"培育发展未来能源、量子科技、具身智能、脑机接口、6G等未来产业。"政府工作报告连续第二年提到6G 产业，标志着6G已成为国家战略布局的重要组成部分。然而，市场在期待之余，也不乏疑问：5G的许多愿 景尚未完全落地，6G究竟是什么？它将带来哪些革命性体验？又将催生哪些新的产业机遇与竞争格局？ 在中关村论坛年会上，多位业内人士表示，对普通用户来说，6G能带来空天地海无缝覆盖的连接、原生融入 网络的AI能力、更精细的数字孪生世界；对千行百业而言，它是数字经济和实体经济深度融合的关键底座。 不止于"更快"，6G将如何重塑生活与生产？ 与此同时，终端形态将极大丰富。三星电子中国研究院院长沈志春认为，AR眼镜是未来最具潜力的新终端， 但其普及受制于电池技术的缓慢演进。他预判，AR眼镜的规模化将可能从近视率高、佩戴习惯成熟的东亚市 场率先启动。乐聚机器人创始人兼CEO柯真东则判断，物理形态的具身智能体（如人形机器人）将成为6G时 代终端增量的核心主力，其市场规模有望媲美甚至超越当前的移动终端。 对于行业（To B），6G是数字经济与实体经济深度融合的关键底座。中国移动研究院院长、中关村泛联院院 长黄宇红阐释了6G的"三个一 ...

"培育发展未来能源、量子科技、具身智能、脑机接口、6G等未来产业。"政府工作报告连续第二年提到6G产业，标志着6G已成为国家战略布局的重要组 成部分。然而，市场在期待之余，也不乏疑问：5G的许多愿景尚未完全落地，6G究竟是什么？它将带来哪些革命性体验？又将催生哪些新的产业机遇与 竞争格局？ 在中关村论坛年会上，多位业内人士表示，对普通用户来说，6G能带来空天地海无缝覆盖的连接、原生融入网络的AI能力、更精细的数字孪生世界；对 千行百业而言，它是数字经济和实体经济深度融合的关键底座。 不止于"更快"，6G将如何重塑生活与生产？ 对于普通消费者（To C）而言，6G带来的远不止网速的变化。中关村泛联院副院长、北京邮电大学教授许晓东指出， 6G将带来三大扩展：空天地覆盖的 扩展、AI智能能力的扩展，以及通信与感知融合带来的数字孪生环境扩展。 这意味着，未来无论身处沙漠、深海还是高空，都可以获得泛在的网络连 接；网络本身将具备更强的智能，同时为用户提供广泛的AI服务；物理世界将被更精细地感知并映射到数字空间，通过数字空间的低成本试错与优化， 实现物理世界的最优方案。 "未来十年，手机的核心地位不会被替代。"vivo通 ...

——当前经济与政策思考 如何实现未来产业的投入增长和风险分担 证券研究报告/宏观专题报告 2026 年 03 月 26 日 执业证书编号：S0740519090004 Email：yangchang@zts.com.cn 请务必阅读正文之后的重要声明部分 分析师：杨畅 分析师：夏知非 报告摘要 充足的资金投入是实现科技创新的必要支撑，2026 年《政府工作报告》提出，要"建 立未来产业投入增长和风险分担机制"。相较成熟产业和新兴产业，包括"未来能源、 量子科技、生物制造、具身智能、脑机接口、6G"在内的未来产业，发展存在天然的 不确定性，在此背景下，如何实现未来产业的投入增长和风险分担，是海外经济体共 同探索的重要内容。根据梳理发现，围绕资金来源、投入机制、风险分担，均出现了 针对性的做法： 相关报告 在资金来源上 美国：根据不同领域的特点，分别采取政府资金、公私接力、国资入股、产业主导等 不同方式； 欧洲：以公共投资为主体，以旗舰性计划整合资源； 日本：政府主导的研发投入，准国企、民企同步跟进； 在投入机制上 美国：以法律为基础，建立跨政府任期的稳定预算机制； 欧洲：多年期财务框架（MFF）锁定中期资金承诺 ...

