习近平总书记的重要讲话，深刻把握当前和长远、国内与国际、战略与策略、顶层设计与实践路径、发展与治 理，必将指引我们在未来产业新赛道上跑出佳绩，为高质量发展注入强劲新动能。 今天的未来产业，可能就是明天的战略性新兴产业、后天的支柱产业。前瞻布局和发展未来产业，不仅是为当下 计，更是为国家长治久安谋。我们要紧紧抓住全球创新版图重构、经济结构重塑的历史机遇，增强紧迫感，以宽 广的视野、战略的眼光、系统的思维看待未来产业，充分发挥未来产业在抢占科技和产业制高点、把握发展主动 权，发展新质生产力、建设现代化产业体系、提高人民生活品质、促进人的全面发展和社会全面进步等方面的重 要作用。 未来产业具有前瞻性、战略性、颠覆性等特点，需要科学谋划、全局统筹。"十五五"规划建议明确提出："前瞻布 局未来产业""推动量子科技、生物制造、氢能和核聚变能、脑机接口、具身智能、第六代移动通信等成为新的经 济增长点"。这为我们锚定了"十五五"时期发展未来产业的主攻方向、核心任务、推进路径。我们要扎扎实实将党 中央部署落实到位。 "要站在推进强国建设、民族复兴伟业的战略高度，立足客观条件，发挥比较优势，坚持稳中求进、梯度培育，推 动我国未来 ...

Core Viewpoint - The company, Angruiwei, has successfully achieved mass production and shipment of satellite communication products that are compatible with Beidou, Tiantong, and low-orbit satellite communication systems for high-end mobile terminal clients [1] Group 1 - The company is advancing its research on future products, including sixth-generation mobile communication and highly integrated RF front-end chips for satellite communication that combine Tiantong and Beidou low-orbit systems [1] - The company is enhancing horizontal technical cooperation with industry chain enterprises and research institutions to maintain a forward-looking perspective [1]

智通财经APP获悉，中信证券发布研报称，展望2月，在港股业绩预期已有显著调整，叠加内外部资金 面的扰动因素也已告一段落，判断港股2025年12月下旬以来的春季行情或将延续，整体呈现春节前大盘 股有相对收益，政策方向支持的成长行业表现更优的态势。春季后需关注下一个解禁高峰期或对港股流 动性预期的影响。短期建议关注三大主线：1)"十五五"政策方向，包括生物制造、具身智能、6G等;2) 政策推动基本预期逆转的外卖平台和地产;3)受益于春季躁动的非银。 港股市场存在较为明显的春季躁动行情。 过去十一年港股的春季躁动行情中，恒指平均收益率为2.4%，期间平均周度胜率达70.8%。其中， 2019/2021/2023年表现较为亮眼，平均涨幅达10.6%。而2016年和2024年由于分别受熊市末端和流动性 冲击，春季躁动区间跌幅分别为12.0%和7.6%，直至春节后行情才逐步展开。对比而言，港股的春季躁 动更多集中在1月份，而A股的春季躁动更多集中在2月份。资金流维度，2015-2025年的十一年中，南 向历年1月和1+2月净流入占全年比例平均分别为19.3%和27.9%，但若剔除2018年(1+2月净流入体量超 过全年) ...

在加快构建更加强大的现代化产业体系方面，报告明确，加快新兴产业发展壮大和未来产业成形成势。 做大做强新能源、新材料、智能网联汽车、智能机器人、医药和医疗器械、航空航天、集成电路、低空 经济、生物制造等新兴产业，培育更多新兴支柱产业。进一步加强未来产业布局，大力发展第六代移动 通信、具身智能、细胞与基因治疗、脑科学与脑机接口、氢能及先进核能、深海探测、量子科技等重点 细分产业，加快成形成势。 在加快培育和发展新质生产力方面，报告提出，加强原始创新和关键核心技术攻关。强化有组织的创 新，全链条推动量子科技、脑科学与脑机接口、人工智能、智能机器人、集成电路、工业母机等领域关 键核心技术攻关取得突破。加强基础研究战略性、前瞻性、体系化布局。 报告表示，2025年是中国式现代化进程中具有重要意义的一年，也是广东改革发展历程中很不平凡的一 年。2025年，广东省经济运行稳中有进、稳中向好，地区生产总值增长3.9%、总量连续37年居全国首 位；地方一般公共预算收入增长3%；货物进出口增长4.4%，贡献了全国24.1%的增量；规上工业企业达 7.6万家、增加值增长3%。 报告提出，坚定不移深化改革，充分激发全社会创新创造活力 ...

