申万宏观·周度研究成果（11.15-11.21）

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 restructuring economic growth logic and promoting inclusive growth [11][12]. - The article outlines three main themes for the "15th Five-Year Plan": intelligent transformation, green transformation, and integrated development [11]. Group 2 - The article provides insights into the recent sharp decline in fiscal spending, attributing it to high base effects, declining revenues, and a reduction in government debt financing [14]. - It raises questions about the implications if "reciprocal tariffs" are deemed illegal, suggesting potential shifts in trade dynamics [15].