Group 1 - The core focus of China's economic policy for 2026 is to expand domestic demand, with a significant emphasis on optimizing the implementation of "two new" policies (large-scale equipment updates and consumer goods replacement) to stimulate demand [1] - The National Development and Reform Commission (NDRC) has issued a notice regarding the implementation of large-scale equipment updates and consumer goods replacement policies, optimizing support scope, subsidy standards, and implementation mechanisms [1] - A total of 62.5 billion RMB in special bonds will be allocated in advance to support the consumer goods replacement program, indicating a proactive policy approach [1] Group 2 - The early release of the 2026 "two重" construction project list and central budget investment plan amounts to approximately 295 billion RMB, with an accelerated pace of fund allocation and usage [2] - The NDRC has approved several major infrastructure projects, including the Guangzhou New Airport and the Sichuan Dadu River Danba Hydropower Station, with total investments exceeding 400 billion RMB [2] - The National Venture Capital Guidance Fund has officially started operations, with an initial investment of 100 billion RMB from special bonds, aiming to attract local and social capital for a total investment scale exceeding 1 trillion RMB [2] Group 3 - The revised "Encouragement Directory" now includes 1,679 entries, an increase of 205 from the 2022 version, promoting foreign investment in advanced manufacturing, modern services, and high-tech sectors [3] - The expansion of the "Encouragement Directory" effectively addresses the concerns of foreign enterprises and optimizes the directional guidance for foreign investment [3] - Recent policy coordination is expected to strengthen the foundation for economic recovery, with a focus on nurturing new productive forces and promoting long-term development [3]

中新社北京1月1日电 (记者 王恩博)岁序更替之际，市场高度关注中国经济政策如何衔接。抓住这一关 键时间窗口，近期各方面靠前发力，以"真金白银"传递政策确定性。 新一年中国经济重点任务清单上，扩大内需仍居前列。其中，优化实施"两新"(大规模设备更新和消费 品以旧换新)，被视为进一步激活需求的重要抓手。 2026年提前批"两重"建设(国家重大战略实施和重点领域安全能力建设)项目清单和中央预算内投资计划 已于2025年底提前下达，共计约2950亿元，各类资金拨付和使用节奏将加快。国家发改委近期还批复或 核准多个重大基础设施项目，包括广州新机场、新建湛江至海口跨海轮渡及相关线路工程等交通设施， 浙江特高压交流环网工程、四川大渡河丹巴水电站等能源设施等，总投资超4000亿元。 备受关注的国家创业投资引导基金亦于2025年12月26日正式启动运行，由超长期特别国债出资1000亿 元，并采取"子基金+直投"方式，吸引地方和社会资本共同出资，预计将形成超万亿元投资规模。 据介绍，引导基金将聚焦原创性、颠覆性技术创新和关键核心技术攻关，坚持投早、投小、投长期、投 硬科技，并给予更加灵活的退出安排，推动战略性新兴产业特别是未来 ...

"十五五"时期在基本建成社会主义现代化国家的战略安排中处于承上启下的关键地位。"十四五"时期，我们坚持以高质量发展为主线，把握新发展阶段， 贯彻新发展理念，构建新发展格局，已经打下坚实基础，实现了良好开局。"十五五"时期自然要乘势而上、全面发力，为如期完成第一阶段发展目标奠定 更加坚实的基础。对基本实现社会主义现代化发展目标的锚定，决定了"十五五"时期我国发展思路和基本政策的稳定性、延续性。这是"十五五"规划建 议"未变"的地方。 同时，"十四五"时期我国经济社会结构又发生了若干新的变化。具体如：房地产市场深度调整，城市化步伐放缓；新一轮科技革命和产业变革深入发展， 国内主导产业更替面临空档；"老龄化""少子化"快速发展，其经济社会影响日益显露；世界进入新的动荡变革期，来自外部的风险明显增加；等等。"十 五五"规划建议坚持"问题导向"，充分吸纳、反映了党和政府的相关战略调整和政策应对。这是"十五五"规划建议的"变化"之处，也是今后一段时期我们 需要密切关注的发展新动向。 2026年是"十五五"的开局之年。将全面落实党中央、国务院的重大战略部署，如推动全面创新，发展新质生产力，推动城市化健康发展，加快建设老年友 ...

