格林第一季
Exclusive: 'Super map’ rewrites moon’s geo-clock, ‘an important foundation for humanity to explore deep space,’ project scientists tell GT_我的网站
A | 财联社8月26日讯（记者 李婷） 今年以来，资本市场呈现高波动、强分化、快轮动的鲜明特征，多重内外因素交织，持续重塑A股估值体系。
B | 作为资本市场的重要长期资金和“压舱石”，险资的加仓节奏、赛道取舍与长期配置方向，成为观察保险机构投资风向的重要窗口。
C | 近日，中国平安集团副首席投资官路昊阳在接受财联社记者采访时表示，基于对行业共识、宏观经济基本面以及经济中长期修复趋势的判断，平安已果断把握市场阶段性机会，积极开展加仓操作。 面对常态化的市场波动，路昊阳表示，平安投资策略也更加注重确定性和长期价值，尤其是在科技赛道上，逐步从过去的“广泛覆盖”转向“缩圈精选”，不追逐短期热点和概念炒作，而是聚焦真正具备核心技术、产业竞争力、商业化能力和长期成长空间的硬核优质资产，在市场波动中寻找更具长期配置价值的投资机会。 财联社：市场波动下此前险资集体发声表态，目前是否已有加仓动作？ 路昊阳：已有加仓动作。
D |
A massive new geological map of the moon, measuring about 2.8 meters long and 1.2 meters high, has recently made its debut in China, offering one of the most comprehensive portraits yet of the lunar surface and its billions of years of geological evolution.
Compiled by the Institute of Geology under the Chinese Academy of Geological Sciences (CAGS), together with the Institute of Geochemistry under the Chinese Academy of Sciences, Jilin University, Shandong University and China University of Geosciences (Beijing), the 1:5,000,000-scale Geological Map of the moon marks 13,519 impact craters, 81 impact basins, 14 types of geological structures and 17 rock types, and includes detailed inset maps of the lunar north and south poles.
More than simply a new rendering of the lunar surface, the map incorporates the latest findings from China's Chang'e lunar exploration program. Scientists involved in the project told the Global Times in exclusive interviews that the new map recalibrates key boundaries in the moon's geological chronology, updates the distribution of important lunar rock types and establishes a more systematic framework for interpreting the moon's evolution.
"The Chang'e-5 and Chang'e-6 missions have successively returned samples from the moon's near and far side, producing findings that have significantly changed our understanding of lunar evolution," Ding Xiaozhong, a researcher at the Institute of Geology under CAGS and a core member of the mapping team, told the Global Times.
Samples showed that volcanic activity on the moon continued until about 2 billion years ago - roughly one billion years later than previously thought under the conventional framework. Meanwhile, observations and samples from the lunar far side have provided new information about the composition and magmatic history of the moon's deep interior, Ding said.
"These new discoveries created an urgent need for a new and systematic geological map that could integrate the latest data and research results and establish an updated framework for understanding lunar geology," he noted.
The 1:5,000,000 scale was chosen with practical applications in mind. Compared with China's more detailed 1:2,500,000 lunar geological atlas released in 2024, the new map provides a more condensed, global view of the Moon, enabling researchers to quickly identify major geological relationships while also making it suitable for education, popular science and the early-stage planning of exploration missions.
Jin Ming, an associate researcher at the Institute of Geology under CAGS, told the Global Times that the project also represents an important step toward establishing a mature Chinese standard for planetary geological mapping. Its newly designed symbols, legends and color system have been certified as a group standard by the Geological Society of China, filling a gap in China's standardized rules for planetary geological mapping.
Although the latest project formally began in 2022 and took about four years to complete, Ding and Jin said its scientific foundations stretch back decades. Data accumulation and methodology development began with China's early lunar exploration missions, particularly after Chang'e-1 started returning scientific data. Several generations of Chinese planetary geologists have since developed a comprehensive system for lunar geological interpretation, remote-sensing data processing and map compilation.
One of the toughest challenges was bringing together enormous quantities of remote-sensing data obtained by different instruments, Jin said. Different payloads aboard the Chang'e probes produced data with varying resolutions and spectral characteristics, requiring specially developed algorithms as well as extensive manual verification to place them under a unified mapping standard.
"We had to make the different datasets compatible under the same system while striking a balance between scientific completeness and visual clarity - avoiding information overload without losing critical geological clues," Jin said.
China previously released the world's first 1:2,500,000-scale high-precision lunar geological atlas in 2024. The newly completed 1:5,000,000 map is therefore not simply a reduced-scale copy, the scientists stressed, but a scientific update incorporating newly available data and revised interpretations of lunar chronology, lithology and geological evolution.
China's new lunar geological map has achieved an all-round improvement over previous versions and is now at the international forefront, Ding said.
We are the only country to have exclusive access to directly measured sampling data from the Chang'e-5 and Chang'e-6 missions. By using age anchors from lunar samples independently obtained by China to calibrate the geological chronology, this new data source and calibration system represents a core advantage of China."
