·投资要点 · 本次会议保持了"更加积极有为"的宏观政策定调，同时更加注重"提质增效"，扩大内需和民 生仍是重点任务，关注后续中央经济工作会议具体政策部署。 中共中央政治局12月8日召开会议，分析研究2026年经济工作。会议通稿内容精炼，奠定 了"内需主导，提质增效"的总基调，更多具体政策的增量信息需关注后续召开的中央经济工 作会议。 总体来看，会议通稿体现出三大特征： ✔一是，内需置于工作任务首位，"坚持内需主导"也是对"十五五"规划建议提出"促进形成更 多由内需主导、消费拉动、内生增长的经济发展模式"的有效落实。 具体政策抓手有望在12月 中央经济工作会议中披露更多信息。 ✔ 二是，宏观政策保持"更加积极有为"的定调，同时更加注重提升政策有效性。政策取向 上，货币政策延续了"适度宽松"的表述。 二十届四中全会提出"构建科学稳健的货币政策体系 和覆盖全面的宏观审慎管理体系"，更多意味着政策调控范式的深化，从"逆周期"到"跨周期与 逆周期"并重，并不一定是短期政策取向的"稳健"。 财政政策需在积极和可持续之间精准施 策， 预计2026年狭义财政赤字率在4%左右，新增地方专项债预计发行4.6万亿左右，超长期 特 ...

Group 1: Energy Efficiency and Carbon Reduction - The State Council held a meeting on December 5 to discuss enhancing energy efficiency and carbon reduction efforts, emphasizing the importance of these initiatives in achieving carbon peak and carbon neutrality goals [3] - The construction sector is advised to focus on opportunities related to new power systems, including wind and solar energy projects, distributed solar, pumped storage, new energy storage, virtual power plants, and hydrogen industry chain development [3] Group 2: New Urbanization and Real Estate - On December 3, the State Council conducted a collective study on promoting people-centered new urbanization, aiming to create a new pattern of urban-rural integration [4] - The transition of urbanization in China is moving from rapid growth to stable development, necessitating the implementation of urban renewal actions that integrate safety, real estate stability, and high-quality housing development [4] Group 3: REITs and Infrastructure Investment - The National Development and Reform Commission released a list of industry sectors eligible for REITs projects, covering 15 specific areas including transportation, energy, municipal infrastructure, and urban renewal facilities [5] - The expansion of the REITs issuance scope is expected to enhance the role of infrastructure REITs in revitalizing existing assets and promoting a positive investment cycle [5] Group 4: Retail and Consumer Trends - The U.S. retail sales during Black Friday increased by 4.1% year-on-year, indicating resilience in consumer spending despite various challenges [10] - INDITEX reported a 4.9% year-on-year revenue growth in Q3 2025, with net profit rising by 8.9%, reflecting strong performance and effective cost management [11]

Group 1 - The humanoid robot industry is currently in a critical phase of commercialization, with significant progress in policies, products, and orders both domestically and internationally [1] - Leading domestic humanoid robot companies are achieving breakthroughs in products and orders, indicating a potential resonance between domestic and overseas humanoid robot industries, which may accelerate the global commercialization process [2] - A strategic cooperation agreement was signed between UBTECH Robotics and ZhiSheng Technology, aiming to deploy 10,000 robots over the next five years, marking a shift from concept validation to commercial implementation [2] Group 2 - ZhongQing Robotics launched the T800 humanoid robot, priced starting at 180,000 yuan, with a product matrix that includes four versions to meet diverse application needs, indicating a transition from "technical feasibility" to "scalable usability" [3] - The U.S. government, under the Trump administration, is shifting focus towards robotics, with plans to accelerate industry development and potentially announce an executive order on robotics [3]

论坛上，国泰海通联合编制的《中国生物医药企业全球化战略与跨境合作白皮 书》项目（简称《白皮书》）正式启动。《白皮书》将系统梳理中国生物医药企 业全球化布局成果，汇总行业跨境合作成功案例，形成可参考、可复制的出海信 息库，并依托国泰海通研究所等权威研究机构对案例的深度拆解，分析标杆企业 经验、国际市场需求特征及合作风险点，突出信息库的研究成果价值，为行业提 供理论与实践结合的参考依据。 近日，由中央广播电视总台和上海市人民政府共同主办的2025科创大会在上海 举行。作为大会重要组成部分，国泰海通参加的"AI赋能医疗健康创新与出海"分 论坛备受行业关注。上海市卫生健康委员会主任闻大翔，上海市徐汇区委常委、 副区长罗华品出席论坛并致辞。国泰海通副总裁、研究与机构业务委员会总裁、 政策和产业研究院院长陈忠义出席论坛。 论 坛 期 间 ， 国 泰 海 通 研 究 所 副 所 长 、 生 物 医 药 首 席 分 析 师 余 文 心 从 " 资 本 视 角"出发，解析《白皮书》的独特价值。她指出，中国生物医药正从"跟跑"迈 向"并跑"乃至"领跑"，全球化已成为行业发展的战略必选项。《白皮书》由七 大权威机构联合打造，希望达 ...