骐骥驰骋马蹄疾。如预期般踏着时间的鼓点，2026年稳步而来。 这是新世纪的又一个马年，也是中国经济的又一个承上启下之年："十四五"已然圆满收官，"十五五"正 在从容开启。站在这一重要的历史节点，我们既要总结过去，更要开局未来。 面临深刻复杂变化的发展环境，我们继续坚持科技自立自强这个核心战略。我们清晰地认识到，加快高 水平科技自立自强，引领发展新质生产力，既是对全球科技竞争格局的深刻洞察，更是对中国式现代化 进程中"发展动力从何而来"的响亮回答，做好这道应对全球变局与时代挑战的必答题，就一定能破解困 扰发展的桎梏，引领中国经济向更高质量、更可持续的方向迈进。 面临深刻复杂变化的发展环境，我们继续坚持走改革开放这条"必由之路"。我们清晰地认识到，不断扩 大对外开放、提高对外开放水平，以开放促改革、促发展，是新时代中国不断取得发展新成就的重要法 宝，只要进一步推进深层次改革，扩大高水平开放，就一定能破解制约高质量发展的体制机制障碍，持 续增强发展动力和社会活力。 面临深刻复杂变化的发展环境，我们继续坚持高质量发展这个新时代的硬道理。我们清晰地认识到，发 展是硬道理，这既是新时代做好经济工作的规律性认识，更是推动我 ...

专题：2026年度投资策略|顶级基金公司、基金经理展望马年投资机会 岁末年初，A股市场会如何表现？投资该如何布局？长城基金高级宏观策略研究员汪立认为，市场有望 走出关键一步，阶段支撑原因包括：1）伴随无风险收益率系统性下行，2026年将迎来定期存款的到期 高峰，叠加政府鼓励长期资金入市，市场或将进入资产管理需求的井喷期，增量入市或远未结束。2） 资本市场改革提振了中国资产的可投资性，并提高了市场面对风险的韧性，股市有望从波动震荡市走向 稳中向好市。3）中国产业结构加速转型，传统产业L型"一竖"走向"一横"拖累边际减少，新技术产业迈 入创新扩张周期，同时中国制造业凭借竞争优势正在全球扩张，经济社会发展的不确定性下降。 投资方向上，汪立表示，跨年攻势或正在开启，看好科技、券商与消费等方向。具体来看，科技成长方 面，随着AI模型和应用进展加快，国内算力基础设施短缺，可关注港股互联网、传媒、计算机、算力 以及具备全球竞争优势的制造业出海（如电力设备/机械设备）等板块；大金融板块可关注券商、保险 等，资本市场改革纵深有望重振市场风险偏好；顺周期板块经历三年调整后，估值与持仓处于相对低 位，消费板块景气线索增多，可关注低 ...

更好统筹有效市场和有为政府，充分发挥市场在资源配置中的决定性作用，更好发挥政府作用，加快构 建统一、开放、竞争、有序的市场体系，做到既"放得活"又"管得好"。 实现高质量发展和高水平安全良性互动，强化底线思维，有效防范化解重点领域风险，在发展中固安 全，在安全中谋发展，以新安全格局保障新发展格局。 把扩大内需作为首要经济任务，从需求端引导供给升级，从供给侧激发潜在需求，在解决群众急难愁 盼、增进民生福祉中培育新的经济增长点，形成更高水平供需动态平衡。 坚决守牢实体经济根基，坚持实体经济为本、制造业当家，加速提高制造业比重，构建以先进制造业为 骨干的现代化产业体系。 齐鲁晚报.齐鲁壹点孔茜 2026年作为深入贯彻党的二十届四中全会精神、推动"十五五"实现良好开局的关键之年，济宁市立足加 快迈向万亿城市的"一个目标"，以"稳中求进、提质增效"为总基调，聚焦五大关键维度谋篇布局，为开 创各项事业勇争先筑牢根基。 坚持以推动高质量发展为主题，以新发展理念引领高质量发展，积极融入国内国际双循环，因地制宜发 展新质生产力，更大力度优存量、扩增量、强变量，以高质量发展确定性应对各种不确定性。 ...

2026年1月1日出版的《求是》杂志发表中共中央总书记、国家主席、中央军委主席习近平的重要文章《学习好贯彻好党的二十 届四中全会精神》。这是习近平总书记2025年10月23日在党的二十届四中全会第二次全体会议上讲话的一部分。 习近平 在党的二十届四中全会第二次全体会议上的讲话 2025年10月23日 中國 狗闻網 WWW.CHINANEWS.COM. 进一步全面深化改革, 着力破除制约高质量发展的 体制机制障碍, 努力在重点领域和关键环节 取得新突破。 习近平 在党的二十届四中全会第二次全体会议上的讲话 2025年10月23日 中國 狗闻網 WWW.CHINANEWS.COM. "十五五"时期 要把发展新质生产力 摆在更加突出的战略位置。 坚持教育科技人才一体发展, 提升国家创新体系整体效能, 大幅提高科技自立自强水平, 推动科技创新和产业创新深度融合。 当然, 不同地区、不同领域要从实际出发, 因地制宜发展新质生产力, 不能一哄而起。 习近平 在党的二十届四中全会第二次全体会议上的讲话 2025年10月23日 中國 狗闻網 WW.CHINANEWS.COM. 要坚持扩大内需这个战略基点, 坚持惠民生和促消费 ...

