Core Viewpoint - UBS Wealth Management's Investment Office anticipates that the upward trend in the Chinese market is likely to continue until 2026, driven by advanced manufacturing and technological self-reliance as new growth engines [1] Group 1: Market Outlook - UBS believes that with domestic investors entering the market and global capital reallocating, there is still room for the Chinese stock market to rise [1] - The technology sector, which accounts for approximately half of the MSCI China Index, is increasingly resilient to the U.S. economic cycle and external shocks [1] Group 2: Growth Projections - The pace of AI monetization in China is ahead of other markets, with the Hang Seng Tech Index expected to see a 37% growth in earnings per share by 2026 [1] Group 3: Investment Opportunities - In the context of low interest rates and limited alternative investment options, approximately 7 trillion RMB of excess household savings is expected to flow into the stock market [1] - UBS continues to favor the Chinese market, focusing on cloud computing, e-commerce, AI, digital infrastructure, and selected telecommunications, financial, and utility companies [1] - Short-term market volatility due to tariffs or geopolitical factors may present good buying opportunities [1]

主要有三方面优势： 一是久期长。保险业特别是寿险业，它的负债期限是非常长的，注重跨周期配置资产，有助于克服短期利益的诱惑，发掘企业全生命周期的投资价值。 尊敬的各位领导，各位嘉宾，大家上午好！今天我也是第一次参加证券市场的年会，感到非常高兴。在这里我代表中国保险行业协会，向我们本次年会的召 开表示祝贺！ 党的二十届四中全会提出，加快高水平科技自立自强，引领发展新质生产力。中央经济工作会议也强调要因地制宜发展新质生产力。保险业具有经济减震器 和社会稳定器的功能，保险资金作为耐心资本，在支持实体经济发展方面发挥着非常重要的作用。刚才主题演讲的几位嘉宾的讲话我都认真听了，也都提到 过类似的观点。下面我主要围绕保险资金服务新质生产力发展方面谈几点粗浅的看法。 第一，保险资金是推动新质生产力发展的重要力量。 历史上科技的每一次重大突破都会引起生产力的深刻变革。机械化、电气化、信息化加速改变了世界发展的格局。当前新一轮的科技革命和产业变革正处于 一个突破期，以量子科技、生物制造、氢能和核聚变能、脑机接口、具身智能等为代表的前沿技术与产业蓬勃涌现，引领着全球发展的新格局。习近平总书 记也多次强调，关键核心技术是要不来、买不 ...

Market Overview - The market experienced a high opening followed by a decline, with all three major indices turning negative during the session. The Shanghai and Shenzhen markets saw a half-day trading volume of 1.45 trillion, a significant increase of 251.3 billion compared to the previous trading day. Over 3,900 stocks in the market declined [1] - The Shanghai Composite Index fell by 0.19%, while the Shenzhen Component Index rose by 0.17%, and the ChiNext Index decreased by 0.15% [1] Sector Performance - The lithium battery supply chain showed strong performance, with Tianji Co. achieving three consecutive trading limits in four days, and several other stocks like Hongyuan Pharmaceutical and Yongxing Materials hitting their daily limits [1] - The commercial aerospace sector remained active, with Shenjian Co. achieving seven consecutive trading limits and Jiuding New Materials achieving four consecutive limits [1] - The photovoltaic sector saw partial gains, with stocks like GCL-Poly and Yijing Photovoltaic hitting their daily limits [1] - The Hainan Free Trade Zone concept stocks were also active, with Hainan Development achieving five limits in six days [1] - In contrast, the computing hardware sector showed weakness, with Changguang Huaxin dropping over 10% [1] Lithium Market Insights - The main contract for lithium carbonate surged past 130,000, increasing by over 8% during the day, marking a new high since November 2023. The market outlook for lithium prices remains optimistic due to recovering quarterly earnings from lithium companies and increasing demand from new energy vehicles [3] - The China Nonferrous Metals Industry Association's lithium division indicated that lithium futures prices are expected to gradually rise by November 2025, with increased volatility anticipated [3] Hainan Free Trade Zone Developments - The Hainan Free Trade Port officially commenced its first week of full island closure, with customs reporting over 400 million yuan in "zero tariff" imports and over 20 million yuan in domestic processing goods exempt from tariffs [5] - The duty-free shopping market in Hainan saw a surge, with shopping amounts reaching 1.1 billion yuan and 165,000 shoppers during the week of December 18-24 [5] Photovoltaic Sector Developments - Four leading silicon wafer companies significantly raised their prices on December 25, with average increases reaching 12%. This price hike is attributed to substantial increases in upstream silicon material costs [9][20] Investment Trends - UBS Wealth Management forecasts that the Chinese stock market will continue to have upward potential, driven by advanced manufacturing and technology sectors. The report highlights that AI and technology are key growth drivers, with expectations for significant earnings growth in the Hang Seng Technology Index by 2026 [30] - The National Development and Reform Commission announced that the National Venture Capital Guidance Fund will increase investments in early-stage projects in sectors such as integrated circuits, artificial intelligence, aerospace, and low-altitude economy [31]

