Group 1 - The market is expected to experience an upward trend at the beginning of the year, driven by a favorable liquidity environment and investor sentiment [1][6][9] - The anticipated balance between external and internal demand will be a significant factor for market performance in 2026, with policies aimed at boosting domestic demand becoming increasingly important [1][2] - The structural bull market is supported by a reassessment of China's technological capabilities and the resilience of external demand amid a complex trade environment [1][4] Group 2 - The Chinese stock market is likely to stabilize and cross important thresholds, aided by overseas liquidity and seasonal factors such as the Spring Festival [2][3] - The "transformation bull" trend is confirmed, with a focus on sectors benefiting from economic transformation and capital market reforms [2][4] - The spring market is expected to continue its upward trajectory, supported by improving economic data and favorable policy signals [3][4] Group 3 - The spring market rally has begun early, with a solid foundation for a bull market in 2026, driven by multiple positive factors including macroeconomic policies and capital inflows [8][12] - Investment strategies should focus on sectors benefiting from new technologies and policies, such as AI, energy storage, and robotics [8][12] - The market is experiencing a shift in internal driving logic, with a need to focus on assets with clearer fundamental signals and lower volatility [7][11]

纵观各地"新年第一会"，许多地区展现出强大的战略定力。例如，上海连续多年聚焦营商环境主题，表 明优化营商环境是持之以恒的系统工程。部分地区则突出科技创新赋能产业发展，例如，苏州推 出"AI+制造"八大行动，加快建设"智造之城"；温州努力实现"在温州看见创新中国"。 2026年伊始，多地召开"新年第一会"，聚焦优化营商环境、招商引资、人工智能（AI）、"AI+制造"等 关键词。 上海发布优化营商环境9.0版方案 上海1月4日上午召开2026年全市优化营商环境大会。上海市委书记陈吉宁指出，打造国际一流营商环境 是一项系统工程。要进一步优化工作机制，发挥整体效能。要强化问题的主动发现和解决机制，及时跟 进新技术、新业态、新模式，强化对共性问题、重点问题和突出问题的评估分析，推动从"解决一个问 题"上升为"解决一类问题"，以深化改革、创新制度的思路和办法，形成优化营商环境的政策和举措， 动态提升营商环境质量。 过去一年，上海聚焦落实优化营商环境8.0版方案，着眼企业需要，坚持问题导向，强化改革攻坚，推 动58项改革任务全面落地，准入准营更加便利、企业服务精准高效、涉企监管质效提升、权益保护不断 完善、企业成本持续降低 ...

Core Viewpoint - The Shanghai Stock Exchange (SSE) is set to play a crucial role in the "15th Five-Year Plan" period, focusing on high-quality development and serving the modernization of socialism in China [1] Group 1: Market Stability and Quality Development - The SSE aims to enhance market stability by establishing long-term mechanisms for market stability and improving risk monitoring and early warning systems [2] - There is a strong emphasis on cultivating high-quality listed companies and promoting actions that enhance returns, such as dividends and buybacks [2] - The SSE will focus on the "1+6" reform policies of the Sci-Tech Innovation Board and deepen reforms to attract resources to strategic emerging sectors [2] Group 2: Financial Support for Economic Transformation - The SSE plans to create a financial support platform for the transformation and upgrading of the real economy, ensuring coordinated investment and financing functions [2] - The exchange will leverage its advantages in large-cap blue-chip stocks and hard technology to build a multi-layered product matrix and service system [2] Group 3: Regulatory Strengthening and Market Ecology - The SSE will adopt a "zero tolerance" approach to fraud and financial misconduct, ensuring strict entry standards for listings [3] - There will be a push for index-based investment and the promotion of rational, value, and long-term investment philosophies to attract more long-term capital [3] - The SSE will enhance its global competitiveness by expanding cross-border investment channels and enriching its international product offerings [3] Group 4: Leadership and Governance - The SSE will strengthen the leadership of the Communist Party in its operations, ensuring political and public accountability in its market activities [3] - Continuous efforts will be made to improve party discipline and governance, aligning with the broader goals of the "15th Five-Year Plan" [3]

