中共广东省委关于制定广东省国民经济和社会发展第十五个五年规划的建议发布。其中提到，培育壮大 新兴产业和未来产业。着力打造新兴支柱产业，实施产业创新工程，一体推进创新设施建设、技术研究 开发、产品迭代升级，加快新能源、新材料、商业航天、低空经济等战略性新兴产业集群发展，做强新 能源车船、集成电路、新型储能、医药和医疗器械、无人机和无人船等优势产业。前瞻布局未来产业， 探索多元技术路线、典型应用场景、可行商业模式、市场监管规则，推动量子科技、生物制造、氢能和 核聚变能、脑机接口、具身智能、第六代移动通信等成为新的经济增长点。促进中小企业专精特新发 展，培育瞪羚企业、独角兽企业。强化新赛道新领域制度供给，探索设立"科创特区"，实施包容审慎监 管，加快育成新产品、新技术、新业态。 ...

人民财讯12月8日电，中共广东省委关于制定广东省国民经济和社会发展第十五个五年规划的建议发 布。其中提到，培育壮大新兴产业和未来产业。着力打造新兴支柱产业，实施产业创新工程，一体推进 创新设施建设、技术研究开发、产品迭代升级，加快新能源、新材料、商业航天、低空经济等战略性新 兴产业集群发展，做强新能源车船、集成电路、新型储能、医药和医疗器械、无人机和无人船等优势产 业。前瞻布局未来产业，探索多元技术路线、典型应用场景、可行商业模式、市场监管规则，推动量子 科技、生物制造、氢能和核聚变能、脑机接口、具身智能、第六代移动通信等成为新的经济增长点。促 进中小企业专精特新发展，培育瞪羚企业、独角兽企业。强化新赛道新领域制度供给，探索设立"科创 特区"，实施包容审慎监管，加快育成新产品、新技术、新业态。 ...

Core Viewpoint - The article emphasizes the new opportunities in investment during the "14th Five-Year Plan" period, driven by a new factor system, a restructured institutional framework, and an innovative service system in the capital market [1]. Group 1: New Factor System - The new factor system, represented by talent and new assets, is becoming a new driving force for China's economic growth. The "14th Five-Year Plan" highlights the importance of technological innovation and original breakthroughs [2]. - Accumulation of technological factors will enable breakthroughs in future industries such as artificial intelligence, biomedicine, hydrogen energy, nuclear fusion, embodied intelligence, and 6G mobile communication [2]. - Data factors will drive economic growth by transforming consumption channels and habits, leading to new consumption patterns such as service consumption, emotional consumption, and integrated consumption [2]. Group 2: New Institutional Framework - The capital market is expected to enhance its quality and capacity under the guidance of policies aimed at activating the market and coordinating investment and financing functions [3]. - Reforms in the capital market's basic systems will significantly improve market inclusiveness and adaptability, with a focus on deepening reforms in the Sci-Tech Innovation Board, Growth Enterprise Market, and Beijing Stock Exchange [3]. - The formation of a healthy market ecosystem will enhance the attractiveness of the Chinese market, promoting mutual constraints and cooperation among institutional investors, intermediaries, listed companies, and retail investors [3]. Group 3: New Service System - The company is accelerating reforms in its organizational structure, management model, and business system to adapt to changes in the economic landscape, focusing on a comprehensive service system [4]. - In financing services, the company is developing diversified service solutions that encompass venture capital, IPOs, mergers and acquisitions, refinancing, asset securitization, ESG, and strategic consulting [4]. - The investment service aims to meet diverse asset allocation needs of investors with a robust product offering, while trading services are enhancing liquidity support through innovative products like OTC derivatives, market making, ETFs, and carbon finance [4].

Core Viewpoint - The upcoming year 2026 is anticipated to be a year of comprehensive reform and development, with new driving forces for economic growth emerging, particularly in technology and innovation [1][2][3]. Economic Outlook - The "14th Five-Year Plan" emphasizes accelerating high-level technological self-reliance and innovation, which is expected to drive new productivity in the economy [2]. - The accumulation of technological factors is projected to lead to breakthroughs in future industries such as AI, biomedicine, hydrogen energy, and sixth-generation mobile communications [2]. - The focus on expanding domestic demand is expected to strengthen under the reform framework, with a notable emphasis on structural economic recovery in 2026 [3]. A-Share Market Strategy - A-share market is currently experiencing a phase of high valuation and potential adjustment, particularly in the AI sector, but a significant upward trend is not yet concluded [6][7]. - A small rebound in technology growth is expected before the spring of 2026, with a potential comprehensive market rally in the second half of the year [7]. - Key investment themes for 2026 include recovery trades in basic chemicals and industrial metals, technology industry trends in humanoid robots and energy storage, and enhanced manufacturing influence [7]. Consumer and Investment Trends - The nominal GDP is expected to improve, leading to better profitability and a recovery in investment growth, with fixed asset investment projected to return to around 3% [4]. - Consumer retail growth is anticipated to be 4.5% in 2026, with service sector retail expected to perform better at 5.5% [3]. External Demand - Export resilience is expected to remain strong, with a narrowing decline in exports to the U.S. and an increase in trade with non-U.S. regions [5].

