经济日报记者 常理 载人登月任务取得重要阶段性突破，"洪荒70"高温超导托卡马克装置创全球商业聚变新纪录，宇树 机器人再登春晚展现高超"武功"……新年以来，我国科技创新成果亮点纷呈，展现出硬核实力与蓬勃生 机，为"十五五"时期开好局、起好步筑牢了科技根基。 抢占科技发展制高点 "十四五"以来，面对纷繁复杂的国际形势和国内转型升级的发展要求，我国坚定实施创新驱动发展 战略，持续加大关键核心技术攻关力度，抢占科技发展制高点。 5年来，国家实验室体系建设稳步推进，全国重点实验室重组全面完成，国家科研机构、高水平研 究型大学科研能力持续提升，科技领军企业培育步伐不断加快，体系化、多层次的战略科技力量矩阵基 本成型。 "大国重器"接连落地，不断刷新中国创新的新高度—— "嫦娥六号"实现人类首次月球背面采样返回，"天问二号"踏上小行星探测的"追星"之旅；福建舰劈 波斩浪，国产大型邮轮扬帆远航；CR450动车组刷新中国速度，全球首座第四代核电站正式商运投 产，"祖冲之三号"再次打破超导体系量子计算优越性世界纪录…… 这些"首次""首座"，不仅见证着我国科技实力从跟跑到并跑、再到部分领跑的历史性跨越，更推动 我国产业发展不断 ...

今年以来，A股公司赴港上市提速。Wind数据显示，截至2月26日，年内已有24家企业完成港股IPO， 其中10家已在A股上市；港交所排队企业达388家，其中110家为A股公司。对比来看，2025年全年，共 有19家A股公司完成赴港二次上市。 笔者认为，上述现象是资本与产业逻辑重塑的结果。当前，全球资本流动格局加速重构，我国经济迈向 高质量发展，企业国际化经营持续深化。在此背景下，"A+H"扩容既是企业对接国际资本市场的现实选 择，也是资本市场开放深化和功能升级的重要体现，其影响至少体现在四个层面。 其一，治理层面：以更高标准重塑公司治理能力。 我国企业"出海"已从产品出口转向全球布局，经营半径扩大，合规风险随之上升。香港市场在信息披 露、公司治理和ESG( 环境、社会和公司治理)方面高度对标国际规则。选择"A+H"上市，意味着企业需 同时接受两地监管框架的约束。 这不是简单的报表叠加，而是系统性的规则对标。更严格的信息披露节奏、更透明的董事会结构、更规 范的关联交易管理，虽然会提升公司运营复杂度与合规成本，但长期看，这是治理能力的跃升。双重监 管形成倒逼机制，促使企业完善内控体系，增强透明度与稳定性。 其三， ...

Core Insights - Guangdong's ultra-high-definition video industry cluster is projected to achieve a revenue of 1,080.306 billion yuan by 2025, marking it as the province's tenth trillion-level industry cluster and the first of its kind in the nation [1][2]. Group 1: Industry Development - The "chip shortage and screen shortage" previously hindered the development of China's electronic information industry, with display panels once ranking as the fourth largest import commodity [1]. - Since 2017, Guangdong has been at the forefront of developing the ultra-high-definition video industry, leveraging its comprehensive manufacturing supply chain and large-scale market [1]. - Guangdong has established a complete industry chain covering content production, network transmission, terminal presentation, core components, and industry applications, with over 60,000 related enterprises [1]. Group 2: Economic Impact - The trillion-level industry cluster is characterized by significant scale effects, outstanding innovation capabilities, and strong resilience in the supply chain, which can lower costs and enhance efficiency through upstream and downstream collaboration [1]. - The province has maintained a pace of one trillion-level industry cluster breakthrough per year, with the automotive industry becoming the eighth in 2023 and the new energy industry cluster surpassing one trillion yuan in 2024 [2]. Group 3: Future Prospects - The next potential trillion-level industry cluster is expected to be the biopharmaceutical and health industry cluster, aiming to exceed one trillion yuan by 2027, with the pharmaceutical industrial scale exceeding 500 billion yuan [3]. - Other industries such as semiconductors and integrated circuits, new energy storage, and low-altitude economy also show potential for advancement [3].

