Group 1: Industry Overview - The Chinese futures market has played a significant role in supporting the high-quality development of the real economy during the "14th Five-Year Plan" period [1] - The implementation of the Futures and Derivatives Law has provided a strong legal guarantee for creating a safe, standardized, transparent, and open capital market [1] - The State Council has established a comprehensive regulatory framework to enhance risk prevention and promote high-quality development in the futures market [1] Group 2: Market Developments - Futures companies are accelerating their transformation into specialized, technology-driven comprehensive derivatives service providers, expanding into OTC derivatives and risk management services [1] - The "insurance + futures" model has been continuously expanded, covering various commodities such as live pigs, soybeans, and apples, becoming a crucial tool for rural revitalization [1] - The Shanghai Futures Exchange has successfully launched new futures and options products, enhancing its service capabilities for modern industrial systems [5] Group 3: Future Directions - The "15th Five-Year Plan" marks a new starting point for the futures industry, with a focus on risk prevention, strong regulation, and promoting high-quality development [2][3] - The industry aims to enhance its digital transformation and improve real-time monitoring capabilities to better serve the market [3] - The Guangzhou Futures Exchange is committed to becoming a green futures exchange, focusing on green low-carbon transformation and high-quality development [14]

本报讯(记者黄伟)1月4日，省委常委会召开会议，学习贯彻习近平总书记2026年新年贺词和近期重要讲 话精神，总结去年四季度及全年全省学习贯彻习近平总书记对江苏工作重要讲话精神进展情况，研究部 署一季度经济工作重点任务和责任分工。省委书记信长星主持会议并讲话。 会议指出，习近平总书记发表的2026年新年贺词和在全国政协新年茶话会上的重要讲话，鼓舞人心、提 振信心，为我们做好今年工作提供了重要指引。要从过去一年和"十四五"时期取得的非凡成就中更加深 刻领悟"两个确立"的决定性意义，不断增强做到"两个维护"的政治自觉，矢志不渝沿着总书记指引的方 向前进。要以求真务实、真抓实干的作风，脚踏实地做规划、定目标、促发展，努力以良好开局为"十 五五"发展打好基础。要持之以恒推进全面从严治党，把新时代党的自我革命要求落实到位，以高质量 党建引领高质量发展。 会议学习了习近平总书记在《求是》杂志发表的重要文章《学习好贯彻好党的二十届四中全会精神》， 强调，要在前期学习的基础上，进一步深化对党的二十届四中全会精神的学习领会，紧密结合江苏实际 抓好贯彻落实，推动中国式现代化江苏新实践取得新的更大突破。 会议逐项听取了牵头省领导关于 ...

Group 1 - The core focus of the municipal economic work conference is to promote the "14th Five-Year Plan" effectively, with seven key tasks outlined to guide this year's economic efforts [1] - Emphasis on efficiency and urgency, highlighting the need for rapid action and effectiveness as essential attitudes for starting the new phase [1] - The city aims to enhance its role in national development strategies, positioning itself to contribute positively to broader regional and national goals [1] Group 2 - The commitment to prioritize the well-being of the people is underscored, with a focus on innovation, openness, and integration of science and industry to create more opportunities for development and improve quality of life [1] - The call for proactive engagement in reform and development, with a focus on practical actions and long-term commitment to urban stability and growth [2]

Group 1 - The core viewpoint of the article emphasizes the importance of the Communist Party's comprehensive leadership as a fundamental guarantee for the stable and long-term development of China's economy and society during the "14th Five-Year Plan" period [1] - The article outlines the necessity of adhering to the "six persistences" principle during the "15th Five-Year Plan" period, with a focus on the Party's leadership as the primary principle [1] - It highlights the role of the Party in integrating social resources and coordinating interests to achieve the goals set in the "15th Five-Year Plan" [1] Group 2 - The article stresses the need for political loyalty to ensure that the development during the "15th Five-Year Plan" proceeds in the correct direction, emphasizing the importance of aligning with the central leadership [2] - It calls for strengthening theoretical education to provide scientific guidance for the "15th Five-Year Plan" development, particularly through the application of Xi Jinping's thought [3] - The article discusses the importance of improving institutional guarantees to enhance the Party's leadership capabilities and governance effectiveness [4] Group 3 - The article emphasizes the need to build a strong cadre team capable of fulfilling the responsibilities of national rejuvenation, focusing on political standards and practical experience [4] - It highlights the importance of focusing on central tasks to turn the "15th Five-Year Plan" development blueprint into reality, including promoting a modern economic system and addressing public service needs [5]

