Key Points - The article emphasizes the importance of systematic and practical strategies in investment banking [2] - It discusses the positive economic outlook for early 2026, supported by improved PMI data and increased foreign capital inflow [8][9] - The article highlights the potential for a bull market in 2026, driven by improved supply-demand dynamics in the manufacturing sector and increased asset allocation towards equities [9] - It identifies key themes for investment in the spring, including AI, commercial aerospace, and nuclear fusion, as well as the impact of government policies on consumption and investment [9] - The valuation analysis of A-shares shows that various indices are at different historical percentiles, indicating potential investment opportunities in certain sectors [12][13] - The article notes significant adjustments in precious metals due to changes in margin requirements at CME and differing views within the Federal Reserve regarding interest rate cuts [14] - It discusses the launch of national venture capital guiding funds and the global competition for future industries, including quantum technology and hydrogen energy [21]

Core Viewpoint - The article discusses the evolving landscape of AI hardware and embodied intelligence, highlighting the rapid commercialization and investment trends in these sectors, while also addressing the challenges and competitive dynamics faced by startups and established players in the market [4][6][30]. AI Hardware Industry - The concept of "AI hardware" has rapidly converged to include consumer electronics products that leverage model inference capabilities, such as AI glasses and AI toys, moving away from more speculative product ideas [4][5]. - The domestic AI hardware industry benefits from a mature supply chain, allowing entrepreneurs to effectively "recreate" consumer electronics, which has led to a unified approach among industry players [5][6]. - Despite the enthusiasm in the capital market for AI hardware, there is a notable absence of standout products that can validate the industry's direction [6][10]. - The AI glasses segment has seen significant growth, with shipments increasing from 1.3 million units in 2024 to 2.9 million units in 2025, reflecting over 120% year-on-year growth [16][17]. Embodied Intelligence Sector - The embodied intelligence sector has experienced a surge in valuations, with many companies reaching valuations in the tens to hundreds of billions, driven by a robust domestic supply chain and strong market demand [8][24]. - However, there is a disconnect between the high valuations and actual order disclosures, with many companies opting not to reveal specific order quantities or amounts [25]. - The primary application of humanoid robots has been in research settings rather than commercial production, which raises concerns about the sustainability of this business model [26][27]. - The emergence of robot rental services is a notable trend, with the market expected to grow from 1 billion to 10 billion in the coming year, indicating a shift in how humanoid robots are utilized [27]. AI Chip Industry - The domestic AI chip industry is experiencing a significant breakthrough, with the penetration rate of domestic chips rising from 8% to 23% in the past year, driven by government policies and the establishment of over 250 intelligent computing centers [32][33]. - Despite the growth, there are concerns about the global shift away from GPU-centric architectures towards more efficient alternatives like TPU and reconfigurable architectures, which may challenge the current dominance of domestic AI chips [34][36]. - The year 2026 is anticipated to be a pivotal moment for the domestic AI chip industry, as companies will need to compete on energy efficiency and performance against international brands [37].

Investment Rating - The report suggests a focus on AI consumer applications, embodied intelligence, autonomous driving, and XR technologies, indicating a positive outlook for companies in these sectors [6][24]. Core Insights - The CES 2026 event is highlighted as a key opportunity to observe advancements in AI, particularly in consumer applications such as AI PCs and embodied intelligence [6][24]. - Significant developments in chip technology are anticipated, with AMD, Intel, and Qualcomm expected to unveil new products that enhance processing capabilities [2][11]. - The report emphasizes the evolution of video models into general visual foundation models, showcasing the capabilities of Google DeepMind's Veo 3 [5][14]. - DeepSeek's mHC architecture aims to address the stability issues in training large models, which could lead to more reliable AI applications [18][19]. Summary by Sections CES 2026 Preview - Focus on new chip products from leading companies: AMD's Ryzen 7 9850X3D and Intel's Panther Lake chips, which promise a 50% performance increase [2][11]. - Emphasis on advancements in autonomous driving technologies, with companies like Sony Honda Mobility and BMW showcasing new models and AI systems [3][12]. Technology Industry Dynamics - Google DeepMind's research indicates that video models are evolving into versatile visual models capable of zero-shot learning, enhancing their applicability across various tasks [5][14]. - DeepSeek's mHC architecture is designed to improve the training stability of large models while maintaining high expressiveness, potentially paving the way for larger-scale model training [18][19]. Weekly Insights - The report recommends focusing on companies that can effectively implement AI technologies in real-world scenarios, particularly in hardware and platforms that support multimodal reasoning [6][24]. - Suggested companies for investment include NVIDIA, Tesla, LITE, AVGO, and Google, which are positioned to benefit from advancements in AI and computing infrastructure [6][24].

