摩根士丹利发布研报称，去年12月内地主要城市二手房价格持续环比下跌，但跌幅有所放缓，同期销售 额同比降幅也趋于温和;该行认为未来数月住房政策可能保持低调，而二手房挂牌量居高不下仍可能抑 制买家情绪，从而对房屋销售和价格构成压力。 大摩重申其观点，认为随着居民信心进一步减弱，预计实体房地产市场的下行趋势将延续至今年，但步 伐会较为放缓，二手房价格预期同比跌幅为高个位数，相对于2025年跌13.7%。若宏观环境保持韧性， 一线及主要二线城市的房价可能在2027年下半年趋于稳定。 尽管大摩对房地产实体市场复苏保持谨慎看法，但预见今年的整体行业与具备可靠自救能力的优质企业 之间的股价表现将进一步分化。该行看好稳健的商场营运商华润置地(01109)和新城控股（601155） (601155.SH)，相信其受益于"十五五"规划对消费的重视及REITs政策的强劲顺风。 大摩亦看好建发国际集团(01908)和中国海外发展(00688)，其优化的土储将支持利润，并推动盈利恢复 正增长。 ...

大摩重申其观点，认为随着居民信心进一步减弱，预计实体房地产市场的下行趋势将延续至今年，但步 伐会较为放缓，二手房价格预期同比跌幅为高个位数，相对于2025年跌13.7%。若宏观环境保持韧性， 一线及主要二线城市的房价可能在2027年下半年趋于稳定。 尽管大摩对房地产实体市场复苏保持谨慎看法，但预见今年的整体行业与具备可靠自救能力的优质企业 之间的股价表现将进一步分化。该行看好稳健的商场营运商华润置地(01109)和新城控股(601155.SH)， 相信其受益于"十五五"规划对消费的重视及REITs政策的强劲顺风。 智通财经APP获悉，摩根士丹利发布研报称，去年12月内地主要城市二手房价格持续环比下跌，但跌幅 有所放缓，同期销售额同比降幅也趋于温和;该行认为未来数月住房政策可能保持低调，而二手房挂牌 量居高不下仍可能抑制买家情绪，从而对房屋销售和价格构成压力。 大摩亦看好建发国际集团(01908)和中国海外发展(00688)，其优化的土储将支持利润，并推动盈利恢复 正增长。 ...

Group 1 - The core viewpoint of the article emphasizes the implementation of the "Rural and Urban Residents' Income Increase Plan" during the "15th Five-Year Plan" period, focusing on enhancing residents' income through various channels [1][2] - Wage income is highlighted as the primary focus for income growth, with an expected increase in the proportion of property income in total income [2][3] - The phrase "those with high skills earn more, and innovators earn more" is noted for its significant guiding implications, promoting income growth driven by innovation [2] Group 2 - There is an acknowledgment that the current proportion of residents' property income is low and growing slowly, indicating a need for better investment opportunities for the public [2][3] - The article discusses the concentration of household wealth in real estate and suggests a gradual shift towards increasing financial assets, while emphasizing the importance of housing as a primary residence [3] - It is anticipated that as the economy stabilizes and the capital market improves, more individuals will begin to allocate assets in the capital market, reflecting a natural market trend [3]

Core Insights - The investment landscape for 2026 is characterized by uncertainty, prompting individuals to reconsider their wealth allocation strategies, particularly emphasizing the importance of public funds in personal financial planning [3][11][39]. Group 1: Economic Context - The beginning of 2026 marks a new long-term economic cycle, influenced by the "14th Five-Year Plan," which is expected to create new opportunities and market dynamics [6][11]. - Historical data shows that markets tend to yield positive returns within 3 months to 1 year following the release of five-year planning documents, indicating a potential for growth in the current cycle [9][10]. Group 2: Interest Rate Environment - A significant shift towards a low-interest-rate environment is anticipated, with regular savings becoming less effective in preserving purchasing power due to declining interest rates [12][14]. - Approximately 45 trillion yuan of high-interest fixed deposits are set to mature, creating a substantial demand for capital reallocation [12][13]. Group 3: Investment Strategies - The current market dynamics suggest that traditional stock trading may be less effective than investing in funds, as the market is increasingly favoring strong performers and creating a widening gap between successful and underperforming stocks [20][21]. - Active equity funds and ETFs are recommended as viable investment paths, allowing investors to leverage professional management and diversified exposure to market trends [22][26][28]. Group 4: Portfolio Diversification - The concept of multi-asset allocation is emphasized as a strategy to navigate market volatility, with a focus on incorporating various asset classes, including FOFs and public REITs, to enhance portfolio resilience [31][34][36]. - A balanced investment approach that includes different strategies is suggested as a more reliable method for long-term wealth preservation compared to attempting to predict market movements [38][39].

