国新证券每日晨报-20251231

Domestic Market Overview - The domestic market experienced slight declines with the Shanghai Composite Index closing at 3965.12 points, down by 0.16 points, while the Shenzhen Component Index rose to 13604.07 points, up by 0.49% [1][9] - Among the 30 sectors tracked, 11 sectors saw gains, with notable increases in oil and petrochemicals, automotive, and non-ferrous metals, while retail, transportation, and real estate sectors faced significant declines [1][9] - The total trading volume for the A-share market reached 21,615 billion yuan, showing a slight increase compared to the previous day [1][9] Overseas Market Overview - The three major U.S. stock indices experienced minor declines, with the Dow Jones down by 0.2%, S&P 500 down by 0.14%, and Nasdaq down by 0.24% [2] - Notable declines were seen in IBM and Goldman Sachs, both dropping by nearly 1% [2] - Chinese concept stocks showed mixed performance, with EHang rising over 5% and Dingdong falling more than 7% [2] Key News Highlights - The Central Rural Work Conference was held in Beijing, where President Xi Jinping emphasized the importance of "three rural issues" [3][11] - The State Council, led by Premier Li Qiang, announced the implementation of the Value-Added Tax Law [3][16] - The 2026 national subsidy plan was officially released, including smart glasses for the first time [3][17] - The Ministry of Industry and Information Technology (MIIT) is accelerating the development of a new type of internet exchange center [3][20] - A digital transformation implementation plan for the automotive industry was issued by four departments [3][22] Driving Factors - The 2026 national subsidy plan includes a total of 625 billion yuan to support the replacement of old equipment and promote consumption [10][19] - The subsidy for purchasing new cars remains at 12% or 10% of the car price, with a maximum subsidy of 20,000 yuan or 15,000 yuan [10] - The range of subsidized household appliances has been narrowed, with a maximum subsidy of 1,500 yuan for energy-efficient appliances [10][18] - The introduction of subsidies for smart glasses aims to stimulate market demand and promote innovation in the consumer electronics sector [17][19] Industry Developments - The MIIT's guidance on the new internet exchange centers aims to enhance regional coordination and promote efficient cross-regional data flow [20][21] - The automotive industry's digital transformation plan targets significant improvements in manufacturing capabilities and productivity by 2027 [22]