登录新浪财经APP 搜索【信披】查看更多考评等级 中经记者 孙汝祥 夏欣 北京报道 2025年是信托业务分类改革过渡期第二个、也是最后一个完整自然年。 这一年，随着信托行业"1+N"政策体系不断完善，"强监管、防风险、促转型"三大主线，为信托行业高 质量发展进一步指明了方向。不动产信托登记试点、股权信托登记试点持续扩围，行业基础设施建设逐 渐得以完善。 这一年，全行业信托资产规模突破32万亿元，再创新高。"三分类"政策下的资产管理信托与资产服务信 托已经替代传统的"融资信托+通道信托"业务模式，成为驱动信托资产规模增长的主导业务模式；慈善 信托财产总规模突破100亿元大关。 这一年，信托业重大风险处置取得决定性成果，系统性风险防火墙不断加固，极大提振了市场与投资者 信心。 政策体系不断完善 "方向更准、路基更平、底盘更稳、引擎更强。"中国信托业协会特约研究员袁田如是总结2025年信托行 业发展态势。 其中，"方向更准"源自信托行业"1+N"政策体系的不断完善。 2025年1月，国务院办公厅转发国家金融监管总局《关于加强监管防范风险推动信托业高质量发展的若 干意见》（以下简称《若干意见》）。 "这是指导信托行业 ...

熊征宇指出，武昌区、黄陂区、新洲区在全市发展大局中地位重要，要围绕中心大局， 发挥比较优势，推动高质量发展不断取得新业绩。要推动"三驾马车"协同发力，增强消费主 动力，夯实投资硬支撑，拓展外贸新空间，筑牢实体经济根基；要推动"三线并进"，积极融 入"五谷"联动发展，以科技创新赋能推动传统产业焕新，加快壮大新兴产业，因地制宜布局 未来产业，塑造产业发展新动能新优势；要推动"五改四好"城市更新，强化"六带联动"，统 筹功能提升、产业焕新和治理创新，提升城市现代化治理水平。要保障和改善民生，扎实办 好民生实事，加快建设宜居宜业和美乡村，切实守牢安全稳定底线，持续增进民生福祉。 陈劲超、陈国良、徐丽、孟晖、董煜华，彭瑜、赵利洪参加审议。 编辑：张靖 1月6日，市委副书记、代市长熊征宇参加市十五届人大六次会议武昌、黄陂、新洲代表 团联团审议。他强调，要深入学习贯彻习近平总书记考察湖北重要讲话和中央经济工作会议 精神，认真落实省委、省政府和市委部署要求，坚定信心、鼓足干劲，凝心聚力拼经济、稳 增长、促转型，加快提升发展能级，为全市高质量发展贡献更大力量。 市人大代表彭勇军、何建文、苏海峰、黄经南、傅志峰、黄峰、贾智力、张 ...

24/09以来的这轮行情始于宏观政策导向转向抗通缩，但中长期看促转型更为关键，预计科技仍是政策 支持的重心。 同时，科技产业正处在新一轮向上大周期中，产业技术变革下人工智能有望加速向各行业应用。技术周 期和政策加持下，科技仍是未来一年看好的主导产业。 国信证券首席经济学家荀玉根研报指出，26年牛市相比25年， 不变：政策继续宽松。 起于24年924的牛市类似99年519，通缩不止、政策宽松环境不变；牛市周期未完。借鉴历史上牛熊周期 规律，这轮牛市的时空未到，市场情绪还未极致。 变化：基本面修复将由点到面扩散，配合居民资金入市，牛市走向第二阶段后半场和第三阶段；科技行 情望从算力基建向应用扩散，白酒消费、地产等老登资产有重估机会。 具体到科技内部，借鉴上两轮牛市经验，牛市后程的领涨板块往往是当时主导产业的应用领域，例如15 年上半年互联网+，21年的新能源车。 本轮科技行情同样有望由硬件端向应用扩散，随着人工智能技术在成本和性能不断取得突破，其在商业 化应用的步伐有望加快。 ...