办好民生实事，我省着力稳就业促增收，将积极应对人工智能等新兴技术对就业的影响，做好应对预 案。 ■湖南日报全媒体记者 郑旋 扩大服务消费，我省将尽快出台2026年湖南省以旧换新实施细则，持续拓展养老、托育、家政、餐饮等 生活服务消费，进一步挖掘银发、入境、国潮、体育等领域消费潜力，培育首发经济、"人工智能+消 费"等消费新热点。 深入对接国家重大区域战略，我省将高质量编制"十五五"长株潭一体化发展规划，深化长株潭要素市场 化配置综合改革试点，出台支持岳阳市、衡阳市加快建设省域副中心城市的若干政策措施。 三湘都市报1月5日讯 今天，全省发展改革（投资）工作会议在长沙召开。会议明确，2026年，我省围 绕发展改革领域推进10个方面重点任务，确保"十五五"开好局起好步。 10个方面重点任务包括：编制实施好"十五五"规划，抓好重大项目建设，扩大服务消费，推动产业发展 取得新突破，促进区域间联动融合发展，大力发展民营经济和优化营商环境，持续深化改革开放，积极 稳妥推进碳达峰碳中和，办好民生实事，守住安全发展底线。 重大项目建设方面，我省坚持用好各类政府投资资金，将加快推进邵永、铜吉、长赣、宜常铁路，长沙 机场改扩建、G ...

学深悟透党的二十届四中全会精神 齐心协力谱写中国式现代化甘肃篇章 甘肃省委书记 胡昌升 党的二十届四中全会是在收官"十四五"、谋划"十五五"的关键节点，召开的一次具有里程碑意义的重要 会议。习近平总书记在全会上的重要讲话高屋建瓴、视野宏阔，思想深邃、内涵丰富，为推进中国式现 代化建设提供了根本遵循。全会审议通过的《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》，是指导未来五年乃至更长时期发展的纲领性文件，必将对党和国家事业发展产生重大而深远 的影响。我们要把思想和行动统一到全会精神上来，深入贯彻落实习近平总书记考察甘肃重要讲话重要 指示精神，加快建设幸福美好新甘肃、不断开创富民兴陇新局面，奋力谱写中国式现代化甘肃篇章。 一、在准确把握重大意义中接续奋斗 全会全面总结"十四五"时期我国发展重大成就，对未来五年发展作出战略擘画，对于推进中国式现代化 具有重大意义，必将有力统一思想、统一意志、统一行动，持续激发全党乘势而上、接续奋斗的豪情， 不断把强国建设、民族复兴宏伟蓝图变为现实。 深刻认识继往开来的历史意义。"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，对实现2035年奋斗 ...

