据媒体此前报道，2026核聚变能科技与产业大会将于2026年1月16日至17日在安徽合肥举办。此次大会 将在合肥庐阳区聚变堆主机关键系统综合研究设施（CRAFT）园区召开，主题为"聚核之力，创见未 来"大会旨在促进核聚变产业链上下游协同创新与成果转化，届时核聚变产业资金、产业技术合作有望 加速。 证券时报表示，可控核聚变在顶层规划中首次列入未来产业，且目前行业资本开支明显进入到上行周 期。安徽合肥已建成全球领先的聚变装置集群，依托EAST、BEST、CRAFT等重大大科学装置，覆盖 磁约束聚变的多个关键技术环节，产业链已形成较为完备的闭环，区域聚变相关专利数量占全国总量的 37%。AI算力催生电力需求，可控核聚变作为"终极能源"重要性增加，行业已进入"工程可行性验证"阶 段，系列实验堆进入密集的设备采购、招标和建设阶段，产业链上游的材料和中游的核心设备供应商将 迎来订单释放。 公司方面，据证券时报表示， 合锻智能：公司领先布局聚变堆真空室制造工艺，受益于合肥聚变产业集群建设。 西部超导：公司是核聚变核心供应商，深度参与国内外聚变项目，为ITER项目中国唯一低温超导线材 供应商，2024年完成CRAFT项目交付 ...

Core Viewpoint - The year 2025 marks a transformative period for Chinese business, driven by technological advancements and strategic market maneuvers, including DeepSeek's cost paradigm shift in AI, the establishment of a "stabilization fund" by state-owned enterprises, and fierce competition in various sectors like food delivery and consumer products [2][3][4]. Group 1: AI and Technology - DeepSeek's R1 model demonstrated a significant cost advantage, achieving comparable performance to OpenAI's models at a fraction of the cost, leading to a reevaluation of AI asset values globally [10]. - The Chinese stock market reacted positively to the implications of DeepSeek's success, with the Nasdaq China Golden Dragon Index rising over 4% shortly after [10]. - The launch of L3 autonomous driving vehicles in China signifies a major milestone in the commercialization of advanced driving technologies, with expectations of a market size exceeding 1 trillion yuan by 2030 [49][51]. Group 2: Market Stability Measures - In response to external economic pressures, the "national team" intervened in the stock market by establishing a "stabilization fund," which included significant investments from state-owned enterprises to restore market confidence [12][14][18]. - The People's Bank of China supported these efforts by promising sufficient liquidity to stabilize the market, reinforcing the government's commitment to maintaining financial security [14][18]. Group 3: Consumer and Service Sector Developments - JD.com entered the food delivery market, intensifying competition with Alibaba and Meituan, leading to aggressive pricing strategies and significant order volume growth [26][30]. - Pop Mart's Labubu character achieved global popularity, resulting in a revenue surge of 170%-175% in Q1 2025, with notable growth in international markets [20][22]. - The competition in the food delivery sector is characterized by substantial subsidies and promotional offers, indicating a shift towards efficiency and market share acquisition among major players [28][30]. Group 4: Capital Market Movements - The collective IPO efforts of China's "four little dragons" in the GPU sector highlight a significant moment for domestic chip manufacturers, with substantial market valuations and growth expectations [52][54]. - The stock prices of Pop Mart surged over 200% in the first half of 2025, reflecting strong market interest and future growth potential, despite a subsequent correction [22][25]. Group 5: Breakthroughs in Energy and Aerospace - China achieved significant milestones in nuclear fusion research, with advancements in plasma physics and the development of the next-generation fusion energy experimental device [58][59]. - The successful test flights of reusable rockets by both private and state-owned enterprises mark a new era in China's commercial space industry, aiming for cost reductions and increased launch frequency [60][63].