央视网消息：近日，国家发展改革委、财政部联合印发《关于2026年实施大规模设备更新和消费品以旧换新政策的通知》，对2026年"两新"工作作出系 统部署。与2025年相比，优化方案呈现出"精准发力，提质增效"的特征。 2026版"两新"优化方案出台 消费品以旧换新"得补率"将更高 2026版"两新"优化方案出台 设备更新领域支持范畴更广 在设备更新领域，《通知》在保持总体延续的基础上，进一步将民生关切、公共安全及线下消费领域关键设备纳入支持范畴。包括老旧小区加装电梯， 养老机构设备更新；消防救援设施、检验检测设备更新，支持商业综合体、购物中心、大型超市等线下消费商业设施设备更新。《通知》加大对中小企业设 备更新的支持力度，大幅降低申报相关领域设备更新项目的投资额门槛，实现政策红利"应享尽享"。 2026年，优化后的"两新"政策将更加注重提质增效， 扩内需，稳增长，促转型，惠民生。 在消费品以旧换新领域，《通知》明确，2026年汽车以旧换新将此前定额补贴优化调整为按车价比例补贴，报废更新补贴最高2万元，置换更新补贴最 高1.5万元。2026年家电以旧换新支持冰箱、洗衣机、电视、空调、电脑、热水器等六大类产品，通过 ...

通知明确，设备更新方面，总体延续2025年支持范围，在民生领域增加老旧小区加装电梯、养老机 构设备更新，在安全领域增加消防救援、检验检测设备更新，在消费基础设施领域增加商业综合体、购 物中心、百货店、大型超市等线下消费商业设施的设备更新。这些新部署，有望更好发挥设备更新对产 业升级、节能降碳、民生改善和高质量发展的支撑作用。 在消费品以旧换新方面，明年汽车置换、洗衣机和冰箱等家电换新还有没有补贴？购买智能手机、 智能手环还能申请补贴吗？ 透过这些规定看，消费品以旧换新进一步集中资源，着力提升覆盖人群广、带动效应强的重点消费 品"得补率"。 答案是肯定的：继续支持。 二是优化补贴标准。 明年"两新"政策，将继续实施汽车报废更新和汽车置换更新补贴；继续实施家电以旧换新补贴，支 持范围聚焦冰箱、洗衣机、电视、空调、电脑、热水器等6类产品。同时，将数码产品购新补贴拓展为 数码和智能产品购新补贴，支持范围包括手机、平板、智能手表（手环）、智能眼镜和智能家居产品 （含适老化家居产品）。 为充分发挥超长期特别国债资金效益，进一步提高补贴质效，2026年"两新"政策对一些领域的补贴 标准作出了优化完善。 12月30日，备受社 ...

Key Insights - The report highlights the strong growth potential of Wanyi Technology (688600.SH), a leading domestic helium mass spectrometer manufacturer, which is expanding into analytical and medical instruments to create a second growth curve [11][12][13] - The company has established a solid foundation in industrial detection and online monitoring, with a market share exceeding 40% in helium mass spectrometers, primarily serving sectors such as new energy and automotive components [11][12] - Wanyi Technology's laboratory analysis instruments and medical devices are emerging as new growth engines, with successful product selections in provincial procurement and ongoing development of dialysis machines [12][13] Industry and Company Analysis - The report emphasizes the investment strategy for the metal industry in 2026, focusing on the resonance between supply-demand dynamics and interest rate cuts, anticipating a recovery in profitability and valuation [4] - The electric equipment and new energy sector is highlighted for its lithium battery materials, which are expected to see comprehensive price increases, alongside a sustained demand for domestic energy storage systems [4] - The media industry is advised to focus on trends in prosperity and policy shifts, particularly in AI applications [4] - The food and beverage sector is analyzed through macroeconomic indicators, particularly in relation to the liquor industry [4] - The petrochemical industry is projected to recover in terms of profitability, while the organic silicon sector is expected to enter a price uptrend due to coordinated production cuts [4]

