Group 1 - Several foreign institutions, including UBS, JPMorgan, and Fidelity International, believe that Chinese assets have a solid foundation for continued rebound due to profit growth, accelerated innovation, and attractive valuations in their 2026 macroeconomic and stock market outlooks [1] - International long-term capital is showing strong interest in Chinese assets, particularly in sectors like healthcare, robotics, and low-altitude economy, with significant investments from Middle Eastern funds [2] - As of November, foreign long-term capital net bought approximately $10 billion in A-shares and H-shares, contrasting sharply with an outflow of about $17 billion in 2024, indicating a positive trend in foreign investment [3] Group 2 - Deutsche Bank projects that consumption will remain the main driver of China's economic growth, with a recovery in investment contributions and strong export performance [4] - The Central Economic Work Conference emphasized the need for effective qualitative improvements and reasonable quantitative growth in the economy, which is expected to support ongoing structural reforms [5] - UBS highlights that the technology sector in China represents one of the most significant global opportunities, with expected corporate profit growth of up to 37% in 2026, driven by ample liquidity [6]

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"。中国机械工业联合会党 委副书记、副会长张文宏出席并致辞。 张文宏表示，今年前三个季度，规模以上机械工业增加值同比增长8.7%，高于全国工业平均水平，有 力支撑了工业经济的平稳运行。机械工业必须坚持科技自立自强，加快推动科技创新和产业创新的深度 融合，坚持智能化、绿色化、融合化的方向。 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"。中国机械工业联合会党 委副书记、副会长张文宏出席并致辞。 责任编辑：王翔 张文宏表示，今年前三个季度，规模以上机械工业增加值同比增长8.7%，高于全国工业平均水平，有 力支撑了工业经济的平稳运行。机械工业必须坚持科技自立自强，加快推动科技创新和产业创新的深度 融合，坚持智能化、绿色化、融合化的方向。 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 ...

扫码观看视频 船舶近日停靠在宁波舟山港梅山港区装卸货物。 新华社记者 翁忻旸摄 前不久召开的中共二十届四中全会，审议通过了《中共中央关于制定国民经济和社会发展第十五个 五年规划的建议》（下称"《建议》"）。《建议》提出了中国未来5年发展的总体思路、重大原则、主 要目标、战略任务。未来如何继续通过全面深化改革、扩大高水平对外开放，促进高质量发展？近日， 在海南海口举行的第91次中国改革国际论坛上，来自国内外的专家学者围绕《建议》展开热议。专家表 示，未来5年，中国将在开放中谋发展，在改革中增动力，迈向更高质量、更可持续的发展新阶段。 进一步全面深化改革谋求新突破 【观察】 《建议》提出，"十五五"时期要"以改革创新为根本动力"，将"坚持全面深化改革"作为"十五五"时 期经济社会发展必须遵循的原则之一，并将"进一步全面深化改革取得新突破"列为"十五五"时期经济社 会发展主要目标之一，内容包括国家治理体系和治理能力现代化深入推进，社会主义市场经济体制更加 完善，高水平对外开放体制机制更加健全，全过程人民民主制度化、规范化、程序化水平进一步提高， 社会主义法治国家建设达到更高水平。 "十四五"以来，重点领域改革破立并 ...

Core Insights - The communication and electronics sectors have consistently ranked among the top five industries in annual growth for three consecutive years (2023-2025), with the communication sector achieving the highest growth in both 2023 and 2025, a rare occurrence in A-share history [2][5] - The AI "siphon effect" has significantly boosted the performance of the communication sector, which has seen an 81.67% increase year-to-date as of December 14, 2025, leading all industries [2][3] - The historical trend indicates that most industries do not maintain top rankings for more than three years, with the food and beverage sector being the only exception that achieved five consecutive years in the top ranks from 2016 to 2020 [5][6] Communication Sector Performance - The communication sector's growth is driven by high demand related to AI, with specific sub-sectors such as optical modules, domestic chips, AI power supplies, optical fibers, and high-speed copper connections showing remarkable annual increases of 172.08%, 41.16%, 33.04%, 81.77%, and 60.83% respectively [2][3] - Companies like Zhongji Xuchuang and Xinyi Sheng reported record net profits for the first three quarters, with increases of 90.05% and 284.38% respectively [4] Electronics Sector Performance - The electronics sector, while not as high as communication, still ranked third with a year-to-date growth of 45.9% as of December 14, 2025, maintaining a position in the top five for three consecutive years [4][5] Historical Context and Future Outlook - The communication and electronics sectors breaking the "three-year barrier" is significant, indicating a shift in market dynamics driven by a deeper, more sustainable industrial momentum linked to the global AI revolution and China's technological self-reliance strategy [7][9] - Analysts are optimistic about the communication sector's prospects for 2026, with many institutions highlighting sub-sectors like AI computing, AI applications, and satellite internet as particularly promising [8][9] - The anticipated deployment of 1.6T high-speed optical modules in 2026 is expected to create new opportunities within the AI hardware supply chain [8]