Core Viewpoint - Shanghai aims to accelerate the construction of "five centers" to enhance its urban capability and core competitiveness, marking the "14th Five-Year Plan" period as crucial for becoming a globally influential socialist modern metropolis by 2035 [3][4]. Group 1: Five Centers - The "five centers" include international economic, financial, trade, shipping, and technological innovation centers, which are deemed essential for Shanghai's modernization efforts [4]. - The plan emphasizes innovation-driven development and the importance of a coordinated approach between central and local governments to enhance global resource allocation and technological innovation [4]. Group 2: Industrial Structure - Shanghai will implement a "2+3+6+6" industrial structure, focusing on the digital and green transformation of traditional industries and accelerating the development of integrated circuits, biomedicine, and artificial intelligence [4]. - The city aims to establish six emerging pillar industry clusters in electronic information, life health, automotive, high-end equipment, advanced materials, and fashion consumer goods [4]. Group 3: Regional Coordination - The plan calls for higher quality integration of the Yangtze River Delta region, emphasizing cross-regional collaboration in technological and industrial innovation [5]. - By 2035, the functions of the "five centers" are expected to be fully upgraded, with key development indicators reaching international leading levels, and per capita GDP projected to double compared to 2020 [5].

Core Viewpoint - The Shenzhen Municipal Government has released the full text of the "15th Five-Year Plan" proposal, focusing on economic development strategies and the establishment of a modern industrial system to drive growth and innovation in the region [1][2][3][4][5]. Group 1: Economic Development Strategies - The proposal emphasizes the acceleration of emerging industries, the optimization of traditional industries, and the establishment of Shenzhen as a global advanced manufacturing center [1]. - It aims to promote high-quality development in the service sector, establishing Shenzhen as a significant global industrial financial, consumption, and logistics center [2]. - The plan includes fostering a robust financial system that supports innovation and the real economy while effectively managing risks [2]. Group 2: Technological Innovation - The proposal highlights the importance of artificial intelligence as a key driver of technological revolution and industrial transformation, advocating for high-quality development and application of AI across various sectors [3]. - It calls for the establishment of a leading industrial technology innovation center to enhance productivity and support original innovation and core technology breakthroughs [4]. Group 3: Real Estate Development - The plan outlines strategies for promoting high-quality development in the real estate sector, focusing on affordable housing and improving living conditions for new citizens, youth, and migrant workers [5]. - It aims to create a comprehensive housing supply guarantee system to ensure that individuals can settle and thrive in Shenzhen [5]. Group 4: Regional Coordination and Collaboration - The proposal stresses the importance of regional coordination, enhancing Shenzhen's role as a core engine in the Guangdong-Hong Kong-Macao Greater Bay Area and promoting urban integration with neighboring cities [4].

Core Viewpoint - The "15th Five-Year Plan" for Shenzhen outlines the city's economic and social development goals, emphasizing high-quality growth, technological innovation, and enhanced living standards by 2035 [1] Group 1: Economic and Social Development Goals - The main objectives for Shenzhen during the "15th Five-Year" period include achieving new heights in high-quality development, breakthroughs in industrial and technological innovation, and significant improvements in social civilization and public welfare [1] - By 2035, Shenzhen aims to become a national model for high-quality development, with world-leading economic competitiveness and enhanced global influence as a modern international metropolis [1] Group 2: Industry and Innovation Focus - Shenzhen plans to accelerate the development of emerging industries, optimize traditional industries, and establish itself as a global leader in advanced manufacturing [3] - The city will implement an industrial innovation project to promote the application of new technologies and products, focusing on strategic emerging industries such as information technology, new energy, and aerospace [3] - Future industries like sixth-generation mobile communication, biomanufacturing, and quantum technology are identified as new economic growth points [2][3] Group 3: Traditional Industry Upgrading - Shenzhen will enhance the global competitiveness of traditional industries such as textiles, machinery, and electronics by promoting high-end, intelligent, and green transformations [4] - The city aims to develop a modern infrastructure system that supports high-quality service industry growth and positions Shenzhen as a significant global industrial and financial center [4] Group 4: Innovation and Financial Support - The plan emphasizes the integration of technological and industrial innovation, aiming to make Shenzhen a hub for new productivity and innovation [6] - Key technology areas for development include integrated circuits, advanced materials, and biomanufacturing, with a focus on achieving disruptive and asymmetrical technologies [6] - A multi-tiered financial service system will be established to support innovation and entrepreneurship, covering various investment types to foster long-term capital for hard technology [6]