Core Insights - The year 2025 is marked as a transformative year in business, driven by significant advancements in AI and technology, particularly highlighted by DeepSeek's cost-effective AI model that challenges existing market paradigms [1][3][4]. Group 1: AI and Technology Developments - DeepSeek's R1 model, launched on January 20, 2025, achieved performance comparable to OpenAI's models at a fraction of the cost, using only 2,000 GPUs and approximately $600,000 in training expenses, less than one-tenth of OpenAI's costs [5][8]. - The market reacted dramatically to DeepSeek's success, leading to a significant drop in Nvidia's stock, with a loss of nearly $600 billion in market value, marking a historic event in the stock market [10][12]. - The Chinese tech sector saw a resurgence, with the Nasdaq China Golden Dragon Index rising over 4% shortly after DeepSeek's impact, indicating a shift in investor focus towards Chinese tech companies [11][12]. Group 2: Market Dynamics and Competition - The entry of JD.com into the food delivery market initiated a fierce competition with Alibaba and Meituan, leading to aggressive subsidy wars and a new competitive landscape in the industry [24][27]. - The battle for market share in food delivery is characterized by significant discounts and promotional offers, with Meituan experiencing record order volumes amid the competition [29]. Group 3: Innovations in Consumer Products - Pop Mart's Labubu character gained global popularity, leading to a 170%-175% year-on-year revenue increase in Q1 2025, with significant growth in international markets [20][23]. - The stock price of Pop Mart surged over 200% in the first half of 2025, reflecting strong market interest and investment confidence in the brand's potential [20][23]. Group 4: Regulatory and Economic Responses - In response to external economic pressures, the Chinese government implemented a "stabilization fund" strategy to support the capital market, demonstrating a proactive approach to maintain market confidence [15][17]. - The People's Bank of China provided liquidity support to stabilize the market, showcasing a coordinated effort to mitigate the impact of geopolitical tensions on the economy [15][17]. Group 5: Advancements in Autonomous Driving and GPU Technology - China officially approved L3 autonomous driving vehicles for commercial use, marking a significant milestone in the automotive industry and setting the stage for a market expected to exceed 1.2 trillion yuan by 2030 [40][41]. - The emergence of domestic GPU manufacturers, referred to as the "Four Little Dragons," is reshaping the semiconductor landscape, with significant IPO activity and competitive differentiation among companies [42][44].

回望2025年，这注定是被载入商业史册的"重塑之年"。 开年的第一声惊雷并非来自宏大的战略发布，而是DeepSeek以极致的"成本范式"击穿了硅谷的暴利神话，它不仅引发了全球对AI资产的价值重估，更让阿 里、字节跳动等巨头从单纯的"炫技"转向了C端应用与硬件落地的贴身肉搏。AI不再是高不可攀的概念，而是变成了通过价格战和算力突围，真正渗透进商 业肌理的变量。 1月20日，DeepSeek低调发布了R1推理模型，起初并未引爆全场，但随着发酵，到了1月24日周末，其在各大榜单上媲美OpenAI o1的表现震惊了硅谷。 | Rank* | Rank A | Model | Arena ▲ | ▲ 95% CI | | --- | --- | --- | --- | --- | | (UB) | (StyleCtrl) | | Score | | | 1 | 3 | Gemini-2.0-Flash-Thinking- Exp-01-21 | 1382 | +8/-6 | | ਹ | ਹ | Gemini-Exp-1206 | 1374 | +5/-4 | | 3 | ਹ | ChatGPT-4o-latest (2 ...

Key Points - The article emphasizes the importance of systematic and practical strategies in investment analysis [2] - It discusses the favorable conditions for the spring market rally, including liquidity support and upcoming events that may influence market sentiment [8] - The article provides a detailed valuation comparison of various A-share indices, highlighting their current price-to-earnings (PE) and price-to-book (PB) ratios relative to historical percentiles [11][13] - It identifies specific industry sectors with high valuations, such as real estate and electronics, which are above the 85th percentile historically [11] - The article outlines investment themes for the upcoming year, including quantum technology, hydrogen energy, and brain-machine interfaces, indicating potential growth areas [16][18] - A strategic outlook for gold in 2026 is presented, focusing on the implications of the U.S. fiscal deficit and the trend of de-dollarization on gold prices [19]