Core Viewpoint - The Dalian Commodity Exchange (DCE) expresses gratitude for support and outlines its achievements and future plans as it enters 2026, emphasizing its commitment to serving the real economy and enhancing market stability and functionality [1][2][3] Group 1: Achievements in 2025 - DCE successfully launched pure benzene futures and options, and introduced monthly average price futures contracts for chemical products, enhancing its risk management tools [2] - The exchange improved contract rules to better align with industry needs, resulting in significant quality enhancements in product operations [2] - Regulatory measures were strengthened, including the implementation of the Futures and Derivatives Law and the establishment of a comprehensive risk monitoring and early warning mechanism [2] - DCE increased participation from industry clients and promoted the "insurance + futures" model to support agriculture, expanding the influence of "Dalian prices" in spot trade pricing [2] - The number of trading varieties available to qualified foreign investors increased from 14 to 27, reflecting a continuous improvement in market internationalization [2] - The exchange completed a successful transition to a new main trading center and advanced its digital transformation to enhance service quality [2] Group 2: Future Plans for 2026 - In 2026, DCE aims to implement the spirit of the 20th Central Committee's Fourth Plenary Session and the Central Economic Work Conference, focusing on political guidance and scientific planning for the 15th Five-Year Plan [3] - The exchange will emphasize strict regulation and risk prevention, while continuing to innovate products and optimize rules to enhance service effectiveness for the real economy [3] - DCE plans to further expand its international presence and strengthen the global influence of "Dalian prices" [3] - The exchange is committed to bolstering its technological capabilities and accelerating its digital transformation [3] - DCE aims to contribute significantly to China's modernization and the construction of a strong financial nation through high-quality development and reform [3]

Group 1 - The core viewpoint is that the domestic economy is expected to show moderate growth in 2026, driven by a stable and progressive economic policy and positive changes in both internal and external economic environments [1] - The structure of domestic demand is anticipated to undergo significant changes, with a reduced impact from real estate and an increased emphasis on consumption, particularly in "investing in people" as a key direction for expanding domestic demand [1] - The ongoing "anti-involution" policies are expected to alleviate the supply-demand imbalance, promoting a recovery in corporate profits and improvement in profit margins [1] Group 2 - The market is projected to shift from the extreme conditions of 2025 to a more balanced state in 2026, with the past two years characterized by liquidity chasing scarce assets [1] - In the context of a dual easing fiscal and monetary environment, the renminbi is expected to stabilize and recover in the short term, marking the beginning of value allocation and valuation recovery for Chinese assets [1] - Despite increased volatility in the US stock market, the long-term development trend of AI is accelerating, with significant focus on the commercialization of intelligent agents and investment opportunities in the broader technology sector remaining a key theme for 2026 [1] Group 3 - The Hong Kong stock market's decline in Q4 2025 was primarily influenced by liquidity contraction, but current valuations are considered to have high cost-effectiveness [2] - As an offshore market, Hong Kong stocks tend to exhibit greater resilience during the Federal Reserve's interest rate cut cycle, with internet assets possessing both technology and cyclical attributes suitable for left-side positioning [2] - The long-term outlook for the equity market remains optimistic, with a recommendation for balanced investment strategies that consider individual risk preferences, highlighting structural opportunities in cyclical resources, export chains, and core assets [2]

Core Viewpoint - The meeting emphasized the importance of economic work for 2026, marking the beginning of the "15th Five-Year Plan," focusing on high-quality development and the integration of cultural tourism and good governance as key strategies for economic growth [5][6][8]. Group 1: Economic Performance and Achievements - The year 2025 was highlighted as a significant year for the old city, with economic operations showing stability and growth, driven by strong leadership and effective implementation of policies [4]. - The "People's Cultural Tourism" brand gained national recognition, with rapid expansion of related industries and successful awards for tourism excellence [4]. - Infrastructure improvements and urban renewal efforts were noted, enhancing city functions and quality, alongside effective management of idle assets and a growing number of market entities [4]. Group 2: Strategic Focus for 2026 - The overall economic work requirement for 2026 includes adherence to Xi Jinping's economic thought and the implementation of a comprehensive development strategy [5]. - Key tasks include promoting high-quality development, expanding domestic demand, optimizing supply, and enhancing the integration of cultural tourism with local governance [5][7]. - The meeting outlined ten priority areas, including employment stability, education enhancement, healthcare improvements, and cultural tourism development, aimed at fostering economic resilience and social stability [7][9]. Group 3: Policy Implementation and Governance - The meeting stressed the need for strong party leadership in economic development, ensuring that policies are effectively implemented and adapted to local conditions [8]. - Emphasis was placed on creating a favorable political and economic environment to stimulate innovation and collaboration across sectors [8]. - The importance of risk management and safety in production was highlighted, with a focus on preventing systemic risks and ensuring social stability [6][9].

