Core Viewpoint - The article outlines the three main policy lines of the "14th Five-Year Plan," focusing on high-quality development, improved living standards, and enhanced national security [2]. Group 1: Development - Significant achievements in high-quality development have been made, with a marked increase in the level of technological self-reliance [2]. - The construction of a modern industrial system is emphasized, aiming to strengthen the foundation of the real economy [2]. - There is a push for high-level technological self-reliance and the cultivation of new productive forces [3]. Group 2: Livelihood - Continuous improvement in the quality of life for the people is a key goal, with efforts to promote common prosperity for all [2]. - The article highlights the importance of enhancing and improving living standards through various initiatives [2]. Group 3: Security - National defense is reinforced as a strategic support, with a focus on building ecological security barriers [7]. - The article discusses the modernization of the national security system and capabilities, aiming for a higher level of safety in the country [7].

前言 ①"十五五"规划有望加速军工订单恢复，这一军用防空核心标的双重布局低空经济+深海科技，业绩有望 迎来拐点； ②公司布局固态等静压设备赛道打造第二增长曲线，且主业稳健毛利率常年40%+，分析师认 为具有较大的向上弹性。 对海量研报和调研纪要无从下手？财联社倾力打造王牌栏目《风口研报》，替您"扒一扒"市场含金量超 高的研报、调研信息。以机构视角，追踪研报和调研纪要细节里的"超预期"、"拐点"、"事件催 化"和"价值洼地"。 ...

Core Viewpoint - The development of distinctive county economies is essential for China's economic growth, social stability, and rural revitalization, as highlighted in the Central Committee's proposal for the 15th Five-Year Plan [1]. Group 1: Importance of County Economies - County economies occupy approximately 90% of China's land area and account for about half of the national population, serving as fundamental units for economic development and social stability [1]. - The county level is identified as a key point for urban-rural integration, with its unique development playing a significant role in promoting regional coordination and ensuring national food and ecological security [1]. Group 2: Trends and Future Prospects - There is a growing trend of employment within counties, with the proportion of local jobs increasing as migrant workers return, indicating a shift towards local economic activity [1]. - Data from the seventh national population census shows that the permanent resident population in county towns and county-level cities grew by over 30% from 2010 to 2020, suggesting a promising future for county economies [1]. Group 3: Strategic Development Recommendations - The transition of counties from being mere extensions of cities to vibrant economic units with unique characteristics is recommended, emphasizing the need for tailored development strategies based on local resources and market conditions [2]. - A systematic approach to county economic development is advised, focusing on long-term and sustainable growth through the enhancement of industrial chains and the cultivation of specialized industry clusters [2].

核校：杨澎 东方财富证券研究所宏观首席分析师王笑笑带来了《百炼成钢 乘势而上——2026年宏观经济与资产配 置展望》主题演讲。他认为，展望2026年，"十五五"迎来开局，国内宏观政策将持续发力稳经济，财政 政策积极有为，货币政策保持适度宽松，"十五五"重大项目建设推进将提振投资，支持消费政策将接续 发力，海外关税风险也有所缓解，宏观经济将逐渐企稳改善。 东方财富首席科学家、AI总监曹巍博士在《前瞻财富管理：AI驱动下的行业变革与趋势洞察》主题分 享中表示，AI将重塑行业生态，将原本零散的用户信号、基础画像、操作路径、持仓与交易偏好、以 及近期关注与情绪脉络，融成一个不断迭代的认知闭环，形成"用得越久越懂你、越懂你越常用"的飞轮 效应。此外，跨行业AI协作更将延伸至养老金融领域，通过医疗看护与财富管理智能体联动，实现全 天候实时陪伴与动态资产配置，让"私人AI财富管家"成为可能，推动行业从标准化服务迈向深度定制化 的长期陪伴模式。 本次策略会为期两天，除主会场外，另设11个分会场，涵盖宏观、策略、通信、电子、计算机、传媒互 联网、新能源、新消费、家电、汽车、轻工纺服、食品饮料、煤炭有色、公用环保、化工、机械、军 ...