今年以来，未来产业备受资金青睐。 "十五五"规划建议提出，培育壮大新兴产业和未来产业。前瞻布局未来产业，探索多元技术路线、典型 应用场景、可行商业模式、市场监管规则，推动量子科技、生物制造、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。 多地积极培育未来产业 作为引领经济社会变革的前沿力量，近年来，全国各地积极支持未来产业的发展。公开报道显示，北京 自去年7月启动的"创赢未来"公开路演活动目前已举办9场，累计支持83家未来产业潜力企业，推动60家 企业获得融资超20亿元、36家企业获得银行信贷19.8亿元。 今年上半年，深圳提出15条金融措施，全力支持未来产业高质量发展。9月，上海印发的《关于加快推 动前沿技术创新与未来产业培育的若干措施》提出，支持未来产业生态主导型科技企业前瞻谋划新赛 道，加速投资、孵化未来产业创新主体。 10月，《广州市关于加快培育发展未来产业的实施意见》提出，到2029年，未来产业技术创新、产业培 育全面发展，突破一批重点领域关键核心技术，场景示范效应深度拓展，创新主体活力充分，产业竞争 力加速跃升，基本形成未来产业集聚发展态势。 在政策红利的推动下，自去年 ...

2025年7月31日，瀚海聚能（成都）科技有限公司研发车间，中国首台商业化直线型场反位形聚变装置"HHMAX-901"主机建设完成并实现等离 子体点亮，标志着直线型场反位形可控核聚变技术在商业化应用上取得重大突破，正式从实验室迈向应用端。 2025年3月26日，天府新区兴隆湖畔的中国农业科学院都市农业研究所，全球首座超高层无人化垂直植物工厂，在这个400多平方米的植物工厂 里，作物的生育期由原来的120天缩短到50到60天，只需5名工人就能达到70吨以上的产量，比陆地生产高出约二十倍以上。目前已在英国、沙 特阿拉伯、智利、卡塔尔等多个国家成功应用。 2024年12月6日，成都天府广场，机器狗在巡逻时受到它的同事警犬的注视。 转自：成都日报锦观 镇园之宝与明日之星 2025年12月22日，成都阿加犀智能科技有限公司，由该公司研发的具身人形机器人"通天晓"正在接受科研人员调试。成都以城市为"场"，为机 器人企业提供露天"实验室"，帮助企业发现问题、优化提升产品，支撑本土人工智能产业集群效应的释放。 2024年11月4日，中核集团核工业西南物理研究院，科研人员在因模拟太阳内核反应机制被称为"新一代人造太阳"的中国环 ...

（来源：市场星报） 星报讯 12月24日，中央广播电视总台发布"2025年度国内、国际十大科技新闻"，合肥凭借在核聚变与 量子计算领域的突破性成果，成为科技领域的焦点城市。其中，《"人造太阳"核聚变装置创造"亿度千 秒"纪录》《"祖冲之三号"量子计算原型机创造世界新纪录》上榜国内十大科技新闻榜单，《中国启动 聚变领域国际科学计划》上榜国际十大科技新闻，彰显了中国在全球科技竞争中的引领地位。 此外，11月24日，中国科学院燃烧等离子体国际科学计划项目正式启动并面向国际聚变领域发布紧凑型 聚变能实验装置BEST研究计划。来自法国、英国、德国、意大利、瑞士、西班牙、奥地利、比利时等 10多个国家的聚变科学家共同签署《合肥聚变宣言》。聚变科学家们呼吁加强国际合作，倡议开放共享 与合作共赢精神，鼓励聚变领域的科研人员到合肥开展聚变合作研究，共同开创聚变能源的美好未来， 实现人类的终极能源梦想。 今年1月20日，世界首个全超导托卡马克EAST装置获得重大成果，成功实现了上亿度1066秒稳态长脉冲 高约束模等离子体运行，再次创造了托卡马克装置高约束模运行新的世界纪录。亿度千秒量级稳态高约 束模的实现充分验证了聚变堆高约束模 ...

