Core Viewpoint - The article emphasizes China's significant advancements in various sectors, particularly in technology and global governance, as it transitions into a new phase of development in 2026, marking the beginning of the 15th Five-Year Plan [1][2]. Group 1: Economic and Technological Advancements - In 2025, China transitioned from a phase of "technological catch-up" to "running alongside and leading" in artificial intelligence, showcasing breakthroughs in large models and a strong presence in the AI open-source ecosystem [1]. - The country has made strides in domestic AI chip production, breaking free from supply chain constraints, and is actively participating in a new global technological and industrial revolution [1]. - China's global governance initiatives, including the global development, security, and civilization initiatives, reflect its commitment to enhancing its role in international governance and providing stability in global trade [2]. Group 2: Strategic Economic Policies - The 20th Central Committee highlighted the need for China to navigate a complex development environment, balancing opportunities and risks during the 15th Five-Year Plan period [3]. - The Central Economic Work Conference emphasized the importance of internal economic stability and structural reforms to address external challenges, focusing on the conversion of new and old growth drivers [4][5]. - A dual approach of policy support and reform innovation is necessary to stabilize the economy and promote growth, with a focus on enhancing domestic demand and creating a robust domestic market [5]. Group 3: Social and Human Development - The article advocates for a shift in development philosophy from GDP-centric growth to a focus on national income and overall human well-being, emphasizing the importance of investing in people [6]. - The goal is to ensure that the benefits of economic growth are shared broadly, enhancing the quality of life and dignity of individuals [6][7]. - The government is encouraged to create an environment that aligns national strategies with individual welfare, fostering a system that promotes both management and empowerment [7].

Core Viewpoint - The article emphasizes the rapid development and potential of offshore wind power in China, particularly highlighting Yangjiang as a leading hub for this emerging industry, which is crucial for the future energy needs of the country [1][3]. Group 1: Offshore Wind Power Development - Yangjiang has become one of the largest cities in China for offshore wind power installation within just eight years since its first project approval in 2017, establishing itself as a "wind power silicon valley" [1][2]. - The Yangjiang Shapa Wind Farm, which began operations in 2021, is noted for its challenging geological conditions and serves as a critical energy conversion point, transmitting generated power to the mainland [2]. - The strong wind resources in Yangjiang, with an average annual wind speed of 8 m/s, combined with its proximity to the Guangdong-Hong Kong-Macao Greater Bay Area, create favorable conditions for energy consumption [2]. Group 2: Industry Growth and Opportunities - Major state-owned enterprises, such as Guangdong Energy Group, have invested in Yangjiang's offshore wind projects, contributing to local infrastructure, job creation, and collective economic growth [2]. - The presence of leading wind turbine manufacturers like Mingyang Smart Energy has led to the establishment of a comprehensive supply chain for offshore wind power in Yangjiang, making it a key development base in China [2][3]. - China currently accounts for half of the global offshore wind power installed capacity and new installations, showcasing its dominance in the industry [3]. Group 3: Future Directions - The next phase for China's offshore wind power involves advancing into deep-sea projects, which require overcoming cost and technical challenges associated with floating wind turbines [3][4]. - Innovative projects, such as the integration of offshore wind power with marine aquaculture and hydrogen production, are emerging, indicating a trend towards multi-use of marine space for enhanced economic benefits [4]. - Chinese wind turbine manufacturers are gaining international recognition, with companies like Mingyang Smart Energy and Goldwind expanding their operations globally, indicating a growing export potential for China's wind power technology [4].

