月度分析报告·综述 EPMI 新兴产业综述报告 202602 首次 9 天假，订单较强库存新低 2026 年 2 月 25 日 月度分析报告 数据概况 中采咨询、科技部中国科学技术发展战略研究院联合发布，2 月份 中国战略性新兴产业采购经理指数（Emerging Industries PMI）为 44.6， 比上月回落 5.4 个百分点。 数据点评 中采咨询于颖认为："2026 年 2 月，新兴产业 EPMI 回落至 44.6%， 环比值与往年春节月份持平。今年春节假期落在 2 月中下旬，打乱了调 研时间表，且今年 9 天春节长假历史首次，因此本月因生产很少导致 PMI 读数较低很正常，且分项反映产业韧性较强。从三个月与两个月均 值看，EPMI 都不弱于历史可比的同期，而新订单的环比值高于历史可 比同期。本月，生产量、产品订货分别回落至 38.9%和 42.8%；产需比 大幅收窄至-3.9，当然这是因生产大幅减少而导致，但同时可看出订单 不弱；再观察现有订货 34.3%，需求端虽强于生产端，但也同步受到大 幅压制；出口订单继续回落 8.1 个百分点至 36.6%，回落幅度高于新订 中采咨询版权所有，数据分析有 ...

Core Viewpoint - The South Korean government has set a 2.0% economic growth target for 2023 as part of its "2026 Economic Growth Strategy," focusing on strategic industries like semiconductors, defense, and biotechnology [1] Group 1: Economic Growth Strategy - The strategy aims to lay the foundation for a rebound in potential growth rates by supporting key industries and introducing tax incentives for personal comprehensive asset management accounts (ISA) [1] - A national sovereign fund will be established with an initial capital of approximately 20 trillion KRW to promote investment and innovation [1] Group 2: Growth Drivers and Concerns - The growth drivers identified include expanded exports, improved consumption, and a recovery in construction investment [1] - Experts express concerns over the economy's heavy reliance on the semiconductor cycle, warning that a slowdown in AI investment could prematurely end the semiconductor supercycle, leaving growth unsupported [1] Group 3: Structural Challenges - There are challenges in translating favorable export conditions into domestic demand, and the recovery in construction investment may face uncertainties in a high exchange rate environment [1] - Some scholars warn that the current national strategic industries are predominantly led by large enterprises, indicating a lack of effective "inclusive growth" methodologies [1]

Core Insights - Yunnan Province has released an investment opportunity list aimed at attracting private capital, highlighting its comparative advantages across six major areas and 28 key sectors [1][2] Group 1: Comparative Advantages - The comparative advantage list includes resources, location, ecology, climate, culture, and industry, providing a detailed overview of investment opportunities in each area [1] - Key resource advantages include sectors such as phosphorus, non-ferrous metals, rare metals, green energy, flowers, tea, coffee, and rubber, with opportunities in green mining construction and advanced manufacturing [1] - Location advantages focus on infrastructure like the China-Laos Railway, open platforms, ports, and logistics [1] - Ecological advantages emphasize highland specialty agriculture and forest economy [1] - Climate advantages support cultural tourism and health-related travel [1] - Cultural advantages highlight heritage and natural resources [1] - Industrial advantages cover green aluminum, biomedicine, and new materials, with investment opportunities in cross-border logistics and traditional village tourism upgrades [1] Group 2: Application Scenarios - The application scenario cultivation and opening list includes two aspects: demand opening and capability cultivation, translating industry trends into market opportunities [2] - The demand opening list covers ten fields, including emergency management and digital economy, providing 15 specific demand scenarios with details on needs and contact information [2] - The capability cultivation list features 35 items across various sectors, including modern agriculture and clean energy, aimed at enhancing technological capabilities [2] Group 3: Project Promotion - The project promotion list targets 11 key sectors, including industry, energy, and social affairs, with a total of 343 projects and an estimated total investment of 223.117 billion [2] - Yunnan Province is actively promoting private enterprise and investment through various channels, including online platforms and investment activities [2]