Core Insights - The article discusses the recent adjustments to the National Basic Medical Insurance, Maternity Insurance, and Work Injury Insurance drug catalog, highlighting the government's commitment to supporting innovative and differentiated drug development through strategic purchasing [1][2]. Group 1: Drug Catalog Adjustments - On December 7, the National Healthcare Security Administration (NHSA) released the updated drug catalog for 2025, which includes 114 new drugs, of which 50 are classified as Class 1 innovative drugs [2]. - The overall success rate of drug negotiations for the insurance catalog has improved to 88% in 2025, up from 76% in 2024, indicating a more favorable environment for drug inclusion [2]. - The total number of drugs in the catalog has increased to 3,253, with significant enhancements in coverage for critical areas such as oncology, chronic diseases, mental health, rare diseases, and pediatric medications [2]. Group 2: Financial Implications - Over the "14th Five-Year Plan" period, the cumulative expenditure of the medical insurance fund has exceeded 13 trillion yuan, benefiting nearly 20 billion patient visits [1]. - The NHSA has included 835 new drugs in the insurance payment scope over the past seven years, with 149 of these being innovative drugs, and approximately 80% of innovative drugs are included in the catalog within two years of their market launch [1]. - The NHSA's negotiations have resulted in over 4.6 trillion yuan in expenditures for negotiated drugs, driving sales exceeding 6 trillion yuan [1]. Group 3: Commercial Health Insurance Innovations - The first version of the commercial health insurance innovative drug catalog was introduced, including 19 drugs that are highly innovative and provide significant clinical value, such as CAR-T therapies and treatments for rare diseases [3]. - This new catalog aims to complement the basic medical insurance, clarifying the boundaries of basic insurance coverage and promoting the development of a multi-tiered medical security system [3].

Core Viewpoint - The military industry is experiencing a long-term positive trend, supported by recent developments in commercial aerospace and government initiatives aimed at modernizing national defense and military capabilities [1][2]. Group 1: Military Industry Performance - The military sector has shown strong performance, with the national defense and military index rising by 3.47% from December 1 to December 5, outperforming the overall market by 3.11 percentage points [2]. - The 20th Central Committee of the Communist Party of China emphasized the goal of achieving a high-quality modernization of the military by the centenary of the People's Liberation Army [1]. Group 2: Key Developments in Aerospace - The successful launch of the Zhuque-3 reusable rocket on December 3 marks a significant achievement for Blue Arrow Aerospace, showcasing its capabilities in low-cost, high-frequency, and high-capacity launch services [2]. - The Zhuque-3 rocket features a two-stage design with a total length of 66.1 meters and a takeoff thrust of 7542 kN, indicating advanced engineering and reliability in its operations [2]. Group 3: Strategic Partnerships - The partnership between "Qianfan Constellation" and Airbus, announced on December 4, represents a critical step in integrating satellite internet services into global markets, enhancing in-flight passenger experiences through advanced connectivity solutions [3].

Group 1 - The core viewpoint of the article highlights that Guotai Haitong Securities Research Institute achieved significant recognition in the 2025 21st Century Gold Analyst Awards, winning a total of 28 awards, including 3 institutional awards [1] - A total of 23 teams were awarded the "Gold Analyst" title across seven sectors, including Food and Beverage, Wholesale and Retail, Social Services, Computer, Metals and Metal Materials, North Exchange, and Hong Kong and Overseas Market Research [1][2] - Notable individual awards were given to Tang Yuanmao for Fixed Income Research and Qin Heping for Overseas Technology Research, both recognized as "2025 Annual Growth Analysts" [1] Group 2 - The top-ranked research teams included Food and Beverage, Wholesale and Retail, Social Services, Hong Kong and Overseas Market Research, North Exchange, Computer, and Metals and Metal Materials [2] - The second-ranked teams comprised sectors such as Innovative Drugs, Non-Bank Financials, Strategy Research, Robotics, and Communications [2] - The third and fourth ranks included teams in Public Utilities, Agriculture, Forestry, Animal Husbandry and Fishery, Real Estate and Construction, Macroeconomics, Financial Engineering and Derivatives, Transportation and Logistics, and Environmental Protection [2][3]