Core Themes - The "15th Five-Year Plan" emphasizes the construction of a modern industrial system, promoting technological innovation and self-reliance, and expanding domestic demand, particularly in consumption [1][2]. Commercial Aerospace - The commercial aerospace sector is recognized as a strategic emerging industry cluster in the "15th Five-Year Plan," marking its elevation to a national strategic level [2]. - Key investment areas include the commercial rocket industry chain and satellite manufacturing and application chain, which are expected to benefit from increased launch demand and technological advancements [2][3]. - The commercial aerospace industry is entering a critical phase of scale and commercialization, with over 600 companies projected by 2025 and an expected market size of 2.5 to 2.8 trillion yuan [3]. Low-altitude Economy - The low-altitude economy is defined as activities in the airspace of 1,000 to 3,000 meters, utilizing drones and eVTOLs, with applications in logistics, tourism, and emergency rescue [5]. - The industry is projected to reach a market size of 2 trillion yuan by 2030, with a compound annual growth rate of 34.2% [5]. - As of November 2025, there are over 97,000 companies in the low-altitude economy sector, with significant growth in regions like Guangdong and Shandong [5][6]. Embodied Intelligence - The embodied intelligence sector is experiencing rapid development, with a market size of approximately 5.295 billion yuan in 2025, accounting for 27% of the global market [8]. - The sector is expected to grow to over 1 trillion yuan by 2035, with significant investment activity, including over 500 billion yuan in financing by October 2025 [8][9]. - Companies are advancing towards commercialization, with applications expected to transform household cleaning and other sectors [10]. 6G Technology - The "15th Five-Year Plan" includes a forward-looking layout for 6G technology, which is anticipated to enhance communication, perception, and intelligence integration [10][11]. - The 6G market is projected to reach a scale of 1 trillion yuan by 2035, with significant advancements in technology and standardization expected during the "15th Five-Year Plan" period [12]. Artificial Intelligence - The core AI industry in China is expected to exceed 1 trillion yuan by 2025, with a focus on deep integration with various sectors [14]. - The government aims for AI applications to achieve over 70% penetration in key areas by 2027 and over 90% by 2030 [14][15]. - Infrastructure upgrades and a comprehensive computing network are critical for supporting AI innovation and application [15]. Quantum Technology - Quantum technology is prioritized in the "15th Five-Year Plan," with expectations for significant growth and application across various industries [16][17]. - The global quantum industry is projected to reach approximately 239.1 billion dollars by 2030, with a compound annual growth rate of 65% [16][17]. Cultural and Tourism Industry - The tourism industry is undergoing a quality revolution, with a focus on high-quality tourism products and services as outlined in the "15th Five-Year Plan" [18][19]. - Domestic tourism is recovering, with nearly 50 billion trips recorded in the first three quarters of 2025, reflecting a shift towards deeper consumption and experience upgrades [18]. - The plan emphasizes enhancing inbound tourism services and integrating technology to improve visitor experiences [19]. New Consumption - Consumption is a key driver of economic growth, with retail sales expected to grow from 39.1 trillion yuan in 2020 to 48.3 trillion yuan by 2024 [20][21]. - The government aims to support new consumption models and expand consumer goods supply structures, targeting several trillion-yuan sectors by 2027 [21].