Group 1: Core Theme of High-Quality Development - The main goal of the "15th Five-Year Plan" period is to achieve significant results in high-quality development, emphasizing the need to adhere to new development concepts and enhance the contribution of technological innovation to economic growth [2][3] - The plan aims to promote economic quality transformation, efficiency transformation, and power transformation, ensuring sustainable high-quality development [2] Group 2: New Quality Productive Forces - The plan calls for seizing opportunities from the new round of technological revolution and industrial transformation, enhancing the overall effectiveness of the national innovation system, and promoting deep integration of technological and industrial innovation [3] - It emphasizes the importance of utilizing digital, green, and artificial intelligence technologies to upgrade traditional industries and foster the growth of emerging industries [3] Group 3: Economic System Reform - The plan highlights the need for comprehensive deepening of reforms to better leverage the role of economic system reform in driving high-quality development [4] - It advocates for the establishment of a market-oriented allocation system for production factors and emphasizes the importance of high-quality supply leading demand [4] Group 4: Domestic and International Dual Circulation - The plan aims to strengthen the domestic circulation and facilitate the dual circulation of domestic and international markets, focusing on activating the potential of the vast domestic market [5] - It stresses the importance of expanding domestic demand and maintaining a stable international trade environment to enhance economic resilience [5] Group 5: Green Transformation of Economic and Social Development - The plan emphasizes the need to adopt a green development approach, promoting carbon peak and carbon neutrality goals while enhancing ecological protection and pollution control [7] - It calls for the establishment of a comprehensive green low-carbon development mechanism and the promotion of green production and consumption practices [7] Group 6: Public Service Equalization - The plan outlines the need to improve the range and content of basic public services, aiming for equal access to services across different regions and populations [8] - It emphasizes the importance of addressing public service gaps and enhancing the overall quality of public services [8] Group 7: National Security and Social Stability - The plan underscores the importance of a comprehensive national security strategy and the modernization of the national security system to ensure social order and stability [9] - It highlights the need for risk prevention and the establishment of a robust legal and policy framework for national security [9] Group 8: Party Leadership and Governance - The plan stresses the necessity of maintaining the Party's comprehensive leadership as a fundamental guarantee for advancing modernization [10] - It calls for the implementation of the Party's innovative theories to unify thought and action, ensuring effective execution of major decisions [10]

Core Insights - The article discusses the "15th Five-Year Plan" and its implications for the future development of China's economy, emphasizing the alignment of the company with national policy directions [2][28]. Group 1: Technological Innovation and Infrastructure - The company aims to support the "Two Major" construction projects by providing reliable solutions, leveraging its strong technical foundation [2][30]. - An example of innovation is the customized solution for the Yangtze River Protection Project, which involved creating tailored PE pipes to address installation challenges [4][30]. - Over half of the new patents obtained by the company by 2025 are derived from technological innovations related to "Two Major" projects [4][30]. Group 2: Housing Quality Improvement - The company is committed to enhancing housing quality, aligning with government initiatives to implement a housing quality improvement project and establish a safety management system for the entire lifecycle of buildings [6][32]. - In 2024, the company will launch the "Whole House·Company Home" solution, which promises a lifespan of up to 50 years, ensuring safety throughout the building's lifecycle [6][32]. - The company plans to showcase its new brand IP "Company Good House" at major exhibitions in 2025, translating the concept of quality housing into tangible experiences [8][34]. Group 3: Autonomous Innovation - The company prioritizes autonomous innovation as a key driver for development, establishing a collaborative innovation system through various research and development platforms [9][37]. - It has successfully introduced the largest diameter HDPE solid wall pipe production line in the country, breaking foreign technology monopolies [11][37]. - By the end of 2025, the company aims to have accumulated over 850 national and international patents and participated in the revision of 139 national and international standards [11][37]. Group 4: Green Transformation - The company is actively participating in pollution prevention and environmental protection projects across 75 counties, contributing to national green development goals [12][39]. - It has implemented energy-saving and carbon reduction measures through various systems, earning recognition as a national green factory [12][41]. - The company has developed and implemented 36 national and industry standards for green building materials, achieving 100% coverage of green products in its offerings [12][43]. Group 5: Artificial Intelligence Integration - The company has completed the smart transformation of its factories, applying artificial intelligence and industrial internet technologies to enhance production efficiency [20][45]. - New technologies such as AI defect recognition have been implemented, achieving a defect recognition rate of over 99.5% [22][45]. Group 6: Global Expansion and Cooperation - The company has expanded its international presence, registering its trademark in over 100 countries and establishing its fifth manufacturing base in Vietnam [23][49]. - The overseas market has seen a growth of 17.6% this year, contributing to the high-quality development of the "Belt and Road" initiative [23][49]. - The company aims to continue deepening its focus on "hidden engineering" to support national strategies and meet public needs [25][49].

