中共中央政治局常委李强、蔡奇、丁薛祥出席座谈会。李强受中共中央委托通报了 今年经济工作有关情况，介绍了关于明年经济工作有关考虑。 征求对经济工作的意见和建议 中共中央召开党外人士座谈会 习近平主持并发表重要讲话 李强通报有关情况 蔡奇丁薛祥出席 新华社北京12月8日电 12月3日，中共中央在中南海召开党外人士座谈会，就今年 经济形势和明年经济工作听取各民主党派中央、全国工商联负责人和无党派人士代表的 意见建议。中共中央总书记习近平主持座谈会并发表重要讲话强调，我国经济长期向好 的支撑条件和基本趋势没有改变，要坚定信心、用好优势、应对挑战，不断巩固拓展经 济稳中向好势头，实现"十五五"良好开局。 座谈会上，民革中央主席郑建邦、民盟中央主席丁仲礼、民建中央副主席孙东生、 民进中央主席蔡达峰、农工党中央主席何维、致公党中央主席蒋作君、九三学社中央主 席武维华、台盟中央主席苏辉、全国工商联主席高云龙、无党派人士代表高鸿钧先后发 言。他们完全赞同中共中央对当前经济形势的分析判断和明年经济工作的谋划考虑，并 就优化产业布局、增加优质供给、深化教育科技人才制度改革、建设数据要素全国统一 大市场、扩大内需、拓展高水平对外开放 ...

征求对经济工作的意见和建议 中共中央召开党外人士座谈会 习近平主持并发表重要讲话 李强通报有关情况 蔡奇丁薛祥出席 12月3日，中共中央在中南海召开党外人士座谈会，就今年经济形势和明年经济工作听取各民主党派中央、全国工商联负责人和无党派人士代 表的意见建议。中共中央总书记习近平主持座谈会并发表重要讲话强调，我国经济长期向好的支撑条件和基本趋势没有改变，要坚定信心、 用好优势、应对挑战，不断巩固拓展经济稳中向好势头，实现"十五五"良好开局。 中共中央政治局常委李强、蔡奇、丁薛祥出席座谈会。李强受中共中央委托通报了今年经济工作有关情况，介绍了关于明年经济工作有关考 虑。 习近平指出，今年以来，各民主党派中央、全国工商联和无党派人士紧扣中共中央决策部署，积极开展科技创新和产业创新融合发展、全方 位扩大国内需求等方面调研，做好长江生态环境保护民主监督，围绕经济社会发展中一些重点难点问题及时建言献策，为中共中央科学决策 提供了重要参考。习近平代表中共中央向大家表示感谢。 习近平强调，做好明年经济工作，要以新时代中国特色社会主义思想为指导，深入贯彻党的二十大和二十届历次全会精神，完整准确全面贯 彻新发展理念，加快构建新发 ...

二、立足工作实际，抓好党的二十届四中全会精神贯彻落实 人民政协作为国家治理体系重要组成部分，必须围绕中心、服务大局，切实增强贯彻落实党的二十届四 中全会精神的政治自觉、思想自觉和行动自觉。北京市政协党组在传达学习全会精神基础上，及时对标 对表，找准履职方向和重点，把学习成果转化为干事创业、履职尽责、推动高质量发展的实际成效。 转自：北京日报客户端 在北京率先基本实现社会主义现代化进程中贡献政协智慧和力量 中共政协北京市委员会党组 党的二十届四中全会是在向第二个百年奋斗目标进军的新征程上举行的一次十分重要的会议，全会通过 的《中共中央关于制定国民经济和社会发展第十五个五年规划的建议》是确保基本实现社会主义现代化 取得决定性进展的纲领性文件，必将对党和国家事业发展产生重大而深远的影响。北京市政协党组牢 记"看北京首先要从政治上看"的要求，把深入学习宣传贯彻全会精神作为重大政治任务，及时制定学习 宣传贯彻工作安排，引导全体委员和机关干部把思想和行动统一到全会精神上来，在北京率先基本实现 社会主义现代化进程中贡献更多智慧和力量。 一、提高政治站位，精心组织党的二十届四中全会精神传达学习 党的二十届四中全会擘画未来五年 ...

会议强调，做好明年经济工作，要以习近平新时代中国特色社会主义思想为指导，深入贯彻党的二 十大和二十届历次全会精神，完整准确全面贯彻新发展理念，加快构建新发展格局，着力推动高质量发 展，坚持稳中求进工作总基调，更好统筹国内经济工作和国际经贸斗争，更好统筹发展和安全，实施更 加积极有为的宏观政策，增强政策前瞻性针对性协同性，持续扩大内需、优化供给，做优增量、盘活存 量，因地制宜发展新质生产力，纵深推进全国统一大市场建设，持续防范化解重点领域风险，着力稳就 业、稳企业、稳市场、稳预期，推动经济实现质的有效提升和量的合理增长，保持社会和谐稳定，实 现"十五五"良好开局。 会议指出，明年经济工作要坚持稳中求进、提质增效，继续实施更加积极的财政政策和适度宽松的 货币政策，发挥存量政策和增量政策集成效应，加大逆周期和跨周期调节力度，切实提升宏观经济治理 效能。要坚持内需主导，建设强大国内市场；坚持创新驱动，加紧培育壮大新动能；坚持改革攻坚，增 强高质量发展动力活力；坚持对外开放，推动多领域合作共赢；坚持协调发展，促进城乡融合和区域联 动；坚持"双碳"引领，推动全面绿色转型；坚持民生为大，努力为人民群众多办实事；坚持守牢底线 ...

