Group 1 - The core view is that the index may experience a pullback, but this will not change the upward trend, and the pullback provides an opportunity to focus on mid-cap blue chips in the chemical sector [2][10] Group 2 - Market analysis indicates that the index may have a pullback, which offers a chance for positioning; the recent performance of the Shanghai Composite Index aligns with previous expectations, and the pullback does not alter the overall upward trend [3][11] - Factors influencing investor sentiment include the rebound in the Hong Kong market and geopolitical events in South America, although the latter may lead to a short-term market correction [3][11] Group 3 - The investment opportunities are expected to arise in mid-cap blue chips with moderate risk characteristics, particularly in the cyclical sector, focusing on the chemical industry where supply optimization and improving profit margins are anticipated [3][12] Group 4 - The report highlights thematic investments in areas such as aerospace satellites, domestic AI, semiconductors, and nuclear fusion, with each sector showing potential for growth and investment opportunities [4][13] - The aerospace satellite sector remains a focal point, with ongoing IPO progress and various applications expected to accelerate [4][13] - Domestic AI is gaining attention as domestic computing power development accelerates amid challenges in overseas narratives [4][13] - The semiconductor industry is expected to see expansion and domestic substitution, with significant capital movements in key companies [4][13] - The nuclear fusion sector is anticipated to experience a series of industrial catalysts, moving from theoretical research to practical engineering, which is expected to generate substantial investment demand [4][13] Group 5 - The solid-state battery sector is noted for its prolonged adjustment period, with potential catalysts expected in the first quarter, making it a point of interest for investors [5][14]

Group 1 - In 2026, China's commercial space sector is set to witness multiple new rocket launches and recovery challenges, marking a significant development in the country's space ambitions [1] - The "Fifteen Five" plan is initiating a new phase for China's space exploration, including manned lunar missions and the Chang'e 7 mission aimed at finding evidence of water ice on the Moon [1] Group 2 - Emerging market stocks have had a strong start in 2026, reaching their highest level since 2021, driven by optimism around Asia's rising position in artificial intelligence [2] - The MSCI Emerging Markets Index rose by 1.7% on the first trading day of the year, while technology stocks surged by 2.8% due to excitement over new listings and technological advancements [2] Group 3 - DeepSeek has introduced a more efficient AI development method through a new framework called "manifold-constrained hyperconnection" (mHC), aimed at enhancing scalability and reducing computational and energy demands [3] - The next flagship system, R2, is expected to be launched around the Chinese New Year in February [3] Group 4 - The digital renminbi app has been upgraded to version 2.0, enhancing user experience and consolidating wallet access for managing digital currency assets [4] - Since its launch in January 2022, the app has undergone 54 iterations to improve functionality [4] Group 5 - China's "artificial sun" experiment has made breakthroughs in overcoming density limits in nuclear fusion, providing crucial physical evidence for high-density operation in magnetic confinement fusion devices [5] - The findings were published in the international journal "Science Advances" [5] Group 6 - CITIC Securities forecasts that the A-share bull market will continue in 2026, with expectations of a fluctuating upward trend but with slower growth rates [6] - Investors are advised to focus on fundamental improvements and sectoral shifts, particularly in resource commodities as a new investment direction [6] Group 7 - The first "embodied intelligence dataset" has been successfully listed and traded on the Jiangsu Data Exchange, marking a significant milestone in the trading of such datasets nationwide [7][8] Group 8 - In 2025, China approved 76 innovative drugs, significantly surpassing the 48 approved in 2024, setting a new record [9] - The total value of innovative drug licensing transactions exceeded $130 billion, with over 150 deals completed, also a historical high [9] - Among the approved drugs, 80.85% of chemical drugs and 91.30% of biological products were domestically developed [9] Group 9 - CITIC Securities predicts that the quantum computing industry will experience high compound growth, with the global market expected to grow from approximately $5 billion in 2024 to around $800 billion by 2035 [10] - The upstream sector is relatively mature, while the downstream sector shows significant growth potential, projected to increase from $2.7 million in 2024 to $2026.7 million by 2035 [10] Group 10 - China's largest all-vanadium flow battery energy storage station has achieved full-capacity operation, with a rated power of 200,000 kW and a storage capacity of 1 million kWh [11] - The facility is expected to enhance the utilization rate of associated photovoltaic power stations by over 10% annually, potentially generating an additional 230 million kWh of clean electricity [11]

