起航"十五五"，我们感受到广阔天地，大有作为。牧原将继续向内求，向技术进发，破解行业难题，实 现猪好、人好、行业好的目标，推动中国养猪业高质量发展。 新的一年，牧原将继续深耕猪肉产业，不负时代使命，让中国人的饭碗更丰盛，口福幸福都要有！ 一元复始，我谨代表牧原股份，向各位同仁、投资者与社会各界朋友致以诚挚的新年祝福！ 猪肉关乎着每一个家庭的餐桌幸福，牧原始终坚守"为大众生产安全健康猪肉食品"的初心，以消费者需 求为导向，让大众花平价的钱，吃高品质的肉，享受丰盛人生。当前，养猪业正朝着高质量发展的方向 坚定迈进。这既源于中国经济的强劲韧性，更得益于党和国家对民营经济的支持明确而坚定，让我们企 业心无旁骛谋发展，敢向技术"无人区"进发。我们也看到，创新的价值正在见效，中国养猪业从跟跑到 领跑，从大国向强国进发，我们信心满满。 （文章来源：证券时报） ...

深圳证券交易所扎根于粤港澳大湾区创新土壤，肩负助力打造国际科技创新中心、推动经济高质量发展 历史使命，"十四五"时期固本强基、砥砺前行，防风险、强监管、促高质量发展取得积极成效。展 望"十五五"，深入贯彻落实党中央决策部署，锚定2035年基本建成世界一流交易所远景目标，深交所将 强化使命担当、持续拼搏奋斗，在新征程上书写服务实体经济新篇章。 三是立足湾区面向世界，塑造高水平开放新格局。统筹开放与安全，服务粤港澳大湾区重大发展战略， 加强沟通交流，继续深化互联互通建设。扩大深交所可持续交易所品牌影响力，继续发挥桥梁纽带作 用，扩大上市公司国际路演范围。提升国际交流合作能级，积极参与国际金融治理和国际标准制定。 四是强化科技赋能，打造国际一流"数智"交易所。坚持安全高效、自主可控，持续迭代优化交易系统， 确保交易系统科技水平始终处于国际第一梯队。大力推动"人工智能+"应用，打造世界领先的智能化平 台，全面提升培育服务、上市审核、公司监管、交易监管、风险监测、内部管理等智能化水平，树立资 本市场科技监管示范标杆。 站在承前启后的关键节点，深交所将坚持以习近平新时代中国特色社会主义思想为指导，坚持和加强党 的领导，突 ...

Group 1 - The core message emphasizes gratitude towards market participants and stakeholders for their support of China's financial futures market as 2026 approaches [1] - The year 2025 marks the completion of the "14th Five-Year Plan," with China's economy showing signs of recovery and high-quality development being actively pursued [1] - The China Financial Futures Exchange (CFFEX) has strengthened risk prevention and regulatory measures, promoting a stable market environment and enhancing market resilience and vitality [1] Group 2 - The year 2026 will initiate the "15th Five-Year Plan," with CFFEX committed to implementing the guiding principles of Xi Jinping's thought and the decisions from various central economic and financial meetings [2] - CFFEX aims to enhance the quality of service to the real economy, focusing on risk prevention, regulatory strengthening, product development, and market openness [2] - The Securities Times plays a crucial role in the capital market by conveying policy messages and fostering market consensus, highlighting the importance of mainstream media in the financial sector [2]

Core Viewpoint - Huayou Cobalt has achieved significant milestones in the past five years, positioning itself as a key player in the high-quality development of the global new energy industry as it enters the "15th Five-Year Plan" period [1] Group 1: Company Strategy - The company aims to align its strategy with national planning during the "15th Five-Year Plan" period [1] - Huayou Cobalt's mission is to "create customer value and lead industry development," with a vision to become a leading technology enterprise in global energy materials [1] - The company will implement five strategic initiatives: "Technological Huayou, Green Huayou, Open Huayou, Responsible Huayou, and Progressive Huayou" [1] Group 2: Goals and Aspirations - Huayou Cobalt is committed to building a world-class enterprise characterized by product excellence, brand prestige, innovation leadership, and modern governance [1] - The company aims to contribute significantly to the new energy industry in China during the new journey ahead [1]