Group 1 - The core viewpoint emphasizes the importance of innovation in driving China's economic transformation and the rise of emerging industries as a response to the "14th Five-Year Plan" [1] - The plan highlights the construction of a modern industrial system and the strengthening of the real economy as strategic tasks, with a focus on nurturing emerging and future industries [1] - Continuous R&D investment and technological breakthroughs are reshaping China's core competitiveness in the global industrial and value chains [1] Group 2 - As of the end of October, China's installed power generation capacity reached approximately 3.9 billion kilowatts, with a year-on-year growth of 17.3% [3] - The share of renewable energy generation, particularly wind and solar power, has increased significantly, with solar power capacity growing by 43.8% year-on-year [3] - The humanoid robot market in China is projected to account for nearly 30% of the global market by 2025, with an expected market size of 5.295 billion yuan [3]

Core Viewpoint - The Hainan Provincial Development and Reform Commission aims to establish Hainan Free Trade Port as a significant gateway for China's new era of opening up, focusing on high-quality economic and social development post-closure [1] Group 1: Economic and Trade Development - The commission will leverage high-level openness to create a new open economic structure, emphasizing investment liberalization and facilitation, and optimizing market access [1] - Measures will be taken to reduce the negative list for foreign investment and explore a collaborative model for domestic and foreign investment access [2] Group 2: Industrial Development - The commission plans to build a modern industrial system with Hainan characteristics, focusing on innovation-driven development and the "45432" framework [2] - Key industries will be supported to enhance their supply chains and upgrade, while new industries such as biomanufacturing and hydrogen energy will be prioritized [2] Group 3: Reform and Market Environment - Continuous efforts will be made to eliminate hidden barriers for private enterprises, particularly in market access and project approval [3] - The commission will reform investment and financing systems to increase the proportion of private and foreign investment [3] Group 4: Regional Coordination and Development - The strategy includes enhancing regional collaboration and integrating with international and domestic markets, particularly through the Belt and Road Initiative [3] - A new regional development pattern will be established, focusing on urban-rural integration and resource sharing [3] Group 5: Social Welfare and Public Services - The commission emphasizes a people-centered approach, aiming to improve public services and social security systems to enhance the well-being of residents [4] - Efforts will be made to ensure equitable access to basic public services and improve living conditions [4] Group 6: Safety and Risk Management - The commission will focus on economic security, identifying and preventing risks in key areas such as food and energy supply [5] - Initiatives will be implemented to enhance the "Smart Hainan" infrastructure and manage social expectations effectively [5]

…… 新兴产业与未来产业 正重塑中国经济的增长坐标 "十五五"规划建议 明确提出 "培育壮大新兴产业和未来产业" 2025年，中国经济 向⌜新⌟而行 低空飞行器划破长空 商业航天赛道形成万亿级生态 人机交互突破想象边界 更让2025年的坚实步伐 成为未来五年产业升级的精彩序章 让我们启动这场"星际巡航" 一同探寻"星标"产业 ↓↓↓ 01 乘势而飞 低空经济爆发式发展 02 太空新基建 商业航天提速 03 新能源 发电装机容量快速增长 总统筹｜祝乃娟 04 脑机接口 规模持续增长 05 人工智能 专利领跑全球，算力扩容提速 06 具身智能 中国市场占全球近三成 回望 2025，群 "星" 闪耀 勾勒产业新图景 2026，再赴 新 程 续写高光！ 策划出品｜经济政声工作室《经济有数》栏目 21创意工作室 执行统筹｜林虹 张星 林军明 策划｜周亦洋 林青云 黄兰雯 视频｜白宇航 谢和洋 实习生吴思远 胡梓颖 李思远 设计｜黎旭廷 文案｜周亦洋 黄兰雯 实习生李茗萱 审校｜陈晶晶 黄志明 ...