"2025年的遗憾和不足有很多。对科技行业，特别是算力等硬件板块的错失是不可回避的问题，这也是 2025年整体组合收益率不理想的最主要原因。"近日，以逆向投资闻名的仁桥资产掌门人夏俊杰做出了 2025年年终总结，这也道出了不少投资者的心声。 岁末年初之际，各大公私募机构纷纷展开复盘，回首2025年的得失，展望2026年，对新一年的布局主线 作出预判。在机构投资者看来，2026年的市场值得乐观期待，A股公司业绩有望再上新台阶，但估值提 升速度趋缓，波动可能加剧，对宽基指数涨幅的期待或更加理性。科技仍然是主线，资源品、顺周期领 域均有投资机会，冷门低估值品种也值得"寻宝"。除此之外，2026年的投资关键词还需要加上"灵活"一 词，以应对种种不确定事件。 ● 本报记者张舒琳万宇 上涨驱动因素生变 2026年伊始，突发地缘事件惊动全球资本市场，为投资者带来了新年第一场"大考"，也搅乱了机构投资 者的新年布局构思。 "开盘时一定要保持冷静。突发事件后的第一个交易日，往往非常考验人性。"一家成立超过十年的知名 私募机构创始人告诫自己。他预计，受地缘事件影响，2026年首个交易日会出现较大的波动，石油等资 源品价格走高，黄 ...

Summary of Key Points from the Conference Call Industry Overview - The focus is on the capital markets and the anticipated trends for 2026, particularly in relation to geopolitical events and domestic policies affecting investment strategies and market dynamics [1][2][3]. Core Insights and Arguments - **Geopolitical Impact**: Recent geopolitical events, such as U.S. actions in Venezuela and Iran, may cause short-term market fluctuations but are not expected to alter long-term trends. The stability of the Maduro regime is highlighted despite economic challenges [2][3]. - **Domestic Policy Signals**: The Chinese government's New Year address emphasizes national strength and technological breakthroughs over consumer issues, indicating a strong commitment to stable macroeconomic policies with limited consumer stimulus [2][3]. - **Real Estate Policy**: The real estate sector is expected to see continued policy adjustments aimed at stabilizing expectations, particularly in core cities, but without comprehensive fiscal support. The decline in real estate investment is viewed as a necessary phase in the economic transition [3][8]. - **Market Strategy for 2026**: The market strategy for 2026 includes maintaining policy stability and enhancing international competitiveness, with a focus on technology, global supply chain restructuring, and gold-related investments [6][7]. Market Performance Expectations - **Short-term Market Trends**: The market is anticipated to experience a strong performance leading up to the Spring Festival, with potential new highs driven by collective capital inflow. Key sectors to watch include robotics, nuclear fusion, and consumer services [7][11]. - **Investment Sentiment**: There is a cautious but gradually increasing sentiment among retail investors, who are expected to participate in the market, albeit at a slower pace. The preference is shifting towards more stable investment vehicles like fixed income and ETFs rather than actively managed funds [12][14]. Additional Important Insights - **Funding Dynamics**: The spring market rally is expected to be supported by insurance capital and the maturity of large bank deposits, which will lead to passive capital inflows into the market [16][17]. - **Sector Focus**: Investors are advised to focus on sectors with strong growth potential, such as robotics and nuclear energy, which align with the spring investment themes and have long-term profitability prospects [11][17]. - **Investor Behavior**: The current market sentiment reflects a defensive posture among retail investors, with a preference for certainty in investment choices, indicating a slower recovery in risk appetite compared to previous market cycles [13][14]. This summary encapsulates the key points discussed in the conference call, providing insights into the anticipated market trends and investment strategies for 2026.