Core Viewpoint - The 2026 strategy conference held by Dongfang Caifu Securities emphasizes the ongoing asset revaluation logic in China, with expectations for increased allocation to equity markets by both domestic and foreign investors, indicating a potential for new highs in A-shares [2][8]. Group 1: Economic and Market Outlook - The year 2026 marks the beginning of the "14th Five-Year Plan," focusing on the transformation towards intelligent, green, and integrated industries, which is central to national development strategy [5]. - The application of AI is seen as a pivotal factor in determining China's new position in the global economy, with expectations for per capita GDP to exceed $20,000 by 2030 and a securities rate surpassing 200% [7]. - The macroeconomic environment is expected to stabilize, supported by proactive fiscal policies and continued monetary easing, alongside significant project construction under the "14th Five-Year Plan" [11]. Group 2: Investment Opportunities - The chief strategist of Dongfang Caifu Securities, Chen Guo, forecasts a "confidence revaluation bull market" in 2025, with corporate earnings expected to exceed market expectations and a recovery from the previous downward cycle [9]. - Key areas of focus for 2026 include potential outperformance in corporate earnings, advancements in AI, and the expansion of pragmatic cooperation between China and the U.S. [9]. - The integration of AI into various sectors is anticipated to create a personalized wealth management experience, enhancing service models from standardized to deeply customized offerings [11].

Core Insights - The 20th China Economic Forum held in Nansha, Guangzhou, focused on "Chinese-style modernization and the 14th Five-Year Plan" with prominent figures discussing new opportunities for China's economic development [2] Group 1: Strategic Collaboration - The collaboration between Nansha and Hong Kong is seen as a complementary partnership, aiming to create a comprehensive service platform for mainland enterprises going global [2] - The development of Nansha from a barren land to a national-level new area and a free trade pilot zone is attributed to the foresight of the Ho Ying Tung Group, which initiated key infrastructure projects [2] Group 2: Innovation and Talent Development - The focus on innovation industries and strengthening multi-field cooperation between Guangdong and Hong Kong is emphasized, with support for institutions like Hong Kong University of Science and Technology and the Ho Ying Tung Research Institute [3] - Plans to cultivate young technology talents and enhance international scientific research cooperation in the Greater Bay Area are highlighted [3] Group 3: Regulatory Alignment and Business Environment - The need for regulatory alignment to facilitate the integration of Chinese enterprises into the global market is stressed, with suggestions to establish a recognition zone for professional qualifications in Nansha [3] - Initiatives to explore cross-border financial innovations and enhance the international business environment are proposed, including the implementation of yacht free travel and the transformation of the half-hour Bay Area traffic circle into an international business circle [3]

Core Points - The meeting of the China Economic and Social Council emphasized the importance of implementing the spirit of the 20th National Congress of the Communist Party of China as a major political task [1] - The council aims to unify thoughts and actions with the important speeches of General Secretary Xi Jinping and the deployments of the Congress [1] - The focus is on consolidating and expanding the achievements made in 2025, while scientifically planning the work for 2026 [1] Group 1 - The council will enhance its role in public diplomacy, civil diplomacy, and think tank diplomacy [1] - There is a commitment to build and utilize platforms for foreign exchanges effectively [1] - The council aims to strengthen research and improve the quality of policy recommendations [1] Group 2 - The meeting reviewed and approved the work report of the Standing Committee of the Economic and Social Council [1] - The council is focused on serving the implementation of the 14th Five-Year Plan and advancing Chinese-style modernization [1] - There is an emphasis on the construction of the council's team and responsibilities [1]

