In-Depth Interpretation of Shanghai's 15th Five-Year Plan Proposal: A Comprehensive Analysis of Investment Opportunities in Six Future Industries

Based on the above analysis, I will provide you with a systematic and comprehensive investment research report.

On January 19, 2026, the “Proposal of the CPC Shanghai Municipal Committee on Formulating the 15th Five-Year Plan for Shanghai’s National Economic and Social Development” was officially released [1]. This planning proposal clearly states that Shanghai will focus on

six key areas,加强 quantum technology, brain-computer interfaces, controllable nuclear fusion, biomanufacturing, and sixth-generation mobile communications (6G)等前沿技术领域的敏捷布局,加快培育成势[1].

This strategic deployment reflects the forward-looking industrial policy orientation of Shanghai as an important economic center in China, aiming to promote the commercialization of cutting-edge technologies from the laboratory and build a complete ecological system for future industrial development through policy guidance and resource allocation. Shanghai will deepen the reform of the development zone management system, straighten out the power-responsibility relationship and operation mode of development zones, strengthen the integration of development zones and parks and intensive and economical use of land, improve the innovation and industrial ecology of development zones, build characteristic industrial clusters, and promote the transformation of development entities into integrated operators [1].

According to the analysis of Zhang Linshan, a researcher at the Institute of Macroeconomic Research of the National Development and Reform Commission, the six future technologies highlighted in the 15th Five-Year Plan Proposal share the common feature of being at

, which is of strategic significance for China to seize the opportunities of a new round of scientific and technological revolution and build long-term competitive advantages [2]. In terms of industrial characteristics, these six fields generally have significant :

Industry Sector	Strategic Position	Current Development Stage	Commercialization Expectation
Quantum Technology	National Security and Computing Power Revolution	Technology Verification Phase	2028-2030
Controllable Nuclear Fusion	Ultimate Energy Solution	Experimental Breakthrough Phase	2035-2045
Brain-Computer Interface	Human-Computer Interaction Revolution	Clinical Verification Phase	2027-2030
Biomanufacturing	Green Manufacturing Transformation	Initial Industrialization Phase	2025-2028
6G Communications	Next-Generation Communication Standard	Standard Formulation Phase	Around 2030
Commercial Space	New-Generation Infrastructure	Rapid Growth Phase	2026-2028

Quantum technology is a cutting-edge technology developed and applied based on the principles of quantum mechanics, mainly covering three directions: quantum computing, quantum communications, and quantum measurement [2]. In the field of quantum computing, China has released milestone achievements such as the “Jiuzhang” photonic quantum computing prototype and the “Zuchongzhi” superconducting quantum computing prototype [2]. The “Zuchongzhi 3” is quadrillions of times faster than the world’s fastest supercomputer in handling specific problems, and the “Wukong” quantum computer has successfully completed over 710,000 computing tasks globally [2].

According to calculations by LeadLeo Research Institute, the market size of China’s quantum computing industry is experiencing explosive growth, increasing from RMB 0.24 billion in 2019 to RMB 5.021 billion in 2023, with a compound annual growth rate (CAGR) of 281.79% [3]. Multiple institutions predict that by 2028, the Chinese market size will further reach RMB 25.646 billion [3].

The quantum technology industry chain can be divided into three links: upstream core components, midstream system integration, and downstream application scenarios. From an investment perspective, the upstream core components link has the highest technical barriers and the greatest added value, making it a priority for investment.

Ticker Symbol	Company Name	Core Business	Period Increase	Market Capitalization (RMB 100 million)	Investment Rating
688027.SS	QuantumCTek	Quantum Communication Equipment	+287.34%	6295	★★★★★
688122.SS	Western Superconducting Technologies	Low-Temperature Superconducting Materials	+149.82%	5812	★★★★★
603019.SS	Dawning Information Industry (Sugon)	Quantum-Classic Fusion	To be supplemented	To be supplemented	★★★★☆
600570.SH	Hundsun Technologies	Quantum Financial Applications	To be supplemented	To be supplemented	★★★★☆

According to the latest market data, the share price of QuantumCTek rose from $158.00 in September 2024 to $612.00 in January 2026, representing a period increase of

[0]. As a leading enterprise in China’s quantum communications field, the company’s main products include quantum secure communication network equipment, quantum security application products, and management and control software for quantum secure communication networks. The company’s current trading price is above the 50-day moving average ($549.18) and 200-day moving average ($351.67), indicating a strong upward trend [0].