Core Viewpoint - The article emphasizes the strategic importance of building an energy powerhouse in China, highlighting it as essential for national security, high-quality development, and international competitiveness in the evolving global energy landscape [3][4][6]. Group 1: Importance of Energy Powerhouse - Energy is a crucial material foundation and driving force for economic and social development, recognized as a "national priority" [4]. - The goal of building an energy powerhouse was first proposed in the 2021 Central Economic Work Conference and has since been integrated into national planning, reflecting a deep understanding of energy development dynamics [4][5]. - The construction of an energy powerhouse is seen as a core foundation for national security, aiming to create a self-sufficient and efficient energy supply system to ensure stability in economic and social operations [4][5]. Group 2: Dimensions of Energy Powerhouse Construction - The construction of an energy powerhouse is viewed as a transition from "scale expansion" to "quality and efficiency" in energy development, focusing on a shift from high-carbon to clean and low-carbon energy [5][6]. - It is essential to enhance security capabilities, green development, innovation-driven growth, energy service capabilities, and international influence to effectively respond to global energy challenges [6][7]. Group 3: Role of State-Owned Enterprises - The State Energy Group is committed to leading the construction of an energy powerhouse, aligning with the spirit of the 20th National Congress and subsequent meetings [7][8]. - The company aims to strengthen political leadership, ensure safety in energy supply, and promote green and low-carbon transitions while enhancing innovation and international cooperation [8][9][10]. Group 4: Future Directions and Goals - The company plans to build a modern energy system by 2030, focusing on energy security, green transformation, technological innovation, and institutional reforms [11]. - The commitment to international cooperation and risk management is emphasized, with a focus on enhancing core competitiveness in global energy markets [10][11].

第三，政策与资金给力。广东设立1500亿"耐心资本"引导基金，其中1000亿投向未来产业，存续期长、 不追求短期回报。同时前瞻布局6G、具身智能、脑机接口等，建平台、推场景，让未来产业从"实验 室"快速走向"生产线"。 我们已经享受了几十年的传统产业红利，未来产业也不是遥不可及的概念，而是正在落地的现实。传统 产业不会消失，只会被未来技术重构；当然未来产业也不是一句口号就能实现的，需要我们一步一个脚 印去培育。 熬过这段新旧交替的日子，下一个增长周期，属于那些敢于布局未来、拥抱变革的人。但愿我们每个 人，都会在这场产业变革中找到自己的位置。 而我们广东作为经济第一大省，优势是实打实的。 第一，产业底盘厚。2025年规上工业营收超19万亿，连续37年GDP全国第一。工业机器人产量占全国 44%，新能源汽车占全国1/4，AI核心产业规模破3000亿、占全国1/4。传统制造+新兴产业的完整生 态，能给未来产业提供最肥沃的转化土壤。 第二，创新能力强。区域创新能力九连冠，122个大模型通过国家备案，430余个行业模型落地，AI专 精特新"小巨人"147家，全国第一。从芯片设计到终端制造，从算法到算力，全链条布局，技术 ...

Market Performance - The A-share market showed weakness today, with the Shanghai Composite Index falling by 2.5% [1][5] - Major indices experienced declines, including the CSI 300 down 2.1%, the STAR 50 down 3.9%, and the ChiNext Index down 2.5% [1][5] - The trading volume today was 2.6 trillion yuan, a decrease of approximately 0.26 trillion yuan compared to the previous trading day [1][5] External Factors - The adjustment in the A-share market is primarily attributed to increased external uncertainties, including the nomination of Kevin Walsh as the next Federal Reserve Chairman, which has affected expectations for U.S. monetary policy [2][6] - Global commodity prices have sharply declined, impacting market sentiment and risk appetite, with significant drops in gold and other commodities [2][6] Investment Strategy - The current market volatility presents opportunities for bottom-fishing, as the underlying positive factors such as ample liquidity and improving performance remain unchanged [3][7] - The market is expected to continue supporting Chinese assets in 2026, driven by the restructuring of international order and domestic industrial innovation trends [3][7] Sector Focus - Suggested areas for investment include: 1. Growth sectors such as AI technology, cloud computing, and innovative pharmaceuticals, which are entering a growth cycle [4][8] 2. Export-oriented sectors, particularly in home appliances, engineering machinery, and gaming, which are seen as stable growth opportunities [4][8] 3. Cyclical sectors like chemicals and renewable energy, which may benefit from improving supply-demand dynamics [4][8] 4. High-dividend stocks, which are attractive for long-term investors seeking stable cash flow [4][8]

建议逢低布局。本次波动与美联储主席提名引发的美宽松预期变化有关，但更主要的可能是此前大宗商 品价格过快上行，交易拥挤度较高，一旦预期变化将引发头寸集中抛售。并且该行认为凯文·沃什的决 策可能受到较多制约，美联储难以像市场担忧彻底转为鹰派，市场短期可能已经提前计入较多悲观预 期。A股当前资金面充裕、业绩改善、产业趋势催化等积极因素并未发生改变，该行认为短期波动已开 始提供逢低布局机会。中期而言，该行在此前研报中指出，国际秩序重构与我国产业创新趋势共振是推 动本轮市场上涨、中国资产重估的核心驱动力；全球货币秩序重构带来的格局转换和资金流动的力量， 或远大于一时、一国和一市场的基本面力量。该行认为，这两大条件未发生改变，2026年将继续支持中 国资产表现。 A股今日表现偏弱，上证指数下跌2.5%。2026年初A股市场在乐观预期、产业事件性催化、流动性相对 充裕等因素影响下延续上行趋势，但换手率过高、情绪偏热后，市场自1月13日震荡调整。今日A股市 场主要指数普跌，上证指数跌2.5%，沪深300跌2.1%，偏成长风格的科创50和创业板指分别跌3.9%、 2.5%，中证红利跌3.1%。成交层面，今日成交额2.6万亿元， ...

