投资咨询业务资格:证监许可【2012】31号 = 宏观金融数据日报 | 国贸期货研究院 宏观金融研究中心 郑雨婷 | | 期货执业证号:F3074875; 投资咨询证号: Z0017779 | | 2025/12/10 | | | --- | --- | --- | --- | --- | --- | | 品种 | 收盘价 | 较前值变动(bp) | 品种 | 收盘价 | 较前值变动 (bp) | | DRO01 | 1.30 | -0.29 | DR007 | 1.45 | 0.52 | | GC001 | 1.43 | -1.00 | GC007 | 1.50 | -0.50 | | SHBOR 3M | 1.58 | 0.10 | LPR 5年 | 3.50 | 0.00 | | 1年期国债 J 10年期国债 | 1.35 1.84 | 1.40 -1.20 | 5年期国债 10年期美债 | 1.63 4.14 | 0.60 0.40 | | 1 and Real Property | | | Pro CLICIL | 10 1L + 1 410 11 . | 117 1 | | -0.60 | | | ...

tion of the w K # 17 10 all of the relation and Bank t = 30 DINGTON 1 10 01 11 日 01 100 al = 中國日 1 al 1 1 1 1 1 1 1 1 1 1 i 11 一周五 10 8-3" 85 ll E. 哥哥 126 2025年12月8日，中共中央政治局会议为2026年经济工作定下"稳中求进、提质增效"的总基调，"更加积极有为的宏观政策"与"坚持内需主导"等八大部署形 成清晰政策框架。恰逢美联储议息会议启幕，外部货币政策环境的潜在宽松窗口，与国内政策的精准发力形成呼应。在"十五五"开局的关键节点，内外因素 的协同共振，让2026年中国经济质的有效提升与量的合理增长路径愈发清晰。 政治局会议释放的核心信号，是宏观政策将延续"积极+宽松"组合并强化协同效应。这一基调的确立，既基于2026年作为"十五五"开局之年的发展需求，也 源于对经济运行主要矛盾的精准把握。会议明确的"更加积极的财政政策和适度宽松的货币政策"双轮驱动，为经济增长提供了稳定预期。 更加积极的财政政策将在支出力度与可持续性之间寻求精准平衡。粤开证券首席经济学 ...

近日，全国高新技术企业认定管理工作领导小组办公室发布了《对辽宁省认定机构2025年认定报备的第一批高新技术企业 进行备案的公示》，东北制药集团股份有限公司凭借深厚的技术积淀、强劲的创新动能及规范的申报筹备，再度入选公示名 单。这一成果标志着公司在核心技术研发、科技成果转化等领域的综合实力，持续获得国家层面的权威认可。 据悉，高新技术企业认定周期为三年一次，对企业核心技术的自主知识产权数量、科研立项、科技成果转化力等方面均有 严格要求。东北制药此次新一轮认定申报工作由公司工艺部牵头统筹，成立专项工作小组，系统梳理研发体系搭建、自主知识 产权储备、科技成果转化等核心申报要素。各相关部门紧密协作、高效联动，严格对照国家级认定标准，历经材料整合编制、 多轮内部校验与优化完善等，确保申报工作有序推进。 未来，东北制药将以此次再度入选为契机，进一步加大研发资源投入，深耕医药核心技术领域，加速科技成果产业化进 程，推动产品迭代升级与产业结构优化，持续提升核心竞争力，为助力医药行业高质量发展贡献更多东北制药力量。 （CIS） 此次国家级高新技术企业资质的再度认定，不仅是对公司创新能力与研发水平的高度肯定，更将为公司后续享受税 ...