Core Viewpoint - The article discusses insights from industry leaders on the future of emerging industries and technological innovation in China, emphasizing the importance of a complete industrial ecosystem for growth and the role of AI in societal benefits. Group 1: Xiaomi's Perspective - Xiaomi's founder Lei Jun highlights that China's complete industrial ecosystem will serve as fertile ground for future industry growth, with the current year marking the beginning of the "14th Five-Year Plan" [2] - He emphasizes that the depth and breadth of existing industries directly influence the speed and height of future industry development, citing Xiaomi's focus on embodied intelligence and robotics as an example [2][3] - Lei Jun believes that embracing uncertainty is crucial for cultivating future industries, with China's vast market providing the necessary drive and validation space for technological optimization and commercial implementation [2] Group 2: Alibaba's Perspective - Alibaba's chairman Jack Ma states that China's technological development is based on independent innovation and a philosophy of openness and mutual benefit, marking a transition from a period of accumulation to one of explosive growth [4] - He asserts that the ultimate goal of AI is to make its applications widespread and beneficial to society, with Alibaba committed to continuous innovation across various sectors [4] - Ma expresses confidence in China's market and economy, emphasizing the importance of AI in personal consumption, enterprise, healthcare, and finance [4] Group 3: TCL's Perspective - TCL's founder Li Dongsheng discusses the need for a modern industrial system that requires both hard support (technological breakthroughs and capital investment) and soft environments (institutional innovation and open collaboration) [5] - He points out that emerging industries like integrated circuits and new energy are characterized by high technology, heavy assets, and long cycles, necessitating a dual drive of technology and capital [5] - Li emphasizes the importance of direct financing, particularly equity financing, for the advanced manufacturing sector, advocating for regulatory easing to facilitate capital market access for leading enterprises [5][6]

中证报指出，6G产业是数字技术与实体经济深度融合的重要方向，其产业链覆盖芯片、通信、卫星、 材料等多个硬科技领域，与AI领域布局高度契合。6G的信号基站本身具备本地AI计算能力，能够独 立"思考"，及时提供个性化、有温度的智能服务，可推动各行业数智化转型。6G无线网络将超越传统 连接功能，成为物理AI的基础架构，支持数十亿自主机器、车辆、传感器和机器人运行。尤其以AI智 能体终端应用创新驱动网络智能化演进，以网络能力适度超前部署支撑未来应用生态，促进新场景开 拓、新市场创造，引领产业跨越式发展。 据中证报报道，在人工智能时代成为商业基石后，英伟达将目光转向6G基础设施建设，宣布与全球领 先电信运营商合作，在基于AI的开放、安全、可信平台上构建下一代无线网络。作为6G愿景的一部 分，英伟达正在参与全球公私倡议以推进6G创新，贡献开源软件、可访问平台以及联合研发。 公司方面，据中证报表示，A股相关概念股有信科移动-U、中贝通信等。 *风险提示：股市有风险，入市需谨慎 *免责声明：文章内容仅供参考，不构成投资建议 ...

新质生产力引领，开启现代化建设新篇章 [Table_Authors] 纪尧(分析师) "十五五"规划纲要深度解读 本报告导读： 本报告全面解读了"十五五"规划纲要的战略部署、以新质生产力为核心引擎的发 展方向、多领域重点任务与落地保障体系，为地方政府、市场主体等各类主体对接 国家战略、抢抓发展机遇提供了清晰的行动指引。 投资要点： | | 021-23185836 | | --- | --- | | | jiyao@gtht.com | | 登记编号 | S0880525040003 | | | 李明亮(分析师) | | | 021-23185835 | | | limingliang@gtht.com | | 登记编号 | S0880525040001 | | | 孙欣欣(分析师) | | | 021-38038562 | | | sunxinxin@gtht.com | | 登记编号 | S0880525010001 | | | 何韫露(分析师) | | | 021-23185849 | | | heyunlu@gtht.com | | 登记编号 | S0880525110003 | [Table_Rep ...

Summary of Key Points from the "Fifteen Five" Planning Outline Industry or Company Involved - The document discusses the "Fifteen Five" planning outline, which focuses on China's economic and industrial development strategies for the upcoming five years. Core Points and Arguments 1. **Economic Growth Target**: The economic growth center is set at approximately 4.5%, with a clear goal of doubling per capita GDP by 2035, emphasizing high-quality development to address external uncertainties [1][2][3]. 2. **Focus on New Industries**: The planning emphasizes the development of new productivity sectors such as AI, 6G, quantum technology, low-altitude economy, and nuclear fusion, indicating a shift towards high-quality growth [1][2][3]. 3. **Green Development Shift**: The focus has shifted from "dual control of energy consumption" to "dual control of carbon emissions," with a target of 25% non-fossil energy by 2030, promoting the use of green electricity and supporting the development of renewable energy and grid upgrades [1][3]. 4. **Increased Security Emphasis**: The planning highlights the importance of food and energy security, with production capacity targets raised significantly, reflecting heightened geopolitical risks [1][3][4]. 5. **Real Estate Sector Reform**: A new model for real estate development is introduced, focusing on project company systems and financing main banks, which aims to distribute risks from real estate companies to individual projects [1][4][14][16]. 6. **Consumer Policy Evolution**: The approach to consumer policy has shifted from short-term subsidies to systemic measures aimed at boosting service consumption and addressing global competitiveness [1][2][19]. Important but Possibly Overlooked Content 1. **Investment Strategy for A-Share Market**: The investment strategy is to focus on "seeking quality through new initiatives," targeting new momentum and emerging industries, aligning with the modernization of the industrial system [1][6][7]. 2. **Strategic Emerging Industries**: Key areas include new generation information technology, renewable energy, high-end equipment, and commercial aerospace, with a clear emphasis on low-altitude economy and domestic aircraft manufacturing [1][6][24][26]. 3. **Debt Market Implications**: The planning outlines a quantitative target system that will influence the bond market, particularly in terms of innovation-driven financing and green transition, indicating a shift towards new energy and technology sectors [8][9][12][14]. 4. **Housing Security System**: The planning details a comprehensive housing security system, categorizing housing needs into three groups and emphasizing the management of affordable housing [14][15][18]. 5. **Consumer Market Recovery**: Recent data indicates a weak recovery in the consumer market, particularly in service consumption, with signs of increased domestic tourism and spending [20][21]. This summary encapsulates the critical aspects of the "Fifteen Five" planning outline, highlighting the strategic focus areas and potential implications for various sectors and the overall economy.