Like Earth, which is divided into geological periods such as the Cambrian and Jurassic, the Moon also has a geological timescale. One of the most significant tasks behind the new map was to recalibrate that "lunar clock."
According to Jin, the recalibration draws on two major sources - the latest international isotopic dating results, including updated measurements of Apollo samples and lunar meteorites, and the precise age obtained from Chang'e-5 samples.
The latter provided an especially important chronological anchor. Radiometric dating of Chang'e-5 basalt has placed its age at roughly 2 billion years, demonstrating that lunar volcanism persisted far later than had once been assumed and substantially changing scientists' picture of the moon's late-stage thermal evolution.
Based on the updated evidence, the team refined the starting ages of several ancient lunar periods, including the Aitkenian, Nectarian and Imbrian periods, to approximately 4.33 billion, 4.17 billion and 3.92 billion years ago, respectively.
More significantly, the researchers used the 2-billion-year age boundary to divide the Eratosthenian into an early and a late epoch. The team said this marks the first time an age boundary derived from samples independently collected by China has been incorporated into such a detailed Chinese lunar geological chronology.
"The moon's story itself has not changed, but its timeline has," Jin said. "We once thought that major lunar volcanism had essentially cooled down about 3 billion years ago. Now we know that the Moon remained volcanically active until at least about 2 billion years ago. That means the thermal evolution of the lunar interior and many of the causal relationships in its later history need to be re-examined."
Ding highlighted a newly mapped rock type in the South Pole-Aitken Basin - gabbronorite - identified with the help of the latest Chang'e-4 and Chang'e-6 exploration results.
The vast basin on the lunar far side is one of the moon's largest and oldest impact crater.
"This is like being able to directly see material from deeper inside the moon," Ding said. "Previously, much of this could only be inferred from remote-sensing observations. With Chang'e-4 in-situ exploration and Chang'e-6's returned samples, we now have much stronger evidence for identifying its existence and distribution."
Another important revision concerns KREEP, a lunar geochemical component enriched in potassium, rare-earth elements and phosphorus and commonly associated with elevated concentrations of radioactive heat-producing elements such as thorium and uranium.
According to Ding, earlier models suggested that KREEP-rich material was concentrated in a relatively limited area. Higher-resolution data used in the new mapping project indicate a broader and more continuous distribution than previously thought, suggesting that its abundance may have been underestimated.
Ding said the finding is scientifically important not only for assessing potentially resource-rich lunar materials, but also because the distribution of KREEP provides clues to the crystallization of the early lunar magma ocean, the thickness of the lunar crust and the moon's internal thermal evolution.
The map's colors also carry geological meaning. The team follows a principle of "lighter for younger, darker for older": relatively young Copernican impact materials are depicted in bright pale yellow, ancient Aitkenian impact materials in deep purplish red, while mare basalts are represented in varying shades of blue.
"The color system combines the logic of geological evolution with elements of traditional Chinese color aesthetics, giving China's lunar geological maps a distinctive scientific and visual identity," Ding said.
Beyond basic science, the researchers said the new geological map can serve as a strategic base map for China's future lunar exploration, including subsequent Chang'e missions and planning related to the International Lunar Research Station (ILRS).
A refined geological chronology can help scientists understand the age and modification history of candidate regions; updated rock mapping can identify areas of particular scientific or resource interest; and the global-scale representation allows mission planners to compare broad regions before moving to higher-resolution site studies.
Asked whether the map could directly support the Chang'e-7 and Chang'e-8 missions, Jin stressed that its role is primarily strategic rather than tactical.
"The 1:5,000,000 geological map is a global-scale foundational map. It can be used for broad comparisons of potential landing regions and for evaluating their overall geological context," Jin said. "Precise landing-site selection and detailed rover-route planning, however, require higher-resolution regional geological maps. The two work together, moving progressively from the global scale to finer regional scales."
The scientists also stressed that the map is intended to be shared with the international scientific community. Digital versions are expected to be released through professional publications and public scientific databases, while the standardized symbols and mapping rules could facilitate exchanges with other planetary geological mapping systems.
Ding said significant room remains for international cooperation, from comparing and translating different geological mapping standards to joint studies of the evolution of the lunar far side and the origin of the ancient South Pole-Aitken Basin.
"China possesses unique exploration data and returned lunar samples, which provide a strong foundation for cooperation," Ding said, adding that planetary science, scientific training and deep-space exploration technologies all offer potential areas for expanded exchanges.
"A precise geological map of the moon is an important foundation for humanity to explore deep space and understand the universe," Jin said.
The latest map, he noted, is not an endpoint. As China proceeds with subsequent lunar exploration missions and acquires new observations and samples, the geological picture of the Moon will continue to be refined.
"Future exploration will allow us to keep updating our understanding of lunar geology," Jin said. "At the same time, we hope these results can contribute to broader international scientific cooperation and to humanity's exploration of the moon."
