Core Viewpoint - The rare earth sector is experiencing significant growth, driven by rising prices of domestic rare earth materials and increasing demand from the new energy and high-end manufacturing sectors, highlighting the strategic value of rare earth resources amid geopolitical tensions [1]. Group 1: Market Performance - The rare earth ETF (159713) saw an intraday increase of 4.26%, currently showing a latest increase of 3.55% [1]. - Key stocks in the index, such as Antai Technology, Xiamen Tungsten, and Goldwind Technology, hit the daily limit up, while Zhong Rare Earth and Jinli Permanent Magnet surged nearly 7%, with nearly 90% of the rising stocks contributing to the index's impressive gains [1]. Group 2: Industry Dynamics - The "14th Five-Year Plan" emphasizes the importance of securing key mineral resources, which is expected to sustain the demand for rare earth permanent magnet materials [1]. - The overall manufacturing sector is gaining attention from investors due to the anticipated growth in demand for rare earth materials, driven by geopolitical competition and the strategic significance of these resources [1]. Group 3: Investment Focus - The rare earth ETF (159713) closely tracks the CSI Rare Earth Industry Index, focusing on the rare earth industry chain, particularly in resource extraction, smelting, separation, and the manufacturing of high-performance permanent magnet materials [1].

Group 1 - The A-share market indices collectively rose, with the Shanghai Composite Index increasing by 0.5% and surpassing 4100 points for the first time in 10 years, reflecting a gain of over 7% since mid-December last year and an increase of over 130 points since the beginning of the year [1] - The CSI A500 Index rose by 0.7%, while the ChiNext Index increased by 0.3%, indicating positive market sentiment [1] - The A500 ETF (E Fund, 159361) and ChiNext ETF (E Fund, 159915) both saw trading volumes exceed 1 billion yuan, highlighting strong investor interest [1] Group 2 - Industrial analysis from Industrial Securities suggests that the current market optimism is driven by confidence in the rise of major economies and structural economic transformation, supported by positive statements in the "14th Five-Year Plan" regarding policy direction and high-quality transformation [1] - The CSI A500 Index consists of 500 stocks with large market capitalization and good liquidity, covering 89 out of 93 sub-industries, effectively representing various sectors of the A-share market [1] - The ChiNext Index is composed of 100 stocks from the ChiNext board with large market capitalization and good liquidity, with over 90% of its components belonging to strategic emerging industries [1]

他说，各位参事认真履职尽责、主动建言献策，形成了一批质量高、针对性强的政策咨询报告和建 议，有效发挥了"思想库""连心桥""宣传员"的作用，有力支持了政府的科学决策、民主决策，为上海经 济社会发展贡献了力量。 龚正说，各位参事都是各个领域的行家里手，学识深厚、阅历丰富、视野广阔。今年是"十五五"开 局之年，希望大家一如既往关心支持政府工作，更好履职尽责、开拓创新，提出更多有价值、有分量的 真知灼见。希望各位参事立足全局、放眼长远，紧扣上海"十五五"时期经济社会发展的重大命题，加强 前瞻性战略性研究，更好服务科学决策。希望各位参事聚焦服务国家重大战略任务，进一步深化规律认 识，加强跟踪调研，多关心实践中的热点难点问题，更好推动改革发展。希望各位参事深入基层、倾听 民声，发挥好桥梁纽带作用，更好地帮助政府察民情、听民声、汇民智，及时反映群众关切，更好凝聚 社会共识。市政府将一如既往支持参事开展工作，努力为各位参事履职尽责创造更好条件，认真听取大 家的意见和建议，齐心协力把各项工作做好。 市政府党组成员彭沉雷出席。 记者 吴頔 市委副书记、市长龚正昨天主持召开市政府参事座谈会，就2026年《政府工作报告》（征求意见 ...

