"十五五"规划即将实施。规划强调科技创新是"十五五"的核心动力，旨在 解决"卡脖子"技术问题，培育新质生产力，重点方向包括人工智能、量子 信息、生命科学等。2 026 年我国资本市场有望延续慢牛、长牛行情，其 中科技创新领域将受到关注。 2025年我国经济、科技基本情况及政策前景 文/ 前海开 源基金 首席经济学家 杨德龙 在货币政策方面，美联储预计将继续降息。美联储降息往往会引发其他央行跟随降息，而我国央行此前已经通过降准、降息提供了较为宽松的货币环境。 预计 2026年美联储可能降息两次。我国利率水平本身已经处于较低位置，降息空间相对有限，但仍可通过下调 LPR 利率、MLF 利率等方式降低资金成 本。这将为推动 A 股和港股进一步走强奠定基础。 在美元指数逐步回落的背景下，人民币汇率有望继续回升。人民币升值将吸引更多外资流入中国资产，这对于推动中国资产估值回升具有积极意义。 2025年前十一个月，我国货物贸易顺差突破 1万亿美元，创造了历史记录。在中美签署贸易协定之后，我国出口贸易有望保持平稳增长态势，并在这一基 础上实现进一步提升。当前我国出口"新三样"，即新能源汽车、锂电池和光伏产品，具备较强的国际 ...

国际人士表示，习近平主席的新年贺词向世界传递了重要信息，体现出中国发展理念与愿景、以及对于民生福祉的高度重视。 南非国家行政学院国际关系与伙伴关系司官员 邦加尼·马伊梅莱：习近平主席提出的一系列倡议得到了世界上各国的广泛欢迎。大多数非洲国家与中国共享 相同的发展愿景与发展目标。 国际人士还表示，习近平主席的新年贺词不仅介绍中国所取得的发展成就，还体现出对民生福祉的重视。 德国联邦经济发展和对外贸易协会主席 米夏埃尔·舒曼：读了习近平主席的新年贺词，其中有一段内容令我深受触动，他谈到"民生无小事"。贺词中多次提 到中国的发展成就，包括经济领域的成绩。问题是：发展的目的是什么？答案正是为了人民的幸福。这是此次新年贺词中最令我印象深刻的段落，也是值得 欧洲借鉴的重要理念。 中国改革友谊奖章获得者 美国库恩基金会主席 罗伯特·库恩：在听完习近平主席的演讲后，最令我印象深刻的是，他在很短时间里精辟阐释了很宏大的主 题。从"寻梦"到"中国式现代化"，再到"高质量发展""新质生产力"以及"科技创新"，我们能看到，习主席用很有条理的方式，全面展示了他对于整个国家的 发展愿景。 南非外交部主管中南双边关系的代理副总司长 佐德瓦 ...

2026年港股首个交易日，三大指数高开高走，恒生指数上涨2.76%，收复26000点关口，恒生科技指数大涨4%。 "港股GPU第一股"壁仞科技今日上市，盘中一度涨近120%，收盘涨75.82%，市值逾820亿港元。 科网股也集体上涨，百度集团-SW涨超9%，消息面上，旗下昆仑芯已向港交所提交主板上市申请。此外，网易-S涨超6%，阿里巴巴-W、腾讯控股涨超 4%。 壁仞科技涨超75% "港股GPU第一股"壁仞科技今日上市，盘中表现活跃。该股盘初一度大涨近120%，盘中涨幅有所回落，收涨75.82%，总市值为825亿港元。 机构称港股有望震荡上行 中国银河证券表示，国内外货币政策宽松背景下，外资和南向资金均有望继续保持净流入趋势。在加快科技创新、新一轮供给侧改革、扩大内需等利好政 策带动下，港股上市公司盈利水平有望实现实质性提升，市场将迎来盈利与估值均上涨的格局，港股总体有望震荡上行。 科网股集体上涨，百度集团-SW涨超9%，网易-S、阿里巴巴-W、腾讯控股也实现不同幅度上涨。 港股三大指数集体收涨 1月2日，港股三大指数集体收涨，恒生指数收复26000点关口。Wind数据显示，截至收盘，恒生指数、恒生国企指数、 ...