Core Viewpoint - The general aviation sector is experiencing significant growth, driven by government support and strategic initiatives aimed at enhancing technological independence and promoting the low-altitude economy and commercial aerospace development [1][2]. Group 1: Market Performance - As of December 26, 2025, the China General Aviation Theme Index (931855) rose by 1.83%, with notable increases in constituent stocks such as Guanglian Aviation (300900) up 13.94% and Zhongfu Shenying (688295) up 13.03% [1]. - The General Aviation ETF (561660) also saw a rise of 1.91%, marking its third consecutive increase, with the latest price reported at 1.17 yuan [1]. Group 2: Government Initiatives - A successful satellite launch using the Long March 8A rocket from Hainan's commercial space launch site occurred, deploying 17 low-orbit satellite internet satellites into their designated orbits [1]. - The strategic emerging industry development fund, with a scale of 51 billion yuan, has officially launched, focusing on providing substantial financial support to the aerospace sector and related industries [1]. Group 3: Index Composition - The China General Aviation Theme Index tracks 50 listed companies involved in various aspects of general aviation, including manufacturing, infrastructure, and operations [2]. - The top ten weighted stocks in the index account for 40.68% of the total index, with key companies including Aerospace Electronics (600879) and Haige Communication (002465) [2].

人民财讯12月26日电，国家发改委产业发展司发布文章《大力推动传统产业优化提升》。文章指出，对 高端数控机床、高端船舶等重大装备产业，关键在于重点突破、协同联动。产业链、供应链在关键时刻 不能掉链子，这是大国经济必须具备的重要特征。我国高端数控机床、高端船舶产业在部分关键核心领 域还受制于人，提升产业链供应链韧性和安全水平的重要性和紧迫性日益突出。"十五五"时期，要加速 突破关键核心技术瓶颈，加快产业模式和企业组织形态变革，实现高水平科技自立自强。强化产业基础 再造和重大技术装备攻关，加快解决"卡脖子"难题，保证产业链体系自主可控、安全可靠。发展先进制 造业集群，加速水平分工的横向联合和上下游协作的垂直整合，推动产业聚集化、集群化发展。强化企 业科技创新主体地位，发挥龙头企业引领支撑作用，促进大中小企业融通创新，加快重点产品创新和示 范应用，深化产学研用协同。 ...

国家发展改革委产业发展司发布文章《大力推动传统产业优化提升》。文章指出，对高端数控机床、高 端船舶等重大装备产业，关键在于重点突破、协同联动。产业链、供应链在关键时刻不能掉链子，这是 大国经济必须具备的重要特征。我国高端数控机床、高端船舶产业在部分关键核心领域还受制于人，提 升产业链供应链韧性和安全水平的重要性和紧迫性日益突出。"十五五"时期，要加速突破关键核心技术 瓶颈，加快产业模式和企业组织形态变革，实现高水平科技自立自强。强化产业基础再造和重大技术装 备攻关，加快解决"卡脖子"难题，保证产业链体系自主可控、安全可靠。发展先进制造业集群，加速水 平分工的横向联合和上下游协作的垂直整合，推动产业聚集化、集群化发展。强化企业科技创新主体地 位，发挥龙头企业引领支撑作用，促进大中小企业融通创新，加快重点产品创新和示范应用，深化产学 研用协同。 ...

Group 1 - The article emphasizes the importance of integrating education, technology, and talent development as part of the strategic planning for the next five years, as outlined in the 20th National Congress [1] - It highlights the need for a coordinated mechanism to ensure the comprehensive leadership of the Party in the reform and development of education, technology, and talent [1] - The article calls for the alignment of policies and resources to support key industries and promote collaborative talent development and research projects [1] Group 2 - The article discusses the establishment of a national strategic technology force and the implementation of major technology tasks to foster autonomous innovation and talent cultivation [2] - It stresses the importance of building high-level talent teams and promoting organized scientific research and systematic talent training [2] - The integration of technological innovation with industrial innovation is highlighted as a means to strengthen the modern industrial system [2] Group 3 - The article outlines the need for a talent cultivation model that addresses urgent and scarce talent requirements, particularly in strategic fields like AI and biotechnology [3] - It advocates for the enhancement of educational programs and the establishment of high-level research platforms to support talent development [3] - The focus is on improving the training of STEM talents and fostering collaboration between universities and enterprises [3] Group 4 - The article emphasizes the optimization of the national strategic talent system to build a strong team for technological self-reliance [4] - It discusses the identification and cultivation of high-level, multidisciplinary talents with potential as strategic scientists [4] - The article calls for mechanisms to support young talents and enhance their career development [4] Group 5 - The article proposes reforms in evaluation and incentive systems to motivate scientific personnel to engage in national development [5] - It suggests the establishment of a classification evaluation system that aligns with the nature of scientific research and talent growth [5] - The article highlights the importance of creating a supportive environment for researchers and facilitating talent mobility between academia and industry [5]