Core Viewpoint - The communication and electronics sectors have consistently ranked among the top five industries in annual growth for three consecutive years (2023-2025), with the communication sector achieving the highest growth in both 2023 and 2025, a rare occurrence in A-share history [3][4]. Group 1: Communication Industry Performance - As of December 14, 2025, the communication industry has seen a remarkable growth of 81.67%, leading all sectors. Key sub-sectors such as optical modules, domestic chips, AI power supplies, optical fiber cables, and high-speed copper connections have experienced significant annual growth rates of 172.08%, 41.16%, 33.04%, 81.77%, and 60.83% respectively [4]. - The financial performance of companies in the optical module sector has been outstanding, with firms like Zhongji Xuchuang and Xinyi Sheng reporting record net profits of 7.132 billion and 6.327 billion yuan, reflecting year-on-year growth rates of 90.05% and 284.38% respectively [4]. Group 2: Electronics Industry Performance - The electronics industry, while not as high as the communication sector, has also performed well, with a year-to-date growth of 45.9%, ranking third overall. This marks the third consecutive year that the electronics sector has placed in the top five for annual growth [5]. Group 3: Historical Context and Trends - Historically, the communication industry has rarely maintained a top-five position for more than two consecutive years, with notable fluctuations in its annual rankings. In contrast, the food and beverage sector has demonstrated remarkable resilience, maintaining a top-five position for five consecutive years from 2016 to 2020 [6][7]. - The current performance of the communication and electronics sectors challenges the historical trend of industries typically experiencing cyclical peaks and troughs, suggesting a more sustained growth driven by deeper, long-term industry dynamics such as the global AI revolution and China's technological self-reliance strategy [10]. Group 4: Future Outlook - Analysts from various institutions are optimistic about the communication sector's prospects for 2026, particularly in sub-sectors like AI computing, AI applications, and satellite internet. The year 2026 is anticipated to be pivotal for the deployment of 1.6T high-speed optical modules, with significant advancements in revolutionary technologies [11]. - The growth of the communication industry is expected to be supported not only by high demand but also by infrastructure upgrades and favorable policy directions, indicating a robust growth trajectory in the context of increasing national emphasis on technological development [12].

随着2025年A股行情步入尾声，回溯近三年的市场结构，一个显著特征浮现：通信与电子行业已连续三 年（2023~2025年）跻身年度涨幅前五的一级行业之列（按申万一级行业统计，下同）。其中，通信行 业在2023年与2025年"摘冠"，表现尤为抢眼。这一持续性领涨态势，在A股历史上颇为罕见。 第一财经记者整理数据及行业表现，观测过去2000年以来的A股行业涨幅榜，市场素有"各领风骚两三 年"的周期规律，仅食品饮料行业曾在2016年至2020年实现连续五年涨幅排名前五，其他行业均未能突 破"领涨周期难超三年"的历史规律。如今，以AI算力硬件为核心的通信和以半导体、PCB等为代表的电 子行业，正试图挑战这一"历史牢笼"。 站在2025年末，投资者不禁要问：在即将到来的2026年，这场由科技革命驱动的"破笼"之战能否成功？ 通信与电子能否挣脱历史规律束缚，实现罕见的"四连强"？ 数据显示，2000年~2022年，通信行业只在2003年~2004年连续两年排进前五，其余年份甚至很少进入 前十名，2020年通信行业更是排名全市场倒数第二。2010年和2019年，电子行业摘得全市场第一名， 2022年该行业却垫底全市场。 通 ...

