日前召开的中央经济工作会议为2026年经济工作指明了方向。作为资本市场的重要机构投资者，公 募基金行业人士普遍表示，会议为资本市场和公募基金行业提供了新阶段服务实体经济与国家战略、满 足居民财富管理需求的行动指南。 多家公募基金公司表示，2026年是"十五五"开局之年，也是公募基金践行高质量发展全面发力的一 年。公募基金行业将始终牢记服务实体经济与国家战略、促进资本市场改革发展稳定，更加积极主动地 将自身发展融入国家发展大局，为资本市场平稳健康发展贡献力量。 创新驱动 培育壮大新动能 会议在部署明年经济工作重点任务时指出，要坚持创新驱动，加紧培育壮大新动能。 易方达基金表示，在发展新质生产力，推动科技创新和产业创新深度融合方面，公募基金行业应深 刻认识新质生产力的内涵和特点，优化迭代投研体系，加强对新技术、新产业、新业态的研究广度和深 度，积极布局符合新质生产力方向的主动权益基金和指数基金，引导资金向创新领域集聚，支持科技创 新和产业转型升级，促进"科技—资本—产业"良性循环。 "新质生产力的核心是科技创新，而科技创新具有投入大、周期长、风险高的特征，迫切需要长期 资本的精准赋能。"华夏基金表示，作为专业机构 ...

中央经济工作会议将"内需主导"放在明年重点任务之首。河南省委经济工作会议在部署明年经济工作 时，也将内需摆在重要位置。 过去，我们总把"提振消费"当作一个刺激工具来用。如今，从"扩内需"到"坚持内需主导"，一个明显信 号是，促消费对经济稳定增长的作用越发重要，对经济再上台阶越发关键。 要让内需这个"主引擎"转起来，说到底，就是得解答好"敢消费、能消费、愿消费"这三个问题。 敢消费，关键是让人心里有底。发放消费券，如今成了各地政府提振消费时最常用的工具。这个方法直 接、见效快——把钱撒下去，就像是往市场的灶里添了一把柴。 原标题： 内需这个"主引擎"究竟怎么转？（省委经济工作会议精神解读） 当今世界，外部环境不确定性上升，内需对经济发展的支撑作用持续增强。从中央到河南，内需被提到 了前所未有的高度。 前三季度，河南社会消费品零售总额同比增长6.2%；1—8月，全省文化体育和娱乐业营业收入同比增 长22.3%。从一轮轮的国家补贴，到持续发放的餐饮券、文旅券，真金白银进了老百姓的口袋，不仅点 旺了城市"烟火气"，也为扩内需、稳增长提供了强劲的动力。 除了发放消费券，还要靠提高长期的收入预期增添消费底气。今年，中央经 ...

金融市场瞬息万变，投资与经济政策深刻影响全球。我们为您带来昨夜今晨的财经新闻，涵盖股市动 态、经济数据、企业财务和政策更新，帮助您全面把握金融世界。 扩内需为何排在八项重点任务之首？ 中央经济工作会议将"坚持内需主导，建设强大国内市场"列为明年八项重点任务之首。文章指出，这是 遵循经济规律、应对外部不确定性的必然选择。内需是我国经济增长的主动力，2013-2024年其对经济 增长的平均贡献率达93.1%。当前，需通过提振消费、扩大有效投资、建设全国统一大市场等措施，进 一步释放超大规模市场潜力，将市场优势转化为发展胜势。 一次性信用修复：怎么修？谁受益？5个问题讲清楚丨财经早察 美联储理事米兰敦促继续降息，但淡化降息50个基点的必要性 美联储理事米兰警告，若停止降息将引发经济衰退风险，主张继续推进宽松政策。但他指出，随着近期 三次降息累计75个基点，此前主张的降息50个基点必要性已降低，政策或进入需精细调整而非大幅降息 的阶段。其任期将于明年1月届满，去留尚未确定。目前美联储内部对政策走向分歧严重。 白银价格创新高背后：光伏"去银化"技术量产进行时，供需逆转苗头或悄然发生 央行推出"一次性信用修复"政策，为2 ...