Core Viewpoint - The report highlights that Kunshan Development Zone ranks second nationally due to the cumulative effects of industrial foundation, institutional supply, and project delivery capabilities over time, rather than a sudden improvement in any single indicator [4][14]. Group 1: Project Attraction - The management system and operational mechanism reforms in national-level economic development zones have created a governance model centered around the management committee, providing a solid institutional foundation for project implementation [4]. - The report cites "parallel approval" measures as a key case in promoting administrative service reform, enhancing the efficiency of project service processes by allowing simultaneous handling of necessary approvals [4][5]. - The Micr o LED project by Risen Technology exemplifies the effectiveness of these measures, where approval departments were involved early in the negotiation phase, allowing for rapid processing of business licenses through "signing and issuing" and "on-site services" [4][5]. Group 2: Industrial Foundation - The report emphasizes that the business environment is not an isolated indicator but works in conjunction with industrial foundation and innovation capabilities, which are crucial for the long-term competitiveness of economic development zones [10]. - The value of attracting enterprises lies not only in individual projects but also in injecting continuous momentum for regional development by strengthening and extending industrial chains [10][12]. - Kunshan Development Zone has maintained a stable focus on the display industry, developing a comprehensive industrial system over 20 years, which enhances its capacity to adapt to new technologies and market changes [12]. Group 3: Business Environment - Kunshan Development Zone has consistently ranked high in national evaluations of business environments, with its second-place ranking in the latest report reflecting the effectiveness of its institutional arrangements across various projects [14]. - The North Special Robot project exemplifies the zone's efficiency, where the project moved from negotiation to commencement in just three days due to parallel and pre-approval processes [15]. - The development zone is creating a complete and efficient service loop for enterprises in key sectors such as new displays, new energy vehicles, and artificial intelligence, demonstrating the importance of stable and applicable institutional frameworks [15][16].

12月31日，商务部等8部门办公厅印发《2026年汽车以旧换新补贴实施细则》。其中提到， 2026年，对个人消费者通过售卖方式转让登记在本人名下的乘用车，并购买纳入工业和信息化 部《减免车辆购置税的新能源汽车车型目录》的新能源乘用车或2.0升及以下排量燃油的乘用 车，给予一次性补贴。对换购符合上述条件新能源乘用车的，按新车销售价格的8%给予补 贴，补贴金额最高1.5万元；对换购符合上述条件燃油乘用车的，按新车销售价格的6%给予补 贴，补贴金额最高1.3万元。 详情如下： 商务部等8部门办公厅关于印发《2026年汽车以旧换新补贴实施细则》的通知 按照《国家发展改革委 财政部关于2026年实施大规模设备更新和消费品以旧换新政策的通 知》（发改环资〔2025〕1745号，以下简称发改环资〔2025〕1745号文）和《商务部等7部门 关于提质增效实施2026年消费品以旧换新政策的通知》（商消费函〔2025〕697号，以下简称 商消费函〔2025〕697号文）要求，为更好实施2026年汽车以旧换新补贴政策，现将《2026年 汽车以旧换新补贴实施细则》印发给你们，请认真执行。 商务部办公厅 国家发展改革委办公厅 工业和信 ...

Market Performance - The three major U.S. stock indices experienced slight declines, with the Dow Jones down 0.2%, the S&P 500 down 0.14%, and the Nasdaq down 0.24%, marking the third consecutive day of losses [1] - Large tech stocks showed mixed results, with Tesla down over 1%, Nvidia down 0.36%, and Apple down 0.26%. In contrast, Facebook rose over 1%, Amazon up 0.2%, Microsoft up 0.09%, and Google up 0.09% [3] Chinese Stocks - The Nasdaq Golden Dragon China Index fell 0.27%. Among popular Chinese stocks, EHang Intelligent rose over 5%, while Tiger Brokers and Baidu Group increased over 4%. Xpeng Motors and NIO were up over 3%. Conversely, Dingdong Maicai dropped over 7%, and Vipshop fell 7%, with JD Group and Pony.ai down nearly 2% [3] Precious Metals - Precious metals saw a rebound, with COMEX gold futures up 0.2% at $4,352.3 per ounce, and spot gold up 0.17% at $4,338.83 per ounce. COMEX silver futures surged 7.88% to $76.02 per ounce, with spot silver rising 5.66% to $76.239 per ounce, briefly touching $78 [3] - The price of platinum on NYMEX rose by 4%, while palladium saw a slight decline of 0.14% [3] Economic Outlook - According to the Federal Reserve's December monetary policy meeting minutes, most officials believe that if inflation decreases over time, further rate cuts may be appropriate. Following this, traders adjusted their expectations for rate cuts in 2026, now anticipating two cuts instead of three [5] - The probability of a 25 basis point rate cut in January 2024 is at 14.9%, while the likelihood of maintaining the current rate is 85.1%. By March, the cumulative probability of a 25 basis point cut rises to 45.2% [5] Oil Prices - International oil prices saw slight declines, with WTI crude oil futures settling down 0.22% at $57.95 per barrel, and Brent crude oil futures down 0.03% at $61.92 per barrel [4]

