Group 1 - The positive factors for stabilizing profits are increasing, including weak endogenous economic recovery, policy support, and potential improvements in PPI and real estate [4][11][18] - The PPI is expected to show marginal improvement due to seasonal demand and supply-demand balance driven by "anti-involution" policies [4][18][22] - The real estate market is experiencing a downtrend, but there are signs of potential stabilization, with some data showing slight improvements [4][28][29] Group 2 - The core factors influencing the height of the liquidity bull market are policies and stock market funds, with smaller bull markets focusing on profits while larger bull markets are driven by macro liquidity [4][11][18] - The capital market's institutional dividends can easily drive large-scale bull markets, and the "asset shortage" logic is expected to enhance the willingness to allocate funds to the stock market [4][18][22] - The regulatory policy adjustment rhythm will be crucial in the mid-term of the bull market, with significant changes in investor behavior expected as the market progresses [4][11][18] Group 3 - The style judgment indicates that small-cap growth stocks remain a trend, but there will be volatility in the mid-term of the bull market [4][29][31] - Long-term trends favor small-cap stocks, but there may be significant quarterly fluctuations influenced by new resident funds and growth-value style disturbances [4][31][32] - Growth style is likely to maintain a performance advantage over value style [4][31][32] Group 4 - Industry allocation suggests a foundation in finance, with technology as the main line and themes rotating actively [4][33][39] - Non-bank financials are gaining elasticity and have certain allocation value, while technology is expected to see a second wave of growth in the later stages of the bull market [4][33][39] - Key sectors to watch include power equipment, certain cyclical industries, and new consumption, focusing on improvements in ROE [4][39][42][44]

Group 1: New Infrastructure Development - The "14th Five-Year Plan" emphasizes "moderate advance" in new infrastructure, focusing on information communication networks and integrated computing networks[3] - New infrastructure has expanded significantly, covering communication networks, data, and computing fields, driven by economic digital transformation[3][16] - From 2019 to November 2025, investment in electricity, internet software, and logistics has increased by 10.4%, 5.0%, and 4.1% respectively, indicating the core investment attributes of new infrastructure[4][19] Group 2: Regional Development Strategies - Local governments focus on integrating infrastructure and enhancing traditional infrastructure's digital transformation, with 28 regions proposing smart upgrades[5][21] - In North China, the focus is on national data hub construction and energy transition, with Beijing leading in data management and resource centers[29] - Eastern and Southern regions prioritize low-altitude infrastructure and smart water transport upgrades, leveraging their geographical advantages[32][33] Group 3: Policy Support for New Infrastructure - Fiscal policies have increased support for new infrastructure, with policy-based financial tools allocating 98.02 billion yuan to digital economy and AI projects in 2025[7][40] - Monetary policy tools like technology innovation loans have been expanded to support new infrastructure, with green loans growing at 17.5% and infrastructure loans at 25.1% as of Q3 2025[49] - Regulatory measures will optimize spatial layouts and control hidden debts, preventing redundant construction and "involution" competition[51]

民建十二届四中全会在京闭幕 民建中央委员出席闭幕会。中共中央统战部一局负责同志应邀参会。不担任民建中央委员的民建中央机 关工作部门主要负责人、部分民建省级组织专职副主委、部分民建中央专门委员会副主任、民建中央内 部监督委员会组成人员、部分民建十二大代表等列席会议。 来源：民建中央网站 作者: 王元鑫 中国民主建国会第十二届中央委员会第四次全体会议圆满完成各项议程，1月6日下午在京闭幕。民建中 央副主席孙东生主持闭幕会，副主席沈金强、孙菊生、洪慧民、张文彤、司马红、程京、解冬、李忠民 出席闭幕会。 转自：北京日报客户端 会议审议通过了关于中央常务委员会工作报告的决议，关于中央内部监督委员会工作报告的决议，关于 李世杰同志不再担任中国民主建国会第十二届中央委员会副主席、常务委员、委员职务的决定。会议补 选李忠民为中国民主建国会第十二届中央委员会副主席，补选李玉萍等6人为中国民主建国会第十二届 中央委员会常务委员，补选朱旭等17人为中国民主建国会第十二届中央委员会委员。 会议指出，2026年是实施"十五五"规划的开局之年。民建要坚持以习近平新时代中国特色社会主义思想 为指导，深入学习贯彻中共二十届四中全会精神，认真 ...

