Focus Event - The Central Economic Work Conference has set a relatively positive policy tone for the upcoming year, emphasizing the importance of major projects to stabilize investment and address weak demand in the economy [1][3] - The conference highlighted the need for a strong domestic market and the continuation of proactive fiscal and moderately loose monetary policies to support economic growth [3] - Historical market performance indicates that large-cap stocks tend to outperform in the week following the conference, with sectors like oil, petrochemicals, telecommunications, and electronics showing higher probabilities of gains [1] Macro News - The Central Economic Work Conference identified eight key tasks for the economy next year, with a focus on domestic demand and market stability [3] - Policies will include deepening capital market reforms and stabilizing the real estate market through targeted measures [3] - The government aims to enhance macroeconomic governance and maintain a balance between fiscal deficits and spending [3] Industry Dynamics - The automotive industry has seen record production and sales, with November figures reaching 3.532 million and 3.429 million units, respectively, marking a historical high [7] - For the first eleven months of the year, production and sales increased by 11.9% and 11.4% year-on-year, indicating a robust recovery in the sector [7] - The real estate market is expected to experience a decline in new housing sales area by 6.2% in 2026, although the rate of decline is expected to narrow compared to this year [8] Company Focus - Moore Threads, known as the "first domestic GPU stock," has seen its stock price surge by over 700% within five days of listing, raising concerns about potential short-term volatility [10] - Zhongwei Electronics announced a change in its actual controller, which will now be Fu Yingbo, following a transfer of partnership interests [12] - Jincheng Pharmaceutical's chairman resigned amid a stock manipulation investigation, resulting in significant financial losses for the company [12] - Zhaoxin Holdings plans to acquire a 70% stake in Youde New Energy for up to 220 million yuan, enhancing its position in the renewable energy sector [17]

● 龚梦泽 熊永红 产销结构持续优化 作为汽车市场的主力军，我国乘用车11月产销保持平稳增长，为整体市场提供稳定支撑。数据显示，11 月乘用车产销分别完成314.4万辆和303.7万辆，环比分别增长5%和2.6%，同比分别增长1.1%和1.2%。 前11个月，乘用车产销累计完成2738.8万辆和2725.6万辆，同比分别增长12%和11.5%，增速略高于行业 整体水平，展现出较强的市场韧性。 从市场表现来看，乘用车市场在政策效应与企业营销发力下，需求逐步释放。尽管部分地区以旧换新补 贴政策收紧带来短期影响，但随着反内卷效果显现，市场促销力度保持温和，消费者观望心态有所缓 解，月末零售进度显著改善。 中汽协分析指出，乘用车市场的平稳运行，主要得益于产品结构持续升级，中高端车型占比提升，以及 自主品牌在新能源、智能化领域的技术突破，有效满足了消费升级需求。 12月11日，中国汽车工业协会发布2025年11月汽车工业产销数据，当月我国汽车产销延续良好增长态 势，月产量首次突破350万辆，出口量首超70万辆，在高基数基础上实现同比环比双增长。具体而言， 11月汽车产销分别完成353.2万辆和342.9万辆，环比分别增 ...

路演嘉宾合影 ——江苏锡华新能源科技股份有限公司首次公开发行股票并在主板上市网上投资者交流会精彩回放 出席嘉宾 江苏锡华新能源科技股份有限公司董事长、总经理 王荣正先生 江苏锡华新能源科技股份有限公司董事会秘书、财务总监 万 里先生 感谢各位在百忙之中莅临江苏锡华新能源科技股份有限公司首次公开发行股票并在上海证券交易所主板 上市的网上投资者交流会。在此，我谨代表锡华科技全体同仁，向长期关心、支持公司发展的各位投资 者、各界朋友致以最诚挚的欢迎和最衷心的感谢！ 锡华科技自2001年成立以来，始终深耕大型高端装备专用部件的研发、制造与销售领域，专注于风电装 备与注塑机领域核心部件的创新突破。经过多年深耕细作，公司已成长为国内少数可提供风电齿轮箱专 用部件全工序服务的龙头企业，先后获评国家级专精特新"小巨人"企业、国家高新技术企业及江苏省认 定企业技术中心，技术实力获得权威认可。 在新能源产业蓬勃发展的浪潮中，我们紧跟风机大型化的行业趋势，不断升级风电齿轮箱专用部件的制 造技术，产品研发进度始终与市场大功率风电齿轮箱开发保持同步。目前，所覆盖的1—22MW风电机 组功率范围，在行业内处于领先地位，是风电行业发展新质 ...

