二十届四中全会：要大力提振消费，扩大有效投资 中国共产党第二十届中央委员会第四次全体会议，于2025年10月20日至23日在北京举行。全会提出，建设强 大国内市场，加快构建新发展格局。坚持扩大内需这个战略基点，坚持惠民生和促消费、投资于物和投资于 人紧密结合，以新需求引领新供给，以新供给创造新需求，促进消费和投资、供给和需求良性互动，增强国 内大循环内生动力和可靠性。要大力提振消费，扩大有效投资，坚决破除阻碍全国统一大市场建设卡点堵 点。 中国自研大型出口双燃料客滚船交付 从中船集团获悉，10月23日，由广船国际建造的我国首艘自研大型出口双燃料客滚船在广州南沙交付。此次 交付的双燃料客滚船可使用燃油和更清洁的液化天然气作为动力，具备完全自主知识产权。全船共12层甲 板，配备有自助餐厅、咖啡厅、观光厅等设施，有485间客房，可搭载1800名乘客和超550辆轿车，主要用于 短途海上交通，连接海岛或沿海城市，方便人员和车辆的便捷通行，是一种高技术、高附加值的船舶。 欣旺达推出新一代固态电池，能量密度达400Wh/kg 10月23日，在2025新能源电池产业发展大会上，欣旺达推出新一代聚合物全固态电池"欣·碧霄"，能 ...

Macro Highlights - The main goals for the "14th Five-Year Plan" period include significant achievements in high-quality development, substantial improvement in technological self-reliance, breakthroughs in comprehensive reforms, enhanced social civilization, improved quality of life, major progress in building a beautiful China, and a more solid national security barrier [1] - By 2035, the aim is to significantly elevate China's economic, technological, defense, and comprehensive national strength, with per capita GDP reaching the level of moderately developed countries, leading to a happier and better life for the people and basic realization of socialist modernization [1] Trade Relations - The Ministry of Commerce announced that a Chinese delegation led by Vice Premier He Lifeng will engage in economic and trade consultations with the U.S. in Malaysia from October 24 to 27, focusing on important issues in Sino-U.S. economic relations [1] EU Sanctions Response - The Ministry of Commerce expressed strong dissatisfaction and firm opposition to the EU's decision to sanction Chinese companies, including large oil refineries and traders, during the 19th round of sanctions against Russia, emphasizing the need to protect the legitimate rights and interests of Chinese enterprises [2] State-Owned Enterprises Planning - The State-owned Assets Supervision and Administration Commission held a meeting to discuss the "14th Five-Year Plan" for central enterprises, emphasizing the need to align with the strategic mission assigned by the Party Central Committee and to enhance core functions and competitiveness [3] - The meeting highlighted the importance of optimizing layout and structural adjustments in line with national needs and industry trends, and improving the quality of planning through thorough research and unified thinking [3] Foreign Exchange Management - The Deputy Director of the State Administration of Foreign Exchange encouraged the implementation of innovative and integrated exploratory policies in Shanghai, focusing on the use of AI and big data to enhance foreign exchange services [4] - The aim is to improve the cross-border financial service capabilities of Shanghai while balancing financial openness and security [4] Company News - Huagong Technology reported a 40.92% year-on-year increase in net profit for the first three quarters and is planning to issue H-shares for listing in Hong Kong [8] - Yangjie Technology terminated its acquisition of 100% equity in Better Electronics [8] - Xinda Securities received approval for the issuance of up to 10 billion yuan in technology innovation corporate bonds [8] - Shuangliang Energy plans to raise no more than 1.292 billion yuan for projects related to zero-carbon intelligent manufacturing [8] - New Lai Materials' subsidiary plans to invest 2 billion yuan in semiconductor core component projects [8] - Chuanfa Longmang's subsidiary intends to invest 366 million yuan in a 100,000 tons/year lithium dihydrogen phosphate project [8] - Steel Research High-tech plans to establish a subsidiary and new industrial base in Saudi Arabia [8] - Aote Electronics intends to terminate the smart integration project for intelligent outlets [8] - Shengyi Electronics expects a year-on-year net profit increase of 476% to 519% for the first three quarters [8] - Other companies reported significant year-on-year net profit growth, including Tianeng Heavy Industry (1359.03%), Te Yi Pharmaceutical (985.18%), and Zhuanlei Technology (598.09%) [8][9]

