新 春 快 乐 顺流逆流，皆为行路的风景；心有罗盘，便有笃定的方向。券商中国微信平台粉丝总量已强势突破600万大关，值此2026年新春佳节来临之际，我们深深感恩每一位读者 朋友长久的信任与陪伴。在此，券商中国、券中社APP诚邀各大金融机构共同录制新春寄语视频，一起回顾2025年的精彩历程与深刻洞察，携手展望2026年的崭新蓝图与 无限可能。 大家新年好！我是东方财富证券戴彦。祝贺券商中国微信粉丝突破600万！ 回首2025年，全球经济新旧力量碰撞、地缘政治博弈与技术革新浪潮交织。中国经济和资本市场在调整中蓄势、在变局中锚定价值坐标。更加积极有为的宏观政策 持续发力，有效支撑了经济回稳向好。 与此同时，资本市场投融资综合改革迈向纵深，围绕构建"长钱长投"的制度环境，一系列政策举措部署落地，"以投资者为本"的理念深入人心，"韧性"成为市场底 色。"新质生产力"从蓝图走向实践，科技创新、绿色转型、产业升级等领域涌现出大量投资机遇，推动市场走出一轮强劲行情。东方财富证券积极参与资本市场建 设，牢牢把握金融强国、金融为民的定位，扎实做好金融"五篇大文章"，始终坚持"用户第一"，坚守"链接人与财富"的初心，全面服务零售、 ...

Core Points - The 2026 APEC first senior officials' meeting in Guangzhou focuses on the theme "Building a Community of the Asia-Pacific and Promoting Common Prosperity" and emphasizes three priority areas: openness, innovation, and cooperation [2][3] - The meeting aims to accumulate results for the informal leaders' meeting in November, with various initiatives and work plans proposed by participating parties [2][5] Group 1: Meeting Characteristics - The meeting showcased three characteristics: focus on new productive forces, emphasis on supply chain resilience, and attention to inclusive growth, reflecting the current development needs of APEC member economies [3][4] - Over 50 activities were held during the meeting, with more than 1,400 representatives participating, indicating strong interest in APEC's digital initiatives and various cooperation proposals in fields like food security and technology [3][4] Group 2: China's Role and Contributions - China has evolved from a key participant to a leading agenda setter in APEC, significantly shaping the cooperation direction and impacting regional collaboration [6][9] - The meeting in Guangzhou marks the beginning of a series of events in 2026, with two more high-level meetings planned in Shanghai and Dalian, aimed at enhancing understanding and consensus among member economies [4][5] Group 3: Future Prospects and Challenges - The APEC region faces challenges such as intensified great power competition, rising unilateralism, and significant disparities among member economies, which complicate cooperation efforts [10][11] - However, opportunities are also present, as China's advancements in artificial intelligence and green economy can provide new momentum for APEC members, aligning with their development needs [11][13] Group 4: APEC Activities and Engagement - Approximately 300 activities, including high-level and ministerial meetings, will be held throughout the year to deepen policy coordination and experience sharing among APEC members [12] - The choice of Shenzhen for the informal leaders' meeting will showcase China's reform and innovation achievements, reinforcing the cooperative spirit of APEC [13]

Core Viewpoint - The release of the "Guiding Opinions on the Quality Improvement and Upgrading of the Brewing Industry (2026-2030)" by three government departments marks a significant policy shift, redefining the brewing industry from a "restrictive industry" to a "historical classic industry," signaling a potential restructuring of the industry's operational rules [4][14][16]. Summary by Relevant Sections Policy Context - The brewing industry is recognized as a traditional advantageous industry and a fundamental livelihood industry, playing a crucial role in cultural heritage, regional economic development, rural revitalization, and job creation [5]. - The policy aims to guide the brewing industry to adapt to new market demands and achieve high-quality development [5]. Development Goals - The policy outlines developmental goals for the brewing industry over the next five years, aiming for enhanced integration of raw material cultivation, production, and consumption by 2028, with a focus on product diversity, quality recognition, and brand reputation [7]. - By 2030, the industry aims for improved digitalization, greening, and internationalization, with a stable increase in scale and optimized production capacity and product structure [7]. Key Tasks - The policy identifies seven key areas with 21 specific tasks to enhance the brewing industry's capabilities, including: - Strengthening the supply of raw materials such as sorghum and barley [8]. - Encouraging a shift from traditional brewing methods to scientific and intelligent brewing [10]. - Supporting the integration of upstream and downstream industries and fostering specialized small and medium enterprises [10]. - Promoting digital, green, and international development strategies [10]. - Encouraging new business models and consumption scenarios, such as community e-commerce and themed street markets [10]. Market Implications - The policy is seen as a structural transformation for the brewing industry, laying the groundwork for a quality-driven shift in the Chinese consumer market [14]. - The emphasis on supporting industrial concentration zones and potential tax incentives raises questions about the future of regulatory constraints on the industry [16]. - The success of the outlined goals will depend on the actual market demand and the ability of enterprises to adapt to these changes [17][18]. Conclusion - The policy opens up opportunities for the brewing industry, but the realization of its ambitious targets will require careful navigation of market dynamics and consumer preferences [20].

