Core Viewpoint - The insurance investment officers are optimistic about the investment outlook for 2026, with over 70% expressing a "optimistic" or "relatively optimistic" sentiment, indicating a significant improvement compared to early 2025 [5][7]. Investment Preferences - The most favored asset class for increased allocation in 2026 is "stocks and equity funds," followed by "equity investments" [6][19]. - A significant majority of insurance investment officers (over 70%) plan to increase their allocation to equity assets, with 68.42% expecting a "slight increase" and 2.63% anticipating a "significant increase" [22][23]. Sector Outlook - The sectors viewed as having the most potential in A-shares for 2026 include technology (26.36%), cyclical (21.71%), and consumer sectors (16.28%) [26]. - Nearly 70% of insurance investment officers still see value in dividend-paying assets, driven by a low-interest-rate environment [26]. Market Sentiment - 89.47% of investment officers believe that the opportunities in the A-share market outweigh the risks, citing factors such as corporate profit improvement and structural opportunities [10]. - The overall sentiment towards the investment environment for 2026 is mixed, with 36.84% of officers believing it will weaken compared to 2025, while 23.68% expect it to improve [9]. Geopolitical Concerns - Geopolitical issues are identified as the primary uncertainty for 2026, with around 40% of investment officers highlighting this as a major concern [15]. - Concerns about the international market environment and domestic economic conditions also rank high among investment officers [15][16]. Risk Factors - The primary risk identified by investment officers is stock market volatility, with over 50% expressing concern about this issue [17]. - Credit risk remains a significant concern, particularly in light of potential defaults and liquidity issues [17]. Investment Strategy - Investment officers are increasingly diversifying their asset allocation, with a notable interest in alternative investments such as real estate investment trusts (REITs) [21]. - The focus on maintaining a balanced approach to equity investments is emphasized, with a need to optimize the investment structure while keeping the overall proportion stable [23][24].

在替代项目评估阶段，东北制药创新性地建立了以"关键性、经济性、依赖性"为核心的多维评估模型， 严格执行技术对标与样品验证，确保了每一件替代备件的质量可靠。经过一年的不懈努力，东北制药国 产化替代工作取得显著成效。截至目前，团队已成功完成173项进口备件的国产化替代，累计创造经济 效益超200万元。一批曾经制约生产的"卡脖子"备件相继被攻克，不仅大幅降低了采购成本，更将关键 备件采购周期大幅缩短，为生产线的连续、稳定运行提供了坚实保障，有效增强了供应链的韧性与安 全。 在全力攻克进口替代难题的同时，东北制药同步深化内部挖潜，将国产化替代与全员创新紧密结合，广 泛开展修旧利废与技术革新活动。去年全年，公司累计完成修旧利废项目1081项、小改小革759项，不 仅有效优化了设备性能、提升了运行效率，更节约维修与配件费用超过220万元。这些内部挖潜举措与 进口备件国产化工作形成了有效协同，共同构筑起"重点攻关"与"全员改善"双轮驱动的创新生态，既解 决了生产实际问题，又培养了一批懂技术、善钻研的技能型人才，让自主创新的文化在基层一线蔚然成 风。 作为制造企业的"硬脊梁"，稳定高效的装备体系是保障产品质量、提升生产效率、 ...

Core Insights - The Ministry of Industry and Information Technology has released the "Action Plan for Promoting High-Quality Development of Industrial Internet Platforms (2026-2028)" aiming for significant advancements in industrial internet platforms by 2028 [1][2] Group 1: Development Goals - By 2028, over 450 influential industrial internet platforms are expected to be established, with enhanced resource connectivity and significant improvements in data value, model accumulation, and AI application capabilities [1] - The number of connected industrial devices is projected to exceed 120 million, with platform penetration reaching over 55% [1] Group 2: Strategic Focus Areas - The action plan emphasizes differentiated development of platforms, encouraging companies to focus on quality and efficiency rather than sheer scale [1] - It highlights the empowering role of artificial intelligence, leveraging existing advantages in industrial data aggregation and application ecosystem cultivation to seize innovation opportunities in "AI + manufacturing" [1] - The plan stresses the importance of application scenarios as a bridge between technology and industry, aiming to enhance service capabilities and promote deeper integration of information technology and industrialization [2]