Core Viewpoint - The article discusses the recent performance of the U.S. stock market, particularly focusing on the rebound of precious metals and the rise of Chinese concept stocks, highlighting significant movements in various sectors and the outlook for gold and silver prices in the coming years [1][5][10]. Stock Market Performance - The U.S. stock market opened slightly lower but saw a rebound, with the Dow Jones down by 0.12%, Nasdaq down by 0.02%, and S&P 500 down by 0.02% [2]. - Notable movements included a rise in several gold stocks, with companies like K92 Mining and Harmony Gold increasing by over 3% [2]. - Chinese concept stocks performed well, with NIO rising nearly 7%, XPeng up over 5%, and Baidu increasing by nearly 6% [2]. Precious Metals Market - After a significant drop, precious metals experienced a rebound, with COMEX silver rising nearly 8% and spot silver up over 4% [5]. - Gold prices reached approximately $4,400 per ounce, with platinum and palladium increasing by about 5% and 2%, respectively [5]. - Year-to-date performance shows gold has increased by over 66%, platinum by 141.57%, and silver futures by over 150%, marking them as some of the highest-performing assets globally [7]. Future Outlook for Precious Metals - UBS has raised its gold price forecast for the first three quarters of 2026 to $5,000 per ounce, with potential increases to $5,400 in case of political or economic turmoil [10]. - Citic Securities has warned about the volatility of silver, indicating a need to be cautious of potential corrections after significant price increases [10]. - TD Securities anticipates that silver prices will slow down to around $40 per ounce in the next year [10].

记者丨张敏 编辑丨张伟贤 编辑丨柳润瑛 12月30日，财政部、税务总局发布《关于个人销售住房增值税政策的公告》称，个人（不含个 体工商户中的一般纳税人，下同）将购买 不足2年 的住房对外销售的，按照 3% 的征收率全 额缴纳增值税；个人将购买2年以上（含2年）的住房对外销售的， 免征增值税 。 该公告自2026年1月1日起施行。 此次政策前，个人将购买不足2年的住房对外销售时，增值税税率为5%。因此，此次政策出台 后，二手住宅交易成本将进一步下降。 以房屋出售价格200万元、持有未满两年计算，新政前需缴纳的增值税为10万元，新政后只需 缴纳6万元，政策将 节约4万元 的交易成本。 这也是自2016年全面"营改增"以来， 我国首次对个人销售住房增值税税率进行调整。 广东省住房政策研究中心首席研究员李宇嘉指出，随着交易成本的下降，更多的需求将被释 放。同时，因交易成本高而不得不大尺度降价卖房的案例也将减少。 上海易居房地产研究院副院长严跃进也表示，此举可以更好地满足改善性住房需求的释放。随 着成本下降，房主更有能力和意愿将旧房出售，进而换购新房。 疏通置换链条 此次增值税政策的调整，与当前的政策与市场背景密不可分 ...

