中共中央政治局定调明年经济工作；多省份“十五五”规划建议出炉丨盘前情报

Market Overview - On December 8, the A-share market opened high and closed higher, with the Shanghai Composite Index rising by 0.54% to 3924.08 points, the Shenzhen Component Index increasing by 1.39% to 13329.99 points, and the ChiNext Index up by 2.6% to 3190.27 points. The total trading volume of the Shanghai and Shenzhen markets reached 2.04 trillion yuan, an increase of 310.9 billion yuan compared to the previous trading day, marking a return to over 2 trillion yuan after 20 trading days [2][3]. International Market - The New York stock market saw declines on December 8, with the Dow Jones Industrial Average falling by 215.67 points (0.45%) to 47739.32 points, the S&P 500 down by 23.89 points (0.35%) to 6846.51 points, and the Nasdaq Composite Index decreasing by 32.22 points (0.14%) to 23545.90 points. In Europe, the FTSE 100 index fell by 0.23%, the CAC 40 index decreased by 0.08%, while the DAX index rose by 0.07% [3]. Oil Prices - International oil prices dropped on December 8, with light crude oil futures for January 2026 falling by $1.20 to $58.88 per barrel (a 2.0% decrease), and Brent crude oil futures for February dropping by $1.26 to $62.49 per barrel (a 1.98% decrease) [4]. Economic Policy Insights - The Central Political Bureau of the Communist Party of China emphasized the need for a stable yet progressive economic approach for 2026, advocating for more proactive fiscal policies and moderately loose monetary policies. Key focuses include enhancing domestic demand, fostering innovation, and promoting green transformation [6]. Industry Developments - Various provinces have released their "14th Five-Year Plan" proposals, highlighting the importance of artificial intelligence (AI) as a key area for development. Regions like Zhejiang and Fujian are focusing on AI integration with traditional industries, while Guizhou is developing its computing power industry [6][7]. - The computer sector is being recognized as a "bull market leader," with expectations of high revenue growth driven by AI trends, which is expected to support valuations and provide significant investment opportunities [7]. Automotive Sector - In November, domestic retail sales of new energy passenger vehicles reached 1.321 million units, a year-on-year increase of 4.2%. Cumulatively, sales for the first 11 months totaled 11.472 million units, up 19.6% year-on-year. The upcoming adjustments to the new energy vehicle purchase tax are anticipated to stimulate consumer purchases [9]. Shipping Industry - China State Shipbuilding Corporation and China COSCO Shipping Group signed a new shipbuilding project contract worth over 50 billion yuan, marking the highest single contract amount in China's shipbuilding industry. The project includes the construction of 87 vessels and aims to enhance green and intelligent shipping solutions [10]. Securities Industry - The China Securities Regulatory Commission indicated that the overall leverage in the securities industry will remain within a reasonable range, with plans to optimize leverage requirements for high-quality institutions to improve capital efficiency and better serve the real economy [11]. Fund Flow Analysis - The electronics and battery sectors saw significant inflows, with the semiconductor industry leading with a net inflow of 4.315 billion yuan, while the liquor industry experienced the largest outflow of 1.88 billion yuan [14][15].