Group 1 - The A-share market has shown weak performance recently, with the Shanghai Composite Index closing down 1.1% on December 16, marking a cumulative decline of 2.5% over the past six trading days [2] - The market is experiencing a broad decline, with over 4,000 listed companies falling, while the trading volume on December 16 was 1.75 trillion yuan, slightly down from the previous day [2] - The sectors performing well include retail, beauty care, and social services, while telecommunications, non-ferrous metals, and power equipment saw the largest declines [2] Group 2 - Both internal and external factors have contributed to a temporary decline in market risk appetite, with external factors playing a dominant role. The recent FOMC meeting indicated a neutral to hawkish stance, with expectations of only one rate cut by 2026, raising concerns about liquidity [3] - Domestic economic data for November showed a continued slowdown compared to October, with significant declines in fixed asset investment and retail consumption growth, leading to increased market focus on fundamental data [3] Group 3 - The underlying logic for market growth remains intact, with a positive mid-term trend expected through 2026. The macro policy shift since last year has changed investor sentiment, providing a stable foundation for market recovery [4] - The fundamental drivers of the current market rally include the restructuring of the international monetary order and advancements in industrial innovation, both of which have not been disrupted [4] Group 4 - The current market pullback may offer good positioning opportunities for the first half of 2026, as overall valuations in the A-share market remain attractive compared to global peers and major asset classes [5] - Suggested investment strategies include focusing on growth styles during market corrections, with three main lines of focus: 1) sectors experiencing growth such as AI technology and innovative pharmaceuticals, 2) companies benefiting from overseas expansion, and 3) cyclical sectors nearing improvement points [5][6]

Core Viewpoint - Jiangsu Province has achieved significant advancements in technological innovation during the "14th Five-Year Plan" period, ranking second nationally in regional innovation capabilities and demonstrating strong integration of technological and industrial innovation [1][2][8] Group 1: Innovation Achievements - Jiangsu's total R&D investment reached 459.75 billion yuan in the previous year, a 53% increase compared to the end of the "13th Five-Year Plan" [2] - The number of high-tech enterprises in Jiangsu is expected to exceed 61,000, an 85% increase from the end of the "13th Five-Year Plan" [2] - The output value of high-tech industries accounted for over 50% of the province's industrial output, rising to 52% by the end of November this year [2] Group 2: Foundation and Talent Support - Jiangsu's investment in basic research reached 24.07 billion yuan last year, nearly three times the amount at the end of the "13th Five-Year Plan" [3] - The province has over 1.26 million R&D personnel, with the highest number of national major scientific talent [3] - There are 1,801 research and innovation platforms established across the province, ensuring comprehensive coverage [3] Group 3: Integration of Technology and Industry - Jiangsu has built a robust innovation ecosystem centered around enterprises, with 3 national manufacturing innovation centers and 147 enterprise technology centers established [4] - The province has achieved breakthroughs in key innovation areas, including the approval of 49 innovative drugs, ranking first nationally [5] - Jiangsu has implemented a new technology and product promotion program, recognizing 276 first sets of equipment and promoting 258 first versions of software [5] Group 4: Reform and Exploration - Jiangsu is actively exploring reforms in the technology system, including pilot reforms in education and talent mechanisms [6] - The province has expanded the scope of technology achievement empowerment reforms to all universities and research institutions [6] - A total of 3,597 outstanding postdoctoral researchers have been funded since the beginning of the "14th Five-Year Plan" [6] Group 5: Technology Transfer and Application - Jiangsu has established a 1 billion yuan angel fund for technology transfer from universities, with over 60 technology financial products created [7] - The province has initiated a "double high collaboration" model between high-tech zones and universities, with over 300 R&D projects currently underway [7] - The total value of technology contracts in Jiangsu reached 530 billion yuan, more than double the amount at the end of the "13th Five-Year Plan" [5]

