Core Viewpoint - The city government emphasizes the importance of high-quality development and aims to enhance economic growth and transformation by focusing on key areas and leveraging local advantages [1][2]. Group 1: Economic Development Goals - The city aims to stabilize growth, promote transformation, and achieve a good start for the 14th Five-Year Plan by seizing opportunities and fostering internal motivation through reform and innovation [2][3]. - The government report received positive feedback from representatives, highlighting its political significance, clear objectives, and practical measures [1]. Group 2: Strategic Initiatives - The focus is on enhancing consumption, solidifying investment support, and expanding foreign trade to strengthen the foundation of the real economy [3]. - The city plans to integrate technological innovation to revitalize traditional industries and promote the growth of emerging sectors, tailoring future industry layouts to local conditions [3]. Group 3: Urban Development and Social Welfare - The government aims to improve urban governance and enhance living conditions by implementing city renewal projects and ensuring the well-being of residents [3].

Group 1 - The A-share market continues its longest winning streak, with the Shanghai Composite Index reaching a 10-year high of 4085.77 points, marking 14 consecutive days of gains and nearing the 4100-point mark [1][7] - A significant sell order of 492,200 lots from CITIC Securities, valued at approximately 1.45 billion yuan, was observed near the market close, indicating potential selling pressure [1][7] - Previous instances of large sell orders from CITIC Securities were noted, with over 3 billion yuan and 1 billion yuan in sell orders recorded on September 17 and October 24, 2025, respectively [1][7] Group 2 - The brokerage sector experienced a notable surge, with a total inflow of 14.549 billion yuan, leading all secondary industries in the Shenwan classification [4][8] - Major brokerages, including CITIC Securities, received over 1 billion yuan in inflows, with Oriental Fortune seeing a net financing buy of 955 million yuan, the highest in over three months [4][8] - The market outlook remains positive, driven by government policies aimed at stabilizing growth and boosting the capital market, alongside a favorable liquidity environment and improved investor confidence [9]

Core Viewpoint - The A-share market experienced a rise and subsequent decline, with the Shanghai Composite Index nearing 4100 points before all three major indices turned negative in the afternoon session [1] Group 1: Market Activity - The brokerage sector saw significant activity, with Huayin Securities achieving two consecutive trading limits, although the sector weakened in the afternoon [1] - On the previous day, the brokerage sector experienced a notable increase, with a total of 14.549 billion yuan in net inflows, leading all secondary industries in the Shenwan classification [3] - Major brokerages such as Dongfang Caifu, Guotai Junan, Huazheng Securities, and CITIC Securities each received over 1 billion yuan in inflows [3] Group 2: Fund Flows and Leverage - Leverage funds showed substantial increases, with Dongfang Caifu receiving a net financing inflow of 955 million yuan, marking a three-month high [3] - The brokerage sector is expected to benefit from trends such as the migration of household deposits, active market trading, and regulatory easing of leverage limits for quality brokerages [3] Group 3: Future Outlook - Analysts from Galaxy Securities indicated that policies aimed at "stabilizing growth and the stock market" will continue to shape the future direction of the brokerage sector, supported by a moderately loose liquidity environment and improved investor confidence [3] - According to Founder Securities, the brokerage sector is poised for clear offensive opportunities due to high earnings growth, capital inflows, and supportive policies, suggesting a potential phase of market activity [3] Group 4: Investment Tools - The brokerage ETF (512000) and its associated funds are designed to passively track the CSI All Share Securities Companies Index, encompassing 49 listed brokerage stocks, making it an efficient investment tool for both large and small brokerages [3]