However, it should be noted that the company’s current price-to-book ratio (P/B) is as high as 19.59x, and its price-to-earnings ratio (P/E) is negative (-19712.28x), reflecting the common “high growth, low revenue” challenge in the quantum technology industry [4]. Despite remarkable scientific research achievements and enthusiastic capital market, the commercialization of quantum computing is universally recognized to have challenges, namely the disconnect between scientific research achievements and practical commercial applications [3].

For the quantum technology field, it is recommended to adopt a

strategy, focusing on enterprises with national team backgrounds and leading technological advantages. In the short term, pay attention to event-driven opportunities (such as quantum computing breakthroughs, order implementations), while in the long term, wait for business model verification.

Controllable nuclear fusion refers to the huge energy released when hydrogen atoms fuse into helium atoms under extremely high temperature and pressure. Currently, there are three main technical routes for controllable nuclear fusion: magnetic confinement, gravitational confinement, and inertial confinement. The mainstream tokamak device belongs to the magnetic confinement route [2].

The operation time of China’s Experimental Advanced Superconducting Tokamak (EAST) in long-pulse high-confinement mode has been continuously extended, achieving major breakthroughs such as 60 seconds, 100 seconds, and 403 seconds successively [2]. In January 2026, EAST achieved

for the first time, setting a new world record [2]. In addition, ENN’s “Xuanlong-50U” experimental device, as the world’s first device to achieve million-ampere hydrogen-boron plasma discharge, set a new international record for magnetic field conditions above 1.2T at the second level [2].

According to Academician Zhang Jie, Director of the Li Zhengdao Institute of Shanghai Jiao Tong University, who revealed at the 2025 Pujiang Innovation Forum, the team is committed to building the first 50-hertz, million-kilowatt laser fusion power station in Shanghai around 2045, which is expected to provide electricity for a city with a population of 2 million [5]. The upstream, midstream, and downstream industrial chains driven by laser fusion energy can reach a scale of over RMB 1 trillion [5].

The core links of the controllable nuclear fusion industry chain include: superconducting materials (30%), high-temperature components (25%), host systems (30%), and operation services (15%). Superconducting materials and high-temperature components have the highest technical barriers and are the core links of the industrial chain.

Ticker Symbol	Company Name	Core Business	Period Increase	Technological Advantages
000969.SS	Advanced Technology & Materials Co., Ltd. (AT&M)	Divertor/Tungsten-Copper Composite Components	Core Target	70% Global Market Share
688122.SS	Western Superconducting Technologies	Low-Temperature Superconducting Materials	+149.82%	Leading Position in China
601727.SS	Shanghai Electric	Full-Equipment Chain	+145.58%	Comprehensive Equipment Manufacturing
600363.SH	Lianchuang Optoelectronics	High-Temperature Superconducting Magnets	Deeply Involved	RMB 5 Billion Order Scale

The divertor all-tungsten composite components and tungsten-copper composite components developed and produced by AT&M have been successfully applied to the International Thermonuclear Experimental Reactor (ITER) project, with a 70% global market share, making it a well-deserved hidden champion in the field of controllable nuclear fusion [6]. Backed by the central enterprise China Iron & Steel Research Institute Group, the company has strong R&D capabilities and technical accumulation.

Western Superconducting Technologies is a leading enterprise in China’s low-temperature superconducting materials field, with products widely used in quantum computing, medical MRI, controllable nuclear fusion and other fields. The company’s share price rose from $35.81 in September 2024 to $89.46 in January 2026, representing a period increase of

[0]. From the perspective of financial data, the company has a P/E ratio of 68.63x, a return on equity (ROE) of 12.42%, and a net profit margin of 15.78%, with relatively strong profitability [4].

Shanghai Electric has full-equipment chain manufacturing capabilities in the field of controllable nuclear fusion and is a major supplier of nuclear island equipment in China. The company’s share price rose from $3.73 in September 2024 to $9.16 in January 2026, representing a period increase of

[0]. The company’s third-quarter revenue was RMB 27.97 billion, with an EPS of RMB 0.02, exceeding market expectations by 60.06% [4].

For the controllable nuclear fusion field, it is recommended to adopt a

strategy. The superconducting materials and high-temperature components links have the highest technical barriers, with orders concentrated in leading enterprises, making them a priority layout direction. Investments in this field need to focus on technological breakthrough nodes (such as EAST device operation time records, international cooperation progress, etc.).