Core Viewpoint - The company emphasizes its commitment to green development and aims to enhance its role in supporting the green low-carbon transition and the construction of the Guangdong-Hong Kong-Macao Greater Bay Area, aligning with national strategies and initiatives [1][3]. Group 1: Green Development Initiatives - In 2025, the company successfully launched futures and options for platinum and palladium, expanding its offerings in the new energy metal futures sector [2]. - The correlation of spot prices for industrial silicon, lithium carbonate, and polysilicon reached 0.99, 0.97, and 0.94 respectively, indicating strong market functionality [2]. - The company has introduced qualified foreign institutional investors (QFII) to participate in trading of industrial silicon, lithium carbonate, and polysilicon, enhancing international cooperation [2]. Group 2: Strategic Goals for the Future - The company plans to focus on product innovation in areas such as new energy, new materials, and carbon emissions, while accelerating the development of weather-related futures [3]. - There is an intention to deepen market services and expand the coverage of the "Green to New" industry service plan, ensuring that futures tools reach more real enterprises [3]. - The company aims to enhance its openness by exploring overseas settlement price authorization and the construction of overseas delivery warehouses [3]. Group 3: Commitment to High-Quality Development - The company is dedicated to implementing the strategic tasks and major initiatives of the "14th Five-Year Plan" for the futures market, contributing to the construction of a financial powerhouse and supporting China's modernization [4].

Core Viewpoint - The Shanghai Futures Exchange (SHFE) is committed to becoming a world-class exchange by enhancing product offerings, improving risk management, and promoting high-quality development in alignment with national policies and directives [1][2][3] Group 1: Product Development and Market Functionality - Over the past year, SHFE has successfully launched new futures and options products, including aluminum alloy, printing paper, fuel oil, asphalt, and pulp, to support the modernization of the industrial system [2] - The number of products available for Qualified Foreign Institutional Investors (QFII) has increased to 32, facilitating a more open and standardized international business environment [2] - The exchange has enhanced its delivery and settlement capabilities, particularly for natural rubber futures, thereby strengthening the global influence of "China prices" [2] Group 2: Risk Management and Operational Stability - SHFE has focused on solidifying market risk management to ensure the safe operation of the system and protect investors' rights [2] - The exchange has established 138 integrated service bases nationwide to support enterprises in cost reduction and risk management [2] Group 3: Future Directions and Strategic Goals - In the new year, SHFE aims to implement the spirit of the 20th Central Committee's Fourth Plenary Session, focusing on optimizing product functionality and enhancing the international impact of "Shanghai prices" [3] - The exchange is dedicated to building a high ground for external openness and reinforcing its regulatory framework [3]

Core Viewpoint - The Dalian Commodity Exchange (DCE) expresses gratitude for support and outlines its achievements and future plans as it enters 2026, emphasizing its commitment to serving the real economy and enhancing market stability and functionality [1][2][3] Group 1: Achievements in 2025 - DCE successfully launched pure benzene futures and options, and introduced monthly average price futures contracts for chemical products, enhancing its risk management tools [2] - The exchange improved contract rules to better align with industry needs, resulting in significant quality enhancements in product operations [2] - Regulatory measures were strengthened, including the implementation of the Futures and Derivatives Law and the establishment of a comprehensive risk monitoring and early warning mechanism [2] - DCE increased participation from industry clients and promoted the "insurance + futures" model to support agriculture, expanding the influence of "Dalian prices" in spot trade pricing [2] - The number of trading varieties available to qualified foreign investors increased from 14 to 27, reflecting a continuous improvement in market internationalization [2] - The exchange completed a successful transition to a new main trading center and advanced its digital transformation to enhance service quality [2] Group 2: Future Plans for 2026 - In 2026, DCE aims to implement the spirit of the 20th Central Committee's Fourth Plenary Session and the Central Economic Work Conference, focusing on political guidance and scientific planning for the 15th Five-Year Plan [3] - The exchange will emphasize strict regulation and risk prevention, while continuing to innovate products and optimize rules to enhance service effectiveness for the real economy [3] - DCE plans to further expand its international presence and strengthen the global influence of "Dalian prices" [3] - The exchange is committed to bolstering its technological capabilities and accelerating its digital transformation [3] - DCE aims to contribute significantly to China's modernization and the construction of a strong financial nation through high-quality development and reform [3]