1. Report's Industry Investment Rating No information provided. 2. Core Viewpoints of the Report - The stock - bond seesaw continues, and treasury bond futures close down across the board. The bond market oscillates between stable growth and easing expectations. In the short term, attention should be paid to the policy signals at the end of the month [1][3]. - The current fiscal policy aims to stabilize the aggregate, adjust the structure, and provide support. In the short term, it provides some support to the economy, but stronger impetus depends on the implementation of quasi - fiscal funds and next year's policy intensification [2]. - The financial data in November is generally weak. The follow - up stable growth still depends more on the monetary side [2]. 3. Summary by Relevant Catalogs I. Interest Rate Pricing Tracking Indicators - **Price indicators**: China's CPI (monthly) has a month - on - month decrease of 0.10% and a year - on - year increase of 0.70%; China's PPI (monthly) has a month - on - month increase of 0.10% and a year - on - year decrease of 2.20% [9]. - **Economic indicators (monthly update)**: The social financing scale is 440.07 trillion yuan, with a month - on - month increase of 2.35 trillion yuan and a growth rate of 0.54%; M2 year - on - year is 8.00%, with a decrease of 0.20% and a decline rate of 2.44%; the manufacturing PMI is 50.10%, with an increase of 0.90% and a growth rate of 1.83% [10]. - **Economic indicators (daily update)**: The US dollar index is 98.60, with a month - on - month increase of 0.27 and a growth rate of 0.27%; the US dollar against the offshore RMB is 6.9763, with a month - on - month increase of 0.000 and a growth rate of 0.01% etc. [10]. II. Overview of the Treasury Bond and Treasury Bond Futures Market - **Closing prices and price changes on January 6, 2026**: The closing prices of TS, TF, T, and TL are 102.37 yuan, 105.57 yuan, 107.70 yuan, and 110.93 yuan respectively, with price changes of - 0.05%, - 0.11%, - 0.13%, and - 0.31% respectively [3]. - **Net basis spreads**: The average net basis spreads of TS, TF, T, and TL are 0.048 yuan, - 0.026 yuan, 0.034 yuan, and - 0.055 yuan respectively [3]. III. Overview of the Money Market Liquidity - In November, the year - on - year growth of general public budget revenue slowed down due to the high base, but the annual revenue progress was still fast. The expenditure decline narrowed significantly, and the structure was more inclined to people's livelihood and investment. The government - funded revenue was still dragged down by the real estate market, but the accelerated issuance of special bonds drove the year - on - year increase in expenditure [2]. - The financial data in November was generally weak. Credit was still supported by bills and short - term loans, and the medium - and long - term financing needs of residents and enterprises continued to decline. The growth rate of social financing remained at 8.5%, mainly hedged by corporate bonds and off - balance - sheet financing [2]. - On January 6, 2026, the central bank conducted a 7 - day reverse repurchase operation of 1.62 billion yuan at a fixed interest rate of 1.4%. The main term repurchase rates 1D, 7D, 14D, and 1M are 1.263%, 1.422%, 1.465%, and 1.569% respectively, and the repurchase rates have recently declined [2]. IV. Spread Overview The report provides various spread data, such as the inter - period spread trends of treasury bond futures varieties, and the spread relationships between spot - bond term spreads and futures cross - variety spreads [28][34][40]. V. Two - Year Treasury Bond Futures The report shows data such as the implied interest rate of the two - year treasury bond futures main contract and the treasury bond maturity yield, the IRR of the TS main contract and the capital interest rate, and the three - year basis spread and net basis spread trends of the TS main contract [38][41][46]. VI. Five - Year Treasury Bond Futures It includes the implied interest rate of the five - year treasury bond futures main contract and the treasury bond maturity yield, the IRR of the TF main contract and the capital interest rate, and the three - year basis spread and net basis spread trends of the TF main contract [47][51]. VII. Ten - Year Treasury Bond Futures The report presents the implied yield of the ten - year treasury bond futures main contract and the treasury bond maturity yield, the IRR of the T main contract and the capital interest rate, and the three - year basis spread and net basis spread trends of the T main contract [52][53]. VIII. Thirty - Year Treasury Bond Futures It contains the implied yield of the thirty - year treasury bond futures main contract and the treasury bond maturity yield, the IRR of the TL main contract and the capital interest rate, and the three - year basis spread and net basis spread trends of the TL main contract [58][60]. 4. Strategies - **Unilateral strategy**: As repurchase rates decline, treasury bond futures prices oscillate [4]. - **Arbitrage strategy**: Pay attention to the decline of the 2603 basis spread [4]. - **Hedging strategy**: There is medium - term adjustment pressure. Short - sellers can use far - month contracts for appropriate hedging [4].