Group 1 - QFII institutions such as Morgan Stanley, Abu Dhabi Investment Authority, and others have continued to increase their holdings in A-shares during Q3, with at least 121 stocks seeing increased positions, particularly in sectors like electrical equipment, machinery, hardware, and chemicals [1] - The "14th Five-Year Plan" emphasizes strengthening the construction of a network power and promoting future industries, including the sixth generation of mobile communications, indicating a positive outlook for the technology sector [1] - The communication equipment industry's dynamic PE is at the historical 97.3 percentile, indicating high valuations that challenge performance delivery [1] Group 2 - The "14th Five-Year Plan" identifies green transformation as a core goal, aiming to consolidate and expand the advantages of the wind and solar industries [3] - Since June 2025, national policies have been introduced to promote healthy and sustainable development in the photovoltaic industry, transitioning from chaotic low-price competition [3] - China's photovoltaic installed capacity is expected to grow significantly, with a projected 45% increase in new installations in 2024 compared to the previous year, marking a nearly 20-fold increase since 2015 [3] Group 3 - The Federal Reserve's meeting minutes reveal a split among voters regarding the recent interest rate cut, with concerns that further cuts may exacerbate inflation risks [5] - The U.S. Treasury yields have risen due to stagflation risks, influenced by expectations of a new Fed chair aligned with presidential directives [5] - China's GW satellite constellation launch frequency has significantly increased, indicating a rapid development phase in the commercial space industry [5] Group 4 - The short-term market trend appears weak, with limited new capital entering the market and a lack of significant profit-making opportunities [7] - The Shanghai Composite Index is experiencing a range-bound movement between 3800 and 4000 points, with concerns about individual stock performance despite the index stability [11] - The ChiNext Index has shown a decrease in trading volume over two weeks, suggesting a cautious withdrawal of institutional funds [11]

Core Viewpoint - The article emphasizes the importance of forward-looking planning and strategic positioning in future industries, highlighting key sectors such as quantum technology, biomanufacturing, hydrogen energy, nuclear fusion, brain-computer interfaces, embodied intelligence, and sixth-generation mobile communication as new economic growth points [1][2][3] Group 1 - The urgency to seize development opportunities and enhance the foresight of future industry layout is crucial, as historical technological revolutions have consistently reshaped global competitive landscapes [1] - The current technological revolution is characterized by multiple breakthroughs and cross-disciplinary integration, necessitating a focused approach to select key areas for development [2] - Future industries are driven by cutting-edge technologies and exhibit high uncertainty, requiring targeted support policies to mitigate investment risks and foster a conducive ecosystem [3] Group 2 - At the national level, emphasis should be placed on accelerating the development of key industries such as quantum technology and biomanufacturing, while at the regional level, strategies should be tailored to local resources and conditions [2] - To address uncertainties in investment returns and development paths, it is essential to establish mechanisms for venture capital and promote successful experiences in future industry development [3] - Strengthening the innovation ecosystem by concentrating resources on enterprises and fostering the growth of leading technology companies and specialized small and medium-sized enterprises is vital for the future industry landscape [3]

Core Viewpoint - The Beijing Municipal Committee has proposed the development of high-precision and advanced industries as part of the 15th Five-Year Plan, emphasizing the enhancement of traditional industries and the growth of emerging sectors [1] Group 1: Industry Development - The plan aims to strengthen the foundation of the real economy by promoting the quality upgrade of key industries and expanding the advantages of clusters in new-generation information technology and healthcare [1] - New industries such as artificial intelligence, advanced green energy, and low-carbon environmental protection will be cultivated [1] Group 2: Innovation and Technology - The implementation of an industrial innovation project is proposed to facilitate the large-scale application of new technologies, products, and scenarios [1] - Strategic emerging industries like integrated circuits, robotics, smart manufacturing, and aerospace technology will be accelerated [1] Group 3: Future Industry and Risk Management - The plan includes mechanisms for increasing investment in future industries and sharing risks, focusing on new growth points such as sixth-generation mobile communication, quantum technology, biomanufacturing, and brain-computer interfaces [1] - A comprehensive safety risk assessment, early warning, and response mechanism will be established around key industrial chains to enhance the resilience and security of supply chains [1] Group 4: Quality and Brand Building - There is an emphasis on improving the domestic substitution of key equipment, software, processes, and materials to enhance the supply security of strategic resources [1] - Strengthening quality and brand construction is highlighted as a crucial aspect of the development strategy [1]