据中证报报道，在数字计算主导计算机领域半个多世纪后，我国科学家在新架构上取得重大突破。据报 道，近日，北京大学科研团队成功研制出基于阻变存储器的高精度、可扩展模拟矩阵计算芯片。这项突 破性技术首次将模拟计算的精度提升至24位定点精度，其计算吞吐量与能效远超现有顶级GPU，幅度可 达百倍至千倍。 中证报指出，当前的市面上的主流CPU和GPU都是数字芯片，并都采用冯诺依曼结构，将计算和存储功 能分开。而基于阻变存储器的模拟计算的优势在于取消了"将数据转化为二进制数字流"这一过程，同时 不必进行"过程性数据存储"，进而将数据计算过程与数据存储合而为一，实现算力解放。 *免责声明：文章内容仅供参考，不构成投资建议 *风险提示：股市有风险，入市需谨慎 业内人士表示，该技术有望为算力提升探索出一条极具潜力的路径，有望打破数字计算的长期垄断，开 启一个算力无处不在且绿色高效的新时代。 A股相关概念股有圣邦股份 、长电科技等。 ...

明日主题前瞻 1、量子通信 | 据中国电信报道，中国电信量子研究院团队近日在光通信领域取得重要进展，成功实现了超过80公里的经典光信号与量子密钥分发（DV- QKD）共纤传输现网实验，传输速率超过10Tb/。该项实验在保证经典光功率和通信高带宽的前提下，现网共纤距离创下全球最高纪录。 点评：分析认为，量子通信是一种基于量子力学原理的新型通信方式，主要利用量子纠缠和量子叠加等现象实现信息的传输。与传统通信相比，量子通信具 有无法被破解的安全性，因为在量子通信过程中，任何对量子系统的观测都会改变系统的状态，从而被通信双方所察觉。量子通信的主要应用包括量子密钥 分发、量子隐形传态和量子纠缠传输等。 2、模拟芯片 | 据光明网报道，在数字计算主导计算机领域半个多世纪后，我国科学家在新架构上取得重大突破。据报道，近日，北京大学科研团队成功研 制出基于阻变存储器的高精度、可扩展模拟矩阵计算芯片。这项突破性技术首次将模拟计算的精度提升至24位定点精度，其计算吞吐量与能效远超现有顶级 GPU，幅度可达百倍至千倍。 点评：分析认为，当前的市面上的主流CPU和GPU都是数字芯片，并都采用冯诺依曼结构，将计算和存储功能分开。而基于 ...

Core Viewpoint - The article discusses the successful development of a high-precision, scalable analog matrix computing chip based on resistive random-access memory (RRAM) by a research team from Peking University, which achieves computational efficiency and energy performance significantly superior to current top digital processors, with improvements ranging from 100 to 1000 times [1][9]. Group 1: Analog Computing Concept - Analog computing allows for direct representation of mathematical values using continuous physical quantities, such as voltage, eliminating the need for binary conversion [4][5]. - Historically, analog computers were widely used before being replaced by digital computers due to precision limitations, which this new research aims to address [5][7]. Group 2: Technical Advantages - The new chip integrates data computation and storage, removing the need for binary data conversion and enabling a more efficient processing method [7]. - The research focuses on solving matrix equations, particularly matrix inversion, which is crucial for AI training, and demonstrates significant performance improvements over traditional GPUs [7][9]. Group 3: Performance Metrics - The team achieved a precision of 24-bit for 16x16 matrix inversion, with relative errors as low as 10⁻⁷ after 10 iterations [9]. - For larger matrices, the chip's performance exceeds that of high-end GPUs, achieving over 1000 times the throughput of top digital processors for 128x128 matrix problems, completing tasks in minutes that would take traditional GPUs a day [9]. Group 4: Future Applications - The chip is expected to serve as a powerful complement in the AI field, particularly in computational intelligence applications such as robotics and AI model training [11]. - The future landscape will likely see coexistence between CPUs, GPUs, and this new analog computing chip, enhancing the overall computational efficiency in energy-intensive tasks [11].

