本报讯(记者舒娅疆)12月30日，成都盟升电子技术股份有限公司(以下简称"盟升电子")披露公告称，该 公司与四川能投发展股份有限公司(以下简称"四川能投发展")本着"自愿、公平、合作、创新、共赢"的 原则，正式签署《战略合作协议》。双方将聚焦电力通信、物联网、数据智能等核心领域，开启资源互 补、技术协同、资本联动的全新发展篇章。 四川能投发展作为深耕电力行业的龙头企业，拥有丰富的电网资源、项目经验及市场渠道，而盟升电子 具备领先的技术研发与产品落地能力，双方的携手将实现"技术+资源"的强强联合，重点开展虚拟电厂 领域业务合作，联合推进V2G技术商业化应用试点等项目落地，为双方长远发展注入持续动力。同时， 双方将积极探索资本层面深度合作路径，助力实现业务与资本的良性互动、协同发展及价值提升。 分析人士认为，此次战略合作的签署，不仅是盟升电子业务布局的重要落子，更彰显了该公司长远发展 的核心竞争力，随着合作项目的逐步落地，盟升电子将开拓新的收入增长点，突破单一业务局限，成长 潜力进一步释放。 盟升电子相关负责人表示，未来，该公司将以技术为纽带，以生态为依托，逐步构建多行业、多场景的 协同新发展格局，抗风险能力与可 ...

Report Industry Investment Rating - Stock index: Bullish [6] Core View of the Report - The report is cautiously optimistic about China's macro - economy in 2026 but positive about the A - share market. It predicts that the A - share market will shift from valuation - driven to a mode of both valuation and profit contribution, with an expected annual index increase of about 10%. The long - term bull market in A - shares may continue throughout the "14th Five - Year Plan" period [4][103]. Summary by Directory 1. 2025 Year Review: A Feast of Equities - In 2025, it was a feast for equity assets globally. Global stock markets generally rose, supported by three common factors: global fiscal and monetary "double - easing", the AI industry trend, and the "de - dollarization" narrative [16]. - In China's A - share market, it showed a diverse and hot state. Most indices rose by over 20%, with micro - cap stocks performing best. The significant difference in performance between micro - cap stocks and blue - chip weight indices was mainly due to institutional behavior and capital attributes [24]. 2. 2026 Domestic Macroeconomic Outlook: Moderate Recovery and Deepening Differentiation 2.1 Exports: Room for Surplus Remains, and Resilience Continues in 2026 - In 2025, China's exports grew strongly, with a trade surplus reaching a record high. The market has debated the balance of the trade surplus, but China's trade surplus/GDP still has room to expand [30][31]. - In 2026, although global demand may slow down, China's active economic and trade policies and the certainty of Chinese enterprises going global will support exports. The export growth rate is predicted to be around 3 - 4% [42]. 2.2 Real Estate: In the Stock Era with Moderate Policies, It May Still Decline in 2026 - The real estate industry has entered the stock era, with the housing supply approaching saturation. It still has a strong financial attribute, and the pessimistic market expectations may lead to a continued decline in 2026 [43][45]. - The continuous adjustment of the real estate industry will affect residents' wealth and total demand, putting pressure on domestic demand [50]. 2.3 Fiscal Policy: Small - scale Total Growth and Possible Structural Re - equilibrium - In 2025, China's fiscal policy was more active, with an increased deficit rate and special bonds. The fiscal expenditure structure shifted towards people - oriented investment, weakening investment in infrastructure [56][58]. - In 2026, the fiscal policy will maintain an active tone but with limited expansion. The structure may be re - balanced, and the pace will be front - loaded, with obvious guidance on industrial policies [62]. 2.4 Monetary Policy: Limited Easing Space, More Focus on Flexibility and Precision - In 2025, the central bank's monetary easing had limited impact on credit expansion. Constrained by factors such as low corporate returns and high mortgage rates, the central bank's further interest rate cuts are restricted [63]. - In 2026, the central bank will maintain a loose policy, use various policy tools more flexibly, and support industrial upgrading and domestic demand expansion [69]. 2.5 Inflation: The Contradiction between Capacity Reduction and Capacity Increase - In 2026, China's industrial production capacity is still in a state of over - supply. The "anti - involution" policy aims to reduce capacity, but it faces challenges in implementation [71][73]. - At the same time, new fixed - asset investments will increase production capacity. On the consumer side, the expansion of service consumption will support CPI. It is predicted that PPI will recover to around - 1% and CPI to around 0.8% [74][81]. 3. 2026 Stock Index Outlook: The Long - term Bull Market Continues - The current A - share market valuation is not low, and the space for further valuation expansion in 2026 is limited, with the target P/E ratio estimated to be between 20 - 24x [96]. - It is predicted that the profit growth rates of the entire A - share market, non - financial stocks, and financial stocks in 2026 will be 4.5%, 8.4%, and 1.0% respectively, showing an N - shaped trend throughout the year [100]. - In terms of capital preferences, technology stocks and blue - chip growth stocks are expected to outperform in 2026 [102]. 4. Investment Advice: Continue to Hold the Long - Position Strategy for Stock Indices - Be cautiously optimistic about China's macro - economy in 2026 but positive about the A - share market. The long - term bull market in A - shares will continue, and the long - position strategy is recommended [4][103]. - Favor the CSI 1000 Index Futures (IM) with a high proportion of technology stocks and the SSE 50 Index Futures (IF) with more blue - chip stocks. The performance of the CSI 500 Index Futures (IC) may be weaker in 2026 [105].

