Group 1 - 2026 is expected to be a significant year, marking the beginning of the 15th Five-Year Plan and various industry milestones, including autonomous driving, liquid cooling, and commercial space travel [1] - The A-share market is characterized by a strong tendency to speculate on concepts, with several industries already experiencing heated speculation in 2025 [1] Group 2 - Predictions for 2026 include the Federal Reserve likely cutting interest rates more than twice, with a projected inflation rate of 2.6% and economic growth at 4.3% [2] - The Chinese yuan is expected to appreciate to 6.5 due to the weakening of the US dollar, attracting foreign capital into Chinese assets [2] - A rebound in both CPI and PPI is anticipated in the second half of 2026, driven by rising global commodity prices and a potential end to over 40 months of negative PPI growth [2] - The Shanghai Composite Index is projected to reach 4153 points in the first half of 2026, with a focus on emerging industries and low PE cyclical stocks [2] - The A-share market is expected to see a balanced style, with a concentration on new industries and a continuation of the bull market in precious and industrial metals due to the Fed's rate cuts [2] - The upcoming bull market in non-ferrous metals is expected to be significant, driven by both demand from AI-related industries and limited supply growth due to long-term industry stagnation [2]

Group 1 - The Hong Kong government aims to further develop the financial market and strengthen its position as the largest offshore RMB hub globally, focusing on expanding offshore RMB business [1] - There is a strong emphasis on developing green and sustainable finance to support the national "dual carbon" goals, alongside promoting financial technology applications and enhancing connectivity with the mainland market [1] - The government plans to attract more family offices and asset management institutions to solidify Hong Kong's status as an international asset and wealth management center, continuing to draw international capital and talent [1] Group 2 - The Central Government has recognized Hong Kong's significant achievements in the economic and financial sectors over the past year, expressing expectations for future development [2] - Hong Kong ranked third among global financial centers, with the highest IPO scale and notable performance of the Hang Seng Index, reflecting the collaborative efforts of the Hong Kong government and the financial industry, supported by the Central Government [2] - The financial sector will leverage its unique advantage of being connected to the mainland while engaging with the global market, contributing to the national modernization efforts [2]

Core Viewpoint - The offshore RMB has surpassed 6.97 against the USD, continuing its appreciation trend since the end of 2025, with expectations for RMB to officially return to the "6" range by 2026 [1] Group 1: Factors Supporting RMB Strength - The weakening of the USD index, driven by the high debt pressure in the US and the Federal Reserve's difficulty in tightening policies, creates favorable external conditions for RMB appreciation [1] - Continuous improvement in the domestic economic fundamentals, along with the release of policy dividends from the "14th Five-Year Plan," has significantly enhanced market confidence in RMB assets [1] Group 2: Trade Surplus Impact - Approximately $900 billion in unconverted trade surplus accumulated over the past three years is showing signs of returning, providing strong support for the RMB exchange rate [1]

中新网1月2日电 题：2026年，世界为何更需要中国？ 作者：管娜 甘甜 2026年，中国迎来"十五五"规划开局之年，世界期待一个在高质量发展道路上昂首阔步前行的中国。百 年变局激荡，全球于不确定性中艰难寻路时，来自中国的确定性，正被视为维持国际秩序的"定盘星"。 展望2026年的中国发展，中新网"中外对话"节目特邀外交学院战略与和平研究中心创建主任、中国人民 大学全球治理与发展研究院副院长苏浩，《地缘政治经济报告》创始人、美国外交政策专家贲杰民·诺 顿(Benjamin Norton)，进行深度解读。 视频：【中外对话】中外专家寄语2026年：中国"十五五"规划意义重大 将惠及全球来源：中国新闻网 "十五五"开局："中国发展惠及世界" 2026年是"十五五"规划开局之年，中国经济发展前景，备受关注。 "不久前召开的中央经济工作会议，为2026年经济工作定下了'稳中求进、提质增效'的总基调。"苏浩认 为，未来五年，中国经济仍有很大发展空间。 苏浩称，作为世界第二大经济体，中国的稳定增长不仅为自身发展奠定了坚实基础，也为世界经济提供 了关键动力与稳定支撑。 "随着高科技、新兴产业和新能源的发展，中国的整体经济结 ...