点击小程序查看报告原文 3月12日，第十四届全国人民代表大会第四次会议表决通过《中华人民共和国国民经济和社会发展第十五个五年规划纲要》（以下简称《纲要》），并于3 月13日正式发布[1]。立足于"十四五"取得的重大成就，延续细化2025年10月发布的"十五五"规划建议的目标和要求，《纲要》提出了"十五五"时期经济社 会发展的指导方针、主要目标指标、重大战略任务和重大工程项目。《纲要》全文约七万余字，体量较"十四五"规划纲要增加近万字，结构分为18篇、62 章、192节，承继"十四五"基本战略框架，并针对我国发展环境面临的深刻复杂变化，做出了更为精准、紧迫和前瞻的部署，为未来五年中国经济社会发 展的政策重心、产业趋势与投资机遇指明了方向。本篇文章我们从资本市场角度，学习体会《纲要》精神及中长期规划部署。 总体定调：历史定位承前启后，目标设定延续优化 《纲要》首章 就历 史定位、发展环境、主要目标指标做出阐述，具体来看： 历史定位方面， "十四五"是全面建设社会主义现代化国家新征程的"开局起步"阶段，而"十五五"则是"承前启后、夯实基础、全面发力"的关键时期，旨 在"推动事关中国式现代化全局的战略任务取得重大突破 ...

Investment Rating - The report maintains a "Recommended" rating for the communication industry [3] Core Insights - The report emphasizes the importance of new infrastructure (新基建) as a driver for technological upgrades and the development of new productive forces, highlighting its role in connecting emerging and future industries [2] - It identifies artificial intelligence (AI) as a key enabler across all industries, serving as the core engine for activating new productive forces [2] - The report expresses optimism about the systematic and in-depth layout of new infrastructure, suggesting that the communication industry will flourish alongside the development of new productive forces [2] Summary by Relevant Sections - **New Infrastructure and Emerging Industries**: The report discusses the proactive construction of new infrastructure as essential for fostering new productive forces and supporting the national economy [2] - **Focus on Future Industries**: It highlights the need to concentrate on cutting-edge technology breakthroughs, particularly in areas like 6G, to ensure long-term competitiveness and the cultivation of new productive forces [2] - **Investment Opportunities**: The report suggests paying attention to sectors such as 5G/6G, AI integration, and related technologies as potential investment opportunities within the communication industry [2]

Core Insights - Ericsson is positioned as a leader in the global 6G ecosystem, showcasing its advancements at Mobile World Congress (MWC) Barcelona 2026 [1][2] - The transition from 6G concept to commercial readiness is underway, with a focus on AI-native technologies and interoperability [1] - The company emphasizes the integration of AI across all network layers to support the development of autonomous networks and enhance performance for future applications [1] Group 1: 6G Ecosystem Development - Ericsson is collaborating with major partners like Qualcomm and NVIDIA to establish a roadmap for 6G commercial systems starting in 2029 [1] - The company is actively participating in initiatives such as the Linux Foundation's OCUDU to promote open-source software for wireless innovation [1] - Ericsson's technology is central to the industry's shift from research to deployable networks, with a focus on 5G Standalone and 5G Advanced as foundational steps [1] Group 2: Device Ecosystem and Interoperability - At MWC 2026, Ericsson demonstrated key advancements in device interoperability, including live Multi-RAT Spectrum Sharing with Apple and integration of 6G testbed radio with MediaTek [1] - The company validated foundational 6G physical-layer capabilities in collaboration with Qualcomm, focusing on enhanced uplink performance [1] - Ericsson aims to ensure that devices and networks are interoperable as commercial 6G is targeted for 2030, providing pre-standard systems for device makers [1] Group 3: Industry Readiness for 6G - With the first implementable 3GPP specifications expected by 2029, Ericsson is building proof points for Communication Service Providers (CSPs) to confidently deploy 6G [1] - The foundation for the 6G intelligent fabric is being established through current implementations of 5G technologies and network APIs [1] - Ericsson continues to shape industry standards and deepen collaborations to ensure readiness for the full potential of 6G [1]