"为什么宏观经济仍存挑战，但我们仍看好股票市场？"瑞银中国股票策略研究主管王宗豪认为，从2025 年的情况来看，股票市场还是公平的，只要创新板块持续发力，就能够带动整体的股票市场。而股市结 构的优化，会在一定程度上减弱来自宏观经济的压力。 1月13日至14日，瑞银集团在上海举办第26届瑞银大中华研讨会（GCC）。本届研讨会以"新前沿：识变 局，谋增长"为主题，与会者超过3600名，包括2300余位来自全球的机构投资者、主权财富基金管理 人、家族办公室代表等。 瑞银集团首席执行官安思杰（Sergio P. Ermotti）在会上表示，来自海外的客户人数有所增加，彰显亚太 地区的重要地位以及投资者对中国市场的关注度在提升。"中国是瑞银集团的战略市场之一。中国经济 展现了韧性，在先进制造、人工智能等领域不断释放的创新动能及其稳步提升的资本市场全球影响力， 为全球投资者带来了新的机遇。" "2025年，全球在创新发展、政治动荡与市场意外之间并行交织。聚焦亚太与中国，他们不仅是全球故 事的参与者，更在书写下一个崭新篇章。"安思杰认为，亚太区有望抓住人工智能（AI）带来的新一轮 红利——中国科技板块于2025年加速创新， ...

Core Viewpoint - Guizhou Securities Regulatory Bureau is committed to implementing the new "National Nine Articles" and enhancing regulatory measures to ensure the stable operation of the capital market, with a focus on combating financial fraud and improving market integrity [1][2]. Group 1: Regulatory Actions - In 2025, Guizhou Securities Regulatory Bureau conducted inspections on 111 companies and took 31 administrative regulatory measures along with 63 daily regulatory measures [1]. - Two financial fraud cases were seriously investigated, with proposed penalties amounting to 194 million yuan for two listed companies and 20 responsible individuals, including potential 5 to 10-year bans from the securities market for four individuals [1]. Group 2: Focus on Financial Fraud - Financial fraud is identified as a significant threat to market integrity and is met with a "zero tolerance" policy by the Guizhou Securities Regulatory Bureau, which aims to enhance the comprehensive punishment of such activities [1]. - The bureau emphasizes the importance of maintaining the principles of fairness, openness, and honesty in the market, which are essential for investor trust [1]. Group 3: Strengthening Oversight - The bureau plans to strengthen oversight of intermediary institutions such as sponsors, audit firms, law firms, and trustees, ensuring they fulfill their responsibilities diligently and improve their professional quality [1]. - A three-tier defense system is being established, focusing on corporate compliance, external audit supervision, and administrative regulation to enhance the governance structure of industry institutions [2]. Group 4: Future Directions - The Guizhou Securities Regulatory Bureau will continue to implement decisions from the central government and regulatory bodies, focusing on risk prevention, strict regulation, and promoting high-quality development in the capital market [2]. - The bureau aims to enhance regulatory effectiveness and protect investors' legitimate rights and interests while ensuring the stability of the capital market [2].

Group 1 - Jiangsu has a solid industrial foundation, rich data resources, a concentration of scientific and educational talent, broad application scenarios, and strong innovation potential in the development of the artificial intelligence industry [1] - The "Artificial Intelligence+" Action Plan sets three development goals for 2027, 2030, and 2035, aiming to transition Jiangsu from a major province in AI applications to an innovation-driven province [1][2] - The plan emphasizes the integration of AI into six key areas: scientific research, industrial development, quality improvement in consumption, public services, social governance, and international cooperation, while also focusing on emerging industries such as humanoid robots, low-altitude economy, intelligent driving, biomedicine, and new energy [1] Group 2 - By 2027, Jiangsu aims for over 70% application penetration of new-generation intelligent terminals and intelligent agents, with rapid growth in the industry scale [2] - By 2030, the application penetration is expected to exceed 90%, with the formation of a number of domestically leading large models and large-scale commercial application scenarios, targeting an AI industry scale exceeding 1 trillion yuan [2] - By 2035, Jiangsu plans to establish itself as a leading innovation source and industrial high ground in the "Artificial Intelligence+" sector, entering a new stage of intelligent economy and society development [2]