Core Viewpoint - The 2026 Spring Festival gathering held by the Central Committee of the Communist Party of China and the State Council emphasizes the importance of unity and the celebration of achievements amidst challenges faced in the past year [1][11]. Group 1: Event Overview - The Spring Festival gathering took place on February 14, 2026, with key leaders including Xi Jinping, who delivered a speech to extend New Year greetings to various groups including citizens from Hong Kong, Macau, Taiwan, and overseas [1][16]. - The gathering featured a traditional setting with attendees seated around round tables, with only a cup of tea present, reflecting a long-standing practice aimed at promoting integrity [3][18]. Group 2: Economic Performance and Policies - Xi Jinping highlighted the resilience and vitality of the Chinese economy, stating that it has shown strong performance despite facing complex international and domestic challenges [11][12]. - The economic total surpassed 140 trillion yuan, marking significant milestones in economic growth during the "14th Five-Year Plan" period [12][26]. - In 2025, China's R&D expenditure intensity reached 2.8%, exceeding the OECD average for the first time, indicating a focus on innovation and quality [13][27]. Group 3: Governance and Values - The concept of "correct performance view" was reiterated, emphasizing the importance of aligning governance with the needs of the people and ensuring that achievements withstand the test of practice, history, and public scrutiny [14][28]. - Xi Jinping stressed that the Party exists for the people, and all work should aim for the happiness of the populace, reinforcing the principle of "people first" [15][28].

Group 1 - The Dandong City Zhen'an District Procuratorate has filed a public prosecution against illegal businesses for altering product serial codes of a well-known brand and selling old products as new, which infringes on registered trademark rights, setting a precedent for the optical transmission equipment industry [2] - The Liaoning Provincial Procuratorate is enhancing intellectual property protection in high-tech, emerging industries, and historical culture sectors, with a focus on legal supervision and comprehensive enforcement of intellectual property laws [2] - In 2025, the Liaoning Provincial Procuratorate aims to fully implement Xi Jinping's rule of law thoughts and provide legal supervision to create a law-based business environment, having prosecuted 5,109 individuals for crimes disrupting the socialist market economy [2] Group 2 - The continuous innovation in Liaoning's procuratorial work is aimed at creating a better legal business environment, with notable achievements in the protection of geographical indications and traditional Chinese culture intellectual property [3] - There is a call for the procuratorial authorities to optimize services and support innovation, aligning with the needs of science and technology parks, key enterprises, and small and medium-sized enterprises to foster new productive forces [3]

Group 1 - The AI video generation model Seedance 2.0 has gained significant popularity both domestically and internationally, utilizing a dual-branch diffusion transformer architecture to generate videos and audio simultaneously within 60 seconds from text or image inputs [1][3] - China's technological advancements in various fields, including energy, aerospace, and AI, have showcased the country's shift from "catching up" to "keeping pace" and even "leading," contributing to high-quality development [3][4] - The EAST nuclear fusion experiment achieved a world record by maintaining high-temperature plasma for a duration of 1000 seconds, marking a significant milestone in fusion energy research [3][6] Group 2 - The successful cultivation of the "Zhongke Fa 5" high-yield crop variety represents a shift in crop breeding from experience-based to precision design, laying a solid technological foundation for China's agricultural sector [6][8] - In the health sector, the TIMES system provides high-precision risk assessment for liver cancer recurrence, while a new treatment target for Parkinson's disease has been discovered, showcasing China's commitment to healthcare innovation [6][8] - The "Zuchongzhi No. 3" quantum computer has achieved international leadership in superconducting quantum systems, while the Jiangmen Underground Neutrino Observatory (JUNO) has significantly improved measurement precision in particle physics [8][10] Group 3 - The development of AI technologies, such as DeepSeek-R1, is breaking down barriers for small and medium enterprises and research institutions, promoting the democratization of AI [10][12] - China's space exploration efforts have advanced with the successful launch of the "Tianwen-2" probe and the "Chang'e 6" mission, which has provided insights into the Moon's evolution [14][16] - The achievements in 2025 reflect the results of increased R&D investment, improved innovation systems, and the cultivation of innovative talent, highlighting the vitality of China's independent innovation path [16]