Group 1 - The concept of "future industries" has gained significant attention in 2026, with a focus on development and strategic planning at various governmental levels [1][3] - Future industries are defined as emerging sectors driven by cutting-edge technologies, currently in the early stages of development, characterized by strategic significance and potential for disruption [2][3] - The "14th Five-Year Plan" emphasizes the importance of forward-looking layouts for future industries, aiming to explore diverse technological routes and typical application scenarios [2][3] Group 2 - China's future industry development is transitioning from technology catch-up to proactive layout, with a mix of leading, parallel, and following positions across different sectors [4][5] - Key regions like Beijing, Guangdong, and Jiangsu are making strides in future industries, with specific focuses on quantum technology, biomanufacturing, and 6G communications [12][14] - Shanghai and Anhui are highlighted as leaders in future industry development, with Shanghai leveraging its comprehensive advantages and Anhui focusing on quantum technology and fusion energy [5][8] Group 3 - Shanghai's strategic initiatives include a dynamic cultivation system for future industries, supported by a fund of approximately 15 billion yuan, aimed at reducing costs and accelerating product commercialization [7][10] - Anhui has established a robust ecosystem for quantum technology and fusion energy, with a significant concentration of enterprises and research institutions [9][11] - The development of future industries is not limited to coastal regions, as demonstrated by Anhui's success in quantum technology and its plans for commercializing fusion energy [8][10] Group 4 - Local governments are encouraged to create open and inclusive innovation ecosystems to support the growth of future industries, emphasizing the importance of regional characteristics and market orientation [17][18] - The national government is implementing major strategic projects and increasing investment in future industries to foster a competitive environment across regions [15][16] - Future industries are expected to thrive through proactive planning, localized development strategies, and supportive policy measures [18]

Group 1 - The core index of the biotechnology sector, the Biotechnology Index (970038), closed at 2197.03 points, reflecting a 0.91% increase with a trading volume of 21.69 billion and a turnover rate of 2.07% [1] - Among the constituent stocks of the Biotechnology Index, 40 stocks experienced an increase, with Shutai Shen leading the gain at 4.14%, while 10 stocks saw a decline, with Deep Technology leading the drop at 5.09% [1] Group 2 - In terms of capital flow, the Biotechnology Index's constituent stocks experienced a net outflow of 352 million from major funds, while retail funds saw a net outflow of 11.73 million [2] - Conversely, there was a net inflow of 364 million from speculative funds into the Biotechnology Index [2]

Core Insights - Strategic emerging industries are key for enterprises to explore new business growth points and cultivate new productive forces. Central enterprises have been actively transforming and upgrading their industries through initiatives like "Industry Renewal" and "Future Navigation," expanding into emerging fields and accelerating their layout in new tracks. By 2024, the revenue share of strategic emerging industries for central enterprises is approaching 30% [1][15]. Group 1: Overview of Central Enterprises' Strategic Emerging Industries - Central enterprises' A-share listed companies are becoming core drivers for the development of strategic emerging businesses, leveraging their capital platform advantages [1][15]. - A total of 402 central enterprises' A-share listed companies were analyzed, with 64% involved in strategic emerging industries, indicating a significant engagement in these sectors [30]. - The distribution of these enterprises is concentrated in new generation information technology, new materials, high-end equipment manufacturing, and renewable energy sectors [30][25]. Group 2: Industry Analysis and Performance - Nearly 80% of strategic emerging enterprises are found in new generation information technology, new materials, high-end equipment manufacturing, and renewable energy sectors, with significant profitability in these areas [25][28]. - The research indicates that central enterprises in strategic emerging industries contribute 26% of total revenue and 3% of total profit, with new generation information technology and renewable energy showing strong performance [38][39]. - The return on equity (ROE) for sectors like renewable energy (7.53%), marine equipment (5.76%), and new energy vehicles (5.04%) is above the average level of central enterprises (3.33%) [43][44]. Group 3: Strategic Insights and Recommendations - The report aims to provide practical references and thought support for state-owned enterprises in their layout within strategic emerging industries, focusing on the dynamic evolution, mechanisms, and path choices of different industry enterprises [1][15]. - The analysis includes a systematic extraction of strategic positioning, business layout models, and implementation paths, offering methodologies and practical tools for state-owned enterprises to identify opportunities and optimize strategies [18][23].

Group 1: New Economy Overview - The "new economy" is characterized by information technology and globalization, driven by technological and institutional innovations, representing a profound transformation in economic structure and development methods[2] - In 2024, the value added of the "three new" economies (new industries, new business formats, new models) is projected to reach 24.29 trillion yuan, accounting for 18.01% of GDP, an increase of 0.43 percentage points from the previous year[10] - The third industry constitutes 54.7% of the "three new" economy, highlighting the active role of the new economy in the service sector[10] Group 2: Industrial Sector Insights - The report constructs a monitoring system for the industrial sector's economic climate, focusing on key areas such as new energy, new materials, and aerospace[2] - The industrial sector's economic climate is stabilizing and entering a new cycle, with the manufacturing PMI showing recovery trends since 2020, particularly in high-tech industries[2] - Key industries are experiencing differentiated growth, with the communication equipment sector rebounding strongly, while the computer and home appliance sectors are still seeking a bottom[2] Group 3: Risk Factors - Potential risks include fluctuations in domestic and international economic cycles, adjustments in industrial policies, and geopolitical risks[2]