Group 1: Economic Transition Insights - China is in a critical phase of economic transition, where the shift from old to new growth drivers is essential for overcoming growth bottlenecks and achieving high-quality development[1] - By 2027, emerging industries are expected to surpass traditional industries in terms of value added, with a projected value of approximately CNY 17.5 trillion for old industries and CNY 14.3 trillion for new industries in 2024[2] - The financial restructuring accompanying industrial transformation has been effective, with the non-performing loan ratio of major banks remaining stable compared to the previous transition period (1998-2002) when it exceeded 25%[2] Group 2: Employment and Structural Changes - Emerging industries have limited direct employment absorption capacity, with the construction industry employing between 12 to 20 million people, significantly outpacing the 6 million in high-tech manufacturing sectors[2] - The service sector's employment share is expected to structurally increase, which may take a longer time to address structural employment issues[2] - The transition from old to new economic drivers is characterized by a gradual shift in employment dynamics, requiring the widespread adoption of new business models and scenarios[2] Group 3: Industry Development Trends - Key emerging sectors such as semiconductors, software development, and maritime equipment are identified as future pillars of the economy, transitioning from "technological breakthroughs" to "commercial realization" phases[3] - The analysis of export comparative advantage indicates significant potential in sectors like optical instruments and chip manufacturing, which are crucial for national strategic goals[3] - The industrial lifecycle analysis shows that industries like software development and gaming are in a growth phase, with capital expenditure focused on technological upgrades and revenue growth[3]

Economic Growth Framework - The core task for the "14th Five-Year Plan" period is to achieve a per capita GDP of approximately $29,000 by 2035, positioning China among "medium-developed countries" [2] - The bottom-line target for annual real GDP growth is set at 4.2%, while the consensus target suggests a compound GDP growth rate of around 4.4% over the next decade [2] - The expected economic growth rate for the "14th Five-Year Plan" period is projected to be between 4.5% and 4.9%, with a likely internal control target of 4.8% to 5.0% for the upcoming year [2] New Growth Paradigm - The new growth paradigm emphasizes "dynamic iteration + moderate inflation + currency appreciation" as the driving forces for economic growth [1] - This paradigm shift is expected to fundamentally alter asset return characteristics and risk premiums, leading to a systematic outperformance of equity assets over fixed-income assets [1] - The transition in asset allocation is anticipated to move from a real estate-dominated structure to one centered around equity assets [1] Market Implications - The anticipated recovery in corporate profits, particularly in upstream cyclical industries, is expected to create structural opportunities in the stock market [3] - The bond market is likely to experience a rebound in interest rates as inflation indicators improve, with the yield curve expected to steepen [3] - The shift in asset attractiveness is projected to favor equities over real estate and fixed income, driven by improved earnings and valuation dynamics [3] Risks - Potential risks include volatility in overseas markets and uncertainties in domestic policy execution [4]