"中国民主建国会"微信公号1月7日消息，中国民主建国会第十二届中央委员会第四次全体会议圆满完成 各项议程，1月6日下午在京闭幕。民建中央副主席孙东生主持闭幕会，副主席沈金强、孙菊生、洪慧 民、张文彤、司马红、程京、解冬、李忠民出席闭幕会。 会议审议通过了关于中央常务委员会工作报告的决议，关于中央内部监督委员会工作报告的决议，关于 李世杰同志不再担任中国民主建国会第十二届中央委员会副主席、常务委员、委员职务的决定。会议补 选李忠民为中国民主建国会第十二届中央委员会副主席，补选李玉萍等6人为中国民主建国会第十二届 中央委员会常务委员，补选朱旭等17人为中国民主建国会第十二届中央委员会委员。 会议指出，2026年是实施"十五五"规划的开局之年。民建要坚持以习近平新时代中国特色社会主义思想 为指导，深入学习贯彻中共二十届四中全会精神，认真贯彻落实中共中央致庆祝民建成立80周年大会的 贺词精神，更加广泛地凝聚人心、凝聚共识、凝聚智慧、凝聚力量。要更加突出政治引领，以习近平新 时代中国特色社会主义思想凝心铸魂，坚定捍卫"两个确立"、坚决做到"两个维护"，筑牢共同思想政治 基础；更加积极履职尽责，锚定中共二十届四中全会确定 ...

日前，渣打银行财富方案部发布《2026年全球市场展望》，主题为 "浮沤危悬？多元布局！"。 在采访中，渣打中国财富方案部投资策略总监王昕杰表示，从宏观层面看，2026年美国经济软着陆的几率上 升，随着全球贸易紧张局势缓和、主要经济体将推进宽松的财政和货币政策，以及人工智能蓬勃发展，风险资 产预期将表现领先。 渣打方面建议，投资者在基础投资组合中超配股票和黄金，对于中国资产则重点关注科技、健康护理和通信行 业。 超配中国股票 "站在2026年的新起点，全球市场正面临关键的转折，地缘政治冲突、人工智能泡沫等讨论备受关注。我们预 见，美元的结构性支撑将逐步减弱，而亚洲经济的韧性与改革红利正日益凸显。"渣打银行（中国）有限公司 财富方案部总经理梁大伟指出。 渣打预期，风险资产在2026年将表现领先，在市场上升的同时分化将更为明显，建议在更广泛的资产类别中进 行分散投资。面对增长动能转换与地缘格局重塑的双重变奏，投资者更需要在不确定性中保持定力，在变化中 前瞻布局。 在基础配置中，渣打建议超配美国、印度和中国股票，新兴市场债以及黄金，同时低配欧洲、英国和日本股 票。其中，中国股票则有望获益于企业治理的改善，以及针对科技 ...

Core Viewpoint - The new five-year plan in China is characterized by long-term vision and high stability, providing clear and stable development expectations for various market entities, including foreign-funded enterprises [2] Group 1: Economic Outlook - China will continue to expand its opening-up policies, prioritizing innovation, particularly in technology and new energy sectors [2] - The country is accelerating its transition from external demand to internal demand, with domestic consumption showing continuous growth and significant potential [2] Group 2: Opportunities for Foreign Investment - The ongoing transformation in China presents important opportunities for the country itself and broad market space for foreign enterprises [2]

——二论贯彻落实全国民航工作会议精神 "十五五"时期是基本实现社会主义现代化夯实基础、全面发力的关键时期，在基本实现社会主义现代化 进程中具有承前启后的重要地位。党的二十届四中全会在关键时期作出关键部署，明确了"十五五"时期 经济社会发展的指导思想、重大原则、主要目标和重大任务，为推动"十五五"时期民航高质量发展指明 了前进方向，提供了科学指引。全行业要深入理解、准确把握、全面贯彻党的二十届四中全会精神，努 力开创"十五五"民航高质量发展新局面。 当前和今后一个时期，实现中华民族伟大复兴的战略全局和世界百年未有之大变局相互交织、相互激 荡，我国发展环境面临深刻复杂变化，战略机遇和风险挑战并存，不确定难预料因素增多。要深刻把握 统筹发展和安全要求，在发展中固安全，在安全中谋发展，以更高水平航空安全保障民航高质量发展。 必须坚定不移贯彻总体国家安全观，牢固树立安全发展理念，坚持安全第一不动摇，全面加强航空安全 管控体系建设，提高民航自主可控水平，妥善应对各类"黑天鹅""灰犀牛"事件，提升行业安全发展韧 性，坚决确保"两个绝对安全"。 现代化产业体系是现代化国家的物质技术基础。面对新一轮科技革命和产业变革，必须抢抓 ...

