д»ҒжЎҘжңҲеәҰи§ӮзӮ№ | еҪ“科жҠҖдёӯе…ҙе®һзҺ°д№ӢеҗҺ

2026-10-09 · 财盛证券

гҖҖгҖҖжқҘжәҗпјҡд»ҒжЎҘиө„дә§ гҖҖгҖҖд№қжңҲпјҢз©әзӘ—жңҹдёӢеҗ„жҢҮ数继з»ӯеҜ»еә•гҖӮе…¶дёӯдёҠиҜҒ50дёӢи·Ң3.9%пјӣжІӘж·ұ300дёӢи·Ң5.8%пјӣдёӯиҜҒ500дёӢи·Ң6.5%пјӣеҲӣдёҡжқҝдёӢи·Ң8.8%пјҢжҒ’з”ҹжҢ

гҖҖгҖҖжқҘжәҗпјҡд»ҒжЎҘиө„дә§

гҖҖгҖҖд№қжңҲпјҢз©әзӘ—жңҹдёӢеҗ„жҢҮ数继з»ӯеҜ»еә•гҖӮе…¶дёӯдёҠиҜҒ50дёӢи·Ң3.9%пјӣжІӘж·ұ300дёӢи·Ң5.8%пјӣдёӯиҜҒ500дёӢи·Ң6.5%пјӣеҲӣдёҡжқҝдёӢи·Ң8.8%пјҢжҒ’з”ҹжҢҮж•°дёӢи·ҢдәҶ3.7%гҖӮдёҖж–№йқўпјҢAIжіЎжІ«зҡ„еҮәжё…иҝӣзЁӢеңЁжёҗж¬Ўеұ•ејҖпјӣеҸҰдёҖж–№йқўпјҢе…¶д»–иЎҢдёҡзҡ„еҹәжң¬йқўж”№е–„жңӘи§ҒжӢҗзӮ№пјҢз”ұжӯӨеёӮеңәйҖүжӢ©еҗ‘дёӢеҜ»еә•д№ҹеңЁжғ…зҗҶд№ӢдёӯгҖӮеҫҲеӨҡдәәдјҡй—®пјҢжҳҜдёҚжҳҜе·Із»Ҹиҝӣе…ҘзҶҠеёӮдәҶпјҢжҲ‘жғізҺ°еңЁи°ҲзҶҠеёӮиҝҳдёәж—¶е°ҡж—©пјҢз»“жһ„жҖ§зҡ„жңәдјҡе’ҢйЈҺйҷ©д»Қдјҡй•ҝжңҹеӯҳеңЁгҖӮеҪ“然пјҢжҲ‘们没жңүжҠҠж”ҝзӯ–еҸҳеҢ–еҠ е…ҘеҲ°жҲ‘们зҡ„йў„жңҹд№ӢдёӯпјҢдҪҶиҝҷзЎ®е®һжҳҜдёӘжҪңеңЁзҡ„йҮҚиҰҒеҸҳйҮҸгҖӮ

гҖҖгҖҖеүҚдёүеӯЈеәҰеӣҪеҶ…зҡ„еҗ„дё»иҰҒжҢҮж•°еҹәжң¬йғҪжҳҜи·Ңзҡ„пјҢдҪҶAиӮЎзҡ„жҖ»еёӮеҖјеўһй•ҝдәҶ3%пјҢиҝҷиғҢеҗҺеҸҚжҳ дәҶдёҠеҚҠе№ҙIPOе’ҢеҶҚиһҚиө„жҙ»еҠЁзҡ„ж—әзӣӣпјҢдёҖж–№йқўдҪ“зҺ°дәҶAиӮЎеҜ№зӣҙжҺҘиһҚиө„пјҢзү№еҲ«жҳҜ科жҠҖдјҒдёҡиһҚиө„зҡ„ж”ҜжҢҒеҠӣеәҰжҳҜз©әеүҚзҡ„пјӣиҖҢеҸҰдёҖж–№йқўпјҢд№ҹеҪўжҲҗдәҶеўһйҮҸзҡ„иҙўеҜҢеңЁдёҖдәҢзә§еёӮеңәдёӯзҡ„еҶҚеҲҶй…Қж јеұҖгҖӮжёҜиӮЎд№ҹжҳҜеҗҢж ·зҡ„жғ…еҶөпјҢеүҚдёүеӯЈеәҰиһҚиө„йўқеҲӣдәҶеҗҢжңҹеҺҶеҸІж–°й«ҳгҖӮжҲ‘们жңҹеҫ…ж–°еӣҪд№қжқЎзҡ„иҝӣдёҖжӯҘиҗҪе®һпјҢжңҹеҫ…еёӮеңәзҡ„жҠ•иө„еҠҹиғҪеҫ—еҲ°иҝӣдёҖжӯҘеўһејәпјҢзү№еҲ«жҳҜеҜ№дәҢзә§еёӮеңәзҡ„еҸӮдёҺиҖ…гҖӮ