国泰海通证券 | 研究所 国泰海通研究所 基金评价与研究首席分析师 登记编号: S0880525040097 直播看点 现什么发展趋势? 高质量发展时代 公募县令行业回顾与展望 億韵婷 从基金产品来看,权益基金和固收基金会呈 2 道合 扫码关注 星标不迷路 国泰海通证券研究所官方公众号 海量研报 | 热门活动 | 视听 内容 重要提醒 本订阅号所载内容仅面向国泰海通证券研究服务签约客户。因本资料暂时无法设置访问限制，根据 《证券期货投资者适当性管理办法》的要求，若您并非国泰海通证券研究服务签约客户，为保证服 务质量、控制投资风险，还请取消关注，请勿订阅、接收或使用本订阅号中的任何信息。我们对由 此给您造成的不便表示诚挚歉意，非常感谢您的理解与配合！如有任何疑问，敬请按照文末联系方 式与我们联系。 法律声明 本公众订阅号(微信号: GTHT RESEARCH )为国泰海通证券股份有限公司(以下简称"国泰海通证 券") 研究所依法设立、独立运营的唯一官方订阅号。其他机构或个人在微信平台上以国泰海通研究 ...

Group 1: Non-Banking Financial Institutions - The China Banking and Insurance Regulatory Commission (CBIRC) has lowered the risk factors for long-term holdings of certain stocks, which is expected to encourage insurance funds to increase their equity asset allocation while maintaining solvency constraints [2] - The policy aims to enhance the capital utilization efficiency of high-quality institutions, allowing leading brokerages to accelerate their development in proprietary trading, derivatives, institutional business, and wealth management [2] - The new regulations on financial leasing companies are expected to improve asset quality and risk pricing transparency, benefiting well-governed and clearly defined business leasing institutions [2] Group 2: Macro Economic Insights - The U.S. economy is showing signs of marginal decline, with industrial output and durable goods orders decreasing, while personal disposable income has slightly increased [6] - The European economy remains resilient, with mixed signals from industrial production and retail sales, while inflation rates show slight increases [6] - The Federal Reserve is expected to lower interest rates in December, with a high probability of around 87%, while the European Central Bank is likely to pause rate cuts [8] Group 3: Market Strategy - The Chinese stock market is anticipated to enter a "cross-year offensive" phase, with expectations of policy, liquidity, and fundamental support leading to upward movement in indices [11] - The focus is on sectors such as technology, finance, and consumer goods, with recommendations for stocks in internet, media, and manufacturing industries [14] - The demand for asset management is expected to surge as traditional fixed-income products decline, leading to a shift towards diversified investment strategies [12] Group 4: Energy Sector Insights - The U.S. is facing a clear electricity supply shortage, which is projected to expand by 2030, necessitating a systematic approach to energy solutions, particularly in natural gas and renewable sources [17] - The current energy system in the U.S. is transitioning towards a mix dominated by natural gas and clean energy, with coal playing a backup role [18] - By 2030, renewable sources are expected to contribute significantly to new electricity generation, while coal will serve as a stabilizing force in the energy mix [19]

Core Insights - The article emphasizes that the electricity shortage in the United States is becoming a clear and certain fact, expected to expand before 2030, leading to a clearer investment logic in the industry [1] - A systematic solution for the power supply side is deemed necessary, focusing on natural gas (including CCGT and OCGT small gas turbines), wind and solar storage, with coal power serving as a backup solution [1] - The article discusses the impact of AI on the electricity system, highlighting a trade-off between reliability, decarbonization, and the demands of data center customers [1][2] Group 1: Electricity Supply and Demand - The current energy system in the U.S. has shifted to a dominance of natural gas and clean energy, with coal power accounting for less than 15% [2] - The aging electricity grid, exceeding an average lifespan of 40 years, lacks sufficient baseload capacity to meet expected peak demand growth, leading to regional disconnections [2] - A multi-source collaborative approach is necessary to address the future electricity shortage in the U.S. [2] Group 2: 2030 Electricity Supply Balance - The projected electricity supply balance for 2030 indicates that wind and solar storage will contribute approximately 40% of new electricity generation, although economic challenges in large-scale storage remain [3] - Natural gas is identified as the core contributor to grid reliability and electricity generation, but CCGT may face production bottlenecks [3] - Coal power is expected to decline but will act as a stabilizing force in the energy system [3]