Group 1 - The article discusses the macroeconomic outlook for 2026, emphasizing the need to leverage reforms for economic benefits and identifying potential opportunities in various sectors [7][8]. - It highlights the "15th Five-Year Plan" as a crucial period for China's modernization, focusing on the reconstruction of economic growth logic [8]. - The article outlines the new economic development model characterized by inclusivity, smart transformation, green initiatives, and integration [11]. Group 2 - A significant drop in fiscal expenditure is noted, attributed to high base effects, declining revenues, and a reduction in government debt financing [14]. - The implications of potential legal rulings on "reciprocal tariffs" are explored, raising questions about future trade dynamics [15].
申万宏观·周度研究成果（11.15-11.21）
申万宏源宏观·2025-11-22 06:12