（原标题：吕瑞浩公参会见中地海外集团副总经理刘伟强） 1.jpg 12月10日，吕瑞浩公参会见中地海外集团副总经理刘伟强一行。双方就紧 扣农业现代化、新能源、电动汽车等非洲新兴前沿发展领域，依托非洲中国商 会及非盟机构拓宽合作平台，助力在非中资企业获取优质资源，打响中国品 牌，更好服务中非务实合作大局等进行交流。 ...

Group 1 - The central economic work conference indicates a relatively positive policy tone for the capital market in 2024, with a fiscal deficit rate potentially maintained at 4% and a focus on promoting economic stability and reasonable price recovery in monetary policy [1][2] - The conference emphasizes the need to address the decline in investment growth, with major projects expected to be a key focus for investment in 2024, particularly as it marks the beginning of the 14th Five-Year Plan [1][2] - The conference highlights the importance of consumer demand, with plans to implement a rural resident income increase plan, although there may be limited expansion in funding support for new policies [1][2] Group 2 - Historical market performance shows that large-cap stocks tend to outperform in the week following the conference, with a consistent trend observed over the past five years [3][4] - Specific industries such as oil and petrochemicals, telecommunications, and electronics have a higher probability of rising in the week after the conference, while sectors like social services, public utilities, coal, and media have shown higher average excess returns over the past five years [6][11] - The focus on key industries mentioned in the conference often translates into increased policy support in the following year, with past examples including the emphasis on low-altitude economy in 2023 leading to significant policy developments in 2024 [11][12]

Core Viewpoint - The 2026 macroeconomic outlook emphasizes a shift towards innovation-driven growth, with a focus on consumption and internal demand as key drivers of economic stability and transformation [3][4]. Group 1: Economic Trends - The year 2026 marks the beginning of the "14th Five-Year Plan," where China's economy is expected to achieve qualitative improvements through deepened reforms and expanded openness [1]. - Consumption remains the "ballast stone" for economic growth, with internal demand being elevated to a strategic priority [3]. - The transition from traditional factor-driven growth to innovation-driven growth is anticipated, alongside accelerated construction of a modern industrial system [3]. Group 2: Policy and Monetary Environment - The monetary policy is expected to maintain a moderately loose stance, characterized by stability in total volume and precision in structure [4]. - The timing and intensity of interest rate cuts and reserve requirement ratio adjustments will be flexibly managed based on economic conditions and inflation [4]. - There is an expectation for an increase in the scale of special bonds to support effective investment and ensure funding continuity for ongoing projects [4]. Group 3: Investment Opportunities - A combination of policies is expected to stabilize and activate the market, with the capital market showing a more robust and active trend in 2025 [4]. - The A-share market is projected to experience a structural bull market led by technology and new materials, with significant gains in sectors such as precious metals, communication, and power equipment [5]. - The military industry is anticipated to enter a new development cycle driven by certain demand and structural upgrades, while the coal and electricity sectors may present structural opportunities [5].

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！ 来源：中信建投证券 核心观点 一看会议对形势判断，对当下社会热议的经济问题，此次会议给出定论，"这些大多是发展中、转型中 的问题，经过努力是可以解决的"。 二看政策勾画的2026年经济图景，拓展新空间的内需、止跌回稳的投资、主动化债的地方财政、深入推 进的反内卷、稳定的地产、逐渐壮大的新动能、逐步落地的多项长期改革。 三看会议给出的增量政策，财政方向是"更加积极"，除了赤字率仍维持高位之外，举债规模进一步扩 张，地方债务风险兜底，税制改革，这些都是增量。货币政策"适度宽松"，锚定"物价合理回升"，预计 力度至少与今年齐平。 四看产业趋势，重视新动能、人工智能、服务业、新能源、海洋经济及反内卷。 信息或事件 中央经济工作会议12月10日至11日在北京举行。 一、积极政策取向未变，有利于经济修复和资产价格 去年中央经济工作会议将财政政策的表述由"积极"调整为"更加积极"，将货币政策的表述由"稳健"调整 为"适度宽松"。 今年中央经济工作会议对宏观政策的定调与去年一致，均为"实施更加积极有为的宏观政策"，提出"要 继续实施更加积极的财政政策" ...