Group 1 - The chief strategist of Guojin Securities, Miao Yiling, predicts that the ROE of the non-financial real estate sector in A-shares will increase from 7.2% to 7.9% by 2026, indicating a shift from a "low return" phase to a higher profitability rhythm [1] - Miao suggests four main investment lines: industrial resource products, equipment exports, consumer recovery, and non-bank financials, with a focus on tracking the demand for aluminum, copper, steel, and coal driven by power system construction [1] - In overseas markets, the U.S. and Europe are experiencing characteristics such as "investment exceeding consumption," profit differentiation among large and small enterprises, declining employment, and slowing wage growth, which provide a foundation for a sustained interest rate cut cycle [1] Group 2 - On the domestic consumption front, the drag of housing prices on household spending has diminished, with an increase in foreign tourists due to trade settlement rate recovery and visa-free entry, leading to improved net profit margins in sectors like aviation, hotels, duty-free, and food and beverage [2] - Financially, there is a shift of household savings towards "fixed income+" products, with pension and insurance funds continuously increasing their equity allocations; policy adjustments to lower insurance risk factors and relax brokerage leverage will resonate with the non-bank sector and ROE recovery [2]

2026年，我们期待与证券时报进一步加强合作，共同赋能资本市场发展。希望证券时报发挥自身专业所 长，进一步唱响资本市场改革发展主旋律，打造中国资本市场新闻报道新高地！祝证券时报越办越好！ 2025年，证券时报围绕北交所、新三板建设发展成效、各方热点关切话题及相关主体经营亮点，组织了 一系列专业报道和深入解读，特别是在北交所设立开市四周年、920代码切换、金融街论坛年会等重要 时点，多角度策划选题、多渠道组织传播，营造了良好舆论氛围。 在"十五五"开局关键节点，值此证券时报"起航2026"新年特刊出版之际，北京证券交易所谨向证券时报 全体同仁，致以崇高的敬意和诚挚的祝福！ 作为证券财经领域公认的权威新闻媒体，证券时报是中国资本市场建设发展的见证者、推动者和传播 者，在传递权威信息、解读市场政策、汇聚发展合力上发挥着重要作用，为稳市场、稳预期贡献了重要 力量。长期以来，证券时报一直给予北交所、新三板市场建设大力支持，始终以专业视角传递市场声 音，以深度解析凝聚改革共识，为市场高质量发展注入强劲动能。 ...

Group 1 - The overall performance of the equity market in 2025 was strong, with technology stocks, particularly those related to computing power, showing significant gains and becoming a key factor in fund investments [1] - In 2026, the impact of prices on nominal growth is expected to decrease, leading to a more certain recovery in China's nominal economic growth [1] - Domestic consumption of goods in China is at a reasonable level, but the proportion of service consumption is notably lower than the global average, indicating potential for growth in this area [1] Group 2 - The outlook for the equity market in 2026 suggests that overall opportunities outweigh risks, despite some overheating in certain sectors of AI-related technology stocks [2] - The AI industry is entering a critical growth phase, with China's engineer advantage expected to accelerate the development of the domestic AI sector, leading to many companies entering a rapid growth period [2] - Domestic consumption-related stocks have shown average performance recently, but many quality consumer stocks have dividend yields in an attractive range, indicating potential for upward movement [2]