Core Viewpoint - The article discusses the current state of the equity market, highlighting a mixed performance with a focus on domestic demand expansion and structural differentiation in market trends [2][11][13]. Group 1: Market Overview - The equity market experienced high volatility, with the Shanghai Composite Index rising by 0.03% and the CSI 300 Index falling by 0.28% during the week of December 15-19, 2025 [2][11]. - The average daily trading volume across the market was 17,465 billion, showing a decrease compared to the previous week [11]. - The financial and consumer sectors performed relatively well, while growth sectors lagged behind [11][13]. Group 2: Domestic Demand Expansion - A significant emphasis was placed on expanding domestic demand, as highlighted by President Xi Jinping's article in "Qiushi" magazine, which elevated the strategy to a national level [13]. - Continuous policy support is expected to stimulate consumption, optimize new policy implementations, and address unreasonable restrictions in the consumption sector [13]. - The potential introduction of national subsidy policies post-New Year is anticipated to further boost consumption [13]. Group 3: Hong Kong Market Dynamics - The Hang Seng Index fell by 1.10%, and the Hang Seng Tech Index dropped by 2.82%, with most sectors experiencing a pullback due to concerns over rising U.S. Treasury yields and potential interest rate hikes by the Bank of Japan [14]. - Short-term pressures on the Hong Kong market are expected to persist, but there remains a valuation advantage for Hong Kong stocks if short-term factors dissipate [14]. Group 4: Fund Performance Tracking - The Active Equity Fund Selection Index rose by 0.09% last week, achieving a cumulative excess return of 16.68% since inception [4]. - The Value Equity Fund Selection Index increased by 1.02%, with a cumulative excess return of 3.56% since inception [5]. - The Growth Equity Fund Selection Index fell by 1.02%, but has recorded a cumulative excess return of 13.05% since inception [6].