Core Insights - Jiangsu Province has achieved significant advancements in technology innovation during the "14th Five-Year Plan" period, ranking second nationally in regional innovation capability [1][2] - The province's government has reported on its achievements in a press conference, highlighting the integration of technological and industrial innovation [1][9] Investment and Growth - Jiangsu's total R&D investment reached 459.75 billion yuan last year, a 53% increase compared to the end of the "13th Five-Year Plan" [2] - The R&D intensity increased to 3.36%, up by 0.43 percentage points from the end of the previous plan, placing it above average among innovative countries and regions [2] - The number of high-tech enterprises in Jiangsu is expected to exceed 61,000, an 85% increase from the end of the "13th Five-Year Plan" [2] Innovation and Research - Jiangsu's total investment in basic research reached 24.07 billion yuan last year, nearly three times the amount at the end of the "13th Five-Year Plan" [3] - The province has established a network of laboratories, including national and provincial key laboratories, to support foundational research [3] - The number of R&D personnel in Jiangsu exceeds 1.26 million, with the highest number of national major scientific talent [3] Industry Integration - Jiangsu has focused on creating an innovation ecosystem led by enterprises, integrating technology research and industrialization [4] - The province supports the establishment of national and provincial manufacturing innovation centers, enhancing collaboration between industry and academia [4] Breakthroughs in Key Areas - Jiangsu has achieved breakthroughs in various sectors, including the approval of 49 innovative drugs, leading the nation [5] - The province has filled domestic gaps in critical technologies such as photoresists and high-strength steel [5] - A total of 273 major projects in artificial intelligence, quantum technology, and biomedicine have been organized to drive further innovation [5] Policy and Regulation - Jiangsu has revised and introduced regulations to strengthen the legal framework for technology innovation and the connection between innovation and industry [6] - The province has established a new model for technology property transactions, facilitating the transformation of scientific achievements [6] Talent and Reform - Jiangsu has implemented reforms to enhance the innovation ecosystem, including expanding the scope of technology achievement rights [7] - The province has supported over 3,597 outstanding postdoctoral researchers since the beginning of the "14th Five-Year Plan" [7] Technology Transfer and Application - Jiangsu has established a national center for technology transfer and conversion, with significant financial backing to support innovation [8] - The province has promoted the application of 6,269 new technologies and products over the past five years [8] Future Outlook - Jiangsu aims to deepen the integration of technology and industry in the next five years, providing robust support for the modernization of the province [9]

"十五五"规划建议提出，深化国资国企改革，做强做优做大国有企业和国有资本，推进国有经济布局优 化和结构调整，增强国有企业核心功能、提升核心竞争力。 国有企业综合实力、创新能力跃上新台阶 "十五五"时期，国资央企应承担起怎样的战略使命？国资国企改革如何深化？记者进行了采访。 新疆塔里木油田，我国首口万米科学探索井，中国石油深地塔科1井挺进地下1万米； 青海西宁，中国建材自主研发的T1000材料，一束手指粗的碳纤维，就能承受拉动两架C919飞机的力 量； 山城重庆，通用技术集团研发的直线时栅，"以时间测量空间"，测量精度可达±96纳米，分辨率为1纳 米。 向新而行、向高攀升，"十四五"时期，国有企业综合实力、创新能力上了一个新台阶。 规模体量与日俱增。"十四五"以来，中央企业资产总额从不到70万亿元，增长到超过90万亿元，实力不 断增强；累计完成固定资产投资19万亿元，年均增长6.3%，有力支撑稳投资、稳增长；累计上交税费 超10万亿元，向社保基金划转国有股权1.2万亿元，助力民生改善；承担了约80%的原油、70%的天然 气、60%的电力供应，有力保障能源安全。 带动作用日益增强。近年来，中央企业每年采购量超15 ...

● 本报记者 昝秀丽 社保基金会12月16日消息，社保基金会党组书记、理事长刘昆12月15日主持召开党组会议，传达学习中 央经济工作会议精神，研究贯彻落实工作。会议明确，要稳妥审慎抓好基金投资运营。紧密跟踪国内外 宏观经济和资本市场形势，科学有效开展资产配置，稳健做好各大类资产投资。充分发挥长期资金、耐 心资本作用，在守住安全底线的基础上，积极服务国家发展需要，更好支持科技创新和产业创新深度融 合。 会议提出，中央经济工作会议是党的二十届四中全会后党中央召开的一次十分重要的会议。习近平总书 记的重要讲话，全面总结2025年经济工作，深刻分析当前经济形势，系统部署2026年经济工作，具有很 强的思想性、战略性、指导性，为扎实做好明年经济工作，确保"十五五"开好局、起好步指明了前进方 向、提供了根本遵循。理事会全体党员干部要认真学习领会，坚决抓好贯彻落实。 会议明确，要持续深入学习习近平总书记重要讲话和会议精神，与学习贯彻党的二十届四中全会精神结 合起来，准确把握精神实质和实践要求，进一步坚定信心、积极作为，推动党中央决策部署在理事会落 地落实。要稳妥审慎抓好基金投资运营。紧密跟踪国内外宏观经济和资本市场形势，科 ...

