Core Viewpoint - The event "China Unicom Data Element Empowerment Sichuan Digital Economy Achievement Conference" highlights the importance of data element industry development as a key driver for upgrading the digital economy in Sichuan, showcasing the province's commitment to national digital economy strategies [3][7]. Group 1: Event Overview - The 2025 Tianfu Digital Economy Conference commenced in Chengdu, featuring the specialized session on data empowerment, attracting over 300 participants from various sectors [1][3]. - The conference focused on "one unveiling, two capabilities, and three achievements," systematically presenting a new landscape for Sichuan's digital economy [1][3]. Group 2: Strategic Initiatives - Sichuan Unicom aims to transform data elements from "resources" to "productivity" by strengthening the digital foundation, deepening the integration of data and reality, and fostering an innovative ecosystem [3]. - The unveiling of the Southwest Intelligent Innovation Center by China Unicom is a strategic move to enhance data collection, algorithm development, and application scenarios, supporting the growth of the artificial intelligence industry [3][5]. Group 3: Key Achievements - Sichuan Unicom showcased two significant enabling achievements: a comprehensive analysis system for the cultural tourism sector and an integrated financial service system that enhances credit support through quality data resource integration [5]. - Collaborative projects, such as the urban data infrastructure construction with Chengdu Data Group, aim to facilitate the integration of public and social data, while the "Chuanjing e-Lan" mobile app provides real-time economic data for better economic regulation [5]. Group 4: Collaborative Efforts - The conference emphasized the establishment of a collaborative data element cooperation system among ecological partners, reinforcing the digital foundation of Sichuan and promoting the release of data value [7]. - The successful hosting of the conference reflects Sichuan's strong economic vitality in the data element sector and its potential to become a national hub for data element circulation [7].

2025年全球形势复杂多变，A股市场走出一波上涨行情。那么即将到来的2026年，宏观经济将会如何演 绎，A股市场上涨行情是结束还是蓄势待发？ 对于A股策略方面，申万宏源研究A股策略首席分析师傅静涛认为，A股AI产业链股价已处于长期低性 价比区域，但大波段上涨行情尚未结束，2026年春季前科技成长可能还有小波段反弹，在达到阶段性高 点后可能震荡调整，2026年下半年，A股可能启动全面上涨行情。 "十五五"规划建议进一步明确，采取超常规措施，全链条推动集成电路、工业母机、高端仪器、基础软 件、先进材料、生物制造等重点领域关键核心技术攻关取得决定性突破。 赵伟称，这一表述凸显了当前科技竞争的严峻性与我国突破"卡脖子"难题的决心，超常规措施或将体现 在研发投入强度提升、科研体制机制改革、创新生态优化等多个维度。"人工智能+"行动的全面实施或 成重要抓手，旨在抢占人工智能产业应用制高点，全方位赋能千行百业。 同时，"十五五"规划建议首提"续写经济快速发展和社会长期稳定两大奇迹新篇章"。赵伟认为，续 写"两大奇迹"，对未来一段时期的经济增速有基本要求，或意味着内需政策将在中长期改革框架下持续 加强。 从内需的角度来看，赵 ...

"以就业为例，传统的就业监测面临监测样本与采集手段滞后、动态预警与前瞻研判能力薄弱等难 点。"四川省人力资源和社会保障信息中心数据部部长罗婷婷介绍，如今借助就业大数据平台，不 仅可以精准捕捉灵活就业、平台用工等新业态群体就业信息，也能实时追踪就业岗位变动、人员 流动等情况。 让数据为具体业务赋能 □四川日报全媒体记者 尹梦奇 11月18日，中国联通数据要素赋能四川数字经济成果发布会上，来自全国数字经济领域的行业专 家、企业高层齐聚一堂，探讨如何让数字红利更好惠及经济运行和产业转型。 经济监测调度可"指尖轻点知全局" 数据是数字经济时代的"石油"。而要让数据要素"供得出、流得动、用得好"，最终实现赋能数字 经济高质量发展，则事关数据基础设施这一关键"底座"。 "数据基础设施要解决的是流通和安全的问题。"成都数据集团董事长邓建平介绍，例如，成都市 城市可信数据空间在"管住一级、放活二级"的数据资源开发利用模式基础上，构建开放的可信数 据资源体系，支撑安全合规高效地开展公共数据原始数据供给。 要发挥好数据要素的乘数效应，也离不开场景需求牵引。如今，打造高质量的示范应用场景，已 成为四川促进数据资源有序开发利用的"催 ...