Brain-Computer Interface (BCI) refers to a direct information interaction link built between the human brain and electronic devices such as computers and smart terminals, enabling two-way transmission of brain signals and device instructions [7]. Its technical routes are mainly divided into two categories: invasive (requiring surgery to implant electrodes into brain tissue) and non-invasive (collecting brain signals using devices such as EEG caps and head rings) [7].

The strategic positioning of BCI is a cutting-edge field at the intersection of life sciences and information technology. In the short term, its core application direction is medical rehabilitation (such as helping patients with limb paralysis restore motor functions and assisting people with language disorders to communicate). In the long term, it is expected to reconstruct the human-computer interaction model, and even provide technical possibilities for the expansion of human cognitive abilities [7].

According to policy planning, by 2027, the market size of China’s BCI is expected to exceed RMB 5.5 billion [2]. Currently, about 350 BCI-related enterprises have emerged in China, forming an industrial chain from core components to terminal applications [2].

The BCI industrial chain includes: electrodes and sensors (25%), chips and algorithms (30%), system integration (25%), and medical applications (20%). The chips and algorithms link has the highest technical barriers and is the core link of the industrial chain.

Ticker Symbol	Company Name	Core Business	Period Increase	Technical Highlights
603869.SS	New Wisdom Cognitive Technology	Medical-Grade BCI	+122.27%	Medical-Grade BCI
600797.SS	Insigma Technology	Brain-Computer Interaction Algorithms	+131.22%	University Research Background
300238.SZ	Guanhao Biotech	Biocompatible Materials	Core Target	Implant Materials
300496.SZ	Thundersoft	Embedded Systems	Core Target	BCI-Specific OS

New Wisdom Cognitive Technology is a pioneer in China’s BCI field, focusing on the R&D of medical-grade BCI products. The company’s share price rose from $4.76 in September 2024 to $10.58 in January 2026, representing a period increase of

[0]. The company’s volatility is only 1.85%, making it a relatively risk-controllable target among concept stocks [0].

Insigma Technology relies on the research background of Zhejiang University and has deep accumulation in the field of brain-computer interaction algorithms. The company’s share price rose from $4.74 in September 2024 to $10.96 in January 2026, representing a period increase of

[0].

For the BCI field, it is recommended to focus on enterprises with a

dual layout. This field is in the early stage of development, with immature business models, so it is recommended to adopt a “small position, long-term tracking” strategy. Pay attention to policy catalysts (such as the implementation of BCI industry opinions, clinical trial progress, etc.).

Biomanufacturing is an emerging industry that highly integrates the traditional fermentation industry and cutting-edge synthetic biology technologies [2]. Biomanufacturing is not only developing rapidly in its own field, but also colliding with fields such as quantum technology to produce many “innovations” [2]. At the Beijing Science and Technology Expo, the 1000-qubit coherent photonic quantum computer exhibited by Beijing Bose Quantum Technology Co., Ltd. can achieve millisecond-level calculation of small molecule library screening in the biopharmaceutical field, accelerating drug screening by at least thousands of times [2].

At the national level, policy documents such as the “Notice on Carrying Out the Cultivation of Pilot Capacity Building Platforms for Biomanufacturing” have been issued [2]. The “Implementation Opinions on Accelerating Scene Cultivation and Opening to Promote Large-Scale Application of New Scenarios” issued by the General Office of the State Council proposes that by 2027, China strives to cultivate more than 20 pilot capacity building platforms for biomanufacturing [2].

The biomanufacturing industrial chain includes: enzyme preparations (20%), bio-based materials (30%), synthetic biology (30%), and application products (20%). Bio-based materials and synthetic biology are the core links of the industrial chain.

Ticker Symbol	Company Name	Core Business	Period Increase	Market Capitalization (RMB 100 million)	Investment Rating
688639.SS	Huaheng Biotech	Bio-Based Materials	+24.17%	To be supplemented	★★★★☆
688065.SS	Kaisa Biotech	Long-Chain Dibasic Acids	+58.85%	4067	★★★★★
603739.SS	Vland Biotech	Enzyme Preparations	+45.48%	To be supplemented	★★★★☆
600298.SH	Angel Yeast	Fermentation Products	Core Target	To be supplemented	★★★☆☆

Kaisa Biotech is a leading enterprise in China’s synthetic biology field, with its core product being long-chain dibasic acids. The company’s share price rose from $35.50 in September 2024 to $56.39 in January 2026, representing a period increase of

[0]. From the perspective of financial data, the company has a P/E ratio of 68.20x and a P/B ratio of 2.30x, with relatively healthy financial conditions [4]. The company’s third-quarter revenue in 2025 was RMB 874 million, a year-on-year increase of 13.4%, with a net profit margin of 18.08%, showing strong profitability [4].