Group 1 - The article emphasizes the importance of a new type of national system to enhance China's technological self-reliance and innovation capabilities in key areas such as integrated circuits, advanced materials, and biomanufacturing [10][11][12] - The new system aims to integrate government leadership with market mechanisms, ensuring that scientific research aligns with national strategic goals while fostering a collaborative environment for scientists [11][12][13] - The space science pilot project, initiated in 2011, is highlighted as a successful example of this system, demonstrating effective management and collaboration in satellite design, launch, and scientific output [12][14] Group 2 - The article discusses the role of private enterprises, such as Jiangsu Shentong Valve Co., in national projects like the "Hualong One" nuclear power project, showcasing how the new system facilitates collaboration between academia, industry, and government [15][16] - The successful development of critical components for the "Hualong One" project illustrates the importance of coordinated efforts and resource sharing among various stakeholders in achieving technological breakthroughs [16][17] - The article stresses the need for private companies to align their development with national strategies to contribute to technological advancements and modernization [15][17] Group 3 - The article outlines the necessity of combining effective market mechanisms with proactive government involvement to support the development of a robust aerospace industry in China [17][18] - It highlights the historical achievements of China's aerospace sector and the need for continued innovation and collaboration to maintain competitiveness in the global arena [18][19] - The article calls for a new innovation development model that integrates national guidance, local initiatives, and market leadership to foster high-quality growth in emerging industries [18][19] Group 4 - The article emphasizes the significance of aligning scientific research with national needs, particularly in the context of developing core technologies like ion membrane technology [20][21] - It discusses the successful establishment of production lines for ion membranes, demonstrating the effective integration of research and industry to meet domestic and international demands [20][21] - The article points out that advancements in high-end ion membranes will be crucial for future international competition in clean energy and storage technologies [21][22] Group 5 - The article advocates for a comprehensive approach to technology finance, emphasizing the need for investment in knowledge value alongside traditional financial metrics [22][23] - It highlights the role of venture capital and government funds in supporting high-tech startups and ensuring that financial resources are directed towards strategic industries [23][24] - The article calls for improved connections between primary and secondary markets to facilitate funding for technology innovation and create a sustainable ecosystem for growth [23][24]