Core Insights - The "14th Five-Year Plan" period is a crucial five years for China's comprehensive construction of a modern socialist country, with provincial plans serving as important action guides for future development [1] - As of mid-last month, 27 out of 31 provinces have completed the review of their "14th Five-Year Plan" proposals, with 26 provinces officially releasing them to the public [1] Group 1: Provincial Review Progress - 27 provinces have completed the review of their "14th Five-Year Plan" proposals [1] - 26 provinces have officially published their plans, while Anhui has passed the review but not yet published, and Gansu, Xinjiang, and Yunnan have not been found [1][2] Group 2: Key Focus Areas in Provincial Plans - Provinces are focusing on building modern industrial systems, enhancing traditional industries, and fostering emerging industries [5][21] - Emphasis on technological innovation and creating high-level innovation platforms to strengthen the role of enterprises in technological innovation [5][21] - Commitment to ecological priority and green development, promoting a comprehensive green transformation of economic and social development [5][21] Group 3: Specific Initiatives and Strategies - Provinces like Hebei are focusing on major national strategies, such as the construction of the Xiong'an New Area and the coordinated development of the Beijing-Tianjin-Hebei region [5][21] - The development of low-altitude economy is highlighted by provinces like Guangdong, Jilin, and Sichuan, involving drone manufacturing and logistics [30] - The integration of artificial intelligence with the real economy is emphasized, particularly in manufacturing and agriculture [31] Group 4: Energy and Sustainability - New energy systems are being developed, with 19 regions proposing green electricity supply and direct connection [32] - Focus on new energy storage technologies, moving beyond traditional pumped storage to include lithium, sodium, and flow batteries [33] Group 5: Resilience and Security - Western provinces like Sichuan, Chongqing, and Guizhou are emphasizing the establishment of backup industrial chains to support the transfer of industries from the east [34]

日前，市委副书记、市长吴庆文先后主持召开座谈会，就将要提请市十七届人大五次会议审议的 《政府工作报告》分别向社会各界人士，部分人大代表、政协委员，以及各民主党派、工商联负责人和 无党派人士代表征求意见建议，进一步集思广益、汇聚众智，更好谋划推进新一年重点任务。 市委常委、统战部部长王飏，市政府秘书长徐本等参加相关会议。 在社会各界人士代表座谈会上，老领导、院士专家、企业家等社会各界代表紧紧围绕报告，各抒己 见、畅所欲言。在代表委员征求意见座谈会上，来自科技、教育、经济等领域的市人大代表和政协委员 结合自身实际，踊跃发言、贡献真知灼见。在党外人士代表征求意见座谈会上，民革市委会主委朱依 东、民盟市委会主委葛昕、民建市委会主委单杰、民进市委会主委钱振明、农工党市委会主委张健红、 致公党市委会主委黄靖、九三学社市委会专职副主委谢剑峰、市工商联主席周俊、市党外知识分子联谊 会会长李赞先后发言，对报告及政府工作提出富有针对性和可操作性的意见建议。 吴庆文感谢大家长期以来对政府工作的关心、支持和帮助。他说，《政府工作报告》征求意见建议 是广泛凝聚智慧的重要渠道，也是加强和改进政府工作的重要举措。大家就报告提出的意见建议针 ...

Core Viewpoint - The article emphasizes the importance of public funds in contributing to the construction of a financial power and the need for a shift towards high-quality development in the financial sector, aligning with the principles outlined in the 20th National Congress of the Communist Party of China [1][2]. Group 1: Financial Development Strategy - The 20th National Congress has set a clear blueprint for financial development over the next five years, transitioning from "scale expansion" to "quality enhancement" in the financial sector [2]. - The "14th Five-Year Plan" has been upgraded to a comprehensive strategy that emphasizes not just size but also the strength and quality of financial services [2]. Group 2: Investor-Centric Development - The company has established a customer lifecycle service system focused on the best interests of investors, achieving significant results in investment research, product development, and customer service [3]. - Investment research capabilities have been enhanced through a dual approach of internal training and external recruitment, creating a multi-dimensional talent pool [3]. - The product lineup has been optimized to focus on specialized areas rather than being a "jack of all trades," with a clear differentiation in risk profiles for various investment products [3][4]. Group 3: Service Enhancement - The company has launched a service brand "With Finance" to enhance customer engagement through professional insights and various educational activities [4]. - A comprehensive lifecycle service process has been established, focusing on different phases of customer engagement, including potential, holding, and exit periods [4]. Group 4: Future Development Goals - The company aims to leverage its resources to enhance service capabilities and create new advantages in a differentiated manner [5]. - There is a commitment to integrating party policies into governance and strategic decision-making to ensure a solid foundation for development [5]. - The company plans to focus on thematic products in technology finance, green finance, and pension finance, while also enhancing financial inclusivity and community support [6]. Group 5: Compliance and Risk Management - The company is committed to strengthening compliance and risk management mechanisms across all business lines, ensuring that investor interests are prioritized [6]. - A focus on improving the investor experience through performance evaluation metrics that consider actual gains and losses is emphasized [6]. Group 6: Commitment to Industry Leadership - The company will continue to deepen its professional capabilities and service reforms, aiming to become a trusted wealth manager for investors and contribute to the construction of a financial power [7].