1、中央财办有关负责同志：扩大内需是明年排在首位的重点任务 重要程度：★★★★★ 中央财办有关负责同志详解2025年中央经济工作会议精神。 针对内需发展现状如何？提振消费、扩大投资的空间和动力在哪里？中央财办有关负责同志表示，扩大内需是明年排在首位的重点任务。 回顾今年，中央财办有关负责同志表示，2025年主要经济指标符合预期，预计全年经济增长5%左右、继续位居世界主要经济体前列，经济总量有望达到140 万亿元左右。 展望明年，中央财办有关负责同志表示，投资和消费增速明年有望恢复，我国经济发展前景是十分光明的。 针对货币政策，中央财办有关负责同志表示，货币政策将加强前瞻性、科学性调节，保持流动性充裕，保持社会融资条件相对宽松，促进社会综合融资成本 低位运行，与其他政策举措形成合力，努力推动实现经济增长、物价回升等目标。 针对房地产，中央财办有关负责同志表示，下一步，重点要抓好几件事。一是从供需两端发力稳市场。二是积极推动房地产企业转型发展。三是加快构建房 地产发展新模式。 针对反内卷，中央财办有关负责同志表示，明年要采取更具针对性的措施，进一步增强统一大市场的建设成效，实现各类资源要素高效配置。 2、社保基金 ...

Core Insights - Jiangsu Province is set to invest 459.75 billion yuan in R&D by 2024, contributing 1 out of every 8 yuan in national tech innovation spending [1] Group 1: Innovation Strength and Output - Jiangsu's R&D intensity is projected to reach 3.36% of GDP in 2024, an increase of 0.43 percentage points from the end of the 13th Five-Year Plan, positioning it among the upper levels of innovative countries and regions [2] - High-tech industry output accounted for over 50% of industrial output in 2023, further increasing to 52% in the first 11 months of 2025 [2] - The number of invention patents per ten thousand people has doubled, and high-tech product exports have exceeded 1 trillion yuan for four consecutive years [2] Group 2: Integration of Industrial and Technological Innovation - Jiangsu has established a robust platform system and strengthened the role of enterprises in technological innovation, achieving significant milestones in strategic technology [3] - The province leads the nation with 44 key national laboratories and has seen major achievements in various fields, including the world's first 8-inch silicon-based gallium nitride production line [3] - Six achievements from Jiangsu were recognized in the "Top Ten Scientific Advances in China" during the 14th Five-Year Plan, with three in 2024 alone [3] Group 3: Active Role of Enterprises in Innovation - Enterprises contribute 85% of R&D investment and account for 89% of patent authorizations in Jiangsu [4] - The number of high-tech enterprises is expected to exceed 61,000, with the province leading the nation in the number of registered national technology-based SMEs for six consecutive years [4] - Jiangsu has 114 companies listed on the Sci-Tech Innovation Board, becoming the first region to surpass 100 listings [4] Group 4: Ecosystem and Talent Development - Jiangsu is enhancing its innovation ecosystem by integrating into the Yangtze River Delta International Science and Technology Innovation Center and forming 24 cross-regional innovation alliances [5] - The province has seen a doubling of technology contract transaction volume over five years and established the first regional technology transfer center in universities [5] - Jiangsu has created 1,801 postdoctoral platforms, with over 12,000 postdoctoral researchers, 75% of whom choose to stay in the province [5]