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E | 主要基于两方面考虑：一是对资本市场中长期发展保持信心，经济基本面韧性和政策支持为市场提供了较好的支撑；二是经过前期市场调整，部分优质资产的估值和长期投资价值逐步显现，配置性价比有所提升。因此，我们结合自身资产负债匹配和长期投资需求，积极把握阶段性布局机会。 对于2026年资本市场整体环境，路昊阳直言“波动幅度处于近年高位，板块轮动快速、行情分化显著，对机构的战术把控能力提出极高要求”。其分析称，进入7月后，市场阶段性调整幅度进一步扩大，其中，双创板块调整幅度位居近十年首位，沪深300指数调整幅度也跻身近十年前三。
F | “总体来看，权益市场是中国经济基本面和预期变化的晴雨表。当前中国经济正处于新旧动能转换的关键阶段，经济结构、产业结构和增长动能都在发生变化，映射到资本市场上，板块之间的分化、切换和轮动，本身就是市场定价机制不断调整的过程。”路昊阳表示。他认为，高波动并不意味着投资价值的消失，反而会加速市场出清和估值体系重塑。一方面，缺乏基本面支撑的资产面临估值回归；另一方面，真正具备长期竞争力和盈利能力的优质资产，其投资价值反而会在调整中进一步凸显。
G | 对于长期资金而言，这既是风险，也是重新审视资产价值、优化组合结构的重要窗口。
H | “基于对中国经济中长期发展韧性以及资本市场长期投资价值的判断，平安近期已主动把握市场调整带来的配置窗口，持续加大权益资产配置力度。”路昊阳表示，本轮加仓主要基于两方面考虑：一是对资本市场中长期发展保持信心，当前市场的阶段性波动并未改变对中国经济基本面和权益资产长期回报潜力的判断；二是经过前期调整，部分优质资产的估值已经回到更加合理的区间，部分长期资金关注的核心资产投资性价比有所提升，配置价值进一步显现。 从具体方向来看，“高股息+科技成长”仍是平安权益投资重点关注的两条主线，但两类资产的投资逻辑有所不同。
I | 针对高股息资产，路昊阳指出，在市场调整过程中，部分优质高股息标的股价有所回落，而盈利能力和分红基础并未发生根本变化，股息率和安全边际因此得到进一步提升。对于保险资金而言，这类资产具有相对稳定的现金流、较好的分红能力和较强的长期配置属性，能够较好匹配保险资金长期投资和稳健收益的需求。因此，优质高股息资产仍是公司权益组合中重要的长期配置方向。 相较于高股息资产的稳健配置，平安对科技成长赛道的投资策略正在进一步精细化。
J | 路昊阳坦言，平安对科技产业中长期发展依然坚定看好，但经过本轮市场波动和板块快速轮动，科技板块内部的估值和基本面分化进一步加剧，投资逻辑也正在从“赛道驱动”逐步转向“基本面驱动”。“过去市场可能更多关注科技产业的整体发展趋势和赛道空间，现在则更加注重企业自身的核心竞争力和真实成长能力。”路昊阳表示，平安的科技投资策略已经从过去相对广泛的布局，逐步转向“精准缩圈、优中选优”。
K | 对于真正掌握核心技术、具备产业竞争优势、商业模式清晰，并能够持续兑现业绩增长的细分领域龙头，平安仍将积极寻找长期布局机会。 总体而言，平安将继续坚持长期投资、价值投资和稳健投资理念，在市场波动中动态优化权益资产结构：以优质高股息资产提供相对稳定的收益基础，同时积极挖掘具备长期产业趋势和真实成长能力的科技龙头，在控制组合风险的基础上，把握中国经济转型升级过程中结构性增长带来的长期投资机会。 财联社：关注哪些精细化赛道？ 路昊阳：看好硬科技、上游资源、创新药等领域 结合当前市场环境和长期投资逻辑，手握超六万亿险资的平安已逐步形成较为清晰的核心赛道矩阵，重点聚焦硬科技和上游资源等领域，在控制组合风险的基础上，寻找具有产业趋势、基本面支撑和长期成长空间的优质资产。 据介绍，平安重点布局科技行业，“深耕产业链上下游核心环节，精准锁定细分赛道中盈利能力突出、行业话语权强的核心标的，摒弃短期题材炒作，聚焦产业落地、业绩兑现能力强的实体科技企业。” 同时，平安也在积极寻找其他优质赛道，如资源类资产。
L | 近两年来，随着一系列支持保险资金长期投资、耐心资本发展的政策持续落地，险资长期投资环境不断改善。
M | 对此，保险行业人士普遍给予积极评价，同时也期待相关政策进一步完善。
N | 业内人士表示，未来可进一步优化风险因子及相关配套细则，在有效防范风险的基础上，适度降低优质长期资产的资本占用压力，更好发挥保险资金长期资金优势；与此同时，也期待进一步丰富权益、衍生品等风险管理工具，为险资提供更加完善的风险对冲手段，尤其是在市场出现极端波动时，帮助长期资金更有效地管理组合风险、稳定长期投资预期。
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