Group 1 - The core viewpoint is that the domestic economy is expected to show moderate growth in 2026, driven by a stable yet progressive economic policy and positive changes in both internal and external economic environments [1] - The structure of domestic demand is anticipated to undergo significant changes, with a reduced impact from real estate and an increased emphasis on consumption, particularly in "investing in people" as a key direction for expanding domestic demand [1] - The ongoing "anti-involution" policies are expected to alleviate the supply-demand imbalance, promoting a recovery in corporate profits and improvement in profit margins [1] Group 2 - The market is projected to shift from the extreme conditions of 2025 to a more balanced state in 2026, with the past two years characterized by liquidity chasing scarce assets [1] - In the context of a dual easing fiscal and monetary environment, the Chinese yuan is expected to stabilize and recover in the short term, marking the beginning of value allocation and valuation recovery for Chinese assets [1] - Despite increased volatility in the US stock market, the long-term development trend of AI is accelerating, with significant focus on the commercialization of intelligent agents and investment opportunities in the broader technology sector remaining a key theme for 2026 [1] Group 3 - The Hong Kong stock market's decline in Q4 2025 was primarily influenced by liquidity contraction, but current valuations are considered to have high cost-effectiveness [2] - As an offshore market, Hong Kong stocks tend to exhibit greater resilience during the Federal Reserve's interest rate cut cycle, with internet assets possessing both technology and cyclical attributes suitable for left-side positioning [2] - The long-term outlook for the equity market remains optimistic, with a recommendation for balanced investment strategies that consider individual risk preferences, highlighting structural opportunities in cyclical resources, export chains, and core assets alongside technology growth [2]

Core Viewpoint - The chief A-share strategist of CITIC Securities, Qiu Xiang, predicts that the profit growth rate of A-share companies will show a trend of low-to-high from 2026 onwards, influenced by the dynamics of the China-US relationship [1] Group 1: Market Phases - The market is expected to be divided into three phases based on the China-US trade agreement and the US midterm elections: 1. The first phase is from now until the trade agreement is finalized, where the market's upward slope is expected to slow down 2. The second phase is from the agreement's implementation to the end of the US midterm elections, during which A-shares may experience sustained growth in a stable external environment 3. The third phase follows the midterm elections, where external uncertainties may increase sharply, prompting investors to refocus on domestic issues [1] Group 2: Investment Opportunities and Sector Allocation - Four major themes are highlighted for investment opportunities: 1. The manufacturing sector's competition for global pricing power, with a focus on industries such as non-ferrous metals, chemicals, and new energy, which can convert market share advantages into pricing power and profit margin increases 2. The globalization of Chinese enterprises, which significantly expands market capitalization and profit growth potential, with key industries including machinery, innovative pharmaceuticals, electric equipment, and military industry 3. The continuation of the technology trend, particularly in AI, which further expands commercial applications and enhances the competitive advantages of Chinese companies, focusing on sectors like semiconductors, computing power, edge hardware, and AI applications 4. The potential for unexpected recovery in domestic demand, where despite general industry conditions being average, there exists significant room for recovery and valuation elasticity in domestic demand-sensitive sectors [1]

Group 1 - The core viewpoint is that the restructuring of international order and China's industrial innovation will support A-share performance in 2026, with a market trend of initial growth followed by stability [1] - The market is expected to see increased volatility and valuation uplift, with a focus on sectors that align with fundamental performance [1] - Three main investment themes are identified: 1) Growth sectors such as AI, which is entering an application phase, with opportunities in computing power, optical modules, and cloud computing infrastructure, particularly in domestic markets; application areas include robotics, consumer electronics, intelligent driving, and software applications [1] 2) External demand breakout, focusing on sectors like home appliances, construction machinery, commercial buses, power grid equipment, gaming, and globally priced resources like non-ferrous metals [1] 3) Cyclical reversal, with attention to sectors nearing improvement in supply-demand dynamics or receiving policy support, such as chemicals, aquaculture, and new energy [1] Group 2 - There is an expectation for capital market policies to further promote a "long-term" and "steady" market environment, which could enhance capital market openness in the context of international monetary system restructuring and global capital reallocation [2] - The company aims to support financing for innovative enterprises and improve market inclusivity while optimizing mechanisms for long-term capital entry, thereby increasing market stability and resilience [2]