39262亿元研发经费、2.8%投入强度，国家统计局近日公布的2025年数据，标注出中国科技发展的新里 程碑——研发经费总量稳居世界第二，研发投入强度首次超越OECD国家平均水平。这3.9万亿元的硬核 投入，展现了中国坚持创新驱动的战略定力，更是中国从科技大国迈向科技强国的坚实底气。 研发投入的持续攀升，是政策引领、市场驱动、主体发力同频共振的必然结果。 顶层设计为科技创新筑牢制度基石。从基础研究十年行动方案落地，到研发费用加计扣除等财税政策加 码，再到加快构建科技金融体制，国家以系统性举措为科技创新赋能，高水平科技自立自强成为我国现 代化建设的战略支撑。 新质生产力培育步伐加快。我国在人工智能、量子计算、新能源等领域实现关键突破，部分技术达到国 际领先水平。2025年，人工智能企业数量超过6000家，核心产业规模预计突破1.2万亿元。 企业创新主体地位持续强化。企业早已成为我国研发投入的主体，经费投入比重超过77%。570余家工 业企业跻身全球研发投入2500强，产学研协同创新机制不断完善，新型举国体制优势与市场机制优势结 合，汇聚成全社会加码研发的磅礴合力。 巨额研发投入，正推动中国科技创新从量的积累走向 ...

Core Insights - The article discusses the strategic goals set by Linyi City for the next five years, aiming to become a "provincial regional sub-center" and a "trillion-yuan city" by focusing on key industries, private economy, and technological innovation [1][11]. Group 1: Industrial Development - Linyi has identified 13 key industrial chains that will reshape its industrial landscape, including high-end stainless steel, advanced special steel, and green agricultural processing [3][4]. - The contribution rate of these key industrial chains to the growth of industrial output value has reached 93.3%, with high-end stainless steel and advanced special steel becoming significant growth drivers [4]. - Despite recent industrial growth, Linyi's total industrial output remains in the middle tier within the province, indicating a need for further transformation and cluster effect enhancement [3][4]. Group 2: Private Economy - The private sector plays a crucial role in Linyi's economy, with 1 in 7 residents being a private business owner, contributing over 90% of the city's revenue and industrial tax [5]. - Linyi ranks 25th in China's vibrant private economy cities, with a net inflow of private enterprises maintaining high growth for five consecutive years [5]. - The local government emphasizes the importance of creating a favorable business environment to support the growth of private enterprises [5][6]. Group 3: Technological Innovation - Linyi is prioritizing technological innovation as a key driver for development, with initiatives like the "Artificial Intelligence+" action plan aimed at integrating technology with industry [7][8]. - The city plans to establish a research institute system to enhance the integration of research and industrial chains, focusing on fostering innovation among enterprises [8]. - The government aims to enhance the city's innovation capabilities and accelerate the transformation of technological achievements into practical applications [7][8]. Group 4: Internationalization of Commerce - Linyi's marketplace has evolved into a modern trade and logistics hub, with plans to enhance its international commercial presence [9][10]. - In 2025, Linyi established 30 new overseas warehouses and organized numerous trade activities, achieving significant growth in cross-border e-commerce exports [9]. - The city is working on a systematic approach to address challenges in international trade, including enhancing local production and creating a global supply chain network [10]. Group 5: Focus on Livelihood Improvement - The overarching goal of Linyi's development strategy is to improve the quality of life for its residents, with a commitment to maintaining high public spending on social welfare [12]. - Specific targets include job creation, social security enhancements, and educational improvements, reflecting a clear trajectory towards better living standards [12]. - The city's development plans are designed to ensure that economic growth translates into tangible benefits for the local population [12].

Group 1 - The core viewpoint emphasizes the importance of technological innovation as a foundation for national strength and corporate success, highlighting recent breakthroughs in various technological fields in China [1] - The article outlines significant achievements in China's technological advancements during the "14th Five-Year Plan" period, including the operation of the "Tianhe" space station and the success of the "Chang'e 6" lunar mission [1] - It stresses the need for continuous reform in the technology system and the importance of integrating innovation with industry to enhance productivity and address existing challenges [2] Group 2 - The article discusses China's global technological cooperation, mentioning partnerships with over 160 countries and initiatives aimed at promoting international scientific collaboration [3] - It highlights the role of Chinese technology in improving infrastructure and operational efficiency in various regions, such as Brazil, South Africa, and Singapore [3] - The future outlook suggests that with the implementation of innovation policies and an optimized environment, China's path in technological innovation will lead to significant contributions to high-quality development [4]