非银金融 | 证券研究报告 — 行业点评 2025 年 12 月 8 日 强于大市 证券行业"十五五"发展展望 深化资本市场改革，绘就行业高质量成长新蓝图 12 月 5 日吴清主席人民日报署名文章提出了六大重点任务，为资本市场与券 商行业发展锚定方向。12 月 6 日，吴清出席中国证券业协会第八次会员大会， 围绕证券行业高质量发展发表了致辞。"十五五"期间资本市场深化改革方 向与证券行业高质量发展路径明晰，当前券商板块估值处于历史较低位置， 在行业景气度向好的背景下存在估值中枢上修空间，建议布局头部券商扩大 综合优势与中小券商打造差异化特色化竞争力两条主线。 要点 投资建议 监管政策定调积极，券商板块估值存在上修空间。当前监管政策定调积 极，引导资本市场生态优化与机构高质量发展，证券行业"十五五"发 展路径清晰。截至 12 月 5 日，板块市净率 1.36 倍，位于近十年 34%分位， 在行业景气度上升背景下存在上修空间。建议关注头部综合券商优势扩 大以及特色中小券商错位发展两条主线。 风险提示 监管政策、宏观经济发展及市场流动性表现不及预期；证券市场及利率 大幅波动导致业绩波动加剧；资本市场开放加速带来海外 ...

Core Viewpoint - The report by Shenwan Hongyuan outlines ten key investment opportunities during the "14th Five-Year Plan" period, focusing on future manufacturing, information, materials, energy, space, and health sectors [1][14]. Group 1: Future Manufacturing and Information - The robotics industry in China is transitioning from product definition to commercialization, with "Artificial Intelligence +" expected to empower various industries by 2026 [3][16]. - Quantum technology is highlighted as a critical future industry for forward-looking development [3][16]. Group 2: Aerospace and Low-altitude Economy - The aerospace industry is a key focus for the "14th Five-Year Plan," with the establishment of the Space Administration and a three-year action plan to promote high-quality and safe development in commercial aerospace [3][16]. - The drone and low-altitude economy sectors are rapidly forming a clustered development pattern [3][16]. Group 3: Strategic Resources and Metals - Strategic minor metals are receiving policy support, with a joint work plan from eight departments elevating resource security to a strategic level [7][20]. - A table outlines various metals and their applications across different industries, emphasizing their importance in sectors like defense, aerospace, and renewable energy [8][21]. Group 4: Future Energy - The development of controllable nuclear fusion is emphasized as a priority, with significant energy demand driving investments in nuclear power from major companies [9][22]. - The report notes the strategic cultivation of hydrogen energy within the future industrial framework [9][22]. Group 5: Future Health - China's innovative drug development has established global competitiveness in areas like ADC and cell therapy, achieving breakthroughs in both the quantity and quality of research pipelines [11][24]. - Brain-computer interface technology is advancing in clinical applications, with significant progress in medical rehabilitation as a primary commercialization scenario [13][26].

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 随着"十五五"规划蓝图绘就，中国资本市场高质量发展的路线图进一步清晰。证监会主席吴清日前指 出，未来五年是全面深化资本市场改革、加快打造一流投行和投资机构的战略机遇期。政策信号明确之 下，多家头部券商密集发布展望报告，拆解规划带来的投资新范式。 聚焦金融行业自身的改革与成长机遇 中信证券研究表示，"十五五"期间，证券行业格局有望深度重塑，推动行业实现错位发展，10家引领行 业发展的综合性机构将逐步成型。投行业务、衍生品业务、期货业务和资产证券化业务的监管周期有望 逐步回暖，证券公司有望通过内生增长和并购重组实现自身的长足发展，资产配置、综合服务和国际化 能力有望成为行业分化的决定因素。建议关注冲击国际一流投行的龙头证券公司以及具备跻身头部梯队 潜力的中大型证券公司。 国泰海通金融团队指出，保险业、券商业、银行业在 "十五五" 期间的发展目标与预期明确，将实现规 模与质量协同提升。1）保险业预计规模与质量双升，2030 年保费收入或达 8 万亿元、行业总资产有望 突破 60 万亿元，更加突出保险服务实体经济的 "减震器" 与保障民生的 " ...