Group 1 - The core viewpoint of the articles highlights the significant increase in capital replenishment activities among commercial banks, particularly through the issuance of secondary capital bonds and perpetual bonds, with a record issuance scale of approximately 1.76 trillion yuan in 2025 [2][3][4] - As of January 13, 2025, 39 banking institutions have received regulatory approval for changes in registered capital, primarily involving city commercial banks, rural commercial banks, and rural credit cooperatives [2] - The trend of "redeeming old for new" is prevalent, where banks are opting to redeem higher-interest perpetual bonds and replace them with new bonds at lower interest rates, thereby optimizing their liability structure and reducing interest costs [4][5] Group 2 - The issuance of secondary capital bonds saw a total of approximately 934.67 billion yuan in 2025, a year-on-year decrease of 2.8%, while perpetual bonds reached 825 billion yuan, reflecting a year-on-year increase of about 17% [3] - Large and medium-sized banks dominate the issuance of these bonds, with state-owned banks and joint-stock banks accounting for about 80.4% of the total issuance [3][4] - The capital replenishment needs of banks are expected to continue into 2026, with capital adequacy ratios for state-owned and joint-stock banks showing a decline compared to the beginning of 2025 [7][8] Group 3 - A total of 36 small and medium-sized banks have received approval for capital increase or targeted fundraising plans in 2025, indicating a shift towards equity financing due to operational pressures [5][6] - Some smaller banks face challenges in capital replenishment due to issues such as governance and shareholder dispersion, leading to increased pressure on capital adequacy ratios [6] - Analysts suggest that regulatory requirements for capital replenishment tools should be adjusted to better suit the needs of small and medium-sized banks, including relaxing financial metrics and regulatory ratings [7][8]

相较于海外同行，深圳硬件企业的产品迭代速度很快——半年到一年即可完成一次迭代。乐其创新是一 家为全球影像创作活动提供解决方案的公司，有上千个在售SKU（最小存货单位），这些商品要高频迭 代，更需要一个强大产业链支撑。 证券时报记者：如何平衡"用户个性化需求"与"规模化生产效率"？ 周阳：平衡核心源于三大系统的协同发力。一是需求管理系统，通过社媒专业社群、VOC（用户声 音）采集、线下展会等多渠道收集需求，再按"场景共性""可产品化程度""影像场景生态适配性"分级筛 选，避免需求碎片化造成资源浪费；二是资源管理系统，依托"壹起创Co-Create"平台搭建创新机构、创 客、供应链伙伴资源库，快速匹配筛选后的需求，联动产业协同创新中心实现产品转化；三是"快制 造"系统，凭借标准化生产流程与柔性供应链，实现日均1.6款新品研发、21天产品开发闭环，年创新产 品超500款。通过"自建工厂组装+核心零部件分布式供应"模式，兼顾个性化定制与规模化量产。 证券时报记者：深圳及大湾区的制造业配套，对企业发展起到多大作用？ 周阳：大湾区制造业配套是"快创新、快制造"的核心支撑。"一键全开"液压三脚架的落地就是典型案 例。曾有户 ...

Core Viewpoint - The State Council's recent meeting emphasizes the need to address the housing issues of the unregistered permanent population by expanding the public rental housing (公租房) guarantee scope, improving education policies for migrant children, and ensuring basic public services based on residence [1][2]. Group 1: Public Rental Housing Expansion - The expansion of public rental housing guarantees will no longer be limited to registered residents but will include those holding residence permits who meet certain criteria, such as being from "double-difficult" families [2][3]. - Local governments are encouraged to assess their financial capabilities and housing resources to gradually include the unregistered permanent population in the public rental housing guarantee scope [1][3]. Group 2: Financial and Policy Implications - The inclusion of non-registered populations in public rental housing will require adjustments in fiscal policies and land allocation mechanisms, particularly in how fiscal transfers are linked to permanent population numbers [4]. - The expansion of public rental housing guarantees is expected to enhance the consumption potential of long-term urban residents, thereby stimulating domestic demand [4]. Group 3: Implementation Strategies - Local governments should establish reasonable criteria for prioritizing applicants, such as the duration of residence permit holding and employment in essential urban services [3]. - The increase in the scope of guaranteed public rental housing will necessitate a corresponding rise in supply, which can be aligned with ongoing efforts to convert existing commercial housing into affordable housing [3].

Core Viewpoint - The Ministry of Industry and Information Technology has released the "Action Plan for Promoting the High-Quality Development of Industrial Internet Platforms (2026-2028)", aiming for significant advancements in industrial internet platforms by 2028, including the establishment of over 450 influential platforms and a connectivity of over 120 million industrial devices [1][2]. Group 1: Development Goals - By 2028, the industrial internet platform ecosystem is expected to achieve a penetration rate of over 55%, with a focus on creating a new generation of platforms characterized by ubiquitous connectivity, intelligent integration, deep collaboration, and open-source development [1]. - The plan emphasizes the growth of a multi-layered platform system that includes specialized, industry-specific, and collaborative platforms [1]. Group 2: Strategic Focus Areas - The action plan promotes differentiated development among platforms, encouraging companies to focus on quality and efficiency rather than sheer scale [1]. - It highlights the role of artificial intelligence in enhancing platform capabilities, leveraging existing advantages in industrial data aggregation and application ecosystem cultivation [1]. - The plan stresses the importance of application scenarios as a bridge between technology and industry, aiming to enhance service capabilities and promote deeper integration of information technology and industrialization [2].