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]

FICC月报 | 2026-01-04 股指有望迎来开门红 市场分析 制造业景气度回暖。宏观方面，11月经济数据显示整体经济有所放缓，供给端整体平稳，十月节假日后生产已恢 复正常。需求端面临一定压力，内需方面尤其是商品零售端亟待提振，尽管双十一活动对消费有一定拉动，但受 前期消费国补政策退潮影响，整体拉动效果有限，消费表现偏弱，而外需边际改善带来一定支撑。随着新一年国 补政策回归，预计其对内需的拉动效果将逐步显现。投资端拖累明显，尤其是地产投资压力较大，不过高端制造 领域投资增长起到一定支撑作用。金融数据方面，11月金融总量增速与上月持平，但M1、M2增速均呈下行态势， M1-M2剪刀差连续两个月下降，这种金融数据走弱将直接作用于流动性驱动型市场，引发权益市场波动。整体来 看，11月经济亮点有限，但12月制造业景气度超预期回升至荣枯线上方，释放出边际好转信号。政策方面，2026 年作为"十五五"规划开局之年，对"开门红"诉求比常规年份更强烈，大概率将迎来增量政策，可能包括财政政策前 置发力、货币政策边际宽松等方向。 增量资金回暖。盈利层面，企业端利润有所反复，11月整体承压，但呈现明显结构性分化特征，其中高端 ...

Group 1 - The core viewpoint of the articles emphasizes the evolving dynamics of global economic relations, particularly between China and the United States, as they navigate mutual interests and challenges in trade and investment [1][2][6]. - The US-China Business Council (USCBC) aims to enhance trade relations and investment opportunities, highlighting the importance of cooperation and understanding between the two nations [2][7]. - The "15th Five-Year Plan" is seen as a pivotal moment for China, with expectations for policies that will unlock domestic market potential and foster international collaboration [2][3]. Group 2 - The USCBC has been actively facilitating dialogue between member companies and Chinese government officials, providing a platform for discussing economic trends and investment opportunities [6][7]. - The organization emphasizes the mutual benefits of increased trade and investment, advocating for better communication between the governments of both countries to address challenges and opportunities [7]. - The importance of consumer-driven economic rebalancing in China is highlighted, with calls for measurable targets to promote consumption as a key economic driver [3].

Group 1 - The core viewpoint of the article emphasizes that achieving a per capita GDP of over $20,000 by 2035 is a significant indicator of the basic realization of socialist modernization in China, requiring a steady economic growth rate during the 14th Five-Year Plan period [1] - The estimated annual GDP growth rate needed from 2025 to 2035 is 4.17%, considering the population decline, with a target GDP growth rate of around 5% during the 14th Five-Year Plan period [1] - Current assessments suggest that China's potential economic growth rate exceeds 5%, with a nominal economic growth rate expected to be around 7% when factoring in a reasonable price recovery of 2% [1] Group 2 - China's economic foundation is stable, with numerous advantages, strong resilience, and significant potential, indicating a long-term positive trend [2] - The country's comprehensive innovation capability ranking has improved from 14th in 2020 to 10th in 2024, highlighting the rapid development and potential of China's technology sector [2]

证券研究报告·策略报告·策略周评 策略周评 20260104 节后 A 股行情推演 2026 年 01 月 04 日 [Table_Summary] ◼ 港股大涨原因分析及节后 A 股行情推演 元旦港股大涨，主要原因有三：一是港股相对 A 股有补涨逻辑；二是人民 币升值催动港股走强；三是强劲科技产业趋势是行情上涨的引擎。 港股与 A 股的联动性历来较强，此次港股上涨亦强化了节后 A 股走强的 预期。春节前后，市场环境通常对多方更为有利，A 股总体机会大于风险， 看好节后科技行情。宏观层面，内外环境均呈现积极变化，外部弱美元催 化叠加内部政策靠前发力。微观层面，资金面同样可能迎来改善，人民币 汇率回升、港股率先大涨有望提振市场情绪，险资、公募等机构亦在新年 伊始进行资产布局。 配置方向上，建议以景气成长为主。成长风格在春季行情中历来表现突出， 叠加今年作为"十五五"规划开局之年，新质生产力相关板块有望成为资 金配置重心。但需注意，1 月进入业绩预告密集期，注重景气度与业绩支 撑。建议重点关注三大方向：1）AI 产业链；2）"十五五"规划提名细分； 3）周期涨价。 ◼ 元旦期间全球要闻 ➢ 假期全球市场综述 元旦 ...

策略研究 · 策略周报 元旦假期事件梳理及 A 股展望 2026 年 1 月 4 日 核心观点 分析师 杨超 ：010-80927696 ：yangchao_yj@chinastock.com.cn 分析师登记编码：S0130522030004 王雪莹 ：（010）80927721 ：wangxueying_yj@chinastock.com.cn 分析师登记编码：S0130525060003 相关研究 2025-12-28，节奏看"水"，集中靠"质"——2026 年港股市场投资展望 2025-12-11，2025 年 12 月中央经济工作会议对投资 的启示：向新向优 2025-12-08，12 月中央政治局会议对投资的启示 2025-11-22，变局蕴机遇，聚势盈未来——2026 年 A 股市场投资展望 2025-11-06，A 股三季报业绩有哪些看点？ 2025-10-30，公募基金三季度持仓有哪些看点？ 2025-10-30，2025 年 11 月投资组合报告："十五五" 新蓝图与市场新机遇 2025-10-29，变局蕴机遇，驶向新蓝海——《"十五 五"规划建议》解码 A 股投资全景图 2025-10- ...