Core Insights - The "15th Five-Year Plan" proposals from various provinces emphasize the importance of high-quality economic development and the establishment of new industrial clusters, particularly in emerging and future industries [1][9]. Group 1: Economic Development Goals - The proposals aim to maintain economic growth within a reasonable range, enhance total factor productivity, and strengthen domestic demand as the main driver of economic growth [1]. - Chongqing's plan specifically targets the creation of a globally influential smart connected new energy vehicle hub, focusing on the entire automotive supply chain [3]. Group 2: Advanced Manufacturing - The plans highlight the need to consolidate and enhance advanced manufacturing clusters, implementing actions for quality upgrades in trillion-level industrial clusters [4]. - There is a push for the digital transformation of traditional industries, promoting smart, green, and service-oriented manufacturing [4]. Group 3: Emerging Industries - The proposals include initiatives to cultivate strategic emerging industries such as power semiconductors, integrated circuits, and new energy vehicles, aiming to establish them as new pillar industries [5][11]. - The development of low-altitude economy and related services is emphasized, with a focus on creating a comprehensive management platform [5][12]. Group 4: Artificial Intelligence and Digital Transformation - The plans propose a dual empowerment strategy for artificial intelligence and digital initiatives, aiming to enhance public data platforms and create a digital twin city [6][7]. - There is a focus on building high-level AI innovation platforms and fostering talent in AI-related fields [7]. Group 5: State-Owned Enterprise Reform - The proposals call for deepening the reform of state-owned enterprises, optimizing their structure, and enhancing their core competitiveness [8]. Group 6: Regional Initiatives - Other provinces like Guangdong, Shandong, and Henan have also released their plans, focusing on nurturing emerging industries, digital economy, and enhancing traditional sectors [9][10][13]. - Each region is encouraged to explore diverse technological routes and application scenarios to drive economic growth [11][12].

Market Overview - The A-share market experienced a slight rebound this week, but the average daily trading volume continued to decline, with the Shanghai Composite Index still not recovering from the gap created on November 21 [1] - The performance of various sectors showed that non-ferrous metals, communications, and defense industries led the gains, while media, real estate, and beauty care sectors faced declines [1] - The national bond market saw a downward trend, with government bonds performing worse than credit bonds, and long-term bonds significantly weakened [1] Stock Market Insights - Despite the market's recent uptick, trading volumes remain low, and indices are still within a consolidation range. The current market sentiment is cautious, with a preference for long-term trend stocks and a strategy of buying on dips [4] - The market is expected to maintain a consolidation phase as stronger industry catalysts are needed to drive significant upward movement [4] Bond Market Analysis - Short-term bearish sentiment prevails in the bond market, with a focus on short-term yield strategies. The macro environment of low interest rates is likely to persist, and inflation remains a key variable to monitor [5] - The bond market is anticipated to experience increased volatility and reduced yield space in the future [5] Commodity Market Trends - Gold is currently in a consolidation phase, with a strategy of "buying on dips" recommended within the current trading range. Attention should be paid to policy signals from the upcoming Federal Reserve meeting and inflation data [6] - The commodity market saw the South China Commodity Index rise by 0.97%, with notable increases in precious metals and non-ferrous commodities [34] Overseas Market Developments - The U.S. stock market showed positive earnings reports, with the S&P 500 exceeding revenue expectations by approximately 2%. The AI industry trend remains strong, and the Federal Reserve is still in a rate-cutting cycle, indicating no significant risks for U.S. equities [7] - Investors are encouraged to consider diversified overseas investments through QDII funds, as daily subscription limits continue to decrease [7]

Group 1 - The insurance sector is encouraged to increase equity allocations due to a reduction in risk factors for long-term holdings in the CSI 300 and the Low Volatility 100 indices, potentially releasing over 1 trillion yuan in equity investment capacity [6][11][12] - The spring market is expected to be a small-scale rebound within a high-level fluctuation, with policy layouts starting mid-December potentially triggering this seasonal rally [6] - The market style for 2026 is anticipated to shift from a "bull market 1.0" characterized by cyclical and value stocks in the first half to a "bull market 2.0" dominated by technology and advanced manufacturing in the second half [6] Group 2 - A-share valuations as of December 5, 2025, show the CSI All Share Index at a PE of 21.1 and PB of 1.8, indicating it is at the 77% and 39% historical percentiles respectively [8] - The real estate, retail, pharmaceutical, and IT services sectors are currently at or above the 85% historical percentile for PE valuations, indicating high valuation levels [8][9] - The healthcare services sector is noted to be below the 15% historical percentile for both PE and PB valuations, suggesting potential undervaluation [9] Group 3 - The "14th Five-Year Plan" identifies ten key investment opportunities, including artificial intelligence, robotics, aerospace, and innovative pharmaceuticals, which are expected to drive future growth [11][13] - A-share companies' overseas revenue growth is projected to outpace overall revenue growth, with overseas revenue expected to increase by 10.1% in 2024, compared to a decline of 0.8% in overall revenue [16] - The PPI price increase chain in the upstream sector is expected to continue, with specific industries like automotive manufacturing and energy showing signs of improvement [19][20] Group 4 - In November 2025, stock buybacks and increased loan applications surged by 55%, primarily driven by a nearly 18-fold increase in buyback applications [22] - The overall market sentiment is leaning towards a recovery, with various sectors showing signs of reversal and supply clearing opportunities [20][24]