京沪深渝穗之后，中国第六个迈入"3万亿俱乐部"的，是香港。 香港财政司司长陈茂波近日透露，2025年香港GDP增速估算为3.2%，2024年香港GDP约合人民币2.9万亿元，按照3.2%的增速，2025年大概率超过3万亿 元。 IMF也预测，2025年香港GDP近4300亿美元，迈入3万亿俱乐部，应该没啥大问题。 ——————————— 截至2024年末，GDP超3万亿元的城市只有5座，分别是上海、北京、深圳、重庆、广州。 香港之后，还有哪些城市，会是"三万亿俱乐部"的种子选手？ 下面就来盘一盘这个话题。 01. 2030年，将有10座"3万亿城市"？ 近日，随着多个城市"十五五"规划发布，一场关于"3万亿GDP城市"的扩容浪潮正悄然酝酿，苏州、成都、杭州、武汉、南京等经济大市正在加速冲刺。 以下是部分城市十五五规划的目标值 简单测算一下，到2030年，主要城市的GDP分别会到多少？ 如果按照年均5%的增速，到2030年，上海GDP有望达到7.22万亿、北京6.67万亿，深圳有望达到4.93万亿，与5万亿只有咫尺之遥，胜算很大。 同样按照年均5%的增速来计算，2030年重庆、广州突破4万亿，苏州、成都突破3万 ...

Group 1 - The year 2026 marks the beginning of the "14th Five-Year Plan," with companies in the oil and chemical sectors adopting a proactive approach to ensure high-quality development [1] - China National Petroleum Corporation's Jilin Petrochemical Company is enhancing production efficiency and achieving zero emissions through optimized processes [1] - China National Petroleum's Bohai Drilling Company set records in the Bayannur Oilfield with a well depth of 6077 meters and a horizontal section of 1327 meters [1] Group 2 - Sinopec's Yangzi Petrochemical is implementing an innovative wastewater treatment project that separates oil and water without chemical additives, setting a model for pollution control [2] - Sinopec's exploration and development institute is addressing key challenges with a new integrated geological engineering tracking system [2] - Sinopec's East China Engineering Technology Development Company successfully launched a carbon capture and storage project, with the first batch of liquid CO2 delivered for use [2] Group 3 - China National Offshore Oil Corporation held a safety production meeting to reinforce safety measures for the start of the "14th Five-Year Plan" [4] - China Chemical Engineering Group is focusing on renewable energy and green technology as part of its "135 development strategy" [4] - Sichuan Jinxin Saier Chemical is advancing a project for integrated production of high-quality lithium iron phosphate and hard carbon materials [5] Group 4 - Hubei Xiangyun Chemical is set to complete its new materials industrial park project, aiming for significant growth in the coming year [6] - Shandong Hualu Hengsheng Chemical is focusing on sustainable competitive advantages and innovation to enhance its market position [6] - Meilan Group plans to strengthen its fluorochemical and chlor-alkali chemical sectors while targeting new energy and materials for future growth [6]

Core Insights - The semiconductor silicon wafer industry is a critical component of the semiconductor supply chain, with applications in various sectors including mobile devices, IoT, automotive electronics, AI, and aerospace [2][5][6]. Industry Overview - The semiconductor silicon wafer market is experiencing a shift towards larger wafer sizes, with 12-inch wafers becoming the dominant product, accounting for 76.39% of the market share by 2024 [11][12]. - The demand for 8-inch wafers is projected to decline to 2,366 million square inches by 2024, but is expected to recover to 2,412 million square inches by 2025 [10]. Market Dynamics - The global semiconductor silicon wafer market size is forecasted to decrease by 7.50% to $11.5 billion in 2024 due to weak end-user demand and macroeconomic factors, but is expected to rebound in 2025 driven by sectors like new energy vehicles and 5G [12][15]. - The market for silicon epitaxial wafers is also growing, with a compound annual growth rate of 7.39% from $3.68 billion in 2015 to $6.06 billion in 2022 [16]. Product Classification - Silicon wafers can be classified by size (2-inch to 12-inch), manufacturing process (polished, epitaxial, annealed, SOI), doping type (P-type and N-type), and doping concentration (lightly doped and heavily doped) [5][7][8][9]. Future Trends - The industry is expected to see continued growth in the 8-inch and 12-inch wafer segments, which together will account for approximately 96.29% of the market by 2025 [11][12]. - The transition to larger wafer sizes is anticipated to enhance production efficiency and reduce costs, although it requires significant investment in technology and equipment [11][12].