гҖҖгҖҖиҝ‘жңҹпјҢеңЁзҗҶжғіе’Ңе°Ҹзұіж–°иҪҰеҸ‘еёғд№ӢеҗҺпјҢеёӮеңәе…ідәҺе®Ғеҫ·зҡ„и®Ёи®әжңүеҫҲеӨҡпјҢе…¶иӮЎд»·д№ҹеҮәзҺ°дәҶдёҚе°Ҹзҡ„жіўеҠЁгҖӮиҜҙе®һиҜқпјҢе®Ғеҫ·ж— з–‘жҳҜдёҖ家дјҳз§Җзҡ„е…¬еҸёпјҢжІЎжңүе®Ғеҫ·пјҢеҫҲйҡҫжғіиұЎдёӯеӣҪзҡ„з”өеҠЁиҪҰжҷ®еҸҠдјҡеҰӮжӯӨд№Ӣеҝ«гҖӮиҖҢд№ӢжүҖд»ҘеңЁиҝҷдёӘйҳ¶ж®өдә§дёҡй“ҫдёҠејҖе§ӢеҮәзҺ°иЈӮз—•пјҢжң¬иҙЁдёҠиҝҳжҳҜз”өжұ зҡ„жҠҖжңҜиҝӣжӯҘж”ҫж…ўдәҶпјҢжҢүз…§жӣҫжҜ“зҫӨе…Ҳз”ҹиҮӘе·ұеңЁеӨҸеӯЈиҫҫжІғж–Ҝи®әеқӣдёҠеҜ№еӣәжҖҒз”өжұ зҡ„и®әиҝ°пјҢеӣәжҖҒз”өжұ иҰҒеҲ°2030е№ҙеҗҺжүҚиғҪе®һзҺ°и§„жЁЎйҮҸдә§пјҢйӮЈжңӘжқҘдёӨеҲ°дёүе№ҙе°ҶжҳҜзҺ°жңүз”өжұ зҺ©е®¶иҝҪиө¶е®Ғеҫ·жңҖеҘҪпјҢеҸҜиғҪд№ҹжҳҜжңҖеҗҺзҡ„ж—¶й—ҙзӘ—еҸЈгҖӮеңЁиҝҷдёӘйҳ¶ж®өпјҢз«һдәүеҠҝеҝ…дјҡеҸҳеҫ—жӣҙеҠ жҝҖзғҲпјҢдә§дёҡй“ҫдёҠдёӢжёёй—ҙзҡ„еҚҡејҲиҮӘ然д№ҹдјҡжӣҙйў‘з№ҒгҖӮеҪ“然пјҢд»Һй•ҝжңҹзҡ„и§Ҷи§’пјҢе®Ғеҫ·жңӘжқҘиғҪеҗҰ继з»ӯз»ҙжҢҒдёҖдёӘиҫғй«ҳзҡ„еҲ©ж¶ҰзҺҮж°ҙе№іпјҢйҷӨдәҶеҸ–еҶідәҺдёҠиҝ°зҡ„з«һдәүеӣ зҙ д№ӢеӨ–пјҢд№ҹеҸ–еҶідәҺе®Ғеҫ·иҮӘе·ұзҡ„жҲҳз•ҘйҖүжӢ©пјҢеҚіеҜ№дёҖдёӘиЎҢдёҡзҡ„з»қеҜ№йўҶеҜјиҖ…жқҘиҜҙпјҢеҰӮдҪ•жһ„е»әдёҖз§ҚжӣҙзЁіе®ҡжӣҙжҢҒд№…зҡ„дјҷдјҙе…ізі»пјҢеҰӮдҪ•дҝғиҝӣдёҖдёӘдә§дёҡзҡ„жҢҒз»ӯеҒҘеә·еўһй•ҝпјҢиҝҷдәӣйғҪжҳҜзӣҲеҲ©д№ӢеӨ–жӣҙж·ұеұӮйқўзҡ„иҖғиҷ‘пјҢжҜ•з«ҹпјҢеҗҲдҪңе’Ңе…ұиөўжүҚиғҪеҲӣйҖ жӣҙеӨ§зҡ„жңӘжқҘгҖӮ