中国银河（601881）宏观认为，从总的政策基调来看，本次政治局会议强调要坚持"稳中求进、提质增 效"，明年是"十五五"规划开局之年，聚焦国内"提质增效"，有利于赢得"十五五"规划良好开局。当前 百年变局加速演进，面对外部不确定性，宏观政策要以"我"为主，把握好"逆周期""跨周期"力度，推动 经济实现质的有效提升和量的合理增长，以确定性应对不确定性。 【导读】明年经济工作坚持"稳中求进、提质增效"总基调，为"十五五"规划开局注入强劲动力 中共中央政治局12月8日召开会议，分析研究2026年经济工作。 受访专家表示，会议强调明年经济工作坚持"稳中求进、提质增效"总基调，兼顾了短期稳增长与中长期 高质量发展。同时，宏观政策、扩大内需、创新驱动等多方面协同发力，将为"十五五"规划开局筑牢根 基，更好推动我国经济高质量发展。 亮点1：紧扣"稳中求进、提质增效"总基调 为"十五五"规划开局夯实基础 会议强调明年经济工作要坚持"稳中求进、提质增效"的总基调，"实施更加积极有为的宏观政策""持续 扩大内需、优化供给"，并将"内需主导，建设强大国内市场"放在八大任务首位。 上海金融与发展实验室首席专家、主任曾刚表示，此次宏观 ...

Group 1: Stock Market Activity - On the institutional leaderboard, 41 stocks were listed, with 23 seeing net purchases and 18 experiencing net sales [1] - The top three stocks with the highest net purchases were Dekoli (175 million), Tongyu Communication (70.7 million), and Haixin Food (64.93 million) [1] - Dekoli's stock price increased by 20.00%, while Tongyu Communication's decreased by 8.30%, and Haixin Food's rose by 8.43% [2] Group 2: Economic Policy Insights - The Central Political Bureau's meeting emphasized the importance of expanding domestic demand and optimizing supply, indicating a shift towards a more integrated approach to consumption and investment policies [3] - The meeting highlighted the need for local governments to have greater flexibility in implementing policies to boost consumption and investment, rather than focusing solely on consumption [3] - The policy framework continues to prioritize domestic demand, with a clear goal of increasing the resident consumption rate significantly [4] Group 3: Company Profiles - Dekoli is a company involved in the optical transmission industry, with its 400G coherent module having achieved small-scale trial production and receiving overseas sample orders for silicon-based OCS [2] - Xiamen Port Authority operates the largest port terminal in Xiamen and benefits from the development of the Haixi Free Trade Zone [5] - Shuhua Sports, based in Quanzhou, is recognized as one of the leading manufacturers of fitness equipment and display racks in China [5]

Group 1 - The pharmaceutical sector continues to adjust, with various indices such as the Hang Seng Innovative Drug Index and the CSI Hong Kong Pharmaceutical and Health Comprehensive Index declining by 1.2% [1] - Despite the downturn, there is a significant capital inflow, with the Hang Seng Innovative Drug ETF (159316) seeing a net subscription of over 80 million units throughout the day [1] - The fundamental reason for the pharmaceutical industry's ability to reach new highs despite ongoing challenges is the persistent demand for pharmaceuticals and the increasing number of unmet needs, alongside continuous R&D investments by pharmaceutical companies [1] Group 2 - China has become a significant player in global innovative drug research and development, with overseas licensing activity continuing to rise year after year [1] - The pharmaceutical industry is entering a revenue era driven by innovation [1]

Core Viewpoint - Yancheng Binhai County is focusing on high-quality development, leveraging investment attraction, project construction, and a favorable business environment to enhance its industrial economy, transitioning from quantity accumulation to quality leap [1] Group 1: Investment Attraction - Investment attraction is seen as the "source of vitality" for industrial economic development, with Binhai emphasizing a "project-first" approach and continuously improving its investment mechanisms [2] - The automotive parts industry is a key focus, with companies like Ruiyuqi Heat Exchange Technology establishing operations and achieving over 95% export rates to markets in Europe and America [2] - Binhai is fostering industrial clusters by identifying quality projects in key sectors such as petroleum machinery, electronic information, and green energy, aiming to attract core projects within these chains [2] Group 2: Enterprise Cultivation - The county is committed to strengthening enterprise cultivation through policy guidance and resource integration, aiming to build a modern industrial system centered on advanced manufacturing [3] - Binhai is actively nurturing specialized small and medium enterprises, manufacturing champions, and high-tech firms to promote innovation and enhance market competitiveness [3] Group 3: Project Management - Binhai implements a full lifecycle management approach for projects, establishing clear responsibility and task lists to ensure project quality and quantity improvements [4] - The county is enhancing support for enterprises by addressing financing challenges and facilitating access to government funding, while also improving labor supply through various initiatives [4] Group 4: Business Environment Optimization - Binhai is optimizing its business environment by creating a smart supervision platform for administrative law enforcement, aiming to minimize disruptions to normal business operations [5] - The new government service center has streamlined processes for enterprise-related approvals, allowing for efficient handling of 12,303 cases through a centralized service model [6]

