报告显示，前沿科技赛道潜在独角兽企业占比超九成，近七成企业拥有授权发明专利。潜在独角兽企业 群体中前沿科技企业占比达91.5%，较2019年的56.4%大幅提升。近七成企业拥有授权发明专利，总量 1.3万件，企均PCT申请6件。 潜在独角兽企业集聚于芯片、创新药等赛道，其中芯片、创新药赛道企业数量排在前两位，均超百家。 具身智能、合成生物、氢能与核聚变、量子计算、脑机接口五大未来产业共集聚48家潜在独角兽企业。 日前，长城战略咨询发布了《GEI中国潜在独角兽企业研究报告2025》。报告显示，截至2024年底，中 国潜在独角兽企业总量达816家，其中新晋企业255家。我国潜在独角兽企业群体发展呈现出数量持续增 长、前沿科技主导、资本人才汇聚等鲜明特征。 潜在独角兽企业是独角兽企业的"后备军"。近6年来，我国潜在独角兽企业数量从296家增至816家，总 量增长约1.8倍，新晋企业每年保持在200家以上，累计入榜企业近1700家，形成了庞大且优质的科创企 业储备池。 报告显示，2024年有五成潜在独角兽企业（409家）新获得融资，总额近130亿美元，同比增长18.7%。 芯片、新型半导体、机器人、新能源汽车、新材料 ...

2025 年金融市场改革通过基准指引强化市场约束，推动基金从规模导 向转变为利益导向，ETF 追涨现象明显，IPO 节奏偏紧，减持处于低位， 明年关注高景气出口链、周期股和消费反转领域。 十五五，攻坚牛——2026 年度策略 20251217 摘要 中国经济在"十五"期间有望突破美国 GDP 的 70%，工业增加值已达 美国的 1.6 倍，得益于研发投入和工业体系建设，打破"日本化"叙事， 展示高质量发展基础。 美国面临债务加剧和财政赤字挑战，长期经济潜在增长率或仅为 1.2%，政府债务率上升引发对美债安全性的担忧，促使海外投资者减少 美债配置，央行增持黄金。 未来五年，中国投资机会集中在产业升级、科技创新和消费提升领域， 高比例研发投入和完整工业体系为应对外部技术封锁提供坚实基础。 中国将通过优化提升传统产业，培育量子科技、生物制造、氢能与核聚 变、脑机接口等新兴产业，并强化基础设施建设，以适应新的发展阶段 需求。 中国出口份额不断创新高，对美依赖度已降至 10%以下，通过多元化策 略保障出口韧性，贸易顺差持续扩大，竞争力显著增强。 为应对消费疲软，中国将提高居民消费率作为主要目标，优化"两新" 政策，加强 ...

Group 1: Economic and Industrial Development - The "15th Five-Year Plan" emphasizes the construction of a modern industrial system as a foundation for economic modernization, highlighting the importance of strengthening the real economy and core competitiveness in response to external changes [2][4]. - The plan identifies "4+6" strategic emerging and future industries, with four emerging industries (new energy, new materials, low-altitude economy, and aerospace) expected to become pillar industries, while six future industries (quantum technology, biomanufacturing, brain-computer interfaces, hydrogen energy and nuclear fusion, embodied intelligence, and sixth-generation mobile communication) are recognized for their potential growth [7][4]. - The plan aims to enhance traditional industries and foster new and future industries, positioning new quality productivity as a priority for development [4][7]. Group 2: Social and Employment Policies - The plan places significant emphasis on improving people's livelihoods, focusing on three high-quality aspects: full employment, high-quality real estate development, and high-quality population development [11][12]. - It aims to address employment issues by ensuring sufficient job opportunities while enhancing job quality and sustainability, directly impacting household income [11]. - The plan proposes comprehensive support for family planning and child-rearing, aiming to create a family-friendly society and alleviate the burdens of child-rearing, thereby enhancing overall happiness [12]. Group 3: Market and Regulatory Framework - The plan stresses the need to eliminate barriers to building a unified national market, providing clear guidance for market participants and enhancing the efficiency of market operations [13][16]. - It emphasizes the establishment of six foundational market institutions, including property rights protection and market access, to reduce transaction costs and uncertainties in the market [13][16]. - The plan aims to create a favorable market environment by regulating competition and ensuring fair practices among market entities [16].

Group 1 - The core idea of the article is the release of the "15th Five-Year Plan" which outlines the guiding principles for China's economic and social development for the next five years, emphasizing the modernization of the industrial system and the strengthening of the real economy [2][19]. - The "15th Five-Year Plan" prioritizes the construction of a modern industrial system as a crucial foundation for China's modernization, highlighting the need to enhance core competitiveness in the face of changing external environments [3][19]. - The plan identifies "4+6" strategic emerging and future industries, including four emerging industries (new energy, new materials, low-altitude economy, and aerospace) and six future industries (quantum technology, biomanufacturing, brain-computer interfaces, hydrogen energy and nuclear fusion, embodied intelligence, and sixth-generation mobile communication) as new growth points for the economy [8][9]. Group 2 - The plan emphasizes the importance of digital economy as a key driver for modern industrial systems, facilitating technological upgrades and structural optimization in the real economy [4]. - The "15th Five-Year Plan" outlines specific tasks to cultivate new productive forces, focusing on optimizing traditional industries and nurturing emerging and future industries, thereby establishing a clear direction for industrial development [5]. - The plan includes measures to support future industries, such as innovative regulatory approaches, venture capital development, and risk-sharing mechanisms to ensure effective funding and support for these high-risk sectors [9][12]. Group 3 - The plan places significant emphasis on improving people's livelihoods, with a focus on high-quality employment, real estate development, and population policies to address demographic challenges [12][13]. - It aims to enhance service consumption by expanding access and encouraging innovation in service sectors, thereby improving the quality of life for citizens [13]. - The plan stresses the need to eliminate barriers to building a unified national market, which is essential for fostering fair competition and enhancing market expectations [14][18].

Group 1 - The core message highlights the emergence of new growth engines in the Chinese economy, with significant opportunities in various sectors over the next five years [1][3] - The "new pillar industries" such as renewable energy, new materials, and aerospace are expected to form competitive industrial clusters, while the "low-altitude economy" is seen as a new growth point [3] - Future industries like quantum technology, biomanufacturing, hydrogen energy, nuclear fusion, brain-computer interfaces, and 6G are identified as key areas for national investment, potentially creating a scale equivalent to "rebuilding a high-tech industry in China" over the next decade [3] Group 2 - The marine economy in China has surpassed 10 trillion yuan, and the green low-carbon industry has reached approximately 11 trillion yuan, indicating a strong foundation for future growth [3] - The green low-carbon industry is projected to double in size during the "14th Five-Year Plan" period, reflecting a significant opportunity for investment and development [5] - Traditional industries are undergoing a transformation through technological upgrades, with an estimated market space of around 10 trillion yuan expected to be added in the next five years [5] Group 3 - Major investments in infrastructure, such as the construction and renovation of over 700,000 kilometers of underground pipelines, are anticipated to generate an investment demand exceeding 500 billion yuan [7] - The overall economic scale of China is projected to reach 140 trillion yuan this year, positioning the "14th Five-Year Plan" as a fertile ground for opportunities and growth [7]