外资持续看好中国资产。 瑞银全球策略团队认为，2026年全球科技股有望进一步上行。此外，近期大型科技股的交易占比已回落至今年均 值水平以下，且融资规模有所下滑，显示科技板块交易拥挤的担忧已得到缓解。 在此基础上，孟磊认为，2026年值得关注的投资主题包括：科技自立自强；全年来看企业盈利提速将逐步带动居 民收入和销售费用提升，下半年可择时布局消费；在"反内卷"持续推进的背景下，优选高潜力板块，把握中国企 业出海与提升全球竞争力的机遇。 在风格配置方面，孟磊认为由于市场中期展望向好，成长风格可能跑赢价值风格。随着"反内卷"的持续推进推动 PPI跌幅收窄且工业企业利润提速，周期风格有望跑赢防御风格。 在大小盘方面，孟磊预计，两者会在2026年维持一个相对均衡的态势。市场成交额进一步大幅跃升的可能性较 低，因此小盘股难以获得超额流动性进一步的加持，而ETF大规模发展也有利于市值较大的行业龙头。在行业偏 好方面，在战术上看好受益于中国创新火花、充足市场流动性以及PPI跌幅收窄的行业。 近日，瑞银证券中国股票策略分析师孟磊发表中国股票策略观点指出，2026年全部A股盈利增速有望从今年的6% 进一步升至8%。此前，已有摩根 ...

此次会议还审议通过了6家单位的加入申请。 委员会是由商务部投资促进事务局牵头成立的非营利性工作机制，旨在服务国家对外开放战略，助力中 国企业跨境投资和参与全球产业链供应链合作、提升国际竞争力。委员会成员单位包括地方外经协会、 跨境投资综合服务平台、专业服务机构、重点企业和境外产业园区等。 会议审议通过了委员会2026年工作计划。工作计划包括编发《境外产业园区发展报告》、开展境外产业 园区赋能合作品牌活动、举办2026跨境投资高质量发展论坛、编发企业出海公共资讯产品、共建境内出 海服务平台和海外孵化中心以及举办企业出海能力建设培训等。俞子荣副局长强调，委员会2026年工作 应紧紧围绕国家关于企业出海各项政策展开，抓落实、见成效，切实推进产业链供应链高质量有序走出 去，着力打造"中国投资"的品牌影响力。 俞子荣副局长还就境外产业园区赋能合作品牌活动计划进行重点介绍。该活动针对如何解决境外产业园 区发展不均衡、招商效率不高、运营能力参差不齐等问题，提出应从园区筛选、政策制订、政策转化和 金融赋能四个环节入手，发挥各自优势，组成"四位一体"的赋能境外产业园区战略合作团队，探索"政 策协同-产业集聚-金融赋能-可持续发 ...

Core Insights - The event "Playing with Social Media to Expand Global Markets" was successfully held in Guangzhou, focusing on how Chinese companies can leverage overseas media for brand breakthroughs and global growth [1][4][16] Group 1: Opportunities and Challenges - The current "dual circulation" strategy provides significant opportunities for Chinese companies to expand internationally, making it a trend for businesses to enter global markets [4] - The process of going global is filled with both opportunities and risks, emphasizing the importance of industry communication and experience sharing to navigate challenges [4][5] Group 2: Strategic Insights from Experts - The transition from "going out" to "going in" is essential for Chinese companies, highlighting the need for localization rather than mere output [5] - The next 30 years are deemed critical for the globalization of Chinese enterprises, necessitating the construction of a new ecosystem and value chain [5] Group 3: Brand Development and Marketing Strategies - The COO of 易海创腾 emphasized the evolution of Chinese brands from cost-driven OEM to value-driven OBM, indicating a shift in competitive focus from hard power to soft power [7] - A new marketing system termed "new four-wheel drive" is proposed to help companies build a long-term global communication system, moving from functional selling points to value expression [7] Group 4: Digital Platforms and Tools - LinkedIn is highlighted as a key platform for B2B customer acquisition, with over 1.3 billion professional users, serving as a critical starting point for Chinese companies to build international credibility [9] - The use of LinkedIn Sales Navigator is recommended for precise targeting of global decision-makers, enhancing sales efficiency through AI-driven insights [9] Group 5: Content and Community Engagement - Brands are encouraged to utilize diverse content forms on YouTube to build a community ecosystem, focusing on subscriber growth and audience engagement [10] - A three-step strategy for community marketing on YouTube is proposed, emphasizing content asset creation, account management, and effective conversion through collaborations and advertising [10] Group 6: Financial Support for Global Expansion - The complexity of cross-border funding and stricter regulatory requirements necessitate robust financial management as a foundation for overseas expansion [15] - Financial institutions play a crucial role in supporting enterprises in navigating the global market [15] Group 7: Comprehensive Solutions for Global Market Entry - The event showcased a systematic solution covering platform strategies, content creation, inquiry conversion, and cross-border financial security, reflecting a commitment to building a new ecosystem for social media-driven global expansion [16] - 易海创腾 has successfully empowered over 3,000 Chinese enterprises across various industries, aiding them in establishing unique brand identities and achieving sustainable growth in overseas markets [16]