Cross-Border Trade - The State Council, led by Premier Li Qiang, has initiated policies to promote cross-border trade facilitation, emphasizing its importance in creating a top-tier business environment [1] - Cross-border trade is expected to transition from "scale expansion" to "high-quality development," with an anticipated annual growth rate of over 15% from 2026 to 2030 [1] Low Altitude Economy - The E40H unmanned aerial vehicle system from Yufeng Future has received a type certificate from the Civil Aviation Administration of China, marking a significant milestone in the low-altitude economy [2] - The low-altitude economy is projected to reach a market size of 1.5 trillion yuan by 2025 and over 3.5 trillion yuan by 2035, driven by advancements in various sectors [2][6] Semiconductor Industry - Domestic semiconductor companies are increasingly disclosing major merger and acquisition plans, indicating a rapid acceleration in industry consolidation [3] - Key mergers include SMIC's acquisition of a 49% stake in Northern Semiconductor for 40.6 billion yuan, reflecting a strategic intent to enhance core competitiveness [3][4] Oil and Gas - A recent military conflict in Venezuela has led to a complete halt of the country's oil exports, significantly impacting global heavy crude oil supply and increasing oil price pressures [4][5] - The situation has raised concerns over energy supply security, with shipping risks in the Caribbean further exacerbating the issue [5] Commercial Aerospace - The commercial space sector in China is experiencing robust growth, with multiple rocket launches planned for 2025, contributing to the country's ambitions in space exploration [5][6] - The satellite internet market, leveraging low Earth orbit satellites, is becoming a focal point for global competition, with over 70,000 low Earth orbit satellite applications expected by the end of 2024 [6] Duty-Free Market - The Hainan duty-free market saw significant growth during the New Year holiday, with sales reaching 712 million yuan, a 128.9% increase year-on-year [7][8] - The zero-tariff policy has expanded significantly, now covering 6,600 product categories, which is expected to have a substantial impact on the local and national duty-free business [8] Nuclear Fusion - The EAST nuclear fusion experiment has confirmed the existence of a density-free zone, providing critical insights for high-density operation in magnetic confinement fusion devices [8][9] - The Chinese government is prioritizing nuclear fusion as a new economic growth point, with significant investments expected in the coming years [9] Brain-Computer Interface - Neuralink plans to start mass production of brain-computer interface devices in 2026, with advancements in automated surgical processes [10] - The industry is gaining traction with supportive policies from the government, indicating a growing interest in applications for movement disorders and mental health [10]

Group 1 - The core point of the news is that Guoguang Electric (688776.SH) has had the detention measures against its General Manager Li Ning lifted, allowing him to return to his position, while the company continues its normal operations [2][5] - The company had previously appointed Chairman Zhang Ya to temporarily assume the responsibilities of General Manager and legal representative during Li Ning's detention [5] - Guoguang Electric is a leading enterprise in the domestic nuclear fusion industry chain and is also expanding into the commercial aerospace sector [5] Group 2 - For the first three quarters of 2025, Guoguang Electric reported revenue of 254 million yuan, a year-on-year decrease of 44.16%, and a net profit attributable to shareholders of -40 million yuan, indicating a shift from profit to loss [5] - The decline in performance is attributed to multiple factors, including technical changes in the ITER project affecting nuclear industrial equipment, delays in order issuance due to project progression, and a decrease in product prices [5]

Core Insights - The 2026 Nuclear Fusion Energy Technology and Industry Conference will be held on January 16-17, 2026, in Hefei, Anhui, focusing on promoting collaboration and innovation in the nuclear fusion industry [1][9] - 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 [4][12] - The region holds 37% of the national total of fusion-related patents, indicating a well-formed industrial chain [5][13] Industry Developments - The nuclear fusion sector is entering a capital expenditure expansion phase, with expected investments reaching 146.5 billion yuan in major domestic projects from 2025 to 2028 [7][14] - The demand for controllable nuclear fusion is increasing due to rising electricity needs driven by advanced technologies like AI [6][13] - Recent bidding statistics show a total of 117.4 million yuan in contracts awarded, with significant projects including a 6.3 million yuan contract for ITER PF converter control modules [6][14] Market Opportunities - The superconducting magnet segment is expected to benefit significantly, with a projected market size of nearly 30 billion yuan for superconducting magnets and over 10 billion yuan for superconducting materials [7][14] - Key projects such as BEST, Spark One, and others are anticipated to commence, leading to a continuous release of core component orders [7][15] - Recommended investment targets include companies involved in magnets, vacuum chambers, power systems, and detection equipment, such as Western Superconducting, YD Group, and Aikang Cyber [7][15]

