轮融资由中国建设银行旗下建信金融资产投资有限公司发起的建源卓璞基金、 江苏省常熟市国资平台国发基金联合投资。此次资本注入，将为保时来在绿氢核心零部件研发、产能扩 张及产业链整合注入强劲动力，也彰显了国有大型金融机构及地方国资对氢能新材料赛道及企业技术力 的高度认可。 业内人士表示，本轮融资的意义主要体现在三个方面：国有金融资本加持，提升企业公信力。建信金融 资产投资有限公司的加入，标志着保时来的技术实力与发展前景获得国有大型金融机构认可，将显著增 强企业在产业链中的信用资质与合作话语权。 产融深度结合，加速技术产业化。依托建行集团的综合金融服务能力与常熟国资的本地产业资源，保时 来将获得"资金+订单+政策"的全方位支持，缩短从实验室到产业化的周期。 国资引领示范，强化区域产业集聚。此次投资是常熟通过资本纽带培育新兴产业、完善本地氢能产业链 的重要布局，彰显了地方国资以投资促产业、以资本引技术的战略导向，为区域绿氢产业集群发展注入 强心剂。 对于 ...

Core Insights - Hydrogen energy will play a crucial role in the green transition of the energy system and deep decarbonization of industries, but it is currently in its early development stage facing high costs that hinder large-scale commercial application [1] - The integration of industry, academia, and research is essential to overcome key bottlenecks and cultivate core competitiveness in the hydrogen energy sector [1] Industry Opportunities - The domestic hydrogen energy market is expanding as technology matures, with applications in transportation, industry, and power sectors, such as hydrogen fuel cell vehicles contributing to low-carbon transitions [2] - The construction of hydrogen energy infrastructure, including hydrogen storage and refueling stations, is progressing, with operational stations covering 29 provinces, providing policy support for industry chain bottlenecks and application expansion [2] International Collaboration - China's increased participation in international hydrogen energy standard-setting presents significant opportunities for technology advancement, with collaborations between Chinese enterprises and international research institutions enhancing global competitiveness [3] Challenges in Integration - The hydrogen energy sector faces challenges in integrating industry, academia, and research, including poor policy coordination and differing priorities between enterprises and universities [4] - Enterprises struggle to play a significant role in innovation due to financing bottlenecks and limited application scenarios, hindering their ability to convert research outcomes into practical applications [5] - There is a shortage of high-level talent and interdisciplinary professionals in the hydrogen energy field, exacerbated by a late start in developing educational programs [5] Policy Recommendations - To enhance collaboration, a coordinated innovation mechanism should be established, aligning the research focus of universities with the technical needs of enterprises, and improving the efficiency of cooperation [7] - Emphasizing the role of enterprises as innovation leaders, mechanisms to alleviate financing challenges should be implemented, including establishing hydrogen industry funds and promoting green financial tools [8] - Support for joint research activities between enterprises and research institutions is crucial, along with simplifying patent and technology transfer processes to improve innovation outcomes [9]

Core Insights - China's future industry innovation is making significant progress, with 5 categories of 6G typical scenarios and 14 key capability indicators adopted by the International Telecommunication Union [1] - The global market share of humanoid robots produced in China exceeds 80% [1] - China ranks among the top tier in quantum computing, being the only country to achieve "quantum computing superiority" in both optical quantum and superconducting technology [1] - The country leads in non-invasive brain-computer interface technology, holding the highest number of patents and applications in various fields [1] - China maintains the largest scale in hydrogen production and consumption, as well as renewable energy hydrogen production capacity [1] - Approximately 20 provinces, including Beijing, Shanghai, Guangdong, and Jiangsu, have introduced policies related to future industries, with 63 pilot zones established in 8 provinces [1] Challenges - The future industry in China faces several risks, including insufficient original innovation capabilities, reliance on foreign core technologies, poor technology transfer, and an underdeveloped innovation ecosystem [2] - There is a need for a problem-oriented approach to strengthen weaknesses, mitigate risks, and enhance advantages in the future industry [2]

氢能行业产学研融合发展面临的挑战 推动产学研融合发展，是破解关键瓶颈、培育产业核心竞争力的关键路径。 氢能在能源体系绿色转型与产业深度脱碳进程中将承担关键角色。当前氢能产业仍处于产业发展初期， 属于变革期和瓶颈期，其核心问题是成本过高影响而无法大规模商业运用，需要通过知识创新和研发突 破来降低成本，这催生了对资本、技术、人才等要素的需求。为支撑产业高质量发展，亟须建立完善适 应氢能产业高质量发展的产业融通创新体系，而推动产学研融合发展，是破解关键瓶颈、培育产业核心 竞争力的关键路径。 氢能行业产学研融合发展的机遇 从国内市场看，随着氢能技术逐渐发展成熟，氢能在交通、工业、电力等领域的应用场景将不断拓展。 例如，氢燃料电池汽车因其零排放特性，有益于交通行业低碳转型。在工业领域，尤其是钢铁、化工等 高耗能行业，氢能替代传统高碳能源的潜力逐步显现。近年来，氢能建筑作为绿色建筑的新理念也逐步 兴起。它既可以通过利用氢能以分布式发电方式为家庭住宅、商业建筑等供热、供电，也可以通过天然 气掺氢的方式为建筑供暖。特别是随着西部新能源基地的大规模建设，氢能将成为连接西北新能源和东 部需求的重要通道。应用拓展不仅能扩大氢能的市 ...

