专题：2026年度投资策略|顶级基金公司、基金经理展望马年投资机会 当前市场，若将4000点之前视为第一阶段，即市场确立牛市趋势，则4000点之后便进入第二阶段。在第 一阶段，行情呈现显著分化，银行与科技板块主导2025年市场，而众多传统板块未涨，形成典型的哑铃 型结构。 去年底，我发布的2025年十大预言，与当时市场主流观点存在差异。目前回顾，预言基本得到验证：人 民币汇率方面，当汇率贬至7.4时，市场普遍预期继续贬值，我则提出人民币将对美元升值。目前汇率 已回升至7.045左右，且升值趋势有望延续。对于美股与A股、港股，当时市场对美股乐观，对A股、港 股悲观。我指出美股见顶风险加大，而A股与港股处于全球估值洼地，在稳增长政策发力、资本市场支 持力度加大、居民储蓄向资本市场转移的共同推动下，将迎来牛市行情。这一判断也已基本验证。关于 国际金价，我认为在美元超发、信用受疑的背景下，以美元计价的黄金价格必然上涨，并预言未来金价 突破5000美元甚至1万美元/盎司只是时间问题。近日金价已突破4500美元/盎司，逼近5000美元关口， 初步验证该观点。 去年十大预言的关键词是"反转"，市场走势与前几年相比发生扭转并 ...

Core Viewpoint - The year 2025 is a milestone for Hainan, as it is expected to achieve full island closure and a stable economic growth, with GDP projected to exceed 800 billion yuan, marking a significant advancement in its economic development [1] Economic Performance - Hainan's economy is expected to show steady progress, with a GDP forecast to surpass 800 billion yuan, achieving three significant milestones in five years [1] - The advanced manufacturing sector is anticipated to drive industrial growth, with a double-digit increase in large-scale industries [1] - Retail sales of consumer goods are projected to grow at a rate that ranks among the top in the nation [1] Economic Structure and Growth Drivers - The economic structure is being optimized, with four leading industries accounting for nearly 70% of the total economic output [1] - Foreign investment has shown remarkable performance, with actual foreign capital utilization increasing by 51.5% in the first 11 months, and service import and export growth at 23.1% [1] - New growth drivers are emerging, with the annual output value of the South Breeding Industry expected to exceed 20 billion yuan, and the marine economy contributing 35.5% to GDP [1] Future Economic Policies - The government is expected to implement more proactive macroeconomic policies and moderately loose monetary policies, enhancing the external environment for Hainan's high-quality development [2] - The release of policy dividends from the Hainan Free Trade Port is anticipated to inject new momentum into economic growth [2] Strategic Focus Areas - Hainan will focus on five key areas to support sustained economic growth: 1. High-level opening-up to enhance international trade and investment [2] 2. Development of a modern industrial system with a focus on innovation and optimization of leading industries [2] 3. Strengthening technological and talent support through major research projects and talent attraction initiatives [3] 4. Deepening reforms to enhance internal dynamics and optimize the market environment [3] 5. Promoting coordinated regional development by integrating with major economic zones and initiatives [3]

Core Viewpoint - The article highlights the New Year celebration activities of Bright Dairy, emphasizing its commitment to cultural integration, consumer engagement, and innovation in the dairy industry as it enters 2026 [1][34]. Group 1: New Year Celebration Activities - Bright Dairy hosted a cross-year live broadcast across multiple cities, including Shanghai and Nanjing, to celebrate the New Year with consumers, showcasing a blend of cultural heritage and warmth [1][3]. - Various scenes were presented during the live broadcast, including cultural exhibitions, performances, and the delivery of fresh dairy products, reinforcing the connection between the company and its consumers [3][5]. Group 2: Industry Position and Innovations - In 2025, Bright Dairy solidified its position as a leader in the dairy industry by focusing on quality and innovation, responding to consumer demands amid industry changes [5][34]. - The company achieved a historic breakthrough in core breeding technology, ranking its self-bred bull "Champion" among the top 100 globally, marking a significant advancement in China's dairy genetics [7]. Group 3: Product Development and Consumer Health - Bright Dairy launched innovative products targeting contemporary health needs, such as the "Bright Youbei 5.0 Protein Ultra Fresh Milk" series, which features high protein content and low sodium levels [8][10]. - The company also introduced products aimed at sleep health and weight management, catering to diverse consumer preferences and health requirements [8][10]. Group 4: Social Responsibility and Community Engagement - Bright Dairy actively engages in corporate social responsibility through various initiatives, including donations of milk to children and community support activities, demonstrating its commitment to social welfare [16][34]. - The company has conducted over 300,000 community events, distributing millions of milk products, showcasing its dedication to community health and well-being [16]. Group 5: Channel Innovation and Consumer Experience - In 2025, Bright Dairy innovated its distribution channels by integrating emotional value and digital capabilities, enhancing the consumer experience through personalized milk delivery services [23][25]. - The company expanded its presence in high-end markets and collaborated with popular coffee brands to create trendy products, effectively reaching younger consumers [19][21]. Group 6: Cultural Integration and Brand Development - Bright Dairy's "Cultural+" strategy has led to deep integration with Shanghai's cultural landscape, participating in various cultural events and creating unique consumer experiences [26][31]. - The company has established cultural landmarks, such as the China Dairy Museum, to educate the public about dairy history and engage consumers in interactive experiences [31][33]. Group 7: Future Outlook - As Bright Dairy enters 2026, it aims to continue its high-quality development trajectory, leveraging technological advancements and innovative strategies to enhance consumer health and brand loyalty [34][36]. - The company plans to launch new products and interactive activities that reflect its commitment to quality and cultural heritage, ensuring a vibrant connection with consumers [34][36].