Group 1 - The military actions by the People's Liberation Army (PLA) are a serious warning against "Taiwan independence" forces and external interference, aimed at safeguarding national sovereignty and territorial integrity [1][2] - The recent military exercises have been characterized as necessary and just actions to counteract the provocations from the Taiwan authorities and external forces, which are seen as detrimental to cross-strait relations and regional stability [1] - The PLA's determination to defend national sovereignty and territorial integrity is emphasized, with a strong message that any attempts by external forces to interfere in Taiwan issues will be met with significant resistance [1] Group 2 - The "Encouragement Directory for Foreign Investment Industries (2025 Edition)" will be implemented starting February 1, 2026, focusing on technological innovation and advanced manufacturing, which will guide foreign investment towards key sectors [2] - The directory aims to support Taiwanese businesses in mainland China, providing guidance for investment and transformation opportunities in line with the "14th Five-Year Plan" [2] - The recruitment of graduate students from Taiwan to mainland universities will begin soon, with specific provisions for Taiwanese students to apply, indicating an effort to enhance educational exchanges [3] Group 3 - Recent cross-strait exchanges have seen many Taiwanese compatriots visiting mainland China, highlighting the shared cultural and familial ties between the two regions [3] - The mainland is actively promoting tourism and cultural exchanges, inviting Taiwanese individuals to explore various scenic locations across the country [3]

Group 1 - The core message of President Xi Jinping's New Year address emphasizes China's development philosophy and vision, highlighting the importance of people's well-being [1][5] - Xi's speech covers significant themes such as "dream-seeking," "Chinese-style modernization," "high-quality development," "new productivity," and "technological innovation," showcasing a comprehensive national development vision [1] - International figures recognize Xi's address as impactful, noting that it not only targets China but also conveys messages to the world, reflecting China's commitment to mutual development with other nations [3][5] Group 2 - Xi's initiatives have received widespread acclaim from various countries, particularly in Africa, where many nations share similar development goals with China [5] - The address underscores China's economic achievements while stressing that the ultimate purpose of development is to enhance people's happiness, a concept that resonates with European values [6] - Observers from different countries, including South Africa and Germany, express admiration for China's progress and its role in global development, indicating a positive outlook for China's future [3][6][8]

Core Viewpoint - The 40th anniversary of Science and Technology Daily is marked by a congratulatory letter from Xi Jinping, emphasizing the publication's role in promoting innovation and scientific knowledge in China [1] Group 1 - Science and Technology Daily has played a significant role in supporting the central work of the Party and the state over the past 40 years, including promoting innovative theories, interpreting science policies, reporting scientific achievements, and popularizing scientific knowledge [1] - Xi Jinping encourages the publication to continue adhering to the correct political direction, innovate in its methods, and promote the spirit of scientists [1] - The publication aims to effectively tell the story of China's technological innovation and reflect the voices of scientific workers, contributing to high-level technological self-reliance and the construction of a strong technological nation [1] Group 2 - Established on January 1, 1986, Science and Technology Daily has developed into a comprehensive media organization with various platforms, including newspapers, journals, websites, and mobile applications [1]

抓创新就是抓发展，谋创新就是谋未来。迈向"十五五"，面对新一轮科技革命和产业变革，我们更要抢 抓机遇、奋发有为，加快高水平科技自立自强，因地制宜发展新质生产力，牢牢牵住创新这一引领高质 量发展的"牛鼻子"。向新而行、以质致远，一个创新活力奔涌的中国，精彩无限，未来可期。 编辑：呼乐乐 天问二号开启"追星"之旅，首艘电磁弹射型航母正式入列，人形机器人亮出"功夫模式"……在2026年新 年贺词中，习近平主席总结我国科技创新成就，强调创新创造的重要意义，指明"依靠创新为高质量发 展赋能"的实践路径。 高质量发展是创新成为第一动力的发展。科技创新的突破，为提升发展质量、拓展发展空间不断开辟广 阔前景。近年来，我国科技与产业深度融合，创新成果竞相涌现，创新创造催生了新质生产力，也让生 活更加多姿多彩。实践证明，中国式现代化要靠科技现代化作支撑，实现高质量发展要靠科技创新培育 新动能。 ...