Group 1 - The report by Deloitte China indicates that despite geopolitical tensions and the impact of the US "reciprocal tariff" policy, the global IPO financing amount for the top ten new stocks in 2025 shows slight improvement compared to 2024 [1] - The Hong Kong Stock Exchange is expected to lead in new stock financing in 2025, with four out of eight super-large IPOs ranking among the top ten globally [1] - The A-share market in 2025 continues the momentum from 2024, with an increase in the number of new stocks and a significant rise in financing amounts, supported by new policies [1][2] Group 2 - The Hong Kong IPO market is projected to rebound strongly in 2025, with expectations to reach a record financing amount of at least 300 billion HKD in 2026, driven by measures encouraging mainland enterprises to list in Hong Kong and the return of international capital [2] - By December 31, 2025, 114 companies are expected to list in the A-share market, raising 129.6 billion RMB, with the Shanghai Stock Exchange leading in financing amount [2] - The report anticipates that the A-share market will continue to see stable growth in new stock issuance in 2026, particularly in sectors like AI and those prioritized in the "14th Five-Year Plan" [1][3] Group 3 - Deloitte's partner in East China noted that the A-share market's performance in 2025 surpasses that of 2024, with an increase in average financing scale among the top five new stocks, indicating a healthy supply of quality IPOs [3] - The Hong Kong market achieved significant success in 2025, reclaiming its position as the leading global IPO market, attributed to various reforms and measures implemented by the Hong Kong Stock Exchange and the Securities and Futures Commission [3] - Predictions for 2026 suggest around 160 new IPOs in Hong Kong, with financing expected to exceed 300 billion HKD, including several large-scale listings from mainland enterprises [3][4] Group 4 - The outlook for the Hong Kong IPO market may still be influenced by macroeconomic and geopolitical factors, including US monetary policy and global capital allocation trends [4] - Continuous reforms and institutional optimizations in the capital market are expected to enhance Hong Kong's overall competitiveness, liquidity, and valuation levels, improving the IPO market's ecosystem [5]

（来源：中国经济导报） 转自：中国经济导报 "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，各地立足自身禀赋、锚定国 家战略，谋划发展蓝图、明确攻坚路径。近期，各省份"十五五"规划建议陆续出台，勾勒出中国式现代 化的省域实践图景。这些蓝图既紧扣国家部署，又立足禀赋彰显鲜明特质。广东以粤港澳大湾区创新共 同体建设、"百县千镇万村高质量发展工程"为抓手，江苏扛起"走在前、作示范"使命融入长三角，浙江 锚定共同富裕示范区打造人工智能领跑格局，福建深耕两岸融合发展与海丝核心区建设，山东以新旧动 能转换强化北方辐射力，河南聚力"六个强省"夯实农业与交通优势，湖北打造中部崛起战略支点守护长 江生态，湖南以"三个高地"建设激活"一带一部"区位潜能……各地以差异化路径凝聚起全国一盘棋的发 展合力，推动高质量发展落地生根。 | સ્ત્ર સિ | 地方特色 | | --- | --- | | 广东 | 粤港澳大湾区开放型区域协同创新共同体建设深入推 进:具有全球影响力的产业科技创新中心基本建成:"百县千 | | | 镇万村高质量发展工程"取得重大进展;海洋强省建设取得显 | | | 著突破;岭南文化影响力 ...