Core Insights - The report highlights that 64% of the 402 central enterprise-controlled A-share listed companies are involved in strategic emerging industries, with a significant concentration in new generation information technology, new materials, and high-end equipment manufacturing [1][31] - The analysis reveals that while profitability is strong in new generation information technology and renewable energy sectors, there is a notable lack of investment in critical areas such as industrial mother machines and chips [1][28] - The report identifies four business layout models for emerging industries, emphasizing the need for dynamic adjustment of strategies based on project phases [2][25] Group 1: Industry Overview - 64% of central enterprise-controlled A-share listed companies are engaged in strategic emerging industries, indicating a proactive approach to developing new business areas [1][31] - Nearly 80% of these companies are concentrated in five key sectors: new generation information technology, new materials, high-end equipment manufacturing, renewable energy, and biotechnology [1][31] - The report notes that while service industries like information transmission and manufacturing are actively transitioning to "new" models, the integration of productive services is lagging [1][34] Group 2: Profitability and Investment - New generation information technology, renewable energy, and new materials show strong profitability, with return on equity (ROE) in marine equipment exceeding the average level [1][40] - The report states that strategic emerging industry enterprises have a higher research and development (R&D) investment intensity compared to traditional industries, particularly in new generation information technology and aerospace [1][50] - The average ROE for central enterprise-controlled A-share listed companies is 3.33%, with sectors like renewable energy and marine equipment showing higher ROE [1][45] Group 3: Business Layout Models - The report outlines four business layout models: main business extension, establishment of new platforms, equity cooperation, and fund investment, each with its own advantages and challenges [2][25] - The main business extension model relies on existing strengths but lacks flexibility, while the new platform model encourages innovation but faces management challenges [2][25] - The equity cooperation model allows for rapid shortfall supplementation but presents integration difficulties, whereas the fund investment model diversifies risk but has weaker control [2][25] Group 4: Strategic Recommendations - The report suggests establishing a full-cycle evaluation and diagnosis mechanism for strategic emerging industries to enable dynamic decision-making [2][25] - It recommends implementing a "one enterprise, one policy" approach to adapt strategy tools in phases and optimizing resource allocation to support innovation and capital collaboration [2][25] - The need for a new type of production relationship that aligns with new quality productivity is emphasized to stimulate organizational vitality [2][25]

Group 1: China's Top Ten Scientific Advances of 2025 - The "artificial sun" EAST achieved a world record of "one billion degrees for a thousand seconds" [1] - DeepSeek company introduced a new AI technology in China [1] - The construction of a thorium molten salt reactor marks a breakthrough in China's nuclear energy technology [1] - A liver cancer prediction system was featured on the cover of "Nature" magazine, serving a global audience [1] - The "North Brain No. 1" completed its first batch of wireless full-body implants [1] - A novel innovative target and candidate new drug for Parkinson's disease was discovered [1] - The superconducting quantum computing prototype "Zu Chongzhi No. 3" was unveiled [1] - Chinese scientists successfully developed a new hydrogen production technology [1] - Significant breakthroughs were made in the protection technology of black soil in the "Black Soil Granary" campaign [1] - Chinese scientists achieved new advancements in 6G wireless communication [1] Group 2: World's Top Ten Scientific Advances of 2025 - Brain-machine interfaces enabled patients to express emotions through speech and song, translating thoughts into language in real-time [2] - An integrated chip system combining electronics, photonics, and quantum technology was developed [2] - The largest black hole merger event ever detected challenges existing black hole formation models [2] - Scientists discovered the highest energy neutrino to date, which is 20 times more energetic than previous detections [2] - The first visible "time crystal" was created [2] - Transgenic pig organ transplants set a record for survival time [2] - Ground-based telescopes detected signals from the universe dating back 13 billion years [2] - The largest cosmic map to date was published [2] - The most detailed brain "map" was created, describing numerous neurons and their activities [2] - "Deep Thinking" announced that its artificial intelligence test scores reached the level of an international mathematics Olympiad gold medal [2]

Group 1: Modern Industrial System Development - The core focus is on establishing a modern industrial system to support high-quality development, emphasizing advanced manufacturing as the backbone [1] - The strategy includes upgrading traditional industries towards high-end, intelligent, and green transformations during the "14th Five-Year Plan" period [1] - Key projects include enhancing the high-end chemical industry, food processing, and sports equipment manufacturing to create competitive industrial clusters [1] Group 2: Emerging Industry Cultivation - The plan aims to promote the scale and cluster development of emerging industries during the "14th Five-Year Plan" period [2] - Significant projects include the comprehensive layout of semiconductor industries and the establishment of national-level innovation platforms in the information technology sector [2] - The biopharmaceutical industry is targeted for growth, with support for major companies to create national strategic emerging industry clusters [2] Group 3: Future Industry Layout - A mechanism for increasing investment in future industries will be established, focusing on incubators and acceleration parks [3] - The hydrogen energy industry is highlighted, with plans to create a comprehensive industrial chain for fuel cells and related systems [3] - The artificial intelligence sector will see integration with various industries, supported by the development of AI equipment industrial parks and data centers [3]