矽亚资产管理CEO陈加凤围绕"基业长青、产业传承与全球资产配置"发表主题演讲。陈加凤指出，家族传承是一项任重道远的事业，成功的传承绝非简单的 财富转移。矽亚在全球提出了家族传承必须以文化传承为灵魂内核，以产业传承为根基，并以资本传承作为保障。而成功的传承需提前十年以上系统规划， 并需重视文化、产业与资本三者的协同。 近一年来，虹桥国际中央商务区共引进和培育市级认定总部企业56家（目前累计283家），年度营收规模已达数千亿元。 2025年11月28日，《论道大虹桥 •2025百家上市公司闭门会》于上海虹桥国际中央商务区举行。本次闭门会在上海虹桥国际中央商务区管委会、闵行区人民 政府指导下，由矽亚资产管理承办，安永中国与第一财经作为长期合作伙伴共同参与，南虹桥集团担任战略合作方。 会上，虹桥国际中央商务区管委会党组书记、常务副主任孔福安介绍了商务区的基本情况。他指出，虹桥国际中央商务区作为承载多重国家战略的改革开放 标志性区域，始终立足国家战略，服务国家需要，依托长三角经济地理中心的区位优势，以及开放、活力、宜居三大特点，正强化对内对外双向"链接"的功 能，全力打造服务企业"走出去"先行区，构建企业出海总部集聚区 ...

面对全球经贸格局演变与中资企业"出海"步伐加速的新浪潮，11月27日至28日，浙商银行在成都举办"拥抱出海，智汇共 赢"2025年外汇市场秋季策略会。会议聚焦在当前贸易波动的背景下，企业"出海"面临的机遇与挑战，共商海外发展新路 径，彰显浙商银行将服务企业"出海"提升至战略高度，以专业金融服务赋能企业全球布局。 近年来，浙商银行紧跟中资企业"出海"步伐，依托自贸区分账核算单元、香港分行双联动平台，打造"浙银丝路金融""浙银 全球交易宝"两大品牌，运用全球化账户及结算、一体化流动性融资、商投行一站式投融资、沉浸式对客外汇交易和场景化 外贸新业态五大服务体系，为企业提供全生命周期金融服务，2025年以来，累计服务"出海"企业近24000家。 浙商银行表示，将坚守金融服务实体经济的初心，不断迭代"出海"产品组合、提升全球服务能力，确保金融服务直达企 业，以金融活水坚定企业"出海"信心。 浙商银行国际业务部相关负责人深入解读全球经贸新秩序下的汇率风险中性管理，引导企业构建科学的汇率风险管理框 架。咨询公司TC GROUP专家就热门"出海"国家地区的投资政策、税务合规与本土化运营展开实务解析，为企业稳健"出 海"提供落 ...

Core Viewpoint - The anticipation for the "spring market rally" in A-shares for 2026 is growing, with December seen as a crucial window for early positioning [2][5][6]. Group 1: Market Outlook - Multiple sell-side institutions express optimism about the upcoming "spring market rally," suggesting that December may be an important time for positioning [2][5][6]. - The A-share market in November showed a trend of capital shifting from high-valuation growth stocks to low-valuation cyclical stocks and dividend assets [4]. - Analysts believe that the "spring market rally" could potentially start earlier than usual, with key meetings in December serving as catalysts for market movements [8][12]. Group 2: Investment Strategies - Institutions recommend focusing on high-probability directions, technology, and cyclical sectors for investment strategies [2][14]. - Specific sectors highlighted for investment include aviation equipment, AI-related energy storage, and power equipment in the growth category, as well as chemicals and energy metals in the cyclical category [15]. - The focus on traditional manufacturing and resource sectors is emphasized, with a recommendation to consider leading companies in industries where China has a competitive advantage [17]. Group 3: Key Events and Indicators - Important upcoming meetings in December are expected to clarify policy directions for 2026, particularly in technology innovation, domestic demand expansion, and real estate stability [13]. - Economic data releases, Federal Reserve statements, and various industry conferences in December are critical for market sentiment and potential investment decisions [8][12].