来源： 第1眼TV-华龙网 元旦佳节，辞旧迎新。当新年的钟声敲响，2025年完美收官。回首过去这一年，每一个人都以坚韧不拔 的精神，在逐梦路上留下了坚实的足迹。从"福建舰"入列壮大国防力量，到神舟二十号乘组3名航天员 在轨驻留204天，刷新了中国航天员单个乘组在轨驻留时间最长纪录；从海南自贸港全岛封关运作， 到"育儿补贴"政策的落地……一桩桩成就映照奋斗身影，一个个突破标注时代高度。新岁启幕，奋进之 路必将越走越宽，追梦步伐必将越踏越实。新的一年，民族肩负新使命。2026年是"十五五"规划开局之 年，是承前启后、继往开来的关键一年。中华传统文化崇尚"开门红"，新年首日的序章，往往预示着全 年的气象。2026 年的良好开局，不仅锚定未来五年的发展航向与工作重点，更将凝聚万众一心的奋斗 共识，提振攻坚克难的精神底气。唯有全力以赴开好局、起好步，方能为"十五五"时期的稳健发展筑牢 根基。新的一年，人民怀抱新期盼。在跨年夜的星光下，人们许下各式各样的新年愿望。孩子们希望学 业进步，期许更优质的教育资源；青年人渴望梦想实现，期盼经济持续健康发展；老人们愿福寿安康， 期盼更完善的康养服务惠及万家……这些愿望背后，是千家万 ...

大象新闻记者 池里军 罗雅静 12月30日，中国共产党郑州市中原区第十二届委员会第十次全体会议暨区委经济工作会议召开。 会议由区委常委会主持。区委书记李晓雷受区委常委会委托报告工作，就《建议(讨论稿)》作说明，并 作讲话。区委副书记、区长邓英文落实全会精神对2026年经济工作作具体安排。 会议强调，"十五五"时期是我国基本实现社会主义现代化夯实基础、全面发力的关键时期，是河南扬长 补短、全面崛起的关键阶段，是郑州深入落实国家重大战略、推进国家中心城市建设加快奋起的关键阶 段，更是我区抢抓机遇、爬坡过坎，践行人民城市理念，聚力打造令人向往的充满"年轻力、科技感、 时尚度"的国家中心城市产城融合引领区的关键阶段。全区上下要加强政治统领，坚决拥护"两个确 立"、增强"四个意识"、坚定"四个自信"、做到"两个维护"，增强机遇意识，强化责任担当，以历史主 动精神克难关、战风险、迎挑战，破局而立闯出一条高质量可持续发展之路，奋力开创中原区推进中国 式现代化建设新局面。 会议强调，"十五五"时期中原区经济社会发展必须遵循以下原则：坚持党的全面领导，坚持人民至上， 坚持高质量发展，坚持全面深化改革，坚持有效市场和有为政府相结 ...

"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 ...

Core Viewpoint - Renowned chief economist Zhang Yidong announced his resignation, indicating a shift towards overseas business focusing on Hong Kong and international capital markets [1][3]. Group 1: Resignation Announcement - Zhang Yidong officially announced his resignation on December 31, 2025, citing career transition planning and family considerations as reasons for his departure [3]. - The research institute of Industrial Securities expressed respect for Zhang's personal choice and gratitude for his contributions to sell-side research and overseas business development [3]. Group 2: Background and Achievements - Zhang Yidong has a significant background in strategy research, having worked at Taiwan's Bao Lai Securities from 2002 to 2006 and at Industrial Securities since 2006, where he has been recognized multiple times as a top analyst [4]. - He has been awarded the first place in the New Fortune sell-side analyst rankings eleven times and became the first New Fortune diamond analyst in the field of macroeconomic research in China in 2023 [4]. Group 3: Future Outlook on Hong Kong Market - In a recent investment strategy meeting, Zhang emphasized the need for patience and caution in Hong Kong investments for 2026, suggesting that excess returns will come from "growth momentum and value reconstruction dividends" [5][6]. - He predicts that the macroeconomic landscape will improve in 2026, with nominal GDP growth expected to recover and inflation stabilizing, highlighting structural opportunities in the stock market [6]. Group 4: Investment Opportunities - Zhang identified four key areas for investment opportunities: 1. Growth momentum driven by the AI wave, particularly in internet, edge AI, and media sectors [7]. 2. High-yield assets such as insurance, banking, and energy in a low-interest-rate environment [7]. 3. Value discovery in traditional industries, focusing on industry leaders benefiting from global supply chain restructuring [7]. 4. Strategic assets like gold and rare earths, which are crucial in the context of global order restructuring [7].