Report Summary 1. Report's Investment Rating for the Industry No information provided regarding the report's investment rating for the industry. 2. Core View of the Report - The market continued its high - level oscillation last week (2025.12.15 - 2025.12.19), with the Shanghai Composite Index rising 0.03% and the CSI 300 falling 0.28%. The value style outperformed the growth style. In the short term, the market is expected to continue its structurally differentiated market, and broad - based indices may maintain high - level oscillations. In the long term, industrial innovation changes and long - term capital inflows are still expected to support the market [3][12][13]. - Domestic policies are focused on boosting domestic demand and consumption. There may be continuous policies in the future to optimize the implementation of relevant policies, clear unreasonable restrictions in the consumption field, and release the potential of service consumption. Attention should also be paid to whether the expanded national subsidy policy will be introduced after New Year's Day to further boost consumption [5][13]. - The Hong Kong stock market was under pressure last week due to factors such as the rise of US bond yields and concerns about the reversal of yen carry - trades. In the short term, market risk appetite may be under pressure, but it still has certain valuation advantages if short - term suppressing factors are eliminated [5][14]. 3. Summary by Relevant Catalogs 3.1 Equity Market Review and Observation - **Market Performance**: The market continued high - level oscillation last week, with the Shanghai Composite Index up 0.03% and the CSI 300 down 0.28%. The value style was stronger than the growth style. The financial and consumption sectors performed relatively well, while the growth sector was weak. The average daily trading volume of the whole market was 17,465 billion yuan, a decrease from the previous week [12]. - **Overseas Market**: After the concern about the Bank of Japan's interest rate hike was alleviated and the US non - farm payrolls report and inflation data were weaker than expected, the risk appetite of the financial market was restored, and overseas technology assets rebounded from oversold conditions. However, there are still concerns about US re - inflation, and US bond yields remained strong [12]. - **Domestic Market**: Benefiting from the elevation of domestic demand expansion to a strategic level, various ministries and official media have continuously emphasized domestic demand expansion and consumption promotion. The market has switched to cyclical sectors dominated by service consumption. Since December, there have been many market hotspots but no clear main line [12][13]. - **Domestic Demand Policy**: The core of the policy is to adhere to the strategic base point of domestic demand expansion, promote the in - depth integration of people's livelihood improvement and consumption promotion, and stimulate market vitality. There may be continuous policies in the future, and attention should be paid to whether the national subsidy policy will be expanded after New Year's Day [13]. - **Hong Kong Stock Market**: The Hang Seng Index fell 1.10% and the Hang Seng Tech Index fell 2.82% last week. Most sectors pulled back. The rise of US bond yields and concerns about the reversal of yen carry - trades suppressed the liquidity of the Hong Kong stock market. In the short term, market risk appetite may be under pressure, but it has certain valuation advantages in the long run [14]. 3.2 Active Equity Fund Index Performance Tracking | Index Classification | Last Week (2025.12.15 - 2025.12.19) | Last Month (2025.11.19 - 2025.12.19) | Since the Beginning of This Year (2025.01.02 - 2025.12.19) | Since Inception | | ---- | ---- | ---- | ---- | ---- | | Strategy Theme: Active Stock Fund Preferred | 0.09% | 1.95% | 39.19% | 40.32% | | Investment Style: Value Stock Fund Preferred | 1.02% | 0.67% | 19.97% | 20.06% | | Investment Style: Balanced Stock Fund Preferred | - 0.11% | 0.32% | 30.61% | 27.74% | | Investment Style: Growth Stock Fund Preferred | - 1.02% | 1.61% | 52.89% | 39.15% | | Industry Theme: Pharmaceutical Stock Fund Preferred | - 2.04% | - 2.88% | 33.86% | 15.96% | | Industry Theme: Consumption Stock Fund Preferred | 0.03% | - 0.33% | 11.14% | 3.98% | | Industry Theme: Technology Stock Fund Preferred | - 1.45% | 1.21% | 45.92% | 48.21% | | Industry Theme: High - end Manufacturing Stock Fund Preferred | - 3.24% | - 2.33% | 30.77% | 24.46% | | Industry Theme: Cyclical Stock Fund Preferred | 1.68% | 2.82% | 29.40% | 20.26% | [15] - **Active Stock Fund Preferred**: Each period selects 15 funds with equal - weight allocation. The core positions select active equity funds based on performance competitiveness, style stability, etc., and balance the style distribution according to the CSI Active Stock Fund Index. The performance benchmark is the Active Stock Fund Index (930980.CSI) [16]. - **Value Stock Fund Preferred**: Selects 10 funds of deep - value, quality - value, and balanced - value styles. The performance benchmark is the CSI 800 Value Index (H30356.CSI) [18]. - **Balanced Stock Fund Preferred**: Selects 10 funds of relatively balanced and value - growth styles. The performance benchmark is the CSI 800 (000906.SH) [20]. - **Growth Stock Fund Preferred**: Selects 10 funds of active - growth, quality - growth, and balanced - growth styles. The performance benchmark is the 800 Growth Index (H30355.CSI) [22][23]. - **Pharmaceutical Stock Fund Preferred**: Selects 15 funds based on the intersection market value ratio of the fund's equity holdings and the constituent stocks of the representative index (CITIC Pharmaceutical). The performance benchmark is the pharmaceutical theme fund index (fitted by Huabao Fund Research and Investment Platform) [23][27]. - **Consumption Stock Fund Preferred**: Selects 10 funds based on the intersection market value ratio of the fund's equity holdings and the constituent stocks of the representative index (CITIC Automobile, Home Appliances, etc.). The performance benchmark is the consumption theme fund index (fitted by Huabao Fund Research and Investment Platform) [27]. - **Technology Stock Fund Preferred**: Selects 10 funds based on the intersection market value ratio of the fund's equity holdings and the constituent stocks of the representative index (CITIC Electronics, etc.). The performance benchmark is the technology theme fund index (fitted by Huabao Fund Research and Investment Platform) [32]. - **High - end Manufacturing Stock Fund Preferred**: Selects 10 funds based on the intersection market value ratio of the fund's equity holdings and the constituent stocks of the representative index (CITIC Construction, etc.). The performance benchmark is the high - end manufacturing theme fund index (fitted by Huabao Fund Research and Investment Platform) [34]. - **Cyclical Stock Fund Preferred**: Selects 5 funds based on the intersection market value ratio of the fund's equity holdings and the constituent stocks of the representative index (CITIC Petroleum and Petrochemical, etc.). The performance benchmark is the cyclical theme fund index (fitted by Huabao Fund Research and Investment Platform) [34][35].

