千亿社保科创基金落子，AI教父警示新一轮失业潮

Fiscal Policy - The National Finance Work Conference emphasized the continuation of a more proactive fiscal policy in 2026, focusing on expanding fiscal expenditure and optimizing government bond tools [2][3] - Key tasks for fiscal work in 2026 include supporting domestic demand, enhancing technology and industry innovation, promoting urban-rural integration, and strengthening basic livelihood guarantees [2][3] Digital Currency - The People's Bank of China announced an action plan for the digital yuan, set to launch on January 1, 2026, with a new digital currency management framework [4][5] - As of November 2025, the digital yuan processed 3.48 billion transactions, amounting to 16.7 trillion yuan [4] Social Security Fund - The social security fund has expanded its investment into technology innovation funds in Jiangsu, Zhejiang, Fujian, and Hubei, with a total scale of 140 billion yuan [6][7] - The fund's strategy has shifted from direct investment to a mother-child fund model, aiming to leverage more social capital [6][7] Real Estate - Vanke's bond extension proposal was rejected, with only a 30-day grace period approved, indicating tightening support from creditors [8][9] - Vanke faces significant debt repayment pressure, with a total of 5.7 billion yuan in bonds maturing soon, raising concerns about its financial stability [8][9] Venture Capital - In 2025, U.S. startups raised a record 150 billion USD (approximately 1.05 trillion yuan), driven by large funding rounds from major investors [10][11] - The investment landscape is shifting towards established AI companies, making it harder for smaller startups to secure funding [10][11] Employment and AI - AI is projected to replace many jobs by 2026, leading to a potential new wave of unemployment as companies seek to enhance productivity without increasing workforce size [12][13] - The rapid advancement of AI technology is expected to have a more immediate impact on the job market compared to previous technological revolutions [12][13] Fund Performance - Active equity funds have seen significant returns, with the highest annual yield reaching 236.88%, indicating strong performance in the current market [14][15] - The focus on long-term returns and the need for funds that can withstand market cycles is becoming increasingly important [14][15] Stock Market - The stock market experienced mixed results, with the Shanghai Composite Index slightly rising while the Shenzhen Component and ChiNext Index fell [16][17] - Market sentiment is showing signs of divergence, with increasing numbers of stocks entering a correction phase as the index approaches the 4000-point mark [16][18]