智通财经APP获悉，中银国际发布研报称，风电方面，我国及欧洲海上风电需求起量带来桩基增量需 求，风机"反内卷"推动利润修复。光伏方面，2026年继续把握"反内卷"政策力度以及钙钛矿新技术的扩 产节奏。总体而言，我国发布136号文引导新能源电站进行电价市场化交易，新能源发展进入新阶段， 综合而言全球范围内虽然新能源短期装机需求不佳，但存在结构性机会，维持行业强于大市评级。 2024年以来光伏的板块性行情由政策驱动，2024年"反内卷"实施主要由行业协会主导，2025年中央及部 委层面发声频率显著提升。保守预计2026年我国及全球光伏装机规模存在负增长风险，且2025年光伏产 能尚未出现规模化退出，2026年光伏供需格局难言乐观。该行认为"反内卷"仍为2026年光伏主线，投资 方向包括政策/市场化背景下的光伏晶硅产业链各环节潜在的产能退出以及TOPCon/BC/钙钛矿等电池组 件提质增效，推动低效产能退出。 钙钛矿新技术有望重塑光伏制造竞争格局 光伏晶硅电池效率基本达到29.4%的理论效率极限，钙钛矿是光伏电池组件效率继续提升的可选方向。 钙钛矿组件在弱光条件下发电能力强，已有全面积效率超过20%的大尺寸组件下线 ...

Group 1 - The core viewpoint highlights the stable growth of R&D investment in China, exceeding 7% annually from 2021 to 2024, with significant achievements in innovation and technology [1][2] - The number of high-value invention patents per 10,000 people increased from 7.5 to 14, indicating a strong focus on innovation [1] - The added value of the core digital economy industry surpassed 10% of GDP for the first time, reflecting the growing importance of digital transformation [1] Group 2 - China's national comprehensive innovation capability ranking improved from 14th in 2020 to 10th in 2024, showcasing advancements in key technologies [1] - The number of R&D personnel rose from 7.553 million in 2020 to 10.797 million in 2024, maintaining the highest position globally [3] - The number of highly cited scientists in China reached 1,405 in 2024, a 50% increase from 2021, representing one-fifth of the global total [3] Group 3 - The country has seen continuous breakthroughs in critical core technologies, including space exploration missions like "Chang'e" and "Tianwen" [1] - The development of large-scale energy storage solutions, such as the world's first 100 MWh sodium-ion battery energy storage station, reflects China's commitment to high-quality development [2] - The production and sales of new energy vehicles have maintained the global lead for ten consecutive years, indicating a robust automotive sector [2]

Core Insights - The "14th Five-Year Plan" has led to significant growth in China's high-tech industries, with the added value of large-scale high-tech manufacturing increasing by 42% compared to the end of the "13th Five-Year Plan" [2] - The contribution of the "three new" economies to GDP has reached 18%, with emerging sectors like artificial intelligence and biotechnology becoming new growth points [2] Group 1: Traditional Industry Transformation - China is accelerating key technology breakthroughs in high-end equipment and advanced manufacturing, promoting the transformation of traditional industries towards high-end, intelligent, and green development [3] - The "Jinghua" super-large diameter shield machine has set a new record by tunneling 542 meters in a month, with a diameter exceeding 16 meters and no disturbance to surface buildings [3] - The "Dream" deep-sea drilling vessel, China's first independently designed and built deep-sea drilling ship, can reach depths of 11,000 meters, showcasing global technological leadership [3] - Artificial intelligence, IoT, and big data are revolutionizing factories, with China having the highest number of "lighthouse factories" globally, accounting for 40% of the total [3] Group 2: Emerging Industry Development - Continuous integration of technology and industry has led to significant breakthroughs in new-generation information technology and renewable energy, driving the growth of emerging industries [4] - Approximately 4.6 million 5G base stations have been built in China, leading the world in both technology and user numbers [4] - The cumulative sales of new energy vehicles in China have surpassed 40 million, maintaining the global lead for ten consecutive years, with 2024 sales projected to be 9.5 times that of 2020 [4] Group 3: Future Industry Foundations - China is proactively investing in cutting-edge fields such as artificial intelligence and brain-computer interfaces to gain a competitive edge in future industries [6] - Over 1,500 large models in artificial intelligence have been released, with many achieving advanced global standards and accuracy rates exceeding 95% [7] - Brain-computer interface technology has significantly improved the quality of life for patients, with domestic brain pacemakers now in use in 400 hospitals across eight countries [7] Group 4: Strategic Vision - The focus on technological innovation is seen as a core element in developing new productive forces and building a modern industrial system, which is crucial for overall economic development [7] - The achievements during the "14th Five-Year Plan" period highlight the importance of technological innovation in driving high-quality development [7] - Looking ahead to the "15th Five-Year Plan," the emphasis on integrating technological and industrial innovation is expected to continue fueling robust economic growth [7]