Market Analysis - The A-share market is experiencing a steady upward trend, with the Shanghai Composite Index achieving a 15-day consecutive rise, indicating strong market momentum and increased trading volume from approximately 1.7 trillion to about 2.9 trillion [5][6] - There is a noticeable divergence in market performance, with thematic stocks rising while heavyweight stocks consolidate, suggesting a healthy market environment that may support further index growth [5][6] - The current market is at a critical juncture of policy and industrial resonance, with long-term support from the 15th Five-Year Plan, monetary policy easing, and industrial upgrades in sectors like semiconductors and commercial aerospace [5][6] Stock Market - The Shanghai Composite Index closed at 4082.98 points, down 0.07%, marking its 15th consecutive rise, while the Shenzhen Component Index and ChiNext Index fell by 0.51% and 0.82% respectively [6] - The trading volume for A-shares was approximately 2.83 trillion, with over 3700 stocks rising, indicating active market participation [6] Bond Market - The government bond futures market saw a comprehensive rebound, with the 30-year main contract rising by 0.37% to 111.000 yuan, and the 10-year main contract increasing by 0.15% to 107.790 yuan [9] - The People's Bank of China conducted a 99 billion yuan reverse repurchase operation, maintaining a net injection of liquidity, which may influence short-term bond market dynamics [9] Commodity Market - The commodity market experienced a general decline, with most varieties falling, while coking coal and coke prices remained strong, indicating a mixed performance across sectors [8][9] - The price of polysilicon dropped significantly, closing at 53,610 yuan per ton, reflecting a relatively loose supply-demand balance despite a reduction in production [9] Trading Hotspots - Key investment themes include precious metals supported by central bank purchases and expectations of U.S. Federal Reserve rate cuts, commercial aerospace driven by government support, and nuclear fusion with accelerated industrialization [11][13] - The AI application sector is gaining traction with significant advancements from major tech companies, while consumer sectors are benefiting from currency appreciation and market style shifts [11][13] Core Thoughts - The equity market is expected to continue its upward trajectory supported by policy backing, foreign capital inflows, and industrial innovation, with a potential for short-term fluctuations [13] - The bond market may face adjustments influenced by stock-bond dynamics and central bank operations, necessitating close monitoring of policy changes [13] - The commodity index is showing signs of sustained bullish sentiment, suggesting ongoing investment interest in major global commodities and domestic anti-involution products [13]

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - In 2026, the equity market is expected to start a new upward wave in Q1, with a long - position overweight strategy for the stock index. The bond market may continue its weak performance at the beginning of 2026 but could have a rebound after the Spring Festival, with a short - position hedge before the Spring Festival and a long - position underweight after. Commodities should be structurally allocated, with long - position overweight on precious metals, non - ferrous metals, and new energy commodities, long - position standard allocation (timing) on black building materials and agricultural products, and short - position standard allocation on crude oil [4]. Summary by Relevant Catalogs 1. Review of the Performance of Major Asset Classes - **Equity Market**: In December 2025, the A - share market oscillated upward, switching back to the growth - oriented style. Most primary industry indices rose, with national defense, communications, non - ferrous metals, non - bank finance, and machinery leading the monthly gains [8][10]. - **Bond Market**: The performance of short - and long - term bonds diverged. Short - term Treasury yields declined while long - term yields increased, and the Treasury term spread widened significantly. By December 31, 2025, the 2 - year and 5 - year Treasury yields dropped to 1.3605% and 1.3830% respectively, while the 10 - year and 30 - year yields rose to 1.8473% and 2.2674% [13]. - **Commodities**: The prices of domestic commodity futures were differentiated, with precious metals leading the gains. As of December 28, 2025, the precious metals index soared 14.38%, the metal index rose 6.18%, the industrial products index increased 1.44%, and the agricultural products index slightly declined 0.59% [17]. 2. Outlook and Analysis of Major Asset Classes - **Macroeconomic Aspect**: Abroad, the probability of further interest rate cuts by the Fed may decrease. Domestically, the probability of interest rate cuts in Q1 2026 is low, but a reserve requirement ratio cut is still expected [19][28]. - **Equity Assets**: In the short - to - medium term, the cross - year market has started, and the equity market is expected to start a new upward wave in Q1 2026. In the long - term, the policy and liquidity environment in 2026 are favorable to the market [31][32]. - **Bond Assets**: The bond market may continue its weak performance at the beginning of 2026, with the upper limit of the 10 - year Treasury yield before the Spring Festival likely between 1.90% - 1.95%. After the Spring Festival, there may be an oversold rebound opportunity [35][36]. - **Commodities**: The differentiation pattern of commodities will continue. Crude oil may remain weak after a short - term rebound. Industrial metals may face supply - demand imbalance, and agricultural product prices may fluctuate more due to various factors. Precious metals may experience significant short - term fluctuations but maintain an upward long - term trend [37][38]. 3. Allocation Strategies for Major Asset Classes - **Domestic Stock Index**: In 2026, the equity market should be strategically allocated, with a long - position overweight in January. Focus on industries such as the AI industry chain, leading companies going global, industries with improved supply - demand relationships, and the industrialization of cutting - edge technologies [40]. - **Commodities**: Increase the weight of commodities in the asset allocation. Overweight precious metals, non - ferrous metals, and new energy commodities; standard - allocate black building materials and agricultural products (timing); and short - allocate crude oil [41][42]. - **Treasury Bonds**: Hedge with short positions before the Spring Festival and underweight long positions after the Spring Festival. The bond market will remain volatile in 2026 and should be under - allocated [43].