转自：北京日报客户端 这是温暖人心的深情致敬："大家拼搏进取、耕耘奉献，铸就了欣欣向荣的中国。" 这是催人奋进的殷殷期望："一起为梦想奋斗、为幸福打拼，把宏伟愿景变成美好现实。" 新年前夕，习近平主席发表二〇二六年新年贺词，回顾极不寻常的过去5年，凝望令人难忘的过去一 年，致敬每一位辛勤付出的奋斗者，着眼"续写中国奇迹新篇章"，勉励开局之年"锚定目标任务，坚定 信心、乘势而上"。 岁月不居，奋斗永恒。征程万里，拼搏如一。 我们共同走过的这5年，"十四五"圆满收官，中国式现代化迈出新的坚实步伐，每个人都是亲历者、见 证者，也都是奋斗者、收获者。 在砥砺奋进中开创新局，我们更加自信。 原标题：拼搏奉献，铸就了欣欣向荣的中国 经济总量连续跨越新关口，展现的是我国经济的强大韧性和活力；科技创新成果竞相涌现，厚植的是高 质量发展的强劲动能；人民生活水平持续改善，民生保障更加有力，让亿万人民有劲头、有盼头、有奔 头…… ——习近平主席二〇二六年新年贺词启示录① 放眼960多万平方公里的土地，城乡融合与区域协调共绘发展长卷，科技浪潮与民生答卷同奏奋进乐 章，中国人民奔向幸福美好生活的步伐不可阻挡。 向前进，我们靠什么创造辉 ...

Group 1: Innovation and Industry Development - The New Year address emphasizes that "innovation and creation have given rise to new productive forces," highlighting the importance of skilled workers in driving technological advancements [1] - The address notes that China has become one of the fastest-growing economies in terms of innovation, with private enterprises playing a crucial role in technological innovation [2] - The tourism industry is encouraged to deepen its development, with a significant increase in visitor numbers to key scenic areas, indicating a strong recovery and growth potential in the sector [3] Group 2: Agricultural and Marine Industry Advancements - The agricultural sector is focusing on sustainable practices, with initiatives aimed at improving crop yields and quality through innovative farming techniques [3] - The marine industry, particularly in the cultivation of Ezo scallops, is experiencing advancements through scientific research, leading to improved product quality and market competitiveness [4] - Companies are increasingly integrating technology with industry needs, providing tailored solutions to enhance innovation and reduce costs for enterprises [4] Group 3: Education and Youth Engagement - The importance of education and youth involvement in national development is highlighted, with students expressing their commitment to contribute positively to society after graduation [5] - The government's support for education is seen as a vital factor in enabling youth to pursue their dreams and contribute to community development [5]

Group 1 - The health consumption market is experiencing rapid growth, driven by increasing consumer focus on health management and supported by government initiatives aimed at promoting innovation in health products [1][2] - The demand for health consumption is characterized by multi-level, diverse, and personalized features, necessitating higher technological content in products and services [2] - The integration of health consumption with other sectors can create new consumption scenarios, enhancing market vitality and expanding reach [3] Group 2 - The government plan emphasizes the support for the development of special dietary foods and encourages the consumption of green, organic, and locally recognized agricultural products [2] - There is a need for improved quality in health product supply, which is seen as a core competitive advantage, alongside the establishment of a comprehensive regulatory system [3] - Companies are encouraged to implement branding strategies to enhance market recognition of health products, transitioning consumer choices from functional needs to brand preferences [3]