Investment Rating - The report maintains a "Positive" investment rating for the transportation industry [12] Core Insights - The report identifies four key development focuses and investment opportunities for the transportation industry over the next five years, summarized as "Two Internals and Two Promotions": combating internal competition, driving domestic demand, promoting overseas expansion, and facilitating transformation [2][6][17] Summary by Sections Express Delivery - The ongoing effort to combat internal competition in the express delivery sector is expected to remain effective, positively impacting the entire e-commerce express delivery segment. Key recommendations include YTO Express, Shentong Express, Jitu Express, Zhongtong Express, and Yunda Express [2][6][17] Aviation - The implementation of paid staggered vacations is anticipated to improve the supply-demand dynamics in the aviation industry, aiding in reversing the current profitability downturn. Recommendations include A-share private airlines and the three major Hong Kong airlines [2][6][17] Overseas Expansion - The development of new growth poles through overseas expansion and the construction of the Western Land-Sea New Corridor is highlighted. This opens up profit margins for overseas enterprises, with continued recommendations for Jitu Express, Jiayou International, and Eastern Airlines Logistics [2][6][17] Green Transition - The report emphasizes the acceleration of green low-carbon transformation, marking the year as a significant one for green fuel investments. The focus is on promoting a green production and lifestyle, particularly in the transportation sector [2][6][17] Passenger Transport - Domestic passenger traffic has shown a 5% year-on-year increase, while international passenger traffic has risen by 20%. The domestic passenger load factor has improved by 2.2 percentage points year-on-year, and international load factors have increased by 5.6 percentage points [7][40] Maritime Transport - The average VLCC-TCE rate has surged by 44.1% to $114,000 per day, driven by increased demand from the Middle East. The SCFI index for foreign trade container shipping has risen by 10.5% to 1,551 points, indicating a favorable market environment [8][61][62] Logistics - The volume of express deliveries has increased by 9.9% year-on-year, with a stable demand for coal transportation. The report highlights the ongoing price adjustments in the express delivery sector, recommending investments in YTO Express, Shentong Express, Jitu Express, and Zhongtong Express [9][17]

Investment Rating - The investment rating for the building materials industry is "Positive" (maintained) [1] Core Viewpoints - The Ministry of Industry and Information Technology and five other departments have jointly issued the "Building Materials Industry Steady Growth Work Plan (2025-2026)", which aims to stabilize growth and promote transformation. Key goals include achieving over 300 billion yuan in revenue from green building materials by 2026 and establishing "zero external electricity, zero carbon emissions" demonstration factories [3][4] - The report recommends several companies in the consumer building materials sector, including Sankeshu (channel penetration and retail expansion), Dongfang Yuhong (waterproof leader with optimized operational structure), Weixing New Materials (high-quality operations with a high retail business ratio), and Jianlang Hardware. Beneficiary stocks include Beixin Building Materials (gypsum board leader with diversified expansion into coatings and waterproof sectors) [3][4] - The cement sector is expected to benefit from the "Energy Saving and Carbon Reduction Special Action Plan" issued by the National Development and Reform Commission, which aims to control cement clinker capacity at around 1.8 billion tons by the end of 2025 [3][4] Summary by Sections Market Overview - The building materials index fell by 2.11% in the week from September 22 to September 26, 2025, underperforming the CSI 300 index by 3.18 percentage points. Over the past three months, the CSI 300 index rose by 13.80%, while the building materials index increased by 10.96%, underperforming by 2.84 percentage points [4][11] - The average PE ratio for the building materials sector is 28.92 times, ranking it 15th from the bottom among all A-share industries, while the PB ratio is 1.32 times, ranking it 8th from the bottom [17][21] Cement Sector - As of September 26, 2025, the average price of P.O42.5 bulk cement nationwide was 287.55 yuan/ton, an increase of 3.06% month-on-month. The clinker inventory ratio reached 70.17%, up by 5.06 percentage points [22][23] - Regional price trends show increases in various areas, with the highest increase in the southwest region at 7.67% [22][23] Glass Sector - The spot price of float glass as of September 26, 2025, was 1283.80 yuan/ton, up by 6.19% from the previous period. The inventory of float glass decreased by 2.60%, with a total of 53.29 million weight boxes [73][75] - The price of photovoltaic glass remained stable at 125.00 yuan/weight box [77] Fiberglass Sector - The market price for non-alkali 2400tex direct yarn ranges from 3400 to 4000 yuan/ton, with variations depending on the region and specific product type [6][4] Consumer Building Materials - As of September 26, 2025, the price of crude oil was 72.09 USD/barrel, showing a week-on-week increase of 7.76%. The price of asphalt remained stable at 4570 yuan/ton [6][4]