гҖҖгҖҖеӣһеҲ°еӣҪеҶ…дә§дёҡеұӮйқўпјҢд»ҠеӨ©пјҢдёҚз®ЎжҳҜдёӯеӨ®е’Ңең°ж–№еҗ„зә§ж”ҝеәңпјҢеҗ„дёӘйғЁе§”пјҢиҝҳжҳҜиӮЎзҘЁеёӮеңәйҮҢзҡ„жҷ®йҖҡжҠ•иө„дәәпјҢеӨ§е®¶йғҪеҫҲ关注科жҠҖгҖӮи®©дәәж¬Је–ңзҡ„жҳҜпјҢиҝ‘дәӣе№ҙпјҢжҲ‘们зҡ„科жҠҖдә§дёҡе®һзҺ°дәҶ蓬еӢғеҸ‘еұ•пјҢеҫҲеӨҡвҖңеҚЎи„–еӯҗвҖқйўҶеҹҹзҡ„иҝӣеҸЈжӣҝд»Јд№ҹеңЁеҝ«йҖҹзӘҒз ҙпјҢиҝҷиғҢеҗҺдёҺжҲ‘们еҮәеҸЈдјҒдёҡзҡ„з«һдәүеҠӣжҳҜдёҖи„үзӣёжүҝзҡ„пјҢеҚіжң¬иҙЁдёҠжәҗдәҺдёӯеӣҪдәәзҡ„еӢӨеҘӢгҖҒжҷәж…§дёҺеҘүзҢ®зІҫзҘһгҖӮеҜ№дёӯеӣҪиҖҢиЁҖпјҢ科жҠҖдёӯе…ҙеҸӘжҳҜж—©жҷҡзҡ„дәӢжғ…пјҢиҖҢеҪ“科жҠҖдёӯе…ҙе®һзҺ°д№ӢеҗҺпјҢжҲ‘们еҸҲе°ҶдјҡиҝҪжұӮд»Җд№Ҳе‘ўпјҹд№ҹи®ёеҲ°йӮЈж—¶жҲ‘们жӣҙеңЁж„Ҹзҡ„жҳҜеҶ…еҝғзҡ„е№ійқҷдёҺиҮӘеңЁпјҢеёҢжңӣжҜҸдёҖдёӘеӣҪдәәзҡ„и„ёдёҠеӨҡдёҖд»Ҫ笑容е’ҢиҪ»жқҫпјҢе°‘дёҖд»Ҫз„Ұиҷ‘е’Ңз–Іжғ«пјҢиғҪеӨҹжңүжӣҙеӨҡзҡ„ж—¶й—ҙжқҘж„ҹеҸ—з”ҹе‘ҪпјҢдҪ“йӘҢз”ҹжҙ»пјҢдәә们зҡ„е№ёзҰҸж„ҹжҳҫи‘—жҸҗеҚҮгҖӮеұҠж—¶пјҢвҖңеҶ…еҚ·вҖқдјҡйҖҗжёҗж¶ҲеӨұпјҢй«ҳиҙЁйҮҸзҡ„жңҚеҠЎдёҡжңҖз»Ҳе»әз«ӢпјҢдёҖдёӘжӣҙиүҜжҖ§жӣҙиҮӘдҝЎзҡ„еҶ…йңҖз»ҸжөҺд№ҹе°Ҷе®һзҺ°пјҢвҖңдё–з•ҢдёҠжңҖеӨ§зҡ„е№ёзҰҸиҺ«иҝҮдәҺдёәдәәж°‘е№ёзҰҸиҖҢеҘӢж–—гҖӮвҖқдёӯеӣҪдәәжҳҜеҖјеҫ—иҝҷд»Ҫе№ёзҰҸж„ҹзҡ„гҖӮ