证券日报网讯 2月24日，神开股份（002278）在互动平台回答投资者提问时表示，公司在氢能领域的布 局主要通过参股公司瀚氢动力实现，其主要产品包括氢能无人机、氢能重载卡车、氢能两轮车等，其中 氢能无人机续航时长可达3小时、最大作业半径超50公里，适合沙漠、极地、海上油田等极端作业环 境，为石油管线智能巡检、油田立体安防监控、应急响应与灾害评估提供了全新的智能化、零碳环保解 决方案，具体介绍可查阅公司年报及相关公告。此类业务目前尚处于起步阶段，整体销售规模较小，未 对公司业绩产生显著影响，请投资者注意投资风险。 ...

Core Viewpoint - The company, Houp Co., Ltd. (300471.SZ), has stated that it did not directly participate in the first batch of hydrogen energy pilot projects in the energy sector, but it will actively seek related business opportunities in the future [1] Company Summary - Houp Co., Ltd. has not been involved in the initial hydrogen energy pilot projects [1] - The company expresses intent to pursue future business opportunities in the hydrogen energy sector [1] Industry Summary - The hydrogen energy sector is seeing pilot projects being initiated, indicating a growing interest and investment in this area [1] - Companies in the industry are likely to seek participation in future projects as the market develops [1]

联合研究丨行业点评 [Table_Title] 氢能周度观察（11）：液氢储运产业进展如何？ 报告要点 [Table_Summary] 2025 年液氢储运技术加速突破，液氢储运正从示范走向规模化应用。液化能耗持续优化，规模 化建设是降本的关键，可显著降低单位能耗与成本。在长距离运输场景中，液氢已展现出比高 压气态方式更优的经济性，运输效率大幅提升，这成为推动氢能产业链加速降本与规模化的重 要动力。展望"十五五"，预计氢能产业将向规模化、商业化深度演进。 分析师及联系人 [Table_Author] 徐科 司鸿历 贾少波 SAC：S0490517090001 SAC：S0490520080002 SAC：S0490520070003 SFC：BUV415 SFC：BVD284 李博文 盛意 SAC：S0490524080004 SAC：S0490525070006 请阅读最后评级说明和重要声明 2 / 6 %% %% %% %% research.95579.com 1 丨证券研究报告丨 %% %% %% %% research.95579.com 2 丨证券研究报告丨 cjzqdt11111 2026-02 ...

Core Viewpoint - The overseas markets showed a slight rebound during the Spring Festival holiday, with U.S. stocks recovering and commodities performing strongly, driven by geopolitical disturbances that significantly increased the prices of oil, gold, and copper. The performance of Chinese assets, particularly the FTSE China A50 index futures, also indicated a positive trend, suggesting a potentially favorable start for the A-share market in the Year of the Horse [2][4]. Group 1: Market Performance and Trends - The overseas non-U.S. assets maintained a strong performance during the holiday, indicating a high risk appetite among overseas investors, which is expected to benefit the A-share market post-holiday [5]. - The inflow of funds into the market remains unchanged, with a notable decrease in household deposits and an increase in non-bank financial institution deposits, suggesting a shift towards equity markets [6]. - Historical data shows that the A-share market typically performs well in the 20 trading days following the Spring Festival, with a 75% probability of the CSI All A Index rising during this period [9]. Group 2: Sector Focus and Investment Opportunities - The focus for investment should be on sectors benefiting from AI and resource commodities, with a particular emphasis on the robotics and AI technology applications showcased during the Spring Festival [13][14]. - The traditional sectors such as real estate and liquor are expected to see a recovery as their valuations are at historical lows, supported by improving fundamentals and policy catalysts [11]. - The "反内卷" (anti-involution) policy is anticipated to enhance the supply dynamics of resource commodities, making them attractive for investment [11]. Group 3: Strategic Recommendations - Investors are advised to focus on the technology sector, particularly in robotics and AI applications, as well as cyclical sectors like chemicals, construction materials, and machinery, which are expected to benefit from rising prices and improved demand [15]. - The market is entering a configuration phase where "technology + cyclical" remains the main theme, with technology sectors likely to respond first to market catalysts [15].