Group 1 - The stock private equity position index reached a new high of 82.97% as of November 21, 2025, increasing by 1.84 percentage points from the previous week, indicating a strong bullish sentiment among private equity firms [1] - The proportion of fully invested private equity firms rose to 68.99%, while the shares of medium, low, and empty positions decreased significantly to 18.56%, 8.56%, and 3.89% respectively, reflecting a consensus among more firms to increase their positions [1] - All scales of private equity maintained high position operations, with indices above 80% across various scales, including over 89.23% for firms with over 10 billion, highlighting a positive outlook for the market [1] Group 2 - The proportion of fully invested private equity firms in the 10 billion category increased to 78.19%, while medium, low, and empty positions fell to 16.82%, 4.21%, and 0.78% respectively, indicating a trend towards full investment [2] - Three main factors driving the recent increase in private equity positions include supportive policies improving market sentiment, year-end performance rankings prompting firms to raise positions, and positive expectations for economic recovery and structural opportunities in the coming year [2] - Market characteristics are showing a low volatility slow bull trend, with a decrease in broad market volatility and improved metrics compared to previous years, although subjective long positions have not significantly outperformed quantitative strategies [2] Group 3 - The micro liquidity structure indicates an abundance of incremental funds from insurance and fixed income, with a continued rise in pricing power for allocation and quantitative funds, while the incremental funds for subjective stock-picking products remain limited [3] - In a context of weakened pricing power, subjective long positions are demanding higher valuations and safety margins for stocks and sectors, leading to a cautious risk appetite and a prevalent strategy of "squat, hit, and withdraw" [3] - Breaking the current market deadlock may require significant positive changes in fundamentals, with a focus on resource and traditional manufacturing sectors for valuation reassessment and opportunities in overseas markets [3]

每日经济新闻 中信证券分析称，12月份市场面临美联储降息与否、中央经济工作会议部署等变量，考虑到市场增量资 金主要以绝对收益导向资金为主，A股/港股可能出现"急跌慢涨"。从配置角度看，资源/传统制造业定 价权的重估、企业出海仍是核心增配方向，建议关注化工、电新等方向。 石化ETF（159731）及其联接基金（017855/017856）紧密跟踪中证石化产业指数，从申万一级行业分 布来看，基础化工行业占比为60.4%，石油石化行业占比为32.7%，有望充分受益于反内卷、调结构和 淘汰落后产能等政策。 12月1日，A股三大股指高开，沪指涨0.14％，深成指涨0.42％，创业板涨0.26％。中证石化产业指数震 荡上行，现涨约1.4%，成分股和邦生物涨停，藏格矿业、亚钾国际、三棵树等跟涨。相关ETF方面， 石化ETF（159731）近6天获得连续资金净流入，合计"吸金"1882.16万元，资金布局特征明显。 ...

关于港股后市 恒生指数高开0.34%，恒生科技指数涨0.21%。盘面上，有色板块活跃，中国铝业涨近3%，紫金矿业涨 近2%；小米集团涨0.54%，公司11月交付量超过4万台。 东吴证券表示，港股短期风险因素在减少，但反弹确认还需要催化剂。从中长期配置来看，当前位置有 吸引力。该行指，如果美联储降息预期升温，有利于港股回升。此外，美股AI科技泡沫叙事有所减 弱，港股科技随之回调较多，当前具备配置吸引力。 浦银国际表示，"迎合新趋势，拥抱新消费"依然将是2026年消费行业的重要投资策略。在该机构看来， 以下五大消费趋势涵盖了中国消费行业2026年大部分的投资机会：(1)高质价比国产品牌将持续占领消 费者心智(比如连锁咖啡、运动服饰、美妆)，(2)情绪类消费的需求将保持旺盛(比如潮玩、美妆、宠 物)，(3)新兴销售渠道加速崛起(比如即时零售、会员店、零食量贩)，(4)中国消费企业出海正当时(比如 潮玩、咖啡、家电)，(5)健康类消费是长期趋势(比如银发经济、保健品与医疗服务)。 本文转载自腾讯自选股，智通财经编辑：陈筱亦。 中信证券表示，在增量资金越来越多的以左侧稳健型资金为主的资金生态下，A股/港股未来可能更多地 ...

Group 1 - The scale of private equity funds in mainland China reached a historical high of 22.05 trillion yuan in October, with the existing private securities investment funds surpassing 7 trillion yuan for the first time [1] - The Chinese stock market is expected to have upward potential in 2026, with A-shares showing a relatively high dividend and risk premium compared to ten-year government bonds, indicating a better value proposition for stocks over bonds [1][3] - In 2025, global equity assets are anticipated to rise significantly, with Chinese stocks still having a valuation advantage compared to major overseas markets, suggesting potential for catch-up growth in A-shares in 2026 due to domestic and global market dynamics [3] Group 2 - Citic Securities released a strategy report indicating that breaking the current market deadlock will require significant positive changes in the fundamentals, emphasizing the importance of domestic demand in the future [3] - The report suggests maintaining investment in resource sectors and traditional manufacturing, as well as focusing on companies expanding overseas, as key strategies until substantial changes in the market occur [3]