Core Viewpoint - The 2026 Capital Market Investment Conference hosted by Shenwan Hongyuan emphasizes the importance of technological innovation and data as new driving forces for economic growth, suggesting a shift in investment strategies towards new sectors and opportunities [3][6][7]. Group 1: Economic Outlook - Liu Jian, Chairman of Shenwan Hongyuan, highlighted that the "14th Five-Year Plan" prioritizes technological innovation, which will lead to breakthroughs in industries such as artificial intelligence, biomedicine, and hydrogen energy [6]. - The conference suggests that the future growth of the Chinese economy will rely on new factors of production rather than traditional drivers, opening new spaces for capital market investments [7]. Group 2: Market Strategy - The research team at Shenwan Hongyuan proposed a "two-stage bull market" outlook, predicting that the first stage, driven by technological structure, will peak in spring 2026, followed by a comprehensive bull market in the second half of 2026 [7][8]. - The team anticipates significant improvements in A-share profitability in 2026, marking the first time in five years that both non-profitability and net profit growth will show double-digit increases [8]. Group 3: Macroeconomic and Bond Market Insights - Chief Economist Zhao Wei noted that the reforms during the "14th Five-Year Plan" will focus on systemic effectiveness, with 2026 expected to be a pivotal year for comprehensive reform and development [9]. - The bond market is entering a new phase where the core variables will shift towards price and capital flow, with a particular focus on inflation throughout 2026 [9].

Core Insights - The second New Quality Productivity Data Element Industry Innovation Conference was held in Beijing, focusing on the theme of "increasing capacity scenarios, enhancing resource efficiency, and improving quality innovation" [1] - The conference gathered representatives and experts from ten key sectors, including aerospace, low-carbon energy, artificial intelligence, and healthcare, to discuss the deep integration of "industry + scenarios" [1] Group 1 - Two major annual co-construction plans were officially announced at the conference [1] - The "AI + Advanced Manufacturing Skills Training Center" is led by Beijing Handifurui Technology Co., Ltd., in collaboration with various ecological partners, aiming to create a visible, applicable, and mobile skills training and output base for advanced manufacturing [1] - The "AI + Industrial Operating System Joint Laboratory" focuses on the intelligent upgrade and localization of industrial operating systems, promoting the development of advanced manufacturing through a common technology platform [1] Group 2 - The conference emphasized a collaborative model involving "joint bodies + leading enterprises + ecological partners" to build a common technology service platform [1] - The core empowerment methods are centered around artificial intelligence and data elements, facilitating collaborative innovation in specific fields and application scenarios [1] - The Zhongguancun Yonghe Aerospace Technology Park will continue to serve as a "data element integration practice field," providing systematic support for enterprises from technology validation to commercialization [2]

Group 1 - A total of 63 stocks in the A-share market reached the daily limit on November 18, indicating strong market activity [1] - Notable stocks include *ST Lvkang with 9 consecutive limit-ups in the veterinary medicine sector, and Shengli Shares with 6 consecutive limit-ups in the natural gas sector [1] - Other significant performers include Zhenai Meijia with 5 limit-ups in the home textile sector, and Jiuwang with 5 limit-ups in the clothing sector [1] Group 2 - ST Ruihe and Longzhou Shares both achieved 4 limit-ups, with ST Ruihe in the photovoltaic sector and Longzhou Shares in energy storage [1] - Huaxia Xingfu, also with 4 limit-ups, is associated with the robotics concept [1] - Companies like Aerospace Development and Zhongshui Fishery recorded 3 limit-ups, involved in commercial aerospace and agricultural sectors respectively [1]

Group 1 - The core viewpoint of the article emphasizes that the year 2026 marks the beginning of a new phase of high-quality development for China's economy and capital markets, driven by new factors and institutional reforms [1][2][3] Group 2 - The new factor system is expected to activate new engines for economic growth, with technology, data, and talent becoming key drivers, particularly in sectors like artificial intelligence, biomedicine, and hydrogen energy [1][2] - The data factor will play a crucial role in transforming consumption patterns and enhancing efficiency in traditional industries through digitalization and intelligent transformation [2][3] Group 3 - A new institutional framework is being established to reshape the capital market, focusing on enhancing direct financing and improving market inclusivity and adaptability [2][3] - Reforms in the capital market, including the deepening of the Sci-Tech Innovation Board and the establishment of a comprehensive institutional system, aim to improve the identification and pricing mechanisms for technology innovation enterprises [3] Group 4 - A new service system is being developed to provide comprehensive capital services, including risk investment, mergers and acquisitions, and ESG consulting, tailored to meet diverse investor needs [4] - The company is enhancing its investment services by offering a wide range of products to cater to different risk preferences and improving the overall investor experience [4]