Core Insights - The "14th Five-Year Plan" has led to significant growth in China's high-tech industries, with the added value of high-tech manufacturing increasing by 42% compared to the end of the "13th Five-Year Plan" [1] - The contribution of the "three new" economies to GDP has reached 18%, highlighting the importance of technological innovation in driving economic growth [1] Group 1: Traditional Industry Transformation - China is accelerating key technology breakthroughs in high-end equipment and advanced manufacturing, promoting the transformation of traditional industries towards high-end, intelligent, and green development [2] - The "Jinghua" super-large diameter shield machine has set a new record by tunneling 542 meters in a month, with a diameter exceeding 16 meters and no disturbance to surface buildings [2] - The "Dream" deep-sea drilling vessel, China's first independently designed and built deep-sea drilling ship, can reach drilling depths of 11,000 meters, showcasing global technological leadership [2] - China leads the world with 40% of the global "lighthouse factories," which are factories recognized for their advanced manufacturing capabilities [2] Group 2: Emerging Industry Growth - Continuous integration of technology and industry has led to significant breakthroughs in new-generation information technology and renewable energy, driving the robust development of emerging industries [3] - Approximately 4.6 million 5G base stations have been built in China, leading the world in both technology and user numbers [3] - Cumulative sales of new energy vehicles in China have surpassed 40 million, maintaining the world's highest production and sales for ten consecutive years, with 2024 sales projected to be 9.5 times that of 2020 [3] Group 3: Future Industry Foundations - China is proactively investing in cutting-edge fields such as artificial intelligence and brain-computer interfaces to gain a competitive edge in future industries [5] - Over 1,500 large models in artificial intelligence have been released in China, the highest globally, with several achieving over 95% accuracy in benchmark applications [5] - Brain-computer interface technology has significantly improved the quality of life for patients, with domestic brain stimulators now in use in 400 hospitals across eight countries [5] - The strategic deployment of technological innovation is essential for developing a modern industrial system and enhancing the quality of economic growth [5]

