湘财证券曹旭特：稳中提质，聚焦高质量发展主线

Core Viewpoint - The Central Economic Work Conference has outlined the direction for economic work in 2026, emphasizing the importance of fundamental support and long-term development trends, with several sectors expected to continuously release high-quality development momentum [1] Group 1: Technological Innovation - Technological innovation is entering a new stage of deep application, with a robust support system developing in hard technology fields such as advanced manufacturing [2] - The construction of three major international technology innovation centers (Beijing-Tianjin-Hebei, Yangtze River Delta, Guangdong-Hong Kong-Macau Greater Bay Area) is fostering a collaborative environment for talent, technology, and industry [2] - The deepening expansion of "Artificial Intelligence +" will drive AI technology's penetration into various sectors, including manufacturing, healthcare, transportation, and services, enhancing the collaborative upgrade of the industrial chain [2] Group 2: Modern Industrial System - The industrial system in China is evolving towards consolidating strengths and enhancing overall competitiveness, involving the transformation of traditional industries through digital and green technologies [3] - The continuous optimization of the industrial ecosystem will highlight the advantages of industry leaders and companies with genuine technological innovation capabilities [3] Group 3: Domestic Demand Market Potential - Domestic demand, particularly consumption, plays a fundamental role in China's economic growth, with rising household income and innovative consumption scenarios creating numerous opportunities [4] - Diverse and quality consumption sectors such as the silver economy, ice and snow economy, leisure tourism, and service consumption are expected to benefit continuously [4] - Actions aimed at reducing logistics costs and promoting urban renewal will not only constitute effective investments but also enhance economic efficiency, creating opportunities in modern logistics, smart cities, and green buildings [4] Group 4: Efficiency and High-Level Opening Up - The continuous release of institutional dividends is crucial for high-quality development, with the deepening of the national unified market construction expected to eliminate regional barriers and enhance factor allocation efficiency [5] - The expansion of free trade zones, the construction of Hainan Free Trade Port, and the development of the Belt and Road Initiative will open broader market spaces for internationally competitive Chinese high-end manufacturing, cross-border e-commerce, and financial services [5] Group 5: Green Transformation - The green transformation under the "dual carbon" goals is viewed as a high-certainty long-term development track, with the construction of a new energy system and the development of a national carbon market driving growth in wind power, photovoltaics, energy storage, and carbon monitoring services [6] - Energy-saving and carbon-reduction renovations, along with comprehensive solid waste management, will create sustained demand in the environmental technology and circular economy sectors [6] - New development models in real estate and the construction of "good houses" may present new opportunities in green buildings, smart homes, and urban operation services [6] Conclusion - With the Central Economic Work Conference convened, the coordinated efforts of various policies and the deepening of reform and opening up are expected to solidify and enhance the positive trend of economic recovery, with the capital market serving as a vital platform for resource allocation and a window to observe economic structural changes [7]