编者按 2024年中央经济工作会议首次提出"着力实现增长稳、就业稳和物价合理回升"，2025年年末的中央 经济工作会议再次提出"把促进经济稳定增长、物价合理回升作为货币政策的重要考量"。可见，让物 价合理回升已经成为一项重要的政策目标。那么，如何才能让物价合理回升，难点在哪里？本文就此 话题展开讨论。 —— BY 李迅雷金融与投资 以下，祝开卷有得。 提示：本公众号所发布的内容仅供参考，不构成任何投资建议和销售要约。如您对重阳产品感兴趣，欢 迎 扫码 咨询。 图文来源/ 微信公众号【李迅雷金融与投资 】 作者/李迅雷金融与投资， 本图文已获得转载授权。 如需转载请联系原作者， 文章仅代表作者个人独立观 点。 此轮物价低迷周期始于2012年 通胀是经济发展中的常态，因为货币规模总是不断膨胀。但经济体偶然也会出现通缩，通缩通常是经 济结构的扭曲导致的，如商品供需结构、居民收入结构等。2022年以来，我国PPI步入负值区间且无 明显的回升迹象，CPI也在0-1%之间徘徊，这就引发了大家的关注。 实际上， 从2012年5月份开始，我国的PPI走势与欧美就发生了分野 ，即我国开始步入负值区间， 欧美则维持正增长。而且， ...

利润方面，今年下半年成本红利持续释放，公司费用管控能力较强，没有无序地参与价格竞争，盈利能 力有望保持稳健。此外，1元乐享等手段加强了公司的数字化运作能力，强化渠道与消费者链接，在后 续发展过程中有望助力公司持续向上，平台型企业根基稳固。该行将其目标价由56.37港元升至59.23港 元，维持"买入"评级。 华泰证券发表研究报告指，中央财办表示扩内需是明年排首位的重点任务，内需主题预期凸显。农夫山 泉作为软饮品龙头企业，今年饮品行业受到外卖平台价格战的影响，但公司经营稳健性突出。具体而 言，公司包装水业务已走出此前的舆论低谷，今年以来持续扩张市场份额，且公司的经营重心由绿瓶纯 净水转回至红瓶天然水，无糖茶业务延续较好的收入成长速度，加速向下沉市场渗透，进一步获得市场 份额，NFC果汁、碳酸茶、养生水等产品持续加强消费者培育。 ...

记者 王珍 2025年，中国经济交出了一份"稳中有进"的答卷，前三季度国内生产总值（GDP）同比增长5.2%，为全 年完成5%左右的增长目标筑牢了根基。 接受智通财经采访的十位首席经济学家认为，2026年，中国经济将延续复苏态势，物价水平温和回升， 全年实际GDP增速在5.0%左右。中美贸易摩擦与房地产行业调整是明年宏观经济两大风险点。 他们表示，明年的政策重点仍是扩内需、强产业。消费品以旧换新补贴规模预计不低于今年的3000亿 元，服务消费补贴有望进一步扩大；产业政策着眼于科技自主自强，以科技进步推动产业转型升级。 财政货币政策方面，经济学家普遍预计，明年赤字率目标设在为4.0%，和2025年持平，超长期特别国 债和新增地方政府专项债规模略有扩张。多数经济学家预计，全年降息1-2次，对应降息幅度0.1-0.2个 百分点，存款准备金率下调1次，幅度在0.5个百分点。 接受智通财经采访的十位经济学家分别是（排名不分先后）： 中国首席经济学家论坛理事长连平 中国银河证券首席经济学家章俊 粤开证券首席经济学家罗志恒 国盛证券首席经济学家熊园 申万宏源证券首席经济学家赵伟 东吴证券首席经济学家芦哲 国金证券首席经济学 ...