Core Viewpoint - The article discusses the strategic move by Kweichow Moutai to launch its flagship product, the 53% vol 500ml Flying Moutai, on its official online platform "i Moutai" starting in 2026, aiming to enhance consumer access and ensure authenticity in purchasing [1][3]. Group 1: Product Launch and Strategy - Kweichow Moutai will adjust its product matrix in 2026 to include six major series, featuring the 53% vol 500ml Flying Moutai, which has historically contributed the most revenue [1]. - The 53% vol 500ml Flying Moutai will be available on "i Moutai" for the first time, including new releases from 2019 to 2024, addressing consumer demand for genuine products [2][3]. - The launch is seen as a fulfillment of Moutai's commitment to its distributors, emphasizing a consumer-centric approach and market-oriented transformation [3]. Group 2: Market Dynamics and Pricing - Moutai aims to balance product supply and demand dynamically, ensuring stable pricing and preventing market fluctuations [4]. - The company emphasizes the importance of respecting market economic laws and consumer choices, with a goal of achieving a "quantity-price balance" [4]. - The introduction of the Flying Moutai on "i Moutai" is expected to stabilize the market and enhance the understanding of consumer needs, promoting a more effective supply-demand alignment [3][4].

Core Viewpoint - The global stock market has experienced a rare uptrend this year, with Chinese assets performing exceptionally well, driven by liquidity easing and growth expectations [2][12]. Group 1: Global Market Performance - Major stock indices across the Americas and Asia have all achieved positive returns this year, with the ChiNext Index up over 51% and the Sci-Tech 50 Index up 37.5%, ranking second and third globally [2]. - The Hang Seng Index and Hang Seng Tech Index recorded gains of 28.89% and 24.85%, respectively [2]. - Goldman Sachs predicts a further 38% upside for the Chinese stock market by the end of 2027 [2]. Group 2: Precious Metals Surge - December saw gold prices surpass $4,500 per ounce, marking a historic high, with COMEX gold futures up over 65% for the year, making it the best-performing year since 1979 [2]. - Other precious metals also saw significant increases, with platinum up 141.57%, palladium futures up over 85%, and silver futures up more than 150%, the highest among major assets [2]. Group 3: Foreign Investment in Chinese Assets - Foreign investment in Chinese assets has surged, with a net increase of $10.1 billion in domestic stocks and funds in the first half of the year, and $18.8 billion in May and June alone [8]. - By December 20, 2025, global investment in Chinese asset ETFs had accumulated a net inflow of $83.1 billion, with the technology sector attracting $9.5 billion [8]. - Morgan Stanley reported that foreign long-term funds net bought approximately $10 billion in A-shares and H-shares by November, contrasting sharply with a $17 billion outflow in 2024 [12]. Group 4: Future Outlook for Chinese Market - Analysts expect a "slow bull" market to continue, with a projected 14% growth in corporate earnings in 2026 and a 6% growth in the MSCI China Index [14][15]. - The market is transitioning from a "hope phase" to a "growth phase," with structural opportunities emphasized [14]. - Goldman Sachs and UBS predict that corporate earnings will be the main driver of stock price increases, with a focus on improving profit margins and return on equity [15].

Group 1 - The core viewpoint of the article highlights a significant rebound in precious metals, particularly silver, which saw a sharp increase in prices following a previous decline [1] - As of December 30, COMEX silver futures experienced a rise of over 8%, while spot silver surged nearly 6%, indicating strong market activity [1] - The year-to-date performance of precious metals has been remarkable, with COMEX gold futures increasing by over 65% and silver futures leading with a rise exceeding 150%, marking it as the top-performing asset globally [3] Group 2 - Current prices for various precious metals include COMEX silver at $75.575, with a year-to-date increase of 158.02%, and spot platinum at $2,215.30, up 145.06% for the year [2] - The article notes that gold prices reached a historical high of $4,500 per ounce in December, contributing to the overall bullish trend in the precious metals market [3] - Other metals such as platinum and palladium also saw significant gains, with platinum up 141.57% and palladium futures rising over 85% this year [3]