Group 1 - The overall asset performance indicates that various asset classes have entered a period of fluctuation, with the equity market experiencing a high-level consolidation phase, primarily driven by the technology sector, while consumer and cyclical sectors remain weak [1][6]. - The Federal Reserve's recent interest rate cut was weaker than expected, limiting its positive impact on the U.S. and global economies, which in turn affects the capital markets [1][6]. - The Central Economic Work Conference in China reiterated a stable growth approach, with a focus on expanding domestic demand and improving investment, although the implementation of these policies may take time to materialize [2][10]. Group 2 - The A-share market is currently in a high-level consolidation phase, with limited substantial positive news and a preference for stability as the new year approaches [2][10]. - The report suggests a "barbell strategy" for asset allocation, recommending maintaining positions in the technology sector while cautiously considering opportunities in the consumer sector due to recent positive macro data [2][11]. - The technology sector is expected to remain a core driver of market performance, with significant opportunities arising from national competition and domestic innovation [10][11]. Group 3 - The bond market is following the trends of the equity market, showing a clear negative correlation, and is expected to remain under pressure without significant positive catalysts [3][32]. - The bond market's configuration suggests limited upward potential in the short term, but it may serve as a stabilizing option against equity market volatility [32]. Group 4 - The commodity market is experiencing a return to a fluctuating trend, with precious metals like silver supporting the upward movement of the precious metals index, while energy and chemical commodities are underperforming [4][41]. - The report anticipates that gold may continue to rise in the long term, driven by a decoupling from the U.S. dollar, although the overall strength of the commodity market will depend on the performance of metals and agricultural products [41][45].

强化融合支撑，建强平台体系，贯通行业创新"协同链"。威海市工信局坚持围绕产业链部署创新链，推 动创新要素向产业链各环节精准配置，构建起全链条创新支撑体系。建强平台体系，"十四五"期间全市 工业和信息化领域建成省级及以上科技创新平台229家，实现10条标志性产业链"全覆盖"；新增省级制 造业创新中心3家，总数达6家，位列全省第3；工信部威海电子信息技术综合研究中心成功入选国家级 产业技术基础公共服务平台，实现国家级产业技术基础平台零的突破。推动成果转化，针对科技成果转 化"最后一公里"难题，支持园区和龙头企业共建中试平台，其中碳纤维及复合材料中试平台入选全省首 批制造业中试平台（全省仅9个），为前沿技术从实验室走向生产线提供了关键支撑，推动科技创新与 产业创新互融共促。 凝聚聚合效能，营造创新生态，构建区域创新"共同体"。威海市工信局以"政产学研金服用"七位一体体 系为核心纽带，重点强化不同主体、不同区域间的创新联动，打破资源壁垒，让创新要素高效流动。深 化产学研协同，推动创新链条深度融合，建立与高等院校、科研院所的常态化对接机制，充分发挥行业 协会、产业联盟桥梁作用，以"企业出题、高校院所解题、政府搭台保障" ...

专题：第十八届中国工业论坛 段洣毅表示，展望"十五五"时期，科技突破必将为中国式现代化发展注入更强劲的动能，而我国产业创 新所蕴含的巨大需求和广阔空间，也为科技创新提供了得天独厚的丰沃土壤。 他指出，工业领域的每一次重大跨越，都深刻彰显了科技创新的磅礴力量。与此同时，工业发展进程中 不断涌现的现实需求，也为科技研发指明了主攻方向。这种"科技赋能工业 、工业反哺科技"的良性循 环，正是培育和发展新质生产力的核心路径。 他指出，工业领域的每一次重大跨越，都深刻彰显了科技创新的磅礴力量。与此同时，工业发展进程中 不断涌现的现实需求，也为科技研发指明了主攻方向。这种"科技赋能工业 、工业反哺科技"的良性循 环，正是培育和发展新质生产力的核心路径。 新浪声明：所有会议实录均为现场速记整理，未经演讲者审阅，新浪网登载此文出于传递更多信息之目 的，并不意味着赞同其观点或证实其描述。 责任编辑：王翔 专题：第十八届中国工业论坛 第十八届中国工业论坛于12月16日在北京举办，主题为"融合创新 工业当强"。中国国际科技促进会会 长段洣毅出席并致辞。 第十八届中国工业论坛于12月16日在北京举办，主题为"融合创新 工业当强"。中国 ...