2026年，农历丙午年，是十二生肖中的马年。在中国传统文化语境中，马象征着活力、奋进与致远。 尤为特殊的是，2026年恰逢中国"十五五"规划的开局之年，承前启后，意义深远。《中共中央关于制定 国民经济和社会发展第十五个五年规划的建议》（下称《建议》）已于2025年10月发布。与"十四五"一 脉相承，推动高质量发展仍是核心主题，但任务排序出现关键调整：《建议》将"建设现代化产业体 系"置于首位，"加快高水平科技自立自强"次之，这与"十四五"时期科技创新首位的表述形成对比。 瑞银投资银行高级中国经济学家张宁认为，从"十五五"规划建议可推演得出，未来五年最核心的三大宏 观主题清晰明确，分别是：建设现代化产业体系、促进科技创新与自立自强、坚持扩大内需（尤其是提 振消费）。这三大主题与过去五年保持一致，仅在排序上略有调整。 蓝图绘就，号角吹响。作为国民经济发展的"指南针（300803）"，五年规划通过政策信号与资源配置， 深刻影响资本市场走向与行业格局演变。 站在2026年这一新的历史起点，未来五年哪些领域将孕育高确定性机遇？ 商业航天 自2015年"中国商业航天元年"启程，商业航天已走过波澜壮阔的十年。"十五五"规划 ...

Group 1: Domestic Chip Replacement - The rise of domestic AI chip manufacturers is marked by significant stock price increases, with companies like Cambrian Technology surpassing major brands like Kweichow Moutai [1] - The market anticipates more AI chip companies to go public, with notable performances from companies like Moer Thread and Muxi, indicating strong investor interest in domestic chip alternatives [1] - The domestic market share for smart computing chips is projected to grow from approximately 20% in 2024 to about 60% by 2029, reflecting a shift towards local production [2] Group 2: AI Edge Computing - The emergence of AI in hardware is expected to redefine traditional devices, with predictions that mobile phones and apps may become obsolete in favor of AI-driven edge devices [3] - The global edge AI market is forecasted to grow from 321.9 billion yuan to 1.22 trillion yuan between 2025 and 2029, with a compound annual growth rate of 40% [4] - The focus of competition is shifting from hardware specifications to AI experience and ecosystem collaboration, indicating a transformation in the value chain [5] Group 3: Quantum Computing Advances - Quantum technology is recognized as a strategic frontier for technological revolution, with significant breakthroughs expected in the coming years [6] - China's advancements in quantum communication and computing are positioning it alongside global leaders, with the "Zu Chongzhi No. 3" quantum computer expected to maintain a competitive edge [7] - The practical application of quantum computing in fields like finance and protein simulation is anticipated to grow, marking a critical step towards commercialization [6] Group 4: Commercial Space Acceleration - The commercial space sector is entering a new phase of rapid evolution, supported by government policies and increased capital investment [8] - The global commercial space market is projected to grow at a compound annual growth rate of 10.5% over the next five years [8] - The demand for satellite launches is expected to surge, with significant increases in the number of satellites being deployed [9] Group 5: Solid-State Battery Development - Solid-state batteries are gaining attention as a transformative technology for electric vehicles, with major manufacturers announcing plans for testing and production [10] - The timeline for mass production is set for 2027, with initial production expected to be in small batches [11] - The industry faces challenges in cost and manufacturing processes, with a consensus that semi-solid batteries will precede full solid-state solutions [10] Group 6: L3 Autonomous Driving - The introduction of L3 autonomous driving is accelerating due to supportive policies and decreasing costs in the supply chain [12] - The commercial application of L3 technology is expected to expand significantly in 2026, with several manufacturers already in the approval process [13] - The transition from assisted to fully automated driving represents a critical milestone for the industry, with ongoing improvements in technology and data accumulation [13] Group 7: Real Estate Debt Restructuring - Major real estate companies like Country Garden and Sunac have successfully completed debt restructuring, indicating a shift in the industry’s approach to financial challenges [14] - The total scale of debt restructuring in 2025 reached approximately 1.2 trillion yuan, significantly alleviating short-term repayment pressures for affected companies [14] - The focus for 2026 will be on balancing risk management and transformation within the real estate sector, with expectations for continued progress in debt resolution [15] Group 8: "15th Five-Year Plan" Initiatives - The "15th Five-Year Plan" emphasizes high-quality development and technological self-reliance as key objectives for the next five years [16] - The plan outlines initiatives to enhance the modern industrial system and promote strategic emerging industries, including quantum technology and renewable energy [17] - Increasing the resident consumption rate is highlighted as a crucial goal, with measures aimed at boosting consumer spending and improving living standards [18]