Huaheng Biotech focuses on the R&D and production of bio-based materials, and is a representative enterprise in China’s biomanufacturing field. The company’s share price rose from $29.96 in September 2024 to $37.20 in January 2026, representing a period increase of

[0]. The company is in the initial stage of biomanufacturing industrialization and has great growth potential.

For the biomanufacturing field, it is recommended to adopt a

strategy. Focus on enterprises with large-scale production capabilities and stable customer bases. The business model in this field is relatively mature, with high certainty of performance growth, making it the direction with the optimal risk-return ratio among the six fields.

Sixth-generation mobile communications (6G) is ushering in a period of “great achievements after extensive accumulation” [2]. China has completed the first phase of 6G technology trials, forming more than 300 key technical reserves [2]. China’s 6G patent applications account for 40.3% of the global total, ranking first in the world [2].

6G technology trials are divided into three phases: key technology trial phase (clarifying the main technical directions of 6G), technical solution trial phase (developing 6G prototype samples for typical scenarios and performance indicators), and system networking trial phase (developing 6G pre-commercial equipment and carrying out 6G key product tests) [2]. Commercial capabilities are expected to be available around 2030 [2].

The 6G communications industrial chain includes: radio frequency devices (25%), optical modules (20%), network equipment (35%), and terminal applications (20%). Network equipment and radio frequency devices are the core links of the industrial chain.

Ticker Symbol	Company Name	Core Business	Technical Status
000063.SS	ZTE Corporation	Air Interface and Architecture	6G Standard Leader
002281.SS	Accelink Technologies	Optical Modules	Global Leader
300136.SS	Sunway Communication	Radio Frequency Devices	Core Supplier
600498.SH	FiberHome Telecommunication Technologies	Network Equipment	Key Participant

ZTE Corporation has leading technical accumulation in the 6G field and is a major contributor to domestic air interface and architecture standards. As a core Chinese communication equipment enterprise after Huawei, the company will directly benefit from the 6G technology standard formulation and industrialization process.

Accelink Technologies is a global leading supplier of optical modules, with products widely used in 5G/6G communication networks. The company has mass production capabilities in the field of single-photon detectors, which can be adapted to quantum communication devices, making it a cross-beneficiary target of 6G and quantum communications [7].

For the 6G field, it is recommended to focus on a

strategy. This field is still a long way from commercialization, so it is recommended to pay attention to technological standard progress and patent layout. In the short term, pay attention to technology upgrade opportunities during the evolution from 5G to 6G.

Commercial space is an emerging field focused on development during China’s 15th Five-Year Plan period [2]. With the acceleration of low-orbit satellite networking, the participation of private enterprises in the space industrial chain continues to increase [2]. China has built the world’s largest production base for solar panels and flat panel screen films, as well as the most complete supply chain [2].

Ticker Symbol	Company Name	Core Business	Position in Industrial Chain
601698.SS	China Satellite Communications Co., Ltd. (China Satcom)	Satellite Operation	Downstream
600118.SS	China Spacesat Co., Ltd.	Satellite Manufacturing	Midstream
000043.SZ	AVIC Capital	Aerospace Finance	Services
300342.SZ	Tianyin Electromechanical	Satellite Components	Upstream

For the commercial space field, it is recommended to focus on a

dual layout. With the acceleration of low-orbit satellite networking, the demand for satellite manufacturing and launch services will grow rapidly. This field has entered a rapid growth phase and is one of the directions with the fastest commercialization process among the six fields.

Based on the latest transaction data, the performance of core concept stocks in the six future industries during the period is as follows:

Stock Name	Period Change	Deviation from 200-Day Moving Average	Volatility	Comprehensive Rating
QuantumCTek	+287.34%	+74.06%	4.17%	★★★★★
Western Superconducting Technologies	+149.82%	+49.04%	3.28%	★★★★★
Shanghai Electric	+145.58%	+11.57