近日，在格隆汇举办的 "科技赋能·资本破局"分享会上，华金证券研究所副所长、电力设备新能源行业首席分析师贺朝晖围绕"反内卷与科 技"双轮驱动，聚焦"核聚变、AIDC供电架构、固态电池"三大科技领域展开分析。 贺朝晖认为， 反内卷 与 科技两个词 ， 说明了 电新 行业现在整体周期的驱动力，以及未来发展的驱动力。 从多项关键指标看，电新行业 或已 进入周期触底、景气回升的新阶段。 随着价格反弹、盈利能力提升，电新行业具有极大的基金持仓配置提升空间。 2026年 比较看好细分的 beta 的周期复苏方向 以及 科技 alpha 的成长方向 。 1 反内卷加速行业触底反弹 回顾 2025年，电新行业 迎来触底反弹， 全年 指数 涨幅达 39%，在市场中名列前茅。 从长周期看， 光伏、锂电、风电指数 呈现出典型的 "三年涨、三年跌"规律，波动与宏观政策及产业变迁紧密相连。 2011-2012年， 因欧美启动双反，行业表现不佳。 2013-2015年，因高额补贴与抢装， 行业迎来突飞猛进的发展 。 2016-2018年，因政策调整（ 国内 531新政 、 风电预警机监测机制的执行 ） 行业受 挫。 从基本面指标分析，电 ...

Group 1: DeepSeek AI Model - The Chinese AI company DeepSeek launched its open-source model DeepSeek-R1, which has gained global attention due to its low training costs and high performance in tasks like mathematical reasoning and code generation [2][3] - DeepSeek-R1's core competitiveness lies in its systematic innovation in computational efficiency, demonstrating that top-tier reasoning capabilities can be achieved without massive labeled data, significantly reducing training costs [2][3] - The model's open-source approach breaks technological monopolies, allowing developers worldwide to participate in its ecosystem, which has attracted hundreds of thousands of developers [2] Group 2: Nuclear Fusion and Quantum Computing - China's "artificial sun," the EAST device, achieved a world record by maintaining a plasma temperature of 100 million degrees Celsius for 1000 seconds, marking a significant step towards practical nuclear fusion energy [4] - The superconducting quantum computing prototype "Zuchongzhi 3" was developed, showcasing a computational speed that is a trillion times faster than the current fastest supercomputers, indicating a major advancement in quantum computing capabilities [5][6] Group 3: Advanced Materials and Brain-Computer Interfaces - A research team successfully created large-area two-dimensional metallic materials, marking a significant breakthrough in the field of two-dimensional materials [7] - China initiated its first invasive brain-computer interface clinical trial, allowing participants to control devices through thought, utilizing advanced flexible neural electrodes that minimize brain tissue damage [8][9] Group 4: Lunar Exploration and Plant Biology - The Chang'e 6 mission revealed the evolutionary history of the moon's far side, providing insights into volcanic activity and magnetic fields, which are crucial for understanding lunar geology [11][12] - A research team uncovered the molecular mechanisms behind how a single plant cell can develop into a complete plant, addressing a long-standing scientific question in plant biology [13] Group 5: Technological Innovations in Computing - Researchers developed a high-precision, scalable analog matrix computing chip, achieving digital-level precision in analog computing, which could revolutionize computational tasks in AI and communications [14][15] Group 6: National Strategic Initiatives - The 20th Central Committee of the Communist Party of China emphasized the importance of technological innovation in its strategic planning for the next five years, aiming to enhance China's technological self-reliance and drive new productive forces [16][17] Group 7: Military Advancements - China's first electromagnetic catapult aircraft carrier, Fujian, was commissioned, representing a leap in naval technology by utilizing advanced electromagnetic launch systems, enhancing operational capabilities [18]