今 日 早 评 重点品种： 【短评-焦煤】Mysteel统计独立焦企全样本：产能利用率 为72.05%，减1.11%；焦炭日均产量63.00万吨，减0.98万吨； 焦炭库存91.10万吨，增3.78万吨；炼焦煤总库存1036.29万 吨，减1.01万吨；焦煤可用天数12.4天，增0.18天。评：供应 端，产地部分前期换工作面的煤矿恢复生产，但随着完成年度 任务减产的煤矿继续增加，国内供应依旧偏紧。需求端，焦炭 产量小幅回落，中下游按需采购为主，上游煤矿累库放缓。整 体上，低估值下盘面低位持续反弹，现货端采购积极性有所回 升，线上竟拍成交稍有改善。随着年关将近，冬储力度逐渐加 大，焦煤基本面延续边际改善，盘面估值仍有修复空间。 【短评-白银】美国白宫国家经济委员会主任哈塞特表示， 与古尔斯比观点一致，当前仍存在充足的降息空间。特朗普希 望美联储主席能够作出独立判断，特朗普助手们将在佛罗里达 讨论住房政策，预计很快将在新年宣布"重大"住房计划。 评：目前关于未来降息的分歧有所加强，但是对政府的各种刺 激政策的预期增加，提振风险偏好。降息预期对贵金属存在支 撑，整体来看，降息周期对白银依然偏多支撑。关注黄金波动 对 ...

Summary of Conference Call Industry Overview - The discussion primarily revolves around the media industry, focusing on the cinema sector and the impact of AI on various applications within the industry [1][8]. Key Points on Cinema Sector - **Expansion of Domestic Demand**: The government has emphasized the importance of expanding domestic demand as a strategic initiative, with the media sector being a significant component of this strategy [1][4]. - **Cinema Box Office Performance**: The box office for the year is projected to reach approximately 46 billion, reflecting a year-on-year growth of around 20% [4]. - **Upcoming Film Releases**: Anticipation for the upcoming Chinese New Year film season is high, with several domestic films scheduled for release, which could drive box office performance [2][4]. - **Key Players in Cinema**: The leading cinema chains identified for investment include Wanda Film, Hengdian Film, and Shanghai Film, with Wanda Film being highlighted for its proactive capital investments and strategic initiatives [3][4][6]. Financial Projections - **Market Potential**: The total number of cinema screens in China is expected to reach 100,000 by the end of 2024, with a potential market size of 80 billion based on current screen counts [5][6]. - **IP and Derivative Markets**: The market for IP derivatives is projected to grow from 1.742 trillion in 2024 to over 3.3 trillion by 2029, indicating significant growth potential in this sector [5][6]. AI Sector Insights - **AI Applications in Media**: The AI sector is experiencing rapid growth, with significant advancements showcased at recent conferences, including new models for content creation and digital marketing [8][9]. - **Company Performance**: Zhiyu's financials indicate a revenue growth of 130% from 2022 to 2024, with a projected revenue of over 300 million by 2024 [9][10]. - **Investment Opportunities**: Companies like Huace Film and BlueFocus are highlighted as key players benefiting from AI advancements, particularly in digital marketing and content production [12][13]. Market Trends and Future Outlook - **Long-term AI Growth**: The AI sector is expected to drive significant changes in the media landscape over the next decade, with both foundational infrastructure and application development being critical areas of focus [14][15]. - **Investment Recommendations**: Investors are encouraged to monitor companies involved in cinema, IP development, and AI applications, particularly those that are leveraging new technologies to enhance their offerings [16][18]. Additional Considerations - **Risks and Challenges**: The potential risks associated with companies like ByteDance and their international operations are noted, but the overall sentiment remains optimistic regarding the growth of the media and AI sectors [17][18]. This summary encapsulates the key insights and projections discussed during the conference call, providing a comprehensive overview of the current state and future potential of the media and AI industries.