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：时代周报 合肥市华佗巷777号园区内，冬日的寒风吹过国盾量子（688027.SH）的玻璃幕墙，园区门口的保安正 四处张望，留意着进出门口的车辆和人群。 站在园区门口，时代周报记者能清晰看到办公楼上"科大国盾量子"与"中电信量子"两大显眼标识，而在 12月18日下午，这家上市公司的董事长吕品，在办公室内猝然离世，年仅46岁。 事发后，网上开始流传相关讯息。当天22时24分，合肥高新公安分局通过合肥警方公众号发布警情通 报，将逝者标注为"吕某"，并称其在合肥望江西路与孔雀台路交口某公司一办公室内失去意识，同时给 出关键结论："经公安机关勘查调查，已排除案件"，提示网民"不造谣、不传谣、不信谣"。 就在十分钟后，国盾量子也发布公告，证实逝者"吕某"正是公司董事长吕品。公告披露，吕品生于1979 年7月，2025年5月起出任公司董事长，同时兼任战略与投资委员会主任委员、薪酬与考核委员会委员。 当日，国盾量子收盘时的总市值为508亿元。而这位上任不足7个月的董事长，则以一种猝不及防的方式 离开人世，给市场留下了许多悬念。12月19日，时代周 ...

Group 1: Market Review and Outlook - The mechanical equipment industry outperformed the market in 2025, with an overall increase of 27.80%, surpassing the Shanghai Composite Index by 17.65 percentage points [10][11] - The industry saw a recovery in performance, with revenue reaching 15,337 billion yuan, a year-on-year increase of 6.34%, and net profit of 1,103 billion yuan, up 14.19% [11] - The outlook for 2026 is optimistic, with expectations of a moderate recovery in macroeconomic conditions and improvements in domestic manufacturing demand [15][18] Group 2: Investment Directions: New Technologies - Focus on new technologies such as humanoid robots, nuclear fusion, quantum technology, low-speed unmanned systems, and perovskite solar cells, which are expected to drive industry upgrades and innovation [15][19] - Humanoid robots are shifting from theme-driven investments to value verification, with a focus on production schedules and scene orders [28][30] - Nuclear fusion is gaining momentum with accelerated technological progress and policy support, particularly in the Tokamak technology route [19][60] Group 3: Investment Directions: Cyclical Recovery - The cyclical recovery is driven by overseas expansion and policy support, with expectations for high export demand in 2026 [23][24] - The engineering machinery sector is showing strong recovery momentum, with significant growth in overseas exports and stabilization in domestic sales [23] - The oil service sector is entering an upward cycle, driven by the natural gas industry and AI computing power demands [23] Group 4: Recommended Stocks and Investment Portfolio - The investment strategy emphasizes a dual approach, focusing on both global benchmark chains and domestic supply chains [52][53] - Key recommended stocks include Sanhua Intelligent Controls, Beite Technology, and Yushun Technology, which are positioned to benefit from the growth in humanoid robots and related technologies [53][54] - The portfolio should balance between high visibility stocks linked to Tesla's supply chain and those offering higher growth potential in the domestic market [54][55]