二、回拨机制实施、发行结构及网上发行最终中签率 根据《北京昂瑞微（688790）电子技术股份有限公司首次公开发行股票并在科创板上市发行公告》公布 的回拨机制，由于本次网上发行初步有效申购倍数约为4,349.26倍，超过100倍，发行人和主承销商决定 启动回拨机制，对网下、网上发行的规模进行调节，将扣除最终战略配售部分后本次公开发行股票数量 的10%(向上取整至500股的整数倍，即199.1000万股)股票从网下回拨到网上。 回拨机制启动后，网下最终发行数量为1,393.4338万股，占扣除最终战略配售数量后发行总量的 70.00%；网上最终发行数量为597.2000万股，占扣除最终战略配售数量后发行总量的30.00%。回拨机制 启动后，网上发行最终中签率为0.03449153%。 一、网上申购情况及网上发行初步中签率 根据上交所提供的数据，本次网上发行有效申购户数为5,129,179户，有效申购数量为17,314,396,500 股，网上发行初步中签率为0.02299243%。配号总数为34,628,793个，号码范围为100,000,000,000— 100,034,628,792。 ...

Core Insights - Cambridge University's Cavendish Laboratory has developed a new technology utilizing "molecular antennas" to power insulating nanoparticles, achieving electroluminescence for the first time and creating ultra-pure near-infrared light-emitting diodes (LEDs) [1][2] - The research focuses on lanthanide-doped nanoparticles, which emit highly pure and stable light, particularly in the second near-infrared wavelength range, offering significant application potential [1] - The breakthrough involves grafting 9-anthracene carboxylic acid organic molecules onto the nanoparticle surface, allowing for energy transfer to the lanthanide ions with over 98% efficiency, enabling the creation of "LnLEDs" that can be powered at approximately 5 volts [1] Application Potential - The LnLEDs can provide highly pure and precise light, advantageous for biomedical imaging and optical communication, with potential applications in deep tissue imaging, cancer detection, and real-time organ function monitoring [2] - The ultra-narrow spectral linewidth of the emitted light is expected to facilitate faster and clearer data transmission in optical communication, reducing signal interference [2] - These nanoparticles may also be utilized in developing highly sensitive chemical or biological marker detection devices [2]

Core Insights - The Xinjiang Listed Companies Association organized a learning exchange activity in Shanghai for 27 listed companies and related institutions, focusing on "benchmarking advanced practices and empowering enhancement" [1][2] - The event included training on regulatory policies from the Shanghai Stock Exchange, emphasizing compliance in daily operations, information disclosure, and capital operations [1] - Participants visited four benchmark companies in Shanghai to learn about their advanced experiences in technology innovation, industry operations, corporate governance, and ESG practices [2] Group 1 - The activity aimed to build an efficient learning and cooperation bridge for Xinjiang listed companies [1] - The training provided insights into compliance management and risk prevention, highlighting common issues in information disclosure and regulatory processes [1] - The event facilitated a platform for collaboration between Xinjiang enterprises and Shanghai resources, enhancing awareness of collaborative benchmarking [2] Group 2 - The association plans to continue organizing various learning exchange activities to meet enterprise development needs and promote healthy development in the Xinjiang capital market [2] - The initiative aims to deepen understanding of industrial upgrades, technological innovation, and capital operations [2] - The event strengthened the foundation for high-quality development of Xinjiang listed companies through enhanced capabilities and resource integration [2]

Group 1: Flexible Electronics Technology Conference - The sixth International Flexible Electronics Technology Conference was held in Jiaxing, Zhejiang, attracting over 400 researchers and industry experts from China, the United States, Germany, and other regions to share cutting-edge results and discuss industry progress [1] - The conference was organized by Tsinghua University's National Key Laboratory of Flexible Electronics Technology and the Zhejiang Tsinghua Flexible Electronics Technology Research Institute [1] - The Zhejiang Tsinghua Flexible Electronics Technology Research Institute launched a pilot platform for the manufacturing of flexible integrated devices, which is open to global collaboration, providing process cooperation, pilot incubation, and solution services for enterprises, universities, and research institutions [1] Group 2: Longxin Architecture Computers in Education - Longxin Zhongke Co., Ltd. reported that over 100,000 fully autonomous computers based on the "Longxin architecture" have been applied in primary and secondary school information technology education [2] - Significant deployments have occurred in provinces such as Zhejiang, Henan, and Shanxi, with large-scale implementations reaching thousands of units and pilot programs covering nearly a thousand primary and secondary schools [2] - The "Longxin architecture," introduced in 2020, is China's first fully autonomous CPU instruction system, and its software ecosystem has been rapidly developing, supported by educational innovation collaboration plans and comprehensive training solutions [2]

