岁末回望，星河璀璨。2025年，中国科技以"极限"为尺，丈量认知疆域。 我们不仅是凝视星空的梦想家，更是重构物质、对话幽灵粒子、破译生命密码的创造者。这一年，中国 智慧以一系列原创性、颠覆性的重大突破，在宇宙、物质、生命与信息的秩序中，刻下了鲜明的中国印 记。不仅为中国高质量发展注入澎湃动能，也为全人类的文明进步贡献不可磨灭的东方力量。 星辰大海，逐梦前行。 ——编者 回望2025年，"人造太阳"的束流瞬间点亮，承载起人类探索"终极能源"的梦想；光电融合通信芯片问 世，为6G奠定了硬件基础；航天员安全往返天地间、国家太空实验室运行良好，飞天逐梦步履不停； 大桥飞架、高铁奔驰，远程手术隔空"操刀"、"云端教室"赋能山村课堂，民生保障更加有力；人工智 能、生物医药、机器人等一批标志性科技产品惊艳世界，24个全球创新集群入围全球百强，中国的创新 实力、综合竞争力得到越来越多的认可…… 放眼神州大地，以创新为主要引领和支撑的经济体系和发展模式正在形成，以科技创新为核心的全面创 新正在加快推进。这一年，在科技强国的征程上，我们又交出了一份令人满意的答卷。 原始创新标志性成果涌现，拓展认知边界 人们常用"薄如蝉翼"来形容 ...

入选的2025年国内十大科技新闻分别是：国产人工智能大模型DeepSeek引发全球关注；中国"人造 太阳"创造"亿度千秒"世界纪录；超导量子计算原型机"祖冲之三号"成功构建；国际上首次制备大面积 二维金属材料；我国首例侵入式脑机接口临床试验开展；月球背面演化历史首次揭开；单个体细 胞"变"完整植株奥秘揭示；高精度可扩展模拟矩阵计算芯片研制成功；四中全会《建议》突出科技创新 引领作用；我国第一艘电磁弹射型航空母舰入列。 科技日报北京12月24日电 （记者陆成宽）24日，由科技日报社主办、部分两院院士和媒体负责人 共同评选的2025年国内、国际十大科技新闻揭晓。 入选的2025年国际十大科技新闻分别是："深度求索"引领开源人工智能模式；脑机接口将脑活动解 码为连续语句；人工智能"从零开始"设计蛋白酶；光子计算芯片性能超越传统电子硬件；鲁宾天文台发 布宇宙摄影"首作"；智能机器人自主完成胆囊切除手术；新算法取得首个可验证量子优势；引力波信号 验证霍金黑洞面积定理；地球达到首个灾难性气候临界点；跨物种哺乳动物脑细胞发育图绘成。 ...

Core Insights - The overall favorable market sentiment in 2025 is expected to drive an increase in valuation multiples for the Chinese internet industry, with small and mid-cap vertical companies continuing to outperform the market [1] - Major Chinese internet companies are actively increasing capital expenditures and investing more in the artificial intelligence (AI) sector, with the launch of the domestic AI model DeepSeek positively influencing investor sentiment [1][2] - The valuation multiples for major internet companies have expanded to approximately 17 times adjusted earnings, making them relatively cheaper compared to the U.S. "Tech Seven" companies, which have valuations around 31 times [1] Investment Trends - A significant trend in the Chinese internet industry is the embrace of AI, with major companies increasing capital expenditures driven by demand [2] - Despite concerns over geopolitical uncertainties affecting chip supply, the focus on GPU efficiency and utilization allows Chinese internet companies to adjust their investment targets more flexibly [2] - Domestic AI chip manufacturers are rapidly improving performance due to ongoing self-research investments from internet companies [2] AI and Cloud Market Dynamics - Chinese cloud vendors are committed to investing in AI, with leading companies maintaining their annual capital expenditure guidance to enhance chip utilization and deployment efficiency [2] - Large language models (LLMs) and AI are expected to become sustainable growth drivers for the cloud market, creating cross-selling opportunities for traditional businesses [2] E-commerce and Retail Trends - Another trend in the Chinese internet industry is the increased investment in instant retail, aiming to boost user engagement through high-frequency delivery transactions [3] - The competition in the instant retail sector is stabilizing, with industry transaction volume growth slowing down, and a return to normalcy is anticipated following the end of major e-commerce promotions [3]