Group 1 - The core viewpoint of the article highlights the recent research conducted by Kangmand Capital on a listed company, Guodun Quantum, focusing on the fields of quantum communication, quantum computing, and quantum precision measurement [1] - The research discussed the challenges in quantum communication technology, such as high-efficiency low-noise single-photon detection, and the potential for operators to explore quantum functionalities in the 6G era [1] - Quantum communication devices are primarily project-based, offering customized solutions, and are expected to integrate with traditional encryption companies rather than disrupt them [1] Group 2 - The current state of quantum computers is that they can only solve specific problems, with applications in AI still in the early stages [1] - Quantum security strategies include quantum key distribution and post-quantum algorithms, with quantum computing chips being similar to classical semiconductor chips in processing but differing in technical principles [1] - The collaboration with the University of Science and Technology of China is noted for the company's chip development, and it is emphasized that quantum computers are not expected to become mainstream but rather serve as a complement to classical computers [1]

导读： 揭秘航空航天领域的科学仪器，它们是航天任务的幕后英雄，支撑材料分析、环境模拟、测控通信等关键环节。值此航天日之际，仪器信息网特别盘点梳 理航空航天领域应用到的科学仪器。 特别提示 微信公众号机制调整，请点击顶部"仪器信息网" → 右上方"…" → 设为 ★ 星标，否则很可能无法看到我们的推送。 4月2 4日，我们迎来了第十个中国航天日。从1 9 7 0年4月2 4日我国成功发射第一颗人造地球卫星 "东方红" 1 号，到如今中国空间站全面开启建 设、"天问一号" 实现行星际探测跨越，我国航天事业取得了举世瞩目的辉煌成就。在这场星辰大海的征途中，除了航天人的不懈努力，还有众 多科学仪器在默默发挥着关键作用，无数科学仪器与检测设备默默支撑着每一次发射、每一刻驻留、每一项实验，它们堪称助力航空航天的幕 后英雄。值此航天日之际，仪器信息网特别盘点梳理航空航天领域应用到的科学仪器，参考仪器信息网的仪器分类体系，通过案例与数据，揭 秘这些"幕后英雄"的科技力量。 材料分析仪器：筑牢航天材料根基 航空航天材料需具备高强度、低密度、耐高温、耐辐射等特性。材料分析仪器可对材料微观结构、成分及性能进行精确分析，为材料研发、 ...

Key Insights - The report highlights that the U.S. CPI increased by 2.4% year-on-year in March, with core CPI at 3.0%, which is significantly below expectations, indicating potential economic stagnation before the impact of tariffs is fully realized [2][3] - The report suggests that the large-scale tariff impacts may lead to a scenario of "short-term stagflation and long-term deflation," with expectations of the Federal Reserve starting to cut interest rates in the second half of the year [5][6] - The semiconductor industry in China is expected to benefit from domestic self-sufficiency initiatives due to U.S. tariff policies, with a focus on companies involved in domestic semiconductor manufacturing and RF and analog ICs [18][21] - The communication sector is identified as having significant growth potential in areas such as optical communication, quantum communication, and satellite communication, driven by the need for self-sufficiency in technology [23][24] - The textile and apparel industry is advised to focus on high-quality growth and international capacity layout, as smaller companies may struggle to absorb tariff costs, leading to market consolidation [26][29] Macro Insights - The report indicates that the macroeconomic environment is characterized by a potential liquidity crisis in the U.S. bond market, with expectations of multiple interest rate cuts by the Federal Reserve later in the year [5][6] - The report notes that the market is currently reacting negatively to inflation data, with significant declines in U.S. stock indices and a weakening dollar [6][11] Sector-Specific Insights - In the semiconductor sector, the report emphasizes the importance of local production strategies in response to tariffs, which may lead to increased demand for domestic manufacturers like SMIC and Huahong Semiconductor [20][21] - The communication sector is highlighted for its potential to develop a robust domestic technology ecosystem, with a focus on companies that can navigate the current geopolitical landscape [23][24] - The textile and apparel sector is advised to leverage international production advantages and focus on high-value products to maintain margins amid tariff pressures [26][29] Investment Recommendations - The report recommends focusing on companies in the semiconductor industry that are aligned with self-sufficiency goals and have strong domestic production capabilities [21] - In the communication sector, it suggests investing in firms with clear technological advantages and market share growth potential [24] - For the textile and apparel industry, the report advises targeting leading companies with established overseas production capabilities to weather tariff impacts [29]