GUOSHENG SECURITIES(SZ:002670) Hua Er Jie Jian Wen·2026-01-05 09:41Core Viewpoint - The year 2026 marks a significant turning point in China's economic history, transitioning from "scale dividends" to a focus on "system security and quality efficiency revolution" as the old trade and growth logic fails [1][2]. Group 1: Economic Transition - The "Fifteen Five" plan signifies a shift in China's economic strategy, with a complex non-linear system emerging that renders traditional GDP growth and monetary policy approaches ineffective [2][3]. - Historical patterns show that every five-year plan corresponds with a restructuring of wealth logic, indicating the importance of understanding policy language to navigate economic changes [1][11]. Group 2: Policy Interpretation - The upcoming "Fifteen Five" plan presents unprecedented complexities in macroeconomic policy, making it challenging to translate administrative language into actionable asset allocation strategies [3][12]. - The course led by Dr. Xiong Yuan aims to decode the "Fifteen Five" plan's core keywords, distinguishing between soft guidance and hard constraints, which is crucial for investors [14][15]. Group 3: Investment Strategy - Investors must prepare for the new economic environment by understanding the implications of central government leverage and the boundaries of fiscal policy post-2026 [12][15]. - The course will cover how to utilize forward-looking indicators like PMI and PPI to anticipate policy shifts and manage the time lag between policy announcements and market reactions [12][15].