港股开门红。 1月2日，港股三大指数高开高走，截至发稿，恒指、恒生国企指数大涨超2%，恒生科技指数暴涨 3.65%。 责编：叶舒筠 校对：王朝全 版权声明 半导体指数暴涨8.3%。 截至发稿，华虹半导体(01347.HK)涨超10%、中芯国际(00981.HK)涨4.63%、芯智控股(02166.HK)涨 3.81%。消息方面，华虹半导体发布多份公告表示，公司拟通过发行股份方式向华虹集团等4名交易对 方购买其合计持有的华力微97.4988%股权，并拟向不超过35名符合条件的特定对象发行股票募集配套 资金。 百度暴涨近8%，消息面上，1月2日，百度发布公告称，1月1日，昆仑芯已透过其联席保荐人以保密形 式向香港联交所提交上市申请表格（A1表格），以申请批准昆仑芯股份于香港联交所主板上市及买 卖。目前的方案为建议分拆将通过昆仑芯股份的全球发售进行，包括：(i)昆仑芯股份于香港进行公开发 售，以供香港公众人士认购；及(ii)向机构及专业投资者配售昆仑芯股份。于本公告日期，昆仑芯为本 公司之非全资附属公司。建议分拆完成后，预计昆仑芯仍将为本公司之附属公司。 离岸人民币兑美元升破6.97，最高升至6.9678，创202 ...

Group 1 - The Hong Kong stock market opened positively, with the Hang Seng Index and the Hang Seng China Enterprises Index rising over 2%, and the Hang Seng Tech Index soaring by 3.65% [1] - The semiconductor index surged by 8.3%, with notable gains from Huahong Semiconductor (up over 10%) and SMIC (up 4.63%) [3] - Baidu's stock increased by nearly 8% following the announcement of Kunlun Chip's application for a listing on the Hong Kong Stock Exchange [3] Group 2 - The offshore RMB appreciated against the USD, reaching a high of 6.9678, the highest since May 2023, influenced by various economic factors [4] - Analysts expect that the easing of monetary policies and the influx of foreign capital will continue to support the Hong Kong stock market, leading to improved corporate earnings [4] - Investment themes to focus on include technology innovation, cyclical industries, and consumer sectors, with expectations of enhanced performance and valuation recovery in these areas [5]

Market Performance - The Hong Kong stock market opened positively on January 2, with the Hang Seng Index and the Hang Seng China Enterprises Index both rising over 2%, and the Hang Seng Tech Index soaring by 3.65% [1][2] - The semiconductor index experienced a significant increase of 8.3% [2] Key Stock Movements - Hua Hong Semiconductor (01347.HK) surged over 10%, while SMIC (00981.HK) rose by 4.63%, and Chipone Technology (02166.HK) increased by 3.81% [5] - Baidu's stock jumped nearly 8% following the announcement of Kunlun Core's application for a listing on the Hong Kong Stock Exchange [5] Currency and Economic Indicators - The offshore RMB against the USD broke above 6.97, reaching a high of 6.9678, marking the highest level since May 2023 [5] Investment Outlook - According to Galaxy Securities, the Federal Reserve's interest rate decisions may become clearer after April 2026, which could lead to a decline in the US dollar index and US Treasury yields, benefiting Hong Kong stock valuations and attracting foreign investment [6] - The overall earnings of Hong Kong-listed companies are expected to improve significantly due to favorable policies promoting technological innovation and domestic demand [6] Sector Focus - Investment focus is recommended on technology innovation themes, as the Hang Seng Tech Index has substantial room for valuation recovery, with leading companies expected to show high growth [7] - The cyclical industries such as steel, building materials, and electrical equipment are anticipated to see improved supply-demand dynamics and profitability [7] - Consumer sectors, particularly those benefiting from domestic demand expansion strategies, are expected to experience growth in earnings and remain at historically low valuation levels [7]