2025年，中国经济向新而行 低空飞行器划破长空 商业航天赛道形成万亿级生态 人机交互突破想象边界 …… 新兴产业与未来产业 正重塑中国经济的增长坐标 "十五五"规划建议明确提出 "培育壮大新兴产业和未来产业" 更让2025年的坚实步伐 成为未来五年产业升级的精彩序章 让我们启动这场"星际巡航" 一同探寻"星标"产业 低空经济爆发式发展 01乘势而飞 ↓↓↓ 02太空新基建 商业航天提速 03新能源 发电装机容量快速增长 04脑机接口 规模持续增长 05人工智能 专利领跑全球，算力扩容提速 06具身智能 中国市场占全球近三成 回望2025，群"星"闪耀 勾勒产业新图景 2026，再赴新程 续写高光！ 策划出品｜经济政声工作室《经济有数》栏目 21创意工作室 总统筹｜祝乃娟 执行统筹｜林虹张星林军明 视频｜白宇航谢和洋实习生吴思远胡梓颖李思远 文案｜周亦洋黄兰雯实习生李茗萱 审校｜陈晶晶黄志明 ...

Group 1: Cultural and Sports Development - The rise in interest in martial arts among children is evident, with more students participating in training and cultural exchange activities, highlighting martial arts as a bridge to education and international exposure [2][3] - The 15th National Games showcased the integration of the Guangdong-Hong Kong-Macao Greater Bay Area through performances, symbolizing cultural unity and personal growth for participants like Liu Yilong [3] - The development of traditional martial arts is seen as part of China's broader strategy to promote sports and cultural heritage, with increasing participation in events and performances [2] Group 2: Employment and Labor Rights - New employment groups, such as delivery workers, are experiencing improved rights and recognition, with initiatives like the establishment of worker support stations providing essential services [5][7] - The implementation of new labor regulations in Henan province aims to enhance the rights of new employment groups, ensuring better working conditions and support systems [6][7] - Recognition of labor achievements, such as awards for outstanding workers, contributes to a sense of pride and motivation within the new employment sector [6] Group 3: Technological Advancements - The upcoming launch of the "Xingzhe 3" humanoid robot represents a significant advancement in robotics, with improved capabilities for navigation and interaction in various environments [8][9] - The development of humanoid robots is part of a strategic initiative in Henan to foster high-quality manufacturing and innovation in the emerging field of embodied intelligence [8][9] - The research team behind the humanoid robots is characterized by youthful energy and a commitment to overcoming technical challenges, reflecting the dynamic nature of the industry [8] Group 4: Cultural Renaissance - The resurgence of traditional Chinese culture, particularly through Hanfu and cultural performances, is gaining popularity among younger generations, indicating a cultural revival [10][11] - Events like the "Fengwu Shendu" performance in Luoyang highlight the integration of historical themes with modern entertainment, attracting significant audience engagement [11] - The growth of Hanfu consumers and related cultural activities demonstrates a strong connection between youth and traditional cultural heritage, contributing to national cultural confidence [11]

Core Insights - The article discusses the importance of future industries as a core competitive arena for countries to seize technological leadership and cultivate new growth drivers, as outlined in China's 15th Five-Year Plan [10][11][12]. Group 1: Global Competition in Future Industries - Future industries such as quantum technology, bio-manufacturing, and brain-computer interfaces are seen as key areas for countries to gain competitive advantages and enhance national strength [10][11]. - The global R&D expenditure as a percentage of GDP has increased significantly from 2013 to 2022, indicating strong resilience in technology investment despite economic downturns [10]. Group 2: China's Progress in Future Industries - China is transitioning from technology catch-up to proactive layout in future industries, with strengths in quantum communication, 6G, brain-computer interfaces, hydrogen energy, and nuclear fusion [13][14]. - By 2024, China's total R&D investment is expected to exceed 3.6 trillion yuan, a 48% increase from 2020, with R&D intensity reaching 2.69%, surpassing the EU average [14]. Group 3: Funding Support for Future Industries - Future industries require substantial investment and long-term capital support, necessitating a multi-faceted funding structure that includes government, state-owned, and social capital [20][21]. - The establishment of a future industry fund in Shanghai, with a total scale of approximately 15 billion yuan, aims to support the growth of future industries through a structured investment approach [21]. Group 4: Application Scenario Innovation - Application scenarios are crucial for connecting technology with market needs, serving as testing grounds for new technologies and driving industrialization [24][25]. - The Ministry of Industry and Information Technology emphasizes the need for scenario-driven innovation to accelerate the commercialization of future industries [24].