电科投资党委书记、总经理靳彦彬近日接受上海证券报记者专访，解码了这家央企投资平台如何以耐心 资本链接战略与产业，为科技自立自强注入资本动力。 ◎记者 李雁争 在新一轮科技革命与产业变革交织演进的当下，央企资本正以战略力量引领产业升级，成为培育新质生 产力的重要引擎。电科投资作为中国电子科技集团有限公司（简称"中国电科"）唯一的资本投资运营平 台，从财务投资向战略投资的转型历程，勾勒出央企投资平台的发展新路径，也彰显了国家战略科技力 量在资本赋能产业中的使命担当。 电科投资党委书记、总经理靳彦彬近日接受上海证券报记者专访，解码了这家央企投资平台如何以耐心 资本链接战略与产业，为科技自立自强注入资本动力。 从财务投资到战略赋能的转型 提及电科投资的发展历程，靳彦彬介绍："2014年成立至今，我们用10年时间完成了三次跨越式发展， 从最初10亿元总资产成长为超200亿元规模的战略投资平台，连续6年斩获集团经营业绩考核A级。"这 份成绩单的背后，是电科投资始终紧跟集团战略步伐的精准定位。 以耐心资本助力科技自立自强 谈及未来发展，靳彦彬明确了电科投资的目标——成为"一流央企投资公司"。他表示，这里的"一流"并 非单纯 ...

回顾2025年，中国经济的底色没有改变，一直在延续修复式增长的状态。从短期运行看，2025 年前三 季度GDP累计同比增长 5.2%，尽管四季度面临高基数和外部冲击压力，但在政策加力支持下，全年将 实现 5%左右的增长目标。总体而言，2025 年宏观政策取向和经济运行基本符合此前预期，但通胀水平 明显低于预期。 展望2026年，作为"十五五"开局之年，内需扩张、政策持续宽松以及物价回升将共同支撑经济增长，预 计实际GDP增速仍可维持在5%左右。12 月 10 日至 11 日召开的中央经济工作会议分析了当前我国经济 运行面临的形势，并对2026年经济工作作出全面部署。会议指出，我国经济长期向好的基本趋势和支撑 条件并未改变；2026年要着力稳就业、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，保持社会大局稳定，实现"十五五"良好开局。 岁末年初，对于2026年，虽然宏观经济仍将维持修复增长的状态，但我们更加强调经济和政策层面的一 些新变化。那么，这种变化表现在什么方面呢？ 第一，名义经济增长明显改善。 从宏观基本面判断，虽然经济仍将继续延续修复增长的格局，但由于通胀回升，名义GDP增长将明显 ...

Core Viewpoint - The Sci-Tech Innovation Board Composite Index (Sci-Tech Index) has shown significant growth since its launch, reflecting the overall development of China's technology innovation sector and attracting substantial investment [3][4][6]. Group 1: Performance and Coverage - The Sci-Tech Index has increased by 48.35% since its launch on January 20, 2025, outperforming major market indices [3][8]. - The index currently includes 576 stocks, covering 96% of the Sci-Tech Board companies, with a market capitalization coverage of over 91% [7][9]. - The total market capitalization of the Sci-Tech Board reached 11.14 trillion yuan, with the 576 stocks in the index accounting for 10.18 trillion yuan, or 91.38% of the total [7][9]. Group 2: Industry Composition - The index includes stocks from various sectors, with the largest representation from information technology (54.86%), followed by industrial (23.14%) and healthcare (13.50%) [7][9]. - The top ten stocks in the index represent 27.5% of its total market capitalization, with ten stocks exceeding 100 billion yuan in market value [7][9]. Group 3: Investment Products and Ecosystem - As of December 24, 2025, 45 fund managers have launched 77 index funds related to the Sci-Tech Index, with a total scale of 27 billion yuan [10][11]. - The average return of these products since their launch has been 42%, indicating strong investor interest [11]. - The index has facilitated a one-stop investment tool for investors, enhancing the accessibility of "hard technology" investments [11][12]. Group 4: Future Development and Optimization - Experts suggest that the Sci-Tech Index should continuously optimize its dynamic adjustment and maintenance mechanisms to reflect the latest developments in the hard technology sector [5][13]. - There is a need to enhance the scientific and representative nature of the index, focusing on key indicators such as R&D investment intensity and technology transfer capabilities [12][13]. - The index is expected to play a crucial role in guiding long-term capital allocation and enhancing recognition of China's technological strength among domestic and foreign investors [16][17].