Core Viewpoint - The 2026 Capital Market Investment Conference hosted by Shenwan Hongyuan emphasizes the importance of technological innovation and data as new driving forces for economic growth, suggesting a shift in investment strategies towards new sectors and opportunities [3][6][7]. Group 1: Economic Outlook - Liu Jian, Chairman of Shenwan Hongyuan, highlighted that the "14th Five-Year Plan" prioritizes technological innovation, which will lead to breakthroughs in industries such as artificial intelligence, biomedicine, and hydrogen energy [6]. - The conference suggests that the future growth of the Chinese economy will rely on new factors of production rather than traditional drivers, opening new spaces for capital market investments [7]. Group 2: Market Strategy - The research team at Shenwan Hongyuan proposed a "two-stage bull market" outlook, predicting that the first stage, driven by technological structure, will peak in spring 2026, followed by a comprehensive bull market in the second half of 2026 [7][8]. - The team anticipates significant improvements in A-share profitability in 2026, marking the first time in five years that both non-profitability and net profit growth will show double-digit increases [8]. Group 3: Macroeconomic and Bond Market Insights - Chief Economist Zhao Wei noted that the reforms during the "14th Five-Year Plan" will focus on systemic effectiveness, with 2026 expected to be a pivotal year for comprehensive reform and development [9]. - The bond market is entering a new phase where the core variables will shift towards price and capital flow, with a particular focus on inflation throughout 2026 [9].

Core Insights - The article emphasizes the importance of future industries driven by cutting-edge technologies, which are in the early stages of development and have significant strategic, leading, disruptive, and uncertain characteristics [1]. Government Initiatives - The Chinese government has issued multiple guiding documents to promote the development of future industries, focusing on six key areas: future manufacturing, future information, future materials, future energy, future space, and future health [2]. - The 2024 and 2025 State Council work reports highlight the need to cultivate emerging and future industries, including quantum technology and life sciences, and to establish growth mechanisms for future industry investments [2]. - The 15th Five-Year Plan emphasizes the exploration of diverse technology routes and typical application scenarios to drive new economic growth points in various future industries [2]. Industry Developments Quantum Technology - Quantum technology integrates principles of quantum mechanics with various scientific fields, aiming to revolutionize information processing and transmission [5]. - Significant advancements include the development of the "Zuchongzhi III" superconducting quantum computing prototype, which set new global records in quantum computing capabilities [6]. - By 2025, China is expected to lead in quantum computing, transitioning from "catching up" to "leading" in the field [7]. Biomanufacturing - Biomanufacturing utilizes biological processes for material processing and conversion, with applications in pharmaceuticals, new materials, and renewable energy [8]. - China has become the largest exporter of key enzyme preparations and gene components, holding a 29% share of the global market [9]. - The industry is characterized by the integration of AI in research and production, accelerating innovation and improving production efficiency [10]. Hydrogen and Nuclear Fusion Energy - Hydrogen energy is recognized as a crucial component of global energy transition, with China being the largest hydrogen producer [11]. - Major projects include the world's largest green hydrogen base and advancements in nuclear fusion technology, with significant milestones achieved in plasma control and fusion energy development [12][13]. Brain-Computer Interfaces - Brain-computer interfaces (BCIs) are emerging as transformative technologies, with successful trials and clinical applications in various fields [14][15]. - The development of both invasive and non-invasive BCIs is progressing rapidly, with applications in medical rehabilitation and research [18]. Embodied Intelligence - The embodied intelligence sector is witnessing rapid growth, particularly in robotics, with advancements in AI and sensor technologies [19][20]. - 2025 is seen as a pivotal year for humanoid robots transitioning from prototypes to mass production, with applications in various industries [21]. Sixth Generation Mobile Communication - The sixth generation (6G) mobile communication technology is expected to enhance performance metrics significantly compared to 5G, with various breakthroughs achieved in key technologies [22][23]. - Standardization efforts for 6G are underway in China, with commercial deployment anticipated around 2030 [23][24].

Core Insights - The recent proposal by the Central Committee outlines six key future industries: quantum technology, biomanufacturing, hydrogen energy, nuclear fusion energy, brain-computer interfaces, and embodied intelligence, which are seen as new economic growth points [1][3] - This proposal builds on previous policies, indicating a continuous and upgraded strategic layout for future industries in China [2] Industry Focus - The selected six future industries leverage China's existing advantages in quantum technology, 6G, and biomanufacturing, while also addressing pressing societal needs and supporting the dual carbon goals [3] - These industries are viewed as critical for enhancing new productive forces and addressing key bottlenecks in technology [3] Strategic Approach - The development of future industries requires a focused approach, avoiding the pitfalls of scattered investments and ensuring that local strengths align with national strategies [3][4] - The emphasis is on tailored strategies for different regions to prevent homogenization and resource wastage, promoting effective collaboration at the national level [3][4] Global Context - The article highlights that a broad-based approach has proven ineffective, with examples from both China and developed countries showing that focused strategies lead to technological breakthroughs [4] - The competition in future industries is characterized by the need for concentrated resources on core areas to gain a competitive edge in the global technology landscape [4]