Core Viewpoint - The article emphasizes the importance of high-quality development and the resilience of China's economy in the face of uncertainties, highlighting significant achievements in 2025 and setting a positive tone for 2026 [2][3][4]. Economic Performance - China's GDP is projected to reach approximately 140 trillion yuan, with a notable increase in grain production and impressive technological innovations [2][3]. - The country has made substantial progress in modern industrial system construction and deepened reforms, contributing to a stable and robust economic foundation [3][10]. Foreign Trade and Open Policies - China has expanded its openness, with the China International Import Expo achieving record transaction amounts, showcasing the country's market potential [3][10]. - The Hainan Free Trade Port has officially commenced full island closure operations, marking a significant step in high-level openness [3][10]. Strategic Initiatives - The article discusses the importance of maintaining strategic focus on domestic economic stability and expanding domestic demand as a core strategy [3][10]. - It highlights the successful hosting of the Shanghai Cooperation Organization summit, which provided a Chinese solution for global governance reform [3][10]. Future Outlook - The 14th Five-Year Plan has been successfully concluded, and the 15th Five-Year Plan is set to guide China's development over the next five years, presenting a "list of opportunities" to the world [4][11]. - The article stresses the need for a strong start in 2026, emphasizing the importance of historical perspective and resilience in facing new challenges [5][12]. Collective Efforts and National Spirit - The article calls for unity and practical action among the people to transform challenges into opportunities, reinforcing the idea that collective effort is essential for national progress [6][13]. - It references the 90th anniversary of the Long March, drawing parallels between historical perseverance and current aspirations for modernization [6][13].

Core Viewpoint - The year 2025 was significant for China's modernization process, marked by high-quality economic development and resilience against uncertainties, with an estimated GDP of around 140 trillion yuan [1]. Group 1: Economic Performance - China's economy is projected to reach approximately 140 trillion yuan, with high grain production and notable technological innovations [1]. - The country has made substantial progress in building a modern industrial system and deepening reforms, contributing to a stable and robust economic foundation [1]. Group 2: International Engagement - China has expanded its openness to the world, with record transaction amounts at the China International Import Expo, showcasing the country's market potential [1]. - The Hainan Free Trade Port has officially commenced operations, reflecting China's commitment to high-level openness [1]. Group 3: Strategic Focus - The focus remains on enhancing domestic demand and addressing risks in key sectors while maintaining strategic autonomy in international economic relations [2]. - The commemoration of the 80th anniversary of the victory in the Anti-Japanese War serves as a reminder of the strength derived from historical resilience [2]. Group 4: Future Outlook - The 14th Five-Year Plan has been successfully concluded, setting a positive tone for the new journey towards the second centenary goal [2]. - The upcoming 15th Five-Year Plan aims to navigate complex challenges and leverage China's advantages to ensure a strong start [3]. Group 5: Historical Context and Unity - The historical journey from an agrarian society to a leading manufacturing power illustrates the importance of perseverance and strategic vision in achieving modernization [3]. - The spirit of unity and collective effort is emphasized as essential for overcoming challenges and achieving national development goals [4].

Core Viewpoint - The Chinese government has announced the early allocation of 625 billion yuan in special long-term bonds to support the consumption upgrade policy, particularly focusing on the "two new" initiatives aimed at boosting consumer demand during peak seasons like New Year and Spring Festival [2]. Group 1: Policy Overview - The "two new" policy has expanded its coverage to include a wide range of consumer goods, from smartwatches to home appliances and vehicles [2][3]. - The policy emphasizes continuity and stability, with a focus on consumer goods exchange as a key strategy to expand domestic demand [2]. Group 2: Specific Measures - The updated policy includes new subsidies for equipment upgrades in various sectors, such as adding elevators in old residential areas and updating equipment in elderly care facilities [4]. - The consumer goods exchange program continues to support vehicle scrappage and replacement, as well as subsidies for six categories of home appliances, including refrigerators and air conditioners [4]. Group 3: Market Implications - Analysts suggest that the policy shift towards higher-value items like electric trucks and green appliances will enhance the effectiveness of fiscal spending in stimulating consumption [5]. - The transition from fixed subsidies to proportional subsidies for vehicles is expected to better reflect consumer purchasing power and encourage higher-quality purchases [5]. Group 4: Implementation Challenges - The government is addressing issues such as fraudulent claims and inefficient fund distribution, with measures to streamline application processes and enhance support for small businesses [6]. - A unified subsidy standard will be enforced nationwide to ensure consistency in the implementation of the "two new" policy [6]. Group 5: Future Outlook - Beyond the "two new" policy, there are indications that the government may introduce additional measures to boost service consumption and stabilize investment, potentially through a mid-term plan focusing on cultural and tourism sectors [7]. - The fiscal policy is expected to work in tandem with consumption policies to support domestic demand recovery [7].