Group 1: Stock Market Performance - The Chinese stock market achieved a "good start" for 2026, with all three major indices rising. The Shanghai Composite Index returned to the 4000-point mark, closing at 4023.42, up 1.38%. The Shenzhen Component rose by 2.24%, and the ChiNext Index increased by 2.85%, with over 4000 stocks rising and a trading volume of approximately 2.57 trillion yuan [7]. - Key factors driving the A-share market's performance include strengthened policy expectations, with a positive macro policy tone and the implementation of industry policies, particularly in commercial aerospace and semiconductor support, boosting market confidence [8]. - The influx of capital played a significant role, with foreign capital returning and the RMB appreciating, attracting over 10 billion yuan in northbound capital. Domestic long-term funds, including insurance and public funds, accelerated their entry, with margin trading balances exceeding 1.8 trillion yuan [8]. Group 2: Tourism Market - The New Year's tourism market also experienced a "good start," with 142 million domestic trips taken during the three-day holiday, generating a total expenditure of 84.789 billion yuan, averaging 597.11 yuan per person. Ticket bookings for domestic scenic spots increased by over four times year-on-year [8]. - The tourism sector is seen as a vital component of service consumption and a reflection of national consumer sentiment, with a strong start in tourism igniting confidence for economic development in 2026 [9]. Group 3: Foreign Debt Situation - The overall foreign debt situation in China is stable, with the total foreign debt balance as of September 30, 2025, being 16.8287 trillion yuan (approximately 2.3684 trillion USD), a decrease of 2.8% from June 2025 [9][10]. - The structure of foreign debt remains stable, with domestic currency debt accounting for 51.9% and medium to long-term foreign debt making up 42.5% of the total, indicating that key indicators are within internationally recognized safety lines [10]. Group 4: Regulatory Developments - The China Securities Regulatory Commission (CSRC) released the "Implementation Measures for Supervision and Management of Securities and Futures Markets" to further standardize the implementation procedures of market supervision, effective from June 30, 2026 [11]. - The China Banking and Insurance Asset Management Association published the "Data Classification and Grading Guidelines for the Insurance Asset Management Industry," effective January 1, 2026, aimed at enhancing data management standards in the industry [12][13]. - The CSRC announced the pilot program for Real Estate Investment Trusts (REITs) in commercial real estate, which is expected to provide new financing channels for real estate companies and enhance the stability of the REITs market [14]. Group 5: Low-altitude Economy in Shanghai - Shanghai aims to achieve a core industry scale of approximately 80 billion yuan in the low-altitude economy by 2028, establishing a complete industrial chain for new low-altitude aircraft and creating a national advanced manufacturing cluster [15][16].

Core Viewpoint - The year 2026 marks a significant turning point in China's economic history, transitioning from "scale dividends" to a focus on "system security and quality efficiency revolution" as the old trade and growth logic fails [1][2]. Group 1: Economic Transition - The "Fifteen Five" plan signifies a shift in China's economic strategy, with a complex non-linear system emerging that renders traditional GDP growth and monetary policy approaches ineffective [2][3]. - Historical patterns show that every five-year plan corresponds with a restructuring of wealth logic, indicating the importance of understanding policy language to navigate economic changes [1][11]. Group 2: Policy Interpretation - The upcoming "Fifteen Five" plan presents unprecedented complexities in macroeconomic policy, making it challenging to translate administrative language into actionable asset allocation strategies [3][12]. - The course led by Dr. Xiong Yuan aims to decode the "Fifteen Five" plan's core keywords, distinguishing between soft guidance and hard constraints, which is crucial for investors [14][15]. Group 3: Investment Strategy - Investors must prepare for the new economic environment by understanding the implications of central government leverage and the boundaries of fiscal policy post-2026 [12][15]. - The course will cover how to utilize forward-looking indicators like PMI and PPI to anticipate policy shifts and manage the time lag between policy announcements and market reactions [12][15].