Group 1 - The core viewpoint emphasizes that standardization is crucial for promoting new industrialization and building a modern industrial system, with a focus on four key areas for future efforts [1] - The Ministry of Industry and Information Technology will coordinate standardization work, enhance the synergy between standards and development strategies, industry chains, and technology [1] - There will be a focus on industry demand to accelerate the supply of advanced applicable standards and construct a standard system that aligns with industrial development [1] Group 2 - The forum released the "Tongdao" standard model version 2.0, which has improved data resources, processing capabilities, and product applications, expanding the data types from standard texts to diverse content including scientific literature and intellectual property [3] - The lithium battery carbon footprint background database version 3.0 was also launched, utilizing artificial intelligence to provide authoritative data support for accurately quantifying the carbon footprint throughout the lithium battery lifecycle [3] - The forum was co-hosted by the China Electronics Technology Standardization Institute and other relevant parties, themed "Standards Lead New Paths, Intelligence Shapes the Future" [3]

Group 1 - The first trading day of the 8th China International Import Expo saw Suzhou enterprises achieve a total transaction amount of 170 million USD, indicating a strong momentum in expanding international supply chains and promoting industrial upgrades [1] - Suzhou Jialai Import and Export Trade Co., Ltd. signed a procurement agreement worth 30 million USD with New Zealand's Fonterra, marking the first signed order for Suzhou at this year's expo [1] - Suzhou Huadong Food Co., Ltd. collaborated with JD Fresh and Cargill to complete a beef procurement agreement valued at 50 million USD, enhancing cooperation with existing partners and expanding their network [1] Group 2 - Suzhou Shiyuan Electronic Technology Co., Ltd. reached a chip procurement agreement totaling approximately 40 million USD through the expo, aimed at developing products for AI education and industrial control [2] - The Suzhou trading delegation plans to continue leveraging the expo platform for precise procurement and investment matching, further expanding international cooperation and promoting high-quality industrial development [2]

Core Insights - The article discusses the challenges faced by the Bao'an district in Shenzhen regarding land scarcity and the need for industrial upgrades, highlighting the importance of space for business growth and development [2] Group 1: Company Challenges - Meilaiya, a medical beauty equipment company, faced significant operational constraints due to limited space, which led to lost orders and hindered R&D progress [3][5] - The company struggled with a lack of suitable facilities, which delayed the development of new products and caused missed opportunities in technology advancements [5][6] Group 2: Government Intervention - Bao'an's local government, through proactive engagement, identified Meilaiya's space issues and facilitated a move to a new facility that met their operational needs [6][8] - The government provided a long-term lease agreement until 2030, which alleviated Meilaiya's concerns about stability and allowed for expansion [6][9] Group 3: Economic Impact - Following the move, Meilaiya doubled its production capacity and secured a significant contract to supply 300,000 units annually to a Middle Eastern client, showcasing the positive impact of the new facility [6][9] - The article also highlights the case of Shenzhen Xinhua Feng Electronics, which faced similar challenges of high rent and limited space, leading to a government-assisted relocation that improved operational efficiency [11][12] Group 4: Strategic Development - Bao'an district is implementing a systematic approach to address the needs of high-growth companies by providing tailored industrial spaces and long-term stability, which is crucial for their development [22][23] - The district aims to create a competitive industrial ecosystem by attracting businesses and facilitating collaboration among them, thereby enhancing overall regional economic strength [21][22]