中共中央政治局常务委员会召开会议 听取全国人大常委会、国务院、全国政协、最高人民法院、最高人民检察院党组工作汇 报 会议强调，今年是中国共产党成立105周年，是"十五五"开局之年。全国人大常委会、国务 院、全国政协、最高人民法院、最高人民检察院党组要以习近平新时代中国特色社会主义思 想为指导，深入贯彻党的二十大和二十届历次全会精神，认真落实四中全会部署，坚持党中 央集中统一领导，深刻领悟"两个确立"的决定性意义，增强"四个意识"、坚定"四个自信"、 做到"两个维护"，始终在思想上政治上行动上同以习近平同志为核心的党中央保持高度一 致，不折不扣把党中央各项决策部署落到实处。要锚定"十五五"时期经济社会发展的重大战 略任务，统一意志、形成合力，共同推进各领域工作，努力实现良好开局。树立和践行正确 政绩观，坚持为人民出政绩、以实干出政绩。加强党组自身建设，认真履行全面从严治党主 体责任，切实增强自我革命的自觉性坚定性。 会议强调，新的一年里，中央书记处要深入贯彻党的二十大和二十届历次全会精神，认真落 实四中全会部署，围绕中央政治局、中央政治局常委会部署要求，立足职责抓好指导开展党 内集中教育、完善党内法规制度建设、 ...

Group 1 - The "15th Five-Year Plan" emphasizes "high-quality development" as a core theme for China's economic and social progress, mentioning "high quality" 25 times across various sectors [1] - The plan marks a transition from "demographic dividend" to "talent dividend," highlighting the importance of human capital in driving high-quality employment and economic growth [1][3] - Companies are urged to shift from traditional labor models to more refined, efficient, and high-value talent management strategies to meet the evolving demands of the market [3][4] Group 2 - The plan introduces unprecedented requirements for human resources, focusing on optimizing employment structures, enhancing worker skills, and ensuring precise matching of labor supply and demand [3] - Companies face three main challenges: upgrading talent structures, restructuring organizational efficiency, and addressing global talent acquisition issues amid a dual circulation development model [3] - The strategic elevation of "human resource management" to "human capital operation" is essential for companies to unlock employee potential and drive internal growth [4] Group 3 - Companies are encouraged to adopt an open talent ecosystem, moving away from traditional closed talent management models to enhance agility and specialization [6] - The emphasis on fair and transparent compensation structures aims to align employee remuneration with job value, individual capabilities, and performance contributions [7] - A comprehensive employee welfare system is essential, focusing on professional development, mental health, and work-life balance to foster a resilient and creative organizational culture [8] Group 4 - JOYO GROUP recognizes the unprecedented mission and opportunities presented by the "15th Five-Year Plan" for the human resources service industry, aiming to support high-quality development through a global service network [10] - The company offers a range of services, including business process outsourcing, recruitment process outsourcing, and leadership training, to address domestic and international market needs [10] - JOYO GROUP aims to help Chinese enterprises navigate challenges in overseas expansion, such as legal compliance and local management, thereby facilitating their growth in the global market [10]