从产业沃土到资本热土，再到上市高地，苏州印证了科技创新与产业创新深度融合的乘数效应。当 优质企业、硬核科技与耐心资本同频共振，"苏州制造"向"苏州智造"的跃迁水到渠成。这不仅是"苏州 速度"的延续，更是"中国制造"在全球竞争中赢得创新话语权的生动注解。 "苏州速度"背后，是产业厚度。苏州是全国乃至全球工业体系最完备的城市之一。2025年前10月， 全市规模以上高新技术产业产值2.24万亿元，占规模以上工业总产值比重达56%，前沿新材料、人形机 器人等八大未来产业加速布局。目前，苏州拥有国家级科技企业孵化器76家、科创板上市公司58家、高 新技术企业1.74万家，分别为全国第一、第三和第四。源源不断的"硬科技"企业，为资本市场提供充 足"后备军"。 资本也在用"钱包"投票。2023年1月至2025年11月，苏州新增备案基金770只，募资规模近2800亿 元，月均近80亿元创投资金流入科技赛道，九成以上新增上市公司曾获股权投资。政府部门建立系统 化、常态化服务机制，全流程辅导拟上市企业，形成"储备一批、培育一批、辅导一批、申报一批、挂 牌一批"的滚动格局。 A股"苏州军团"还将扩容。市委金融办透露，目前全市有70 ...

拼搏奉献，铸就了欣欣向荣的中国 ——习近平主席二〇二六年新年贺词启示录① 本报评论员 这是温暖人心的深情致敬："大家拼搏进取、耕耘奉献，铸就了欣欣向荣的中国。" 这是催人奋进的殷殷期望："一起为梦想奋斗、为幸福打拼，把宏伟愿景变成美好现实。" 新年前夕，习近平主席发表二〇二六年新年贺词，回顾极不寻常的过去5年，凝望令人难忘的过去一 年，致敬每一位辛勤付出的奋斗者，着眼"续写中国奇迹新篇章"，勉励开局之年"锚定目标任务，坚定 信心、乘势而上"。 岁月不居，奋斗永恒。征程万里，拼搏如一。 我们共同走过的这5年，"十四五"圆满收官，中国式现代化迈出新的坚实步伐，每个人都是亲历者、见 证者，也都是奋斗者、收获者。 在砥砺奋进中开创新局，我们更加自信。 经济总量连续跨越新关口，展现的是我国经济的强大韧性和活力；科技创新成果竞相涌现，厚植的是高 质量发展的强劲动能；人民生活水平持续改善，民生保障更加有力，让亿万人民有劲头、有盼头、有奔 头…… 放眼960多万平方公里的土地，城乡融合与区域协调共绘发展长卷，科技浪潮与民生答卷同奏奋进乐 章，中国人民奔向幸福美好生活的步伐不可阻挡。 咬定青山不放松。正如习近平总书记强调的：" ...

为共赴"十五五"新征程凝聚奋进力量 "山海寻梦，不觉其远；前路迢迢，阔步而行。"新年前夕，国家主席习近平发表二〇二六年新年贺词， 海外华侨华人第一时间收听收看。他们对本报记者表示，新年贺词回望"十四五"辉煌成就，总结过去一 年不平凡历程，饱含民生温度，激荡奋进豪情，感召海内外中华儿女凝心聚力、勇毅前行，为共赴"十 五五"新征程、拓展中国式现代化光明前景凝聚奋进力量。 "激荡起全体中华儿女的共同家国情怀" "习近平主席的新年贺词让我们感受到来自祖（籍）国的关怀，也让我们为祖（籍）国取得的伟大成就 深感振奋和骄傲！"连续多年第一时间聆听习近平主席新年贺词的俄罗斯中国和平统一促进会暨俄罗斯 华侨华人联合总会常务副会长原毅说，2025年是"十四五"收官之年，中国圆满完成目标任务，在中国式 现代化新征程上迈出稳健步伐。"隆重纪念中国人民抗日战争暨世界反法西斯战争胜利80周年，设立台 湾光复纪念日，一系列重大事件，激荡起全体中华儿女的共同家国情怀，凝聚起推进强国建设、实现祖 国统一、共赴民族复兴的磅礴力量。" "聆听习近平主席的新年贺词，已成为海外华侨华人迎接新年的重要内容。"巴西中国和平统一促进会会 长张小春表示，习近 ...

Group 1 - The core point of the news is that Longbai Group successfully issued a technology innovation bond worth 500 million yuan, marking the first mid-to-long-term technology innovation bond issued by a private enterprise in Henan Province in the interbank market [1] - The bond has a term of 3 years and a coupon rate of 2.14%, making it the largest, longest, and most subscribed technology innovation bond benchmark project in the province [1] - Since the launch of the "Technology Board" policy in May 2025, the People's Bank of China Henan Branch has actively promoted the issuance of technology innovation bonds, with 10 technology companies and 2 equity investment institutions in the province having issued a total of 19.12 billion yuan in such bonds [1] Group 2 - Longbai Group, a global leader in the titanium industry, holds over 280 core patents and has successfully addressed critical technical challenges in the preparation of aerospace-grade titanium [1] - The successful issuance of the technology innovation bond will significantly enhance Longbai Group's asset-liability structure and boost its capabilities in core technology research and development, particularly in new energy materials [1] - The issuance is expected to encourage more technology companies in the province to raise funds in the bond market, thereby increasing investment in technological innovation [1]