Core Viewpoint - The 2026 Capital Market Investment Annual Conference emphasizes the transition of China's economy and capital markets towards high-quality development, driven by new factors such as knowledge, technology, and data, which will create new investment opportunities in the capital market [1][2][4]. Group 1: New Element System Activating Economic Growth - China's economic growth is shifting from traditional investment and export-driven models to new drivers represented by knowledge, technology, data, computing power, and talent [2]. - The R&D expenditure in China is projected to exceed 3.6 trillion yuan in 2024, with a GDP ratio of approximately 2.69%, surpassing Japan and South Korea in scale [4]. - The digital economy's added value is expected to reach 59.6 trillion yuan in 2024, accounting for over 43% of GDP, reflecting an increase of about 8 percentage points over the past five years [5]. Group 2: Restructuring Capital Market New Pattern - The "15th Five-Year Plan" emphasizes the combination of an effective market and a proactive government, enhancing the role of the capital market in resource allocation [6]. - Direct financing in China has expanded, with its proportion exceeding 30%, and the bond market's scale surpassing 190 trillion yuan, while the stock market's market capitalization has exceeded 100 trillion yuan [6][7]. - The capital market's reform aims to improve inclusivity and adaptability, with significant achievements in supporting innovative enterprises through various financing products [7]. Group 3: New Service System Opening Investment Tool Space - The company is innovating its service system to adapt to changes in the economic landscape, focusing on comprehensive capital services that include risk investment, IPOs, mergers and acquisitions, and ESG consulting [9]. - Investment services are being enhanced to meet diverse asset allocation needs, with a focus on providing a rich array of products for different risk preferences [9]. - The trading service system is being developed to support liquidity through capital intermediary transactions and innovative products like carbon finance [9].

Group 1 - The stock price of Sanrenxing increased by 2.16% on November 18, reaching 28.84 CNY per share, with a total market capitalization of 6.08 billion CNY [1] - Year-to-date, the stock price has decreased by 18.07%, with a recent 5-day increase of 1.91% and a 20-day decrease of 3.55% [1] - The company has appeared on the trading leaderboard once this year, with the most recent occurrence on July 18, where it recorded a net buy of -526.23 million CNY [1] Group 2 - Sanrenxing Media Group, established on August 13, 2003, and listed on May 28, 2020, is a comprehensive advertising media company based in Xi'an, Shaanxi Province [2] - The company's main business includes integrated marketing services, with digital marketing services accounting for 81.61% of revenue, primarily from advertising agency services [2] - As of September 30, the number of shareholders decreased by 1.51% to 22,600, while the average circulating shares per person increased by 1.53% to 9,330 shares [2] Group 3 - Since its A-share listing, Sanrenxing has distributed a total of 1.148 billion CNY in dividends, with 626 million CNY distributed over the past three years [3] - As of September 30, 2025, Hong Kong Central Clearing Limited is the fifth-largest circulating shareholder, increasing its holdings by 42.31% to 2.65 million shares [3]

Core Insights - The fifth Cultural Industry Academic Annual Conference was held in Nanjing from November 14 to 16, focusing on the theme of "Mutual Promotion and Prosperity of Culture and Economy" [1] - Experts discussed new paths for high-quality development in the cultural industry, emphasizing the importance of cultural confidence and innovation [1][4] Group 1: Development Directions - Future development of the cultural industry should transition from cultural confidence to cultural awareness, from production-oriented to creation-oriented, from integrated development to structural reshaping, and from narrative dissemination to civilization co-construction [1] - The "14th Five-Year Plan" provides a grand blueprint for the development of the cultural industry, positioning it as a crucial support for Chinese-style modernization [1] Group 2: Innovation and Technology - The role of data elements and artificial intelligence in driving innovation within the cultural industry was highlighted, with examples such as the Dunhuang Digital Art Exhibition and the Yungang Grottoes' smart preservation [3] - Technological advancements like Sora and ChatGPT are reshaping human-machine relationships, offering new possibilities for co-creation in culture [4] Group 3: City Image and Cultural IP - The generation of city IP requires activating grassroots "self-communication" mechanisms, solidifying industrial foundations, and exploring original cultural genes [3] Group 4: Discussions and Awards - Three roundtable forums were held, focusing on topics such as "Innovations in Humanistic Economics Theory and Practice," "Digital Intelligence and High-Quality Development of Cultural Industry," and "Cultural Consumption and Business Model Innovation" [4] - An award ceremony recognized outstanding papers, with five first prizes and eighteen second prizes awarded during the conference [7]