Group 1 - The core message emphasizes the importance of youth taking responsibility and actively participating in their communities and fields, showcasing their growth through action and perseverance [2][3] - Youth are increasingly involved in agricultural innovation and technology, with examples of university students working closely with farmers to implement sustainable practices and researchers making significant breakthroughs in quantum physics [2] - Various supportive measures are being implemented by cities to empower youth, including tax incentives for entrepreneurs, childcare support, and community resources for new employment groups, which serve as a solid foundation for their aspirations [3] Group 2 - The "14th Five-Year Plan" highlights the need for creating new job opportunities and facilitating talent exchange between educational institutions and enterprises, which will inject momentum into youth development [3] - Emerging fields such as renewable energy, intelligent technology, and the aging economy present new opportunities for youth, requiring both individual initiative and societal support to ensure equitable access and fair opportunities [3][4] - The narrative encourages a mutual relationship between youth and society, where both parties contribute to each other's success, ultimately crafting a shared story of progress in a rapidly changing era [4]

Group 1 - The core message emphasizes the importance of youth taking responsibility and actively participating in their communities and fields, showcasing their growth through various challenges and experiences [1][2] - Youth engagement in agriculture and technology is highlighted, with examples of university students working alongside farmers and researchers making significant discoveries in quantum physics, demonstrating practical applications of their knowledge [2] - The concept of "youth-friendly" initiatives is introduced, where cities implement policies to support young people's work and life, including tax incentives for entrepreneurs and childcare support, creating a conducive environment for youth development [3] Group 2 - The article discusses the mutual relationship between youth and society, where young individuals take on responsibilities while society provides support, as seen in various government initiatives aimed at enhancing job opportunities and work-life balance for youth [3][4] - New fields and opportunities are emerging, such as renewable energy and smart city development, which require youth to explore and innovate, while society must ensure fair access and equal opportunities [3] - The narrative encourages young people to align their skills with societal needs, fostering a collaborative environment where both youth and society can thrive together [4]

Core Viewpoint - The trust industry in China is at a critical juncture, transitioning towards high-quality development amidst regulatory changes and evolving market expectations, as outlined in the "14th Five-Year Plan" and the upcoming "15th Five-Year Plan" [1][2]. Industry Overview - The trust industry is undergoing a significant transformation, with new regulations such as the "Trust Company Management Measures" categorizing trust businesses into three main types: asset service trusts, asset management trusts, and public welfare trusts, marking the first institutional restructuring since 2007 [2]. - The industry is experiencing a shift away from real estate and financing trusts towards emerging businesses like asset service trusts, which are becoming the main drivers of growth [2]. Strategic Opportunities - Trust companies are encouraged to align with national strategies focusing on modern industrial systems, technological self-reliance, regional coordinated development, green transformation, and improving people's livelihoods [2][3]. - Specific areas for trust companies to engage include: - Supporting the modernization of the industrial system by providing innovative investment trusts and supply chain financial services [3]. - Fostering technological innovation through knowledge property trusts and equity investment trusts [3]. - Enhancing social welfare through wealth management, pension security, and charitable trusts [3]. - Promoting green transformation by developing green trusts and ESG investments [4]. Market Integration - The trust industry is positioned to support the construction of a unified national market by facilitating the efficient flow of capital and goods, thus aligning with domestic market service and regional development goals [5]. Company Transformation - The company is implementing a comprehensive reform plan to address transformation pressures, focusing on risk management, compliance, and enhancing professional capabilities [6][7]. - Emphasis is placed on returning to the core trust responsibilities and improving customer satisfaction through specialized and targeted trust services [7]. Collaborative Development - The company aims to deepen collaboration within the financial group, providing integrated financial solutions and wealth management services, particularly in family trusts and pension services [8].

Group 1 - The "15th Five-Year Plan" is a crucial period for achieving socialist modernization, with emphasis on high-quality development and effective implementation of goals [1][2] - Various regions and departments are actively engaging in practical measures to ensure the successful start of the "15th Five-Year Plan" [2][3] - The importance of aligning local actions with national strategies and market demands is highlighted, promoting high-quality development models [3] Group 2 - Hainan Free Trade Port is experiencing continuous policy benefits, aiming to align with international high-standard economic and trade rules [4] - The Yangtze River Delta is enhancing its supply chain for robotics, showcasing the region's collaborative innovation capabilities [5][6] - Different regions are focusing on their unique advantages to contribute to national goals, such as clean energy initiatives in Shanxi and ecological protection in Inner Mongolia [7] Group 3 - A problem-oriented approach is emphasized for addressing development challenges, with quick responses to public service issues being a priority [8][9] - The government is committed to improving rural water supply and infrastructure, with specific projects planned to enhance service levels [9][10] - The integration of various departments is crucial for addressing challenges and promoting high-quality development in the Guangdong-Hong Kong-Macao Greater Bay Area [14] Group 4 - Collaborative efforts across provinces are being made to protect the environment and ensure sustainable development, with successful initiatives in water quality management [13] - The focus on modular construction standards and inter-departmental cooperation is aimed at facilitating market access and resource flow [14] - The overall goal is to leverage practical actions and achievements to support the successful initiation of the "15th Five-Year Plan" [14]