This year, future industries have attracted significant capital interest.

The "15th Five-Year Plan" proposal suggests fostering and expanding emerging and future industries. It calls for forward-looking layouts in future industries, exploring diverse technological pathways, typical application scenarios, viable business models, and market supervision rules. The aim is to drive quantum technology, biomanufacturing, hydrogen and nuclear fusion energy, brain-computer interfaces, embodied AI, and sixth-generation mobile communication (6G) to become new economic growth points.

Multiple regions are actively cultivating future industries.

As a forefront force leading economic and social transformation, various regions across the country have actively supported the development of future industries in recent years. Public reports indicate that since its launch in July last year, Beijing's "Win the Future" public roadshow events have held nine sessions, cumulatively supporting 83 potential enterprises in future industries. This initiative has helped 60 companies secure financing exceeding 2 billion yuan, while 36 enterprises obtained bank credit totaling 1.98 billion yuan.

In the first half of this year, Shenzhen proposed 15 financial measures to fully support the high-quality development of future industries. In September, Shanghai issued several measures to accelerate technological innovation and future industry cultivation, proposing support for leading technology companies in future industries to plan new tracks proactively and accelerate investment and incubation of innovative entities in future industries.

In October, Guangzhou's implementation opinions on accelerating the cultivation and development of future industries proposed that by 2029, technological innovation and industrial cultivation in future industries should achieve comprehensive development. The plan aims to break through key core technologies in priority areas, deepen the demonstration effect of application scenarios, fully energize innovative entities, rapidly enhance industrial competitiveness, and basically form a clustered development trend for future industries.

Driven by policy dividends, since last year, the IPO process for sectors related to future industries has noticeably accelerated, with a significant increase in market financing amounts.

Using the seven future industries mentioned—quantum technology, biomanufacturing, hydrogen energy, nuclear fusion, brain-computer interface, embodied AI, and sixth-generation mobile communication (6G)—as the statistical scope, data shows that as of December 26, 2025, the total amount raised through initial public offerings and follow-on offerings (including secondary offerings and convertible bonds) for future industries since 2024 has approached 70 billion yuan. Among them, China National Nuclear Power (nuclear fusion) raised 14 billion yuan through a secondary offering since 2024, Seres (embodied AI) raised over 8 billion yuan, and Desay SV Automotive (embodied AI) raised over 4 billion yuan.

From a market performance perspective, future industries have been highly favored by capital this year, with all seven mentioned sectors significantly outperforming the market. Based on Wind industry indices, as of December 26, the nuclear fusion index has surged over 85% year-to-date, the 6G index has gained nearly 80%, while the embodied AI, brain-computer interface, and hydrogen energy indices have all posted gains exceeding 50%.

Future industries exhibit strong growth momentum.

Some scholars believe that future industries are outcomes driven by major disruptive technologies enabling the commercial application of innovations. They possess robust development vitality and market potential, serving as pioneering sectors capable of significantly impacting the economy and society.

Future industries have demonstrated powerful growth动能. According to statistics from Securities Times · DataBa, the aforementioned seven future industries involve 381 companies. While the overall net profit growth (comparable caliber) for these companies was relatively weak in 2023 and 2024, with a slight decline in 2024, the median net profit for 2025—based on consensus analyst forecasts—is projected to exceed 650 billion yuan (excluding companies without forecasts). This represents a potential year-on-year increase of over 20%, with further growth of over 15% anticipated for both 2026 and 2027.

Looking at individual companies, based on consensus forecast median net profit estimates, over 60 companies are projected to see net profit growth exceeding 100% in 2025 (including those expected to turn profitable). Companies like Foton Motor, Sinomed, and AsiaInfo Security are forecast to achieve net profit growth exceeding 10 times in 2025, with growth rates potentially surpassing 20% in 2026.

According to consensus forecasts, Foton Motor's net profit for 2025 is expected to increase by nearly 17 times. In the third quarter of this year, the company's net profit surged over 17 times year-on-year. The company emphasizes hydrogen energy development, with layouts in hydrogen production, refueling, utilization, and fuel cell vehicle development. It plans hydrogen fuel commercial vehicle series covering various scenarios, including buses, light trucks, medium trucks, and heavy-duty trucks.

Sinomed's net profit for the first three quarters of this year increased by over 290% year-on-year. Consensus forecasts suggest its full-year 2025 net profit could grow more than 16 times. A Southwest Securities research report noted that the company's HT Supreme coronary drug-eluting stent has received conditional approval from the US FDA, marking a significant milestone for Chinese domestic drug-eluting stents.

AsiaInfo Security is forecast by consensus to achieve nearly 15 times net profit growth in 2025. Its controlling subsidiary, AsiaInfo Technologies, is involved in 6G-related business, focusing on 5G-Advanced and 6G. It actively conducts preliminary research on technologies like 6G AI RAN integration of communication, sensing, computing, and intelligence, integrated space-air-ground networks, and intelligent reflective surfaces, accelerating the application of key 5G-A/6G technologies in private network products.

Ten potential stocks showing share concentration trends have been identified.

Regarding shareholding concentration, comparing the latest number of shareholders with the end of the third quarter, among the 381 companies mentioned, over 40 have seen a decrease in shareholder count. Twenty-seven of these experienced a decline exceeding 3%. Castech, Zhongyuan Nei Power, and Envicool saw their shareholder numbers drop by over 10% each.

Castech's latest shareholder count decreased by nearly 26% compared to the end of Q3. Zhongyuan Nei Power's shareholder count fell by nearly 23%. The company is actively positioning itself in the hydrogen energy industry chain, establishing cooperative relationships with leading domestic hydrogen energy enterprises and universities.

Further analysis shows that among the 27 companies with shareholder count declines exceeding 3%, only 10 had year-to-date gains below 18.26% (underperforming the market) as of December 26. These are primarily concentrated in embodied AI, quantum technology, and biotechnology sectors.

Specifically, Zhiyuan New Energy, Fullhan Microelectronics, and AVIC UAS were among five companies whose shareholder counts decreased by over 5%.

Zhiyuan New Energy's latest shareholder count fell by over 10% since end-Q3. In July this year, the company stated that the production line for its wholly-owned subsidiary Zhiyuan Hydrogen Energy's fundraising project, the "Hydrogen Equipment Intelligent Manufacturing Project," had completed installation and debugging. This line boasts an annual production capacity of 10,000 hydrogen storage cylinders. Batch production can commence based on customer demand once products pass customer validation tests.

Fullhan Microelectronics' latest shareholder count decreased by over 9.5% since end-Q3. The company's vision chips can be applied to diverse smart application scenarios and are currently used in consumer robotics.

AVIC UAS's shareholder count dropped by 7.5% since end-Q3. Since its listing, the company has continuously improved its product portfolio. Its current products have developed UAV platforms including Wing Loong-2HA, Wing Loong-6, and Wing Loong-X, achieving comprehensive coverage from 10kg to 6-ton classes, forming a product layout with "high-medium-low"搭配 and "large-medium-small" integration across full scenarios.

In terms of market performance, Fullhan Microelectronics, Bloomage Biotech, and China Great Wall saw their stock prices decline year-to-date, with the first two experiencing drops. Bloomage Biotech's stock fell nearly 14%. Its incubated synthetic biology innovator, Bloomage Tang'an, focuses on the biosynthesis of active sugar molecules and innovative drug development. It has completed process scale-up verification for heparin polysaccharide active pharmaceutical ingredients from "gram-scale" to "hundred-gram-scale," expecting stable production of hundred-gram-scale qualified products early next year.