Core Viewpoint - The construction of major water conservancy projects in Sichuan, including the Gongxi River aqueduct and the Tizi Kou irrigation area, is progressing steadily, enhancing the province's water supply security and supporting agricultural needs. Group 1: Project Progress - The Gongxi River aqueduct, part of the Tizi Kou irrigation project, is 708 meters long and currently undergoing multiple construction processes, including the installation of templates and concrete pouring [1] - The double-arch structure of the Gongxi River aqueduct is the first of its kind in Sichuan's water conservancy sector, designed to minimize ecological impact due to its location in a wetland nature reserve [2] - As of December 2025, the Tizi Kou irrigation project has completed 143 main tunnels and 28 branch tunnels, with a total investment of 113.04 billion yuan [3] Group 2: Investment and Economic Impact - In 2025, Sichuan completed water conservancy investments totaling 702 billion yuan, representing a 5% year-on-year increase, which plays a crucial role in stabilizing investment and growth [3] - The ongoing construction of the Shitan Reservoir irrigation area aims to ensure water supply for spring farming, with multiple channels undergoing renovation to meet local agricultural needs [4] Group 3: Future Plans - During the 14th Five-Year Plan period, Sichuan will implement 75 medium-sized irrigation area renovation projects and 16 new small irrigation areas, further improving the irrigation and drainage system [5]

Group 1: Economic Policy and Strategy - The central economic work conference in December 2025 emphasizes the need for a more proactive fiscal policy to support economic work this year, maintaining necessary fiscal deficits, total debt scale, and expenditure levels while optimizing fiscal expenditure structure and regulating tax incentives and subsidies [1] - Current economic operations in China are generally stable, with domestic demand continuing to support economic development, although consumption and investment growth have slowed in recent months, indicating that the potential of domestic demand has not been fully released [1] - The strategy to boost domestic demand should combine consumption promotion with improving people's livelihoods, enhancing the intrinsic motivation for consumption through precise and effective fiscal measures [1] Group 2: Investment and Growth - The focus on stabilizing growth through effective investment is crucial for enhancing economic growth momentum and supporting the development of the real economy, despite facing downward pressure in the investment sector [2] - Policies are being implemented to promote consumption, expand effective investment, and encourage large-scale application of new scenarios, which are expected to build consensus and boost confidence [2] - Investment strategies should combine investments in physical assets with human capital, advancing urban renewal and effectively utilizing various government bond funds to support major projects and stimulate overall investment [2] Group 3: Social Welfare and Public Services - The aim of precise policies is to ensure that the benefits of fiscal policies reach grassroots levels and improve the well-being of the population, which in turn enhances consumption willingness and expands investment space [3] - Increased investment in the fields of employment, education, healthcare, and elderly care is essential to improve the social security system and public service supply levels, alleviating concerns for consumers [3] - Expanding domestic demand is a strategic foundation for addressing risks and challenges, while stabilizing growth is a necessary requirement for achieving high-quality development, with a focus on improving people's livelihoods being a priority for fiscal work [3]

Core Viewpoint - The steel industry is experiencing a dual easing of raw material supply on the cost side, which, when combined with disciplined steelmaking practices, may create arbitrage opportunities between long-process and short-process production methods. The focus of demand has shifted from domestic real estate to export manufacturing, with various administrative measures for supply-side adjustments. By 2026, the probability of supply-side policies being implemented is expected to increase, leading to a potential recovery in steel industry profitability [1]. Group 1 - The steel industry is benefiting from a dual easing of raw material supply, which may lead to arbitrage opportunities [1] - Demand focus has shifted from domestic real estate to export manufacturing [1] - The probability of supply-side policy implementation is expected to increase by 2026, potentially improving profitability in the steel industry [1] Group 2 - The Steel ETF (515210) tracks the CSI Steel Index (930606), which reflects the overall performance of publicly listed companies in the steel sector [1] - The CSI Steel Index exhibits significant cyclical characteristics, covering various subfields such as ordinary steel and special steel [1]