Group 1 - The A-share market is expected to enter a phase of improved overall environment and deepening structural characteristics by 2026, driven by enhanced global liquidity and accelerated realization of industry trends represented by AI [1] - The global and domestic liquidity environment is anticipated to improve simultaneously, providing a solid foundation for the market, with external constraints on A-shares significantly reduced due to a potential acceleration in the Federal Reserve's interest rate cuts [1] - The domestic monetary policy will continue to support high-quality economic development and industrial upgrades, maintaining reasonable liquidity [1] Group 2 - The 2026 A-share market may exhibit significant concentration of leading companies and fundamental-driven structural characteristics, with a focus on a few technology growth leaders capable of delivering real and sustained performance [2] - Leading companies will have strong barriers to entry and sustained growth, with some acting as key links in the global AI supply chain, achieving high certainty growth through technological barriers and customer loyalty [2] - Investment logic will focus deeply on fundamentals, with market pricing closely tied to companies' ability to sustain rapid growth over the next one to two years, ensuring that scarce leading companies have solid fundamental support as long as valuations are not excessively stretched [2]

我们将以更严标准维护市场平稳运行，坚持监管"严"与"序"。坚守监管的政治性、人民性，强化全方 位、穿透式监管。加强重点品种风险监测预判，依法从严打击各类违法违规行为，规范程序化交易。压 实交割仓库责任，保障交割安全顺畅。强化科技赋能，提升"数智监管"能力，牢牢守住不发生系统性风 险的底线。 我们将以更优生态培育健康市场，践行投保"心"与"情"。持续办好"郑商所杯"等品牌投教活动，推动期 货知识进校园、进社区、走到群众身边、走进人民心里。完善投资者保护机制，畅通诉求反映渠道，用 心用情用力解决市场关心的问题。加强市场沟通与预期引导，讲好期货服务实体经济故事，营造理性投 资、价值投资的市场理念。 风正时济，自当破浪前行；任重道远，更需策马扬鞭。新征程上，郑商所将始终与市场各方同心同向、 携手并进，以建设世界一流交易所为目标，紧扣高质量发展主线，为健全资本市场功能、服务中国式现 代化建设贡献更多期货力量！ 星霜荏苒，居诸不息；初心如磐，征程再启。值此2026年到来之际，郑州商品交易所向长期以来关心支 持中国期货市场及郑商所发展的各级领导、各界朋友和广大市场参与者，致以诚挚的感谢和美好的新年 祝福！ 2025年是中国 ...

东方财富证券首席策略分析师陈果表示，2026年市场虽然可能有波动，但牛市仍在，整体策略可概括 为"踏浪逐牛"。潜在超预期因素包括中国企业盈利修复、AI（人工智能）产业进展及中美务实合作的可 能性。 他表示，进入2026年，配置上建议把握当前确定性较高的两大方面：一是AI成长板块，二是受益于商 品价格回暖的周期板块。若外部环境变化，则内需板块机会或将上升。具体聚焦三大线索：一是AI泛 科技链（如半导体、海外算力、有色、电网设备、端侧AI等）；二是供需有望反转的周期行业（如海 风、储能、锂电设备、光伏、化工以及油/煤领域等）；三是出海优势方向（如工程机械、创新药）。 他提醒，在风险层面，市场波动或将源于美国再通胀与AI商业化进程的博弈，投资者需灵活应对。战 略布局上，建议投资者把握逢低配置机会；若外部环境恶化（如AI发展叙事受挫），则可转向内需政 策加码的相关主线。（许盈） 陈果表示，2025年面对房地产等内需老经济下行及外部关税挑战，中国股市仍走出"信心重估牛"。这得 益于多领域"DeepSeek事件"，让市场重新认识到中国新经济的活力与AI全球竞争力。 ...

Group 1 - The core viewpoint is that the macroeconomic environment in China is expected to remain stable in 2026, but market volatility may increase, making it difficult to replicate the "steady happiness" market of 2025 [1] - The investment strategy suggested includes balancing asset allocation based on individual risk preferences, with a focus on dividend assets, technology, and domestic demand sectors for structural opportunities [1] - The overall economic growth is anticipated to have limited support for corporate earnings, leading to a judgment of a fluctuating market with a gradually rising central tendency [2] Group 2 - The A-share and Hong Kong stock markets are expected to exhibit a pattern of oscillation with a gradual upward trend, as market valuations are currently neutral and not in a bubble [2] - The support logic for market reversal since September 2024 remains solid, with the capital market playing a more crucial role in social financing and long-term funds providing stability against market downturns [2] - Three key investment directions for 2026 are highlighted: dividend assets for higher certainty in returns, AI-focused technology sectors with rapid penetration despite valuation debates, and the undervalued domestic demand sector which may take time to realize its potential [2]