Core Viewpoint - The "15th Five-Year Plan" outlines a strategic direction for the automotive industry, emphasizing the transformation towards electric, intelligent, and connected vehicles, which is seen as an irreversible trend in the sector [1][2]. Group 1: Industry Transformation - The automotive industry is undergoing a significant transformation characterized by electrification, intelligence, and connectivity, which are essential for the development of high-tech industries in China [1][2]. - The plan aims to optimize traditional industries while fostering emerging sectors such as new energy, new materials, and low-altitude economy, which are crucial for the automotive industry's future [1][2]. - The integration of advanced technologies like quantum computing and brain-machine interfaces is expected to enhance vehicle intelligence and safety, marking a shift towards smarter automotive solutions [2][3]. Group 2: Emerging Technologies - Hydrogen energy is becoming a focal point in the global automotive industry, with China leading in hydrogen fuel cell vehicle ownership and overcoming key industry bottlenecks [3]. - The development of controlled nuclear fusion energy could potentially allow electric vehicles to operate without the need for charging, representing a significant advancement in automotive technology [3]. - The sixth-generation mobile communication technology is set to enhance vehicle networking capabilities, facilitating better vehicle-to-everything (V2X) communication and collaboration [3]. Group 3: Strategic Goals and Responsibilities - The automotive industry has a critical responsibility to implement the goals outlined in the "15th Five-Year Plan," which is essential for its growth and innovation [4][5]. - Despite the current innovation momentum, challenges remain in key areas such as high-end chips and precision instruments, highlighting the urgency of achieving breakthroughs in core technologies [4]. - The transition from a major automotive nation to a strong automotive power is underway, with increasing international collaboration between Chinese and foreign automotive companies [4]. Group 4: Future Outlook - The "15th Five-Year Plan" period is pivotal for advancing China's automotive transformation and establishing a strong automotive nation, emphasizing the need for innovation and technology leadership [5]. - The industry must leverage the benefits of emerging and future technologies to maintain competitive advantages in new energy and intelligent vehicles while exploring new opportunities through cross-industry integration [5].

Group 1 - The "Suggestions" document emphasizes the importance of technology and innovation in driving economic growth, mentioning "technology" 46 times and "innovation" 61 times [1] - Overseas institutions have accelerated their research on A-share listed companies, with 233 companies being investigated since the release of the "Suggestions" [1] - Notable companies such as United Imaging Healthcare and Luxshare Precision have attracted significant attention, with over 20 overseas institutions conducting research on them [1] Group 2 - United Imaging Healthcare reported a research and development investment of 1.855 billion yuan in the first three quarters of the year, reflecting a year-on-year increase of 13.48% [2] - The company is focused on an innovation-driven strategy, enhancing its core resources in forward-looking research and continuously launching differentiated high-end medical equipment [2] - Goldman Sachs has raised its GDP growth forecast for China to 5.0% for 2025, indicating a positive outlook for the advanced manufacturing sector and exports [2] Group 3 - The dual catalysts of policy dividends and market vitality are expected to accelerate the technological iteration and maturity of future industries in China, enhancing its position in the global innovation landscape [3]

Group 1 - The core theme of the East Wu Securities 2026 Strategy Summit is "Winter Storage, Spring Prosperity, New Chapter of Prosperity" with nearly 2000 participants [2] - The chairman of East Wu Securities, Fan Li, emphasized that China's capital market is undergoing deep transformation and value reconstruction, driven by policies supporting stable development and the integration of technological and industrial innovation [3] - East Wu Securities expects a net profit of 2.935 billion yuan for the first three quarters of this year, representing a year-on-year increase of 60.23% [3] Group 2 - The chief economist of East Wu Securities, Lu Zhe, noted that the rise in prices is crucial for economic growth and capital markets, with a nominal GDP growth target of at least 5.5% during the 14th Five-Year Plan period [6] - The A-share market's gains this year are primarily due to valuation increases, while corporate profits face pressure [6] - The market is expected to experience a short-term style rebalancing, with a focus on technology growth stocks in the medium to long term [8][9] Group 3 - The opening of the 2026 Strategy Conference by Kaiyuan Securities focused on macroeconomic trends and investment strategies for the upcoming year, with a projected GDP growth target of around 5% [10] - The chief strategist of Kaiyuan Securities, Wei Jixing, anticipates a transition from "asset revaluation" to "profit recovery" in the capital market, predicting a "slow bull" market rather than a "sharp bull" [11][14] - The "15th Five-Year Plan" emphasizes technology and security as key themes, with significant market opportunities in AI and domestic substitution [12] Group 4 - The "15th Five-Year Plan" aims to enhance traditional industries and stimulate consumption, which is expected to positively impact service and consumer markets [12][13] - The expected increase in the resident consumption rate indicates significant room for growth compared to OECD countries [13] - The bond market outlook suggests a preference for short to medium-term bonds, with a focus on stable returns amid market fluctuations [15]