Group 1: Market Overview - The Hong Kong stock market experienced a decline on December 8, with the Hang Seng Index falling by 1.23% and the Hang Seng China Enterprises Index dropping by 1.25% [2] - The total trading volume in the market was HKD 206.23 billion, with short selling accounting for 16.66% of the total trading volume [2] - Northbound capital saw a net inflow of HKD 1.54 billion, with Xiaomi Group, SMIC, and Pop Mart being the most actively bought stocks [2][3] Group 2: Policy Insights - The Central Political Bureau emphasized the continuation of a proactive fiscal policy and a loose monetary policy to stimulate consumption and counter economic downward pressure [4] - The meeting outlined eight key principles for economic work in 2026, with a focus on domestic demand, innovation, reform, and green transformation [4] Group 3: Company Analysis - Bosideng (3998.HK) - Bosideng reported a revenue of HKD 8.928 billion for the first half of the fiscal year ending September 30, 2025, representing a year-on-year increase of 1.4%, while net profit rose by 5.3% to HKD 1.189 billion [6] - The brand's down jacket business saw an 8.3% increase in revenue to HKD 6.568 billion, although the gross margin decreased by 2.0 percentage points to 59.1% [6] - The OEM business faced challenges, with revenue declining by 11.7% to HKD 2.044 billion, but gross margin improved by 0.4 percentage points to 20.5% due to effective cost management [7] Group 4: Future Outlook - The company is expected to perform well in the upcoming peak season, with projected EPS for fiscal years 2026-2028 at HKD 0.35, 0.38, and 0.43 respectively [8] - A target price of HKD 6.0 is set for the 2025/26 fiscal year, reflecting a 16 times PE ratio [8]

策略研究 | 证券研究报告 — 点评报告 2025 年 12 月 9 日 政治局会议点评 提质增效 行稳致远 中共中央政治局 12 月 8 日召开会议，分析研究 2026 年经济工作，审议《中 国共产党领导全面依法治国工作条例》。中共中央总书记习近平主持会议。 证券分析师：郭晓希 (8610)66229019 xiaoxi.guo@bocichina.com 证券投资咨询业务证书编号：S1300521110001 外部环境关注度有所上升。在宏观形势的判断上，本次会议对 2025 年及 过去五年的经济成就给予了肯定，认为'十四五'规划目标将顺利实 现。对于下一阶段的政策目标，本次会议首次提出'更好统筹国内经济 工作和国际经贸斗争'，显示当前外部环境不确定性加大背景下，政策 对于外部环境的关注度有所上升。 开局'十五五'，提质增效，行稳致远。宏观政策定调上，延续了'稳 中求进'的总基调的同时以'提质增效'代替去年的'以进促稳'；强 调'发挥存量政策和增量政策集成效应，加大逆周期和跨周期调节力度'； 同时指出'增强政策前瞻性针对性协同性'，'持续扩大内需、优化供 给、做优增量、盘活存量'，可见 2026 年宏观政策 ...

中共中央政治局12月8日召开会议，分析研究2026年经济工作，审议《中国共产党领导全面依法治国工 作条例》。中共中央总书记习近平主持会议。会议指出，明年经济工作要坚持稳中求进、提质增效，继 续实施更加积极的财政政策和适度宽松的货币政策，发挥存量政策和增量政策集成效应，加大逆周期和 跨周期调节力度，切实提升宏观经济治理效能。要坚持内需主导，建设强大国内市场；坚持创新驱动， 加紧培育壮大新动能；坚持改革攻坚，增强高质量发展动力活力；坚持对外开放，推动多领域合作共 赢；坚持协调发展，促进城乡融合和区域联动；坚持"双碳"引领，推动全面绿色转型；坚持民生为大， 努力为人民群众多办实事；坚持守牢底线，积极稳妥化解重点领域风险。 ...