尤根·海瑞恩博士对苏州给予海瑞恩集团的支持帮助表示感谢。他说，苏州历史文化底蕴深厚，经 济发展活力十足，营商环境开放包容，是投资兴业的沃土。海瑞恩集团扎根苏州发展20多年来，政企携 手并进，实现了合作共赢。海瑞恩集团坚定扎根苏州发展，将积极推动双向投资赋能，深化产业链供应 链对接合作，打造更多标志性合作成果。 苏州市委常委、秘书长王飏，太仓市主要负责同志参加会见。 2月14日，苏州市委书记范波会见了2025年度中国政府友谊奖获得者、德国海瑞恩集团董事长尤根· 海瑞恩博士一行。 范波代表市委、市政府对尤根·海瑞恩博士到访苏州表示欢迎。他说，当前苏州正认真学习贯彻中 共二十届四中全会精神和习近平总书记对江苏、苏州工作重要讲话重要指示精神，抢抓人工智能发展机 遇，积极争创国家新型工业化示范区，因地制宜发展新质生产力，奋力打造具有国际竞争力的"智能制 造之城"。尤根·海瑞恩博士与苏州交往密切、情谊深厚，前不久受邀参加李强总理召开的新春座谈会， 推介了苏州深化对德合作的做法，让我们深感荣幸。希望海瑞恩博士充分发挥桥梁纽带作用，积极推介 苏州，助力增进人文交流、友好往来，推动更多企业、项目、人才落地；希望海瑞恩集团持续扩 ...

Core Viewpoint - The speech by General Secretary Xi Jinping emphasizes the importance of maintaining strategic determination and advancing step by step towards the goals of the "14th Five-Year Plan" while encouraging the nation to strive for a better future [1]. Group 1: Strategic Focus - The need to concentrate on internal affairs and respond to uncertainties with high-quality development is highlighted, especially in the context of trade wars and natural disasters [4]. - The emphasis on overcoming challenges and uncertainties under the centralized leadership of the Party is crucial for progress [4]. Group 2: Innovation and Technology - The recognition of the necessity for technological innovation as a path to future success is reinforced, with a focus on adapting to new technological revolutions and industrial changes [5]. - China's rapid rise in innovation capability is noted, with the country being recognized as one of the fastest-growing economies in terms of innovation [5]. Group 3: People-Centric Development - The tangible benefits to the public, such as increased subsidies and community support initiatives, reflect a commitment to improving people's lives [6]. - The connection between investing in both material and human resources is emphasized as essential for achieving the goals of the "14th Five-Year Plan" [6].

Policy Support - The city has introduced 12 measures to alleviate the difficulties faced by enterprises and promote high-quality industrial development [1] - Policies include targeted industrial support, encouraging technological upgrades, and increasing R&D investment [3] - Tax reductions include a 25% taxable income rate for eligible small and micro enterprises until December 2027, and enhanced R&D expense deductions [3] Service Optimization - Financial support mechanisms are established to assist enterprises in securing funding through various monetary policy tools [5] - The city promotes collaboration between financial institutions and enterprises to enhance access to loans and funding [5] - Technology support includes financial backing for key technology breakthroughs and collaboration with educational institutions [6] Market Development - Support for enterprises participating in provincial-level overseas exhibitions, covering up to 80% of costs [7] - Encouragement for enterprises to develop new marketing channels such as "factory live streaming" and digital showrooms [7] - Establishment of a supply-demand matching platform to facilitate industrial collaboration [7] Logistics Cost Reduction - Promotion of multi-modal transport solutions to lower logistics costs for enterprises [8] - Financial incentives for logistics companies achieving higher ratings and operational standards [8] - Support for customized logistics solutions to optimize transportation efficiency [8] Technological Transformation Support - Financial assistance for enterprises undertaking technological upgrades and digital transformation [9] - Incentives for achieving higher levels of digital development, with specific monetary rewards for reaching designated levels [9] - Support for research and development platforms and innovation centers [9] Guarantee Strengthening - Employment support measures include subsidies for job retention and recruitment [11] - Streamlined approval processes for industrial projects to enhance operational efficiency [11] - Energy support initiatives promoting clean energy technologies and efficient energy use [12]

Core Viewpoint - The speech by General Secretary Xi Jinping emphasizes the importance of maintaining strategic determination and advancing step by step towards the goals of the "14th Five-Year Plan" while encouraging the nation to strive for a better future [1]. Group 1: Strategic Direction - The focus is on achieving high-quality development to address uncertainties in both domestic and international contexts, showcasing China's resilience and strength in the face of challenges such as trade wars and natural disasters [4]. - The leadership under the Communist Party is highlighted as crucial for overcoming obstacles and ensuring progress, with a call for greater courage to tackle risks and challenges [4]. Group 2: Innovation and Technology - The importance of innovation is underscored, with a recognition that technological advancement is essential for future development, as seen in China's rapid rise as one of the fastest-growing economies in terms of innovation [5]. - China's transition from being the "world's factory" to a "global innovation center" is noted, with foreign research institutions acknowledging China's unique path in technological advancement [5]. Group 3: Social Development and Welfare - The government has implemented various social welfare initiatives, such as increasing monthly subsidies for families and expanding community services, reflecting a commitment to improving the lives of citizens [6]. - The "14th Five-Year Plan" is described as both a development blueprint and a response to the needs of the people, emphasizing the importance of aligning development with public welfare [6].