Core Insights - The Chinese government is focusing on strengthening key core technology breakthroughs and their application during the 14th Five-Year Plan period, aiming to lead the development of new productivity through technological innovation [1] Group 1: Empowering Traditional Industries - China is accelerating key technology breakthroughs in high-end equipment and advanced manufacturing, promoting the transformation of traditional industries towards high-end, intelligent, and green development [3] - The "Jinghua" 16.07-meter ultra-large diameter shield machine has set a new record by tunneling 542 meters in a single month and has been successfully applied in projects without disturbing surface buildings [3] - The domestically designed and built "Dream" deep-sea drilling vessel has been officially commissioned, featuring an internationally leading drilling system with a maximum drilling depth of 11,000 meters [3] - The number of "lighthouse factories" in China, which utilize AI, IoT, and big data technologies, ranks first globally, accounting for over 40% of the total [3] - A large-scale application of a leading international large-scale open-pit mining robot transportation and unloading system has been achieved, with a total of 3,000 units deployed across individual mines [3] Group 2: Supporting Emerging Industries - China is deepening the integration of technology and industry innovation, achieving significant breakthroughs in new-generation information technology and renewable energy [4] - Approximately 4.6 million 5G base stations have been built in China, maintaining a global lead in technology and user numbers, facilitating digital upgrades across various industries [4] - The country has continuously broken world records for the efficiency of photovoltaic silicon batteries, with new installations of solar and wind power exceeding 100 million kilowatts for four consecutive years [4] - Cumulative sales of new energy vehicles in China have surpassed 40 million, maintaining the world's highest production and sales for ten consecutive years [4] Group 3: Laying the Foundation for Future Industries - China is proactively laying out advanced technologies such as artificial intelligence and brain-computer interfaces to create new advantages [5] - Multiple general-purpose large models in the AI field have emerged domestically, with some achieving accuracy rates exceeding 95%, creating over a hundred benchmark application scenarios [5] - Breakthroughs in humanoid robot technology, including multi-modal perception and brain-cerebellum models, are promoting the accelerated application of humanoid robots in automotive manufacturing, logistics, and power inspection [5] - Brain-computer interface technologies have enabled paraplegic patients to stand and walk, and have restored light perception in blind individuals [5]

9月18日，科技部部长阴和俊在国新办举行的"高质量完成'十四五'规划"系列主题新闻发布会上表 示，"十四五"期间，我们持续加强关键核心技术攻关和成果应用，以科技创新引领新质生产力发展，取 得积极成效。其中，在信息领域，我国已建成约460万个5G基站，技术和用户数保持全球领先，赋能千 行百业数字化升级发展。在新能源领域，持续打破光伏晶硅电池效率的世界纪录，光伏、风电新增装机 连续4年超过1亿千瓦；全国新能源汽车累计销售突破4000万辆，产销量连续10年保持全球第一。未来， 我们将继续以科技创新引领新质生产力发展，推动科技创新与产业创新深度融合，为高质量发展注入强 劲动能。 ...

Group 1 - The Chinese government is focusing on high-quality completion of the "14th Five-Year Plan" by strengthening key core technology breakthroughs and application of results through technological innovation [1] - The country has achieved significant progress in empowering traditional industries to upgrade through technological innovation, particularly in high-end equipment and advanced manufacturing sectors [3] - China leads globally in the number of "lighthouse factories," accounting for over 40% of the total, indicating a strong shift towards intelligent manufacturing [3] Group 2 - In the information sector, approximately 4.6 million 5G base stations have been established in China, showcasing the rapid development of telecommunications infrastructure [3] - The renewable energy sector has seen continuous growth, with new installations of photovoltaic and wind power exceeding 100 million kilowatts for four consecutive years, contributing to global carbon reduction goals [3] - Cumulative sales of new energy vehicles in China have surpassed 40 million, maintaining the world's highest production and sales volume for ten consecutive years [3] Group 3 - In the field of artificial intelligence, several domestic general models have reached international advanced levels, with some achieving accuracy rates exceeding 95% [5] - Breakthroughs in humanoid robotics and key technologies such as multi-modal perception and brain-cerebellum models have laid a solid foundation for the development of a trillion-dollar industry [5] - Brain-computer interface technology has shown promising results, helping paraplegic patients to stand and walk, and blind individuals to regain light perception, indicating advancements in health technology [5]