来源：北京大学、科技日报 近日，北京大学人工智能研究院孙仲研究员团队联合 集成电路 学院研究团队， 成 功研制出基于阻变存储器的高精度、可扩展模拟矩阵计算 芯片 ，首次实现了在精度上可 与数字计算媲美的模拟计算系统。 该 芯片 在求解大规模MIMO信号检测等关键科学问题时，计算吞吐量与能效较当前 顶级数字处理器（GPU）提升百倍至千倍。相关论文于10月13日刊发于《自然·电子 学》期刊。 对于大多数习惯了数字计算机（0和1）的公众而言， "模拟计算"是一个既古老又新 奇的概念， 什么是模拟计算呢？ 孙仲首先用生动的比喻对其进行解释："现在的所有芯片都是数字计算，数据都需要 先转换成0和1的符号串。比如数字'十'，需要转译成'1'和'0'，计为'1010'。"如果用二 进制来表示"1+1=2"，则应该记作"1+1=10"。 孙 仲 说 ， " 而 模 拟 计 算 则 无 需 这 层 ' 转 译 ' ， 它 是 一 种 ' 类 比 计 算 ' （ analogue computing），可以直接用连续的物理量（如电压、电流）来类比数学上的数字。比 如，数学上的'十'，可以直接用十伏或十毫伏的电压来表示。" 模拟计 ...

近日，北京大学人工智能研究院孙仲研究员团队联合集成电路学院研究团队，成功研制出基于阻变存储器的高精 度、可扩展模拟矩阵计算芯片，首次实现了在精度上可与数字计算媲美的模拟计算系统。 该芯片在求解大规模MIMO信号检测等关键科学问题时，计算吞吐量与能效较当前顶级数字处理器（GPU）提升百 倍至千倍。相关论文于10月13日刊发于《自然·电子学》期刊。 孙仲说，"而模拟计算则无需这层'转译'，它是一种'类比计算'（analogue computing），可以直接用连续的物理量 （如电压、电流）来类比数学上的数字。比如，数学上的'十'，可以直接用十伏或十毫伏的电压来表示。" 模拟计算机在计算机发展早期（上世纪30-60年代）曾被广泛应用，但随着计算任务日益复杂，其精度瓶颈凸显， 逐渐被数字计算取代。孙仲指出，此次研究的核心正是要解决模拟计算"算不准"这一痛点。 当前的市面上的主流CPU和GPU都是数字芯片，并都采用冯诺依曼结构，将计算和存储功能分开，通过01数字流的 编译+计算+解码实现信息计算和传输。 基于阻变存储器的模拟计算的优势之一在于取消了"将数据转化为二进制数字流"这一过程，同时不必进行"过程性 数据存储"， ...

Core Insights - Chinese universities have recently made significant breakthroughs in the chip field, showcasing their growing strength in "hard technology" [1][2][4] Group 1: Research Achievements - Tsinghua University developed the world's first sub-angstrom snapshot spectral imaging chip, "Yuheng," marking a major advancement in intelligent photonics technology [2] - Peking University created a high-precision, scalable analog matrix computing chip based on resistive random-access memory, achieving analog computing precision comparable to digital systems [2] - Shanghai Jiao Tong University and the National Center for Nanoscience and Technology successfully demonstrated efficient excitation and path separation of nano-optical signals on a chip, laying the groundwork for next-generation photonic chips [2] - Fudan University introduced the world's first two-dimensional silicon-based hybrid architecture flash memory chip, addressing storage speed challenges [3] Group 2: Funding and Investment - China's higher education institutions have seen a steady increase in technology funding, with investments rising from under 100 billion yuan in 2015 to 306.55 billion yuan in 2024, representing a historical high of 8.44% of total social technology funding [4] - The surge in research output reflects both the commitment of universities to independent R&D and international recognition of China's research capabilities [4] Group 3: Market Trends - The semiconductor sector in China is experiencing a significant influx of investment, with 112 chip stocks in the A-share market seeing an average increase of over 35% in share price this year [9] - Notable companies like XChip Technology and Hezhong Technology have seen their stock prices double, while others like Zhaori Technology have faced declines [9] - The financing balance for these 112 stocks reached 181.88 billion yuan as of October 16, 2023, marking a nearly 54% increase from the end of the previous year [9] Group 4: Company Performance - Companies such as Aobi Zhongguang and Ruixin Microelectronics reported significant profit increases, with Aobi Zhongguang expected to turn a profit of 108 million yuan in the first three quarters of the year [10] - Ruixin Microelectronics anticipates a profit of up to 800 million yuan, reflecting a year-on-year growth of 127% due to the ongoing evolution of AI technology [10] - Several companies, including Haiguang Information and Zhongke Shuguang, reported profit growth exceeding 20% in the same period [11]