Market Structure - The A-share market has formed a dual-core industrial structure centered on technology growth and midstream manufacturing, driven by macroeconomic cycles, industrial policy guidance, and market funding preferences [6][9][12] - The technology sector has developed into a high-prosperity cluster with significant internal linkage, while the manufacturing sector serves as a market stabilizer, maintaining connections with various fields [10][12] - The TMT sector has shown a clear rotation characteristic with midstream manufacturing since 2021, constituting the core direction for market capital allocation [12][16] Market Sentiment - The three-dimensional sentiment model provides an objective and sensitive monitoring of market sentiment, which is crucial for observing phase changes in the market [23][51] - In 2025, the market sentiment exhibited a dual-cycle pattern, with a small cycle from January 6 to April 14 and a larger cycle from April 15 to October 29, reflecting the complex interplay of policy and external factors [51][52] - The sentiment phases are closely linked to industrial rotation, with TMT industries gaining prominence during positive sentiment periods, while upstream resource industries serve as defensive plays during cautious sentiment [52][53] Policy Frequency Analysis - The "14th Five-Year Plan" and "15th Five-Year Plan" highlight a strategic emphasis on technological innovation and manufacturing, indicating a shift towards self-reliance and security in the industrial framework [56][57] - The frequency of terms related to safety, technology, and energy in the "15th Five-Year Plan" suggests a deepening focus on these areas, reflecting their importance in the context of modernizing China's economy [57]

编者按 0:00 随着时代步伐的奔涌向前，很多古城面临"记忆消失"的危机。古城的传统风貌如何精准留存?今天，一 起走进"中华古城数字图谱集成工程"，看中华古城如何在数字时代让"古今对话"成为可能。 千万IP创科普，共筑科技强国梦。为普及科学知识，弘扬科学精神，提高全民科学文化素质，助力实现 高水平科技自立自强，中国科协科普部与人民网联合策划推出"见证科技之路"主题报道，聚焦国家科技 战略政策、重要科技奖项、"卡脖子"关键核心技术等，深入基层一线开展采访调研，推出一批生动鲜活 的科普精品，大力弘扬科学家精神，为建设科技强国汇聚磅礴力量。 ...

Core Viewpoint - The construction materials sector experienced a decline of 1.41% during the week of December 6-12, 2025, underperforming against the Shanghai Composite and Wind All A indices, which saw changes of -0.08% and +0.26% respectively, resulting in excess returns of -1.33% and -1.67% [1] Group 1: Cement Market - The national average price for high-standard cement was 354.8 yuan/ton, reflecting a slight increase of 0.2 yuan/ton from the previous week but a significant decrease of 69.2 yuan/ton compared to the same period in 2024 [2] - The average cement inventory level among sample enterprises was 64.8%, down 1.6 percentage points from the previous week but up 0.9 percentage points year-on-year [2] - The average cement shipment rate was 43.9%, a decrease of 0.7 percentage points from the previous week and down 0.9 percentage points compared to 2024 [2] Group 2: Glass Market - The average price for float white glass was 1165.1 yuan/ton, up 1.2 yuan/ton from the previous week but down 247.0 yuan/ton year-on-year [2] - The inventory of float glass among sample enterprises was 5.542 million heavy boxes, a decrease of 133,000 heavy boxes from the previous week but an increase of 1.254 million heavy boxes compared to 2024 [2] - The domestic market for non-alkali roving yarn remained stable, with mainstream transaction prices for 2400tex non-alkali yarn ranging from 3250 to 3700 yuan/ton, unchanged from the previous week [2] Group 3: Industry Outlook - The cement industry is expected to see a gradual improvement in profitability due to proactive supply-side adjustments, with a projected increase in clinker capacity utilization [6] - The glass industry is facing a supply contraction, which may provide price elasticity in 2026, although current conditions are characterized by widespread losses among producers [7] - The fiberglass sector anticipates stable growth in demand driven by wind power and new applications, with a projected increase in effective capacity for 2026 [4][5]

科创贷产品是天津滨海农商银行聚焦科技型企业融资需求推出的专属产品，支持科技型企业以信用、知 识产权质押、科创积分、投贷联动等模式开展融资，在授信额度的核定上，可采取销售收入定额和风险 投资定额两种方式，为科技型企业提供更为多元化的融资选择。该产品自上线以来，今年已累计为47户 科技型企业投放贷款3.28亿元，以实打实的金融支持，助力一批科创企业从"新苗"长成"大树"、从技术 突破迈向市场拓展。 下一步，天津滨海农商银行将深入贯彻落实党的二十届四中全会精神，锚定"科技自立自强"目标，深化 金融产品创新，沿着人工智能、量子计算、6G通信等行业的研究，让资金更快更精准地直达企业需 求。全力护航科创企业从小到大、从强到优，为天津高质量发展提供更多金融动力。 党的二十届四中全会提出"加快高水平科技自立自强，引领发展新质生产力"。针对轻资产高科技企 业"有技术缺资金"的成长困境，天津滨海农商银行积极创新，探索投贷联动的金融服务新模式，将企业 技术价值转化为可量化的信用资产，让金融"活水"精准滴灌科技创新一线。近期，天津滨海农商银行与 天津某投资管理公司达成投贷联动合作意向，以投贷联动模式为天津某航空航天企业发放1000万 ...