【文/观察者网 王一】中国核聚变研究的加速发展给大洋彼岸制造了一些焦虑。美国福克斯新闻网当地 时间12月30日报道称，近70年前，苏联成功发射首颗人造卫星"斯普特尼克1号"，引起了美国在太空竞 赛中的危机意识；如今，随着中国加大对核聚变研究的投入，美国可能在该领域正面临又一个"斯普特 尼克时刻"。 美国核聚变公司Commonwealth Fusion Systems（CFS）首席执行官兼联合创始人鲍勃·马姆加德（Bob Mumgaard）警告称，过去几年中国在核聚变研究上已投入60亿至120亿美元，而美国在这方面却没有进 展，"我们的聚变项目看起来还停留在上世纪90年代的水平，我们需要对其进行现代化改造"。 "核聚变正处在一个拐点。"马姆加德说，"外国政府正在大力投资，我们开始看到未来聚变产业的雏 形，它将成为世界上的一个重要产业，尤其是在与人工智能的交叉领域。" 鲍勃·马姆加德 CFS 话锋一转，马姆加德指出，美国政府长期以来一直支持核聚变研究，但目前的组织架构并不足以把握这 一历史机遇，更难以真正在能源领域占据领先地位。他认为，随着中国加大对聚变能源的投资和协调力 度，中国已成为美国的主要竞争对手。 马姆 ...

Group 1: Renewable Energy - In the first three quarters of 2025, China's renewable energy generation reached 2.89 trillion kilowatt-hours, a year-on-year increase of 15.5% [2] - Wind and solar power generation totaled 1.73 trillion kilowatt-hours, growing by 28.3% year-on-year, accounting for 22% of total electricity consumption [2] - The combined generation from wind and solar exceeded the total increase in national electricity consumption by 241 billion kilowatt-hours [2] Group 2: Aerospace Industry - By December 24, 2025, China completed 87 space launches, with 23 conducted by private commercial rocket companies [3] - China has conducted over 10 vertical landing recovery tests and 2 sea splash recovery tests, making it the country with the most rocket recovery solutions globally [3] Group 3: Infrastructure Development - The national comprehensive three-dimensional transportation network's main framework has been completed by over 90% [4] - It is projected that by 2025, transportation fixed asset investment will exceed 3.6 trillion yuan, with over 2,000 kilometers of new high-speed railways and approximately 8,000 kilometers of new highways [4] - The construction of the Tian Mountain Victory Tunnel has been completed, enhancing transportation infrastructure [4] Group 4: Bridge Construction - The completion of the Li River Grand Bridge has established a monitoring network for large bridges, incorporating 696 bridges, making China the country with the most bridges [5] Group 5: Island Construction - The "island-building fleet" has created over 1,000 square kilometers of new land, with operations in various locations including Shanghai and overseas in over 15 countries [6] Group 6: Robotics Industry - In the first eight months of 2025, the financing amount in China's robotics sector reached 38.624 billion yuan, 1.8 times that of the entire year of 2024, with over 150 humanoid robot companies existing [7] - The robotics industry is growing at an annual rate exceeding 50%, with the market expected to reach 100 billion yuan by 2030 [7] Group 7: Nuclear Fusion Research - The "International Scientific Program on Burning Plasma" was officially launched in Hefei, with the BEST research plan for compact fusion energy devices also announced globally [8] - The EAST superconducting tokamak device has become an important platform for international fusion research, collaborating with over 120 research institutions from more than 50 countries [8] Group 8: Transportation Infrastructure - The completion of the Xiamen-Jinmen Bridge will create a new integrated transportation network connecting Xiamen International Airport and the Xiamen-Jinmen shipping route, significantly contributing to cross-strait development [9]

NO.3中信证券：商业航天景气高企石墨纤维迎来机遇 12月30日，中信证券研报称，受益政策、技术和市场三维驱动，商业航天迎来景气高企。在太空算力需 求拉动下，火箭、卫星结构轻量化以及特殊应用环境对于碳纤维材料提出更高要求，石墨纤维凭借耐高 温、高强高模以及低热膨胀系数等优势，渗透率有望进一步提升。该机构预计伴随着下游需求放量，在 国产化驱动下，布局石墨纤维的相关企业有望充分受益。 NO.2开源证券：BEST订单持续释放，看好板块长期发展前景 12月30日，开源证券指出，可控核聚变装置研发建设稳步推进，BEST、星火一号、先觉聚能、环流四 号项目有望陆续开工，核心部件订单有望持续释放；TMTG并购TAE打造全球首家商业聚变上市公司， 有望提振FRC板块情绪；Helion曾官宣将于2025年内实现发电验证，若FRC技术路线工程可行性得到验 证，国内相关初创公司项目有望加速推进；"十五五"规划建议前瞻布局核聚变能领域；该机构看好板块 长期发展前景，建议关注磁体、主机和电源等核心部件。 ｜2025年12月30日星期二｜ NO.1中信证券：磷酸铁锂行业盈利有望迎来周期性的拐点 12月30日，中信证券研报表示，铁锂行业盈 ...