Core Insights - A new type of chip has been successfully developed in China, which is based on resistive random-access memory (ReRAM) and achieves high precision and scalability in analog matrix computation, rivaling digital computation in accuracy [1][2] Group 1: Technological Breakthrough - The research team from Peking University has created a high-precision, scalable analog matrix computing chip that can solve large-scale MIMO signal detection problems with a computational throughput and energy efficiency that surpasses current top digital processors (GPUs) by 100 to 1000 times [1] - The chip achieves a precision of 24-bit fixed-point accuracy, addressing a century-old challenge in the scientific community regarding the integration of high precision and scalability in analog computing [1][2] Group 2: Performance Metrics - The team successfully demonstrated the ability to invert a 16×16 matrix with a relative error as low as 10⁻⁷ after 10 iterations [2] - For a 32×32 matrix inversion problem, the chip's computational power exceeds that of high-end GPUs, and for a 128×128 matrix, its throughput is over 1000 times that of top digital processors, completing tasks in one minute that would take traditional GPUs a day [2] - The energy efficiency of this chip is more than 100 times better than that of traditional digital processors at the same precision level, providing critical technological support for high-efficiency computing centers [2]

Economic News - The Minister of Industry and Information Technology of China met with Apple's CEO to discuss Apple's business development in China and cooperation in the electronic information sector, emphasizing China's commitment to high-level opening-up and creating a favorable business environment for foreign companies [2] - In September 2025, China's CPI decreased by 0.3% year-on-year, primarily due to a drop in food prices, which fell by 4.4%, impacting CPI significantly [2] - The Bay Area Semiconductor Industry Ecological Expo showcased new domestic EDA design software with a 30% performance improvement over industry benchmarks and a 40% reduction in hardware development cycle [2] - A new high-precision, scalable analog matrix computing chip was developed, achieving a computational throughput and energy efficiency improvement of 100 to 1000 times over current top digital processors [2] - China's oil drilling has reached depths exceeding 10,000 meters, marking a significant advancement in deep earth energy exploration [2] - JD.com announced a collaboration with CATL and GAC Group to develop a new vehicle, leveraging JD's data and channel advantages [2] - SenseTime and Cambricon signed a strategic cooperation agreement to enhance AI infrastructure and explore international markets [2] - Global smartphone shipments increased by 3% in Q3 2025, with Samsung leading the market with a 19% share, followed by Apple at 18% [3] Company Insights - The banking sector has seen a positive relative return after adjustments, with the Shenwan Banking Index rising by 0.28% [5] - The banking sector's PB valuation stands at 0.67x, indicating a favorable position compared to historical levels [5] - Key banks such as Qilu Bank and Agricultural Bank of China reported significant stock price increases, reflecting market confidence [5] - The banking sector is expected to benefit from upcoming mid-term dividends, enhancing the attractiveness of bank stocks for long-term investors [6] - The net interest income for banks is projected to improve, with a stabilization of net interest margins anticipated in Q3 [6] - The average dividend yield for listed banks has increased to 4.4%, making them more appealing to long-term investors [7] - The report suggests a focus on quality mid-sized banks with performance potential and state-owned banks with stable profitability for long-term investments [8] Industry Analysis - The report highlights the importance of the rocket engine components and testing services in the commercial space industry, particularly referencing SpaceX's Falcon 1 rocket development [10] - The Merlin 1A engine is identified as a critical component, with the combustion chamber being a key area of focus for material and manufacturing technology [10] - The report emphasizes the significance of extensive testing in achieving high success rates for rocket launches, with SpaceX achieving a 97.76% success rate [14] - Investment opportunities are identified in companies supplying rocket engine components and those providing testing services for commercial rockets [15]