гҖҖгҖҖеҪ“然пјҢеҜ№иӮЎзҘЁеёӮеңәиҖҢиЁҖпјҢеңЁз§‘жҠҖиҝҪиө¶йҳ¶ж®өпјҢжҲ‘们科жҠҖе…¬еҸёзҡ„дј°еҖје’Ңйў„жңҹйғҪеӨ„еңЁеҘҮй«ҳзҡ„зҠ¶жҖҒпјҢиҖҢеҪ“иҝҷдёӘйҳ¶ж®өйҖҗжӯҘз»“жқҹпјҢ科жҠҖдёӯе…ҙе®һзҺ°д№Ӣж—¶пјҢзӣёеә”е…¬еҸёзҡ„дј°еҖјдҪ“зі»д№ҹдјҡйҖҗжӯҘеӣһеҪ’еёёжҖҒпјҢе’Ңе…¶д»–иЎҢдёҡйҖҗжёҗи¶ӢеҗҢгҖӮиҝҷдёӘиҝӣзЁӢдёҖе®ҡдјҡе®һзҺ°пјҢж—¶й—ҙдёҠеҸҜиғҪд№ҹ并дёҚдјҡеӨӘйҒҘиҝңгҖӮиҖҢиҝҪжұӮе№ёзҰҸж„ҹпјҢжҲ‘зӣёдҝЎиҝҷе°ҶжҳҜдёӯеӣҪжӣҙй•ҝжңҹзҡ„еҸ‘еұ•ж–№еҗ‘пјҢе…¶дёӯд№ҹеӯ•иӮІзқҖжӣҙжҢҒд№…жӣҙжңүз”ҹе‘ҪеҠӣзҡ„жҠ•иө„жңәдјҡгҖӮ

гҖҖ гҖҖеЈ°жҳҺпјҡжң¬ж–Үз”ұд»ҒжЎҘпјҲеҢ—дә¬пјүиө„дә§з®ЎзҗҶжңүйҷҗе…¬еҸёж’°еҶҷпјҢжң¬жҠҘе‘ҠеҶ…е®№жҳҜеҹәдәҺжң¬е…¬еҸёи®ӨдёәеҸҜйқ зҡ„зӣ®еүҚе·Іе…¬ејҖдҝЎжҒҜпјҢдҪҶжң¬е…¬еҸёдёҚдҝқиҜҒиҜҘзӯүдҝЎжҒҜзҡ„еҮҶзЎ®жҖ§е’Ңе®Ңж•ҙжҖ§гҖӮеҶ…е®№д»…дҫӣеҸӮиҖғпјҢеңЁд»»дҪ•жғ…еҶөдёӢеқҮдёҚжһ„жҲҗеҜ№д»»дҪ•дәәзҡ„жҠ•иө„е»әи®®пјҢ并дёҚжһ„жҲҗе№ҝе‘ҠжҲ–й”Җе”®иҰҒзәҰгҖӮеёӮеңәжңүйЈҺйҷ©пјҢжҠ•иө„йЎ»и°Ёж…ҺгҖӮ

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