Core Insights - The "14th Five-Year Plan" expert seminar was held in Zhengzhou to gather opinions and suggestions for the upcoming "15th Five-Year Plan" [1][2] - Experts discussed key areas such as modern industrial system construction, high-quality agricultural development, high-level opening up, and the construction of the Zhengzhou metropolitan area [1] - The city leadership emphasized the importance of aligning the plan with national directives and local realities to ensure high-quality development [2] Group 1 - The seminar was chaired by Mayor Zhuang Jianqiu, who expressed gratitude for the experts' contributions and highlighted their theoretical and practical insights [1] - Experts included Zhang David, Shi Dan, Wei Houkai, and others, who provided diverse perspectives on Zhengzhou's development strategies [1] - The city aims to incorporate valuable suggestions into the "15th Five-Year Plan" to reflect the needs and aspirations of the people [1] Group 2 - Zhuang Jianqiu stressed the significance of the "15th Five-Year Plan" in the context of achieving socialist modernization [2] - The city will focus on a target task system of "1+2+4+N" to guide the planning process [2] - The leadership is committed to ensuring that the plan aligns with central government policies and meets the expectations of the populace [2]

Core Insights - The forum emphasized the significance of aligning thoughts and actions with the spirit of the 20th National Congress of the Communist Party, particularly in planning for the next five years under the "14th Five-Year Plan" [3] - The automotive industry is seen as a crucial pillar for macroeconomic development, with a focus on high-quality growth, technological self-reliance, and the establishment of a modern industrial system [3][4] Group 1 - The "14th Five-Year Plan" outlines key goals for the automotive industry, including significant advancements in high-quality development, increased levels of technological independence, and a balanced approach to development and security [3] - The next five years present a strategic opportunity for China's automotive industry to transition from a major automotive nation to a strong automotive power, driven by rising penetration of new energy vehicles and widespread application of intelligent technologies [3] - Innovation in the automotive sector should not only focus on electrification and intelligent networking but also explore advancements in materials, foundational technologies, and internet applications [3] Group 2 - The forum included various segments such as keynote speeches, thematic discussions, and roundtable forums, where participants shared insights on the automotive industry's role in economic development and the resilience of the automotive supply chain [4] - Attendees proposed strategies and suggestions for the automotive industry's development during the "14th Five-Year Plan" period, highlighting the need for strategic planning and practical implementation to achieve high-quality growth [4]

Core Insights - The 14th Five-Year Plan is crucial for achieving the goal of modernizing China's economy and society by 2035, with a key indicator being the per capita GDP reaching the level of middle-income developed countries [1][5] - The plan emphasizes maintaining reasonable economic growth, improving total factor productivity, increasing the consumption rate, and expanding the middle-income group [1][5][6] Economic Growth and Productivity - The average annual growth rate required to reach the per capita GDP target of approximately $25,000 by 2035 is estimated to be around 4.8% [5][6] - Current potential growth rates for China's economy are estimated between 4.5% and 4.8%, with the possibility of increasing if reforms are intensified [5][6] Consumption and Income Distribution - The focus on increasing the consumption rate is driven by the need to address challenges posed by negative population growth and aging demographics, which will impact demand [6][7] - Improving income distribution is essential, with a current Gini coefficient of 0.465 indicating a need for faster income growth among low-income groups to expand the middle-income population [6][7][9] Employment and Labor Market - The labor market requires targeted efforts to address structural unemployment, particularly among the elderly and youth, through vocational training and support [8][9][11] - The rise of new employment forms, including gig economy jobs, necessitates the development of suitable social security systems to protect workers' rights [9][11][12] Urbanization and Household Registration Reform - Urbanization is ongoing, with a significant gap between registered and actual urban populations, indicating potential for economic contributions through household registration reform [15][16] - The reform aims to enhance public services and employment opportunities in cities, thereby attracting rural residents to urban areas [15][16] Agricultural Modernization - The potential for labor transfer from agriculture to higher productivity sectors remains significant, with current agricultural labor accounting for 22% of the workforce [17][18] - Modern agriculture is characterized by high labor productivity, large operational scales, and the application of advanced technologies, including AI [19][20]