《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》提出，健全与人口变化相适应的 教育资源配置机制。近期出版发行的《党的二十届四中全会〈建议〉学习辅导百问》一书中，对"怎 样理解健全与人口变化相适应的教育资源配置机制"作出了详细解读。 2025.12. 11 本文字数：1526，阅读时长大约3分钟 作者 | 第一财经 林靖 12月10日至11日，中央经济工作会议在北京举行。此次会议部署2026年经济工作。其中在部署"坚 持民生为大，努力为人民群众多办实事"中强调，推进教育资源布局结构调整，增加普通高中学位供 给和优质高校本科招生。 近年来，出生人口变化对教育领域产生较大影响。当前，我国人口发展出现了新特征：小学在校生规 模已在2023年达峰，初中阶段预计明年达峰，高中阶段将在2029年达峰，高等教育学龄人口将在 2032年达峰。 中国教育科学研究院研究员储朝晖此前对第一财经分析，我国高等教育的毛入学率已经超过了 60%，但优质本科只是一个比较小的比例。现在的情况是，上大学不难，但上好大学比较难。而要 解决上大学不难、上好大学难的问题，就必须在高等教育上面实现扩优提质，从现有的优质的大学本 科中去推进。 ...

/ 072 其次，陈雳还提到，什么时候出现从降息到加息的拐点，是2026年需要思考的问题。整体来看，货币政策预计延续适度宽松，呈现"总量稳中有松、结构更 趋精准"特点。降准降息的时机与力度将依据经济形势、物价回升及政策协调等因素灵活把握，央行将加强与财政政策协同，为"十五五"实施营造稳定宏观 环境。 北京商报讯（记者 李海媛）12月11日，由中外企业文化、北京商报社主办的2025年度北京商业品牌大会金融消费专题论坛在北京召开。川财证券首席经济 学家、总裁助理、研究所所长陈雳在题为《向新而行：2026年宏观经济及市场投资展望》的演讲中提到，2026年是"十五五"规划的开局之年和高起步之年， 中国经济将在深化改革和扩大开放中实现质的提升。未来五年将经历五大变革：从传统要素驱动向创新驱动转变；现代化产业体系建设加速；投资于人越来 越重要；内需成为更大看点；中国改革开放呈现新姿态。 2025 #+-= 881, # 金融新行势力 创新 北京商业品牌大会金融消 就2026年宏观经济看点而言，首先是前沿科技全面突破。政策聚焦构建现代化产业体系，"布局未来产业"是明确方向，重点赛道包括：AI、新能源、生物科 技、商业航天、 ...

Core Viewpoint - China Railway Materials (000927) announced the establishment of a joint venture, Zhongchu Shidai Green Chain Technology Co., Ltd., with several partners to focus on the lifecycle operation of new energy heavy trucks [1] Investment and Ownership - The registered capital of the joint venture is 500 million yuan, with China Railway Materials contributing 25 million yuan for a 5% stake [1] Business Focus - The joint venture will initially engage in "transportation and leasing" services using new energy heavy trucks, targeting specific sectors such as mining and infrastructure projects, as well as coal transportation routes in regions like Shaanxi to Yunnan, Guizhou, and Sichuan [1] - In the long term, the joint venture aims to provide comprehensive services including energy replenishment, maintenance, and battery recycling for new energy heavy truck users and lessees, along with digital solutions for vehicle scheduling, safety management, charging, and operational management [1] Strategic Partnerships - The joint venture partners, including China Storage Group and Logistics Co., have high business relevance, allowing for synergy in application scenarios [1] - Times Kijie, an indirect subsidiary of CATL (300750), will provide essential resources such as charging and maintenance infrastructure [1] - Di Shang Tie will contribute experience in vehicle operation, management, leasing, and customer resources to the joint venture [1]