南都讯 1月4日，广州市白云区企业家大会在华为广州研发中心召开。大会以"奋进'十五五'实现新突 破"为主题，推动企业发展战略与白云区"十五五"规划深度融合，努力构建"双赢、多赢、共赢"发展格 局。超过160位各行业领域企业家参加大会。 白云区企业家大会在华为广州研发中心召开，政企同心擘画高质量发展蓝图。（谭札烽 摄） 在这当中，既有龙头企业、上市公司，也汇聚了一批高新技术企业、"专精特新"小巨人企业为代表的创 新力量。企业家代表们一致认为，白云区区位优势明显、产业基础扎实、政策支持有力，特别是 在"6+6+X"现代产业集群培育和营商环境优化方面的持续发力，为企业成长提供了广阔的舞台。 作为深耕白云的央企龙头，南方航空正全力发挥航空主业优势，为白云区的现代化产业体系，装上强劲 的"航空引擎"。中国南方航空股份有限公司战略规划投资部副总经理黄翔表示，展望"十五五"，南方航 空将与白云区携手共进，推动航空价值链拓展提升、供应链深度融合，助力白云谱写高质量发展新篇 章。 广东省机场管理集团有限公司副总经理邓勇刚也表示，期待和白云区一起，将独特的"临空优势"转化为 实实在在的产业优势和经济增长极，共同打造"港产城"融合 ...

①春季躁动下成交热度较低的热门主题机会：有色/新能源/机器人/半导体等； ②关注业绩预期改善的非银，顺周期（煤炭、有色）。 报告正文 一、春季躁动已经启动 本轮春季躁动或可更多归因于流动性驱动。我们认为春季躁动行情更多为时间统计规律，启动与否不必苛求确切的信号，12/17至今上证指数实现11连 阳，指数点位从3822上升至3969点，全A成交额从1.7万亿上升至2.2万亿，换手率从1.6%提升至1.8%，春季躁动已经启动。我们判断本轮春季躁动可更多 归因为风险偏好回升下的流动性驱动：在美日央行两只靴子落地后，外围不确定干扰得到缓解，对市场风险偏好形成支撑。同时，国内地产风险得到一定 对冲与缓释：一方面，万科债券展期虽未获得通过，但宽限期从5个工作日延长至30个交易日（宽限期届满日定为2026年1月28日），为后续谈判留下更充 裕的缓冲时间；另一方面，12月30日财政部、税务总局联合发布关于个人销售住房增值税政策的公告，将未满2年住房销售增值税征收率从5%下调至 3%，通过降低交易成本减少"卖旧买新"的循环阻碍，有助于去库存促进房地产市场预期向好。从资金面上来看，以两融/ETF为代表的资金出现明显放 量，12/ ...

Core Viewpoint - The trust industry in China is at a pivotal moment, transitioning towards a new phase of value creation and returning to its core responsibilities amid the "14th Five-Year Plan" conclusion and the "15th Five-Year Plan" preparation [1] Industry Opportunities and Challenges - The "15th Five-Year Plan" presents both opportunities and challenges for the trust industry, with national strategies opening up vast spaces for trust companies to leverage their institutional advantages while facing increased regulatory scrutiny [2] - The restructuring of trust business categories, including asset service trusts, asset management trusts, and charitable trusts, marks a significant regulatory shift, emphasizing the need for higher standards in the industry [2] Key Areas for Development - Trust companies should focus on four key areas to align with national strategic tasks: 1. Supporting the construction of a modern industrial system to strengthen the real economy [3] 2. Promoting technological self-reliance and innovation through new business models like intellectual property trusts [3] 3. Enhancing services for people's livelihoods to advance common prosperity, including the development of pension trusts and family trusts [4] 4. Facilitating green transformation and contributing to ecological sustainability through green trusts and ESG investments [4] Upgrading Services for National Market - The trust industry can enhance its services to support the construction of a unified national market by breaking down regional barriers and promoting efficient capital and goods flow [5][6] - This includes active participation in consumer finance, infrastructure investment, and modern circulation system construction, as well as providing tailored financial solutions for regional economic coordination and rural revitalization [6] Company Transformation Measures - The company is implementing a comprehensive reform plan to navigate the pressures of industry transformation, focusing on risk management, professional capability enhancement, and strengthening party leadership [7][8] - Specific measures include returning to the core of trust services, enhancing risk management systems, and fostering a culture of compliance and responsibility [7] - The company aims to build a high-quality development path through professional training and the establishment of specialized departments to meet the demands of innovative business models [8] Key Points for High-Quality Development - The company identifies three core positions for achieving high-quality development: 1. Firmly adhering to the role of trustee and focusing on customer-centric services [9] 2. Committing to serving the real economy and supporting national strategic initiatives [9] 3. Promoting group synergy to enhance service efficiency and provide integrated financial solutions [10]