Group 1 - The core viewpoint is that during the "14th Five-Year Plan" period, China has continuously strengthened key core technology breakthroughs and application of results, leading to positive outcomes in technological innovation and new quality productivity development [1] Group 2 - Technological innovation is empowering the transformation and upgrading of traditional industries, with significant advancements in high-end equipment and advanced manufacturing sectors [5] - China has independently developed the "Jinghua" 16.07-meter ultra-large diameter shield machine and designed the first deep-sea drilling ship "Dream" [5] - The number of "lighthouse factories" in China ranks first globally, accounting for over 40% of the total [5] Group 3 - In the information sector, approximately 4.6 million 5G base stations have been established in China [5] - In the renewable energy sector, China has continuously broken world records for the efficiency of photovoltaic silicon batteries, with new installations of solar and wind power exceeding 100 million kilowatts for four consecutive years [5] - Cumulative sales of new energy vehicles in China have surpassed 40 million, maintaining the world's highest production and sales for ten consecutive years [5] Group 4 - China is proactively laying out frontier technologies such as artificial intelligence and brain-computer interfaces to create new advantages and open new tracks for future industries [5] Group 5 - In the field of artificial intelligence, multiple general models have emerged in China that reach international advanced levels, with some models achieving accuracy rates exceeding 95% [8] - Breakthroughs in humanoid robot technology and key technologies such as multi-modal perception and brain-cerebellum models have been achieved, laying a solid foundation for the development of a trillion-level industry [8] Group 6 - In the brain-computer interface field, advancements have enabled paraplegic patients to stand and walk, and blind individuals to regain light perception; domestically produced brain stimulators have achieved full commercialization, becoming a new driving force for high-quality development in population health [8]

Group 1 - Cumulative sales of new energy vehicles in China have surpassed 40 million units, maintaining the world's leading position for ten consecutive years in production and sales [2] - The International Renewable Energy Agency released its first comprehensive report on energy storage, with significant participation from Chinese companies [2] - As of August 2025, the total number of electric vehicle charging facilities in China reached 1,734.8 thousand, a year-on-year increase of 53.5% [3] Group 2 - China has developed the first prototype hydrogen negative ion battery, marking a significant advancement in battery technology [3] - A new international standard for oil and gas pipeline systems has been published, led by Chinese researchers [3] - A breakthrough in dual-atom catalyst research has been achieved, providing a new technical pathway for carbon dioxide reduction [4] Group 3 - The Sichuan government is offering substantial subsidies for energy storage projects, with maximum annual subsidies reaching 1 million yuan based on actual discharge [4] - The National Energy Administration is seeking public opinion on the implementation details of long-term electricity trading in Chongqing [5] - The State Grid has announced the ninth batch of renewable energy generation subsidy projects for 2025, with a total approved capacity of 437.47 megawatts [8]

Core Insights - The "14th Five-Year Plan" period is a milestone for China's technological innovation development, with significant improvements in innovation capabilities and foundational support for becoming a technology powerhouse [1][4]. R&D Investment and Achievements - By 2024, China's total R&D investment is expected to exceed 3.6 trillion yuan, a 48% increase from 2020, with an R&D intensity of 2.68%, surpassing the EU average [1]. - Basic research funding will reach 249.7 billion yuan in 2024, a growth of over 70% since 2020, with major breakthroughs in quantum technology, life sciences, material sciences, and space sciences [1]. Technological Advancements - The country has made significant strides in key technologies, particularly in high-end equipment and advanced manufacturing, facilitating the transformation of traditional industries towards high-end, intelligent, and green production [4]. - The "京华号" shield machine set a record of 542 meters of excavation in a month, and the "梦想" deep-sea drilling vessel can reach depths of 11,000 meters, showcasing advancements in high-end equipment [4]. Emerging Industries - China is fostering the growth of emerging industries through deep integration of technology and industry, achieving major breakthroughs in new-generation information technology and renewable energy [5]. - Approximately 4.6 million 5G base stations have been established, maintaining global leadership in technology and user numbers, which supports digital upgrades across various sectors [6]. Environmental and Agricultural Innovations - Efforts to improve air quality have led to an 18% reduction in PM2.5 concentration in the Beijing-Tianjin-Hebei region through precise pollution control measures [9]. - Advances in agricultural technology include the development of disease-resistant and drought-resistant crop varieties, enhancing food security and agricultural productivity [10]. Transportation and Healthcare Developments - The CR450 train can reach speeds of 400 km/h, and the C919 aircraft has received over 1,000 domestic and international orders, marking significant milestones in transportation technology [10]. - Innovations in healthcare include the development of a 5.0T MRI machine and a dual-antibody drug for cancer treatment, which have improved patient care and reduced costs [11].