Group 1 - The Shanghai Composite Index has broken through the peak from November 14, 2025, reaching a new high not seen since late July 2015, marking a historic 13 consecutive days of gains [1][8] - The brokerage sector, often seen as a "bull market flag bearer," has finally started to rally, with individual stocks like Huayin Securities and Huashan Securities hitting the daily limit, and Northeast Securities rising over 6% [1][8] - The top brokerage ETF (512000) surged over 3% in price, with nearly 1.5 billion yuan in trading volume within half a day, indicating high trading sentiment in the sector [1][8] Group 2 - According to Galaxy Securities, the government's policy goals of "stabilizing growth and the stock market" and "boosting the capital market" will continue to guide the future direction of the brokerage sector [3][10] - Factors such as a moderately loose liquidity environment, continuous optimization of the capital market, and the rebuilding of investor confidence are driving the improvement in the brokerage sector's performance [3][10] - As of January 5, the price-to-book ratio (PB) of the CSI All Share Securities Index tracked by the brokerage ETF (512000) was 1.52, which is at a low level historically, indicating a significant divergence from high growth performance [3][10] Group 3 - The brokerage ETF (512000) and its linked funds are efficient investment tools that passively track the CSI All Share Securities Index, encompassing 49 listed brokerage stocks [5][12] - The brokerage ETF (512000) has an average daily trading volume exceeding 1 billion yuan this year, making it one of the most liquid ETFs in the A-share market [5][12]

Group 1 - The provincial secretary Zhao Yide emphasized the need to implement the spirit of the Central Economic Work Conference and the provincial economic work meeting, focusing on early and integrated policy measures to stabilize employment, enterprises, markets, and expectations, aiming for a strong economic start in the first quarter [1][2] - Zhao Yide visited the new smart factory of COFCO Coca-Cola in Shaanxi, highlighting the importance of meeting enterprise needs, enhancing service quality, and supporting local quality enterprises in expanding investment [1] - At the Vipshop Northwest Operation Center, Zhao Yide encouraged the company to leverage its resources, brand, and channels to promote local products, adapt to changes in consumer structure, and develop new business models such as live e-commerce and instant retail [1] Group 2 - Zhao Yide visited the Yanliang District Aviation Industry Institute to understand key technology breakthroughs and the transformation of scientific achievements, urging the institute to lead technological innovation and enhance the integration of industry and market forces [2] - The emphasis was placed on the importance of stabilizing growth as a priority for a good start to the 14th Five-Year Plan, with a call for proactive macro policies and enhanced effectiveness of existing and new policies [2] - The city of Xi'an was urged to strengthen its role as a western demonstration and to actively engage in initiatives that contribute to economic growth and high-quality development [2]

会议强调，要深入学习贯彻中央经济工作会议精神，落实省委经济工作会议部署，准确把握今年经 济工作的总体目标和重点任务，细化任务分工、创新工作举措、持续攻坚克难，确保高质量完成各项任 务，推动经济实现质的有效提升和量的合理增长。要紧盯重点领域，扎实做好农业生产，狠抓能源工 业，扩大电力外送规模，促进重点制造业发展，大力提振消费，提升建筑业质效，持续做大营利性服务 业，进一步做优增量、盘活存量，为经济稳增长打牢坚实基础。要夯实各方责任，加强部门协同和工作 督导，强化经济运行调度和偏离度管理，及时调整优化政策举措，集中力量解决各类难点堵点问题，努 力争取经济社会发展更好结果，实现"十五五"良好开局。 1月5日，省长赵刚主持召开省政府第一次常务会议，研究稳增长、项目谋划储备工作。 会议强调，要抢抓政策机遇，聚焦国家"十五五"时期经济发展的主要方向与重点领域，把握政策导 向，立足陕西实际，围绕促发展、守底线、惠民生，集中力量谋划储备一批具有战略性、引领性和支撑 性的高质量项目，为陕西高质量发展提供有力支撑。要严格做好项目审核把关，把好项目准入关口，实 事求是确定建设内容和投资规模，加强督办检查，强化资金监管，完善项目后评 ...